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* * * * THURSDAY, AUGUST 3, 2023 ~ VOL. CCLXXXII NO. 28 WSJ.com HHHH $5.00

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What’s
For Pope’s Visit, 150 Confessionals, No Waiting Latest
News Trump
Business & Finance Case Sets
 Binance was supposed to
leave China behind when the
High Bar
country made cryptocurrency
trading illegal in 2021, but al-
most two years later, users
traded $90 billion of crypto-
For DOJ
currency-related assets there Legal hurdles include
in a single month, according to proving criminal
internal figures viewed by The
Wall Street Journal and cur- intent amid a fraught
rent and former employees. A1 political environment
 U.S. stocks and bonds suf-
fered a wave of selling after
BY SADIE GURMAN
America’s credit downgrade,
with the S&P 500, Nasdaq
WASHINGTON—The latest
and Dow losing 1.4%, 2.2%
federal indictment of former
and 1%, respectively. The
President Donald Trump poses
yield on the 10-year Trea-
an unprecedented test of the
sury note rose to 4.077%. B1
Justice Department’s ability to
 The SEC is preparing to build a persuasive case not
VIOLETA SANTOS MOURA/REUTERS
adopt a rule package as just for 12 jurors but also for

soon as this month aiming the history books.
to bring greater transpar- In seeking to do that, pros-
ency and competition to the ecutors will face a number of
multitrillion-dollar private- hurdles in court, including
funds industry, people famil- showing that Trump’s actions
iar with the matter said. A2 were criminal as opposed to
 The agency said some protected free speech. On the
.
Wall Street stockbrokers GOOD FOR THE SOUL: People confess their sins in booths built by prisoners in Reconciliation Park in Lisbon for Pope Francis’ issue of whether it can per-
suade the public of the righ-
ly
must do more to ensure their visit for the Catholic Church’s first World Youth Day festival since the pandemic. More than 1 million are expected to attend.
services aren’t being used teousness of its prosecution,
to launder dirty money. B11 the Justice Department has
Binance Trading Soars in China

taken on a huge and politically
 PG&E scrapped a program
to clear trees alongside power
lines that was aimed at cutting
wildfire risk and will rely more
on polarizing target in an atmo-
sphere ripe with mistrust over
its motivations.
Tuesday, special counsel
heavily on new power-line set-
Even Though Crypto Is Banned Jack Smith brought criminal

us ,
tings to reduce the hazard. B1

charges alleging that Trump
l
 Qualcomm’s stock fell after sought to subvert the will of

e
al a
the maker of mobile-phone U.S. voters by trying to cling

chips reported disappointing to power after his 2020 elec-
BY PATRICIA KOWSMANN biggest market by far, account- tory onslaught tied in part to giant has managed to quietly tion loss—a foray into untrav-
ci on
sales and said that it expects

a new round of layoffs. B4 AND CAITLIN OSTROFF ing for 20% of volume world- the secretive way it operates operate on the fringes in eled legal terrain that centers
wide, excluding trades made by around the globe. The U.S. Se- places where it is, officially at on the effective operation of
 DoorDash reported stron-
Binance, the world’s largest a subset of very large traders. curities and Exchange Com- least, unwelcome. America’s democracy. The in-
ger-than-expected results for
crypto exchange, was sup- China’s importance for Bi- mission in June sued Binance Binance has helped China dictment follows separate
last quarter, saying consumers
posed to leave China behind nance is openly discussed in- and its founder, Changpeng users circumvent restrictions June charges that Trump re-
er s
spent more on delivery of food

when the country made cryp- ternally, according to the cur- Zhao, for allegedly operating by directing them to visit dif- tained sensitive U.S. docu-
and household essentials. B4
tocurrency trading illegal in rent and former employees. illegally and misusing cus- ferent websites with Chinese ments and tried to obstruct
 CVS Health reported a 10.3%
m er
2021. And despite the ban, the ex- tomer funds. The Justice De- domain names before rerout- their recovery, the first-ever
increase in its second-quarter Almost two years later, us- change’s investigations team partment has a continuing in- ing them to the global ex- federal criminal case against a
sales, driven by growth in its ers traded $90 billion of cryp- works closely with Chinese vestigation into Binance. Its change, according to an inter- former president.
health-benefits business. B3 tocurrency-related assets in law enforcement to detect po- market share among U.S. users nal document laying out the How members of the public
China in a single month, ac- tential criminal activity has all but evaporated and the procedure and viewed by the Please turn to page A4
m rp
World-Wide cording to internal figures among the more than 900,000 company recently cut over Journal. The document circu-
viewed by The Wall Street active users in the country, 1,000 of its 8,000 jobs globally. lated inside the company be-  Trump charges spur
Journal and current and for- according to some of the cur- Binance’s China footprint, fore the 2021 ban but after familiar reaction................ A4
 The latest federal indict- mer employees. The transac- rent and former employees. previously undisclosed, offers China blocked the exchange’s  Judge in case has imposed
ment of Trump poses an un- tions made China Binance’s Binance is facing a regula- a glimpse of how the crypto Please turn to page A7 tough Jan. 6 sentences... A4
co Fo
precedented test of the Jus-

tice Department’s ability to
Bad Actors Oil Sees Month of Gains

Employers Cut Off
build a persuasive case not
just for 12 jurors but also for
the history books. A1, A4 Supply cuts from some of the world’s biggest oil producers,
 The former president’s le-
gal woes may have deepened,
but his standing in the Repub-
In Theaters as well as signs that a recession may be avoided, have sent
oil prices to their highest levels in three months. B1
Insurance Coverage
lican Party continues to show
remarkable resilience amid a
presidential race taking the U.S.
Have Left Benchmark crude-oil futures prices
$90 a barrel
For Obesity Drugs
into uncharted territory. A4
 A jury decided that Robert Moviegoers Brent
West Texas Intermediate
n-
85
Bowers should be put to death
BY PETER LOFTUS
for killing 11 people in 2018 at
the Tree of Life synagogue in
Pittsburgh, the deadliest anti-
Annoyed 80
So many people have turned
After its costs for the drugs
more than tripled over the
past 18 months to about $5
no
to drugs used for weight loss million a month, the University

semitic attack on U.S. soil. A3
BY ANN-MARIE ALCÁNTARA that some employers are cut- of Texas System said it would
 The State Department or- ting off insurance coverage to end insurance coverage of
dered the departure of non- “Barbenheimer” might be 75 head off climbing bills. Novo Nordisk’s Wegovy and
emergency U.S. government good for theaters, but it is Spending on the popular Saxenda for its employees and
employees and eligible family bringing out some bad behav- drugs, which belong to the others covered by its health
members from Niger, where the ior in theatergoers. class including Ozempic and plans effective Sept. 1.
70
junta detained the country’s Many attendees are forget- can cost as much as $1,350 a Continuing to pay for the
elected president last week. A16 ting the cardinal rule: Never month for a patient, has medicines “is unsustainable
take out a phone during the quickly leapt into the tens of due to the current rate of pre-
 Russia launched a wave
film. Instead, people are pick- 65 Most-active contract millions of dollars for insur- scription drug expenditures,”
of drone strikes on Ukraine’s
ing out selfies to post, scroll- Jan. 2023 Feb. March April May June July Aug. ance plans. The outlays are said a university benefits
ports, intensifying attacks
ing during dull moments, even straining the finances of some newsletter.
on the country’s food-export
infrastructure after Moscow taking pictures of the screen— Source: FactSet plans, including those funded The reimbursement cuts,
with the flash on. TikTok is in- by employers. Please turn to page A2
withdrew from a Black Sea
grain deal last month. A6 spiring a new generation of
theatergoers to act out and
 Implementation of a law to even post their antics on so-
Business Lunches Are Back,
catch crypto tax cheats is de-
layed inside the Treasury De-
partment, putting billions of
cial media.
The cinephiles sitting next
to them have to decide
And Everyone Feels Awkward Young Hires of 2023
dollars in federal revenue at risk
and frustrating Democrats. A5
whether to keep quiet or make
an even bigger scene.
Vikash Patel goes to the
i i
Skip the pasta: Work events have people

i
Are Ill-Prepared
 Taiwan Vice President Lai
Ching-te plans to stop in New movies most weeks in Savan-
York and San Francisco this nah, Ga. The 27-year-old con- relearning the art of dining while networking
month on his way to and from venience-store owner watched ‘How do I do that?’ Remote learning
“Barbie” and “Oppenheimer” BY RAY A. SMITH ful conversations. Apparently,
a formal visit to Paraguay, de-
during opening weekend. Dur- he wasn’t the only one. While
left students short of basic skills
fying Chinese warnings. A16
ing his “Barbie” evening Business lunches, dinners leaving, he said, he overheard
 U.S. Capitol Police searched showing, someone took photos and networking events, with others say they were so hungry Roman Devengenzo was neer who has built technol-
Senate office buildings on Capi- and videos during a Ken passed trays of canapés, are they were headed to consulting for a robotics ogy for NASA and Google,
tol Hill in response to a report of monologue. Patel didn’t com- back with a vengeance this McDonald’s. company in Silicon Valley and who charges consulting
an active shooter, which officials plain, but he says he heard year. So are the awkward per- “I’m like OK, here I am. I last fall when he asked a clients a minimum of $300
later said was a false alarm. A5 several people in his row formances that attendees have have to perform,” said Ruffin, newly minted mechanical an hour, spent the next three
groan. to put on to endure a self-described in- engineer to design a small hours teaching Lathework
CONTENTS Markets Digest...... B7 “There’s a concert-ification them. trovert who works 101. “You learn by doing,” he
Arts in Review..... A11 Opinion................ A13-15
Business News.. B3,6 Personal Journal A9-10
of movies,” Patel says. “You Jonathan Ruffin, as a training man- By Douglas Belkin, said. “These kids in school
Capital Account..... A2 Sports.......................... A12 want to experience the movie a doctoral candidate ager at the National Ben Chapman during the pandemic, all
Crossword................ A12 Technology........... B4-5 and share the experience at in workforce devel- Center for Spectator and Ben Kesling they’ve done is work on
Heard on Street.. B12 U.S. News.............. A2-5 the same time.” opment, was so anx- Sports Safety and computers.”
Markets...................... B11 World News.. A6-8,16
Etiquette at public events ious about attending Security in Petal, aluminum part that could be The knock-on effect of
has become harder to control a dinner to bond Choose wisely Miss. “I was just so fabricated on a lathe—a skill years of remote learning
> and manage after the pan- with others in his excited to go home, normally mastered in the during the pandemic is gum-
demic. At concerts, fans are Ph.D. program earlier this year relax and just play videogames first or second year of col- ming up workplaces around
rowdier than ever, shrieking that he lost his appetite. for the night.” lege. Please turn to page A8
at artists, blocking people’s Ruffin picked at his Cajun In the era of hybrid work, “How do I do that?” asked
s 2023 Dow Jones & Company, Inc.
views with signs, even throw- penne pasta with crawfish with relaxed dress codes at the the young man.  Greg Ip: After pandemic,
All Rights Reserved Please turn to page A5 while trying to have meaning- Please turn to page A10 So Devengenzo, an engi- work has less appeal...... A2
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Thursday, August 3, 2023 THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
After Pandemic, Work Has Less Appeal

E
arly on, remote for a happier workforce. The Share of employed people working on a given day SHRM, the share of employ- missed work at night or dur-
work looked like a Conference Board in May reers offering paid time off has ing the weekend.
70%
win-win: Employees ported that worker satisfac- risen from 63% in 2019 to Employees think they’re
got to work where tion rose sharply in 2022 from 70% now, and the share offer- 7.4% more productive working
and when they 2021 and reached its highest ing paid parental leave has from home, according to sur-
pleased, and employers got since the survey began in 1987. 69 risen from 28% to 39%. veys conducted by Nicholas
more productivity. This isn’t because workers Even as employment grows Bloom of Stanford University
It turns out only the first find their jobs more fulfilling, rapidly, employees work and two co-authors. Their
part of that bargain came true. but because their jobs are con- 68 fewer hours now than in 2019, managers think the opposite,
Employees still love remote suming less of their life. according to monthly Labor estimating workers are 3.5%
work, but recent studies find Among the 18 components of Department data. Its annual less productive at home.
no boost to productivity and a the survey, “interest in work” 67 American Time Use Survey Employers might be less
decline for fully remote work. made the smallest contribu- found the share of employed willing to let employees work
And yet most employers tion to this year’s increased people actually working on a from home if the economy
have given up on prodding satisfaction; work-life balance 66 given day fell from 67.8% in eventually slides into a reces-
staff to return to the office made the largest. (Wages were 2019 to 66.1% in 2022, the sion and unemployment rises.
full time. According to the So- somewhere near the middle.) lowest since at least 2003. “We’re probably not in steady
ciety for Human Resource Memes such as “work your state at this point, and some
M
65
Management (SHRM), 62% of wage,” “quiet quitting” and eanwhile, the hours reversal of the movement to-
2003 ’05 ’10 ’15 ’20
employers offer the option to “lazy-girl jobs” attest to the workers do put in are ward remote work seems
work remotely at least some lesser priority many people Note: No data for 2020 less productive. Out- likely to me,” said Katharine
time. The Census Bureau today place on career. They Source: Labor Department American Time Use Survey put per hour in the business Abraham, a labor economist
finds that 39% of workers are are on a collision course with sector shot up early in the at the University of Maryland.
T
teleworking from home, half the chief executive who typi- here is nothing unusual the average number of hours pandemic then trended lower Bloom is less sure. He and
of them five days a week. cally worked ungodly hours, about workers favoring men age 25 to 54 worked per through the first quarter of his co-authors concluded the
It is symptomatic of a sacrificing leisure and family something other than week fell from 49.8 in 1920 to this year, though it likely re- loss of productivity was con-
broader shift in attitudes to- time, for the sake of the com- money. “Over the last cen- 41.4 in 1940. That reflected a covered a bit in the second fined to those working remote
ward work since the onset of pany and assumes others tury, the average job has be- shift from the six- to five-day quarter (the Labor Depart- full time rather than just a
the pandemic. Despite a his- should, too. The result: Execu- come more pleasant and less week—as famously implement reports the latest data few days a week. And even if
torically tight labor market, tives who try to force employ- onerous,” Valerie Ramey, an mented by Henry Ford and on Thursday). productivity suffers, that
pay until recently wasn’t ees back to the office often economist at the University later enshrined in the 1938 These are notoriously vola- might be more than made up
growing much faster than in- have a revolt on their hands. of California, San Diego, said Fair Labor Standards Act, tile figures. But it is plausible for by cost savings. Remote
flation. One reason is workers The conventional wisdom is in an email. One reason is which mandated overtime some of this reflects a change employees might need less of-
aren’t just bargaining over that happier workers are more government regulations, “but pay for more than 40 hours in how we do our jobs. Em- fice space, live in cheaper
money. They are also de- productive. That isn’t neces- part is…workers’ real income of work a week. ployees love working from places and accept lower pay:
manding more nonmonetary sarily because happiness in- has risen over time and they There are signs that in the home because it saves on The authors found employees
compensation, such as paid creases productivity, but behave decided to ‘spend’ (by wake of the pandemic, Ameri- commuting and other aggra- value working from home two
leave and flexible hours. As a cause an employer, to keep its accepting lower wages) part cans, like Europeans, are put- vations, and lets them pursue or three days a week as
.
result they often put in fewer most productive employees, of that income on better job ting more priority on the personal matters during the equivalent to an 8% pay in-
hours, or accomplish less in must keep them happy—even amenities.” “life” part of the work-life day such as going for a run or crease. It will take more than
ly
the hours they do put in. if that means taking steps that In a 2009 study, Ramey balance, and employers are picking up the kids from day- the threat of unemployment
This seems to have made make them less productive. and Neville Francis reported responding. According to care. They can catch up on to undo this shift in values.
SEC Transparency Rules Put Private Equity, Hedge Funds on Edge

on
us ,
l
BY PAUL KIERNAN have met frequently with SEC such investors sophisticated Total gross assets haul would require private
e
al a
officials to try to dissuade enough to fend for them- $25 trillion $25 trillion funds to provide investors
WASHINGTON—Private- them, SEC meeting logs show. selves with minimal over- with quarterly statements
equity and hedge funds are They have lobbied lawmakers sight. Private funds, Commercial banks, and annual audits, increase
ci on
annually weekly
bracing for what could be the to push back against the In recent decades, the SEC 20 20 their liability for mismanage-
biggest regulatory challenge SEC’s plans and formed a and Congress have repeatedly ment or negligence, and pro-
in years to their business of group to fight the final rules, loosened regulatory and dis- hibit them from giving some
managing money for deep- which could differ from the closure requirements for pri- 15 15 investors more-favorable
pocketed investors. proposal. vate funds and companies. terms than others.
er s
The Securities and Ex- “This is probably the sin- This move—combined with 10 10 In the 18 months since the
change Commission is pre- gle largest and most impact- tougher rules for banks and SEC floated those ideas, pri-
m er
paring to adopt a rule pack- ful of all the things that the years of low interest rates— vate funds and their trade as-
RECESSION
age as soon as this month SEC is doing,” said Drew Ma- ushered in a boom in private 5 5 sociations have fought to sty-
aiming to bring greater trans- loney, president of the Ameri- fundraising that surpassed mie the agency’s plans.
parency and competition to can Investment Council, the public market in the They argued that the SEC
the multitrillion- dollar pri- which represents private-eq- years before the pandemic. 0 0 rule would hurt minority and
m rp
vate-funds industry, people uity firms such as Blackstone, Gensler said in a recent 2012 ’16 ’19 ’22 2013 ’16 ’19 ’22 women-owned funds, which
familiar with the matter said. Apollo Global Management speech that private funds’ Sources: Federal Reserve; SEC Form ADV filings currently manage a tiny per-
SEC Chair Gary Gensler has and Carlyle. gross assets recently sur- centage of overall assets. Af-
said he hopes to bring down Private funds are generally passed those of the commer- that private funds could pose tive and useful data, and pro- ter being lobbied by the
fees and expenses that cost available only to wealthy in- cial banking sector at more risks to financial stability and hibitions on abusive and con- American Investment Council
co Fo
hundreds of billions of dollars dividuals and institutional in- than $25 trillion. That is up to pension beneficiaries such flicted practices,” Sen. on this concern last year, an
a year. vestors such as pensions and from $9 trillion in 2012, ac- as teachers and firefighters. Elizabeth Warren and seven industry official said, the
Since the agency first pro- university endowments, cording to SEC data. Other concerns are that they other Democratic senators House Appropriations Com-
posed new rules for the in- which hope for returns larger Some policy makers have might charge unfair fees or wrote in a May 15 letter urg- mittee passed language en-
dustry last year, representa- than what they can get from grown alarmed at the bur- overvalue their holdings. ing Gensler to complete the couraging the SEC to redo its
tives of private equity, hedge traditional stocks and bonds. geoning size of the lightly “Investors need increased rules. economic analysis for the
funds and venture capital The SEC has long considered regulated sector. They worry transparency, more informa- The SEC’s proposed over- new rules.
Employers Weekly average prescriptions

for each quarter
phentermine tablets, for in-
stance, is only $10 a month.
“These are very expensive
Cut Obesity
Ozempic Wegovy
medications,” said Brian
n-
400,000 Vasher, assistant vice presi-

dent for benefits and well-be-
Coverage 300,000
ing programs at the university,
whose health plans cover
no
about 120,000 people. “We do

want people to try those
Continued from Page One 200,000 lower-cost options.”
along with restrictions that The prescription-drug bene-
other employers are imple- fit plan for state government
GEORGE FREY/REUTERS
menting, mark the financial 100,000 employees in Connecticut now

downside of the drugs’ medical requires members to obtain
triumph. While the medicines anti-obesity drugs through In-
0
are the first to help people tellihealth, a Connecticut-
lose significant weight, em- 4Q 1Q 2Q 3Q based, anti-obesity medical
2022 ’23
ployers that must foot the bill Use of drugs such as Ozempic and Wegovy has exploded as word spreads about their benefits. practice that offers telehealth
may not be able to afford it. Note: Ozempic prescriptions cover its uses for and app-based care.
“Everybody is concerned diabetes and weight loss. Wegovy prescriptions cluding Wegovy and Saxenda comment on employers ending It’s that we don’t have access The state’s costs for the
are primarily for weight loss. Data for 3Q 2023
this treatment is going to add is through week ended July 21. for its health plan members coverage of the drugs. because of the cost.” GLP-1 anti-obesity drugs for
a huge cost burden on health Source : IQVIA July 1. The exclusion also ap- The coverage cutbacks Some employers have con- plan members have risen 50%
plans,” said Michael Thomp- plies to older weight-loss could stall or reverse progress tinued to cover the drugs, but since 2020, and are on track
son, chief executive of the Na- but are worried about adding drugs such as phentermine. that employees and doctors have taken steps to try to curb for $30 million annually by the
tional Alliance of Healthcare a costly new expense. A spokesman for St. Louis- made in recent years gaining costs. The University of Michi- end of this year, said Connecti-
Purchaser Coalitions, which in- The University of Texas based Ascension didn’t re- health-insurance reimburse- gan earlier this year increased cut State Comptroller Sean
cludes groups representing System health plan said it isn’t spond to a request for comment of prescriptions for the monthly copay for Wegovy Scanlon.
employers. “It’s one of the key seeing any of the expected re- ment. weight loss. More health plans and Saxenda to $45 from $20. “To me, saying we’re not
issues employers are having to duction in costs for other Denmark-based Novo Nor- had been agreeing to pay for The move was designed to going to cover these anymore
wrestle with today because of health conditions that weight disk charges a list price of the drugs as research emerged encourage health plan mem- was a nonstarter, because
the prevalence of these medi- loss could avert. “These sav- $1,349 for roughly a month’s indicating obesity was a dis- bers to first try other, less ex- these drugs do work. People
cines.” ings are not being realized due supply of each Wegovy and ease, rather than a lifestyle pensive options. The copay for want to take them,” he said.
Use of drugs such as Ozem- to the excessive cost the drug Saxenda. A related drug, choice.
pic and Wegovy has exploded manufacturer charges for the Ozempic, is approved to treat “These drugs work,” Dr. Irl
as word has spread about weight-loss medication,” the Type 2 diabetes and costs Hirsch, a diabetes specialist THE WALL STREET JOURNAL
their weight-loss benefits. De- benefits newsletter said. about $930 a month, but isn’t from the University of Wash- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
mand has risen so high so fast A spokeswoman for the uni- typically covered by insurance ington, said during a debate
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
that Novo Nordisk, the maker versity system declined to plans for weight loss in people over the drugs’ cost at a re-
comment beyond the benefits without diabetes. Published daily except Sundays and general legal holidays.
of the drugs, hasn’t been able cent medical meeting in San Periodicals postage paid at New York, N.Y., and other mailing offices.
to manufacture enough, while newsletter. Novo Nordisk declined to Diego. “Nobody’s arguing it.
Postmaster: Send address changes to The Wall Street Journal,
analysts have been revising The reimbursement 200 Burnett Rd., Chicopee, MA 01020.
multibillion-dollar sales esti- changes affect coverage of
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THE WALL STREET JOURNAL. Thursday, August 3, 2023 | A3
U.S. NEWS
Synagogue
Shooter Is
Sentenced
To Death
BY KRIS MAHER
PITTSBURGH—A federal
jury decided Wednesday that
Robert Bowers should be put
to death for killing 11 people
at the Tree of Life synagogue,
the deadliest antisemitic at-
tack on U.S. soil.
The verdict came more than
4½ years after the massacre
KAYLEE GREENLEE BEAL FOR THE WALL STREET JOURNAL (2)

and following nine weeks of
testimony that reopened
wounds in Pittsburgh’s Jewish
community amid divisions
over whether the death pen-
alty should be imposed. Since
late May, witnesses recounted
the attack in graphic detail
while experts for each side of-
fered conflicting conclusions
about Bowers’s mental health.
“The evidence in this trial
proved that the defendant
acted because of white-suprem-
acist, antisemitic and bigoted The Lake Wood dam in Texas failed in 2016, draining Lake Wood and leaving its gates open since. J Harmon, below, organized a campaign to rebuild it.
Failing Dams Spark Local Response

views that unfortunately are
not original or unique to him,”
said U.S. Attorney Eric Olshan.
In June, the same jury found
Bowers guilty of dozens of fed-
eral hate crimes after hearing
testimony in which survivors
of the Oct. 27, 2018, massacre Grassroots group Six dams on the Guadalupe River have failed or been left open
.
recounted the attack and pros- because of their age in recent years; only three are being rebuilt
ecutors played harrowing 911 in Texas figures out
ly
calls in which people could be Dam being rebuilt Dam with no reconstruction project
how to fund a rebuild,
heard being shot and killed.
Bowers, 50 years old, was a model others follow San Marcos
found guilty of 63 counts, in-
cluding 11 counts of obstruct-
ing the free exercise of reli-
gious beliefs resulting in death.
BY JOE BARRETT
NEW BRAUNFELS, Texas—

on 35 130
Texas
Area
of detail
Wednesday’s verdict, after On a sunny May morning four New Braunfels Lake Dunlap TEXAS
us ,
10 hours of deliberations over years ago, J Harmon was

l
two days, provides a measure rousted out of bed by an

e
Lake McQueeney
al a
10
of closure for members of the emergency call: A 90-year-old Lake Gonzales
Seguin
Tree of Life, New Light and dam near his home had failed,
Dor Hadash congregations sending a torrent of water San Antonio
ci on
Gonzales
that worshiped at the syna- downstream and emptying the Guadalup
e Ri
10 Lake Placid
gogue in the city’s Squirrel lake where he lived. ver
Hill neighborhood. That afternoon, he got a
Several families of victims second shock when he learned 10 miles
Meadow Lake
Lake Wood
thanked prosecutors, those there was no money to fix it.
er s
10 km
who testified and the jury. The state entity that oversaw
“Returning a sentence of six aging dams on the Guada- Source: staff reports Camille Bressange/THE WALL STREET JOURNAL
m er
death is not a decision that lupe River couldn’t afford to

comes easy, but we must hold rebuild them. One, the Lake have to become dam experts River, which were initially major rebuilding effort, said who was recruited by Harmon
accountable those who wish to Wood dam, had already failed in coming years as small dams built by private develop- Darrell Nichols, general man- early on, became a key orga-
commit such terrible acts of in 2016, and two others had around the country reach the ers before they were taken ager, and the authority isn’t nizer. “It was the middle of
antisemitism, hate, and vio- stopped working since 2019. end of their lives, putting over by a state district. allowed to collect taxes. Covid, we couldn’t even have a
m rp
lence,” said the family of Rose So Harmon decided to orga- countless people and the fate “There’s nothing unusual “The function of these meeting,” Johnson said. “How
Mallinger, who was 97 when nize a campaign among affected of entire communities at risk. about having communities grow lakes has changed from what could you get 612 homeowners
she was killed beside her property owners to rebuild the The average age of the up around a lake that depends was lakes that were im- to get on the same page?”
daughter Andrea Wedner, who dam and save his community on 91,815 dams in the U.S. is 61 on infrastructure many, many pounded for electric genera- They divided the lakefront
was also shot but survived. Lake Dunlap—blazing a trail for years, according to an inven- decades old, where you kind of tion, to now being impounded into 22 neighborhoods and ap-
co Fo
Leaders of the New Light other lakes downstream. Over tory maintained by the U.S. don’t think about it—you just for recreational use,” he said. pointed captains of each. “We
congregation said its members the next four years, Harmon’s Army Corps of think about the That left financing the proj- had this joke of BYO lawnchair.
accepted the jury’s decision group set up a special taxing Engineers. The lake,” said Rob- ect largely up to the home- All the meetings were out-
even though they were divided district for lakefront home- number of ert Gilbert, owners on the lake. Just a few side,” he said. “You can’t get
about sentencing Bowers to owners and partnered with the dams that could The average chairman of the days after the collapse, Harmon more grassroots than that.”
death or life in prison. local river authority, which lead to a loss of age of the department of called a meeting of the Preserve Meanwhile, residents near
At trial, prosecutors focused hired a contractor to build a life if they civil, architec- Lake Dunlap Association. other lakes were also wrestling
on Bowers’s hatred of Jews new $40 million dam, and used failed has 91,815 dams tural and envi- with what to do. For one dam
and belief that they were evil, revenue from hydroelectric grown by about ronmental engi- south on Lake McQueeney, the
his premeditated plan to attack power to help pay the debt. 20% to 16,000
in the nation neering at the Long process failure at Dunlap was a wake-
a synagogue, his murder of el- over the last 10 is 61 years. University of It took about a year to settle up call. “It had been a little bit
derly and disabled worshipers, years, accord- Texas at Austin. on a plan to move forward, in- of a topic of discussion but no-
and his lack of remorse. Steep learning curve ing to a Febru- The Lake cluding hammering out a deal body thought it was going to
n-
“To him the only good Jew “It’s not just a bunch of ary report from Dunlap dam in which the river authority fail” until Dunlap went down,
is a dead Jew,” Olshan said in hillbilly bumpkins” that made the Association of State Dam and five others on the Guada- contributed electric revenue to said Paul Mueller, a 62-year-
his closing argument Monday, this happen, Harmon, a retired Safety Officials. The report put lupe were built in the late help pay off the debt, helped old in the construction busi-
before reminding jurors that 66-year-old home builder, said the cost of needed repairs for 1920s and 1930s to provide secure low-interest financing ness, who lives on the lake.
no
Bowers targeted people solely on a recent day as he stood dams not owned by the federal hydroelectric power for the and covered the costs of de- Now, the McQueeney dam,
because of their faith. below the newly rebuilt dam, government at $157.5 billion. rural communities in the area. signing the new dam, Harmon which has yet to fail, and the
Bowers’s attorneys argued which is expected to begin re- While many people think of The state of Texas took them said. It took another year to one at Lake Placid, which be-
that he should be sentenced to filling Lake Dunlap later this the giant federally built struc- over in the 1960s and sells win over the community to set came stuck in the down posi-
life in prison because he was month. “Although when we tures in the West when they their power through the Gua- up a taxing district and two tion in 2021, have just begun
delusional and lacked the in- first started, we did not know picture dams, most are actu- dalupe-Blanco River Authority. more to complete construction. two-year rebuilding projects,
tent required by federal law what we were doing.” ally more modest projects, like The dams don’t generate Larry Johnson, a 72-year- using the funding plan at Lake
for a capital sentence. More Americans might the ones on the Guadalupe enough electricity to fund a old former college president Dunlap as a model.
Chinese Investors Warm to Sweetened Cash-for-Visa Program

BY LIYAN QI Share of EB-5 applications, by country of origin The overhauled EB-5 pro- turn a vacant 70,000-square- in Hoschton, Ga.
100% gram, which requires a mini- foot building known as the The new EB-5 rules allow
A popular U.S. program that mum investment of $800,000 Pocketbook Factory into a for easier conversion of immi-
offers permanent American China for certain projects, has drawn complex housing a hotel, of- gration status from student or
India
residency to foreigners who 80 the attention of Chinese na- fices and community spaces. employment visas to perma-
invest in qualified job-creating tionals, who in recent years An old industrial town nent residents. The prospect
projects has sweetened the of- were succeeded by Indians as overlooking the Hudson River, of a fast-tracked green card
fer—and attracted fresh inter- 60 Vietnam the top participants. Many Hudson has lost half its popu- seems to have reignited inter-
est from wealthy Chinese South Chinese immigration agencies lation since 1950. In more re- est from investors. Several
Korea
seeking a way out of their are advertising the revamped cent years, an influx of urban- Chinese investors, including
country. 40 Other version of EB-5 as a golden era ites has driven up home the one from Zhejiang prov-
markets
Many Chinese are worried of investing in the U.S. prices. With an Amtrak train ince, said they were drawn to
about their country’s direction 20
“There is now resounding, directly linking Hudson with the revamped program be-
after three years of harsh overwhelming interest bub- New York City, the town and cause their kids are in the U.S.
Covid-19 restrictions, tougher bling up” from Chinese inves- surrounding county have been with student visas.
ideological controls under Xi 0 tors, said Evan Betzer, a part- attracting weekend visitors While the Hudson project is
Jinping, rising tensions with FY2015 ’16 ’17 ’18 ’19 ’20
ner at Great NY Regional and second-home buyers. in the fundraising stage, the
the West and dimmer eco- Center, which arranges the fi- About one-third of the capi- Hoschton development has al-
nomic prospects. More people Note: Fiscal years run from Oct. 1 through Sept. 30. nancing for a real-estate proj- tal for the $43 million Hudson ready received EB-5 funding,
are leaving China, from all Sources: Invest in the USA; U.S. Citizenship and Immigration Services ect in Hudson, N.Y. project will be EB-5 financing, with about half of such funds
economic strata. Participants in the visa pro- with the rest from federal and in the $650 million project
“I just want my daughter to The so-called EB-5 program EB-5 visas soured many inves- gram, which covers an appli- state tax incentives and other coming from Chinese inves-
have a better future, like any was launched in the 1990s and tors on EB-5. cant’s spouse and children un- equity investors. Each EB-5 tors, according to Sam Silver-
other parent,” said a Chinese has raised more than $40 bil- Last year, Congress reau- der age 21, don’t have to live project has different financ- man, founder of EB5AN, which
businessman from the wealthy lion. But despite the original thorized the program for five where they are investing. The ing-package ratios. helped finance the residential
coastal province of Zhejiang, intent to channel foreign in- years, this time setting aside program is designed to allow Across the U.S., high inter- project in Hoschton, about 40
who said he has researched vestment into economically one-fifth of the annual 10,000 investors to recoup their est rates have prompted de- miles northeast of Atlanta.
qualifying projects for years marginalized spots and create visas explicitly for rural proj- money with a modest profit. velopers to take advantage of For Chinese investors,
but has hesitated to apply be- local jobs, much of the money ects. Each country gets no In return for their investment, the lower funding costs “once they understand there’s
cause of backlogs and other is- flowed into flashy urban proj- more than 7% of that 10,000- foreign investors hope to win through the EB-5 program, no [waiting] line in it, that’s
sues. He is now “cautiously ects, such as Hudson Yards in visa annual quota, which cre- a green card. For the develop- rolling out projects that in- very compelling,” Silverman
optimistic” about the re- New York City, sparking criti- ates long backlogs for coun- ers, it means cheap financing clude new broadband service said.
vamped program and hopes to cism in Congress. Cases of tries with large numbers of and, for the town, new jobs. in Northern Virginia and con- —James T. Areddy
root his daughter in the U.S. fraud and multiyear waits for applicants, especially China. The Hudson project aims to struction of homes for retirees contributed to this article.
A4 | Thursday, August 3, 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
JOED VIERA/AGENCE FRANCE-PRESSE/GETTY IMAGES

Most of the challengers to Donald Trump, shown last week in Erie, Pa., have been reluctant to directly attack him because he enjoys solid support with roughly a third of GOP primary voters.
Trump Charges Spur Familiar Reaction

Republican 2024 publicans on Capitol Hill to even harder for his challengers president is convicted, he mary voters. That means convicted, the Republican presi-
rally to the former president’s to emerge from his shadow. would pardon Trump. tenders have to find a way to dential candidate heading into
field is divided while side. Among voters, the latest “Unlike the previous indict- Former Vice President Mike try to knock him from the lead the July party convention and
.
ex-president's base legal action appears likely to ments, this could be a real po- Pence said that the latest in- without alienating his sup- the November vote would be a
energize Trump’s most ardent litical liability for the former dictment, detailing an episode porters. felon, potentially facing jail
ly
rallies behind him supporters and exacerbate na- president,” said Republican where he was a central charac- The former president had time if his anticipated appeals
tional divisions as the presi- consultant Alex Conant, who ter, would mean “more dis- already been indicted in New failed.
BY JOHN MCCORMICK dential race heats up. led communications for Sen. tractions” for the GOP. “To- York in a hush-money case and While the indictment may
AND SIMON J. LEVIEN
Donald Trump’s legal woes

may have deepened, but his
Rachel Cadena, a Republi-
can insurance adjuster in
Iowa, said the indictment is
part of a pattern of corruption
on
Marco Rubio’s 2016 presiden-
tial campaign and served as a
spokesman in the second Bush
White House. “But only if his
day’s indictment serves as an
important reminder: anyone
who puts himself over the
Constitution should never be
in the federal case involving
classified documents stored at
his Florida estate. He is also
expected to face charges over
embolden Trump’s fans, it is
unlikely to help him reach
more centrist voters. About
half of all voters say they think
standing in the Republican she sees in the federal govern- Republican challengers actu- President of the United the 2020 election in Georgia. he has committed serious fed-
us ,
Party continues to show re- ment. “They are just trying to ally try to exploit it.” States,” he said. Court hearings for those cases eral crimes, and a similar
l
markable resilience amid a protect themselves because That wasn’t the initial ap- Former Arkansas Gov. Asa are likely to be held in the share think his actions after
e
al a
presidential race taking the Trump is exposing it all,” said proach taken by Florida Gov. Hutchinson, who is struggling midst of primary voting dur- the 2020 election threatened
U.S. into uncharted territory. Cadena, who plans to back Ron DeSantis, Trump’s closest to gain traction in the GOP ing the first half of next year. American democracy, a New
Tuesday’s indictment by a Trump in the Jan. 15 caucuses current challenger for the primary race, said he has al- Trump’s lawyers plan to York Times/Siena College poll
ci on
federal grand jury in Washing- that start the nomination pro- nomination. “I will end the ways thought Trump is “mor- continue to seek extensions released this week showed.
ton charged Trump as respon- cess. weaponization of government, ally responsible” for the Jan. 6 and delays, people familiar Trump’s legal troubles have
sible for efforts to reverse his The roughly dozen candi- replace the FBI director, and attack. “Our system of justice with his strategy have said, taken a significant bite from
2020 election defeat and then dates competing against ensure a single standard of will determine whether he is and think that if Trump can his campaign bank account.
prompting an attack by his Trump have so far been unable justice for all Americans,” he criminally responsible,” he wrap up the nomination by New data made public Monday
er s
supporters on the U.S. Capitol to knock the former president said in a tweet that made no said. May, as he did in 2016, he showed that his main political-
on Jan. 6, 2021. from his dominance in polls, mention of Trump or his ac- Most of Trump’s challeng- would have a stronger argu- action committee—which has
m er
The new charges divided even amid the legal jeopardy tions after the 2020 election. ers have been reluctant to di- ment to delay court proceed- funded many of his legal ex-
the GOP field running against he faces. The new indictment Businessman Vivek Ramas- rectly attack him because he ings until after the election. penses and those of allies
Trump for the 2024 nomina- is certain to dominate political wamy repeated his pledge that enjoys solid support with If Trump were to be both snared in various investiga-
tion, while triggering key Re- news for days and make it if he is elected and the former roughly a third of GOP pri- the clear nominee and con- tions—is running dry.
m rp
New Case Judge Imposed Tough

Poses Tests Sentences Over Jan. 6
co Fo
For DOJ BY JAN WOLFE AND JESS BRAVIN liberal trial lawyer David
Boies. In 2012, Chutkan volun-
U.S. District Judge Tanya teered with Lawyers for
Continued from Page One Chutkan, the federal judge as- Obama, participating in event
view Smith’s efforts would ap- signed to former President planning phone calls, accord-
pear to depend largely on how Donald Trump’s latest crimi- ing to a questionnaire she
they view Trump and whether nal case, has been critical of filled out as part of her judi-
they believe his false claims of the events on Jan. 6, 2021, and cial nomination.
JACQUELYN MARTIN/ASSOCIATED PRESS
victory in 2020. has imposed lengthy sentences In November 2021, Chutkan

To Democrats and some Re- on Trump supporters who issued a 39-page decision that
n-
publicans, the new case is a stormed the Capitol that day. allowed the House Select Com-
test of the government’s abil- At the same time, Chutkan, mittee investigating the Jan. 6
ity to protect the integrity of a former public defender, has assault on the Capitol to ac-
the vote and to hold to ac- shown a scrupulous concern cess telephone records, visitor
no
count those whose election-re- for the rights of criminal de- logs and other White House
sult denials stoked tensions fendants. During the final documents that Trump
that led to the Jan. 6, 2021, years of the Trump adminis- wanted blocked.
riot at the U.S. Capitol. Special counsel Jack Smith arriving to speak about the Trump indictment on Tuesday. tration, she repeatedly frus- Trump had sued the con-
For Trump’s loyal support- trated Justice Department ef- gressional committee and, in
ers, the latest case is another Though the use of the relevant “In order to succeed he has to others testified before the forts to accelerate the his complaint, accused the
ploy by appointees of Presi- statutes against a former pres- effectively bulldoze through grand jury that returned the execution of federal inmates. committee of “sending an ille-
dent Biden, his likely oppo- ident over the result of an existing cases under the First indictment. Prosecutors also The Supreme Court reinstated gal, unfounded, and overbroad
nent next year, to undermine election is new terrain, some Amendment.” mention six co-conspirators the executions she had records request” in order to
Trump, the GOP 2024 front- observers said there is a re- Trump’s lawyers already who could potentially aid the blocked. “harass” him and his allies.
runner, as he tries to take cord prosecutors can rely on. have begun to argue that while government if they cooperate. Chutkan would oversee a Chutkan rejected Trump’s
back a White House he claims “The Justice Department has Trump was vocal in spreading The indictment alleges trial in the case, which she arguments. “While broad,
was stolen from him in 2020. used both of those statutes to falsehoods, he believed what Trump knew—and repeatedly hasn’t yet scheduled. Trump these requests, and each of the
“This is such a highly un- reach conspiracies in which de- he was saying and was rein- was advised by federal and will make his initial appear- other requests made by the
usual crime that the political fendants have embarked on all forced by advisers, and there state officials—that his state- ance in the case Thursday. Committee, do not exceed the
and the legal are going to be sorts of different kinds of was no criminal motive. ments were false and that his That hearing is expected to be Committee’s legislative pow-
intertwined, as far as any jury schemes to stop government The indictment acknowl- subsequent actions went so overseen by U.S. Magistrate ers,” she wrote in her decision.
making a decision of whether officials from doing their jobs edges Trump had a right to far as to constitute an effort Judge Moxila A. Upadhyaya. In a memorable line from
to convict,” said Ken Gormley, and from preventing people challenge the election results to deprive the U.S. electorate The indictment unsealed on that ruling, Chutkan wrote:
president of Duquesne Univer- from having their and even falsely of their right to have their Tuesday, which accuses “Presidents are not kings, and
sity who has written books on votes counted,” claim fraud. But votes counted. Trump of a criminal scheme to Plaintiff is not President.”
federal probes of former Presi- said Paul Fishman, prosecutors said Both federal trials could take stay in power after his Novem- Chutkan has also drawn at-
dents Richard Nixon and Bill a former U.S. attor- A test of the what he did went place in the months before the ber 2020 election defeat, has tention for imposing tough
Clinton. “In that sense, the ney and senior U.S.’s ability far beyond such November 2024 election. been randomly assigned to sentences on Jan. 6 rioters.
Justice Department is taking a Justice Depart- rights. And legal Trump is expected to make his Chutkan, a 2014 Obama ap- In October 2021, Chutkan
risk, just as it does in any ment official in to protect experts said first appearance in the new pointee who was confirmed by handed down a 45-day jail
other criminal case involving a Democratic admin- speech used to case Thursday at a federal the Senate on a 95-0 vote. sentence for a Texas man who
novel legal issue that has never istrations. “Both of
the integrity commit a crime courthouse in Washington. “The judge they drew is ob- prosecutors said should be
been tested in the courts.” those statutes have of the vote. such as fraud isn’t Some former prosecutors viously not a fan of what hap- given home confinement. That
Prosecutors will be heading broader applica- protected by the said the Justice Department pened on Jan. 6,” said Douglas court hearing marked the first
to trial in a fraught political tions to many dif- First Amendment. already has passed the tough- Berman, a professor of crimi- time that a judge overseeing
environment in which many ferent contexts, For each of the est test by bringing the nal law at the Ohio State Uni- the hundreds of Jan. 6 prose-
Americans view their work and the courts have approved statutes under which Trump charges in the first place, and versity. “She’s not inclined to cutions imposed a sentence
skeptically. A Marquette Uni- their use over and over.” is charged, prosecutors have officials would have taken a give people involved the bene- that was harsher than what
versity poll in July found Some others called the case to prove some level of crimi- bigger hit to their credibility fit of the doubt.” the government asked for.
nearly 60% of Republicans legally dubious. Jonathan Tur- nal intent. They don’t neces- by bringing no case at all. Chutkan attended George “There have to be conse-
said they had little or no con- ley, a George Washington Uni- sarily have to prove that “If a crime has occurred and Washington University and the quences for participating in an
fidence in the Justice Depart- versity law professor, said Trump knew he lost the elec- you have gathered admissible University of Pennsylvania attempted violent overthrow
ment. Just 16% of Democrats prosecutors so far had failed tion, former prosecutors said. evidence to prove that crime in Law School. She worked for of the government, beyond sit-
felt that way; about 40% of to establish that Trump knew Prosecutors also obtained a court of law, then you have a more than a decade in the ting at home,” the judge said
Americans overall did. he was spreading lies, which testimony and interviews from binary choice: You either Public Defender Service of the to defendant Matthew Maz-
Tuesday’s indictment may prove important in secur- a variety of witnesses with in- charge it or you don’t charge it. District of Columbia, repre- zocco at his sentencing hear-
charges Trump with four ing a conviction. And he said sight into Trump’s state of You can’t just close your eyes senting individuals accused of ing.
crimes, including conspiring to Trump could make the case mind. They include former and wish that it goes away,” murder and sex crimes. “The country is watching to
defraud the U.S. and conspir- that the charges violate his White House lawyers and a said Chuck Rosenberg, who From 2002 until her ap- see what the consequences are
ing against the rights of vot- free-speech rights. list of Trump’s closest aides. was a U.S. attorney during the pointment to the federal for something that has not
ers, for his actions that culmi- “It’s going to face very seri- Former Vice President Mike George W. Bush administration. bench in 2014, Chutkan prac- ever happened in the history
nated in the Jan. 6 attack by ous constitutional headwinds Pence, Trump’s former chief —Aaron Zitner ticed at Boies Schiller & Flex- of this country before,” the
his supporters on the Capitol. from the outset,” Turley said. of staff Mark Meadows and contributed to this article. ner, the law firm founded by judge said.
U.S. NEWS
Crypto Law Delay U.S. WATCH
Puts Billions in Tax

Revenue at Risk
BY RICHARD RUBIN More than seven months later,
AND PAUL KIERNAN Treasury hasn’t taken the first
formal step of issuing a pro-
Implementation of a law to posal, which would kick off a
catch crypto tax cheats is de- monthslong—or yearslong—
layed inside the Treasury De- process before those final
partment, putting billions of rules are done.
dollars in federal revenue at “Treasury is working dili-
risk and frustrating members gently to issue these impor-
of President Biden’s own party. tant and complex regulations
The department missed its soon,” said Treasury spokes-
first deadline to implement a woman Kristin Lynch.
2021 law in time for the cur- “We’re almost at the point
rent tax year. Now, following where the delay is overshad-
further delays, it might be owing the regs themselves,”
ROBERT F. BUKATY/ASSOCIATED PRESS

close to too late for tax year said James Creech, a San
2024. Francisco tax lawyer for ac-
Closing a gap that can counting firm Baker Tilly. He
make it easier for cryptocur- said implementation for tax
rency investors to dodge taxes year 2024 would be an ambi-
was projected to raise $28 bil- tious start date given the re-
lion over a decade, but declin- porting systems that brokers
ing cryptocurrency prices will need to implement and
might have altered that figure. test.
The tax rules are part of the The tax rules were bitterly DAY AT THE BEACH: People flocked to Old Orchard Beach in Maine on Wednesday on a picture perfect day.
administration’s strategy of fought by the crypto industry
making crypto investors play when Congress wrote them U.S. CAPITOL WISCONSIN SOUTH CAROLINA CALIFORNIA
by the same rules as others. into an infrastructure law in
Now, Sen. Elizabeth Warren 2021. Some lobbyists said the
Call About Shooter Suit Seeks to Toss Officer Killed as He Rain Helps Battle
(D., Mass.) and three other law’s definition of a crypto Was False Alarm Legislative Maps Saved Life on Track Against Wildfire
senators are pushing the Bi- broker was too vague. U.S. Capitol Police A lawsuit filed Wednes- A police officer was struck Firefighters aided by rain
den administration to move A broad definition of broker searched Senate office build- day asks Wisconsin’s newly and killed by an Amtrak train fought to contain a massive
quickly. could create a liability for ings on Capitol Hill in re- liberal-controlled state Su- Wednesday as he was saving blaze that swept through the
“These new rules were ur- crypto businesses that can’t sponse to a report of an ac- preme Court to throw out someone who had called 911, California desert into Nevada
gently needed when Bi- comply, such as software de- tive shooter, which officials Republican-drawn legislative authorities said. and is threatening the region’s
.
den signed them into law in velopers, crypto miners and later said was a false alarm. maps as unconstitutional. A person on the tracks near famous spiky Joshua trees.
2021. Over the past two years, wallet providers, said Ji Kim,
ly
The police said Wednesday The long-promised action downtown Easley who was The York Fire that erupted
that urgency has only intensi- head of global policy at the that officers responded to a is backed by Democrats and having a mental-health crisis Friday is California’s largest
fied,” Warren, Bob Casey (D. lobbying group Crypto Council 911 call around 2:30 p.m. Cap- was filed by a coalition of first called 911 around 5 a.m., wildfire this year. As of early
Pa.), Richard Blumenthal (D., for Innovation. itol Police said in a tweet law firms and voting-rights Easley Police Lt. Ashley Ander- Wednesday it had burned
Conn.) and Bernie Sanders (I.,
Vt.) wrote to Treasury offi-
cials this week. “Given the
chance, tax evaders and the
A group of lawmakers, in-
cluding Senate Finance Com-
mittee Chairman Ron Wyden
(D., Ore.), attempted to amend
on
that anyone inside a Senate
office “should be sheltering in
place as the report was for a
possible active shooter.”
advocacy groups.
“The gerrymandered
maps have divided our com-
munities, preventing fair
son said. Officer Matthew
Hare, 22, and his partner found
the person about an hour later.
It wasn’t clear exactly how
through more than 128 square
miles of land and was 30%
contained, fire officials said.
Humid monsoonal weather
crypto intermediaries willing the law to narrow the defini- Capitol Police Chief J. representation,” said Jeff Hare came to be struck by conditions Tuesday afternoon
us ,
to aid them will continue to tion, but those efforts failed. Thomas Manger said officers Mandell, board president of the train, but Anderson said brought brief but heavy rain,
l
game the system, exploit loop- The rules, once implemented, found no shooter or anyone Law Forward, one of the at a news conference that he especially on the south end of
e
al a
holes, and siphon off billions will give the IRS more infor- who had witnessed a shooter, groups that brought the “died saving the life of some- the fire, and kept its spread to
of dollars a year from the U.S. mation about crypto investors’ but were continuing to inves- lawsuit. one he did not know. Officer a minimum, fire officials said.
government. You must not profits and will inform inves-
ci on
tigate. He said the 911 caller Republican Senate Major- Hare was a hero.” Drier weather was expected to
give them that chance.” tors that the IRS knows they who prompted the police re- ity Leader Devin LeMahieu Hare’s partner and the per- return Thursday.
Last December, the Trea- have made money. sponse reported there was a said Democrats were “count- son on the tracks weren’t in- The blaze ignited near the
sury Department and Internal It will also make tax com- shooter in the Hart office ing on judicial fiat to help jured. The person was taken remote Caruthers Canyon
Revenue Service said that bro- pliance easier for crypto inves- building and gave a descrip- them gain power.” He ac- into custody, but investiga- area of the vast wildland pre-
kers wouldn’t have to report tors who want to meet their tion of a purported suspect. cused them of “coming to tors didn’t say why the per- serve, crossed the state line
er s
any information until the ad- obligations, and clear rules “This may have been a bo- collect” from the newly son was being held, whether into Nevada on Sunday and
ministration issues final rules could make the industry more gus call,” Manger told report- elected liberal Supreme charges had been filed or sent smoke further east into
m er
addressing questions such as mature and standardized, said ers around 4 p.m. Court justice. what the person’s name is. the Las Vegas Valley.
the definition of a broker. Creech, the tax lawyer. —Talal Ansari —Associated Press —Associated Press —Associated Press
Bad Actors
m rp
At Movies
Everyone
co Fo
Rate Low
should be
JENNA SCHOENEFELD/GETTY IMAGES
Continued from Page One

ing items at artists. At Broad-
way shows, Playbill inserts
now remind people to turn off
their phones and let the ac-
tors do the singing.
welcome at
the table.
And now, some movie ven-
ues are posting videos to
teach people how to behave. Some theaters offer social-media photo ops in their lobbies.
n-
“Barbie” and “Oppen-

heimer” continue to do well “Barbie” without issue until Theater chains across the
at the box office, together about halfway through the country are offering social- We’re on a mission to provide a billion meals by
grossing more than $1 billion movie. A few rows down, media photo ops in the lob- 2030. Because over 30 million Americans don’t
no
in ticket sales globally. someone pulled out her bies, including giant Barbie know where their next meal is coming from. It could
This creates a double- phone. The woman scrolled boxes and other sets. be anyone, even your neighbors. Let’s break the
edged sword for theater oper- through her notifications, “The time to share the en-
ators: Hot movies put people then turned to her camera roll thusiasm and excitement cycle of hunger, together.
back in the seats. But if a few to decide which Barbie-outfit about that journey is after it
attendees ruin the shared ex- selfie to post on Instagram, ends,” says Michael O’Leary,
perience, more movie lovers says Weigl, who lives near Sa- CEO of the National Associa-
might wait for the streaming vannah. tion of Theatre Owners, a
version to come to their living Though Weigl was frus- trade organization. “We al-
rooms. trated and angry, she tried to ways want to maintain the
If you want to see clips ignore it. cinema as that special place
from the hottest movies, just “I tried to just tune it out where you shut out the dis-
go to TikTok. and focus on the movie be- tractions of everyday life and
Sierra Moon, a 29-year-old cause I’m watching ‘Barbie’ devote a couple of hours to a
book-publishing marketer in and I paid to be here,” she compelling story.”
Philadelphia, pulled a Barben- says. “But at the same time, it People got used to sitting
heimer during opening week- was like, ‘Come on, this is so at home during the pandemic,
end—and even saw “Barbie” a disrespectful.’ ” quickly posting photos of
second time. Between show- Alamo Drafthouse, a the- whatever they were watching
ings, she came across scenes ater chain where patrons can on-screen.
from both movies on TikTok. order alcohol and food at “I feel like ‘Barbie’ was ripe
And during her “Barbie” their seats, has been calling for it—being a movie that
screenings, she out this kind of fans would feel comfortable
saw people tak- behavior on or encouraged to do some-
ing photos and TikTok during thing like that,” says Chris
continuing to Some movie the past year. Lambert, a 36-year-old who
use their venues are Last week, it runs a movie-explanation
phones. tweeted a website and lives in the Aus-
“It’s the first posting videos photo someone tin, Texas, area. He watched
time I noticed had taken with “Barbie” twice during opening
that many peo-
to teach people the flash on weekend and saw someone
ple taking pic- how to behave. during “Oppen- take out his phone to take
tures of the heimer,” asking photos of Margot Robbie, the
screen during a guests to not movie’s star, not once but
movie,” Moon “even touch twice.
says. She imagines it will only your phone during the But the behavior isn’t wel-
get worse with coming flicks
like the Timothée Chalamet-
movie.”
Alamo trains its staff to is-
come when others in the audi-
ence are trying to escape
NourishingNeighbors.com
led “Wonka,” whose trailer al- sue a one-time verbal warning smartphones and enjoy a
ready drove TikTokers into a to any guest who is disruptive show. Nourishing Neighbors is a program of Albertsons Companies Foundation,
a 501 (c)(3) designated nonprofit.
small frenzy. at the movies, says Michael “We’re at a point where it’s
“There has been a big shift Kustermann, president and very easy for people to priori-
in how we act when we’re in a incoming chief executive of tize sharing something online
movie theater and what the the company. at the expense of those
rules are these days,” Moon “We understand the level around them,” he says.
says. of enthusiasm,” Kustermann At least now there’s
Lexi Weigl, a 25-year-old says. “Get there early and enough “Barbie” and “Oppen-
operations coordinator at a take a picture of the crowd heimer” footage online, no-
marketing agency, watched while the lights are still on.” body needs to film any more.
WORLD NEWS
Drone Attacks Target Ukraine Grain Port
Turkish president administrative office building. of the world’s exported wheat
The Ukrainian air force said it and nearly half the world’s
warns Putin against destroyed 11 of the drones de- supply of sunflower oil before
taking steps that ployed in the south during the the invasion, and was a key
overnight attack, and that it supplier to Europe, the Middle
would escalate war shot down 23 nationwide. East and Asian countries.
The attacks intensify Rus- Wednesday’s attacks came
BY JARED MALSIN sia’s assault on Ukrainian ports the same day as a phone call
AND LAURENCE NORMAN and agricultural infrastructure between Russian President
since the Kremlin chose not to Vladimir Putin and Turkish
Russia launched a wave of extend the Black Sea Grain Ini- President Recep Tayyip Erdo-
drone strikes on Ukraine’s tiative. That deal, brokered by gan, who helped negotiate the
ports, intensifying attacks on the United Nations and Turkey, original grain pact, and has
the country’s food-export infra- allowed Ukraine to resume ex- played a key role in pressuring
structure after Moscow with- ports from three of its major
PROSECUTOR GENERAL’S OFFICE/REUTERS

Moscow to remain in the deal.
drew from a Black Sea grain ports last year, helping lower Erdogan warned Putin
deal last month, heightening the global price of food. against taking steps that
concerns that the war could “When civilian ports are would escalate the war, and
again disrupt a significant part targeted, when terrorists de- said Turkey would engage in
of the world’s food supply. liberately destroy even grain “intense” diplomacy to restart
The strikes, using Iranian- elevators, it is a threat to ev- the grain deal, the Turkish
made drones, hit grain silos, a eryone on all continents. Rus- president’s office said.
marine terminal and port ad- sia can and must be stopped,” Russia’s withdrawal from
ministrative buildings in south- Ukrainian President Volodymyr the deal has strained Putin’s
ern Ukraine in and around the Zelensky said on Telegram. An inspector surveys the damage at a grain port facility in Izmail, Ukraine, after Russian strikes. relations with Erdogan, who
city of Izmail on the Danube The attack on Ukraine’s Dan- until recently was one of the
River, Ukrainian officials said. ube ports is particularly signif- that take it to the world mar- Kyiv’s shipments via the river. Ukraine to increase flights by few world leaders to hold regu-
The port city is the country’s icant because the river has ket. Russia has less capacity to The strikes along the bor- surveillance planes over the lar phone conversations with
one remaining outlet for Black taken on greater importance in threaten the western Black Sea, der of Romania also raise mili- Black Sea in response to Rus- the Russian president.
Sea grain shipments after Rus- the grain supply chain since which includes the territorial tary tensions between Russia sia’s threats. An official from
sia left the export pact. Russia imposed its de facto waters of North Atlantic Treaty and NATO. Russia moved a the alliance confirmed that
The Ukrainian prosecutor- blockade on the much larger Organization members Roma- warship into the southern surveillance planes flew over Watch a Video
general’s office said the strikes ports near the city of Odesa. nia, Bulgaria and Turkey. The Black Sea as a part of its Romania on July 30 after tak- Scan this code
damaged a grain elevator, Ukraine uses the Danube river accounts for about a broader threats to commercial ing off from a base in Konya, for a video on
cargo terminals, production route to ship grain on smaller quarter of Ukraine’s total ex- shipping, the U.K. Ministry of Turkey, as a part of the organ- the drone strike
and warehouse facilities and a ships, often to Romania, where ports, and U.S. and European Defense said last week. ization’s heightened vigilance. on Ukraine’s
shipping company’s three-story it is loaded onto larger vessels officials have sought to support NATO has agreed with Ukraine accounted for 9% grain facility.
Kyiv Bolsters Deep-Strike Capabilities as West Holds Back Arms
.
ly
BY STEPHEN KALIN making it among the world’s dent Volodymyr Zelensky said way,” he said according to Rus- In recent months, long-range The accelerating pace of at-
Ukraine’s ability to strike

the same Moscow office build-
ing twice this week shows
foremost practitioners of
drone warfare, in turn pre-
senting Russia with an unex-
pected and unprecedented
on
Russians seeing the war on
their own soil was “inevitable,
natural and absolutely fair.”
Bendett at CNA estimated
sian state news agency TASS.
Uncrewed aerial vehicles
reached Moscow’s business dis-
trict Sunday and Tuesday. Open-
kamikaze attack drones also hit
other Moscow office buildings
and residential neighborhoods,
including one where President
tacks on the heart of Russian
power reflects how Kyiv has
innovated when faced with a
larger aggressor, producing
how far its homegrown drone threat to its homeland. that Kyiv has begun or will soon source intelligence analysts said Vladimir Putin has a home, and drones that can travel hun-
us ,
industry has progressed in re- “The Ukrainian defense in- be producing at least six types they were, or resembled, long- twice prompted the temporary dreds of miles, evade detection
l
sponse to Russia’s invasion. dustry is learning and adapt- of long-range suicide drones, range drones that Kyiv’s mili- closure of a key airport. In July, and interception by sophisti-
e
al a
After the U.S. and other ing very quickly,” said Samuel and that recent strikes may be tary-intelligence directorate re- a swarm of 17 drones entered cated air-defense systems and
Western allies put conditions Bendett, an expert on un- probing Russian air defenses in cently developed, known as Russian-controlled airspace in still deliver a punch.
on the supply of advanced manned aerial vehicles at the preparation for a mass-scale at- Bober, or beaver drones. Both of Crimea and hit a weapons-stor- “The fact that they do
ci on
weaponry, preventing Kyiv Center for Naval Analyses, a tack involving dozens of drones the attacks hit the same Mos- age facility there. reach the city and reach the
from using their arms to target federally funded research or- that would converge on the city cow high-rise that houses three Smaller, short-range drones city center speaks to the suc-
Russian territory, the Ukraini- ganization in Arlington, Va. from several directions and at government ministries even have hit Russian military and cess of that tactic, however it
ans resolved to establish their Ukraine hasn’t confirmed different altitudes. though Russia fortified its aerial civilian targets closer to is implemented,” said Bendett,
own deep-strike capabilities. or denied that it was behind a Kremlin spokesman Dmitry defenses and counterdrone Ukraine. Some might have who attributed part of the at-
er s
The result: Ukraine has rap- spate of recent hits by drones Peskov acknowledged the threat measures after the Kremlin in been operated by people in tacks’ effectiveness to sophis-
idly developed new systems on Moscow and other loca- posed by Ukrainian drones. “Ap- May was targeted by short- Russia and Belarus sympa- ticated intelligence-gathering
m er
and tactics in the past year, tions in Russia, though Presi- propriate measures are under range quadcopter drones. thetic to Ukraine, analysts say. efforts by Kyiv.
m rp
co Fo
n-
no
WORLD NEWS
Prolonged War Raises Stimulus Props Up Russian Economy

New Risks for Beijing; BY ALAN CULLISON
AND GEORGI KANTCHEV
Prompts Slight Shift Weeks after Russia invaded

Ukraine last year, a White House
official warned Moscow that a
BY JAMES T. AREDDY lines set by the U.S. around raft of U.S.-led sanctions could
wartime trade with Russia has cut Russia’s economy in half.
China has given Russian strained its relations with the Last week the International
President Vladimir Putin im- West and led to increased Monetary Fund gave some up-
portant diplomatic and eco- scrutiny, including in European beat news for the Kremlin,
nomic backing for his war on capitals that China has sought saying it now expects Russia’s
Ukraine. But as the conflict to charm. And China continues economy to grow 1.5% this
drags into its 18th month with to signal concern that nuclear year, supported by extensive
no clear sign of victory or ca- weapons could be deployed— state spending. That follows a
pitulation on either side, Bei- both a veiled warning to Mos- shrinkage of 2.1% the year be-
jing faces an increasingly com- cow and a threat to the West fore, when Russia became the
MAXIM SHIPENKOV/EFE/ZUMA PRESS

plicated set of risks that give it to limit support for Kyiv. most sanctioned major econ-
more incentive to push Moscow China’s unease was on dis- omy in the world.
and Kyiv toward peace talks. play last month at the United Economists expect the sanc-
The shocking but short-lived Nations General Assembly, tions to cause Russia to stag-
rebellion by Russian paramili- when its deputy permanent nate in the years ahead, and
tary group Wagner in June has representative, Geng Shuang, the fault lines are emerging.
raised new questions about Pu- outlined stark concerns about But the West’s failure to quickly
tin’s hold on power and the the enduring war. “The Ukraine bring the Russian economy to
possibility of a future Russia crisis has dragged on to this its knees for its invasion of People shop at a Moscow store. The IMF expects Russia’s economy to grow 1.5% this year.
without the autocrat whom day with no signs of easing on Ukraine mirrors a larger stale-
China’s leader Xi Jinping has the ground, military logic still mate on the battlefield there, government adviser. “They Russia’s real GDP, metal goods”—a line that ana-
called his best friend. It also has prevailing, and slow progress despite a raft of Western lethal have started to constrain but change from a year earlier lysts say includes weapons
brought new focus to the risks in peace talks, which all point aid to Kyiv and economic sup- not stop Putin’s ability to fi- 6%
and ammunition—rose by 30%
of Beijing’s support for Moscow. to a worrying prospect,” he port for the Ukrainian cause. nance this war.” 2023 in the first half of 2023 com-
Xi is expected to send said, calling for peace talks to When they were unveiled, Sanctions became an often- (proj.) pared with last. Other lines
peace envoy Li Hui to a promote “an early cease-fire Biden administration officials used foreign policy tool of the 4 1.5% associated with military out-
Ukraine-backed international and political solution.” called the sanctions the most U.S. after it became an eco- put also have increased: Pro-
conference aimed at outlining Geng’s tally of the broader consequential in history, and nomic powerhouse in the previ- duction of computers, elec-
the terms of a possible peace risks of the war contrasted with the initial shock and awe ous century. They have had a 2 tronic and optical products
deal, according to European his U.N. presentation in March, roiled Moscow’s financial mar- mixed record, often falling short also rose by 30%, while the
and U.S. officials. That would when he blasted the U.S. for kets. But today the economy of causing a dramatic change in 0 output of special clothing has
mark a significant shift, as what he called “Russiaphobia.” has muddled through enough behavior, particularly in author- jumped by 76%. By contrast,
Beijing stayed away from the In his latest presentation, for the Kremlin to support an itarian states, say analysts. auto output is down more
group’s first meeting in June. Geng concentrated on issues attritional war that the U.S. How Russia has avoided col- −2 than 10% year-over-year.
This weekend’s gathering in such as food security. Days had hoped to avoid. lapse and eked out some growth “What we’re seeing now is
.
Saudi Arabia, aimed at outlin- earlier Putin said Russia would Sanctions initially starved within a year despite a Western a massive boost in demand
ing principles that should pull out of a deal to permit safe Russia of microchips and high- economic blockade will be a −4 distribution via military-indus-
ly
frame a possible peace deal, in- Black Sea passage of Ukrainian tech components last year, case study for analysts ponder- 2010 ’15 ’20 trial complex and war benefi-
cludes a range of world powers grain. China has been the big- crimping its ability to produce ing where sanctions make sense Note: 2023 and 2024 projections as of July. ciaries, we can call it military
sympathetic to Kyiv and ex- gest market for that output. precision-guided missiles. But as a policy tool in the future. Source: International Monetary Fund Keynesianism,” said Alexandra
cludes Russia. The spokes-
woman for Russia’s Foreign
Ministry on Wednesday said
the meeting was “a hoax” in-
“The sense one gets is that
China’s concerns remain
around escalation and spill-
overs,” said Manoj Kewalra-
on Moscow has found loopholes
through neighboring nations,
and is bombing Ukraine daily
with precision weaponry.
Behind Russia’s economic
resilience has been a significant
government stimulus, a shift to
a war economy and an unprec-
more difficult for them to run
their war on Ukraine.”
Government spending as
Prokopenko, a former Russian
central-bank official who is a
nonresident scholar at the
Berlin-based Carnegie Russia
tended to create an anti-Mos- mani, a China-studies fellow Russia’s crude oil continues edented rerouting of its trade part of gross domestic product Eurasia Center.
us ,
cow coalition, according to Rus- at India-based think tank Tak- to flow, even if the lower to Asian partners, primarily has jumped by 13.5% in the Continued global demand
l
sian state news agency TASS. shashila Institution. prices it fetches have hit state China and India, analysts say. first quarter compared with for Russian commodities also
e
al a
Chinese participation would Beijing hasn’t convinced the coffers. Analysts say that the The Biden administration the same period last year, the has bolstered the economy.
present a rare opportunity for West that it can be seen as main effect of sanctions—tech- defends the sanctions as vital to highest growth rate in data This year, a European Union
U.S.-China engagement over neutral in the conflict because nological backwardness and an driving up the price that Russia going back to 1996. Economists ban on most Russian oil im-
ci on
the war as President Biden’s of Xi’s close ties to Putin. Dis- inability to modernize—would pays for the war. The latest attribute much of the growth ports has undermined its price.
national security adviser, Jake trust of Xi and China is wide- hamper its economic growth growth statistics mask the real in Russian industrial produc- Meanwhile, Russian oil produc-
Sullivan, also is expected to spread worldwide, according to in the long term. pain being felt by the economy, tion this year to weapons and tion has declined only slightly.
attend. Participants will be a survey by Pew Research Cen- “Sanctions have not de- said a senior administration of- materiel. President Vladimir That is because Moscow has
watching for any sign that Bei- ter that said a median of 71% stroyed the Russian economy ficial. “We are making Russia’s Putin has ordered the govern- found ways to sell its oil to
er s
jing’s thinking about the con- of respondents in 24 nations just yet,” said Sergei Guriev, a economy less resilient and less ment to provide unlimited Asia by creating a shadow fleet
flict, and its end, has evolved. viewed it as not contributing professor at Sciences Po in capable of sustaining itself over funding for the war machine. of tankers owned, insured and
m er
Beijing’s flirtation with red to global peace and stability. Paris and a former Russian time,” the official said. “It’s The output of “finished chartered outside the West.
Binance Binance’s trade volume by foreigners, though Binance

said it eventually dropped fur-
m rp
country in May 2023, in billions

ther association with the proj-
China
Evades South Korea

ect. Binance’s interest in the
Palau plan was in part moti-
vated by wanting to help Chi-
China Ban nese users, according to a per-

co Fo
son familiar with the project.

Turkey Crypto traders in China and
Spot elsewhere also use VPNs—an
Continued from Page One Futures application that masks their
Vietnam
website in 2017. location—to sign up on ex-
China’s central bank, changes that are banned in
which imposed the crypto ban, British Virgin Islands their countries.
didn’t respond to a request for Binance’s China business
comment. 0 20 40 60 80 $100 dropped after the ban to 17%
“The Binance.com website is Source: Internal documents viewed by
of its overall trading volume
blocked in China and is not ac- The Wall Street Journal at the end of 2021 from 24% in
cessible to China-based users,” the middle of the year, accord-
a company spokesman said China broadened its clamp- ing to a former employee who “Authenticity and
n-
without commenting further. down on the industry in 2021, viewed the data.
Binance processes more and declared all cryptocur- But it picked up again in values aren’t just
cryptocurrency transactions rency-related transactions ille- 2022 and has stayed at high
around the world than most of gal. The motive, it said, was to levels. China-based customers
what we do, they
no
its competitors combined. maintain national security and traded over $90 billion in
Holding on to its footprint in social stability. cryptocurrencies in May 2023,
China will be crucial for Bi- At the time, Binance said it according to an internal plat-
are who we are.”
nance as it navigates a regula- would conduct an inventory of form at Binance named “Mis- – Laura Doyle, CEO
tory crackdown that execu- platform users and switch ac- sion Control.” Most of the
tives internally worry counts from China-based cus- trading was in futures con-
threatens its future. tomers to “withdrawal only” tracts tied to cryptocurren-
Binance has had a compli- mode, meaning they would be cies. Futures trading for
cated relationship with China. forbidden from trading. crypto is banned in the U.S.
Zhao, Chinese-born but raised “Binance has always taken There were 5.6 million
in Canada, founded the firm in its compliance obligations se- China-based users registered
Shanghai in 2017. Months later, riously and has always strictly at the exchange, of whom
the government issued the first complied with the relevant re- 911,650 were active, according
of several rolling regulatory at- quirements of local regulatory to Mission Control.
tacks on crypto exchanges. Of- agencies,” it said in an Octo- The second-biggest market
ficials feared ber 2021 state- for the exchange is South Ko-
the exchanges ment. rea, with a 13% share, followed
would be used Chinese offi- by Turkey with almost 10%.
to illegally move Beijing officials cials appear to All other countries comprise
money out of appear to have have applied a less than 5% of the volume
the country. soft touch on traded at Binance.
Zhao later said applied a soft implementa- About 100,000 Chinese us-
he moved Bi- tion of the all- ers at Binance as of January
nance’s opera-
touch on the encompassing were classified as “politically
tions to Japan. crypto ban. ban. exposed persons,” according
Binance kept “China’s to internal company docu-
dozens of staff cryptocurrency ments and a former employee.
in China, the market remains PEP designations are em-
Journal previously reported. strong, with healthy transac- ployed by banks and regula-
Executives at its U.S. arm wor- tion volumes across both cen- tors to mark government offi-
ried about the implications of tralized and [decentralized] cials, their relatives or close
the arrangement, including services,” said Kim Grauer, di- associates who require
L# 19101168
that developers in China had rector of research at Chainaly- greater scrutiny due to their
control over U.S. user data. sis, a crypto research com- greater risk of involvement in
Zhao has said in the past pany. Despite an initial drop bribery, corruption or money
that his and other employees’ after the 2021 ban, the coun- laundering. Accepting Americana
Chinese heritage has been try is the fourth-largest mar- Binance has in the past Property from The Christine Biddle Wainwright for Fall Auctions in
seized upon to paint a close ket for crypto trading, accord- taken a relaxed attitude to- Collection. Chippendale Carved Walnut Dressing
New York and Boston
relationship with the country. ing to Chainalysis. ward verifying the identity of Table, Sold for $12,600. Portrait of Commodore James
“The greatest challenge Huobi, a rival exchange to Bi- its users in China, according Biddle, 1839 by Thomas Sully Sold for $94,500. Pair of auctions@doyle.com
that Binance faces today is nance, has prompted Chinese to the internal documents and American Silver Two-Handled Vases Sold for $59,850. 212-427-2730 | doyle.com
that we (and every other off- users to apply for a digital citi- the former employee. Less
shore exchange) have been zenship offered by the Com- than half of China-based reg-
designated a criminal entity in monwealth of Dominica to allow istered users had gone
China. At the same time, our them to trade on the platform. through know-your-customer
New York Beverly Hills Boston Charleston Chicago Connecticut
opposition in the West bends Zhao was an initial pro- checks in the months after the
over backward to paint us as a moter of a program in the Pa- ban at the end of 2021. New Jersey North Carolina Palm Beach Pennsylvania Washington DC
‘Chinese company,’ ” he wrote cific island nation of Palau —Vicky Ge Huang
in a blog last year. that sells residency cards to contributed to this article.
WORLD NEWS
Iraq Clamps Down on Money Laundering

BY DAVID S. CLOUD there is strong evidence that forms,” Sudani said Tuesday. But Iraqi authorities face an with Washington’s push to lion in cash, a spokesman said.
some of these dollars have been The U.S. Treasury and Fed- uphill battle disrupting power- crack down on dollar smug- Officers found $100 bills in
BAGHDAD—Iraq is trying going across the border to Iran, eral Reserve Bank of New York ful networks of banks, currency gling: If he moves too aggres- shrink-wrapped bricks labeled
again to crack down on money providing Tehran with badly last month banned 14 Iraqi traders and Iran-backed mili- sively, it could anger the many “New York,” inside a so-called
laundering and smuggling as needed currency and some relief banks from dollar transactions tias who control the illicit powerful interests in Iraq who “safe room” at one of the loca-
the U.S. steps up pressure to from stringent U.S. sanctions. after uncovering evidence transactions. Many have the benefit from the illicit dollar tions, a video released by the
stop dollars flowing to Iran Others have been going into they engaged in money laun- political clout to avoid arrest, trade and drive up the ex- security service showed. The
and better isolate it from the the hands of Iraqi officials or dering and fraudulent transac- and have proved resourceful in change rate further, raising defendants “confessed to act-
rest of the world economy. Iranian-backed militias operat- tions. Four other Iraqi banks finding ways around the efforts prices for ordinary Iraqis. ing as traders with fake trad-
The dollar has served as al- ing in the country, or recipients were banned from dollar to halt the movement of dollars. Dollar smuggling takes dif- ing companies as a cover for
most a second currency in Iraq in other Middle Eastern nations. transactions in November, Sudani acknowledged that ferent forms, complicating the smuggling currency abroad,”
after the U.S. invaded in 2003, Now Iraqi authorities are when the Treasury and the the Central Bank of Iraq should effort. In some cases, smuggling the spokesman said.
pumping greenbacks into the expanding raids on currency Central Bank of Iraq also im- have taken action against Iraqi networks get dollars in cash In a separate case, Iraq’s
country to keep it functioning. traders and increasing air and posed tighter controls on wire banks suspected of money from currency traders and carry border authorities arrested a
Two decades later, Iraq still land border checks following transfers in dollars from Iraq. laundering, instead of waiting them in vehicles to Iran, Turkey man recently at a crossing with
keeps its foreign reserves at recent moves by Washington Those moves have made it for the U.S. Treasury to act. He and other Iraq neighbors. Iran after $48,300 in cash was
the Federal Reserve Bank in to curb the flow of dollars that harder for Iraqis to move also blamed currency traders Shortly after Sudani’s re- found hidden in his vehicle.
New York, depositing the pro- have put pressure on Iraqi money out of the country, U.S. for driving up the exchange marks Tuesday, Iraq’s na- A far larger amount of dol-
ceeds from its oil exports in Prime Minister Mohammed al- officials say. rate for the Iraqi dinar, which tional-security service an- lars moves by wire transfers by
its official accounts there. Sudani and the economy. Among the measures, Iraq’s has risen to 1,510 dinar to the nounced it arrested at least 23 Iraqi banks to accounts mostly
Hundreds of millions of dol- “It’s a battle between the government is asking the dollar since the latest U.S. ban people in several cases of in Dubai, where the ultimate
lars a day flow through loosely- state, which insists on com- country’s central bank to en- on Iraqi banks was imposed. money laundering and illegal recipient can be hard to trace.
regulated Iraqi bank and cur- pletely reforming the financial sure that dollar transactions The exchange rate was 1,470 dollar transactions. In Bagh- “There are banks that act
rency-exchange shops, which and banking system, and a are handled through a new dinar to the dollar last month. dad raids, authorities said they as banks only on the surface,
U.S. officials say are rife with group of smugglers and price electronic platform requiring Indeed, the increase in the took down a major dollar- but they do money transfers
fraudulent transactions and manipulators who are thriving detailed information about exchange rate highlights the smuggling network, making 11 on the other side,” Sudani
money laundering. They say and working to obstruct re- where the funds are going. risk Sudani faces in complying arrests and recovering $14 mil- said.
FROM PAGE ONE
New Hires municating within their

squads as well as they did be-
fore the pandemic, instruc-
Unprepared tors say. Scores on recruiting

exams fell 9% since the pan-
demic and prompted the Army
To Work to create a new testing boot

camp to help recruits pass, a
requirement for gaining ad-
.
mission to the military.
Continued from Page One Army Secretary Christine
ly
the country. It is one reason Wormuth believes a lot of the
professional service jobs are struggles are tied into isola-
going unfilled and goods tion that took root when stu-
aren’t making it to market. It
also helps explain why na-
tional productivity has fallen
for the past five quarters, the
on dents learned remotely during
the pandemic.
“So many young people
spent two years in relative
longest contraction since at isolation and not doing a lot
us ,
least 1948, according to the of group projects,” she said.

l
U.S. Labor Department. Young workers’ struggles

STEVE KOSS FOR THE WALL STREET JOURNAL (2)
e
al a
The shortcomings run the have become vividly apparent

gamut from general knowl- to Criteria Corp, a Los Angeles
edge, including how to make company that administers
ci on
change at a register, to soft about 10 million assessments

skills such as working with a year to evaluate prospective
others. Employers are spend- employees.
ing more time and resources
searching for candidates and
er s
often lowering expectations. Men falter

Then they are spending mil- Results for test takers over-
m er
lions to fix new employees’ all have held steady with a no-
lack of basic skills. table decline in the scores of
Ivan Schury, above, a men between 18 and 24 and
supervisor at the John Ball usually with a high-school ed-
Pass rates Zoo’s cafe, said he spends a ucation, said Josh Millet, co-
m rp
Talent First, a business-led lot of time ‘making sure founder and CEO of the com-
workforce-development organ- people stay on task.’ Charity pany.
ization in Grand Rapids, Mich., Fields, left, chastised a The company’s Criteria Ba-
is encouraging employers to fellow worker for reading on sic Skills Test measures read-
stop trying to hire based on duty at the gift shop. ing comprehension, verbal
co Fo
skill. Instead, they should skills and numeracy. Compa-

look for a willingness to learn, their teens and early 20s on nies use it to hire for positions
said President Kevin Stotts. basics such as why it’s impor- such as administrative assis-
“Employers are saying, tant to look visitors in the eye, tants, customer-service repre-
‘We’re just trying to find some and how to make change at a sentatives, medical assistants,
people who could fog the mir- cash register. insurance salespeople and
ror,’ ” Stotts said. They are also trying to in- bank tellers.
Since 2020, when remote still a work ethic in their em- Verbal scores for men un-
learning moved students out ployees that includes taking der 25 declined by 11 percent-
of schools and into virtual some initiative, getting off age points over the three
classrooms, the pass rates on their phones and engaging years of the pandemic. Scores
national certifications and as- with visitors, said Laura Davis, for women were less dramati-
sessment exams taken by engi- the director of strategy and cally affected. The biggest
n-
neers, office workers, soldiers organizational development at dips among men were regis-
and nurses have all fallen. the zoo. Her young employees tered in communication skills,
Among the roughly 40,000 haven’t been held accountable reading comprehension, gram-
candidates taking the Funda- for things like finishing home- mar, spelling and attention to
no
mentals of Engineering exam work assignments, and Davis detail, said Millet.
for work as professional engi- believes that has led to a de- Cindy Neal, owner of Ex-
neers, scores fell by about 10% cline in motivation. press Employment Profession-
during the pandemic, said Da- “They’re not looking to be als in Peoria, Ill., places about
vid Cox, CEO of the National productive,” Davis said. “If 1,500 people in jobs every
Council of Examiners for Engi- they’re not told what to do, if year. Since the pandemic, she
neering and Surveying. tive of ACT, the nonprofit or- Vice President of Ascend center company, says new someone isn’t managing every has seen sharp declines in the
That means fewer engi- ganization which administers Learning Healthcare, a private workers have problems with second and keeping them behavior of job applicants as
neers on the job and a lower the college admission test of company which helps train soft skills, such as an inability busy, their inclination is not to well as their performance on
degree of competency among the same name, said more medical professionals. And to deal with frustration. Sen- self identify what they can employment exams.
those who make it, he said. high-school graduates today even if they do graduate, more ture, which employs about do—it’s to do nothing.”
The sharpest declines in lack the fundamental aca- are struggling to pass a certi- 4,200 customer-service repre- The pandemic arrived when
scores came on questions demic skills needed for college fication exam. By then, they sentatives, has adopted a new Ivan Schury was in the eighth ‘Really concerned’
measuring the most special- and the workplace, with low- may already be on the payroll set of tests to determine grade. Now 17 years old and a The company has long of-
ized knowledge. Structural en- performing students facing but unable to work. The de- which prospective employees supervisor in the zoo’s kitchen, fered courses for people to
gineers failed to answer ques- the steepest declines. lays cost hospitals an average will be able to keep their cool he said the isolation he and his gain new skills such as Quick-
tions about the use of trusses In Covid-19’s wake, many of $42,000 per student who under stress from angry or peers experienced over the Books. This spring they added
in the construction of bridges college professors restruc- fails the certification exam, rude callers. next few years have left many new courses to help prospec-
and roadways, Cox said. tured curricula for students said Knecht. “Candidates who wash out distracted and disengaged. tive workers with soft skills.
who lack basic study skills. Last year, Ivy Tech Commu- respond by explaining how ag- Some of the chapters taught
“Reading, writing and criti- nity College, the largest nurs- gravated they get with the include taking initiative, per-
‘Public safety’ cal-thinking skills are not the ing program in Indiana, em- callers and then focus on the Reading at work sonal productivity, cellphone
“These are areas that are same as they were in the bedded tutors in classrooms stress,” said Moses. Most of Last week a teenager work- etiquette, workplace hygiene,
very much involved in public past,” said Mike Altman, a re- to assist lagging students with the people who struggle are ing the fry station kept wan- dressing appropriately for
safety,” he said. ligion professor at the Univer- skills they should have mas- under 25 years old, she added. dering off. “He just kept walk- work and handling conflict
Students in elementary and sity of Alabama who said he tered in high school. Some of In Grand Rapids, managers ing away to talk to his friends with co-workers.
middle schools across the na- has narrowed his curriculum the most basic included the at the John Ball Zoo are at the counter,” Schury said. Results on the 15-minute
tion fell behind by an average to give his students more time math necessary to figure out coaching seasonal workers in “I spend a lot of time making employment exam the com-
of about four months during to master basics. correct dosages for medicine. sure people stay on task.” pany administers to clients
the pandemic after classes During the pandemic more Standardized employment Charity Fields, 19 years old, when they walk in the door
switched to remote learning in than 100,000 nurses left the assessment scores for job works in the gift shop and are also declining.
2020 and stayed that way in field, the largest decline in Nursing program candidates under 25 with says she is frequently sur- Tasks on the quiz include
some cases through 2021. On four decades of available data, Joseph Mulumba, who is college degrees prised by the lack of motiva- recognizing misspellings in
national standardized tests, a study in the journal Health about to start his sophomore tion of her younger co-work- words like “availability,” “rep-
the scores of fourth- and Affairs showed. That has year in the Ivy Tech nursing 36 ers. A few days ago a 16-year- etition” and “privilege,” and
eighth-graders fell to 30-year placed tremendous strain on program, was a high-school old fellow sales associate sat math questions such as: “If
lows. hospitals and increased de- sophomore in Indiana when in a chair reading a book you were asked to load 225
Students who were in high- mands on programs to gradu- the pandemic arrived. His while customers shopped. boxes onto a truck and the
34
school and college when ate more nurses. But students school was remote for a year. “I told her we weren’t re- boxes are crated, with each
Covid-19 hit and are now en- taking entrance exams to “I feel like I would have ally supposed to do that,” crate containing nine boxes,
tering the workforce didn’t study nursing are scoring an learned a lot more if not for Fields said. The girl got up, how many crates would you
fare much better. Despite low- average of about 5 percentage the pandemic,” Mulumba said. Female stood near the cash register, need to load?”
32
ered standards at many points lower than before the “When I got here I realized I leaned on the counter and The scores in math and
schools during the pandemic, pandemic, limiting the num- wasn’t ready for nursing continued to read. spelling are the worst she’s
high-school graduation rates ber of students eligible to en- school. I realized I didn’t know The problem extends to the seen in 30 years, she said,
Male
fell. Scores for college admis- roll in nursing programs. how to study.” 30 U.S. military, exacerbating adding, “I’m really concerned
sions exams dropped to the More students who do en- Jerrica Moses, national re- 2019 ’20 ’21 ’22 ’23 pressures the services face by the product that’s coming
lowest level in three decades. roll struggle to earn passing cruitment manager for Sen- from poor recruiting. out of the school system cur-
Janet Godwin, chief execu- grades, said Patty Knecht, ture, a London, Ky.-based call- Source: Criteria Army recruits aren’t com- rently.”
PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, August 3, 2023 | A9
CARRY ON
BY DAWN
GILBERTSON
W
hether you take
occasional family
vacations or
practically live in
airports, there’s
nothing like a
solid roster of apps to help trips
go more smoothly.
No travel app is going to save
you from flight cancellations, long
TSA lines and other snafus. But
having real-time data at your fin-
gertips can help you move quicker
and give you better alternatives
when travel problems arise.
We’ve all grown fairly depen-
dent on the airline and hotel apps
that are often tied to loyalty pro-
grams. I asked a handful of travel
executives, aviation geeks and the
most frequent of frequent fliers to
tell me what other apps they de-
pend on to keep moving.
Here are their recommenda-
tions:
Trip organizing
TripIt, from corporate travel-book-
ing and expense-management
company SAP Concur, was the big
winner in my nonscientific poll.
There is a free version that builds
your trip itinerary from confirma-
tion emails or information you
manually enter about your flights,
hotels and vacation rentals, car
.
rentals, trains and more. The $49-
a-year TripIt Pro subscription
ly
adds flight alerts and can track
fares, seat availability changes,
loyalty points and more.
Chuck Stapleton, who lives in
Orlando, Fla., and works in infor-
on
These Five Travel Apps
mation technology in the defense Weather
industry, says he uses TripIt reli- There was no shortage of weather
giously for business trips and va- app recommendations, though one
us ,
cations. “They basically build you stood out. Carol Clements, chief
l
Help Trips Take Flight

an itinerary,” he says. “This is ex- digital and technology officer for
e
al a
tremely helpful where there are a JetBlue Airways, is a fan of

lot of moving pieces in my trip.” Tomorrow.io, a free app formerly
Stapleton says he can see at a known as ClimaCell.
ci on
glance if there are any holes in Clements says she was intro-
the trip. Before going to Switzer- duced to the app when JetBlue, an
land a few years ago, he checked It pays to have a smartphone loaded with extra help to ease challenges early investor in its developer,
the app and didn’t see a hotel in added the weather-forecasting
the lineup. That helped him real- technology to its operations center
er s
ize he had booked the wrong software that delivers “intuitive New York from Dallas/Fort Worth. ers for more than two decades and in New York. She started using it
dates, and gave him time to interfaces and effortless controls.” At 12:30 a.m. Flighty alerted him is owned by the Expedia Group. personally this year. She finds the
m er
course correct before the trip. The free version of the app, that the inbound plane was de- Loh exclusively books Hot- forecasting accurate and the fea-
Pro trip: If your company uses available for Apple devices, with layed by five hours. Delta didn’t wire’s Hot Rates, where you know tures helpful.
SAP Concur (like mine), you can Apple Watch support due next alert him of his own flight’s five- a hotel’s location, general ameni- “You can highlight activities
link your account and possibly month, allows you to track the hour delay until after 3 a.m. ties and star rating—but not the like running, hiking, cycling as
even get TripIt Pro free of charge. status of an unlimited number of A tardy inbound flight doesn’t name—before booking. Fun fact: hobbies,” she says, “and the app
m rp
You can choose whether personal flights. always mean a similar outbound The rates in the app are cheaper will tell you the best time each
trips are synced to your corporate The $49-a-year Flighty Pro in- delay because of aircraft swaps. than ones on the website, the day for that activity.”
Concur account. cludes the service’s standout fea- Also, that information can be company says.
tures, including calendar syncing found in many airline apps if you Last week, he booked a highly Airport lounge access
Flight tracking and rapid-fire push notifications dig. But Feinstein says the early rated hotel in Dallas for $100 a LoungeBuddy, an iOS-only app
co Fo
Ross Feinstein, a consultant who on delays, cancellations and gate heads-up let him find a quicker night at the last minute. owned by American Express, got
used to work for American Air- changes. Feinstein, a hard-core way home. Hotwire rates aren’t refund- nods from Feinstein and Loh.
lines and the Transportation Se- aviation nerd, is most impressed able and aren’t eligible for hotel- The free app tells travelers
curity Administration, has a with the app’s tracking of aircraft Last-minute hotel chain loyalty points. The mathe- whether they have access to
ILLUSTRATION BY JON KRAUSE
dozen folders full of travel apps tail numbers. By monitoring the rooms matician says he hasn’t been sold lounges in a particular airport, and
on his phone. One folder contains status of inbound planes, the app Po-Shen Loh, a Carnegie Mellon on the value of hotel loyalty ver- tells them where they might be
11 different flight trackers. can notify users of a possible hic- University professor who is travel- sus airline loyalty, which he able to purchase a day pass. You
Flighty is his new favorite. In- cup in their outbound flight being to 64 cities on a crazy mission prizes. can also find lounge reviews.
troduced in 2019, it won an Apple fore the airline does. this summer, goes old school to “To me, an upgraded room is Loh loves the ability to search
Design Award this year in the In- On Sunday, Feinstein was save money. His favorite app: not worth the same as [United’s] by amenity. The perk he most
teraction category, which rewards booked on a 9:30 a.m. flight to Hotwire, which has served travel- Polaris business class,” he says. searches for: showers.
n-
Performers Are Throwing a Fit Over Fans

typically screened at most perfor-
no
mance venues, often by security

personnel and metal detectors. Ob-
Who Hurl Items on Stage During Concerts

jects such as glass bottles, laser
pointers and umbrellas are usually
not allowed inside. A crowd surge
at Travis Scott’s Astroworld Festival
in 2021 that led to
BY ASHLEY WONG the stage,” though it wasn’t clear the deaths of 10 peo-
C
whether it was filed by the same ple demonstrated the
ardi B is the latest artist to person accused of throwing a drink. potential dangers of
confront a summer-concert Other footage from the concert crowd behavior.
phenomenon that is taking showed Cardi B encouraging people “We run a pretty
over social media: fans throwing ob- to douse her with water because of tight ship,” said Erin
jects at performers onstage. the high temperatures that day. Anderson, executive
Within the past two months, Meanwhile, TikTok videos of her Fri- director of the Idaho
concertgoers have shared photos day performance also showed her Botanical Garden.
and videos of artists including throwing a microphone at the DJ. “We already have a
Harry Styles, Kelsea Ballerini, Lil Representatives for Cardi B didn’t list of items that are
Nas X, Drake and P!nk being hit by respond to a request for comment. not allowed to be
flying objects or receiving strange High-profile artists have ex- brought into the
gifts from audience members. In pressed concern about the string of venues.”
June, P!nk said she received a bag incidents. Adele warned fans not to Any requests art-
of human ashes during a London throw anything at her during one of ists make to restrict
performance. Days her Vegas residency specific items are
before that, a fan concerts. Charlie Puth honored, she said.
threw a cellphone so chastised out-of-line The botanical garden
hard at Bebe Rexha’s One singer said concertgoers on social houses the perfor-
face that the singer she had to get media. This weekend, mance venue Outlaw
said she had to get during her Vegas resi- Field, where Ballerini
stitches. stitches after a dency, Kelly Clarkson was hit in the eye
The Cardi B inci- told fans that if they with a friendship
dent revealed the
fan threw a wanted to throw any- bracelet. That was
complexity of the is- cellphone at her. thing, they could only ally violent. Ava Max, another Kelsea Ballerini, Cardi B and P!nk the first time Anderson had seen
sue. While perform- throw diamonds. singer, was slapped mid-song by a have confronted flying objects and something like that in her seven
ing her song “Bodak Are people actually fan who rushed the stage in June. unusual gifts from fans at shows. years working there, she added.
Yellow” at Drai’s turning to increas- Several venue organizers said Ballerini has been encouraging
Beachclub in Las Vegas on Satur- ingly extreme behavior at concerts? they had yet to see a real cause for flag of England one time (at an fans to make and exchange friend-
day, the rapper threw her micro- Or is this just the latest spin on a concern. English artist), but even flowers are ship bracelets with her during her
phone at an audience member after fan tradition? “It is such an exceedingly, infini- rare. Across all five venues I.M.P. tour, said Amanda Florin, a 29-year-
the person allegedly threw a drink Audience members at Tom tesimally rare thing that it’s not the operates, she said, concertgoers old fan who saw the incident, though
at her, according to social-media Jones’s concerts regularly threw un- type of issue that really comes to have been well-behaved. she never asked for the bracelets to
videos of the incident. A spokesper- derwear at the singer while he per- the fore,” said Audrey Fix Schaefer, Concert safety protocols have be thrown at her. Ballerini couldn’t
son for Drai’s Beachclub declined to formed, and fans often threw bras communications director for Wash- been heightened in recent years, be reached for comment.
comment. and flowers at Elvis Presley. Today, ington, D.C.-based concert and pro- particularly after a bomb killed “I’ve seen handwritten letters
According to the Las Vegas Met- many fans make signs and cos- duction company I.M.P. “We’re not more than 20 people at an Ariana thrown at the stage, but not at her,”
GETTY IMAGES (3)
ropolitan Police Department, a con- tumes designed to get the atten- hearing from the artists about it, Grande concert in Manchester, Eng- said Florin, who has seen Ballerini
certgoer filed a police report on tion of stars onstage. and that’s crucial.” land, in 2017. Policies requiring clear live almost 30 times. “I don’t think
Sunday for battery after being hit But the recent incidents have Fix Schaefer has seen some fans bags have been implemented in she had much concern about it until
by “an item that was thrown from been confrontational and occasion- throw flowers, she said, and the many stadiums, and belongings are it hit her.”
PERSONAL JOURNAL.
Why Gen Xers Aren’t

People remain on membership
TURNING rolls but stop volunteering, Pack-
POINTS ard says. In many cases, they con-
tinue making donations until their
Going Back to Church

CLARE credit card expires. If asked, they
ANSBERRY
C
continue to describe themselves
as Protestant, Jewish or another
hurch attendance for denomination.
Gen Xers has dropped “It’s not like they are walking
off more dramatically Many middle-aged Americans identify with a religion but are too busy away, saying, ‘I’m now an atheist
than other age groups. and don’t believe,’” he says. “They
Americans in their still believe in a God and live life
40s and 50s often iden- with purpose but are done with
tify with a religion, but they’re the institutional church.”
also in the thick of raising kids, Ginger Harris, 51, a nonprofit
caring for aging parents and jug- executive and former Southern
gling demanding jobs that spill Baptist missionary, stopped at-
into the weekend. During the pan- tending her Southern Baptist
demic, many got out of the habit church over changes including re-
of going regularly to religious ser- strictions on women ministers.
vices and didn’t resume. Some had She’s not sure she would have
been drifting away before or be- been able to leave a church, where
came disillusioned by church scan- she was actively involved, hosting
dals or positions on social issues Bible study groups in her home, at
in recent years. a younger age.
The percentage of people ages “I was at a place of maturity
39 to 57 who attended a worship and was able to let go of that rig-
service during the week, either in idness,” says Harris, who now at-
person or online, fell to 28% in tends weekly Zoom services from
2023, down from 41% in 2020, ac- an Episcopal church and gather-
cording to a survey this year. ings in the home of a local pro-
This was the largest percentage- gressive Baptist pastor.
point drop of all age groups ex- Many Gen Xers say going to
amined in the survey of 2,000 church remains a priority. Jean-
adults conducted by the Cultural netta McElroy, 44, attends services
Research Center at Arizona regularly at a nondenominational
Christian University. church in Chicago. “It’s like my
Marlon Eddins, 45 years old, family,” says McElroy, whose two
who lives in Memphis, Tenn., and sons, 24 and 17, often join her.
works in the automotive industry, McElroy returned to in-person
attends church about half as often services in January and before
as he did before the pandemic. “I then had been participating on-
got into the habit of not going,” line. She feels it’s important to be
says the father of a 25- and 19- there in person, but she has no-
year-old. “I go to church, but not at the Cultural Research Center, certain religious milestones, in- Some people who study reli- ticed some friends her age going
as often as I probably should.” which also found drops in other cluding confirmation and bat gion liken the drop-off in atten- less often. “Their lives are just
.
He and his family changed religious practices and beliefs mitzvahs, Packard says. “Then, af- dance and involvement to the busy with jobs and kids,” she says.
churches and now attend a nonde- among Gen Xers. ter that, it starts to workplace phenomenon called Nicole Nuehring, 44, of Utah,
ly
PHOTO ILLUSTRATION BY DAISY KORPICS/THE WALL STREET JOURNAL; ISTOCK (2)
nominational church, rather than Church atten- wane more every quiet quitting. sees many Latter-day Saints
the Baptist church of his youth. dance levels have year,” he says. While average attendance, in- friends stepping away, which she
“There’s a different vibe and a cul- been declining for ‘I just don’t Trisha Taylor, 59, cluding online, has rebounded from attributes to disillusionment over
ture shift,” he says, adding that he
retains his core Baptist beliefs.
“When you got faith, you got faith.
I just don’t think going every Sun-
decades across gen-
erations, with less
than half of U.S.
adults belonging to
on think going
every Sunday
an ordained minis-
ter and church con-
sultant in Houston,
said people in their
the pandemic in many congrega-
tions, deeper participation is still
lagging, says David Brubaker, a pro-
fessor at Eastern Mennonite Uni-
scandals that they read about on
social media and time away from
church services during the pan-
demic to question why they were
day makes you who you are.” houses of worship in
makes you who 40s and 50s often versity and organizational consul- going in the first place. “It was
us ,
The percentage of Gen Xers who 2020, compared with you are.’ grew up in one tant. Volunteering fell to about 20% easier to quiet-quit,” says Nueh-
l
worship weekly is now as low as 70% in 1999, accord- church and never of church membership in March ring, who doesn’t attend church
e
al a
millennials, according to the Cul- ing to Gallup. questioned going 2022 from about 40% in early 2020, and didn’t as a child.
tural Research Center survey. Baby The drop-off for until the pandemic, according to the Hartford Institute Many of her peers are ex-
boomers and people ages 77 and those in their 40s and 50s has which gave them time to examine for Religion Research. hausted from work and family
ci on
older had the highest attendance been building, says Josh Packard, their beliefs and practices. Some “Congregants may show up on lives, she says. While older gener-
rates, at 38% and 53%, respectively. a 45-year-old sociologist of reli- are disenchanted by polarization a Saturday or Sunday but are less ations also went through demand-
“No generation endured gion, who has researched chang- within churches and positions apt to jump in and help,” he says, ing stages of life, they remained
greater spiritual turbulence than ing forms of religious expression. over many issues, including gay adding that members will stay and more involved in their churches.
Gen X during the pandemic,” says Parents often attend church or rights, which may affect their engage if they find meaning and “Church was an anchor, where
er s
George Barna, director of research temples to get their kids through children. connection. it’s not anymore,” she says.
m er
Business cakes to take with her. online guide.

m rp
“They had to look for a box Executive coach Alisa Cohn

for me because they did not in New York City advises
Meals Get have to-go containers,” said

Hensley, who co-hosts a web
video series called #IMomSo-
young professionals to go for
knife-and-fork options such as
chicken or fish, and to avoid
co Fo
Awkward Hard. “I’m not proud. I will

doggy bag.”
In Mpumalanga, South Af-
anything with red or brown
sauces that could drip: “All
roads lead away from pasta.
rica, Zanele Abraham Matome Sorry, people!”
Continued from Page One planned ahead for a business Skip the hors d’oeuvres al-
office and work-from-home lunch she had set up with a together at cocktail parties,
days spent in isolation, the potential client. Before the Cohn counsels, because
business meal has become one meal, she scarfed down a there’s just too much that can
of the most “on” stretches of McDonald’s cheeseburger, go wrong. Nobody looks ele-
an employee’s day. fries and a Coke in the park- gant taking a big bite. Plus,
The formal business lunch ing lot of the restaurant. “you need at least one hand
has made a comeback in 2023, Matome, the founder of a to give out business cards or
with office occupancy rates health tech startup, wanted to shake hands. If you have a
n-
during the workweek break- impress the potential client drink and then you grab an
ing through 50% for the first but couldn’t afford a fancy app, you’re lost.”
time since the pandemic. meal for both of them. Ray Martinez, a vice presi-
Lunch reservations on week- She kept her restaurant or- dent of search-engine optimi-
no
days at restaurants
in some big cities, in-
cluding New York,
Chicago, Washington,
D.C. and Philadelphia,
rose by double-digit
percentages in some
months this year
compared with 2022,
according to data
from OpenTable, the
online reservations
platform.
At sit-down meals,
all eyes are on what
everybody is order-
ing. For many people,
that means picking
GIVE FOR LOVE, at a dry salad.

“When you’re at a
business lunch, ev-
GIVE FOR LIFE eryone wants to cer-

tainly appear to be healthy
and eat a salad,” said Duane
New York’s Four Seasons
restaurant, 1959.
zation based in Union City,
N.J., once grabbed the chicken
wing hors d’oeuvres during a
L. Pinnock, a trust and estates mixer for M.B.A. students and
attorney in Fort Lauderdale, der to a latte while her dining graduates. “I’m eating the
With your support, we can realize our goal Fla., who reflexively ordered a
Caesar salad at a recent
partner ordered the salmon,
“which was very expensive,”
wings and my fingers are all
saucy and I’m trying to wipe
of turning all cancer patients into lunch—as did his fellow diner, she said. “They did ask, it off with the napkin and the
the president of a firm. ‘Aren’t you going to have any- napkin’s crumbling,” he said.
long-term survivors. “You’re not using your hands thing to eat?’ And I was like, “My hands are absolutely
to eat and you’re not eating ‘No, I’m full.’ I obviously filthy and people are now try-
something that’s going to drip didn’t tell them that I just ate ing to come up to me to shake
all over the place.” McDonald’s.” my hand and introduce
Donate now at StandUpToCancer.org/Donate Back in his office two She didn’t gain a client, but themselves.”
hours later, Pinnock grabbed a the man is now a mentor. Martinez said he would
chicken Parmesan sub and Many young professionals nod and offer them the back
french fries from the company who missed out on network- of his hand. The situation de-
cafe. The earlier lunch salad, ing during their college years volved when he got an eye
he said, was “a good starter now must learn the soft skills itch and absent-mindedly
as opposed to a complete of how to behave in profes- scratched it with a saucy fin-
BETTMANN ARCHIVE/GETTY IMAGES
lunch.” sional settings. Students at ger. “I was like, who picked

Other hungry people find several colleges, including wings for this menu?” he said.
ways to get their fill. A table Texas Tech University, can get After that experience, Marti-
Stand Up To Cancer is a division of the Entertainment Industry Foundation (EIF), a 501(c)(3) charitable organization. of untouched desserts at a dining-etiquette sessions. nez has become very selective
fundraiser prompted Kristin “Cherry tomatoes will always about his orders.
Hensley to flag down a cater- spray the person sitting next “If it’s wings versus salad,”
ing staffer and ask for some to you—skip it when eating he said, “I’m gonna go for the
macarons and little chocolate your salad,” recommends its salad.”
ARTS IN REVIEW
ARCHITECTURE REVIEW
A Museum’s
Collegial
Competition
BY MICHAEL J. LEWIS preliminary designs and each be extravaganza of furious originality Clockwise from top left: the Dallas spired architectural idea: to take
T
paid a stipend of $50,000, plus ex- like Frank Gehry’s Guggenheim Bil- Museum of Art; the winning the only curvilinear form in the
Dallas penses. At this, I was told by Jenni- bao, the competitors varied widely design from Nieto Sobejano Barnes building, the barrel-vaulted
he Dallas Museum of Art fer Eagle, co-chair of the committee, in the degree of respect they ac- Arquitectos, selected out of six hall that forms the east entrance,
announced today that it “there was a gasp in the room.” But corded the work of Barnes. finalists; and a view of the firm’s and repeat it in new additions to
has selected the Spanish two donors stepped forward, leading At one end of the spectrum expansive proposed gallery the north and south. Unlike the
firm Nieto Sobejano Ar- to the most unusual architectural were the minimalists, such as David Diller Scofidio + Renfro proposal,
quitectos, little known in competition in recent memory. Chipperfield, who showed his “pro- here were additions integral to the
the U.S., to remodel and Out of 154 applicants, the six found respect” for the original spirit of the original.
.
expand its nearly 40-year-old firms were chosen, each with ex- building by making his proposed in- Street flank, opening up its internal The committee was unusually
building. pertise in museum design or land- terventions nearly invisible, except street to a landscaped “cultural car- sophisticated, with five profession-
ly
The DMA is a 1984 work of Ed- scape and infrastructure. Normally for a discreet new gallery con- pet” that would have run its length, ally trained architects, including
ward Larrabee Barnes, an architect architects compete in a void. In structed of timber. At the other end forming a gently graduated transi- the director of the museum himself,
who made his mark with his digni- this instance they were flown to was Diller Scofidio + Renfro, which tion from city to garden to mu- Agustín Arteaga. In the end, it
fied, politely modern museum build-
ings. It has aged rather well, and
there was no question of demolish-
ing it or remodeling it beyond recog-
on
Dallas for three days so they could
dine together and interact, then
present their first impressions at a
public forum on May 13, suggesting
decided that Barnes’s citadel should
be “aloof no more.” Its proposal
would have enclosed the museum
at either end with mighty new en-
seum. Above this carpet of green
would loom a series of sleek glass
pavilions, cantilevered into space
and not touching the ground. In
opted for what was easily the most
subtle of the projects, that of Nieto
Sobejano Arquitectos, whose ap-
proach was that of scrupulous mi-
nition, as has been happening to the how they might approach the com- trance pavilions, the kind of wildly contrast to the earnestness of the crosurgery, not roughshod gesture
us ,
museums of his postmodernist con- making. Mr. Arteaga told me that

l
temporaries. Its problems are more they were struck by the firm’s “re-
e
al a
logistic in nature. spect for the Barnes legacy” even

Given a large rectangular lot in a as it went about “opening up our
forsaken edge district of car lots and fortress.”
ci on
CLOCKWISE FROM TOP LEFT: BRAD FLOWERS/DALLAS MUSEUM OF ART; NIETO SOBEJANO ARQUITECTOS/MALCOLM READING CONSULTANTS (2)
parking garages, Barnes turned his The most visible change Nieto
building inward. He ran his main Sobejano proposed was a large new
axis lengthwise through the site, gallery for the northwest end, an-
making a kind of internal street ticipating future gifts. This was em-
some 650 feet long. To either side inently in the Barnes mode, show-
er s
were the galleries, housed in square ing the same lean precision and
pavilions with plantings and paved rigor, if at a much larger scale. But
m er
walkways between them. He placed what swung the decision in its fa-
public entrances to the north, south vor, and about which Mr. Arteaga
and east, and surrounded the whole spoke with the most enthusiasm,
with a continuous border of trees. was the way they changed the
The idea seems to have been to get south entrance so you approach
m rp
visitors inside the museum as through a garden, “a simple and

quickly as possible, screened from beautiful gesture” that puts you in
what lies outside. the presence of art before you set
That was prudent then but no foot in the museum; in all of this
longer. Today the DMA is the cen- ran a spirit of “poetry,” a word that
co Fo
terpiece of a lively 60-acre art dis- could not be easily applied to many
trict, with two museums across of the other submissions. The mu-
North Harwood Street to the east seum made the correct choice.
and a large sculpture park to the mission. By the morning of the pre- overscaled additions that dwarf the other designs, this one offered a Of course, this preliminary con-
north. Hence the search for an ar- sentation, they were high-spirited original into insignificance. One mischievous smile. cept will be subjected to many
chitect who could “strengthen its to the point of giddiness. Liz Diller, senses it would have swept away Weiss/Manfredi put the greatest changes in the years ahead. Will it
work with its communities, create one of the competitors, joked that all of the original building if it stress on landscape, as might be ex- succeed? Time will tell. But in one
stronger civic connections, trans- seeing former associates working could have. pected from the designers of the respect the Dallas Museum of Art
form the visitor experience with for new firms was “like seeing for- The proposal of Michael Maltzan visitors center at the Brooklyn Bo- has already triumphed, and that is
new facilities, and expand educa- mer lovers with their new part- Architecture, of Los Angeles, was tanic Garden. Their inspiration in the novel and ingenious way it
tion and gallery space.” ners.” ostensibly more radical, but in a came from Barnes’s landscape ar- found its architect, something from
Architects are normally chosen On July 10, the finalists’ hand- way that respected the essence of chitect, Dan Kiley, who gave the which the world can learn much.
on the basis of their credentials and some models were unveiled and, to Barnes’s original design with its in- original building its character of an
n-
recent work, but the selection com- the relief of the selection commit- ternal street. Mr. Maltzan wanted oasis in a desert. Johnston Marklee Mr. Lewis teaches architectural his-
mittee’s consultant recommended tee, “there was not a Guggenheim to demolish everything along the of Los Angeles, another firm that tory at Williams and reviews archi-
that six architects be invited to make among them!” But if there was no museum’s long North Harwood emphasized landscape, had one in- tecture for the Journal.
no
CULTURAL COMMENTARY music showcasing the historic, throwback. In- newal of tradition in the modern
newly restored organ of the Church stead of adopting world. This wasn’t a reactionary ef-
of the Messiah, in the nearby town avant-garde se- fort to return to the past, but a
At Bard, of Rhinebeck, the themed concerts
will offer a sweeping exploration of
rial techniques or
atonality, he
fight against the threat of moder-
nity cutting off the past.”
A Composer Vaughan Williams’s oeuvre. Repre-

sentative works on the programs
include his early Quintet in C-mi-
forged his own
compositional
language in what
Illustrative of the comfortable sty-
listic variety in Vaughan Williams’s
thinking, he could complete an un-
In the nor; his Concerto in D-minor; “Job,
a Masque for Dancing”; the Con-
might best be
characterized as
compromisingly dissonant work like
the F-minor Symphony (No.4) in
Limelight certo in C for Two Pianos and Or-

chestra; the sensuous “Flos campi,”
inspired by erotic verses from the
radical tradition-
alism. Famously
influenced by
1934, and four years later write the
gently Impressionistic “Serenade to
Music” to lines from the exquisite
BY BARRYMORE LAURENCE SCHERER biblical Song of Solomon; and the English folk song nocturnal scene in the final act of
Shakespeare-inspired opera “Sir and hymnody, he Shakespeare’s “The Merchant of
Annandale-on-Hudson, N.Y.
R
John in Love.” Performances will also sought Venice.” This dreamy score, written
alph Vaughan Williams also feature music by Béla Bartók, through his love as war increasingly threatened Eu-
(1872-1958) isn’t just one of Samuel Coleridge-Taylor, Max of Bach to liber- rope, recalls the language of “The
the most important 20th-cen- Bruch, Frederick Delius, Edward El- ate his personal Lark Ascending,” composed as war
tury British composers; he is one of gar, Noël Coward, Jean Sibelius, creativity from loomed in 1914.
the supreme figures of 20th-cen- Ethel Smyth and Herbert Howells, the plush Ro- Vaughan Williams declared in a
tury music. Yet, though he wrote in among others. manticism of 1902 magazine article that “What
almost every genre of composi- Vaughan Williams was descended Mendelssohn, we want in England is real music,
tion—symphonies, operas, chamber from a distinguished family; his pa- Gounod, Wagner even if it be only a music-hall song,
music, choral music and songs—he ternal side boasted several genera- British composer Ralph Vaughan Williams, the focus and Brahms that provided it possesses real feeling
is best known for a relative handful tions of eminent jurists, while on his of this year’s Bard Music Festival had held later and real life.” This element will be
of works: the fantasias on “Green- maternal side he was the great- 19th-century explored here in a program titled
sleeves” and on “a Theme by great-grandson of Josiah Wedgwood position teachers during this period English music in its thrall. Certainly “London Calling! Fun in Cockaigne!”
Thomas Tallis”; “The Lark Ascend- (founder of the pottery dynasty) and were the prickly Charles Villiers Stan- his music in all its varied moods featuring 19th- and 20th-century
ing”; the “Serenade to Music”; and the great nephew of Charles Darwin. ford and his more genial counterpart, and manners often captures the English popular music, as well as se-
his uproarious Overture to Aristo- His composing talent emerged fairly Hubert Parry, leading architects of recognizable character of the Brit- lections from his rarely presented
phanes’ “The Wasps” with its men- late and relatively slowly, but he the late-19th-century progressive ish Isles, the fortitude of its people, “romantic extravaganza” (as he him-
acing, buzzing trill for the strings. lived to be revered as English mu- movement called the English Musical the clamor of its cities, the Gothic self styled it), “The Poisoned Kiss.”
Over the weekends of Aug. 4-6 sic’s grand old man. Renaissance. Thereafter, he studied majesty of its cathedrals and the By presenting familiar works and
and Aug. 10-13, the Bard Music Yet for a composer so thoroughly with Bruch in Germany and ulti- fabled beauty of its green and arcana by Vaughan Williams in the
Festival’s “Vaughan Williams and identified with British music, mately with Maurice Ravel in France. pleasant landscape. During a tele- context of work by composers rang-
His World” will present his works Vaughan Williams had enjoyed a no- He absorbed further ideas through phone interview with me, however, ing from Elgar, Bartók and Ravel to
BETTMANN ARCHIVE/GETTY IMAGES
in the context of British and Euro- tably cosmopolitan education: After his close friendship with fellow com- Bard Music Festival co-artistic di- Barber, Tippett and Britten, the fes-
pean music written during his long study at London’s Royal College of poser Gustav Holst. rector Leon Botstein noted that, tival promises to offer fresh in-
life, especially by those composers Music (1890-92), he entered Cam- In the decades after World War “while a composer like Frederick sights into both Vaughan Williams
who influenced him and whom he bridge University for three years, re- I, when European music was as- Delius has an unmistakable stylis- and British music during the past
himself influenced. Enhanced with ceiving bachelor’s degrees in music similating modernist ideas pro- tic fingerprint, Vaughan Williams two centuries.
lectures and panel discussions, as and history in 1894 and 1895 before pounded by Schoenberg, Stravinsky doesn’t have a single style. Instead
well as two special events featur- returning to the RCM for continued and Bartók, Vaughan Williams ap- of aligning himself with a specific Mr. Scherer writes about music and
ing his Mass in G-minor and other study. His two most important com- peared to be something of a musical faction, he aimed at the re- the fine arts for the Journal.
A12 | Thursday, August 3, 2023 * * THE WALL STREET JOURNAL.
SPORTS
NFL Player Faces
Criminal Probes
For Betting
The Broncos’ Eyioma Uwazurike allegedly bet
on his own team both in the NFL and in college
BY ANDREW BEATON that they weren’t the ones placing

AND JARED DIAMOND the bets. Tampering with records is
D
an aggravated misdemeanor.
enver Broncos defensive end In the Iowa charges, prosecutors
Eyioma Uwazurike last week assert that Uwazurike placed “ap-
received a low-profile sus- proximately 32” bets on Broncos
pension for violating the Na- events and individual Broncos play-
tional Football League’s betting pol- ers. These include five Broncos
icy. But Uwazurike now also faces games from the 2022 season, one of
criminal investigations in two which Uwazurike played in: a Week
states after he allegedly engaged in 15 win over the Ari-
the ultimate sports taboo: wagering zona Cardinals. Eyioma Uwazurike, above, has been suspended indefinitely
on his own team. Uwazurike also by the NFL. Left, Iowa State quarterback Hunter Dekkers.
The allegations may make Uwa- faces a criminal in-
zurike the new face of an old prob- vestigation into the own game raises the the first to report the complaints in
lem in sports. For athletes, betting bets from a district stakes in terms of Iowa, which also include a second
on games in their own sport—and attorney in Colorado, inside information Iowa State football player and a
especially on their own team—is a according to state of- and whether it wrestler. An Iowa State spokesman
sacred no-no, one that in the past ficials and a person could influence the said the school had no comment. In
has unleashed some of the biggest familiar with the mat- outcome of a game. May, officials at Iowa and Iowa
scandals in sports. The equation ter. Uwazurike had That runs afoul State were notified that more than
has become more complicated in an been suspended in- of not just NFL 40 athletes between the two
era when leagues that once repelled definitely by the NFL. rules, but also the schools were being investigated for
gambling as a threat to their integ- Uwazurike’s agent law. As states across gambling. NCAA guidelines stipu-
rity are trying to cash in on it amid didn’t respond to re- the country have le- late that any athlete caught betting
a boom in legal sports wagering. quests for comment. galized sports gam- on games involving his own school
Accusations against Uwazurike The Colorado De- bling in recent could face a lifetime ban from col-
are surfacing in both Iowa and Col- partment of Revenue, years, they have lege athletics. Attorney Mark Wein-
orado. Uwazurike, who played at which oversees sports also instituted mea- hardt, who is representing Dekkers,
.
Iowa State through the 2021 sea- betting in the state, has submitted Since the Supreme Court paved sures to ensure the integrity of the said that his client denies the crim-
son, was one of four current and a case on Uwazurike to the state’s the way for states to legalize sports activity. The Iowa prosecutors al- inal charge against him, though he
ly
FROM TOP: C. MORGAN ENGEL/GETTY IMAGES; CHARLIE NEIBERGALL/ASSOCIATED PRESS
former ISU athletes charged by the 18th judicial district, which is re- gambling in 2018, the practice has leged that Uwazurike bet on four will not participate in fall football
Story County Attorney’s Office with viewing the file to determine been mainstreamed in society—and Iowa State football games during camp. He said that Dekkers “is not
tampering with records amid an whether charges are warranted, a increasingly accessible. More than his time in college, including two charged with any gambling offense”
ongoing investigation into sports
gambling among Iowa and Iowa
State athletes. The group includes
the Cyclones’ starting quarterback,
on
spokesman with the district attor-
ney’s office said. A spokesman for
the Department of Revenue said it
does not comment on active inves-
half of the states in the U.S. have
legalized the practice, and in many
of those, including Colorado and
Iowa, it takes just a few taps on a
that he played in during the 2021
season.
Dekkers, who started all 12
games last season for Iowa State,
but rather “a serious business re-
cords crime that does not apply to
this situation even if the allegations
against him were correct.”
Hunter Dekkers. tigations. According to state law, smartphone to place a legal wager. “engaged in a scheme” with his “This charge attempts to crimi-
us ,
Meanwhile, prosecutors in John- it’s illegal in Colorado for someone But professional sports leagues parents to disguise his identity to nalize a daily fact of American life.
l
son County have also charged three to bet on a sport in which they’re a and university athletic departments make it look like his mother, Jami Millions of people share online ac-
e
al a
current and former athletes of the participant in. still have rules about what, if any, Dekkers, was betting, according to counts of all kinds every day,”
same crime: a football player, a for- The probes showcase the perils kind of wagering is permissible for the criminal complaint. Prosecutors Weinhardt said in a statement.
mer men’s basketball player and a of sports betting for the NFL, which athletes. NFL players, for example, allege that Dekkers placed “approx- A Broncos spokesman declined
ci on
former baseball player. These play- is attempting to negotiate its new- are banned by the league from both imately 297” bets while he was un- to comment. An NFL spokesman re-
ers were charged with tampering found embrace of the gambling in- betting on anything related to the derage, including 26 on Iowa State ferred to comments in recent
with records because prosecutors dustry while regulating how its NFL and from placing bets on any events. One bet was on a football months from league executives who
allege that they conspired with oth- personnel engages with the activ- sport while at a team facility. While game against Oklahoma State dur- have emphasized their efforts to
ers to conceal their identities and ity—while also maintaining that the the league has suspended nine ing the 2021 season, when Dekkers educate players on what type of ac-
er s
manipulate online gambling trans- actual games won’t be affected by other players for violating those was the backup quarterback. tivities are prohibited, including
actions to create the appearance the spread of legal sports betting. rules this year, betting on one’s The Des Moines Register was betting on any NFL action.
m er
The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 24 Base used
The Rest of the World Has Caught
m rp
in some
14 15 16 UNIVAC
17 18 19
computers
25 Pass easily
The U.S. Women’s Soccer Team
26 Came into
co Fo
20 21 BY JOSHUA ROBINSON Portugal might have which stunned Spain 4-0 in

being missed its chance to slay the the group stage.
22 23 24 25 26 27 28 27 Oxford figure THE GAP BETWEEN THE U.S. U.S. giant, but others moving For decades, the Ameri-
30 Door sign women’s national team and on to the knockout round are cans knew that they would
29 30 31 32 the rest of the world used to better prepared—and they’ve always be quicker and stron-
31 Syndicator to
be measured in millions of spent longer building up to ger than any opponent that
33 34 35 over 1,000
dollars and bagfuls of goals. take advantage of any sign of happened to be more skillful.
stations
That’s how it steamrolled to American weakness. By Tues- The tide began to turn
36 37 38 34 Disney title back-to-back World Cup tri- day evening, several British over the past decade when
character umphs in 2015 and 2019, as- bookmakers no longer listed the uber-rich European su-
39 40 41 42 from Kauai serting its place as the un- the Americans as outright fa- perclubs came to a stunning
35 Exhibit in challenged juggernaut of the vorites to win the tourna- change of attitude around
43 44 45 46 abundance women’s game. ment, with No. 4 England women’s soccer: they de-
n-
Now that margin is the and even No. 6 Spain receiv- cided to care. With only a
47 48 49 50 40 Lab coat?
width of a goal post. ing the same odds. few million euros per sea-
41 Issa of Portugal, playing in its England, which was son—pocket change com-
51 52 53 54 55 56 57 58 59 60 “Insecure” first-ever women’s World crowned European champion pared with what they were
no
44 J. Edgar Cup, came within 5 inches of last summer, has looked like spending on their men’s pro-
61 62 63 64 Hoover Bldg. grams—teams such as Barce-
org. lona, Real Madrid, Bayern
65 66 67 Munich, and the goliaths
46 Test for
from English soccer sud-
68 69 70 M.A. seekers
denly fielded fully profes-
48 It’s good up sional teams.
high and bad “With little money, we’re
UPS AND DOWNS | By Karen Steinberg & Paul Steinberg down low achieving great results,” Ma-
Across 33 Trading 61 Fizzy 7 Draft source 49 Franz ria Teixidor, a former Barce-
1 “Thank you” is game- barbecue 8 Suggest as a Sacher’s lona board member who
changer sauce creation oversaw women’s soccer,
“khop jai” in it price
ingredient told The Wall Street Journal
4 Chill therapy? 36 Front wheel 9 Charades 50 Monopoly
in 2019, “because we’re com-
alignment 62 Trunk within player’s “little buy
11 Honey ing from zero.”
37 Ecclesiastical a trunk word” 51 Scratch Soon, European club soc-
Graham ___
(Post cereal) vestments 64 Short move? 10 Possesses, souvenir cer matched and sometimes
14 Elder of 38 Rambles 65 Company in the past 52 Realtor’s overtook the North America-
39 Brooks with with a offering based National Women’s
Heart’s 11 They might
an EGOT museum in Soccer League as the choice
Wilson be political or 53 Bygone
Ingolstadt England’s Chloe Kelly celebrates after scoring against China. destination for prime talent.
sisters 40 Bobby Clarke, clandestine descriptor
Much of it is now concen-
15 “Poker Face” for his entire 66 Put up 12 Was the star 54 Put down eliminating the Americans the most reliable, most ver- trated in England’s Women’s
star Lyonne NHL career 67 Purple palm 57 Small on Tuesday when forward satile team despite a slew of Super League, which pays
13 Some
16 Shepherd’s 42 Letter in the product fastener Ana Capeta hit the post with injuries—the Lionesses ad- some of the highest average
come with
pie bit Daily Mail 68 Brought up 58 “Just a a low shot in stoppage time. vanced from the group stage salaries in the game. Made
bamboo
43 Food with The narrow miss kept the with three consecutive victo- up of clubs that earn gar-
17 Business 69 Counterparts trays few ___”
pickled, score 0-0 and allowed the ries and eight goals. gantuan revenues from their
cycle apex of flats 18 “Early Start” 59 Lod lander U.S. to advance to the round The Netherlands have also men’s sides—including Man-
20 Like a cheap stinky and 70 High-end network 60 Cynical genre of 16. Portugal, meanwhile, impressed, four years on chester City, Manchester
speaker, thousand- camera, for 19 Weasel 62 Rubdown went home. from losing in the final to the United, Arsenal, and Chel-
layer varieties short
perhaps sound? sound But that close call was U.S. Their opening goal in sea—the WSL is now home
21 Unorganized 45 A really long Down merely the latest indication last week’s 1-1 draw against to the highest standard of
time 23 Fluid-filled 63 Podcast that the American era of the Americans marked the women’s soccer on a week-
crowd 1 Sign before pouch annoyances
47 Epson women’s soccer dominance first time that the U.S. had to-week basis.
22 Like zero a toll road is rapidly coming to an end. trailed in a World Cup match It’s no coincidence that
competitor begins Previous Puzzle’s Solution
23 “Such a O R
B S A R C A R O A P B European teams are now since 2011. The teams could no league has had a greater
51 Brand with 2 Bite
shame!” L A
R A R O A R E D S H E stocked with talent that has meet again in the semifinals. impact in shaping the 2023
Razberi, Vanil
28 Buds treatment I M
E X H A U S T E D D O G closed the professionalism Based on the performance World Cup than the WSL,
and Peachik V I
A A R E A I O T A
3 Best place to gulf that used to exist be- against Portugal, the U.S. which sent 99 players to na-
29 Survey flavors E N
D T R A N M S I S S I O N
land? B E E T A D U E
tween them and U.S. players. might not survive until the tional teams competing in
markings 55 Field trip And at this World Cup, semifinals. First, it must take the tournament, compared
4 Like ocean C MO N I P H O N E A P P
30 Colorful destination, D OW C A R T A L K F D A they’re ready to start closing on world No. 3 Sweden, with 60 from the NWSL.
HANNAH MCKAY/REUTERS
sandwich perhaps depths C O L L E G I A L P F F T the trophy gap too. which earned silver at the All of which leaves the
cookie 5 Engine part E R O S P O O L “We’re a little team,” said Tokyo Olympics in 2021 as U.S. national team without
56 Buddy who S P R I N G H A S S P R U N G
32 Frustrating played 6 H, to W H O A E N Y A E A R Portugal’s Kika Nazareth. the U.S. took bronze. And anywhere to hide. The rest
finish, maybe Barnaby Herodotus E A U S P A R E C H A N G E “They’re the four-time world then the Americans would of the world has arrived.
E S T P A R I A H S C A T champions. We gave it to face a possible quarterfinal —Rachel Bachman
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. T E E A C C E D E P E T A them. We deserved more.” against Norway or Japan, contributed to this article.
OPINION
Rule of Law or No Rules? BOOKSHELF | By Alex Tabarrok
At the center
of the legal
problems en-
military, financial and busi-
ness organization that oper-
ates worldwide outside the
burden of accountability.
From his perspective, the
future lies with Russia’s
vice president to set aside the
Constitution for the counting
of electors or telling the
Paging
gulfing Don-
ald Trump
and Hunter
Biden is the
established rule of law. It is
off the grid.
According to the Journal’s
reporting, Mr. Prigozhin oper-
Vladimir Putin, China’s Xi Jin-
ping, North Korea’s Kim Jong
Un, Syria’s Mr. Assad, Iran’s
mullahs and myriad oppor-
Georgia secretary of state to
find more votes. If, as some
analysts argue, these and the
rest of Mr. Trump’s postelec-
Dr. Chance
WONDER
refrain that ates some 70 linked compa- tunists from Mexico to Saudi tion statements and actions
LAND
no one is nies that conduct nominally Arabia. are protected speech, he
Random Acts of Medicine
By Daniel
above the legitimate business in real es- There is a lot of talk in the should be exonerated through By Anupam B. Jena and Christopher Worsham
Henninger
law. But in tate, government contracting, U.S. of the public losing faith the judicial appeals process. (Doubleday, 307 pages, $30)
M
our polarized oil, mining and natural-rein governing institutions. I Millions of voters can issue
times, that truism is dis- source development. Mr. think Mr. Prigozhin’s bet— their own judgment. ost correlation isn’t causation, but true wisdom
missed as a political fig leaf. Prigozhin’s shell companies and Messrs. Putin’s and Xi’s— However overwhelming the comes from knowing that some correlation is
The left says the right thinks share financing for these is that the American public Trump Jan. 6 indictment, the causation. Take the correlation between losing
Mr. Trump is above the law. commercial operations. will increasingly see their recent Hunter developments weight and being given Ozempic or Wegovy in a random-
The right regards the Hunter An umbrella group called system as Mr. Prigozhin sees are as important for the in- ized controlled trial. That correlation is causal—that’s
plea deal as a mockery of the M-Finance mines gold, dia- his own: rigged and corrupt. tegrity of the law. You can the value of a randomized controlled trial—and it explains
law. monds and timber in the Cen- call Hunter, Burisma, China why the new weight-loss drugs are in high demand.
Despite the standoff, there tral African Republic. Wagner and the “big guy” pedestrian Such trials are powerful but often not possible. Enter
is a presumption that the rule runs a joint venture with a What Wagner Group’s influence-peddling, but in the “Random Acts of Medicine: The Hidden Forces That Sway
of law still matters. And that government-owned mining context of a former presi- Doctors, Impact Patients, and Shape Our Health,” written
this idea is a bedrock of civi- company in Madagascar, an Yevgeny Prigozhin has dent’s legal problems, the by the absurdly overachieving economist and physician
lized order shared beyond the operation, the Journal re- to do with Trump and Hunter plea bargain has be- Anupam Jena and his only slightly less overachieving co-
United States. But the global ported, “with a projected po- come more than that. It is a author, Christopher Worsham, both of them practicing
rule of law as it has existed tential profit of billions of Hunter Biden. public test of legal equity for physicians, researchers and professors at Harvard.
since World War II may be dollars in the next decade.” the government that put Messrs. Jena and Worsham are the Freakonomicists of the
under challenge. They have mining operations these Trump indictments in medical realm—they specialize in uncovering unique
One of the biggest stories in Sudan and Mali. A com- There is also a lot of talk— motion. “natural experiments” that shed light on medicine and
this year was the so-called pany called Evro Polic pro- accurate talk—that to counter Out of the halls of the In- medical practice.
mutiny by the Wagner para- tects and derives revenue its adversaries, the U.S. will ternal Revenue Service You have probably
military group fighting for from Bashar al-Assad’s oil need military and economic emerged two employees who heard of left-digit bias—
Russia in Ukraine. The Wag- and gas fields in Syria. might. But the West’s democ- said the Hunter plea deal was the idea that $7.99 seems
ner mercenaries adhere to no At the center of it all is Mr. racies may falter unless be- flawed and gave reasons why. cheaper than $8, even
standards of modern warfare. Prigozhin, a thug and one of neath all that state power sits Last week, Judge Maryellen though $8 is only
They are stone-cold killers. the most fascinating figures a rule of law that their pub- Noreika put the plea bargain negligibly different than
Yet it’s generally believed of our time. He has taken the lics see as credible. on hold, saying “We need to $8.01. Left-digit bias is
that no framework exists to Putin era’s pseudo-democracy So let us return to the U.S., get this right.” Simply said, widely observed in pricing
prosecute stateless mercenar- based on oligarchic corrup- where two important rule-of- and true. but the effect is more
ies for the atrocities they tion to its logical endpoint, law events are occurring—the I don’t think Mr. Trump, general. A car with 39,990
commit. creating a multinational indictments of Mr. Trump ob- Hunter or Joe Biden has to go miles on the odometer, for
Though a significant event pseudo-corporation in busi- tained by special counsel Jack to jail to ensure respect for instance, sells for more than
.
in the Ukraine war, the mu- ness with willing sovereign Smith and the revived prose- the law. But it matters, con- a car with 40,005 miles (so
tiny left the impression that governments. cution of Hunter Biden. sidering where the world is be smart and buy the car
ly
Wagner is a collection of guns Mr. Prigozhin, a limitless Mr. Trump’s original ap- going, for the U.S. to remain a with 40,005 miles). Could
for hire. It is more than that. cynic, is sending a message: peal was his willingness to credible example of the rule left-digit bias show up in
This newspaper recently Grow up. The world is rerun roughshod over the oppo- of law at work. That will medicine?
published a detailed examina-
tion of the empire that Wag-
ner founder Yevgeny Prigo-
zhin has assembled. The
turning to survival of the fit-
test, and all your rules be
damned. I am simply a ratio-
nal entrepreneur, creating a
on
sition. But we see now that
the Trump political model in-
cludes running roughshod
over whoever or whatever
make it more likely that the
rule-free Prigozhins of the
world are wrong about us,
and won’t win.
People who end up in the
emergency room complaining of chest pains a few weeks
before their 40th birthday are very similar to people who
end up in the emergency room with chest pains a few
Wagner Group is in fact a parallel system without the stands in his way—asking his Write henninger@wsj.com. weeks after their 40th birthday. But on a chart, the former
us ,
are 39 years old and the latter are 40.

l
The big 40 is a heuristic among physicians for potential

e
al a
Trump Campaign Looks Like a Defense Fund heart attack. Looking at more than five million patient
records, the economist Stephen Coussens found that
patients who were slightly over the age of 40 were almost
ci on
By Karl Rove spend the rest of his life in campaigning cash to law- especially since the indict- 10% more likely to be tested for a heart attack than those
W
prison. yers. Mr. Trump’s legal bills ments he’s fighting have lit- just under 40. The difference shows up as a discontinuity,
e need a big score- Mr. Trump is also running will grow astronomically as tle to do with this campaign a jump up in the probability of being tested as patients
card to keep track of to be America’s next presi- multiple trials approach. It’s or his legal responsibilities cross their 40th birthday.
Donald Trump’s legal dent, which means he has se- not clear he can fund his as president. Messrs. Jena and Worsham show that similar dis-
er s
perils. rious money coming in from campaign and pay his law- Facing these multiple-front continuities appear throughout medicine. Heart-attack
On Tuesday a federal supporters. And his cam- yers, especially in a general legal battles, Mr. Trump patients just under the age of 80, for instance, are more
m er
grand jury indicted Mr. paign fund is starting to look election. might not have enough cam- likely to be given coronary artery bypass surgery than
Trump for conspiring to de- more like a legal defense On Monday, Mr. Trump paign cash for the primaries, those just over 80. Kidneys from patients who die at
fraud the U.S., conspiring and fund. Monday’s Federal Elec- asked donors to help fund a let alone a highly contested age 69, just short of their 70th birthday, are more likely
attempting to obstruct an of- tion Commission fundraising “massive vote-gathering op- general election. His fund- to be used for transplant than kidneys from patients just
ficial proceeding, and con- reports show Mr. Trump has eration to take on Crooked raising efforts probably over 70, even though by all objective measures the kidneys
m rp
spiring to thwart Americans’ spent more money this year Joe in 2024.” On Tuesday his aren’t helped by his attacks are equally viable and valuable. Perhaps most tellingly,
civil right to have their votes on lawyers than on cam- campaign appealed for money on Republican donors to “children” just under the age of 18 are less likely to be
counted. paigning. Politico found that to help push a “new ad ex- other GOP candidates, whom prescribed opioids than “adults” slightly over the age of
Mr. Trump was already un- his joint fundraising commit- posing the Biden Administra- he ridicules as “wolves in 18, even though these groups are statistically indistin-
der indictment on 40 counts tee took in $53.8 million tion’s corruption.” Will that sheep’s clothing,” “RINOs”— guishable.
co Fo
for allegedly removing classi- from Jan. 1 to June 30 but get-out-the-vote effort actu- Republicans in name only— The point of these studies isn’t to titter or sigh at the
fied documents from the ally be funded? Is that ad re- and “traitors.” Some are un- peculiarities of human reasoning but to use these natural
White House when he left of- ally being run enough to have likely to contribute if he’s the experiments to estimate the effect of medical procedures.
fice, mishandling them when He says his goal is an impact? It could well be GOP nominee. If the only reason that near-18 and 18-year-olds are pre-
he was no longer president, that the money raised will go Mr. Trump’s fundraising scribed opioids differently is the semantics of “child” and
and obstructing federal au- election, but his to Mr. Trump’s attorneys. problems are mitigated (for “adult,” then we can use the discontinuity in prescriptions
thorities after they subpoe- spending reports Either a rising concern now) in the nomination con- as a natural experiment—it’s as if prescribing around the
naed him for their return. about these big outlays to test by his almost 36-point age of 18 were randomly assigned. The authors find, for
In March, Mr. Trump was suggest it’s acquittal. lawyers or a growing sense lead over his closest GOP example, that compared to the just-under-18s, the just-
indicted on dubious charges among donors that Mr. challenger, Florida Gov. Ron over-18s were 12.6% more likely to later be diagnosed
in Manhattan for an alleged Trump’s legal troubles are, DeSantis, in the RealClearPol- for an opioid-related adverse event such as an overdose.
campaign-finance violation has spent $57 million, sup- well, troubling, seems to be itics average. That’s an aston- The greater rate of overdose is valuable information—
that hid a $130,000 hush- plementing with cash on taking a monetary toll. Polit- ishing gap. but imagine the difficulty of trying to convince an Insti-
n-
money payment to porn star hand it raised last year. Of ico found that Mr. Trump On the other hand, we’ve tutional Review Board that it would be ethical to
Stormy Daniels while he was that spending, $21.6 million raised nearly $4 million from never had a major-party can- randomly prescribe opioids to young people.
running for president in 2016. went to lawyers. That’s more about 80,000 donors on didate campaign free on bail
He also faces another def- than Team Trump spent on April 4, the day he pleaded in four states, as former New
In the E.R., is it better to be treated by a hot-
no
amation lawsuit by E. Jean attorneys for all of 2021 and not guilty to campaign-fi- Jersey Gov. Chris Christie put
Carroll asking for $10 mil- 2022 combined, when they nance charges on the Stormy it. This is the strangest elec- shot heart surgeon or a staffer? It’s no joke:
lion in damages. All this af- put only $16 million into le- Daniels hush money. By com- tion imaginable. The Republi-
ter he was found liable ear- gal expenses. parison, he received only can frontrunner has a record The answer could save your life.
lier this year for sexually In addition, it cost Mr. $1.3 million from roughly polling lead and an unprece-
abusing and defaming Ms. Trump’s campaign $17 mil- 35,000 donors on June 13, dented legal situation that
Carroll, for which the jury lion to raise that nearly $54 when he pleaded not guilty will only get worse. No one The authors do not always endear themselves to their
awarded her $5 million. Mr. million. That leaves about to more-serious charges over really knows how this will colleagues. In one intriguing study spanning a decade
Trump may also be indicted $18.4 million for everything allegedly mishandling classi- play out. We’re in a political and involving 200,000 patients, a surprising revelation
in Georgia for attempting to else—advertising, staff, fied documents after leaving alternative universe. emerged. Patients who happened to have a heart attack
overturn that state’s 2020 travel, rallies and organiza- office. during a week when hot-shot cardiac surgeons were away
election results. tion. A case can be made This suggests that some Mr. Rove helped organize at national conferences were found more likely to survive.
Mr. Trump has denied that Team Trump needs less Republicans are asking why the political-action committee It sounds like a joke—stay away from hospitals because
wrongdoing in each case. But of some of those things—es- a man who has made $1 bil- American Crossroads and is that’s where lots of people die—but the statistics are solid.
if convicted on these serious pecially television—than lion—1,000 millions—since author of “The Triumph of The heart surgeons most likely to attend the national
charges, the former president other candidates. Still, he’s he left the White House William McKinley” (Simon & meetings also tend to be the go-getters, eager to cut and
would, absent a pardon, likely increasingly diverting his can’t pay his own lawyers, Schuster, 2015). demonstrate their prowess in the operating theater. When
these surgeons are away, mortality rates decrease by about
12.5%, a decrease “similar in magnitude to some of the best
Canada Tries Price Controls on News treatments we have available for heart attacks.” (Emphasis
in the original). The president of the American Heart
Association breezily dismissed the study’s findings,
By Michael Taube financial peril because their on free links to webpages, the mediation period of up to two saying, “there’s nothing in this study that we see that
old business model collapsed bill . . . sets a dangerous months to determine whether would lead us to recommend a change in clinical practice.”
I
Toronto under the weight of online precedent that is contrary to the code applied in certain in- Such dismissal in the face of significant evidence feels
f no news is good news, competition for both adver- the long-term interests of the stances. akin to malpractice.
Canadians have cause to tising and news. “Digital Canadian news ecosystem.” Since then, “over 30 com- There is now widespread recognition that too much
celebrate: Google says it news intermediaries” like Whatever the merits of that mercial agreements between medical care can be wasteful, but less recognition that it
will start blocking Canadian Google and Meta cannibalize argument, it was backed by digital platforms (Google and can also be harmful. Unfortunately, nearly all stake-
news links within the country news outlets’ work, profiting real power. Blocking news is Meta) and a cross section of holders, including patients, doctors, pharmaceutical firms
in the coming months, and from it without helping to much costlier for news organ- Australian news businesses and hospitals, are incentivized to spend and do more.
Meta is restricting users’ fund it. izations than for Google and have been struck,” Australia’s Only insurance companies bear the burden of saying no.
ability to share such links. Meta. Department of the Treasury Given the inherent bias in our information sources
It’s a response to the On- It isn’t too late for Ottawa noted in a 2022 report, and toward positivity, it’s crucial to remain vigilant about
line News Act, which received The effort to hold Big to learn a lesson from Austra- those included “agreements instances where medical care has exceeded reasonable
royal assent in June. Natu- Tech accountable lia, which in 2021 passed a that were highly unlikely to boundaries.
rally, the law’s objective is to similar measure, the News have been made without the Messrs. Jena and Worsham are serious researchers
increase the availability of backfires predictably. Media and Digital Platforms Code.” Ottawa could follow who skillfully navigate the world of medicine and natural
news. It seeks to establish a Mandatory Bargaining Code. Canberra’s lead by tempering experiments. “Random Acts of Medicine” follows the
“framework through which Facebook responded by block- the Online News Act and en- successful formula of popular-science authors like Malcolm
digital news intermediary op- The Online News Act seeks ing news access. Within days, couraging voluntary agree- Gladwell, Stephen Dubner and Steven Levitt, and Emily
erators and news businesses to compel Big Tech to share Facebook and the Australian ments between tech giants Oster, combining relatable human stories, statistical
may enter into agreements revenue with publishers. government reached an and news organizations. exploration and scientific explanations. But don’t be fooled
respecting news content that Richard Gringas, Google’s vice agreement under which the by the fun read; “Random Acts of Medicine” shows that
is made available by digital president of news, told Par- latter would recognize “com- Mr. Taube, a columnist for the ingenious use of natural experiments can improve
news intermediaries.” liament’s Canadian Heritage mercial agreements” that dig- Troy Media and Loonie Poli- medicine and save lives.
The act is a heavy-handed Committee that the act would ital platforms had already es- tics, was a speechwriter for
response to a real problem. make Canada “the first coun- tablished with local news former Canadian Prime Min- Mr. Tabarrok is the Bartley J. Madden Chair in Economics
Many news organizations face try in the world to put a price outlets. There would also be a ister Stephen Harper. at George Mason University.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Fitch Downgrades America DeSantis, RFK and What Made Florida Great
T
he decision by Fitch Ratings on Tuesday dated? Her own department on Monday in- Florida Gov. Ron DeSantis stated Mr. DeSantis’ big re-election win
to downgrade U.S. debt has jolted Wall creased the government’s expected borrowing that, if elected President, he would might not seem so impressive if you
consider unleashing Robert F. Ken- consider that Florida is no longer
Street and Washington, but why is any- from July to September to $1 trillion from $733
nedy Jr. on some of our public-health competitive and that his opponent
one surprised? The down- billion. That’s for three agencies that have been dominated was very weak—a former Republican
grade to AA+ from AAA may The rating agency may months. by Big Pharma for decades. Your edi- who is now a Democrat and had no
even be an overly optimistic be too optimistic about ernance” She also claims that “gov- torial “Ron DeSantis at a Crossroads” campaign funds. He appeared to have
assessment of the U.S. fiscal has improved un- (July 28) pooh-poohs this excellent been abandoned by the state and na-
outlook, and it ought to be a the U.S. fiscal future. der President Biden, citing idea, saying, “Running against the tional Democratic Party.
warning to the political class, the infrastructure bill and measles vaccine is not a platform WANDA L. WAGNER
which will ignore it. “other investments in Amer- that will excite suburban America.” Estero, Fla.
“The rating downgrade of the United States ica’s competitiveness.” She must be joking. For those who understand the pol-
reflects the expected fiscal deterioration over Since when is blowout spending a credit rec- luting role Big Pharma has played, Mr. DeSantis may have had a slow
the next three years, a high and growing gen- ommendation? and the appeal of properly focused start, but don’t count him out. He is a
public-health agencies, Mr. DeSantis’s great administrator who gets things
eral government debt burden, and the erosion Ms. Yellen and Democrats spent months try-
determination to uproot such legal- done, and he has youth and integrity
of governance relative to ‘AA’ and ‘AAA’ rated ing to scare markets about even modest future ized corruption is welcome. It is also on his side. To offer conservative pol-
peers over the last two decades that has mani- spending reduction. Congress’s budget process credible, given the governor’s un- icies without President Trump’s vul-
fested in repeated debt limit standoffs and last- is broken and its tax and spending estimates matched Covid record. garities and baggage is fine with a lot
minute resolutions,” Fitch said in explaining its are often wildly wrong. Finally, it is a mistake to restate of conservatives. I have seen Mr. De-
decision. The EV subsidies in the hilariously named the narrative that RFK Jr. is “anti- Santis speak about the need to be en-
The credit raters aren’t perfect oracles. And Inflation Reduction Act were scored at a cost vaccine.” His position on the imple- ergy independent, rebuild the mili-
we don’t agree with Fitch’s complaint about of $14 billion, but Goldman Sachs estimates mentation and use of vaccines is tary and pursue school choice. Let us
debt-limit standoffs, since those have been the they will cost $393 billion because the subsi- much more nuanced, based in data, hope he makes that case clearly, be-
only recent times when anyone in Washington dies are open-ended. Goldman estimates the and not ultimately anti-vax at all. cause many voters would stay home
KEN CUCCINELLI II if the choice is between Presidents
considers spending restraint. But Fitch’s deci- climate spending will total $1.2 trillion—three
Spotsylvania, Va. Biden and Trump.
sion captures the unseriousness of America’s times more than CBO’s estimate. Mr. Cuccinelli, the founder of Never SYLVIA HERNANDEZ
economic decision-making. Neither Mr. Biden nor Donald Trump shows Back Down PAC, which supports Mr. Duck Key, Fla.
For evidence, consider how much the U.S. the remotest interest in reforming entitle- DeSantis, was acting deputy secretary
fiscal and political outlook has deteriorated ments, which will explode as the baby boomers at the Department of Homeland Secu- I was a huge DeSantis supporter
since the previous debt downgrade in 2011. retire. Mr. Biden and his progressive allies want rity, 2019-21, and a member of the until he signed the six-week abortion
Standard & Poor’s dropped its AAA rating on to create new entitlements that would cost tril- President’s Coronavirus Task Force. bill. We already had 15 weeks, which
U.S. debt while Fitch and Moody’s didn’t. lions of dollars, while Mr. Trump attacks any everyone in Florida could live with.
The ratio of U.S. debt held by the public to Republican who even mentions reform. Americans aren’t pouring over the Mr. DeSantis needs to surround him-
GDP at the time was only 65.5%, while the Con- As Piper Sandler’s Andy Laperriere notes, Florida border seeking asylum from self with better advisers to control
gressional Budget Office expects it to be 98.2% the Trump GOP is moving away from its tradi- progressive states. Rather, once em- his message. He is the right age and
ployers allowed staff to work from most of his ideas are good. Mr. De-
this year. That’s up from 79.4% before the pan- tional pro-growth, free-market beliefs to favor
home, who would stay in the chilly Santis, stick with what made you
demic, and it is expected to rise to 115% of GDP protectionism and anti-business policies. As a North when they could spend their popular in Florida.
by 2033 on present budget trend. As Fitch result, the U.S. may be settling into a slow
.
working lives in sunny Florida? No BRETT SORGE
notes, U.S. “general government debt,” includ- growth trajectory as Europe has. Without personal income tax was a bonus. Jacksonville, Fla.
ly
ing state and local government, is more than faster growth or policy reform, the U.S. fiscal
two-and-a-half times greater than the median outlook will worsen.
39.6% of GDP for a AAA rating. i i i
The future looks worse. The deficit in the on
The reason U.S. debt hasn’t been down-
first nine months of this fiscal year hit $1.39 graded earlier and more often is because the
trillion, up 169% from the same period the year dollar remains the world’s reserve currency.
Why the Hostility Toward Actors and Writers?
Why is Matthew Hennessey so up-
set that actors and writers are willing
tors is rerun, that means more money
for the producers. That obviously isn’t
before. The deficit is supposed to shrink when But that “exorbitant privilege,” as the French
to put their careers on the line for happening with Mr. Hennessey’s arti-
us ,
the economy grows, but revenue isn’t keeping like to call it, is not a birthright. It can vanish
better wages and working conditions? cles. If his material were collected and
l
pace with runaway spending. The debt-ceiling in a flash if markets perceive a broader Ameri- (“Striking Actors Have Lost the Plot,” reissued, he would get payment for it.
e
deal this year did little to curtail the spending can decline in governance or its ability to meet
al a
op-ed, July 28). Why does he frame a Mr. Hennessey can “go on strike”
bulge still in the pipeline from the first two Bi- its financial obligations. strike as an exercise in narcissism? whenever he likes and test to see
den years. Interest on the debt this year is ex- This is where political leadership matters, This strike isn’t about vanity, it is what value he contributes. Mean-
ci on
pected to be $663 billion, which is $188 billion and where it has failed. The White House criti- about surviving as artists. while, hardworking actors and writ-
more than all corporate tax revenue. cized Fitch’s decision, but there’s a reason the Mr. Hennessey condemns artists ers are simply trying to get the best
Democrats are attacking Fitch, and Treasury downgrade happened on Mr. Biden’s watch. It’s for wanting to share in the profits deal possible in a difficult situation.
Secretary Janet Yellen criticized the decision a no-confidence vote in U.S. political leaders, made when their work is reused. He JOHN ALTSCHULER
as “arbitrary and based on outdated data.” Out- and that starts at the top. mocks the concept of residuals by Studio City, Calif.
er s
stating, “Personally, I would like to be Mr. Altschuler was executive pro-

paid a residual payment every time ducer of “Silicon Valley,” “King of the
Ramaswamy Dives Into Swamp Land

m er
someone reads one of my articles.” Hill,” “Beavis and Butt-Head” and

But when the work of writers and ac- “Lopez.”
V
ivek Ramaswamy is rising in the GOP Mr. Ramaswamy tweeted on Wednesday after-
presidential polls, which is a credit to noon. He was clearly caught off guard by the Who Audits Those Who Audit the Auditors?
m rp
his energy and message of U.S. revival. 9/11 question, which followed an inquiry about
But as he garners more atten- whether the moon landing Perhaps it isn’t surprising that Er- Such designed ignorance calms in-
tion, an obvious line of attack Did the presidential was fake. ica Williams, as chairman of the Pub- vestors (and regulators) to the detri-
on the 37-year-old entrepre- But his original answer lic Company Accounting Oversight ment of investment-management
neur is that he’s too young
candidate really say flirted with the possibility Board, overlooks the primary source strategy. Thin secondary markets for
co Fo
that about 9/11? of the high deficiency rates of audit many debt instruments and the myth
and inexperienced. All the that the government covered
committees (“We Audit the Auditors, that selling below cost represents an
more reason for him to avoid up facts about the Sept. 11 ter- and We Found Trouble,” op-ed, July irretrievable “loss” lead to poor deci-
wading into the political fever rorist attacks. Back on planet 25). The problem is cost accounting. sion making. It is remarkable how
swamps, alienating voters who might other- Earth, the 9/11 Commission was one of the bet- The accounting profession has long many proponents of free markets
wise give him a serious look. ter efforts at government accountability in re- clung to the price paid for an asset as nevertheless oppose mark-to-market
A case in point was his response this week cent memory, and its findings have never been a security blanket, ignoring the true accounting, which would go a long
to a question about whether the 9/11 attack was discredited by anyone credible. One irony of market value of the investment. Typi- way toward avoiding surprise Federal
an “inside job or exactly how the government Mr. Ramaswamy’s answer is that conspiracy cal debt portfolios grossly overstate Deposit Insurance Corporation “revi-
tells us?” Mr. Ramaswamy should have run theories about 9/11 started mostly in left-wing their true value. sions.” The best oversight board is
away from that one, if not right out the inter- precincts. the free market.
view door. Instead he answered: Many on the right have in recent years lost ED CRANE
“I don’t believe the government has told confidence in institutions from the intelligence Indians Are More Discerning President emeritus, Cato Institute
n-
Falls Church, Va.

us the truth. Again, I’m driven by evidence community to health agencies—and often with About ‘Oppenheimer’ Movie
and data. What I’ve seen in the last several cause. But the route to restoring public trust Tunku Varadarajan suggests that Ms. Williams’s piece proves the
years is we have to be skeptical of what the isn’t indulging the worst instincts of talk-show the furor raised by some Hindus in theory that if you form a committee
government does tell us. I haven’t seen evi- hosts, and reducing every story to grand-scale
no
India regarding a scene in the movie to find problems, so long as you keep
dence to the contrary, but do I believe every- government deceit. “Oppenheimer” is misplaced (“Oppen- it around, there will always be more
thing the government told us about it? Abso- Mr. Ramaswamy also recently exalted the heimer,’ the Bhagavad-Gita and In- and more problems. Its members’ ca-
lutely not. Do I believe the 9/11 commission? supposed heroism of Edward Snowden, who ex- dia’s Outrage,” op-ed, July 31). Per- reers depend on finding problems.
Absolutely not.” posed top U.S. secrets and fled for sanctuary haps. While cinematic license may RONALD HESS
Oh, man. What “evidence and data” is he to that transparent and honest society known allow for the more-than-intimate Wilmington, N.C.
scene between Robert Oppenheimer
talking about? An Alex Jones broadcast? as Vladimir Putin’s Russia.
and his lover while he reads from the
The mop up started soon thereafter. “Al- More such flights into political exotica will
Qaeda clearly planned and executed the at- encourage many voters to conclude that Mr.
Bhagavad-Gita, it is unclear that it Foreign Collusion Projection
was necessary. Arguably, the scene
tacks, but we have never fully addressed who Ramaswamy isn’t ready for his close up, much Regarding William McGurn’s “De-
was imprudent.
knew what in the Saudi government about it,” less the demands of the Presidency. von Archer Throws a Curve” (Main
Readers in the West may recall the
Street, Aug. 1): Truth is always
uproar over “Piss Christ” by Andres
stranger than fiction. A growing real-
Serrano or Chris Ofili’s use of ele-
Judicial Ethics at Work in Wisconsin phant dung in a painting of the Virgin
Mary. In both instances, the exhibi-
ization by the voting public that we
have been on the receiving end of a
P
con job, perpetrated by the swamp
rogressives spent big to elect Justice were approved by the state Supreme Court in tions went forward. Despite the pro-
and the press, about who really was
Janet Protasiewicz to the Wisconsin Su- 2022 after the U.S. Supreme Court struck down tests in India, “Oppenheimer” has far
colluding with malign foreign actors,
outpaced its portmanteau sibling,
preme Court, and they’re wasting no Governor Tony Evers’s maps as an illegal racial may turn out to be what returns for-
“Barbie,” at the Indian box office.
time trying to cash in now that gerrymander. That is unlike the West, where ticket
mer President Donald Trump to the
the court has a 4-3 liberal ma- Will a new Justice That didn’t stop Justice revenue from “Barbie” was nearly
White House.
jority. Ms. Protasiewicz was Protasiewicz from signaling to TOM PARONIS
sworn in Tuesday afternoon,
recuse herself in a case progressives that she will vote
double that of “Oppenheimer” in the
Brooklyn, N.Y.
first week, suggesting that Indians are
and on Wednesday liberal she has prejudged? their way. During a campaign a little more forgiving and discerning
groups filed a challenge to the event in January, candidate than Mr. Varadarajan acknowledges.
state’s legislative maps. Protasiewicz said the maps are VIJAY DANDAPANI Pepper ...
Groups including Law Forward, the Election “rigged” and that “I don’t think you could sell New York
And Salt
Law Clinic at Harvard and the Campaign Legal any reasonable person that the maps are fair.”
THE WALL STREET JOURNAL
Center say the Wisconsin maps are an illegal “I can’t tell you what I would do on a particu-
gerrymander giving the state more legislative lar case,” she added, “but I can tell you my val- Bipartisan in the Worst Way
districts that lean Republican than Democrat. ues, and the maps are wrong.” Regarding Joe Lonsdale’s op-ed
Their petition notes as evidence that even The Wisconsin Code of Judicial Ethics “pro- “The Graham-Warren Plan to Kill In-
though Democrats have “won as much as 53% hibits a candidate for judicial office from mak- novation” (July 31): When one of the
of the statewide vote,” they have only held ing statements that commit the candidate re- trial attorneys’ biggest supporters
gets together with one of the biggest
about 40% of state Assembly seats. garding cases, controversies or issues likely to
pro-bureaucracy regulators, grab
In reality, Wisconsin’s maps break down the come before the court.” Justice Protasiewicz’s your wallet and forget the First
way they do mainly because the state’s Demo- statements on the legislative maps mean she Amendment.
crats are highly concentrated in the urban areas has clearly prejudged the case under Wiscon- BILL THORNTON
of Milwaukee and Madison, with the rest of the sin’s judicial code. Plano, Texas
state mostly conservative. Wisconsin law speci- Democrats in Congress have proposed strin-
fies that all political districts must have the gent and misguided standards for U.S. Supreme
Letters intended for publication should
same number of voters. Each must be contigu- Court Justices to recuse themselves from cases. be emailed to wsj.ltrs@wsj.com. Please
ous and compact and preserve counties and mu- But since they’re insisting, we await word from include your city, state and telephone
nicipalities when possible. Democratic Sens. Dick Durbin and Sheldon number. All letters are subject to
The progressive groups charge that the map Whitehouse on Justice Protasiewicz’s ethical editing, and unpublished letters cannot “Spam likely is my most
be acknowledged.
has some geographic gaps, but the current lines duty to recuse herself. frequent caller.”
OPINION
This Trump Indictment Imperils the Presidency

By David B. Rivkin Jr. decision-making and deter him from so broad that “it would be difficult parallel constitutional provision, the a president may communicate with,
And Lee A. Casey performing his duties “fearlessly to determine which of the Presi- Elections Clause—which divides au- cajole and even browbeat officials
T
and impartially.” That’s obviously dent’s innumerable ‘functions’ en- thority for setting the rules of con- over whom he has no supervisory
he latest indictment of even truer of criminal liability, so compassed a particular action.” gressional elections between the authority, urging them to pursue
Donald Trump takes the the court can be expected to extend Mr. Smith fell into the same trap. state legislatures and Congress— policies that he believes are in the
courts and the country presidential immunity accordingly. His focus vis-à-vis Mr. Trump is was sufficiently federal in nature to national interest. Many presidents
into uncharted territory. (An exception is offenses for which very much on whether he honestly justify the high court’s review of take such actions; both Mr. Trump
Special counsel Jack a former president has been im- believed the election had been sto- state court decisions involving these and President Biden, for instance,
Smith and a District of Columbia peached and convicted, the prosecu- len from him. The proper question rules, even though it ordinarily has pressed states to follow federal
grand jury accuse Mr. Trump of tion of which the Constitution ex- is whether the actions he allegedly no authority to scrutinize a state Covid-19 recommendations. Wise or
conspiring to steal the 2020 presi- plicitly authorizes.) took after the 2020 election fall ob- court’s interpretation of state laws. not, those were undoubtedly official
dential election and charge him, The critical legal question, then, jectively within “the outer perime- It was Mr. Trump’s constitutional actions.
among other things, with defraud- is whether Mr. Trump’s alleged of- ter of his official responsibility.” duty to “take care that the laws be The indictment of Mr. Trump
ing the U.S. But Mr. Trump’s status fenses fall within the “outer perime- The strongest argument that faithfully executed.” He had no means that the Supreme Court will
as president when the alleged ter” of his responsibilities as presi- they don’t is that supervision of power to direct state officials’ ac- almost certainly be called on to de-
crimes took place raises questions dent. The courts have only started state election officials, the selection tions, but urging them to ensure the termine the scope of a former presi-
about whether he can be success- to grapple with this issue. In of presidential electors, and the integrity of federal elections could dent’s immunity and whether Mr.
fully prosecuted—and, if he is, trou- Thompson v. Trump (2022), Judge vice president’s role in counting fall within the outer bounds of his Trump’s actions after the 2020 elec-
bling implications for future presi- Amit Mehta of the U.S. District responsibility. He has no authority tion fell within the outer reaches of
dents. Court for the District of Columbia to direct the vice president’s dis- his official responsibilities.
The president is immune from held that Mr. Trump’s contacts with His conduct is hard to charge of his constitutional duties Mr. Trump’s conduct may be hard
civil and criminal liability for ac- local election officials after the as Senate president, but his exhort- to defend, but the stakes here are
tions taken in the execution of the 2020 election weren’t official acts. defend, but a conviction ing or pleading with the vice presi- far greater than his fate. One can
office. That immunity is absolute, That case, which involved a civil ac- for fraud would set a dent to take certain actions is argu- easily envision a future president
like the immunity accorded to tion against Mr. Trump by plaintiffs ably within the bounds of his using military force, sending weap-
judges and prosecutors. Courts have alleging injuries suffered during the dangerous precedent. authority. Presidents do it routinely ons to another country, engaging in
allowed only that the president may Jan. 6, 2021, riots, could be reversed when the vice president is called on a major diplomatic endeavor or au-
be subject to subpoena in certain by the D.C. Circuit or the Supreme to cast a deciding Senate vote. thorizing a prosecution based on
circumstances that don’t impose Court. those votes aren’t ordinarily presi- Judge Mehta adopted an unduly what opponents believe—perhaps
great burdens on his ability to func- Whatever the higher courts make dential responsibilities. But it isn’t crabbed legal test for what consti- rightly—are self-serving lies. Under
tion as chief executive. of Judge Mehta’s conclusion, he so clear that, in a case where voting tutes an official presidential action. Mr. Smith’s theory, he could be
Former presidents can be held li- made a key analytical error in irregularities were reported in the He asserted that “a sitting President charged with defrauding the United
able for personal actions while in reaching it. He fell into the trap of media from numerous critical has no expressly identified duty to States.
office, but only those that fall be- relying on Mr. Trump’s motivation, states—even if incorrectly—the faithfully execute the laws sur- The specter of such prosecutions
yond “the outer perimeter of his of- in the guise of his “purpose,” which president has no official role in in- rounding the Certification of the would cripple the ability of all fu-
ficial responsibility.” In Nixon v. was to preserve his “incumbency.” vestigating and addressing those Electoral College.” But the Take ture presidents to perform their
Fitzgerald (1982), the Supreme But the justices in Nixon made clear claims. Care Clause, which is a key compo- constitutional responsibilities vigor-
Court held that Richard Nixon was that the determination of whether The selection of presidential nent of presidential duties, is ously and fearlessly. That’s why we
immune from a civil damages action a president was acting in his offi- electors is in part a matter of fed- broadly framed to include ensuring have presidential immunity in the
in which a former federal employee cial capacity couldn’t be based on eral law. The Constitution vests this compliance with all federal laws, in- first place.
claimed he was illegally fired as either motivation or the legality of task in the state legislatures under cluding the Constitution. Moreover,
punishment for revealing Pentagon his actions, as that would “subject the Electors Clause, which governs the clause is only a subset of the Messrs. Rivkin and Casey prac-
.
cost overruns. The justices reasoned the President to trial on virtually presidential elections. Because the power conveyed to the president by tice appellate and constitutional
that absolute immunity for official every allegation that an action was states had no such authority before the Vesting Clause, which provides law in Washington. They served at
ly
acts was “a functionally mandated unlawful, or was taken for a forbid- the Constitution, this critical power that the “executive power shall be the Justice Department and the
incident of the President’s unique den purpose.” The court also noted is substantially federal in character. vested in a President of the United White House Counsel’s Office in the
office,” since “personal vulnerabil- that the president’s discretionary In Moore v. Harper (2023), the States.” Reagan and George H.W. Bush ad-
ity” to suit could warp a president’s on
authority under the Constitution is Supreme Court recognized that a Pursuant to that broad authority, ministrations.
Artificial Intelligence Has Finally Become Transformative

us ,
l
By Martin Casado to invest at the required levels. workloads. Large language models
A
e
al a
A common failure scenario in ear- could save costs by performing

rtificial intelligence has lier-generation AI startups (which I tasks such as summarizing discov-
generated tremendous call the AI mediocrity spiral) high- ery documents without replacing at-
ci on
value across many applica- lights a few major factors at play. torneys, to take one example. And
tions over the last decade, In order for a startup’s AI-based there are plenty of similar jobs
including search, ad tar- application to have sufficient accu- spread across fields like medicine,
geting and recommendations. But racy early on, the company hires hu- computer programming, design and
nearly all these gains have gone to mans to perform the function it entertainment.
er s
tech giants such as Google and Face- hopes the AI will automate over Consider the task of creating an
book. Despite the hoopla—and a lot time. Often, this is part of an escala- image to use for marketing content
m er
of related startup activity—AI hasn’t tion path where a first cut of the AI or for a movie poster. For compa-
brought a market transformation will handle the most common use nies running their own version of an
similar to the internet or mobile, in cases, and humans manage the long open-source model like Stable Diffu-
which an entire new class of compa- tail of less-common ones. sion, it costs roughly 0.1 cent and
ALAMY STOCK PHOTO
nies emerge and become household Early investors tend to be more takes around one second to gener-
m rp
names. That may soon change. focused on growth than on margins. ate an image. Hiring a graphic de-
To raise capital and keep the board signer or a photographer would cost
happy, the company continues to hundreds of dollars and take hours
After a decade’s worth hire people rather than invest in the or days. Even if, for simplicity’s
automation—which proves tricky sake, we underestimate the cost at
of innovation, new models
co Fo
anyway because of the aforemen- led to some of the fastest-growing facilitating uses, from companion- $100 and the time at one hour, gen-
can change the world the tioned complications. By the time technology and product adoption in ship to therapeutic art communities, erative AI is 1/100,000th the cost
the company is ready for growth- the history of the software industry. previously impossible for computers and 3,600 times the speed of the
way the internet did. level investment, it has already built We may be experiencing what is likely in any meaningful way. We don’t re- human alternative.
an entire organization around hiring the start of a new supercycle on par ally have a good understanding of For generative AI to remake our
humans in the loop, and it’s too diffi- with the advent of the microchip or what the behaviors will lead to, nor economies and lives to the same de-
Despite AI’s enormous capabili- cult to unwind. The result is a busi- the internet. what the best products are to fulfill gree does assume a continued pace
ties, the economic realities for using ness that shows relatively high ini- For one reason, accuracy isn’t that them. Amazingly, while the use cases of innovation, but many experts be-
it haven’t been great for startups. tial growth, but maintains a low important for many applications. for these new behaviors are still lieve we’re very likely to see contin-
Often the amount of value a com- margin and, over time, becomes dif- When a model is generating novel emerging, millions of users have al- ued progress. There might be grow-
pany gets from AI diminishes quickly ficult to scale. images or engaging in entertaining ready shown a willingness to pay. ing pains like the Hollywood strikes
over time, and therefore requires Fortunately, this doesn’t seem to be banter, being correct simply means This all means opportunity for the along the way, but the end result is
significant continuing investment. the case with the current wave of gen- appealing to or engaging the user. In new class of generative AI startups more jobs, more economic expansion
n-
And while the benefits are tangible, erative AI applications such as Chat- other popular uses, like helping de- to evolve along with users, while in- and better goods for consumers. This
it is hard for startups to maintain GPT and the foundation models such velopers write code, the user is the cumbents focus on applying the was the case with the microchip and
growth and distance themselves as GPT-4 that power them. While still human in the loop—iterating and technology to their existing cash-cow the internet, and it will be with gen-
from more-standard approaches. As very early, we’re already seeing use providing the feedback to improve business lines. erative AI, too.
no
a result, AI’s primary value has been cases in large existing markets with the generated answers. Generative AI can bring real eco-
to improve existing operations for orders-of-magnitude improvement in Another big reason things are dif- nomic benefits to large industries Mr. Casado is a general partner at
incumbents who have the resources time, cost and performance. This has ferent now is that generative AI is with established and expensive Andreessen Horowitz.
Kübler-Ross 2024: The Five Stages of Trump vs. Biden

By Lance Morrow Canada. But if we all moved to Can- Of course, Messrs. Trump and Bi- Donald Trump, the Buffalo Bill or Mitch McConnell (81), former
T
ada, we’d have Justin Trudeau, who den won’t do it. Power and Vanity Gorgeous George of 21st-century pol- Speaker Nancy Pelosi (83)—for a
he 2024 presidential election is hardly an improvement. are the game, not Honor. Honor de- itics, once said he could shoot some- mandatory retirement age of 75.
has voters passing through • Bargaining. There must be a parted from American public life one in the middle of Fifth Avenue But Mr. Biden, 80, and Mr.
the famous five stages of way, we tell ourselves. The mind suc- about the same time that Shame and not lose a single vote. He was Trump, 77, are grandfathered in. De-
grief: denial, anger, bargaining, de- cumbs to magical thinking. I imagine took a hike. Pride remains—we re- probably right. How about if Messrs. mocracy has outsmarted itself. The
pression and acceptance. I’m cur- a joint press conference in which cently had a month of it. But Honor Trump and Biden were to meet for a mighty apparatus of American poli-
rently somewhere between anger Messrs. Trump and Biden announce is a threadbare American antique. duel in the middle of Fifth Avenue? tics seems, in this pair, to have
and bargaining. I hope never to ar- to an astonished world: “The good of We know that Messrs. Trump and No? How about something less vi- made the case for letting artificial
rive at No. 5. The sequence unfolds the country—and our personal Biden won’t—God bless them—slip olent but more corrupt? What if the intelligence choose our future presi-
as follows: honor—demand that we both step away to some Elba or St. Helena, American people were to bribe dents. The job is too important, and
• Denial. Out of 332 million people aside, so that American politics and some mid-ocean spa for world-his- Messrs. Trump and Biden to retire the stakes are too high, for the task
in the most powerful country in the government may refresh themselves. torical discards. to be left to a process that has such
world, we are forced to choose be- As of today, each party will be free What to do? This is getting to be bad judgment.
tween Donald Trump and Joe Biden? to bring forth a field of younger can- an emergency. Is there any way to I’m alternating between • Depression. I always knew the
Impossible! didates to compete for its nomina- force the two of them to make them- 21st century would pull something
• Anger. Blood pressure rises. tion. It’s what the American people selves scarce? There seems no or- anger and bargaining, but like this.
Curses. Gnashing of teeth. My want, and what sanity demands.” derly, conventional path. Merrick I still hope we can avoid • Acceptance. What’s wrong with
mother used to say that if Richard A grateful world praises them as Garland’s Justice Department does bowing to the truth that democ-
Nixon was elected, she’d move to “statesmen.” what it can to disable Mr. Trump the need for acceptance. racy—the worst political system ex-
with indictments, but the law has a cept for all the others, as Winston
lumbering, Br’er Bear metabolism. It Churchill said—sometimes produces
grinds along in low gear. There’s ev- from public life? The federal govern- stupid results? Maybe Trump vs. Bi-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ery chance the world will find itself ment spent $6.2 trillion in fiscal den is the price we pay for the child-
Rupert Murdoch Robert Thomson watching—horrified, fascinated—as 2022. A few billion bestowed equally ish messes that we the people like to
Executive Chairman, News Corp Chief Executive Officer, News Corp Mr. Trump proceeds from victory to on Messrs. Trump and Biden—a be free to get ourselves into from
Emma Tucker Almar Latour victory in the primaries, heading to- brace of golden parachutes—might time to time.
Editor in Chief Chief Executive Officer and Publisher
ward nomination for the nation’s seem a bargain to the American elec- I’m still hoping that American
Liz Harris, Managing Editor DOW JONES MANAGEMENT: highest office while simultaneously torate. Or let Congress pass an Act of voters, or Americans’ traditional
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; his opponent’s Justice Department Oblivion granting both men amnesty dumb luck, will find a way to avoid
Elena Cherney, News; Chip Cummins, Newswires; Mae M. Cheng, SVP, Barron’s Group; David Cho,
Andrew Dowell, Asia; Brent Jones, Culture, Barron’s Editor in Chief; Jason P. Conti, General
schemes, like Wile E. Coyote, to put for any crimes, past, present or fu- stage five. Sometimes these things
Training & Outreach; Alex Martin, Print & Counsel, Chief Compliance Officer; Dianne DeSevo, him in prison. Both outcomes are ture, that they may have committed. work themselves out in unexpected
Writing; Michael W. Miller, Features & Weekend; Chief People Officer; Frank Filippo, EVP, Business possible: Mr. Trump in the White The Constitution requires that a ways. My mother never moved to
Emma Moody, Standards; Prabha Natarajan, Information & Services, Operations; House or Mr. Trump in the jailhouse. candidate for president be at least Canada. But Nixon left the White
Professional Products; Philana Patterson, Audio; Elizabeth O’Melia, Chief Financial Officer; Hunter Biden’s squalors, meantime, 35. It doesn’t address the age ques- House and returned to California
Matthew Rose, Enterprise; Michael Siconolfi, Josh Stinchcomb, EVP & Chief Revenue Officer,
Investigations; Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief
work in some obscurely Oedipal way tion at the other end. The Founders earlier than he’d planned.
Marketing Officer to undermine his old man. worried about someone being too
Paul A. Gigot
Editor of the Editorial Page How to get this done? Think out- young but not about his being too Mr. Morrow is a senior fellow at
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
side the box. One concocts modest old. All over Washington, one sees the Ethics and Public Policy Center
New York, N.Y., 10036 proposals in the manner of Jonathan powerful arguments—Sen. Dianne and author of “The Noise of Type-
Telephone 1-800-DOWJONES Swift. Feinstein (90), Minority Leader writers: Remembering Journalism.”
A16 | Thursday, August 3, 2023 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Extreme Heat Shuts Down Iran U.S. to

Pull Some
National holiday is
ordered as officials
less electricity and refrain from
using power-hungry devices ex-
cept in the morning and late at
Personnel
advise those at risk
to stay indoors
night to ensure there was
enough power to go around for
Iran’s nearly 90 million people.
From Niger
Residents with holiday
BY SUNE ENGEL RASMUSSEN homes in the hills north of the BY VIVIAN SALAMA
AND ARESU EQBALI capital and along the Caspian
Sea bundled into cars after WASHINGTON—The State
TEHRAN—Neighborhoods the two-day special holiday Department on Wednesday or-
across Iran’s capital fell quiet was announced. Grocery dered the departure of non-
Wednesday as temperatures stores, restaurants and shop- emergency U.S. government
topping 100 degrees bore ping malls largely stayed employees and eligible family
down on the city. open, though traffic within members from Niger over con-
Many residents stayed Tehran was less than usual. cerns that tensions could es-
home after the government de- In a region scorched by calate after the military junta
clared an emergency two-day global warming, Iran is partic- detained the country’s elected
shutdown, closing banks, ex- ularly vulnerable to the effects president last week.
change shops and government of climate change. It is domi- The State Department up-
WANA NEWS AGENCY/REUTERS
offices, and calling on private nated by an arid and semiarid dated its advisory, which had
businesses to follow suit. In climate, marked by low rain previously warned American
the north, roads leading out of and snowfall. citizens to reconsider travel to
the city to cooler regions were While U.S. sanctions to Niger because of crime, ter-
clogged with people seeking some extent hamper Iran’s rorism and kidnapping. It is
relief from the heat. ability to mitigate the impact unclear how many Americans
The national holiday, an- of global warming, successive are currently living in Niger,
nounced Tuesday, is an unusual governments have failed to in- Iranians get a cold drink as temperatures surpassing 100 degrees descended on Tehran. and the State Department said
response to the increasingly vest in climate initiatives such it is working to assess what
frequent heat waves hitting the as solar energy or more effi- Middle East’s largest lake but however, with dams and irri- to the United Nations. can be done to ensure all
country, which in the south cient agricultural technology. has been shrinking since the gation projects vital to assist- The rest of Iran’s economy— Americans are safe.
have pushed temperatures In the winter, when a lid of mid-1990s, is at risk of fully ing a struggling agricultural hampered by U.S. sanctions—is “The Department of State
above 120 degrees. cold air captures the smog, drying up if dam construction sector that has lost billions of ill-equipped to adapt. In the is ordering the temporary de-
The health ministry advised Tehran is enveloped in a yel- and other agricultural projects dollars to the shocks of cli- year to March 2022, power out- parture of non-emergency U.S.
children, the elderly and those low haze emanating from anti- aren’t halted. The Iranian gov- mate change. ages cost the country $7 billion government personnel and eli-
with underlying health condi- quated cars belching exhaust. ernment has dug a 20-mile In a climate zone like Iran’s, to $8 billion in non-oil exports, gible family members from the
tions to stay indoors. Other Iranian authorities have tunnel to transfer water into each one-degree increase in according to the country’s U.S. Embassy in Niamey,” the
government departments warned that the western lake the lake from a nearby basin. temperature can reduce crop Chamber of Commerce, Indus- department said. “Commercial
pleaded with people to consume of Urmia, which was once the Iran faces a conundrum, production by 10%, according tries, Mines and Agriculture. flight options are limited. We
updated our travel advisory to
reflect this and informed U.S.
.
Marines Switch Gears Amid China Tensions
citizens that we are only able
to provide emergency assis-
ly
tance to U.S. citizens in Niger
given our reduced personnel.”
Earlier Wednesday, State
BY MIKE CHERNEY
ROYAL AUSTRALIAN AIR

FORCE BASE SCHERGER—On
on stoking tensions in the region,
though Beijing hasn’t ruled
out using military force to
take Taiwan.
Department spokesman Mat-
thew Miller said the safety
and security of embassy per-
sonnel and U.S. citizens over-
a recent morning, three tilt- At Scherger, one of several seas is the administration’s
us ,
rotor Osprey aircraft carrying remote military installations highest priority, but said the
l
some 18 U.S. Marines each in Australia’s north, the Ma- situation at present in Niger’s
e
al a
took off from this remote air rines practiced setting up a capital is “fluid” but “calm.”
MIKE CHERNEY/THE WALL STREET JOURNAL
base in Australia’s north. Af- temporary base—and using it The State Department said
ter landing about 700 miles to send troops farther afield. the embassy in Niamey re-
ci on
away in a town called Blooms- Soldiers slept in tents and ate mains open for limited emer-
bury, the Marines rushed out military rations. A makeshift gency services to U.S. citizens
and took up positions along a medical facility was covered in and that it would continuously
dirt road near houses and camouflage netting. At a brief- re-examine the situation.
farm animals. ing, officers used a map on On Tuesday, European gov-
er s
The maneuver being prac- the ground made from drink ernments began evacuating
ticed is part of the U.S. mili- cans and power cords. Os- their citizens from Niger after
m er
tary strategy for confronting preys were parked on a tar- last week’s coup in the West
China, which U.S. officials be- U.S. Marines listen to a briefing before heading to a training exercise in northern Australia. mac nearby. African country triggered a
lieve is preparing for a possi- One goal was to understand tense standoff between Mos-
ble invasion of Taiwan, the disputed South China Sea and U.S.’s campaign against Japan supply and provide medical better how far the Marines cow’s allies in the region and
self-governing and demo- around Taiwan. in World War II, but there are care for troops over the Indo- could project a credible force countries that have worked
m rp
cratic island that Beijing “We can’t do what we have new challenges. Rather than Pacific’s vast distances. from their local home base— more closely with the U.S. and
claims as part of its territory. done for so long,” Brig. Gen. just fighting their way in, the One point of tension for which in this case was Darwin, other Western powers.
After two decades fighting Kevin Jarrard, assistant divi- idea is for Marines to be pre- military planners is making a northern Australian city Last week, Secretary of
land wars in the Middle East, sion commander of the 1st positioned or stealthily de- sure the Marines have ade- where Marines have been de- State Antony Blinken expressed
the Marines are now training Marine Division, said shortly ployed to areas within the quate firepower without mak- ploying annually for training. his support for embattled Pres-
co Fo
for small, mobile and hard-to- after Marines stormed out range of China’s missiles, air- ing them easy to detect, said The drill called for the Marines ident Mohamed Bazoum and
detect teams to set up tempo- from the Ospreys during the craft and ships. That means Ben Ho, an associate editor at to go from Darwin to Scherger, warned that Washington could
rary bases and move from is- training exercise in Australia. U.S. troops would need to the International Institute for and then from Scherger to cut support to Niger if the mili-
land to island in the Indo- “We cut our teeth during the keep their electronic, thermal Strategic Studies who focuses Bloomsbury, covering a dis- tary held on to power.
Pacific, where the troops can desert wars for 20 years— and physical footprints low— on future conflict and cyber tance of nearly 1,500 miles. Blinken spoke with Bazoum
then use rockets, aircraft and where we really did not have and be able to move fast. power. Still, Ho said the con- Col. Brendan Sullivan, a on Wednesday, one of several
other weapons to deny any to think much about operating Allies such as Japan and cept, which seeks to deny Marine regiment commander calls he has held with the em-
adversary use of pivotal wa- some place where we didn’t the Philippines, which control China aerial and maritime su- who is also the commanding battled Nigerien leader since
terways nearby. For the Ma- have complete air supremacy, many of the most advanta- periority during a conflict, fits officer of this year’s deploy- Bazoum was placed under
rines, the Scherger air base, in and we really didn’t have to geous locations for these with the U.S.’s strategy of try- ment in Darwin, said, house arrest. According to a
Australia’s tropical zone and think about managing our dig- small teams, would need to ing to deter Beijing from mili- “Scherger is a great training readout from the State De-
not far from Papua New ital signatures at all.” consent to the U.S. using their tary action. venue. It’s austere, so it mim- partment, Blinken reiterated
Guinea, imitates the climatic The concept, called expedi- territory in a conflict, which China says its foreign pol- ics a lot of the challenges that U.S. commitment to “the res-
n-
conditions the troops might tionary advanced base opera- isn’t guaranteed. And the U.S. icy aims for peace, and its of- we would encounter operating toration of the democratically-
face in flashpoints such as the tions, has similarities with the must figure out how to deploy, ficials have accused the U.S. of in a lot of other locations.” elected government.”
CANADA TAIWAN WORLD WATCH

no
Prime Minister and Dates Are Set

His Wife Separate For Stop in U.S.
Canadian Prime Minister Taiwan’s Vice President Lai
Justin Trudeau and his wife, Ching-te plans to stop in New
Sophie Grégoire Trudeau, said York and San Francisco this
on Wednesday that they month on his way to and from
have separated after 18 years a formal visit to Paraguay, de-
of marriage. fying Chinese warnings.
The couple issued state- Lai is scheduled to land in
ments on their respective In- New York on Aug. 12 and de-
stagram accounts. “Sophie part for Paraguay the follow-
and I would like to share the ing evening as part of his
fact that after many mean- seven-day trip to attend the
ingful and difficult conversa- inauguration of Paraguay’s in-
tions, we have made the de- coming president, Santiago
cision to separate,” said the Peña Palacios, on Aug. 15,
51-year-old leader. Her post said Alexander Yui Tah-ray,
was nearly identical. Taiwan’s vice minister of for-
The couple has three chil- eign affairs. Coming the other
dren: two boys, ages 15 and way, Lai will arrive in San
9, and a 14-year-old daughter. Francisco in the afternoon of
The family will be together Aug. 16 before flying back to
on vacation, beginning next Taiwan the next day, Yui said
week, his office said Wednesday in Taipei.
The two met in June 2003 Stops by Taiwanese offi-
at a charity gala. Justin cials in the U.S., officially re-
Trudeau, in the 2014 memoir ferred to as transits, are part
“Common Ground,” said they of the deliberated arrange-
chatted and flirted for much ments made between Wash-
of the evening. Months later, ington and Taipei to allow its
they went on a dinner date in leaders to engage with the
Montreal. “I felt a giddy other side on American soil
sense that Sophie would be after the two severed formal
the last woman I ever dated.” diplomatic ties in 1979.
In 1977, Pierre Trudeau and Officials from both sides
his wife, Margaret Trudeau, have long stuck to a boiler-
announced their separation. “I plate explanation for the
remember the bad times as a stopovers, which they say are
REHAN KHAN/EPA/SHUTTERSTOCK
succession of painful emo- routinely arranged on “the

tional snapshots,” Justin principles of safety, comfort,
Trudeau said in his memoir. convenience, and dignity.”
“The demands imposed by The Taiwanese vice presi-
the life my parents were dent’s planned trip, first an-
leading affected them far nounced in July, nevertheless
more than the ordinary stress sparked an unusually strong
of parenthood.” reaction from Beijing.
—Paul Vieira —Joyu Wang FOR SALE: A vendor sells fruit at his roadside stand in Karachi, Pakistan; the country has been grappling with high inflation.
BUSINESS & FINANCE
© 2023 Dow Jones & Company. All Rights Reserved. * * * * * THE WALL STREET JOURNAL. Thursday, August 3, 2023 | B1
S&P 4513.39 g 1.38% S&P FIN g 0.89% S&P IT g 2.59% DJ TRANS g 0.91% WSJ $ IDX À 0.41% 2–YR. TREAS. yield 4.889% NIKKEI (Midday) 32244.08 g 1.42% See more at WSJ.com/Markets
Downgrade of
U.S. Sparks
Market Selloff
Nasdaq turns in America’s credit rating, citing
the expected fiscal deteriora-
worst one-day tion over the next three years,
decline in months; a high and growing general
government debt burden and
Bond yields surge the erosion of governance.
Wednesday’s declines put a
BY GUNJAN BANERJI dent in a steady ascent for
major indexes that has contin-
Stocks and bonds suffered a ued for much of 2023, pulling
DAVID PAUL MORRIS/BLOOMBERG NEWS
wave of selling after America’s U.S. stocks to some of the

credit downgrade, sending highest levels of the past year
Treasury yields to the highest and driving a boom in specula-
levels of the year and major tive bets on everything from
indexes toward their worst artificial intelligence to meme
session in months. stocks.
The S&P 500 slipped 1.4%, Investors turned more cau-
while the tech-heavy Nasdaq tious after the downgrade and
Composite lost 2.2%, its worst a recent stretch of earnings re-
The company put its tree-trimming program in place after a series of devastating wildfires killed over 100 in 2017 and 2018. one-day performance since sults, and some portfolio man-
February. The Dow Jones In- agers said they were wary
PG&E Pares Back Tree Trimming,

dustrial Average lost 348 about how much higher major
points, or 1%, dragged down by indexes could climb. Rising
shares of Intel and Microsoft. bond yields shift the calculus
The declines followed a global for many investors deciding
.
Once Key to Fire-Prevention Plan
selloff in markets in Europe where to park their cash at a
and Asia. time when the S&P 500 has
ly
The yield on the 10-year rallied 18% this year.
Treasury note rose to 4.077%, “Now that you have that
its highest level since Novem- Please turn to page B11
BY KATHERINE BLUNT
The California utility com-

pany PG&E spent about $2.5
on
PG&E is relying more heavily on new power line settings that
stop the flow of electricity when an object touches a wire. The
company last year saw a 68% reduction in ignitions on lines
enabled with the technology.
of power lines in the coming
years, an ambitious plan ex-
pected to cost at least $20 bil-
lion. The company is chal-
ber, as bond prices fell.
On Tuesday, Fitch Ratings
downgraded to AA+ from AAA
 Heard on the Street: Fiscal
time bomb ticks............... B12
billion on a yearslong effort lenged in its ability to raise
Oil Prices Perk Up

us ,
aimed at reducing wildfire risk capital following a complex

l
1 A tree branch, or other

by cutting or clearing more bankruptcy restructuring and
e
object, falls onto a power
al a
than a million trees growing line causing a disruption in has been working to cut costs
After Supply Cuts

alongside power lines. the flow of power. to fund the work.
It now says that work was The company expects to re-
ci on
largely ineffective and is elim- duce tree-related spending by

inating the program, accord- 2 Equipment detects the about $1 billion between 2023
ing to an internal analysis re- change in the flow of power and 2026 as a result of discon-
viewed by The Wall Street and shuts the line off within tinuing the program and, to a BY ANNA HIRTENSTEIN Gasoline futures price
Journal and interviews with one-tenth of a second. lesser extent, other plans to $3.00 a gallon
er s
utility executives. cut costs. The company plans Oil prices have surged to
The strategy shift marks a Source: Pacific Gas and Electric to increase its overall wildfire- the highest levels in three
m er
calculated risk by the utility Jemal R. Brinson/THE WALL STREET JOURNAL mitigation spending in the months, as the economic out-
that new power-line settings coming years as it buries look improves and supply cuts 2.80
will be more effective than more lines and takes other from some of the world’s big-
13% 10,000
the tree-trimming program risk-reduction measures. gest producers start to bite.
that was put in place after a Sumeet Singh, PG&E’s chief Some analysts believe
m rp
2.60
series of devastating wild- operating officer, said in an benchmark crude-oil futures
fires. The program, which the interview that the tree-trim- are due for further gains and
company called “enhanced Decline in ignitions due Miles of power lines to ming program was created us- could head toward $100 a bar-
vegetation management,” was to the program during be buried under the ing the best information the rel, after trading within a few 2.40
meant to supplement routine periods when fire risk is utility’s new approach to company had at the time, but dollars either side of $80 a
co Fo
tree-trimming work required that it fell short of the com- barrel so far this year.
by regulators. highest, PG&E says prevention pany’s expectations, in part Another move higher would
The pivot was the subject because of challenges in iden- quickly translate into higher 2.20
of considerable debate among tifying hazards during the in- gasoline prices for drivers and Jan. 2023 Aug.
the company’s directors, ac- pany’s internal analysis. power outages in coming years spection process, particularly would make life a little harder Note: Most-active RBOB gasoline contract.
cording to people familiar Measured across a full year, if the company’s scaled-back when a tree appears healthy for officials at the Federal Re- Source: FactSet
with the matter, and has in- the work resulted in a 7% re- approach to tree trimming re- and unlikely to fall. serve and other major central
vited scrutiny from California duction in ignitions. sults in more branches hitting “Assume any tree can fail at banks who are trying to bring as West Texas Intermediate or
regulators. Instead, the company will wires. The company said it any point in time,” he said. inflation back down to their WTI, surged nearly 16% last
The California utility giant rely more heavily on new would work to assess outage- “When they fail, we have got target levels. month, while both gasoline fu-
said the program, which in- power-line settings in areas at prone circuits and address the to make sure the result is not The most actively traded futures and prices at the pump
volved creating wide spaces high risk of fire. The lines issues with targeted tree clear- a catastrophic outcome.” tures contract for Brent, the have also risen.
between live wires and poten- shut off within a tenth of a ing and other safeguards. Still, the shift in strategy global yardstick for crude oil, Changes in both supply and
n-
tially hazardous trees, re- second when branches or PG&E says the new ap- represents a big bet for PG&E. jumped 13% in July, its biggest demand are fueling the up-
sulted in a 13% reduction in other objects touch them, re- proach will be both safer and Through the discontinued pro- monthly gain in a year and a Please turn to page B11
ignitions during periods when ducing the risk of sparks. less expensive as it works to gram, the company identified half. It dropped 2% Wednesday
fire risk is highest, typically in Industry officials say cus- permanently reduce wildfire roughly 385,000 potentially to $83.20 a barrel.  Fund to invest $1 billion in
Please turn to page B2
no
autumn, according to the com- tomers may experience more risk by burying 10,000 miles The U.S. equivalent, known oil and gas........................... B11
Meta’s Ray-Ban INSIDE

Smart Glasses
Fail to Catch On
ANHEUSER-BUSCH INBEV
BY SALVADOR RODRIGUEZ lems with some of the hard-

AND JOANNA STERN ware features including
battery life, inability for users
EMILY ELCONIN/BLOOMBERG NEWS
The Ray-Ban smart glasses to import media from the de-

launched by Meta Platforms vices, issues with the audio on
almost two years ago have the product and problems with BUSINESS NEWS
struggled to catch on with voice commands for the smart Bud Light
owners, many of whom appear glasses, according to the doc-
to be using the devices infre- ument.
continues to lose
quently, according to internal “We’ll also need to better ground with
company data. understand why users stop us- consumers. B3
Fewer than 10% of the Ray- ing their glasses, how to en- The union wants job-security assurances, as EVs are seen as less labor-intensive to produce.
Ban Stories purchased since sure we are encouraging new
the product’s launch in Sep-
tember 2021 are used actively
by purchasers, according to a
feature adoption, and ulti-
mately how to keep our users
engaged and retained,” the
UAW Says Costly Transition to EVs
company document from Feb-
ruary reviewed by The Wall
Street Journal. Meta sold a to-
document said.
A Meta spokesman declined
to comment on the document.
Won’t Change the Union’s Demands
tal of 300,000 of the wearable Despite the poor initial
devices through February, but numbers, Meta hopes to re- BY NORA ECKERT lantis as labor talks in Detroit for members. The list was
the company only had about lease the second generation of get under way. Auto execu- shared by Fain during a Face-
27,000 monthly active users. its Ray-Ban Stories smart The United Auto Workers tives have become more vocal book livestream, an unusually
The device, a key part of glasses either in the fall—in union is amplifying calls for about wanting flexibility to public reveal that marked a
Meta’s hardware strategy, al- time for the holiday shopping wage increases and job secu- shift more factory work to widening gulf between the de-
lows users to take photos and season—or next spring, ac- rity, and President Shawn Fain EVs, a potential threat to mands of the two sides.
listen to music with the cording to people familiar with says it shouldn’t matter that unionized jobs. “When the Big Three say
frames of their glasses, among the matter. DELIVERY the car companies are facing Fain further crystallized the future is uncertain, and
other features. It has experi- The smart glasses were de- DoorDash reports an expensive transition to the UAW’s position on Tues- that the EV transition is ex-
enced a 13% return rate, ac- veloped in partnership with electric vehicles. day, presenting a list of de- pensive, remember that they
cording to the document. EssilorLuxottica, which makes
stronger-than- The UAW leader in recent mands and other bargaining have made a quarter of a tril-
Among the top drivers of and sells numerous types of expected results for weeks has hardened his stance priorities, such as securing a lion in North American profits
poor user experience were is- glasses, including brands such last quarter. B4 with General Motors, Ford shorter, 32-hour workweek over the last decade,” said
sues with connectivity, prob- Please turn to page B4 Motor and Jeep maker Stel- and double-digit pay increases Please turn to page B2
B2 | Thursday, August 3, 2023 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
Owner of MAACO, Meineke Is Hit

today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A HSBC.................................................A2 Q
I
By Rising Carwash Competition

Advanced Micro Devices Qualcomm....................................B4
............................................B4,B11,B12 Intel.....................................................B1 R
Allstate..........................................B12
J Robinhood..................................B10
Anheuser-Busch InBev......B3
Apple.................................................B4 JLL.......................................................B6 S
B K Samsung Electronics........B12
Kimmeridge Energy SK Hynix......................................B12
Binance............................................A1
Spacious......................................B10 BY DEAN SEAL “As consumers are pre- Driven Brands share price, of acquisitions of several
Management........................B11
C Spotify...........................................B12 sented with double or triple year to date brands that it is now integrat-
L The operator of auto-ser- the options to wash their ing under the banner of Auto
CK Asset.....................................B10 Stellantis.........................................B1 $30
Constellation Brands...........B3 Ligado Networks....................B5 Sun Hung Kai Properties vice brands including MAACO cars, it is only natural that Glass Now.
Cushman & Wakefield.......B6 M .............................................................B10 and Meineke Car Care cut its we will see some temporary Fitzpatrick said Wednesday
28
CVS Health..................................B3 McDonald’s...................................A1 T annual sales guidance as its market share decline,” Fitz- that the integration has taken
D Meta Platforms..............B1,B12 Tesla..................................................B2 carwash business struggles to patrick said on Wednesday’s 26 longer than expected, which
DoorDash......................................B4 Micron Technology..............B11 Travelers......................................B12 fend off an explosion of com- earnings call. has weighed on margins. Only
Driven Brands...........................B2 Microsoft..............................B1,B12 Tupperware................................B11 petition. Fitzpatrick said the pull- 24 about one-quarter of Driven’s
E N U Driven Brands said back in U.S. retail traffic from glass locations have completed
EssilorLuxottica........................B1 Netflix............................................B12 Uber Technologies......B4,B12
Wednesday that its second- the first quarter intensified 22 the rebranding process so far.
New World Development quarter performance was during the second and is ex- “We are currently a few
F V
.............................................................B10 weighed down by softening pected to persist this year. 20 quarters behind where we an-
Ford Motor...................................B1 Viasat...............................................B5
Novo Nordisk..............................A1 consumer demand at its car- As a result, Driven lowered ticipated,” the CEO said.
G Nvidia....................................B11,B12 W washes, a business the com- its 2023 revenue guidance by 18 For the quarter ended July
General Motors........................B1 P World Wrestling pany entered in August 2020 $50 million to $2.3 billion and Wednesday 1, Driven posted a profit of
H PG&E..................................................B1
Entertainment.......................B2 that is now its third-largest said it now expects adjusted 16
$15.20 $37.7 million, or 22 cents a
Henderson Land Progressive................................B12 Y segment by revenue. earnings, which strip out one- –41% share, compared with a loss of
Development.......................B10 Prologis...........................................B6 Yellow.............................................B11 The main reason, said Chief time items, of 92 cents a 14 $57 million, or 34 cents a
Executive Jonathan Fitzpat- share, down from prior guid- Jan. 2023 Aug. share, in the year-ago quarter.
rick, has been a surge in com- ance for $1.21 a share. Source: FactSet Adjusted for one-time
INDEX TO PEOPLE petition as about 1,500 new
carwashes opened over the
Driven’s shares were nearly
cut in half in early trading,
items, per-share earnings
company’s U.S. auto glass were 29 cents, 2 cents below
past two years. During that falling to a record low of $13.15 business also struggled during analyst estimates, according
A Farley, Jim....................................B2 Phillips, Adam..........................B11 time, nearly one-third of before recovering somewhat. the quarter. Driven entered to FactSet. Revenue jumped
Allen, Todd...................................B3 Fitzpatrick, Jonathan..........B2 Price, Jason.................................B6 Driven’s U.S. carwash loca- The stock closed Wednesday at the auto-glass repair market 19% to $606.9 million, topping
Amon, Cristiano.......................B4 Fung, Ada...................................B10 R tions have had a competitor $15.20, down 41.2%. roughly a year ago, hoping to analyst forecasts for $587.7
open within 3 miles. The Charlotte, N.C.-based become a leader with a series million.
Arndt, Timothy........................B6 G Rahim, Saad..............................B11
B Ghafoor, Asif............................B10 Randhawa, Mehtab..............B6
Baer, Merritt...............................B5
Betzer, Evan................................A3
Booth, Rex....................................B5
I
Inukonda, Ravi..........................B4
J
S
Singh, Sumeet...........................B1
Su, Lisa.........................................B12
UAW Stays
Bronze, Richard......................B11
C
Jafar, Neda.................................B11
K
Swanson, Jim............................B4
T
Firm on
Chandrasekaran, Arun.......B4
Chung, Cathie.........................B10
Kustermann, Michael.........A5 Tym, Matthew.........................B11
Demands
.
L V
D
ly
Leung, Cusson........................B10 View, Thomas...........................B5
Danely, Christopher............B12 Continued from page B1
Dell, Ben.......................................B11 M W Fain during the online ad-
Di Mattia, Lorenzo..............B11 McMahon, Vince.....................B2 Williams, Bump.......................B3 dress.
Dimon, Jamie...........................B11
Doukeris, Michel......................B3
F
Metz, Eric....................................B11
P
Palkhiwala, Akash.................B4
Z on
Zhao, Changpeng....................A1
Zuckerberg, Mark...................B4
Fain, a reformist candidate
elected earlier this year to
lead the 87-year-old union,
presented 10 core demands
that he intends to lay out to
us ,
the automakers.
l
Among them are the right
WWE’s McMahon
e
al a
to strike over plant closures
REBECCA COOK/REUTERS
and the re-establishment of
some retiree benefits, includ-
ci on
Gets Subpoena in ing a defined pension plan for

all workers. He also is pushing
for a working-family protection
program, which would pay
Misconduct Probe laid-off workers to provide a UAW President Shawn Fain, center, shared a list of 10 core demands for Big Three carmakers.
er s
form of community service.

“I want to be clear with the posed production target of torn apart,” Fain said. considered in the current
m er
companies. These aren’t my de- 600,000 EVs globally by the The companies’ EV focus talks, and the decision of
BY JOSEPH DE AVILA A spokesperson for WWE mands. These are our demands. end of 2023 and backed off a also will factor into negotia- whether to unionize is ulti-
said the company has cooper- These come straight from the longer-range target of two tions on pay, as the automak- mately up to workers.
Federal agents executed a ated with federal authorities membership,” Fain said. million EVs globally by mid- ers try to prove to investors Union leaders have said
search warrant and served a and respects the government’s The Detroit car companies decade. that electric models can de- that workers at the battery
m rp
federal grand jury subpoena in need to finish the process. formally kicked off talks with “We expect the EV market liver decent profit margins. factories deserve higher pay
July to Vince McMahon, the McMahon left WWE in the UAW in July with the key to remain volatile until the For example, Ford’s average and safer working condi-
executive chairman of World 2022 following disclosures by objective of keeping their own winners and losers shake out,” labor costs, including wages, tions, and that their wages
Wrestling Entertainment, the The Wall Street Journal of labor costs in check, especially Ford Chief Executive Jim Far- benefits, bonuses and pen- should be rolled into the
company said. multiple payouts to women following a period of high in- ley said on an earnings call sions, are about $64 an hour, union’s broader national labor
co Fo
Federal law-enforcement who had alleged sexual mis- flation. The current contract last week. Ford’s chief executive has contract with the carmakers.
and regulatory agencies also conduct and infidelity. expires Sept. 14, and analysts The UAW contracts could said, significantly higher than Fain has said workers at
made “voluntary and compul- The Journal reported that have said the risk of a strike is affect how easily the company the $40-to-$45 an hour that the GM-LG plant in Ohio,
sory legal demands” for docu- he agreed to pay more than high. can respond to customer de- several automakers estimate named Ultium Cells, are ex-
ments related to sexual-mis- $12 million in secret settle- While the negotiations are mand. Auto- competitor pected to receive a starting
conduct allegations made ments since 2006 to his ac- dealing with more traditional makers want to Tesla pays. wage of about $16 an hour,
against McMahon, the com- cusers. issues such as wages, the place workers Tesla didn’t and would make $20 after
pany said Wednesday in a fil- WWE’s board of directors companies’ pivot to EVs is an at the most in- The contract respond to a re- seven years of experience.
ing with the Securities and appointed a special committee overarching tension point that demand vehicle expires Sept. 14, quest for com- Unionized positions top off
Exchange Commission. to investigate the allegations creates an air of uncertainty plants, and ment. around $32 an hour.
The search warrant was for in June 2022. WWE’s board with the talks. terms in the ex- and analysts The union The industry’s electrifica-
McMahon’s smartphone, ac- ultimately found the pay- Battery-powered cars are isting contract also wants tion also factored into the last
cording to people familiar ments, though made by Mc- generally regarded as less la- can make that
said the risk of cost-of-living round of talks in 2019. But the
n-
with the warrant. Mahon personally, should have bor-intensive to make. UAW more difficult. a strike is high. adjustments to topic has taken on greater ur-
The actions by law-enforce- been marked as WWE ex- leaders want assurances that UAW leaders offset inflation, gency for the union as the
ment officials mark the latest penses because they benefited existing jobs focused on pro- also have and UAW lead- companies pour money into
development in a scandal that the company. ducing gasoline-powered vehi- pointed to reers say they in- projects and more EVs come
no
forced McMahon, the face of The company said in March cles—such as those at facto- cently closed gas-engine tend to do away with a tiered online.
WWE, to step down from the McMahon repaid WWE $17.4 ries that make gas or diesel plants as an example of what wage structure that pays Since 2018, about $112 bil-
company that he turned into million to cover costs related engines—won’t be sacrificed might happen if the group newer workers less. lion in EV and battery invest-
an entertainment powerhouse. to the probe. in the coming years. doesn’t fight hard for job se- Another EV-related matter ment has been announced by
McMahon hasn’t been charged McMahon returned to The automakers, mean- curity in this round of talks. on the table is the fate of work- automakers in the U.S., ac-
with a crime, the company WWE as executive chairman while, are investing billions of Stellantis said late last year ers at several joint-venture bat- cording to the Center for Au-
said in its filing. in January. dollars on electric makeovers that it would halt operations tery plants that all three auto- tomotive Research, a non-
“Throughout this experi- He went on medical leave of their vehicle lineups. But at its Jeep Cherokee plant in makers have invested in since profit based in Michigan.
ence, I have always denied any in July after undergoing major they aren’t sure how rapidly Belvidere, Ill., citing the high the current labor contract took
intentional wrongdoing and spinal surgery, but will remain consumers will adopt EVs. costs of electrifying its effect in 2019.
continue to do so,” McMahon executive chairman, the com- They want flexibility to deploy lineup. GM, Ford and Stellantis Watch a Video
said in a statement. “I am pany said in its filing on workers where they are most “People whose plants have have joined with Korean bat- Scan this code
confident that the govern- Wednesday. needed, whether making EVs closed, transmission plants, en- tery suppliers to build U.S. for a video on
ment’s investigation will be —Ted Mann or gas-powered cars. gine plants recently, powertrain factories. The automakers Russian demand
resolved without any findings and Joe Palazzolo For example, last week, plants, even assembly plants, have said those are legally for Chinese car
of wrongdoing.” contributed to this article. Ford pushed back a self-im- their lives have been completely separate entities that won’t be exports.
PG&E level of tree work as in years

past, according to people fa-
miliar with the matter.
number,” she said, referring to
PG&E’s analysis. “If you’re
finding more potentially risky
PG&E began the enhanced
vegetation management in 2019
as a means of accelerating tree-
Pares Tree The new strategy is being

scrutinized by regulators eval-
uating the company’s latest
things, you have to imagine
that there’s then a reduction
in the number of times that
related risk reduction and ex-
ceeding state regulations in do-
ing so.
Trimming spending plan, as well as a

separate plan focused on re-
ducing fire risk.
stuff can blow into the lines.”
Filsinger Energy Partners, a
consulting firm that monitors
As part of the program, con-
tractors established 12 feet of
clearance between branches
The California Office of En- PG&E’s safety practices on be- and power lines, more than the
Continued from page B1 ergy Infrastructure Safety, half of the California Public 4 feet regulations require, and
hazardous trees that have yet which evaluates the wildfire Utilities Commission, said in an took extra steps to inspect or
to be trimmed or cleared, and mitigation measures proposed April report that it had re- clear trees with the potential to
NOAH BERGER/ASSOCIATED PRESS
it is relying on its new power- by each of the state’s large quested more information fall onto the wires.
line settings to prevent igni- utilities, in June expressed about the company’s analysis of The program drew the ire
tion if any of them touch its concerns about PG&E’s new its tree-trimming program, as of many California residents
power lines. tree strategy. The agency crit- well as the chance to see a unwilling to part with the
PG&E saw a 68% reduction icized the pace and scope of third-party review of the data. trees on their properties. The
in ignitions on lines that shut its proposed approach, includ- Filsinger declined to comment. company said the work was
off on contact in 2022, the first ing the company’s plan for ad- PG&E, which serves a critical to public safety.
year the settings were fully de- dressing its backlog of trees. 70,000-square-mile territory At the direction of the
ployed. The company is piloting Though it discontinued the Firefighters battled a blaze in Placer County, Calif., last year. in northern and central Cali- CPUC, the company spent
a program to focus on tree program, the company said it fornia, has for years been much of 2021 and 2022 refining
clearance in what it calls “areas would spend the next nine wrote. Caroline Thomas Jacobs, working to make its system the program to focus on clear-
of concern,” mostly heavily for- years working through the PG&E says it will give pri- the department’s director, said safer after its power lines ing trees along the highest-risk
ested pockets of the Sierra Ne- backlog in batches. ority to the riskiest trees for her office is now evaluating sparked a series of major wild- circuits. The cost of the pro-
vada foothills. “Until the work is complete removal, inspect those that re- the data underlying PG&E’s fires that collectively killed gram increased as PG&E found
After its debate, the com- in nine years, these trees will main twice a year and work to assertion that its enhanced more than 100 people in 2017 more potential hazards. The
pany’s board ultimately continue to stand on the land- determine whether the work tree work yielded such limited and 2018. Most of them ig- company trimmed or cleared
agreed the new line settings scape representing known risk can be completed faster than risk reduction. nited when trees or branches more than 700,000 trees dur-
negate the need for the same for ignitions,” the department anticipated. “I was astonished at that collided with its wires. ing those years.
THE WALL STREET JOURNAL. Thursday, August 3, 2023 | B3
BUSINESS NEWS
Bud Light’s Struggles Cast Pall

Over Its Summer Ad Campaign
BY KATIE DEIGHTON Share of beer sales in U.S. before they pay attention, said
retail stores* Stefanie Boyer, professor of
Bud Light has continued 10% Modelo marketing at Bryant Univer-
losing ground with consumers Especial sity.
during a busy season for the Bud Light’s summer cam-
beer industry even as the 8 paign is also aimed at a mass
brand runs its biggest yet audience, which can be a
NORA SAVOSNICK/BLOOMBERG NEWS
summer advertising campaign. trickier strategy to pull off

Ads for the brand have ap- 6 Bud Light than connecting with specific
peared about 3,400 times on groups, Boyer said.
national television from June 1 4 Bud Light has also been
through July 30, according to running promotions, including
iSpot.tv, an ad-measurement a weekly $10,000 giveaway
company that tracks TV and 2 and a $15 rebate program on
streaming-video advertising. large packs timed around the
CVS said higher drug prices helped boost its pharmacy and consumer-wellness segment. In the same period last July 4 holiday.
year, Bud Light ads ran 32 0
Health-Benefits Business
times on national TV, accord- March 25 July 22
ing to iSpot. The brand’s TV *For the four weeks ended on date shown
A challenging effort
commercials traditionally run Source: Bump Williams Consulting Some industry experts said
more often in the fall, includ- analysis of NIQ data any kind of marketing is un-
Drives Sales Higher at CVS ing during National Football

League games.
Bud Light sales, meanwhile,
remain in a slump.
cluding corporate and market-
ing roles in St. Louis, New
York and Los Angeles.
likely to materially shift Bud
Light’s fortunes under current
conditions.
Many Bud Light drinkers
BY NGAI YEUNG CVS Health quarterly revenue by major reporting segments U.S. retail-store dollar sales But the current ad cam- have felt insulted for myriad
of the brand fell 26.1% in the paign promoting Bud Light, reasons, whether they disliked
CVS Health reported a $50 billion $46.2B week ended July 15 and 26.8% which began in late June, is the Mulvaney promotion or
10.3% increase in its second- HEALTHCARE PHARMACY & HEALTH
+7.6%* in the week through July 22, working hard to portray a believed the brand should
quarter sales, driven by growth BENEFITS CONSUMER SERVICES compared with their respec- sunnier image. have publicly supported the
in its health-benefits business. 40 WELLNESS tive year-earlier periods, ac- The comic effort, an exten- influencer after the backlash
The Woonsocket, R.I., com- cording to an analysis of NIQ sion of the “Easy to Drink, began, said Bump Williams,
pany’s healthcare benefits seg- data by Bump Williams Con- Easy to Enjoy” theme Bud president and CEO of Bump
ment reported revenue of $28.8B sulting. Light introduced during the Williams Consulting.
30 $26.7B +7.6%*
$26.7 billion, up 17.6% from a +17.6%* And in the four weeks Super Bowl, features beer Others were offended at
year ago as more people used ended July 22, Bud Light ac- drinkers confronting summer- how the brand’s previous cam-
Medicare Advantage compared counted for 6.8% of U.S. retail- time mishaps such as falling paigns were characterized by
20
with the period last year. store beer dollar sales, com- out of a hammock and burning a marketing executive as fea-
Its health services segment pared with Modelo Especial’s bare feet on sun-scorched as- turing “fratty, sort of out of
.
saw revenue climb 7.6% in the 8.8%. phalt, but enjoying Bud Light touch humor,” Williams said.
latest quarter to $46.2 billion, 10 Bud Light lost its crown as with ease. “The Bud Light shopper
ly
driven by recent acquisitions. the top-selling beer in the U.S. who’s left the brand has zero
The healthcare company has to Constellation Brands’ Mod- interest in coming back,” Wil-
been expanding the range of 0 elo Especial in May. A big media push liams said, “so you can spend
its offerings. Earlier this sum-
mer, the company closed a
$10.6 billion deal for Oak
Street Health, which operates
2021 ’22 ’23 2021
Sources: S&P Capital IQ; the company
tests and a weaker flu season

on
’22 ’23 2021 ’22
Revenue for the quarter

’23
Damage control
Bud Light parent An-
Anheuser-Busch
Michel Doukeris said on an
CEO
earnings call in May that the

company would triple Bud
all the money you want, but
until you fix the problem—
apologize and admit you made
a mistake—it’s wasted money.”
primary-care clinics for the el- versus last year. ended June 30 was $88.9 bil- heuser-Busch InBev is enter- Light’s U.S. media budget dur- An Anheuser-Busch spokes-
us ,
derly. The company completed CVS this week said it was lion, ahead of analyst esti- ing its fifth month of trying to ing the summer. person said Bud Light remains
l
the almost $8 billion acquisi- shedding about 5,000 jobs, pri- mates of $86.4 billion, accord- untangle itself from a boycott The result is the brand’s the No. 1 beer in the U.S. for
e
al a
tion of home-healthcare com- marily in corporate roles, to ing to FactSet. sparked by a social-media col- biggest yet summer campaign, the year to date.
pany Signify Health in March. help cut costs. The company is The company lowered its laboration between Bud Light according to the company. Consumers want Bud Light
The company’s pharmacy also trimming down on travel full-year per-share earnings and transgender influencer Investment in brand mar- to “get back to what we do
ci on
and consumer-wellness seg- expenses and its use of consul- guidance to between $6.53 and Dylan Mulvaney. keting—emotion-led activity best: being the beer of easy
ment posted revenue of $28.8 tants and vendors. $6.75, compared with a previ- Distributors continue to to educate or remind consum- enjoyment,” Todd Allen, Bud
billion, up from $26.7 billion a The company reported a ous view of $6.90 and $7.12. struggle to sell Bud Light into ers about a brand, rather than Light’s vice president of mar-
year ago. The sales were $496 million pretax restructur- Stripping out one-time items, retailers and bars, beer indus- promotions to drive revenue keting, said.
helped by higher drug prices ing charge for the quarter and earnings per share came in at try analysts say, and An- quickly—often requires time Anheuser-Busch is sched-
er s
and prescription volume, expects to complete its re- $2.21, compared with $2.13 ex- heuser-Busch last month said to reap rewards, because con- uled to report its latest quar-
which partially offset a fall in structuring program by the pected by analysts polled by it was laying off hundreds of sumers usually need to be ex- terly financial results on
m er
demand for Covid vaccines and end of 2023. FactSet. workers at its U.S. offices, in- posed to a brand several times Thursday.
m rp
co Fo
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TECHNOLOGY
Qualcomm Plans Layoffs as Chips Slump

Company misses Qualcomm, which makes handsets was $5.26 billion in it attributed to a weaker made layoffs during the profit fell by more than half
chips that go into Apple’s the latest quarter, a 25% fall global economy and slow re- downturn. to $1.8 billion. The midpoint
forecasts for the iPhones and millions of An- compared with the same pe- covery in China. “Until we see sustained of Qualcomm’s revenue out-
quarter and gives droid handsets, has been seek- riod last year and below ana- Against that backdrop, signs of improving fundamen- look for the current quar-
ing growth in new areas amid lysts’ expectations in a Fact- Qualcomm Chief Executive tals, our operating framework ter of between $8.1 billion
muted outlook a decline in its core mobile- Set survey. Cristiano Amon said in a call does not assume an immedi- and $8.9 billion also was be-
phone chip business. Smart- The company’s shares with analysts that the com- ate recovery,” Chief Financial hind forecasts.
BY ASA FITCH phone sales surged during the dropped more than 7% in af- pany would further cut costs. Officer Akash Palkhiwala said, Qualcomm’s muted quarter
pandemic, but have stagnated ter-hours trading on Wednes- In a regulatory filing, it said adding that the cost-cutting comes amid a broad-based re-
Qualcomm’s stock fell in recent quarters, including a day. that would consist largely of measures would continue into covery in PCs that helped lift
Wednesday after the maker 7.8% year-over-year fall in the Qualcomm estimated in a layoffs, but it didn’t specify the company’s next fiscal second-quarter sales for chip-
of mobile-phone chips re- second quarter, according to presentation Wednesday that how many jobs would be af- year. making giant Intel and its ri-
ported disappointing sales International Data Corp. handset sales this year would fected. Qualcomm, which had Overall, Qualcomm’s sales val, Advanced Micro Devices,
and said it expects a new Qualcomm on Wednesday be down by at least a high- around 51,000 employees as of fell 23% to $8.45 billion, be- which reported results in re-
round of layoffs. said revenue from chips for single-digit percentage, which last September, previously low Wall Street estimates. Its cent days.
Pulling Useful Data

From AI Challenges
Healthcare Sector
BY ISABELLE BOUSQUETTE other details. Synthetic data
could create much larger data
Healthcare companies have sets, including in areas with
been mesmerized by the pos- stringent data curbs, the com-
sibilities of “synthetic data”— pany said.
data built out by applying ar- But creating a representa-
tificial intelligence algorithms tive data set is hard, given the
to real data sets. But ongoing many relevant variables in pa-
technology challenges con- tients: how many medications
tinue to limit widespread in- they are on, whether they
dustry adoption, with many smoke, whether they need a
LUIZ C. RIBEIRO/NEW YORK DAILY NEWS/ZUMA PRESS
companies holding back on hip replacement, among many
.
using it. others, Swanson said. And
For years, drug and health those variables can change as
ly
researchers have been experi- new scientific discoveries
menting with the technology, emerge, he added. At the
which enables them to more same time, it’s critical that
on freely analyze, for example,
the impact of a drug on a
given subpopulation, without
the typical privacy and regu-
the mix and makeup of vari-
ables in the original data be
fairly captured in the syn-
thetic data order to run an ac-
latory hurdles. A 2021 Gart- curate analysis.
us ,
ner study estimated that by “You can create synthetic

l
The company, which operates the biggest food-delivery app in the U.S., raised its guidance on the value of transactions it expects. next year, 60% of the data data easily enough, but is it
e
al a
used broadly for the develop- correlated enough to give you
DoorDash Revenue Gets Lift

ment of AI and analytics proj- a specific and an accurate ex-
ects would be synthetically ample?” Swanson said. “That’s
ci on
generated. the problem you have to solve.”

Reality is nowhere near When creating synthetic
that, clarified Arun Chan- data, there’s a trade-off be-
As Users Order More Often drasekaran, an analyst at the

IT research and consulting
tween accuracy and privacy,
said Lalana Kagal, principal re-
er s
firm. In some areas, he said, search scientist at the MIT

the engendered data has made Computer Science and Artifi-
m er
headway, for cial Intelligence

BY PREETIKA RANA est quarter. Startups have DoorDash’s quarterly revenue taurant food and other goods instance, as im- Lab. Typically,
long pointed to this metric to on the app. ages for train- synthetic data
DoorDash reported stron- signal a path to future profits. $2.0 billion 2Q 2023
The company got better at ing self-driving The tech could is created by
$2.13B, +33%*
ger-than-expected results for Uber Technologies, whose matching drivers with or- cars. But in be used to running real
m rp
last quarter, saying consum- food-delivery unit grew ders, improving its efficiency health and drug data through an
ers spent more on the deliv- slower than DoorDash’s last and worker experience, ac- research, where analyze a drug’s AI algorithm
1.5
ery of food and household es- quarter, reported its first op- cording to Inukonda. As a re- synthetic data that re-creates
sentials even as they returned erating profit after recording sult, the company spent less could be partic-
impact on a it in a form that
to eating out and some res- adjusted earnings for several money getting drivers to ularly useful in subpopulation. is similar, but
co Fo
taurants raised prices. quarters. 1.0 work for the platform and generating not identical.
Strong demand prompted Revenue for the three driver acquisition costs medical re- The closer the
DoorDash to raise its full-year months through June 30 grew dipped to a new low during cords, adoption synthetic data
guidance on the value of 33% from a year earlier to $2.13 the quarter, he said. Uber remains low. is to the original source data,
transactions it expects on its billion, beating the average es- 0.5 and others have said they are The technology’s steep cost the more accurate it is—but it
app. DoorDash expanded into timate of $2.06 billion from an- seeing more workers sign up and the sparse number of ven- is also more likely to leak the
delivering everything from alysts polled by FactSet. to their apps amid economic dors have been a drag on its original data. In addition, it’s
groceries to alcohol during The number of orders rose uncertainty. uptake. But the far larger unclear exactly how similar
the pandemic. It is the biggest 25% to 532 million and the to- 0 DoorDash raised the full- problem, healthcare companies synthetic data must be to the
food-delivery app in the U.S. tal value of transactions grew 2019 ’20 ’21 ’22 ’23 year guidance on the value say, is ensuring that synthetic source data to be subject to
“It’s becoming more of a 26% to $16.47 billion. Both *Change from a year earlier of transactions from its app. data accurately represents the HIPAA laws, she said. The
utility and habit than you beat Wall Street’s projections. Sources: S&P Capital IQ; the company It now expects transactions target population—in other Health Insurance Portability
think,” DoorDash Chief Finan- The value of transactions is of $64.2 billion to $65.2 bil- words, is more like real data. and Accountability Act shields
n-
cial Officer Ravi Inukonda indicative of consumer de- ders, said Inukonda. Still, lion in 2023. Analysts had “The complexity and the health records.
said in an interview. Order mand, while revenue refers to they are ordering more fre- been expecting transactions variability in healthcare and It’s possible new techniques
frequency, or the number of DoorDash’s cut from it. quently than ever before, worth around $64 billion this science makes it a really hard could be developed to ensure
times people order from Door- DoorDash’s net loss nar- raising overall spending on year. problem to solve,” said Jim the original data stays private
no
Dash in a month, reached a rowed to $172 million from the app. The company also raised Swanson, chief information of- without sacrificing the accu-
new high, surpassing pan- $263 million, also slightly bet- DoorDash updated its app its full-year guidance on ad- ficer of Johnson & Johnson. racy of the synthetic data, Ka-
demic peaks, he said. ter than what analysts had to try to simplify searching justed earnings, a figure that One area where Swanson gal said. Meanwhile, some
Shares rose 5% in after- expected. and combine food and non- excludes certain expenses. sees promise is in analyzing companies are hanging back.
hours trading following the DoorDash’s acquisition of food orders. Inukonda said Startups often point to this the long-term impacts and ef- In 2021, genomics company
results. European food-delivery com- that many first-time users are measure to signal strength in fectiveness of medicines al- Illumina published a promis-
While the San Francisco- pany Wolt helped raise its signing up to order groceries. their underlying operations. ready on the market. Cur- ing case study on the use of
based company continues to revenue, order volume and People who order groceries DoorDash expects 2023 ad- rently the company does this synthetic data in genomics
lose money, it has been trim- transaction value. The deal typically engage more with justed earnings before inter- with de-identified patient with technology vendor Gre-
ming its losses and has re- closed in June of last year. the app than those who only est, taxes, depreciation and data—data from which identi- tel. More recently, however, Il-
ported earnings on an ad- Consumers are making up order restaurant food, he said. amortization of $750 million fiers have been removed or lumina said synthetic data
justed basis for more than for higher restaurant prices More than 15% of DoorDash’s to $1.05 billion. Analysts were changed, but which could be isn’t a priority in research and
two years including in the lat- by adding fewer items to or- consumers have ordered res- expecting $826 million. linked back to the person by development at the company.
Smart companies have struggled to

make smart glasses, including
Google, which discontinued its
nology is only available on
three Ray-Ban models.
The first generation of the
Glasses Google Glass product.

The new version is ex-
pected, like the current one,
Ray-Ban Stories starts at $299.
Two versions of the glasses
are currently listed at 30% off
Disappoint not to have features that

would be categorized as aug-
mented reality, which allows
on the Ray-Ban website. It is
unclear how the second gener-
ation of the product will be
wearable devices to project or priced.
Continued from page B1 overlay content into what a Meta plans to improve the
as Ray-Ban and Oakley. A person is seeing in the real quality of the device and how
spokesman for EssilorLuxot- world. users discover its features, ac-
tica declined to comment. Meta executives see the cording to the document. The
The Ray-Ban Stories repre- Stories device as a predecessor social-media giant set a goal
sent one of the most impor- to AR glasses, which it hopes to maintain the ratings of the
tant partnerships for Meta’s to release in the coming years. app used with the smart
Reality Labs division, which Apple recently showcased its glasses to a 4.0 or higher on
has accumulated an operating Vision Pro augmented-reality Apple’s App Store or Google’s
loss of nearly $8 billion in the headset at an event in June. Play Store, the document
first six months of 2023 and is Zuckerberg and other com- shows.
expected to see its operating pany leaders have said Meta’s The app, called Facebook
losses increase meaningfully work in this arena is essential View, has a rating of 4.5 on
in 2024, executives say. to become a dominant player the Apple App Store and 4.4
The company released the in what could be the next ma- on the Google Play Store.
BRITTANY HOSEA-SMALL/REUTERS
first version of the device one jor computing platform to The company set a goal of
month before changing its emerge. 478,000 unit sales for the Ray-
name from Facebook to Meta The second generation of Ban Stories’s entire lifetime.
as part of Chief Executive the Ray-Ban Stories will come Another forecast in the docu-
Mark Zuckerberg’s metaverse, with improved battery life, ment also shows a lower fig-
which is a version of the inter- better cameras and will be ure, predicting sales of
net where users can interact available on more models of 394,000 units.
with one another in real-time, Ray-Ban’s frames, the people —Nick Kostov
virtual spaces. Other tech said. The smart-glasses tech- contributed to this article. Meta hopes to release the second generation of its glasses either in the fall or next spring.
TECHNOLOGY WSJ.com/Tech
New SEC Cyber Rules Leave Uncertainty Wireless

Confusion remains
Company
on how to determine
whether a breach
Is Seeking
needs disclosure Debt Relief
BY JAMES RUNDLE
AND KIM S. NASH BY ANDREW SCURRIA
AND DREW FITZGERALD
New rules governing when
publicly traded companies must Wireless venture Ligado
report serious cyberattacks to Networks is in talks with its
financial regulators center on major creditors about a debt re-
materiality. Executives disagree structuring that would ease the
on whether the concept is as way for a commercial deal to
simple as it seems. expand its satellite offerings,
The U.S. Securities and Ex- according to people familiar
change Commission adopted fi- with the company’s plans.
nal rules last week that require Ligado is exploring ways to
companies listed on stock ex- restructure its stack of debt
DAVID PAUL MORRIS/BLOOMBERG NEWS
changes to report cyberattacks and equity securities ahead of

no later a roughly $4 billion bond ma-
CYBERSECURITY than four turity in November, these peo-
days after ple said. While Ligado is ex-
they determine a hack will pected to win broad support
have a material impact. Most for a restructuring, it is con-
companies must start report- sidering a bankruptcy filing to
ing such attacks starting Dec. implement settlement terms if
18, in an 8-K form. creditors don’t agree unani-
“Materiality questions are The SEC says that hacks must be reported if they are found to have a material impact. mously, the people said.
not easy questions at all,” said The company set the re-
Lona Nallengara, a partner at mance. A significant cyber inci- The key for executives ac- cide when in their incident-re- Communications Commission. structuring in motion aiming
law firm Shearman & Sterling, dent decreases shareholder countable for cybersecurity sponse process a materiality de- Four days, she said, is long to allow for commercial deals
who previously served as chief value by 9% on average in the will be to document their pro- termination should be made, enough to report on a determi- involving its satellite service
of staff for former SEC chair following year, according to a cess and thinking when as- said Rex Booth, CISO at cyber- nation of materiality. with a leaner balance sheet
Mary Jo White. report from professional ser- sessing materiality. The SEC security company SailPoint. “The SEC is really asking free of imminent debt obliga-
Unlike a factory fire that vices company Aon on Tuesday. has included some protections “Any normal and rational for reasonable efforts to be re- tions. Such deals include a pos-
immediately knocks out pro- The SEC gave companies dis- against companies that try to and well-intentioned CISO is sponsible,” she said. The rules sible joint venture to pool
duction, a cyberattack’s fallout cretion to determine whether a delay reporting. The agency going to have an adequate are also likely to bring CISOs spectrum licenses with telecom
might not be apparent right hack is material as long as the said a materiality determina- amount of time to do their in- into contact with boards and companies including Viasat,
away, said Michael Ober- definition conforms to estab- tion must be made “as soon as vestigation, determine materi- disclosure committees more which Ligado recently owed at
.
laender, an independent con- lished case law and legislation reasonably practicable after ality and then report out,” said often, given the need for di- least $350 million.
sultant and former chief infor- enacted in the 1930s. the discovery of an incident,” Booth, who was the director of rectors to be aware of details A Ligado representative
ly
mation security officer who That is, information is ma- and companies must disclose stakeholder engagement at the that might affect materiality didn’t respond to a request for
serves on the board of the terial if a reasonable person the criteria by which they de- Office of the National Cyber Di- determinations. comment. A Viasat represen-
greater Houston chapter of would consider it important termine materiality in their rector until September 2022. “It “I hope this will be a moti- tative declined to comment.
Isaca, a technology gover-
nance training organization.
What looks like a minor
breach of 100 customer re-
when making an investment
decision, or if it would signifi-
cantly affect existing publicly
available information about a
on
annual reports.
The only method by which
a report can be delayed is
through a direct request from
doesn’t seem so strict as to
warrant these complaints that
we’re seeing.”
Similar rules requiring fed-
vator for the business to give
a seat at the table to the CISO,
and board members to make
cybersecurity an intentional
Some of Ligado’s major
creditors have been develop-
ing the broad strokes of a re-
structuring that would main-
cords might be discovered to company. Any doubts should the U.S. attorney general, in eral agencies to report cyber- business interest,” she said. If tain the existing order of
us ,
be one million as an investiga- be resolved in the favor of the writing, to protect national se- attacks to the Department of the new rules push managers payment priority among lend-
l
tion continues. It is common investor. curity or public safety. Homeland Security, enacted in and directors in that direction, ers and shareholders of the
e
al a
to see companies disclose a “Even if leaders are not ex- “We note that in the major- 2017, led to better incident-re- “the SEC will have been part company, while trimming
pileup of attack costs with plicitly required to make a cer- ity of cases registrants will sponse processes, he said. of innovation,” she said. some debt by turning it into
each quarterly financial state- tain level of disclosure, CEOs have had additional time lead- Investors, under the new re- preferred equity, people famil-
ci on
WSJ PRO
ment, he added. “Impact and boards would be well ad- ing up to the materiality de- quirements, will get a look at iar with the talks said.
comes to light over weeks and vised to exercise the highest termination, such that disclo- whether the company has the Ligado’s backers also ex-
months,” he said. level of forthrightness and can- sure becoming due less than a processes to identify, give prior- pect the company to update
The SEC’s central argument dor in communications related week after discovery should ity to and remediate security is- them in coming weeks on its
is that investors should be in- to cybersecurity,” said Thomas be uncommon,” the agency sues, said Merritt Baer, field
CYBERSECURITY long-stalled efforts to launch
er s
formed about cyber incidents View, managing director of said in the final rules. CISO at cloud security provider wireless communications ser-
that can affect a company’s fi- Temvi, which advises senior For security chiefs, the new Lacework, and a former senior wsj.com/pro/cybersecurity vices both on the ground and
m er
nancial health and perfor- leaders on cyber liability. rules give some flexibility to de- cyber official at the Federal from orbit, the people said.
m rp
co Fo
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BUSINESS NEWS
Warehouse Rents
Climb to a Record
The surge comes of rising leasing costs that has tively full.
pushed the price of warehouse The rush to find storage
even as demand for space up 50% since the spring sites has slowed to a crawl:
space weakens and of 2020, when exploding con- Newly leased space fell by
MARISSA LESHNOV FOR THE WALL STREET JOURNAL

sumer demand driven by the nearly 36% in the second quar-
vacancy rates rise pandemic sent the market for ter, according to Cushman &
warehouses skyrocketing. Wakefield, to 141 million
BY LIZ YOUNG In some markets, rents are square feet, as consumer
rising even faster. The average spending pivoted from goods
Warehouse rental prices asking rent in the Tampa Bay, to services and big retailers
across the U.S. have never Fla., region jumped 32.2% in sought to burn off excess in-
been as high as they were in the second quarter year over ventories.
the second quarter, when the year, according to real-estate The gap between falling de-
average asking rent for indus- services firm JLL. mand and rising prices is in
trial space reached $9.59 a Yet vacancy rates for indus- part the result of particular
square foot. trial real estate also are rising, dynamics of the industrial
That was 16.1% higher than reaching 4.1% in the second real-estate market, experts say, The market is still extremely tight, with availability of space still below prepandemic levels.
the same period last year, said quarter after bottoming out at where warehouse operators
commercial real-estate services close to 3% late in 2022, when and their customers typically on long-term prospects rather 2021 and 2022 postpandemic,” within new construction or
firm Cushman & Wakefield, experts said hot markets like sign deals for three to five than short-term market condi- Randhawa said. “It’s normaliz- previously existing product,”
and extended a four-year run Southern California were effec- years, basing leasing decisions tions. ing now.” he said.
Industry experts say the ris- Jason Price, senior research Developers have recently
ing vacancy rates also disguise director for U.S. industrial at been paring back projects amid
ADVERTISEMENT
a fundamental factor driving Cushman & Wakefield, said a declining leasing activity and
The Marketplace
the sector: The broader market flood of facilities built over the rising interest rates, which
for warehouse space remains past year, as warehouse opera- could prolong a shortfall of lo-
To advertise: 800-366-3975 or WSJ.com/classifieds extremely tight by historical tors raced to keep up with de- gistics space and put addi-
standards, with availability mand, also is driving up the tional pressure on asking
still far below prepandemic average rental rate. About rents, industry experts said.
CLASS ACTION levels. 139.5 million square feet of in- Prologis, the world’s largest
The 4.1% vacancy rate last dustrial space wrapped up builder of logistics properties,
quarter was sharply higher construction in said construc-
UNITED STATES DISTRICT COURT than the 3.5% rate in the first the second tion starts were
three months of the year, but quarter, some down about
MIDDLE DISTRICT OF TENNESSEE
still well below the 5% average of it replacing Developers have 40% in the sec-
NASHVILLE DIVISION
vacancy rate of 2020, accord- older facilities been paring ond quarter
.
INDIANA PUBLIC RETIREMENT SYSTEM, ) Civil Action No. 3:19-cv-00407 ing to Cushman & Wakefield. with new sites across the U.S.
Individually and on Behalf of All Others )
Mehtab Randhawa, global better outfitted back projects markets where
ly
CLASS ACTION
Similarly Situated, )
head of industrial research at for automation it operates.
Plaintiff,
)
)
Judge Eli J. Richardson
Magistrate Judge Alistair E. Newbern JLL, said companies are still and other con-
amid declining “We see de-
vs. )
) SUMMARY NOTICE OF PROPOSED competing for space in some temporary lo- leasing activity. liveries in 2024
MICHAEL T. CARTWRIGHT, KIRK R. MANZ
and ANDREW W. McWILLIAMS,
Defendants.
)
)
)
)
on
SETTLEMENT OF CLASS ACTION cases, which is driving up
rents even as shifting con-
sumer spending and rising in-
terest rates weigh on leasing
gistics strate-
gies.
“These are
priced at a premium over the
falling short of
demand, reduc-
ing vacancy
over the course of next year,”
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON decisions. market average in most cases, said Timothy Arndt, chief fi-
us ,
STOCK OF AAC HOLDINGS, INC. (“AAC” OR THE “COMPANY”) BETWEEN MARCH 8, 2017 AND Suppliers to manufacturers and that just naturally pushes nancial officer of Prologis, on
l
APRIL 15, 2019, INCLUSIVE (“CLASS” OR “CLASS MEMBERS”)

that are opening production the recorded average asking an earnings call July 18.
e
al a
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ
THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
facilities in the U.S. are taking rents upwards,” Price said. Price said he expects rents
on warehouse space, for exam- Even though average rental will keep rising this year and
YOU ARE HEREBY NOTIFIED that a hearing will be held on October 18, 2023, at 3:00 p.m., before the
ple, Randhawa said, helping re- rates are rising, some compa- next, but at a slower rate than
ci on
Honorable Eli Richardson at the United States District Court, Middle District of Tennessee, Nashville Division, Fred D.
Thompson U.S. Courthouse and Federal Building, Courtroom 5C, 719 Church Street, Nashville, TN 37203, to determine place some of the falling denies are able to find better they did at the height of the
whether: (1) the proposed settlement (the “Settlement”) of the above-captioned Litigation as set forth in the Stipulation mand from e-commerce deals on space than they had pandemic-driven demand.
of Settlement (“Stipulation”)1 for $3,750,000 in cash should be approved by the Court as fair, reasonable, and adequate; retailers. the past few years, Price said. “We’re not projecting rents
(2) the Judgment as provided under the Stipulation should be entered dismissing the Litigation with prejudice; (3) to award
Plaintiff’s Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Leasing has fallen “from the Tenants have “more options on to revert downward at all,” he
Settlement of Class Action (“Notice”), which is discussed below) and, if so, in what amount; (4) to pay Plaintiff for its costs and abnormal highs that we saw in the table for them, whether it’s said.
er s
expenses in representing the Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should
be approved by the Court as fair, reasonable, and adequate.
There exists the possibility that the Court may decide to conduct the Settlement Hearing by video or telephonic conference,
m er
or otherwise allow Class Members to appear at the hearing by phone or videoconference, without further written notice to the
Class. In order to determine whether the date and time of the Settlement Hearing have changed, or whether Class Members
must or may participate by phone or video, it is important that you monitor the Court’s docket and the Settlement website,
www.AACSecuritiesLitigation.com, before making any plans to attend the Settlement Hearing. Any updates regarding the
Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or telephonic
m rp
appearances at the hearing, will also be posted to that website. Also, if the Court requires or allows Class Members to
participate in the Settlement Hearing by telephone or videoconference, the access information will be posted to the Settlement
website, www.AACSecuritiesLitigation.com.
IF YOU PURCHASED OR OTHERWISE ACQUIRED AAC COMMON STOCK BETWEEN MARCH 8, 2017
Bringing Communities
AND APRIL 15, 2019, INCLUSIVE, YOUR RIGHTS ARE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.
To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and of Support to Students
co Fo
Release form (“Proof of Claim”) by mail (postmarked no later than November 24, 2023) or electronically (no later than
November 24, 2023). Your failure to submit your Proof of Claim by November 24, 2023, will subject your claim to rejection
and preclude your receiving any of the recovery in connection with the Settlement of this Litigation. If you purchased or
otherwise acquired AAC common stock between March 8, 2017 and April 15, 2019, inclusive, and do not request exclusion
from the Class, you will be bound by the Settlement and any judgment and release entered in the Litigation, including, but not
limited to, the Judgment, whether or not you submit a Proof of Claim.
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder
(including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of
the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other
settlement documents, online at www.AACSecuritiesLitigation.com, or by writing to:
AAC Securities Litigation
Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 301171
Los Angeles, CA 90030-1171
Inquiries should NOT be directed to AAC, Defendants, the Court, or the Clerk of the Court.
n-
Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Class Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP
Ellen Gusikoff Stewart
655 West Broadway, Suite 1900
no
San Diego, CA 92101

Telephone: 1-800-449-4900
settlementinfo@rgrdlaw.com
IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION
SUCH THAT IT IS POSTMARKED BY SEPTEMBER 27, 2023, IN THE MANNER AND FORM EXPLAINED IN THE
NOTICE. ALL CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A
TIMELY PROOF OF CLAIM.
IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN
OF ALLOCATION, THE REQUEST BY PLAINTIFF’S COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO
EXCEED 17% OF THE $3,750,000 SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $695,000, AND/
OR PAYMENT TO PLAINTIFF FOR ITS COSTS AND EXPENSES NOT TO EXCEED $25,000. ANY OBJECTIONS
MUST BE FILED WITH THE COURT AND SENT TO CLASS COUNSEL AND DEFENDANTS’ COUNSEL
BY SEPTEMBER 27, 2023, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.
DATED: July 6, 2023 BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
MIDDLE DISTRICT OF TENNESSEE
NASHVILLE DIVISION
1
The Stipulation can be viewed and/or obtained at www.AACSecuritiesLitigation.com.
PUBLIC NOTICES ANNOUNCEMENTS

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MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
35282.52 t 348.16, or 0.98% Trailing P/E ratio 25.71 19.49 4513.39 t 63.34, or 1.38% Trailing P/E ratio * 22.43 22.20 13973.45 t 310.47, or 2.17% 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 2.02 2.13 trading day of the past three months. Dividend yield * 1.56 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

35800 4600 14500
Session high
DOWN UP 14000
35200 4500
t
Session open Close
Close Open
t
34600 4400 13500

Session low
34000 4300 13000
33400 4200 12500

65-day moving average
65-day moving average 65-day moving average
32800 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* 945,006,841 9,610,085
Industrial Average 35551.92 35226.26 35282.52 -348.16 -0.98 35630.68 28725.51 7.5 6.4 10.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 202,248,740 1,126,618
Transportation Avg 16508.02 16355.05 16380.25 -150.17 -0.91 16695.32 11999.40 13.5 22.3 17.9 Most-active issues in late trading Decl. volume* 737,167,249 8,239,869
Utility Average 925.64 915.21 921.10 1.35 0.15 1061.77 838.99 -10.2 -4.8 3.5 Volume After Hours Issues traded 3,027 321
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 45510.53 45101.91 45178.71 -659.08 -1.44 45969.67 36056.21 8.0 17.3 10.7 Advances 664 93
SPDR S&P 500 ETF Trust SPY 12,922.7 450.00 -0.13 -0.03 456.27 449.72
Barron's 400 1035.21 1021.28 1023.67 -11.54 -1.12 1036.97 825.73 7.2 11.2 13.3 Declines 2,280 211
PayPal Holdings PYPL 5,435.8 67.80 -5.40 -7.38 74.03 66.80
Unchanged 83 17
Nasdaq Stock Market iSh 1-5 Year IG Corp Bd IGSB 4,592.4 50.06 ... unch. 50.08 49.99 New highs 65 3
Nasdaq Composite 14133.85 13914.81 13973.45 -310.47 -2.17 14358.02 10213.29 10.3 33.5 9.2 Bank of America BAC 4,523.2 31.02 -0.17 -0.55 31.24 30.98 New lows 33 12
Nasdaq-100 15561.36 15321.44 15370.74 -347.27 -2.21 15841.35 10679.34 16.0 40.5 12.1 AGNC Investment AGNC 4,076.2 10.05 0.01 0.09 10.06 10.04 Closing Arms† 1.06 2.57
Apple AAPL 4,024.5 192.27 -0.31 -0.16 196.03 182.14 Block trades* 4,195 124
S&P
.
-1.38
Invesco QQQ Trust I QQQ 3,913.7 374.07 -0.33 -0.09 374.71 373.84
500 Index 4550.93 4505.75 4513.39 -63.34 4588.96 3577.03 8.6 17.6 11.3 Nasdaq NYSE Arca
ly
Shopify Cl A SHOP 3,452.6 62.13 -0.30 -0.48 67.29 59.29
MidCap 400 2703.66 2681.82 2691.62 -30.24 -1.11 2728.44 2203.53 7.3 10.7 13.0 Total volume*5,481,962,062 333,552,924
SmallCap 600 1267.50 1259.76 1264.89 -11.23 -0.88 1315.82 1064.45 1.7 9.3 13.5 Percentage gainers… Adv. volume*1,615,950,350 66,325,303
Upwork UPWK 397.3 11.95 1.98 19.86 12.22 9.97 Decl. volume*3,832,820,244 262,045,079
Other Indexes
Russell 2000
NYSE Composite
Value Line
1981.28 1957.13 1966.83 -27.33
16356.51 16154.34 16174.54 -181.98
594.55 585.09 586.53 -8.02
-1.37
-1.11
-1.35
on 2021.35 1655.88
16427.29 13472.18
606.49 491.56
3.0
5.9
2.3
11.7
6.5
9.4
9.9
9.1
8.6
EVgo Cl A
Coherus BioSciences
Confluent
EVGO
CHRS
CFLT
747.4
549.1
529.7
4.85
4.95
34.80
0.61
0.61
3.78
14.39
14.06
12.19
4.87
5.15
36.08
4.15
4.34
30.49
Issues traded
Advances
Declines
Unchanged
4,536
1,226
3,137
173
1,810
171
1,625
14
NYSE Arca Biotech 5279.31 5226.42 5236.95 -40.27 -0.76 5644.50 4390.11 6.2 -0.8 -2.5
Zeta Global Holdings ZETA 71.0 9.22 0.86 10.29 9.98 8.36
New highs 56 6
us ,
NYSE Arca Pharma 875.39 866.32 867.99 -2.95 -0.34 892.45 737.84 7.5 0.01 9.8 ...And losers New lows 123 11
l
KBW Bank 87.58 86.37 87.48 -0.97 -1.10 115.55 71.96 -19.3 -13.3 5.5 98.6 22.95 -4.12 -15.22 27.07 22.80 Closing Arms† 0.93 0.31
e
DXC Technology DXC
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PHLX§ Gold/Silver 121.95 118.62 119.07 -3.49 -2.85 144.37 91.40 13.9 -1.5 -8.3 Schrodinger SDGR 108.2 43.00 -7.24 -14.41 50.24 42.75 Block trades* 37,617 1,618
PHLX§ Oil Service 92.96 91.02 92.41 -0.71 -0.76 93.94 56.08 40.4 10.2 37.4 QuantumScape QS 1,300.4 9.70 -1.41 -12.69 11.37 9.30 * Primary market NYSE, NYSE American NYSE Arca only.
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PHLX§ Semiconductor 3809.75 3691.37 3711.60 -146.61 -3.80 3861.63 2162.32 21.6 46.6 20.2 Revolve Group RVLV 317.1 16.39 -2.00 -10.88 19.78 15.75 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 16.48 14.95 16.09 2.16 15.51 33.63 12.91 -26.7 -25.7 -13.0 Tupperware Brands TUP 1,842.7 3.28 -0.39 -10.63 4.92 3.04 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

er s
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
m er
World MSCI ACWI 692.02 –11.58 –1.65 14.3 Aurora Acquisition Cl A AURC 49.58 18.58 59.94 62.91 9.83 404.4 Adamis Pharmaceuticals ADMP 1.33 -2.66 -66.67 27.80 1.28 -95.0
MSCI ACWI ex-USA 305.89 –6.13 –1.96 8.7 TRxADE HEALTH MEDS 10.69 3.98 59.31 25.65 3.77 -52.8 Driven Brands DRVN 15.20 -10.63 -41.15 35.45 13.15 -52.9
MSCI World 3000.53 –48.07 –1.58 15.3 Alset Capital Acqn Cl A ACAX 7.17 2.10 41.42 12.27 4.68 -27.6 Cheetah Net Supply Chain CTNT 4.18 -2.72 -39.42 6.90 3.51 ...
MSCI Emerging Markets 1019.99 –23.10 –2.21 6.7 Powell Industries POWL 85.54 24.25 39.57 90.00 20.17 229.8 Motorsport Games MSGM 4.40 -2.20 -33.33 49.50 2.01 -25.4
m rp
Americas MSCI AC Americas 1710.94 –25.78 –1.48 17.4 Adv Hlth Intelligence ADR AHI 4.14 1.05 33.98 15.52 0.64 89.4 Tupperware Brands TUP 3.67 -1.71 -31.78 12.86 0.61 -61.5
Canada S&P/TSX Comp 20218.21 –314.72 –1.53 4.3 Vertiv Holdings VRT 34.29 7.76 29.25 35.38 9.48 186.0 Hainan Manaslu Acqn HMAC 6.96 -3.19 -31.43 13.27 6.13 ...
Latin Amer. MSCI EM Latin America 2483.30 –49.66 –1.96 16.7 Armata Pharmaceuticals ARMP 3.29 0.73 28.52 4.92 0.83 -22.2 Cambium Networks CMBM 11.37 -4.89 -30.07 24.19 8.84 -40.4
Brazil BOVESPA 120858.72 –389.67 –0.32 10.1 AppTech Payments APCX 2.70 0.53 24.42 5.37 0.40 267.3 Allurion Technologies ALUR 7.25 -3.11 -30.02 10.94 6.77 -26.4
Chile S&P IPSA 3572.88 –56.79 –1.56 12.6 Cardlytics CDLX 13.50 2.23 19.79 18.21 2.57 -16.1 American Superconductor AMSC 11.46 -4.67 -28.95 17.37 3.20 83.9
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Mexico S&P/BMV IPC 53283.56 –927.06 –1.71 9.9 China Natural Resources CHNR 2.80 0.46 19.66 4.40 1.63 -20.0 Spirit AeroSystems Cl A SPR 22.86 -8.58 -27.29 38.55 21.14 -27.4
EMEA STOXX Europe 600 460.84 –6.32 –1.35 8.5 Freshworks Cl A FRSH 21.61 3.37 18.48 23.09 11.92 42.9 Container Store Group TCS 2.68 -0.99 -26.98 8.09 2.15 -62.5
Eurozone Euro STOXX 458.38 –6.64 –1.43 11.8 Erie Indemnity Cl A ERIE 257.82 37.45 16.99 286.50 199.49 21.3 Electriq Power Holdings ELIQ 3.55 -1.23 -25.73 11.85 3.00 -64.0
Belgium Bel-20 3726.53 –33.95 –0.90 0.7 Clearwater Paper CLW 36.99 5.10 15.99 46.48 29.22 -10.9 Triumph Group TGI 9.35 -3.05 -24.60 16.87 7.84 -35.4
Denmark OMX Copenhagen 20 2004.42 –26.77 –1.32 9.2 Local Bounti LOCL 5.14 0.70 15.77 62.66 2.50 -91.3 Generac Holdings GNRC 115.95 -37.43 -24.40 282.62 86.29 -53.4
7312.84 13.0 Aprea Therapeutics APRE 3.57 0.47 15.16 23.20 2.78 -81.0 MeridianLink MLNK 17.01 -5.32 -23.82 22.69 12.49 -6.3
France CAC 40 –93.24 –1.26
Germany DAX 16020.02 –220.38 –1.36 15.1
Israel Tel Aviv 1862.35 0.68 0.04 3.6
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28974.54 –381.62 –1.30 22.2 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 775.03 –11.11 –1.41 12.5
Norway Oslo Bors All-Share 1403.38 –15.15 –1.07 3.0 T2 Biosystems TTOO 283,903 401.1 0.24 54.29 15.00 0.05 InFinT Acquisition Cl A IFIN 551 9010 10.92 0.46 10.95 10.07
ProSh UltraPro Shrt QQQ SQQQ 174,317 48.5 18.18 6.57 69.55 16.38 Blue Ocean Acqn Cl A BOCN 2,352 7179 10.64 0.09 10.94 9.97
South Africa FTSE/JSE All-Share 76477.22 –2164.69 –2.75 4.7
n-
Advanced Micro Devices AMD 172,492 143.9 109.35 -7.02 132.83 54.57 UPAR Ultra Risk Parity UPAR 844 5199 13.48 -1.61 15.63 11.73
Spain IBEX 35 9328.70 –174.20 –1.83 13.4
831.40 6.3 Crown Electrokinetics CRKN 149,569 2128.6 0.06 -12.46 0.98 0.05 High Yield ETF HYLD 576 3603 25.47 -0.56 28.44 25.13
Sweden OMX Stockholm –8.05 –0.96
ProShares UltraPro QQQ TQQQ 127,804 25.6 42.02 -6.54 47.14 16.10 Driven Brands DRVN 20,450 3472 15.20 -41.15 35.45 13.15
Switzerland Swiss Market 11212.70 –96.55 –0.85 4.5
Turkey BIST 100 7258.54 90.03 1.26 31.8 T Stamp IDAI 118,789 9538.2 2.19 51.03 9.85 0.77 GraniteSh Bloom Comm COMB 1,217 2818 21.49 -1.69 32.47 19.83
no
U.K. FTSE 100 7561.63 –104.64 –1.36 1.5 WaveDancer WAVD 118,261 120539.8 0.58 110.91 1.64 0.25 CNA Financial CNA 4,666 2564 40.26 1.90 45.42 35.90
U.K. FTSE 250 18812.88 –252.78 –1.33 –0.2 Mullen Automotive MULN 115,474 -47.6 0.12 -5.65 23.98 0.10 Alpha Ptrs Tech Cl A APTM 796 2468 10.48 0.19 11.35 9.72
Direxion Dly Semi 3 Bear SOXS 101,261 86.6 9.17 11.56 89.59 8.17 Alset Capital Acqn Cl A ACAX 376 2338 7.17 41.42 12.27 4.68
Asia-Pacific MSCI AC Asia Pacific 166.68 –3.56 –2.09 7.0 TSLA 101,038
Tesla -24.7 254.11 -2.67 314.67 101.81 Cambium Networks CMBM 2,491 2267 11.37 -30.07 24.19 8.84
Australia S&P/ASX 200 7354.70 –96.01 –1.29 4.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3261.69 –29.26 –0.89 5.6 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19517.38 –493.74 –2.47 –1.3
65782.78 –1.02 8.1
Scan this code
India S&P BSE Sensex –676.54
Japan NIKKEI 225 32707.69 –768.89 –2.30 25.3 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3325.02 –48.77 –1.45 2.3 and track most-active stocks,
South Korea KOSPI 2616.47 –50.60 –1.90 17.0 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16893.73 –319.14 –1.85 19.5 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1550.28 –5.78 –0.37 –7.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004213 23738 0.5
CREDIT MARKETS Argentina peso .0036276.0550 56.2 Europe
Brazil real .2079 4.8109 –9.0 Czech Rep. koruna .04563 21.916 –2.9
Canada dollar .7490 1.3352 –1.5 Denmark krone .1468 6.8130 –1.9
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001184 844.66 –0.4 Euro area euro 1.0939 .9142 –2.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000247 4042.79 –16.6 Hungary forint .002814 355.35 –4.8
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007559 132.30 –6.5
A consumer rate against its 5-year CDs Mexico peso .0587 17.0252 –12.6 Norway krone .0971 10.3020 5.0
benchmark over the past year
s WSJ Dollar Index Uruguay peso .02639 37.9000 –5.2 Poland zloty .2460 4.0657 –7.2
5.00%
t
Bankrate.com avg†: 2.85% 6% Russia ruble .01060 94.310 27.9
Tradeweb ICE Asia-Pacific
Colorado Federal Savings Bank 4.45% Wednesday Close 4.00 s Euro Sweden krona .0933 10.7184 2.7
Australiadollar .6539 1.5293 4.2
Federal-funds 5.50% Greenwood Village, CO 877-484-2372 0 Switzerland franc 1.1396 .8775 –5.1
China yuan .1391 7.1916 4.3
target rate 3.00 Turkey lira .0371 26.9614 44.3
Barclays Bank 4.50% t Hong Kong dollar .1282 7.8020 –0.1
t 4.50 Ukraine hryvnia .0271 36.9500 0.3
One year ago –6 India rupee .01208 82.795 0.1
Wilmington, DE 888-720-8756 2.00 UK pound 1.2711 .7867 –4.8
Indonesia rupiah .0000657 15227 –2.2
3.50 First Internet Bank of Indiana 4.59% 1.00 –12 Japan yen .006977 143.33 9.3 Middle East/Africa
Indianapolis, IN 888-873-3424 s Kazakhstan tenge .002246 445.27 –3.8 Bahrain dinar 2.6529 .3770 –0.03
Yen
t 2.50 Popular Direct 4.60% 0.00 –18 Macau pataca .1244 8.0395 –0.1 Egypt pound .0324 30.9010 24.8
Five-year CD yields Malaysia ringgit .2201 4.5440 3.2 Israel shekel .2723 3.6725 4.2
Miami Lakes, FL 800-274-5696 1 3 6 1 2 3 5 7 10 20 30 2022 2023
1.50 New Zealand dollar .6080 1.6447 4.4 Kuwait dinar 3.2478 .3079 0.6
First National Bank of America 4.65% month(s) years
A S ON D J FMAM J J A Pakistan rupee .00346 288.950 27.5 Oman sul rial 2.5973 .3850 ...
East Lansing, MI 800-968-3626 maturity Philippines peso .0181 55.120 –1.0 Qatar rial .2742 3.647 –0.6
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7462 1.3401 –0.1 Saudi Arabia riyal .2665 3.7521 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007695 1299.47 3.0 South Africa rand .0542 18.4636 8.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031702 315.44 –14.2
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 .03161 31.638 3.3
Yield (%) 52-Week Total Return (%) Thailand baht .02899 34.500 –0.3 WSJ Dollar Index 97.19 0.3950.408 0.66
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 5.31 5.06 2.25 l 5.31 5.21 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2100.310 4.490 4.370 4.560 2.930 –4.232 –5.481
Money market, annual yield 0.57 0.56 0.12 l 0.57 0.31
Five-year CD, annual yield 2.85 2.86 1.83 l 2.86 2.16 U.S. Treasury Long, Bloomberg 3121.960 4.290 4.060 4.570 3.090 –13.519–14.628 Commodities
30-year mortgage, fixed† 7.42 7.38 5.43 l 7.43 4.32 Aggregate, Bloomberg 1972.140 4.940 4.800 5.210 3.460 –3.598 –4.736 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.67 6.68 4.76 l 6.70 3.94 Fixed-Rate MBS, Bloomberg 1949.530 4.950 4.770 5.380 3.430 –4.689 –4.150
Jumbo mortgages, $726,200-plus† 7.48 7.44 5.41 l 7.48 4.34 DJ Commodity 990.35 -16.49 -1.64 1113.32 930.59 -5.88 -5.56
High Yield 100, ICE BofA 3310.070 8.034 7.824 8.753 6.786 3.886 1.693 Refinitiv/CC CRB Index 276.50 -4.35 -1.55 301.75 253.85 -1.85 -0.45
Five-year adj mortgage (ARM)† 6.34 6.27 4.16 l 6.34 3.10
Muni Master, ICE BofA 567.386 3.433 3.222 3.936 2.449 –0.242 –1.288 Crude oil, $ per barrel 79.49 -1.88 -2.31 97.01 66.74 -12.32 -0.96
New-car loan, 48-month 7.26 7.26 5.07 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 800.952 7.684 7.561 9.159 7.084 3.818 –3.717 Natural gas, $/MMBtu 2.477 -0.083 -3.24 9.680 1.991 -70.03 -44.65
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. 1937.40 -3.30 -0.17 2048.00 1623.30 10.20 6.47
COMMODITIES wsj.com/market-data/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, August 2, 2023
Metal & Petroleum Futures Dec 3,542 3,566 3,521 3,551 7 131,113 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Sept 164.55 167.95 162.75 166.95 2.40 81,737 months.
Open High hi lo Low Settle Chg interest
Dec 164.20 167.30 162.70 166.35 1.95 63,561
Copper-High (CMX)-25,000 lbs.; $ per lb. Wednesday Wednesday Wednesday
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Aug 3.8700 3.8700 3.8270 3.8275 –0.0660 1,054 Oct 24.39 24.61 24.09 24.20 –.19 394,106 Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 9.4900
Sept 3.9100 3.9210 3.8340 3.8435 –0.0650 119,006
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 5.8250
March'24 24.57 24.75 24.27 24.39 –.18 236,302
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. 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 8.2700
Aug 1948.40 1953.60 1933.20 1937.40 –3.30 3,492 Sept 38.53 38.53 38.51 39.58 –.07 819 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u n.a.
Sept 1957.10 1962.90 1940.50 1946.00 –3.70 2,367 BMI Lithium Carbonate, EXW China, =99.2%-v,w 38775
March'24 42.00 42.00 42.00 42.00 .25 2,883 Metals Food
Oct 1967.80 1972.40 1949.60 1955.50 –3.70 32,510 Cotton (ICE-US)-50,000 lbs.; cents per lb. BMI Lithium Hydroxide, EXW China, =56.5% -v,w 37450
Dec 1988.90 1992.20 1969.10 1975.00 –3.80 374,948 Oct 85.83 85.87 84.80 85.08 –1.79 104 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Beef,carcass equiv. index
Feb'24 2009.30 2012.40 1989.60 1995.50 –3.90 15,039 Dec 86.11 86.22 84.03 84.59 –1.63 139,025 Engelhard industrial 1945.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 285.01
April 2028.70 2032.20 2011.20 2015.10 –4.10 6,707 Handy & Harman base 1944.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 select 1-3,600-900 lbs.-u 259.83
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 312.00 312.15 302.50 302.50 –10.00 7,898 Handy & Harman fabricated 2158.06 Broilers, National comp wtd. avg.-u,w 1.1436
Aug 1230.90 4.70 LBMA Gold Price AM *1956.75
Fibers and Textiles Butter,AA Chicago-d 2.6300
Nov 298.20 298.20 288.80 288.80 –10.00 1,955
LBMA Gold Price PM *1947.20 Cheddar cheese,bbl,Chicago-d 187.00
Sept 1242.00 1253.50 1223.00 1241.80 4.70 15,478 Burlap,10-oz,40-inch NY yd-n,w 0.7225
2025.73
Cheddar cheese,blk,Chicago-d 196.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Krugerrand,wholesale-e Cotton,1 1/16 std lw-mdMphs-u 0.8208
Maple Leaf-e 2074.20
Milk,Nonfat dry,Chicago lb.-d 112.25
Aug 921.30 –10.10 2 Cotlook 'A' Index-t *95.75 Coffee,Brazilian,Comp-y 1.6403
Oct 939.80 943.90 925.70 930.40 –10.00 63,524 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% American Eagle-e 2074.20 Hides,hvy native steers piece fob-u n.a.
Sept 130-120 130-230 128-040 129-000 –1-08.0 1,542,698 Coffee,Colombian, NY-y 1.9662
Silver (CMX)-5,000 troy oz.; $ per troy oz. Mexican peso-e 2500.86 Wool,64s,staple,Terr del-u,w n.a.
130-300 132-160 130-020 130-280 –1-07.0 54 Eggs,large white,Chicago-u 1.1150
Aug 24.150 24.150 24.000 23.754 –0.454 38 Dec Austria crown-e 1903.12
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Grains and Feeds Flour,hard winter KC-p 19.40
Sept 24.480 24.630 23.760 23.872 –0.454 112,212 Austria phil-e 2035.43
Sept 123-020 123-130 121-200 122-090 –22.0 1,290,562
Hams,17-20 lbs,Mid-US fob-u n.a.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 103.01
82.05 s
82.43 79.05 79.49 –1.88 345,150 Dec 123-150 123-190 121-280 122-170 –22.0 3,254 Engelhard industrial 24.2000 Bran,wheat middlings, KC-u,w 145
Sept Pork bellies,12-14 lb MidUS-u n.a.
Oct 81.54 s
81.95 78.68 79.13 –1.79 228,555 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman base 23.6900 Corn,No. 2 yellow,Cent IL-bp,u 5.1800 Pork loins,13-19 lb MidUS-u 1.2394
s Sept 111-000 111-075 110-150 110-255 –2.5 4,812,113 Handy & Harman fabricated 29.6130 Corn gluten feed,Midwest-u,w 159.2
Nov 81.10 81.44 78.27 78.73 –1.73 135,511 Steers,Tex.-Okla. Choice-u n.a.
Dec 80.60 s
80.92 77.85 78.32 –1.66 244,150 Dec 111-200 111-245 110-315 111-105 –3.0 18,034 LBMA spot price *£19.1600 Corn gluten meal,Midwest-u,w 533.2 Steers,feeder,Okla. City-u,w 269.63
June'24 77.68 s
77.84 75.30 75.74 –1.37 119,941 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% (U.S.$ equivalent) *24.5150 Cottonseed meal-u,w 345
Dec 74.98 s
75.17 72.90 73.28 –1.28 127,307 Sept 106-197 106-262 106-117 106-185 1.5 5,545,327 Coins,wholesale $1,000 face-a 20942 Hominy feed,Cent IL-u,w 160 Fats and Oils
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 107-092 107-122 106-295 107-045 1.2 12,149 Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
Sept 3.0648 3.0874 s 2.9678 3.0043 –.0191 87,795 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% LBMA Platinum Price PM *930.0 Oats,No.2 milling,Mnpls-u 4.4425 Grease,choice white,Chicago-h 0.6400
Oct 3.0269 3.0479 s 2.9394 2.9761 –.0134 50,777 Sept 101-147 101-180 101-130 101-158 1.7 3,633,761 Platinum,Engelhard industrial 935.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 102-000 102-015 101-282 101-312 1.5 562 Palladium,Engelhard industrial 1260.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7212
Sept 2.9009 2.9130 2.7664 2.7758 –.0972 123,600 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Aluminum, LME, $ per metric ton *2217.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 467.40 Tallow,bleach;Chicago-h 0.6750
Oct 2.6320 2.6473 s 2.5243 2.5359 –.0777 81,892 Aug 94.6725 94.6725 94.6700 94.6700 ... 389,881 Copper,Comex spot 3.8275 Soybeans,No.1 yllw IL-bp,u 14.0000 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Oct 94.6300 94.6350 94.6200 94.6250 ... 306,698
Sept 2.578 2.581 2.457 2.477 –.083 331,443 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Oct 2.689 2.690 2.570 2.586 –.086 110,708 Dec 94.6250 94.6500 94.6150 94.6400 .0200 1,274,561 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 8/1
Nov 3.088 3.090 2.989 2.998 –.077 112,246 Source: Dow Jones Market Data
Jan'24 3.731 3.735 3.655 3.668 –.057 87,541 Currency Futures
March 3.397 3.399 3.332 3.346 –.047 75,156 Japanese Yen (CME)-¥12,500,000; $ per 100¥
April 3.104 3.116 3.057 3.068 –.044 68,673 Aug .7016 .7043 .6983 .6993 .0007 800
Sept .7054 .7082 .7021 .7031 .0006 225,976 Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu. Aug
Sept
.7537
.7539
.7538
.7544
.7490
.7493
.7495 –.0031 205
.7498 –.0031 148,248
Tracking Bond Benchmarks
Sept 497.25 512.25 485.75 488.25 –8.75 377,090
Dec 507.25 523.25 497.50 500.50 –6.75 610,425 British Pound (CME)-£62,500; $ per £ Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oats (CBT)-5,000 bu.; cents per bu. Aug 1.2788 1.2804 1.2682 1.2720 –.0053 257 highs and lows for different types of bonds
Sept 434.75 441.50 434.25 434.25 –1.25 1,112 Sept 1.2785 1.2808 1.2683 1.2722 –.0053 208,544 Total Total
Dec 455.00 459.50 453.00 453.25 –1.25 3,079 Swiss Franc (CME)-CHF 125,000; $ per CHF return YTD total Yield (%) return YTD total Yield (%)
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 1.1518 1.1523 1.1413 1.1455 –.0022 42,966 close return (%) Index Latest Low High close return (%) Index Latest Low High
Aug 1447.25 1447.25 1420.25 1429.75 –17.00 2,021 Dec 1.1585 1.1635 1.1528 1.1569 –.0021 747
Australian Dollar (CME)-AUD 100,000; $ per AUD Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Nov 1344.00 1354.00 1315.00 1321.25 –20.00 309,784
Aug .6624 .6632 .6530 .6548 –.0063 415
Soybean Meal (CBT)-100 tons; $ per ton. 1972.14 1.1 U.S. Aggregate 4.940 3.460 5.210 1949.53 0.7 Mortgage-Backed 4.950 3.430 5.380
Aug 456.10 458.60 447.50 451.80 –4.30 1,770 Sept .6632 .6641 .6538 .6556 –.0064 159,438
Dec 398.30 403.00 389.70 392.20 –6.10 206,601 Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Corporate Indexes Bloomberg Fixed Income Indices 1924.95 1.1 Ginnie Mae (GNMA) 4.980 3.450 5.370
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Aug .05876 .05918 .05851 .05860 –.00056 37
.05866 .05889 .05803 .05822 –.00056 236,375 2939.50 2.4 U.S. Corporate 5.590 4.330 6.130 1145.86 0.6 Fannie mae (FNMA) 4.930 3.430 5.390
.
Aug 67.33 67.70 66.79 67.31 .22 1,347 Sept
Dec 60.83 61.25 60.06 60.71 –.11 191,307 Euro (CME)-€125,000; $ per € 2852.49 2.4 Intermediate 5.550 4.110 6.050 1758.55 0.8 Freddie Mac (FHLMC) 5.040 3.430 5.370
ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Aug 1.1023 1.1024 1.0925 1.0949 –.0031 2,360
Sept 15.86 15.96 15.64 15.94 .09 7,968 Sept 1.1040 1.1043 1.0943 1.0968 –.0032 737,436 3882.65 2.3 Long term 5.670 4.720 6.370 567.39 2.0 Muni Master 3.433 2.449 3.936
Nov 16.00 16.16 15.89 16.14 .09 1,708 405.20 1.8 7-12 year 3.050 2.343 3.794
Index Futures 566.15 1.7 Double-A-rated 4.990 3.700 5.320
Wheat (CBT)-5,000 bu.; cents per bu.
782.91 2.9 Triple-B-rated 5.850 4.670 6.440 456.36 3.1 12-22 year 3.758 3.009 4.428
Sept
Dec
Sept
Dec
654.50
680.00
804.00
817.75
684.00
709.50
Wheat (KC)-5,000 bu.; cents per bu.
829.50
841.75
636.00
663.00
774.25
789.50
640.00 –12.25 131,326
667.25 –11.00 109,534
787.00 –17.50
801.00 –16.75
70,221
69,187
Sept
Dec
on
Mini DJ Industrial Average (CBT)-$5 x index
35650
35965
Mini S&P 500 (CME)-$50 x index
Sept 4580.00
35728
36060
4593.50
35333
35684
4527.75
35403
35739
–354 112,504
–353 522
4537.25 –64.00 2,212,364

High Yield Bonds ICE BofA
492.01
470.00
6.2 High Yield Constrained 8.583 7.409 9.623
11.8 Triple-C-rated 13.742 12.836 16.916
429.54 4.2
Global Government J.P. Morgan†
525.97 0.8
22-plus year 4.391 3.727 5.131
Global Government 3.260 2.040 3.260

Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 4639.75 4644.75 4579.25 4588.25 –64.75 23,639
us ,
Aug 248.075 248.700 245.775 246.825 –1.650 11,707 Mini S&P Midcap 400 (CME)-$100 x index 3310.07 6.3 High Yield 100 8.034 6.786 8.753 762.89 -0.1 Canada 3.730 2.780 3.780
Sept 251.900 252.200 249.100 250.100 –1.800 19,131 Sept 2716.90 2735.20 2693.70 2704.00 –31.20 39,112
l
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 2722.40 –29.70 n.a. 428.37 5.6 Global High Yield Constrained 8.597 7.593 9.945 339.56 2.0 EMU§ 3.298 1.608 3.490
e
al a
Aug 179.350 179.525 177.800 178.025 –1.475 34,808 Mini Nasdaq 100 (CME)-$20 x index 627.56 1.3 France 3.180 1.430 3.310
181.625 181.900 180.150 180.500 –1.325 137,663
325.92 5.5 Europe High Yield Constrained 7.325 5.952 8.508
Oct Sept 15757.00 15789.75 15414.00 15473.00 –344.25 254,328
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 15970.00 15989.50 15612.00 15671.25 –347.00 8,421 U.S Agency Bloomberg Fixed Income Indices 447.86 1.0 Germany 2.590 0.800 2.760
ci on
Aug 103.825 104.125 102.250 102.675 –1.000 21,678 Mini Russell 2000 (CME)-$50 x index
Oct 85.250 85.875 83.750 84.875 –.775 85,432 Sept 1994.50 1999.30 1966.00 1976.60 –27.40 513,435 1718.31 1.6 U.S Agency 4.990 3.170 5.080 279.92 0.8 Japan 0.970 0.570 1.060
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec 2012.50 2019.30 1987.30 1997.10 –27.50 2,254 1521.13 1.6 10-20 years 4.990 3.140 5.100 484.43 1.0 Netherlands 2.860 1.110 3.000
Sept 505.50 508.00 500.00 501.00 –4.50 4,095 Mini Russell 1000 (CME)-$50 x index
Nov 516.00 516.50 510.50 512.00 –3.50 2,002 Sept 2494.60 2521.80 2483.70 2488.80 –36.30 7,971 3255.08 2.1 20-plus years 4.870 3.640 5.240 754.74 -3.6 U.K. 4.480 2.140 4.700
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
2598.85 2.6 Yankee 5.390 4.040 5.840 800.95 4.3 Emerging Markets ** 7.684 7.084 9.159
Aug 17.41 17.61 17.34 17.49 .04 4,899 Sept 101.82 102.58 101.79 102.39 .30 30,910
er s
Sept 17.39 17.76 17.36 17.53 … 5,347 Dec 101.46 102.21 101.46 102.03 .29 520 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Cocoa (ICE-US)-10 metric tons; $ per ton. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Sept 3,538 3,582 3,530 3,562 19 122,697 Source: FactSet
m er
Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
m rp
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points

Inventories, imports and demand for the week ended July 28. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 4.750 U.S. 2 4.889 t l 4.912 4.877 3.077
Natural-gas import and demand data are available monthly only. 3.375 10 4.077 s l 4.048 3.818 2.740
3.250 Australia 2 3.912 t l 3.924 4.223 2.490 -98.4 -99.3 -54.7
Inventories, 000s barrels Imports, 000s barrels per day
4.500 10 4.023 s l 3.975 4.032 2.988 -5.5 -5.7 23.5
co Fo
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 3.266 t l 3.313 3.373 0.223 -163.0 -160.3 -281.5
3.000 10 3.082 t l 3.097 2.926 1.373 -99.7 -93.5 -138.0
Crude oil and
petroleum prod 1,266,059 ... 1,276 1,209 1,274 1,294 8,637 ... 8,520 9,412 8,491 9,184 3.100 Germany 2 3.012 t l 3.058 3.195 0.329 -188.4 -185.9 -270.9
Crude oil 2.600 10 2.535 t l 2.558 2.394 0.820 -154.3 -147.4 -193.3
excluding SPR 439,771 -1,300 457 427 453 448 6,668 ... 6,367 7,342 6,522 6,983
3.600 Italy 2 3.634 t l 3.713 3.902 1.290 -126.2 -120.3 -174.7
Gasoline 219,081 ... 218 225 219 232 945 ... 754 609 799 802
Finished gasoline 17,297 -1,300 15 17 17 21 92 ... 146 104 114 161 4.350 10 4.187 t l 4.188 4.071 2.914 10.9 15.6 16.1
Reformulated 29 ... 0 0 0 0 0 ... 0 0 0 0 0.005 Japan 2 0.017 s l 0.005 -0.070 -0.083 -487.8 -491.2 -312.1
Conventional 17,268 ... 15 17 17 21 92 ... 146 104 114 161 0.400 10 0.628 s l 0.594 0.400 0.177 -345.0 -343.8 -257.6
Blend. components 201,784 ... 202 208 201 211 852 ... 608 505 685 641
0.000 Spain 2 3.439 t l 3.472 3.509 0.545 -145.6 -144.5 -249.2
Natural gas (bcf) 2,987 ... 3 2 3 3 ... ... ... ... ... ...
3.550 10 3.568 t l 3.570 3.397 1.942 -51.1 -46.2 -81.1
Kerosene-type
0.625 U.K. 2 4.991 t l 5.053 5.256 1.751 9.6 13.7 -128.6
n-
jet fuel 41,081 ... 41 42 42 41 60 ... 120 120 73 143

Distillates 117,153 -100 118 109 118 139 113 ... 160 234 102 167 4.250 10 4.406 s l 4.402 4.387 1.869 32.7 37.0 -88.4
Heating oil 7,061 ... 7 7 7 9 0 ... 0 4 0 14 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 110,092 ... 111 102 111 65 113 ... 160 231 102 153
Residual fuel oil 27,508 ... 28 28 29 31 48 ... 157 241 76 195
Corporate Debt
no
Other oils 309,982 ... 306 291 306 306 724 ... 896 760 837 782
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,612,818 ... 1,623 1,679 1,621 1,902 -3,142 ... -2,411 -546 -2,075 1,173
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg John Deere Capital … 4.350 4.62 Sept. 15, ’32 53 –19 n.a.
Bayer US Finance II BAYNGR 5.500 6.01 July 30, ’35 190 –11 n.a.
Total petroleum Five-year average –11
4250 FMR FIDINV 6.500 6.06 Dec. 14, ’40 169 n.a.
product 20,023 ... 21,276 19,948 20,192 20,123 for each week
t Daimler Truck Finance North America DTRGR 3.650 5.07 April 7, ’27 84 –5 n.a.
Finished 3250 Banco Santander SANTAN 5.179 6.34 Nov. 19, ’25 141 –3 136
motor gasoline 8,838 ... 8,939 8,541 8,847 9,376 t
Toyota Motor Credit TOYOTA 5.400 5.06 Nov. 10, ’25 18 –3 n.a.
Kerosene-type Natural gas, 2250 Lloyds Banking LLOYDS 4.344 6.24 Jan. 9, ’48 207 –2 221
lower 48 states –1 129
jet fuel 1,731 ... 1,812 1,440 1,663 1,587 Barclays BACR 4.375 5.89 Jan. 12, ’26 131
1250
Distillates 3,826 ... 3,718 3,877 3,546 3,828 …And spreads that widened the most
Residual fuel oil 152 ... 411 487 277 278 250 General Motors Financial … 5.400 5.83 April 6, ’26 126 124 125
Propane/propylene 885 ... 834 746 815 ... A S O N D J F M A M J J
Morgan Stanley MS 6.375 5.58 July 24, ’42 122 42 121
Other oils 4,591 ... 5,564 4,858 5,044 ... 2022 2023
Eni ENIIM 5.700 6.59 Oct. 1, ’40 223 30 n.a.
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Oracle ORCL 5.800 5.34 Nov. 10, ’25 44 23 37
Regions Financial RF 7.375 6.78 Dec. 10, ’37 269 18 n.a.
Exchange-Traded Portfolios | WSJ.com/ETFresearch Mercedes–Benz Finance North America MBGGR 5.375 5.30 Nov. 26, ’25 39 17 n.a.
Banco Santander SANTAN 5.294 5.97 Aug. 18, ’27 174 17 n.a.
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Banque Federative du Credit Mutuel BFCM 5.896 5.90 July 13, ’26 130 16 127
126.02 –0.29 0.7
Wednesday, August 2, 2023
ETF
Closing Chg YTD
Symbol Price (%) (%)
SPDR S&P Div
TechSelectSector
SDY
XLK 174.23 –2.47 40.0 High-yield issues with the biggest price increases…
Closing Chg YTD UtilitiesSelSector XLU 66.25 ... –6.0 Bond Price as % of face value
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 50.06 –0.04 0.5 VangdInfoTech VGT 442.94 –2.66 38.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsmrDiscSelSector XLY 168.69 –1.79 30.6 iSh1-3YTreaBd SHY 80.88 0.05 –0.4 VangdSC Val VBR 172.49 –0.92 8.6
CnsStapleSelSector XLP 75.61 0.36 1.4 iShRussMC IWR 74.71 –1.20 10.8 VangdExtMkt VXF 154.16 –1.74 16.0 Embarq EMBARQ 7.995 15.71 June 1, ’36 57.916 0.91 58.000
iShRuss1000 IWB 247.93 –1.40 17.8 VangdSC Grwth VBK 233.22 –2.05 16.3
DimenUSCoreEq2 DFAC 27.81 –1.17 14.5
iShRuss1000Grw IWF 278.34 –1.94 29.9 VangdDivApp VIG 164.94 –0.78 8.6 Telecom Italia Capital TITIM 6.000 8.61 Sept. 30, ’34 81.500 0.50 n.a.
EnSelSectorSPDR XLE 85.93 –1.31 –1.8
FinSelSectorSPDR XLF 35.03 –0.85 2.4
iShRuss1000Val IWD 161.48 –0.84 6.5 VangdFTSEAWxUS VEU 54.72 –1.99 9.1 Teva Pharmaceutical Finance … 6.150 7.31 Feb. 1, ’36 90.625 0.33 n.a.
iShRussell2000 IWM 195.11 –1.36 11.9 VangdFTSEDevMk VEA 46.19 –1.93 10.1
HealthCareSelSect XLV 133.54 0.07 –1.7
iShS&P500Grw IVW 71.29 –1.56 21.9 VangdFTSE EM VWO 41.55 –2.17 6.6 Ford Motor Credit … 4.389 6.59 Jan. 8, ’26 95.125 0.25 95.396
IndSelSectorSPDR XLI 109.59 –1.05 11.6
iShS&P500Value IVE 164.40 –1.15 13.3 VangdFTSE Europe VGK 61.65 –1.82 11.2
InvscQQQI QQQ 374.39 –2.19 40.6
iShSelectDiv DVY 116.74 –0.38 –3.2 VangdGrowth VUG 285.35 –2.12 33.9 Bath & Body Works BBWI 5.250 6.54 Feb. 1, ’28 95.044 0.22 95.285
InvscS&P500EW RSP 152.78 –0.95 8.2
iShCoreDivGrowth DGRO 52.73 –0.72 5.5
iSh7-10YTreaBd IEF 94.75 –0.20 –1.1 VangdHlthCr VHT 245.60 –0.13 –1.0 CSC Holdings CSCHLD 5.250 14.27 June 1, ’24 93.188 0.19 92.750
iShShortTreaBd SHV 110.00 0.01 0.1 VangdHiDiv VYM 109.32 –0.66 1.0
iShCoreMSCIEAFE IEFA 67.50 –1.83 9.5 0.03 99.250
iShTIPSBondETF TIP 106.11 –0.18 –0.3 VangdIntermBd BIV 74.22 –0.24 –0.1 Ball BALL 4.000 6.21 Nov. 15, ’23 99.375
iShCoreMSCIEM IEMG 50.38 –2.33 7.9
iSh20+YTreaBd TLT 97.09 –1.07 –2.5 VangdIntrCorpBd VCIT 78.05 –0.34 0.7
iShCoreMSCITotInt IXUS 63.01 –1.93 8.9
iShCoreS&P500 IVV 452.49 –1.40 17.8
iShUSTreasuryBd
JPMEquityPrem
GOVT
JEPI
22.56
55.37
–0.20 –0.7
–0.36 1.6
VangdIntermTrea
VangdLC
VGIT
VV
58.13
206.08
–0.03
–1.43
–0.6
18.3
…And with the biggest price decreases
iShCoreS&P MC IJH 268.65 –1.13 11.1
iShCoreS&P SC IJR 103.77 –0.83 9.6
JPM UltShIncm JPST 50.02 0.04 –0.2 VangdMC VO 224.57 –1.14 10.2 Occidental Petroleum OXY 6.450 6.12 Sept. 15, ’36 102.905 –0.92 104.226
ProShUltPrQQQ TQQQ 42.02 –6.54 142.9 VangdMC Val VOE 142.23 –0.49 5.2
iShCoreS&PTotUS ITOT 99.66 –1.40 17.5 SPDRBbg1-3MTB BIL 91.44 0.01 –0.0 VangdMBS VMBS 45.17 –0.44 –0.8 Ford Motor F 6.625 6.22 Oct. 1, ’28 101.741 –0.88 102.688
iShCoreTotalUSDBd IUSB 44.78 –0.33 –0.3 SPDR DJIA Tr DIA 352.74 –0.97 6.5 VangdRealEst VNQ 84.63 –0.58 2.6
iShCoreUSAggBd AGG 96.54 –0.24 –0.5 SPDR Gold GLD 179.60 –0.48 5.9 VangdS&P500ETF VOO 413.57 –1.39 17.7
Dish DBS … 5.875 14.59 Nov. 15, ’24 90.119 –0.76 91.500
iShEdgeMSCIMinUSA USMV 74.99 –0.27 4.0 –0.75
SPDRPtfDevxUS SPDW 32.58 –1.90 9.7 VangdST Bond BSV 75.39 0.04 0.1 Transocean RIG 6.800 9.45 March 15, ’38 79.250 78.500
iShEdgeMSCIUSAQual QUAL 137.79 –1.56 20.9 SPDRS&P500Value SPYV 44.06 –1.17 13.3 VangdSTCpBd VCSH 75.53 –0.05 0.5
iShGoldTr IAU 36.67 –0.46 6.0 SPDRPtfS&P500 SPLG 52.95 –1.38 17.7 VangdShortTrea VGSH 57.56 0.03 –0.4 OneMain Finance OMF 7.125 7.80 March 15, ’26 98.418 –0.64 99.125
iShiBoxx$HYCpBd HYG 74.45 –0.43 1.1 SPDRS&P500Growth SPYG 61.73 –1.52 21.8 VangdSC VB 205.07 –1.38 11.7
iShiBoxx$IGCpBd LQD 105.76 –0.61 0.3 SPDR S&P 500 SPY 450.13 –1.39 17.7 VangdTaxExemptBd VTEB 49.81 –0.34 0.6 Howmet Aerospace HWM 5.950 5.86 Feb. 1, ’37 100.875 –0.63 101.375
iShJPMUSDEmBd EMB 85.84 –0.72 1.5 35.62 –1.90 10.6 71.55 –0.32 –0.4 –0.63
SchwabIntEquity SCHF VangdTotalBd BND Hughes Satellite Systems … 6.625 10.51 Aug. 1, ’26 90.250 89.569
iShMBS MBB 91.61 –0.43 –1.2 SchwabUS BrdMkt SCHB 52.66 –1.42 17.5 VangdTotIntlBd BNDX 48.48 ... 2.2
iShMSCIACWI ACWI 97.07 –1.65 14.4 SchwabUS Div SCHD 74.54 –1.04 –1.3 VangdTotIntlStk VXUS 56.45 –1.95 9.1 Venture Global Calcasieu Pass VENTGL 4.125 6.76 Aug. 15, ’31 83.875 –0.63 84.750
iShMSCI EAFE EFA 72.16 –1.86 9.9 SchwabUS LC SCHX 53.30 –1.44 18.1 VangdTotalStk VTI 224.50 –1.42 17.4
iSh MSCI EM EEM 40.43 –2.39 6.7 SchwabUS LC Grw SCHG 75.80 –2.09 36.4 VangdTotWrldStk VT 98.31 –1.67 14.1 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMSCIEAFEValue EFV 49.53 –1.82 8.0 SchwabUS SC SCHA 45.34 –1.24 11.9 VangdValue VTV 145.79 –0.60 3.9 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 105.84 –0.28 0.3 SPDR S&PMdCpTr MDY 491.22 –1.16 10.9 WisdTrFRTrea USFR 50.36 0.02 0.2 Source: MarketAxess
THE WALL STREET JOURNAL. * Thursday, August 3, 2023 | B9
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. FreseniusMed FMS 25.25 -0.58KBR KBR 61.68 -0.31 NatWest NWG 5.96 -0.15 RenaissanceRe RNR 192.15 4.58 SunLifeFinancial SLF 51.43 -0.87 UnitedMicro UMC 7.21 -0.22
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. FullTruck YMM 6.89 -0.31 KKR KKR 58.91 -0.82 NetApp NTAP 78.46 -0.41 RentokilInit RTO 39.39 -0.57 SuncorEnergy SU 30.16 -0.86 UPS B UPS 183.35 -2.15
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Futu FUTU 55.44 -4.44
KLA KLAC 499.57 -14.71 NetEase NTES 106.81 -2.86 Repligen RGEN 170.48 3.36 SuperMicroComp SMCI 319.61 -17.95 UnitedRentals URI 468.16 -5.84
that include primary market trades as well as quarters. KarunaTherap KRTX 197.70 0.57 Netflix NFLX 429.70 -8.92 RepublicSvcs RSG 152.57 0.48 Suzano SUZ 9.93 -0.18 US Bancorp USB 38.43 -0.28
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. G H I Kellogg K 66.64 0.45 Neurocrine NBIX 104.14 0.70 ResMed RMD 222.15 -3.20 Symbotic SYM 58.98 1.37 UnitedTherap UTHR 240.85 0.72
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Kenvue KVUE 23.90 0.25 NewOrientalEduc EDU 54.15 -1.90 RestaurantBrands QSR 74.17 -1.16 SynchronyFinl SYF 34.14 -0.58 UnitedHealth UNH 504.80 0.06
Nasdaq ISE. standards GE HealthCare GEHC 76.59 -1.10 KeurigDrPepper KDP 34.46 0.33 NY CmntyBcp NYCB 13.45 -0.16 Revvity RVTY 125.12 2.49 Synopsys SNPS 441.18 -12.33 UnitySoftware U 41.45 -3.85
The list comprises the 1,000 largest companies lf-Late filing GFLEnvironmental GFL 33.53 -0.62 KeyCorp KEY 11.90 -0.09 Newmont NEM 40.66 -1.05 RexfordIndlRealty REXR 53.72 -0.77 Sysco SYY 75.63 -0.53 UniversalHealthB UHS 136.59 -2.67
based on market capitalization. q-Temporary exemption from Nasdaq GSK GSK 34.63 -0.30 KeysightTech KEYS 159.86 -1.21 NewsCorp B NWS 20.04 -0.08 RioTinto RIO 63.82 -1.75 s UnumGroup UNM 49.21 0.58
Underlined quotations are those stocks with requirements. GXO Logistics GXO 64.67 -1.53 KimberlyClark KMB 129.47 0.47 NewsCorp A NWSA 19.66 -0.15
s Gallagher AJG 221.55 2.31 KimcoRealty KIM 20.20 0.03 NextEraEnergy NEE 71.91 -0.26
Rivian RIVN 25.91 -1.39 T U V VF VFC 19.05 -0.34
large changes in volume compared with the t-NYSE bankruptcy RobertHalf RHI 74.30 0.38 VICI Prop VICI 31.33 -0.31
issue’s average trading volume. v-Trading halted on primary market. Gaming&Leisure GLPI 47.74 -0.32 KinderMorgan KMI 17.36 -0.20 Nike NKE 107.51 -1.89 Robinhood TC Energy TRP 36.01 0.37 VailResorts MTN 232.10 -4.33
HOOD 12.44 -0.43
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s Garmin GRMN 107.73 1.38 KinsaleCapital KNSL 374.44 0.94 NiSource NI 27.71 0.23 Roblox TD Synnex SNX 99.45 0.87 Vale
RBLX 37.63 -1.80 VALE 13.90 -0.25
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Gartner IT 340.81 -3.11 Knight-Swift KNX 59.37 -0.36 Noble NE 51.70 -0.25 RocketCos. TE Connectivity TEL 141.31 -2.31 ValeroEnergy VLO 126.31 -1.44
RKT 10.30 -0.36 t
previous closing price was $2 or higher. or securities assumed by such companies. GenDigital GEN 18.75 -0.56 Philips PHG 20.31 -0.31 Nokia NOK 3.94 -0.01 Rockwell Telus TU 17.31 -0.41 VeevaSystems VEEV 199.13 -3.62
ROK 304.28 -6.63
Generac GNRC 115.95 -37.43 KoreaElecPwr KEP 7.43 -0.15 Nomura NMR 3.80 -0.06 RogersComm B RCI Ternium TX 40.88 -3.04 Ventas VTR 48.48 -0.09
42.32 -1.41
GeneralDynamics GD 226.25 0.91 KraftHeinz KHC 36.32 0.44 Nordson NDSN 247.82 -2.84 RoivantSciences ROIV 11.81 -0.12 TFI Intl TFII 131.11 -0.36 VeriSign VRSN 207.89 -3.51
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and GeneralElec GE 111.97 -1.25 Kroger TIM TIMB 14.93 -0.03 VeriskAnalytics VRSK 232.42 3.20
changes in the closing prices from 4 p.m. the previous day. KR 49.02 0.48 NorfolkSouthern NSC 230.22 -3.75 Roku ROKU 91.25 -6.24
GeneralMills GIS 75.45 1.11 LKQ LKQ 54.88 -0.57 NorthernTrust NTRS 80.13 -0.09 Rollins TJX TJX 85.61 -0.76 Verizon VZ 33.32 -0.11
GeneralMotors GM 37.39 -0.73 LPL Financial LPLA 231.95 -1.18 ROL 41.30 0.67
T-MobileUS TMUS 135.78 -1.48 VertexPharm VRTX 358.40 10.66
NorthropGrum NOC 447.47 -0.68
Wednesday, August 2, 2023 Net Net Genmab GMAB 39.58 -0.50 L3HarrisTech LHX 185.92 -1.80 NorwegCruise NCLH 18.64 -0.77 RoperTech ROP 491.16 -1.49 TPG TPG 29.09 -0.42 s Vertiv VRT 34.29 7.76
RossStores ROST 111.77 -2.22
Net Stock Sym Close Chg Stock Sym Close Chg Gentex GNTX 33.70 -0.27 LabCorp.ofAmerica LH 214.94 1.33 Novartis NVS 102.75 -0.57 T.RowePrice TROW 118.53 -2.56 Viatris VTRS 10.43 0.21
GenuineParts GPC 155.35 -1.42 LamResearch LRCX 685.88 -30.02 NovoNordisk NVO 158.34 -3.39 RoyalBkCanada RY 96.26 -1.35 TaiwanSemi TSM
95.70 -2.70
Stock Sym Close Chg BeiGene RoyalCaribbean RCL 105.20 -2.24 TakeTwoSoftware TTWO 147.22 -4.57 Vipshop VIPS 17.69 -1.05
BGNE 189.77 -16.77 CoStar CSGP 82.18 -0.94 Gerdau GGB 5.93 -0.11
LamarAdv LAMR 96.41 -2.48 NuHoldings NU 7.81 -0.10 RoyalGold Visa V 237.56 -2.22
RGLD 113.18 -2.60
BentleySystems BSY 51.79 -2.02 Costco COST 552.35 -3.12 GileadSciences GILD 75.68 ...
NUE 169.59 -3.41 RoyaltyPharma RPRX 30.65 -0.25 TakedaPharm TAK 15.12 ...
A B C Berkley WRB 62.65 0.96 CoterraEnergy CTRA 27.03 -0.57 GitLab
LambWeston LW 102.41 -0.76 Nucor
GTLB 45.97 -2.54 LandstarSystem LSTR 200.88 0.02 Nutanix NTNX 29.11 -1.10 RyanSpecialty RYAN 44.08 0.39 Tapestry TPR 42.03 -0.82 VMware
Vistra VST 27.99 0.10
VMW 157.88 -1.08
COTY 12.12 0.41 Global-EOnline GLBE 41.98 -2.97 LasVegasSands LVS 58.05 -1.18 Nutrien TargaResources TRGP 81.17 -0.44 Vodafone
AECOM ACM 87.35 -0.15 BerkHathwy B BRK.B 351.19 -1.07 Coty NTR 67.38 0.32 Ryanair RYAAY 99.10 -2.81 Target VOD
TGT 133.54 0.55 VoyaFinancial VOYA 72.95 -1.45
9.43 -0.04
AES AES 21.04 0.03 BerkHathwy A BRK.A 533800-600.00 Coupang CPNG 17.63 -0.57 GlobalPayments GPN 121.96 1.21 LatticeSemi LSCC 91.16 -1.82 s nVentElectric NVT 56.15 1.49
SAP SAP 133.21 -3.18
s Aflac AFL 76.24 4.13 BerryGlobal BERY 62.93 -1.84 Credicorp BAP 154.21 -4.26 GlobalFoundries GFS 60.35 -1.88 Lear LEA 151.90 -2.54 NVIDIA NVDA 442.69 -22.38 S&P Global SPGI 394.25 -4.06 TechnipFMC FTI 18.00 0.10 s
VulcanMatls VMC 223.08 -0.89
BBY 81.24 -1.53 CreditAcceptance CACC 483.48 -69.62 Globant GLOB 171.23 -3.45 LegendBiotech LEGN 74.99 0.37 TeckResourcesB TECK 42.14 -1.23
AGCO AGCO 131.59 -1.74 BestBuy SBA Comm SBAC 228.56 0.46 TeledyneTech TDY 382.57 -6.68
AMC Ent AMC 4.80 -0.13 Bilibili BILI 16.90 -0.91 CrowdStrike CRWD 154.73 -11.23 GlobeLife
GoDaddy
GL 113.43 0.86 Leidos
GDDY 75.53 -1.77 Lennar A
LDOS 98.55 -1.43 O P Q SEI Investments SEIC 62.09 -0.70 Teleflex TFX 248.61 -0.67
W X Y Z
Ansys ANSS 325.37 -11.36 Bio-Techne TECH 82.02 -0.08 CrownCastle CCI 107.00 -1.25 LEN 125.19 -1.81 SK Telecom SKM 19.83 -0.27
APA APA 39.01 -1.23 Bio-RadLab A BIO 403.75 -3.56 CrownHoldings CCK 90.82 -2.15
GoldFields GFI 13.34 -0.27 Lennar B LEN.B 113.83 -1.85 OGE Energy OGE 36.18 0.19 SS&C Tech SSNC 56.67 -1.54 Ericsson ERIC 5.00 -0.06 WEC Energy WEC 89.52 -0.09
Biogen BIIB 271.56 2.26 CubeSmart CUBE 42.71 -0.01 GoldmanSachs GS 351.10 -6.62 LennoxIntl LII 372.75 -2.23 ONEOK OKE 65.52 -1.08 TelefonicaBras VIV 8.94 ... WEX WEX 189.65 -2.28
ASE Tech ASX 7.61 -0.39 Saia SAIA 425.13 -0.37
CMI 262.22 -2.77 Grab GRAB 3.66 -0.14 LiAuto 44.40 0.03 ON Semi ON 103.57 -4.52 Telefonica TEF 3.84 -0.31 W.P.Carey WPC 66.65 -0.34
ASML ASML 683.06 -25.65 BioMarinPharm BMRN 88.39 -0.61 Cummins LI
BioNTech BNTX 104.98 -2.15 Curtiss-Wright CW 189.49 -1.30 Graco GGG 78.52 -1.47 LibertyBroadbandC LBRDK 91.24 1.60 OReillyAuto ORLY 918.46 -12.59 Salesforce CRM 220.50 -3.77 TelekmIndonesia TLK 24.01 -0.23 WPP WPP 54.00 -0.43
AT&T T 14.35 0.05
Grainger GWW 721.75 -3.57 LibertyBroadbandA LBRDA 91.55 1.65 OccidentalPetrol OXY 61.47 -1.17 Samsara IOT 26.11 -1.35 TempurSealy TPX 43.50 -0.55 Wabtec WAB 117.50 -1.69
AbbottLabs ABT 108.62 -1.91 BlackKnight BKI 70.00 -0.30
Sanofi
AbbVie ABBV 149.38 0.84 BlackRock BLK 717.44 -14.82 D E F GraphicPkg GPK 23.31 0.07 LibertyGlobal C LBTYK 19.47 -0.16 Okta OKTA 72.34 -3.85
SNY 51.49 -1.57 10xGenomics TXG 58.70 -3.55 WalgreensBoots WBA 30.67 1.10
Grifols GRFS 10.10 -0.16 LibertyGlobal A LBTYA 18.32 -0.14 OldDomFreight ODFL 408.58 -4.05 SareptaTherap SRPT 105.19 -2.34 Tenaris TS 32.96 -0.64 Walmart WMT 159.22 0.11
AcadiaHealthcare ACHC 78.78 0.30 Blackstone BX 102.89 -3.19
DTE Energy DTE 113.09 -0.06 GpoAeroportuar PAC 180.33 -5.21 Sasol SSL 13.24 -0.60
74.49 -4.27 OldRepublic ORI 27.76 0.07 TencentMusic TME 6.37 -0.32 WarnerBrosA WBD 12.55 -0.32
Accenture ACN 317.78 -3.19 Block SQ
Danaher DHR 257.87 2.87 GpoAeroportSur ASR 272.34 -4.18 LibertyFormOne A FWONA 63.91 -1.24 Olin Schlumberger SLB 57.47 -0.14 TenetHealthcare THC 74.10 -2.68 WarnerMusic WMG 30.92 -0.52
ActivisionBliz ATVI 91.63 -0.26 BlueOwlCapital OWL 12.33 0.05 Darden LibertyFormOne C FWONK 72.16 -1.15 OLN 58.18 0.32
DRI 164.13 -2.25 Guidewire GWRE 83.56 -2.92 SchwabC SCHW 65.34 -0.38 Teradyne TER 107.80 -3.43 WasteConnections WCN 141.58 -1.30
ADBE 530.30 -18.80 Boeing BA 231.38 -6.63 OmegaHealthcare OHI 31.81 0.13
Adobe DarlingIngred DAR 69.01 0.32 HCA Healthcare HCA 269.39 -4.48 LibertySirius C LSXMK 32.49 -0.05 Omnicom OMC 82.67 -0.18 Sea SE 61.72 -4.19 Tesla TSLA 254.11 -6.96 WasteMgt WM 163.42 0.91
AdvDrainageSys WMS 124.97 -1.05 Booking BKNG 2884.92 -29.39
Datadog DDOG 106.83 -8.12 HDFC Bank HDB 66.68 -0.87 LibertySirius A LSXMA 32.54 0.02 OnHolding Seagate STX 65.01 -0.31 TetraTech
BoozAllen BAH 123.71 0.38 EliLilly LLY 454.48 1.39 ONON 34.83 -1.15 TTEK 168.46 -0.95 Waters WAT 291.77 17.37
AdvMicroDevices AMD 109.35 -8.25 DaVita DVA 101.97 -0.42 HF Sinclair Seagen SGEN 192.98 0.53
DINO 51.62 -0.71 LincolnElectric LECO 197.73 -2.41 OpenText OTEX 40.85 -1.59 TevaPharm TEVA 9.25 0.96 Watsco WSO 359.50 -17.45
Aegon AEG 5.23 -0.11 BorgWarner BWA 42.98 -3.49 DeckersOutdoor DECK 540.92 -1.44 Sempra SRE 146.87 -0.37 TexasInstruments TXN 172.44 -5.93 Wayfair
BostonProps BXP 67.04 2.33 HP HPQ 32.50 -0.45 Linde LIN 383.78 -4.86 Oracle ORCL 115.71 -2.20 W 72.89 -3.01
AerCap AER 63.34 -1.52
AgilentTechs A 127.71 5.23 BostonSci BSX 50.62 -1.27
Deere DE 430.53 -2.91 HSBC HSBC 40.66 -1.55 LithiaMotors LAD 303.75 -2.40 Orange ORAN 11.11 -0.11 ServiceCorp SCI 63.67 -3.61 TexasPacLand TPL 1465.30 -20.26 WebsterFin WBS 45.67 -0.22
DellTechC DELL 52.95 -0.42 H World HTHT 44.14 -1.98 Littelfuse Orix IX 93.22 -2.16 ServiceNow NOW 563.17 -27.22 TexasRoadhouse TXRH 111.94 1.38 WellsFargo WFC 45.10 -0.61
agilon health AGL 19.33 1.03 BristolMyers BMY 61.75 0.22 LFUS 264.51 -37.50
AgnicoEagleMines AEM 48.62 -1.99 BritishAmTob BTI 32.98 -0.34
DeltaAir DAL 44.80 -0.60 Haleon HLN 8.32 -0.23 OtisWorldwide OTIS 89.39 -0.84 Shell SHEL 59.92 -1.10 Textron TXT 76.81 -1.12 Welltower WELL 83.57 -1.03
DentsplySirona XRAY 40.67 -0.70 Halliburton HAL 39.03 -0.24 LiveNationEnt LYV 85.97 -1.13 Ovintiv OVV 46.66 -0.20 SherwinWilliams SHW 277.68 -2.52 ThermoFisher TMO 553.76 7.92 WescoIntl WCC 179.46 -0.85
AirProducts APD 299.32 -3.09 Broadcom AVGO 892.30 -27.70
DeutscheBank DB 10.73 -0.27 HartfordFinl HIG 72.19 0.20
LloydsBanking LYG 2.17 -0.06 ShinhanFin SHG 27.27 -0.64 s ThomsonReuters TRI 136.92 1.78 WestPharmSvcs WST 370.58 -1.08
Airbnb ABNB 144.56 -4.35 BroadridgeFinl BR 166.69 -1.53 DevonEnergy DVN 49.74 -3.94 Hasbro LockheedMartin LMT 448.56 -2.72 OwensCorning OC 141.91 0.73 ShockwaveMed SWAV 252.23 -7.52
HAS 64.37 -0.18 Loews 62.87 -0.09 PDD PDD 84.01 -6.08 3M MMM 108.91 -1.65 WesternDigital WDC 42.42 -0.45
AkamaiTech AKAM 92.42 -1.60 BrookfieldAsset BAM 32.28 -1.06 DexCom DXCM 123.81 1.81 HealthcareRealty HR L Shopify SHOP 62.43 -5.02
19.49 -0.12 PG&E PCG 17.57 0.22 Toast TOST 20.39 -1.40 WesternMidstrm WES 27.92 -0.26
Albemarle ALB 202.89 -5.10 Brookfield BN 33.41 -0.98
Diageo DEO 173.01 -2.29 HealthpeakProp PEAK 21.61 -0.08 LogitechIntl LOGI 68.79 -0.14 PNC Finl
Albertsons ACI 21.71 -0.15 BrookfieldInfr BIP 33.46 -1.47 Lowe's LOW 229.49 -2.86 PNC 134.12 -1.31 SimonProperty SPG 124.06 -1.38 Toll Bros TOL 79.83 -0.50 Westlake WLK 134.39 -2.42
DiamondbkEner FANG 146.79 -1.09 Heico HEI 174.31 -0.97 PKX 112.30 -6.59 SiriusXM SIRI 4.96 -0.02 TopBuild BLD 273.71 -0.01 WestRock WRK 32.54 -0.23
Alcon ALC 82.10 -1.56 BrookfieldRenew BEPC 28.67 -1.29 Dick's DKS 139.14 -1.15 Heico A Lucid LCID 6.89 -0.38 POSCO
HEI.A 140.00 -0.12
AlexandriaRlEst ARE 122.22 0.16 Brown&Brown BRO 70.72 0.72 DigitalRealty DLR 123.36 -0.03 HenrySchein HSIC 79.71 0.89 lululemon LULU 376.65 -4.56 PPG Ind PPG 141.77 -3.78 SiteOneLandscape SITE 162.20 -11.81 Toro TTC 103.83 0.41 Weyerhaeuser WY 33.20 -0.77
SkechersUSA SKX 54.19 -1.39 TorontoDomBk TD 64.38 -0.90 WheatonPrecMet WPM 42.27 -1.53
Alibaba BABA 95.07 -5.03 Brown-Forman A BF.A 71.75 -0.44 DiscoverFinSvcs DFS 103.15 -1.67 Hershey LyondellBasell LYB 96.32 -1.44 PPL PPL 27.33 ...
AlignTech ALGN 367.40 -9.22 Brown-Forman B BF.B 70.59 -0.22 Disney
HSY 233.19 2.60 PTC PTC 143.75 -2.76 Skyworks SWKS 110.75 -3.17 TotalEnergies TTE 58.30 -2.05 Whirlpool WHR 145.54 2.26
DIS 86.30 -2.73 Hess HES 149.46 -2.14 SmithAO AOS 72.59 ... s
Allegion ALLE 114.48 -1.65 Bruker BRKR 70.95 0.78
DocuSign DOCU 51.34 -1.65 HessMidstream HESM 30.40 -0.52 M N Paccar PCAR 86.07 -0.36 ToyotaMotor TM 173.85 2.01 Williams WMB 33.68 -0.42
AllegroMicro ALGM 43.22 -2.02 s BuildersFirst BLDR 148.64 1.88 DolbyLab s PackagingCpAm PKG 154.64 1.54 Smith&Nephew SNN 29.30 -0.65 TractorSupply TSCO 226.00 1.81 Williams-Sonoma WSM 138.18 -0.28
DLB 87.87 -1.00 HewlettPackard HPE 17.24 -0.17 M&T Bank Smucker SJM 151.75 2.08 TradeDesk TTD 86.64 -3.41 WillisTowers WTW 213.16 0.56
AlliantEnergy LNT 53.28 -0.02 s Bunge BG 112.89 4.47 MTB 138.43 -0.27 PalantirTech PLTR 18.97 -1.02
DollarGeneral DG 167.88 -0.56 Hilton HLT 153.24 -1.33 MGM Resorts MGM 49.26 -0.77 PaloAltoNtwks PANW 236.17 -17.00 Snap SNAP 10.97 -0.31 Tradeweb TW 80.89 -0.44 WillScotMobile WSC 48.07 -1.45
Allstate ALL 106.51 -6.52 BurlingtonStrs BURL 169.41 -4.68 DollarTree DLTR 151.36 -1.67 Hologic HOLX 75.67 -0.94 MKS Instrum MKSI 102.58 -5.05 Snap-On SNA 273.62 -1.38 s TraneTech TT 205.06 6.03 Wipro WIT 4.85 -0.08
AllyFinancial ALLY 29.15 -1.27 CACI Intl CACI 354.75 0.45 DominionEner D 52.34 0.04 HomeDepot HD 328.50 -3.57 MPLX MPLX 35.34 -0.19
ParamountB PARA 15.55 -0.51
Snowflake SNOW 164.60 -11.98 TransDigm TDG 887.36 -15.27 Wolfspeed WOLF 60.58 -2.67
AlnylamPharm ALNY 187.01 -2.04 CBRE Group CBRE 83.43 0.42 Domino's DPZ 398.30 -1.35 HondaMotor HMC 31.47 -0.46 s MSA Safety MSA 182.20 2.38 ParamountA PARAA 18.85 -0.58 SOQUIMICH SQM 70.51 -1.56 TransUnion TRU 79.50 -0.01 WoodsideEnergy WDS 24.41 -0.91
Alphabet A GOOGL 128.38 -3.17 CDW CDW 197.00 9.67 Donaldson DCI 63.10 -0.43 Honeywell ParkerHannifin PH 405.87 -8.30
CF Industries CF 80.65 -0.63 HON 192.90 -0.58 MSCI MSCI 545.25 -0.69 Paychex PAYX 124.39 -1.42 SoFiTech SOFI 10.08 -0.27 Travelers TRV 171.10 -1.21 Woodward WWD 127.75 -4.12
Alphabet C GOOG 128.64 -3.25 DoorDash DASH 85.98 -0.61 HorizonTherap HZNP 99.01 -0.68 MagellanMid MMP 65.06 -0.69
Altria MO 44.57 -0.61 CGI A GIB 99.45 -1.64 Dover DOV 142.97 -2.51 HormelFoods HRL 41.39 0.80 MagnaIntl PaycomSoftware PAYC 299.62 -71.16 SolarEdgeTech SEDG 195.51 -43.96 s Trex TREX 75.43 -0.52 Workday WDAY 229.22 -10.58
Amazon.com AMZN 128.21 -3.48 CH Robinson CHRW 97.44 -1.95 Dow DOW 54.70 -1.08 DR Horton
MGA 62.90 -1.09 Paylocity PCTY 212.90 -13.64 Sony SONY 91.07 -2.42 Trimble TRMB 53.76 0.23 WW Ent WWE 105.77 1.71
DHI 125.74 -2.18 ManhattanAssoc MANH 188.06 -3.53 Southern SO 70.97 -0.31 Trip.com TCOM 38.32 -2.04 WynnResorts WYNN 105.16 -3.98
Ambev ABEV 3.09 -0.01 CME Group CME 199.67 -0.16 DrReddy'sLab RDY 69.35 0.07 HostHotels HST 18.15 -0.24 ManulifeFinl MFC 19.28 -0.50 PayPal PYPL 73.20 -2.33
SoCopper SCCO 82.10 -2.79 TruistFinl TFC 32.31 -0.49 XP XP 26.43 -0.40
Amcor AMCR 9.85 -0.16 CMS Energy CMS 60.28 -0.15 DraftKings DKNG 30.24 -1.31 HoulihanLokey HLI Pearson PSO 10.55 -0.21
99.54 -0.91 MarathonOil MRO 25.71 -0.47 SouthwestAir LUV 33.37 -0.06 Twilio TWLO 60.98 -4.48 XPO XPO 68.29 -0.93
Amdocs DOX 92.77 -1.44 CNA Fin CNA 40.26 0.75 Dropbox DBX 25.87 -0.88 HowmetAerospace HWM 48.05 -0.94 MarathonPetrol MPC 135.87 0.93 PembinaPipeline PBA 30.64 -0.46 SouthwesternEner SWN 6.30 -0.15 TylerTech TYL 388.13 -10.15 XcelEnergy XEL 62.88 0.03
Ameren AEE 84.39 -0.25 CNH Indl CNHI 14.41 -0.15 DukeEnergy DUK 92.53 0.38 Hubbell PenskeAuto PAG 173.27 10.66
HUBB 313.19 -2.51 Markel MKL 1445.33 10.23 Splunk SPLK 103.80 -3.40 TysonFoods TSN 55.41 0.09 XPeng XPEV 18.83 -1.22
AmericaMovil AMX 19.85 -0.55 CRH CRH 58.69 -1.12 DuPont DD 76.38 -0.66 HubSpot HUBS 553.23 -23.13 MarketAxess MKTX 261.30 -1.30 Pentair PNR 69.01 -0.89
PEN 269.46 -28.87 Spotify SPOT 146.51 -4.33 UBS Group UBS 21.41 -0.45 Xylem XYL 112.08 0.15
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AmerAirlines AAL 15.95 -0.28 CSX CSX 32.96 -0.35 Dynatrace DT 47.85 -7.34 Humana HUM 483.75 25.64 s Marriott MAR 203.51 -1.23
Penumbra
StanleyBlackDck SWK 101.25 -2.73 UDR UDR 40.47 -0.03 YPF YPF 14.26 -0.42
AEP AEP 84.50 0.47 CVS Health CVS 76.41 2.46 EMCOR EME 216.18 1.80 JBHunt JBHT 204.89 1.02 Marsh&McLen MMC 191.00 1.30 PepsiCo PEP 188.31 1.49
Stantec STN 66.30 -0.98 U-Haul UHAL 58.42 -1.95 Yum!Brands YUM 135.00 -1.36
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AmerExpress AXP 166.75 -2.90 CadenceDesign CDNS 228.74 -4.89 ENI E 29.72 -0.72 HuntingtonBcshs HBAN 12.06 -0.18 MartinMarietta MLM 450.54 -2.74 PerformanceFood PFGC 59.90 -0.54 Starbucks SBUX 102.13 0.87 U-Haul N UHAL/B 55.78 -1.47 YumChina YUMC 55.43 -1.94
AmericanFin AFG 122.75 0.69 CAE CAE 22.36 -0.37 EOG Rscs EOG 130.04 -1.71 HuntingIngalls HII 227.82 -2.15 MarvellTech MRVL 62.11 -3.82 PetroleoBrasil PBR 14.05 -0.14 StateStreet STT 72.71 0.58 US Foods USFD 42.25 -0.81 ZTO Express ZTO 26.62 -0.30
AmHomes4Rent AMH 37.32 0.04 CaesarsEnt CZR 55.29 -2.50 EPAM Systems EPAM 236.90 -2.58 HyattHotels H 122.34 -2.69 Masco PetroleoBrasilA PBR.A 12.69 -0.10
SteelDynamics STLD 105.36 -1.64 UWM UWMC 6.55 0.03 ZebraTech ZBRA 241.15 -13.62
MAS 60.54 -0.91 t Pfizer
AIG AIG 61.27 0.89 CamdenProperty CPT 107.19 -1.22 EQT EQT 40.86 -0.81 ICICI Bank IBN 24.02 -0.48 MasTec PFE 35.35 -0.26
Stellantis STLA 19.67 -0.45 Uber UBER 46.96 0.31 Zillow C Z 54.23 -1.09
MTZ 122.08 0.13
AmerTowerREIT AMT 190.62 -0.62 Cameco CCJ 33.22 -1.32 EastWestBncp EWBC 59.91 -0.56
ICL Group ICL 6.38 -0.11 Mastercard MA 390.02 -7.05 PhilipMorris PM 97.94 -0.31
s STE 227.80 3.79 Ubiquiti 175.72 -0.44 Zillow A ZG
AmerWaterWorks AWK 145.67 1.21 CampbellSoup CPB 46.21 0.71 EastGroup EGP 173.64 -2.06 IdexxLab IDXX 519.18 -13.12 MatchGroup MTCH 45.75 -0.40 Phillips66 PSX 108.99 -3.12 Steris UI 53.03 -1.26
Stevanato STVN 32.17 -0.90 UiPath PATH 16.41 -1.38 ZimmerBiomet ZBH 128.38 -3.89
AmericoldRealty COLD 32.67 0.14 CIBC CM 42.56
Ameriprise AMP 347.76 -1.25 CanNtlRlwy CNI 116.80 -2.69 s Eaton
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AmerisourceBrgn ABC 191.43 2.33 CanadianNatRscs CNQ 59.26 -1.66 eBay

Ametek
Amgen
AME 158.69 -0.76 CdnPacKC CP 80.09 -1.16 Ecolab
AMGN 230.41 -1.71 CapitalOne COF 113.25 -3.23 Ecopetrol
AmkorTech AMKR 28.72 -0.92 CardinalHealth CAH 93.09 1.45 EdisonIntl
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EastmanChem EMN 84.66 -1.09 ING Groep
ETN 218.87 -0.13 Invesco
EBAY 43.76 0.20 IQVIA
ECL 184.91 -0.26 ITT
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ING 14.27 -0.24 Mattel
IVZ
ITT
11.18 -0.27 IcahnEnterprises IEP
71.54 0.50 Icon
33.29 -0.46 McKesson
ICLR 251.51 2.28 Medpace
MAT 21.25
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PinnacleWest
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MCK 413.07 8.05 PlugPower PLUG 11.65 -1.11
MEDP 255.29 -0.35 Polaris
PNW 82.57 0.29
PINS 27.85 -1.11
PAGP 15.19 -0.26

STMicroelec
Stryker
STM 52.04 -1.58
SYK 274.57 -4.70 Unilever
IQV 219.09 -0.04 McCormick MKC 88.29 0.24 PioneerNatRscs PXD 227.94 3.26 SumitomoMits SMFG 8.95 -0.12 UnionPacific UNP 230.20 -1.30 t ZoomInfoTech ZI
98.28 -1.91 McDonald's MCD 289.62 -1.45 PlainsAllAmPipe PAA 14.47 -0.24 SunComms SUI 129.57 -0.35 UnitedAirlines UAL 52.67 -0.59 Zscaler
UltaBeauty ULTA
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52.97 -0.57 ZoomVideo ZM
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Amphenol APH 88.38 -0.24 Carlisle CSL 278.31 -0.01 EdwardsLife EW 80.38 -1.67 IDEX IEX 219.41 -2.45 PII 133.50 0.62
CG 32.91 -2.54 ElbitSystems ESLT 211.98 -2.38 IllinoisToolWks ITW 250.02 -1.83 Medtronic MDT 85.46 -2.22
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AnalogDevices ADI 192.46 -7.02 Carlyle PolestarAuto PSNY 4.34 -0.26

AngloGoldAsh AU 19.53 -0.42 CarMax KMX 83.24 -0.84 ElectronicArts EA 126.31 -9.81 Illumina MercadoLibre MELI 1164.81 -45.59
ILMN 189.56 0.27 Merck Pool POOL 379.91 -7.25
PRI 214.94 0.49 Performance of IPOs, most-recent listed first
MRK 105.70 0.42 s
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AB InBev BUD 56.23 -0.61 Carnival CCL 17.72 -0.27 ElevanceHealth ELV 471.72 3.74 ImperialOil IMO 52.29 -1.19 MetaData Primerica
NLY 19.86 -0.16 Carnival CUK 16.04 -0.27 EmersonElec EMR 95.14 3.51 Incyte AIU 1.03 0.01
AnnalyCap PrincipalFinl PFG 78.44 -0.65 % Chg From % Chg From
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INCY 65.68 1.99 MetaPlatforms META 314.31 -8.40
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AnteroResources AR 26.21 -0.91 CarrierGlobal CARR 58.98 -0.82 Enbridge ENB 36.20 -0.16 Infosys ProcoreTech PCOR 72.39 -3.27 Wed's
CVNA 51.85 2.74 Endeavor
INFY 16.52 -0.28 MetLife MET 62.75 -0.07 Procter&Gamble PG 156.59 0.34 Company SYMBOL Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
Aon AON 323.39 3.90 Carvana EDR 23.67 0.27 IngersollRand IR 65.49 -0.52 Mettler-Toledo MTD 1291.90 7.47
APi Group APG 28.89 -0.27 CaseysGenStores CASY 246.66 -1.48 EnergyTransfer ET 13.14 -0.14 Ingredion INGR 111.68 -0.38 Progressive PGR 125.36 -2.06 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
ApolloGlbMgmt APO 81.33 -0.63 Catalent CTLT 46.54 0.03 t EnphaseEnergy ENPH 140.69 -9.63 InspireMedical INSP 277.82 -13.11 MicrochipTech MCHP 90.27 -3.08 Prologis PLD 123.68 -0.50 Cheetah Net Supply Chain Service 4.18
MicronTech MU 4.5 –39.4 Haymaker Acquisition 4 10.14 1.4 0.2
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Apple AAPL 192.58 -3.02 s Caterpillar CAT 287.57 -1.08 Entegris 68.17 -2.59
ENTG 103.55 -4.13 Insulet PODD 268.74 -2.20 Microsoft PrudentialFinl PRU 95.31 -1.03
ApplMaterials AMAT 147.33 -5.30 Celanese CE 123.51 -1.86 Entergy MSFT 327.50 -8.84 CTNT Aug. 1/$4.00 HYAC.UT July 26/$10.00
ETR 101.40 0.23 Intel INTC 34.39 -1.41 MidAmApt MAA 146.70 -1.31 Prudential PUK 25.87 -1.28
Applovin APP 31.16 -0.27 CelsiusHldg CELH 139.34 -3.09 EnterpriseProd EPD 26.57 -0.13 InteractiveBrkrs IBKR 89.01 0.22 PublicServiceEnt PEG 63.14 -0.06 Hanryu Holdings 6.93 –30.7 –11.2 Janover 1.63 –59.3 –57.3
Aptargroup ATR 122.24 -0.20 Cemex CX 7.56 -0.08 Equifax Middleby MIDD 143.94 -4.85
EFX 201.70 -0.51 ICE ICE 115.00 -0.04 MitsubishiUFJ MUFG 7.79 -0.15 PublicStorage PSA 278.77 -0.58 HRYU Aug. 1/$10.00 JNVR July 25/$4.00
Aptiv APTV 106.28 -3.21 CenovusEnergy CVE 18.59 -0.40 Equinix EQIX 805.63 0.47 InterContinentl IHG 73.30 -2.17 MizuhoFin PulteGroup PHM 83.56 -1.06
MFG 3.33 -0.05 36.92 22.9 –12.7 Keen Vision Acquisition 10.08 0.8 ...
Aramark ARMK 38.30 -1.94 Centene CNC 67.35 -0.66 Equinor EQNR 29.83 -0.64 IBM IBM 144.17 0.84 Mobileye PureStorage PSTG 37.46 -0.16 SharkNinja
ArcelorMittal MT 27.82 -0.69 CenterPointEner CNP 29.74 0.25 Equitable MBLY 37.21 -1.06
EQH 28.46 -0.49 IntlFlavors IFF 82.34 -1.98 t Moderna Qiagen QGEN 46.85 0.03 SN July 31/$30.05 KVACU July 25/$10.00
ArchCapital ACGL 77.36 0.26 CentraisElBras EBR 7.92 -0.01 EquityLife MRNA 110.22 -3.72
ELS 70.54 -0.37 IntlPaper IP 36.59 0.65 MolinaHealthcare MOH 304.60 2.59 Qorvo QRVO 106.11 -4.10
ADM ADM 84.79 -0.19 CeridianHCM CDAY 67.00 -3.46 EquityResdntl EQR 65.82 0.08 Interpublic IPG 33.79 -0.17 MolsonCoorsB TAP 67.33 0.81 Qualcomm QCOM 129.27 -2.81 ParaZero Technologies 2.20 –45.0 –38.9 Turnstone Biologics 12.21 1.8 11.0
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AresMgmt ARES 100.45 -1.82 ChampionX CHX 35.65 -0.39 ErieIndemnity ERIE 257.82 37.45 Intuit INTU 498.05 -10.45 QuantaServices PWR 202.32 0.43 PRZO July 27/$4.00 TSBX July 21/$12.00
argenx ARGX 500.17 -3.87 CharlesRiverLabs CRL 206.01 -3.30 EssentialUtil WTRG 41.68 -0.04 IntuitiveSurgical ISRG 313.87 -10.08 monday.com MNDY 166.10 -11.76 QuestDiag DGX 134.76 0.16
AristaNetworks ANET 177.28 -8.33 ChartIndustries GTLS 171.06 -7.92 EssexProp ESS 244.62 0.58 InvitatHomes INVH 35.44 0.08
Mondelez MDLZ 75.35 1.00 Surf Air Mobility 1.76 –91.2 –44.1 ODDITY Tech 54.26 55.0 14.2
ArrowElec ARW 141.33 -1.36 CharterComms CHTR 419.07 7.84 t EsteeLauder EL 172.50 -2.53 IronMountain IRM 61.64 -0.14 MongoDB MDB 398.74 -25.83 R S SRFM July 27/$20.00 ODD July 19/$35.00
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AspenTech AZPN 198.22 17.51 CheckPoint CHKP 130.83 -1.48 Etsy ItauUnibanco ITUB 5.92 -0.02
MonolithicPower MPWR 530.43 -19.86
ETSY 96.07 -2.53
Assurant AIZ 142.76 7.72 Chemed CHE 523.07 2.08 Everest MonsterBev MNST 57.63 -0.08 RB Global RBA 61.51 -3.45
EG 359.55 0.32 Sources: Dow Jones Market Data; FactSet
AstraZeneca AZN 70.47 -0.98 CheniereEnergy LNG 159.14 -1.11 Evergy EVRG 59.71 0.21 J K L Moody's
MorganStanley
MCO 343.67 -8.69 RELX
MS 89.32 -1.62 RH
RELX 33.06 -0.21
RH 388.09 -2.23
AtlantaBravesC BATRK 39.75 0.58 CheniereEnerPtrs CQP 51.57 -0.41 EversourceEner ES 69.80 -0.55
AtlantaBravesA BATRA 46.69 0.67 ChesapeakeEner CHK 82.49 -1.96 ExactSciences EXAS 85.13 -11.31 JD.com JD 38.25 -1.79 Morningstar MORN 224.70 -3.20 R1 RCM RCM 18.22 0.57
Atlassian TEAM 169.70 -11.95 Chevron
AtmosEnergy ATO 121.48 0.42 ChewyA
CVX 159.73 -2.57 Exelon
CHWY 32.42 -1.14 Expedia
EXC 41.50 0.03 JPMorganChase JPM 155.40 -1.78
EXPE 118.00 -2.74 Jabil
Mosaic MOS 40.73 0.50 RPM
JBL 108.20 -0.76 MotorolaSol MSI 287.65 -0.48 RTX
RPM 103.62 -2.08
RTX 85.46 -2.51 Borrowing Benchmarks
m rp
JackHenry JKHY 169.85 -1.78 NICE NICE 208.82 -7.48 RalphLauren RL 131.48 -0.32
Autodesk ADSK 206.78 -5.67 Chipotle CMG 1936.86 -18.14 ExpeditorsIntl EXPD 124.43 -1.04
CB 205.55 2.33 t ExtraSpaceSt EXR 136.85 -0.71 JacobsSolns J 127.48 0.93 NIO NIO 14.57 -0.06 RangeResources RRC 31.24 -0.24 wsj.com/market-data/bonds/benchmarks
Autoliv ALV 100.74 -0.64 Chubb
ADP ADP 247.36 -0.96 ChunghwaTel CHT 36.54 -0.08 ExxonMobil XOM 105.29 -1.33 JamesHardie JHX 27.22 -1.20 NNN REIT NNN 40.76 -1.68 RaymondJames RJF 108.56 -0.93
FFIV 158.91 -0.97 JazzPharm JAZZ 130.19 0.65 NOV NOV 20.02 -0.38 RealtyIncome O 60.37 -0.41
AutoNation AN 158.54 -1.44 Church&Dwight CHD 96.78 0.41 F5
AutoZone AZO 2433.89 -47.21 ChurchillDowns CHDN 117.88 -0.12 FMC FMC 92.82 -1.21 JefferiesFinl JEF 35.89 -0.27 NRG Energy NRG 37.37 -0.45 RegalRexnord RRX 161.23 -4.24
JNJ 169.91 1.02 NVR NVR 6303.84 -20.16 RegencyCtrs REG 65.69 -0.05
Money Rates August 2, 2023
Avalonbay AVB 186.12 -1.75 Cigna CI 299.40 3.76 FactSet FDS 434.10 0.51 J&J
AGR 36.36 -0.20 CincinnatiFinl CINF 109.39 0.98 FairIsaac JohnsonControls JCI 63.55 -6.48 NXP Semi NXPI 216.40 -7.08 RegenPharm REGN 732.12 -6.95
20.26 -0.09 Key annual interest rates paid to borrow or lend money in U.S. and
Avangrid FICO 822.19 -7.50
Avantor AVTR 21.02 0.13 Cintas CTAS 499.56 -4.19 Fastenal FAST 57.87 -0.47 JonesLang JLL 165.51 -0.09 Nasdaq NDAQ 49.67 -0.57 RegionsFinl RF
AveryDennison AVY 185.15 -0.13 CiscoSystems CSCO 52.58 -0.08 FederalRealty FRT 100.74 -0.49 JuniperNetworks JNPR 28.29 0.28 NationalGrid NGG 64.15 -1.52 ReinsGrp RGA 142.53 1.19 international markets. Rates below are a guide to general levels but
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AvisBudget CAR 223.16 -3.60 Citigroup C 46.31 -0.76 FedEx FDX 265.45 -2.71 KB Financial KB 40.11 -0.59 NatlInstruments NATI 59.05 0.14 RelianceSteel RS 285.04 -8.03
AxaltaCoating AXTA 29.50 -2.70 CitizensFin CFG 31.05 -0.05 Ferguson FERG 159.75 -2.46
don’t always represent actual transactions.
AxonEnterprise AXON 178.02 -5.31 s CleanHarbors CLH 167.80 1.06 Ferrari RACE 313.56 -4.06
BCE 42.08 -0.68 Cleveland-Cliffs CLF 16.71 -0.96 FidNatlFinl Week —52-WEEK—
BCE FNF 39.04 -0.28 Inflation Latest ago High Low
BHP Group BHP 59.68 -1.27 Clorox
BILL BILL 117.46 -7.37 Cloudflare
CLX 152.47 0.75 FidNatlInfo FIS 59.51 -1.56
NET 64.11 -4.52 FifthThirdBncp FITB 28.37 -0.44 Dividend Changes June index Chg From (%)
BJ'sWholesale BJ 66.77 -0.03 Coca-Cola KO 61.96 0.19 FirstCitizBcshA FCNCA 1421.32 -2.83 level May '23 June '22 Secondary market
BP BP 36.03 -0.93 Coca-ColaEuro CCEP 64.41 1.28 FirstHorizon FHN 13.19 -0.14 Amount Payable /
BRP DOOO 90.50 -1.36 Cognex CGNX 51.02 -0.96 FirstIndRlty FR 51.39 -0.35 Company Symbol Yld % New/Old Frq Record U.S. consumer price index Fannie Mae
Baidu BIDU 146.69 -6.50 CognizantTech CTSH 65.34 -0.51 FirstSolar FSLR 194.28 -8.40
BakerHughes BKR 35.56 -0.21 Coherent COHR 46.10 -0.84 FirstEnergy FE 38.62 -0.37 Increased All items 305.109 0.32 3.0 30-year mortgage yields
Ball BALL 57.08 -1.00 CoinbaseGlbl COIN 90.43 -3.72 FirstService FSV 153.81 -3.80 Bank7 BSVN 3.1 .21 /.16 Q Oct10 /Sep26 Core 308.910 0.26 4.8 30 days 6.525 6.355 6.812 4.515
BancoBilbaoViz BBVA 7.50 -0.18 ColgatePalm CL 77.54 0.90 Fiserv FI 124.56 -2.41
BancoBradesco BBDO 3.06 -0.03 Comcast A CMCSA 45.09 -0.22 FiveBelow FIVE 200.29 -6.78 Crawford & Co A
CRD.A 2.9 .07 /.06 Q Sep01 /Aug18 60 days 6.542 6.358 6.988 4.556
BancodeChile BCH 21.53 -0.56 SABESP SBS 11.51 -0.12 FleetCorTech FLT 244.86 -6.20 Crawford & Co B CRD.B 3.3 .07 /.06 Q Sep01 /Aug18 International rates
BancSanBrasil BSBR 5.89 -0.06 ConagraBrands CAG 32.84 0.27 Flex FLEX 26.96 -0.37 Diamondback Energy FANG 2.3 .84 /.80 Q Aug17 /Aug10 Other short-term rates
BcoSantChile BSAC 20.09 -0.92 Confluent CFLT 31.02 -2.18 Floor&Decor FND 111.53 -2.74 Hercules Capital HTGC 9.4 .40 /.39 Q Aug25 /Aug18 Week 52-Week
BancoSantander SAN 3.80 -0.11 ConocoPhillips COP 115.59 -1.79 FomentoEconMex FMX 109.87 -2.47 Latest ago High Low Week 52-Week
Ryerson Holding RYI 2.2 .1825 /.18 Q Sep14 /Aug31
BanColombia CIB 28.60 -1.31 ConEd ED 93.33 -0.01 FordMotor F 13.04 -0.38 Latest ago high low
BankofAmerica BAC 31.19 -0.43 ConstBrands A STZ 269.53 -0.50 Fortinet FTNT 74.32 -3.71 SunCoke Energy SXC 4.1 .10 /.08 Q Sep01 /Aug17
Prime rates
FTS 41.53 -0.27 Viper Energy Partners Un 3.8 .27 /.25 Aug17 /Aug10
n-
BankMontreal BMO 89.27 -1.83 ConstellationEner CEG 95.55 -0.75 Fortis VNOM Q
BankNY Mellon BK 45.23 0.07 Cooper COO 387.86 -2.15 s Fortive FTV 78.28 -0.03 U.S. 8.50 8.25 8.50 5.50 Call money
BankNovaScotia BNS 48.50 -0.81 Copart CPRT 88.43 -0.41 FortuneBrands FBIN 71.06 -0.94 Reduced Canada 7.20 7.20 7.20 4.70 7.25 7.00 7.25 4.25
Barclays BCS 7.49 -0.30 Core&Main CNM 31.72 -0.11 FoxA FOXA 33.33 0.07 CVR Partners UAN 32.0 4.14 /10.43 Q Aug21 /Aug14 Japan
BarrickGold GOLD 16.54 -0.49 CorebridgeFin CRBG 18.97 0.23 FoxB FOX 31.26 0.03 North Eur Oil Royalty Tr
1.475 1.475 1.475 1.475
Bath&BodyWks BBWI 36.99 0.29 Corning GLW 33.81 0.07 Franco-Nevada FNV 138.35 -4.37
NRT 24.8 .21 /1.05 Q Aug30 /Aug18 Commercial paper (AA financial)
BaxterIntl BAX 43.91 -1.09 Corteva CTVA 55.90 -0.04 FranklinRscs BEN 28.35 -0.44 Stocks Policy Rates 90 days 5.44 n.a. 5.54 2.64
no
BectonDicknsn BDX 276.24 -2.30 Cosan CSAN 16.51 -0.06 FreeportMcM FCX 42.57 -1.18
Smart for Life SMFL 1:3 /Aug02
Euro zone 4.25 4.00 4.25 0.50
Switzerland 2.25 2.25 2.25 0.25 Secured Overnight Financing Rate
Foreign Britain 5.00 5.00 5.00 1.25 5.31 5.06 5.31 2.25
New Highs and Lows Ardmore Shipping
Bank of Butterfield
ASC
NTB
9.7
5.8
.19
.44
Q
Q
Sep15 /Aug31
Aug28 /Aug14
Australia 4.10 4.10 4.10 1.85
Value 52-Week
Overnight repurchase Latest Traded High Low
BP ADR BP 4.1 .3966 Q Sep22 /Aug11
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Centerra Gold CGAU 3.5 .0532 Q Aug29 /Aug15 U.S. 5.30 5.04 5.35 2.25 DTCC GCF Repo Index
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Enbridge ENB 7.4 .66668 Q Sep01 /Aug15
session. % CHG-Daily percentage change from the previous trading session. Treasury 5.297 32.396 5.365 2.221
HSBC Holdings ADR HSBC 6.3 .50 Q Sep21 /Aug11 U.S. government rates MBS 5.370 46.750 5.407 2.319
Pyxis Tankers Pfd. A PXSAP 8.4 .1615 M Aug21 /Aug14
Wednesday, August 2, 2023 Textainer Group Holdings TGH 2.8 .30 Q Sep15 /Sep01 Discount Notes on data:
52-Wk % 52-Wk % 52-Wk % Textainer Group Pfd A TGHpA 7.4 .4375 Q Sep15 /Sep01 5.50 5.25 5.50 2.50 U.S. prime rate is the base rate on corporate
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Textainer Grp Pfd. B TGHpB 7.9 .39063 Q Sep15 /Sep01 loans posted by at least 70% of the 10 largest
AuroraAcqnWt AURCW 0.27 52.1 ChurchillCapVII CVII.U 10.45 0.1 Triton International TRTN 3.3 .70 Q Sep22 /Sep08 Federal funds U.S. banks, and is effective July 27, 2023. Other
Highs AvidXchange AVDX 12.75 -10.8 CleanHarbors CLH
CVGI
174.10 0.6
11.96 7.2
Effective rate 5.3400 5.0900 5.3400 2.3300 prime rates aren’t directly comparable; lending
AAON AAON 107.09 0.1
Bladex BLX 24.09 0.5 CommVehicle Special High 5.6500 5.4000 5.6500 2.4500 practices vary widely by location; Discount rate
BluegreenVac BVH 40.93 0.7 DiceTherap DICE 47.90 0.4
Aflac AFL 77.33 5.7 Atlas Energy Solutions AESI 3.4 .05 Aug17 /Aug10 is effective July 27, 2023. Secured Overnight
AGNC InvtPfdD AGNCM 23.23 1.0
BoiseCascade BCC 112.12 1.6 elfBeauty ELF 137.48 14.3 Low 5.3100 5.0700 5.3100 2.3000 Financing Rate is as of August 1, 2023. DTCC
AcmeUnited ACU 30.93 -1.0
BuildersFirst BLDR 156.85 1.3 Eaton ETN 225.76 -0.1 CVR Energy CVI 5.4 1.00 Aug21 /Aug14 Bid 5.3200 5.0800 5.3300 2.3000
Bunge BG 116.00 4.1 Enact ACT 29.74 4.2 GCF Repo Index is Depository Trust & Clearing
AllurionTechWt ALUR.WS 1.25 96.2 Golden Entertainment GDEN ... 2.00 Aug25 /Aug11
AlpineImmune ALPN 13.79 3.6 CAVA CAVA 58.10 -2.9 EncompassHealth EHC 71.00 5.1 Offer 5.3300 5.1100 5.3700 2.3200 Corp.'s weighted average for overnight trades in
C5AcqnA CXAC 10.74 0.1 EssentGroup ESNT 51.05 2.0 Hercules Capital HTGC 9.4 .08 Aug25 /Aug18 applicable CUSIPs. Value traded is in billions of
AmNtlBcsh AMNB 41.93 -0.2
Andersons ANDE 52.03 0.3 CNX Resources CNX 20.51 -2.0 EverestConsol MNTN.U 10.89 1.9 Viper Energy Partners Un VNOM 3.8 .09 Aug17 /Aug10 Treasury bill auction U.S. dollars. Federal-funds rates are Tullett
ApogeeEnt APOG 49.86 0.4 CSW Industrials CSWI 181.69 0.1 EvolutionPetrol EPM 9.52 0.5 Prebon rates as of 5:30 p.m. ET.
Archrock AROC 13.07 1.3 CapitalSouthwest CSWC 21.42 0.8 ExtremeNetworks EXTR 30.65 8.5 Sources: FactSet; Dow Jones Market Data 4 weeks 5.275 5.255 5.840 2.110
ASTE 53.39 4.1 CarmellTherapWt CTCXW 0.80 100.0 FedAgriMtg C AGM 166.14 1.8 Sources: Federal Reserve; Bureau of Labor
AstecIndustries
Caterpillar CAT 293.88 -0.4 FedAgriMtg A AGM.A
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
135.33 2.5
13 weeks 5.280 5.270 5.300 2.490 Statistics; DTCC; FactSet;
Atkore ATKR 164.76 -3.1
AtlasEnergySolns AESI 21.78 -2.5 CedarRealtyPfB CDRpB 18.46 3.2 Continued on Page B10 spin-off. 26 weeks 5.270 5.270 5.290 2.850 Tullett Prebon Information, Ltd.
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
LgCpGwId InstPre 27.11 -0.54 30.5 SrsIntlVal 11.13 -0.22 11.0 Lord Abbett I R2025 15.96 -0.16 9.2 PrmcpAdml r 154.94 -2.45 18.4 Welltn 41.10 -0.46 8.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 28.81 -0.36 11.5 TotalBond 9.34 -0.03 2.5 ShtDurInc p 3.81 ... 2.2 R2030 24.17 -0.29 10.6 RealEstatAdml 119.96 -0.65 4.8 WndsrII 42.09 -0.50 13.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 19.94 -0.28 18.6 Fidelity SAI Metropolitan West R2040 27.68 -0.41 13.3 SmCapAdml 98.25 -1.41 12.6 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.83 -0.03 1.3 TotalBd 8.83 -0.03 2.5 TotRetBdI 8.95 -0.03 1.3 Putnam Funds Class A SmGthAdml 81.98 -1.72 16.6 ExtndIstPl 288.69 -5.13 16.8
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 12.40 -0.20 14.2 U.S.TreBdIdx 8.62 -0.01 0.8 TRBdPlan 8.40 -0.03 1.4 PutLargCap p 30.71 -0.29 9.5 STBondAdml 9.89 ... 1.5 IdxIntl 18.13 -0.37 10.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.73 -0.05 -0.5 Fidelity Selects MFS Funds Schwab Funds STIGradeAdml 10.00 ... 2.3 MdCpGrAdml 89.68 -1.64 16.3
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 24.38 -0.34 12.8 Semiconductors r 24.43 -1.03 67.6 IIE 31.95 -0.54 13.5 1000 Inv r 97.41 -1.41 NA STIPSIxAdm 23.67 ... 1.9 MdCpVlAdml 73.67 -0.39 6.3
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 125.22 -1.83 18.4 Softwr 25.73 -0.80 30.9 MFS Funds Class I S&P Sel 69.71 -0.98 NA TotBdAdml 9.44 -0.03 1.3 SmValAdml 74.11 -0.68 9.8
TotalMarketIndex 15.81 -0.23 18.4 Tech 26.48 -0.90 48.5 GrowthI 164.65 -3.34 24.5 TSM Sel r 77.14 -1.12 NA TotIntBdIdxAdm 19.40 +0.02 3.5 TotBd2 9.33 -0.02 1.3
TtlIntIdxInstPr 12.92 -0.27 10.3 First Eagle Funds ValueI 49.25 -0.29 3.9 TIAA/CREF Funds TotIntlAdmIdx r 30.33 -0.62 10.3 TotIntlInstIdx r 121.30 -2.46 10.3
Wednesday, August 2, 2023 USBdIdxInstPrem 10.14 -0.03 1.3 GlbA 63.61 -0.72 9.7 Natixis Funds EqIdxInst 32.10 -0.46 18.2 TotStAdml 109.26 -1.58 18.3 TotItlInstPlId r 121.33 -2.46 10.3
Net YTD Net YTD Net YTD Fidelity Freedom Franklin A1 LSGrowthY 22.90 -0.51 40.7 IntlEqIdxInst 21.36 -0.40 11.8 TxMCapAdml 233.31 -3.29 18.7 TotSt 109.24 -1.57 18.2
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2020 13.72 -0.13 7.7 IncomeA1 2.28 -0.02 4.3 Neuberger Berman Fds LrgCpGrIdxInst 48.32 -0.95 30.4 TxMIn r 14.85 -0.30 11.3 VANGUARD INSTL FDS
FF2025 12.73 -0.13 8.7 FrankTemp/Frank Adv LCVal Inst 42.91 -0.28 -0.3 VANGUARD ADMIRAL USGroAdml 133.93 -3.57 32.2 DevMktsIndInst 14.87 -0.30 11.3
AB Funds Artisan Funds US CoreEq1 34.28 -0.42 15.9 FF2030 16.04 -0.19 9.6 IncomeAdv 2.26 -0.01 4.4 Northern Funds 500Adml 416.77 -5.84 18.6 ValAdml DevMktsInxInst 23.25 -0.46 11.4
MuniIncmShares 10.85 -0.05 2.8 IntlVal Inst 44.21 -0.59 14.6 US CoreEq2 31.04 -0.36 15.2 FF2035 56.87 -0.35 5.2
14.00 -0.19 11.6 FrankTemp/Franklin A StkIdx 48.03 -0.67 18.6 BalAdml 43.52 -0.43 11.3
WdsrllAdml 74.67 -0.88 13.8 ExtndInst 116.98 -2.08 16.8
AB Funds - ADV Baird Funds US Small 42.94 -0.39 11.6 FF2040 10.05 -0.16 13.5 Growth A 121.67 -2.10 19.1 Old Westbury Fds CAITAdml 11.18 -0.03 2.0 GrwthInst 146.93 -3.12 34.4
LgCpGrAdv 86.22 -1.64 23.3 AggBdInst 9.57 -0.03 1.6 US SmCpVal 43.07 -0.36 10.6 Freedom2030 K 16.04 WellsIAdml 59.86 -0.34 2.8
-0.19 9.7 RisDv A 88.94 -0.89 8.3 LrgCpStr 16.61 -0.27 13.9 CapOpAdml r 169.41 -2.61 15.9 InPrSeIn 9.42 -0.02 1.2
American Century Inv CorBdInst 9.87 -0.03 2.0 US TgdVal 30.44 -0.26 12.0 Idx2030InsPre 18.38 WelltnAdml 70.98 -0.79 8.2
-0.22 9.6 Guggenheim Funds Tru Parnassus Fds DivAppIdxAdm 44.76 -0.35 9.7 InstIdx 377.06 -5.29 18.6
Ultra 72.74 -1.65 31.9 BlackRock Funds USLgVa 43.86 -0.41 6.9 Idx2035InsPre 20.83 WndsrAdml 74.78 -0.77 10.4
-0.28 11.4 TotRtnBdFdClInst 23.20 -0.07 2.5 ParnEqFd 55.19 -0.67 17.9 EMAdmr 34.62 -0.75 7.4 InstPlus 377.06 -5.28 18.7
American Funds Cl A HiYldBd Inst 6.79 -0.03 6.4 Dodge & Cox VANGUARD FDS
Idx2040InsPre 21.45 -0.33 13.2 Harbor Funds PGIM Funds Cl Z EqIncAdml 86.99 -0.64 4.2 InstTStPlus 78.55 -1.13 18.3
AmcpA 36.31 -0.63 21.0 BlackRock Funds III Balanced 98.99 -0.85 8.1 Idx2045InsPre 22.37 -0.35 13.6 CapApInst 86.16 -2.15 37.3 TotalReturnBond 11.71 -0.04 2.5 ExplrAdml 98.85 -1.46 13.8 DivdGro 36.20 -0.25 3.6
MidCpInst 61.43 -0.72 11.0
AMutlA 50.44 -0.34 5.1 iShS&P500IdxK 529.60 -7.43 18.6 GblStock 14.46 -0.26 14.7 Fidelity Invest Harding Loevner PIMCO Fds Instl ExtndAdml 116.99 -2.08 16.8 IntlVal 40.42 -0.76 13.1 MidCpIstPl 302.98 -3.53 11.0
BalA 30.78 -0.28 7.8 BlackRock Funds Inst Income 12.28 -0.04 2.6 Balanc 26.04 -0.28 14.6 IntlEq 25.76 -0.47 NA AllAsset 10.90 -0.10 NA GNMAAdml 9.09 -0.02 0.8 LifeCon 20.21 -0.16 7.1 RealEstaInstl 18.57 -0.10 4.9
BondA NA ... 0.5 EqtyDivd 19.19 -0.19 7.8 Intl Stk 48.53 -1.08 12.6 BluCh 159.73 -3.97 42.0 Invesco Funds A TotRt 8.42 -0.01 1.7 GrwthAdml 146.92 -3.12 34.3 LifeGro 40.08 -0.56 12.3 SmCapInst 98.25 -1.40 12.6
CapIBA 64.65 -0.66 4.1 StratIncOpptyIns 9.19 -0.01 2.6 Stock 234.65 -3.04 10.6 Contra 15.28 -0.25 28.2 EqIncA 10.20 -0.10 4.9 PIMCO Funds A HlthCareAdml r 89.00 -0.46 2.4 LifeMod 29.80 -0.32 9.7 SmCapIstPl 283.58 -4.05 12.6
CapWGrA 57.96 -1.02 13.5 TotRet 9.84 -0.03 NA DoubleLine Funds CpInc 9.37 -0.05 7.0 Invesco Funds Y IncomeFd 10.42 -0.02 4.2 HYCorAdml r 5.21 -0.02 4.7 PrmcpCor 31.11 -0.38 14.5 STIGradeInst 10.00 ... 2.3
EupacA 54.73 -1.22 11.9 Calamos Funds TotRetBdI NA ... NA GroCo 30.62 -0.74 36.0 DevMktY 39.37 -0.97 12.6 PIMCO Funds I2 InfProAd 23.12 -0.05 1.1 STAR 26.67 -0.35 11.3 STIPSIxins 23.68 -0.01 1.8
FdInvA 69.20 -1.07 16.6 MktNeutI 14.58 -0.02 6.4 Edgewood Growth Instituti InvGrBd 9.84 -0.03 2.2 JHF III DispVal Income 10.42 -0.02 4.4 IntlGrAdml 103.75 -2.70 14.8 TgtRe2020 27.22 -0.21 7.3 TotBdInst 9.44 -0.03 1.3
GwthA 62.00 -1.17 25.3 Columbia Class I EdgewoodGrInst 40.19 -0.87 28.4 LowP 49.26 -0.51 6.6 DispValMCI 26.86 -0.20 10.0 PIMCO Funds Instl ITBondAdml 10.06 -0.03 1.5 TgtRe2025 18.18 -0.17 9.0 TotBdInst2 9.33 -0.02 1.3
HI TrA 9.18 -0.04 5.1 DivIncom I 30.55 -0.27 6.7 Federated Hermes Int Magin 11.45 -0.15 19.9 John Hancock IncomeFd 10.42 -0.02 4.5 ITIGradeAdml 8.36 -0.03 2.8 TgtRe2030 34.56 -0.38 10.2 TotBdInstPl 9.44 -0.03 1.3
ICAA 48.39 -0.70 18.1 Dimensional Fds TtlRtnBdI 9.35 -0.03 0.9 NASDAQ 176.95 -3.94 34.2 BondR6 13.28 -0.04 2.1 Price Funds LarCapAd 104.06 -1.50 19.2 TgtRe2035 21.51 -0.26 11.2 TotIntBdIdxInst 29.11 +0.03 3.5
IncoA 22.97 -0.18 3.1 5GlbFxdInc 10.09 ... 2.6 Fidelity OTC 16.91 -0.33 31.8 JPMorgan I Class BlChip 140.68 -3.19 35.9 LTGradeAdml 7.75 -0.08 2.1 TgtRe2040 38.13 -0.50 12.1 TotStInst 109.28 -1.57 18.3
N PerA 55.78 -0.96 17.9 EmgMktVa 29.27 -0.66 11.8 500IdxInstPrem 156.74 -2.20 18.7 Puritn 22.98 -0.33 13.1 CoreBond 10.06 -0.02 NA DivGro 69.27 -0.47 8.7 MidCpAdml 278.10 -3.24 11.0 TgtRe2045 25.82 -0.37 13.1 ValueInst 56.87 -0.35 5.2
NEcoA 51.99 -0.98 19.5 EmMktCorEq 22.12 -0.50 11.1 Contrafund K6 21.32 -0.35 26.8 SAIUSQtyIdx 18.38 -0.28 20.1 EqInc 22.79 -0.18 NA Growth 82.50 -1.81 33.9 MuHYAdml 10.40 -0.04 3.6 TgtRe2050 42.98 -0.65 13.7 WCM Focus Funds
NwWrldA 74.98 -1.39 12.8 IntlCoreEq 14.73 -0.26 10.9 ExtMktIdxInstPre 73.50 -1.31 16.8 SrsEmrgMkt 17.41 -0.48 11.5 LgCpGwth 55.57 -1.28 NA HelSci 89.39 -0.64 -0.5 MuIntAdml 13.42 -0.03 2.1 TgtRe2060 44.15 -0.68 13.7 WCMFocIntlGrwIns 22.24 -0.26 13.1
SmCpA 63.51 -1.16 13.2 IntSmCo 18.67 -0.28 8.6 FidSerToMarket 14.91 -0.22 18.4 SrsGlobal 13.65 -0.28 10.5 JPMorgan R Class LgCapGow I 60.61 -1.33 32.0 MuLTAdml 10.66 -0.05 2.8 TgtRet2055 47.95 -0.72 13.7 Western Asset
TxExA 12.14 -0.04 2.4 IntSmVa 20.53 -0.31 10.8 GrowthCompanyK6 20.67 -0.51 34.3 SrsGroCoRetail 18.49 -0.45 34.3 CoreBond 10.07 -0.03 NA MidCap 102.04 -1.29 15.0 MuLtdAdml 10.68 -0.01 1.4 TgtRetInc 12.83 -0.07 5.8 CoreBondI NA ... NA
WshA 55.30 -0.54 9.9 LgCo 30.79 -0.43 18.6 IntlIdxInstPrem 46.10 -0.90 11.9 SrsIntlGrw 16.24 -0.25 13.9 CorePlusBd 7.09 -0.02 NA NHoriz 54.42 -1.49 17.5 MuShtAdml 15.60 -0.01 1.6 WellsI 24.71 -0.14 2.7 CorePlusBdI NA ... NA
B10 | Thursday, August 3, 2023 * * THE WALL STREET JOURNAL.
BANKING & FINANCE
Hong Kong Property Market Struggles Robinhood

Posts First
U.S. rate increases
have tamed inflation
at home but caused
Profit, but
pain elsewhere Users Fall
BY ELAINE YU
BY HANNAH MIAO
Hong Kong’s notoriously ex-
pensive property market is of- Online broker Robinhood
ten seen as a barometer of the Markets on Wednesday re-
city’s economy. It isn’t looking ported a profitable quarter for
good. the first time as a public com-
Home prices are down. Of- pany but saw monthly active
fice vacancy rates have hit a users fall. In after-hours trad-
record high. Commercial real- ing, its shares dropped 7%.
estate investment has plum- The company posted net in-
meted. The shares of some big come of $25 million, or 3 cents
developers in the city are trad- a share, on revenue of $486
ing at a 30-year low to their million. Analysts expected a
net asset value, a measure of loss of 1 cent a share on reve-
financial health, according to nue of $473 million, according
research by analysts at JPMor- to FactSet consensus estimates.
gan. Robinhood is increasingly
A key reason is high interest making money from interest-
PAUL YEUNG/BLOOMBERG NEWS
rates, which have increased the earning assets as revenue from

burden on mortgage-paying customer transactions has
home buyers, said Cathie fallen. Net interest revenue
Chung, senior director of re- more than tripled year over
search at Jones Lang LaSalle, a year to $234 million, while
real-estate services company. transaction-based revenue fell
The Hong Kong dollar’s peg to 4% to $193 million.
the U.S. dollar forces monetary The vacancy rate for offices hit a record high of 15.7% in the first half of this year, compared with an average of under 5% in 2018. Crypto transaction revenue
authorities in the city to track fell 47% year over year, while
U.S. interest-rate decisions, prices of developers, a major Benchmark interest rates* Share-price and index performance this year revenue from equities trading
limiting their ability to stimu- source of wealth for some of 6% 15% fell 14% and options transac-
late the property sector and the city’s richest families. CK tion revenue gained 12%.
the wider economy. Asset Holdings, Henderson Hong Kong Monthly active users de-
U.S. 10
The Federal Reserve has Land Development, Sun Hung 5 creased to 10.8 million in the
embarked on a historic cycle of Kai Properties and New second quarter from 14 million
interest-rate increases since World Development—all still 5 a year before. Wall Street was
4
.
last March, raising the bench- partly owned by the families of expecting monthly active users
Hang Seng
mark federal-funds rate from the founders—are performing of more than 11 million, accord-
ly
0
Index
around zero to 5.25% to 5.50%. much worse than the wider 3 ing to FactSet. Robinhood man-
The Hong Kong Monetary Au- stock market this year. New –5 CK Asset agement said active users
thority, the city’s de facto cen- World and Henderson Land Holdings picked up in June and July.
2
tral bank, has followed these
rises, increasing its base rate
to 5.75% from 0.75% over the
same period.
have lost more than 15% this
year, according to FactSet data.
Hong Kong is one of the
world’s leading financial cen-
on 1
–10
–15
Sun Hung Kai
Properties
Henderson Land
The company has in recent
months launched new product
offerings in an effort to juice
user engagement. Robinhood
The full impact of higher in- ters and is seen by many for- said assets in individual retire-
us ,
Monthly Development
0 –20
terest rates in the city still eign businesses as a gateway ment accounts are nearing $1
l
hasn’t been felt, said Asif Gha- to mainland China. It is now 2022 ’23 Jan. 2023 April Aug. billion.
e
al a
foor, chief executive of online being hit by a slowdown in in- *The chart shows the top of the federal-funds rate, which is set in a 0.25% range. The broker launched 24-
real-estate marketplace Spa- vestment-banking activity— Sources: Federal Reserve (U.S.); Hong Kong Monetary Authority (Hong Kong); FactSet (performance) hour trading of selected stocks
cious. Asking prices of resi- with several large banks cut- and exchange-traded funds,
ci on
dential properties listed on the ting staff this year—and the data, just a third of the first- Developers bought land and in tourists looking to spend on five days a week. The company
platform have fallen 5% since shaky recovery of China’s econ- quarter tally and the lowest started constructing a number luxury goods. There is also acquired X1, a startup that of-
the start of the year. Sales omy, which has undermined quarterly figure since the end of new buildings before 2019, hope that a recent rise in resi- fers a no-fee credit card, in
prices tend to follow suit, and confidence among businesses of 2008, when the global finan- when widespread protests dential rents could help home July.
are likely to fall 5% to 10% in and potential home buyers in cial crisis caused a huge drop rocked the city and only ended prices. Robinhood management at-
er s
the next six months, he said. Hong Kong. in confidence. with the passing of a strict na- After an exodus of profes- tributed the second-quarter
To prop up the market, the The overall vacancy rate for Hong Kong’s border with tional-security law. Demand for sionals and other residents in profitability to revenue growth
m er
HKMA relaxed mortgage rules offices reached a record high mainland China was reopened commercial property after that recent years, people have and expense management. The
in early July for the first time of 15.7% in the first half of this earlier this year, but compa- was soon undermined by the started to move to the city, in- co-founders earlier this year
since 2009, allowing home year, compared with an aver- nies from the mainland haven’t spread of Covid-19. cluding foreign students and canceled their 2021 stock
buyers to pay less up front and age of under 5% in 2018, ac- grabbed office space in the This shift in supply and de- those coming to Hong Kong awards, lowering operating
borrow more for some proper- cording to figures by CBRE. In numbers many had hoped, said mand is finally giving potential through government talent costs. Robinhood in June cut
m rp
ties if they plan to live in them. the central business district, Ada Fung, head of office ser- renters the upper hand, said schemes designed to reverse a about 7% of its full-time em-
But those working in the sec- there was almost eight times vices at CBRE Hong Kong. Fung. “It could be a healthy re- brain drain. That is helping ployees, its third round of lay-
tor think the pain is far from as much empty office space as Flexible working arrangements set,” she said. rents pick up after hitting a offs in a little over a year.
over. in 2018, when the area had a and geopolitical tensions that There are some reasons for bottom in the first quarter, and The company forecast oper-
“We expect that the recov- vacancy rate of just 1.3%. have made many companies optimism. Retail businesses could lead to more demand for ating expenses for 2023 in
co Fo
ery will be slow and long,” said The equivalent of $603 mil- pause expansion plans are also have increased their demand properties as investments, said range of $2.33 billion to $2.41
Chung at Jones Lang LaSalle. lion was invested in commer- crimping demand, she said. for commercial property after Cusson Leung, head of prop- billion, less than its previous
The slump in the property cial real estate between April The drop in demand is being the reopening of the border erty research in Hong Kong at guidance of $2.345 billion to
market has hurt the share and June, according to CBRE exacerbated by a supply glut. with China, which has brought JPMorgan. $2.485 billion.
Virtual Doctor’s Visits Help Healthcare Providers Go Greener

BY CECILIA BUTINI policy researcher KFF. U.S. healthcare sector England’s healthcare sector and the possibility to reduce to keep facilities running, ac-
The healthcare industry is emissions, by type* emissions, by type those emissions really crystal- cording to the company. The
n-
Virtual doctor’s appoint- responsible for about 5% of 100% lized. figure includes Scope 3 emis-
ments are helping healthcare global greenhouse-gas emis- Virtual care “has now cre- sions, it said.
companies reduce carbon emissions, of which the U.S. health- Other Other ated an expectation of our [pa- In past years, the company
sions, though sustainability is care system alone accounts for tients] that they will have ac- has been trying to cut emis-
80
no
mostly seen as a side benefit of one-quarter. The urgent round- cess, responses, information, sions by purchasing utility-
telehealth rather than its main the-clock nature of medical care Non-medical equipment and care virtually, that a lot of scale electricity from renewable
driver. means that there is a limit to people didn’t expect before,” sources, installing solar arrays,
The use of telehealth picked how much emissions can be re- 60 Energy Medical equipment said Colin Cave, MD and medi- improving building efficiency
Transport
up considerably during the duced. cal director of external affairs, and buying carbon offsets, it
Medical devices & supplies Medicines & chemicals
Covid-19 pandemic, with virtual Energy, food and water con- government relations and com- said.
visits increasing 38 times from sumption in hospitals and other 40 Food, water & waste munity health at Kaiser Perma- For BUPA, a U.K.-based pro-
their prepandemic levels and facilities, production of phar- Buildings nente, Northwest. vider of private health insur-
then largely stabilizing, accord- maceuticals and chemicals, Pharmaceuticals In this sense, patient conve- ance and care, telehealth has
& chemicals Outsourced health services
ing to 2021 figures provided by along with waste management 20 Fleet & business travel nience emerged as the first and emerged as an asset in the
McKinsey. are the biggest sources of car- Anesthetics & inhalers primary purpose of virtual vis- company’s broader digitization
At first the practice was bon emissions for the American Electricity Waste & water its, but it also led to different strategy, which in turn is seen
seen mostly as a way to im- healthcare industry, according 0 Heathcare operations Personal travel considerations. “We understand as a way to reduce Scope 3
prove patient access and conve- to a 2020 study cited by the Greenhouse gas emissions Greenhouse gas emissions that climate is health, so it be- emissions and eventually get to
nience while reducing costs, but U.S. Agency for Healthcare Re- came apparent that there could its goal of net-zero emissions
*Excludes waste anesthetic gas and metered dose inhaler propellants.
as the trend stabilized, health- search and Quality. Note: Green bars are Scope 1 emissions from operations; gray bars are Scope 2 emissions
also be an advantage with re- by 2040.
care companies started viewing Scope 3 emissions—those in from energy usage; blue bars are Scope 3 emissions from the rest of the supply chain. gards to the environment,” The company has designed
virtual consultations as an op- the supply chain beyond the Sources: U.S. Agency for Healthcare Research and Quality (U.S.); Cave said. an app for teleconsultations
England's National Health Service (England)
portunity to improve their car- operations and energy usage of Telehealth use is able to re- that is able to show patients
bon footprint. the reporting units—account duce Kaiser Permanente’s car- the carbon emissions avoided
Telehealth can cut costs as for about four-fifths of the total While some health providers and from healthcare facilities. bon footprint by about 7,500 through that consultation.
some healthcare providers are greenhouse-gas emissions of had started sketching out sus- Kaiser Permanente, one of metric tons a year, according to BUPA patients in Spain, where
willing to accept lower reim- the U.S. healthcare sector, ac- tainability strategies before the the biggest nonprofit health- the company. “It isn’t huge, but the app has been rolled out,
bursement rates since, for ex- cording to the study. Similarly, pandemic—including, for exam- care organizations in the U.S., it’s something that we have the were able to save about 6,655
ample, fewer personnel are em- in England, medicines, build- ple, using solar panels and en- started examining the environ- power to make work,” Cave net tons of carbon dioxide via
ployed or doctors can perform ings, equipment and other sup- ergy from renewable sources— mental impact of driving to and said. their teleconsultations in 2020
some consultations from home, ply-chain items generate most the increased uptake in from its 39 hospitals and 623 Kaiser Permanente emits and more than 8,000 net tons
said Cynthia Cox, vice president of the National Health Service’s telemedicine made them realize medical offices in 2016, but it 800,000 metric tons of carbon in 2022, the company said.
and program director on the emissions, according to official that emissions also could be was during the pandemic that dioxide yearly, mostly from —Dieter Holger
Affordable Care Act at health NHS figures. saved by avoiding transport to both the benefits of telehealth electricity and natural gas used contributed to this article.
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
Continued From Page B9 52-Wk % 52-Wk % V2X VVX 53.49 2.4 AshfordHospPfdD AHTpD 15.01 -5.3 Deswell DSWL 2.51 -0.4 Inogen INGN 7.50 -3.9 Novocure NVCR 29.76 -7.8 SingularGenomics OMIC 0.74 -3.8
VeecoInstr VECO 28.84 -0.8 AshfordHospPfdF AHTpF 13.30 -5.3 DigitalBrands DBGI 0.52 -5.3 Insperity NSP 93.88 -1.5 NuSkinEnts NUS 27.34 -7.6 60DegreesPharm SXTP 2.00 -0.9
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Vertiv VRT 35.38 29.2 AtlanticAmerican AAME 1.67 -0.6 DrivenBrands DRVN 13.15 -41.2 IntelligentBio INBS 1.60 -12.6 NuCana NCNA 0.63 -9.3 60DegreesPharmWt SXTPW 0.36 -14.3
Stock Sym Hi/Lo Chg LatAmGrowth LATGU 10.83 0.9 PhillipsEdison PECO 35.97 1.0 VillageSuper A VLGEA 24.38 -0.1 AultAlliance AULT 2.60 -9.1 DuckhornPtf NAPA 12.35 0.1 IntlMoneyExpress IMXI 18.69 -19.0 Oblong OBLG 1.13 -9.6 SmartforLife SMFL 1.64 4.0
LeonardoDRS DRS 17.96 5.7 PixieDustTech PXDT 10.51 -6.1 VitaCoco COCO 30.88 -5.0 Azitra AZTR 3.24 -12.7 EBET EBET 0.05 -14.2 Janover JNVR 1.63 -16.8 Ohmyhome OMH 2.66 -1.4 SmartPowerr CREG 1.25 -1.6
FirstWatchRest FWRG 20.31 -4.1 LOCC.WS 0.48 22.9 PowellIndustries POWL 90.00 39.6 VulcanMatls 4.18 -5.0 3.00 -25.7 JinkoSolar
LiveOakCrestWt VMC 227.44 -0.4 BRC BRCC ElectriqPower ELIQ JKS 37.90 -6.2 OrchestraBioMed OBIO 5.19 -2.7 Spire SR 59.48 -1.1
Flowserve FLS 39.66 3.0 MSA Safety MSA 185.56 1.3 PreformedLine PLPC 184.82 -0.8 BeamTherap BEAM 27.46 -0.9 EnphaseEnergy ENPH 139.89 -6.4 KWESSTMicroWt KWESW 0.05 1.2 PNM Resources PNM 44.03 -0.6 SuburbanPropane SPH 14.42 -0.8
FOR 31.03 -0.8
Forestar
Fortive FTV 78.71 ...
Marriott
Matson
MAR
MATX
206.53
96.31
-0.6
0.9
Primerica
PrimorisSvcs
PRI
PRIM
216.29
32.57
0.2
-0.2
Lows Beneficient
Bio-Path
BENF
BPTH
1.80
0.68
-5.0
-22.5
EQRxWt
EquusTotReturn
EQRXW
EQS
0.09 -16.9 KioraPharm
1.32 7.4 LixteBiotech
KPRX
LIXT
0.56 -5.7 PaciraBioSci
3.20 -6.1 PaxMedica
PCRX 34.08 2.0 SunPower
Synaptogenix
SPWR
SNPX
8.85
0.67
-8.4
-7.4
Freshpet FRPT 74.17 0.1 PXMD 0.58 -7.3
MetalsAcqnWt MTAL.WS 1.75 ... RCF Acqn A RCFA 10.85 -0.3 AadiBioscience AADI 5.09 0.2 BioCryst BCRX 6.78 -0.3 EsportsEnt GMBL 0.33 -16.3 LoopMedia TD Holdings GLG 0.46 0.2
Freshworks FRSH 23.09 18.5 LPTV 2.13 -4.0 Paysign PAYS 1.78 -4.3
MetalsAcqn MTAL 13.10 3.8 RCM Tech RCMT 20.60 -3.5 Adamis ADMP 1.28 -66.7 Biolase BIOL 4.94 -12.6 EsteeLauder EL 170.90 -1.4 Luxfer Telus TU 17.31 -2.3
Frontdoor FTDR 38.97 5.7 LXFR 12.41 -2.4 Perficient PRFT 58.89 ...
MiMedx MDXG 8.60 -2.9 RadianGroup RDN 27.39 0.3 Addentax ATXG 3.39 -6.6 Bionomics BNOX 1.45 -13.0 ExlService EXLS 27.22 -1.5 MSP Recovery TelusIntl TIXT 8.74 -1.3
Gallagher AJG 222.21 1.1 LIFW 0.18 -12.2 Pfizer PFE 35.28 -0.7
MitekSystems MITK 11.96 6.8 RevolutionMed RVMD 32.88 4.1 AerSale ASLE 13.81 -6.1 Biophytis BPTS 1.21 -20.8 ExtraSpaceSt EXR 136.15 -0.5 TPIComposites TPIC 5.53 4.0
Garmin GRMN 108.48 1.3 MSP Recovery Wt LIFWZ 0.17 -14.6 PhioPharm PHIO 2.45 -5.6
ModineMfg MOD 38.45 0.3 Rover ROVR 7.00 14.7 AgreeRealty ADC 62.67 -2.5 BraemarHtls BHR 3.28 -6.6 FateTherap FATE 3.73 -5.3 Taoping TAOP 3.70 -22.5
GibraltarInds ROCK 74.85 9.9 AirIndustries AIRI 3.05 -2.5 MaravaiLifeSci MRVI 10.78 8.3 PhoenixNewMedia FENG 1.56 -1.2
NMI Holdings NMIH 29.85 5.3 SapiensIntl SPNS 29.70 6.2 ByrnaTech BYRN 3.29 -3.1 FirstWaveBio FWBI 0.48 0.2 TonixPharm TNXP 0.99 -1.9
Gorman-Rupp GRC 33.31 -1.0 Akanda AKAN 0.54 -7.8 Mediaco MDIA 0.92 -3.0 PlatinumGrpMtls PLG 1.22 -3.8
NaborsEnerII NETDU 10.20 0.1 SilverBoxIIIUn SBXC.U 10.25 0.7 CambiumNtwks CMBM 8.84 -30.1 G1Therapeutics GTHX 2.11 -2.3 TradeUPAcqn UPTD 8.33 -11.8
GrafAcqnIVWt GFOR.WS 0.73 -2.6 432.50 0.8 10.44 0.3 AkoustisTechs AKTS 2.23 -1.3 CVM 1.45 -6.1 GNPX 0.69 -3.9 MedTechAcqnA MTAC 9.15 -5.6 Polished.com POL 0.17 -7.0
NatlWesternLife NWLI SilverspacA SLVR Cel-Sci Genprex TransCodeTherap RNAZ 1.94 -3.8
GrafAcqnIV GFOR.U 10.78 -0.4 NerdyWt NRDY.WS 0.75 6.6 Steris STE 254.00 1.7 AllarityTherap ALLR 2.24 1.6 ClearwayEnergyC CWEN 25.14 -2.1 GoldRoyalty GROY 1.65 -3.4 Moderna MRNA 110.04 -3.3 PreludeTherap PRLD 3.57 1.6 TreasureGlobal TGL 0.64 -5.4
Griffon GFF 43.90 -2.7 NewMarket NEU 458.88 0.3 ThomsonReuters TRI 138.85 1.3 AllurionTech ALUR 6.77 -30.0 ClearwayEnergyA CWEN.A 23.54 -1.8 HainCelestial HAIN 11.50 -3.3 ModivCare MODV 35.68 -1.1 Prenetics PRE 0.66 1.4 2seventybio TSVT 6.40 -7.1
HamiltonLane HLNE 90.78 2.7 nVentElectric NVT 56.34 2.7 ThorIndustries THO 116.31 0.4 AlsetCapAcqnA ACAX 4.68 41.4 CompleteSolaria CSLR 3.13 -5.0 HainanManaslu HMACU 8.80 -18.7 Monro MNRO 34.58 -2.3 Radware RDWR 14.96 -15.6 UniversePharm UPC 1.66 -3.8
HerculesCapital HTGC 17.07 0.1 OddityTech ODD 55.21 1.9 ToyotaMotor TM 175.37 1.2 Anterix ATEX 27.20 6.6 Conifer CNFR 1.11 -8.6 HainanManaslu HMAC 6.13 -31.4 NCS Multistage NCSM 16.06 3.2 RedHillBio RDHL 1.07 -8.0 VandaPharm VNDA 5.49 -2.5
HuronConsulting HURN 101.27 2.3 OlemaPharm OLMA 9.94 7.0 TraneTech TT 208.66 3.0 ApellisPharm APLS 22.73 -1.1 ConiferNts2023 CNFRL 20.51 -2.0 Hanryu HRYU 6.60 -11.2 NGM Biopharm NGM 2.12 -5.7 RepareTherap RPTX 8.27 -7.1 Wang&Lee WLGS 0.91 -8.6
InstalledBldg IBP 154.04 2.1 OtterTail OTTR 90.55 1.0 Trex TREX 76.05 -0.7 AptevoTherap APVO 0.58 -38.3 ContangoOre CTGO 17.75 0.6 HoraceMannEdu HMN 28.14 -4.1 NanoVibronix NAOV 2.75 -7.3 SenesTech SNES 0.88 -2.2 YoshiharuGlbl YOSH 0.51 -7.5
IsraelAcqnsWt ISRLW 0.23 0.1 Overstock OSTK 39.27 2.2 TrioTech TRT 5.95 -0.2 Aptorum APM 1.86 1.1 CosmosHealth COSM 1.22 -15.0 IDT IDT 22.76 -0.9 NatlStorage NSA 32.80 -0.1 SensientTech SXT 62.64 0.4 ZappEV ZAPP 1.40 -0.2
J&JSnackFoods JJSF 177.35 3.9 OxbridgeAcqn OXACU 11.01 10.1 TsakosEnergyPfdF TNPpF 25.79 0.2 AquaBountyTech AQB 0.31 -8.3 Cytokinetics CYTK 30.66 -4.4 ImmunoPrecise IPA 2.15 -6.9 NeuBaseTherap NBSE 1.20 -6.2 ShiftPixy PIXY 1.00 -10.7 ZeviaPBC ZVIA 2.60 -4.7
KensingtonCapV A KCGI 10.67 ... PackagingCpAm PKG 156.20 1.0 UnumGroup UNM 49.89 1.2 ArtesianRscs A ARTNA 45.01 1.3 DareBioscience DARE 0.71 0.7 Impinj PI 62.24 -4.7 NeuroMetrix NURO 0.84 -2.5 Shineco SISI 0.21 -6.2 ZoomInfoTech ZI 18.31 -1.4
LFCapAcqnIIA LFAC 10.96 0.3 ParPacific PARR 32.25 0.2 UrbanEdgeProp UE 17.56 1.7 AshfordHospPfdH AHTpH 13.57 -5.0 Datasea DTSS 0.64 -7.4 Incannex IXHL 1.70 -3.9 Nevro NVRO 18.45 -18.7 Shutterstock SSTK 42.66 -7.6 Zynex ZYXI 8.20 -3.8
LandseaHomes LSEA 11.47 4.6 Parsons PSN 54.86 9.9 UrbanOutfitters URBN 36.95 -0.1 AshfordHospPfdI AHTpI 13.30 -7.2 DeltaApparel DLA 8.10 -1.2 Infinera INFN 4.22 -1.6 Nogin NOGN 0.85 -1.1 SilverCrestMetals SILV 4.16 -0.9 ZyVersaTherap ZVSA 0.16 -0.2
THE WALL STREET JOURNAL. * * * * * Thursday, August 3, 2023 | B11
MARKETS & FINANCE
Brokers Warned on Laundering Controls

SEC cites flaws in enough resources or staffing rill Lynch $6 million for failing have promised to crack down grams also was inadequate, the The U.S. Treasury in 2016
into their anti-money-launder- to file so-called suspicious-ac- on sanctions evasion by oli- SEC said. adopted rules that require cer-
certain firms’ efforts ing programs. The unit also tivity reports, which are in- garchs or others with ties to Some broker-dealers haven’t tain financial institutions to
to combat the flow found that some firms were intended to alert authorities to the Kremlin. been updating their training identify the beneficial owners
consistent in their implementa- possible instances of money The SEC’s examinations unit materials to reflect changes to behind any legal entities they
of dirty money tion of policies and procedures laundering. Merrill Lynch also said it witnessed a variety of anti-money-laundering laws, or do business with. In 2021, Con-
designed to stop financial agreed to pay another $6 mil- flaws in broker-dealers’ anti- weren’t able to demonstrate gress passed legislation to
BY DYLAN TOKAR criminals. No firms were lion fine to the Financial Indus- money-laundering programs that their employees had taken crack down on the use of anon-
named. try Regulatory Authority, the during the periodic, on-site re- the appropriate training, the ymous shell companies.
Some Wall Street stockbro- Under U.S. laws, banks and brokerage industry’s self-regu- views it conducts of Wall SEC added. But some broker-dealers ha-
kers must do more to ensure other financial-services firms lator. Street firms. Anti-money-laundering laws ven’t updated their anti-
their services aren’t being used are required to maintain con- Russia’s invasion of Ukraine For one, some broker-deal- require broker-dealers to do money-laundering programs to
to launder dirty money, the trols to stop the flow of illicit has placed more pressure on fiers weren’t conducting timely some basic vetting of custom- account for the Treasury’s 2016
U.S. Securities and Exchange funds. The SEC for years has nancial institutions such as testing of their anti-money- ers that seek to open accounts rule and are at times opening
Commission said. policed broker-dealers’ anti- broker-dealers, which are re- laundering controls, or keeping with them, but some firms accounts for customers with-
The SEC’s examinations unit money-laundering programs, quired to screen for any efforts documentation to show they aren’t making the effort to en- out collecting any information
this week issued a risk alert occasionally issuing fines to to evade economic sanctions had conducted such testing, ac- sure they have a reasonable about the owners behind the
saying it had observed broker- firms that fall short. placed on Moscow in response cording to the regulator. Inde- idea of the real identity of their accounts, the SEC’s examina-
dealers that weren’t putting The SEC in July fined Mer- to the war. U.S. authorities pendent testing of the pro- customers, the regulator said. tions unit found.
Index performance on Wednesday

0%
–0.5
Dow Jones Industrial Average
–1.0
–1.5
S&P 500
–2.0
–2.5
Nasdaq Composite
Five-minute intervals
–3.0
.
10 a.m. 11 noon 1 p.m. 2 3 4
ly
Source: FactSet
Downgrade the spring’s debt-ceiling

on
JOHN GREIM/LIGHTROCKET/GETTY IMAGES

standoff, investors expect bil-
lions of dollars of incremental
Sparks additions to the size of the

Treasury market as the gov-
ernment increases its borrow-
us ,
Selloff ing. That expected increase in

l
the supply of Treasury securi-

e
al a
ties may be weighing on

prices, which pushes up yields.
Continued from page B1 “That’s what’s really driv-
ci on
additional pressure from ing things,” said Matthew Tupperware tumbled 32%. Investors have doubled down on shares of the company in moves reminiscent of the meme mania.
higher yields, that could make Tym, managing director at
for a tougher setup here for Cantor Fitzgerald, of the move selloff in chip maker Ad- sensitive to rising bond yields. calm stretch. It has been 112 Nikkei 225 was down 1.4% af-
the weeks to come,” said in Treasury yields. vanced Micro Devices shares Nvidia shares dropped days since the S&P 500 ter losing over 2% on Tuesday.
Adam Phillips, managing di- The yield on the 30-year on Wednesday underscored 4.8%, while Micron Technol- notched a one-day decline of South Korea’s Kospi was down
er s
rector at EP Wealth Advisors climbed to 4.164% Wednesday, how high the bar is for earn- ogy shed 3.7%. Apple and Am- at least 2%, the longest since 0.8%. S&P 500 futures rose
who said he is cautious on the highest close of the year. ings season after the stock- azon.com report earnings on February 2020, according to less than 0.1%.
m er
stocks in com- Of course, some investors market rally. Thursday, giving investors the Dow Jones Market Data. —Charley Grant, Matt
WEDNESDAY’S ing months. said they weren’t concerned AMD reported second-quar- next big read on how tech “There’s definitely a com- Grossman and David Benoit
MARKETS The de- about the country’s creditwor- ter sales and earnings that heavyweights fared this earn- placency,” said Eric Metz, chief contributed to this article.
clines across thiness despite the downgrade. topped Wall Street estimates ings season. investment officer at Spider-
the market show how the 2023 Jamie Dimon, chief execu- on Tuesday afternoon. But in- Shares of Tupperware and Rock Advisors.
m rp
investing playbook has been tive of JPMorgan Chase, said vestors were evidently looking Yellow tumbled 32% and 16% He said that the rising stock AUCTION RESULTS
Here are the results of Wednesday's Treasury
rapidly upended in recent Fitch’s downgrade of the U.S. for more: AMD shares dropped respectively, chipping away at market had crimped demand auction. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
months. credit rating shouldn’t be too 7% on Wednesday. That fol- their big run-ups in recent for insurancelike protection difference between that price and the face value.
At the start of the year, concerning to investors and lowed disappointing results weeks. Investors have doubled through the options market,
many investors believed that that the U.S. is home to the last month from peers Taiwan down on shares of the two driving prices of such con- 17-WEEK BILLS
$148,133,184,100
co Fo
Applications
risks on the economic horizon “best economy the world’s Semiconductor Manufacturing companies and helped send tracts sharply lower in recent Accepted bids $46,591,893,200
could constrain Treasury ever seen.” and Texas Instruments. them sharply higher, in moves weeks. " noncompetitively $800,811,900
" foreign noncompetitively $0
yields. Instead, a stretch of Investors have also been The technology behemoths reminiscent of the 2021 meme Overseas, Europe’s Stoxx Auction price (rate) 98.248056
strong economic data, debt sifting through a wave of earn- that have propelled the market mania. 600 fell 1.35%, Britain’s FTSE (5.300%)
Coupon equivalent 5.484%
sales and the U.S. downgrade ings results in recent weeks, were some of the hardest hit Some investors said that 100 lost 1.4% and Germany’s Bids at clearing yield accepted 44.41%
have driven yields higher. many of which have come in in trading Wednesday. These major indexes were due for a DAX dropped 1.4%. Cusip number 912797HN0
Following the resolution of better than expected. Still, a stocks tend to be especially pullback after a historically Early Thursday, Japan’s The bills, dated Aug. 8, 2023, mature on Dec. 5, 2023.
Fund to Invest $1 Billion in Fossil Fuels Oil Prices year-end, barring seasonal dis-
ruptions in October caused by
refinery maintenance.
Increase Technical factors are also

n-
adding juice to the rally, inves-

BY LUIS GARCIA tors and analysts say. Until re-
Kimmeridge Energy Man- After Cuts cently, crude futures showed

the deepest net-short position-
no
agement has amassed more ing since 2016, meaning many

than $1 billion to acquire and investors were set up to bene-
develop oil-and-gas assets, as Continued from page B1 fit from cheaper oil. But the
other investors retreat from swing. On the supply side, de- market has begun to rebalance,
the sector. clining inventories reflect re- with some hedge funds un-
The New York-based firm cent production cuts from winding bets on lower prices,
wrapped up Kimmeridge Fund Saudi Arabia and Russia—in and others wagering that
VI LP with roughly 25% more contrast to earlier this year, prices will keep rising.
capital than the $800 million when traders and analysts sus- Further upward pressure on
THEO STROOMER FOR THE WALL STREET JOURNAL
it collected for a predecessor pected Moscow had failed to oil would be unwelcome for
fund it closed in 2019, the firm follow through on an earlier central bankers. Energy is a
said. The new fund is the larg- pledge to pump less oil. major component in headline
est Kimmeridge has raised “The market is really start- inflation and a key input for
since its inception in 2012. ing to respond to the produc- many goods and services,
Kimmeridge sees invest- tion cuts by Saudi Arabia,” meaning higher prices can feed
ment opportunities as a short- said Saad Rahim, chief econo- through into core inflation. En-
age of capital has depressed mist at Trafigura, a Geneva- ergy costs of all sorts, includ-
asset prices in the oil-and-gas based commodity trading ing motor fuel, electricity and
sector, the firm said. Investors house. piped gas, make up nearly 7%
remain reluctant to back fos- At the same time, a range of of the U.S. consumer-price in-
sil-fuel-related fund strategies economic indicators is signal- dex.
over concerns about climate Takeaway pipelines at Civitas Resources’ Livingston site in Broomfield, Colo. ing that fears about recession “It’ll likely slow the disinfla-
change and the terminal value in the U.S. and the eurozone tionary trends we’ve seen,”
of traditional-energy assets, energy companies. A lot has return multiple of 4.6-times ments in natural gas-produc- may have been overblown, said Richard Bronze, head of
say industry consultants. changed in the sector since invested capital, the person ing fields in areas such as boosting expectations for en- geopolitics at consulting firm
North American private-eq- then, as more public compa- said. As of April, Kimmeridge South Texas’s Eagle Ford ergy consumption. Energy Aspects. “This will be a
uity firms raised $2.37 billion nies shifted their focus to in- was Civitas’s second-largest Shale. This week, the U.S. Energy challenge for central banks.”
across five oil and gas-focused creasing returns from a cash- shareholder. The firm is also considering Information Administration re- For policy makers, “this
funds during the first half of burning strategy of growth at Kimmeridge is betting oil- investments in infrastructure vised its oil-demand figure for could mean they wait longer to
2023, around one 10th of the any cost. and-gas assets can appreciate to form a “more integrated May to a high for that month. cut rates, if oil goes up and in-
$22.33 billion they collected Kimmeridge, which also has further as investors haven’t domestic gas” business, he Goldman Sachs analysts have flation is going back up,” said
across 15 funds in the same an activist fund strategy, has fully recognized how much added. predicted a record for July, Lorenzo Di Mattia, chief in-
period last year, according to both agitated for changes in producers’ performance has “We’re strong believers saying that strong economic vestment officer of Sibilla Cap-
research provider Preqin. public energy companies and improved in recent years, Ben that there’s a generational in- activity in the U.S. and India ital, a macro hedge fund.
No such fund has closed taken advantage of them. Civi- Dell, a Kimmeridge managing vestment opportunity in natu- offset weaker growth in Analysts aren’t all as bullish
with more than $1 billion so tas Resources, an oil-and-gas partner and co-founder, said ral gas and ideally delivering China. about oil prices. A recent Dow
far this year, compared with producer formed two years in an interview about two and natural gas with [a net-zero] Analysts at Société Générale Jones survey of 15 banks
five funds last year, Preqin’s ago through the merger of a a half months ago. carbon footprint,” Dell said. say Brent crude is likely to shows an average estimate for
data showed. Kimmeridge portfolio com- “If you continue to return “We believe in the integration reach $100 a barrel next year, Brent at $87.14 a barrel by the
Like many other specialist pany and another publicly cash to shareholders, you con- of the U.S. gas market into the while their counterparts at middle of 2024, not far ahead
energy investors, Kimmeridge traded peer, was one of Kim- tinue to improve corporate global gas market—upstream Standard Chartered have a $98 of current prices.
did well in the years leading meridge’s main investments governance and environmental assets being integrated into” forecast. One wild card is China. Re-
up to 2017 by aggregating from its previous flagship performance over time, that pipelines and liquefied-natu- The Standard Chartered cent data suggest the economy
largely undeveloped oil-and- fund, according to a person fa- will get recognized,” he said ral-gas infrastructure, he said. team said oil demand will out- is recovering more slowly than
gas fields in the Permian Ba- miliar with the matter. at the time. “That’s where I Kimmeridge’s fundraising strip supply by 2.8 million bar- expected from Covid-19 lock-
sin, a large region covering The firm’s stake in the think the industry is for the effort was led by Partner Neda rels a day this month, further downs. But oil imports have
portions of West Texas and company was valued at next stage.” Jafar without the help of a boosting oil prices. It said the jumped 45% in June from a
southeastern New Mexico, and roughly $990 million as of He added that Kimmeridge placement agent, the firm daily deficit is likely to top two year earlier to 12.7 million bar-
selling them to publicly traded Tuesday, representing a gross is looking to expand its invest- said. million barrels through to rels a day, customs data show.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE
America’s Fiscal Time Bomb Ticks Louder

Fitch’s downgrade of the U.S. debt rating only caused a flutter in markets, but strains will soon get harder to ignore
“Everybody who reads the news- cried wolf so often. Congressional Budget Office projections 2024 fiscal year—about three-quar- risk-free rate will crowd out private
paper knows that the United States Treasurys are the most liquid, of U.S. net debt as a share of GDP ters of all discretionary spending investment and dent the value of
has a very serious long-term fiscal coveted asset in the world and the excluding defense. stocks, all else being equal.
120%
problem.” risk-free bedrock off which every- That isn’t an immediate problem, Even worse, losing that room for
That wasn’t a quote by some fi- thing else is priced. And aside from 2023 but for what it is worth, the reac- maneuver could also make respond-
100
nancial talking head in the after- the temporary plunge in stocks in tion in the bond market Wednesday ing to the next crisis, whether it is
math of Fitch’s downgrade of the 2011, America’s fiscal excess has to Fitch’s move was the opposite of financial, health or military in na-
U.S.’s credit rating on Tuesday. It rarely been an immediate pocket- 80 2011 what it was back in 2011—bench- ture, more than a matter of Uncle
was a reaction by then-Chairman of book issue for its citizens. Fitch’s mark yields rose close to their high- Sam whipping out his checkbook.
the Federal Reserve Ben Bernanke warning comes at a time when it is 60 est of the year before falling back For example, defending our allies
the last time a major rating agency getting harder to ignore, though. somewhat in the afternoon. against an attack by China, also a
took that action back in August Ironically, it was the 2008-09 fi- 40 A flood of short-term debt issu- major owner of U.S. debt, might re-
2007
2011. Investors could Google hun- nancial crisis and the emergency ance to refill the Treasury’s coffers quire not just putting Americans’
dreds of such warnings over the de- response to the Covid-19 pandemic 20 after the debt-ceiling standoff is lives in danger but a serious trade-
cades and conclude that the hand- that both accelerated that reckon- another short-term strain. off on the home front in the form of
wringing is best ignored or even ing and also helped to delay the 0 The U.S. borrows in its own cur- higher taxes, inflation, benefit cuts
viewed as a buying opportunity. pain. In 2007, the Congressional rency and will never actually de- or some combination of those.
2007 ’10 ’15 ’20 ’25
When Standard & Poor’s shocked Budget Office projected that federal fault involuntarily as long as it has This sort of problem was de-
the financial world 12 years ago, debt held by the public would fall Source: CBO a printing press. As rising rates scribed by policy analyst Michele
stocks dove, getting near an official to about 22% of gross domestic push that financing need higher, Wucker in her 2016 book “The Gray
bear market, yet investors rushed product in a decade. In 2011 it was was higher in the early 1990s. That though, the ability of the U.S. gov- Rhino,” which was an English-lan-
to buy bonds, the very thing that seen reaching about 76% by this fis- is because the interest rate on the ernment to change the fiscal path guage bestseller in China. Unlike an
had supposedly become more risky. cal year. It will soon exceed 100%. pile of outstanding debt is still a without politically disastrous mea- out-of-the-blue crisis dubbed a
Stocks remained unsettled for an- But because the Federal Reserve long way from what it was then. sures like cutting entitlements or “black swan,” a gray rhino is a very
other couple of months, but an 11- helped keep interest rates so unex- But it is rising quickly as the Fed by overtly printing money is be- probable event with plenty of warn-
year bull market marched onward. pectedly low in the interim, taxpay- has raised rates to counter inflation coming more limited. ings and evidence that is ignored
Investors are drawing false com- ers’ bill for financing debt accumu- that reached a four-decade high If no such radical steps are taken until it is too late.
fort from the past and from the lated in the past was modest. Net last year. The CBO predicts net in- then it almost certainly means pay- Add Fitch’s downgrade to that
perception that fiscal scolds have interest as a share of fiscal outlays terest will reach $745 billion in the ing more to borrow. That rising list. —Spencer Jakab
.
ly
AMD Keeps the AI Dream Alive Enough on The Long
Memory Chip
Advanced Micro Devices plans
to end its year with a banger. In-
vestors couldn’t wait that long to
Nightmare Is
us ,
celebrate.
Nearly Over
l
The chip maker has been the

e
al a
second-hottest semiconductor
stock this year next to Nvidia. Investors may soon begin to
That meant a share-price gain of forget—or at least block out—the
ci on
82% ahead of its second-quarter trauma of a very bad year for

results late Tuesday—a huge jump memory-chip stocks.
considering the near-term pres- Samsung Electronics and SK
sures the company is facing from Hynix both last week reported
the still-sluggish market for per- horrendous results for the quarter
er s
sonal computers and reduced ended in June. But the two Korean
spending on more-traditional chip makers also offered investors
m er
data-center components, as tech a glimmer of hope that the worst

giants shift their focus to the tools is over.
needed to enable generative artifi- Samsung’s revenue for the June
cial intelligence. quarter fell 22% year over year
AMD’s results indeed reflected while operating profit plunged
m rp
that reality. Revenue slid 18% year 95%. Hynix’s sales nearly halved
over year to about $5.4 billion, from a year earlier and its losses
while adjusted operating income widened from the previous quar-
CFOTO/NURPHOTO/ZUMA PRESS
plunged 47% to about $1.05 billion. ter. The ghosts of the pandemic-
Both were in line with to slightly era electronics boom are still
co Fo
above Wall Street’s projections, haunting chip manufacturers,

but data-center segment revenue mainly in the form of enormous
still showed its first decline since inventories lurking all along the
AMD began breaking out its re- supply chain. According to Morgan
sults in 2021 and came in short of Stanley, total chip inventory in the
analysts’ views. The one notable The bright spot in AMD’s earnings was revenue for its segment that makes chips for PCs, 23% above targets. global supply chain—including at
bright spot was revenue for the manufacturers, distributors and
company’s segment that makes data-center revenue in the second AMD's data-center revenue, quarterly will be “accretive to our corporate customers—stood at 258 days in
chips for PCs, which was 23% half of this year to jump 50% from gross margins.” Citigroup analyst the first quarter, or 76 days above
$2.5 billion
above targets despite plunging by the first half. In its earnings call Christopher Danely cited that as a the historic median.
PROJECTION
more than half from a year earlier. on Tuesday, it confirmed that tar- factor in his upgrading AMD’s But there are signs that the in-
But AMD has a big AI story to get but added that the bulk of the 2.0 shares to a “buy” rating on ventory situation in memory chips
tell. The chip maker that broke gains would come in the fourth Wednesday. is finally starting to improve. Sam-
n-
through Intel’s stranglehold on the quarter, when it launches its new Still, the mixed reaction to the sung said its inventory peaked in
market for central processor chips GPU chip. Analysts are currently 1.5 company’s earnings is an indicator May. Hynix’s inventory days fell
used in data centers is developing projecting $2.26 billion in data- of how volatile AMD is likely to be last quarter compared with the
a new class of graphic processors, center revenue for AMD in the for the remainder of the year. The previous one.
1.0
no
or GPUs, designed for artificial in- fourth quarter, 37% more than shares jumped more than 3% in af- Partly that is thanks to aggres-
telligence uses in those same data that segment has ever shown ter-hours trading on Tuesday fol- sive production cuts by manufac-
centers. That will put AMD up since AMD began breaking out lowing the results, only to slip 7% turers, especially Samsung, which
0.5
against Nvidia, the AI chip power- those results in 2021. Wednesday as the broad market was reluctant to do so at the be-
house whose stock has outper- Wall Street is still mostly on came under selling pressure fol- ginning of the price crash. Gold-
formed AMD’s this year. board; nearly two-thirds of ana- 0 lowing a major downgrade of U.S. man Sachs estimates that Sam-
Nvidia has built up very strong lysts rate AMD as a “buy” accord- government debt. That was still a sung has cut its production of
2021 ’22 ’23
barriers to entry in artificial intel- ing to FactSet. But that is down milder reaction compared with re- both DRAM, used in processing,
ligence thanks to its years of de- from 77% at the start of the year, Sources: the company (actual); FactSet (projections) cent drops seen by major tech and NAND, used in storage, by
veloping the chips and necessary as a few have downgraded the names such as Netflix, Spotify about 20% to 25%. The bank ex-
software libraries used by devel- shares on worries about valuation generative AI capabilities would and Uber that followed mixed re- pects Samsung to cut NAND out-
opers. But AMD is clearly feeling ahead of a high-stakes product be happy to have an alternative sults of their own this earnings put by a further 5% to 10%. This
confident enough in its own offer- launch. Several note—correctly— supplier to Nvidia. And AMD Chief season. In this market, being an AI has started to support prices, es-
ings to set some rather bold tar- that tech giants such as Micro- Executive Officer Lisa Su helped arms dealer still bestows some pecially for DRAM.
gets. The company said three soft, Google and Meta Platforms sentiment by noting in Tuesday’s bulletproof qualities. Demand from artificial-intelli-
months ago that it expects its that are aggressively building up call that the new data-center chips —Dan Gallagher gence applications also is becom-
ing a real bright spot. Hynix’s av-
erage selling price for DRAM
actually increased last quarter
thanks to a better mix of premium
Insurers Are Facing More Than One Kind of Inflation products used by AI servers.
Those include high-bandwidth
memory chips, which offer faster
data transmission. The company is
Inflation comes in many forms, counted for nearly 67 points of loss its shareholder letter that though that much of what was driving auto the leader in that segment. It was
and pretty much all of them are af- ratio in Progressive’s property-in- the number of catastrophe events reserve development was from the first to mass produce the lat-
fecting insurers right now. surance combined ratio in the sec- affecting it actually dropped in the 2022, enabling fixes to new cover- est generation of these chips.
Auto and home insurer Progres- ond quarter, which was 133.2%, the second quarter from a year earlier, age, and that average rental-car Hynix expects its AI server mem-
sive this week reported a big jump company reported. Allstate, mean- the severity of these events was days were down 3% over last year ory revenue to more than double
in its combined ratio, which mea- while, this week reported a nearly higher. Progressive also said that in the second quarter. In Florida, from a year earlier.
sures underwriting losses and ex- 38-point jump in its combined ratio unfavorable additions to its re- “tort reform will likely have a posi- Share prices may have already
penses as a percentage of premi- for homeowners insurance over the serves for prior accident years, tive impact,” Progressive said, re- priced in much of that rosier out-
ums, to 100.4% in the second first quarter, to 145.3%, which it at- which reflect worsening expecta- ferring to an overhaul of the state’s look, however. Samsung’s share
quarter. That is up from 95.6% a tributed to catastrophe losses. tions of ultimate future losses, have insurance laws passed in March. price has gained 26% this year
year earlier. This happened despite This has been an inflated year accounted for four points of in- Yet with new challenges seeming while Hynix’s has surged 59%—re-
18% growth in net written premi- for natural disasters in the U.S. The crease in its combined ratio in the to always crop up, investors should flecting the latter’s higher expo-
ums in the quarter. number of U.S. potential billion-dol- first half of the year. stay cautious. The one silver lining sure to the rapidly growing AI de-
That effort, combined with slash- lar weather and climate disasters in Some of that is due to rising is that the industrywide impact of mand.
ing expenses, seemed like a promis- 2023 through June has exceeded home or auto repair costs, driven these things means that it would be The boom times of 2021 and
ing formula. But the challenges every year tracked by that point be- by higher parts or labor costs. But hard for any one insurer to grow early 2022 are distant memories
right now feel like they are accu- sides 2017, with 12 such events so it is also due to longer auto repair too aggressively even as rivals raise at this point for most chip sector
mulating faster than the solutions. far, according to the National Oce- times, which in turn leads to longer their rates. In fact, slowing a bit investors. Good times aren’t
Shares of Allstate, Progressive and anic and Atmospheric Administra- times the company must pay for a now to get pricing right ahead of around the corner yet, but with in-
Travelers are all down since the tion’s National Centers for Environ- rental car for a customer. Another potential improvements on the cost ventories finally being chipped
start of July, even though banks mental Information. The average factor is rising litigation expenses side may be critical to grabbing away—and AI boosting margins at
and financials more broadly have from 1980 to 2022, adjusting costs such as injury and medical claims, share in the future. Insurance, after the high end—the worst of this
rallied. for inflation, was around eight. particularly in Florida. all, isn’t just about avoiding risk, down cycle may finally be in the
On the weather front, significant The frequency of events isn’t the Some of these pressures may be but pricing it correctly. rearview.
wind, hail and tornado losses ac- only problem. Progressive said in starting to subside. Progressive said —Telis Demos —Jacky Wong

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* * * * THURSDAY, AUGUST 3, 2023 ~ VOL. CCLXXXII NO. 28 WSJ.com HHHH $5.00

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