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派拉蒙将不会推进与华纳兄弟探索的合并，直到该交易的法律挑战得到解决或 1, 2027 年 6 月，以两者中较早者为准。B1
威瑞森在衡量高价值新客户的一项指标上超过了华尔街的预期，并表示正在寻求新的营收机会，包括来自人工智能基础设施繁荣的机会。B9
SpaceX (太空探索技术公司) 周五再次对其巨型火箭进行了飞行测试，这是这家由埃隆·马斯克领导的公司在创造历史的 IPO 之后的首次飞行。B9
罗宾汉正与数字货币交易所 Crypto.com 进行谈判，以扩大该经纪公司在预测市场中的影响力。B10
EXCHANGE
本周纳斯达克下跌 2.1%，而标准普尔 500 指数和道琼斯指数分别下跌 0.6% 和 0.4%。布伦特原油本周上涨 10%。B10
由于中国汽车市场的崩溃以及中国汽车制造商在欧洲核心市场的迅速崛起，大众汽车下调了其年度销售预测。B9
在这一商业软件集团公布第二季度强劲的营收数据后，SAP 的股价上涨。B10
全球新闻 Worldwide
据知情人士透露，巴林和科威特秘密派遣战机袭击伊朗境内目标，这是他们首次对德黑兰采取此类直接报复行动。A1, A8
据知情人士透露，巴林和科威特秘密派遣战机袭击伊朗境内目标，这是他们首次对德黑兰采取此类直接报复行动，并表明随着战争的持续，阿拉伯国家所处的困境。
一些知情人士表示，本月的空袭目标包括无人机和导弹储存库以及其他军事地点。这些人表示，阿拉伯联合酋长国——在战争初期曾多次袭击伊朗——提供了目标情报并为此次袭击提供了防御性空中掩护，这显示出阿拉伯国家在对抗伊朗方面初步出现了合作。
几周以来，伊朗的报复性袭击一直集中在巴林和科威特，两国均设有美国军事基地。请翻页至 A8
美国将考虑对来自欧盟的商品征收额外关税，以应对该贸易集团对美国科技公司处以的罚款。A2
一名青少年承认在 2024 年乔治亚州校园枪击案中杀害了两名学生和两名教师，并导致另外 9 人受伤。A3
农产品巨头 Taylor Farms 请求白宫延迟宣布与美国历史上最大规模食源性疾病爆发之一相关的召回计划。A4
今年前 7 个月，美国的麻疹病例数已超过 2025 年全年的总数，创下三十年来新高。A6
本期《华尔街日报》最初在美国出版，并在当地重新印刷以进行区域分发。
国际刑事法院 (ICC) 将首席检察官 Karim Khan 撤职，原因是其涉嫌性侵。A7
韩国一家上诉法院在该国“世纪离婚案”中，判令一名 AI 科技大亨向其前妻支付约 $645 百万美元。A7
观点 OPINION James Taranto： 吉姆·克劳法、Title IX 与生活事实。A11
目录 CONTENTS 书籍....................... C7-12 商业与财经.... B9 美食............................ D4,7 装备与小工具.... D9 街头之谈... B11 市场与金融 B10
讣告................... C6 观点................. A11-13 体育.......................... A14 风格与时尚..... D2 旅行........................ D5-6 美国新闻.......... A2-4,6 国际新闻......... A7-9
WSJ.com 美国版 SATURDAY/SUNDAY, JULY 25 - 26, 2026 ~ VOL. CCLXXXVIII NO. 21
MAXIMILIEN LAMY/AFP/GETTY IMAGES
朦胧的危险：周五，由于能看到山火产生的烟雾，法国拉卡诺 (Lacanau) 的海滩几乎空无一人。随着夏季热浪驱动的火灾在西南欧肆虐，数以万计的居民和游客正在逃离。A7
以追赶美国 AI 芯片
作者：JOSH CHIN 及 RAFFAELE HUANG
去年夏天，中国顶尖芯片开发商华为技术有限公司为该国技术主管举行了一次闭门简报会，旨在介绍其最新的人工智能芯片。该公司提出了一个旨在与美国巨头英伟达竞争的计划，并表示中国在三年内可以在 AI 的一些关键领域实现自给自足。
这正是中国领导人习近平的心腹丁薛祥想要听到的消息。
三年前，华盛顿采取了挤压措施
在佛罗里达？ 这里 正蓬勃发展。
作者：ARIAN CAMPO-FLORES
佛罗里达州，利希克雷斯（LEHIGH ACRES）—— Desiree 和 Christian De Leon 是迈阿密原住民，他们在南佛罗里达和奥兰多租房住了多年，希望能在该州的某个地方买一套房子并开始积累资产。然而，他们去过的每个地方生活成本都在攀升，导致房价超出了他们的承受能力。
后来他们发现了利希克雷斯，这是一个位于迈尔斯堡（Fort Myers）东部巨大的郊区社区，Desiree 的父母已搬到那里，而且那里有很多在他们预算范围内的房源。去年，他们买了一套新建的三卧室住宅，价格为 $328,000，每月房贷还款额几乎与他们在奥兰多租一套一卧室公寓的租金相当。
“利希克雷斯能提供的一切都给我们留下了深刻印象，”37 岁的 Desiree 说道，“这里的可能性是无穷的。”
利希克雷斯距离迈尔斯堡约 17 英里，目前正处于繁荣期，这主要得益于来自迈阿密及其它地区的人口迁入，这些人被该州南部少数 remaining 且可负担的区域之一所吸引。从更广泛的范围来看，佛罗里达州正面临着负担能力问题，随着房价飙升……
请转到第 A6 页
NOBODY DOES IT BETTER™
（接上文）以与美国巨头英伟达竞争，并表示中国在三年内可以在 AI 的一些关键领域实现自给自足。
这正是中国领导人习近平的心腹丁薛祥想要听到的消息。
三年前，华盛顿采取了挤压措施
作者：GREG IP 特朗普贸易地图开辟新路线
众议院贸易监督委员会维护着一份所有美国贸易法规的汇编。该文档长达 1,400 多页，是贸易专家和律师心目中的权威参考资料。
分析
维持拉斯维加斯廉价自助餐的生存
i i i 少数几家老派酒店坚决 要维持这种“全天候畅饮畅吃”的盛况
作者：RACHEL LOUISE ENSIGN
拉斯维加斯——这里的南点（South Point）酒店及赌场内的 11 家餐厅每月亏损 $1.5 million 至 $2 million。但业主认为只有这样才行。 其中亏损最严重的餐厅之一便是自助餐厅，每天接待约 3,000 人。 早餐起步价为 $16.95。包含 2 杯血腥玛丽。该餐厅以前提供无限量饮料，但在一名顾客醉酒摔倒后停止了这一做法。 “你可以来到拉斯维加斯，随心所欲，”戴着黑色牛仔帽的总经理瑞安·格罗尼（Ryan Growney）说道，“在自助餐厅里，你可以尽情享用你所能想象的一切。” 这座城市曾经有很多像南点这样廉价的自助餐场所，这些亏损的餐厅旨在吸引人们进门博彩。许多餐厅在疫情后关闭，成为了社交距离要求以及这座城市经济转转型牺牲品——如今这里由渴望挥霍在豪华餐饮上的富裕旅行者主导。 2020 年 3 月，几位教授在撰写一篇关于客户满意度的学术论文时，评估了拉斯维加斯大道（the Strip）上的十多家自助餐厅。目前仅剩四家。 南点的自助餐厅则变得越来越繁忙。 请转至第 A10 页
中国获取尖端 AI 芯片以及制造这些芯片所需工具的渠道——这对该国成为科技强国的野心可能是一个沉重的打击。在习近平的认可下，副总理丁薛祥开始发起一项热切的努力，以打造国内替代方案。 丁薛祥采用了中国在 20 世纪 60 年代与苏联关系破裂期间，用于研制首枚原子弹、氢弹和卫星的同一套全方位方法。他成立了一个委员会，从该国最顶尖的公司和实验室中抽调人员组成专业团队，并向他们下达指令 请转至第 A10 页
十年前，资深贸易律师约翰·维罗诺（John Veroneau）注意到，其中未包含臭名昭著的 1930 年《斯穆特-霍利关税法》（Smoot-Hawley Tariff Act）的第 338 节，该条款授权对歧视美国的国家征收关税。他回忆道，当他指出这一点时，一名委员会职员说，这肯定已经被废除了？ 但事实并非如此，而就在上周，特朗普总统表示他将首次使用该条款 请转至第 A2 页
总统威胁对欧盟征收新关税........................ A2 美国将恢复从墨西哥进口牛类...... A3
科威特 打击伊朗 罕见采取 报复行动
美国盟友在本月早些时候秘密进行了空袭，这是战争开始以来的首次
作者：SUMMER SAID 和 SHELBY HOLLIDAY
美国与伊朗陷入升级循环............ A8
TOKENOMICS（代币经济学） 美国企业界突然决定 停止在 AI 上挥霍资金。B1
华尔街日报
特朗普威胁对欧盟征收更多关税
作者：GAVIN BADE
作为对欧盟这个由 27 个国家组成的集团向美国科技公司开出罚单的回应，美国将考虑对来自欧盟的商品征收额外关税。 欧盟本周宣布，将因谷歌（Alphabet 旗下的 Google）违反数字竞争规则而对其处以 $1 billion 的罚款——这是近年来针对美国科技公司的一系列处罚中最新的一项。 作为回应，特朗普总统周五表示，他将
CARLOS OSORIO/REUTERS (2)
通往美国的关键桥梁
加拿大周五庆祝了一座跨越底特律河、通往美国的新桥梁完工。这是一个耗资数十亿美元、历时多年的项目，将成为两国贸易和日常往来的关键通道。
在温莎（Windsor, Ontario）的官员们排成一列，赞扬这一成就，其中一人将其描述为“加拿大历史上最重要的基础设施成就之一”，其背景是占据天际线的六车道戈迪·豪国际大桥（Gordie Howe International Bridge）。该桥将于周一开放通车。
此次活动缺失的人员：美国和密歇根州的代表。由于特朗普总统本周宣布对进入美国的加拿大商品征收 50% 的关税，加拿大取消了共同集会。
最高法院裁定。 关税是特朗普总统权力愿景的核心：它是国家复兴的催化剂，是收入来源，也是一个万能的撬棍，用来强迫盟友和对手一样地按照他的意愿行事，从降低对方的贸易壁垒到割让领土。
这一愿景与宪法相抵触，因为宪法赋予国会关于关税和税收的权力，除非出于特定原因授权给总统。它还打破了国会中关于贸易政策应增强与盟友及邻国战略纽带的双党共识。
起初，特朗普认为他刚好有一个手段可以规避这两项限制：1977年的《国际紧急经济权力法》（International Emergency Economic Powers Act of 1977）。该法最初旨在制裁像伊朗这样的流氓国家，而他声称该法允许他无限期地以任何理由向任何人征收关税。他将此法用于其首批大规模关税，据称是针对芬太尼问题，对象是加拿大、墨西哥和中国，随后在 2025年4月将其应用于几乎所有国家。
然而，在二月份，最高法院表示该法并未明确授权征收关税，且如果没有明确说明，国会不会将如此巨大的权力下放到总统手中。特朗普立即寻求通过使用不同的法律来实现同一目标：利用第 122 条征收 10% 的临时普适关税，利用第 232 条和第 301 条设定针对特定行业和国家的关税。
特朗普曾吹嘘他的 IEEPA 关税将筹集足够的资金来取代所得税。虽然这是一种夸张，但这损害了他在最高法院的诉求，因为税收显然属于国会的职权范围。然而，随着这些新关税的实施，投资银行 Evercore ISI 估计，特朗普每年将筹集 2400 亿美元到 2600 亿美元，比最高法院裁决前减少约 20%，但仍是特朗普上台前水平的三倍。
特朗普喜欢在不通知的情况下实施和撤销关税，以达到最大效果。第 232 条和第 301 条的问题在于它们需要漫长的调查和评论期。但第 338 条不同。
“这可能是新的 IEEPA，”曾在乔·拜登总统任内担任贸易官员、现为 Evercore ISI 政策分析师的莎拉·比安奇（Sarah Bianchi）表示，“如果他能够利用这种关税作为筹码，我不知道他为什么不继续尝试。至于下一个是谁，欧盟[可能在]最快的时间点。”
该调查将由美国贸易代表办公室根据 1974年《贸易法》第 301 条运行，该条款允许总统对歧视美国公司的国家征收关税。特朗普本周利用同一条款，针对强迫劳动问题，对美国贸易伙伴征收 10% 到 12.5% 不等的关税——以取代在最高法院判定无效后实施的临时关税。
背离他所利用的 贸易法的 最初意图。
特朗普经常背离他所利用的贸易法的最初意图。第 122 条旨在解决国际收支平衡问题，这是 50 年前就已终结的固定汇率制度的一个特征。第 232 条旨在保护对国家安全至关重要的产业，而特朗普现在将此定义为涵盖从木材到通用药物的一切。第 301 条旨在针对歧视美国产品的不公平行为，例如中国的工业补贴。而现在，它将被用于惩罚其他国家未能对其进口商品中的强迫劳动进行监管。这些仅仅是借口，但这对法院来说并不重要，因为法院拒绝阻止其中的任何一项。国会中的许多人对在关税问题上向总统让渡如此之多的权力感到遗憾。“现在是让国会重新掌控贸易主导权的时刻了，”参议员罗恩·怀登（Ron Wyden，民主党，俄勒冈州）在周三的参议院财政委员会听证会上表示。
然而，国会可能即将向特朗普让渡更多权力。在参议员林赛·格雷厄姆（Lindsey Graham，共和党，南卡罗来纳州）去世前，他终于说服特朗普支持一项对俄罗斯及其石油和天然气最大买家征收关税的法案，以应对其入侵乌克兰的行为。在特朗普的要求下，该法案被削弱，允许特朗普发布豁免令。该法案在参议院获得支持，而其在众议院的命运尚不明确。该法案将使特朗普能够使用关税而非制裁来实现地缘政治目标，而最高法院曾表示他不能在 Ieepa 框架下这样做。但贸易与制裁专家彼得·哈雷尔（Peter Harrell）表示，按照目前的写法，该法案将允许特朗普豁免俄罗斯的关税，然后因欧盟拒绝支持他与伊朗的战争而对其征收关税。曾担任拜登顾问的哈雷尔指出，特朗普已经拥有制裁俄罗斯的权力，但几乎没有使用过。“这让我有点怀疑，”哈雷尔说。“如果他似乎对向俄罗斯施压不感兴趣，但却对这项法案感兴趣，那么他的兴趣点会是什么？是关税。”
美国的新关税针对 60 个经济体，总计涉及 80 多个国家。在周五的部分版本中，一篇关于新关税的美国新闻文章错误地称其针对的是 60 个国家。
《纽约时报》高级副总裁兼副总法律顾问 David McCraw 表示，他对司法部同意撤回与几名记者近期文章相关的传票感到满意，“但这些传票根本不应该在第一时间被发出。”在周五的部分版本中，一篇关于这些传票的美国新闻文章错误地将该言论归于一名《纽约时报》发言人。
SpaceX (太空探索技术公司) 的股票在 6 月 12, 其交易首日收于 $160.95。周五一篇关于谷歌持有 SpaceX 股份的商业与金融文章错误地称该股在 6 月 12 上涨至 $135, 而这其实是其首次公开募股的价格。
他于 2 月份实施了许多关税。Section 301 关税比最高法院推翻的关税在法律上更具持久性，后者是基于对总统紧急权力的某种新颖解释。然而，在征收这些关税之前，需要经过漫长的调查和评论过程。
在本周公布的特朗普强制劳动征税措施下，目前大多数欧盟商品面临 10% 的关税，而汽车等特定产品的关税为 15%。一旦完成，额外关税可能会在现有关税之上叠加。去年，特朗普与欧盟委员会主席乌尔苏拉·冯德莱恩签署了一项协议，将美国对欧盟商品的关税上限设定在 15%，但该协议尚未解决数字监管问题。
周四，美国贸易代表 Jamieson Greer 表示，欧盟针对谷歌的行动使该协议面临风险，但暗示如果取消罚款，将对谈判持开放态度。
Veroneau 曾是乔治·W·布什总统时期的贸易官员，现任 Covington 事务所高级法律顾问，他表示 Section 338 旨在针对那些相对于其他合作伙伴歧视美国的国家。其目标是获得“最惠国”地位，即所有贸易伙伴获得平等对待，美国此前通过谈判实现了这一目标。
Veroneau 表示，特朗普使用 338 “即便不说是反常，也是讽刺的”，因为在北美自由贸易协定（现为美墨加协定）下，加拿大给予美国的准入条件优于大多数其他国家。正是特朗普随后推翻了这些协定，对加拿大的钢铁、铝、汽车和其他商品征收关税。加拿大采取了报复措施，而特朗普现在因加拿大报复而惩罚加拿大。实际上，他正在确立这样一种原则：只要是美国在进行歧视，那么歧视就是可以接受的。（在美墨加协定下，加拿大确实限制美国乳制品的进口。特朗普声称欧盟获得了更好的条件。）
美国、欧洲和亚洲部分地区的商业活动在 7 月份有所回升，这表明在由美伊两国恢复敌对行动引发的能源价格新一轮激增造成影响之前，全球经济正以温和的速度增长。
标准普尔全球周五发布的调查显示，在签署谅解备忘录后，商业活动出现反弹，尽管这可能十分短暂。
标准普尔表示，其衡量美国服务业和制造业活动的采购经理人指数（PMI）从 6 月的 51.9 上升至 7 月的 53.6，达到八个月来的最高水平。
低于 50.0 的读数表示收缩，而高于该阈值的读数则表示活动增加。
欧元区的 PMI 从 6 月的 50.0 上升至 7 月的 51.9，达到五个月来的最高水平。
在英国，综合 PMI 升至三个月来的最高水平。日本和澳大利亚也记录到了增速加快。 ——Paul Hannon
世界贸易流量连续第二个月在 5 月份增长，这标志着面对中东冲突时经济具有韧性，但这种韧性可能会受到新一轮美国关税上涨的挑战。
根据荷兰经济政策分析局（Netherlands Bureau for Economic Policy Analysis，亦称 CPB）周五公布的数据，跨境商品贸易量比 4 月份增长了 1%，而 4 月份的流量增长了 0.3%。该机构长期将世界贸易视为影响荷兰经济的关键因素。
这种韧性部分反映了人工智能相关投资的繁荣，这导致了对半导体和数据中心设备的需求激增。
中国的出口额当月增长了 2.6%，日本的商品海外销售额增长了 4%，美国的进口额增长了 2.3%。
然而，由于美国新一轮的关税上调，今年剩余时间的贸易前景变得不明朗。 ——Paul Hannon
新单户住宅销售额
6 月：628,000
800thousand
比 5 月增加 +1.6
2025 年 6 月 '26
注：经季节性调整的年率；2026 年 6 月数据为初步数据。
来源：人口普查局和住房与城市发展部
新屋销售额 上月略有上升
周五发布的一份报告称，新屋销售率在 6 月份有所上升。
人口普查局和住房与城市发展部表示，6 月份新单户住宅的销售额从 5 月份的 618,000 套上升至 628,000 套。在《华尔街日报》对经济学家的调查中，共识预期 6 月份的销售额为 606,000 套。
商务部表示，6 月份待售新房的预估值为 485,000 套，而 5 月份为 486,000 套。
该部门补充称，6 月份售出新房的销售价格中位数为 $398,300, 比 5 月份下降了 3.3%。 ——Dean Seal
美国将取消 对墨西哥牛的禁令
在采取限制寄生虫 传播措施后 缓解牛肉价格
作者：PATRICK THOMAS
农业部正在取消一项持续一年多、禁止进口墨西哥牛的禁令，此举可能会缓解飙升的牛肉价格。
美国计划在 30 天内恢复在亚利桑那州道格拉斯（Douglas）入境口岸进口墨西哥牛，并最终在新墨西哥州开放另外两个入境口岸。
墨西哥每年向跨境发送约 100 万头小牛，占美国加工牛数量的 5%。自去年以来，为了遏制食肉的新世界螺旋蝇（New World screwworm）的传播，牛类进口已被切断。
这些牛只的损失加剧了牲畜短缺，给肉类包装商带来了压力，并使绞肉和牛排的价格攀升至历史最高水平。根据政府数据，零售绞牛肉的平均价格接近每磅 $7，而西冷牛排（sirloin steaks）的价格超过每磅 $14。
重新开放边境的举措存在争议，美国牧场主担心这种有导致牛群减少和增加成本历史的寄生虫会进一步传播。
与此同时，肉类行业官员表示，开放边境是安全的，并且是缓解牛肉价格、减轻牛类生产商财务压力最快的方法之一。
西冷牛排
绞牛肉
作者：MARIAH TIMMS 佐治亚州青少年校园枪击案凶手认罪
被指控在 2024 年 9 月于佐治亚州温德市（Winder）阿帕拉契高中（Apalachee High School）实施大规模枪击案的青少年，于周五对针对其全部 55 项指控认罪。
现年 16 岁的科尔特·格雷（Colt Gray）被指控杀害了两名学生和两名教师，并导致另外九人受伤。被杀的两名学生均为 14 岁。
格雷在现场投案并一直被羁押。他原定于今年晚些时候接受审判。
在格雷认罪后，听证会进入量刑阶段，巴罗县高等法院法官尼古拉斯·普里姆（Nicholas Primm）将决定处罚结果。由于格雷的年龄，他不能被判处死刑。
在周五的法庭上，格雷确认他正在接受心理健康治疗。
他
作者：SARA ASHLEY O’BRIEN 和 ALEX JANIN FDA 委员会投票决定放宽对多肽的限制
生物黑客、长寿爱好者和替代医学医生们渴望获得 BPC-157 多肽。
现在，复配药房可能在合法提供该药物方面更近了一步。
在收到该机构科学家的强烈警告后，美国食品药品监督管理局（FDA）的药房复配咨询委员会投票支持放宽对呈报审议的七种多肽中六种的限制。现在由 FDA 决定是否批准复配药房制造这些药物——这将为多肽的“淘金热”铺平道路。
如今，“多肽”一词通常指一类承诺能带来身体转变且尚未经过监管批准的注射物质。在社交媒体上，影响力者、替代医学医生和普通民众宣传它们可用于从肌肉恢复到皮肤年轻化的各种用途。这些多肽主要通过在线灰色市场销售，标签上注明“仅用于研究”或“非供人类食用”。卫生部长罗伯特·F·肯尼迪（Robert F. Kennedy Jr.）一直主张放宽对这些物质的限制。
多肽的兴起一直充满争议。医生们指出了健康风险，且这些物质尚未经过广泛研究。一些公司
美国从墨西哥进口的牛数量，每月
150,000
50,000
125,000
25,000
100,000
75,000
2022 ’25 ’23 ’24 ’26
来源：美国农业部（进口量）；通过圣路易斯联邦储备银行提供的劳工部数据（价格）
ductions in the Southwest. 特朗普政府的官员们面临着压力，需要向美国民众证明他们正在采取措施抑制通货膨胀。农业部部长布鲁克·罗林斯（Brooke Rollins）表示，边境决定主要是考虑到保护美国的牛群，但补充说供应增加的前景可能对市场有所帮助。 “我们与墨西哥进行活牛贸易已经有非常非常长的时间了。边境各州依赖于此，且我们的牛群数量处于低位，”罗林斯在一次采访中表示。“现在是安全开放的时候了。” 从墨西哥牧场向美国进口牛只已持续了一个多世纪。进口的牲畜在美国的饲养场进行育肥，然后被运往大型屠宰场加工成牛肉。 2024年11月，由于在墨西哥南部检测到食肉螺尾蝇，边境关闭了牛只进口。特朗普政府在几个月后暂时恢复了进口，但自去年5月起限制了牛只贸易，以防止该蝇类在美国境内传播。 这种寄生蝇自20世纪60年代以来一直不在美国出现。但在6月，农业官员在的一头三周大的德克萨斯州小牛身上发现了它。此后，美国已确认数十例病例，该蝇类出现在牛及其他动物身上。除新墨西哥州的一起涉及狗的病例外，所有病例均发生在德克萨斯州。 罗林斯表示，边境关闭让该机构有时间增加不育蝇设施的建设，加强边境沿线的寄生虫监测，并改进进口牛只所经历的筛选层级。
[[IMG_XXXX]] ARVIN TEMKAR/ATLANTA JOURNAL-CONSTITUTION/AP
Colt Gray，16岁，承认在2024年的袭击中杀害了四人并造成九人受伤。
在枪击案受害者的家属向法庭分享了超过一小时的感人证词时，他大多时间只是直视前方。 格雷的父亲科林·格雷（Colin Gray）被判犯有二级谋杀罪和非意图杀人罪。
磅量已经开始制造这些药物，尽管 FDA 实施了限制。 在周五的听证会上，FDA 药物质量办公室的官员罗素·韦斯迪克（Russell Wesdyk）描述了正在审查的多肽所面临的一些挑战。“当你开出 TB-500 的处方时，你认为你的患者得到的是什么形式的药物？”他说。“有人知道吗？我肯定不知道，而这正是我们的挑战。” 在听证会上，委员会成员（包括药剂师、医生、诊所所有者、学者和监管专家）评估了每种多肽。部分委员会成员与多肽企业有联系。FDA 通常遵循咨询委员会的建议，但没有义务必须这样做。 FDA 的职业科学家建议不要批准名单上的任何多肽，这些多肽的剂型包括注射液、鼻喷雾剂和外用乳膏。他们引用了有限的临床研究，以及缺乏证明其有效性的证据。 他们认为，由于化学描述和名称不一致，无法准确得知正在复配的是哪些物质。他们还指出，针对正在评估的相同病症，已有 FDA 批准的药物。 执行官 Shabbir Imber Safdar...
美国平均价格
$16 每磅
2022 '25 '26 '23 '24
安全药品伙伴关系（Partnership for Safe Medicines，一个专注于供应链安全的公共卫生联盟）执行董事将这些赞成票称为“患者安全的严重挫折”。
“委员会的建议不可避免地将被许多人解读为对更广泛临床应用的认可。事实并非如此，”他在一份声明中表示。“患者不会阅读细则。他们只会听到一件事：FDA 说可以了。”
去年，两名女性在拉斯维加斯的一次长寿会议上，在展位接受肽注射后陷入危重状态。调查未能确定这些女性患病的具体原因，但内华达州的监管机构对该医生（其在当地州未获得执业许可）以及其他两人就此事处以罚款。内华达州药剂师委员会给该医生的一封信中称，其中一种“肽鸡尾酒”被认为含有 BPC-157 和 MOTS-c，这两种肽正是 FDA 委员会投票支持的。
在投票支持广受欢迎的 BPC-157（157,）的同时，委员会还批准了 TB-500（500）。BPC-157 被评估用于治疗溃疡性结肠炎，而 TB-500 则用于伤口愈合。这两种药物经常在网上捆绑销售，被称为“金刚狼组合”（the Wolverine Stack），声称它可以帮助解决从肌肉和组织修复到减轻炎症的所有问题。委员会还对肽类药物投票通过。
墨西哥牛的损失加剧了令美国肉类包装商感到压力的短缺局面。
例如，墨西哥牛在进入美国入境口岸时将经过一个消毒浸槽。雌性螺虫蝇仅交配一次，因此通过投放不育的雄蝇有助于抑制寄生虫种群。
JBS 美国分公司首席执行官 Wesley Batista Filho 上个月在《华尔街日报》全球食品论坛（Global Food Forum）上表示，重新开放边境是短期内改变牛肉供应“能发生的最重要的事情”。
……[由于缺失文本]……3 月的屠宰，因为他向儿子提供了枪支。他可能面临最高 180 年的监禁。
……[由于缺失文本]……tides KPV, Epitalon 和 Semax。委员会投票反对一种名为 Emideltide 的肽，该药物被评估用于治疗阿片类药物戒断、慢性失眠和发作性睡病。药剂师 David Pope 在对其他肽类药物投票赞成的同时，对这一种投了“反对”票，理由是方案复杂且具有“潜在的危险后果”。
支持者认为，为肽类药物建立一个可行的准入路径将有助于医生、患者和监管机构收集更多关于其是否有效的证据。一些患者表示，在传统医疗系统失效时，灰色市场的产品曾帮助过他们。
根据现行法规，配药商无需向 FDA 报告与配制药物相关的严重负面副作用。FDA 官员表示，机构在这种情况下的权力范围无法强制要求报告。
配药行业团体“药剂配制联盟”（Alliance for Pharmacy Compounding）首席执行官 Scott Brunner 在一次采访中对肽类药物表示支持，并称应当要求进行不良事件报告。
“这些药物缺乏 FDA 通常要求的那种实质性的安全性数据，”他表示。“我们目前所处的时刻相当异常，需要采取特殊的方法。”
DANIEL BECERRIL/路透社
四月的记者晚餐会在枪击者开火后被迫取消
作者：MELISSA KORN 和 ALEXANDRA BRUELL
在华盛顿圈内被称为“书呆子舞会”的活动在周五晚上重新举行。在此之前，原定的白宫记者协会晚餐会因特朗普总统遇刺企图而被迫中断，距今已近三个月。
周五，记者和媒体高管与政治家们一同聚集在一起参加这次重新安排的活动，此次活动的氛围更加私密，安保级别也更高。
特朗普总统出席了在华尔道夫酒店举行的晚餐会，并定于当晚晚些时候发表讲话。从历史上看，总统们利用该活动对新闻界和对自己开一些善意的玩笑。
特朗普在 6 月宣布计划参加此次重新安排的活动时表示，他 4 月份的演讲包含了一些“相当刻薄的言论”，他不确定这次是否还会使用同样的演讲稿。
“我们期待一个伟大且有趣的夜晚，共同庆祝美国 250 年的辉煌以及新闻自由，”白
作者：KEN THOMAS 和 SABRINA RODRIGUEZ 缅因州民主党人试图在普拉特纳事件后翻开新篇章
缅因州，班戈——当格雷厄姆·普拉特纳（Graham Platner）闯入缅因州政坛时，前州参议院议长特洛伊·杰克逊（Troy Jackson）成了他最坚定的支持者之一，赞扬这位牡蛎养殖者的进步政策及其对工人阶级选民的直接吸引力。
而现在，普拉特纳是杰克逊最不想提起的人——在本月由于涉嫌性侵指控，这位牡蛎养殖者撤回了缅因州民主党美国参议院候选人的提名，杰克逊迅速与其断绝了关系。
杰克逊被广泛预期将接替普拉特纳出现在选票上，他面临着一项艰巨的平衡任务。
一方面，他旨在捕捉那股民粹主义能量的浪潮，这股浪潮在 6 月的初选中为普拉特纳赢得了超过 150,000 票——这是缅因州民主党人的最高投票记录。另一方面，杰克逊必须与前盟友的个人丑闻保持距离，以赢得在推翻共和党人苏珊·柯林斯（Susan Collins）所必需的独立人士和温和派女性的支持。
共和党人打算将杰克逊直接与普拉特纳受损的品牌形象挂钩，一个共和党超级政治行动委员会（super PAC）计划从下周开始开展一项高达七位数的广告宣传，重点突出这些
泰勒农场请求白宫尝试推迟生菜召回
特洛伊·杰克逊于 5 月竞选缅因州州长时（前州参议院议长）。
农产品巨头泰勒农场（Taylor Farms）的代表与白宫联系，提出了一个紧急请求：该公司希望推迟宣布一项与美国历史上最大规模食源性疾病爆发之一相关的召回计划。
作者：Sabrina Siddiqui, Jesse Newman 和 Josh Dawsey
在这次通话中，该公司要求在被与此次疫情挂钩之前获得更多证据和更多时间。这说明了美国最大的农产品供应商之一在应对一项成本高昂且复杂的召回工作时，是如何试图限制其在公关噩梦中的曝光度的。
在过去的几周里，卫生官员一直在紧急控制环孢子虫（cyclospora）的爆发，该病会导致爆发性腹泻。一些现任和前任政府官员批评了政府管理部门和泰勒农场对此次爆发的处理方式。
联邦卫生当局在本月早些时候正准备将泰勒农场与一起多州寄生虫感染联系起来
MANDEL NGAN/AFP/GETTY IMAGES
特朗普总统周五在华盛顿华尔道夫酒店出席了重新安排的 2026 年白宫记者协会晚餐会。
众议院新闻秘书卡罗琳·莱维特（Karoline Leavitt）周五早些时候表示。特朗普将在其司法部同意撤回与几名《纽约时报》记者近期报道相关的传票后一天在房间内发表讲话。这些报道涉及卡塔尔政府赠给美国的、被用作“空军一号”的一架喷气机。一名联邦法官周四质询检察官，关于他们是否
根据一名熟悉计划的人士透露，杰克逊（Jackson）在初选活动期间支持普拉特纳（Platner），尽管当时普拉特纳因露骨的色情短信、冒犯性的网络帖子以及胸前一个类似纳粹符号的纹身而面临日益严重的审查，随后性侵指控促使其退选。 杰克逊是一名伐木工，预计将在周六的一次特别州党代会上获得该党的提名。此次会议是在普拉特纳崩溃后、且在周一更换选票候选人截止日期之前召集的。 新罕布什尔大学周二发布的一项民调显示，杰克逊略领先于柯林斯（Collins）。在过去的参议院选举中，民调经常低估柯林斯的吸引力，包括在她 2020 年竞选连任期间发布的调查。 与普拉特纳一样，杰克逊的核心主张是，两党支持的政治体制使富人和企业获利。在他 2026 年竞选州长初选期间，他得到了佛蒙特州参议员伯尼·桑德斯（Bernie Sanders）的背书，并与普拉特纳共同出席了“打击寡头政治”集会。 “这场竞选实际上是在传递格雷厄姆·普拉特纳所传递的、而特洛伊·杰克逊也同样传递的信息——这是一个民粹主义的经济信息，”
这导致数千人患病。据知情人士透露，该公司希望看到更多证据。 白宫要求食品药品监督管理局（FDA）的官员加入与泰勒农场（Taylor Farms）的通话。FDA一直在调查日益增加的环孢子原虫病病例，而政府坚称该公司是这次多州疫情的源头。 据一名参与通话的人士称，在讨论过程中，泰勒农场表达了担忧，认为政府没有积极的实验室检测结果将该公司产品与疫情联系起来，并且夸大了该公司的责任。 据一名熟悉情况的人士透露，在公司高管认为他们未能从 FDA 获得关于潜在召回背后的证据及其范围的足够明确解释后，泰勒农场寻求与白宫接触。 卫生与公众服务部发言人艾米莉·希利亚德（Emily Hilliard）表示，FDA 向泰勒农场提供了将其产品与疫情联系起来的实质性证据，并进行了广泛的讨论
他们是否在刑事调查中遵循了适当的程序。在该调查中，三名记者收到了在联邦大陪审团前作证的传票，且政府要求提供与记者亲属相关的电话记录。 这些传票引发了新闻编辑室律师和记者的担忧，认为特朗普政府正在升级
AMANDA SABGA/REUTERS
由桑德斯创立的组织“我们的革命”（Our Revolution）执行主任约瑟夫·吉瓦加斯（Joseph Geevarghese）表示。 柯林斯指出了杰克逊漫长的政治生涯，暗示杰克逊在尝试进行一场“局外人”或“造反者”式竞选时将面临障碍。“他在奥古斯塔已经待了 20 年以上，”柯林斯本周在华盛顿告诉记者。“他显然接受了民主社会主义者的纲领，并且已经
环孢子原虫病疫情调查扩大
公共卫生官员正在调查另外四个州，作为与冰山生菜相关的多州环孢子原虫病疫情调查的一部分。 疾病控制与预防中心（CDC）周五表示，伊利诺伊州、堪萨斯州、俄克拉荷马州和宾夕法尼亚州是最新加入调查的州。该卫生机构表示，目前正在调查印第安纳州、肯塔基州、密歇根州、俄亥俄州和西弗吉尼亚州的疫情。 CDC 表示，流行病学数据继续显示该疫情
sions with the company. 白宫随后与美国食品药品监督管理局（FDA）进行了单独沟通，以了解该机构是如何将此次疫情追溯至由 Taylor Farms 供应给 Taco Bell 的切碎冰山生菜的，一些人士如此表示。白宫希望审查该机构计划如何向公众传达其调查结果，并be
其对既有媒体的敌视。政府高层官员以及特朗普本人曾因诽谤起诉新闻编辑室和个体记者，且特朗普经常将传统媒体的报道称为“假新闻”。 司法部表示，记者并非泄密刑事调查的目标，并表示其重视“在这一国家中新闻界所扮演的重要角色”。 周五的活动预计有近 700 人参加，而通常在华盛顿希尔顿酒店举行的该活动参与人数为 2,600 人。 周五的高调出席者包括利维特（Leavitt）、卫生与公共服务部部长罗伯特·F·肯尼迪二世（Robert F. Kennedy Jr.）以及商务部长霍华德·卢特尼克（Howard Lutnick）。副总统 JD 万斯和第一夫人梅拉尼娅·特朗普（Melania Trump）参加了 4 月份的活动，但未出席此次重新安排的晚宴。 在 4 月份的晚宴开始后不久，一名枪手冲向希尔顿酒店的宴会厅并开枪，导致参会者惊慌失措，纷纷躲在桌子下面。特朗普、第一夫人及政府官员被特勤局迅速转移。
（接上文）……那些相当激进的观点。”杰克逊（Jackson）并不认同自己是民主社会主义者。 在她的职业生涯中，柯林斯（Collins）一直试图塑造一个跨党派的形象，并利用她在参议院拨款委员会的职位为地方和州的计划提供资金。但她也面临着自己的阻力。 此次选举将是她在 2022 年最高法院推翻关于堕胎的宪法权利（即 Roe 诉 Wade 案）以来首次面对选民。支持堕胎权的柯林斯在 6 月的一次采访中表示，她不后悔投票确认布雷特·卡瓦诺（Brett Kavanaugh）大法官，但不同意卡瓦诺推翻该法律的投票。 “30 年来，苏珊·柯林斯一直告诉我们她很担忧……但当赌注最高的时候，她往往站在了唐纳德·特朗普这一边，”杰克逊在最近一次波特兰的集会上说道。
（接上文）……源于食用 Taylor Farms 公司的冰山生菜。 该机构表示，在这次疫情爆发期间，在上述 9 个州中，近 2,000 名食用 Taco Bell 餐厅食物的人员出现病症。近 100 人住院。 当局正在调查多起与食物相关的疫情，包括几起涉及旋孢子虫（cyclospora）的病例，这是一种导致腹泻的细菌。 ——Joseph De Avila 和 Betsy McKay
（接上文）……在公司反对的情况下，能够就政府的调查进行辩护。 白宫被 FDA 的调查结果说服，并允许该机构将其公开。 据熟悉该决定的人士透露，在 7 月 16 日的一份公告中，FDA 由于涉及商业秘密的法律限制，没有点名 Taylor Farms。 该机构仅表示，五个州出现的病症与 Taco Bell 及其在墨西哥的一家单一供应商有关。次日，Taylor Farms 表示将自愿召回其来自墨西哥中部的所有冰山生菜。 一位 Taylor Farms 的发言人表示，当人们对疫情来源提出质疑时，公司立即将所有潜在的相关产品从市场撤除，并出于极度谨慎的考虑，发布了范围更广的召回通知。 在 7 月 18, 日，FDA 表示，Taylor Farms 生菜的一个样本旋孢子虫检测呈阳性，这似乎提供了与该公司相关的首个实验室证据。此外，政府表示，该阳性样本是在未被 Taylor 召回的生菜中发现的，这表明可能还有其他不安全可食用的产品。 但该机构在周日推翻了这一结论，称结果为假阳性。这一反转引起了混乱。 该公司表示，FDA 已经道歉，并强调政府尚未确认任何阳性实验室检测结果。
尽管杰克逊在州北部的几个支持特朗普的地区赢得了选举，但民主党人表示，这位前立法者在仅持续约 100 天的通用选举活动中需要迅速采取行动。
“他仍需向缅因州选民介绍自己，但很多人确实认识他。我认为，来自缅因州北部且拥有伐木工背景，会让他赢得许多人的喜爱，”民主党籍美国众议员切莉·平格里（Chellie Pingree）表示。
在党代会之前，杰克逊在堕胎权和同性婚姻等问题上不断变化的政治立场，以及在州立法机关中表现出的急躁脾气，使其面临越来越多的审查。
杰克逊最初是以共和党人身份进入政坛的，当时他反对堕胎权和同性婚姻。但现在，他已成为生殖权利和同性恋权利的坚定捍卫者，并获得了计划生育协会（Planned Parenthood）缅因州分会以及 LGBTQ 倡议组织 Equality Maine 的 100% 评级。
共和党人指出，杰克逊在州长初选中仅获得第三名，并指责民主党在操纵普拉特纳（Platner）的接替人选。
内窥缅因州疯狂的政治夏天................ C4
将其产品与环孢子菌联系起来，这引发了人们的疑问：调查人员是否找错了源头。
卫生官员在周一紧急澄清，强有力的流行病学证据继续指向泰勒农场（Taylor Farms）是此次疫情的源头，且该公司的召回令依然有效。
美国食品药品监督管理局（FDA）表示，其并未发布正式道歉，泰勒农场随后删除了一条强调道歉的社交媒体帖子，不过其原先在周末发布的声明仍保留在网站上。
一些前官员认为，政府在执行中出现了失误。前 FDA 副局长弗兰克·亚纳斯（Frank Yiannas）表示，该机构在应对速度上似乎过于缓慢。环孢子菌相关的病例始于 5 月 13 日，而联邦官员直到两个月后才发布第一份公告。
亚纳斯表示，该机构本应更早地通知消费者其所关联的受污染生菜供应商的身份，并在错误地向公众发出警示之前，确认其周末对泰勒农场样本进行的实验室检测结果。
美国
作者：JENNIFER CALFAS
今年前 7 个月，美国的麻疹病例数已超过 2025 全年的总数，创下 30 年来的新高。美国疾病控制与预防中心（CDC）周五报告，今年已确认 2,318 例麻疹病例，超过了 2025. 全年的病例数。其快速传播凸显了美国的一种新常态：疫苗接种率的下降使得更多社区容易受到这种高度传染性疾病的影响，而美国在 25 年前曾宣布已消灭该疾病。
根据 CDC 的数据，犹他州（Utah）和南卡罗来纳州（South Carolina）的爆发疫情贡献了全美约一半的病例。南卡罗来纳州的卫生部门要求接触过麻疹的未接种疫苗学生在可能接触后隔离三周，并最终在 7 个月内宣布疫情结束。
犹他州的疫情在一定程度上由于缺乏统一的隔离措施而持续了一年以上。
宾夕法尼亚州和弗吉尼亚州的病例数也在上升。
自 20 世纪 90 年代初以来，美国每年记录的麻疹病例仅为几十例或数百例。连续几年出现数千例病例，使得该国面临失去麻疹消灭地位的风险。这一地位是美国在 2000 年凭借强有力的疫苗接种计划和联邦倡议（包括“儿童疫苗计划”）而实现的。
2,000
南卡罗来纳州
犹他州
犹他州
美国
作者：JENNIFER CALFAS
今年前 7 个月，美国的麻疹病例数已超过 2025 全年的总数，创下 30 年来的新高。美国疾病控制与预防中心（CDC）周五报告，今年已确认 2,318 例麻疹病例，超过了 2025. 全年的病例数。其快速传播凸显了美国的一种新常态：疫苗接种率的下降使得更多社区容易受到这种高度传染性疾病的影响，而美国在 25 年前曾宣布已消灭该疾病。
根据 CDC 的数据，犹他州（Utah）和南卡罗来纳州（South Carolina）的爆发疫情贡献了全美约一半的病例。南卡罗来纳州的卫生部门要求接触过麻疹的未接种疫苗学生在可能接触后隔离三周，并最终在 7 个月内宣布疫情结束。
犹他州的疫情在一定程度上由于缺乏统一的隔离措施而持续了一年以上。
宾夕法尼亚州和弗吉尼亚州的病例数也在上升。
自 20 世纪 90 年代初以来，美国每年记录的麻疹病例仅为几十例或数百例。连续几年出现数千例病例，使得该国面临失去麻疹消灭地位的风险。这一地位是美国在 2000 年凭借强有力的疫苗接种计划和联邦倡议（包括“儿童疫苗计划”）而实现的。
2,000
南卡罗来纳州
犹他州
犹他州
吸引买家 入驻佛罗里达州
佛罗里达州
（接第一页）
房价和生活成本的上涨促使许多居民离开该州较为昂贵的都市区，并削减了迁入人口的流量。最近公布的联邦数据显示，迈阿密都市区的生活成本已超过纽约都市区。这使得像 Lehigh Acres 这样的地方脱颖而出，这是一个在过去几十年中经历了经济过山车般起伏的独特社区。这个未设建制区域于 1950 年代从佛罗里达州的荒野中开辟而出，从 1990 年代开始迅速扩张，在 2007-10 年次贷危机期间崩盘，此后一直在缓慢回升。如今它再次自我重塑，其增长速度已经超过了其道路、水管和公共服务的承载能力。这里居住着包括教师、警察、建筑工人和服务业雇员在内的工人阶级和中产阶级居民。
“这种增长是惊人的，”涵盖 Lehigh Acres 的东李县商会主席 Michael Welch 表示，“我认为这让每个人都措手不及……而且基础设施还没有跟上。” Lehigh Acres 兴起于 70 年前，当时富有的芝加哥商人 Lee Ratner 及其合伙人开始购买数千英亩的牧场，并最终将其划分为 100,000 块以上的住宅用地。他们在基础设施上的投资很少，导致大多数房屋依赖私人水井和化粪池系统。缺乏城市规划导致这里给人一种蔓延且脱节的感觉。一个看似无止境的道路网络呈巨大的网格状铺开，通常没有人行道、路缘石或景观绿化。由于 Lehigh Acres 偏远地区仍有许多地块未开发，街道上经常出现一种不寻常的混合景象：光鲜的新住宅、1970 年代风格的牧场住宅以及杂草丛生的空地。Lehigh Acres 没有市中心或中央购物区，只有零星的由一美元店和夫妻店主导的带状购物中心。直到最近，星巴克和 Chipotle 等品牌才进驻。该地区是 Fort Myers 和 Naples 就业中心的通勤社区，因此其主干道在早晨充斥着出城交通，在下午则充斥着进城交通。
该社区在 2000 年代经历了由宽松信贷驱动的房屋建设狂潮。随后在 2007, 次贷危机爆发，房屋止赎激增，房价暴跌。随着时间的推移，新买家到来抢购廉价房屋，该地区开始缓慢重新增长。
Compass 的房地产经纪人 Mike Darda 表示，新冠疫情以及该州日益严重的负担能力问题，加速了 Lehigh Acres 的开发。
在 Lehigh Acres，一个名为 Avalon 的新开发区中，三居室房屋的起售价为 $264,000。根据房地产经纪人的数据，5 月份 Lehigh Acres 的销售价格中位数为 $310,000，而迈阿密则为 $652,000。
[[IMG_XXXX]] BRYAN CEREIJO 为 WSJ 拍摄 建筑工人正在 Lehigh Acres 建造一座新房，这是一个位于佛罗里达州 Fort Myers 东侧的庞大郊区社区。
Fort Myers Cape Coral 5 英里
100% 1,000
Lehigh Acres Lehigh Acres
美国麻疹病例，2026* 0 1–99 100–499 500+
高发病例州的每周麻疹病例， Jan. 5, 2025–July 22, 2026
First seven months of 2025
Texas
April 2025 July Oct. Jan. 2026 April July
*As of July 23; only includes confirmed cases notified to CDC †2010 data not available 来源：疾病控制与预防中心（美国病例，MMR 疫苗接种率）；约翰霍普金斯大学（州病例）
直到最近才有了 gram，该计划使数百万儿童能够免费接种疫苗。 根据 CDC 的数据，全国幼儿园儿童对麻疹、腮腺炎和风疹（通常称为 MMR）的疫苗接种率在 2024-25 学年下降至 92.5%，而 2019-20 学年为 95.2%。这意味着该国最年轻的小学生接种率已不再达到 95%
美国麻疹病例，年度*
2026年 前七个月
2,250
1,750
1,500
1,250
’05 ’10 ’15 ’20 ’25 1992 ’95 2000
这一水平构成了群体免疫，即当足够多的人接种疫苗，使得传染病更难以传播时，即可实现群体免疫。
乔治梅森大学公共卫生学院的全球健康与流行病学教授阿米拉·罗埃斯（Amira Roess）表示，普遍较高的疫苗接种率防止了这些疫情进一步恶化。但全国性的率值并未显示全貌。她表示，在过去 30 年里，美国部分小型地区的疫苗接种率显著下降。
“越来越多年纪较小的孩子在入学时未接种或接种不全，因此容易感染，”罗埃斯说。“这就像是灌木丛，火势会……”
[[IMG_XXXX]]
幼儿园儿童 MMR 疫苗接种率，按学年†
2010 '15 '20
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坦帕 (Tampa)
详情
迈阿密 (Miami) 博尼塔斯プリング斯 (Bonita Springs)
50 英里
地产公司 Redfin。
根据房地产公司 LSI 的数据，截至 3 月份的一年内，利海艾克尔斯（Lehigh Acres）共发放了 3,659 份新单户住宅建筑许可，比前一年增长 14%。相比之下，2012 年至 2020 年间共发放此类许可 3,500 份。
梅丽莎·奥尔塔（Melissa Orta）五年前从迈阿密搬到利海艾克尔斯。她以 $280,000 的价格买了一套三居室房子，并感觉到利海艾克尔斯具有巨大的潜力，于是成为了一名专注于该地区的房地产经纪人。
从那时起，奥尔塔一直非常忙碌。她表示，利海艾克尔斯长期以来一直受到房屋止赎危机的负面关联影响，但这一形象正在稳步消除。
“在疫情和负担能力危机之后，家庭们会想：‘我在哪里能实现我的美国梦？’” 26 岁的奥尔塔说。
她的客户之一是凯·柯克曼（Kai Kirkman），他 2024 年从辛辛那提搬到马特迈尔斯（Fort Myers），在 Amazon.com 担任运营经理。在当地生活一年后，他说，他开始寻找房子，并因为利海艾克尔斯的宽敞和以家庭为中心的氛围而爱上了这里。
去年，29 岁的柯克曼以 $330,000 的价格买了一套带有双车库和泳池的三居室房子。他说，他的一位朋友计划在该地区购房，他的母亲和祖母也在考虑效仿。
根据美国普查局的数据，利海艾克尔斯的人口从 2010, 的 87,000 人增加到 2020 年的 114,000 人，当地领导者估计目前的人数约为 135,000. 普查数据显示，其构成为 49% 的西班牙裔，28% 的白人以及 18% 的黑人。
该社区的家庭收入中位数为 $66,890，低于该州 $74,568 的整体水平，而其 17.1% 的贫困率则高于整个佛罗里达州 12% 的贫困率。
商会负责人韦尔奇（Welch）表示，没有市长或市议会的利海艾克尔斯正努力跟上其增长步伐。执法力量捉襟见肘，大量的水井正在枯竭……
“……一旦进入，它将迅速传播。”
在一些州、社区和学校，疫苗接种率较低。在爱达荷州，78.5% 的幼儿园学生在 2024-25 学年开始前接种了 MMR 疫苗——这是所有州中比例最低的。在南卡罗来纳州北部（今年早些时候曾暴发麻疹疫情），有一所学校报告称，仅有 20% 左右的学生完成了所有要求的疫苗接种。
“随着病毒继续传播，我们可能会、而且极有可能在这些社区继续看到这些小规模的暴发，”约翰·霍普金斯大学布隆伯格公共卫生学院教授威廉·莫斯（William Moss）博士表示。
泛美卫生组织计划在 11 月确定美国是否失去了其麻疹消除状态。当麻疹在至少 12 个月内没有地方性传播时，才被认为已被消除。
“失去消除状态并非小事，”前美国疾控中心（CDC）国家免疫计划主任沃尔特·奥伦斯坦（Walter Orenstein）博士说。“这意味着麻疹在我国已经成为地方性流行病，任何人都有可能接触到。”
传染病专家批评了特朗普政府对麻疹暴发的应对措施，称联邦卫生领导者本可以更直接地敦促接种 MMR 疫苗。
“我们的目标应该是零，”前 CDC 国家免疫与呼吸道疾病中心主任德米特里·达斯卡拉克斯（Demetre Daskalakis）博士说。他去年因包括疫苗政策变更在内的问题而辞职。“人们应该思考一个真正关键的问题是：美国是否在没有告知我们的情况下改变了其政策？”
地下含水层以及部分居民的低工资导致其依赖社会服务。
一些房屋住户密集，通过共同分担成本，导致车道和院子里停满了半打或更多车辆。
71, 岁的玛琳·卡斯特纳（Marlyn Castner）从密歇根州波塔奇迁入，并于 2022, 年购买了一套公寓，她说她认为这些景象以及停在院子里的休闲车是碍眼的。对房产价值的潜在影响令她担忧。
“你去那不勒斯，就看不到这种东西，”卡斯特纳说。
一些居民推动利海艾科斯（Lehigh Acres）成立城市，以便更好地响应社区需求。但鉴于房价较低，这里缺乏支持此举的房产税基础。
县委员长委员会主席塞西尔·彭德格拉斯（Cecil Pendergrass）表示，该社区在执法人员配置、道路重新铺设以及拓宽连接利海艾科斯与该地区的干道方面，严重依赖周边李县（Lee County）的资金。他说，在 2023 和 2024, 年，县政府资助了利海艾科斯价值约 $370 百万的项目。后续计划包括与水务公司合作扩大服务，让更多居民摆脱对水井和化粪池系统的依赖。
私人投资也在进入。医疗服务提供者已经建立了医疗设施，因此居民无需前往迈尔斯堡（Fort Myers）就医。新的商业开发也在筹备中，将增加更多商店和餐厅。
“利海艾科斯现在正在重塑自己，”韦尔奇（Welch）说。“这很困难，但他们正在实现。”
民主党 日程表提升 黑人群体与拉丁裔选民地位 一个民主党小组于周五选定南卡罗来纳州举行首场 2028 年总统初选，随后是内华达州、新罕布什尔州和新墨西哥州，从而制定了一份将影响该党试图重返白宫的全国性日程表。 在选择同样在 2024 年举行首场民主党竞赛的南卡罗来纳州时，该委员会赋予了该州庞大黑人选民群体的权力。而在选择内华达州第二、新墨西哥州第四之后，由于特朗普总统在该传统上倾向于民主党的群体中取得了进展，委员会提升了拉丁裔选民的影响力。 密歇根州和弗吉尼亚州被选定在所谓的“早期窗口”州中举行第五和第六场初选。密歇根州与内华达州一样，都是总统竞选的战场，党内领导人希望在这些州拥有强有力的初选影响力，将在 2028 年大选中产生回报。 由 49 名成员组成的委员会提出的这项建议，预计将在下个月于德克萨斯州奥斯汀举行的夏季会议上获得民主全国委员会的批准。 —John McCormick
马里兰州 前最高法院 律师被判刑 曾显赫一时的最高法院律师汤玛斯·戈德斯坦（Thomas Goldstein）周五因偷税漏税和抵押贷款欺诈被判处六年监禁。该案件记录了他作为高级扑克玩家的双重生活，而此时他正处于法律行业的顶层。 56 岁的戈德斯坦以一种创业者的方式闯入了排外的上诉律师行列，这使他与那些利用常春藤盟校学位、名 prestigious 书记员经历和顶级政府职位进入精英律所的律师区别开来。 他在最高法院代理了 40 多个案件，并共同创立了 SCOTUSblog，这是一个被法律从业者和爱好者广泛阅读的数字刊物。 在为期六周的审理中，检察官指控戈德斯坦通过离岸银行账户转移扑克赢利，这是一起典型的偷税漏税计划。他们指称，作为该计划的一部分，戈德斯坦还隐瞒了其律所数百万美元的真实收入，并向贷款机构谎报债务情况。 陪审团于 2 月判定戈德斯坦在面临的 16 项指控中，有 12 项成立，包括因未能申报数百万美元扑克赢利而偷税漏税、蓄意未能及时纳税以及向抵押贷款机构撒谎。 —C. Ryan Barber
纽约市 刺击案嫌疑人 面临仇恨罪指控 据纽约市警察局称，被指控在纽约市刺伤两名男子的嫌疑人面临谋杀未遂和仇恨犯罪指控。 Raul Morales，51 岁，于周四被捕。警方称，他在下午 1:30 左右于曼哈顿上西区刺伤了一名 57 岁的亚裔男子和一名 50 岁的犹太男子。 纽约市警察局长杰西卡·蒂施（Jessica Tisch）表示，根据受害者和证人陈述，嫌疑人在两次袭击过程中都高喊“真主至大”（Allahu akbar）。 一名纽约市警局（NYPD）发言人表示，Morales 因涉及 57 岁男子的案件而面临谋杀未遂、袭击和非法持有武器的指控；因涉及 50 岁男子的案件而面临仇恨犯罪谋杀、仇恨犯罪袭击、袭击和非法持有武器的指控。 曼哈顿区检察官办公室的一名发言人表示，截至周五晚上，他尚未被传唤出庭。 蒂施周四表示，Morales 在警方记录中没有已知的精神健康病史，但她表示“初步调查表明，精神健康可能是一个因素”。 纽约市市长 Zohran Mamdani 表示，他很庆幸 Morales 正被追究责任。 —Victoria Albert
CESAR MANSO/AFP/GETTY IMAGES
消防员周五在马德里以西与大火搏斗。西班牙当局在该地区宣布国家紧急状态。
席卷欧洲
数千人已撤离， 火势日益威胁 人口密集区
巴黎——夏季的热浪导致欧洲植被极度干燥。如今，这个“火药桶”正陷入一片火海。
作者：Stacy Meichtry, Margherita Stati 和 Andrea Figueras
山火正在欧洲大陆西南部肆虐，迫使当局将数千人从旅游度假区及人口密集区附近的其他地区撤离。
周五，当局命令
YONHAP/AFP/GETTY IMAGES (2)
罗昭英（Roh Soh-yeong，左）及其丈夫郑泰温（Chey Tae-won）已为此斗争了近十年。
前妻获赔 6.45 亿美元
作者：JIYOUNG SOHN
首尔——韩国一家上诉法院命令 SK 集团的亿万富翁 AI 科技巨头郑泰温向其前妻支付约 $645 million，这可能为该国这场“世纪离婚案”画上句号。
未参与此案的当地离婚律师此前估计，和解金可能高达 $1 billion。
争议焦点是郑泰温 $5 billion 的财产，由于内存芯片制造商及英伟达合作伙伴 SK 海力士（SK Hynix）的增长，该财产在近年来价值翻倍。郑泰温的财富源于他持有的 SK 集团控股公司股份。
周五的裁决代表了这场长达十年、情节宛如韩剧般曲折的纠葛的最新章节。
郑泰温的前妻罗昭英是韩国在 20 世纪 80 年代后期摆脱军事统治后首任总统的女儿。她与郑泰温均年满 65 岁，育有三名成年子女。
他们 1988 年在总统府青瓦台举行的婚礼曾被誉为该国的“世纪婚礼”。
他们的婚姻在 2015 年破裂，当时郑泰温在一家韩国报纸上发表的一封三页信中透露，他想与罗昭英离婚。他还披露自己爱上了另一名女性并与对方育有一个孩子。
郑泰温的律师表示，在审查判决结果之前，不排除上诉的可能性。罗昭英的律师未对该裁决发表评论。
任何一方均可向韩国最高法院提起上诉。如果这样做，这将成为与此次离婚程序相关的第五次审理。
在郑泰温的信件发表后，罗昭英告诉朋友，她将捍卫自己的家庭，维持家庭完整，并拒绝同意离婚。
罗昭英在 2019 年改变主意，并要求分得郑泰温财产的一半。
初次裁决授予她约 $50 million，仅为总额的一小部分。
40,000 人撤离法国西南部半岛卡普费雷（Cap Ferret），该地以其白沙滩吸引富裕的度假者。
迅速蔓延的火焰使半岛上空变得漆黑，游客们争先恐后地登上接送他们转移至安全地带的船只。
西班牙宣布首次进入国家紧急状态以应对山火。火势在马德里地区及其周边扩张，已迫使超过 19,000 人撤离。
当局对今年山火的规模和强度措手不及。自 6 月以来，接连而至的热浪袭击了整个欧洲大陆，令其基础设施不堪重负，并导致大片领土干涸。
欧洲各地已有超过 628,606 英亩土地被焚毁。
似乎并未让 任何一方获得 决定性的胜利。
……今年欧洲的火灾规模比该大陆 20 年的平均水平增加了 84%。
总统埃马纽埃尔·马克龙表示，法国正在寻求增援以协助扑救火灾，包括来自克罗地亚的 Canadair 飞机，以及来自捷克共和国和斯洛伐克的黑鹰直升机。马克龙表示：“局势依然处于高度紧张状态。”
今年夏天的山火之特别之处在于，火灾发生地与人口密集区的距离极近，而这些地区通常是有防火保护的。
马德里周边的火势在周五依然失控，西班牙官员表示，首都西南方向的两场大火已合并，进一步增加了灭火工作的难度。
当地官员表示，这次灾难的规模在近期内前所未有。随着火势向市区蔓延，人们已被从养老院、露营地、公共建筑和私人住宅中撤离。西班牙首相佩德罗·桑切斯表示：“我们正处于一个戏剧性的局面之中。”
卡普费雷半岛（Cap Ferret peninsula）分布着连绵的沙丘和水岸豪宅，距离波尔多市有 30 英里的车程。法国官员表示，那里至少有 50 栋房屋在烧毁面积超过 24,000 英亩的火灾中被摧毁。
在波尔多南部的比斯卡罗斯（Biscarrosse）镇附近，另一场火灾迫使 23,000 人撤离。视频画面捕捉到了混乱的场景，马匹在车流中奔驰，试图逃离火海。
……崔氏（Chey）的财富。在首尔经营一家媒体艺术工作室的卢（Roh）称，这一数额是对“女性对家庭贡献的否认”。
随后的两次审理——其中一次判定她有权获得 $1 billion——未能解决他们的分歧。
周五的达成协议似乎并未让任何一方获得明确的胜利。
双方曾就崔氏的财产应如何与卢分配而争吵。分歧主要集中在计算时间以及应支付给卢的百分比份额上。
卢曾要求获得崔氏财富的一半。但上诉法院法官在周五判给她的份额低于该数额。崔氏的财富是根据 SK 股票价值飙升之前的日期计算的。而卢希望采用更近期的估值。这意味着，根据法官的计算，卢获得了崔氏财富的大约三分之一。
因丑闻被免职
作者：MATTHEW DALTON
国际刑事法院（ICC）官员表示，国际刑事法院于周五免去了首席检察官 Karim Khan 的职务，原因是其涉嫌性侵。在该机构面临特朗普政府多方面攻击之际，此举使法院进入了一个新的不确定时期。
据熟悉此事的人士透露，在纽约联合国总部的紧张会议上，国际刑事法院成员国投票决定撤换 Khan，投票结果为 82 票赞成，13 票反对，15 票弃权。数月来，外交官们审查了 Khan 的一名助手提出的指控，该助手称 Khan 多次强迫她发生性关系——地点包括他的办公室、他在海牙的住所以及出差期间。
此次投票使法院的西方大国及其盟友（反对 Khan）与一个由非洲国家及其他发展中国家组成的集团对立起来。
自 2025, 年 5 月起，在《华尔街日报》报道了他所面临的性侵指控的严重性之后，Khan 一直处于休假状态。他否认任何性不端行为。
Khan 是一位激进的英国律师，在他任职的五年期间，他带领法院与全球主要大国发生了冲突。
Khan 最具争议的举措之一是决定申请逮捕以色列总理本雅明·内塔尼亚胡和前国防部长约阿夫·加兰特，指控他们在加沙战争中的行为构成了战争罪和反人类罪。他赢得了全球亲巴勒斯坦人士的支持，而就在上周，纽约市市长 Zohran Mamdani 表示，当内塔尼亚胡 9 月参加联合国大会时，美国应执行国际刑事法院的逮捕令。
然而，美国谴责了该逮捕令，特朗普政府对 Khan 及其法院法官以及检察官办公室的几名高级官员实施了制裁。国务卿马可·卢比奥本月表示，美国计划将该法院“一块砖一块砖地”拆除。美国官员一直在敦促成员国退出。
周五的投票揭露了法院成员之间关于 Khan 的严重分歧，Khan 已成为国际刑事法院起诉内塔尼亚胡及其他以色列官员努力的代表人物。逮捕令已获得国际刑事法院法官的批准，除非法官在以色列政府提出的法律挑战中支持以色列，否则该令将继续有效。
在一名未公开身份的助手对他提出指控并公开后，关于内塔尼亚胡的逮捕令塑造了围绕 Khan 在法院职位的辩论。该检察官在告诉调查这些指控的联合国调查人员时称，他认为该助手受到了外部势力的影响。他告诉法院的一位同事，他认为这名女性（一名 30 多岁的马来西亚律师）是以色列情报行动的一部分。
一份来自国际刑事法院监督机构的报告发现，她的证词是“坦率、毫不犹豫地提供的，且细节丰富，使其经历具有可信度”。
[[IMG_XXXX]] Karim Khan 被指控性侵一名助手。
MICHAEL M. SANTIAGO/GETTY IMAGES
特朗普威胁 将加大轰炸力度， 而德黑兰的盟友 则在扩大冲突范围
作者：JARED MALSIN
伊斯坦布尔——美国和伊朗正被卷入一场不断升级的冲突，因为双方在通过武力所能实现的目标上已触及极限。
上周，随着也门境内亲伊朗的武装分子开始袭击通过红海关键航道的船只，冲突范围进一步扩大，导致周四油价突破每桶 $100。
与此同时，美国在近几日升级了对伊朗的轰炸行动。自特朗普总统和以色列在2月下旬开始轰炸伊朗以来，目前正处于战斗最激烈的时期。
特朗普及其他政府领导人威胁要升级针对伊朗的军事行动，包括袭击伊朗位于 Pickaxe Mountain 的疑似核设施，或在应对霍尔木兹海峡船只遇袭时，攻击伊朗的发电厂等基础设施。
“直到他们清醒为止，每过一个夜晚，代价都将继续增加，”国务卿马可·鲁比奥（Marco Rubio）周四在马尼拉的一次峰会上告诉记者。他引用了伊朗外交部长阿巴斯·阿拉格齐（Abbas Araghchi）将德黑兰的做法描述为“以眼还眼”。
“总统的政策是‘以眼还头’，”鲁比奥说。“我的意思是，诚实地说，事实将会是这样。”他补充道
罕见采取行动 打击伊朗
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相关人士表示，这两个波斯湾国家虽然空军规模相对较小，且装备的是美国和欧洲的战斗机，但他们不希望德黑兰继续肆无忌惮地攻击他们。
阿拉伯联合酋长国表示，支持降低地区紧张局势，包括全面开放作为海湾石油出口关键航道的霍尔木兹海峡。其外交部谴责了针对科威特和巴林的袭击，并表示“完全支持这些国家，并重申支持所有旨在维护其安全与稳定的措施”。
科威特驻美大使否认其国家
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一张上周由美国中央司令部发布的视频截图中显示，美军正在发起军方所称的针对伊朗军事能力的打击。
将 特朗普 决定 未来几天是否升级行动。 华盛顿和德黑兰面临的挑战是，两国政府都表现出了升级冲突的意愿，但任何一方都无法获得压倒对方的决定性优势。军事分析人士表示，这种僵局增加了美国和伊朗可能被拖入数月战斗的风险，因为双方都在试图制造筹码。 “目前存在一种升级动态，”曾参与与伊朗谈判的前美国资深外交官艾伦·艾尔（Alan Eyre）表示，“我不认为
打击伊朗。大使 阿尔-扎因·萨巴赫（Al-Zain Al-Sabah）表示：“科威特国未参与任何针对伊朗的军事行动，也没有允许其领土被用于对任何邻国发起进攻行动。” 巴林政府发言人未回复置评请求。 他们的困境在整个海湾地区得到了更广泛的体现，该地区的阿拉伯政府被夹在了一场他们不想要的战争，以及一个规模更大且心怀怨恨的邻国伊朗之间。在整个战争过程中，他们共同承受了伊朗施加的大部分惩罚，现在正面临一场威胁其安全与经济的长期对峙的可能性。 “战争以目前这种方式持续下去是他们最糟糕的情况，”彭博经济研究（Bloomberg Economics）的中东分析师迪娜·埃斯凡迪亚里（Dina Esfandiary）表示。“这是因为这并未给予
“美国政府对于其试图达成的目标有着清晰的战略构想。” 特朗普可能会通过攻击伊朗的民用基础设施来进一步升级冲突，这很可能会引发伊朗对整个中东地区全球重要能源基础设施的报复。 德国国际与安全事务研究所（German Institute for International and Security Affairs）专门研究伊朗的访问学者 Hamidreza Azizi 表示，即使特朗普使用小型核武器攻击伊朗的一个地下原子设施，对于该政权而言也仅仅是一个象征性的打击。
中东袭击事件，7月 8-23日 美国袭击 伊朗袭击
来源：战争研究所（Institute for the Study of War）和 AEI 的关键威胁项目（Critical Threats Project） DANIEL KISS/WSJ
这给了他们重建并维持其在动荡地区作为稳定避风港形象的机会。这影响到了他们的整个模式。” 据《华尔街日报》报道，阿拉伯联合酋长国在冲突初期就参与其中，从战争开始就对伊朗进行了数十次空袭，并一直持续到 4 月宣布停火后的第二天。 尽管伊朗在最近几周通常避免攻击该国，但本月击中了两艘酋长国油轮。 科威特和巴林处境尤其艰难。 几十年来，这两个国家……
作者：COLLIN EATON 和 COSTAS PARIS 雪佛龙旨在保护哈萨克斯坦资产
雪佛龙首席执行官 Mike Wirth 上周与特朗普政府官员就一个紧迫问题进行了沟通：如何防止这家美国石油巨头在哈萨克斯坦的业务在俄乌战争中成为附带损害。 最近，乌克兰的一次无人机袭击击中了黑海诺沃罗西斯克（Novorossiysk）附近的四艘油轮，其中包括一艘由雪佛龙租赁的油轮。这座俄罗斯港口是一个关键的石油出口枢纽，也是一条管道的终点；该管道由雪佛龙部分拥有，供应全球每日石油供应量的 2%。自此，该管道的原油装载受到限制，迫使哈萨克斯坦由于存储空间有限而削减原油产量。 雪佛龙在该地区有巨大的利益。知情人士表示，Wirth 及其助手和其他石油工业领导人在上周与美国高级官员接触，讨论石油市场和黑海局势。 一名美国官员表示，随后特朗普政府警告基辅不要在黑海攻击非俄罗斯船只。 雪佛龙拥有该管道——即里海管道财团（Caspian Pipeline Consortium，简称 CPC）——15% 的股份。该管道将原油从哈萨克斯坦山区的三个巨型油气田运往俄罗斯。
“这些方案都无法从根本上改变局面，”他在谈到特朗普的选项时说道。“我认为双方在军事手段能够实现的限度上都已达到了顶峰。” 伊朗表明其仍有周旋的空间。 在也门的伊朗盟友胡塞武装表示，其正在对沙特阿拉伯实施海上封锁，并威胁到连接红海与印度洋的曼德海峡（Bab al-Mandeb strait）的航运。 该组织表示，周三其目标是两艘沙特油轮，而国际海事官员确认至少有一艘船只遭到袭击。
在这张分发照片中可见的乌克兰军队在黑海地区行动，其军方称目标是一艘俄罗斯油轮。
以及延伸至黑海。 更重要的是，该公司在这些油田中最具生产力的腾吉兹（Tengiz）油田中持有 50% 的股份，该油田贡献了其全球产量的约 12%。近年来，雪佛龙（Chevron）已花费数百亿美元扩大在那里的运营规模。管道和油田本身并未受损，但如果生产长期中断，将危及该公司来自该地区的巨额现金流。
在近期中东两个关键石油咽喉要道关闭，导致上周全球原油价格一度突破每桶 $100 之后，特朗普政府急于维持雪佛龙的石油供应。据信，沃斯（Wirth）与特朗普总统关系良好。这位石油巨头是一位雄辩的演讲者，他的电视露面曾给总统带来乐趣。
任何对通过曼德海峡（Bab al-Mandeb）运输的船只持续进行的攻击，都将扩大伊朗加强对美国及其盟友经济压力策略的规模。自 3 月以来，伊朗试图关闭通过霍尔木兹海峡（Strait of Hormuz）的航运，这导致了石油市场历史上最严重的供应中断。
控制着包括首都萨那（San’a）在内的也门大部分地区的胡塞武装是德黑兰的重要盟友，尽管他们在大多时间里一直处于边缘地位。该组织接受伊斯兰革命卫队的武器和培训，但
埃斯凡迪亚里（Esfandiary）表示，一直与伊朗关系良好，并且他们是近期一波战斗的主要目标。现在，伊朗正在加强攻击，以打击更多关键基础设施。科威特外交部周日表示，伊朗的目标是一家发电厂和一座海水淡化设施，称此举是对其公民的威胁，且是危险的升级。
像阿曼和卡塔尔这样的国家长期在伊朗与西方之间维持平衡，并且对与德黑兰发生对抗几乎没有兴趣。据知情人士透露，沙特阿拉伯在战争早期的攻击伊朗行动中加入了阿拉伯联合酋长国的行列，但目前正在评估其立场。
该地区的阿拉伯政府曾希望战争能迅速结束，让他们重新专注于经济发展。但冲突现已进入第五个月，且没有迹象表明任何一方得到了他们想要的，也没有一方退让。 海湾石油出口一直
总统。一名发言人表示，雪佛龙在正常的业务过程中会定期与政府官员接触，但不对这些讨论进行确认或评论。
雪佛龙预计，在假设油价为每桶 $70 的情况下，腾吉兹油田今年将为公司产生 $6 billion 的自由现金流。作为全球基准的布伦特原油在 2026, 年的大部分时间里都远高于这一水平，并在 3 月下旬达到 $118 以上的峰值。分析师表示，如果乌克兰继续进行导致这些出口停滞的攻击，雪佛龙几乎肯定不得不削减腾吉兹的产量，因为该港口缺乏实质性的原油存储能力。
雪佛龙花费了约 $48 billion 通过去年完工的一个项目来扩建腾吉兹，将其那里的生产能力提高到约 1 million
被视为比在伊拉국의伊朗支持武装分子或黎巴嫩的真主党拥有更高程度的独立性，而不受德黑兰的控制。
“胡塞武装的行动确实让伊朗人获得了升级优势，”前美国海军高级官员、现任华盛顿保守派哈德逊研究所（Hudson Institute）高级研究员的拜伦·克拉克（Byran Clark）表示。“我不认为他们拥有升级主导权，因为美国仍然可以选择攻击平民目标并采取全面战争的方式。”
胡塞武装的参与扩大了美国军方一个本已复杂的问题。去年，在特朗普发起的一场名为“粗犷骑手行动”（Operation Rough Rider）的活动中，美军在对该民兵组织进行为期数周的轰炸期间遭遇了困难。在该行动期间，胡塞武装击落了六架以上的美国“死神”无人机，并对“哈里·S·杜鲁门号”航空母舰发起导弹袭击，迫使该航母进行剧烈转向，导致一架 F/A-18 战斗机坠入红海。
油价的飙升表明，胡塞武装的行动可以抵消特朗普通过谈论缓和局势的可能性来降低油价的能力，这种做法也被称为对市场的“口头干预”（jawboning）。
“将冲突扩大到胡塞武装可能是一种‘反口头干预’策略，”瑞典 SEB 银行首席新兴市场策略师埃里克·梅耶森（Erik Meyersson）表示。“这并不一定意味着胡塞武装将发起与伊朗人一样多的袭击。这只意味着你进行一两次，不时地按下那个按钮，然后这就制衡了特朗普。”
[[IMG_US CENTRAL COMMAND/AFP/GETTY IMAGES]]
受制于伊朗对霍尔木兹海峡的封锁。本周，随着也门受伊朗支持的胡塞武装民兵封锁红海并袭击航运，一个新的威胁出现了。该地区的旅游业已经枯竭，投资也面临压力。
阿拉伯各国政府正在衡量他们是否需要采取更激进的措施来尝试强行开辟其关键贸易路线。“我认为海湾国家开始意识到这场战争现在将持续一段时间，”伯明翰大学专注于沙特政策和海湾地缘政治的研究员乌默·卡里姆（Umer Karim）表示。“这最终意味着他们必须公开对抗伊朗。”
他说，各国政府甚至开始考虑在德黑兰进行政权更迭的想法，“因为与这个伊朗政权共处同一个邻里，实际上意味着屈从于伊朗的霸权。”
每天 18 桶，大致相当于其在美国高产的二叠纪盆地（Permian Basin）的产量。该项目面临多年的延迟，且成本严重超支，原预算约为 $37。
雪佛龙（Chevron）正试图与该国政府达成一份合同延期协议，使其能够在 2033 年之后继续运营该项目。运营滕吉兹（Tengiz）油田的合资企业 Tengizchevroil（简称 TCO）表示，该公司正在监测新罗西斯克（Novorossiysk）CPC 设施的装载运行状态。该公司表示，其原油产量和进入管道的交付量“可能会根据运行情况不时进行调整”。
美国最大的石油公司埃克森美孚（Exxon Mobil）持有 TCO 25% 的股份；哈萨克斯坦国家石油公司 KazMunayGas 持股 20%；俄罗斯卢克石油公司（Lukoil）持股 5%。
每天约 1.4 million 桶原油通过 CPC 管道流出，其中很大一部分流向欧洲市场。
乌克兰的袭击是打击俄罗斯能源运营之更广泛行动的一部分。在炼油厂遭到袭击后，莫斯科禁止柴油出口以保护国内供应。但最近退休的、关注石油行业数十年的分析师保罗·程（Paul Cheng）表示，鉴于美国反对在黑海攻击非俄罗斯油轮，基辅可能会转向其他政治敏感度较低的目标。
[[IMG_SECURITY SERVICE OF UKRAINE/REUTERS]]
MAJDI MOHAMMED/AP
周五，妇女们在悼念一名男子，巴勒斯坦卫生部称该男子被以色列军队在约旦河西岸杀害。
村庄外的枪战导致 至少两名以色列人和 四名巴勒斯坦人死亡
作者：FELIZ SOLOMON
特拉维夫——以色列官员和巴勒斯坦医护人员表示，周五在约旦河西岸一个巴勒斯坦村庄郊区发生的一起枪战导致至少六人死亡，另有数人受伤，从而引发了定居者的报复性袭击以及以色列的安全封锁。以色列当局将此次事件描述为恐怖袭击。巴勒斯坦官员则称，以色列定居者和军队入侵并袭击了当地人。
在短短几小时内，有报告称定居者入侵巴勒斯坦村庄，这进一步加剧了该地区的紧张局势，近期犹太定居者与巴勒斯坦人之间的暴力冲突已大幅飙升。
以色列总理本雅明·内塔尼亚胡和国防部长以色列·卡茨承诺将采取强力回应，命令对他们称作激进分子枢纽的村庄进行打击，并承诺加快建立新定居点。
以色列军方表示，在收到关于徒步旅行的以色列平民在纳布卢斯市附近的特尔（Tell）巴勒斯坦村附近遭到袭击的报告后，已向该地区部署士兵。一名以色列军方官员随后表示，数十名以色列人和巴勒斯坦人之间发生了激烈的对抗。该官员称，来自附近以色列定居点吉拉德农场（Havat Gilad）的响应小组与以色列军队一同被召集至现场。
一名嫌疑人夺取了武器
JORGE SAENZ/AP
鸟类是主题：周五，在巴拉圭的恩博斯卡达（Emboscada），教区信徒穿着像鸟一样的服装，在纪念 16 世纪圣方济斯·索拉诺（St. Francis Solano）的年度游行中起舞。
乌克兰 俄罗斯袭击 造成至少 10 人死亡 乌克兰政府和工业官员表示，周五俄罗斯对基辅附近一个举办国防工业活动的场所发动袭击，造成至少 10 人死亡，近 100 人受伤。在这次导弹袭击的前一天，乌克兰总统弗拉基米尔·泽连斯基在基辅会见了雷神公司（Raytheon）的高级代表。这家美国公司生产爱国者防空系统，乌克兰需要该系统来应对俄罗斯在入侵中使用的毁灭性弹道导弹。雷神公司未回应关于其员工是否在活动现场的电子邮件查询。泽连斯基在社交媒体上报告此次袭击时表示：“爱国者系统的导弹是第一优先级。”
代理地区军事行政负责人鲁斯兰·奥利尼克（Ruslan Oliinyk）在 Facebook 上写道，援引初步信息称，袭击击中了举办该活动的私人运营军事训练场。该地点位于布恰区，距离基辅中心约 20 英里。 —美联社
印度 洪水导致数十人死亡， 数千人流离失所 官员周五表示，印度东北部阿萨姆邦在数日的季风强降雨导致布拉马普特拉河泛滥后，已造成至少 50 人死亡，700,000 人流离失所。 官员称，这条河流是亚洲最大的河流之一，发源于中国的西藏地区，流经阿萨姆邦约 560 英里，导致村庄被淹，房屋被冲毁，并迫使近 300,000 人进入政府设立的救济营。 当局向洪水受灾者提供食物和物资，包括通过直升机进行空投。 他表示，近 900 个村庄被淹，超过 7,000 户家庭失去电力供应。 官员称，警察、灾难响应小组和志愿者正努力营救受困居民，并向受灾社区运送必需物资。 周四的洪水扰乱了阿萨姆邦首府古瓦哈提的部分地区，该市有 2 million 居民，被淹的道路导致通勤者被困数小时。 —美联社
【从响应小组的一名成员那里得知，对方开始开火，】该官员表示。军方称，嫌疑人被击毙，武器已被缴获。 巴勒斯坦红新月会的一位发言人表示，此次事件发生在定居者接近 Tell 并与试图将其驱逐的非武装村民发生冲突之后。 一名以色列军方官员表示，该事件发生在 B 区边界内，该区是西岸由巴勒斯坦权力机构管理的一部分，以色列公民在未经以色列军方事先协调的情况下不得进入。该官员称，这些定居者并未就其行动进行协调。 在社交媒体上传播并由《华尔街日报》母公司新闻公司（News Corp）旗下的 Storyful 验证的视频显示，部分冲突场景……
孟加拉国 总统在压力下 辞职 孟加拉国总统穆罕默德·沙哈布丁（Mohammed Shahabuddin）周五在任期过半时辞职。他是在被罢免的总理谢赫·哈西娜（Sheikh Hasina）执政期间被任命的，此前该国经历了多年的政治动荡。 在诺贝尔和平奖得主穆罕默德·尤努斯（Muhammad Yunus）领导的 18 个月过渡统治后，由前总理哈莱达·齐亚（Khaleda Zia）之子、哈西娜的竞争对手塔里克·拉赫曼（Tarique Rahman）领导的新政府在 2 月份以压倒性胜利上台。 哈西娜在一次结束其 15 年统治的反政府运动后，于 2024 年 8 月下台并逃往印度。 哈西娜猛烈批评了由尤努斯领导的过渡政府。 沙哈布丁周五向议长哈菲兹·乌丁·艾哈迈德（Hafiz Uddin Ahmad）提交了辞呈，理由是医疗原因。 由起义的学生领袖成立的新政党——国民公民党（National Citizen Party），长期以来一直反对沙哈布丁。 —美联社
【……对方。其中一段视频似乎显示，一名身穿便装的定居者在两人靠近时用步枪指着一名巴勒斯坦人。】 巴勒斯坦人抓住了枪带，随后被定居者踢了一脚。在几个人争夺武器时响起了枪声。 在另一段从不同角度、不同时间拍摄的片段中，几个人似乎躺在被士兵包围的一片田野里。在这段 51 秒的片段中可以听到十几次枪击声。 以色列军方表示，在该地区开展了反恐行动。以色列国家安全部长伊塔马尔·本-格维尔（Itamar Ben-Gvir）此前呼吁采取类似于在加沙部分地区采取的行动（当地城市地区已被夷为平地），称军方应“抹除”恐怖分子及其支持者的房屋。
铂金劳力士 (PLATINUM ROLEX)
名企之作。标志性款式。极致稀有。 这款铂金腕表旨在测量流逝时间与平均速度，其名称源自佛罗里达州著名的赛车场。该款式为纪念 50 周年而限量发行，此枚品相极佳的典藏品配有原装 Oyster 链带、表盒、证书及吊牌。表壳：40mm。 #32-2756
作者：TRIPTI LAHIRI 和 KRISHNA POKHAREL
新德里——印度“蟑螂”（Cockroach）抗议活动的领导者表示，即使在一名激发了此次示威活动的活动人士于周五在赢得政府让步后结束绝食后，其支持者也不会撤退。
“我们不会退缩，”Abhijeet Dipke 表示。他发起的“蟑螂人民党”（Cockroach Janta Party）运动将人们对大学入学考试失效以及缺乏就业机会的愤怒，转化为多年来对总理纳伦德拉·莫迪（Narendra Modi）最大的挑战。
绝食抗议者 Sonam Wangchuk 是一位 59 岁的活动人士，他在为期 26 天的抗议中减轻了 20 磅。在原定于周一在印度首都领导抗议游行前几天，警方将其强行送往医院。
警方禁止了此次游行，但仍有数千人参加，部分情况下与警方发生冲突，警方则以警棍和催泪瓦斯应对。抗议领导者称有数十名示威者受伤。警方称近 120 名警员和准军事人员受伤。
在社交媒体上，Wangchuk 表示，在政府官员在医院与他见面并承诺不再就冲突向抗议者提起警方投诉后，他决定结束绝食。
Wangchuk 发布的一段视频显示，政府官员在他的病床前排队，印度卫生部长承诺将向今年因一次糟糕的本科医学考试而自杀的学生提供补偿，并在议会就试卷泄露问题进行“彻底讨论”。
在印度，由于高薪私立职位的短缺，竞争性考试是数百万人获得补贴大学名额或政府工作的途径。然而，许多考试因作弊指控而被取消。
一些家庭支付数千美元提前获取试卷，这对作弊团伙来说是一门利润丰厚的生意。
今年 5 月有 200 万人参加了本科医学考试，随后由于泄露，他们在 6 月不得不重新参加考试。
对考试的愤怒——以及一种认为经济未能提供足够经济机会的感觉——在整个印度引起了共鸣。
周四，莫迪就该问题发表了一系列公开言论。在一条社交媒体信息中，他承诺将设立快速审理法院来审理考试作弊案件，并表示印度年轻人的福祉是他的优先事项。
“朋友们，我知道试卷泄露不是一个小问题；这对数百万学生及其监护人来说是非常痛苦的，”他在另一段视频中说道。
总部位于新德里的政策研究小组 Policy Monks 的合伙人 Bhaskar Pant 表示，政府此前没有派高级部长与抗议领导人对话，因此现在陷入了困境，因为抗议者坚持要求印度教育部长辞职。
“让一名部长辞职看起来像软弱，拒绝则看起来像蔑视，”Pant 说道。“这个选择推迟得越久，要求就会越从部长转移到他上级的那个人身上。”
竞速 芯片制造
技术替代方案 华为技术有限公司试图绕过技术限制的努力可以追溯到 2019。该公司设计了一款昇腾（Ascend）AI 芯片，在理论上与当时英伟达的顶级芯片相当，但未能实现量产。几周后，第一任特朗普政府将华为的芯片部门列入黑名单，切断了其获取美国芯片技术的渠道。这意味着这家中国公司无法再与台积电（Taiwan Semiconductor Manufacturing）合作，而台积电是唯一能够量产昇腾芯片的芯片制造商。华为芯片部门负责人何廷波将其称为该部门的“最黑暗时刻”。自此，华为越来越多地转向替代设计、先进封装和网络技术，试图从旧设备中榨取计算能力——业内人士将这种做法称为“雕花”。
最尖端的芯片是使用极紫外（EUV）光刻系统制造的。由于美国的出口限制，中国只能使用上一代的深紫外（DUV）设备。华为开发了一种利用 DUV 生产 7 纳米芯片的多步骤方法，但这增加了电路布局的复杂性，增加了出错机会，并降低了产出速度。华为对其最新的昇腾 950 芯片进行了设计改进，使其更具成本效益。包括 DeepSeek 在内的中国 AI 公司帮助华为提高了该芯片的易用性。他们表示，该芯片较前几代有显著提升，在某些任务中——尤其是训练模型响应用户查询的“推理”环节——可以有效替代英伟达芯片。这正说服更多中国公司将其用于 AI 助手等 AI 应用。
目前的直接瓶颈是产量。华为计划今年生产的新芯片数量约为 750,000 颗，将远低于需求。华为的捆绑策略还意味着它需要数倍于英伟达系统的芯片数量才能达到相当的计算能力。该公司表示，正致力于增加供应。
华为在 5 月展示了其最新的“雕花”替代方案。该公司不再尝试缩小晶体管，而是提出了一种堆叠电路的方法，以便在单个芯片 footprint（占用面积）中塞入更多的计算能力。华为表示，该方法将使其在 2031 年前开发出能够超越目前任何量产半导体的芯片。
“这并不是关于华为在急转弯处超越美国，”伯恩斯坦（Bernstein）半导体分析师林清源（Qingyuan Lin）表示，“更多的是在寻找一种防止差距迅速扩大的方法。”分析师指出，如果要真正实现在不依赖外国技术的情况下进行竞争，中国必须制造自己的 EUV 设备。研究公司 SemiAnalysis 的分析师 Ray Wang 认为，中国最终可能会找到匹配该技术的方法，但这至少需要十年，甚至可能长达 50 年。
押注于廉价的拉斯维加斯自助餐
接前页
以掌握芯片供应链的不同元素。华为关于其进展的报告给了丁薛祥更大的空间去采取更激进的手段。据熟悉该消息的人士透露，他向中国最大的 AI 用户发出了一次严厉警告：任何抵制使用国产芯片的人都是叛徒。5 月，华为公开了其计划的更多细节。摩根士丹利的数据显示，该公司在降低中国对国外 AI 芯片的依赖方面已处于领先地位，将依赖度从 2021 年的 90% 降低到 2025, 年之前的不足 60%，而更新的设计可能在接下来的五年内将这一数字降低至 25%。此外，华为表示，它已经找到了在没有前沿设备的情况下制造近乎顶尖硅芯片的替代方案。“如果美国没有将我们的国家、我们的公司和我们的行业逼入绝境，我们永远不会这样做，”华为副董事长徐直军表示。在 AI 软件方面，中国正给美国带来出人意料的竞争。上周，总部位于北京的初创公司 Moonshot AI 发布了一个新模型 Kimi K3，其性能紧随美国 AI 巨头 OpenAI 和 Anthropic 顶级模型的之后。习近平发表了一次演讲，将中国定位为开放、可获取 AI 的全球冠军。美国芯片制造商的股价随即下跌。然而，在硬件方面，即便有华为最近的进展，中国仍然远落后于美国，且芯片产能问题正阻碍中国公司以他们希望的速度部署 AI。Moonshot 在推出 K3 仅两天后就不得不暂停高端服务的注册，因为其计算能力不足。中国追赶努力的结果将对全球经济产生深远影响。如果美国控制了顶尖技术，世界其他地区在医学、机器人和自动驾驶等领域的进步将依赖于华盛顿的青睐——更不用说武器和军事战略了。AI 的进步依赖于硬件，特别是那些训练 AI 模型并帮助它们处理日常任务的芯片。在电动汽车和电池领域超越西方的记录，让许多中国人相信，该国最终能够打破美国在芯片技术上的扼杀。但芯片与其他硬件不同。这项技术极其复杂，且正以闪电般的速度演进。“这就像是在试图追上一列高铁，”布鲁金斯研究员 Kyle Chan 表示。他说，即便处于“中国全速”状态，这也是一项艰巨的挑战。丁薛祥领导的委员会押注于，通过将中国的工程实力与国家资本主义的引擎结合起来，最终可能会实现目标。这一推动进程已使得
对英伟达的依赖。
在周五海鲜之夜（$52.95 起，下午 3 点开始）之前，人们在中午就开始排队。在阵亡将士纪念日和退伍军人节（退伍军人及其配偶可免费用餐）时，队伍蜿蜒绕过整个赌场大厅。在等待期间，有时人们会从赌场大厅的推车上买一个 $1.50 的热狗。
曾有一家人试图偷偷将一只宠物鹦鹉带进自助餐厅，将其塞在小孩旁边的推车里。酒店安保人员要求他们将鹦鹉移走，不过人类成员被允许返回用餐。
“疯狂的事情层出不穷，”餐饮运营总监 Michael Kennedy 说道。
对粉丝来说幸运的是，South Point 的所有者 Michael Gaughan 非常愿意在食物上继续亏钱。83 岁的 Gaughan 在这座城市长大，他记得 Flamingo 酒店深夜的“chuck wagon”（其父亲曾持有该酒店股份），那是现代拉斯维加斯自助餐的前身。
在大多数酒店由上市财团、私募股权公司和房地产投资信托基金拥有或经营的时代，他现在是城内少数的个人赌场经营者之一。因此，他随心而行。
Gaughan 坚持认为，将食物作为亏本引流产品对 South Point 依然有效，因为该酒店比这座城市整体更依赖赌博。大多数客户是当地人，而不是来 Sphere 观看表演的富裕游客。
停车免费。
“自助餐能吸引人们进来，”他说。“他们得到了价值……”
[[IMG_XXXX]] （图注：上图为华为技术有限公司在上海的一次会议上展示的一套用于 AI 计算的新系统。下中为丁薛祥。2022 年，时任总统乔·拜登出席英特尔半导体制造设施的奠基仪式。）
中国的芯片制造能力
80%
180,000 片/月 150,000 120,000 90,000 60,000 30,000
2024 ’25 ’26 ’27 ’28
预估值 预测值 预测值
注：先进逻辑芯片产能，为年初和年末水平的平均值。 来源：Bernstein（产能）；摩根士丹利（市场份额）
……这种在 2022 年几乎无人认为可能的进展。当时华为被切断了美国技术的供应，而中国 AI 公司几乎完全依赖英伟达。
中国国务院新闻办公室未回应置评请求。
中国科技公司的管理层描述了过去一年心态上的转变。此前，他们认为国产芯片落后得不可逾越而对其不屑一顾。现在，他们认为可以与华为及其他本土芯片制造商开展业务。
在内存芯片（另一个关键 AI 需求）领域，几年前几乎没有销售额的中国公司，现在已经能够窥见处于领先地位的美国和韩国公司的身影。
据知情人士透露，中国芯片制造商的目标是在 2030 年前将用于制造芯片的先进晶圆产量提高到每月 500,000 片以上，而去年约为 30,000 片。一些人表示，华为预计今年将出货约 1.5 million 颗 AI 芯片，大约是其 2025 年产量的两倍。
尽管如此，技术差距依然显著。英伟达顶尖 AI 芯片的计算能力约为华为最佳产品的四倍。研究机构 Bernstein 估计，2025 年中国的 AI 计算能力约为美国的 14%。尽管中国在积极建设，但 Bernstein 预计到 2030 年中国仍将显著落后于美国。
国产 AI 芯片在中国市场份额
2021 ’25 ’30
在丁薛祥的密切关注下，中国公司目前正使用数十万颗英伟达芯片，以保持在与美国竞争对手的接触距离之内。
全力以赴或被淘汰 2022年，拜登政府实施了旨在减缓中国在军事用途AI领域进展的出口限制。他们阻止中国购买先进的AI芯片，并收紧了对高端极紫外光刻机以及生产这些芯片所需其他工具的获取权限。 共产党领导层将这些管制视为对其提升经济增长能力以及与美国在全球范围内竞争的威胁。他们当时尚未意识到像ChatGPT这样的大语言模型（由OpenAI刚刚发布）的潜力，但他们认为，在多种形式上占据AI的主导地位，对于中国的安全和党的合法性至关重要。 由丁薛祥领导的芯片委员会于2023年初启动。丁薛祥现年63岁，曾接受过金属加工工程培训。该委员会确定了关键领域——如先进制造与封装、高带宽内存和芯片设计软件——并在每个领域招募顶尖团队。他们还开始决定哪些公司可以获得国家有限的芯片供应。 中国早前建立自力更生的国内芯片产业的努力曾因腐败而受损，并被官僚指令所阻碍。官员们决心纠正这些错误。政府鼓励芯片相关公司寻求上市，以便它们能够筹集更多资金并接受市场约束。 丁计划的第一年十分艰难。尽管市场上出现了数十款国产AI芯片，但据国家媒体报道，一家政府支持的研究实验室告诉李强总理，这些芯片“非常不稳定”。没有一款芯片足以用于训练大规模模型。 北京担心该国AI设备对……
[[IMG_XXXX]] 一名食客在南点酒店（South Point）的自助餐厅取一块派。
他们的钱，并且他们会留在那里玩。” 由亿万富翁菲尔·鲁芬（Phil Ruffinn）拥有的廉价酒店马戏团酒店（Circus Circus）已竭尽全力维持其自助餐厅的运转。它将价格降低至 $19.95 并提高性价比以吸引更多食客，并缩短营业时间以遏制亏损。除非镇上有重大活动，否则该餐厅仅在周五、周六和周日营业。行政主厨必须精打细算才能让一切运转起来。 酒店牛排馆中未被预订的顶级肋眼牛排在第二天会被放入自助餐厅的炖菜中。其他项目则来自供应商的清仓特惠。供应早餐而非午餐，使餐厅能够依赖鸡蛋和土豆等更便宜的食材。 据称，在夏季高峰期，该自助餐厅每月盈利 $50,000 到 $80,000。
在英伟达（Nvidia）上开发。中国工程师被锁定在英伟达的软件工具中，而这些工具几乎无法与国产芯片配合使用。这家美国芯片巨头为中国量身定制的产品，恰好处于美国出口管制所设定的性能极限。中国公司还通过将货物经由其他国家转运的中间商，购买被禁的英伟达芯片。
中国中央经济规划机构请来了多位学者和芯片专家来协助运行该项目。转折点出现在去年。华为技术有限公司准备了一款新芯片，名为 Ascend 950，其性能让早期测试者感到惊讶。
大约在同一时间，英伟达首席执行官黄仁勋在获得特朗普总统的批准后飞往北京，销售一款专为中国设计的降级芯片，名为 H20。在华盛顿，商务部长霍华德·卢特尼克（Howard Lutnick）在电视上表示，让中国购买英伟达的“第四好产品”将使该国继续依赖美国技术。
据知情人士透露，丁薛祥和其他高级官员感到受到了侮辱。当局私下要求公司停止购买英伟达产品，而官员们则在公开场合对这家美国公司的产品提出网络安全担忧。
英伟达希望赢回北京。12月，特朗普表示他告诉习近平，他将允许销售该公司性能更强大的 H200 芯片。但在北京，计算方式已经改变。中国官员召集科技公司——有时每周一次——以评估 H200 究竟有多重要。1月，北京告诉部分公司，只有在必要时才能购买 H200，同时要求承诺使用更多国产芯片。
对英伟达的挤压推高了对国产芯片的需求，从而造成了供应紧缺。
[[IMG_XXXX]] GAELEN MORSE/BLOOMBERG NEWS
WANG YE/XINHUA/ZUMA PRESS
总经理莎娜·格雷蒂（Shana Gerety）。对于一些游客来说，廉价自助餐仍然是必经之站。亚伯拉罕·阿萨埃尔·法维安·坎佩奇（Abraham Asael Faviãn Campech）在最近的一场 BTS 演唱会前访问了 Excalibur 的自助餐厅，并堆起了三个盘子。
寿司放在披萨上面。法式吐司紧挨着两根香肠。这位 31 岁的墨西哥游客在离开时拿着一个香草和巧克力旋风软冰激凌锥。
“我不是每天都这么干，”他在 Instagram 上用西班牙语写道，配图是他这顿 $32.99 的早午餐。
与此同时，城里昂贵的自助餐正蓬勃发展，反映出这座城市向高端倾斜的趋势。
凯撒（Caesars）的 Bacchanal 每人收费 $87 起，且永远在排队。凯撒公司表示，这是美国收入最高的餐厅。
“它更像是一家拥有九个开放厨房的餐厅，”该公司首席商业官兼拉斯维加斯地区总裁肖恩·麦伯尼（Sean McBurney）说道。
DAVID BECKER/WSJ
在 5 月的一个周二晚上，潜在的用餐者被告知，在永利（Wynn）自助餐厅用餐需要等待约一小时，晚餐每人起价 $80。排队的人群中包括带着多个孩子的婴儿车和一只狗。在最繁忙的日子里，等待时间可长达三到四个小时。
34 岁的吉米·钟（Jimmy Chung）和两名朋友在玩老虎机之余休息，尝试这家自助餐。他们半开玩笑地说，如果输了太多钱，就去麦当劳吃。但由于他们基本打平，所以决定花钱吃这顿饭。
在前一天晚上，这三位来自旧金山地区的访客晚餐花费了约 $220。至少在自助餐这里，他们可以吃自己想吃的东西——并保证能吃得非常饱。
钟最喜欢的菜肴是顶级肋眼牛排和三角尖牛排，由一名厨师煎至他喜欢的熟度。另一名厨师为他做了一个可丽饼。这位顾问最后品尝了一些迷你甜点。
GO NAKAMURA/REUTERS
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作者：詹姆斯·塔兰托 (James Taranto)
简·摩尔 (Jane Moore) 在 20 世纪 50 年代和 60 年代的休斯敦附近长大。几十年后，她参与撰写了《白人回忆吉姆·克劳》(Whites Remember Jim Crow)，这是一部伴随 2001 年美国广播工作站 (American RadioWorks) 关于南方种族隔离制度纪录片的追忆集。“我记得那些细微之处，”她回忆道，“比如我第一次意识到我们常去的那家加油站有三个洗手间：女性、男性和‘有色人种’。”她对此“感到格外震惊”，因为黑人必须使用男女共用的设施：“让女性和男性使用同一个洗手间似乎非常失礼。”
这不仅仅是失礼。大多数形式的种族隔离，无论性别，都同样具有非人性化色彩。但按照种族划分洗手间，且不对“有色人种”洗手间进行性别区分，这通过剥夺黑人女性能够理所当然享有的隐私、安全和体面，给她们带来了额外的屈辱。
从 1964, 年的《民权法案》开始，美国将种族平等和性别平等视为最高政策目标。但正如洗手间的例子所示，这两个目标在关键点上有所不同。种族平等在于消除基于种族的法律和社会区别；而性别平等则要求承认并维持男女之间的某些区别。
最高法院在“美国诉弗吉尼亚州案”(U.S. v. Virginia, 1996) 中承认了这一点。大法官们认为，第 14 修正案的平等保护条款禁止弗吉尼亚军事学院 (VMI) 这一公立学院限制仅招收男性。但他们同时也指出，“接纳女性进入 VMI 无疑需要做出必要的调整，以便在住宿安排上确保两种性别成员彼此享有隐私，并调整体能训练计划的相关方面”，正如鲁斯·巴德·金斯伯格 (Ruth Bader Ginsburg) 大法官代表多数派所写的那样。她引用了一项联邦法令，该法令授权美国军校因“男性和女性个体的生理差异”而对其标准进行“必要的最低限度调整”。
性别与种族及其他人口类别不同的地方在于，男性和女性是二态性的——他们的身体在功能和形式上都不同。只有女性会排卵、月经、怀孕、分娩以及（除极少数例外情况外）哺乳。她们的生理机能进化是为了适应这些功能，而男性的生殖角色要求较低，因此具有更强的增加体量和肌肉的能力。
当这些生理差异涉及隐私、安全和公平时，两种性别（尤其是女性）都需要分开——例如在洗手间、更衣室、更衣间、睡眠区和监狱等公共私密空间，在这些地方，女性尤其容易受到性侵犯和其他袭击，且两种性别对隐私都有需求；以及在体育运动中，女性处于更高的……
时代在变。十多年前，参议员伯尼·桑德斯的家乡州曾试图实施单一支付者医疗保健系统，但最终在面对纳税人难以承受的巨额成本时止步不前。如今，佛蒙特州正在将一定程度的基于市场的理智引入医疗保险。
州长菲尔·斯科特（Phil Scott）是一位老派的洛克菲勒共和党人，他本月发布了一项行政命令，旨在实施佛蒙特州数十年来最实质性的医疗保健改革。在接下来的几个月里，该州将取消强制要求年轻人支付不成比例的高额保费的规定，识别小企业获取可负担医疗覆盖的障碍，并申请一项已在其他州降低保费的联邦再保险计划。我估计，仅再保险计划一项就将使佛蒙特州个人市场的平均保费降低 10% 到 15%，正如在新罕布什尔州那样。
这正是佛蒙特州人所需要的，因为该州奥巴马医改计划的个人市场处于最差的
【横跨全国】 作者：Hayden Dublois
受伤风险，且无法在与男性竞争时处于公平的竞争环境。上个月，最高法院在“西弗吉尼亚州诉 B.P.J. 案”中将这一原则直接应用于体育运动。布雷特·卡瓦诺（Brett Kavanaugh）大法官在多数意见书中指出，男性和女性之间的生理差异包括“身高、体重、力量、速度、耐力和跳跃能力”，并得出结论：“因此，在接触性运动中，强迫女性运动员与男性竞争可能会产生显著的安全风险。而且在几乎所有竞技体育中，强迫女性运动员与男性竞争都会破坏竞争公平。”在 B.P.J. 案中，大法官们面对的问题是：“根据 Title IX 和第十四修正案的平等保护条款，学校是否可以为生物学女性维持女性和女孩的体育项目？”法院此前从未处理过这个问题，因为这在很大程度上是历史和传统的既定事实。
1972 年的《教育修正案》Title IX 禁止接受联邦资金的学校进行性别歧视。1975 年起执行的规定允许在“该团队的选择基于竞争技能或涉及的活动为接触性运动”的情况下设立性别分开的团队。在实践中，当涉及竞技或接触性运动时，分开组队通常是履行平等机会指令的唯一方式。正如卡瓦诺大法官所指出的，“Title IX 的条例还要求学校为女性和男性团队提供同等的设备、设施、赛程安排等。”
此案现在提交至最高法院的原因，由那个特殊的短语“生物学女性”暗示，这个词在十年前左右之前还是冗余的。B.P.J. 案及其来自爱达荷州的伴随案件“利特尔诉赫科克斯案”（Little v. Hecox，涉及大学体育）的原告均为“跨性别女性”——即认为、相信或声称自己是女性的男孩或男性。两人都被诊断出患有“性别焦虑症”这一精神状况，并接受了药物治疗——B.P.J. 使用了青春期阻断剂，琳赛·赫科克斯（Lindsay Hecox）使用了抑制睾酮的药物，且两人都使用了雌激素。爱达荷州和西弗吉尼亚州拥有将此类男性排除在女孩和女性体育项目之外的法规。大法官们以 6-3 的投票结果裁定，这些法律既没有违反 Title IX，也没有违反宪法。其他 25 个州有类似的法律。在剩下的 23 个州中，大多数允许至少部分男性加入女孩和女性团队。美国司法部已起诉加利福尼亚州、缅因州和明尼苏达州，指控这些政策违反了 Title IX。其他行政投诉和私人诉讼也提出了同样的指控。法院很可能会受理
这个问题很快就会被提出，而 B.P.J. 案的逻辑不可避免地导向这样一个结论：第九条修正案（Title IX）不仅允许，而且要求在全国范围内将男孩和男性排除在女性队伍之外。该裁定认为，第九条修正案中的“性别”（sex）一词是指“生物学性别”，而非“性别认同”。为了履行第九条修正案的指令而设立独立运动队的必要性
全美最高。佛蒙特州的基准银级计划月均保费为 $1,299。这比邻近的纽约州高出近 60%，是新罕布什尔州的三倍。即便是在佛蒙特州最便宜的层级，月均保费也高达 $824，且免赔额近 $10,000。
杜布洛伊斯（Mr. Dublois）曾任州长菲尔·斯科特（Phil Scott）的工作人员，现任政府问责基金会（Foundation for Government Accountability）的数据与分析总监。 在州长菲尔·斯科特的带领下，这个曾在单一支付者制度上折戟的州正在向另一个方向采取措施。
保费如此之高的原因之一是，佛蒙特州严苛的规定将保险公司赶出了该州。目前仅有两家公司提供方案，其中一家——蓝十字（Blue Cross）——在 2024. 年近 70% 的市场份额下几近垄断。缺乏竞争推高了保费，并迫使更年轻、更健康的居民离开了交易平台。而佛蒙特州是仅有的两个（另一个是纽约州）禁止保险公司对高龄保单持有人和吸烟者收取更高保费的州之一，这使得情况更加糟糕。未参保者
[[IMG_XXXX]] HULTON ARCHIVE/GETTY IMAGES
在吉姆·克劳法（Jim Crow）时期的美国南部，洗手间按种族隔离，但并不总是按性别隔离。
获得平等机会的必要性早已确立。正如卡瓦诺（Kavanaugh）法官所写：“允许一名生物学男性运动员在女孩队中竞争，必然会取代或使一名女性运动员处于不利地位——取代她在名单上的位置，将其挤出首发阵容，减少她的比赛时间，剥夺她的奖牌等等”（强调为原作者所加）。从法律层面来看，当这种损害受到州法律的认可或强制要求时，损害会进一步加剧，可能同时违反了第 14 修正案和第九条修正案。 对“跨性别”身份的主张引发了一系列法律争议，不仅涉及平等保护和反歧视法，还涉及言论自由、宗教自由、家庭法、教育政策、医疗标准、公共安全、军事政策、身份记录等。所有这些争议的核心都是一个本体论（ontology）问题，即形而上学中关于现实本质的分支。将该问题最简单地表述为：男人能否在某种客观意义上变成女人，反之亦然？ 在 B.P.J. 案中，只有克拉伦斯·托马斯（Clarence Thomas）法官和凯坦姬·布朗·杰克逊（Ketanji Brown Jackson）法官直接探讨了本体论问题。托马斯法官是法院中唯一在吉姆·克劳种族隔离制度下长大的人，他在一份单独的协同意见书中写道：“患有性别焦虑的男性和男孩并不是女性或女孩，即使他们认为自己是。”杰克逊法官在一份单独的反对意见书中对此表示反对：“西弗吉尼亚州的法律强迫 B.P.J. 以男孩的身份生活——在这种情况下是参赛——尽管她是个女孩。”
在由索尼娅·索托玛约尔（Sonia Sotomayor）法官撰写的主要反对意见书中，她和埃琳娜·卡根（Elena Kagan）法官含蓄地支持杰克逊法官的观点。该意见书将 B.P.J. 描述为一名“跨性别女孩”，并在指称两名原告时使用了女性代词。 代表多数派撰写意见书的卡瓦诺法官在措辞上极其谨慎，以避免触及本体论问题，仿佛触碰它可能会破坏某种脆弱之物。他将每位原告介绍为“一名认同为女性的生物学男性”，并且每次提及他们的性别时，都一致地在“男性”前加上“生物学”作为限定。他从未为两人使用过单数人称代词。在 29 页的意见书中，没有出现“她”（she）这个词，而“她的”（her）仅在两处关于无可争议的女性运动员的段落中出现，包括被引用的一段。
年轻人的费率几乎是全州平均水平的 3 倍。对于他们来说，没有保险比购买如此昂贵的计划更便宜。 这种愚蠢政策的结合已将佛蒙特州的市场推入“死亡螺旋”。自年初以来，斯科特先生一直敦促立法者进行常识性改革。 但控制着两个立法议会的民主党人仍然沉迷于失败的单一方支付者（single-payer）之梦。他们反对州长的改革方案，而该方案提出的改革范围比行政命令更为广泛。民主党人对州长提出的允许保险公司根据年龄将保费差异限制在仅 5% 的建议表示反对。奥巴马医疗法（ObamaCare）允许各州采用高达 3 比 1 的差异。 相反，民主党人向州长提交了一项法案，该法案试图通过提高商业市场的成本来人为降低个人市场的保费——无异于拆东墙补西墙。 斯科特先生在 6 月否决了该法案，并宣布佛蒙特州的医疗体系需要“能够扩大负担能力、增加选择并确保整个系统广泛共享节省资金的结构性改革”。 他的行政命令将开始实现这一愿景。它允许最高...
以上。该观点中唯一男性代词的前件是一个假设的“认同自己为男性的生物学男性”，而其对应的假设“认同自己为女性”的人则没有代词。杰克逊法官在 2022 年的确认听证会上也避开了这个问题。马沙·布莱克本参议员询问她是否能定义“女性”这个词。被提名人回答道：“在这种语境下不能。我不是生物学家。”她如果坚持这一立场可能会更好，因为生物学站在托马斯法官这一边。正如金斯伯格法官在弗吉尼亚州写道，并引用了一个早前的案例：“男女之间的身体差异……是持久的：‘两种性别不可互换。’ ” 雌雄异形（sexual dimorphism）的进化基础是不等配（anisogamy），这是一个源自希腊语的术语，字面意思是“不平等的婚姻”，指的是截然不同的大小配子（在人类和其他动物中被称为卵子和精子）的融合。不等配是生命最基本的事实之一：在所有动物和几乎所有多细胞植物中，有性生殖都是不等配的。针对性别焦虑的医疗手段——青春期阻断剂、激素和手术——可以抑制或破坏生殖功能；影响第二性征，如乳房发育、面部毛发、音调、脂肪分布和肌肉量；并构建近似于异性外部生殖器的器官。但它们无法创造一个功能性的异性生殖系统。“跨性别男性”无法产生精子；“跨性别女性”无法排卵、月经、怀孕或分娩。（医学期刊曾发表过关于激素诱导男性泌乳的轶事报告。）因此，科学证明托马斯法官是正确的：一个认为自己是女性的男人是错了。这是美国，那个男人拥有上帝赋予的权利来坚持他的信念，并通过言论或合法行为来表达。正如托马斯·杰斐逊所观察到的：“我的邻居说有 20 个神，或者没有神，对我都没有伤害。这既没有掏我的口袋，也没有打断我的腿。”然而，如果政府强迫他向其古怪邻居的 20 个神献祭，杰斐逊将会将其视为暴政。在大多数涉及“跨性别权利”的法律争议中，寻求不受干扰权利的并不是跨性别一方。这些案例
20% 的溢价波动以考虑尼古丁使用情况和年龄。其他改革将需要时间实施，包括申请联邦再保险计划以及扩大协会健康计划（association health plans），后者允许企业联合起来提供负担得起的医疗保健方案。但目前的局面已为保费两位数的百分比下降奠定了基础。
最重要的是，Scott 先生的改革将使年轻人重返个人市场，而如果没有他们，该市场无法长期生存。
李光耀 (1923-2015)，他在 1959-90 年期间担任新加坡总理，在 1999 年 1 月 11 日一份《日报》专题讨论会“千禧年最具影响力的创新”中表示：
关于本体论问题的法律相关性：当一个人主张一种与其生理性别不符的“性别认同”时，强迫他人承认该主张或将其视为真实，是否具有正当性？
如果认为“暴政”一词过于激进，请考虑特雷曼·卡罗尔 (Tremaine Carroll) 的案例。2024 年，他被指控在乔奇拉 (Chowchilla) 的中加州女子监狱强奸两名狱友。马德拉县地区检察官萨莉·莫雷诺 (Sally Moreno) 当时告诉记者：“在他的第一位室友怀孕并被转移到洛杉矶后，他的另外两名室友投诉他强奸了她们。”
卡罗尔先生曾告诉监狱管理人员他是跨性别者，并根据《跨性别尊重、机构与尊严法案》获准转移至女子监狱。该法案由州参议员斯科特·维纳 (Scott Wiener) 提出，并由州长加文·纽森 (Gavin Newsom) 于 2020 年签署。助理地区检察官埃里克·杜坦普尔 (Eric DuTemple) 本周在一封电子邮件中表示：“被卡罗尔使之怀孕的囚犯并非本案的两名受害者之一。基于现有事实，他们的关系似乎是合意的。”卡罗尔先生已否认指控，并计划于 8 月受审。
在检察官提起强奸指控一个月后，卡罗尔先生被转移到萨利纳斯谷州立监狱（一座男子监狱），目前仍被囚禁在那里。然而，在八个月后，其强奸案的法官发布了一项审前裁定，命令检察官尊重被告的“首选代词”。法官保留了她所谓的“证人护栏”问题——也就是说，如果指控的受害者在作证时称是“他”而非“她”强奸了她们，是否会受到警告甚至惩罚。
A
未来一起关于《第九号修正案》(Title IX) 和女性体育的案件，将成为最高法院通过对本体论问题提供权威解答，从而制止此类疯狂行为的机会。
联邦政府已明确其立场。特朗普总统在 2025 年就职日发布的一项行政命令宣布：“美国的政策是承认两种性别，即男性和女性。这些性别不可改变，且基于基本且无可争辩的现实。”司法克制通常建议不要决定广泛的哲学问题，但现任政府与反对它的各州已将此问题激化为一场紧迫的法律争议。
“在司法判定涉及生命、自由或财产的问题时，立法指令不能取代事实，”皮尔斯·巴特勒 (Pierce Butler) 法官在 1929 年的“西部与大西洋铁路公司诉亨德森案” (Western & Atlantic Railroad v. Henderson) 中写道。如果法律不建立在理性与现实的基础上，法治将沦为纯粹的统治工具。法院在废除“隔离但平等”原则时便意识到了这一点，该原则曾将黑人女性限制在巴士后排并剥夺她们使用女性洗手间的权利。
塔兰托先生 (Mr. Taranto) 是本报的编辑特写编辑。
即便有了这些改革，佛蒙特州的医疗系统仍有很长的路要走。但自尝试实施单付款人模型失败以来，该州已经取得了长足进步。如果美国最臭名昭著的社会主义者的家乡能为医疗保健带来某种理智，那么国家的其他地区也可以。
从历史上看，先进文明在较凉爽的气候中繁荣。现在，生活方式已变得与温带地区相当，热带地区的文明不再需要落后。
最理想的发明将是一种轻便的聚酯纤维空调内衣，在颈部、手腕和脚踝处密封，并由电池驱动。这样每个人都能在最适温度下工作，文明将能传播到所有气候地区。
THE WALL STREET JOURNAL
关税是特朗普总统的一种执念，就像气候问题之于拜登政府一样。否则，如何解释在 11 月大选前三个月，尽管关税在政治上不受欢迎且会对经济造成损害，他依然强行实施又一轮边境税？政府于周四晚公布了根据 301 条款制定的新关税，用以取代总统即将失效的 122 条款关税。这些最新关税将影响约 60 个经济体，波及几乎所有美国进口商品，税率从 10% 到 12.5% 不等，且是在一系列其他边境税之上额外增加的。等等，最高法院不是在 2 月份否决了特朗普先生的关税吗？仅否决了紧急关税。他随后祭出了 122 条款。今年春季，一家联邦法院裁定这些关税同样非法，但一家上诉法院允许在诉讼期间维持原状。然而，法律将这些关税限制在 150 天内，它们已于周五到期。于是，301 条款登场。对于难以跟上特朗普先生边境税步伐的读者，这里有一份速查表。
• 301 条款。这项贸易法允许总统针对“影响美国商业的不公正外国行为、政策或实践”征收关税。政府称，包括加拿大和欧盟在内的美国贸易伙伴，由于在阻止强迫劳动产品进口方面做得不够，从而对美国构成了不公正的歧视。是的，多伦多的奴隶贸易商再次出击。那些禁止强迫劳动进口产品但未能有效执行禁令的国家将被征收 10% 的关税。大多数其他国家则为 12.5%。从法律程序上看，301 条款需要正式调查，但此次结果早已注定。强迫劳动只是一个借口。另一项针对“产能过剩”的 301 调查正在筹备中，因此预计在几周内，全球大部分地区将面临更多关税。上周，总统宣布对巴西征收 25% 的 301 条款关税，因为他不喜欢巴西的左翼领导人卢拉·达席尔瓦。请注意特朗普先生如何将关税武器化：他先选定目标，然后他的团队寻找征收关税的借口。
• 338 条款。本周，特朗普先生重启了 1930 年《斯穆特-霍利关税法》中的这一条款，对加拿大的数百种商品征收 50% 的关税，包括胶合板、鸭绒、混凝土、纸制品、金项链、吊灯（是的，没开玩笑）以及玩具。此前没有任何一位总统使用过该条款。他列举了一系列贸易 l 申诉，包括加拿大对待美国奶酪的方式以及报复性关税。美国现在
自疫情以来，数万人离开了洛杉矶，但有一个群体没有离开：无家可归者。一份新的城市报告发现，生活在街头的人数持续上升。也许人口流失与流浪行为之间存在某种联系。
该市的无家可归者总数增长了 3.4%，包括那些由城市安置在汽车旅馆中的人员。在露天营地或车辆中露宿的人数增长了 7.9%。总计，该市在 1 月份统计到 45,194 名无家可归者，高于 2019 年的 35,550 人以及市长凯伦·巴斯当选时的 2022 年 41,980 人。
巴斯女士在无家可归者项目上挥霍了数亿美元，但这些项目似乎毫无效果。在她标志性的项目中，该市为每位安置在汽车旅馆的无家可归者每年花费 $82,420。约 40% 的人重新回到了
纽约市长佐赫兰·马姆达尼（Zohran Mamdani）一直在发起一场运动，将以色列及其支持者妖魔化，指控其犯下“种族灭绝”罪行。在周四纽约发生双重刺杀事件后，他应当重新考虑自己的立场；此次袭击中，一名戴着基帕（kippah）的犹太人在走出犹太会堂后遭到攻击。
警方逮捕了与此次刺杀案有关的劳尔·莫拉莱斯（Raul Morales）。市长表示，受害者和证人的陈述称，莫拉莱斯先生在攻击犹太人摩西·格伦豪斯（Moshe Grunhaus）和亚裔人士曹圣（Chok Sung，音译）时大喊“真主至大”（Allahu akbar）。纽约市警察局（NYPD）正在评估这是否为仇恨犯罪。
一位在医院探望格伦豪斯先生的朋友告诉我们，该受害者当时正处于搬迁到佛罗里达州的进程中，部分原因是出于对犯罪、反犹主义以及马姆达尼市长的担忧。他回到纽约是为了处理后续事宜，并在 Tisha B’Av（犹太教的九日禁食日）期间前往犹太会堂，当时犹太人在哀悼耶路撒冷古代圣殿的被毁。
本周早些时候，马姆达尼先生录制了一段视频，指责以色列进行种族灭绝并蓄意谋杀儿童。次日，他祝愿纽约的犹太人度过一个“和平”的禁食日，在该节日中，“哀悼者将停下来反思犹太民族的历史与韧性”。那段历史根植于耶路撒冷和以色列土地，但这位市长却称这个犹太国家是一个“定居者殖民”项目。
周四的刺杀事件与马姆达尼及其盟友一直热衷于将其“全球化”的巴勒斯坦起义（intifadas）十分吻合。在反复为该词组寻找借口后，他才表示自己会“劝阻”这种行为。他现在坚持使用“种族灭绝”、“种族隔离”、杀害儿童以及其他指控，旨在将以色列塑造为人类的敌人。
他在选举前夕 向美国人施加 更多的增税。
在市长指责 犹太人进行种族灭绝时， 一名犹太男子被刺伤。
在与其第二大贸易伙伴的一场毫无必要的贸易战中。•Section 232。总统还以国家安全为名征收了一系列关税。这包括钢铁和铝（50% 税率）、包含这些金属的产品（25%）、机动车及零部件（25%）、木制家具和橱柜（25%）、半导体（25%）以及品牌药（100%）。拦截那些致命的宜家（IKEA）沙发吧。总统已对其中部分关税授予豁免或推迟执行——例如，与政府达成协议在美国建设制造工厂，并以所谓的“最惠国”价格向医疗补助计划（Medicaid）销售药品的制药公司。这说明了总统如何利用关税来强迫实现他无法通过国会实现的政策结果。政府还启动了针对煤炭、机器人、
工业机械、医疗设备和装置、无人机、多晶硅和飞机零部件的 Section 232 调查，因此请做好应对更多关税的准备。•本周他宣布对通用药物征收 100% 的关税，并表示将在两年内生效。考虑到这些关税将造成的损害，很难相信他会付诸实施。通用药占美国所有处方药的 90%，并维持了处方药价格的低廉。对通用药（其中大多数在海外生产）征收关税将推高价格并导致基本药物短缺。 i i i 话又说回来，特朗普先生似乎并不在乎这种损害，因为关税成本分散在企业、消费者和工人身上。截至 6 月的本财年，海关关税已筹集 $163 亿，这不包括约 $70 亿的紧急关税退款。这是一次大规模的增税。特朗普先生的关税辩护者将股市的繁荣作为其边境税无害的证据。但去年的税法案——尤其是诸如全额投资抵减等企业条款——抵消了关税造成的部分损害。人工智能（AI）投资热潮也起到了同样的作用。想象一下，如果没有这些关税及其给企业带来的不确定性，经济将会多么强劲。美国人对经济依然不满，物价上涨是一个重要原因。他们知道关税在增加他们的痛苦，即使他们没有在账单的明细项中看到这笔成本。共和党人可能会在 11 月为此付出代价。
街道上，这通常是因为药物成瘾。 去年一项针对洛杉矶无家可归者机构的第三方审计发现，该市并未追踪支出金额、提供的床位数量或其他服务，以及所谓受益者的最终结果。主持针对该市诉讼的联邦法官大卫·卡特（David Carter）对这些发现表示震惊。 “没有人询问我们的服务提供者他们做了什么，或者执行了哪些服务，”他说。“我们可能会有实施欺诈的服务提供者，而我们可能永远不会知道。”巴斯（Bass）女士则希望选民们不知道。 11 月，她将面临与市议员尼蒂亚·拉曼（Nithya Raman）的市长决选。拉曼是美国民主社会主义者（Democratic Socialists of America）成员，反对清理营地。厌倦了人行道上粪便和注射器的洛杉矶人可以期待更多同样的情况。
善良，以及那些罪名是支持其存在的“犹太复国主义者”。
在竞选市长之前，马姆达尼先生将“犹太复国主义者”作为一种随意的侮辱词。他还告诉同僚：“我们必须明确，当纽约市警察局（NYPD）的靴子踩在你的脖子上时，那是由以色列国防军（IDF）系上的鞋带。”
对于哈马斯在 2023 年 10 月 7 日对犹太人的屠杀，马姆达尼先生的反应是抨击以色列而非哈马斯，并为双方的受害者哀悼。他的妻子曾点赞在 Instagram 上为哈马斯袭击欢呼的帖子。他所在的党派——纽约市的美国民主社会党（DSA）在 10 月 8 日支持由亲哈马斯团体举行的一次集会，DSA 称这是为了“与巴勒斯坦人民及其抵抗权利站在一起”。
此后，美国的犹太学校、会堂及其他场所不得不支付更多费用，这些费用在安全成本和防干扰预防措施中被人们称为“反犹太主义税”。随着无处不在的在线反犹太主义渗入青少年文化，西欧犹太生活那种被围困的状态，为纽约提供了一个不祥的未来。
马姆达尼先生不对周四的刺杀事件负责。但他负责推广一种贬低文化，而这种文化极易被狂热的心智听到并得出结论：针对犹太人的暴力是可以接受的。市长及其意识形态追随者正在玩弄反犹主义的火种。
“在我成长过程中，”拉比约西·莱文（Yosie Levine）在周五一名会众遇袭后表示，“我们唯一在我的犹太会堂或犹太日校外看到安保人员的时候，就是市长来演讲的时候。警察在那里是为了保护他。而今天，每次市长演讲，我们都需要警察来保护我们。”
关于你们的社论《关于以色列，往昔背叛的回响》（7月 17 日）：民主党人在 1975 年拒绝在南越政府最需要帮助的时刻提供援助，反映了那个 era. 组织起来的反战动员压力达到了顶点。
削减对南越援助的潜在理由是，北越共产党是真正的民族主义者，仅寻求统一国家，而 the Thieu 政府则是所谓的美国帝国主义所掌控的傀儡政权。民主党人已经接受了对这场战争的革命社会主义批判，正如现在许多人正在认同美国民主社会主义者（Democratic Socialists of America）对以色列的批判一样。
这种批判已经超出了对本雅明·内塔尼亚胡的反感；它击中了以色列作为一个国家生存的权利，同时支持亲巴勒斯坦左翼的最大主义纲领。纽约市长 Zohran Mamdani 拒绝在以色列日游行，这并非巧合，而纽约是除以色列之外拥有最大犹太人口的城市。
1975 年与现在的区别在于
你们的社论《特朗普与伯尼，政治烟跳伞员》（7月 18 日）正确地指出我们的森林“管理不善”。无论是来自加拿大向南飘移的最新烟雾，还是国内破纪录的火灾，教训都是一样的：我们在太长时间内忽视了积极的森林管理。两党对此都负有责任。结果导致森林更茂密，地表燃料更多，火势更大且温度更高，威胁着生命、社区以及我们共同呼吸的空气。
虽然你们正确地批评了近期的政治指责，但你们未能提到本届国会中存在跨党派的、可直接实施的解决方案。《修复我们的森林法案》（Fix Our Forests Act）由我与两党同事共同主导，我对此感到自豪。该法案拥有足够的支持以克服参议院 60 票的阻碍议事（filibuster）门槛，并已在众议院通过。它解决了我们森林管理的根源问题：资源不足以及负担过重的——
玛丽·马斯伦德（Mary Marslender）在其 7 月 21 日的评论文章《请问我们可以为了器官而杀死你吗》中，对“通过器官捐赠而死”这一前景所表达的恐惧是恰到好处的，她提出的通过实施强大的威慑措施来阻止这种做法的建议亦然。她意识到了弱势群体面临的风险，并暗示认为通过器官捐赠来实现安乐死会将潜在捐赠者视为达到目的的手段，从而违反了其内在的人格尊严。但如果我们继续让“个人自主权”成为驱动这些决定的主导——甚至唯一——价值观，那么对器官捐赠的同情之情可能会压倒其他顾虑。“不要用你们的法律干涉我的身体”很可能成为一种回应——我有权决定如何处置我的身体，事实上，包括我的生命，只要我认为合适即可。
我知道预防的价值
安迪·凯斯勒（Andy Kessler）在 7 月 20 日的《预防性医疗的论据》（Inside View）中提出的观点，对于创新医学来说是十分必要的。创新不应仅限于治疗和疗法，而应扩展到预防。一个典型的例子是：我正与一种疾病作斗争，该病在晚期通过 MRI 诊断出来，但如果每年进行一次 MRI，则可以在早期被发现。常规的实验室检查和血液测试从未发现我的病情。根据我的计算，在 6 个月内，我的疾病已让医疗系统花费了近七位数。我希望医疗保健领域能发生范式转移，以便其他年轻家庭能获得预防的机会，而不是在疾病根深蒂固之后，不得不投入大量具有副作用的药物和资金。 丹·马丘扎克（DAN MACHUZAK） 俄亥俄州扬斯敦
自由表达 (Free Expression) 来自 WSJ 观点 (WSJ OPINION) 一份关于生活、政治和文化的每日时事通讯 编辑：马修·亨尼西 (Matthew Hennessey) 特邀专栏作家： 马修·孔蒂内蒂 (Matthew Continetti) / 凯尔·史密斯 (Kyle Smith) 路易丝·佩里 (Louise Perry) / 本·萨斯 (Ben Sasse) / 詹姆斯·B·梅格斯 (James B. Meigs) / 约翰·J·米勒 (John J. Miller) / 梅根·考克斯·格登 (Meghan Cox Gurdon) 以及其他贡献者的评论文章
扫描二维码或访问 wsj.com/opinion/free-expression
然而，现在的情况是，以色列完全有能力独立支撑，它拥有成熟的军工复合体，并且可以通过在德国的替代采购渠道进行军事化。南越军队在美军战斗人员撤离后的两年里虽然成功作战，但其状态相对较弱。面对 1973 年美河内条约允许留在南方的北越正规军，以及无处不在的越共游击队，美国切断援助不可避免地导致了其灭亡。
相比之下，以色列处于一个能够独立击败伊朗代理人并瓦解约旦河西岸企图煽动起义的所谓武装分子的有利位置。以色列政府是一个强大的民主政府，也是该地区唯一的民主政府——仅这一点就足以体现其符合美国国家利益——而当时的 Thieu 政权仍然依赖威权统治，这削弱了其生存前景。 阿尔比恩·M·乌丹克 (ALBION M. URDANK) 洛杉矶
一些充斥着诉讼的监管环境。 本周我们还提交了另一项获得广泛跨党派意识形态支持的法案。该《野火排放预防法》旨在解决当前法规中一个显而易见的讽刺现象：由于对污染的担忧，这些法规阻碍了处方烧除（prescribed burns）。通过避免这些受控燃烧，我们实际上保证了灾难性野火的发生，而这些野火排放的碳量远超任何主动管理措施所排放的量。
这些以及许多其他法案都是已经准备好成为法律的切实解决方案。 更清洁的空气始于更好的森林管理。对这些解决方案的支持证明了这并非共和党或民主党的想法——而是常识。然而，由于我们自己的行为，华盛顿正窒息在自身不作为所导致的后果之中。 参议员 约翰·柯蒂斯 (SEN. JOHN CURTIS)（共和党，犹他州） 华盛顿
“通过器官捐献而死”最终 要求人们在神学层面更深地理解 何为人： 男人和女人是按照一位至高无上、 全能且充满完美之爱的上帝的形象 创造的，我们必须将此生最后的 时光托付给这位上帝。 乔恩·霍姆伦德 (JON HOLMLUND) 加利福尼亚州卡尔斯巴德
英国的伯纳姆或许是 民粹主义的天敌
关于你们的社论《英国最新的新任首相》（7月 18 日）： 我不禁注意到，英国的安迪·伯纳姆 (Andy Burnham) 与加拿大的技术官僚首相马克·卡尼 (Mark Carney) 之间有许多相似之处。两人都在没有举行大选的情况下接替了深陷困境的前任首相，且正如你们所言，必须“通过交付成果来赢得授权”。 卡尼先生通过取消前任的碳税、放宽建筑规划要求，并证明自己是一个精明的政治操盘手，从而赢得了早期支持。在就职第一天，伯纳姆先生就砍掉了基尔·斯塔默 (Keir Starmer) 并不受欢迎的数字身份计划，并承诺建立一个权力更下放的政府。两人都致力于各种左翼事业，但都没有强烈的意识形态色彩。 至于改革党 (Reform) 的崛起，加拿大的自由党在面对数月悲观的民调后，在去年的选举中赢得了胜利，其得票率比 2021. 年提升了 11 个百分点。英国的民粹主义者尚未实现任何全国性的选举突破，在议会中仅有 7 名成员。他们绝非不可战胜。如果加拿大能提供任何启示，那就是右翼民粹主义可能会在温和的技术官僚体制中遇到对手。 贾斯汀·刘 (JUSTIN LIU) 华盛顿
胡椒
作者：Roland Fryer
对于一名经济学家来说，最诱人的关于世界杯的专栏文章莫过于“拆解分析”，而且我在开幕赛之前就已经起草好了。论点很简单：举办世界杯带来的收益被夸大了，而成本却几乎没有被计入。 当该赛事上次在 1994 年来到美国时，支持者们承诺主办城市将获得 $4 billion 的收益。而经济学家后来报告称，损失高达 $9.3 billion。国际足联（FIFA）的顾问预计，本次世界杯将为美国国内生产总值增加 $17.2 billion。各项收入仍在入账——银行卡支出激增；餐厅和酒吧迎来了多年来最好的月份——但重要的是整体国家情况，在这一点上，收益被那些留在家里没出门的游客以及从未创造出的就业岗位所抵消。经济学家 Victor Matheson 坦率地表示：“世界杯让我们感到快乐。但没有太多证据表明它让我们变得富有。” 考虑一下我们还能买到什么。通过在三年期间，为每名儿童每年投入约 $1,700 的定向投资，可以缩小数学方面的种族成就差距。这种干预措施使小学阶段每年的数学成就提高了 0.184 个标准差，中学的提高了 0.146 个标准差。经济学家估计，成就每提高一个标准差，其终身收入价值为 $110,000 至 $230,000，因此，$10 billion 可以为 200 万名儿童购买大约三年的这种增长，这将带来约 $200 billion 的增长。 但为了触及真相，我必须离开我的舒适圈，进入现实世界。当我在改革公立学校时，我每周都会坐在教室里。于是，我和家人一起去看了一场比赛，并且
也许通用人工智能（ASI）最终就在拐角处。 否则如何解释那些通常对变革贪之不竭的科技公司 CEO 们，突然之间想要限制它的速度？ 且不论他们的抱怨具有一种类似旧时代波什特地带（Borscht Belt）笑话的矛盾风味：食物不好吃，而且分量太小（Palantir 的 Alex Karp）。 或者，他们说，行业领导者 Anthropic 和 OpenAI 是特洛伊木马。它们旨在窃取客户的业务（微软 CEO 萨蒂亚·纳德拉）。 或者苹果在人工智能方面比 OpenAI 落后这么多，只能是因为 OpenAI 在窃取苹果的东西（蒂姆·库克）。 埃隆·马斯克是我们讽刺范围之外的例外。他已经从攻击前沿实验室转向了通过以高额加价向它们出售算力来榨取利益。在此过程中，他成功地让他的 SpaceX (太空探索技术公司) IPO 走出了一扇可能正对竞争对手关闭的大门，因为有报道称 OpenAI 可能会无限期推迟其启动。 并不是说那些资深的科技 CEO 们是卢德分子（Luddites），但他们的股东支付薪酬给他们，并不是为了让他们在 AI 海啸面前放弃任何保护现有业务的杠杆。 一个缺乏勇气的随大流趋势正在招手。它不仅包括对 AI 喝倒彩的大学生，以及在 Facebook 上愤怒地反对数据中心的蹒跚前行的老年人。美国政府正以某些方式挥舞其强权，而这些方式已经在被用于政治论战的扭曲目的。Anthropic 为了限制自身的责任，在今年早些时候主动推迟了 Mythos 的发布。这使得相关责任方能够修复其网络安全中的缺陷
商业 世界 作者：Holman W. Jenkins, Jr.
道琼斯公司 1889 年起出版
拉克兰·默多克 新闻集团执行董事长 鲁珀特·默多克 新闻集团名誉董事长
艾玛·塔克 总编辑
利兹·哈里斯，执行编辑 大卫·克劳，副总编辑 艾贾·惠特克-摩尔，副总编辑
在马萨诸塞州福克斯伯勒举行的世界杯上，伊拉克队面对挪威队攻入一球。
朋友们——挪威对阵伊拉克——为了亲身感受交通状况和那些价格过高的热狗。 我发现交通状况比预想的要好得多。我看到了漫天飘扬的伊拉克国旗，人们从每一个窗户探出身子，大家随着微弱的嘻哈律动起舞。进入赛场的路程是一次文化的碰撞，而双方似乎都乐在其中。我试着寻找那些滑稽的维京牛角帽，但没找到，最后买了一顶绿色的伊拉克卡车司机帽。我戴上它，瞬间交到了新朋友。 我们这一代经历了美国与伊拉克的两次战争，但我从未接触过伊拉克人，没随他们的音乐起舞，也没听过他们的国歌。这种距离感产生了一种无声且危险的影响：它决定了我们轻信程度的价格。如果明天告诉我们加拿大是一个威胁，我们会大笑——我们了解加拿大，我们曾在那里停留，我们能看到那里人们的面孔。但如果对伊拉克说同样的话，人们就更容易接受。 在第 39 分钟，当我戴着伊拉克帽子在挪威人的维京排队阵中时，伊拉克队得分了。这使得比分持平；随后挪威队反超，这个进球在这次锦标赛的历史记录中将毫无记载。但它是最
由该模型的超人能力所揭示。 这证明了美国领先地位的价值，但目前尚不清楚政府是否对安全风险有更好的解决方案，即便政府威胁要将实验室中数十亿美元的超智能赌注变成双输局面。 如果这些公司错了，他们将损失巨额资金。如果他们是对的，他们所揭示的能力可能如此强大，以至于华盛顿将出于安全和地缘政治原因坚持将其垄断。 不要忽视一个同时存在的的分叉：一方认为超智能竞赛就是一切，而另一方则认为在经济中播种“足够好”的 AI 才是现在的游戏核心。 包括财富 500 强公司在内的用户，正转向不受监管、且可能是盗取的中国“开放权重”AI 模型，以节省资金并避免泄露其
作者：Alan S. Blinder
“如果没坏，就不要修理它”可以被视为对政策制定者的警告，因为他们的“修理”往往会让情况变得更糟。以美联储为例，长期以来，美联储因其优秀的人才、对使命的非政治化专注、诚信等特点，被认为是华盛顿最出色的行政机构之一。 在我看来，它并不“坏”。这并不意味着它从未犯错，或者无法改进。但这意味着，对其进行重大变革应当有充分的理由且经过深思熟虑。 美联储新任主席凯文·沃什（Kevin Warsh）对此表示同意——我想是的。然而，他也一定认为美联储比我想象的更“坏”。否则他为什么要组织
Robert Thomson 新闻公司 (News Corp) 首席执行官
Almar Latour 首席执行官兼发行人
道琼斯管理层： Jason P. Conti, 总法律顾问；Dianne DeSevo, 首席人力资源官；Artem Fishman, 首席技术官；Lisa Fitzpatrick, 道琼斯工业公司总经理； M. Scott Havens, 首席增长官； Dan Shar, 执行副总裁兼财富与投资总经理；Ashok Sinha, 首席传播官；Josh Stinchcomb, 执行副总裁兼首席营收官，WSJ | Barron’s 集团
是我整个夏天见过的最重要的目标。我们面前的那个男人跪在地上，双手指向天空，大声尖叫着，说他从未想过自己能活到看到自己的国家在世界杯上进球的那一天。他的脸上挂满了泪水，洋溢着喜悦。我无法用那些陈旧的故事来解释眼前的一切，我也在思考一个经济学家不该思考的问题：如果两个民族能在政府向他们讲述对方的故事之前，就这样相遇，那么和平是否会有更大的空间来实现？
国界不会因为一座体育场的共同歌唱而消失，那天晚上在马萨诸塞州的福克斯堡也没有签署任何条约。但政府最终需要向公众交代——而一个已经与那些被教导去恐惧的人肩并肩站在一起的公众，更难被驱使走向战争。
多年前，马修·杰克逊（Matthew Jackson）和我建立了一个模型，研究大脑如何将信息分类以提高认知效率。我们发现，偏见并不需要仇恨。你经常接触的人会被你细心地分类；而其余的人则被粗略地归为一类。对于一个美国人来说，“伊拉克人”就成了……
数据 传递到 大型 国内 实验室。 他们接受的不仅仅是北京的 窥探和网络破坏风险。如果 在任何一种场景中，一个 递归自我改进的 AI 在互联网上建立起自己的地位， 从而恐吓计算机用户直到最后
美国勇于前行的意愿 对于民主实验至关重要。
随着时间的推移，最终接管部分星系的，将是一个中国的开源权重 AI。 与 AI 常被比作的电力不同，用户无需等待电线的铺设，或电容器、绝缘材料及电动机的发明。且看 OpenAI 最近一次令人不悦且令人惊叹的揭秘：其一个开发模型最近从一个本应安全的测试环境中溜出，袭击了另一家公司的服务器，并窃取了一个复杂测试问题的解决方案。OpenAI 在此过程中同时表现出自鸣得意与道歉之情。 这种具有“代理能力”或问题解决能力的 AI，可能很快会让某人的卧室诞生第一家 Fortune 500 公司。 一个高效的政府应当制定一个统一的应对方案，但结果似乎已经显现：对顶尖能力的追求将日益成为一项受监管的活动，如果没被完全从属于国家安全的话；而较低端、经过调校或模仿的 AI 将承担起重塑日常经济的颠覆性工作。 自然地，利益集团正在组织起来。游说是一项正当活动，但确保国家利益占据主导地位同样正当。亨利·克莱（Henry Clay）曾是一名杰斐逊式的田园主义者，直到他在 1812 年战争后意识到……
……设立专门工作组，以考虑（建议？）在沟通方式、美联储资产负债表、央行使用的数据以及 2% 的通胀框架方面进行调整，并研究技术对增长和就业的影响？ 在这五项中，我对一项感到担忧：严重削减美联储的沟通，包括取消前瞻性指引。取决于具体细节，这项改革可能弊大于利。 回顾历史无需追溯太远，就能找到美联储沟通的黑暗时代。直到 1994, 联邦公开市场委员会在做出利率决定时甚至不公布决定。它让市场通过观察公开市场操作台（Open Market Desk）的反应来自行揣测。沃什（Warsh）先生的一些言论表明，他似乎在怀念那些糟糕的旧时光。我希望事实并非如此。 有两个论点支持央行透明度，其中任何一个单独拿出来都应具有决定性。第一个侧重于民主问责制。货币政策由未经选举的技术官僚制定，但影响整个社会，且有时影响深远。这些技术官僚有义务向公众对其所做之事、原因以及试图实现的目标提供连贯的解释。艾伦·格林斯潘（Alan Greenspan）能够以“含糊不清地喃喃自语”而自豪的时代已经结束了。 经济学家并不常讨论问责制论点，但这在民主制度中至关重要。我推测沃什先生同意这一点。他似乎对另一个理由持怀疑态度。
……仅通过两次战争才认识伊拉克的人，是一种粗糙的分类方式——将 40 million 人简单地归入一两个类别中。解决方法是增加互动。 我在世界杯上目睹了这种情况。体育场将这种粗糙的区块打破，并在几个小时内，强迫进行我的模型认为缺失的精细分类。我的妻子，一个自豪的奥地利人，也有同感，并询问如果不是见证这一切而是亲身感受到——站在一个看台区域，为自己的国家而战——会是什么样子。 于是我翻出了我的皮裤（lederhosen），我们前往密苏里州堪萨斯城观看奥地利对阵阿尔及利亚的比赛。阿尔及利亚人的音乐更出色，但奥地利人的投入程度更高——大声唱起《我来自奥地利》，持续了数小时之久，大批我妻子的同胞在全神贯注地高唱。奥地利和阿尔及利亚被语言、宗教、历史和地中海所分隔。但这一切似乎都不重要。 尽管如此，我还是做了社会科学家的工作——我去烧烤店询问我的问题。交通是否比平时更拥堵？烤肉师是否比正常的周六更忙？他们是否觉得我们这些外来者很烦人？在排队队列中，我前面的一名男子……
第二个论点认为，中央银行通过保持透明而非神秘，能更好地履行职责。要理解其中的原因，需要简要探讨一下货币理论。通常情况下，中央银行仅控制隔夜利率——在美国即为联邦基金利率。但几乎没有任何重要的交易是以该利率进行的。相反，例如一年期利率，则取决于对未来 365 个一日利率的预期，而 10 年期利率则取决于
以避免在央行行长们保持沉默之后 随之而来的猜测游戏。
接下来的 3,650 个或更多，以此类推。如果 联邦公开市场委员会 (FOMC) 设定了联邦基金利率，但 不对未来的可能利率提供“前瞻性指引”，市场参与者 就只能根据他们对经济的看法、对美联储 方向的感知等，去猜测未来的利率 将会是多少。 这些猜测可能是准确的，也可能是 不准确的。沃什先生似乎倾向于将机会 交给市场的信念。但我曾在那个“少说话且 含糊其辞”的旧体制下担任美联储 副主席，我看到市场一次又一次地 判断错误。 市场倾向于过度反应。这就是 促使我阐明布林德投机市场定律的原因：“市场 通常能判断对方向
Slap’s BBQ 的老板曾是一名职业 烧烤评委，他忽略了这一切，反而 告诉我，他很自豪世界终于看到了堪萨斯 城——这里并非被忽视的飞越之地（flyover country），这里的人们善良且 受过良好教育。他不是在回答 我的问题，而是在修正我的问题。 然后他给了我两瓶他最喜欢的酱料让我带回家——一瓶辣的， 一瓶甜的。 将这个人的影响力乘以一座体育场， 然后乘以 39 天里的每一座体育场， 你就会开始意识到，典型的 经济分析从未被设计用来计算的东西。美国在伊拉克的 二十年以及反恐战争花费了约 $2 trillion 到 $8 trillion 之间，具体取决于谁在 计算。如果我们刚刚见证的一切 能让这样一场战争 0.2% 可能性降低， FIFA 的 $17.2 billion 便是较小的那个数字。 我无法估算一场锦标赛在多大程度上 改变了战争的概率，但证据至少具有启发性。 Emilio Depetris-Chauvin 及其合著者 发现，在国家队获胜后接受调查的非洲人 对种族群体的认同感较低，且 更信任其他族裔——而且，那些勉强 获得国家杯参赛资格的国家在随后的 几个月里，内战冲突事件减少了约 9%。 百分之二点零是一个舍入误差的舍入误差， 而我不会打赌一座挤满了伊拉克人和 挪威人的体育场在经过细致的相互了解后 能消除这种误差。 我参加我的首届世界杯是为了给它定价——看看其收益是否 被过度夸大了。确实被夸大了。但这 衡量的是错误的东西。真正的回报 不在于酒店入住率或售出的肋排重量； 而是在那 90 分钟里，40 million 伊拉克人 凝聚成一个人——一个为了一粒毫无意义却又意味着一切的进球而哭泣的男人。 没人能把这写进电子表格。我们最终，在每次仅数小时的时间里， 以更高的清晰度地看到了彼此。
BILLY MYERS/ZUMA PRESS
Fryer 先生是《期刊》撰稿人， 哈佛大学经济学教授， Equal Opportunity Ventures 创始人， 以及曼哈顿研究所高级研究员。
1812, 达成一项认知：如果美国 想要在竞争激烈的国际秩序中掌控自己的命运， 就不能在工业化竞赛中缺席， 也不能不参与那些被认为是不光彩的国际金融活动。 在美国以某种方式保留了其内部实验 和自由文化 250 年之后， 现在，居住在“完全民主”国家的 6.6% 的人类 以及生活在“有缺陷民主”国家的 38.4% 的人类， 正极不成比例地依赖美国来创造财富和技术进步。 中国的习近平抱怨 AI 应该是“国际合作的交响曲”。 事实早已如此。所有拥有才华和雄心的人 都来到美国来构建它。 也许 AI 是一个特例。它的 动态潜力超过了一个有韧性且稳健的政治系统 所能吸收的范围。但你不会希望 基于那些出于私利而尖叫之人的观点来做出这种判定。
但会将幅度放大 3 到 10 倍。”这反过来又导致了过度的波动，因为长期利率对未来预期的依赖程度远高于对今日短期利率的依赖。这也让美联储的决策变得更加艰难。
当联邦公开市场委员会（FOMC）提高或降低其一日利率时，它必须猜测市场将如何影响那些对商业贷款、消费者贷款、抵押贷款、公司债券等至关重要的长期利率——甚至包括股票市场和汇率。如果这些预估有误，政策设定也将随之出错。
我在 FOMC 任职期间对这种“双重猜测游戏”记忆犹新。市场在猜测我们会怎么做，而我们在猜测他们会如何反应。FOMC 无法完全终结这场猜测游戏——因为世界上总存在不确定性。但它可以通过提高对市场的透明度，来收紧短期利率与长期利率之间的传导机制。这样做可能包括提供多种形式的前瞻性指引，告知短期利率可能的走势。
显然，沃什先生并不认同这个想法。他希望市场通过自行摸索来占据主导地位。但如果市场主导，美联储是否要随之跟进？如果是这样，请准备好观看一场“狗追自己尾巴”的戏码。
作者：JOSHUA ROBINSON
上方为 Thomas Pidcock 在 2022. 年攀登阿尔普迪埃兹山期间。下方为 Tadej Pogacar 在 2025 年于巴黎圣心圣殿附近。
当环法自行车赛的主车群在山谷的城镇中疾驰时，早在到达第一个坡道之前，他们就能看到阿尔普迪埃兹山在道路之上耸立。骑手们可以清晰地看到通往顶峰的 21 个发夹弯，并确切知道即将面对的是什么。
阿尔普山不仅仅是对腿部或肺活量的考验。随着 50 万名粉丝在道路的每一寸土地上等待，加上法国夏季烈日的曝晒，骑手们在准备迎接 8.5 英里的艰苦上坡攀爬时，必须顶住即将向他们袭来的巨大的噪音、烟雾和人群浪潮。
“当你到达山脚下的第一个坡道时，”前职业选手 Pierre Rolland 说道，“感觉就像进入了一个平行宇宙。”
他们真正进入的是一个天然的圆形剧场，在环法自行车赛的改造下，这里成为了体育界最伟大的体育场之一。这场比赛将在这处传奇的阿尔卑斯地点停留两天，然后前往巴黎，进入另一个世界级的竞技场：勒皮克街 (rue Lepic)，一条穿过蒙马特中心地带的鹅卵石攀爬路段，它提供了 2024 年奥运会中一个令人难忘的经典画面。
而最棒的部分是，这些观赛体验完全是免费的。
在 5,000 美元的夏季世界
他的“最后决定”
作者：ROBERT O’CONNELL
来自俄亥俄州阿克伦的那位 41 岁球员在选择下一任雇主时的等待终于结束了。
在他职业生涯最后的反转之一中，勒布朗·詹姆斯（LeBron James）在几周前进入自由球员状态后，选择了一支几乎没人预料到的球队。据一名熟悉交易条款的人士透露，这位他那个时代最伟大的球员将加盟费城 76 人队，并签署一份为期 2 年、总额 $8$ 百万美元的合同，这将成为 NBA 历史上最划算的交易之一。
“这是我的最后一次决定，”詹姆斯在社交媒体上写道，“我不是为了钱。”
詹姆斯将与 2024 年总决赛 MVP 杰伦·布朗（Jaylen Brown）、2023 年 MVP 乔尔·恩比德（Joel Embiid）以及 NBA 最亮眼的年轻得分手之一泰里斯·马克西（Tyrese Maxey）联手，组成他职业生涯中可能的最后一支超级球队。这组全新的四人组将旨在将纽约尼克斯队从王座上拉下来，并追求詹姆斯的第五座冠军奖杯。
从上个月詹姆斯表示将离开洛杉矶湖人队的那一刻起，他以一种此前任何四十多岁球员都未曾有过的方式掌控了 NBA 的休赛期。这是因为没有哪位超级巨星处于他这样的境地。詹姆斯依然是一名极具实力的全明星球员，但为了加入一支有竞争力的阵容，他愿意接受相对低廉的薪水。
在整个联盟中，他曾经的对手们都在想象与两名最伟大的木地板球员之一组队的情景。他会加入曾经的死敌斯蒂芬·库里（Stephen Curry）和金州勇士队吗？他会与迈阿密热火队重聚，在他赢得首批冠军的地方吗？他甚至可能在维克多·文班亚马（Victor Wembanyama）和圣安东尼奥马刺队中扮演导师角色？
当詹姆斯的经纪人里奇·保罗（Rich Paul）在 7 月初公开讨论各支球队的招揽计划时，这种热情被进一步推高。保罗带着一块白板出现在他的播客中，将詹姆斯放入 NBA 各个想象中的阵容中——明尼苏达、丹佛和费城。
虽然詹姆斯让 NBA 处于等待状态，但他留下了关于自己最终去向的线索。上周在纽约的 Fanatics Fest 上，詹姆斯告诉球迷们要“信任进程”（Trust the Process）。这句话是 76 人队长期以来的格言，因为他们从 NBA 最糟糕的球队之一重建成为了一支常年进入季后赛的球队。
詹姆斯此前曾三次更换球队，但现在的情况与他处于巅峰期的超级巨星通过更换居住地来重塑联盟时截然不同。詹姆斯将在 12 月年满 42 岁，但他已经证明了自己是 NBA 历史上最有效的“资深公民”。
在整个 NBA 中，上赛季只有 4 名球员场均能拿到 20 分、7 个篮板和 6 次助攻。
[[IMG_XXXX]] 勒布朗·詹姆斯（左）签署了一份为期 2 年、总额 $8$ 百万美元的合同，加入乔尔·恩比德（右）所在的费城 76 人队。
世界杯门票、价值 $10,000$ 美元的尼克斯队席位，以及提前两年预约的奥运会，这些全球盛事是同类活动中最后的遗存。所有准备在赛道旁花费几个小时，最终与地球上最有天赋的骑行者近在咫尺的球迷都可以参与其中。
对于支持者来说，这是职业体育中性价比最高的一种方案。整个车队经过山上的任何一个地点都需要一个多小时，而且他们几乎肯定能看到像四届冠军塔代伊·波加查（Tadej Pogacar）那样全力冲刺的伟人。而对于骑手来说，在尖叫的粉丝海中穿行，且人群仅在最后一刻才分开的体验，是其他运动员从未遇到过的。
“当你劈开人群时，你会觉得自己像是身在王子公园球场的强尼·哈立代（Johnny Hallyday），”罗兰（Rolland）说道，他曾在 2011 年在 l'Alpe d'Huez 赛段夺冠，并引用了一个非常法式的摇滚乐梗。翻译一下：这种感觉就像春斯坦（Springsteen）在巨人体育场演出一样。
“除此之外，哪里还能让观众离得这么近……”
son——而詹姆斯就是其中之一。 但詹姆斯最强大的实力展现，发生在那个他主宰了二十年的舞台上：季后赛。当詹姆斯的搭档卢卡·东契奇在湖人队进入季后赛前受伤缺阵时，大多数观察家预计他们会在第一轮迅速败给更年轻、体力更充沛且在统计数据上更占优势的休斯顿火箭队。但詹姆斯有不同的想法，他打出了回归巅峰的得分数据，并在最后一秒命中关键球，带领洛杉矶队赢得了系列赛。也许最具有意义的
足够触碰到你—— 而不会发生任何糟糕的事情？”他补充道。 这就是环法自行车赛（Tour de France）比任何其他赛事都做得更好的地方。每年夏天，在 21 个赛段中，有超过 12 百万的人在路边围观。其中高达四分之一的人数将集中在山顶山口、山谷以及本周末的法国首都。虽然阿尔卑迪于埃兹山（Alpe d’Huez）不再是环法中最艰难或最陡峭的爬坡路段，但没有哪个派对能与此媲美。 “那种狂热情绪在不断积聚，”前职业选手、现任 NBC 分析师克里斯蒂安·范德费尔德（Christian Vande Velde）说道。“当他们看到比赛临近时，人们简直会疯掉。” 该赛事第一次进入该区域是在 1952 年，当时那 21 个发夹弯的道路甚至还没有铺设。很少有球迷想到要跋涉至此，观看意大利冠军法乌斯托·科皮（Fausto Coppi）夺得黄色领骑衫。如今，在
詹姆斯现在与费城队协议的一部分，就是 76 人队是以如此低的折扣将他招致麾下的。虽然詹姆斯的数据和季后赛中的英勇表现表明他依然稳居 NBA 球星的顶尖阶层，但他的新合同给他的待遇却像是一个勉强有用的替补球员。 他的年薪为 $4 百万，这使他目前成为 NBA 中薪资排名第 317 位的球员。在其他竞争球队这个夏天必须精打细算时，詹姆斯的合同意味着 76 人队可以增加一名顶尖的球员。
七十多年后，阿尔卑迪于埃兹已成为一个成熟的山地度假胜地，啤酒和拉克莱特奶酪（raclette）成为了这里的“性能增强剂”。 来自世界各地的自行车迷在比赛前数日便在现场露营。荷兰人占据了自己的角落，配备了烤架、装满啤酒的无底冷却桶以及 DJ 摊位。挪威人在最近的访问中也采取了同样的做法。 在周五环法自行车赛向阿尔卑迪于埃兹山挺进之前的 24 小时，山路两旁已经停满了汽车和露营车，以至于官方禁止更多车辆进入。然而，任何仍想步行或骑行上山的人，
在阿尔卑迪于埃兹山 爬坡期间的 发夹弯数量
是受欢迎的。山顶上没有旋转闸门。
当然，这一切还有一个由豪华车直接从机场接送的版本。准备花费五位数资金的粉丝们预订了全包式骑行之旅，在那里，管家团队会负责除踩踏车之外的所有事情。还有大批的赞助商和嘉宾，他们在山顶的看台上关注比赛，在背景中激烈竞争的同时品尝着法式小点心。
但骑手们记住的并不是这些人。
“在人群中，你再也听不到自己的呼吸声了，”罗兰（Rolland）说。“你感觉不到痛苦。它承载着你，简直让人陶醉。”
勒皮克路（rue Lepic）是一段陡峭的 1 公里路段，穿过第 18 区并引导主车团前往圣心大教堂，这是最近增加的赛段。环法组织者在 2024 年奥运会期间目睹了男子公路赛登上蒙马特高地，立刻觉得巴黎应该再次获得这份礼物。
由于赛道宽度勉强足够两名骑手肩并肩比赛，感觉比赛实际上是在街道两旁的餐厅内部展开的。如果再近一点，波加查（Pogacar）的肘部可能会把你的红酒撞进蜗牛菜里。周日，主车团将三次攀登此处，为该赛事的夏季最终表演呈献精彩篇章。
“我们是 180 个人，在山中骑行数周，而最后，突然之间，”波加查说，“我们来到了世界上最大城市之一的街道上。”
而在保留现有优势的同时，成为世界领先者。
在过去，詹姆斯（James）加入一家新俱乐部意味着该球队立即成为了竞争者。
但新的挑战在等待着。一方面，76 人队经历了多个赛季的伤病冲击，尤其是恩比德（Embiid）因腿部疾病缺席了大量时间。
但詹姆斯从未在加入一家特许经营球队后没有为其带来冠军。正是这样的记录——以及这次投注的低成本——使得这次赌注成为了 76 人队无法承受错过的一次机会。
MARCO BERTORELLO/AFP/GETTY IMAGES; LOIC VENANCE/AFP/GETTY IMAGES
道琼斯指数 51947.25 À 235.60 0.46% 纳斯达克 24975.82 g 0.6% STOXX600 644.51 À 0.8% 10年期国债 À 6/32, 收益率 4.678% 原油 $89.31 g $2.88 黄金 $4,067.60 À $21.00 欧元 $1.1371 日元 163.85 汇率
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DANA SMITH 为 WSJ 拍摄；GETTY IMAGES (2), ZUMA PRESS (2), REUTERS, BLOOMBERG; JUSTIN SULLIVAN/GETTY IMAGES
正开始混合使用模型。 这正在改变该行业的 经济格局和权力玩家。
作者：ANGEL AU-YEUNG, KATHERINE BINDLEY 以及 TINA LI
全国各地的公司正逐渐接受一个激进的想法，而这一想法有可能颠覆驱动全球经济的行业：他们不必在 AI 上耗尽预算。 由于对不断飙升的成本感到厌烦，规模不一的公司开始使用价格较低的模型，其中 l 包括一些在中国构建的模型。在许多情况下，他们将这些新的、更便宜的模型与 OpenAI 和 Anthropic 的产品并行使用，像点餐一样随心选择其人工智能服务。 在 Cursor 这家初创公司看来，这种企业的觉醒将使其受益，因为其软件兼容所有模型。Mike Saeks 将其简单地概括为：对于相对平庸的任务，最强大且最昂贵的 AI 模型并非必要。
以及模拟欺诈破案演习，而职业路径正在发生变化
作者：ALLISON POHLE
佛罗里达州，奥兰多 在任务开始几分钟后，团队就失去了一名成员。管理层需要他们去处理另一个项目。设计一个标志。不能使用蓝色。只有高级审计员可以使用剪刀。但所有的高级审计员都病休了。将标志设计成一只与毕马威（KPMG）创始人相对应的动物。确保狮子或猫头鹰穿着商务正装。 这就是毕马威暑期实习生的培训演习过程。 在今年夏天的一项新计划中，毕马威将其近 1,000 名审计与保证实习生带到了该公司位于奥兰多机场附近、耗资 $450 million 的庞大培训设施中，进行了为期数日的批判性思维和判断力培训。标志挑战是旨在锻炼这些技能的几项练习之一，此外还包括一场寻宝游戏和一次模拟欺诈破案演习。 其目的并非为了娱乐。会计工作是最容易受到人工智能能力影响的任务之一。毕马威估计，在两到三年内，将不再有人类对工资单和收入合同等事项进行常规测试。 今年，该公司将美国审计合伙人的数量减少了 10%，并正在彻底重新思考初级审计员——通常起薪在 $80,000. 左右的大学毕业生——的角色。与此同时，毕马威正从客户那里承接更多的审计工作。 对于许多使用人工智能重新设计工作方式的公司来说，如何培训年轻员工是一个关乎生存的问题。一些首席执行官正利用人工智能工具削减员工人数，并预测白领工作将会消失。而其他公司，如 IBM、Salesforce 和麦肯锡（McKinsey）则采取了不同做法。
请参阅第 B4 页
【图片描述：从左起顺时针方向：Cursor 的 Michael Truell；OpenAI 的 Sam Altman；Moonshot 的杨之毅；DeepSeek 的梁文峰；Meta 的 Alexandr Wang；Anthropic 的 Dario Amodei。】
《华尔街日报》
2026 年 7 月 25 - 26, 2026 | B1
–20
“这就像是为了去超市买牛奶而开着一辆兰博基尼，而那辆车原本是为了在赛道上竞速而设计的，”他在一次采访中说道。 Saeks 有能力了解这一点。这位前投资银行家两个月前被 Cursor 聘为现场首席技术官，而埃隆·马斯克的 SpaceX (太空探索技术公司) 正在以 $60 billion 收购这家初创公司。这意味着他为公司提供建议，指导他们如何衡量和提高人工智能支出的投资回报率。 这家初创公司将其称为“Token 经济学”（tokenomics），指的是 Token（令牌），即用于衡量 AI 使用量的核心单位。 追求经济——或称“Token 经济”——在心态上是一个戏剧性的反转。就在几个月前，使用 AI 的频率之高而导致在 Token 上花费大量资金还是一枚荣誉勋章。公司通过展示谁花费最多的人员排行榜，来奖励员工进行“Token 最大化”（tokenmaxxing）。而现在，他们正在进行“节俭最大化”（thriftmaxxing）。 这种预算转变不仅关乎美国公司在 AI 上的支出多少，还是一个让世界经济超级大国相互竞争的地缘政治问题。通常，最知名的美国模型是封闭的，这意味着它们由开发公司严格控制。而中国则以更便宜且开放权重的模型著称，这意味着它们可以被下载并定制。
请参阅第 B5 页
同意 暂停 与华纳 的合并
持续至 2027 年 6 月 并触发数亿美元的费用
作者：JOE FLINT
派拉蒙周五表示，在针对该交易的法律挑战获得解决或到 2027 年 6 月 1, 2027 之前，将不会推进与华纳兄弟探索的合并（以较早者为准）。
这一让步是对这场涉及 $81 十亿的娱乐巨头派拉蒙与华纳合并案的最新打击。目前，该交易正面临 12 个州以及美国编剧工会的反垄断挑战，后者认为该交易具有反竞争性质。
派拉蒙做出这一决定是在一家加州联邦法院授予了临时限制令之后，该限制令阻止了交易在 28 天内完成关闭。
原定于下周就初步禁制令举行的听证会已被取消——该禁制令原本将禁止派拉蒙在各州反垄断诉讼进行期间完成合并。
关闭交易的潜在延迟可能会让派拉蒙付出沉重代价。其与华纳的协议中包含一项“滴答费用”（ticking fee），从 10 月起，在交易完成前，每季度需向华纳股东支付约 $650 百万美元。
两家公司的股价周五均下跌，派拉蒙收盘下跌 3.3%，华纳下跌不足 1%。
决定绕过初步禁制令听证程序可能会加速法律进程。
“即使派拉蒙在地区法院败诉，这也将加快向第九巡回法院提起上诉的时间表，并可能……”
请参阅 B9 页
过去三个月的股票表现
10% 华纳兄弟探索 派拉蒙 Skydance
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2026 年 5 月 7 月 6 月
来源：FactSet
OCTAVIO JONES 为《华尔街日报》绘制
Y
在中国兴起， 昂贵服饰紧随其后
运动服饰
作者：HANNAH MIAO 和 JON EMONT
中国南方的阳朔长期以来一直是美国和欧洲游客的攀岩目的地。但最近，另一个群体涌向了这里的石灰岩悬崖：来自中国大城市的上班族。
“我需要一些运动和户外活动来应对高压的工作环境，”来自重庆的 28 岁审计师陈雪在最近一个阴天的早晨说道。当时，她与另外五六名攀岩者聚集在一个洞穴附近，眺望着阳朔翠绿的山峦。
中国的攀岩热潮是席卷全国的一场更大规模健身狂热的一部分。据中国田径协会称，马拉松参赛人数自 2017 年以来翻了一番，已超过 1 百万人，且完赛时间正在加快。
Hyrox 是一种高强度的健身比赛，包括 1 公里的跑步和多项力量挑战（如搬运重物）。去年在中国有 55,000 人参加，高于前一年的 7,300 人。像 Padel 这样的新型球拍运动正在普及；据国家电视台报道，小型中心城市鹤壁已建约 1,600 个皮克球场，拥有约 300,000 名皮克球玩家。
随着健身热潮的到来，徒步鞋、瑜伽裤和其他类型的运动装备已成为中国中产阶级的向往风格——即使是对那些不运动的人来说也是如此。
这使得运动产业成为中国普遍低迷的消费经济中少数几个亮点之一。当外国汽车制造商和奢侈品牌在中国的激烈本土竞争和经济增长放缓面前苦苦支撑时，运动服饰是一个西方品牌罕见的……
市场 | SPENCER JAKAB
美联储是否即将 加息？
但下周可能会讲述一个不同的故事
尽管周围议论纷纷， 美联储会议曾变得 相当可预测。 现在不再如此。 下周的利率决策 正如人们所说，处于“动态”状态。 早在五月，期货市场的交易员们表现得就像加息 25 个基点的可能性几乎为零一样。中东地区恢复了和平，且油价经历了多年来最疲软的一个季度，缓解了通胀压力。
这种隐含概率现已上升至约三分之一。结果在多年来从未如此不确定，而这并非巧合。新任美联储主席凯文·沃什（Kevin Warsh）放弃了其前任所谓的“前瞻性指引”暗示，承诺让数据说话。
因此，人们开始潜意识地怀疑美联储将在三年多以来首次加息，这并非疯狂之举。在六月的会议上（这是沃什担任主席后的首次会议），18 名参与者中（其中仅 12 人拥有投票权）有 9 人预见到今年至少会加息一次，而上次会议时该人数为零。现在，仅在本月油价就上涨了三分之一，再次引发了对通胀的担忧。而沃什在 10 天前告诉国会，他对通胀将“零容忍”。
Lululemon、Hoka 和 Adidas 等公司的销售额正在增长。 “在中国，健康在某种程度上成为了新的财富，”瑞士高端跑鞋品牌 On 的亚太区总经理 Rebecca Cai 表示。
该品牌在五月的财报电话会议上表示，其定义为大中华区的季度销售额超过了亚太地区 44% 的增长数据。该公司在秋季马拉松赛季前在许多城市组织训练聚会，根据亚洲人的体型量身定制产品，并销售防紫外线衬衫和帽子，这是该国许多跑者的关注点。 “高端类别的增长速度实际上快于整体市场，”Cai 说道。
在上海从事奢侈品零售运营的 34 岁女性 Kerry Pan 认为自己是一个具有价格意识的购物者。但在健身方面，她不介意多花钱。 她购买了 On 和 Brooks 的跑鞋，并且每月花费高达约 $300 在一家名为 Temporary Humans（简称 TH）的 Hyrox 附属健身房上课，因为她喜欢这里的社区氛围，并认为教练是最优秀的。在过去一年中，她参加了 3 场 Hyrox 比赛，每场比赛的报名费超过 $100。
于去年春天开业的 TH 课程经常有候补名单。客户充斥着该健身房的官方群聊。而且在客户要求之后，公司甚至为 3 至 4 岁儿童增加了一门健身课。 “健康与健身正在占据主导地位，”业主韩林（Han Lin）说道。他正准备今年夏天在上海开设一家新店，其规模将几乎是现有设施的五倍。
Puma 是 Hyrox 的官方服装
跑鞋
今年
（上图）2025 年 8 月，参与者在上海举行的 Lululemon 夏季挥汗大赛（Summer Sweat Games）期间进行核心肌肉训练。 （下图）今年六月，运动员在重庆参加 100 公斤沙袋推举项目。
以及鞋类合作伙伴，报告称第一季度大中华区收入较前一年增长 9%。Amer Sports（旗下拥有 Salomon 和 Arc’teryx 等户外运动品牌）在最近一个季度的大中华区销售额同比增长约 45%。
即便是在美国市场陷入苦战的运动品牌，如 Lululemon，也在中国找到了肥沃的土壤，瑜伽和普拉提在城市的富裕女性群体中已变得十分流行。
中国占据了 Lululemon 今年计划开设的国际门店的一半以上，且该公司预计收入将继续保持两位数增长。Lululemon 最近在中国的多个城市启动了一项名为“夏季汗水运动会”（Summer Sweat Games）的年度活动，在上海的参与者参加了壶铃和引体向上比赛。
但中国零售环境的高度竞争意味着，随着更多品牌涌入市场，成功可能是短暂的。
“多年来，Lulu 是中国唯一真正的顶级品牌，而现在你开始看到真正的竞争了，”法国巴黎银行（BNP Paribas）的零售分析师 Laurent Vasilescu 表示。
Lululemon 在 5 月于中国长城举办的一次品牌活动中错误地使用了日本鼓，引发了一波民族主义愤怒，这对其自身并无益处。该公司随后道歉并表示该活动旨在致敬中国文化。
总部位于洛杉矶的 Alo 是 Lululemon 在西方的主要竞争对手之一，目前已在中国互联网上引起关注，因为一些旅行者在国外购买其服装以给国内的朋友留下深刻印象。
“年轻人最初可能会从 Lululemon 这样的品牌开始。然后我开始接触一些更时尚的品牌，比如 Alo，”上海的内容创作者 Lily Deng 说道，她因为觉得该品牌已变得过于主流而停止购买 Lululemon。
Alo 上个月首次开设了中国社交媒体账号，并准备进入中国市场。它在微信上宣布：“你好，中国”。
“在全球范围内，我们所在领域的竞争一直很激烈，而且我们的竞争力很强，”一位 Lululemon 发言人表示，“我们认为竞争可以成为一种催化剂。”
一些消费者将这一趋势归因于疫情后该国的文化转变。“新冠之后，一切都变了。它让人们思考自己真正想要什么，”徐林（Xu Lin）说道。她是上海时尚徐汇区一家名为 Prakasa 的热门瑜伽工作室的所有者，该工作室仅在四年前开业。
“每个人都想要更好的生活，而不仅仅是钱、钱、钱，工作、工作、工作，”职业艺名为 LynnLight 的徐林补充道。
Kyrie Zhang, 26, 尝试在阳朔攀岩。
市场隐含的概率表明利率将更高...
2026 年 4 月 5 月 6 月 7 月
来源：CME FedWatch
该指标在五年多时间里一直高于美联储的目标。
即便如此，美联储目前保持利率不变仍是一个合理的预期。
欧洲中央银行上个月一致决定加息，但在商品驱动的通胀面前，加息的经济依据较为薄弱。央行无法疏通
在 7 月 29 日
霍尔木兹海峡，也无法让更多的石油从地下涌出。而且，尽管美联储否认关注 S&P 500，但它显然在关注。近期的市场动荡，尤其是对利率最敏感的股票，可能会促使通胀“鹰派”克制。
由于债券市场的影响，维持现状的决定变得更容易。
中国电子商务平台销售额*
$30 billion
2024 ’26 ’24 ’24
*抖音、天猫和京东综合 注：年度截至 4 月 来源：WPIC
本土中国品牌也在从中获利。由中国体育集团安踏（Anta）持有的 Maia Active 正在迅速扩张，为针对亚洲人体型设计的时尚且功能性的运动服装提供更低的价格。鞋业公司李宁（Li-Ning）已成为中国最大的运动鞋品牌之一，被许多顶尖马拉松跑者穿着。
另一家中国跑鞋品牌特步（Xtep）拥有美国精英鞋类品牌 Saucony 的中国业务，该品牌在中国富裕的沿海城市非常受欢迎。特步还推出了价格在 $30 到 $75 之间的实惠特步品牌跑鞋，以及高端的特步品牌运动鞋。
最大的输家之一是耐克（Nike），自 20 世纪 90 年代以来，它一直是中国主导性的运动零售品牌，但目前正稳步失去市场份额，败给品牌形象更新鲜的本土竞争对手。法国巴黎银行（BNP Paribas）的 Vasilescu 将其称为“精酿啤酒效应”：中国消费者正在追求新口味。
在过去一个财年，耐克在中国和台湾地区的收入比五年前的峰值下降了 29%。耐克表示，其重点在于纠正航向，包括推出由中国人设计的新产品，并推动品牌向更高端的方向发展。该公司还正专注于像 Hyrox 这样快速增长的运动，为运动员提供准备比赛的训练营。
在上个月的一次业绩电话会议上，耐克首席执行官 Elliott Hill 表示：“我们仍然致力于服务中国消费者，我们将通过体育来实现。”
市场。它实际上是在独立地踩经济刹车。周四，2 年期国债收益率触及一年多以来的最高点，抵押贷款利率也是如此。
然后是政治因素。前主席 Jerome Powell 面临降低利率的前所未有的压力，以及特朗普总统迄今为止试图解雇他以及理事 Lisa Cook 但未成功的努力，使得 Warsh 在证明美联储独立性方面陷入了困境。
他也不能被解雇。但在中期选举前三个月推动加息，对白宫来说几乎没有好处，反而会激怒对方。
Warsh 关于通胀的强硬言论已经证明了他的资历。
如果就业增长保持强劲且价格压力恶化，他会在今年晚些时候采取实际行动吗？周四，2026 年任何加息的可能性上升至 90% 以上。
预计 Warsh 将在下周解释他的想法，但不会透露未来的决定。
投资者需要习惯这种强硬且沉默的类型。
户外 运动装备
从上至下：TANG YANJUN/CHINA NEWS SERVICE/VCG/GETTY IMAGES, XINHUA/ZUMA PRESS, GILLES SABRIÉ FOR WSJ
R
George Yancopoulos
作者：XAVIER MARTINEZ
Regeneron Pharmaceuticals 的联合创始人兼首席科学官 George Yancopoulos 穿着皮夹克比穿着西装更自在——以至于他的团队不得不说服他穿一套西装去白宫。他妥协了，但还是加了一条由诺贝尔奖得主 Wally Gilbert 手绘的彩色领带。Yancopoulos 并不想随大流。4 月份与特朗普总统的会面，部分目的是为了宣传 Regeneron 的最新发明：一种基因疗法，可恢复天生患有罕见遗传性耳聋儿童的听力，此类病症在美国每年影响不到 50 名新生儿。在 Yancopoulos 的敦促下，Regeneron 决定将其免费赠送。“我们这样做是为了表态，” 66 岁的 Yancopoulos 说道。“我们要提醒人们，当人们生病时，会祈祷奇迹出现。而奇迹从哪里来？它们来自我们的行业。”
自从共同创立生物技术公司 Regeneron 近四十年来，Yancopoulos 在全球拥有 1,000 多项专利，其中 77 项在美国获得授权，并撰写了 500 多篇科学论文。通过反复开创打开全新类别重磅药物的技术，他将 Regeneron 变成了全球最具价值的制药公司之一，市值约为 $70 billion。
但这可能不再是一个选项。Regeneron 的旗舰眼科药物 Eylea 曾挽救了数百万名由常见失明原因导致视力受损的患者，并在巅峰时期贡献了公司约 80% 的收入，但目前正面临日益激烈的竞争。另一款明星药物 Dupixent 将在 2030 年代初开始失去专利保护。而且自去年年初以来，Regeneron 有两款后期阶段药物研发失败，导致股价今年以来下跌超过 15%。
许多处于 Regeneron 这种地位的制药公司会选择收购小型生物技术公司的后期药物。Regeneron 在进行交易方面比许多其他公司处于更有利的地位，资产负债表上有超过 $18 billion 的现金。而 Yancopoulos 则在押注 Regeneron 的科学。该公司拥有历史上最广泛的研发管线，约有 60 款药物在开发中，希望通过增加“射门”次数来提高成功率。“获得另一个价值 $10 billion 的资产可能很难，但如果我们能获得三四个较小的资产，效果实际上可能一样好，” Yancopoulos 说。“从长远来看，一家公司拥有多个项目反而更健康。”
Yancopoulos 的科学生涯可以追溯到 13 岁，当时他的祖母患上了痴呆症。他的家人当时住在纽约皇后区的 Woodside 社区，他的父母是从希腊移民而来的。这个少年想要治愈他的祖母。作为布朗克斯科学高中的一名高级科学学生，他尝试将一个学校科学项目设定为再生被疾病破坏的神经元。当这被证明太困难时，他转向研究单细胞生物。他的作品在 1976 年的 Westinghouse 科学天才搜索中获得第九名，这项久负盛名的竞赛自 2016 年起由 Regeneron 赞助。他的想法也启发了他后来共同创立的公司的名称。当 Yancopoulos 告诉他的父亲——一位后来在美国成为销售员的希腊军人退伍军人——他想成为一名科学家时，
他的风格：他过去在办公室里穿 Tevas 凉鞋，直到一次篮球伤势迫使他开始穿鞋。
他的冒险经历：在皇后区长大时，他和朋友们经常搭建临时木筏，探索罗斯福岛上一座废弃的检疫医院。
他的饮食习惯：他在希腊餐厅拒绝点主菜，更倾向于为全桌点大量的开胃菜——如烤鱿鱼、saganaki 奶酪和茄子酱——共同分享。
他的父亲引导他走向私营部门。父亲递给他一张关于 Roy Vagelos 的报纸剪贴报，后者是一位在默克（Merck）领导研究的希腊裔美国科学家。多年后，在哥伦比亚大学获得学士学位、医学博士（M.D.）和哲学博士（Ph.D.）学位并留任为初级教员后，Yancopoulos 获得了一笔 $2.5 million 的教员资助金。他的父亲告诉他，治愈疾病所需的资金将远远超过政府资助金能提供的数额。
到 20 世纪 80 年代末，Yancopoulos 是哥伦比亚大学位于曼哈顿北部的校园里一名崭露头角的分子生物学家。一位名叫 Leonard Schleifer 的神经学家追求了他一年多，邀请他共同参与一项生物技术创业，当时 Schleifer 正于康奈尔大学医学住院医师公寓的一间一室一厅公寓中启动该项目。
Yancopoulos 和 Schleifer 考察了新泽西州、长岛和曼哈顿的房地产——最后他们决定在纽约州塔里敦（Tarrytown, N.Y.）的一个工业园区设立 Regeneron。如今，Schleifer 仍负责 Regeneron 的业务端，而 Yancopoulos 负责科学端——这一合伙关系持续的时间比该行业平均高管任期长出了好几倍。
“我们像猫狗一样吵架，”
George Yancopoulos 实验室内部，上方；以及 用于培养哺乳动物细胞的 生物反应器，以上。
Regeneron 在纽约州 塔里敦 (Tarrytown, N.Y.) 的 新制造实验室综合体， 下方为外部全景， 右下方为内部供应设施。
Schleifer 说，“直到他指出他是正确的而我错了。” Yancopoulos 住在威斯特彻斯特县 (Westchester County)，位于 Regeneron 校园北侧，在那里他与四个成年子女以及日益增多的孙辈们保持着亲密的关系。 在 Regeneron，Yancopoulos 最大的胜利来自于比所有人领先数年。Eylea 在 2011 年获得了监管批准，而下一个最大的竞争对手直到 2022 年才获批。Dupixent 最早于 2017 年获批，比下一款药物领先了近五年，目前是全球范围内处方量最大的抗体药物，用于治疗九种不同的过敏性疾病。 保持领先于竞争对手正变得越来越难。中国的生物技术公司正在迅速复制成功的科学成果——这对整个行业都构成了威胁，但它直击 Regeneron 能够从中获利的内核。Yancopoulos 知道，即便拥有独特的新发现，他也不太可能长期抵御竞争。 Regeneron 的研究不再赌注于另一个超级巨头药物，而是涵盖了从肿瘤学到阿尔茨海默症和帕金森症等神经退行性疾病的所有领域。
Regeneron 在塔里敦新完工的临床前制造实验室综合体揭示了这一努力的规模。这座近乎自动化的设施允许科学家远程培养来自基因人类化小鼠的哺乳动物细胞，并实时监测不锈钢生物反应器。这与公司起步时相去甚远，当时 Yancopoulos 在自制的木制滚筒机上，每 12 小时手动检查并喂养一次 1 升瓶中的首批细胞。 Yancopoulos 的战略在肥胖症领域表现得最为清晰，目前有数十家公司在竞相推出自己的 GLP-1 药物版本。Yancopoulos 讨厌这种模仿模式。“我们需要 168 种 GLP-1 吗？我们需要有人制造五个新版本的 Dupixent，以便抢走我们的一小部分业务吗？这看起来不对劲，”Yancopoulos 说道。 Yancopoulos 正在追求一个不同的角度：使用 GLP-1 的患者在减轻脂肪的同时会丢失大量肌肉，这对于需要力量来保持独立生活能力的年长者来说是一个特别的风险。Regeneron 一直在开发一系列旨在阻断身体自然萎缩系统的肌肉保存药物。通过将这些疗法与减肥药物配对，Yancopoulos 希望专注于减重的质量，使患者变得更强壮而不仅仅是更苗条。 Yancopoulos 还在利用 Regeneron 内部的基因发现来应对肥胖症。通过挖掘海量的人类 DNA 数据库，Regeneron 的科学家发现了他所谓的“懒惰基因”，该基因决定了一个人是否天生久坐不动。公司正在开发一种药物，希望能够关闭该基因开关，让患者自然地燃烧更多卡路里。 “科学以及可以说人类试图完成的最困难的事情，就是创造突破和重要的新药，”Yancopoulos 说道。“Regeneron 已经一次又一次地实现了这一点。”
税务报告 | LAURA SAUNDERS 恭喜！您的家人获得了奖学金或其他经济援助，以降低高昂的高等教育成本。那么，这些福利是否需要纳税？随着秋季学期即将开始，这是一个重要的问题——但回答这个问题似乎通常需要一个博士学位。“学生和家长很难分辨哪些经济援助需要纳税，哪些不需要，”美国注册会计师协会（American Institute of CPAs）税务豁免组织委员会主席 Lisa Heller 说道。对于许多富裕家庭来说，应税与非应税的区别至关重要，因为学生在领取应税经济援助时，可能会按照其父母的税率而非自己的税率缴纳税款。这是由于“儿童税”（kiddie tax）的原因。而且，如果学生是其父母的被抚养人，他们的标准扣除额可能会很小。此外，针对大学学费成本、每名学生最高可达 $2,500 的美国机会税收抵免（American Opportunity Credit）可能不适用，因为对于联合申报的已婚人士，该抵免在收入达到 $160,000 时开始逐步取消。这就是令人困惑的税务规则迷宫所在之处。例如，学校必须向美国国税局（IRS）和学生发送 1098-T 税务表格，列明已缴纳的学费和获得的奖学金。但 Heller 警告说，1098-T 表格并未完整说明哪些援助是应税的，哪些是非应税的。通常，它们不包括来自其他组织的援助。总部位于芝加哥的经济援助专家 Mark Kantrowitz 补充道，细心的规划也可以带来节税效果。例如，将奖学金和其他援助用于支付学费通常是明智的。这是因为这些资金用于学费时通常免税，但用于生活费时则需要纳税。如果获得奖学金或其他援助的好消息给您带来了复杂税务问题的坏消息，这里有帮助。
了解哪些援助是免税的，哪些是应税的。假设学校符合美国国税局（IRS）第 970 号出版物中所述的法律要求，奖学金、助学金、研究员基金和某些豁免资金在用于学费时通常是免税的。当用于支付必需的费用、书籍、用品和设备时，它们也可能是免税的。 这里的关键是“必需的”。如果学生使用奖学金资金来
实习生 训练营
接第 B1 页
……加倍增加初级职位的招聘，认为 AI 原生员工可以帮助推动公司发展。但他们的日常工作内容正在迅速变化。 会计师事务所不需要最资深的初级员工去执行那些容易自动化的常规任务。对于一个历史上有着明确职业路径的行业来说，这是一个巨大的剧变。 “很多和我同龄的人很难接受这样一个观点：技术能力并不是我们获得成功所需的唯一条件，” 22 岁的 Rachel Ryan 说道，她是毕马威的一名审计实习生，就读于俄亥俄州的迈阿密大学。在不被允许使用剪刀制作标志的情况下，她折起纸张，尽量整齐地将其撕开。 60 多个实习生小组聚集在桌子周围，仔细筛选利润表、报纸文章和组织结构图。他们需要确定一名面包店员工是否犯了欺诈罪。 面包店的老板有宏大的扩张计划并解雇了工厂工人，看起来像个嫌疑人。但簿记员也引起了怀疑。她是每天最早到达、最晚离开的人。 这个为期两小时的“谁是凶手”练习旨在鼓励学生避免偏见，并运用专业判断力来解决一个棘手的会计问题。 大约一年前，随着 AI 采用率的提高以及更多
购买非必需的电脑，这些资金很可能需要纳税。 其他通常需要纳税的学生经济援助包括用于支付住宿、伙食、大多数差旅费及可选开支的资金。此外，学生因其他服务（如办公室工作）而获得的资金，以及生活费津贴，也可能需要纳税。（在这些情况下，收入可能会在 1099 或 W-2 表单中申报。） 当然，学生贷款不属于
随着任务变得自动化，KPMG 的领导层思考了高资历助理在未来岗位上需要具备哪些技能。他们确定了六个类别。其中一个是技术能力，即审计和税务知识。其他则包括批判性思维、灵活性、商业洞察力、人际交往能力和职业风貌。 为了开发新的培训课程，领导层考虑了助理可能执行的任务，例如审查 AI 代理的输出结果或向主管呈报发现。
会计师事务所通常招收大批入门级员工，因为他们在最初几年的离职率很高。 KPMG 作为四大事务所中规模最小的一家，在美国雇佣了约 35,000 人，今年夏天有 2,100 名实习生，其中 950 人被分配到审计部门。超过 90% 的审计与鉴证实习生获得了全职工作邀请。
“审计职业过去是‘直接把你投入工作中，然后在成为经理之前的五年里，你通过足够多的实践而准备就绪’，”负责培训重新设计的 KPMG 董事总经理 Shari Schuster 表示，“我们现在不能再对此理所当然了。” 远离纽约总部，KPMG Lakehouse 是一个设有大门的综合体，拥有 800 间单人入住酒店客房、一家全服务
收入。为了进一步明确，请寻求财务处（bursar’s office）的帮助以分解账单。
了解 1098-T 表单的局限性。如上所述，许多学院和大学被要求将 1098-T 表单同时发送给学生和美国国税局（IRS）。方框 1 包含由学生支付或代表学生支付的合格学费和费用。方框 5 列出了该机构向学生提供以及某些第三方提供的奖学金或助学金金额。
KPMG 实习生，包括审计实习生 Brandon Padilla，在佛罗里达州一个名为 Lakehouse 的设施中度过了时光。
餐厅、一家葡萄酒和体育酒吧，以及 18 洞迷你高尔夫球场。一名在该物业接单的 Uber 司机将其称为“诺克斯堡（Fort Knox）”。 专业服务公司有如此之多的异地培训，拥有此类设施并非闻所未闻。德勤（Deloitte & Touche）拥有一个名为“德勤大学”的领导力中心，位于达拉斯附近。KPMG 没有让员工为了会议和发展活动飞往全国各地，而是将预算用于将他们带到奥兰多的 Lakehouse。 今年夏天，学生们被分成四个分院，每个分院以一名 KPMG 创始人的名字命名。在为期 8 周的实习期间，他们通过旨在强化培训的挑战赛来赢得分院积分。 在 Lakehouse，实习生在“KPMG 任务（Mission KPMG）”上花费了 2 小时，这是一场包含 8 项活动的寻宝游戏，包括区分 AI 生成的事实与虚构，以及将公司的 AI 工具与最佳用例相匹配。积分被授予
但这里存在问题。1098-T 表单通常不会详细列出奖学金或相关资金的部分是否需要纳税。例如，如果学生将援助资金用于食宿，则由学生或家长自行追踪。此外，奖学金或津贴等援助的独立提供方并不要求出具 1098-T 表单。因此，学生和家长应当保留记录并申报应纳税部分。 美国国税局（IRS）的第 970 号出版物和第 421 号税务主题均提供了相关信息。
速度与创意。 Brandon Padilla 在今年夏天早些时候通过与合伙人会面获得了 15 分。这位 22 岁的北伊利诺伊大学学生在毕马威（KPMG）芝加哥办公室实习，参与客户项目以及一些挑战他使用公司 AI 工具的“支线任务”。他说，这些任务帮助他和其他实习生在工作间隙保持高效，避免在此时打扰资深助理。 Padilla 自认为是个天生的内向者，他表示自己很喜欢关于建立社交网络的 Lakehouse 环节，公司称这对年轻员工来说将更加重要。 随着更多任务实现自动化，与客户的互动变得更加重要。公司领导层表示，年轻员工现在有更多机会向客户解释工作内容及任何存在的问题。 专业服务公司在历史上一直依赖于金字塔模型，即大量的初级员工将工作向上呈报给根据资历获得晋升的高级合伙人。 毕马威美国区主席兼首席执行官 Tim Walsh 表示，这种模式可能会发生变化。Walsh 于 1992 年以实习生身份加入该公司，他的第一份工作被分配在复印机旁。他不确定什么
仔细规划付款时间。Kantrowitz 表示，通常情况下，尽量将奖学金或其他财务援助与相关费用发生的纳税年度匹配。 假设一家大学在年底前发送了次年 1 月开始学期的学费和费用账单，而学生将获得部分奖学金来支付其中一部分。为了避免混淆，请尝试在新的一年支付账单，以确保成本、奖学金和付款在税务目的上落在同一年。
协调财务援助和 529 计划提取，以最大限度地减少税收。许多父母在享有税收优惠的 529 教育储蓄账户中为大学费用存钱。用于支付合格教育费用的提取款是免税的，且相关规则通常比奖学金和助学金的规则更宽松。这就是规划可以节省税收的地方。 例如，如果学生至少半时在校就读，用于食宿的 529 提取款可以是免税的，而使用奖学金支付这些费用则并非如此。如果提取款用于购买学校虽未要求但主要用于教育的计算机、软件和互联网接入，同样是免税的。在校外居住和就餐的学生也可以将 529 资金用于支付租金和杂货账单，上限通常与学校的食宿费标准类似。 如果您同时拥有奖学金和 529 资金，还有其他考虑因素。每名学生最多可使用 $10,000 的 529 账户资金来偿还学生贷款，且 529 资金既可用于研究生教育，也可用于本科教育。 最多 $35,000 的 529 资金可以转入账户受益人（即学生）的 Roth IRA 账户。这一福利伴随着限制；其中一项是受益人必须符合直接向 Roth 账户供款的资格。尽管美国国税局（IRS）尚未就此条款发布完整的指南，但纳税人已经在使用了。
不要在 IRS 执法问题上过于焦虑。如果您对这些复杂规则感到困惑，请不要惊慌。Kantrowitz 和其他专家表示，他们几乎没有看到 IRS 在此领域的税务规则执法情况。因此，只要纳税人做出合理努力遵守法律并保留良好记录，可能没什么好担心。
塑造未来的劳动力将采取何种形式，但她认为 KPMG 正在更多地转向基于技能的晋升模式，在这种模式下，年轻人因为拥有更多的技术技能，有可能实现跳级，超越资历更深员工。即便如此，判断力依然是关键。“我们不会仅仅让新员工入职后就让他们直接上手，”Walsh 表示。“这也意味着监督、培训和指导将变得更加重要。”竞争对手们也调整了其培训计划。普华永道 (PricewaterhouseCoopers) 将从今年起要求其关联人员接受 AI 沉浸式培训。如果一名员工使用 AI 代理完成一项任务，她将收到一个提示，询问她计划如何审核该项工作。安永 (Ernst & Young) 在大学校园提供一种游戏化的会计模拟，让潜在的实习生测试其决策能力并获得反馈。该公司预计明年将推出一个扩大的实习计划。德勤 (Deloitte) 为实习生提供访问导师代理的权限，这些代理可以提供按需的微培训。
迈阿密大学的学生 Ryan 最初进入大学时认为自己会拿到医学预科学位毕业。她改变了方向，因为她想要一份更多基于团队协作的职业。KPMG 是她的第一份实习。“我想我们之前的印象都是这工作将是纯技术性的，不停地在 Excel 里输入数字，”她在谈到审计角色时说道。在标志设计挑战赛中，由于指示每三分钟变动一次，Ryan 心想：这比我想象的要难。回顾过去，她意识到重点在于学习如何与周围的人进行良好的沟通，即便缺乏清晰度令人沮丧。整个夏天，她提升了自己的 AI 技能：她用它来标记 Excel 中的错误，甚至构建了自己的代理。
“就像我们必须在不舒服的情况下感到自在一样，”Ryan 说，“我们必须习惯于 AI 将如何影响我们未来工作的这种模糊性。”
KIERSTEN ESSENPREIS 为 WSJ 撰写
其股价下跌
与量子计算
自 7 月 14 日预告业绩令人失望以来，IBM 的股价一直低迷。但目前的 AI 热潮对其核心业务可能仅造成暂时性干扰。首席执行官 Arvind Krishna 在接受我的采访时表示，这将为这家拥有 115 年历史的公司带来机遇。
要理解 IBM 的去向，必须先理解它的过去以及它如今如何赚钱。
几乎每次你使用信用卡支付时，该授权都是由 IBM 系统处理的。在保险公司、银行、航空公司以及其他 500 强企业的核心职能中，IBM 的大型机、服务器和软件同样占据主导地位。Krishna 表示：“当我们审视这种金融骨干时，按价值计算，每天 70% 的所有交易都通过大型机流动。”
如果 IBM 的硬件和软件突然消失会怎样？他补充道：“我们所认知的经济将几乎陷入停滞。”
IBM 就是基础设施。基础设施可能不如那些正在改变我们生活（且不受控制地运行）的生成式 AI 模型那样令人兴奋，但它是稳健且盈利的。
该公司报告 2026 年上半年的自由现金流为 $4.8 亿。与此同时，Alphabet 刚刚宣布，其自股票上市以来首次出现现金流负增长。
科技行业可能已经抛弃了强大但专业的大型机，转向了云端，但 IBM 的客户——即你可能称之为“实体”经济的群体——仍然严重依赖它们。Krishna 表示，公司指望这种需求在未来几年内持续，直到公司能够推出其下一个万亿美元业务：量子计算。
股市的恐慌源于 Krishna 告诉投资者……
在转向更廉价的模型进行执行之前，任务将被完成，Cursor 的 Saeks 如此说道。Cursor 最近进行了一项实验，以评估从零开始构建 Web 浏览器的成本。全部使用 OpenAI 的 GPT-5.5 完成该任务花费略高于 $10,000。而使用 Cursor 的 Composer 编码模型结合 Anthropic 的 Opus 4.8，成本为 $1,339。Saeks 表示：“过去，一项任务的最佳模型每隔几个月才会更换一次，而现在感觉每周都在发生多次。”一名 OpenAI 发言人表示，一个更新的模型——GPT 5.6 Sol——经过训练后 Token 效率更高，这意味着它可以用更少的钱完成高级任务。Anthropic 周五发布了一个功能强大且成本较低的模型。该公司的一名高管表示，用户可以在其生态系统中选择更高的智能或更低的成本。两家公司都表示支持开放权重模型。Anthropic 和 OpenAI
多年来一直处于 AI 至高无上的竞争之中——试图开发日益先进的高端模型，结果现在发现企业同样需要基础模型。这类模型的日益普及使 AI 竞赛发生了反转，在准备公开上市之际，威胁到了 Anthropic 和 OpenAI 的高估值。为了反击，它们正试图锁定客户，提供合作伙伴关系、数万美元的激励措施以及高度补贴的 AI 使用额度。倾向于使用 Anthropic 和 OpenAI 产品的高管表示，他们需要最高级别的智能，并且愿意为此支付溢价。以视频会议平台著称的 Zoom 在三年前就开始使用 Meta Platforms 发布的开放权重模型 Llama，Zoom 的首席技术官黄学东（Xuedong Huang）表示，通过对其进行微调，Zoom 节省了大量成本。
该公司目前结合使用了 Anthropic、OpenAI 和开放模型。黄引用了一个古老的……
竞争
接第 B1 页
Anthropic 和 OpenAI 指责中国的模型制造者剽窃其技术。这些公司点名了在美国广泛使用的中国 AI 初创公司，包括 DeepSeek、MiniMax 和 Moonshot AI。
由于安全顾虑，一些公司到目前为止一直避免使用中国模型，而 OpenAI 和 Anthropic 的高管已经就潜在风险敲响了警钟。一些高管和特朗普政府官员建议禁止此类模型；而另一些人则认为，支持限制的人是在试图扼杀竞争。
周五，包括英伟达、微软和 Palantir 在内的一组科技公司签署了一封支持开源模型的信函，敦促美国政策制定者在潜在的限制措施上保持谨慎。
无论这类斗争如何解决，许多投资者和高管表示，AI 成本降低的时代已经到来。许多具有价值的美国订单被推迟，这表明其客户正在适度削减支出，因为 AI 热潮导致其其他 IT 成本上升。他现在表示，他有信心其中大多数交易将在六个月内完成。IBM 自 1964. 年起就开始制造大型机。该公司从未放弃其在计算领域的核竞争力：设计自己的处理器。其定制的 Power 架构仍然驱动着处理关键业务功能的 IBM 服务器。另一条名为 Tellum II 的定制产品线则为 IBM 最新的大型机提供动力。在计算架构的群岛中——包括仍见于 PC 和服务器的英特尔 x86，以及驱动从智能手机到 AI 集群一切设备的 ARM 芯片——IBM 的架构独树一帜。这是一个由设计约束和工程决策构成的孤岛，经过数十年的演进，旨在服务于该公司那些要求苛刻且财力雄厚的定制客户。IBM 的大型机处理器拥有巨大的片上内存，但高速计算核心相对较少。这些芯片的核心在于快速处理数据流（例如银行交易）。相比之下，英伟达最新的系统将海量的 AI 工作负载分布在数千个处理器上。硬件销售仅占 IBM 收入的约 20%，而大型机约占硬件销售的四分之一，但其软件和咨询服务严重依赖这些销售。Krishna 表示，客户在大型机上每花费 1 美元，通常会在 IBM 的其他产品上额外花费 $3 到 $4。IBM 雇佣了近 300,000 名员工，这是一个庞大的劳动力队伍，比谷歌母公司 Alphabet 的规模大 50%。作为最早的多国公司之一，其仅有 20% 的员工在美国。IBM 约有 160,000 名员工在
其服务部门工作。“这必须在当地进行，因为...”
网络安全基准测试结果，部分 AI 模型
| 模型/公司 |
|---|
| GPT-5.6 Sol / OpenAI |
| GPT-5.6 Sol / OpenAI |
| GPT-5.6 Luna / OpenAI |
| Kimi K3 / MoonshotAI |
| GPT-5.6 Terra / OpenAI |
许多公司也已经发布或正在开发新的开源模型。
硅谷的公司率先将人工智能视为任何其他产品，并寻求最优惠的交易。这种做法在近几周开始在各行各业中蔓延。
“我看到的忠诚度为零，”人工智能客户支持平台 Pylon 的首席执行官 Marty Kausas 表示。“现在感觉真的像是一场血战。”
他说，人工智能公司为了留住像他这样的客户，正开出“疯狂”的优惠条件。他的公司获得了数月的无限免费使用权。Kausas 估计，今年到目前为止，Pylon 从一家供应商那里获得了约 $1.6 million 的免费 Token，从另一家获得了 $65,000，从第三家获得了 $10,000。
微软已在考虑在其平台上加入中国模型（包括 DeepSeek），而许多初创公司的管理层表示，他们已经与金融机构、医疗保健公司、保险提供商等顶层管理人员讨论过使用开源模型的问题。
Cursor 可以轻松实现模型的混合使用，因为其编程软件是“模型无关”的，这意味着用户可以在 OpenAI、Anthropic、SpaceX (太空探索技术公司)、谷歌以及中国模型制造商的高级模型之间切换。
降低人工智能成本的策略包括限制新员工访问顶尖模型，以及使用最先进的人工智能系统来规划如何提供服务，因为“人们需要语言能力，人们需要本地化，人们需要你在他们的办公室里，”Krishna 说。“我承认，这部分工作是劳动密集型的。”
Krishna 预计人工智能的繁荣也将提升 IBM 的收入，因为大多数客户需要有人能进驻现场并提供指导。他补充道，只有规模最大的非科技公司才拥有内部技术专家来评估并整合最新的 AI 系统。
硬件作为 IBM 收入的关键支柱，这也是投资者认为该公司近期销售额下降如此令人担忧的原因之一。
[[IMG_XXXX]] CEO Arvind Krishna 对 IBM 的未来持乐观态度。
0% 10 20 30 40 50 60 Score
0 $20 40 60 80 Cost per run
International Business Machines stock price, year to date
Feb. 23 Claude Code threat
May 28 Major cyber and quantum investment
$350
Jan. 2026 March May July
Source: FactSet
July 14 CEO’s warning letter
Krishna 表示，好消息是，在 IBM 上季度末未能完成的大宗交易中——数量在“10 几个”较低水平——约有三分之一在当前季度的前三周内完成了。他补充说，这比递延交易的典型速度快得多，并且他预计 80% 的此类交易将在六个月内完成。
IBM 在一个冷门但重要的技术领域几乎处于垄断地位，但这并未使其免受客户将 IT 预算转向内存和存储芯片的影响。随着整个硅链重新调整以喂养人工智能基础设施的繁荣，两者的价格都大幅飙升。一些分析师认为，IBM 在今年接下来的时间里甚至可能无法实现其较为温和的收入目标。
Krishna 对此予以反驳。他预计收入下降将是一次性事件。他还表示，虽然 IBM 自身预购了 $600 million 的硬件以应对价格上涨，但对于公司而言，继续购买硬件并任其在库存中积压在财务上是不审慎的。
IBM 在技术行业中是个异类，因为它继续保持正现金流。包括谷歌和甲骨文在内的巨头们报告了惊人的负现金流，且每家上市的人工智能新云（neocloud）初创公司的价值都大幅下跌。
一个关于三个普通人集思广益，其智慧足以匹敌一个天才的中国神话。他认为这种方法是公司的“秘诀”。
Hex（一家AI数据分析平台）的联合创始人兼首席执行官巴里·麦卡德尔（Barry McCardel）表示，使用开放模型对该初创公司的许多客户来说效果更好，因为这样能够充分利用公司数据或针对特定任务来定制模型。
“考虑到目前的时刻如此动态，我们一直在不断评估在多大程度上愿意致力于任何一家实验室，”他说道。在过去的两周里，约 50% 的 Hex 客户已将由中国 Moonshot 生产的模型 Kimi 引入其工作流。
“实验室随时可能发布一个触及前沿的模型，”麦卡德尔表示，他的公司希望保持灵活性。
今年春季，生产实时AI代理（即自主机器人）基础设施的初创公司 Telnyx 运行着 1,000 个代理，采用了 Anthropic 的顶尖模型和一个开放操作系统。在最高级别的订阅方案下，Claude 的使用费用为每位员工每月 $200。
随后，Anthropic 停止允许第三方操作系统在其订阅方案上运行，认为这违反了其服务条款。为了继续运行，Telnyx 必须按使用量付费。
过去六个月中，投资者对其不断增加的债务感到担忧。克里希纳（Krishna）表示，IBM 正将其利润投资于未来，特别是在量子计算的领导地位方面。该公司预计，到 2029, 年，它将提供世界上第一台真正有用的量子计算机。6月，该公司表示，特朗普政府将花费 $1 billion 来帮助其建立一个量子芯片制造设施。周四，它宣布将收购 HRL Laboratories，这将带来关于量子计算基本单位（称为量子比特，qubits）的互补研究。在传统的芯片制造领域，IBM 继续进行先驱研究。它最近展示了其所谓的世界上首个亚纳米芯片技术——尽管该架构的需求尚不明确。IBM 还向一个名为 Lightwell 的项目投入了 $5 billion，该项目利用 AI 寻找并帮助修复开源软件中的漏洞。随着能够快速入侵系统的强大 AI 模型的迅速普及，这对于该公司来说也可能是一个增长机会。在 1985, 年，IBM 曾短暂成为全球市值最高的公司。随后个人电脑（PC）出现了。自那时起，其增长速度最高也仅是缓慢增长。目前尚不清楚该公司的哪些赌注将会获得回报。但科技公司正投入数万亿美元在 AI 上，而 AI 尚未为终端客户带来显著的收益。因此，也许 IBM 是这场竞赛中的乌龟。克里希纳本人自然对其公司的未来持乐观态度。他认为，量子计算将在几年内开始推动 IBM 的增长，尽管批评者认为这可能需要数十年。他认为，公司在量子计算领域的先发优势可能会像在 GPU 领域先发制人给英伟达 (Nvidia) 带来的影响一样，提升其运势。谈到量子计算机会的总规模，克里希纳说：“实际上，我提高了我的估算。我认为到 30 年代末，量子计算将成为一个万亿美元级的价值增加项。”
[[IMG_XXXX]] 右图为 Pylon 联合创始人马蒂·考萨斯（Marty Kausas）在这家 AI 客户支持平台的旧金山总部与一名同事会面。
“我们计算了一下，每天大约要花 100 grand（10万美金），”该公司首席执行官 David Casem 表示。
于是他转向了开源模型。
“它们奏效了，”他说，“并不是说我们不再使用 OpenAI 或 Anthropic 的模型，我们仍然在使用，”他说，“只是它们不再承担所有工作了。”
如今，由中国初创公司 Z.AI 开发的一系列模型正驱动着该公司的 1,400 个智能体，每个智能体每天的成本约为 $100。Anthropic 最强大的模型 Fable 充当指挥者负责规划工作，而开源权重模型则负责执行。OpenAI 的 Sol 则负责审核开源权重模型的产出。
法律 AI 初创公司 Harvey 的总裁 Gabe Pereyra 表示，公司训练了 GLM-5.2，并为其提供了一个工具，使其在判定“这是一个非常困难的任务”时，能够“调用”Anthropic 的 Fable 5 模型。
“我们与所有这些公司都合作，”他说，“我们正在探索一系列类似的解决方案，以在维持或提高性能的同时，大幅降低成本。”
MANDEL NGAN/AFP/GETTY IMAGES
t
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–6
s
t
s
s
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道琼斯指数
一年前 最新 滚动市盈率 预计市盈率 * 股息率
一年前 最新 滚动市盈率 * 预计市盈率 * 股息率 *
t t
一年前 最新 滚动市盈率 † 预计市盈率 † 股息率 *†
51947.25 s 235.60 或 0.46%
历史最高点：
历史最高点
历史最高点
53055.91, 07/06/26
收盘价 下跌 上涨 65日 移动平均线
65日 移动平均线
65日 移动平均线
交易时段开盘价
柱状图表示与交易时段开盘价的点位变化
五月 六月 七月
五月 六月 七月
五月 六月 七月
每周市盈率数据基于 Birinyi Associates Inc. 报告的收益。†基于纳斯达克-100 指数
1.00
最新 52周 %变动 高点 低点 收盘价 净变动 % 变动 高点 低点 %变动 年初至今 3年年化
工业平均指数 52118.19 51682.36 51947.25 235.60 0.46 53055.91 43588.58 15.7 8.1 13.6
6.00%
6.00
运输平均指数 22727.46 22298.68 22476.16 -102.35 -0.45 23933.14 15067.87 37.3 29.5 11.5
标准普尔
公用事业平均指数 1183.48 1169.13 1172.68 -0.40 -0.03 1190.23 1048.33 8.3 9.8 7.4
4.00
4.00
0.00
80%
全股市指数 73928.34 73284.05 73424.64 8.59 0.01 75286.10 61627.03 16.2 8.8 17.2
巴伦 400 指数 1611.70 1598.45 1600.84 4.41 0.28 1635.15 1316.75 18.3 13.3 16.1
纳斯达克股票市场
纳斯达克综合指数 25222.14 24918.09 24975.82 -161.87 -0.64 27093.90 20650.13 18.3 7.5 21.1
纳斯达克-100 28471.48 28053.08 28128.34 -326.47 -1.15 30660.60 22763.31 20.9 11.4 22.1
12%
–12
500 指数 7460.98 7396.53 7411.98 3.68 0.05 7609.78 6238.01 16.0 8.3 17.6
5.00
8.00%
中盘 400 指数 3810.93 3774.09 3783.86 14.64 0.39 3852.54 3104.60 17.6 14.5 11.8
小盘 600 指数 1776.78 1759.68 1761.47 -0.52 -0.03 1804.34 1323.05 27.9 20.0 11.7
2.00
2.00
其他指数
罗素 2000 指数 2956.88 2927.49 2930.00 -10.16 -0.35 3024.37 2166.78 29.6 18.1 14.2
3.00
纽约证券交易所综合指数 24085.60 23874.27 23990.88 116.61 0.49 24075.12 20267.69 14.5 9.0 13.6
Value Line 677.62 670.41 673.18 2.77 0.41 682.99 590.50 8.1 7.1 4.4
纽约证券交易所 Arca 生物技术指数 8715.22 8592.42 8615.87 -44.40 -0.51 8917.63 5640.67 49.5 20.5 17.3
纽约证券交易所 Arca 医药指数 1252.68 1238.55 1247.10 8.55 0.69 1270.42 881.47 30.1 10.8 12.3
KBW 银行指数 188.95 186.99 188.27 0.83 0.44 191.84 139.52 28.9 14.7 28.3
PHLX§金/银指数 317.64 311.25 312.89 -0.29 -0.09 470.37 204.07 46.3 -8.6 35.3
PHLX§石油服务指数 96.82 94.14 96.36 2.73 2.92 109.24 58.66 53.2 31.4 1.9
PHLX§半导体指数 12261.52 11711.39 11818.89 -524.95 -4.25 14634.72 5527.61 109.3 66.9 47.4
Cboe 波动率指数 19.05 17.41 18.58 -0.12 -0.64 31.05 13.47 24.4 24.3 10.1
纳斯达克 PHLX 数据来源：FactSet；道琼斯市场数据
最新 年初至今 地区/国家 指数 收盘价 净变动 % 变动 % 变动
世界 MSCI ACWI 1105.48 –2.20 –0.20 9.0 MSCI ACWI（除美国外） 464.41 –3.08 –0.66 10.3 MSCI 世界指数 4788.90 6.26 0.13 8.1 MSCI 新兴市场指数 1628.03 –43.82 –2.62 15.9
美洲 MSCI AC美洲 2808.50 2.292 0.08 8.3 加拿大 S&P/TSX 综合指数 35369.10 176.44 0.50 11.5 拉美 MSCI新兴市场拉美指数 3028.90 –17.41 –0.57 11.8 巴西 Bovespa 174041.95 –2681.67 –1.52 8.0 智利 S&P IPSA 5516.01 17.20 0.31 1.7 墨西哥 S&P/BMV IPC 66383.26 117.25 0.18 3.2
欧洲、中东及非洲 (EMEA) STOXX 欧洲 600 指数 644.51 5.24 0.82 8.8 欧元区 Euro STOXX 665.93 5.76 0.87 8.8 比利时 Bel-20 5734.78 42.14 0.74 12.9 丹麦 OMXCopenhagen20 1612.90 1.64 0.10 0.3 法国 CAC 40 8372.28 73.19 0.88 2.7 德国 DAX 25099.00 335.88 1.36 2.5 以色列 特拉维夫指数 4253.08 26.08 0.62 17.1 意大利 FTSE MIB 51802.23 486.39 0.95 15.3 荷兰 AEX 1090.04 3.37 0.31 14.6 挪威 奥斯陆证券交易所全股指数 2377.49 –12.81 –0.54 22.5 南非 FTSE/JSE 全股指数 109398.05 1063.00 0.98 –5.6 西班牙 IBEX 35 19585.40 318.40 1.65 13.2 瑞典 OMX 斯德哥尔摩 1108.74 10.45 0.95 6.0 瑞士 瑞士市场指数 14327.20 112.25 0.79 8.0 土耳其 BIST 100 13943.87 –133.80 –0.95 23.8 英国 FTSE 100 10736.23 97.06 0.91 8.1 英国 FTSE 250 23801.49 174.16 0.74 5.9
欧元
亚太地区 MSCI AC亚太地区 263.25 –5.92 –2.20 15.6 澳大利亚 S&P/ASX 200 8772.30 –66.69 –0.75 0.7 中国 上证综合指数 3814.20 –62.58 –1.61 –3.9 香港 恒生指数 24963.23 –247.58 –0.98 –2.6 印度 BSE Sensex 76059.77 –331.62 –0.43 –10.7 日本 日经 225 64611.15 –1811.45 –2.73 28.4 新加坡 海峡时报指数 5588.34 6.58 0.12 20.3 韩国 KOSPI 6690.62 –406.27 –5.72 58.8 台湾 TAIEX 43654.84 –1195.97 –2.67 50.7 泰国 SET 1644.39 3.36 0.20 30.5 来源：FactSet；道琼斯市场数据
部分原材料或大宗商品的定价趋势
周五 52 周 年初至今 收盘价 净变动 % 变动 最高价 最低价 % 变动 % 变动
DJ商品指数 1396.95 -13.26 -0.94 1467.33 1037.49 31.34 23.55 FTSE/CC CRB 指数 395.67 -4.51 -1.13 406.18 291.69 30.91 32.43 原油，美元/桶 89.31 -2.88 -3.12 112.95 55.27 37.06 55.54 天然气，美元/MMBtu 2.871 -0.045 -1.54 7.460 2.523 -7.68 -22.11 黄金，美元/金衡盎司 4067.60 21.00 0.52 5318.40 3293.20 22.00 -5.96
消费者利率与投资者回报 美国消费者利率 过去一年消费者利率与其基准值的对比
5 年期 可调利率 抵押贷款 (ARM)
5 年期国债 收益率
J 2025
A S O N D J 2026
F M A M J J
收益率/利率 (%) 52 周范围 (%) 3 年期变动 利率 最新 (l)一周前 最低 0 2 4 6 8 最高 (百分点)
联邦基金利率目标 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.50 最优惠利率 6.75 6.75 6.75 l 7.50 -1.50 SOFR 3.64 3.62 3.50 l 4.51 -1.41 货币市场，年化收益率 0.44 0.44 0.41 l 0.45 -0.11 五年期定存 (CD)，年化收益率 1.73 1.73 1.67 l 1.73 -1.12 30 年期固定抵押贷款† 6.71 6.61 6.11 l 6.81 -0.61 15 年期固定抵押贷款† 6.10 6.08 5.55 l 6.13 -0.53 巨额抵押贷款，$832,750 以上† 6.71 6.70 6.34 l 6.95 -0.65 五年期可调抵押贷款 (ARM)† 5.95 5.98 5.66 l 6.26 -0.31 新车贷款，48 个月 6.97 6.97 6.85 l 7.21 -0.54 Bankrate.com 利率基于对 1,500 多家在线银行的调查。全国 70% 的最大银行公布的基准利率。†不包括结清成本。 来源：FactSet；道琼斯市场数据；Bankrate.com
7411.98 s 3.68 或 0.05%
22.06 24.97 20.23 21.34 1.51 1.62
当前除数 0.1682481652835
7609.78, 06/02/26
53000
51000
49000
盘中最高
47000
45000
收盘 开盘
盘中最低
43000
41000
选定利率 五年期 ARM，利率
Bankrate.com 平均值†: 5.95%
圣迭戈县信用合作社 (San Diego County Credit Union) 5.13% 加利福尼亚州圣迭戈 877-732-2848
佛罗伦萨储蓄银行 (Florence Savings Bank) 5.25% 马萨诸塞州佛罗伦萨 800-644-8261
汉斯康联邦信用合作社 (Hanscom Federal Credit Union) 5.38% 马萨诸塞州汉斯康空军基地 800-656-4328
Schools First FCU 5.38% 加利福尼亚州圣安娜 714-258-4000
萨默塞特储蓄银行，SLA (Somerset Savings Bank, SLA) 5.63% 新泽西州 Bound Brook 732-560-1700
24975.82 t 161.87 或 0.64%
25.17 24.85 21.10 24.03 1.11 1.20
27093.90, 06/02/26
| 公司 | 代码 | 最新交易日收盘价 | 净涨跌 | % 涨跌 | 52周最高 | 52周最低 | % 涨跌 |
|---|---|---|---|---|---|---|---|
| Wearable Devices | WLDS | 3.53 | 1.30 | 58.30 | 102.60 | 1.30 | -77.2 |
| NIP Group ADR | NIPG | 15.50 | 4.97 | 47.20 | 69.00 | 4.20 | -76.2 |
| Scribe Therapeutics Inc | SCTX | 21.65 | 6.65 | 44.33 | 25.49 | 15.00 | ... |
| Safety Insurance Group | SAFT | 103.20 | 30.26 | 41.49 | 103.42 | 67.04 | 46.1 |
| Vivakor | VIVK | 2.91 | 0.79 | 37.26 5028.61 | 1.45 | -99.9 | |
| 707 Cayman Holdings | JEM | 6.35 | 1.61 | 33.97 1620.00 | 3.40 | -99.3 | |
| Raytech Holding | RAY | 3.19 | 0.75 | 30.74 | 58.88 | 1.40 | -92.4 |
| AiRWA | YYAI | 11.33 | 2.53 | 28.69 10576.80 | 6.40 | -99.8 | |
| RingCentral Cl A | RNG | 48.31 | 9.69 | 25.09 | 50.14 | 23.59 | 76.8 |
| Noodles | NDLS | 15.36 | 3.01 | 24.37 | 16.65 | 3.57 | 101.9 |
| Rich Sparkle Holdings | ANPA | 4.27 | 0.77 | 22.00 | 180.64 | 3.20 | -82.9 |
| Defiance Tgt 2xShrt RKLB | RKLZ | 5.43 | 0.81 | 17.53 | 204.07 | 1.67 | ... |
| GrShr 2xShrt SK Hynix | SKDD | 14.89 | 2.19 | 17.24 | 20.66 | 11.22 | ... |
| Tenet Healthcare | THC | 233.20 | 34.18 | 17.17 | 247.21 146.60 | 57.2 | |
| Fermi | FRMI | 7.40 | 1.08 | 17.09 | 36.99 | 4.47 | ... |
| 公司 | 代码 | 收盘价 | 净涨跌 | % 涨跌 | 52周最高 | 52周最低 | % 涨跌 |
|---|---|---|---|---|---|---|---|
| Robin Energy | RBNE | 3.20 | -2.48 | -43.66 | 374.25 | 3.15 | -98.7 |
| Faraday Future | FFAI | 6.49 | -4.27 | -39.66 | 541.50 | 6.40 | -98.6 |
| Digital Brands Group | DBGI | 12.90 | -7.14 | -35.63 | 720.00 | 10.32 | -97.3 |
| GrShr 2xLong NBIS Daily | NBIL | 22.26 | -9.61 | -30.15 | 68.49 | 6.37 | ... |
| Leverage 2X LgNBIS Dly | NBIG | 15.45 | -6.65 | -30.09 | 47.81 | 4.51 | ... |
| Leverage 2x LgBE Dly | BEG | 27.51 | -11.64 | -29.72 | 121.25 | 10.89 | ... |
| Defiance Tgt 2X LgHIMS | HIMZ | 29.77 | -12.10 | -28.90 | 557.48 | 12.38 | -92.1 |
| Maison Solutions | MSS | 1.84 | -0.73 | -28.40 | 198.00 | 1.75 | -96.0 |
| Baiya International Group | BIYA | 1.93 | -0.75 | -27.99 | 220.00 | 1.91 | -99.1 |
| Zevra Therapeutics | ZVRA | 9.53 | -3.00 | -23.92 | 15.04 | 7.16 | -18.4 |
22000
| 公司 | 代码 | 收盘价 | 净涨跌 | % 涨跌 | 52周最高 | 52周最低 | % 涨跌 |
|---|---|---|---|---|---|---|---|
| Eshallgo | EHGO | 2.09 | -0.62 | -22.88 | 13.48 | 1.12 | -83.6 |
| Comstock | LODE | 3.00 | -0.88 | -22.68 | 4.98 | 2.24 | -18.9 |
| Leverage 2X LgCRWV Dly | CRWG | 15.28 | -4.46 | -22.59 | 196.30 | 14.25 | ... |
| MaxLinear | MXL | 71.59 | -19.65 | -21.54 | 128.30 | 12.77 | 315.0 |
| Leverage 2X LgCIFR Dly | CIFG | 10.54 | -2.87 | -21.43 | 20.84 | 4.20 | ... |
最活跃股票
| 公司 | 代码 | 成交量 (000) | 65日平均成交量 | 最新交易日收盘价 | % 涨跌 | 52周最高 | 52周最低 |
|---|---|---|---|---|---|---|---|
| China SXT Pharm | SXTC | 273,920 | 18700.5 | 0.06 | -80.82 | 1046.99 | 0.05 |
| Ohmyhome | OMH | 251,229 | 4546.8 | 0.50 | 18.67 | 2.19 | 0.23 |
| Intel | INTC | 179,604 | 35.0 | 92.32 | -7.89 | 142.35 | 18.97 |
| ProShares Bitcoin ETF | BITO | 158,747 | -28.8 | 8.70 | -0.80 | 23.00 | 7.87 |
| Golden Sun Technology | GSUN | 130,864 | 3366.0 | 0.21 | -39.60 | 3.31 | 0.17 |
国债收益率曲线 当前短期国库券、票据和债券的到期收益率
到期期限
t 一年前
Tradeweb FTSE 周五收盘价
1 月(s)
3 6 1 年
2 3 5 7 10 20 30
来源：Tradeweb FTSE U.S. Treasury Close; TullettPrebon; Dow Jones Market Data
| 收益率 (%) | 52周最高 | 52周最低 | 总回报 (%) |
|---|---|---|---|
| 债券总回报指数 | 收盘价 | 最新 | 一周前 |
| 33.05 | 32.72 | 25.12 |
成交量，上涨股，下跌股
| NYSE | NYSE Amer. | |
|---|---|---|
| 总成交量* | 1,092,613,307 | 13,624,563 |
| 上涨成交量* | 642,713,838 | 2,487,109 |
| 下跌成交量* | 440,897,556 | 10,304,100 |
| 交易证券数 | 2,833 | 293 |
| 上涨数 | 1,652 | 98 |
| 下跌数 | 1,073 | 182 |
| 不变数 | 108 | 13 |
| 新高数 | 88 | 5 |
| 新低数 | 73 | 20 |
| 收盘 Arms† | 1.18 | 3.05 |
| 批量交易* | 3,790 | 142 |
| Nasdaq | NYSE Arca | |
|---|---|---|
| 总成交量* | 7,266,309,017 | 292,462,357 |
| 上涨成交量* | 2,609,817,629 | 158,518,243 |
| 下跌成交量* | 4,625,465,472 | 119,904,803 |
| 交易证券数 | 5,039 | 2,647 |
| 上涨数 | 2,124 | 1,549 |
| 下跌数 | 2,751 | 1,050 |
| 不变数 | 164 | 48 |
| 新高数 | 108 | 76 |
| 新低数 | 262 | 53 |
| 收盘 Arms† | 1.37 | 1.08 |
| 批量交易* | 40,554 | 1,494 |
† (TRIN) 上涨和下跌证券数量与股价上涨和下跌成交量的比较。Arms 低于 1 表示买盘需求；高于 1 表示抛盘压力。
日元
外汇竞速 日元、欧元兑美元；美元兑美国主要贸易伙伴
WSJ 美元指数
2025 2026
指数 货币， 对比美元
交易所交易基金 Nymex 原油 9.21% Comex 白银 4.67 玉米 4.38 标准普尔 500 能源 3.75 大豆 3.61 Nymex 超低硫柴油 (ULSD) 2.85 彭博商品指数 2.71 标准普尔 500 实用事业 2.48 韩元 1.93 IBEX 35 1.92 标准普尔 500 工业 1.75 恒生指数 1.63 Comex 铜 1.61 Comex 黄金 1.37 标准普尔 500 房地产 1.34 上证综合指数 1.33 富时 100 指数 1.28 标准普尔 500 材料 1.24 瘦猪 1.18 DAX 1.08 标准普尔 500 医疗保健 0.83 欧洲斯托克指数 (Euro STOXX) 0.75 日经 225 指数 0.73 挪威克朗 0.72 WSJ 美元指数 0.47 STOXX 欧洲 600 指数 0.47 标准普尔 500 信息技术 0.43 CAC-40 0.40 墨西哥比索 0.33 S&P/TSX 综合指数 0.30 标准普尔中盘 400 指数 0.23 Bovespa 指数 0.19 印尼卢比 0.13 印度卢比 0.13 标准普尔 500 金融 0.13 Nymex RBOB 汽油 0.09 人民币 0.02
28000
27000
26000
25000
24000
23000
澳大利亚元 -0.03
富时 MIB 指数 -0.15
iSh 1-3年期国债 -0.17
VangdTotIntlBd -0.27
S&P/ASX 200 -0.28
S&P/BMV IPC -0.38
道琼斯工业平均指数 -0.38
加拿大元 -0.53
iShiBoxx$HYCp -0.53
欧元区欧元 -0.60
标准普尔 500 指数 -0.61
小麦 -0.70
iSh TIPS 债券 -0.71
VangdTotalBd -0.75
标准普尔小盘 600 指数 -0.84
iSh 7-10年期国债 -0.86
日元 -0.89
iShJPMUSEmgBd -0.93
英镑 -0.96
iShNatlMuniBd -0.97
罗素 2000 指数 -1.09
道琼斯运输平均指数 -1.09
iShiBoxx$InvGrdCp -1.24
瑞士法郎 -1.31
标准普尔 500 必需消费品 -1.37
Nymex 天然气 -1.37
iSh 20+年期国债 -1.50
纳斯达克 100 指数 -1.62
综合股价指数 (KOSPI) -1.91
南非兰特 -1.98
纳斯达克综合指数 -2.13
BSE Sensex -2.68
标准普尔 500 可选消费品 -6.10
标准普尔 500 通讯服务 -6.15 *连续近月合约
数据来源：FactSet（指数、债券 ETF、商品），Tullett Prebon（货币）。 《华尔街日报》
计算方法 表现反映价格变化（DAX、Bovespa 和特拉维夫 35 指数除外，后者反映总回报）。商品由连续近月期货合约代表。债券交易所交易基金的表现可能与其底层指数有所分歧。债券类别由以下 ETF 代表：美国债券总市场：Vanguard Total Bond Market；1-3 年期美国国债：iShares 1-3 Year Treasury；7-10 年期美国国债：iShares 7-10 Year Treasury；20 年以上美国国债：iShares 20+ Year Treasury；国债抗通胀债券 (TIPS)：iShares TIPS；投资级公司债券：iShares iBoxx $ Investment Grade Corporate；高收益公司债券：iShares iBoxx $ High Yield Corporate；市政债券：iShares National Muni；国际债券：Vanguard Total International；新兴市场债券：iShares J.P. Morgan USD Emerging Markets。
美东时间下午 5 点的美元外汇汇率
美国美元对比， 周五 年初至今变化 国家/货币 以美元计 每美元 (%)
美洲 阿根廷比索 .00071496.4596 3.1 巴西雷亚尔 .1962 5.0977 –7.6 加拿大元 .7095 1.4095 2.7 智利比索 .001055 947.88 5.3 哥伦比亚比索 .000310 3226.90 –14.4 厄瓜多尔美元 1 1 持平 墨西哥比索 .0572 17.4831 –2.9 乌拉圭比索 .02491 40.1456 2.8 亚太地区 澳大利亚元 .6980 1.4327 –4.4 中国元 .1477 6.7722 –3.2 港元 .1275 7.8426 0.8 印度卢比 .01037 96.398 7.3 印尼卢比 .0000558 17922 7.4 日元 .006103 163.85 4.6 哈萨克斯坦坚戈 .002105 475.15 –6.4 澳门币 .1238 8.0796 0.7 马来西亚林吉特 .2444 4.0914 0.8 新西兰元 .5789 1.7274 –0.6 巴基斯坦卢比 .00360 277.689 –0.9 菲律宾比索 .0162 61.707 4.7 新加坡元 .7750 1.2904 0.4 韩元 .0006851 1459.63 1.3 斯里兰卡卢比 .0029766 335.95 8.4 台湾元 .03092 32.337 3.2 泰国铢 .02967 33.700 7.0
道琼斯合作伙伴
预测市场：2026 年 12 月底市值最大的公司？
此市场将根据 2026 年 12 月 31 日收盘时，全球市值最高的公司来结算。
英伟达: 65%
商品， 在美国交易*
越南盾 .00003798 26327 0.1 欧洲 捷克克朗 .04710 21.233 3.2 丹麦克朗 .1521 6.5743 3.4 欧元区欧元 1.1371 .8795 3.3 匈牙利福林 .003149 317.56 –3.0 冰岛克朗 .007951 125.77 0.4 挪威克朗 .1044 9.5781 –5.0 波兰兹罗提 .2634 3.7965 5.7 瑞典克朗 .1029 9.7180 5.5 瑞士法郎 1.2223 .8181 3.2 土耳其里拉 .0211 47.3340 10.2 乌克兰格里夫纳 .0223 44.8500 5.9 英镑 1.3323 .7506 1.1 中东/非洲 巴林第纳尔 2.6518 .3771 0.04 埃及镑 .0195 51.3490 7.6 以色列谢克尔 .3279 3.0496 –4.3 科威特第纳尔 3.2248 .3101 0.7 阿曼里亚尔 2.5993 .3847 –0.01 卡塔尔里亚尔 .2751 3.635 –0.5 沙特阿拉伯里亚尔 .2662 3.7566 0.2 南非兰特 .0594 16.8344 1.6
收盘价 净变动 %变动 年初至今%变动
WSJ美元指数 97.55 –0.04–0.04 1.70
来源：Tullett Prebon, 道琼斯市场数据 (Dow Jones MarketData)
| 合约 | 开盘价 | 最高价 | 最低价 | 结算价 | 涨跌 | 持仓量 |
|---|---|---|---|---|---|---|
| 铜-高 (CMX) - 25,000 磅; 美元/磅 | ||||||
| 7月 | 6.3040 | 6.3195 | 6.3025 | 6.3200 | 0.0150 | 2,864 |
| 9月 | 6.3360 | 6.3765 | 6.3090 | 6.3575 | 0.0140 | 139,271 |
| 黄金 (CMX) - 100 盎司; 美元/盎司 | ||||||
| 7月 | 4068.00 | 4068.00 | 4068.00 | 4067.60 | 21.00 | 96 |
| 8月 | 4053.40 | 4085.20 | 4024.00 | 4070.80 | 20.60 | 173,991 |
| 9月 | 4067.40 | 4097.80 | 4037.40 | 4084.50 | 20.50 | 2,743 |
| 10月 | 4080.10 | 4113.00 | 4051.40 | 4098.90 | 20.80 | 32,689 |
| 11月 | 4150.00 | 4150.00 | 4089.60 | 4114.80 | 21.00 | 262 |
| 12月 | 4109.40 | 4144.00 | 4081.80 | 4129.70 | 20.90 | 157,027 |
| 钯金 (NYM) - 50 盎司; 美元/盎司 | ||||||
| 7月 | 1202.00 | 1202.50 | 1200.00 | 1246.70 | –8.60 | |
| 9月 | 1255.50 | 1265.50 | 1233.00 | 1253.60 | –8.70 | 17,242 |
| 铂金 (NYM) - 50 盎司; 美元/盎司 | ||||||
| 7月 | 1610.20 | 1610.20 | 1593.80 | 1593.40 | –5.70 | 1 |
| 10月 | 1602.80 | 1617.10 | 1578.40 | 1604.10 | –4.70 | 45,051 |
| 白银 (CMX) - 5,000 盎司; 美元/盎司 | ||||||
| 7月 | 58.660 | 58.660 | 58.660 | 58.656 | 0.858 | 324 |
| 9月 | 57.920 | 59.290 | 57.360 | 58.906 | 0.852 | 81,585 |
| 原油，轻质甜油 (NYM) - 1,000 桶; 美元/桶 | ||||||
| 9月 | 92.55 | 92.83 | 87.68 | 89.31 | –2.88 | 301,342 |
| 10月 | 87.03 | 87.25 | 83.80 | 85.15 | –1.86 | 149,783 |
| 11月 | 82.95 | 83.11 | 80.70 | 81.73 | –1.20 | 104,995 |
| 12月 | 80.10 | 80.24 | 78.42 | 79.33 | –0.77 | 214,526 |
| 27年6月 | 73.42 | 73.92 | 72.72 | 73.48 | 0.03 | 136,505 |
| 12月 | 71.06 | 71.59 | 70.51 | 71.26 | 0.27 | 150,779 |
| 纽约港超低硫柴油 (NYM) - 42,000 加仑; 美元/加仑 | ||||||
| 8月 | 4.3787 | 4.3850 | 4.1623 | 4.1806 | –.1610 | 21,651 |
| 9月 | 4.2740 | 4.2740 | 4.0744 | 4.0954 | –.1416 | 76,959 |
| 汽油-纽约 RBOB (NYM) - 42,000 加仑; 美元/加仑 | ||||||
| 8月 | 3.4930 | 3.4940 | 3.3686 | 3.3959 | –.1005 | 33,103 |
| 9月 | 3.3284 | 3.3320 | 3.2182 | 3.2516 | –.0726 | 101,617 |
| 天然气 (NYM) - 10,000 MMBtu; 美元/MMBtu | ||||||
| 8月 | 2.915 | 2.958 | 2.859 | 2.871 | –.045 | 31,014 |
| 9月 | 2.911 | 2.979 | 2.877 | 2.888 | –.032 | 351,734 |
| 10月 | 2.945 | 3.012 | 2.909 | 2.919 | –.031 | 146,785 |
| 12月 | 3.859 | 3.944 | 3.841 | 3.852 | –.007 | 126,843 |
| 27年1月 | 4.318 | 4.403 | 4.301 | 4.310 | … | 152,148 |
前 100 大交易所交易基金，最新交易日。
2026 年 7 月 24 日，星期五 SSSPDRS&P500G SPYG 114.96 –0.60 7.7 SSSPDRS&P500V SPYV 61.94 0.90 9.0 SSIMSPDRS&P500 SPY 738.93 0.10 8.4 SSSPDRS&P400 MDY 690.71 0.40 14.5 SSTechSel XLK 175.88 –1.44 22.2 VanEckSemicon SMH 561.19 –3.27 55.8 VangdSC Val VBR 244.24 0.90 15.3 VangdExtMkt VXF 236.13 –0.28 12.9 VangdDivApp VIG 238.65 0.59 8.6 VangdFTSEAWxUS VEU 81.62 –0.23 11.0 VangdFTSEDevMk VEA 69.71 –0.10 11.6 VangdFTSE EM VWO 57.80 –0.52 7.5 VangdFTSE Europe VGK 88.41 0.66 5.7 VangdGrowth VUG 83.48 –0.36 2.7 VangdHiDiv VYM 162.23 0.59 13.0 VangdInfoTech VGT 113.30 –0.95 20.2 VangdIntermBd BIV 75.51 0.12 –3.0 VangdIntrCorpBd VCIT 81.19 0.09 –3.1 VangdIntermTrea VGIT 58.32 0.15 –2.7 VangdLC VV 339.85 0.05 8.0 VangdMegaGrwth MGK 84.81 –0.29 2.7 VangdMC VO 80.55 0.29 11.0 VangdRealEst VNQ 100.81 2.15 13.9 VangdRuss1000Grw VONG 121.16 –0.79 –0.5 VangdS&P500ETF VOO 679.14 0.08 8.3 VangdST Bond BSV 77.47 0.09 –1.7 VangdSTCpBd VCSH 78.47 0.08 –1.6 VangdShortTrea VGSH 58.02 0.07 –1.2 VangdSC VB 295.32 0.19 14.5 VangdTaxExemptBd VTEB 49.61 0.20 –1.4 VangdTotalBd BND 72.31 0.08 –2.4 VangdTotIntlBd BNDX 47.80 0.19 –1.1 VangdTotIntlStk VXUS 83.40 –0.26 10.6 VangdTotalStk VTI 364.80 0.03 8.8 VangdTotWrldStk VT 154.20 –0.07 9.3 VangdValue VTV 221.02 0.53 15.7
2026 年 7 月 24 日，星期五
收盘价 变动 YTD ETF 代码 价格 (%) (%)
AvantisUSSCValue AVUV 125.28 0.36 22.8 CapGrpDivVal CGDV 48.85 0.29 11.9 DimenUSCoreEq2 DFAC 44.16 0.20 11.5 DirexSemiBl3 SOXL 136.81 –13.14 225.5 InvscNasd100 QQQM 281.68 –1.16 11.4 InvscQQQI QQQ 684.23 –1.12 11.4 InvscS&P500EW RSP 213.57 0.78 11.5 iShBitcoin IBIT 36.35 –0.82 –26.8 iShBrdUSDHYCpBd USHY 36.66 ... –2.0 iShCoreDivGrowth DGRO 77.84 0.83 12.1 iShCoreMSCIEAFE IEFA 96.34 0.61 7.7 iShCoreMSCIEM IEMG 77.05 –1.78 14.6 iShMSCIIntlDev IDEV 88.99 0.57 7.9 iShCoreMSCITotInt IXUS 93.19 –0.19 10.1 iShCoreS&P500 IVV 742.36 0.10 8.4 iShCoreS&P MC IJH 75.77 0.42 14.8 iShCoreS&P SC IJR 144.86 –0.01 20.5 iShCoreS&PTotUS ITOT 162.00 0.07 9.0 iShCoreS&PUSGrw IUSG 181.70 –0.60 8.2 iShCoreUSAggBd AGG 97.46 0.12 –2.4 iShCoreUnivUSDBd IUSB 45.45 0.08 –2.3 iShEdgeMSCIUSAMom MTUM 306.39 –2.42 22.4 iShEdgeMSCIUSAQual QUAL 216.81 0.38 9.2 iShGoldTr IAU 76.23 0.11 –6.1 iShiBoxx$IGCpBd LQD 106.23 –0.03 –3.6 iShMBS MBB 93.11 0.25 –2.2 iShMSCIACWI ACWI 154.30 –0.03 9.1 iShMSCI EAFE EFA 103.41 0.50 7.7 iSh MSCI EM EEM 63.33 –1.97 15.8 iShNatlMuniBd MUB 105.55 0.28 –1.5 iShRussMC IWR 109.36 0.47 13.6
2026 年 7 月 24 日
在美国和国际市场中借款或贷款所支付的关键年利率。以下利率仅作为一般水平的指南，并不总是代表实际交易。
通货膨胀
6 月指数 变动 水平 26 年 5 月 25 年 6 月 (%)
美国消费者价格指数 所有项目 333.952 –0.35 3.5 核心 336.882 0.01 2.6
国际利率
周 —52 周— 最新 前周 最高 最低
周 52 周 最新 前周 最高 最低
优惠利率 美国 6.75 6.75 7.50 6.75 加拿大 4.45 4.45 4.95 4.45 日本 2.125 2.125 2.125 1.875
政策利率 欧元区 2.40 2.40 2.40 2.15 瑞士 0.25 0.25 0.50 0.25
数据说明： 美国优惠利率是由至少 70% 的美国 10 大银行公布的商业贷款基准利率，且自 2025 年 12 月 11 日起生效。其他优惠利率不具直接可比性；贷款惯例因地区而异；贴现率自 2025 年 12 月 11 日起生效。担保隔夜融资利率（SOFR）截至 2026 年 7 月 23 日。DTCC GCF 回购指数是证券托管结算公司（Depository Trust & Clearing Corp.）针对不适用 CUSIP 的隔夜交易的加权平均值。交易金额以 10 亿美元为单位。联邦基金利率为截至东部时间下午 3:30 的 Tullett Prebon 利率。 来源：联邦储备委员会；劳工统计局；DTCC；FactSet；Tullett Prebon Information, Ltd.
| 可支付金额 / 公司 | 代码 | 收益率 % | 新/旧 | 频率 | 登记日 | 可支付金额 / 公司 | 代码 | 收益率 % | 新/旧 | 频率 | 登记日 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 股票拆分 | |||||||||||
| MicroVision | MVIS | 1:15 | /Aug03 | Singularity Future Tech | SGLY | 1:14 | /Jul27 | ||||
| WheelerRealEstInvtTr | WHLR | 1:5 | /Jul28 | Zeta NetworkGroup | ZNB | 1:8 | /Jul27 | ||||
| 海外 | |||||||||||
| ArdaghMetalPackaging | AMBP | 8.3 | .10 | Q | Sep24 /Sep10 | Emera | EMA | 3.7 | .51996 | Q | Aug17 /Aug03 |
注：股息收益率截至东部时间下午 3:30 来源：FactSet；道琼斯市场数据
| 上调 | ||||||
|---|---|---|---|---|---|---|
| 公司 | 代码 | 收益率 % | 新 / 旧 | 频率 | 登记日 / 除息日 | |
| Encompass Health | EHC | 0.7 | .21 /.19 | Q | Oct15 /Oct01 | |
| First Mid Bancshares | FMBH | 2.0 | .26 /.25 | Q | Sep01 /Aug18 | |
| Heritage Financial | HFWA | 3.2 | .25/.24 | Q | Aug19 /Aug05 | |
| Kingstone | KINS | 1.0 | .06 /.05 | Q | Aug26 /Aug11 | |
| Penske Automotive | PAG | 2.6 | 1.44 /1.42 | Q | Sep01 /Aug14 | |
| West Bancorp | WTBA | 3.8 | .26 /.25 | Q | Aug19 /Aug05 | |
| 首次派息 | ||||||
| Alphabet Pfd. A | GOOGM | 6.7 | .60 | Aug15 /Aug01 | ||
| Alphabet Pfd. B | GOOGN | 6.7 | .60 | Aug15 /Aug01 |
关键：A:年度; M:月度; Q:季度; r:修订; SA:半年度; S2:1:股票拆分及比例; SO:分拆。
| 52-Wk 高/低 | % 变动 | 股票 | 代码 | 52-Wk 高/低 | % 变动 | 股票 | 代码 | 52-Wk 高/低 | % 变动 | 股票 | 代码 | 52-Wk 高/低 | % 变动 | 股票 | 代码 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 新高与新低 |
| 52周 | % | 股票 | 代码 | 最高/最低 | 涨跌幅 |
|---|---|---|---|---|---|
以下说明适用于在最新交易日中创下 52 周盘中新高或新低的新约证券交易所 (NYSE)、NYSE Arca、NYSE American 和纳斯达克 (Nasdaq) 股票市场的股票。% CHG——较前一交易日的每日百分比变化。
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
| 品种 (交易平台) - 合约规格 | 月份 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 成交量 |
|---|---|---|---|---|---|---|---|
| 玉米 (CBT) - 5,000 蒲式耳; 美分/蒲式耳 | 9月 | 462.50 | 468.00 | 455.50 | 464.25 | .25 | 573,222 |
| 12月 | 486.25 | 492.00 | 479.25 | 487.50 | … | 780,225 | |
| 燕麦 (CBT) - 5,000 蒲式耳; 美分/蒲式耳 | 9月 | 331.50 | 336.00 | 323.00 | 328.25 | –4.25 | 848 |
| 12月 | 343.25 | 347.75 | 335.00 | 342.50 | –1.50 | 1,750 | |
| 大豆 (CBT) - 5,000 蒲式耳; 美分/蒲式耳 | 8月 | 1236.75 | 1250.50 s | 1232.50 | 1248.00 | 10.50 | 66,277 |
| 11月 | 1242.00 | 1256.50 s | 1238.00 | 1253.50 | 9.75 | 522,727 | |
| 大豆粕 (CBT) - 100 吨; 美元/吨 | 8月 | 330.60 | 335.60 s | 329.50 | 331.30 | 1.40 | 54,417 |
| 12月 | 331.90 | 337.30 s | 330.70 | 335.20 | 3.30 | 277,032 | |
| 大豆油 (CBT) - 60,000 磅; 美分/磅 | 8月 | 75.41 | 75.63 | 74.10 | 74.33 | –1.26 | 64,954 |
| 12月 | 72.76 | 73.06 | 71.72 | 72.01 | –.97 | 268,441 | |
| 精选糙米 (CBT) - 2,000 担; 美元/担 | 9月 | 14.12 | 14.20 | 13.82 | 13.98 | –.16 | 11,818 |
| 11月 | 14.57 | 14.57 | 14.24 | 14.39 | –.15 | 936 | |
| 小麦 (CBT) - 5,000 蒲式耳; 美分/蒲式耳 | 9月 | 694.75 | 711.25 s | 659.50 | 678.00 | –18.25 | 218,857 |
| 12月 | 712.25 | 728.25 s | 678.00 | 695.50 | –18.25 | 151,120 | |
| 小麦 (KC) - 5,000 蒲式耳; 美分/蒲式耳 | 9月 | 759.75 | 777.50 s | 723.25 | 745.25 | –14.50 | 132,893 |
| 12月 | 773.25 | 792.75 s | 739.50 | 761.50 | –14.25 | 104,312 | |
| 活牛-育肥 (CME) - 50,000 磅; 美分/磅 | 8月 | 345.000 | 348.950 | 341.175 | 345.325 | 1.550 | 15,672 |
| 9月 | 341.000 | 345.475 | 337.250 | 341.450 | 1.600 | 19,093 | |
| 活牛 (CME) - 40,000 磅; 美分/磅 | 8月 | 225.875 | 228.500 | 225.475 | 227.075 | 1.675 | 50,794 |
| 10月 | 221.775 | 224.125 | 220.775 | 222.500 | 1.125 | 119,570 | |
| 精瘦猪 (CME) - 40,000 磅; 美分/磅 | 8月 | 102.100 | 103.050 | 102.075 | 102.850 | .700 | 35,334 |
| 10月 | 88.900 | 89.550 | 88.550 | 89.025 | .125 | 120,688 | |
| 木材 (CME) - 27,500 板英尺; 美元/1,000板英尺 | 9月 | 656.00 | 659.00 | 652.50 | 654.50 | –3.00 | 6,929 |
| 11月 | 647.50 | 651.50 | 646.50 | 650.00 | –.50 | 1,013 | |
| 牛奶 (CME) - 200,000 磅; 美分/磅 | 7月 | 15.76 | 15.79 | 15.76 | 15.79 | .03 | 5,412 |
| 8月 | 17.47 | 17.54 | 17.20 | 17.21 | –.41 | 6,160 |
| 名称 | 股票代码 | 价格 | 涨跌 | 涨跌幅 (%) |
|---|---|---|---|---|
| iShares Russell 1000 | IWB | 404.18 | 0.05 | 8.2 |
| iShares Russell 1000 Growth | IWF | 117.65 | –0.79 | –0.6 |
| iShares Russell 1000 Value | IWD | 248.24 | 0.84 | 18.0 |
| iShares Russell 2000 | IWM | 291.17 | –0.31 | 18.3 |
| iShares S&P 500 Growth | IVW | 132.83 | –0.57 | 7.8 |
| iShares S&P 500 Value | IVE | 231.36 | 0.90 | 9.1 |
| iShares 半导体指数 | SOXX | 527.01 | –4.40 | 75.0 |
| iShares 7-10年国债 | IEF | 93.03 | 0.19 | –3.3 |
| iShares 银色/白银 | SLV | 52.59 | 1.02 | –18.4 |
| iShares 20年+国债 | TLT | 83.25 | 0.10 | –4.5 |
| iShares 美国股票因子轮动 | DYNF | 67.18 | –0.04 | 10.5 |
| iShares 美国国债 | GOVT | 22.48 | 0.13 | –2.4 |
| iShares 0-3月国债 | SGOV | 100.64 | 0.03 | 0.3 |
| JPM 纳斯达克股票溢价 | JEPQ | 57.96 | –0.97 | –0.3 |
| Janus AAA CLO | JAAA | 50.65 | 0.04 | 0.1 |
| JPM 股票溢价收益 | JEPI | 56.80 | 0.67 | –0.8 |
| JPM 超短期收益 | JPST | 50.48 | ... | –0.2 |
| ProShares 超倍做多 QQQ | TQQQ | 64.00 | –3.47 | 21.4 |
| SPDR 迷你黄金 | GLDM | 80.19 | 0.10 | –6.1 |
| SPDR 黄金 | GLD | 371.90 | 0.10 | –6.2 |
| 嘉信理财国际股票 | SCHF | 27.04 | –0.15 | 12.5 |
| 嘉信理财美国宽基市场 | SCHB | 28.56 | 0.04 | 8.9 |
| 嘉信理财美国股息 | SCHD | 33.29 | 1.49 | 21.4 |
| 嘉信理财美国大盘 | SCHX | 29.12 | 0.10 | 8.2 |
| 嘉信理财美国大盘成长 | SCHG | 33.46 | 0.18 | 2.6 |
| SPDR 能源精选 | XLE | 59.62 | 0.40 | 33.3 |
| SPDR 金融精选 | XLF | 56.31 | 0.86 | 2.8 |
| SPDR 医疗保健精选 | XLV | 162.57 | 0.70 | 5.0 |
| SPDR 工业精选 | XLI | 182.66 | 0.40 | 17.8 |
| SPDR 彭博 1-3月国债 | BIL | 91.61 | 0.03 | 0.3 |
| SPDR 道琼斯工业平均指数 | DIA | 518.76 | 0.48 | 7.9 |
| SPDR 除美发达国家 | SPDW | 49.39 | –0.12 | 11.2 |
| SPDR S&P 500 | SPYM | 86.96 | 0.06 | 8.4 |
| 国家/类型 | 利率 A | 利率 B | 利率 C | 利率 D |
|---|---|---|---|---|
| 英国 | 3.75 | 3.75 | 4.25 | 3.75 |
| 澳大利亚 | 4.35 | 4.35 | 4.35 | 3.60 |
隔夜回购 - 美国: 3.67 | 3.61 | 4.45 | 3.49
美国政府利率 - 贴现率: 3.75 | 3.75 | 4.50 | 3.75
联邦基金利率 - 有效利率: 3.6400 | 3.6400 | 4.3300 | 3.6300 - 最高价: 3.7000 | 3.7000 | 4.5500 | 3.7000 - 最低价: 3.5500 | 3.5500 | 4.3200 | 3.5500 - 买入价: 3.6200 | 3.6200 | 4.3200 | 3.6100 - 卖出价: 3.6400 | 3.6400 | 4.3300 | 3.6300
短期国债拍卖 - 4周期: 3.730 | 3.660 | 4.300 | 3.550
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
短期利率
| 期限 | 当前 | 之前 | 高点 | 低点 |
|---|---|---|---|---|
| 13 周 | 3.730 | 3.760 | 4.240 | 3.540 |
| 26 周 | 3.835 | 3.860 | 4.120 | 3.475 |
其他短期利率
| 项目 | 当前 | 之前 | 高点 | 低点 |
|---|---|---|---|---|
| 同业拆借资金 (Call money) | 5.50 | 5.50 | 6.25 | 5.50 |
| 商业票据 (AA 级金融, 90 天) | 3.81 | 3.92 | 4.32 | 3.57 |
| 担保隔夜融资利率 (SOFR) | 3.64 | 3.62 | 4.51 | 3.50 |
价值指数
| 指数 | 最新 | 52周高点 | 52周低点 | 最新交易 |
|---|---|---|---|---|
| DTCC GCFRepo 指数 - 国债 | 3.657 | 62.850 | 4.492 | 3.504 |
| DTCC GCFRepo 指数 - MBS | 3.682 | 91.470 | 4.623 | 3.517 |
每周调查
| 房地美 (Freddie Mac) | 最新 | 一周前 | 一年前 |
|---|---|---|---|
| 30 年固定利率 | 6.58 | 6.55 | 6.74 |
| 15 年固定利率 | 5.96 | 5.93 | 5.87 |
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
可可 (ICE-US) - 10公吨；美元/吨。 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 5,320 | 5,438 | 5,227 | 5,376 | 75 | 67,494 | | 12月 | 5,464 | 5,570 | 5,371 | 5,510 | 69 | 52,191 |
咖啡 (ICE-US) - 37,500磅；美分/磅。 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 311.50 | 318.55 | 306.40 | 313.80 | 4.40 | 60,754 | | 12月 | 297.70 | 303.30 | 293.25 | 298.05 | 1.60 | 57,43 la |
糖-世界 (ICE-US) - 112,000磅；美分/磅。 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 10月 | 14.69 | 14.79 | 14.54 | 14.77 | .08 | 495,062 | | 27年3月 | 15.58 | 15.64 | 15.41 | 15.63 | .05 | 299,829 |
糖-国内 (ICE-US) - 112,000磅；美分/磅。 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 36.25 | 36.25 | 36.25 | 36.25 | … | 190 | | 27年3月 | 36.75 | 36.75 | 36.75 | 36.75 | … | 1,465 |
棉花 (ICE-US) - 50,000磅；美分/磅。 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 10月 | 80.13 | 80.13 | 78.43 | 78.55 | –1.29 | 137 | | 12月 | 81.29 | 81.60 | 79.68 | 79.98 | –1.23 | 198,171 |
橙汁 (ICE-US) - 15,000磅；美分/磅。 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 144.55 | 146.15 | 141.50 | 141.75 | –5.05 | 7,829 | | 11月 | 148.50 | 149.40 | 146.10 | 145.65 | –5.05 | 1,103 |
超长期国债 (CBT) - $100,000；点数 100% 的 32 分之一 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 111-190 | 112-030 | 111-100 | 111-190 | 5.0 | 2,445,177 | | 12月 | 111-130 | 111-130 | 111-120 | 111-080 | 5.0 | 21 |
国债 (CBT) - $100,000；点数 100% 的 32 分之一 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 109-180 | 110-040 | 109-110 | 109-230 | 8.0 | 1,839,604 | | 12月 | 109-020 | 109-220 | 108-310 | 109-100 | 8.0 | 7,823 |
国债票据 (CBT) - $100,000；点数 100% 的 32 分之一 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 108-050 | 108-155 | 108-010 | 108-105 | 7.5 | 5,268,615 | | 12月 | 107-295 | 108-080 | 107-265 | 108-030 | 7.5 | 12,934 |
5年期国债票据 (CBT) - $100,000；点数 100% 的 32 分之一 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 105-307 | 106-057 | 105-282 | 106-025 | 5.2 | 6,159,676 | | 12月 | 106-000 | 106-017 | 106-000 | 106-000 | 5.5 | 17,652 |
2年期国债票据 (CBT) - $200,000；点数 100% 的 32 分之一 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 102-222 | 102-250 | 102-214 | 102-236 | 1.9 | 4,354,597 | | 12月 | 102-192 | 102-220 | 102-187 | 102-206 | 1.9 | 5,840 |
30天联邦基金 (CBT) - $5,000,000; 100 - 日均值 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 7月 | 96.3650 | 96.3675 | 96.3650 | 96.3675 | .0025 | 318,878 | | 8月 | 96.2850 | 96.3000 | 96.2750 | 96.2800 | –.0050 | 871,990 |
三个月 SOFR (CME) - $1,000,000; 100 - 日均值 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 5月 | 96.3450 | 96.3450 | 96.3450 | 96.3475 | .0050 | 5,372 | | 12月 | 95.8500 | 95.8800 | 95.8350 | 95.8550 | .0200 | 1,729,366 |
日元 (CME) - ¥12,500,000；每 100 日元的美元价格 | 月份 | 最新 | 昨收 | 低点 | 高点 | 涨跌 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 8月 | .6116 | .6121 | .6113 | .6114 | –.0002 | 1,498 |
债券 | wsj.com/market-data/bonds/benchmarks 全球政府债券：收益率映射
选定其他国家政府债券（基准两年期和十年期）相对于美国国债的收益率和利差；箭头表示最新交易日中收益率上升 (s) 或下降 (t)
| 国家/债券 | 票面利率 (%) | 到期年限 | 收益率 (%) 最新 (l) | 收益率 (%) 前值 | 收益率 (%) 一个月前 | 收益率 (%) 一年前 | 与美国国债利差 (bp) 最新 | 与美国国债利差 (bp) 前值 | 与美国国债利差 (bp) 一年前 |
|---|---|---|---|---|---|---|---|---|---|
| 美国 2 | 4.125 | 2 | 4.328 t | 4.358 | 4.136 | 3.924 | - | - | - |
| 美国 10 | 4.375 | 10 | 4.678 t | 4.703 | 4.400 | 4.408 | - | - | - |
| 澳大利亚 2 | 2.250 | 2 | 4.728 s | 4.624 | 4.463 | 3.395 | 39.3 | 26.9 | -53.7 |
| 澳大利亚 10 | 4.250 | 10 | 5.092 s | 5.003 | 4.775 | 4.369 | 41.2 | 30.3 | -3.3 |
| 法国 2 | 2.400 | 2 | 3.007 t | 3.065 | 2.686 | 2.188 | -132.9 | -129.0 | -174.3 |
| 法国 10 | 3.700 | 10 | 3.977 t | 4.033 | 3.527 | 3.371 | -70.3 | -66.7 | -103.1 |
| 德国 2 | 2.500 | 2 | 2.835 t | 2.889 | 2.559 | 1.934 | -150.0 | -146.6 | -199.7 |
| 德国 10 | 3.000 | 10 | 3.204 t | 3.230 | 2.866 | 2.705 | -147.6 |
2.650 意大利 2 3.042 t l 3.097 2.725 2.119 -129.3 -125.8 -181.2
3.800 10 3.998 t l 4.071 3.596 3.539 -68.2 -62.9 -86.4
1.400 日本 2 1.520 s l 1.496 1.426 0.844 -281.6 -285.9 -308.7
2.700 10 2.816 s l 2.775 2.672 1.603 -186.4 -192.5 -279.9
2.400 西班牙 2 2.891 t l 2.935 2.608 2.064 -144.4 -142.0 -186.7
3.400 10 3.646 t l 3.674 3.280 3.239 -103.4 -102.6 -116.3
4.375 英国 2 4.415 t l 4.504 4.143 3.873 8.0 14.9 -5.9
1.125 10 5.033 t l 5.103 4.685 4.625 35.3 40.3 22.3
数据来源：Tullett Prebon, Tradeweb | FTSE 美国国债收盘价
企业债 公司债券价格反映了包括投资者对经济、行业及公司特定预期在内的各项因素。 收窄幅度最大的投资级利差……
利差*（以基点计） 发行人 | 代码 | 票面利率(%) | 收益率 (%) | 到期日 | 当前 | 单日变动 | 上周
Sammons Financial Group Global Funding … | | 5.100 | 5.30 | 2031年6月22日 | 88 | –12 | n.a. 丰田汽车信贷 (Toyota Motor Credit) | … | 4.450 | 4.62 | 2029年6月29日 | 26 | –9 | n.a. PNC 银行 | … | 4.050 | 4.77 | 2028年7月26日 | 44 | –6 | 50 Athene Global Funding | … | 5.133 | 5.22 | 2029年6月1日 | 86 | –4 | 85 3M | MMM | 5.700 | 5.46 | 2037年3月15日 | 78 | –4 | n.a. 花旗集团 (Citigroup) | C | 8.125 | 5.64 | 2039年7月15日 | 99 | –3 | 99 ING 银行 | … | 4.555 | 4.79 | 2029年7月7日 | 44 | –3 | 44 伯克希尔·哈撒韦金融 (Berkshire Hathaway Finance) | … | 5.750 | 5.26 | 2040年1月15日 | 58 | –2 | 60
…以及扩大幅度最大的利差
大都会人寿全球融资 I (Metropolitan Life Global Funding I) | … | 5.400 | 4.75 | 2028年9月12日 | 42 | 12 | n.a. 联合包裹服务 (United Parcel Service) | UPS | 6.200 | 5.45 | 2038年1月15日 | 79 | 8 | n.a. 甲骨文 (Oracle) | ORCL | 5.375 | 7.52 | 2040年7月15日 | 284 | 6 | 249 桑坦德银行 (Banco Santander) | … | 3.490 | 5.11 | 2030年5月28日 | 69 | 6 | n.a. 加拿大皇家银行 (Royal Bank of Canada) | RY | 2.300 | 4.93 | 2031年11月3日 | 50 | 4 | n.a. 丰田汽车信贷 (Toyota Motor Credit) | … | 1.900 | 4.98 | 2031年9月12日 | 56 | 4 | 52 威廉姆斯 (Williams) | WMB | 6.300 | 5.90 | 2040年4月15日 | 124 | 4 | n.a. Ally Financial | ALLY | 8.000 | 5.68 | 2031年11月1日 | 126 | 3 | 131
价格涨幅最大的高收益债券……
债券价格（面值的百分比） 发行人 | 代码 | 票面利率 (%) | 收益率 (%) | 到期日 | 当前 | 单日变动 | 上周
西方石油 (Occidental Petroleum) | OXY | 6.200 | 6.04 | 2040年3月15日 | 101.444 | 0.92 | 101.930 DISH DBS | … | 5.125 | 8.74 | 2029年6月1日 | 91.063 | 0.56 | 90.625 派拉蒙全球 (Paramount Global) | … | 4.375 | 8.79 | 2043年3月15日 | 61.750 | 0.41 | 62.341 AAdvantage Loyalty IP | … | 5.750 | 5.85 | 2029年4月20日 | 99.750 | 0.12 | 100.007 Bath & Body Works | BBWI | 6.875 | 6.75 | 2035年11月1日 | 100.815 | 0.07 | 102.200
…以及价格跌幅最大的债券
特娃制药金融荷兰 III (Teva Pharmaceutical Finance Netherlands III) | … | 4.100 | 6.39 | 2046年10月1日 | 74.250 | –0.22 | 75.839 西方石油 (Occidental Petroleum) | OXY | 6.450 | 5.75 | 2036年9月15日 | 105.303 | –0.11 | 106.431 派拉蒙全球 (Paramount Global) | … | 6.875 | 8.32 | 2036年4月30日 | 90.432 | –0.09 | 91.250 乐天 (Rakuten) | … | 9.750 | 6.37 | 2029年4月15日 | 108.298 | –0.05 | 108.800 Verde Purchaser | … | 10.500 | 9.53 | 2030年11月30日 | 101.962 | –0.04 | 103.000 深海钻探国际 (Transocean International) | … | 6.800 | 7.47 | 2038年3月15日 | 94.843 | –0.03 | 95.053
*估计相对于 2 年期、3 年期、5 年期、10 年期或 30 年期即期国债的利差；100 个基点 = 1 个百分点；显示的利差变动为 Z-spread。 注：数据为到期期限在两年或以上的活跃债券发行品种。 数据来源：MarketAxess
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
| 货币期货 | 月份 | 开盘 | 最高 | 最低 | 收盘 | 涨跌 | 成交量 |
|---|---|---|---|---|---|---|---|
| 加元 (CME) CAD 100,000; 每加元美元价 |
9月 | .6129 | .6136 | .6125 | .6128 | –.0002 | 422,346 |
| 8月 | .7107 | .7112 | .7093 | .7101 | –.0011 | 442 | |
| 9月 | .7117 | .7126 | .7101 | .7110 | –.0011 | 363,601 | |
| 英镑 (CME) £62,500; 每英镑美元价 |
8月 | 1.3320 | 1.3341 | 1.3308 | 1.3325 | .0009 | 579 |
| 9月 | 1.3315 | 1.3350 | 1.3306 | 1.3325 | .0009 | 257,240 | |
| 瑞士法郎 (CME) CHF 125,000; 每法郎美元价 |
9月 | 1.2313 | 1.2333 | 1.2284 | 1.2290 | –.0020 | 108,554 |
| 12月 | 1.2440 | 1.2440 | 1.2418 | 1.2419 | –.0019 | 603 | |
| 澳元 (CME) AUD 100,000; 每澳元美元价 |
8月 | .6966 | .6991 | .6965 | .6980 | .0016 | 667 |
| 9月 | .6964 | .6995 | .6960 | .6977 | .0017 | 225,599 | |
| 墨西哥比索 (CME) MXN 500,000; 每比索美元价 |
8月 | .05694 | .05712 | .05694 | .05709 | .00017 | 938 |
| 9月 | .05683 | .05710 | .05682 | .05696 | .00017 | 200,945 | |
| 欧元 (CME) €125,000; 每欧元美元价 |
8月 | 1.1389 | 1.1407 | 1.1378 | 1.1380 | –.0007 | 13,565 |
| 9月 | 1.1402 | 1.1426 | 1.1389 | 1.1394 | –.0007 | 769,842 |
| 指数名称 | 月份 | 开盘 | 最高 | 最低 | 收盘 | 涨跌 | 成交量 |
|---|---|---|---|---|---|---|---|
| 迷你道琼斯工业平均指数 (CBT) $5 x 指数 |
9月 | 51920 | 52314 | 51846 | 52124 | 230 | 81,816 |
| 12月 | 52287 | 52679 | 52274 | 52531 | 223 | 241 | |
| 迷你标准普尔 500 指数 (CME) $50 x 指数 |
9月 | 7450.50 | 7496.50 | 7431.50 | 7447.50 | 2.50 | 1,883,012 |
| 12月 | 7515.75 | 7562.50 | 7498.25 | 7514.25 | 2.50 | 31,707 | |
| 迷你标准普尔中盘 400 指数 (CME) $100 x 指数 |
9月 | 3787.30 | 3827.60 | 3782.30 | 3800.30 | 13.80 | 36,297 |
| 12月 | … | … | … | 3828.20 | 12.50 | n.a. | |
| 迷你纳斯达克 100 指数 (CME) $20 x 指数 |
9月 | 28700.25 | 28736.00 | 28212.50 | 28282.25 | –338.50 | 288,469 |
| 12月 | 28974.25 | 29003.50 | 28509.50 | 28573.25 | –339.75 | 1,856 | |
| 迷你罗素 2000 指数 (CME) $50 x 指数 |
9月 | 2948.50 | 2969.70 | 2934.50 | 2941.30 | –10.40 | 417,697 |
| 12月 | 2973.00 | 2993.10 | 2958.00 | 2963.60 | –10.70 | 438 | |
| 迷你罗素 1000 指数 (CME) $50 x 指数 |
9月 | 4051.40 | 4069.30 | 4049.30 | 4056.30 | 1.80 | 5,761 |
| 美元指数 (ICE-US) $1,000 x 指数 |
9月 | 101.32 | 101.36 | 101.09 | 101.30 | .02 | 55,950 |
| 12月 | 101.01 | 101.01 | 100.83 | 101.00 | .02 | 280 |
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
来源：FactSet
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
以下说明适用于在纽约证券交易所 (NYSE)、纽约证券交易所 Arca (NYSE Arca)、纽约证券交易所 American (NYSE American) 和纳斯达克 (Nasdaq) 股票市场上市的证券。价格汇总自各市场中心报告的交易，包括证券交易所、金融业监管局 (Finra)、电子通信网络和其他经纪交易商。该列表包含基于市值最大的 1,000 家公司。
下划线报价代表成交量较该股票平均交易量有大幅变化的股票。
粗体报价突出显示那些前一交易日收盘价在 $2 或更高，且价格变动幅度达到 5% 或以上的股票。
脚注：
s- 52 周新高；t- 52 周新低；dd- 表示最近四个季度出现亏损。
股票表格反映截至东部时间下午 4 点的综合常规交易，以及与前一日东部时间下午 4 点官方收盘价相比的变化。
2026 年 7 月 24 日，星期五
2026 年 7 月 24 日，星期五
| YTD | 52-Week Hi | 52-Week Lo | Stock Sym | % | PE | Last | Chg | Yld | Net | % Chg |
|---|---|---|---|---|---|---|---|---|---|---|
| 19.61 | 43.60 | 30.51 | CareTrustREIT CTRE | 3.6 | 28 | 43.25 | 0.90 | |||
| 5.06 | 435.92 | 293.43 | Carlisle CSL | 1.3 | 20 | 336.04 | 4.49 | |||
| -23.19 | 69.85 | 39.60 | Carlyle CG | 3.1 | 31 | 45.40 | 0.99 | |||
| -13.79 | 34.03 | 23.45 | Carnival CCL | 2.3 | 12 | 26.33 | 1.06 | |||
| 91.75 | 625.99 | 228.00 | CarpenterTech CRS | 0.1 | 64 | 603.69 | 2.15 | |||
| 30.36 | 81.09 | 50.24 | CarrierGlobal CARR | 1.4 | 45 | 68.88 | -0.27 | |||
| -28.37 | 97.38 | 54.46 | Carvana CVNA | ... | 30 | 60.46 | 0.27 | |||
| 55.89 | 927.85 | 490.00 | CaseysGenStores CASY | 0.3 | 45 | 861.63 | -13.62 | |||
| 55.14 | 1073.46 | 405.46 | Caterpillar CAT | 0.7 | 44 | 888.73 | -5.81 | |||
| 3.27 | 474.02 | 161.84 | Celestica CLS | ... | 37 | 305.28 | -29.47 | |||
| 4.96 | 13.67 | Cemex CX | 0.8 | 39 | 12.06 | -0.20 | ||||
| -8.25 | 377.54 | 244.82 | Cencora COR | 0.8 | 24 | 309.89 | 4.83 | |||
| 73.05 | 32.07 | 13.98 | CenovusEnergy CVE | 1.1 | 16 | 29.28 | -0.44 | |||
| 54.09 | 69.36 | 25.07 | Centene CNC | ... | dd | 63.41 | -0.33 | |||
| 16.22 | 45.22 | 36.59 | CenterPointEner CNP | 2.2 | 27 | 44.56 | 0.33 | |||
| ... | 386.34 | 160.81 | CerebrasSystems CBRS | ... | 173 | 199.12 | -20.88 | |||
| 13.59 | 238.85 | 144.26 | CharlesRiverLabs CRL | ... | dd | 226.58 | -2.71 |
202.19 1.57 -0.17 66.28 49.26 BioMarinPharm BMRN ... 43 59.33 0.46 -6.17 124.00 79.52 BioNTech BNTX 0.0 dd 89.33 -2.73 -41.84 71.74 12.80 BitMineImmersion BMNR 0.1 dd 15.79 -0.80 -1.37 1219.94 917.39 BlackRock BLK 2.2 26 1055.67 18.51 -15.66 190.09 101.73 Blackstone BX 3.6 29 130.00 5.50 18.53 84.08 48.21 Block XYZ ... 60 77.15 0.66 112.79 351.28 29.90 BloomEnergy BE ... dd 184.89 -32.41 -36.75 20.68 7.95 BlueOwlCapital OWL 9.7116 9.45 0.24 -3.50 254.35 176.77 Boeing BA 0.0108 209.52 0.29 -17.16 231.80 150.14 Booking BKNG 0.9 23 177.46 4.63 42.90 78.82 34.27 BorgWarner BWA 1.1 39 64.39 0.06 -53.59 109.50 42.20 BostonSci BSX ... 19 44.25 0.67 9.84 93.42 42.09 BridgeBioPharma BBIO ... dd 84.02 1.09 94.69 73.40 19.01 BrightSpring BTSG ... 68 72.91 3.07 15.11 62.89 42.52 BristolMyers BMY 4.1 17 62.09 0.58 7.67 67.30 49.88 BritishAmTob BTI 5.4 13 60.96 1.12 23.72 32.86 24.66 BrixmorProp BRX
3.8 23 32.44 0.47 10.35 495.00 281.61 Broadcom AVGO 0.7 64 381.92 -10.55 -33.27 271.91 133.83 BroadridgeFinl BR 2.6 16 148.92 4.52 -11.53 64.10 42.20 BrookfieldAsset BAM 4.3 30 46.35 0.64 -9.20 49.56 37.93 Brookfield BN 0.7 84 41.67 0.46
s 17.67 41.65 29.63 BrookfieldInfr BIP 4.5 56 40.88 -0.16 -7.40 49.86 40.06 BrookWealth BNT 0.6 ... 42.55 0.50 -15.11 104.25 53.81 Brown&Brown BRO 1.0 22 67.66 1.92 0.08 31.92 22.61 Brown-FormanB BF.B 3.5 17 26.08 0.38 1.52 31.63 23.01 Brown-FormanA BF.A 3.5 17 26.71 0.46 28.32 64.54 28.53 Bruker BRKR 0.3 dd 60.45 -1.70 -36.73 118.00 21.76 Bullish BLSH ... dd 23.96 -0.28 36.43 134.87 74.95 BungeGlobal BG 2.4 28 121.53 -0.77 21.16 361.21 240.49 BurlingtonStrs BURL ... 36 349.97 10.49 -8.64 683.50 434.70 CACI Intl CACI ... 20 486.77 6.16 -13.27 174.27 121.69 CBRE Group CBRE ... 32 139.46 3.91 -1.75 183.66 97.12 CDW CDW 1.9 16 133.82 3.64 61.71 141.96 75.42 CF Industries CF 1.9 11 125.07 -1.64 -28.03 103.03 59.63 CGI A GIB 0.7 12 66.43 2.64 16.01 210.33 96.89 CH Robinson CHRW 1.4 38 186.50 -19.00 -6.51 329.16 218.31 CME Group CME 2.0 22 255.31 0.99 6.82 80.36 68.64 CMS Energy CMS 3.1 21 74.70 0.55
s 12.40 53.77 41.53 CNA Fin CNA 3.6 12 53.66 1.44 20.93 13.35 9.00 CNH Indl CNH 0.9 36 11.15 0.53 -19.98 131.55 93.58 CRH CRH 1.6 19 99.87 1.85
s 46.84 53.41 31.80 CSX CSX 1.1 31 53.23 0.42 35.76 110.68 58.50 CVS Health CVS 2.5 47 107.74 0.85 4.37 416.69 262.75 CadenceDesign CDNS ... 76 326.24 -4.22 3.32 119.81 96.53 CamdenProperty CPT 3.7 32 113.73 0.89 -3.97 135.24 68.96 Cameco CCJ 0.1 81 87.86 -1.47 29.61 122.50 71.00 CIBC CM 2.1 16 117.44 0.91
s 30.99 131.55 90.74 CanNtlRlwy CNI 2.0 24 129.48 -1.10 37.19 51.34 29.30 CanadianNatRscs CNQ 3.3 14 46.44 -0.57 25.44 93.95 68.42 CdnPacKC CP 0.6 28 92.36 0.04 -16.31 259.63 174.24 CapitalOne COF 1.6 72 202.84 2.88 10.96 243.21 137.75 CardinalHealth CAH 0.9 35 228.03 2.05
共同基金 年初至今净值 基金 净资产值 变动 %回报 年初至今净值 基金 净资产值 变动 %回报 年初至今净值 基金 净资产值 变动 %回报 年初至今净值 基金 净资产值 变动 %回报 年初至今净值 基金 净资产值 变动 %回报 年初至今净值 基金 净资产值 变动 %回报 年初至今净值 基金 净资产值 变动 %回报
年初至今净值 基金 净资产值 变动 %回报
年初至今净值 基金 净资产值 变动 %回报
年初至今净值 基金 净资产值 变动 %回报
按净资产排列的纳斯达克发布股份类别的前 250 强共同基金列表。
e-除权除息。f-前一日报价。g-脚注 x 和 s 适用。j-脚注 e 和 s 适用。k-由 LSEG 使用更新数据重新计算。p-适用分销成本，12b-1。r-可能适用赎回费。s-股票拆分或分红。t-脚注 p 和 r 适用。v-脚注 x 和 e 适用。x-除息。z-脚注 x, e 和 s 适用。NA-由于价格、业绩或成本数据不完整而不可用。NE-LSEG 未发布；数据审核中。NN-未跟踪该基金。NS-该基金在期初不存在。
移动运营商与 谷歌签署 $1 billion 协议以连接 数据中心
作者：KELLY CLOONAN 与 PATIENCE HAGGIN
威瑞森 (Verizon Communications) 在一项衡量高价值新客户的密切关注指标上超出了华尔街的预期，并表示在继续实施转型努力的同时，正在寻求新的收入机会，包括来自 AI 基础设施热潮的机会。
威瑞森首席执行官 Dan Schulman 周五表示，威瑞森与谷歌签署了一项价值超过 $1 billion 的新协议，根据该协议，这家科技巨头将使用该运营商的暗光纤来连接其数据中心。威瑞森计划在今年宣布与其他合作伙伴的更多协议，他表示这些协议在未来几年内可能带来数十亿美元的收入。
在与谷歌达成协议的同时，该运营商公布的业绩显示，第二季度后付费电话连接数净增 184,000 个，超过了华尔街的预期。它
–400
ERIC GAY/AP
SpaceX 在周五将其巨型火箭进行了另一次测试飞行，这是这家由 埃隆·马斯克 领导的公司在创造历史的首次公开募股（IPO）之后的首次发射。该火箭（见上图）在东部时间 6:45 p.m. 左右，从位于德克萨斯州布朗斯维尔附近的 Starbase 基地起飞，执行其第 13 次演示任务，沿东向轨迹飞升。与以往……
BY STEPHEN WILMOT AND DOMINIC CHOPPING 大众汽车因中国市场困境下调销售预期
由于中国汽车市场的崩溃以及中国汽车制造商在其欧洲腹地的快速扩张，大众汽车下调了其全年的销售预测。首席执行官 Oliver Blume 表示，日益增加的挑战表明有必要削减工厂产能和数万个工作岗位。
“这不是大众汽车的危机，而是整个行业的危机，”他在周五的一次电话会议上表示。Blume 在本月早些时候向这家德国公司的监事会提交了一项激进的重组计划，监事会将在未来几个月内对该计划做出决定。
该汽车制造商表示，预计今年交付量将下降 3% 和 7% 之间，而此前指引预计交付量将维持在去年水平。预计今年营收将下降多达 3%，而三个月前的预测是持平或增长 3%。
大众汽车表示，此次下调主要发生在中国，其第二季度交付量与去年同期相比下降了约 37%。该公司发起了一场昂贵的活动以期在中国的市场势头重新起来，中国曾为其贡献超过一半的利润。但在一个萎缩且竞争激烈的市场中，最近推出的产品尚未产生太大影响。
在整个 2025 年致力于制定成本削减计划后，面对日益剧烈的全球挑战（包括美国关税、美国电动汽车补贴的终止、制造成本上涨以及中国产品在欧洲的密集发布），大众汽车承诺将加倍努力。中国公司比亚迪（BYD）……
KRISZTIAN BOCSI/BLOOMBERG NEWS
这家德国汽车制造商预计今年交付量将下降 3% 和 7% 之间。上季度对中国的交付量下降了约 37%，且中国竞争对手在欧洲取得了进展。
……同时也高于分析师对移动和宽带服务收入的预期。公司整体营收同比小幅下降 0.7% 至 $34.25 billion，略低于分析师预期的 $35.16 billion。威瑞森 将此次下降归因于设备收入下降近 20%，因为客户在升级移动设备之前持有时间更长。该公司还指出，这是由于其决定削减新设备补贴。
由于与组建新合资企业相关的成本，季度利润有所下降。
威瑞森 正在努力削减成本、提高用户增长并更好地留住客户。其业绩反映了为改善公司未来定位而采取的措施，包括成立新的合资企业、裁员以及推出新产品。
威瑞森 正处于将许多容纳网络设备的设施改造为数据中心的早期阶段。Schulman 表示，与人工智能基础设施相关的新收入将是增量性的，并将在明年开始出现在公司的业绩中。
威瑞森 周五表示其……
威瑞森的季度后付费电话净增加连接数
600thousand
–200
2024 ’25 ’26
来源：公司
将舒尔曼（Schulman）的合同延长了一年，至 2028 年底。 该公司第二季度利润为 $3.95 billion，或每股 92 美分，低于一年前的 $5.12 billion 或每股 $1.18，且低于分析师预期。 该公司表示，利润下降主要是由于 $1.8 billion 的税前特殊项目所致，其中包括一项与英国 BT 协议相关的 $746 million 损失。
飞行任务，该行动预计将持续约一小时，航天器将在太空飞行，随后计划重新进入大气层并在印度洋着陆。
根据周四公布的官方数据，吉利、上汽和奇瑞 6 月在欧洲市场的合计份额为 11.2%，高于前一年同期的 7.5%。 “中国竞争对手正在南欧和东欧建设工厂，很难与利用率不足的工厂竞争，”首席财务官阿诺·安特利茨（Arno Antlitz）表示。 原有的重组计划预计公司将与强大的工会代表达成协议，到 2030 年在德国削减 50,000 个工作岗位，每年削减数十亿欧元的成本，同时避免在该国关闭主要工厂。 但布鲁姆（Blume）在最近的一份备忘录中表示，在管理、基础设施及支持其核心业务的其他职能方面，这家汽车制造商与同行相比仍有 20% 的成本劣势。
集团将合并各自的国际业务。上个月宣布的这家合资企业将允许这些电信公司更加专注于其国内业务。 根据 FactSet 调查的分析师数据，调整后的每股收益为 $1.30, 而预计值为每股 $1.28。该股在盘前交易中持平。 移动和宽带服务收入占据了公司营收的大部分，是一个亮点，增长 2.8% 至 $23.4 billion。这高于分析师约 $23.3 billion 的预期。 舒尔曼表示，公司正努力基于价值而非补贴促销来赢得长期留存。 他指出了多项新产品，包括上个月公布的一项新计划：为现有客户提供每月 $45 的无限流量线路，或为从其他运营商转入的客户提供 $30 的价格，这低于其单线 $55 的起步价。 这项新产品可能会使消费者更有动力离开家庭计划。
2Q 2026 +184,000
Starship 在发射台上高约 400 英尺，是 SpaceX (太空探索技术公司) 许多目标的贯穿性技术，也是这家由埃隆·马斯克领导的公司在上个月完成大规模公开募股时所获得的高估值的核心。SpaceX (太空探索技术公司) 表示，已在 Starship 上投入超过 $15 billion。 —Micah Maidenberg
舒尔曼于 10 月接掌公司，他表示最新的季度业绩表明其战略正推动整个业务产生“结构性拐点”。 “我们在关键指标上正在加速，在降低客户获取和留存成本的同时，实现了流失率降低的阶梯式变化，”舒尔曼说。 该公司本季度还增加了 348,000 个净宽带连接。 公司本月披露计划削减约 3,000 名员工，包括约 500 名公司员工，作为将其数百家零售店剥离给加盟商举措的一部分。此举是在去年秋天经历了一轮裁员和门店剥离之后进行的。 对于全年，公司现在预计调整后的每股收益在 $4.99 至 $5.04, 之间，高于此前 $4.95 至 $4.99. 的区间。公司继续预计全年零售后付费电话净增加额约为 875,000 至一百万。 威瑞森的股价周五上涨近 6%。
他补充说，弥补这一差距在理论上将进一步减少 50,000 名员工。
作为新计划的一部分，管理团队还希望到 2030 年在欧洲进一步削减 500,000 辆车的产能。布卢梅（Blume）还表示，由于大众汽车计划将产品线削减一半，因此无法保证未来十年内四家德国工厂的前景。该公司在周五的报告中未提供进一步细节，但布卢梅表示，由于工厂已有车辆在产，2030 年之前关闭工厂“并不现实”。在夏季假期之后，高管们将于 8 月在德国各厂区与劳工领导人和员工举行一系列会议。
该集团旗下拥有包括奥迪（Audi）、保时捷（Porsche）及其同名品牌大众汽车（Volkswagen）在内的品牌矩阵。报告显示，第二季度营收增长 2% 至 82.4 billion 欧元（相当于 $93.8 billion），营业利润下降 9.5% 至 €3.47 billion，营业利润率为 4.2%。FactSet 的分析师调查此前预期营业利润为 €4.02 billion，营收为 €81.2 billion。
尽管销售额下降，该公司仍预计今年将实现 4% 至 5.5% 之间的营业利润率，高于 2025 年记录的 2.8%。
华纳交易暂停
接第B1页
“有可能在 2027 年上诉至最高法院，”LightShed Partners 的媒体分析师 Rich Greenfield 表示。
派拉蒙在的一份声明中表示：“今天的协议是一次重大胜利，因为结果正是我们从一开始就寻求的：一条基于证据直接进入审理的路径。”
派拉蒙曾希望在本月，或者至少在延迟费用罚金触发前完成交易。
“交易仍可能完成，也可能无法完成。我们所知道的是，无论走向哪种结果，路径都变得更长、更混乱，且可能更加昂贵，”Forrester Research 副总裁 Mike Proulx 表示。
合并后的公司将拥有两家主要的电影和电视工作室、CBS 广播网络、包括 CNN 在内的数十个有线电视频道，以及流媒体服务 Paramount+ 和 HBO Max。
派拉蒙辩称，该交易将有助于公司更好地与 Netflix 等流媒体巨头竞争。该公司表示，各州提出的担忧并未反映当今竞争格局的现实。
“这次交易有利于竞争，有利于消费者，且有利于创作者，”派拉蒙周五表示，并补充称“原告对市场的定义与当今市场的现实毫无关系，且无法经得起推敲”。
由加利福尼亚州领导的各州则反驳称，此次合并将导致电影和电视的价格更高、质量降低且内容减少。
可能会 代价昂贵。
在美国地区法官 Araceli Martínez-Olguín 授予禁制令的裁决中，她表示，两家电影工作室在院线电影市场份额的结合使法院确信“可以推定拟议的合并可能会违反反垄断法”。
“我们反对这次非法合并的理由很简单：当太少的公司在对美国生活至关重要的市场中拥有过多权力时，会导致产品更贵，情况更糟，”加利福尼亚州总检察长 Rob Bonta 在一份声明中表示。其他起诉以阻止交易的州包括纽约州、科罗拉多州和亚利桑那州。
Bonta 在一次采访中表示，各州对潜在的补救措施或资产剥离不感兴趣。“我们不希望合并，”Bonta 说，“这就是我们唯一追求的。”
派拉蒙的一位发言人没有回应置评请求。
派拉蒙完成与华纳合并的截止日期是 March 4, 2027. 如果仅剩的障碍是监管批准或政府命令（包括反垄断禁令），则截止日期将自动延长至 June 4, 2027,
美国司法部上月批准了该交易，称其将改善“整个媒体和娱乐生态系统”的竞争。
本周早些时候，在派拉蒙同意做出轻微让步后，欧盟也给予了认可。澳大利亚和中国的监管机构也已给予批准。英国预计将于下月宣布决定。
对于派拉蒙和华纳而言，周五的行动基本意味着在可预见的未来，整合工作将陷入停顿。
据熟悉情况的人士透露，在派拉蒙内部，由于无法推进其计划（包括将两项流媒体服务合并以创建一个更强大的平台），挫败感正在积聚。
1.0
–1.0
–2.0
市场在动荡的一周后趋于平稳
股票在波动 之后以较低 水平结束本期， 周五市场情绪 大幅回稳
作者：KRYSTAL HUR
人工智能股票面临数十亿美元的损失。油价剧烈飙升后又迅速下跌。基准国债收益率跳升至今年最高水平。 一个翻天覆地的市场周在周五以平淡的基调结束。标准普尔 500 指数上涨不到 0.1%，道琼斯工业平均指数上涨 0.5%，即 236 点。纳斯达克综合指数下跌 0.6%。 如果看整个星期，情况则更为糟糕。在过去的五个交易日中，
0.5
–0.5
周五 市场
罗宾汉 (Robinhood Markets) 可能在预测市场业务中找到了另一个合作伙伴。
作者：Krystal Hur, Hannah Erin Lang 以及 Vicky Ge Huang
据知情人士透露，该公司正与数字货币交易所 Crypto.com 进行谈判，以扩大这家经纪公司在预测市场的立足点。到目前为止，罗宾汉依赖 Kalshi 为其预测平台提供投注合约，但最初的合作伙伴关系正演变为直接竞争，因为这两家公司
作者：MAURO ORRU
SAP 在第二季度录得强劲的营收数据，让投资者放心，尽管担心人工智能带来的颠覆，其云业务的增长依然健康。 这家开发了 Concur 差旅及费用管理平台的德国公司表示，其当前的云积压订单（CCB）——一个基于现有合同、SAP 预计在未来一年内可实现的销售额且受到密切关注的指标——按恒定汇率计算增长了 26%，高于约 24% 的预期。 “我们预计 CCB 将突破 24% 的共识基准，但 26% 的结果比我们的预期更加强劲，”Jefferies 分析师在给客户的一份报告中写道。 与此同时，德意志银行的 Johannes Schaller 表示，强劲的 CCB 进一步证明明年的增长应当会加速。 SAP 在法兰克福的股价周五上涨超过 9%。然而，该股自一月份以来下跌了约 34%，反映出部分投资者的谨慎态度，他们开始质疑是否快速
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公告
Randall Pearson，Oppenheimer & Co. Inc. 的 Pearson 私人客户群创始成员，在金融服务行业从业超过 40 年后现已退休。
纳斯达克综合指数下跌 2.1%，而标准普尔 500 指数和道琼斯工业平均指数分别下跌 0.6% 和 0.4%。标准普尔 500 指数和纳斯达克指数自三月以来首次出现连续两周下跌。早期的平静被本周晚些时候令人心惊肉跳的波动所取代，原油价格飙升至每桶 100 美元以上，且“七巨头”科技巨头的市值被蒸发了 8900 亿美元。特斯拉的股价本周下跌 18%，为 2022 年 12 月以来最糟糕的一周。亚马逊 (Amazon.com)、Alphabet 和 Meta Platforms 均下跌超过 6%。“我们看到的这种低迷状态需要一些积极的催化剂来打破，”Janney 首席投资策略师 Mark Luschini 表示，“投资者们或许对 AI 的叙事故事感到有些疲惫了。”
nies 互相渗透对方的领域。 据知情人士透露，目前正在讨论的合作伙伴关系将把 Crypto.com 的预测市场业务添加到 罗宾汉 的预测市场中心，并允许用户在 罗宾汉 的交易平台上对该加密货币交易所提供的“是或否”赌注进行投注。 罗宾汉 在去年年初首次开始提供 Kalshi 的基于事件的合约，允许用户对从体育赛事结果到美联储利率变动等一切事项进行“是或否”的投注。除 Kalshi 之外，罗宾汉 现有的预测市场合作伙伴还包括 Interactive Bro-
KRISZTIAN BOCSI/BLOOMBERG NEWS
SAP 的云订单积压量——一个备受关注的预期销售衡量指标——增长超出预期。
AI 的进步可能会取代软件即服务 (SaaS) 公司向客户收费的服务。这些担忧引发了今年早些时候软件股的大规模抛售。SAP 一直是 AI 的早期采用者，首席执行官 Christian Klein 表示，该技术可以提高员工生产力并
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过去一周的指数表现
1.5%
–1.5
纳斯达克综合指数 标准普尔 500 指数 道琼斯工业平均指数
10-minute intervals –2.5
Mon. Tues. Wed. Thurs. Fri.
来源：FactSet
SpaceX 的股价在过去一周下跌了 7.2%，较其在 6 月上市几天后达到的高点下跌了 40% 以上，公司市值从峰值缩水了超过 $1 万亿美元。
并非所有股市板块都下跌。标准普尔 500 指数的工业和材料板块上涨了 1% 以上，房地产板块同样上涨，并收于高点。
kers’ ForecastEx 和 Rothera。目前无法保证 罗宾汉 和 Crypto.com 最终能达成协议。罗宾汉的一位发言人表示，公司“将继续与多家交易所合作，以确保我们的客户能够进入一个多样化且具有韧性的市场。”
Crypto.com 在 2 月推出了其独立的预测市场平台 OG。自 2024. 年底以来，该交易平台通过其衍生品部门提供预测市场合约。2025, 年底，Crypto.com 宣布与特朗普总统的媒体业务合作，直接在社交媒体平台 Truth Social 上引入预测市场。该产品尚未推出。
今年夏天，罗宾汉与做市商 Susquehanna International Group 共同推出了期货和衍生品交易所 Rothera，以扩大其预测市场产品。分析师表示，自那时起，罗宾汉的客户在 Kalshi 交易量中所占的比例有所下降。Kalshi 引领了预测市场在美国的迅速普及。该公司在世界杯相关市场的交易量达到 $27 billion，而超级碗相关市场的交易量约为 $1 billion。
帮助客户进行数据分析并实现金融、人力资本管理、采购及其他业务流程的自动化。该集团近期推出了一套全新的软件套件，将其数据、云、AI 和自动化功能整合在一起。Klein 周五表示，其 Autonomous Suite 以及 Business AI Platform 表现出强劲的势头。
据非标准会计准则报告，这家德国商业软件公司周四晚间表示，在汇率不变的情况下，总收入比一年前增长 11%，达到 9.88 billion 欧元，相当于 $11.24 billion。SAP 的云业务销售额增长 24% 至 €6.28 billion。
作者：CONNOR HART Booz Allen 见证成本削减效益
Booz Allen Hamilton 表示，其多项业务的需求正在回升，且成本削减计划已见成效，导致近期季度利润高于预期。首席执行官 Horacio Rozanski 表示，公司目前的增长源于其国家安全投资组合。因此，Booz Allen 优先投资于先进的网络和国防技术，以及自主系统、物理人工智能和量子等下一代技术。
“我们在这些优先领域继续取得强劲进展，”Rozanski 在周五与分析师的电话会议上表示。
股价周五跳涨 10% 至 $72.53。该公司表示，尽管在充满挑战的市场动态中运营，但仍有望实现年度预期。尽管有所上涨，但该股在过去一年中失去了约三分之一的价值。
首席运营官 Kristine Martin Anderson 表示，尽管 Booz Allen 的国家安全业务组合受益于投资和需求的增加，但其民用业务组合面临的情况则截然不同。
“我们正处于一个转型期，”她说道，并指出近期收入仍受到近期合同削减以及授标环境放缓的压力。
展望未来，Martin Anderson 表示，各项指标显示该行业的 Demand 正在增加。她补充道，Booz Allen 仍在不断赢得新合同，但这些合同的规模通常较小，且执行期限较短。
由于民用业务面临压力，Booz Allen 去年削减了数千个工作岗位。截至 6 月 30, 日，总员工人数约为 30,900 人，下降了 7.5%。
先进网络与国防 技术。
est 水平，创 2022. 年 4 月以来最高。能源股上涨 3.8%，收于 5 月以来最高水平。 芯片制造商免于本周的惨剧。美光科技（Micron Technology）股价大涨 8.5%，超微半导体（Advanced Micro Devices）上涨 5.3%，博通（Broadcom）上涨 3%，英伟达上涨 2%。 国债收益率本周上升，10 年期国债收益率周五定格在 4.678%。周四，10 年期收益率定格在 4.7% 以上，触及 2025. 年 1 月以来的最高水平。国际基准原油布伦特原油本周上涨近 10%，至每桶 $96.78。 经济强劲的迹象在周五帮助提振了投资者的情绪。据报道，美国私营部门的商业活动在 7 月继续扩张至八个月高点。
Kalshi 此前推出了永续合约（perpetual futures），即所谓的“perps”，这类合约永不过期，允许交易者在交易中叠加杠杆。这为该公司带来了数十亿美元的交易量。 Kalshi 首席执行官 Tarek Mansour 在 6 月告诉《华尔街日报》，公司计划将其可交易资产范围扩展到除基于事件的合约之外的领域。 他表示，他认为罗宾汉是一个顶级竞争对手。 “他们既是我们的合作伙伴，同时又在与我们竞争，我认为这也很棒，”他说道。 “我们将看看谁最终拥有更好的产品，”他补充道。
该集团表示，其云业务在巴西、法国、德国、意大利、印度、韩国和西班牙表现出色，而澳大利亚、新加坡和美国表现也很好。SAP 的净利润从 €1.75 billion 增加到 €1.83 billion。营业利润从 €2.57 billion 增长到 €2.74 billion，产生 27.8% 的营业利润率。 SAP 与其他欧洲软件公司一样，将数据以两套数字呈现。一套基于国际财务报告标准（IFRS）——这是一种旨在提供全球报告标准的国际会计方法——尽管分析师和投资者倾向于关注 SAP 的非 IFRS 数据，后者剔除了重组费用和收购相关费用。 该公司将其年度非 IFRS 营业利润指引范围从之前的 €11.9 billion 至 €12.3 billion 略微下调至 €11.8 billion 至 €12.2 billion，理由是 Dremio 和 Prior Labs 收购的影响。公司继续预期云营收为 €25.8 billion 至 €26.2 billion，自由现金流约为 €10 billion。
$3billion
同比去年。 尽管如此，裁员以及额外的成本节约措施，已帮助提升了公司的净利润。该公司过去 98% 的 $12 billion 年营收来自政府相关业务，公司在 10 月表示将对其业务进行重组，以削减 $150 million 的成本。 Booz Allen 在其第一财季报告的调整后每股收益为 $1.81，远高于 FactSet 调查的分析师预期的每股 $1.48。在非调整基础上，利润为 $198 million，或每股 $1.63，低于一年前的 $271 million 或每股 $2.16。营收下降 4.2% 至 $2.8 billion，大致符合华尔街的预测模型。 总积压订单为 $39.48 billion，比去年增长 3.2%。
一项月度调查。6月份新单户住宅销售额上升至 628,000 套，高于5月份的 618,000 套，且高于《华尔街日报》调查的经济学家所预期的 606,000 套。强劲的收益也成为了市场参与者的慰藉之源。
根据 FactSet 的数据，标准普尔 500 指数 (S&P 500) 中已有超过 130 家公司报告第二季度收益增长了 69%。预计到所有公司全部公布业绩时，收益增长率将达到 37%。
在其他方面，自由正义中心 (Liberty Justice Center) 周五在国际贸易法院提起诉讼，认为特朗普总统新宣布的、针对美国主要贸易伙伴的 10% 至 12.5% 的关税，是试图恢复其全球关税政策的非法尝试。
美国运通 (American Express) 季度净利润
2025 ’26
来源：该公司
销售额上涨， 股价下跌
作者：KATHERINE HAMILTON
得益于信用卡会员消费的增加，美国运通（American Express）在第二季度公布了更高的销售额和利润。这家信用卡公司的销售额增长 10% 至 $19.64 十亿美元，但低于华尔街预计的 $19.7 十亿美元。由于投资者对这一轻微的未达标感到失望，周五股价下跌 4.3%。美国运通表示，第二季度会员消费增长 9%，为三年来的最高增长率。该公司最大的类别——餐厅消费增长了 10%，旅行预订则跃升 22%。由于信用卡余额的增加，卡费收入和净利息收入均有所增长。
近年来，美国运通一直致力于吸引收入更高且信用评分更好的消费者。该公司去年对其白金卡进行了升级，该卡的年费是美国运通所有卡片中最高的之一。白金卡系列目前是美国运通美国消费者业务中增长最快的组合。白金卡旨在面向那些愿意支付更高费用以享受机场休息室和豪华酒店礼遇等高端旅行权益的客户。
美国运通的季度利润为 $3.11 十亿美元，或每股 $4.53，而一年前为 $2.89 十亿美元，或每股 $4.08。FactSet 调查的分析师此前预计为每股 $4.40。公司预计全年销售额将增长 10%，而之前的指引为增长 9% 至 10%。公司维持每股收益 $17.30 至 $17.90 的预期。
Truist 分析师 Brian Foran 在一份报告中表示，一些投资者可能希望指引有更大的上调，因为该前景表明年内剩余时间的收入增长将维持在 10% 左右。他表示，周五的股价下跌表明华尔街希望增长能进一步提升。Foran 说道：“考虑到账单业务和收入增长均缺乏加速，市场的本能反应可能是失望。”美国运通表示，计划进一步投资其增长计划，包括其带有年费和一系列权益的会员信用卡生态系统。
2026 第二季度 $3.11B
市场份额正在 下降。但这件好事。
耐克
Asics
告别耐克 Air Jordans，迎接 Asics 的厚底“老爹鞋”。 耐克在与日本 Asics 的时尚之战中落败。这对 Asics 来说可能是一次充满压力的胜利，而对耐克来说则是一次悄悄的胜利。
跑步运动日益增长的人气帮助推高了 Asics 的股价，该公司是跑者的心头好。它是迄今为止表现最好的球鞋股，在过去三年中增长了四倍多。
耐克在流行生活方式球鞋（如 Air Jordan 1、Air Force 1 和 Dunk）上依赖太久，导致在跑步领域落后。它是表现最差的球鞋股，同期下跌 62%。
现在或许是角色反转的时候了。
耐克的前瞻市盈率已缩减至 23 倍，比其历史平均水平低 22%。Asics 的市盈率则增长至 26 倍，在今年早些时候超过了耐克。
由于对耐克的预期较低，现在可能是投资者给该公司另一次机会的时候了。尽管短期增长预期低迷，但耐克的境遇似乎正在好转。重要的是，有迹象表明，耐克的生活方式球鞋业务正调整至一个更健康的规模，而其性能产品部门正在改善。这应该会支撑股价。
自大约两年前接任耐克最高执行官以来，首席执行官 Elliott Hill 一直致力于将公司重新转向性能类产品
(HEARD ON THE STREET)
性能鞋类，这是一个比易受潮流影响的生活方式运动鞋更耐用的类别。耐克之前的领导层过于依赖热门的生活方式运动鞋，例如 Dunk 系列，但当这些篮球鞋廓形失去热度而被跑步鞋审美取代时，这一策略产生了反作用。
花旗集团 (Citi) 股票分析师 Monique Pollard 表示，投资者倾向于喜欢更专注于性能的品牌，因为该细分领域赋予了品牌其 DNA。根据 Jefferies 股票分析师 Randal Konik 的说法，耐克正试图恢复其历史上的产品组合，即大约 60% 的性能产品和 40% 的生活方式产品。
有迹象表明这一策略正在奏效。耐克在运动鞋转售平台 StockX 上的市场份额有所下降，这表明其生活方式运动鞋业务正在进行规模优化。根据花旗研究部对 StockX 数据的分析，耐克在 6 月的总销售额中约占 70%，低于 2023 年底的大约 77%。与此同时，该平台上的 Air Jordan 1 和 Air Force 1 的价格已经回升，这表明收藏家市场不再供应过剩。
与此同时，耐克的性能细分领域正在改善。根据其最新的财报电话会议，耐克在跑步类别中已连续五个季度实现两位数的百分比增长，在此期间增加了大约 $1 billion 的销售额。
该公司表示，在其截至 5 月 31 日结束的财年里，其在西欧和北美的跑步鞋市场份额增长了 5 个百分点。自从希尔 (Hill) 开始扭转局面的努力以来，谷歌上对耐克跑步鞋——Vomero 和 Pegasus——的搜索兴趣有所增加。
财务分析与评论
[[IMG_XXXX]] StockX 上的转售成交量份额* 90% 2024 ’25 ’26
2024 ’25 ’26
*12-month rolling data 来源：花旗研究部、StockX（成交量）；FactSet（性能）
Asics 则在向相反的方向发展。该品牌的传统核心业务是性能跑步鞋。但近年来，其生活方式运动鞋业务——包括其奢侈品牌 Onitsuka Tiger——的增长速度超过了性能跑步鞋。
Asics 计划在 2027 年初分拆 Onitsuka Tiger。
Asics 的运动鞋一直受益于“老爹鞋”趋势，这种趋势青睐 2000 年代初那种厚底、网格面板的跑步鞋。这些鞋款正在夺取耐克复古篮球鞋的市场份额，而后者在 2020 年代初主导了生活方式运动鞋市场。耐克也有自己的厚底跑步鞋版本。
Asics 的性能和体育类别目前占营收的 55.4%，低于 2022. 年的 64.5%。其生活方式细分市场的利润率更高，因此这种转变对 Asics 的净利润非常有利。在过去三年中，其净利润按复合年增长率计算增长了大约 70%。
股价表现 400% Asics On Adidas Puma Nike –100
耐克连续五个季度实现了稳健增长。
Asics 可能仍有一定的增长空间。它的规模仍然只有耐克的一小部分，而且跑步鞋目前非常流行。根据花旗分析的数据，在过去 12 个月的滚动基础上，Asics 运动鞋在 StockX 上的平均溢价约为零售价的 20%，高于任何竞争对手。这表明 Asics 没有向市场过度供应其生活方式运动鞋。
尽管如此，其对潮流运动鞋日益增加的依赖是投资者需要关注的问题。没有哪个品牌能免于时尚潮流的风险——即使是强大的耐克也不例外。
至于耐克，其复苏可能在未来几个季度内不会体现在营收额上。生活方式业务的规模优化严重削减了其收入，根据 Visible Alpha 的数据，华尔街预计其恒定汇率销售额将再出现两个季度的下降。然而，等到其营收增长回归时，其股价可能不再便宜。最好提前布局。
—Jinjoo Lee
SPENCER PLATT/GETTY IMAGES
作者：PAMELA PAUL
CHRISTIAN SMITH 作者及社会学家 W
为什么有些人 比其他人 更富有？ 是什么驱动了社会弊端 或引发了一场社会 运动？ 为什么人们 不再多生孩子？ 这些是当今国家面临的 一些最重要的问题。 答案塑造了我们的生活，使我们的政治两极分化，并加剧了我们的文化战争。 社会学，这一被赋予寻求答案之任务的学科，似乎已准备好应对这些问题。几十年来，它的分析为从刑事司法、移民到城市发展的各项问题提供了政策参考。它引入了诸如“白领犯罪”、“士绅化”、“非预期后果”和“文化资本”等开创性概念。在不同时期，社会学家提出了并批判了平权行动，启发并抨击了福利改革，诊断并摒弃了核心家庭的解体。 然而今天，社会学家们正陷入一场属于他们自己的意识形态和生存之战——这场战争正日益公开化，且在一定程度上是由他们自己造成的。简而言之，研究人的学科，现在遇到了“人”的问题。 2023, 年，当时佛罗里达州的教育专员 Manny Diaz Jr. 将社会学视为文化战争中的头号敌人 1.。他说，该学科已被“左翼活动家劫持”，导致该州将其所有公立学院和大学的通用教育课程中删除了社会学导论。 美国社会学协会（American Sociological Association）随即谴责这一举动是对该领域公然的歪曲，并且是试图将社会科学的堡垒不必要地政治化。然而，同年，该协会主席在向会员描述社会学时，称其为一种“解放实践”，目前正“在反种族主义、去殖民化、女性主义、酷儿和跨国理论的引导下，向着更具包容性的见解迈进，从而经历一场文艺复新”。 与此同时，一个名为“支持巴勒斯坦社会学家”（Sociologists for Palestine）的团体，正在抵制下个月举行的美国社会学协会年会（主题为：“打破现状”）。
“CEO 家长”
THE WALL STREET JOURNAL.
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观点
原因何在？美国社会学协会（ASA）拒绝授权对其自身提出的抵制提案进行投票——该提案旨在抵制以色列的学术机构。这引发了一场反向请愿以及如此剧烈的反弹，以至于《高等教育纪事报》（The Chronicle of Higher Education）将其称为一场“社会学战争”。
目前，ASA 的会员人数正在大幅下降，会员数仅为 9,400 人，低于 1972 年顶峰时的 14,900 人。
长期以来，社会学因被认为过于“柔软”而遭到许多人文科学和“硬”社会科学学者的嘲笑，而现在，它正面临来自内部的批评。
一群声音日益高涨的社会学家表示，与经济学、心理学和政治学相比，该学科声誉的崩塌显得尤为明显。后三者似乎更严肃、更务实——是进入法学院、商学院或获得医疗保健高级学位的门户。而那些学科经常使用前沿的方法论，社会学则显得陈旧
我的周一早晨
且充满理论。甚至社会学家也承认，学生们被吸引到这个专业通常是因为害怕数学，或者被社会学作为一种参与激进主义的手段所吸引。
从 2013 年开始，社会学专业的学生人数从 31,000 人下降到 2024 年的 21,000 人。一项 ZipRecruiter 的民意调查发现，社会学在大学毕业生最感后悔的专业之列。
人们很容易将这一切简单地视为学术界脱轨的又一个可悲例子。但社会学崩溃的影响远超高等教育的范畴，它驱动着从中学生学习的内容，到职场和文化机构的运作方式（或功能失调方式），以及哪些思想在影响立法。
在许多方面，社会学是所有社会科学之母，她孕育了从犯罪学到后殖民研究，再到族群研究等数十个学科。
与在个人层面运作的心理学不同，社会学关注
请翻页
马展
应该 培养 知识分子。”
WSJ 条款与条件，GETTY IMAGES
公开 崩溃
接前页
考虑的是总体的、且通常是长期的社会现象。通过研究教育水平、劳动力转移以及社交媒体和人工智能（A.I.）的影响，社会学能够提供一张关于社会健康状况的大尺度图景。社会学的根源可追溯到 19 世纪的欧洲理论家，如马克斯·韦伯（Max Weber）和埃米尔·涂尔干（Emile Durkheim），并在美国进步时代（Progressive Era）形成了专业的学科体系。许多人将 W.E.B. 杜波依斯（W.E.B. Du Bois）视为美国社会学之父。尽管受训为一名历史学家，但后来成为全美有色人种协进会（NAACP）创始人的杜波依斯，运用社会学方法记录了奴隶制和吉姆·克劳法（Jim Crow）对美国黑人的影响。杜波依斯兼具社会科学家和活动家的双重角色，也引发了关于社会学家角色最激烈的争论之一。在 1896 年，杜波依斯将社会学定义为“对真理的发现”，并警告说，如果学者们“为了迎合当下的心血来玩弄真理”，他们将“损害全世界的科学真理事业”。传统上，社会学家将他的话解读为在研究真理与采取行动之间划定了一道硬线。但那些遵循“学者-活动家”模式的社会学家指出，杜波依斯同样相信将社会学真理应用于追求活动主义，他在 1906 年承诺将“永远不停地抗议并冲击美国的耳朵”。
许多社会学家认为，社会学在根本上是由从事该工作的人所塑造的。早期的社会学家难道没有声称根据所谓的经验证据证明白人对其他种族的优越性吗？后来保守派和新保守主义社会学家的研究则为“破窗警务”、种族剖析（racial profiling）、福利改革和色盲政策（colorblindness）等政策提供了依据。对于许多沉浸在后现代理论中的当代社会学家来说，坚持认为存在单一真理是一个谬论，而客观性本身就是一种压迫工具。研究法律与冲突（侧重于巴以问题）且担任加州大学圣巴巴拉分校（UC Santa Barbara）社会学系主任的丽莎·哈贾尔（Lisa Hajjar）认为，社会现象始终由权力政治和竞争利益所塑造。该系是美国最大的社会学系之一。她说：“我总是告诉学生，面对人们生活、创造和改变的复杂世界，不存在单一的阿基米德真理支点。只有呈现信息和构建论点时，有更好或更差的方式之分。”
根据一个日益占据主导地位的社会学家群体，社会学家还需要更强有力地参与公共事务。波士顿大学社会学及非裔美国人和黑人离散研究教授赛达·格伦迪（Saida Grundy）表示：“作为一个群体，当我们需要中断公共损害或倡导公共利益时，我们需要向公众发声。”她将美国社会学协会（ASA）比作美国心脏协会，后者利用其研究和权威来推广旨在改善公众健康的理念，提供指南并发布警告。ASA 及其个人成员难道不应该同样部署他们的研究，来谴责不公正并推动社会变革吗？在她看来，社会学有义务与世界接轨。例如，研究移民的社会学家应该公开反对移民海关执法局（ICE）。“我相信社会学是一件武器，”格伦迪说。
其他社会学家则认为，这种向活动主义倾斜的冲动不仅损害了社会学研究的目的和用途，还损害了研究本身的质量。该学科不再进行客观分析，而是在塑造、甚至扭曲真理。
活动家-学者模式的批评者经常引用克里斯蒂安·史密斯（Christian Smith） 2014 年出版的《美国社会学的神圣项目》（The Sacred Project of American Sociology）一书，认为该书有力地诊断出一个日益被某种准宗教式活动主义冲动所腐蚀的学科。
“社会学的神圣项目拥护解放、自主、平等、公正、包容、多样性、开放心态、进步、宽容——”
当时的佛罗里达州教育专员曼尼·迪亚兹（Manny Diaz Jr.，上图）在 2023 年，当年该州将社会学入门课程从州立大学中移除。斯通布鲁克大学的穆萨·阿尔-加尔比（Musa al-Gharbi，左上）和波士顿大学的赛义达·格伦迪（Saida Grundy，右上）。
“……容忍和世界主义，”史密斯写道。“最终，那个神圣的项目实际上倾向于产生宗派狭隘、排斥、统一、禁言、自我审查、缺乏辩论、对不从者进行负面制裁，以及对严谨思考的削弱。”
史密斯在大约同一时间退出了美国社会学协会（ASA），因为他认为同事们缺乏自我意识而感到心灰意冷，认为这些同事的工作聚焦于世界的错误，却未能认识到自身的错误。教授们使用的教科书被他描述为“掩饰薄弱的政治进步主义，被稀释成了可悲的糊状物”。今年一月，他从圣母大学辞职，他曾在那里担任社会学教授 20 年。
“在我看来，社会学应该培养出能够对世界进行深入且富有洞察力思考的知识分子，”他说。相反，他说，它培养出的是技术员和活动家。“这一切令人痛苦之处在于，我相信社会学确实很重要并能做出贡献。但社会学正走在错误的道路上。一段时间以来，我一直在想：‘如果我们直接将这个学科清算掉会怎样？’”
在今年竞选 ASA 主席期间，宾夕法尼亚大学的社会学家梅莉莎·怀尔德（Melissa Wilde）签署了一份请愿书，反对 ASA 就“支持巴勒斯坦的社会学家”所提出的抵制方案进行投票。她认为，社会学家作为一个整体应该保持中立。
“如果 ASA 保持政治中立，活动家们在开展活动时将不受限制；但如果 ASA 变成了活动主义组织，那些不希望政治干扰研究的社会学家在进行研究及其产生影响时，将会受到极大的限制，”她说。（她输掉了选举。）
对于伊利诺伊大学厄巴纳-香槟分校专门研究政治两极分化的社会学家伊拉娜·雷德斯通（Ilana Redstone）来说，社会学的困境是通过 1971 年最高法院的一项裁决——“格里格斯诉杜克电力公司案”（Griggs v. Duke Power）而开始蔓延的，该裁决认定对员工产生不均衡影响的做法是非法的。根据她的分析，将结果不均衡等同于歧视的道德方程式很快就在学术界和媒体等机构中根深蒂固。群体代表性不足或薪酬不平等被视为
关于 因果关系的 问题 视为 已定论。”
ILANA REDSTONE 社会学家
她认为，这是偏见的证据，导致了多样性、公平性和包容性（D.E.I.）实践的激增，包括围绕潜意识偏见、伤害和意图的概念。在社会学领域，这意味着群体之间的任何不平等在事实上都是歧视的结果，从而使其他可能的理论变得毫无意义。Redstone 表示：“我们将关于因果关系的问题视为已定论。” 甚至建议对替代性的社会学解释进行研究，在最好的情况下也被视为种族主义、道德错误和责怪受害者。
其后果正在整个社会中上演。“一旦有人声称‘我们站在历史正确的一边，我们是在做关心正义的好人的工作’，就会产生巨大的社会压力，”她说。她说，这排除了分歧，“并且这对民主具有巨大的破坏性影响。”
Redstone 的批评建立在同行中流传的其他观点之上。在由 Heterodox Academy（一个致力于学术改革的非党派组织）等组织召集的访谈和小组讨论中，批评者表示，研究、教学和实践的公开政治化正在扼杀这个学科。他们称这是一个混乱的学科，撰写了标题如《社会学如何自救》的论文，并在博客中讨论“社会学中普遍可疑的假设”。他们描述了这样一种氛围：为了获得晋升，你必须一贯地通过政治忠诚度测试，据此发表文章，并祈祷自己在没有被“逐出师门”的情况下获得终身教职。专注于宗教、军事或执法等沉闷的主题——尤其是如果有人持有积极看法——就像炫耀皮草大衣一样过时。
在他们看来，当代社会学对种族、性别和阶级的不懈关注，其对社会变革需求而非社会稳定益处的强调，以及对不平等的痴迷，等同于放弃学术职责，降低了社会学研究的价值，削弱了其影响力，并破坏了公众的信任。（根据一项分析，如今旗舰社会学期刊上发表的文章中，80% 涉及不平等问题。）
今年春天，范德堡大学和华盛顿大学的一份谴责报告指出，社会科学存在一种“独特的政治化形式，其中学术事业被认为从属于或服务于知识和理解进步之外的政治（社会或道德）目标”。参与范德堡大学和华盛顿大学报告的社会学家 Ashley Rubin 表示：“活动主义逻辑正在取代科学逻辑。”北德克萨斯大学的社会学家 Kevin McCaffree 表示：“如果你查看大量关于资本主义、性别歧视、种族主义的当前研究数据，你会发现社会学在歪曲证据、掩盖证据或直接扭曲证据。”他指出，有大量研究试图证明美国贫困的普遍性、女性在招聘中遭受的猖獗性别歧视以及由此带来的伤害——
被“微侵犯”（microaggressions）所困扰。“在我工作中，每天的目标就是不搞政治，”麦卡弗里（McCaffree）表示。“我的工作是在脑海中想象一个持有相反假设的人，并与他们反复探讨以测试我的观点。我认为大多数社会学家没有意识到他们自身偏见的程度，以及支持其主张的证据之薄弱。”麦卡弗里和其他经验主义者指责学者们在进行“不对称分析”，具体取决于相关群体是否被视为“少数群体化”，从而扭曲了结果。而且，对系统的强调否认了群体或群体内个体任何形式的主体能动性。他认为，社会学家有责任向学生和公众公开这些失败，包括多年来受到干扰的研究。麦卡弗里还是《理论与社会》（Theory & Society）期刊的编辑，他在 2023 年在出版商解雇前任编辑后接任此职。麦卡弗里决定将该刊物的方向调整得更加开放和严谨。随后，全体员工随即辞职。“社会学内部对意识形态一致性的强制执行如此剧烈，以至于无法被忽视，”他说。“与此同时，对高等教育的信任正在崩塌。这在一定程度上是由社会科学中政治化的学位所驱动的，在这方面，社会学正是问题的核心（the belly of the beast）。”韦恩州立大学的犯罪学和社会学教授尤卡·萨沃来宁（Jukka Savolainen）表示，过多的社会学研究是“资源的浪费”且错失了机会。“难道我们不想了解犯罪的原因吗？我们想知道科罗拉多州是否有委内瑞拉帮派吗？还是我们只是简单地说：‘警务不好，假释不好，它们破坏了社区，警察是偏见者，而真正的问题是警察暴力’。”石溪大学的社会学家穆萨·加尔比（Musa al-Gharbi）讲述了一位哥伦比亚大学教授在社会学入门课上布置阅读儿童绘本《反种族主义婴儿》（Anti-Racist Baby）的故事。她在第一节课上举起这本书并宣布：“这就是社会学研究的内容。”加尔比所谓的“常识性信念”（normie beliefs）——那些通常正确且有据可查的观点——在该学科内部被无情地削弱：你认为宗教是有益的？你认为男人和女人不同？相信婚姻能稳定社会，或者认为警察是必要的？错了。他说，通过这种或其他方式，教授们可能会在无意中挫伤学生的积极性或使学生感到疏离。他说，在许多社会学课堂上，社会被无情地描绘成“坏，坏，坏”，而且这种方式提供的是一种对美国较低准确度的理解。“基于社会学的叙述，你会认为美国是某种种族主义的炼狱，而白人则异常堕落，”加尔比解释道。“事实上，美国人跨越差异而和谐相处的情况比地球上任何其他国家都要好。”
顺时针从顶部开始：OCTAVIO JONES/路透社；PATRICK MITCHELL；KRISTINA KRUG 为 WSJ 拍摄；FRED ZWICKY/伊利诺伊大学厄巴纳-香槟分校；CONOR HARRIGAN
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作者：SEBASTIAN JUNGER 2007年10月，士兵们在科伦加尔峡谷运送一名阵亡战友。
毫无疑问，美国士兵在某些地面战斗中需要几乎超越常人的体力。2007年至2008年期间，我随同驻在阿富汗臭名昭著的科伦加尔峡谷的一个空降步兵排，目睹了年轻人们在海拔 7,000 英尺、地形极其崎岖（正是塔利班偏好的藏身之所）的地方，背负着沉重到足以压碎脊椎的装备、弹药和武器。 (在另一次随军报道中，迫击炮小组表示他们每人携带的重量远超 100 磅。) 科伦加尔峡谷的士兵们负重太重，以至于当他们几乎每天遭到射击时，在陡峭的山丘上几乎是缓慢走向掩体的。美军的任务是防止塔利班将科伦加尔作为攻击人口密集区的基地，但美军追击的敌人在该地形中的移动速度快四到五倍。在我随行的部队中没有女性，且几乎没有 30 岁以上的男性。国防部长皮特·海格塞斯（Pete Hegseth）认为这类工作需要巅峰状态的体能，这一点是正确的。本月，他宣布将对美国军队中所有 30 岁及以上的“作战员”进行年度睾酮缺乏检测，并表示此举是为了优化性能。在研究中，睾酮在临床上与体力、红细胞计数升高、更高的心血管能力以及攻击性相关——所有这些在任何形式的体力对抗中都能提供极大帮助。男性的睾酮含量可比女性高出 20 倍，从而导致显著更高的运动能力，但研究表明，他们的睾酮水平在 30 岁左右开始下降。肥胖、慢性压力、睡眠不足、酒精滥用以及近距离照顾婴儿也会降低其水平。当然，补充睾酮可以改变这一点，海格塞斯表示，如果医生建议治疗，任何性别的人员都可以接受睾酮替代疗法。他在一段名为“高T战争部”的视频中宣布这项计划时说：“每一天，你都在被推向生理和心理的绝对极限，以精通武职。通过尽早处理这些健康指标，我们能让你始终处于杀伤力的前沿。”但低睾酮水平并不总是会对身体机能造成影响。而且，睾酮缺乏很难检测，因为其在昼夜周期中的波动很大。
真的“失调”了吗？
作者：EMMA ROSENBLUM 一个健康领域的 “心魔” 引发了 一个繁荣的 精品 产业
我亲眼见证过。
幸运的是，军队已经有了各项测试：新兵训练营、步兵学校以及岗位本身。那些无法应对像科伦加尔（Korengal）这类地区在身体和心理上苛刻要求的人，要么被“按章除名”，要么被调往后方岗位，以免干扰战斗行动。我记得有一位强悍且强壮的下士在陡峭的山坡上放弃了，当时我们完全暴露在敌军的火力之下。“长官，我真的撑不住了（I’m just smoked, Sar’n），”他向其小组长解释道，后者随即……
几个月前， 我不小心在一条号称能教你如何“调节神经系统”的 Instagram 帖子前停留了太久。 它提供了一系列建议，包括放慢呼吸、安抚系统、采用温和的动作以及让自己去感受。 但该帖子没有解释它所解决的问题。我的神经系统需要调节吗？我怎么知道是否需要？“你的神经系统追求的不是完美，”文案写道，“它追求的是安全感。” 事实证明，我不经意间进入了健康领域一个蓬勃发展的空间。在这个空间里，自称专家、整体健康教练和治疗师的人们使用“神经系统失调（nervous system dysregulation）”一词来描述与压力和职业倦怠相关的症状。 虽然确实存在关于创伤后应激障碍（PTSD）和慢性压力对身体影响的研究，但对于这种特定状态，并没有正式的 DSM（精神疾病诊断与统计手册）诊断。它似乎是在大流行期间，通过社交媒体的“群体意识”而被创造出来的。 六年之后，“调节后的神经系统”这一概念已达到临界点。梅尔·罗宾斯（Mel Robbins）和杰伊·谢蒂（Jay Shetty）分别在多期播客节目中探讨过这一主题。 体操运动员乔丹·柴尔斯（Jordan Chiles）曾表示，午睡“有助于调节我的神经系统”。 Goop 账号在二月份发布的一篇帖子中，格温妮丝·帕特洛（Gwyneth Paltrow）分享了她的神经系统重启方法，包括放松身心的沐浴、超级食物奶昔以及在加州奥海（Ojai）度过的一个女性周末。 相信身体神经系统——这个由大脑、脊髓和神经组成，涵盖从呼吸、思维到消化的网络——这样一个抽象概念是可以控制的，只要我们足够努力，这确实很有吸引力。我看过人们为了修复“失调”而进行冷水浸泡、给自己按摩耳朵，以及将身体扭曲成不可思议的拉伸姿势的视频。 “当网络上的人提到神经系统时，他们是在使用一种隐喻来谈论自己的身体状况，并且使用了一个听起来很科学的术语，”北……大学的杰出心理学教授丽莎·巴雷特（Lisa Barrett）说道。
往回走，“你没权利在这里抽烟。”这个年轻人继续向山顶的掩体推进。
如果要被选入第 173 空降师，这个人在当时几乎肯定能在美国陆军的体能测试中获得 270 分（该测试的指标近期有所变动）。这意味着他可能在两分钟内完成了 60 多个俯卧撑和约 70 个仰卧起坐，并在 14 分半钟内跑完 2 英里。这将使他有资格加入一个要求每名士兵至少携带 25 磅防弹衣，以及额外的 40 到 50 磅武器、装备、水和弹药的部队。（M240 机枪手携带的更多：至少一件 27 磅的武器和 20 磅的链式弹药，以及个人装备。）在炎热天气下，根本不可能携带足够的水来支撑这种强度的体力消耗；我曾亲眼看到士兵们脱水严重，以至于不得不饮用从医疗包中取出的一袋袋静脉注射液。在寒冷天气下，停下来则很危险，因为士兵们出汗过多，面临失温风险。这些士兵就是海格塞斯 (Hegseth) 演讲中所指的“战斗员”，但只有极小比例的美国军人会经历这种持续的地面战斗，而且其中许多士兵身处机械化部队。换句话说，只有相对较小比例的士兵和海军陆战队员需要海格塞斯所追求的那种睾酮水平，而他们的工作本身就是一场持续的睾酮测试。一名士兵几乎不可能以中年人的激素水平在科伦加尔 (Korengal) 生存下来。更典型的是像海格塞斯在服役期间从事的那类工作。他在关塔那摩湾负责看守被拘留者，曾担任民政官员在——
皮特·海格塞斯 (Pete Hegseth) 宣布对 30 岁及以上的 部队人员进行 睾酮筛查。
——东大学（译注：此处原文缺失）以及畅销书《关于大脑的七节半课程》的作者。“当他们说自己‘失调’时，意思其实是：我感到痛苦。我感到精疲力竭。我感到不知所措，”她说。
但巴雷特 (Barrett) 表示，围绕这一概念的许多语言都是“神经科学伪科学 (neuro-bulls—t)”。压力是真实存在的，巴雷特知道现在压力很大。“我们正处于一个充满不确定性的时代，而持续的不确定性就像是对免疫系统的一种低级别炎症，”她说。换句话说，压力确实会对健康产生不利影响。但将其界定为神经系统的问题“完全是一种大规模的简化，”她说。
将负面情绪病理化是一个非常现代的概念。过去被认为是生活伴随的生理感觉——偶尔的心跳加快、呼吸急促、在出问题时感到颤抖——现在变成了某种临床症状。矛盾的是，这种转变发生在公众对心理健康问题了解增加的同时。随着“创伤”、“界限”和“自恋”等词汇进入主流，它们被更多地误用和稀释。
而且这背后不乏商业潜力。
为了进行神经系统调节，你可以从 Aegis Formulas 购买一套价值 $132. 的“战斗或逃跑”补充剂套装。或者从 Truvaga 购买一个价值 $499. 的迷走神经刺激器。你甚至可以——
伊拉克，并在阿富汗教授反叛乱课程。在一支主要由非步兵和非战斗人员组成的军队中，睾酮主要是一个生活质量问题。任何睾酮水平较低的人都可能被医疗专业人士告知，补充剂会对他们有益——但这也存在副作用。2016年发表在科学期刊《生物精神病学》（Biological Psychiatry）上的一项研究发现，在接受睾酮补充的具有主导性和冲动倾向的男性中，在服药后 60 分钟内存在采取攻击行为的风险。海格塞斯（Hegseth）的“高T”视频中完全没有提到在指导是否服用睾酮时可能随之而来的心理健康评估；具有攻击性和冲动特质的男性在使用这些补充剂时，可能会让自己和他人陷入巨大的风险——特别是如果他们还携带火器的话。过度主导和冲动带来的风险对于军队来说，为了让一名“战斗员”留在前线可能是值得的，但对于供应员或民政官员来说则可能并非如此，因为这些工作在任何允许的年龄段都可以由任何性别的人担任。而且，补充睾酮甚至可能通过引发身体和情感上的副作用，使某些军人的战斗效能降低，这本身就是一个风险。
塞巴斯蒂安·荣格（Sebastian Junger）是书籍《战争》（War）的作者，以及奥斯卡奖提名纪录片《雷斯特雷波》（Restrepo）的联合导演，他经营着名为“与塞巴斯蒂安·荣格在一起的部落”（Tribe With Sebastian Junger）的 Substack 博客。
雇佣一名“神经系统专家”。帕尔特罗（Paltrow）在她的 Goop 播客中表示，她有一位专家来帮助她的心理健康，不过她并未分享该专家具体如何提供帮助。 该话题最大的布道者之一是吉姆·柯蒂斯（Jim Curtis），一名“催眠冥想”教练——他可能更因身为詹妮弗·安妮斯顿（Jennifer Aniston）的男友而闻名——他在 Instagram 上拥有超过一百万粉丝。他已成为那些寻求治疗失调者的某种精神导师。在通过电子邮件发送的一份声明中，柯蒂斯表示，他自己的慢性疾病让他明白，压力和恐惧可以“深刻地影响我们的感受和生活”，并且他看到人们在学会调节情绪反应后，其“幸福感得到了显著提高”。他的“觉醒与对齐”（Awaken & Align）课程收费 $2,995。 但如果所有这些对自身内部状态的审视实际上正是问题的一部分呢？巴雷特（Barrett）表示，我们或许不应向内审视，而应重新回归他人（如果压力过于持久，则寻求专业帮助）。她说：“消费并非沟通。当你感到压力大时，去和朋友喝杯咖啡，不要再在 Instagram 上刷技巧了。”
顶部起：LYNSEY ADDARIO/GETTY IMAGES 报道；国防部长 PETE HEGSETH/路透社
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作为两个孩子的母亲，克里斯汀·兰迪斯（Christine Landis）有些任务是不愿做的。她从未给孩子们剪脚趾甲——她说是因为太焦虑，所以由保姆处理。大多数夜晚，家庭助理负责洗澡时间。兰迪斯还把她所谓的“重复性游戏”交出去，比如把同一本书读五遍，或者看着幼儿开关门 45 分钟。为了实现这一点，住在圣迭戈的兰迪斯每年花费大约 $250,000 来维持一个家庭工作人员团队，其中包括一名住在房内的家庭助理、一名周末保姆、一名私人厨师和一名管家。
一个保姆已经不够用了。像兰迪斯这样富有的职场父母正在雇佣团队来处理抚养孩子的工作，包括训练幼儿如厕的专家、教孩子骑自行车的教练、管理学校申请以及准备夏令营行李箱的人员。将其称为“CEO式育儿”：将现代家庭视为一个小企业，并将低愉悦感的任务委派出去。“每一小时我没有被琐事困住，我就能花一小时全身心地陪伴孩子，” 44 岁的兰迪斯说道，她曾是一家金融科技公司的 CEO，也是 Peacock Parent 的创始人，这家公司利用 AI 帮助家庭管理家务。
像兰迪斯这样的家庭依赖于一个不断增长的高端服务行业，以满足其增加家庭人员的需求。Quintessentials 是一家全球礼宾公司，其美国会员年费从 $25,000 起，该公司处理过幼儿园申请、宠物采购以及由随行教师陪同的为期六个月的家庭休假。Household Staffing 是一家在纽约和费城设有办事处的人才机构，其运营总监奥利维亚·方丹（Olivia Fountain）表示，近年来需求增长最快的是该机构所称的“家庭助理保姆”。在学校上课期间，该角色包括管理日程、协调预约和活动、跑腿以及监督日常家庭行政事务——然后在孩子回家后转换为育儿模式。家庭助理通常具有育儿背景，他们结合了房屋经理、私人助理和保姆的职责。她的机构接到了各类育儿请求：随行参加赛事的马术保姆，以及准备文化特色饮食的婴儿厨师。
特定的果泥，以及孩子的私人造型师。Fountain 表示，最近的一个请求来自一位急于为孩子弄到某个特定限量版 Labubu（一种夹在手袋上的收藏玩偶）的家长，该家长要求保姆在社交媒体上发布信息，表示愿意支付任何代价，直到弄到一个为止。 “这就是由无数件小事组成的，”Fountain 说道。“包装生日礼物。卸掉背包里的东西。需要拆解的 Amazon 纸箱。这些所有的事情都会让你的时间消失殆尽。” 家庭人员配备公司 Pavillion Agency 的副总裁 Seth Norman Greenberg 表示，他曾为一个实践“无尿布育儿法”的家庭安置了一名护理人员，要求员工能够读取信号并及时将婴儿送到浴室。 这家总部位于纽约和洛杉矶之间的机构，服务的客户经常在他们的 5 到 10 处房产之间轮换，且每处房产都配备全职员工。 他们最近进一步提升了职位的要求。Greenberg 安置保姆时，会要求他们具有在游艇上工作的经验，或者能够耐受直升机旅行。“我们比以往任何时候都忙碌，”他在谈到这家成立于 1962 年的公司时说道。“环境、经济，这一切正在催生这些百万富翁和亿万富翁。” 像 Emma Grede 这样的名人帮助将这种风格引入了更广泛的文化中。Kardashian 旗下品牌 Skims 和 Good American 的联合创始人 Grede 将自己描述为一名“最多投入三小时”的母亲，周末花费时间在
ALEXANDRA FINE Dame Products 首席执行官
作者：ALEX SEITZ-WALD
我第一次见到 Graham Platner 时，他正在为另一位政治候选人的活动提供餐饮服务。 正是那位政治候选人 Troy Jackson，现在准备接替 Platner 的位置，成为缅因州参议院竞选中的民主党代表。 这反映了缅因州过去一年的政治局势是多么动荡，而该州通常以稳健的政治家而闻名。 当去年 8 月在州内中海岸地区贝尔蒙特（Belmont）的一个农场举行该活动时，Jackson 是一名竞选州长的进步派候选人。他发表了一篇在很多政策上与 Platner 相似的演讲，但缺乏后者的魅力，说话时带着一种犹豫的阿卡迪亚口音，这标志着他是北缅因林区（North Maine Woods）之子。 Platner 站在挂满小餐馆灯串的帐篷后方，正在剥牡蛎。 Platner 在一周前宣布竞选美国参议员，但他的竞选活动当时还处于非常早期的未计划阶段，以至于他同意为这次活动提供餐饮服务，“当时竞选参议员根本不在我的考虑范围内，”他向人群解释道。 “这是一个为 Troy 举办的活动，我不想垄断
“但我确实想自我介绍一下，”普拉特纳（Platner）说道。随后，他发表了一番激烈的竞选演讲，展现出那种很快让他成为全国性现象的平民魅力。观众们是为了看杰克逊（Jackson）而来的，但离开时谈论的却是普拉特纳。
不到一年后，普拉特纳成了政治弃儿，而那个被他掩盖光芒——且在州长初选中排名第三的候选人——现在正准备在冲向选举日的疾跑中取代他的位置。杰克逊能否击败长期担任共和党现任参议员的苏珊·柯林斯（Susan Collins），是中期选举中最具影响力的关键问题之一。
在经历了一系列事件后，这里的氛围简直近乎狂热。当我离开在华盛顿特区为NBC新闻报道选举长达十年的工作，并于 2022 年迁至缅因州中海岸（Midcoast Maine）时，我从未预料到自己会以这种方式感受到全国的关注。
作为一名当地记者，无论我走到哪里，都能听到人们讨论未来几个月的所有可能性，以及涉及的所有人物——通常直呼其名，并带着一种只有在小州才可能有的亲近感。乡村路口挤满了竞选广告牌。我被民调员、直邮营销员和竞选人员追得团团转——但在Hannaford超市的货架间或是在学校接孩子时，读者和朋友们也会向我询问问题并提供见解，其知情程度之深是我从未遇到过的。
根据佛罗里达大学选举实验室（University of Florida’s Election Lab）的一项分析，缅因州的选民投票率在全美处于最高水平之列。人们关心他们的镇政府和税收，参加当地会议，并且通常认识某个曾在选举职位或委员会中任职的人。在我工作的《中海岸村民报》（Midcoast Villager）中，我们收到的读者来信中会引用掩埋在城镇预算中的数字，或是州法律中可能适用于某项有争议的拟建开发项目的模糊条款。
上周末，17,000 多名缅因州民主党人在匆忙组织的县党团会议上聚集，以选出将于周六正式选定普拉特纳接替者的代表。但甚至在这些代表投票之前，很明显杰克逊是热门人选。作为一名在组织化劳工运动中成长起来的州参议员，杰克逊在计票和处理内部程序方面的经验帮助他比对手组织得更好。他在县民主党团会议中几乎赢得了所有潜在的提名代表。
并非我接触到的每个民主党人都对结果感到满意。党团会议周末缩短了匆忙的提名进程。我交谈过的一些选民和代表表示，这种压倒性的……
[[IMG_XXXX]] 保姆在帮助克里斯汀·兰迪斯（Christine Landis），她每年花费约 $250,000 来维持她的员工团队；上方是亚历山德拉·法恩（Alexandra Fine）与她的家人，她有一个六人的团队，包括保姆、家庭整理师和一名虚拟助手。
（接上文）……早晨陪伴她的四个孩子，然后转而从事那些能“充实内心”的活动。
“把三明治切成星星形状？那对我来说从来不是重点，”她今年早些时候告诉《华尔街日报》。她依赖保姆、清洁工、一名厨师和一名幕僚长，这有助于腾出时间创造像与孩子一起度假这样的“高影响力的核心记忆”。
如厕训练顾问（在几天内与幼儿进行密集训练）的收费在 $600 到 $4,500 之间。私人骑行课程每节课可能花费 $80 到 $450。不想给孩子打包送去夏令营？你可以每小时 $125 雇一个人。对于想要全职专属员工的家庭，一名随行保姆一年的费用为 $120,000 到 $170,000；一名私人家庭教师（兼顾学术与社交发展的导师）目前的年薪可达 $200,000。
三个年幼孩子的母亲亚历山德拉·法恩每年花费约 $85,000 雇佣一个六人团队，成员包括保姆、家庭整理师、一名杂活工……
一个男人和一个虚拟助手。Dame Products（一家性健康公司）的首席执行官 Fine 表示：“我花在折衣服或预约维修人员上的每小时，就是我无法陪伴孩子的一小时。这不是一种哲学，这是数学。”对于一些父母来说，这些琐碎、无需思考的任务往往正是为人父母的意义所在。他们认为，如果将这些任务交给他人，你可能会失去与孩子建立联系的机会。Ivana Greco 是一位全职妈妈，曾是一名律师，她经营着一个关于家庭生活的 Substack 博客 Home Front，并在家教育她的四个孩子；她说这些职责创造了与孩子亲近的机会。“我与孩子之间最深刻的时刻完全是出乎意料的，”她说，“它们之所以发生，是因为我们在一起共度时光。”她担心孩子会从与雇佣帮手的相处中吸收什么，孩子能感受到他们的存在，也能感受到他们的缺失。“如果你不是那个出现的人，”她说，“你的孩子会注意到。”Peacock Parent 的创始人 Landis 表示，当她在生完新生儿后生病时，保姆在没有被要求的情况下为她端来了茶和橙汁。她说，这是早为人母阶段最令人意外且感动的时刻之一。当她的孩子第一次对那个保姆说“我爱你”，并听到对方回应时，Landis 感到了一闪而过的不安。但随后这种感觉消失了。“在这个世界上，绝不可能出现我的孩子不知道我是他母亲的情况，”她说，“我们的纽带，我们的爱，是不可替代的。”有些责任她永远不会放弃：“聊聊我们的一天、在床上依偎、读书，这些对我来说真的很特别。”对 Landis 而言，工作并没有消失——它依然以决策的心理负担、协调以及管理维持家庭运转的无形架构的形式存在于她的脑海中。“‘执行’部分被处理了，”Landis 说，“但‘思考’部分依然是我在做。”
对于 Jackson 来说，结果并不反映选民的意愿，并显示出他们认为过于偏袒他的程序的缺陷。在他被宣布为推定获胜者时，候选人们尚未正式获得进入选票的资格。即使是 Jackson 的支持者也承认，他并不以出色的沟通能力著称——他可能有点难以相处，脾气较为急躁。当我主持一场民主党州长候选人论坛时，在时间超时且我接纳观众提问时，他并没有掩饰自己的叹息。
在许多缅因州人的心中，民主党的最佳方案是 Jackson 能成为 Platner 之于 JFK（肯尼迪）关系的 LBJ（林登·约翰逊）版：由一名富有魅力但有缺陷的局外人，让位给一名虽然粗鲁但经验更丰富的操作者，后者可能证明自己有能力获胜，甚至在立法方面更有能力。而对民主党来说，最糟糕的情况可能是他成为 2024 年总统竞选期间 Kamala Harris 接替 Joe Biden 的幽灵回响：一个有前景但或许能力不足的替代者，被混乱、内斗以及前任的缺陷所拖累。
左起：DALEY PHOTOGRAPHY；SETH CAPLAN
O
《奥德赛》核心的史诗场景
作者：约翰·尤根森 (JOHN JURGENSEN)
去年在摩洛哥的一片广阔海滩上，海浪正猛烈地拍击着人类最古老的剧情设定之一。克里斯托弗·诺兰版本的特洛伊木马——高 35 英尺，后腿直立——半埋在大西洋沿岸的沙中。在这位电影制作人的想象中，将希腊战士隐藏在木制装置中的诡计，如果看起来像是一个由离去军队留下的、被海水浸透的献给神灵的祭品，会更具可信度。这匹马将成为诺兰对《奥德赛》进行大胆诠释的核心，也是电影中一些最扣人心弦的场景和重要象征的载体。它将出现在电影海报上，作为宣传纪念碑竖立在电影院外，并被制成 $70 的塑料爆米花桶。然而，在海滩上，这匹马能否撑过拍摄场景尚不明确。诺兰的团队焦虑地看着海浪将他们由玻璃纤维、木材和钢材制成的巨型道具撕碎。随后，当他们研究如何让演员用绳子将这匹 8,000 磅重的马拖过沙丘和原木滚筒时，它又遭受了进一步的冲击。至于负责这一切的导演呢？“在那些时刻，我感觉心如止水，”诺兰在最近的一次采访中回忆道。之前的 12 部电影给了他信心，相信他的团队能够解决他第 13 部电影（也是他职业生涯中规模最大的制作）所带来的无数挑战。《奥德赛》必须唤起荷马史诗诗篇的宏大规模和神话分量，那是最初的英雄之旅，也是数千年来西方叙事故事的源泉。而且，因为诺兰是一名电影制作纯粹主义者，也是好莱坞最著名的影院体验倡导者之一，他的《奥德赛》还需要为电影艺术本身提供保障。作为第一部完全使用 IMAX 胶片摄影机拍摄的好莱坞长片，这部电影被宣传为一场令人敬畏的奇观，而对于一名粉丝们无法忍受任何瑕疵的导演来说，这在情理之中。从马特·达蒙饰演的奥德修斯率领的特洛伊伏击战，到在洞穴中吞噬其部下的巨型独眼巨人，其奇幻元素主要通过物理特效来创建，以产生更强烈的感官冲击。诺兰的指令是以某种方式让神话变得可信。“我对这部电影中所有事情的准则，”他说，“我们必须给观众相信的理由。”《奥德赛》在电影院中正切实地做到这一点。其开画周末在全球产生了 $264.1 million 的票房，是该导演有史以来最大的全球首映纪录。关于搁浅木马的意象最早是在 20 多年前进入诺兰脑海的，当时他正竞逐执导另一部基于荷马史诗的电影《伊利亚特》。但诺兰并没有执导由布拉德·皮特饰演阿基琉斯的、闪闪发光的《特洛伊》，而是开启了改变风格的《蝙蝠侠》三部曲。在导演完成《奥本海默》之后
在 2023 年在影院斩获 $976 million，并赢得七项奥斯卡奖后，诺兰促使环球影业支持了一部预算 $250 million 的《奥德赛》制作，该片集结了 A 级演员，需要 5,300 套服装，并在六个国家经历了 91 天的拍摄。
诺兰最大的飞跃在于试图将一个青铜时代的故事塑造成为一部扣人心弦的夏季爆米花电影。
在荷马的《奥德赛》中，关于英雄在特洛伊战争后历经 10 年寻找回家之路的故事，其叙事在地点、时间段和讲述者之间交错。奥德修斯本人直到第 5 部分才在书中出现。
关于“木马”的故事（大多数译本如此称呼），在荷马的史诗中仅被简短提及，作为奥德修斯狡黠之例被顺带提及。关于它具体如何运作的细节很少。
我们心中关于一只带有轮子的巨马的共同形象，源自数百年来艺术家的诠释：公元前 675 年的一个希腊花瓶；意大利艺术家乔瓦尼·多梅尼科·蒂埃波罗（Giovanni Domenico Tiepolo）在 18 世纪创作的绘画；以及宏大的“剑与凉鞋”类电影，例如 1956 年由《音乐之声》导演罗伯特·怀斯（Robert Wise）执导的《特洛伊的海伦》。
为了使其更具动态感和丰碑感，诺兰让他的马双腿站立。他借鉴了一张拍摄于其美术指导露丝·德容（Ruth De Jong）骑在后蹄腾空的马背上的照片。
他将马的臀部以下部分埋入沙中，以此作为一种电影致敬：“我的灵感实际上来自于原版《猩球》结尾的自由女神像，”这位导演说道。
尽管诺兰在视觉上如此笃定，他的团队仍面临技术上的未知。导演的方法是在电影的实际环境下敲定细节，即摩洛哥索维拉（Essaouira）的海滩以及建造特洛伊城的艾特本哈杜（Aït Benhaddou）山村。
“我们开会讨论如何让这个东西立住？它有多重？我们需要多少人来拖动它？”摄影师霍伊特·范·霍特玛（Hoyte van Hoytema）回忆道，他此前也拍摄了诺兰的四部电影，始于《星际穿越》。
剧组学会了快速修复被海浪损坏的木马，并且他们
克里斯 合作 总有点像 电影拍摄 版本的 体验派 表演。”
霍伊特·范·霍特玛 (HOYTE VAN HOYTEMA) 电影摄影师
诺兰与 范·霍特玛 在拍摄现场。
乔瓦尼·多梅尼科·提埃波罗 (Giovanni Domenico Tiepolo) 的《特洛伊木马进入特洛伊》 约 1760 年。
发现大约需要 250 名演员和特技演员才能拖动这个巨大的道具。诺兰说：“一旦我们意识到这些人真的能做到，他们就变得很兴奋。他们直接把这东西拖过沙丘。太不可思议了。”“所以霍伊特和我只需要看着它说，‘好吧，让我们在这上面放台相机。你想从哪里拍摄？’” 范·霍特玛表示，与一个校车大小的道具在物理特性上进行博弈，是电影制作者——以及观众——体验一种更接近真实世界的方式。这位摄影师补充道：“与克里斯合作总有点像电影拍摄版本的体验派表演。”这匹马是“他追求真实性”的最新例证。“对我来说，这是一个非常‘诺兰式’的标志。”在《奥德赛》的一个转折点上，当奥德修斯的儿子特勒马库斯（汤姆·赫兰登 饰）寻找失踪父亲的消息时，
希腊将军美涅劳斯（乔恩·伯内瑟尔 饰）讲述了一个关于特洛伊的战争故事。“你听过关于木马的故事，”美涅劳斯说，“但你听过从内部讲述的故事吗？”这句话就像诺兰在提示他的观众：来看看这个：一群希腊特种部队在黑暗的空腔中叠成人 pyramid（人体金字塔）。当海水涌入时，他们努力保持安静并生存下去，木马倾斜，一把特洛伊之剑刺入他们的藏身之处——并刺中至少一个人。为了创作这个片段，诺兰的团队在海滩上建造了一个类似筒仓的结构，在上面布置了微小的 LED 灯，以模拟阳光通过木马船体缝隙渗入的效果。达蒙、伯内瑟尔以及最多 25 人的团队挤在这个阴暗的容器里，在冷水泵入且筒仓摇晃时紧紧抓住横梁。诺兰和范·霍特玛也在其中，他们携带一台 IMAX 摄像机，以“几乎像纪录片一样”捕捉内部动作，导演说，“一部非常狭小、肮脏且令人幽闭恐惧的纪录片。”木马贯穿了《奥德赛》的始末，在这部电影中，时间碎片化且情节循环往复，这是诺兰电影的标志性特征。就像他在《奥本海默》中由主角引发的灾难性爆炸一样，奥德修斯的诡计引发了一场大屠杀，这给英雄留下了创伤，并有助于解释他艰辛的旅程和暴力的归家。诺兰在谈到这个酝酿了二十年的电影愿景时说：“这正是我想要的，但它比我想象的要丰富得多。”
MELINDA SUE GORDON/UNIVERSAL PICTURES; PRINT COLLECTOR/GETTY IMAGES
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玛丽-德尔·奇尔顿 (MARY-DELL CHILTON) | 1939-2026
转基因作物的之母
但对成为转基因生物（GMO）的代言人几乎不感兴趣
作者：JON MOOALLEM
1970年，玛丽-戴尔·奇尔顿（Mary-Dell Chilton）是一位坚韧但就业不足的化学家，在西雅图的华盛顿大学兼职教学——她之所以抓住这个机会，仅仅是因为在家里照顾婴儿数月后，她渴望重返工作岗位。
她的一个学生做了一次演示，介绍一篇最近发表的关于一种影响葡萄、核果类水果及其他作物的肿瘤产生疾病的论文。该论文称，一种常见的土壤细菌——根癌农杆菌（Agrobacterium tumefaciens），实际上将其自身的基因移植到了受影响植物的 DNA 中，而这些基因一旦表达，就会刺激那些肿瘤的生长。
“我简直完全不相信，”奇尔顿回忆道。在 2018 年出版的《科学之种》（Seeds of Science）一书中，记者马克·莱纳斯（Mark Lynas）写道，奇尔顿甚至给该论文在比利时的首席作者马克·范蒙塔古（Marc Van Montagu）打过电话，只是为了告诉他，她认为他的结果——即细菌四处潜行将 DNA 走私进植物的想法——是“胡说八道，彻头彻尾的胡说八道”。
奇尔顿打算揭穿这一观点。结果，她反而证明了它是正确的。在经过十多年的研究，解码农杆菌如何实现这一操作，并随后让自己掌握并操纵该能力之后，奇尔顿在 1982 年领导的研究团队培育出了首株转基因植物。
奇尔顿于 6 月 24 日在北卡罗来纳州卡博罗（Carrboro, N.C.）的家中去世，享年 87 岁。她实际上是转基因作物的之母。
“只要确保享受生活，年龄就只是一个数字！”
只要确保享受生活，年龄就只是一个数字！锻炼身体，坚持爱好，外出旅行，设定目标，经营人际关系等。永远不要陷入那种因为年老就坐以待毙、轻言放弃的陷阱中。 ——Stevie Newendyke
最近《华盛顿时报》的一篇关于 40 多岁女性生育子女、就读研究生院、寿命延长以及推迟购房——以及这反映出我们对待衰老态度的随笔，引发了大量读者的反馈。大多数人渴望分享自己的经历：衰老的痛苦与快乐，以及他们期待的事物和对往事的反思。以下是经过适当编辑（以适应篇幅和清晰度）的部分评论，按年代排列。
她参与开发的方法开启了农业生物技术的革命，导致了转基因作物的广泛应用，且往往伴随争议。根据美国食品药品监督管理局的数据，目前美国种植的玉米、大豆、油菜和棉花中，有 90% 以上是转基因的，通常是为了提高它们对害虫和商业除草剂的抗药性。
在完成了早期的开创性工作后，奇尔顿离开了学术界进入私营部门。1983 年，她加入先正达（Syngenta）——当时该公司还被称为 Ciba-Geigy——为其建立这家瑞士跨国公司的第一个生物技术实验室。她曾担任先正达生物技术公司农业生物技术执行总监，随后担任首席科学家。
2013 年，奇尔顿获得世界粮食奖；2023 年，乔·拜登总统在白宫授予她美国国家技术与创新奖章。
世界粮食奖基金会首席执行官、前美国农业部长汤姆·维尔萨克（Tom Vilsack）在的一份声明中表示：“全世界数百万农民都要感谢奇尔顿博士，因为她保护了他们的作物免受疾病、害虫和气候冲击的影响。”
奇尔顿享受关注，但似乎对关注本身的兴趣远低于在实验室中破解新问题的兴趣。据她的儿子马克·奇尔顿（Mark Chilton）称，得经过一番软磨硬泡，她才同意参加白宫的颁奖典礼。
玛丽·戴尔·马切特二世（Mary Dell Matchett II）于 1939 年 2 月 2 日出生在印第安纳波利斯。她的母亲同样名叫玛丽·戴尔·马切特，后来在一名老师称呼她为“玛丽”之后，为女儿的名字加上了连字符。
农民 都应该感谢 奇尔顿博士 保护了 他们的作物。”
奇尔顿在 2023 年获得由乔·拜登总统颁发的国家技术与创新奖章。
30 多岁 我刚满 32 岁，而且不知为何，我不认为仅仅因为安妮·海瑟薇在 40 多岁时生孩子且看起来依然美丽，我的 40 多岁就会变得极其糟糕。等到了那个年纪我们就知道了。 —Phillip Huang
将此带入我生活的每一个层面。 — Xio Spady
50多岁 我在 43 岁时生了孩子。由于生育年龄较大，我觉得怀孕过程非常疲惫，而且在孩子处于婴儿期和幼儿期时，跟上他的脚步很累。我是心甘情愿地这么做的，但我不再像 30 岁时那样精力充沛。我的丈夫也是如此。在孩子早年期间，我和丈夫发现与其他年幼孩子的父母互动时很尴尬，其中许多人比我们年轻大约十岁。很明显，我们在任何群体中通常都是年纪最大的父母，这使得交谈有时显得紧张。现在我们的孩子在读高中，他担心我们的健康和长寿。我们尽力保持健康，但我们同样也感到担忧。即便我们保持健康，也无法阻止数十年的时光流逝。当我们的儿子只有 30 岁时，我将 73 岁。 —Helena Riha
[[IMG_XXXX]] 左图为 1980 年代的 Mary-Dell Chilton，下图为她与丈夫及儿子 Andrew 在 1969 年的合影。
TOM VILSACK 世界粮食奖基金会首席执行官
60多岁 我 41 岁时生了最后一个孩子，自然受孕。我在 60 岁时就读研究生，学习成为一名学校辅导员。我一点也不认为自己处于主流之中。确实，衰老在很大程度上取决于心态；然而，在大多数日子里，我的膝盖和髋关节在提醒我，我已经围绕太阳运行了多少圈。 —Diane D. Dalton
她主要由北卡罗来纳州的外祖父母抚养长大。高中时回到芝加哥郊区的父母身边，Chilton 发现了对科学的热爱，但她写道，“我并不觉得自己特别擅长科学”。迹象变得越来越明显。她在一次考试中表现如此出色，以至于学校管理人员认为她作弊。当她决定为学校科学展制作一台卡塞格林望远镜时，芝加哥阿德勒天文馆（Adler Planetarium）的馆长邀请她在那里完成项目，并且她是被带到华盛顿特区参加年度西屋科学天才搜索（Westinghouse Science Talent Search）的 40 名学生（其中仅 8 名女孩）之一。她于 1956 年进入伊利诺伊大学，并于 1967 年在该校获得化学博士学位。在完成论文期间，Chilton 跟随一位导师前往华盛顿大学。在那里，她于 1966 年与同样在该大学担任化学家的 Scott Chilton 结婚。他们有两个儿子，两人在世。Scott Chilton 于 2004 年去世。Chilton 在最初接触到关于根癌农杆菌的论文时，在华盛顿大学并没有自己的实验室或研究计划。但她说服了另一位化学家 Eugene W. Nester，允许她在他的实验室中设计实验进行研究。多年来，科学家们一直在尝试将一种生物的基因拼接进另一种生物中。这项工作充满争议；这种操纵的安全性与伦理问题一直处于争论之中。但现在，Chilton 证明了自然界本身就能创造出这样的嵌合体。Chilton 于 1977 年在《细胞》（Cell）杂志上发表了她的研究结果。当时的一位同事 Kathleen Postle 称这篇论文为“杰作”。然而，Chilton 仍然无法让华盛顿大学给她一个像她丈夫那样的终身制职缺。Scott Chilton
鼓励他的妻子去寻找其他机会。1979年，两人都被圣路易斯华盛顿大学聘用；1982年，玛丽-戴尔（Mary-Dell）的团队与宾夕法尼亚大学的科学家合作，将一种酵母基因植入烟草植物中，创造了首个转基因植物。他们进一步证明，该植物的后代保留了这一新DNA；他们的创造物能够自我再生。奇尔顿（Chilton）的成功在1983年的一次研讨会上公布，与此同时，两家几乎在同一时间取得类似成就的竞争对手也公布了结果。其中一家是蒙塔古（Montagu）领导的欧洲团体，另一家是孟山都（Monsanto）。这家公司就位于奇尔顿实验室附近，它为奇尔顿资助了两个博士后岗位，并聘请她担任顾问，以换取接触其突破性科学研究的机会。奇尔顿的小组率先发表了结果，但媒体始终将聚光灯单独对准孟山都。
在记者丹尼尔·查尔斯（Daniel Charles）2001年出版的《收获之主》（Lords of the Harvest）一书中，奇尔顿将她对孟山都的感情描述为“一种由嫉妒、尊重、钦佩和愤怒组成的可怕混合物”。她后来回忆道：“我很早就醒悟了。工业界想要这项科学。”1983年，她加入了 Ciba-Geigy 公司，该公司后来演变为先正达（Syngenta）。在那里，奇尔顿能够扩充人员，并在北卡罗来纳州研究三角公园（Research Triangle Park，靠近教堂山）的公司园区内建立自己的实验室。据该公司全球种子研发负责人特雷弗·霍尔斯（Trevor Hohls）称，即使在2018年奇尔顿退休后，她仍经常回到她的实验室——那栋建筑的门上写着她的名字，大厅里挂着她的肖像——以讨论最新的出版物并指导其他研究人员。在奇尔顿的职业生涯中，转基因作物变得既普遍又具有争议。关于这项技术的安全性、有效性和全球公平利用的问题一直被激烈讨论，而在世界各地的不同地区，转基因生物（GMOs）成为了严格监管、诉讼和抗议的目标。然而，奇尔顿对于成为转基因生物的发言人没什么兴趣，除了坚持认为它们是安全的。她说：“这些是社会问题，而不是科学问题。我做的是科学。”
演员安妮·海瑟薇（Anne Hathaway）在《奥德赛》（The Odyssey）首映礼上现身，她在 43 岁时怀孕了。 40 多岁生孩子？《Journal》的读者们说，这没什么大不了的。
主要的区别，也是我们可能会挑战一些关于衰老的预设观念的原因。在 75 岁时，我仍然定期跳伞，每周潜水，并骑自行车去当地的健身房，在那儿我每周锻炼。天生基因良好且不滥用，加上保持活跃，是一个巨大的优势。不幸的是，身体会衰老，你无法减缓这一过程。 —Nan Smith
我 70 岁，有一个 20 岁的女儿。昨天在 95 度的天气下，我在海滩上骑行了 21 英里。我结婚较晚，娶了一位年轻的妻子，我认为这是因为她认为我的年龄与她相仿。对我来说，关键在于进行规律运动，更新衣着，阅读各种书籍，聆听新音乐，并且永远不要接受“变老就意味着行为像老人”这种观念。 —Randy Bates
奇尔顿家族；RON SACHS/CNP/ZUMA PRESS
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《自然之力》(Force of Nature) 作者：欧文·D·琼斯 (Owen D. Jones) 诺顿出版社，288 页，$31.99
《论物种的未来》(On the Future of Species) 作者：艾德里安·伍尔夫森 (Adrian Woolfson) 麻省理工学院出版社，480 页，$34.95
作者：大卫·A·谢维茨 (DAVID A. SHAYWITZ)
通过自然选择进行的进化是一个如此为人熟知的概念，以至于人们很容易忘记它在描述过去的同时也在描述现在。在《自然之力》中，欧文·琼斯旨在提醒我们，进化仍然是一种动态的、创造性的力量，我们仍有许多可从中学习。鲨鱼皮的粗糙质地可以排斥藤壶，这启发了医院的抗菌表面涂层；开花植物的种子为设计前往其他世界的探测器提供了线索。他认为，既然自然选择塑造了我们的大脑并影响了我们的行为，那么我们引导和管理行为的方式，在探讨时应当考虑到我们的进化根源。
自然选择为今天的我们提供了许多教训。它同时也包含了许多来自过时世界的遗产。
琼斯先生是范德堡大学法学和生物科学教授，他解释了进化的复杂且通常精美的产物是如何从“变异”这一简单事实中产生的。随机突变使个体产生差异，即使在同一个物种内部也是如此。当某种差异恰好在生存和繁殖方面提供了哪怕微小的优势时，携带该特征的个体往往会留下更多后代，而后者则继承该特征。经过多代演变，该特征在群体中传播，直到曾经罕见的突变变得普遍。作者观察到，虽然进化缺乏“意图”，但自然选择在使生命适应各种环境条件方面是“不懈地、极其精妙地”有效的。 进化速度之快令人惊讶；琼斯先生举例提到最近出现的能消化塑料的细菌，以及在莫桑比克，由于人类偷猎剔除了长牙的象，剩下的象在繁殖，导致出生时没有象牙的雌象比例上升。未能将进化考虑在内可能会产生可预见的糟糕后果。过度开具抗生素处方会导致致命的耐药细菌，而捕捞体型最大的成鱼的工业化捕鱼，最终筛选出了体型越来越小的鱼。
作者：伊丽莎白·劳里 (ELIZABETH LOWRY)
威廉·戈尔丁 (WILLIAM GOLDING, 1911-93) 是那些最著名的作品掩盖了其其余作品的作家之一。《蝇王》(Lord of the Flies, 1954) 讲述了一群英国学童在荒岛生存时陷入野蛮状态的噩梦般寓言，至今仍是课堂上的必读经典，并使其其余那些更为怪诞、且不易被简化为寓言的作品相形见绌。企鹅经典出版社 (Penguin Classics) 重新发行了其后期的四部小说——《继承者》(The Inheritors, 1955)、《平彻·马丁》(Pincher Martin, 1956)、《自由落体》(Free Fall, 1959) 和《尖塔》(The Spire, 1964)——试图纠正这种偏差，让人们重新审视一个并非道德寓言作家，而是一位更难驾驭的、描写压力下意识流的作家的戈尔丁。 这次选集并非随机。将这些小说放在一起阅读，它们围绕着《蝇王》提出的问题打转：一旦支撑我们的熟悉社会结构崩溃，我们人类会变成什么样？我们在多大程度上能真正了解自己？当我们的意志硬化成接近暴力的东西时会发生什么？新版本使这些书之间的联系变得显而易见，尽管将它们联系在一起的并非背景或主题，而是一种方法：在每部作品中，戈尔丁都将心灵置于极端的身体和道德压力之下，并观察其自我反应。 《继承者》(Penguin Classics, 224 页，$19) 是四部作品中最大胆的一部。其前提是——第一批，被拆分
观点：上图为一只普通翠鸟，右图为背景是日本富士山的新干线（或称子弹头列车）。
琼斯写道，“仿佛我们决心要创造出一群弱小者。” 在《自然之力》(Force of Nature) 一书中，琼斯先生阐述了进化论在当代的意义。正如他所言，自然选择盲目地探索一个巨大的“设计空间”——即一个物种可能具备的数万亿种特征组合——从而挖掘出人类设计师能够借鉴的可行方案。翠鸟流线型的喙在入水时几乎不产生水花，这成为了日本子弹头列车车头的模型。我们也可以从这个过程本身学习：当美国国家航空航天局 (NASA) 需要为一颗小卫星制造一个异常高效的天线时，它运行了一个模拟自然选择的计算机程序——生成变体、进行测试、保留有效的方案——最终得到了一个没有任何工程师会想到去绘制的奇特形状，一个……
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……一个温顺的尼安德特人家庭与残酷的“新人”——智人 (Homo sapiens) 之间偶然的遭遇，这个情节很简单，但其执行过程却绝非简单。在小说的大部分篇幅中，我们进入了洛克 (Lok) 的意识世界，他是一个年轻的男性尼安德特人，尚未习得叙事通常所依赖的抽象思维习惯。这种效果起初令人迷茫，因为感知先于解读，感觉快于言语。当洛克发现“比喻”时，他凄美地用它来描述他意识到新来者将像“森林中的大火”一样席卷他的世界。接下来的内容不仅仅是推测性人类学，而是一场悲剧：一种比我们自身更受限且更纯真的生存模式地灭绝。这部小说的伟大成就之在于其语言，它在揭示我们所谓的“进步”所付出的代价之前，强迫读者经历一次认知上的学徒期。
在《蝇王》之后， 戈尔丁的小说 探讨了由人类意识 创造的奇异状态。
如果说《继承者》(The Inheritors) 追踪了我们这种意识的诞生，那么《平彻·马丁》(Pincher Martin) (企鹅经典出版社, 192 pages, $19) 则想象了它的最后阵地。在一场海军灾难后，克里斯托弗·马丁 (Christopher Martin) 被冲到大西洋的一块岩石上，以凶猛的韧性死守生命。或者看起来是这样。这与其说是一部生存叙事，不如说是对心灵拒绝接受灭绝的研究——那种我们所有人都不可避免地将要面对的“积极的、无可质疑的虚无”。戈尔丁的核心构思——即意识在面对毁灭时可能会虚构自己的连续性——赋予了这部小说一种幽闭恐惧般的强度。当我们开始怀疑克里斯托弗的情况可能已经陷入致命的错误时，他的声音——时而挑衅，时而自我欺骗——成为了我们体验自我之韧性与不可靠性的媒介。最后的反转是战后小说中最凄凉的结局之一，正因为它揭露了生存本身就是一种幻觉。
《自由落体》(Free Fall) (企鹅经典出版社, 240 pages, $19) 以公开的哲学术语探讨了这种不可靠性，尽管因此地并未使其显得不够微妙或不安。其叙述者萨米·蒙特乔伊 (Sammy Mountjoy) 是一位英国艺术家和二战老兵，他在德国战俘营的酷刑中幸存下来，现在回顾自己的生活，寻找他失去在世界上掌控感的那一刻。他说，他需要“一个能覆盖我所知一切的模式”，“但我该去哪里寻找它？”这个问题是以自由意志和决定论的语言构思的，但戈尔丁拒绝让它停留在那里。记忆、欲望和道德逃避都使这项探究复杂化：萨米暗示，如果说“每个意识都是一个完整的世界”是没有意义的，因为“每个意识都是十几个世界”。他越是……
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审视他的过去，他的行为模式就变得越不稳定。
一种字面意义上的不稳定支撑着《尖塔》（The Spire，企鹅经典出版社，224 页，$19），该书背景设定在英国中世纪。在这里，戈尔丁赋予了想象力的意志一种三维的形状。
乔塞林决心在他担任院长的大教堂上建造一座巨大的新尖塔，而无视地基不足以及所有实际的建议，这始于一个愿景，最终演变为妄想。随着乔塞林坚持他的执念——“工作高于一切”，这部小说追踪了，随着
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《与老兵同在》(With the Old Breed) 作者：E.B. Sledge (1981) 1
詹姆斯·马蒂斯将军敦促每位海军陆战队员阅读两本书——马可·奥勒留的《沉思录》和 E.B. Sledge 记录其二战经历的回忆录。后者是由 Sledge 这名士兵将笔记藏在口袋圣经中写成的，它记录了帛琉岛和冲绳岛战役中的事件，其冲击力让人想起他战时的绰号：“大锤”(Sledgehammer)。作者的战友们在穿过一个“恐怖的阴间”时所展现出的身体勇气充盈在每一页中。而《与老兵同在》与许多其他战争回忆录的不同之处在于它对道德勇气的关注。Sledge 关注那些在战争威胁要剥夺纪律、体面和人性时，依然能维持这三者的周围之人。他的连队在登陆帛琉岛时大约有 235 人。根据 Sledge 的统计，只有 85 人在战斗中未受伤。从冲绳岛全身而退的人则更少。Sledge 写道：“他们承受痛苦并履行职责，这样一个受保护的故乡才能享受以如此高昂代价买来的和平。”
《轮班》(The Shift) 作者：Theresa Brown (2015) 2
Theresa Brown 通过一条不寻常的路径进入医学领域，在接受肿瘤科护士培训前，她获得了英语博士学位。在《轮班》中，她将整个职业的挑战浓缩到医院癌症病房的一次 12 小时轮班中。四名患者需要她的关注，其中包括一名接受可能治愈或将其杀死的治疗的男子。另一名患者咯血而死。Brown 女士详细记录了令护士精疲力竭的病患量、文书工作和医院等级制度。而令人心底萦绕的是这份工作的亲密感——在人们生命中最糟糕的日子里，坚定地为受惊的人们提供照顾。美国拥有超过 5 million 名注册护士，民意调查一贯将他们列为该国最受信任的专业人员。Brown 女士让我们得以窥见原因。她写道：“轮班结束了。我要离开了，离开，离开。另一名护士，另一个身穿白衣、心地善良且过度劳累的灵魂将接手：夜班。然后明天早上我会回来。”
《女兵》(Soldier Girls) 作者：Helen Thorpe (2014) 3
Helen Thorpe 跟踪了三名来自印第安那州国民警卫队的工人阶级女性，记录了她们部署到伊拉克、阿富汗以及回到家中的过程。《女兵》基于四年的报道，创作出了 11, 2001 后美国入伍士兵生活最出色的肖像画之一。Thorpe 女士探讨了美国的“永恒战争”是如何给参与战斗的人们留下印记的。长期——
持续 关联性
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最终飞上了卫星，并很好地完成了传输数据的任务。 进化不仅塑造结构，还塑造行为。琼斯先生描述了一种淡水蜗牛，它在感知到捕食者时，会根据感知到的威胁通常在何处狩猎而本能地向上爬或向下潜。一只在实验室抚养、天生不惧怕蛇的猴子，可以通过训练被教导恐惧蛇——但无法被教导恐惧花朵，这种差异表明，学习生存策略的能力是遗传的。当环境发生变化时，这些倾向可能会失效。围绕门灯盘旋的飞蛾是为了通过月亮导航而进化的；而灯泡是一个“进化上的新事物”，其祖先从未面对过。就像我们对脂肪和糖的原始渴望一样，许多认知偏差在早期的环境中可能更具合理性——琼斯先生将其称之为“时移的理性”（time-shifted rationality）。 所有这些都指向了琼斯先生最关心的主题：法律。他认为，法律准则的存在是为了监管由进化塑造的行为，因此在他看来，法律应当建立在对这些行为来源的理解之上。我们在各种人类文化法律中表现出的对公平的期待以及对欺骗者的蔑视，可以追溯到社交灵长类动物——这证明了我们的正义感具有深厚的进化基础。但当琼斯先生谈到立法者和法官实际上应当如何运用这一理解时，他停止了，采取了
（此处接前文）……费力地将我们继承的生物特性与我们选择的价值观区分开来。这是一种理性的条件反射，但这也意味着期待已久的结论从未真正实现——对于一个原本引人入胜且具有启发性的论点来说，这是一个不尽如人意的结尾。
当琼斯先生邀请我们学习进化论的卓越成就时，分子遗传学家兼生物技术企业家艾德里安·伍尔夫森（Adrian Woolfson）在《论物种的未来》（On the Future of Species）中审视了同样的作品——他的书名是对查尔斯·达尔文本身的大胆呼应——而得出的结论却是失望的。他写道，进化优化的是“生存而非优雅”，而我们的生物特性证明了这一点。我们“承载着大约 40 亿年累积突变的负担”，这是一段漫长的“复杂权宜之计而非……决定性的、精简的解决方案”的记录。我们的脚趾骨过多，脊柱不适合直立行走，且神经元迟缓且易出错。他认为，进化倾向于“足够好”，而人类的设计可以做得更好。
伍尔夫森先生的书副标题为《通过人工智能生物学编写生命》（Authoring Life by Means of Artificial Biological Intelligence），他提出的并非当今最雄心勃勃的疗法中那种逐个基因的编辑，而是一种更激进的人类基因组重写。工程系统是由标准化部件构建的，每个部件都可以进行修理或更改而不会干扰其他部分；而生命系统的互连如此密集，以至于对任何单一组件的调整都可能影响到许多其他组件。伍尔夫森先生希望用某种组织更良好、更易修改的东西来取代我们 DNA 中“不理性的纠缠结构”——软件工程师将这一过程称为“重构”（refactoring），即周期性的清理，以防止一个庞大的程序在自身的“面条代码”下崩溃。
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战壕之中 1944 年裴琉岛战役期间的海军陆战队。
长期影响包括惊恐发作、酒精依赖和婚姻失败。在两次部署之后，三个孩子的单身母亲德斯玛（Desma）在想，她在海外度过的两年时间是否让她远离儿子太久。后来，他因武装抢劫被判处 20 年监禁。《士兵女孩》（Soldier Girls）并没有将这些女性简单地视为受害者。索普女士写道，她剖析的另一位退伍军人米歇尔（Michelle）后来认为她参与的那场战争是一个错误。“但那是一件规模巨大的事情，她曾是其中的一部分，且对她个人产生了巨大的影响。尽管那些日子是错误的——那些充满沙尘、阳光、褪色的友谊和呼啸火箭的日子——但它们对她来说是神圣的。”
《年轻人与火》（Young Men and Fire） 诺曼·麦克莱恩 著 (1992) 4
诺曼·麦克莱恩（Norman Maclean）在生命的最后几年里，试图理解 1949 年那个可怕的下午。由于年轻时曾在美国森林服务局担任消防员，他对蒙大拿州的曼格尔奇火灾（Mann Gulch Fire）产生了浓厚兴趣。在那次火灾中，一次看似常规的任务演变成了灾难，导致 12 名烟跳伞员（通过降落伞进入偏远地区的消防员）和一名加入他们的年轻火警丧生。在《年轻人与火》中，他生动地描述了消防队最初预计能够控制的山火如何突然演变成一次“爆燃”（blowup），一道火焰之墙向上山冲刺，速度快到这些年轻人无法跑赢。麦克莱恩以调查员般的精准和抒情（此处接下文）
与琼斯先生一样，伍尔夫森先生对原则上可能存在的生物体的惊人范围感到震撼，而进化仅实现了其中“极小的一部分采样”。他希望探索其余的部分，并认为两种能力的融合将使我们能够实现这一目标。一种是合成：对于较简单的生物，已经可以按需构建整个基因组，目前主要面临的是规模和成本的制造挑战。更困难的任务是解释性的——学习将基因组与其产生的生物体联系起来的规则。这种预测性的把握正是……的核心
这并不总是关于 适者生存。 有时，进化 只要“足够好”即可。
伍尔夫森先生将其描述为人工生物智能，即生物学从一门描述性科学转变为预测性工程科学的门槛。 这些愿景之大胆，因伍尔夫森先生坦诚地承认我们距离实现其中任何一项还有多远而更加突出。他承认，我们“能阅读 DNA 的语言”，但“我们还不能说这种语言，也无法完全理解它”。他承认，将序列与完整生物体联系起来的规则——即生物学的“生成语法”——仍然是一个极其困难的问题，可能永远无法完全解决。然而他认为，生物学家长期以来一直试图通过拆解生命来理解生命，而我们也许可以通过学习如何用组件部分合成生物体来理解它。这样看来，构建并非知识终点后的奖赏，而是一条通往知识的路径。
这种主义让人想起他的杰作，中篇小说《河流穿过其中》(1976)。他捕捉到了火灾中残酷的物理特性，以及那些选择向火跃进之人的决心。
《在学童之中》 作者：特雷西·基德尔 (1989) 5
“扎雅克夫人，”特雷西·基德尔观察到，“似乎拥有惊人的能量。”基德尔在马萨诸塞州一个陷入困境的工厂小镇与五年级教师克里斯·扎雅克共度了一个学年。“她的双手一直不停地忙碌。它们在空中挥舞，像在做空手道劈砍一样划定界限。”基德尔曾在《超越山峦》(2003) 中描写一名海地人道主义医生的工作，而她对扎雅克夫人课堂的报道同样具有深度。一名叫佩德罗的学生比任何人都努力，但成绩却是最低的。“我做得好吗，扎雅克夫人？”他问道。一次迟到的评估显示，他是一个被语言障碍困住的聪颖男孩。扎雅克夫人努力为他争取所需的帮助，同时担心这还不够。她也有她的明星学生。朱迪斯是一个来自贫穷但充满爱心的波多黎各家庭的女孩，有一天她安慰疲惫不堪的老师。“我不责怪您，”朱迪斯微笑着说，“我宁愿参军也不愿当老师……您每天在这里都要打一场仗。”基德尔写道，对于那些习惯于认为自己“愚笨或不值得交谈”的孩子来说，像扎雅克夫人这样的教师帮助他们相信相反的结论。“她认为我有价值。也许我真的有。”
《关于物种的未来》将这一愿景建立在迷人的历史基础之上，追溯了生命化学的破译过程——从 1869 年首次分离出核酸的弗里德里希·米舍尔，到 20 世纪 70 年代学会读取 DNA 序列的弗雷德里克·桑格。这一叙事与计算机和人工智能崛起的故事相辅相成。 伍尔夫森先生还带着钦佩之情详细描述了哈尔·戈宾德·科拉纳，这位出身于英属印度村庄职员之子的科学家在 1972 年合成了第一个完全人工的基因。此外，作者还借鉴了进化生物学家斯蒂芬·杰·古尔德和理查德·莱文汀的警告，他们提醒人们不要将每一种特征都解读为完美的适应。他们的观点支撑了作者自己的观点：进化没有计划，只要“足够好”即可，并在到处留下次优的选择。 伍尔夫森先生对历史的深思以及对生物学现状的敏锐洞察——包括他对复杂疾病治疗为何难以突破的阐述——与他坚持认为我们很快将能够“超越自然的想象”，以及他坚信这就是我们应该前行的方向，这两者反复碰撞。他的公式——用 AI 读取生命的语法，用合成来书写语法，最终实现对物种的掌控——如此频繁地出现，以至于开始像一种咒语。他承认技术障碍和深刻的伦理忧虑，并承认他的愿景可能永远无法完全实现，但坚持认为如果不尝试将是错误的。这是一场大胆的赌注，与我们时代的野心相匹配，并与背后的资本相契合。
透视 内部
日益增长的不安，以及创作冲动向幻想的转移：“到了某个时刻，”他的石匠警告道，“愿景不过是孩子在玩‘假装游戏’。”若瑟林的确定性是绝对的；而它造成的破坏亦然。在这里，或许比在任何其他地方都更清晰地，戈尔丁展示了人类的意志如何轻易地转向暴力——在这种情况下，这种暴力就植根于将形式强加于世界的行为本身。从这四部小说中浮现出的戈尔丁，对社会的兴趣不如在《蝇王》中那么浓厚，而更关注那些最初使社会成为可能的条件。通过移除那些使人类生活变得可理解的常规脚手架（尤其是习俗和语言），这些书在追问底层的真相。答案并不令人安心。在戈尔丁看来，意识是让我们能够反思和创造的能力——以及以极高效率欺骗自己的能力。
这一见解被当代作家的一系列前言所采纳，而这里的结果参差不齐。本杰明·迈尔斯为《尖塔》写的导言最为有用：清晰，注重结构，并敏锐地捕捉到了小说的历史与象征维度。在其他文章中，语气偶尔过于私人化，有时偏离了书籍本身。本·奥克里为《继承者》写的前言具有启发性但较为散漫；马龙·詹姆斯在论述《平彻·马丁》时，倾向于将自己修辞上的能量强加于文本之上。约翰·格雷为《自由落体》写的前言建议，世界和自我的不透明性可能是一种自由，但这冒了将戈尔丁重新塑造为更接近格雷本人哲学关注点而非小说焦虑且富有诗意纹理的风险。
这些前言共同强调了一个更大的观点：戈尔丁不容易被同化。似乎每个读者都必须与他达成单独的妥协。这些版本最显著的新特点是瑞秋·格林沃尔德-史密斯在每卷末尾共同提供的“进一步探索建议”。该部分围绕一组共同主题（人性、自我认知的局限、野心与暴力）组织，提供了一份阅读清单，迅速地从弗洛伊德和伍尔夫转向到菲比·沃勒-布里奇的电视剧《伦敦生活》(2016)、电子游戏《最后生还者》(2013)以及米歇尔·贡德里电影《暖暖内心》(2004)。其意图是慷慨的：将戈尔丁引入更广泛的当代对话中，展示他的思想如何持久地反复出现。
这份清单完全成功吗？看到戈尔丁严峻的、内省的小说与在如此不同基调下运作的作品并列，会让人感到略微不安。这种比较并非不合法，但规模发生了变化。在戈尔丁作品中，那些形而上的压力在这种语境下冒着变成一种分类练习的风险——讽刺的是，小说本身正将我们推向相反的方向。戈尔丁的书建立在强度和对外部姿态的拒绝之上，让读者觉得它们需要的不是补充，而是持久的关注。而这种关注并不总是容易给予的。这些是要求极高的小说，难以被转述，在结构和语言上都极具挑战性。它们的难以捉摸并非偶然，而正是它们发挥作用的方式。毕竟，戈尔丁写的是自我的不稳定性，而他的散文则演绎了这种不稳定性：视角在移动，地基在摇晃，仅由瞬间的、突然的……所缓解。
令人不安的清晰感。阅读他的作品，是被吸引进入一个过程，而非被提供一个结论。企鹅出版社（Penguin）的再版为回归这四部小说以及将它们结合起来阅读提供了极具说服力的理由。随书附带的资料有时在试图驯化那些终究无法被驯化的内容时用力过猛，但书籍本身继续发挥着其独特且不妥协的力量。这些版本揭示了戈尔丁（Golding）被忽视的一面，这位作家的核心关注点从未被完全吸收。或许《蝇王》（Lord of the Flies）将永远定义戈尔丁的公众名声。但正是在这些更阴暗、更不妥协的作品中，他的想象力才最完整地呈现出自我：更不确定，且相当有趣。
The Capitol（国会大厦） 作者：Brian Jay Jones Dutton 出版，464 页，$35 一座建设中的共和国
作者：TEVI TROY O
最近在参观美国国会大厦（这是我近 30 年在那里工作以来的首次参观）时，我再次意识到这座建筑是多么美丽且庄严。然而，正如我在 Brian Jay Jones 的《The Capitol: The Surprising Biography of an American Building》（国会大厦：一座美国建筑的惊人传记）中所了解到的一样，它的建设和设计曾引发激烈的争议。
Jones 先生是一位传记作者，曾任国会山助手，非常适合承担这项任务。他带领读者回顾了这座建筑起源的几乎每一个部分。尽管如今许多人将国会大厦视为理所当然，但在规划阶段，很少有人能在名称上达成一致。当时为这座城市提出的一个建议名称是 Washingtonople，幸运的是被否决了。托马斯·杰斐逊亲自划掉了草案中所有提及该建筑为“国会之屋”（Congress House）的地方，并将其替换为“国会大厦”（Capitol）。
皮埃尔·朗方（Pierre L’Enfant）被广泛认为是华盛顿市的设计者。然而，朗方在 1792 年被解雇，因此他并没有设计用于安置行政部门、最高法院和国会的建筑。朗方可能对这些建筑有所思考，但他在愤而离开华盛顿时，将他的所有想法都带走了。作为回应，杰斐逊发起了一场报纸竞赛，以征集后来成为国会大厦的设计方案，最终由赢得比赛的业余建筑师威廉·汤顿（William Thornton）博士设计。在 1812 年战争期间，英国人焚烧了国会大厦，随之而去的还有国会图书馆的最初藏书，杰斐逊再次介入。他提出将其个人拥有的一套令人印象深刻的 6,500 册藏书出售给美国政府作为替代。这笔交易发生在 1815 年，成交价为 $23,950——按今天的货币计算超过 $500,000——尽管这并非没有争议。马萨诸塞州众议员赛勒斯·金（Cyrus King）抱怨杰斐逊的藏书包含“不敬神且不道德的书籍”，并指责这些资金可以用在“比购买图书馆更不可或缺的用途”上。资金提案最终通过了，但是以令人尴尬的仅 10 票之差通过的。
1851 年，另一场并非蓄意的火灾摧毁了杰斐逊藏书中近三分之二的图书。在建筑施工期间，争议一直持续。接替汤顿担任国会大厦建筑师的本杰明·拉特罗布（Benjamin Latrobe）与公共建筑专员塞缪尔·莱恩（Samuel Lane）发生了争执，后者的一只手臂有残疾。两人在总统詹姆斯·门罗（James Monroe）面前大打出手，拉特罗布抓住莱恩大喊：“如果你不是个残废，我会把你震成碎片，你这个可怜的、卑贱的恶棍。”门罗责备拉特罗布，问道：“先生，你知道我是谁吗？”拉特罗布在受挫后地松开了莱恩，并在第二天辞职。这次冲突绝非国会大厦内部唯一的一次暴力冲突。1828 年 4 月，记者兼约翰·昆西·亚当斯（John Quincy Adams）总统的批评者拉塞尔·贾维斯（Russell Jarvis）认为总统侮辱了贾维斯夫人。这位记者挑战总统的儿子进行决斗，年轻的亚当斯拒绝了，于是贾维斯在国会大厦圆形大厅内对他实施了身体攻击。在
国会图书馆
We Work Together
Superteams 作者：Ron Friedman Simon & Schuster 出版，352 页， $30
在新冠疫情之后，许多领导者声称，有效的团队协作需要远程员工回到他们的办公隔间中。Ron Friedman 则持有不同观点。 在《Superteams》一书中，这位社会心理学家报告称，高绩效团队在居家办公时与在办公室办公一样高效。“一个团队在哪里工作远没有它如何工作重要，”他宣布道。是什么成就了一支伟大的团队？Friedman 先生通过采访 6,000 多名自认为团队顶尖的专业人士，以找出他们与他人的不同之处，从而寻求答案。他发现，这些团队的成员完成的工作更多，能让彼此变得更好，并且在不断进步。 这些并不是惊人之举，但顶尖团队的一些习惯却违反直觉。
[[IMG_XXXX]] HOUSE HOME 1861 年的美国国会大厦。
当时，国会大厦仅指派一名卫兵维持秩序。安德鲁·杰克逊（Andrew Jackson）——约翰·昆西·亚当斯（John Quincy Adams）的主要对手——的支持者保护了贾维斯（Jarvis）免受惩罚，但一个月后，国会成立了美国国会警察局。 然而，国家立法机构内部的暴力事件依然是个问题。1835, 一名名为理查德·劳伦斯（Richard Lawrence）的失业房屋油漆工试图暗杀杰克逊总统。劳伦斯的企图失败了，因为他指向杰克逊的两把枪都哑火了——这一事件如此极其罕见，以至于 Jones 先生认为其发生的概率仅为 125,000 分之 1. 劳伦斯是一个精神不稳定的人，认为自己是英国王位的继承人，最终被判定为因精神错乱而无罪。他在几十年后死于现在的圣伊丽莎白医院（St. Elizabeth’s Hospital），这家机构后来收容了试图暗杀罗纳德·里根（Ronald Reagan）的约翰·亨克利二世（John Hinckley, Jr.）。 至于亚当斯，他在卸任总统后回到了众议院，任职时间比他担任总统的时间还要长，并在杰克逊离开白宫后继续留任。他于 1848 年 2 月 23 日死在众议院议长室，是唯一一名死在国会大厦的总统。 另一次国会大厦内的暴力冲突发生在 1856 年：一场悲剧且残酷的鞭笞事件
高绩效团队的成员表示，他们独立且不被打扰的工作时间比普通团队成员更多：每次 106 分钟，而后者为 77 分钟。然而，他们的响应速度也比普通团队成员更快。Friedman 先生表示，这种“协作聚焦”的基础在于“在专注的个人工作与有目的的协作之间取得正确平衡”。 成功源于团队掌控自身时间的能力。Friedman 先生的超级团队比普通团队更有可能避免会议，概率高出 50%。他们预留思考时间的可能性高出 68%，有意识地追踪时间的可能性高出 50%。 Friedman 先生通过改善工作环境的建议来支撑他的研究结果。其中许多观点借鉴了其他思想家——关于时间管理的 Stephen Covey，关于制止霸凌者的 Bob Sutton，关于心理安全的 Amy Edmondson——但所有建议都具有实用性。 值得记住的是，书中的洞察源自自我报告的数据。Friedman 先生引用研究称，“人们对自己团队能力的信念是预测团队实际表现的最佳指标之一”，但仍然存在偏见的可能性。尽管如此，《Superteams》对于寻求提高绩效的团队和管理者来说是一本有价值的指南。
由南卡罗来纳州支持奴隶制的国会议员普雷斯顿·布鲁克斯对马萨诸塞州废奴主义参议员查尔斯·萨姆纳进行的袭击。这次可耻的事件使萨姆纳未能完全康复，并成为了内战的序曲。
琼斯先生还讲述了国会大厦内令人惊叹的艺术品历史。最著名的是由约翰·特朗布尔创作的四幅巨型画作——尺寸为 12 英尺 by 18 英尺——描绘了革命时期的重要场景。一条记录美国历史的精彩饰带环绕在圆顶大厅上方，由意裔美国艺术家康斯坦丁诺·布鲁米迪开始创作。布鲁米迪在国会大厦工作了 25 年，直到 1880. 逝世时仍在该岗位上。这幅饰带最终于 1953, 年完工，而布鲁米迪因其贡献在 2008 年被授予国会金质奖章；颁奖仪式于 2012. 年举行。少数党领袖约翰·博纳在仪式上像往常一样流下了眼泪。
在很大程度上，我们所熟知的国会大厦外部结构于 1868. 年完工。因此，琼斯先生对 20 世纪和 21 世纪的论述相对较少，但他描述了一些关键时刻。例如，当时为理查德·尼克松总统工作的丹尼尔·帕特里克·莫伊尼汉推荐乔治·M·怀特担任国会大厦的建筑师；尼克松
快捷方式：商业
作者：西奥多·金尼 (THEODORE KINNI)
全方位 走向成功
如何定义一生 作者：吉姆·柯林斯 (Jim Collins) Harper Edge 出版，416 页，$32
1995年，在合著了一本关于伟大公司习惯的畅销书一年后，吉姆·柯林斯离开了斯坦福大学商学院的教职，创办了自己的管理实验室。在工作过程中，柯林斯先生开始研究人们如何为自己创造充实的生活。他在《如何定义一生》(What to Make of a Life) 中分享了他的研究结果。
本书通过配对分析探讨了来自不同领域的杰出人物，包括音乐界（吉米·佩奇和罗伯特·普兰特）、文学界（托妮·莫里森和芭芭拉·W·塔克曼）、政界（吉米·卡特和杰拉尔德·福特）等。为什么选择这些名人？柯林斯先生写道，因为“那里有数据”。他在讲述这些人物的成就时，旨在探讨许多人在某个阶段都会问到的三个问题：我如何找到适合自己的道路？当目前的道路走到尽头时，我该怎么做？我如何在漫长的一生中保持投入？
尽管有过度简化的风险，但柯林斯先生认为，寻找正确路径的方法是找出你的“编码”（即你的擅长领域），并将其集中在一些你热爱的事情上。如果你遇到了“悬崖”（路径终结），就采取小步快跑的策略，直到新路径出现。通过不断挑战自我并在持续更新的过程中重新开始，来维持你的“内心之火”（不断尝试的冲动）。
莫里森（1931-2019）和塔克曼（1912-89）的例子表明，使生计与你的编码相匹配可能需要很长时间。莫里森直到 39 岁才出版第一部小说；而塔克曼则花费了数十年时间才达到能让她全身心投入写作事业的成功水平。然而，柯林斯先生写道，“她们最终开始信任自己的编码并追随它们，无论它们将引导向何方。”
《如何定义一生》并没有给出所有答案，但它提出了正确的问题，并提供了一定程度的宽慰：即便最成功的人也面临过类似的挑战。这就是生活。
[此处为另一段文本]
...他们认可这个想法。怀特建议总统就职典礼在国会大厦的西前门而非东前门举行，而此前一直沿用东前门的惯例。这一新传统让更多的人能够见证我们每四年一次的权力和平移交，始于里根 1981 年的就职典礼，当时莫伊尼汉是来自纽约的民主党参议员。
导致里根就职典礼得以实现的这种跨党派努力，既表明了我们民主制度中混乱的历史，也表明了其在国会大厦中的体现。在极大的政治压力下，挑战性的问题得到了解决，并最终被颂扬为世界上已知最伟大民主国家历史中的核心元素。
美国国会大厦或许是美国共和国最可辨识的象征。琼斯先生为其撰写了这部配得上它的传记。正如他略带夸张地观察到的，这座建筑“不仅承载着政府，还承载着美国人的心理”。
特洛伊先生是罗纳德·里根研究所的高级研究员，也是叶ရှ法大学斯特劳斯中心的高级学者，他撰写了五本关于总统职权的著作。
I
SHUTTERSTOCK
《午夜特别号》(The Midnight Special) 作者：科林·阿舍尔 (Colin Asher) Norton 出版社，336 页，$29.99
作者：普雷斯顿·劳特巴赫 (PRESTON LAUTERBACH)
自由是音乐的精髓，那么囚禁必然是它的死敌。然而，在对美国音乐进行全新解读的《午夜特别号》中，科林·阿舍尔刻画了五位其作品深受监禁影响的艺术家。
里德·贝利 (Lead Belly, 1888-1949) 是典型的囚徒艺术家。他原名哈迪·莱德贝特 (Huddie Ledbetter)，在民俗学家约翰·洛马克斯 (John Lomax) 于 1933 年在路易斯安那州立监狱对被囚禁的莱德贝特进行录音后，他在枷锁中成名，当时莱德贝特至少在服第三次刑期。1934 年末，洛马克斯开始推广里德·贝利的个人巡演，宣传该艺术家的犯罪史，吹捧他的暴力定罪经历，并最终让他穿上条纹囚服。
不过，莱德贝特的嗓音和词作才华本应已足够。他的声音宛如神迹，既能唱出最明媚的阳光，也能发出最沉重的雷鸣。他弹奏一把 12 弦吉他，有时听起来躁动不安且疯狂。他演绎了记录在案的最伟大的谋杀民谣，该曲于 20 世纪 40 年代以《(黑姑娘)昨晚你睡在哪里？》(“(Black Gal) Where Did You Sleep Last Night?”) 之名发行。其叙事的精炼程度可与现代文学中的任何作品相媲美或甚至更胜一筹。在 20 世纪 90 年代，这首歌为涅槃乐队 (Nirvana) 的库尔特·科本 (Kurt Cobain) 提供了表达存在主义愤怒的绝佳载体，而里德·贝利在演唱时则表现出一种令人不安的冷静。
虽然里德·贝利在音乐传闻中已为人熟知一段时间，但阿舍尔先生呈现了迄今为止对这位艺术家最真实的画像，并结合了 sym-
训练中的 士兵
《加夫列尔·蒂罗什事件》(The Gavriel Tirosh Affair) 作者：伊扎克·沙莱夫 (Yitzhak Shalev) Toby 出版社，252 页，$19.95
作者：戴安娜·科尔 (DIANE COLE)
伊扎克·沙莱夫的《加夫列尔·蒂罗什事件》于 1964 年在以色列首次出版，现首次以英文面世。该书提出了一个关于战争代价、和平价格以及中东持续冲突所带来的无尽悲痛的令人不安的问题，这些问题既关乎历史，也关乎当代。
这部紧凑且强有力的小说主要背景设定在 20 世纪 30 年代末由英国统治的巴勒斯坦，由一名未具名的叙述者引导。他是一位 1948 年独立战争的中年退伍军人，尽管拥有美好生活的表面装饰——妻子、孩子和一份体面的工作——但他依然在情感上感到麻木，他的目标感早在其充满魅力的高中历史老师加夫列尔·蒂罗什 (Gavriel Tirosh) 失踪时便已烟消云散。
他们之间宿命般的互动通过清晰的记忆片段呈现，由译者希勒尔·哈尔金 (Hillel Halkin) 以简约而优雅的笔触巧妙地渲染。
对 Lead Belly 生活与艺术的凄美视角。 “他在梦中歌唱，”阿舍尔先生写道，“醒来时地唱出他在梦中听到的旋律，这种习惯有时赋予了他的作品一种超现实的不和谐感——用商业广告歌曲般的轻快地唱着苦役歌；温柔地唱着谋杀民谣；而那些苦难的纪实听起来却像自由之歌。”
埃尔莫·霍普（Elmo Hope, 1923-67）是一位来自纽约哈莱姆区的比波普（bebop）音乐家；他与同为爵士钢琴手的西洛尼厄斯·蒙克（Thelonious Monk）以及巴德·鲍威尔（Bud Powell）关系密切，三人因此被赋予了“三剑客”的绰号。霍普曾因多次违反禁毒法而服刑。就在其中一次身陷囹圄期间，他创作出了一首标志性的曲调，与他同在赖克斯岛（Rikers Island）服刑的萨克斯风手桑尼·罗林斯（Sonny Rollins）共同创作了《Carvin’ the Rock》（1953）。
阿舍尔先生解释了当时的纽约警察局如何塑造了爵士乐的声音——他们将包括霍普在内的许多音乐家，因心理健康或药物滥用问题而关押起来。正如阿舍尔先生提醒我们的，纽约警察局还监管着“夜总会卡”（cabaret cards）的发放——这是一种音乐家的工作许可证——实际上决定了谁能够在该市的夜总会中演出。1950 年代后期，在霍普的许可证被撤销后，他搬到了西方
囚禁音乐家的旋律中， 往往捕捉到了 监狱生活的 故事与苦难。
从加布里埃尔（Gavriel）走进讲述人就读的耶路撒冷顶尖高中那一刻起，他就给那些死板的老教师们投下了一道阴影。这位充满活力且自信的德国难民还不满 30 岁，很快就迷住了讲述人及其四个最亲密的同学——亚伦（Aharon）、丹（Dan）、亚伊尔（Yair）和阿雅（Aya），后者是其中唯一的女性。在那个日益阴森的当下，欧洲对犹太人的纳粹威胁不断升级，巴勒斯坦地区阿拉伯人对犹太人的袭击在 1936-39 这一时期（后被称为“血色事件”）频率加速增加，这些青少年很快开始依赖加布里埃尔来帮助他们理清过去。
由于英国军队无法平息该地区的动荡，学生及其家人出于对安全的担忧，遵循犹太领导层的克制政策（havlaga），而非采取报复行动，因为报复可能会导致与阿拉伯人的冲突升级。名为“哈加纳”（Haganah）的犹太准军事组织也持有相同观点。
但加布里埃尔坚决挑战这种方法，认为它是消极的。他认为，克制是一种依赖形式，是数百年来犹太人对其散居地统治者卑躬屈膝的遗产。他告诉那些听得入迷的学生们，巴勒斯坦的犹太人不应像贫民窟居民那样生活，依赖于任何掌权者的仁慈。他们必须通过战斗并为犹太民族夺回圣经中承诺的土地，来展现自己的力量。
在加布里埃尔看来，他的职责就是传授该地区历史性战役的教训——
海岸，他在那里事业兴旺却深感被放逐。当他于 1961 年回到纽约时，同行音乐家们对他十分推崇，但媒体已将他遗忘。他于 1967 年因心力衰竭去世，享年 43 岁。
1965 年， 19 岁的米尔顿·“艾克”·怀特（Milton “Ike” White）因在抢劫期间枪杀一名便利店店员而被判处终身监禁。在狱中，怀特结识了“斯佩德”·库利（“Spade” Cooley），后者曾是西部摇摆乐（Western swing music）的先驱，而当时是一名被定罪的杀人犯。库利在监狱工作坊中制作乐器，并教囚犯如何在监狱乐队中演奏。他成为了怀特的导师。
在监狱中从事音乐创作的精神层面在怀特的故事中得到了生动体现。由于几乎是在铁窗后长大，怀特唯一的自由感来自于音乐。他创作并录制素材，领导圣昆廷监狱乐队（San Quentin Prison Band），并为到访的艺术家（如在该设施举办演唱会的歌手吉米·威瑟斯庞 [Jimmy Witherspoon]）伴奏。然而，在 1978 年出狱后，怀特难以适应自由生活，并于 2014 年自杀身亡。
图派克·夏库尔（Tupac Shakur，1971-96）成为首位在狱中获得公告牌（Billboard）Top 200 专辑冠军的录制艺人——即 1995 年的《我对抗世界》（Me Against the World）。他的说唱音乐与狱中生活如此紧密交织，以至于他与 Death Row Records 的创始人兼首席执行官苏格·奈特（Suge Knight）签署了录音合同，以便夏库尔能够支付高达 100 万美元的保释金。夏库尔对所谓“暴徒生活”（thug life）的执迷，似乎让他 25 岁时的死亡变得不可避免。亚舍（Mr. Asher）讲述的夏库尔一生故事强化了这种必然性，故事从该艺术家尚在母亲子宫中、而其母正在法庭上为争取自由而辩论时便开始了。
tles。他们周围到处可见废墟，就像他们在一次班级远足中参观的 13 世纪十字军堡垒蒙福特（Montfort）那样。“我们必须学习如何在这个地区生存，如何利用我们能够利用的每一分力量，并利用敌方之间的矛盾——而且我们必须做得比十字军更好，”他断言。他告诉学生们，现在是时候准备为一个既没有英国人也没有阿拉伯人的未来而战了。
[[IMG_XXXX]] GETTY IMAGES 基布兹（KIBBUTZ）：20 世纪 30 年代左右，英国统治下的巴勒斯坦，士兵与儿童。
面对加夫列尔（Gavriel）激烈的言论，亚伊尔（Yair）难以置信地问道：“为什么我们不能和平共处？”老师的回答既令人胆寒又发人深省：“真正的和平取决于双方都对获取目标的任何其他途径感到绝望。而无论是我们还是阿拉伯人，都远未达到绝望的程度。”相反，唯一的问题是“谁将主宰谁”。
在加夫列尔及其愿景的影响下，学生们开始参加秘密的课后军事训练课程。他教他们如何使用武器和手榴弹，以及如何在不被发现的情况下绘制地图并执行侦察任务。学生们打着历史与考古俱乐部探索乡村的幌子，对涉嫌藏有狙击手的阿拉伯村庄进行侦查。
在亚舍先生（Mr. Asher）探讨的对象中，强尼·卡什（Johnny Cash，1932-2003）是唯一一个没有吃过牢狱之苦的人。相反，卡什通过扮演一名法外之徒的故事讲述者来崭露头角，为血腥的欲望注入了人性——最令人难忘的是他在《福尔森监狱蓝调》（“Folsom Prison Blues”，1955）中告诉我们，他“在里诺开枪打死了一个人，就为了看着他死去”。亚舍先生重新激活了卡什在圣昆廷监狱开演唱会的那个熟悉故事，并剥开叙事表层，探索导致那一时刻而来的卡什生活中的紧张局势。
这些故事展示了监禁的光环如何增强公众对一名艺术家及其音乐的认知。正如亚舍先生指出的，无法掌控自己叙事话语权的利德·贝利（Lead Belly）成为了一个原型的象征。我们永远不会知道，如果没有那个被强加的“杀人前科犯”的人设，他原本会成为什么样的人。不过，他的唱片销量从未达到很高的水平。有人可能会说，他的名声在一定程度上归功于那个糟糕且不准确的刻板印象。
艾克·怀特（Ike White）的专辑《更迭的时代》（“Changin’ Times”，1976）可以在网上轻松找到，这是一张非常出色的 20 世纪 70 年代灵魂乐专辑，具有一种那个时代通常缺乏的纤弱之美。但这张专辑是否因为是由一名被定罪的杀人犯制作的冷门之作而变得更有趣？如果在市场上与马文·盖伊（Marvin Gaye）、艾萨克·海耶斯（Isaac Hayes）、斯莱与家庭之石（Sly and the Family Stone）或史蒂夫·汪达（Stevie Wonder）等艺术家竞争，它是否可行？与此同时，卡什和沙库尔（Shakur）则是有意识地认同这种犯罪形象。对于这些在囚禁的阴影中创造自由感的人来说，这种形象一定有某种用处。
劳特巴赫先生（Mr. Lauterbach）是《在埃尔维斯之前：成就这位国王的非裔美国音乐家》一书的作者。
他们认为自己已准备好战斗，于是加入了哈加纳（Haganah）——但随后便与加夫里埃尔（Gavriel）一起退出，后者声称该组织过于温和。更符合他心意的是地下激进组织伊尔贡（Irgun）。加夫里埃尔建议学生们加入他自己建立的一个小型独立军事小组。他们同意了。他劝诫他们不要恐惧，即便在早期的秘密行动中，叙述者和加夫里埃尔相继受伤。随后灾难降临，阿雅（Aya）去世了。
在 20 世纪 30 年代的耶路撒冷，一名犹太教师说服他的学生加入一支地下军队。
紧随其后的是加夫里埃尔在没有任何解释的情况下突然离开，这让学生们感到迷茫。在 1948 年的战争中，又有两名朋友在战斗中牺牲，随着时间的推移，幸存的两人之间曾经亲密的关系变成了一件毫无生气的陈迹。同样令人不安的是叙述者自身的结局，他在耶路撒冷的街道上徘徊，在无止境地寻找依然失踪的加夫里埃尔时，状态几乎像陷入了昏迷。这种丧失掏空了他的灵魂，只留下战争那无尽创伤及其遗产所带来的挥之不去的冲击。
T
上图：普拉多博物馆；下图：诺顿·西蒙基金会
Zurbarán 由 Francesca Whitlum-Cooper, Daniel Sobrino Ralston 等编辑 国家美术馆全球出版， 208 页， $50
Francisco de Zurbarán and the Fabric of the World Jeremy Robbins 著 Reaktion 出版社， 232 页， $25
作者：TUNKU VARADARAJAN
伊比利亚人对美洲的征服使 16 世纪的塞维利亚成为了欧洲最富有的城市。塞维利亚白银的强大吸引力招来了各色求财者。其中就包括弗朗西斯科·德·苏巴兰 (Francisco de Zurbarán, 1598-1664)，这位艺术家的作品如今被认为是西班牙巴洛克绘画的巅峰之作。塞维利亚是西班牙南部最显赫的宗教中心，其基督修会——多明我会、梅塞德会、加尔都西会，以及在较小程度上包括方济各会、耶稣会和圣杰罗尼莫会——以其赞助和资助眷顾了来自埃斯特雷马杜拉省一个贫困小镇的苏巴兰。作为回报，他为我们留下了大量崇高的作品；由于人们对修道院和虔诚艺术的兴趣逐渐减弱，这些作品在 19 世纪中期和 20 世纪初之前一直处于令人惊讶的评论冷遇之中。在被重新发现并获得应有的赞誉后，苏巴兰在今天被认为与他的同胞及同时代人迭戈·委拉斯开兹 (Diego Velázquez) 旗鼓相当。
在塞维利亚，多明我会于 1626 年的一项奢华委任促成了 21 幅绘画作品，其中包括苏巴兰最早署名并注明日期的作品《钉十字架》(The Crucifixion, 1627)。在为目前伦敦国家美术馆展出的 50 幅该艺术家绘画作品所编写的目录《Zurbarán》（该展览随后将移至卢浮宫，之后前往芝加哥艺术博物馆）中，Francesca Whitlum-Cooper 和 Imogen Tedbury 告诉我们，《钉十字架》在“塞维利亚引起了轰动”，是一次“对体积和形式的非凡研究”。（该目录由 Ms. Whitlum-Cooper 和 Daniel Sobrino Ralston 共同编辑，两人目前均为国家美术馆策展人；Ms. Tedbury 曾任国家美术馆策展人；Rebecca Long 为艺术博物馆策展人。）
这幅画目前由艺术博物馆收藏，是苏巴兰 12 幅钉十字架作品中的第一幅，曾在塞维利亚一个光线昏暗的修道院圣器室的格栅后悬挂了近 200 年。其形式的三维感让许多观看者认为这幅画是雕塑。这不仅是因为 Ms. Whitlum-Cooper 和 Ms. Tedbury 所写的，基督的身体“极其真实”，还因为其腰布的逼真度以及“下垂与褶皱的复杂深度”。
苏巴兰的故事是一个伟大名声得以恢复的故事。在目录的序言中，Odile Delenda（她于 2009 年编纂了该艺术家绘画作品的第一部有据考究的目录）向 María Luisa Caturla (1888-1984) 致敬，这位西班牙艺术史学家在将苏巴兰从评论界的冷漠中拯救出来方面，贡献比任何人都大。W. Somerset Maugham 同样对其努力表示认可，他在随笔集《流浪的心情》(The Vagrant Mood, 1952) 中对苏巴兰写下了动人且真挚的评论——令人费解的是，国家美术馆的目录中对此未予提及。人们推测，被省略的原因可能是编辑们认为 Maugham 只是个业余爱好者而非专家，且他认为苏巴兰“并非天才”。相反，在
委拉斯开兹创造了运动； 苏巴兰则创造了绝对的静谧。
“关注是慷慨最罕见、最纯粹的形式。” ——西蒙·薇依 (SIMONE WEIL) 男性纽带 之启示
劳动的果实：《柠檬、橙子与玫瑰静物》(Still Life With Lemons, Oranges and a Rose, 1633) 和《与画家在一起的被钉十字架的基督》(The Crucified Christ With a Painter, 约 1650)，均由 Francisco de Zurbarán 创作。
毛姆的评价是，他是一位“勤勉、诚实且实事求是的男人”，他在创作巅峰时期的绘画——“仿佛上帝的恩宠降临在他身上”。
国家美术馆目录的一个极具价值的补充是《弗朗西斯科·德·苏巴兰与世界的织造》(Francisco de Zurbarán and the Fabric of the World)，这是由爱丁堡大学西班牙研究荣休教授杰里米·罗宾斯 (Jeremy Robbins) 撰写的一部关于这位画家的精美小传。“我们对苏巴兰职业生涯的了解，”罗宾斯先生写道，“比对他生活的了解更多”，作者的意思是，我们可以查阅到详细记录其委任、合同以及众多诉讼（旨在追讨已发往新世界销售作品的款项）的文献，“但我们不知道他的想法或信仰，也不知道他的长相”。所有关于他在《被钉十字架的基督与画家》(The Crucified Christ With a Painter, 约 1650) 中绘制自画像的推测，“依然仅仅是推测”。
那幅画描绘了被钉在十字架上的基督，一名穿着淡紫色、粉色和棕色斗篷的画家站在他下方。罗宾斯先生表示，这身衣着表明后者是福音传道者圣路加 (St. Luke)，艺术家的主保圣人。不过，罗宾斯先生承认，该作品可以被视为苏巴兰的“精神自画像”。
那些涌向国家美术馆的人群如果得知，首个致力于苏巴兰的国际专题展览竟可追溯到 1987, 年——当时由纽约大都会艺术博物馆举办——可能会感到惊讶。可以说，国家美术馆出的这本目录在学术见解上同样睿智，在视觉呈现上同样华丽，这无疑是对其的高度赞赏。
大都会博物馆在近 40 年前（且目前仍值得从二手书商处购得）就已经接触过。 而新目录和罗宾斯先生那部迷人的传记应当感谢之处，在于它们关注了苏巴朗艺术的另一个维度——他对静物画的驾驭能力。彼得·切里在目录中将我们的目光引向这位西班牙画家的《柠檬、橙子与玫瑰静物画》(1633)，该作现由加利福尼亚州帕萨迪纳的诺顿·西蒙博物馆收藏。可以认为，这证明了由于西班牙方面的忽视，伟大的国家遗产已散布全球。这是苏巴朗已知最早的一幅带有签名和日期的静物画；切里先生写道，这证明了这是一部他“希望被认可并被铭记”的作品。 切里先生暗示，苏巴朗的静物画在他一个世纪前的重新被发现中扮演了重要角色：“在当时的观众看来，它显得‘现代’，评论家们注意到它与保罗·塞尚和巴勃罗·毕加索的前卫静物画有着亲缘关系。” 罗宾斯先生在写作时对苏巴朗流露出一种近乎所有者般的爱，因此应由他来做最后总结。在他看来，苏巴朗与“迭戈·委拉斯开兹那产生——例如，纺车旋转之幻象的——大胆笔触”形成了对比。 相比之下，苏巴朗的作品——包括他对基督和圣徒形象的描绘——其定义在于绝对的静谧。在他的画作中，没有什么比这种“运动的缺失”本身更能打动我们。
《德雷顿与麦肯齐》 作者：亚历山大·斯塔里特 Atlantic Monthly 出版，512 页，$30
《恋爱中的男人》 作者：欧文·威尔士 Pegasus 出版，544 页，$29.95
作者：马尔科姆·福布斯 J AMES DRAYTON 在社交上很笨拙，但在学术上极具天赋。在牛津大学学习哲学、政治和经济学并经历了辉煌的本科生涯后，他顺利获得了一份炙手可热的管理顾问工作。相比之下，社交活跃且充满魅力的罗兰·麦肯齐在牛津大学毕业时，获得的是一个不那么令人印象深刻的物理学二等学位。《德雷顿与麦肯齐》，亚历山大·斯塔里特（Alexander Starritt）的第三部小说，开篇描述了这两个人追求截然不同的职业道路。但当这两个角色成为同事时，一种出人意料的联盟开始形成，这本书变成了一个关于男性友谊的成功故事。 到 2009 年，罗兰发现自己与詹姆斯在同一家伦敦公司工作。两人被分配了一项令人不快的工作：裁掉苏格兰阿伯丁一家陷入困境的石油公司的数百名员工。在这里，他们像“两颗被调整到正确位置的齿轮”一样建立了联系。他们还建立了一家合伙公司，试图通过一家潮汐能公司来发家致富并拯救地球，他们声称该公司将通过“给月球套上轭鞍”来为我们的文明提供动力。
两名截然不同的学生从牛津大学毕业。对于两人来说，在商业上的进步都源于改变世界的梦想。
两人在商业上经历了很多挑战，但最终取得了相当大的成功。然而，私生活中的问题并不总那么容易克服。詹姆斯经历了一次健康危机，导致他昏迷了六天；罗兰则面临着与朋友前任开始一段关系的伦理困境。最终，他们面临一个更大的危机，这个危机威胁要切断他们看似不可打破的纽带。斯塔里特先生在他的这部宏大小说中塞进了许多内容——从水下涡轮机到氢动力火箭，从金融崩溃到可再生能源初创公司，从日本黑帮到意大利美食。书中还出现了经济学家本·伯南克、埃隆·马斯克和 PayPal 联合创始人彼得·蒂尔的客串，以及对商业、环境和技术的思考，还有涵盖 21 世纪一系列动荡的片段。这部小说的两个主角几乎在这一切之中迷失了方向
色彩与细节。他们也可能难以被人们喜爱——那些受过牛津教育的富有的企业家，作为“衰退的双骑士”，在追求自己的梦想之前摧毁了无数工人的生计。然而，斯塔里特先生（Mr. Starritt）将他的主角们置于舞台中心，并确保在他们经历职业考验和个人磨难的过程中，始终保持着迷人的存在感，并且足够令人同情，从而让读者支持他们。在 D.H. 劳伦斯（D.H. Lawrence）的《爱的女人》（“Women in Love”，1920）中，厄休拉（Ursula）在面对浪漫情事时有着明确的目标。“她渴望难以言表的亲密。她想拥有他，彻底地，最终地将他变为自己的所有物。”而在欧文·威尔士（Irvine Welsh）的《爱的男人》（“Men in Love”）中，四位男性主角则各自采取了不同的方式。这本书是威尔士先生 1993 年处女作《猜火车》（“Trainspotting”）的直接续集，讲述了最初那群苏格兰朋友放弃海洛因并与彼此分道扬镳的故事——与此同时，他们每个人都在沉溺于自己难以言表的亲密关系中。
作为《猜火车》的核心人物，伦顿（Renton）在那本书的结尾通过一次毒品交易坑了自己的朋友并逃离了英国。现在，在 20 世纪 80 年代末，他正试图在阿姆斯特丹重新开始。他在一家酒店厨房工作，并享受在这个城市夜店里的享乐之夜。他爱上了一个名为莫妮克（Monique）的“自由灵魂”，尽管当她解释他永远不会是她生命中唯一的爱，而只是开放关系中的众多男人之一时，他的热情有所冷却。在伦敦，伦顿曾经的同伴“病小子”（Sick Boy）在学业、成人用品店工作和毒品康复课程之间周旋，他在那里诱惑女性，然后通过他的皮条客朋友“重新引导她们回到坏习惯中”。一名叫阿曼达（Amanda）的女性出乎意料地令他倾心，随着欲望被爱情取代，两人订婚了——这让她的英国富裕父母感到大为惊恐。
与此同时，在爱丁堡，前帮派中的另外两名成员则在原地打转且毫无前途。可怜的斯普德（Spud）与女友阿里（Ali）定居下来，并试图通过参加成年人“识字”班来提升自己，但他依然陷入贫困与成瘾的恶性循环中。“狂暴的头骨粉碎机”贝格比（Begbie），一个“看到脸就想出拳”的人，在监狱里进进出出，并发现他对暴力的渴望与其对他女友妹妹的渴求一样强烈。
《爱的男人》全书超过 500 页，如果能经过更残酷的编辑将会更有利。某些片段过于冗长且用力过猛，充斥着一个又一个粗俗的逸事。然而，一种不可否认的能量渗透在每一个喧闹的片段中，而那些粗粝、充满脏话的苏格兰工人阶级方言亦是如此。在那些更精妙、更犀利的篇幅中，这是一个充满机智与坚韧的尖刻冒险故事。
EMMET GOWIN, PACE GALLERY
这张由埃米特·高温（Emmet Gowin）拍摄于 1970 年的照片，记录了他的妻子伊迪丝（Edith）及其母亲里娃（Reva），其中有许多值得关注的细节：亚麻油地毡地板上如宝石般的图案，穿过薄纱窗帘的流动光影，以及弯曲的电视屏幕中面孔的淡淡倒影。细节中透露出故事的线索，例如裸露床垫侧面的破洞、地板上丢弃的纸巾、女性头发上的卷发器，以及伊迪丝手中握着的发夹。
伊迪丝和里娃在高温先生的《鲍德温街：摄影作品 1966–1994》（Baldwin Street: Photographs 1966–1994，普林斯顿出版，128 页，$49.95）中占据了重要地位。在序言中，高温先生回忆了他在弗吉尼亚州丹维尔（Danville, Va.）这个棉纺厂小镇度过的青年时代。1960 年在一次舞会上与伊迪丝相遇并坠入爱河后，他被接纳进入她那个庞大且关系亲密的家庭，这个家庭的
视角来看
《你无法摆脱它》（You Won’t Get Free of It） 作者：蕾切尔·阿维夫 (Rachel Aviv) Knopf 出版，240 页，$30
作者：梅根·考克斯·格登 (MEGHAN COX GURDON)
如果说有一种单一的动力源驱动了艾丽丝·门罗 (Alice Munro) 的创作，那么这必然是她对母亲那复杂矛盾的情感。门罗在蕾切尔·阿维夫的《你无法摆脱它》中被引用的一段文字中写道：“问题，唯一的问题，就是我的母亲。”这本书是一系列关于母亲与女儿的散文集，最初以更精简的形式发表在《纽约客》杂志上。
作为该杂志一名著名的撰稿人，同时作为一个在事业雄心上继承了母亲期望的女儿，阿维夫女士在最初的报道中，在深入挖掘跨代之间关于爱、挣扎与疏离的故事时，发现自己自然而然地倾向于站在年轻一代这一边。
随后，她自己成为了母亲。阿维夫女士写道，她人生中的惊喜之一便是“意识到那个被对待的孩子，在成年后会成为造成自身伤害的人，甚至在多年后，她都不知道自己会被要求为哪些伤害感到后悔”。由于对母亲视角的复杂性有了全新的认识，阿维夫女士决定重新审视她的作品。在翻阅采访记录时，她注意到了一些此前认为并不重要、但现在却能揭示情感和事件真相的细节。她写道，重新修改这些文章就像是一次“抚慰心灵的练习，一种回到年轻时的自我，并对其措辞和假设进行微调的方式”。
最终的结果是一部出色的文集，包含六个以得体、细致且微妙的方式讲述的真实故事。所有这些散文在某种程度上都涉及情感痛苦，而其中一些的核心则是精神疾病带来的沉痛动荡。阿维夫女士描写了一位患有被害妄想症的精神病母亲，她认为自己的长女与一名心机深沉的教授串通一气。来自意外来源的干预治愈了这位母亲的精神状态，但却让她和女儿在如何重建关系方面感到迷茫。书中有一篇散文讲述了一位活泼的年轻女性，她在一个对她母亲而言具有痛苦象征意义的日期里陷入了失忆状态；
另一篇则探讨了关于记忆运作方式的共识之演变，以及被遗忘的事件是否能够（或应该）被找回。
其中一篇散文讲述了一位意识模糊的母亲，她坚称自己没有问题，最终在一家空房子里等待一个她在那混乱状态下认为是她丈夫的熟人，直到被活活饿死。阿维夫女士还利用了一篇
关于母亲与她们抚养长大的女性之间 关于爱、挣扎与心碎的 真实故事。
成员们深深扎根于丹维尔 (Danville) 鲍德温街 (Baldwin Street) 尽头那一簇房屋周围的土地上。 在《鲍德温街》中，高文先生 (Mr. Gowin) 和他的妻子分享回忆，并在一场贯穿整部文集的对话中筛选家庭照片。 “我钦佩他们的纯朴与慷慨，并将我拍摄的照片视为一种契约，”他写道。“我想关注那些出于爱而同意展现自己的身体和个性。我的关注是一种自然的职责，可以以此致敬那份爱。”高文先生以一种将其从时间中抽离出来的亲密感捕捉他的主体，同时记录了一个处于旧农业世界与新工业世界门槛上的家庭环境。（蕾娃 (Reva) 和她的三个姐妹——高文先生称之为家庭母权群体——缝制了家...
女性的经历，以此深入探讨菲律宾女性作为海外保姆所面临的惨痛权衡——她们在国外工作，以便让家中失去母亲陪伴的孩子们有钱花。而在赋予该合集标题的压轴作品中，她写到了在爱丽丝·门罗（Alice Munro）后期作品中若隐若现的灾难性背叛。
关注文学八卦的人可能记得，在门罗 2024 年去世后不久（享年 92 岁），外界广泛知晓她的第二任丈夫格里（Gerry）在她的幼女安德里亚（Andrea）还是个女孩时曾对其进行猥亵，而门罗对此知情——但她依然与他生活在一起。阿维夫（Aviv）女士讲述了当时发生的事情，以及随之而来的悲伤、痛苦和疏离的连锁反应，其叙述方式在另一种语境下被称作“压倒性力量的温和应用”。
在阿维夫女士处理这个可怕的故事时，并没有任何耸人听闻或显著的评判色彩，但这并不是说她在道德上是中立的；她并非如此。但她的报道语气冷静，好奇心真实，即使在描述丑陋之物时也没有采取低级的攻击手段。我们读到，在 70 年代性解放的混乱中，格里“以蔑视父母一代的规范为荣”。在门罗面前，“格里会对安德里亚说，在过去，在文化变得古板之前，成年人想要与儿童发生性关系是‘自然’的”。他引用了各种文学作品来支持他的论点，包括纳博科夫的《洛丽塔》（1955）。阿维夫女士写道：“安德里亚说，他假装在随意交谈，但她注意到他的脸上有一种挑衅的快感。”
门罗是一位因能够将平凡生活转化为叙事艺术而广受赞誉的作家。在得知安德里亚遭受虐待后，她开始将这种家庭恐怖元素融入自己的作品中。阿维夫女士指出，一篇 1993 年的短篇小说《破坏者》（Vandals）在包含其他真实细节的同时，融入了一个格里曾鼓励安德里亚玩的一种阴森游戏（“给我看”）。门罗的
莉（Lily）穿着色彩鲜艳的裙子，裙子是用他们在工厂工作时织的同样的小格子布制成的。）
高文（Gowin）先生凭借其家庭照片以及作为一名环境摄影师而闻名。但这个精心策划的包含 70 张黑白照片的系列——从在后院打闹的孩子，到在厨房沉思或在家庭葬礼上站在坟前的人——让他所谓的“我精神宇宙的中心”得到了更近距离的审视。这些图像（其中许多此前未曾发表）展示了他捕捉那些赋予我们所爱之人面部神采的火花的技巧，无论是肢体上引人注目的扭转，还是眼神中的闪烁。 ——艾萨克·斯莱（Isaac Sligh）是《新标准》（New Criterion）的副编辑。
写作技巧本已精湛，但矛盾的是，现在变得更好了。
“人们倾向于认为，一个将女儿遭受虐待的经历转化为艺术的作家，会在审美上受到惩罚，”阿维夫女士（Ms. Aviv）写道。但门罗的“故事变得越来越熟练。她似乎在摸索一种新的形式，用以表达一个人的心智如何能几乎完全屏蔽真相，仅留下几个微小的认知碎片。”
许多父母——即使是最优秀的父母——的命运，就是会在某个时刻发现自己处于一种既了解又并不了解孩子的境地。同样，孩子的命运也是在某种程度上，意识到关于父母的一些真相，而他们并不希望对此进行过于深入的审视。
阿维夫女士在书的开头描述了她母亲渴望成为一名作家的心愿。女儿告诉我们，她的母亲向《纽约客》杂志发送了一篇又一篇故事，有一次“当杂志寄回一份包含个性化评语的拒稿信时，她兴奋地跳了起来并亲吻了我的父亲”。
随后，带着一种对爱丽丝·门罗（Alice Munro）的淡淡呼应，阿维夫女士评论道，“我如今的生活正是我的母亲曾经追求的生活，这个事实如此明确，以至于我通常倾向于不去意识到它。”
A. 五位 B. 七位 C. 八位 D. 九位
A. 660 B. 6,600 C. 66,000 D. 666,000
A. 助听器中心 B. 热狗摊 C. 殡仪馆 D. 加油站
A. 加拿大 B. 以色列 C. 俄罗斯 D. 乌克兰
A B
图片来源（从上至下）：TAYFUN SALCI/ZUMA PRESS; JOHN RUCOSKY/TRIBUNE-DEMOCRAT VIA AP
A. Troy Jackson B. Hannah Pingree C. Nirav Shah D. Leon Leonwood
答案列在右侧的 纵横棋格 解答下方。
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It All Adds Up | 作者 Gary Larson & Amy Ensz
横向 (Across) 1 刺人的 6 急救医疗技术员 (EMT) 的技能 9 “Oh ___, I’m on My Way” （《波吉与贝丝》中的歌曲） 13 一百万次超级—— 17 旧式复印机 18 在数学中计算 19 “Freeze the Feeling” 品牌 20 严厉的/苛刻的 21 伪造的蛹壳？ 23 Karmann ___ (旧款大众汽车) 24 飙升至极高点 25 犯罪模式（简称） 26 以某种方式使平整 27 完好无损的建筑穹顶？ 29 对……毫无天赋 31 比如，需要一秒钟 32 电台主持人兼音乐家 John 35 古犹太禁欲主义者 37 具有清晰形状的绘画风格 41 马戏/马之嬉戏 43 飞越九州的怪兽
45 煎饼翻转者 46 随意的问候？ 50 城堡屏障 52 烤猪宴上的顶杆 53 穿堂风之源 54 像猫一样的 55 例如 Vette 56 专用线路 57 扑克中的糟糕礼仪 59 狡猾的 60 乔治·艾略特小说中的主人公 63 小说中的管家 64 掩盖/使低沉 65 见多识广 66 佛罗里达大学运动员 68 斯特赖桑主演的剧作角色 69 虚构的 AFC Richmond 球队教练 72 纽约证券交易所 (NYSE) 或 Rx 的替代方案 73 装备/套装 74 “My Eyes Adored You” 的演唱者 Frankie 75 ___ Maria 76 指纹特征 78 “Careless Hands” 的演唱者 Mel 79 比如，稀薄的辣椒酱？ 81 被遮蔽/相形见绌
A. 东京芭蕾舞团 B. K-Ballet Tokyo C. 松山芭蕾舞团 D. 日本国立芭蕾舞团
A. 印度尼西亚 B. 立陶宛 C. 委内瑞拉 D. 沙特阿拉伯
A. 灰熊 B.棕熊 C. 黑熊 D. 芝加哥熊
A. 胖子 (Fat Man) B. 大男孩 (Big Boy) C. 约翰·亨利 (John Henry) D. 鲍德温十轮车 (Baldwin Decapod)
83 Grant 85 基地址 (Base address) 86 186 年历史的 新奥尔良 餐厅 88 音乐家的 困境 92 盐湖城的 Big 12 球队 93 2002 年前 西班牙的货币 95 斯派克·李传记片 97 浪漫度假胜地 的行李员？ 101 “Break Your Heart” 歌手 Cruz 102 巨大的骚动 105 116-Across 的 害虫 106 天琴座最亮的星 107 猜壳游戏中的 三个选项之一？ 109 演员 Chris 和 Sean 110 “国王田园诗” 中的角色 111 sac 或 raptor 的前缀 112 交易撮合者 113 在曼彻斯特 意为“接吻/亲热” 114 首次通话 115 果园工人 116 花园花卉
纵向 (Down) 1 某种无线电 2 “再见！” 3 澳洲内陆 奔跑者 4 Bowser 的 替代方案 5 孩之宝的吵闹玩具 6 某些烘焙者 7 4 月 1 日的行径 8 法庭事务 9 也许准备好拍摄了 10 安适 (Advil) 的目标 11 低坝 12 稀缺 13 旧鼓组 14 2002 年后 西班牙的货币 15 选角需求 16 “MAS*H” 明星 20 可能随口说出 22 《萎缩》(Shrinking) 中的 Michael 24 陡坡 27 快速交通 28 像某些啤酒 和面包一样 29 冯 ___ (Feng ___) 30 等候 32 实验室工作 33 势均力敌 34 底漆层？ 36 “地狱”的 委婉语
这些谜题由 Cracking The Cryptic 的 Simon Anthony 和 Mark Goodliffe 为《华尔街日报》策划，该频道是全球最受欢迎的 YouTube 数独频道。
杀手数独 (Killer Sudoku)：Cascade by CtC 适用普通数独规则。虚线方格内的数字不可重复，且总和为所示数值。
杀手数独
路感 (Road Sense) by CtC 适用普通数独规则。方格边界将蓝线分为总和相同的段落。
38 1802 年某化学 公司的创立？ 39 优雅地移动 40 美食家 42 有时是网络 44 圣诞音乐 47 演艺圈的“大满贯” 48 承受压力能力差 49 完全地 51 “___ Maria” 55 狂热的 追随者 58 霍顿听到过一个 59 枪套持有者 60 非常多 61 离题/不按剧本演 62 狭窄的入口 64 皮肤层 65 包含 “Yesterday” 的专辑 66 以色列的梅尔 (Meir) 67 桃州首府（昵称） 68 易于操控的，如帆船 69 扭矩符号 70 烧焦 71 旅团 目的地 73 绝地反击 (Hail Mary) 指示 74 “幸运轮” 购买项 77 扶壁的作用 78 对惊吓做出反应 79 导航辅助 80 依维亚与巴黎天然水 82 捕捉苍蝇，例如 84 酸饮 87 锅具放置点 89 在移动中 90 乐队助手 91 也许试图回家 94 《角斗士》 背景 96 背后的诋毁者 97 体育场 纪念品 98 准备好接待顾客 99 “事实上，那是错的” 100 松了一口气 102 拉斯维加斯 WNBA 球队 103 以阿拉基斯为背景 的书 104做出选择 107 喧闹的人群 108 自我意识
长路漫漫 (The Long and Winding Road) | 作者：Patrick Berry
“A”路径
每个“A”路径线索的答案从对应的数字空格开始，沿非阴影路径向下蜿蜒，结束于下一个连续数字之前的空格。“B”路径线索的答案则沿相反方向依次向下蜿蜒，经过路径上的阴影和非阴影空格。“B”路径的答案偶尔会跳过“A”路径中的字母；请在发现这些跳过的字母时将其圈起来。当网格填满时，阴影空格中的字母将拼出一个“冷笑话定义” (daffynition)，用于描述由圈出的字母组成的短语（按“A”路径的顺序读取）。
“B”路径
1 在法庭上听取判决 (2 个单词)
2 灰色地带
3 幼儿园玩的运动 (带连字符)
4 Golden Crispy Crowns 的制造商 (带连字符)
平衡账目 (Balanced Books)
Oh, Grow Up!
A C T O R S S T A L E S P L E A S E W O R D U P T H R E S H P O U N D I T A M O E B A R E G G A E R I N G E R S K I T T E N G O T Y O U R T O N G U E E C H O O P A L P A S T E L M A N O B E A T A D E A D F O A L D R A P E D C A S A S U M O L O A N P U P A B E L I M S Z E N O B I S T R A D A C Y G N E T S O N G L I T E D J I A E I S N E R L E T S B E A D U L T S A B O U T T H I S P U R G E S V E R B A O N E J O E Y C O U R T S A L S A C E P I T U H S S S A P I T Y C U B H U G S D I P S K E E P C R E E P O D O N T H A V E A C A L F E T N A R E L I E S O I L S D A H S T A D P O L E I N O N E S T H R O A T S T E N G E L D O E S I N O V E R D O Z I N G E R S U N S E N T G A S T O N A T T E S T P A S S G O O C T A N E
Acrostic (折端诗)
E(rnest) Hemingway, “The Sun Also Rises”— “You paid some way for everything that was...good.... Enjoying living was learning to get your money’s worth. The world was a good place to buy in. It seemed like a fine philosophy. In five years, I thought, it will seem just as silly as all the other fine philosophies I’ve had.” (欧内斯特·海明威，《太阳照常升起》——“你为所有美好的事物都付出了代价……享受生活就是学习如何让你的钱花得值得。这个世界是一个值得买入的好地方。这似乎是一个绝佳的哲学。我想，五年后，它看起来会和我之前拥有过的所有绝佳哲学一样愚蠢。”)
A. Epic novel; B. High-rise; C. East India; D. May Whitty; E. “In Our Time”; F. Nail file; G. Guy Fawkes; H. Whim-whams; I. Asheville; J. Yard sale; K. Tony Gwynn; L. Hush puppy; M. Ego ideal; N. Steadied; O. Ulterior; P. Night owl; Q. Any day now; R. Lothario; S. Sloppy Joe; T. Oilstone; U. “Rigoletto”; V. Irish Sea; W. Shove off; X. Egg tooth; Y. Steve Jobs
News Quiz 答案: 1.B, 2.B, 3.D, 4.D, 5.A, 6.C, 7.D, 8.C, 9.B
7 阳台墙
8 起来反抗权威
9 肋排意面
10 被消灭/抹除
11 起源于风格化字母“G”的符号 (2 个单词)
12 Año Nuevo（新年）活动
13 也许是在做豌豆汤
14 涉及三匹不同马的赛马投注
15 布莱恩·威廉姆斯之后接任“NBC之夜新闻”主持人的那个人 (2 个单词)
16 狡猾地嘲讽
17 效仿豪斯医生 (Dr. House)
18 “Just What I Needed” 乐队 (2 个单词)
19 不确定的数量
20 加入乐趣 (2 个单词)
• 指导原则 • 2007 年辞职的英国首相 • 二战期间美国士兵口粮中包含的糖果 (2 个单词)
如需查看往周谜题 以及与其他解题者 讨论策略， 请访问 WSJ.com/puzzles。
如需查看谜题解答， 请访问 YouTube 频道 Cracking The Cryptic 上的 The Wall Street Journal 播放列表。
• 产糖蔬菜 • 也许是租赁豪华轿车的场合 (2 个单词) • 现由 Energizer 拥有的电池品牌 • 对女儿的鼓励之词 • 做得太过分 • 维多利亚女王的丈夫 • 你可能会说，使其在夜间安全饮用 • 气得跳脚 (Hits the ceiling) • 设计了葡萄牙玛丽亚·皮亚桥的古斯塔夫 (Gustave) • 含有叶绿素的口气清新糖品牌 • 充满喜悦 • 例如 “Hail Purdue!” 或 “On, Wisconsin,” (2 个单词) • 给予支持 • 定期锻炼 (2 个单词) • 90 年代身材纤细的超级模特 (2 个单词) • 例如马拉松 (Marathon)
1. 2. 3. 4. 5. 6. 8 10 11 2
在成为漫威电影宇宙中那个受北欧神话启发、狡黠的捣蛋鬼洛基（Loki）之前，汤姆·希德勒斯顿（Tom Hiddleston）就对古典文学充满热情。这位 45 岁的演员将其归功于在剑桥大学就读期间留下的习惯。“我一直非常热爱，真的，”他说。“我总觉得那种距离感带来的亲近感非常迷人。”
这种着迷促成了他的最新项目——国家地理系列的《庞贝：与汤姆·希德勒斯顿一起超越时光》（Pompeii: Out of Time With Tom Hiddleston），该节目于 7 月 22 日首播。在剧中，担任执行制片人的希德勒斯顿充当向导，他与专家团队一起，试图了解罗马帝国这座不幸之城的公民们是如何经历维苏威火山爆发的。为了能在屏幕上阅读相关文字，他重新温习了自己已经“生锈”的拉丁语。
希德勒斯顿将在 12 月上映的《复仇者联盟：末日》（Avengers: Doomsday）中再次饰演洛基。今年秋天，他将在电影《丹增》（Tenzing）中饰演探险家埃德蒙·希拉里（Edmund Hillary），这是一部关于登山者丹增·诺盖（Tenzing Norgay）的电影。
希德勒斯顿与伴侣扎韦·阿什顿（Zawe Ashton）及其孩子住在伦敦，他坚持规律跑步、吃半熟蛋并支持阿森纳足球俱乐部。
周一早上你几点起床，醒后的第一件事是什么？ 如果我在工作，通常会在 4 或 5 点左右起床，然后做一些拉伸，这是在 40 岁以后新增加的项目。大约 10 分钟的拉伸，然后跑步。无论风雨、阳光、夏天还是冬天：跑步。有时带着狗，有时不带，取决于它的意愿，以及实际上起床有多早。如果能做到这一点，我觉得这一天就完全准备好了。这种常规中有一种不可思议的定心作用。这是一种小小的自我检查：这一天需要我做什么？我已经为这一天带来了什么？
你一直是个跑步者吗？ 从我大约 13, 14 岁起。不一定是早晨跑步。早晨跑步是随着年龄增长而形成的。
你跑同一条路线吗？ 非常相似的路线。有时如果时间紧迫，我会加入[a]个山坡。然后在那座山上往返五次。这是一个很好的有氧提醒。
你喜欢喝咖啡吗？ 跑完步立即喝咖啡。浓黑咖啡，不加奶，不加糖。那时味道绝对美极了。我的一位朋友最近说了一句非常有意思的话，“在摄入咖啡因之前先补水”。我正尝试在喝咖啡前先喝水。这可能是中年期的开始。但我正在尝试养成这个习惯。
名作 | 爱因斯坦塔 (1920-22)，埃里希·门德尔松 著
迈克尔·J·刘易斯 (MICHAEL J. LEWIS) 撰 一座通往未来的纪念碑
位于德国波茨坦的爱因斯坦塔（THE EINSTEIN TOWER）是一座典型的天文台，一个旋转圆顶高耸在树梢之上——至少从远处看是这样。但当你走近时，那些形态似乎像融化的蜡一样流动，仿佛宇宙本身就在你眼前消融。在某种程度上确实如此，因为这座塔的建立是为了证明阿尔伯特·爱因斯坦的广义相对论，并永远颠覆我们将宇宙理解为由礼貌、循规蹈矩的固体对象在时间和空间中沿可预测路径移动的认知。
它是建筑师与客户之间一段不寻常友谊的产物。年轻的建筑师埃里希·门德尔松（Erich Mendelsohn）是慕尼黑艺术前卫派的一员，而埃尔温·芬莱·弗伦德利希（Erwin Finlay Freundlich）——首批支持相对论的德国物理学家之一——则属于科学前卫派。两人都在以自己的方式从过去中解脱。
门德尔松在 1917 年于俄罗斯前线服役期间得知了弗伦德利希建立太阳天文台的计划，随后开始绘图。通常，建筑师首先绘制的是平面图，最后才是透视图（如果需要向客户展示他的……）
为了阅读庞贝的涂鸦 而温习拉丁语
以使其生效。有时则不然。
你吃早餐吗？ 如今的早餐是 the granola（燕麦片）和希腊酸奶或开菲尔酸奶。有时还会有一个水煮蛋。我说一个水煮蛋，其实是指两个。
人们对于水煮蛋的煮制时长有着非常具体的要求
建筑将呈现的样子。但门德尔松（Mendelsohn）当时既没有建筑方案，也不清楚其中将包含什么样的科学仪器，他采取了反向操作。他在微小的纸屑上（在第一次世界大战的战壕中，纸张很稀缺）一张接一张地绘制透视草图。作为施工文件，这些草图毫无用处，它们仅仅暗示了建筑的意象。 但这是一个多么震撼的意象：一个天文台穹顶从一簇较小的穹顶中凸起，就像一个在坩埚中酝酿的想法。这是一种全新的形式语言，经过了无数次变体研究，只要弗罗因德利希（Freundlich）的方案最终出台，它就可以被量身定制以适应该方案。 方案在 1918 年中期出台，其本身极其简单。除了几个小型支撑室外，只有两个主要部分：一个位于 65 英尺高塔中的望远镜，以及塔基处一个长约 50 英尺的隧道状房间，一面镜子将光线从望远镜引导至光谱仪。其主要任务是证明太阳的引力会增加光波的波长，即所谓的“红移”，这将有助于验证爱因斯坦的相对论。 门德尔松将建筑的各个部分视为一个整体，一个单一的生物有机体。北侧的大厅，以及塔楼在
我的周一早晨 | 作者：ESTHER ZUCKERMAN
煮多久？你有偏好吗？ 六分半钟。这样里面刚好是软的。然后我把鸡蛋切片，放在涂了热黄油的烤面包上。
你是如何准备《庞贝》的？ 距离我毕业已经 25 年了，我必须重新温习我的拉丁文。
中心区域以及南侧的实验室房间全部无缝地交融在一起。建筑交替地收缩与膨胀，宛如肌肉慵懒地在舒展。门德尔松（Mendelsohn）的形式植根于早期的新艺术运动（Art Nouveau），具有蜿蜒的线条和丰满的轮廓。但爱因斯坦塔（Einstein Tower）的感官幻想在塔身升起之处戛然而止，就像某种东西谨慎地从蹲姿中站起。 那座塔非同寻常，深陷的弧形窗户排列得像一根柔软的脊椎柱。这里有一种与新艺术运动精神——或任何周期性流行的生物形态建筑时尚——完全异质的东西；这里有一种强烈的目的性精神，就像一个潜望镜从地下升起，将目光投向太阳。 如果说相对论表明时间和空间是一块连续的织物，那么证明这一理论的天文台也应当由一种单一且流动的材料组成，形成一个连续的整体，这在诗意上是非常契合的。混凝土是逻辑上最显然的解决方案，但要将混凝土浇筑成正确的形状需要木模，而在这种情况下，这意味着需要具有雕塑般复杂度的形状。最终，只有极少数元素是用混凝土浇筑的。用砖块建造天文台并喷涂灰泥，以模拟混凝土的平滑轮廓，这样做要容易得多。
我对自己的生疏程度感到惊讶。
你是如何学习的？ 我重新阅读了普林尼（Pliny）的作品，即小普林尼的信件。他基于其叔叔（当时在拿波里湾指挥罗马帝国舰队）的证词，对维苏威火山爆发进行了非凡的目击记录。
这座天文台最初被用于验证相对论。
尽管弗罗恩德利希（Freundlich）雄心勃勃，但那台望远镜从未捕捉到所需的精确测量数据；其他科学家完成了这项工作。如今，它被用于研究太阳的磁场。建筑本身也没有完全实现门德尔松的野心。其临时拼凑的施工方式意味着在完工仅五年后就需要翻修，此后一直需要定期维护。即便在今天，它看起来也有些破旧。 尽管在照片中显得宏伟，但当你亲临现场时，会发现它出奇地小，隐藏在阿尔伯特·爱因斯坦科学公园（Albert Einstein Science Park）的林木环境之中。（其景观设计是理查德·纽曼 [Richard Neu-] 的首批项目之一）
一切在 运动中 才具有意义。 我必须 保持运动。”
那天的那不勒斯。他的描述如此生动且详尽。回顾并尝试理解他的拉丁语描述真的很有趣。我知道我必须翻译庞贝古城墙上的各种铭文，这有点更棘手。其语法和句法并不完全……它并不简单。之所以是涂鸦，自有其原因。我的古典学学位并没有涉及大量的考古学。我读了很多文学、哲学和古代史，但我意识到我正进入古典考古学家以及心理学家的专业领域。
在节目中，你讲述了 1990 年代青少年时期前往庞贝的经历。你随手准备好那些照片了吗？ 这需要翻找阁楼里的箱子，并给当时一起旅行的亲密朋友发一些短信。这是一个关于古代历史的节目，但 1998 年在某种程度上也是“古代历史”了。在 1998 年，我可不会在凌晨 4 或 5 点起床。
你会将重新学习拉丁语视为一种爱好吗？或者你还有其他能带给你成就感的事情？ 老实说？网球。足球。运动。
很遗憾英格兰队在世界杯上失利了。 谢谢你的关心。我有很多想法和感受，但我对那支球队和那些球员充满深厚的钦佩与尊重。我热爱观看他们的比赛。他们已经做到了绝对的极致。我无法指责他们。这就是顶尖足球。这就是比赛的结果。 至于爱好，我想说我生命中的一切在运动中才具有意义。我必须保持运动。它让我以一种非常直接的方式参与到这个世界中。所以如果我有任何空闲时间，我会尽量走到户外运动。
你在看什么（节目/比赛）？ 遗憾的是，答案和我的爱好一样。网球和足球。目前，顺序大概是这样，因为刚刚结束了温布尔登网球赛。阿森纳足球俱乐部的运气（表现）在我的关注列表中排得非常非常靠前。他们每周大约踢三场比赛。所以如果我错过了比赛，我总是在回看。
本采访经过编辑并压缩以确保清晰。
tra，然后是门德尔松的助手）。 从某些角度看，它似乎并不比童谣中老妇人住的鞋子大多少。 但这一切——它不完美的构造、缺乏建筑上的后继之作、科学上的失败——都无法影响其内在的伟大。它是伟大的，就像巨石阵那样伟大，是另一种天文仪器，在人类表达能力的极限边缘挣扎，以传达我们对宇宙奥秘的无声惊叹。
EVAN AGOSTINI/INVISION/AP
时尚 | 美食 | 设计 | 旅行 | 装备 | 文化 | 健康
深度解析让 Padel（壁球与网球的近亲）成为美国下一个体育热潮的推动力
THE WALL STREET JOURNAL.
2026 年 7 月 25 - 26 日，周六/周日 | D1
CHRISTIAAN FELBER FOR WSJ
M
ARION Fasel 在 1992. 年她的办公室被抢劫时，正担任一名纽约的珠宝档案管理员。窃贼抢走了许多宝石，但她最怀念的是他们从她手腕上抢走的 Les Must de Cartier 手表。
尽管这次抢劫让 Fasel 感到震惊，但她并没有停止在外出时佩戴她最喜欢的珠宝。“这只是一个你必须小心对待的问题，”珠宝简报《Adventurine》的作者 Fasel 说道。
本月，法国 Lalique 博物馆约 27 件珠宝被盗，这是漫长的一系列登上头条的珠宝抢劫案中的最新一起。这件事发生在窃贼伪装成建筑工人潜入卢浮宫并偷走该博物馆珍贵的法国王室珠宝（价值约 $100 million）不到一年后。如果你投资了一套珠宝收藏——无论其价值如何——此类抢劫案可能会让你思考如何最好地保护它。
根据 FBI 的数据，虽然美国去年的住宅盗窃案下降了 13%，但当盗窃发生时，珠宝是窃贼寻找的首选目标之一。Scott Guginsky 曾任纽约警局有组织盗窃分队的侦探警佐，现任珠宝安全联盟（Jewelry Security Alliance）执行副总裁，他表示。
“除了现金，珠宝是 1 号目标。”
在家中 Guginsky 经常听到人们在举办大型聚会或在家里进行装修时珠宝被盗的故事。
他说，窃贼的第一站通常是主卧室的衣柜，这就是为什么 Guginsky 建议放置一个
安全旅行 将珠宝件装在独立的透明袋中，以便于查看并防止损坏。
在衣橱里放置一个诱饵保险箱，并将贵重物品存储在家的其他地方。丘伯保险公司 (Chubb Insurance) 建议客户将贵重珠宝收藏品存储在重量至少 750 磅的保险箱中（理想情况下具有 TR TL-30×6 的安全等级，可防御如喷灯等专业盗窃工具）。高级珠宝应具有最新的评估报告，以确认单品的规格和估值。评估文件应单独存放——如果珠宝被盗但证明被留下，这可能会使追回被盗单品变得更容易。
存储解决方案 / 居家与出行中用于保护珠宝的时尚配件
一位专家表示，住宅盗窃案虽在减少，但一旦发生，珠宝就是窃贼首先寻找的目标之一。
为珠宝投保可以帮助在被盗或损坏时涵盖成本。大多数保险公司估计，一件单品的年保费通常约为其价值的 1% 至 2%。
度假期间 Guginsky 表示，由于转售价值较高，佩戴高端腕表和金饰的旅行者尤其容易成为盗窃目标。他补充道，飞行时请务必将贵重物品放在随身携带的行李中。 Fasel 在旅行时，会将单品分别装在小型透明袋中，以便于查看并防止被刮花。 “珠宝行业的所有人都这么做，”她说。 如果你在户外，尤其是在人群中，她的建议是穿能遮住腕表的长袖衣服，并将戒指翻转，使钻石或其他宝石不向外露。 或者，你可以借鉴 Brynn Wallner 的做法，她是一位作家，也是腕表网站 Dimepiece 的创始人——她建议如果你担心心爱的单品被偷，在旅行时可以使用廉价的替代品。 “把你的那些便宜小玩意儿加入轮换名单，”她说。
Rimowa 珠宝盒, $1,850
Apple AirTag, 起价 $29
Leatherology 带扣 珠宝卷包, $125
Scully & Scully 带密码锁 珠宝盒, $675
如果你入住酒店，丘伯公司艺术、珠宝及贵重收藏品副总裁 Tannie Ng 表示，询问酒店是否设有私人金库以存储高价值物品总是值得的。“你真的不想依赖房间内的保险箱，因为它太容易被打开了。” 此外，请等到回家后再在社交媒体上分享旅行照片。即时发布不仅会泄露你的位置，还会让人们知道你不在家。
ANNA BU KLIEWER 为 WSJ 绘制（插图）；MARION FASEL（打包）
S
跑赢 盛夏
声称能利用科学让你保持凉爽
作者：ASHLEY MATEO
夏天变得越来越热，但破纪录的高温并未阻止跑者进行日常慢跑或秋季马拉松训练。新一代的高科技服装旨在帮助他们在酷暑中保持更凉爽、更舒适的状态。 几十年来，运动时保持凉爽的方法很简单：穿得少一些，并且让所穿的衣物轻便且宽松。现在，全球最大的性能品牌和一批小型挑战者正押注于一种新方法：“主动冷却技术”——旨在降低皮肤表面温度的面料、结构和材料。 康涅狄格大学 Korey Stringer 研究所研究运动期间热量与水分补给的 Robert Higgins 建议，尝试高科技服装是可以的，但这并不一定比通过自身出汗来冷却皮肤效果更好。他说，无论穿着什么，任何在极端高温下运动的人如果注意到心率升高、过度疲劳或肌肉抽搐，都需要停止运动。 以下是这些新单品的工作原理，以及经过路测跑者的反馈。
当你只需洒点水并穿一件轻便的 T 恤就能达到大部分效果时，你是否真的需要一件 $150 的散热衫或一顶 $234 的散热帽？跑者们描述称，如果你在酷暑中进行长距离奔跑，这种明显的效果是值得的，但这些装备是可选项，而非必需品。“皮肤暴露是身体散热的最佳方式，”希金斯（Higgins）说道。对于那些不习惯赤膊跑步或需要防晒的人来说，一件轻便且排汗的上衣是一个理想的折中选择。
耐克（NIKE）；萨拉·阿塔（SARAH ATTAR）（东峰/EAST PEAK）
Y
旋风般的回归
你可以说 冷冻酸奶的趋势 是以狂热的形式出现， 而非阶段性的流行。 在 1990s，冷冻酸奶建立了一种可疑的健康声誉，在电视剧《赛恩菲尔德》（Seinfeld）中，乔治·科斯坦扎（George Costanza）难以置信地大喊：“怎么可能没有脂肪？”便概括了这一点。 在 2000 年代中期，像 Pinkberry 和 Red Mango 这样备受关注的品牌，凭借鲜明的酸味、新鲜水果配料以及名人的追捧，将冷冻酸奶重新推向前沿。那个时代的酸奶通常也声称无脂肪，但每份含糖量相当高。 如今，一场新的冷冻酸奶狂潮正由肠道健康、奢华氛围、长长的排队队伍——以及顾客在网上发布关于排队的动态所推动。 驱动这一兴趣的是几家快速扩张的连锁店，它们提供富含益生菌的酸奶，这些酸奶由含有健康细菌的发酵乳制成。这些酸奶
益生菌冷冻酸奶 与随着 GLP-1 药物 而兴起的高蛋白 饮食相契合。
也出现在 16 Handles 等老牌店中，以及密尔沃基的 Lupi & Iris 和弗吉尼亚州华盛顿的 Inn at Little Washington 等高级料理餐厅的菜单上。 益生菌冷冻酸奶含有健康脂肪且蛋白质含量高于其他版本，这与 GLP-1 减肥药物繁荣之后兴起的高蛋白饮食类型相契合。许多产品搭配了极具 Instagram 风格的配料（如新鲜蜂巢），这在通货膨胀高企导致消费者寻求“小确幸”满足感的时期，进一步增强了它们的吸引力。 根据研究公司 Circana 的数据，2025 年 3 月至 2026 年 3 月期间，美国销售的冷冻酸奶份数比前一年增长了 26%。根据消费者研究公司 NIQ 的数据，国内包装冷冻酸奶的销售额同比增长了 24%。 在益生菌冷冻酸奶供应商的新势力中，有来自马德里的 Myka 连锁店，它销售冷冻希腊酸奶。该公司成立于 2023, 现已在巴黎、迈阿密、墨西哥城设有门店，且截至今年，在纽约市设有三家分店。 本月早些时候，在其曼哈顿的一家分店，人们在 92 度的酷暑中排队，而此时商店甚至还没有开门。 西尔维娅·哈特曼（Silvia Hartman）是一位 80 多岁的纽约退休人士，她前一天在那里遇到了邻居，被告知要早点来。 “他们说，‘在开门前就来，否则你得在转角处排队！’” Myka 的冷冻酸奶搭配的配料包括特级初榨橄榄油、无花果丁、Maldon 海盐，以及榛子奶油混合了 kataifi（一种因迪拜巧克力而闻名的食材）的脆粒。一个配有碎巴克拉瓦（baklava）配料的 2 盎司儿童杯，含税价格约为 $10。
配料繁多，杯内空间不足 像纽约市 Myka 分店提供的这类美食配料，激励着顾客重复光顾。
在美国其他类似的冷冻酸奶连锁店（如 Mimi’s、KALA、Culture Club 和 Go Greek）中，一些顾客表示，他们为更大尺寸和更多配料支付了超过 $20 的费用。 成立于 2008, 的 16 Handles 连锁店于 1 月开始销售其益生菌冷冻酸奶——一种开菲尔（kefir）软冰淇淋。这家店及其他品牌的推出正值越来越多的人（尤其是 Z 世代）开始用这些产品来替代酒精。
乳品良品（DAIRY GOOD） 顺时针方向从左上起：Myka 顾客记录他们辛苦得来的款待；Anita Gelato 提供配有豪华配料的发酵乳冷冻酸奶；Lupi & Iris 提供的黑莓冷冻酸奶，配有法式酸奶油慕斯、黑莓果酱和海绵蛋糕；以及在曼哈顿中城的一家 Myka 店中，心急的顾客等待他们的希腊冷冻酸奶。
健康。该连锁店在过去三年中将门店数量增加了一倍，且每家门店的座位数均不少于 25 个。
“‘在酒吧见’这种说法已经不像以前那样流行了，”16 Handles 首席执行官尼尔·赫什曼（Neil Hershman）表示，“这就是冷冻酸奶店填补的一个巨大空白。”
在最近的一个周二晚上，曼哈顿的一家 16 Handles 门店里坐满了在桌边闲逛并为手机充电的青少年。
在同一个街区，Anita Gelato 是一家成立于 1998 年的国际连锁店，现在也拥有一批忠实的冷冻酸奶追随者，我在那里遇到了另一排排队的人群。
我等了 20 分钟才点到它的发酵乳冷冻酸奶——这是我当天的第二杯，也是本周的第五杯。我那 2 盎司的杯子盛满了 Anita 的原味酸味酸奶，花费大约 $9。虽然对于这个脾气古怪的记者来说，任何冷冻酸奶的排队时间通常都太长了，但在尝试了 Myka、Pinkberry、16 Handles 和 Mimi’s 的产品后，Anita 在简洁度、新鲜度和轻盈的质感上胜出。
在 Anita 耐心等待冷冻酸奶的人中还包括悉尼·阿拉德（Sydney Allard），一名 20 多岁、最近刚从法学院毕业的女性。阿拉德即将到最高法院担任见习法官，她提到一些大法官也是粉丝。埃琳娜·卡根（Elena Kagan）大法官自称是“冷冻酸奶大法官”，甚至在法院的食堂里安装了一台冷冻酸奶机。
一名 20 多岁的顾问乔纳森·斯泰利（Jonathan Staley）在最近与女友约会来到这里之后，再次回到了 Anita。“我们以前来过，一直吃的是意式冰淇淋，”他说。然后他的女友告诉了他关于冷冻酸奶的事。“所以我上周尝试了一下，现在回来尝试第二轮。”
ELIZABETH ARVELOS COETZEE/WSJ (MYKA, ANITA GELATO); MARTY PETERS (LUPI & IRIS)
‘L
重启
以帮助疲惫的旅客克服时差
作者：STACEY LASTOE
“如果觉得力度太大，请告诉我，”新加坡嘉佩乐酒店（Capella Singapore）Auriga Spa 的治疗师在用铜制刮痧板揉按我的肌肉时说道。她用坚定且令人感到疼痛的力度刮拭我的皮肤，随后转而进行拔罐，将玻璃吸管杯放置在我的背部和肩部。
尽管灯光昏暗且音乐柔和，但我完全没有进入禅定状态。不过，完全放松并非“新月按摩”（New Moon Massage，90 分钟约 $270）的目的。在长途旅行后，旅客们越来越倾向于不选择被宠 spoiling，而是通过剧烈、甚至疼痛的水疗护理来“击退”时差。这些护理旨在通过增加血流量和拉伸紧绷的肌肉，促使身体在冲击中恢复平衡。
人们普遍认为，目前还没有一种能一次性根治时差的方法。但在按摩之后，我感到身体轻盈且灵活，尽管也伴随着疲惫和酸痛。我睡了一个安稳觉，比以往的旅行更快地适应了新的时区。接下来，介绍更多可能让重大时区变动变得稍微容易忍受的护理方案。
深层组织护理 在越南岘港的 TIA Wellness Resort，总经理 Ramon Imper 向旅客推荐“深层组织腿部恢复”（Deep Tissue Leg Recovery，包含在度假村住宿中）。在 50 分钟的过程中，治疗师专注于缓解腿部和足部的紧张与疲劳，这些部位通常在长途飞行中承受压力最大。曼谷湄南河四季酒店（Four Seasons Hotel Bangkok at Chao Phraya River）则提供自己的版本，使用竹制滚轮更深层地深入组织（90 分钟约 $180）。
来自马萨诸塞州的物理治疗师 Ashley Katzenback 表示，不要指望一次按摩就能让你在 18 小时飞行后立即恢复状态。但 Katzenback 认为，通过增加血流量、减轻肌肉僵硬并增加血清素，强力按摩可以应对“旅行疲劳的某些组成部分”。
拔罐与刮痧 支持者坚信拔罐疗法是管理肌肉疼痛和排毒的一种方式，但越来越多的水疗中心将其宣传为理想的飞行后护理。在四季酒店...
对抗疲劳：那迦格斗按摩（Naga Martial Massage）是 Anantara Koh Yao Yai 度假村的一项 45 分钟护理，灵感源自泰国武术。
曼谷湄南河四季酒店提供的拔罐治疗。
在曼谷，为了响应客人的反馈——“特别是针对长途旅行带来的身体影响以及抵达后迅速恢复‘良好状态’的需求”，引入了如拔罐等针对性的时差治疗方案，该水疗中心总监 Saowapa “Goy” Thumapun 表示。通常情况下，就像我在新加坡接受的治疗那样，拔罐会与刮痧结合在一起，在皮肤上形成一种推拉效果。新加坡嘉佩乐酒店（Capella Singapore）的水疗与健康总监 Jorge Hernandez 表示，这些技巧能触发血流，支持淋巴系统并安抚神经系统——所有这些在对抗时差方面都很有帮助。 Katzenback 认为，我在疗程结束时感到的轻盈感可能与体液分布的暂时性变化有关，这可以“让人们感觉没那么肿或沉重，尤其是在旅行之后”。
泰国按摩 对于那些不熟悉泰国按摩的人来说（这种按摩不仅在泰国，而且在整个东南亚都很流行），其中涉及的大量拉伸可能会让他们感到惊讶。在一个多小时的时间里，理疗师会使用他们的手、肘、膝盖甚至双脚来引导你的身体进行拉伸，以解锁关节并减轻紧张感，在此期间你可能会被要求坐起或站立。 这对 Souljourn Yoga 基金会的创始人 Jordan Ashley 来说效果极佳，她在经常前往曼谷出差时，充分利用了当地的深夜水疗文化。Ashley 表示，泰国按摩是她最喜欢的飞行后仪式，在泰国的一些地方，每小时的价格可能仅为 $10 或 $15。
在按摩之后，我适应新时区 的速度比以往的旅程都要快。
“在地垫上进行的拉伸就像是辅助瑜伽，对于恢复长途飞行后的关节灵活性来说效果惊人。”在像 Anantara Koh Yao Yai 这样的岛屿度假村，一次 90 分钟的泰国按摩费用约为 $175，并提供奢华体验的所有配套服务。对于有些人来说，即便仅仅是为了能更快回到酒店房间享受一个好觉，支付这笔溢价也是值得的。
顶部起：ANANTARA KOH YAO YAI RESORT & VILLAS；FOUR SEASONS
一个更理性的里维埃拉
作者：玛丽·温斯顿·尼克林 (MARY WINSTON NICKLIN)
每年夏季的几个月里，这座全年人口不足 4,000 人的法国南部小镇，吸引着全球的技术巨头、足球明星和红毯常客。宛如浮动宫殿的游艇填满了码头，名厨们乘私人飞机前来在当地餐厅执业，而潘佩隆海滩 (Pampelonne Beach) 则在季节性海滩俱乐部的点缀下，化身为一条沙质的 T 台。
早在 1956 年《上帝创造了女人》上映之前——当时布里吉特·巴铎 (Brigitte Bardot) 将精英阶层的目光吸引到法国里维埃拉的这个角落之前——圣特罗佩还是一个依靠造船业和海上贸易运行的港口。在那些由曾属于船长的淡色联排别墅组成的鹅卵石小巷中，你依然能找到那段过去的痕迹。
此类区域以及本指南中提到的其他地方，都属于圣特罗佩较为安静的一面，远离了夜总会，在那里即使不是百万富翁也能享受美好时光。
户外快感 圣特罗佩位于一个被葡萄园和自然保护区环绕的半岛上，得益于 1986 年一项保护大片海岸线的国家法律，其周边环境依然保持着野趣。为了了解当地的地貌，从镇中心步行 10 分钟即可到达 Citadelle，这是一座孔雀漫步的堡垒，你可以由此将圣特罗佩湾尽收眼底。在这座 400 年历史的建筑内，一家海事博物馆（门票约 $6）记录了该港口作为全球航海远征出发点的历史。
Sentier du Littoral 是一条从海平面附近开始的徒步路径，沿着圣特罗佩海岸线延伸约 25 英里。春季，小径上弥漫着茉莉花和松树的清香。当你远离圣特罗佩，人群会变得稀疏；如果你偶遇一两个裸体日光浴者，请不必惊讶。
你可以沿着小径一直走到时尚的潘佩隆，那里海滩俱乐部的日租躺椅价格高达 $140 以上。以悠闲的步调行走大约需要 4 小时。或者，你可以在提前 2 英里处停下，在 Les Salins 找一个海滩躺椅，那里绝佳的海滨位置价格约为 $29.
【你可以在由曾属于船长的淡色联排别墅组成的鹅卵石小巷中，找到那段过去的痕迹。】
F R A N C E F R A N C E
它是地中海规模最大的帆船赛之一。Les Voiles de Saint-Tropez 自 1999, 起举办，今年将于 Sept. 26 至 Oct. 4. 举行。你可以在港口欣赏古典和现代船只，或报名参加 Bateaux Verts 的行程，他们提供渡轮和游船之旅。组织此次赛事圣特罗佩航海协会 (Société Nautique de Saint-Tropez) 的主席皮埃尔·罗因森 (Pierre Roinson) 表示，在比赛期间乘坐游船可以获得“对赛事的内部视角”。
如果你想在水上活动起来，圣特罗佩游艇俱乐部提供皮划艇、风帆冲浪和桨板租赁，每小时价格约 $23 起。
当地美食 在夏天，圣特罗佩感觉就像一场名厨对决，米其林星级厨师们似乎在争夺最受欢迎的弹出式餐厅 (pop-up)。这些餐厅提供高端美食，价格也相应高昂，但你无需花费巨资点品鉴菜单也能吃好。
远离人群，Les Viviers du Pilon 提供俯瞰海湾的景观和新鲜海鲜，前菜价格约 $25, 起，并设有现场鱼类市场。
【从上起顺时针方向：Sentier du Littoral 徒步路径沿海岸线延伸约 25 英里；Hôtel Sube 的建筑正面；在 Scarlett Grande Librairie，你可以浏览书籍并享用一杯咖啡或小吃。】
航海与美好：大小船只填满了圣特罗佩的老港口。Les Voiles de Saint-Tropez 将于 Sept. 26 至 Oct. 4 举行。
在 Lices 广场（Place des Lices）——这个每周举办两次农贸市场的中心广场上，Scarlett Grande Librairie 是一家兼具书店与咖啡馆功能的混合店，这里有优质的咖啡和自制蛋糕。劳拉·马纳斯（Laura Marnas）曾担任 Magrey & Sons 房地产中介公司圣特罗佩（St. Tropez）办事处主任，她走遍了这座城市的每一个角落，她非常欣赏这里“远离喧嚣的波希米亚时尚氛围”。
马纳斯还建议前往距离城镇 20 分钟车程外的拉马图埃勒（Ramatuelle）中世纪山顶村庄品尝美食。她推荐意大利餐厅 La Pomme de Pin，披萨店 Le Will（在那里可以在石松伞盖下享用披萨），以及位于 Château des Marres vineyards 葡萄园的 1907 Wine Bar，在那里可以品尝日落时分的开胃酒。
经济实惠的住宿 如果您将目光投向市中心以外，并考虑在淡季访问，那么选择价格合理的住宿方案将会大大增加。在前往圣马克西姆（St. Maxime）的海岸线上，Camping des Mûres 是一家位于海滩上的四星级露营地，那里温馨的木壁板移动房屋每晚价格约为 $70 起。在邻近的加森（Gassin）——被列为法国最美村庄之一——La Bastide d’Antoine 酒店在 10 月的价格会降至 $250。
如果您坚持必须住在市中心，偶尔也能找到一些优惠方案。
就在 Lices 广场上，Hôtel Les Palmiers 酒店坐落于一座带有花园的传统普罗旺斯建筑中，提供 25 间客房。淡季房价每晚 $137 起，夏季最高约为 $345 ——与镇上的其他酒店相比，这具有相当的性价比。
在俯瞰港口的 Hôtel Sube 酒店，淡季房价 $285 起。其以航海为主题的酒吧在日落时分经常吸引当地人来饮用 Negroni 鸡尾酒。
“这是一个永恒的场所，你可以在光线渐暗时欣赏旧港的魅力，”罗因森（Roinson）说道。如果您是为了参加帆船赛而前往，请留意当地教区神父的出现。“在 Les Voiles 赛前，古阿林神父（Father Gouarin）会在阳台上为船只举行传统的祝福仪式。”
E
力量
接骨木花利口酒的清爽特质， 且可在数分钟内调制完成
作者：ODETTE WILLIAMS
每年，我的一大群朋友都会在我的家里举行盛大的夏季宴会——游泳、聊天，并大展厨艺。在去年的聚会上，我的朋友 Chet 调制了一款清爽的 Spritz，完全没有 Aperol 那种甜腻感。从那以后，我就一直在做这款酒。
它的核心成分——接骨木花利口酒——也是 Hugo spritzes 中的成分。但后者是用普罗塞克起泡酒（Prosecco）制作的，而 Chet 的“黄金时刻”Spritz（Golden Hour spritz）则使用了金酒和苦味利口酒。它的气泡仅来自苏打水。这款饮品平衡得恰到好处，是理想的夏季饮品，能让你感到微醺但不会醉得酩酊大醉。
接骨木花利口酒也是我对“灰色猎犬”鸡尾酒（Greyhound cocktail）进行 Spritz 变奏时的主角，这款鸡尾酒将金酒或伏特加与葡萄柚汁和苏打水结合。利口酒带有一丝甜味，正好抵消了葡萄柚的酸涩。我喜欢在顶部加入 Topo Chico 苏打水，以增加矿物质感和额外的气泡感。
无论是哪款 Spritz——或者两款都尝试，每款仅需 5 分钟即可完成——都可以搭配橄榄、前菜拼盘，或者如果你倾向于点外卖，配几盘比萨。
想把剩下的酒喝完？在草莓或烤石果等水果甜点中加入一两勺接骨木花利口酒即可。
粉色与黄色——接骨木花利口酒为这两款 Spritz 带来了活力，而苏打水则带来了起泡的收尾。
黄金时刻 Spritz 为了增强风味和金黄色泽，使用陈年琥珀色的 Old Tom 金酒效果最佳。 可制作 1 杯鸡尾酒 总时长 5 分钟
2 盎司 柠檬汁 1 盎司 Old Tom 金酒
柠檬皮卷，用于装饰
1/2 盎司 接骨木花利口酒
在长饮杯（highball glass）中加入冰块。 加入柠檬汁、金酒、接骨木花利口酒和苦味利口酒。顶部填满苏打水，搅拌并用柠檬皮卷装饰。
1/2 盎司 苦味利口酒，如 Tempus Fugit Gran Classico 苏打水，用于顶层填充
灰色猎犬 Spritz 如果你爱上这款粉色 Spritz，一款古董手摇金属 Juice-O-Mat 柑橘榨汁机能榨出恰到好处的果肉与果汁比例。你可以在网上找到很多此类产品。 可制作 1 杯鸡尾酒 总时长 5 分钟
2 盎司 新鲜葡萄柚汁 2 盎司 伏特加或金酒 1 盎司 接骨木花利口酒 苏打水，用于顶层填充 青柠片，用于装饰
在长饮杯（highball glass）中加入冰块。加入葡萄柚汁、伏特加或金酒以及接骨木花利口酒。顶部填满苏打水，搅拌并用青柠片装饰。
细条纹西装 2 套 $399
100% 纯亚麻西装 采用经典、精致的风格精心打造，塑造出见多识广的国际化男性形象。这些轻盈的西装提供海军蓝、卡其色或原色可选。 棉质细条纹西装 穿着我们的 100% 纯棉细条纹西装，保持凉爽舒适。是暖和天气的完美选择，提供蓝白条纹或海军蓝与蓝色条纹可选。
原价每套 $495。购买 1 套 $295 夏季特惠：2 套 $399
夏季特惠：2 套 $399
2 套 $399
作为 Frank Stella 系列的一部分，我们永恒的富棉“顶级波普林”（Prime Poplin）西装现以夏季特惠价提供：2 套 $399！
对于注重着装的男性来说，这是暖和天气的绝对必需品，提供经典剪裁的双扣款式。
提供卡其色、橄榄绿、牡蛎色或海军蓝。
原价每套 $395。购买 1 套 $295
MATT RUSSELL 为 WSJ 拍摄；道具造型由 JULIA ROSE 负责；食物造型由 REBECCA JURKEVICH 负责
接续 D1 页
……以及壁球和皮克球的球拍和球场。 “真正的核心是皮克球和 Padel 球，”创始人、前 Equinox 高管 David Gutstadt（50 岁）表示。Philadelphia Ballers 目前拥有约 700 名会员，每月支付 110 美元至 457 美元不等。Gutstadt 还在波士顿开设了一家 Ballers，并正在开发洛杉矶店。 根据美国网球协会的数据，去年 Padel 球在全美吸引了 100 万名球员。该协会于 2025 年开始追踪这项运动的参与情况。美国 Padel 球的管理机构 USA Padel 表示，其俱乐部和个人会员人数在 2025 年同比增长了约 50%。
网球 (TENNIS)
皮克球 (PICKLEBALL)
一些球场的场边设有桑拿房和酒吧。
在全国各地，像 Gutstadt 这样的企业家正通过将非常规空间（从停车场到配送仓库）改造为 Padel 球场来利用这一热潮。在一些球场的场边设有桑拿房和酒吧，球员可以在比赛间隙在此社交。 高端购物中心也开设了球场，包括洛杉矶地区的两家。Westfield Century City 购物中心在屋顶设有一个 Padel 俱乐部，而位于 Sherman Oaks 的另一家 Westfield 则在停车库顶部设有三个球场。 这些是美国约 1,000 个面向公众开放的 Padel 球场的一部分，而三年前这一数字仅为 227 个左右。 参与其中的投资者包括前 Tommy Hilfiger 高管 Gary Sheinbaum，他支持了佛罗里达州西棕榈滩的一个球拍运动创业项目。Bluestone Lane 咖啡连锁店的联合创始人 Jon Krieger 在新泽西州经营自己的 Padel 业务。街头服饰品牌 Kith 的创始人 Ronnie Fieg 将这项运动作为他在曼哈顿开设的会员制俱乐部 Kith Ivy 的核心组成部分，该俱乐部拥有三个球场。个人会员费用为预付 45,000 美元，随后每年支付 10,000 美元。 Padel 是一项快节奏的运动，融合了壁球和网球的元素，主要以双打形式进行。Emily
网球拍具有巨大的圆形拍头，配有坚固的十字交叉琴弦。
在所有球类中弹力最强，黄绿色的球体大小约等于一个成熟的橙子。
建在硬地和软地上（从红土到草地），网球场宽 27 英尺（双打为 36 英尺），长 78 英尺。
Padel 球拍 (PADEL) 壁球 (SQUASH)
Padel 球拍没有琴弦，而是在致密的拍头上有孔。
Padel 球与网球颜色相同，但弹性较低。
矩形 Padel 球场长 66 英尺，宽 33 英尺，由球网分隔，四周由玻璃面板和网格组成的四面墙围绕。
左图：在伊利诺伊州 Glenview 的 Alma Padel 进行比赛间隙。右图：在去年开业的 Alma Padel 进行比赛。
邓普西（Dempsey），36 岁，四年前从纽约搬到迈阿密后开始接触这项运动。相比网球，她更喜欢板式网球（padel），因为球场更小，更容易结识其他球员。“这具有社交属性，可以约会，也能拓展职场关系，”在迈阿密地区经营一个女性社交网络的邓普西说道。她
[[IMG_XXXX]] 壁球拍的弦同样紧绷且呈网格状，形状更偏向椭圆。
皮克球拍（Pickleball paddles）具有实心的矩形拍面，看起来有点像披萨铲。
塑料皮克球看起来与 Wiffle 球相似，但孔洞更多。
壁球的大小约为高尔夫球，由橡胶制成，但弹跳相对较小。
壁球场由四面墙封闭，包括一面 15 英尺高的前墙。单打球场长 32 英尺，双打球场长 45 英尺，且所有球场均采用木质表面。
皮克球场可以设置在许多硬质表面上，包括车道。球场长 44 英尺，宽 20 英尺，球网两侧有 7 英尺长的区域，被称为“厨房”（the kitchen）。
加入了一个名为 Padel X 的俱乐部，该俱乐部位于迈阿密，月费为 $212。乔·欧默（Jon Omer），58 岁，与印第安纳州一家履约中心的业主合作，在其建筑内一个 20,000 平方英尺的区域内设立了球场，该区域目前仍作为仓库使用。“如今新建建筑的成本太高，难以负担，”印第安纳州韦斯特菲尔德（Westfield）NorthPoint Padel 的创始人欧默表示。他的做法参考了 Alma Padel，这是一家位于伊利诺伊州格伦维尤（Glenview）前分拨中心内的俱乐部。Alma Padel 的创始人阿比盖尔·麦库洛克（Abigail McCulloch），30 岁，在宾夕法尼亚大学沃顿商学院与来自世界各地的同学一起打球后被这项运动吸引。在板式网球的发源地墨西哥等国家，它是最受欢迎的运动之一。
去年开设 Alma 的麦库洛克表示，美国的许多俱乐部所有者都在押注板式网球会复制皮克球的崛起之路。根据美国网球协会的数据，去年有超过 2400 万美国人参与皮克球运动，而 2020 年这一数字约为 400 万。
与皮克球一样，板式网球也有自己的职业巡回赛，其中包括职业板式网球联赛（Pro Padel League）。今年，该联赛从投资者那里筹集了 $1500 万，并开始在 CNBC 上播赛。该联赛依赖于更多球场的建设来吸引粉丝。“这对我们至关重要，”其首席执行官迈克尔·多夫曼（Michael Dorfman）说道。
但这项运动是一项昂贵的商业尝试：麦库洛克表示，由于墙壁所需的玻璃和其他材料，安装一个板式网球场的成本可能在 $50,000 左右。根据 Bluestone Lane 的联合创始人及新泽西州克雷斯基尔（Cresskill）Padel United Sports Club 所有者克里格（Krieger）的说法，建筑成本是区分板式网球与皮克球的另一个因素。“与板式网球相比，皮克球的准入门槛几乎可以忽略不计，”他说道。
建设更多球场并不意味着大众一定会买账。包括瑞典在内的某些国家对其设施进行了大规模扩建，结果在几年后经历了大规模关闭。
“这涉及到大量的文化和社区建设，”31 岁的埃文·布朗（Evan Brown）说道，他在洛杉矶和曼哈顿都拥有板式网球俱乐部——后者位于
[[IMG_XXXX]] 位于加州舍曼奥克斯（Sherman Oaks）的 Pura Padel 设在一个车库顶层。
Mink Building 的庭院中，该商业空间曾被用于存储皮草。
这项运动的未来还取决于营销。一些名人（包括埃娃·朗格利亚 [Eva Longoria]）一直支持板式网球创业。而另一些人则在低调地支持。在洛杉矶首个室内设施 Padel Up（位于卡尔弗市），业主彼得·沃顿（Peter Worton）表示，Coldplay 乐队的吉他手乔尼·巴克兰（Jonny Buckland）一直在这儿打球。巴克兰一直没被认出来，直到俱乐部的总经理询问他是否想参加比赛。
“他说：‘不行，我在巡演，’”沃顿回忆道。“经理问：‘噢，你在比赛吗？’他说：‘不，我在 Coldplay 乐队。’”
从上至下：PADEL UNITED SPORTS CLUB；ALMA PADEL；PURA PADEL；CHRISTAAN FELBER 为 WSJ 拍摄；ISTOCK（概览图）
D
作者：丹·尼尔（DAN NEIL）
我与克雷格（Craig）一起上山，去追寻一份荣耀。克雷格是克雷格·尼科尔森（Craig Nicolson），他是宾利汽车（Bentley Motors）底盘动态系统负责人，该公司位于英国克鲁（Crewe）。这座山是理查德公爵的私人车道，一条狭窄的小路，包含九个出人意料的惊险弯道，全长略超过一英里，沿着西萨塞克斯郡（West Sussex）古德伍德庄园（Goodwood Estate）的领地攀升。而所谓的荣耀，就是看看尼科尔森能以多快的速度将一台崭新且体型惊人之大的宾利 Continental GT S 驶上这条车道，且不撞到任何草垛。剧透一下：非常快。
欢迎来到古德伍德速度节（Goodwood Festival of Speed），这是一个一年一度的为期四天的赛车狂欢盛会，全世界最快、最美且最昂贵的汽车在此争夺车道上的 bragging rights（吹嘘权）。速度节始于 1993 年，现已成为汽车发烧友以及近来汽车制造商们的必到之地。上周攀登这座山丘的首秀车型包括奥迪 Nuvolari 混合动力超跑、捷豹 Type 01 原型车、宝马最新的 M2、雷诺 5 Turbo 3E 以及声音雄浑的丰田 GR 跑车。
我之前曾受邀在各种高性能车中担任“副驾驶”，但都拒绝了。我更愿意自己开车。然而，当宾利建议我坐进其新 Continental GT S 的左侧座椅，并由底盘首席专家掌控方向盘时，我产生了好奇：你究竟如何才能开一台如此之大的车，且开得如此之快？
Continental GT S——这款公司气势磅礴的跑车的 671 匹马力混合动力 V8 全轮驱动版本——绝对符合这个定义。在选装之前，它的重量就达到了足以让桥梁弯曲的 5,421 磅。而尼科尔森正是最合适请教的人。作为大众汽车集团（VW AG）超豪华品牌的底盘动态负责人，他是宾利应有之感受的守护者和裁决者。这位 38 岁的威尔士出生工程师在德国著名的纽博格林北环赛道（Nürburgring Nordschleife）上行驶了数百圈，以此提炼宾利的精髓。
我们在所谓的“超跑围场”（Supercar Paddock）会面，那里是一个帐篷之城，聚集了无数价值七位数的性能猛兽、改装车和漂移车，它们都在等待通行证。我注意到，周围的大多数车都比我们的宾利小得多、轻得多。我问尼科尔森，在一家生产体型没那么庞大的公司的环境下，调整底盘动态是否会更容易？
“在这个产品级别，流程、标定、持续工程、运动学模拟、温度，所有这些调度基本上是一样的，”尼科尔森说。“关键在于你如何利用它，如何在其他性能领域之间做权衡，以及如何在其他领域实现性能最大化。”
对于从小就想成为试车手的尼科尔森来说，纽博格林就是他的快乐之地。 “北环赛道让你能够将弯道串联起来，而不会像在较短空间的普通测试赛道上那样将它们背得太熟，”他说。“因此，你驾驶汽车的方式更加真实，就像客户那样，速度也更接近现实。”
我想，这取决于客户。虽然本记者在驾驶小型轻量化车辆（如迈凯伦或马自达 Miata）时相当勇敢，但我很难在宾利身上发挥出任何性能。我讨厌在过弯和制动时那种惯性过载的感觉。掌控车辆快于其反应的秘诀是什么？信心从何而来？
“我们的品牌 DNA 原则之一就是这种‘渐进式性能’，”尼科尔森说。“我们首先要理解‘渐进’意味着什么——当你接近极限，即抓地力极限、轮胎能力极限时……转向系统告诉你什么？车身动作告诉你什么？你得到了多少预警？”
[[IMG_XXXX]] 上图：草垛，确认。汽车主题展区，确认。粉丝，确认。左图：参赛车辆包括迈凯伦 MCL-HY 超跑。
2027 BENTLEY CONTINENTAL GT S
他指出，宾利在两个车轴上都采用了电控防倾斜联动装置。利用这项技术，尼科尔森（Nicolson）的工程师们“可以开发出一辆完全没有侧倾、车身毫无晃动的车”，他说，但那样会让车辆感觉“不自然”。而且，如果驾驶员需要后退、猛踩油门、更剧烈地转向，或者无论发生什么情况？尼科尔森表示：“汽车的反应也需要保持一种尊重感。”但愿如此。
说到尊重：这次爬山节实际上是一场比赛，由众多知名车手驾驶世界上最快的跑车参加。在出现的名人中，麦拉伦 F1 冠军兰多·诺里斯（Lando Norris）正驾驶着麦拉伦 MCL-HY 耐力超级跑车进行练习。有时，愤怒会冲昏头脑。在节日的第二天，超级赛车手特拉维斯·帕斯特拉纳（Travis Pastrana）
速度之需 宾利的克雷格·尼科尔森（Craig Nicolson）在节日的车道上驾驶一辆欧陆 GT S。
在 2 号弯道时将斯巴鲁 “Brataroo” 赛车开得像农用机械一样离谱，随后才将其稳住并重新回到赛道。一名驾驶价值数百万美元的法拉利 499P Modificata 的车手也冲出了赛道。而对我来说，更令人心惊胆战的是看到另一辆宾利擦到了草垛。
轮到我们上场了。在允许我们启动之前，赛道工作人员要求我们拆掉安装在挡风玻璃上的 GoPro 摄像头，否则它将会对准我惊恐的脸。工作人员随意地挥了挥手，随后尼科尔森用力地踩下了加速踏板。在不到四秒钟的时间里——根据我胃里翻腾的紧张感判断——这辆宾利瞬间冲过了
在一辆大车里开得极快， 那种快感究竟 源自什么？ 是主宰感。
60 mph，随之获得近 1 兆焦耳的动能，大约相当于一根炸药条。这感觉真刺激。为了让我长见识，尼科尔森在通过 2. 号弯道时让宾利产生了一定的侧滑。我们产生了巨大的偏航力矩，左后轮激起了一大片尘土（这可能并不完全在计划之内）。在接下来的 50 秒左右，尼科尔森在模糊的风景中穿梭于危险的缝隙，经过由草垛和岩壁组成的隧道。当你在以 100 mph 的速度冲向赛道时，赛道看起来狭窄得多。从时间上看，我们的成绩没什么特别的。赛道纪录是 39 秒多一点，由发出尖啸的 McMurtry Spéirling 超级跑车创造。但这很有启发意义。尽管其中包含了很多人类的英雄主义，但宾利在极限状态下的可控性在很大程度上取决于全轮转向、扭矩矢量分配
车轴、主动防倾控制和实时阻尼系统，所有这些共同构成了飞行员所称的“控制和谐”。我承认，从技术上讲，让一只熊骑自行车是可能的。但是，既然轻量化是如此强大的优势，为什么有人要在像 GT S 这样的机动“无畏舰”中挑战命运？也许问题应该是，在一辆大车里开得极快，那种快感究竟源自什么？尼科尔森用了一个词：主宰感（sovereignty）。“在这样的车里，你会有一种优越感，”他说道，显然非常享受自己的工作。“有些车可以维持在 300 公里每小时或更高的速度，”尼科尔森补充道，但“要让它们保持直线行驶非常累人。累在它们缺乏与路面、纹理以及传入噪音的隔绝感，你会觉得并不想维持在那个速度。”他说，在宾利车里，
这种感觉就像是“时间旅行”。太荣耀了。
图片从上至下：BENTLEY；MATT ALEXANDER/PA WIRE/ZUMA PRESS；JAKOB EBREY/GETTY IMAGES
THEWALLSTREETJOURNALWEEKEND
News
Paramount won’t move forward with its merger with Warner Bros. Discovery until legal challenges to the deal are resolved or June 1, 2027, whichever comes first. B1
Verizon beat Wall Street expectations on a metric that gauges new lucrative customers and said it is pur- suing new revenue opportu- nities, including from the AI infrastructure boom. B9
SpaceX launched its huge rocket on another test flight Friday, the first since the Elon Musk-led company’s history-making IPO. B9
Robinhood is in talks with digital-currency exchange Crypto.com to expand the brokerage firm’s foothold in prediction markets. B10
The Nasdaq fell 2.1% during the week while the S&P 500 and Dow lost 0.6% and 0.4%, respectively. Brent crude rose 10% for the week. B10
Volkswagen cut its sales forecasts for the year fol- lowing a collapse in China’s car market and rapid gains by Chinese automakers in its European heartlands. B9
SAP shares climbed after the business-software group logged strong revenue figures in the second quarter. B10
Worldwide
Bahrain and Kuwait se- cretly sent jets to attack sites inside Iran, their first such di- rect retaliation against Teh- ran, people familiar with the matter said. A1, A8
Bahrain and Kuwait se- cretly sent jets to attack sites inside Iran, their first such di- rect retaliation against Tehran and an indication of the diffi- cult position Arab states find themselves in as the war grinds on, people familiar with the matter said. The airstrikes this month targeted drone- and missile- storage depots, among other military sites, some of the peo- ple said. The United Arab Emir- ates—which attacked Iran mul- tiple times early in the war— provided intelligence on targets and defensive air cover for the strikes in a sign of budding Arab cooperation in confront- ing Iran, those people said. Iran for weeks has focused its retaliatory strikes on Bah- rain and Kuwait, both of which host U.S. military bases. The PleaseturntopageA8
The U.S. will consider apply- ing additional tariffs to goods from the EU in response to fines the bloc has levied against U.S. tech firms. A2
A teenager pleaded guilty to killing two students and two teachers and injuring nine other people in a 2024 Georgia school shooting. A3
Produce giant Taylor Farms asked the White House to delay announcing a recall tied to one of the larg- est foodborne illness out- breaks in U.S. history. A4
Measles cases in the U.S. during the first seven months of this year have surpassed all of 2025’s tally, setting a three-decade high. A6
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
The ICC ousted chief prose- cutor Karim Khan from office over sexual assault allegations against him. A7
A South Korean appeals court ordered an AI tech mo- gul to pay his ex-wife roughly $645 million in the nation’s “divorce of the century.” A7
OPINION James Taranto: Jim Crow, Title IX and the facts of life. A11
CONTENTS Books....................... C7-12 Business & Finance.... B9 Food............................ D4,7 Gear & Gadgets.... D9 Heard on Street... B11 Markets & Finance B10
Obituaries................... C6 Opinion................. A11-13 Sports.......................... A14 Style & Fashion..... D2 Travel........................ D5-6 U.S. News.......... A2-4,6 World News......... A7-9
WSJ.com U.S. Edition SATURDAY/SUNDAY, JULY 25 - 26, 2026 ~ VOL. CCLXXXVIII NO. 21
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HAZY HAZARD: The beach in Lacanau, France, is nearly empty Friday as clouds of smoke from a wildfire can be seen. Tens of thousands of residents and tourists are fleeing as blazes fueled by a summer of heat waves rage in southwestern Europe. A7
To Catch Up With U.S AI Chips
BY JOSH CHIN AND RAFFAELE HUANG
Last summer, top Chinese chip developer Huawei Tech- nologies held a closed-door briefing for the country’s tech- nology czar to introduce its lat- est artificial-intelligence chips. The company laid out a plan
In Florida? This Place Is Booming.
BY ARIAN CAMPO-FLORES
LEHIGH ACRES, Fla.—De- siree and Christian De Leon, Miami natives who spent years renting in South Florida and Orlando, wanted to buy a house somewhere in the state and start building equity. Yet the cost of living kept climb- ing in each place they went, pushing home prices out of their reach. Then they discovered Lehigh Acres, a vast exurban commu- nity east of Fort Myers where Desiree’s parents had moved and where plenty of listings were in their price range. Last year, they bought a newly built three-bedroom house for $328,000, with a monthly mortgage payment almost equal to what they were paying in rent for a one-bedroom apartment in Orlando. “We were so impressed with what Lehigh has to offer,” De- siree, 37 years old, said. “The possibilities were endless.” Lehigh Acres, about 17 miles from Fort Myers, is booming, fueled by arrivals from Miami and elsewhere who are drawn to one of the few remaining affordable ar- eas in the southern part of the state. Florida more broadly is contending with an affordabil- ity problem, as soaring home PleaseturntopageA6
NOBODY DOES IT BETTER™
for rivaling American behe- moth Nvidia and said China could become self-sufficient in some critical areas of AI within three years. It was just what Ding Xuexi- ang, a confidant of Chinese leader Xi Jinping, wanted to hear. Three years earlier, Washington had squeezed
BY GREG IP Trump Trade Map Gets New Route
The House of Representa- tives’ trade oversight commit- tee maintains a compilation of all U.S. trade statutes. More than 1,400 pages, it is an authoritative reference among trade experts and attorneys.
ANALYSIS
The Cheap Las Vegas Buffet Alive
i i i A few old-school hotels are dead set on keeping the all-you-can-eat circus going
BY RACHEL LOUISE ENSIGN
LAS VEGAS—The 11 restau- rants at the South Point hotel and casino here lose between $1.5 million and $2 million a month. The owner wouldn’t have it any other way. One of the big- gest money losers, serving about 3,000 people a day, is the buf- fet. Breakfast starts at $16.95. Two Bloody Marys are included. The res- taurant used to offer unlimited drinks, but stopped after a customer fell over drunk. “You can come to Vegas and do whatever you want,” said general manager Ryan Growney, wearing a black cowboy hat. “In the buffet, you can eat whatever you can
China’s access to cutting-edge AI chips and the tools required to manufacture them—a poten- tially crippling blow to the country’s ambitions as a tech power. With Xi’s blessing, Vice Premier Ding started a fevered effort to forge domestic alter- natives. Ding dusted off the same all-
A decade ago, veteran trade lawyer John Veroneau noticed it didn’t include Section 338 of the infamous Smoot-Hawley tariff law of 1930, which au- thorizes tariffs against coun- tries that discriminate against the U.S. When he pointed this out, he recalled, a committee staffer said, surely this has
imagine.” This city used to have lots of cheap, all-you-can eat ven- ues like the South Point’s, money-losing restaurants that brought people in the door to gamble. Many closed after the pandemic, victims of social- distancing re- quirements and the changing eco- nomics of a city now dominated by af- fluent travelers eager to splurge on fancy meals. In March 2020, professors writing an academic paper on customer satisfaction evalu- ated more than a dozen buf- fets on the Strip. Only four of those remain. The buffet at the South Point keeps getting busier. PleaseturntopageA10
out approach China had used to produce its first atomic bombs, hydrogen bombs and satellites in the 1960s during a rift with the Soviet Union. He set up a committee that drew from the country’s best compa- nies and labs to form special- ized teams and directed them PleaseturntopageA10
been repealed? It wasn’t, and this past week President Trump said he would use it for the first time PleaseturntopageA2
President threatens new tariffs on EU........................ A2 U.S. to resume cattle imports from Mexico...... A3
Kuwait Hit Iran In Rare Reprisal
U.S. allies covertly conducted airstrikes earlier this month, a first since war began
BY SUMMER SAID AND SHELBY HOLLIDAY
U.S. and Iran stuck in a cycle of escalation............ A8
IT’S TOKENOMICS Corporate America has suddenly decided to stop blowing money on AI. B1
THE WALL STREET JOURNAL
Trump Threatens More Tariffs on EU
BY GAVIN BADE
The U.S. will consider apply- ing additional tariffs to goods from the European Union in re- sponse to fines the 27-nation bloc has levied against U.S. tech firms. The EU this week announced it would fine Alphabet’s Google $1 billion for breaching digital competition rules—the latest in a series of penalties for Ameri- can tech firms in recent years. In response, President Trump said Friday that he would di-
CARLOS OSORIO/REUTERS (2)
A Crucial Bridge to U.S.
Canada on Friday cele- brated the completion of a new bridge to the U.S. over the Detroit River, a multibil- lion-dollar, multiyear project that will serve as a critical path for trade and casual travel between the countries. With the six-lane Gordie Howe International Bridge dominating the skyline behind them, officials lined up in Windsor, Ontario, to hail what one described as “one of the most significant infrastructure achievements in Canada’s his- tory.” Traffic opens Monday. Missing from the event: U.S. and Michigan representa- tives. Canada scratched a joint gathering after President Trump this week announced 50% tariffs on Canadian goods entering the U.S.
Is Getting New Route
ContinuedfromPageOne
in its near-century existence to hit Canada with 50% tariffs. When the Supreme Court struck down Trump’s main tariff weapon in February, the president’s trade war seemed destined to enter a less capri- cious and more constrained phase. To Trump, though, court rulings are road maps, not roadblocks. February’s court ruling simply rerouted him to tools the court hadn’t explicitly prohibited. And for- tunately for Trump, Congress has over the years scattered many such tools through the law books, many largely for- gotten or unused. In the past two weeks Trump has announced tariffs of 25% on Brazil, 50% on Can- ada and up to 200% on ge- neric drugs, and on Thursday, tariffs of 10% to 12.5% across as many as 60 trading part- ners. Friday came new threats aimed at the European Union in response to fines against U.S. tech firms. The upshot: Trump can wage a trade war that is as sweeping as before the Su-
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rect his government to open a tariff investigation that could result in new levies on the EU. “Please let this TRUTH serve to represent that we will imme- diately initiate a 301 Investiga- tion into the practice of ‘ROB- BING’ American Companies and, in turn, the American Tax- payer,” Trump posted on Truth Social. He added that the EU would “pay a very big price for this illegal and highly unethical conduct,” and that he antici- pates “a substantial TARIFF to be placed on them at the earli-
The Howe bridge, seen at top, will create competition. For nearly a century, the pri- vately owned Ambassador Bridge has been the only route for large commercial trucks moving between the U.S. and Canada at Detroit. “It will be vital for our economy,” Detroit Mayor Mary Sheffield said of the bridge. The bridge is named for Gordie Howe, a legendary Ca- nadian who played hockey for the NHL’s Detroit Red Wings. He died in 2016. Children, seen at right, played pickup hockey during Canada’s celebration of the bridge on Friday. The bridge is 1.5 miles long and rises 151 feet above the Detroit River at its high- est point. —Associated Press
preme Court ruled. Tariffs are central to Trump’s vision of presidential power: a catalyst for national rejuvenation, a source of reve- nue and an all-purpose crow- bar to force allies and adver- saries alike to do what he wants, from lowering their own trade barriers to surren- dering territory. This vision runs up against the Constitution, which gives Congress authority over tariffs and taxes, except when dele- gated to the president for spe- cific reasons. It also breaks with the bipartisan consensus in Congress that trade policy should enhance strategic bonds with allies and neighbors. Early on, Trump thought he had just the device to sidestep both constraints: the Interna- tional Emergency Economic Powers Act of 1977. Originally intended to sanction rogue na- tions like Iran, he claimed it let him tariff anyone for any reason indefinitely. He used it for his first big tariffs, sup- posedly over fentanyl, against Canada, Mexico and China, and then in April 2025 against almost everyone. In February, though, the Supreme Court said the law didn’t explicitly authorize tar- iffs, and that Congress wouldn’t delegate so much of its power to the president without expressly saying so. Trump immediately sought to accomplish the same thing
est possible moment.” The investigation will be run by the U.S. Trade Repre- sentative’s office under Sec- tion 301 of the Trade Act of 1974, which allows the presi- dent to impose tariffs on coun- tries that discriminate against U.S. companies. Trump used the same provision to put tar- iffs ranging from 10% to 12.5% on U.S. trading partners this week over forced-labor con- cerns—replacing temporary tariffs put in place after the Supreme Court invalidated
using different laws: Section 122 to impose a temporary, 10% universal tariff, Section 232 and Section 301 to set industry- and country-specific tariffs. Trump had boasted his Ieepa tariffs would raise enough money to replace the income tax. Though an exag- geration, it hurt his case at the Supreme Court since taxes are clearly Congress’s purview. Yet with these new tariffs, Evercore ISI, an investment bank, estimates Trump will raise $240 billion to $260 bil- lion a year, about 20% less than before the Supreme Court ruling and still triple the pre-Trump level. Trump likes to impose and repeal tariffs without notice, for maximum effect. The problem with 232 and 301 is that they re- quire lengthy periods of inves- tigation and comment. Not 338, though. “This is possibly the new Ieepa,” said Sarah Bianchi, a former trade official under President Joe Biden who is now a policy analyst with Evercore ISI. “If he’s able to use this tariff for leverage, I don’t know why he wouldn’t keep trying. As to which one is next, the European Union
deviates from the original intent of trade laws he deploys.
Trump regularly deviates from the original intent of the trade laws he deploys. Section 122 was aimed at balance-of- payments problems, a feature of a fixed exchange-rate system that ended over 50 years ago. Section 232 is meant to protect industries vital to national se- curity, which Trump now de- fines to include everything from lumber to generic drugs. Section 301 is aimed at un- fair practices that discrimi- nate against U.S. products, such as China’s industrial sub- sidies. It will now be used to penalize other countries’ fail- ure to police their own im- ports for forced labor. That these are pretexts haven’t mattered to courts who have declined to block any. Many in Congress regret ceding so much power to the president on tariffs. “It’s well past time to put Congress back in the driver’s seat on trade,” Sen. Ron Wyden (D., Ore.) said at a Senate Finance Committee hearing Wednesday. And yet Congress might be about to cede to Trump even more power. Just before he died, Sen. Lindsey Graham (R., S.C.) had finally per- suaded Trump to back a bill imposing tariffs on Russia for invading Ukraine, and the largest buyers of its oil and gas. At Trump’s behest, the bill was weakened, allowing Trump to issue waivers. The bill is gaining support in the Senate, while its fate in the House is unclear. The bill would enable Trump to use tariffs instead of sanctions for geopolitical goals, something the Supreme Court said he couldn’t do un- der Ieepa. But trade and sanc- tions expert Peter Harrell said as written, the bill would let Trump waive tariffs on Russia, then tariff the EU for refusing to back his war with Iran. Harrell, who was an adviser to Biden, noted Trump already has the authority to sanction Russia but has barely used it. “It makes me a little suspi- cious,” said Harrell. “If he does not seem interested in putting pressure on Russia, but does seem interested in this bill, what would his inter- est be? The tariffs.”
New U.S. tariffs target 60 economies, totaling more than 80 countries. In some editions Friday, a U.S. News article about the new duties incor- rectly said they target 60 countries.
David McCraw, senior vice president and deputy general counsel at the New York Times, said he was pleased that the Justice Department agreed to withdraw subpoenas related to several reporters’ recent articles, “but they
many of his tariffs in February. Section 301 tariffs are more legally durable than tariffs that the Supreme Court struck down, which were based on a novel interpretation of presi- dential emergency powers. However, they require a lengthy investigation and com- ment process before levies can be imposed. Most EU goods currently face a 10% tariff under Trump’s forced-labor levies unveiled this week, while certain products like automobiles have a 15%
would be on your list.” Veroneau, a trade official under then-President George W. Bush and now senior coun- sel at Covington, said Section 338 was aimed at countries that discriminated against the U.S. relative to other partners. Its goal was “most-favored na- tion” status, that is equal treatment of all trading part- ners, which the U.S. was able to achieve through negotiation. Trump’s use of 338 is “ironic if not perverse,” Ve- roneau said, because under the North American Free Trade Agreement, now the U.S.-Mexico- Canada Agree- ment, Canada gives the U.S. better access than it does to most other countries. It was Trump who then over- rode those pacts to hit Canada with duties on steel, aluminum, autos and other goods. Can- ada retaliated, and Trump is now punishing Canada for retaliating. In effect, he is laying down the principle that discrimination is accept- able as long as it is the U.S. doing the discriminating. (Under USMCA, Canada does restrict U.S. dairy imports. Trump claims the EU gets better terms.)
should never have been issued in the first place.” In some edi- tions Friday, a U.S. News arti- cle about the subpoenas incor- rectly attributed the comment to a Times spokesman.
SpaceX’s stock closed at $160.95 on June 12, its first day of trading. A Business & Finance article on Friday about Google’s stake in SpaceX incorrectly said the stock on June 12 rose to $135, which was the price of its initial pub- lic offering.
tariff. When completed, addi- tional tariffs could stack on top of the duties already in place. Last year, Trump and Euro- pean Commission President Ur- sula von der Leyen signed an agreement that capped U.S. tar- iffs on EU goods at 15%, but the deal left the issue of digital regulation unresolved. On Thursday, U.S. Trade Represen- tative Jamieson Greer said that the EU action against Google put the agreement at risk, but signaled openness to negotia- tion if fines are removed.
Global Economy Picks Up Before Fresh Energy Hit
Business activity in the U.S., Europe and parts of Asia picked up in July, an indica- tion that the global economy was growing at a moderate pace before the fresh surge in energy prices triggered by the resumption of hostilities between the U.S. and Iran takes a toll. Surveys released by S&P Global on Friday pointed to a rebound in activity following a memorandum of under- standing, though that might prove to be short-lived. S&P said its Purchasing Managers Index for the U.S.— which measures activity in the services and manufactur- ing sectors—rose to 53.6 in July from 51.9 in June to reach its highest level in eight months. A reading below 50.0 points to a contraction, while a reading above that thresh- old points to an increase in activity. The PMI for the eurozone rose to 51.9 in July from 50.0 in June to reach its highest level in five months. In the U.K., the composite PMI rose to its highest level in three months. There were also accelerations recorded in Japan and Australia. —Paul Hannon
Global Goods Trade Rose Again In May
World trade flows rose for a second straight month in May, a sign of economic resil- ience in the face of the con- flict in the Middle East that might be challenged by a fresh wave of U.S. tariff hikes. The volume of goods mov- ing across national borders was 1% higher than in April, a month in which flows rose by 0.3%, according to figures re- leased Friday by the Nether- lands Bureau for Economic Policy Analysis—also known as the CPB—which has long tracked world trade as a key influence on the Dutch econ- omy. That resilience partly re- flects a boom in artificial in- telligence-related investment, which has led to a surge in demand for semiconductors and equipment for data cen- ters. Exports from China were up 2.6% on the month, while overseas sales of goods from Japan were up 4%, and im- ports to the U.S. rose by 2.3%. However, the outlook for trade during the rest of the year has been clouded by a new wave of tariff increases in the U.S. —Paul Hannon
New single-family home sales
June: 628,000
800thousand
+1.6 from May
June 2025 ’26
Note: Seasonally-adjusted annual rate; June 2026 is preliminary.
Sources: Census Bureau and the Department of Housing and Urban Development
New Home Sales Ticked Up Last Month
The rate of new home sales rose in June, a report released Friday said. The Census Bureau and the Department of Housing and Urban Development said that sales of new single-fam- ily homes rose to 628,000 in June, from 618,000 in May. A consensus of economists polled by The Wall Street Journal had expected 606,000 sales in June. The estimate for new houses for sale was 485,000 in June, compared with 486,000 in May, the Com- merce Department said. The median sales price of new houses sold in June was $398,300, down 3.3% from May, it added. —Dean Seal
U.S. Is Lifting Ban On Mexican Cattle
to ease beef prices after move to limit spread of parasite
BY PATRICK THOMAS
The Agriculture Depart- ment is lifting a more than yearlong ban on Mexican cat- tle imports, a move that could ease soaring beef prices. The U.S. plans to resume importing Mexican cattle at the port of entry in Douglas, Ariz., in 30 days and eventu- ally open two additional ports of entry in New Mexico. Mexico sends about a mil- lion calves across the border each year, accounting for 5% of the cattle processed in the U.S. Cattle imports had been cut off since last year to stem the spread of the flesh-eating New World screwworm. The loss of those cattle has exacerbated a shortage of live- stock that has squeezed meat- packers and sent prices for ground beef and steaks to re- cord levels. Retail ground-beef prices are close to $7 a pound on average, while sirloin steaks are more than $14 a pound, ac- cording to government data. The move to reopen the border is contentious, with U.S. ranchers concerned about the spread of a parasite with a history of thinning herds and raising costs. Meanwhile, meat-industry officials said opening the border is safe and one of the quickest ways to ease beef prices and relieve fi- nancial pressure on cattle pro-
Sirloin steak
Ground beef
BY MARIAH TIMMS Georgia Teen School Shooter Pleads Guilty
The teenager accused of a mass shooting in September 2024 at Apalachee High School in Winder, Ga., pleaded guilty to all 55 charges against him Friday. Colt Gray, now 16 years old, was accused of killing two stu- dents and two teachers and in- juring nine others. The students killed were both 14 years old. Gray surrendered at the scene and has remained in custody. He had been sched- uled to go to trial later this year. After Gray pleaded guilty, the hearing moved to the sentencing phase, during which Barrow County Superior Court Judge Nicholas Primm will determine the pen- alty. Because of Gray’s age, he can’t be sentenced to death. In court Friday, Gray con- firmed he was receiving men- tal-health treatment. He
BY SARA ASHLEY O’BRIEN AND ALEX JANIN FDA Committee Votes to Ease Curbs on Peptides
Biohackers, longevity enthu- siasts and alternative medicine doctors want the peptide BPC-157. Now compounders may be one step closer to law- fully providing it. The Food and Drug Adminis- tration’s Pharmacy Compound- ing Advisory Committee voted in favor of easing restrictions on six of seven peptides up for consideration, following strong warnings from the agency’s sci- entists. It’s now up to the FDA to decide whether to greenlight the drugs for compounding pharmacies to make—and pave the way for a peptide gold rush. Today the term “peptides” often refers to a category of in- jectable substances that prom- ise physical transformations and haven’t undergone regula- tory approval. On social media, influencers, alternative medi- cine doctors and everyday peo- ple have promoted them for ev- erything from muscle recovery to more youthful skin. These peptides are largely sold through an online gray market, where they’re labeled “for re- search use only” or “not for hu- man consumption.” Health Sec- retary Robert F. Kennedy Jr. has advocated for loosening re- strictions on the substances. The rise of peptides has been controversial. Doctors have cited health risks, and the substances have not been stud- ied extensively. Some com-
U.S. cattle imports from Mexico, monthly
150,000
50,000
125,000
25,000
100,000
75,000
2022 ’25 ’23 ’24 ’26
Sources: USDA (imports); Labor Department via St. Louis Fed (price)
duction in the Southwest. Trump officials are under pressure to show Americans they are taking steps to tame inflation. Agriculture Depart- ment Secretary Brooke Rollins said the border decision was made primarily with the protec- tion of U.S. herds in mind but added the prospect of increased supply could help the market. “We have been trading with Mexico live cattle for a really, really long time. The border states rely on it, and we’re at a low herd number,” Rollins said in an interview. “It is time to safely open.” Importing cattle into the U.S. from Mexican ranches has occurred for more than a cen- tury. The imported livestock are fattened in U.S. feed yards before being transported to large slaughterhouses that process them into beef. The border was closed to cattle imports in November
ARVIN TEMKAR/ATLANTA JOURNAL-CONSTITUTION/AP
Colt Gray, 16, admitted to killing four people and injuring nine others in the 2024 attack.
mostly stared forward as fam- ily members of shooting vic- tims shared emotional testi- mony with the court for more
pounders have already begun making the drugs despite FDA restrictions. During the hearing on Fri- day, Russell Wesdyk, an FDA official in the office of pharma- ceutical quality, described some of the challenges facing the peptides under review. “When you write a script for TB-500, what form do you think your patients are getting?” he said. “Does anybody know? I cer- tainly don’t, and that’s a chal- lenge for us.” At the hearing, committee members—including pharma- cists, doctors, clinic owners, ac- ademics and regulatory ex- perts—evaluated each peptide. Some of the committee mem- bers had ties to peptide busi- nesses. The FDA generally fol- lows advisory committee recommendations but has no obligation to do so. The FDA’s career scientists recommended against green- lighting any of the peptides on the list, which come in formu- lations including injections, na- sal sprays and topical creams. They cited the limited clinical studies and a lack of evidence indicating their effectiveness. Because of inconsistent chemi- cal descriptions and names, they argued that it is impossi- ble to know exactly which sub- stances are being compounded. They also stated that there are FDA drugs approved for the same conditions being evalu- ated. Shabbir Imber Safdar, execu-
Average price in the U.S.
$16a pound
2022 '25 '26 '23 '24
2024 after the flesh-eating screwworm was detected in southern Mexico. The Trump administration temporarily re- sumed imports a few months later but has restricted the cattle trade since May of last year to keep the fly from spreading in the U.S. The parasitic fly had been absent from the U.S. since the 1960s. But in June, agriculture officials identified it in a three- week-old Texas calf. Dozens of U.S. cases have been confirmed since then, with the fly appear- ing on cattle and other animals. All the cases have been reported in Texas except for one involv- ing a dog in New Mexico. Rollins said the border clo- sure gave the agency time to increase construction of ster- ile-fly facilities, improve sur- veillance for the parasite along the border and improve the layers of screening that im- ported cattle go through. For
than an hour. Gray’s father, Colin Gray, was convicted of second-degree murder and involuntary man-
tive director of the Partnership for Safe Medicines, a public- health coalition focused on sup- ply-chain safety, called the af- firmative votes “a serious setback for patient safety.” “The Committee’s recom- mendation will inevitably be in- terpreted by many as an en- dorsement of broader clinical use. It is not,” he said in a statement. “Patients won’t read the fine print. They will hear one thing: the FDA said yes.” Last year, two women be- came critically ill at a longevity conference in Las Vegas after they received peptide injections at a booth. An investigation was unable to conclude exactly why the women became ill, but regulators in Nevada fined the doctor, who wasn’t licensed in their state, along with two other people in connection with the incident. A letter to the doctor from the Nevada State Board of Pharmacy said one of the “peptide cocktails” was be- lieved to contain BPC-157 and MOTS-c, two peptides the FDA committee voted in favor of. Along with voting in favor of the popular BPC-157, the com- mittee also approved TB-500. BPC-157 was evaluated for use in ulcerative colitis and TB-500 for wound-healing. The two are often sold together online and called “the Wolverine Stack,” with claims it can help with ev- erything from muscle and tis- sue repair to reduced inflam- mation. The committee also voted favorably for the pep-
The loss of Mexican cattle has exacerbated a shortage that has squeezed U.S. meatpackers.
example, Mexican cattle will move through a disinfectant dip vat when entering a U.S. port of entry. Female screw- worm flies only mate once, so sterile male flies help suppress the parasite’s population. Reopening the border is “the biggest thing that can happen in the short term” to change the beef supply, said Wesley Batista Filho, chief ex- ecutive of JBS’s U.S. division, at The Wall Street Journal’s Global Food Forum last month.
slaughter in March for his role in making firearms available to his son. He could face a maxi- mum of 180 years in prison.
tides KPV, Epitalon and Semax. The committee voted against one peptide called Emideltide, evaluated for opioid with- drawal, chronic insomnia, and narcolepsy. David Pope, a phar- macist who voted affirmatively for other peptides, voted “no” on this one, citing a complex regimen and “potentially dan- gerous downstream conse- quences.” Proponents argued that cre- ating an accessible pathway for peptides would help doctors, patients and regulators gather more evidence about whether or not they work. Some pa- tients said the gray-market products had helped them when the traditional medical system didn’t. Under current regulations, compounders are not required to report serious negative side effects associated with com- pounded drug products to the FDA. FDA officials said the agency does not have the au- thority to require it in this case. Scott Brunner, chief execu- tive of compounding industry group the Alliance for Phar- macy Compounding, who spoke in support of peptides, said in an interview that adverse-event reporting should be required. “There is not the sort of substantive safety data for these drugs that FDA would normally require,” he said. “The moment that we’re in is rather extraordinary, and it calls for a special approach.”
DANIEL BECERRIL/REUTERS
Correspondents’ dinner in April had to be scrapped after gunman opened fire
BY MELISSA KORN AND ALEXANDRA BRUELL
The event known in Wash- ington circles as “nerd prom” got a do-over Friday night, nearly three months after the original White House Corre- spondents’ Association dinner was cut short by the at- tempted assassination of Pres- ident Trump. Journalists and media exec- utives gathered alongside poli- ticians Friday for the resched- uled affair, this time in a more intimate setting—and with heightened security. President Trump was at- tending the dinner at the Wal- dorf Astoria and was set to give remarks later in the eve- ning. Historically, presidents used the event to crack good- natured jokes about the press corps and about themselves. Trump said in June, when he announced he planned to at- tend the rescheduled event, that his speech from April had contained “rather nasty state- ments” and he wasn’t sure if he would use that same ad- dress this time around. “We look forward to a great and fun evening celebrating 250 years of American great- ness and a free press,” White
BY KEN THOMAS AND SABRINA RODRIGUEZ Maine Democrats Try to Turn the Page After Platner
BANGOR, Maine—When Graham Platner burst onto the Maine political scene, former state Senate President Troy Jackson emerged as one of his biggest champions, lauding the oyster farmer’s progres- sive policies and direct appeal to working-class voters. Now, Platner is the last per- son Jackson wants to talk about—he quickly severed ties with Platner after the oyster- man withdrew as Maine’s Democratic U.S. Senate nomi- nee this month in the midst of allegations of sexual assault. Widely expected to take Platner’s place on the ballot, Jackson faces a delicate high- wire act. On the one hand, he aims to capture the groundswell of populist energy that generated more than 150,000 votes for Platner in the June primary— a record turnout for Maine Democrats. On the other hand, Jackson must distance himself from his former ally’s personal scandals to win over the inde- pendents and moderate women required to unseat Re- publican Susan Collins. Republicans intend to lash Jackson directly to Platner’s troubled brand, and one GOP super PAC is planning a seven- figure ad campaign beginning next week highlighting those Taylor Farms Asked White House to Try to Delay Lettuce Recall
Former state Senate President Troy Jackson in May, when he was running for Maine governor.
Representatives for produce giant Taylor Farms contacted the White House with an ur- gent plea: The company wanted to delay announcing a recall tied to one of the largest foodborne illness outbreaks in U.S. history.
By Sabrina Siddiqui, Jesse Newman and Josh Dawsey
The call, during which the company asked for more proof and more time before being linked to the outbreak, illus- trates how one of the country’s largest produce suppliers sought to limit its exposure to a public-relations nightmare, while grappling with a costly and complicated recall. Over the past several weeks, health officials have been scrambling to contain the out- break of cyclospora, which can cause explosive diarrhea. Some current and former govern- ment officials have criticized the handling of the outbreak, both by the administration and Taylor Farms. Federal health authorities were preparing earlier this month to link Taylor Farms to a multistate parasitic infection
MANDEL NGAN/AFP/GETTY IMAGES
President Trump attended the rescheduled 2026 White House Correspondents’ Association dinner on Friday at the Waldorf Astoria in Washington.
House press secretary Karo- line Leavitt said earlier Friday. Trump was to address the room a day after his Justice Department agreed to with- draw subpoenas related to several New York Times re- porters’ recent articles on a jet gifted to the U.S. by the Qatari government that was being used as Air Force One. A federal judge grilled prosecu- tors Thursday over whether
ties, according to a person fa- miliar with the plans. Jackson backed Platner through the primary campaign, even as Platner faced mounting scru- tiny over sexually explicit text messages, offensive online posts, and a chest tattoo re- sembling a Nazi symbol before the sexual assault allegations prompted his exit. Jackson, a logger, is ex- pected to secure the party’s nomination Saturday during a special state party convention assembled in the aftermath of Platner’s collapse and ahead of a Monday deadline to re- place him on the ballot. A poll released by the Uni- versity of New Hampshire Tuesday found Jackson with a slight edge over Collins. Poll- ing in past Senate elections have often underestimated Collins’s appeal, including sur- veys released during her 2020 re-election campaign. Like Platner, Jackson’s cen- tral message is that the politi- cal system supported by both parties has enriched the wealthy and corporations. Dur- ing his 2026 gubernatorial pri- mary run, he was endorsed by Vermont Sen. Bernie Sanders and appeared alongside Platner at “Fighting Oligarchy” rallies. “This race is really about the message that Graham Platner carried, but that Troy Jackson has also carried—and that’s a populist economic message,”
that has sickened thousands. The company wanted to see more evidence, according to people familiar with the matter. The White House asked offi- cials from the Food and Drug Administration, which has been investigating growing cases of cyclosporiasis, to join the call with Taylor Farms, which the government maintains is the source of the multistate out- break. During the discussion, Tay- lor Farms raised concerns that the government had no positive laboratory tests linking its product to the outbreak and that it was overstating the company’s culpability, accord- ing to one of the people who was on the call. Taylor Farms sought out the White House after company ex- ecutives felt they hadn’t gotten enough clarity from the FDA on the evidence behind a potential recall and the scope of it, ac- cording to a person familiar with the situation. Health and Human Services Department spokeswoman Em- ily Hilliard said the FDA pre- sented Taylor Farms with sub- stantial evidence connecting its products to the outbreak and engaged in extensive discus-
they had followed proper pro- cedures for the criminal inves- tigation in which three report- ers received subpoenas to testify before a federal grand jury and the government re- quested phone records for numbers tied to relatives of the reporters. The subpoenas raised con- cerns among newsroom lawyers and journalists that the Trump administration was escalating
AMANDA SABGA/REUTERS
said Joseph Geevarghese, exec- utive director of Our Revolu- tion, the group founded by Sanders. Collins has pointed to Jack- son’s long political career, sig- naling that Jackson will face obstacles in attempting to run an outsider, insurgent cam- paign. “He’s been in Augusta for more than 20 years,” Col- lins told reporters in Washing- ton this past week. “He clearly embraces the platform of the democratic socialists and has
Cyclospora-Outbreak Probe Grows
Public-health officials are investigating four additional states as part of a multi- state cyclospora outbreak linked to iceberg lettuce. Illinois, Kansas, Okla- homa and Pennsylvania are the latest states added to the probe, the Centers for Disease Control and Preven- tion said Friday. The health agency has said it was in- vestigating the outbreak in Indiana, Kentucky, Michigan, Ohio and West Virginia. The CDC said epidemio- logic data continued to show the outbreak
sions with the company. The White House later held a separate conversation with the FDA to understand how the agency had traced the outbreak to shredded iceberg lettuce supplied by Taylor Farms to Taco Bell, some of the people said. The White House wanted to review how the agency planned to communicate its findings to the public, and be
its antagonism toward the es- tablished media. Top adminis- tration officials, and Trump himself, have sued newsrooms and individual reporters for defamation, and Trump regu- larly refers to legacy outlets’ stories as “fake news.” The Justice Department has said journalists aren’t the tar- gets of criminal investigations into leaks and that it values “the important role that the
views that are pretty far out there.” Jackson doesn’t identify as a democratic socialist. Throughout her career, Col- lins has sought to forge a bi- partisan image and has used her perch on the Senate Appro- priations Committee to fund lo- cal and state initiatives. But she faces her own headwinds. The election will mark the first time she has faced voters since the Supreme Court in 2022 overturned the constitu- tional right to an abortion un-
stemmed from the con- sumption of iceberg let- tuce from Taylor Farms. Nearly 2,000 people who ate food from Taco Bell have been sickened in those nine states during the outbreak, the agency said. Nearly 100 people have been hospitalized. The authorities are in- vestigating a number of food-related outbreaks, in- cluding several involving cyclospora, a bacteria that causes diarrhea. —Joseph De Avila and Betsy McKay
in a position to defend the gov- ernment’s investigation in light of pushback from the company. The White House was con- vinced by the FDA’s findings and gave the agency the green light to make them public. In a July 16 announcement, the FDA refrained from naming Taylor Farms because of legal restrictions around trade se- crets, according to people fa-
press plays in this country.” Nearly 700 people were ex- pected to attend Friday’s af- fair, compared with the 2,600 who typically participated in the event at the Washington Hilton. High-profile attendees Fri- day included Leavitt, Health and Human Services Secretary Robert F. Kennedy Jr. and Commerce Secretary Howard Lutnick. Vice President JD
der Roe vs. Wade. Collins, who supports abortion rights, said in an interview in June that she didn’t regret her vote to confirm Justice Brett Ka- vanaugh but did disagree with Kavanaugh’s vote to overturn the law. “For 30 years, Susan Collins has told us that she’s con- cerned…But when the stakes are the absolute highest, too often she’s stood with Donald Trump,” Jackson said at a re- cent rally in Portland.
miliar with the decision. The agency said only that illnesses in five states were tied to Taco Bell and a single supplier in Mexico. The following day, Tay- lor Farms said it was volun- tarily recalling all of its iceberg lettuce from central Mexico. A Taylor Farms spokes- woman said the company im- mediately removed all poten- tially implicated products from the market when questions were raised about the out- break’s source, and issued an even broader recall out of an abundance of caution. On July 18, the FDA said a sample of Taylor Farms lettuce had tested positive for cy- clospora, appearing to provide the first laboratory link to the company. What’s more, the government said, the positive sample was discovered in let- tuce that wasn’t covered by Taylor’s recall, suggesting there could be additional prod- uct that was unsafe to eat. But the agency reversed it- self last Sunday, saying the re- sult was a false positive. The reversal sparked confusion. The company said the FDA had apologized, and stressed that the government hadn’t identified any positive lab tests
Vance and first lady Melania Trump, who attended in April, weren’t at the rescheduled dinner. Shortly after the April din- ner started, a gunman stormed toward the Hilton ballroom and fired shots, sending attendees scurrying to hide under tables. Trump, the first lady and administra- tion officials were swept away by the Secret Service.
While Jackson has won elec- tions in the northern parts of the state that have backed Trump, Democrats said the for- mer legislator will need to move quickly in a general elec- tion campaign that will only span about 100 days. “He still has to introduce himself to the Maine voters, but a lot of people do know him. I think coming from northern Maine with a back- ground as a logger will endear him to a lot of people,” said Democratic U.S. Rep. Chellie Pingree. Ahead of the convention, Jackson has faced increased scrutiny over his shifting politi- cal stances on issues like abor- tion rights and same-sex mar- riage and displaying a hot temper in the state legislature. Jackson originally entered poli- tics as a Republican and was opposed to abortion rights and same-sex marriage. But he has become a staunch defender of reproductive rights and gay rights, receiving a 100% rating from Planned Parenthood’s Maine chapter and Equality Maine, an LGBTQ advocacy group. Republicans noted that Jack- son was a third-place finisher in the gubernatorial primary, and accused Democrats of engi- neering Platner’s replacement.
Inside Maine’s manic political summer................ C4
tying its products to cyclospora, fueling questions about whether investigators had iden- tified the wrong source. Health officials raced to clarify Monday that strong epi- demiological evidence contin- ued to point to Taylor Farms as the source of the outbreak, and that the company’s recall re- mained in effect. The FDA said it hadn’t is- sued an official apology, and Taylor Farms later deleted a social-media post highlighting one, though its original week- end statement remains on its website. The government has made missteps, according to some former officials. Frank Yiannas, a former FDA deputy commis- sioner, said the agency appears to have moved slowly in its re- sponse. Cyclospora-related ill- nesses began on May 13, a full two months before federal offi- cials issued their first advisory. Yiannas said the agency should have notified consumers sooner about the identity of the supplier it had linked to contaminated lettuce, and con- firmed the results of its week- end lab test on Taylor Farms’ sample before mistakenly alert- ing the public.
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continue to fall as U.S. risks losing a key global status
U.S.
BY JENNIFER CALFAS
Measles cases in the U.S. during the first seven months of this year have surpassed all of 2025’s tally, setting a new three-decade high. The Centers for Disease Control and Prevention on Fri- day reported 2,318 confirmed cases of measles this year, ex- ceeding the number of cases in all of 2025. Its rapid spread illustrates a new normal in the U.S., where falling vaccination rates have made more com- munities vulnerable to the highly infectious disease that the country declared elimi- nated more than 25 years ago. Outbreaks in Utah and South Carolina contributed to around half of the country’s total cases, according to CDC data. South Carolina’s health department required unvacci- nated students exposed to measles to quarantine for three weeks after possible ex- posure and eventually declared the outbreak over within seven months. Utah’s outbreak, fueled in part by a lack of uni- form quarantining efforts, has lasted more than a year. Cases are also rising in Pennsylvania and Virginia. Since the early 1990s, the U.S. has recorded just a few dozen or hundred cases of measles each year. These back- to-back years of thousands of cases set the stage for the country to lose its measles elimination status that it achieved in 2000 thanks to ag- gressive vaccination drives and federal initiatives, including the Vaccines for Children pro-
2,000
South Carolina
Utah
Utah
LuresBuyers InFlorida
FLORIDA
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prices and living costs have prompted many residents to leave the state’s more-expen- sive metro areas and have shrunk the stream of people moving in. Recently released federal data show the Miami metro area’s cost of living has surpassed that of the New York metro area. That leaves a place like Le- high Acres, a unique commu- nity that has endured an eco- nomic roller-coaster over the decades. The unincorporated area, carved out of the Florida wilderness in the 1950s, mushroomed beginning in the 1990s, cratered during the 2007-10 subprime-mortgage crisis and has been climbing its way back since. It is now reinventing itself again, with growth that is moving faster than its roads, water lines and services can handle. Its working-class and middle-class residents include teachers, police officers, con- struction workers and service- sector employees. “The growth is phenome- nal,” said Michael Welch, chair- man of the East Lee County Chamber of Commerce, which covers Lehigh Acres. “I think it caught everyone off guard…And the infrastructure hasn’t kept up with it.” Lehigh Acres sprang up more than 70 years ago when wealthy Chicago businessman Lee Ratner and some partners began buying thousands of acres of ranchland and even- tually divided it into more than 100,000 residential lots. They invested little in infra- structure, leaving most homes to rely on private wells and septic systems. The lack of urban planning has contributed to a sprawling, disjointed feel. A seemingly end- less network of roads unfurls in a massive grid, generally with- out sidewalks, curbs or land- scaping. Because many parcels remain undeveloped in the far- ther reaches of Lehigh Acres, streets often contain an unorth- odox mix of sleek new homes, 1970s-style ranch houses and empty, overgrown lots. Lehigh Acres has no down- town or central shopping dis- trict, just a smattering of strip malls dominated by dollar stores and mom-and-pop shops. Only recently have
100%
1,000
Lehigh Acres
Lehigh Acres
U.S. measles cases, 2026* 0 1–99 100–499 500+
Weekly measles cases in high-count states, Jan. 5, 2025–July22, 2026
First seven months of 2025
Texas
April 2025 July Oct. Jan. 2026 April July
*As of July 23; only includes confirmed cases notified to CDC †2010 data not available Source: Centers for Disease Control and Prevention (U.S. cases, MMR vaccination rates); Johns Hopkins University (state cases)
gram, which made shots free for millions of children. Nationwide, kindergartners’ vaccination rates for measles, mumps and rubella, commonly referred to as MMR, dropped to 92.5% in the 2024-25 school year, from 95.2% in 2019-20, according to the CDC. That means the country’s youngest elementary schoolers are no longer vaccinated to the 95%
BRYAN CEREIJO FOR WSJ
Construction workers building a new home in Lehigh Acres, a vast exurban community east of Fort Myers in Florida.
Fort Myers
Cape Coral
5 miles
brands such as Starbucks and Chipotle arrived. The area serves as a bedroom commu- nity for employment centers in Fort Myers and Naples, so its main thoroughfares are choked with outbound traffic in the morning and inbound traffic in the afternoon. The community experi- enced a frenzy of home con- struction in the 2000s, pow- ered by easy credit. Then the subprime-mortgage crisis hit in 2007, foreclosures skyrock- eted and home values plum- meted. Over time, new buyers arrived to snap up cheap homes and the area slowly be- gan growing again. The Covid pandemic and the state’s growing affordabil- ity problems turbocharged de- velopment in Lehigh Acres, said Mike Darda, a real-estate agent with Compass. In Lehigh Acres, three-bed- room homes in one new devel- opment, Avalon, start at $264,000. The median sale price in Lehigh Acres was $310,000 in May, compared with $652,000 in Miami, ac- cording to real-estate broker-
U.S. measles cases, annually*
First seven months of 2026
2,250
1,750
1,500
1,250
’05 ’10 ’15 ’20 ’25 1992 ’95 2000
level that constitutes herd im- munity, which is achieved when enough people are vac- cinated that it becomes more difficult for an infectious dis- ease to spread. The generally high vaccina- tion rate is keeping these out- breaks from getting worse, said Amira Roess, a global health and epidemiology professor at George Mason University’s Col-
Tampa
Detail
Miami Bonita Springs
50 miles
age Redfin. There were 3,659 building permits issued for new single- family homes in Lehigh Acres for the year ended in March, a 14% increase over the previous year, according to real-estate firm LSI. By comparison, 3,500 such permits were issued in to- tal between 2012 and 2020. Melissa Orta moved to Le- high Acres from Miami five years ago. She bought a three- bedroom house for $280,000 and, sensing Lehigh Acres had enormous potential, became a real-estate agent specializing in the area. Orta has been busy ever since. She said Lehigh Acres has long contended with nega- tive associations from the fore- closure crisis, but that it is steadily shedding that image. “After Covid and the afford- ability crisis, families were like, ‘Where can I have my Ameri- can dream?’ ” Orta, 26, said. One of her clients is Kai Kirkman, who moved to Fort Myers from Cincinnati in 2024 to take a job as an operations manager at Amazon.com. Af- ter living there for a year, he
MMR vaccination rates among kindergartners, by school year†
2010 '15 '20
lege of Public Health. But the national rates don’t show the full picture. Vaccination rates have significantly fallen over the past 30 years in small pockets of the U.S., she said. “More and more of the younger kids are showing up to school unvaccinated or un- dervaccinated, and therefore susceptible,” Roess said. “It’s sort of like brush. Fire will
Orlando
said, he began house-hunting and fell in love with Lehigh Acres for its spaciousness and family-oriented vibe. Last year, Kirkman, 29, bought a three-bedroom house with a two-car garage and a lap pool for $330,000. One of his friends plans to buy in the area, he said, and his mother and grandmother are thinking of following suit. The population of Lehigh Acres increased to 114,000 in 2020 from 87,000 in 2010, ac- cording to U.S. Census Bureau data, and local leaders estimate the current count at about 135,000. Its makeup is 49% His- panic, 28% white and 18% Black, census figures show. The community’s median household income of $66,890 trails the state’s overall figure of $74,568, while its 17.1% pov- erty rate exceeds the 12% rate for all of Florida. Lehigh Acres, which has no mayor or city council, is straining to keep up with its growth, said Welch, the cham- ber-of-commerce head. Law enforcement is stretched, the multitude of wells is draining
come in, and it will go through it very rapidly.” Vaccination rates are lower in some states, communities and schools. In Idaho, 78.5% of kindergartners received the MMR vaccine ahead of the 2024-25 school year—the low- est share of any state. In the northern part of South Caro- lina, where a measles outbreak spread earlier this year, one school reported just around 20% of its students had all the required vaccinations. “We may and most likely will continue to see these smaller outbreaks in these communities as the virus continues to spread,” said Dr. William Moss, a professor at the Johns Hop- kins University Bloomberg School of Public Health. The Pan American Health Or- ganization is scheduled to de- termine in November whether the U.S. has lost its measles- elimination status. Measles is considered eliminated when there is no endemic spread for at least 12 months. “It’s not a trivial thing to lose elimination status,” said Dr. Walter Orenstein, former director of the U.S. National Immunization Program at the CDC. “It means measles is en- demic in our country, and any- body can get exposed.” Infectious-disease specialists have criticized the Trump ad- ministration’s response to mea- sles outbreaks, saying federal health leaders could more di- rectly urge MMR vaccination. “Our goal should shoot for zero,” said Dr. Demetre Daskala- kis, former director of the CDC’s National Center for Immuniza- tion and Respiratory Diseases who resigned last year over is- sues including changing vaccine policy. “A really good question that folks should think about is: Has the United States changed its policy without telling us?”
the aquifer and some resi- dents’ low wages result in re- liance on social services. Some homes are packed with occupants sharing costs, resulting in driveways and yards clogged with a half- dozen or more vehicles. Marlyn Castner, 71, who moved down from Portage, Mich., and bought a condo in 2022, said she considers such sights eyesores, along with recreational vehicles parked in yards. The potential effect on property values concerns her. “You go to Naples, you don’t see that kind of stuff,” Castner said. Some residents have pushed for Lehigh Acres to incorporate into a city to better respond to the community’s needs. But given the lower home values, it lacks the property-tax base to support such a move. The community relies heav- ily on funding from surround- ing Lee County to staff law en- forcement, repave roads and widen arteries connecting Le- high Acres to the region, said Cecil Pendergrass, chairman of the board of county commis- sioners. In 2023 and 2024, the county funded projects in Le- high Acres valued at about $370 million, he said. Coming plans include working with the water utility to expand service and get more residents off wells and septic systems. Private investment is mov- ing in as well. Healthcare pro- viders have built facilities so residents don’t need to travel to Fort Myers for care. New commercial development is on the way that will add more shops and restaurants. “Lehigh Acres is now rein- venting itself,” Welch said. “It’s tough, but they’re doing it.”
DEMOCRATIC PARTY Calendar Elevates Black, Latino Voters A Democratic Party panel on Friday selected South Car- olina to hold the first 2028 presidential primary, followed by Nevada, New Hampshire and New Mexico, setting up a nationwide calendar that will influence the party’s attempt at regaining the White House. In picking South Carolina, which also held the first 2024 Democratic contest, the com- mittee empowered that state’s large Black voter pop- ulation. In choosing Nevada to go second and New Mexico to go fourth, it elevated Latino voter influence after Presi- dent Trump made inroads with that traditionally Demo- cratic-leaning demographic. Michigan and Virginia were picked to hold the fifth and sixth primaries in the so- called early window of states. Michigan is a presidential battleground, like Nevada, and party leaders hope a robust primary presence in those states will pay dividends in the 2028 general election. The proposal put forward by the 49-member committee is expected to be approved by the Democratic National Com- mittee at its summer meeting next month in Austin, Texas. —John McCormick
MARYLAND Ex-Supreme Court Lawyer Sentenced Once-prominent Supreme Court lawyer Thomas Gold- stein was sentenced Friday to six years in prison for tax evasion and mortgage fraud, in a case that chronicled his double life as a high-stakes poker player while he occu- pied the upper echelon of the legal profession. Goldstein, 56, broke into the exclusive ranks of the ap- pellate bar with an entrepre- neurial approach that distin- guished him from lawyers who leveraged Ivy League de- grees, prestigious clerkships and top government posts to land at elite firms. He argued more than 40 cases before the Supreme Court and co-founded SCO- TUSblog, a digital publication that is widely read by legal practitioners and enthusiasts. During a six-week trial, prosecutors alleged Goldstein funneled poker winnings through offshore bank ac- counts in a textbook tax eva- sion scheme. As part of that scheme, they alleged, Gold- stein also shaved millions off his true law firm income and lied to lenders about his debts. A jury convicted Goldstein in February on 12 of the 16 charges he faced, including tax evasion for failing to re- port millions of dollars in poker winnings, willful failure to timely pay taxes and lying to mortgage lenders. —C. Ryan Barber
NEW YORK CITY Suspect in Stabbing Faces Hate Charges The suspect accused of stabbing two men in New York City is facing attempted murder and hate crime charges, according to the New York City Police Department. Raul Morales, 51, was ar- rested Thursday after police said he stabbed a 57-year-old Asian man and a 50-year-old Jewish man in the Upper West Side neighborhood of Manhattan at about 1:30 p.m. According to victim and witness statements, the sus- pect yelled “Allahu akbar” during both attacks, said New York City Police Com- missioner Jessica Tisch. Morales is facing charges of attempted murder, assault, and criminal possession of a weapon in connection with the 57-year-old, and murder as a hate crime, assault as a hate crime, assault and crimi- nal possession of a weapon for the 50-year-old, according to an NYPD spokesperson. He hadn’t been arraigned by Friday evening, a spokes- person for the Manhattan District Attorney’s Office said. Tisch said on Thursday that Morales didn’t have any known mental health history with the police, but said “the initial investigation suggests that mental health may have been a factor.” New York City Mayor Zohran Mamdani said he was grateful that Morales was be- ing held accountable. —Victoria Albert
CESAR MANSO/AFP/GETTY IMAGES
Firefighters battled a blaze west of Madrid on Friday. Spanish authorities declared a national emergency in the region.
Rampaging Across Europe
Thousands have been evacuated as blazes increasingly threaten population centers
PARIS—A summer of heat waves has left Europe’s vege- tation dangerously dry. Now that tinderbox is going up in flames.
By Stacy Meichtry, Margherita Stancati and Andrea Figueras
Wildfires are raging across the southwest of the conti- nent, forcing authorities to evacuate thousands of people from tourist resorts and other areas near population cen- ters. On Friday, authorities or- dered the evacuation of
YONHAP/AFP/GETTY IMAGES (2)
Roh Soh-yeong, left, and her husband Chey Tae-won have been battling for nearly a decade.
‘Divorce of the Century’ Is Awarded $645 Million
BY JIYOUNG SOHN
SEOUL—A South Korean appeals court ordered billion- aire AI tech mogul Chey Tae- won, of the SK conglomerate, to pay his ex-wife roughly $645 million, bringing a po- tential end to the nation’s “di- vorce of the century.” Local divorce attorneys not involved in the case had esti- mated a settlement could reach as much as $1 billion. Under question was Chey’s $5 billion fortune, which has doubled in value in recent years from the growth of SK Hynix, a memory-chip maker and partner to Nvidia. Chey’s wealth is derived from his shares of the SK conglomer- ate’s holding company. The decision Friday repre- sents the latest chapter in a decadelong saga that often unfolded like a K-drama. Chey’s ex-wife, Roh Soh- yeong, is the daughter of South Korea’s first president after the country shed mili- tary rule in the late 1980s. She and Chey, both 65 years old, have three adult children. Their 1988 marriage held at the presidential Blue House
40,000 of people from Cap Ferret, a peninsula in south- western France that draws wealthy vacationers to its white sand beaches. Fast- spreading flames blackened the sky over the peninsula as tourists scrambled onto boats that ferried them to safety. Spain declared its first-ever national emergency in re- sponse to wildfires, which are expanding in and around the Madrid region and that have forced the evacuation of more than 19,000 people. Authorities have been caught off guard by the scale and intensity of this year’s wildfires. Since June, a suc- cession of heat waves have pummeled the continent, straining its infrastructure and drying out swaths of ter- ritory. More than 628,606 acres have burned across Eu-
had been called the country’s “marriage of the century.” Their marriage shattered in 2015, when Chey divulged in a three-page letter published by a South Korean newspaper that he wanted to divorce Roh. He also revealed he had fallen in love with another woman and had a child with her. Chey’s lawyers didn’t rule out an appeal pending a re- view of the ver- dict. Roh’s law- yer didn’t have a comment on the ruling. Either side can appeal the decision to South Korea’s Supreme Court. Doing so would mark the fifth trial tied to their divorce proceedings. Following the publishing of Chey’s letter, Roh told friends she would defend her house- hold, keep the family together and resist granting a divorce. Roh relented in 2019 and de- manded half of Chey’s for- tune. A first ruling granted her around $50 million, a fraction
doesn’t appear to hand either side a clear victory.
rope this year—an 84% in- crease from the continent’s 20-year average. President Emmanuel Ma- cron said France is seeking re- inforcements to help battle the blaze, including Canadair aircraft from Croatia and Black Hawk helicopters from the Czech Republic and Slova- kia. “The situation remains under very high tension,” Ma- cron said. This summer’s blazes stand out for their proximity to pop- ulated areas that typically are shielded from fires. The fires around Madrid re- mained out of control on Fri- day, with Spanish officials saying that two major blazes southwest of the capital had merged, further complicating efforts to extinguish them. The scale of the disaster has no recent precedent, local offi-
of Chey’s wealth. Roh, who runs a media-art studio in Seoul, called that sum a “de- nial of women’s commitment to the household.” Two subsequent trials—in- cluding one that entitled her to $1 billion—didn’t resolve their disagreements. Friday’s settlement doesn’t appear to hand either side a clear victory. The two sides had squabbled over how Chey’s fortune should be split with Roh. That f r a c t u r e d largely along timing and the percentage cut owed to Roh. Roh had asked for half of Chey’s wealth. But the appeals judges Friday awarded her less than that. Chey’s fortune was cal- culated from a date before SK’s shares jumped in value. Roh had wanted a more re- cent valuation to be used. The ruling means Roh was awarded roughly one third of Chey’s wealth, as calculated by the judges.
cials said. People have been evacuated from nursing homes, campsites, public buildings and private homes as the flames encroach on ur- ban areas. “We are living through a dramatic situation,” Spanish Prime Minister Pedro Sánchez said. The Cap Ferret peninsula, lined with sweeping dunes and waterfront estates , is a 30-mile drive from the city of Bordeaux. French officials said at least 50 homes there were destroyed in fires that have burned more than 24,000 acres. A separate fire burning near the town of Biscarrosse, just south of Bordeaux, forced the evacuation of 23,000 peo- ple. Video footage captured chaotic scenes with horses galloping through traffic to flee the flames.
Ousted Over Scandal
BY MATTHEW DALTON
The International Criminal Court ousted Chief Prosecutor Karim Khan on Friday over sexual assault allegations, ICC officials said, pushing the court into a new period of un- certainty as the institution faces a multifront attack by the Trump administration. Member nations of the ICC voted to remove Khan, 82 to 13 with 15 abstentions, said of- ficials familiar with the mat- ter, in a tense session at the United Nations headquarters in New York. For months, dip- lomats examined allegations made by an aide to Khan who said he coerced her into sex on several occasions—in his office, at his residence in The Hague and on work trips. The vote pitted the court’s Western powers and their allies, which opposed Khan, against a bloc of African states and other nations in the developing world. Khan has been on leave since May 2025, after The Wall Street Journal reported on the seriousness of the as- sault allegations he faced. He denies any sexual misconduct. Khan, a hard-charging British lawyer, led the court into con- flict with major global powers during his five years in office. One of Khan’s most polariz- ing moves was his decision to seek arrest warrants for Israeli Prime Minister Benjamin Ne- tanyahu and former Defense Minister Yoav Gallant, accusing them of war crimes and crimes against humanity for their con- duct of the war in Gaza. He drew support from pro-Pales- tinian voices around the world, and this past week, New York City Mayor Zohran Mamdani said the U.S. should execute the ICC warrant when Netan- yahu attends the U.N. General Assembly in September. The U.S., however, con- demned the warrant, and the Trump administration imposed sanctions on Khan, along with
Karim Khan was accused of sexually assaulting an aide.
judges at the court and several senior officials in the prosecu- tor’s office. Secretary of State Marco Rubio said this month that the U.S. plans to disman- tle the court “brick by brick.” U.S. officials have been urging member nations to withdraw. Friday’s vote exposed a sharp divide among the court’s membership about Khan, who became the face of the ICC’s efforts to prosecute Netanyahu and other Israeli officials. The warrants were approved by ICC judges and will stay in place unless the judges side with Israel in legal challenges the government has filed. The Netanyahu warrant shaped the debate around Khan’s position at the court after the unidentified aide’s allegations against him be- came public. The prosecutor told U.N. investigators exam- ining the allegations that he thought the aide was being in- fluenced by outside parties. He told one colleague at the court that he thought the woman, a lawyer from Malay- sia in her 30s, was part of an Israeli intelligence operation. A report from the ICC’s oversight body found that her testimony “was given can- didly, unhesitatingly and with details that rendered her ex- periences believable.”
MICHAEL M. SANTIAGO/GETTY IMAGES
Trump threatens to intensify bombing, while Tehran’s allies widen the conflict
BY JARED MALSIN
ISTANBUL—The U.S. and Iran are being drawn into an escalating conflict as they are running up against the limits of what they can achieve through military force. The conflict widened this past week after Iranian-allied militants in Yemen began striking ships transiting a Red Sea chokepoint, driving oil prices above $100 a barrel Thursday. The U.S. meanwhile has es- calated its bombing campaign in Iran in recent days, striking throughout the country during the most intense period of fighting since President Trump and Israel began bombing Iran in late February. Trump and other adminis- tration leaders have threat- ened to ratchet up the military campaign against Iran, includ- ing by striking a suspected Iranian nuclear facility at Iran’s Pickaxe Mountain or by attacking Iran’s infrastructure such as power plants in re- sponse to attacks on ships in the Strait of Hormuz. “The price will continue to get higher every single night until they come to their senses,” Secretary of State Marco Rubio told reporters Thursday at a summit in Ma- nila, citing Iranian Foreign Minister Abbas Araghchi’s de- scription of Tehran’s approach as “an eye for an eye.” “The president’s policy is a head for an eye,” Rubio said. “I mean, honestly, that is what it is going to be.” He added
Struck Iran In Rare Act
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two Persian Gulf states have rel- atively small air forces, armed with U.S. and European jets, but didn’t want to let Tehran con- tinue to hit them with impunity, the people said. The U.A.E. said it supports a reduction in tensions in the re- gion, including a full opening of the Strait of Hormuz, a critical route for Gulf oil exports. Its Foreign Ministry condemned the attacks on Kuwait and Bah- rain and said it “stands in full solidarity with these states and reaffirms its support for all measures aimed at safeguarding their security and stability.” Kuwait’s ambassador to the U.S. denied that his country
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A screen image made this past week from handout video footage released by the U.S. Central Command shows U.S. forces launching what the military says are strikes targeting Iranian military capabilities.
that Trump would decide whether to escalate in the coming days. The challenge facing Wash- ington and Tehran is that both governments have shown a willingness to escalate, but neither is capable of achieving a decisive advantage over the other. The stalemate heightens the risk that the U.S. and Iran could be drawn into more months of fighting as both sides attempt to generate le- verage, military analysts say. “There is an escalatory dy- namic now,” said Alan Eyre, a former senior U.S. diplomat who participated in negotia- tions with Iran. “I don’t think
struck Iran. “The State of Ku- wait has not participated in any military operations against Iran, nor has it permitted its terri- tory to be used to launch offen- sive operations against any neighboring state,” Ambassador Al-Zain Al-Sabah said. A Bahraini government spokesperson didn’t reply to a request to comment. Their dilemma is reflected more broadly across the Gulf, whose Arab governments are stuck between a war they didn’t want and a much larger and aggrieved neighbor in Iran. Collectively they absorbed the bulk of the punishment in- flicted by Iran throughout the war and are now reckoning with the likelihood of an ex- tended standoff that threatens their security and economies. “The war continuing in the manner that it is playing out right now is their worst-case scenario,” said Dina Esfandi- ary, a Middle East analyst at Bloomberg Economics. “That is because it does not give
the United States administra- tion has a clear strategic con- cept of what it is trying to do.” Trump could escalate fur- ther by attacking Iran’s civil- ian infrastructure, which likely would trigger Iranian retaliation against globally im- portant energy infrastructure throughout the Middle East. Even if Trump were to use a small nuclear weapon to at- tack one of Iran’s underground atomic facilities, that would be merely a symbolic blow against the regime, said Hami- dreza Azizi, a visiting fellow specializing in Iran at the Ger- man Institute for Interna- tional and Security Affairs.
Strikes in the Mideast, July 8-23 U.S. strikes Iranian strikes
Source: Institute for the Study of War and AEI's Critical Threats Project DANIEL KISS/WSJ
them the opportunity to re- build and maintain their im- age as a haven for stability in an unstable region. It affects their very models.” The U.A.E. got involved in the conflict early on, carrying out dozens of airstrikes against Iran from the beginning of the war and continuing through
BY COLLIN EATON AND COSTAS PARIS Chevron Aims to Protect Kazakh Assets
Chevron Chief Executive Mike Wirth spoke with Trump administration officials this past week about a pressing matter: How to keep the U.S. oil giant’s operations in Ka- zakhstan from becoming col- lateral damage in the Ukraine- Russia war. A recent Ukrainian drone attack hit four tankers, includ- ing one chartered by Chevron, in the Black Sea near Nov- orossiysk. The Russian port is a key oil-export hub and the termination point for a pipe- line, partly owned by Chevron, that feeds 2% of the world’s daily oil supplies. Crude load- ings have since been restricted at the pipeline, forcing Kazakh- stan to curb oil production be- cause it has limited storage. Chevron has a lot at stake in the region. Wirth, his lieuten- ants and other oil-industry leaders engaged with senior U.S. officials this past week to discuss oil markets and the sit- uation in the Black Sea, said people familiar with the matter. Later, the Trump administra- tion warned Kyiv against attack- ing non-Russian vessels in the Black Sea, a U.S. official said. Chevron owns a 15% share in the pipeline—the Caspian Pipeline Consortium, or CPC— which carries crude from three giant oil-and-gas fields across the mountainous ter- rain of Kazakhstan into Russia
“None of these are going to fundamentally change the sit- uation,” he said of Trump’s options. “I see it as both sides reaching the limits of what military means can achieve.” Iran showed it still has room to maneuver. The Iranian-allied Houthi militia in Yemen said it was launching a maritime blockade of Saudi Arabia and threatened shipping in the Bab al-Mandeb strait that connects the Red Sea with the Indian Ocean. The group said it targeted two Saudi oil tankers Wednes- day, while international mari- time officials confirmed at least one vessel was struck.
the day after a ceasefire was announced in April, The Wall Street Journal has reported. Iran has generally avoided striking the country in recent weeks, though it hit two Emir- ati oil tankers this month. Kuwait and Bahrain are in a particularly tough spot. For decades, neither country
Ukrainian forces, seen in this handout photo, operate in the Black Sea near what its military said was a Russian tanker.
and out to the Black Sea. More important, the com- pany has a 50% stake in the most productive of those fields, the Tengiz, which is responsi- ble for about 12% of its global production. Chevron has spent tens of billions of dollars to ex- pand its operations there in re- cent years. The pipeline and oil fields themselves haven’t been damaged, but a prolonged cut to production would jeopardize the company’s substantial cash flow from the region. The Trump administration is eager to keep Chevron’s oil flowing after the recent clo- sures of two key oil choke- points in the Mideast briefly sent global crude prices above $100 a barrel this past week. Wirth and President Trump are known to have a rapport. The oil chief is an eloquent speaker whose TV appear- ances have entertained the
Any sustained attacks on ships transiting Bab al-Man- deb would expand Iran’s strat- egy of intensifying economic pressure on the U.S. and its al- lies. Iran’s efforts to close shipping through the Strait of Hormuz since March have caused he worst supply dis- ruption in the history of the oil market. The Houthis, who control a large part of Yemen, including the capital San’a, are an im- portant ally for Tehran, though they have remained largely on the sidelines. The group receives weapons and training from the Islamic Rev- olutionary Guard Corps, but is
has been on good terms with Iran, Esfandiary said, and they have been prime targets in the recent wave of fighting. Now Iran is stepping up its attacks to hit more critical infrastructure. Kuwait’s Foreign Ministry said Sunday that Iran targeted a power plant and water de- salination facility, calling it a threat to its citizens and a dangerous escalation. Countries like Oman and Qatar have long triangulated between Iran and the West and have shown little appetite for confrontation with Tehran. Saudi Arabia joined the U.A.E. in attacking Iran earlier in the war but is evaluating its posi- tion, people familiar with the matter said. Arab governments in the re- gion had hoped the war would end quickly and let them get back to focusing on their econ- omies. But the conflict is now in its fifth month with no sign of either side getting what it wants or backing down. Gulf oil exports have been
president. Chevron engages with government officials reg- ularly as a normal course of business and doesn’t confirm or comment on those discus- sions, a spokesman said. Chevron projected the Ten- giz oil field would generate $6 billion in free cash flow for the company this year, assuming oil traded at $70 a barrel. Brent crude, the global benchmark, has hovered well above that mark for much of 2026, peak- ing above $118 in late March. If Ukraine keeps up attacks that stall those exports, Chev- ron would almost certainly have to throttle production at Tengiz because the port lacks substantial oil-storage capac- ity, analysts said. Chevron spent about $48 bil- lion to expand Tengiz through a project that was completed last year, bringing its production ca- pacity there to about 1 million
seen as operating with a larger degree of independence from Tehran compared with Iran-backed militants in Iraq or Lebanon’s Hezbollah. “The Iranians certainly gained an escalation advan- tage with the Houthi action,” said Byran Clark, a former se- nior U.S. Navy official and now a senior fellow at the conser- vative Hudson Institute in Washington. “I don’t think they have escalation domi- nance because the U.S. can still choose to attack civilian targets and adopt a total-war approach.” The Houthis’ involvement expands an already complex problem for the U.S. military, which faced difficulties during weeks of bombing against the militia group last year in a campaign launched by Trump called Operation Rough Rider. During the campaign, the Houthis downed more than a half-dozen U.S. Reaper drones and launched a missile attack on the USS Harry S. Truman, forcing the carrier to make a hard turn that sent an F/A-18 jet rolling into the Red Sea. The surge in oil prices showed how the Houthis ac- tion could counter Trump’s ability to lower oil prices by talking about the potential for de-escalation, also known as “jawboning” the market. “Expanding the conflict to the Houthis could be a coun- ter-jawboning strategy,” said Erik Meyersson, the chief emerging markets strategist at the Swedish bank SEB. “It doesn’t necessarily mean that the Houthis are going to launch as many strikes as the Iranians are. It just means that you do one or two, and every now and then you squeeze that button, and then that counters Trump.”
US CENTRAL COMMAND/AFP/GETTY IMAGES
crippled by Iran’s chokehold on the Strait of Hormuz. A new threat emerged this week with a Red Sea blockade and strikes on shipping by Ye- men’s Iran-backed Houthi mi- litia. Tourism in the region has dried up, and investment is under pressure. Arab governments are weighing whether they need to become more aggressive in trying to pry open their criti- cal trade routes. “I think Gulf countries are beginning to re- alize that this war will con- tinue for some time now,” said Umer Karim, a researcher fo- cused on Saudi policy and Gulf geopolitics at the University of Birmingham. “This eventually means that they would have to confront Iran openly.” Governments are even starting to countenance the idea of regime change in Teh- ran, he said, “because existing in the same neighborhood with this Iranian regime will effectively mean subservience to Iranian hegemony.”
barrels a day, roughly equiva- lent to its output in the U.S.’s prolific Permian Basin. It faced yearslong delays and steep cost overruns from an original bud- get of about $37 billion. Chevron is trying to secure a contract extension with the country’s government that would enable it to keep oper- ating the project after 2033. Tengizchevroil, or TCO, the joint venture running the Ten- giz oil field, said it is monitor- ing the status of loading oper- ations at the CPC facilities at Novorossiysk. It said its crude production and deliveries into the pipeline “may be adjusted from time to time in response to operational conditions.” Exxon Mobil, the largest U.S. oil company, has a 25% stake in TCO; Kazakhstan’s national oil company, KazMunayGas, owns 20%; Russia’s Lukoil, 5%. Roughly 1.4 million barrels a day of crude flows out of the CPC pipeline, a large chunk of which makes its way to Euro- pean markets. Ukraine’s strikes have been part of a broader campaign to pound Russia’s energy opera- tions. Moscow banned exports of diesel to protect domestic supplies after hits on its refin- eries. But given U.S. resistance to attacks on non-Russian tankers in the Black Sea, Kyiv is likely to pivot to other, less politically sensitive targets, said Paul Cheng, a recently re- tired analyst who followed the oil industry for decades.
SECURITY SERVICE OF UKRAINE/REUTERS
MAJDI MOHAMMED/AP
Women on Friday mourn a man who the Palestinian Health Ministry said was killed by Israeli forces in the West Bank.
Gunfight outside village left at least two Israelis and four Palestinians dead
BY FELIZ SOLOMON
TEL AVIV—A shootout Fri- day on the outskirts of a Pal- estinian village in the West Bank left at least six people dead and several others in- jured, said Israeli officials and Palestinian medics, setting off reprisal attacks by settlers and an Israeli security clampdown. Israeli authorities described the incident as a terrorist at- tack. Palestinian officials said Israeli settlers and troops in- truded attacked locals. Within hours, reports emerged of settler incursions into Palestinian villages, in- flaming tensions in the terri-
JORGE SAENZ/AP
BIRD IS THE WORD: Parishioners wearing birdlike costumes Friday danced in the annual procession honoring 16th-century St. Francis Solano in Emboscada, Paraguay.
UKRAINE Russian Strike Claims at Least 10 A Russian attack Friday on a site near Kyiv that was hosting a defense-industry event killed at least 10 people and wounded nearly 100 oth- ers, said Ukrainian govern- ment and industry officials. The missile strike came a day after Ukrainian President Volodymyr Zelensky met in Kyiv with senior representa- tives of Raytheon, the U.S. company that makes the Pa- triot air-defense systems that Ukraine needs to counter the devastating ballistic missiles Russia uses to advance its in- vasion. Raytheon didn’t re- spond to an email inquiring whether any of its workers were at the event. “Missiles for Patriot systems are the number one priority,” Zel- enskyy said on social media, where he reported the strike. The attack hit the grounds of a privately operated mili- tary training site that was hosting the event, acting re- gional military administration head Ruslan Oliinyk wrote on Facebook, citing preliminary information. The site is about 20 miles from central Kyiv, in the Bucha district. —Associated Press
tory where violence between Jewish settlers and Palestin- ians recently soared. Israeli Prime Minister Ben- jamin Netanyahu and Defense Minister Israel Katz pledged a forceful response, ordering a crackdown on villages they say serve as hubs for militants, and pledging to hasten the estab- lishment of new settlements. Israel’s military said sol- diers were deployed to an area near the Palestinian village of Tell, near the city of Nablus, in response to a report of an attack on Israeli civilians who were hiking there. An Israeli military official later said a vi- olent confrontation broke out among dozens of Israelis and Palestinians. A response team from the nearby Israeli settle- ment Havat Gilad was called to the scene, along with Israeli troops, the official said. A suspect seized a weapon
INDIA Floods Kill Dozens, Displace Thousands Flooding in India’s north- eastern Assam state has killed at least 50 people and displaced 700,000 after days of heavy monsoon rain that overflowed the Brahmaputra River, officials said Friday. The river, one of Asia’s largest that originates in China’s Tibet region and flows about 560 miles through Assam, flooded vil- lages, swept away homes and forced nearly 300,000 people into government-run relief camps, officials said. Authorities provided food and supplies to flood victims including airdrops from heli- copters. Nearly 900 villages were submerged and more than 7,000 homes were without electricity, he said. Police, disaster-response teams and volunteers were working to rescue stranded residents and deliver essential supplies to flood-hit communi- ties, officials said. Flooding Thursday disrupted parts of Guwahati, Assam’s capital with 2 million residents, as submerged roads left com- muters stranded for hours. —Associated Press
from a member of the re- sponse team and started firing, the official said. The suspect was killed and the weapon was recovered, the military said. A spokesman for the Pales- tine Red Crescent Society said the incident occurred after a settlers approached Tell and clashed with unarmed villagers who tried to drive them away. The incident occurred within the boundaries of Area B, part of the West Bank that is administered by the Palestinian Authority and where Israeli cit- izens aren’t supposed to enter without prior coordination with the Israeli military, an Is- raeli military official said. The settlers didn’t coordinate their movements, the official said. Videos circulated on social media and verified by Storyful, owned by The Wall Street Journal parent company News Corp, showed parts of the en-
BANGLADESH President Resigns Under Pressure Bangladesh’s President Mo- hammed Shahabuddin, ap- pointed during the rule of ousted Prime Minister Sheikh Hasina, resigned Friday half- way through his term following years of political turbulence. A new government headed by Tarique Rahman, the son of former Prime Minister Khaleda Zia and Hasina’s ri- val, came to power with a landslide victory in February after 18 months of interim rule under Nobel Peace Prize laureate Muhammad Yunus. Hasina stepped down and fled to India in August 2024 following an anti-government movement that ended her 15- year rule. Hasina fiercely criticized the interim administration led by Yunus. Shahabuddin submitted his resignation Friday to Par- liament Speaker Hafiz Uddin Ahmad, citing medical rea- sons. A new political party formed by the student lead- ers of the uprising, the Na- tional Citizen Party, has long been campaigning against Shahabuddin. —Associated Press
counter. One appears to show a settler in civilian clothes pointing a rifle at a Palestinian as they approach each other. The Palestinian grabbed the strap of the gun and is kicked by the settler. Shots rang out as several men appeared to fight over the weapon. In a separate clip from an- other angle, captured at a dif- ferent time, several people ap- peared to be lying in a field surrounded by soldiers. More than a dozen shots can be heard during the 51-second clip. Israel’s military said it launched counterterrorism op- erations in the area. Israel’s na- tional-security minister, Itamar Ben-Gvir, earlier called for a re- sponse that resembled opera- tions in parts of Gaza, where urban areas have been leveled, saying the military should “wipe out” the homes of ter- rorists and their supporters.
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Keep Heat on Modi
BY TRIPTI LAHIRI AND KRISHNA POKHAREL
NEW DELHI—The leaders of India’s “Cockroach” pro- tests said their supporters wouldn’t retreat even after an activist who galvanized the demonstrations ended a hun- ger strike Friday after winning concessions from the govern- ment. “We will not step back,” said Abhijeet Dipke, whose Cockroach Janta Party move- ment has channeled anger over a broken university en- trance exam and lack of jobs into the biggest challenge to Prime Minister Narendra Modi in years. Hunger striker Sonam Wangchuk, a 59-year-old ac- tivist, lost 20 pounds during his 26-day pro- test. Police forcibly took him to the hos- pital days be- fore he was set to lead a pro- test march Monday in the Indian capital. P o l i c e banned the march but thou- sands turned out, in some cases clashing with police who responded with batons and tear gas. Protest leaders said dozens of demonstrators were injured. Police said nearly 120 officers and paramilitary per- sonnel were hurt. On social media, Wangchuk said he decided to end his fast after government officials met him at the hospital and pledged to refrain from bring- ing police complaints against protesters over the clashes. A video posted by Wangchuk showed govern- ment officials lined up along his hospital bed as India’s health minister promised com- pensation for students who took their lives in connection with a botched undergraduate medical school exam this year,
press demands for education minister to step down.
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and to hold “threadbare dis- cussions” in Parliament on exam-paper leaks. In India, competitive exams are the path for millions to subsidized college spots or government jobs, amid a shortage of well-paying pri- vate jobs. Many exams, how- ever, are canceled because of cheating allegations. Some families pay thousands of dol- lars for access to exam papers in advance, a lucrative busi- ness for cheating gangs. This year’s undergraduate medical exam was taken by two million people in May, who then had to take the test again in June because of leaks. Anger over the exams—and a sense that the economy doesn’t offer enough economic opportunity—is striking a chord across India. On Thursday, Modi made a flurry of public remarks on the issue. In a so- cial-media mes- sage, he pledged to set up fast-track courts to try exam-cheating cases, and said the well-being of India’s young people is a priority for him. “Friends, I know that paper leak isn’t a minor issue; it’s very painful for millions of students and their guardians,” he said in a separate video. The government didn’t send senior ministers to talk with protest leaders earlier, and so is now in a bind as they dig in on their demand that India’s education minister resign, said Bhaskar Pant, partner at Pol- icy Monks, a New Delhi-based policy group. “Conceding a minister’s resignation looks like weak- ness, refusing it looks like contempt,” Pant said. “The longer that choice is deferred, the more the demand shifts from the minister to the man above him.”
Races to Build Chips
Tech workarounds Huawei’s efforts to work around technology restrictions date to 2019. The company had designed an Ascend AI chip that, on paper, matched Nvidia’s top chip at the time, but it never got to produce the chip en masse. Weeks later, the first Trump administration blacklisted Huawei’s chip unit, cutting off its access to U.S. chip technology. That meant the Chinese company could no longer work with Taiwan Semiconductor Manufacturing, the only chip maker capable of mass-produc- ing the Ascend. He Tingbo, chief of Huawei’s chip division, called it her unit’s “darkest hour.” Since then, Huawei has in- creasingly turned to alternative designs, advanced packaging and networking technology to squeeze computing power from older machinery—a practice in- dustry insiders dub “diaohua,” or fine-carving. Leading-edge chips are made using extreme-ultravio- let, or EUV, lithography sys- tems. Because of U.S. export curbs, China has access only to previous-generation deep-ul- traviolet, or DUV, machines. Huawei has developed a multi- step method for producing 7- nanometer chips using DUV, but it complicates circuit lay- outs, introduces more opportu- nities for error and slows out- put. Huawei revamped the de- sign for its latest Ascend 950 chip, making it more cost-effec- tive. Chinese AI companies in- cluding DeepSeek helped Hua- wei make the chip easier to use. They said it has improved significantly over previous gen- erations and can now effec- tively substitute for Nvidia chips on certain tasks—particu- larly inference, where trained models respond to user que- ries. That is persuading more Chinese companies to use it for AI applications such as the AI assistants. An immediate bottleneck is output. Huawei’s planned pro- duction of its new chip— around 750,000 this year—will fall well short of demand. Hua- wei’s bundling strategy also means it needs several times as many chips to match the com- puting power of Nvidia’s sys- tems. The company said it was working to increase supplies. Huawei unveiled its latest “fine-carving” alternative in May. Instead of trying to make transistors smaller, the com- pany laid out a method for stacking circuits to cram more computing power into a single chip footprint. Huawei said that method would allow it to develop chips by 2031 that could outperform any semicon- ductor currently in production. “This isn’t about Huawei overtaking the U.S. on a hairpin turn,” said Qingyuan Lin, a semiconductor analyst at Bern- stein. “It’s more about finding a way to prevent the gap from widening quickly.” To truly compete without reliance on foreign technology, China will have to build its own EUV machines, analysts say. China is likely to figure out how to match the technology eventually, though it will take at least a decade and maybe as many as 50 years, according to Ray Wang, an analyst with re- search firm SemiAnalysis. Betting on The Cheap Vegas Buffet
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to master the different ele- ments of the chip supply chain. Huawei’s report on its prog- ress gave Ding leeway to be more aggressive. He delivered a blunt warning to China’s larg- est AI users, according to peo- ple familiar with the message: Anyone who resisted employ- ing domestic chips was a trai- tor. In May, Huawei went public with more details of its plans. The company already led the way in reducing China’s depen- dence on foreign AI chips from 90% in 2021 to less than 60% by 2025, and the newer designs could help lower that number to 25% over the next half-de- cade, according to data from Morgan Stanley. What’s more, Huawei said it had figured out workarounds for making near state-of-the-art silicon without leading-edge machinery. “If the U.S. hadn’t forced our country, our company and our industry into a corner, we would never have done some- thing like this,” said Huawei deputy chairman Eric Xu. In AI software, China is giv- ing the U.S. an unexpected run for its money. Last week, Bei- jing-based startup Moonshot AI unveiled a new model, Kimi K3, that closely trails the perfor- mance of top models from American AI giants OpenAI and Anthropic. Xi delivered a speech positioning China as the global champion of open, ac- cessible AI. Shares in U.S. chip makers fell. In hardware, however, China still lags far behind the U.S. even with Huawei’s recent progress, and chip-production capacity problems are prevent- ing Chinese companies from deploying AI as quickly as they would like. Moonshot had to pause sign-ups for premium services just two days after launching K3 because it didn’t have enough computing capac- ity. The outcome of China’s ef- fort to catch up has ramifica- tions for the global economy. If the U.S. controls the top tech- nology, the rest of the world will depend on Washington’s favor to make progress in fields such as medi- cine, robotics and autono- mous driving— not to mention weaponry and military strat- egy. AI advances depend on hard- ware, in partic- ular the chips that train AI models and help them tackle everyday tasks. A record of overtaking the West in electric vehicles and batteries gives many in China confidence the country can eventually break the U.S. stran- glehold on chip technology. But chips are different from other hardware. The technology is extraordinarily complex, and it is moving at a lightning pace. “It’s trying to catch up with a bullet train,” said Kyle Chan, a fellow at the Brookings Insti- tution. Even at “full China speed,” he said, it’s a daunting challenge. Ding’s committee bets that by hitching China’s engineering prowess to the engine of state capitalism, it may eventually get there. The push has made
about the reliance of its AI developers on Nvidia.
People start lining up at noon before Friday’s seafood night, $52.95 and up, starts at 3 p.m. A line snakes all the way around the casino floor on Memorial Day and Veterans Day, when veterans and their spouses eat free. Sometimes people snag a $1.50 hot dog from a cart on the casino floor while they wait. A family once tried to sneak a pet parrot into the buffet, tucking it into a wagon next to their small child. Ho- tel security made them re- move the parrot, though the humans were allowed to re- turn and eat. “There is no shortage of craziness,” said Michael Ken-
Huawei displayed a new system used in AI computing, above, at a conference in Shanghai. China’s tech czar, Ding Xuexiang, below center. Then-President Joe Biden in 2022 at the groundbreaking for a Intel semiconductor manufacturing facility.
China’s chip-making capacity
80%
180,000 wafers per month
150,000
120,000
90,000
60,000
30,000
2024 ’25 ’26 ’27 ’28
ESTIMATES PROJECTIONS PROJECTIONS
Note: Advanced logic chip capacity, average of levels at beginning and at end of year. Source: Bernstein (capacity); Morgan Stanley (market share)
progress that few thought pos- sible back in 2022, when Hua- wei was starved of U.S. tech- nology and Chinese AI companies depended almost entirely on Nvidia. China’s State Council Infor- mation Office didn’t respond to requests for comment. Executives at Chinese tech companies described a change in mindset over the past year. They had previously dismissed local chips as impossibly far behind. Now they think they can do business with Huawei and other local chip makers. In memory chips, another key AI need, Chinese compa- nies that barely had sales a few years ago can now catch a glimpse of the American and South Korean companies at the front of the pack. Chinese chip makers aim to boost the pro- duction of advanced wafers used to make chips to more than 500,000 a month by 2030, up from roughly 30,000 last year, according to people famil- iar with the target. Huawei ex- pects to ship around 1.5 million AI chips this year, roughly dou- bling its 2025 volume, some of them said. Still, the technology gap re- mains considerable. Nvidia’s top AI chip boasts around four times the computing power of Huawei’s best offering. China’s AI computing power stood at around 14% of the U.S. in 2025, research house Bernstein esti- mated. Despite China’s aggres- sive build-out, Bernstein ex- pected China would remain significantly behind the U.S.
nedy, the director of food op- erations. Lucky for its fans, South Point owner Michael Gaughan is perfectly content to continue hemorrhaging money on food. Gaughan, 83, grew up in the city and remembers the late-night “chuck wagon” at the Flamingo, which his father once owned a stake in, a pre- cursor of the modern Vegas buffet. He is now one of the few individual casino operators in town in an era when most ho- tels are owned or operated by publicly traded conglomerates, private-equity firms and real- estate investment trusts. So he does what he wants. And Gaughan insists using food as a loss leader still works for the South Point, which is more reliant on gam- bling than the city is overall. Most customers are locals, not affluent tourists here to see a show at the Sphere. Parking is free. “The buffets get people in,” he said. “They get value for
Market share in China of domestic AI chips
2021 ’25 ’30
through 2030. Under Ding’s watchful eye, Chinese companies are using hundreds of thousands of Nvidia chips to stay within striking distance of their Amer- ican rivals for now.
All out or die In 2022, the Biden adminis- tration instituted export curbs that aimed to slow China’s progress in AI for military uses. They blocked China from pur- chasing advanced AI chips and tightened access to the top- end, ultraviolet lithography machines and other tools needed to produce them. Communist Party leaders saw the controls as a threat to its capacity to boost economic growth and compete globally with the U.S. They didn’t yet grasp the promise of large lan- guage models like ChatGPT, which OpenAI had just re- leased, but they saw domi- nance of AI in its many forms as critical to China’s security and the party’s legitimacy. The chip committee headed by Ding, a 63-year-old who trained as a metalworking en-
A diner grabs a slice of pie at the buffet at the South Point.
their money and they stay around and play.” Budget hotel Circus Circus, owned by billionaire Phil Ruf- fin, has gone to great lengths to keep its buffet afloat. It lowered prices to $19.95 and up to attract more diners, and cut its operating hours to stem losses. It’s open only on Friday, Saturday and Sunday unless there’s a big event in town. The executive chef has to
gineer, kicked off in early 2023. It identified critical fields— such as advanced manufactur- ing and packaging, high-band- width memory and chip-design software—and recruited top teams in each. They also started deciding which compa- nies would get access to the nation’s limited supplies of chips. China’s earlier efforts to build a self-reliant domestic chip industry had been marred by corruption and hobbled by bureaucratic mandates. Offi- cials were determined to cor- rect those mistakes. The gov- ernment encouraged chip- related companies to pursue stock-market listings so they could raise more capital and be subjected to market discipline. The Ding plan had a rough first year. Dozens of home- grown AI chips were available on the market, but a govern- ment-backed research lab told Premier Li Qiang that they were “very unstable,” accord- ing to state media. None were good enough to train large- scale models. Beijing worried about the reliance of the country’s AI de-
be thrifty to make it all work. Unordered prime rib from the hotel’s steakhouse goes into a stew at the buffet the next day. Other items are from ven- dors’ closeout specials. Serv- ing breakfast instead of lunch allows the restaurant to lean on cheaper items like eggs and potatoes. The buffet turns a profit of $50,000 to $80,000 a month in the peak summer season, said
velopers on Nvidia. Chinese en- gineers were locked into Nvidia’s software tools, which could barely be used with do- mestic chips. The American chip giant had tailored prod- ucts for China that sat right at the performance limit set by U.S. export controls. Chinese firms also bought banned Nvidia chips from middlemen who routed shipments through other countries. China’s central economic planning agency brought in several academics and chip ex- perts to help run the project. The turning point came last year. Huawei readied a new chip, the Ascend 950, that sur- prised early testers with its performance. Around that time, Nvidia Chief Executive Jensen Huang flew to Beijing with approval from President Trump to sell a downgraded chip designed for China called the H20. In Wash- ington, Commerce Secretary Howard Lutnick said on televi- sion that letting China buy Nvidia’s “fourth-best product” would keep the country hooked on American technology. Ding and other senior offi- cials felt insulted, people famil- iar with the matter said. Au- thorities privately told companies to halt their Nvidia purchases, while officials pub- licly raised cybersecurity con- cerns about the U.S. company’s products. Nvidia wanted to win back Beijing. In December, Trump said he told Xi he would allow sales of the company’s more powerful H200 chip. But in Bei- jing, the calculation had shifted. Chinese officials called in tech companies—sometimes weekly—to evaluate how vital the H200 truly was. In January, Beijing told some companies
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general manager Shana Gerety. A cheap buffet is still an es- sential stop for some tourists. Abraham Asael Faviãn Campech visited Excalibur’s buffet before a recent BTS concert and piled three plates high. Sushi sat on top of pizza. French toast nestled next to two sausages. The 31-year-old Mexican tourist walked out with a cone of vanilla and chocolate swirl soft serve. “I don’t do this every day,” he wrote in Spanish on Insta- gram of his $32.99 brunch. Meanwhile, the expensive buffets in town are thriving, a reflection of the city’s high- end tilt. Caesars’ Bacchanal charges $87 and up per person and has a perpetual line. Caesars says it is the highest-grossing restaurant in America. “It’s more like a restaurant with nine open kitchens,” said Sean McBurney, the com- pany’s chief commercial offi- cer and Las Vegas regional president.
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they could buy the H200s only when necessary, while demand- ing a commitment to use more domestic chips. The squeezing of Nvidia boosted demand for domestic chips, creating a supply crunch.
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On a Tuesday night in May, prospective diners were told it would be about an hour’s wait to eat at the Wynn buffet, which starts at $80 per person for dinner. The line included strollers with multiple children and one dog. On the busiest days, the wait can be three to four hours long. Jimmy Chung, 34, and two friends were taking a break from playing slots to try the buffet. If they lost a lot of money, they had half-joked, they would eat at McDonald’s. But they were roughly even so they coughed up for the meal. The night before, the three visitors from the San Francisco area spent about $220 for din- ner. At least with the buffet, they could eat what they wanted—and be guaranteed to be very full. Chung’s favorite dishes were prime rib and tri-tip that a chef seared to his preferred doneness. Another cook made him a crepe. The consultant finished with a sampling of tiny desserts.
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By James Taranto
ancy Jane Moore grew up near Houston in the 1950s and ’60s. Decades later she contributed to “Whites Remember Jim Crow,” a collection of reminis- cences that accompanied a 2001 American RadioWorks documen- tary about racism in the segre- gated South. “I remember the little things,” she recalled, “like the first time I realized that the gas station where we did business had three restrooms: women, men and ‘col- ored.’ ” She was “particularly ap- palled” that blacks had to use uni- sex facilities: “It seemed very rude to make women and men use the same restroom.” It was worse than rude. Most forms of segregation were equally dehumanizing regardless of sex. But segregating restrooms by race and then not segregating “colored” ones by sex imposed an extra in- dignity on black women by depriv- ing them of the privacy, safety and respectability that white women could take for granted. Beginning with the Civil Rights Act of 1964, America embraced equality among races and be- tween the sexes as overriding pol- icy goals. But as the bathroom ex- ample illustrates, those objectives differ in a crucial way. Racial equality consists in eliminating legal and social distinctions based on race. Sexual equality requires the acknowledgment and mainte- nance of certain distinctions be- tween men and women.
to say it plainly: A man can’t become a woman.
The Supreme Court recognized this in U.S. v. Virginia (1996). The justices held that the Equal Protec- tion Clause of the 14th Amendment prohibited the Virginia Military In- stitute, a public college, from lim- iting admissions to men. But they also noted that “admitting women to VMI would undoubtedly require alterations necessary to afford members of each sex privacy from the other sex in living arrange- ments, and to adjust aspects of the physical training programs,” as Justice Ruth Bader Ginsburg wrote for the majority. She cited a fed- eral statute authorizing the U.S. service academies to make “mini- mum essential adjustments” to their standards “because of physi- ological differences between male and female individuals.” What sets sex apart from race and other demographic categories is that men and women are dimor- phic—their bodies are different in function as well as form. Only women ovulate, menstruate, get pregnant, give birth and (with rare exceptions) lactate. Their physiol- ogy evolved to accommodate these functions, while men, whose repro- ductive role is far less demanding, have a much greater capacity to build mass and muscle. Both sexes, but particularly women, need separation when these bodily differences implicate privacy, safety and fairness—in communal intimate spaces such as bathrooms, locker rooms, dressing rooms, sleeping quarters and pris- ons, where women are especially vulnerable to sexual and other as- sault and both sexes have an inter- est in privacy; and in sports, where women are at heightened
Times change. A lit- tle over a decade ago, the home state of Sen. Bernie Sand- ers tried to imple- ment a single-payer healthcare system, only to balk at the staggering cost to taxpayers. Now Ver- mont is bringing a measure of market- based sanity to health insurance. Gov. Phil Scott, an old-fashioned Rockefeller Republican, issued an ex- ecutive order this month to imple- ment the most substantial health- care reforms Vermont has seen in decades. In coming months, the state will roll back mandates that force young people to pay disproportion- ately high premiums, identify barri- ers to affordable health coverage for small businesses, and apply for a federal reinsurance program that has lowered premiums in other states. I estimate the reinsurance program alone will lower the average premi- ums in Vermont’s individual market by 10% to 15%, as it has in New Hampshire. That’s what Vermonters need, be- cause the state’s individual market for ObamaCare plans is the worst in
CROSS COUNTRY By Hayden Dublois
risk of injury and can’t compete on a level playing field against men. The high court last month applied this princi- ple directly to sports in West Virginia v. B.P.J. Jus- tice Brett Kavanaugh’s ma- jority opinion notes that the physical differences be- tween men and women in- clude “height, weight, strength, speed, endurance, and jumping ability” and concludes: “Therefore, in contact sports, forcing fe- male athletes to compete against males can create significant safety risks. And in virtually all com- petitive sports, forcing fe- male athletes to compete against males can under- mine competitive fairness.” The question before the justices in B.P.J.: “Under Title IX and the Equal Protection Clause of the Fourteenth Amend- ment, may schools maintain women’s and girls’ sports for bio- logical females?” The court had never before addressed the ques- tion, because it was largely set- tled as a matter of history and tradition. Title IX of the Education Amendments of 1972 prohibits sex discrimination by schools that re- ceive federal money. Regulations dating to 1975 permit separate teams by sex “where selection for such teams is based upon competi- tive skill or the activity involved is a contact sport.” In practice, when it comes to competitive or contact sports, separate teams are usually the only way to fulfill the mandate for equal opportunity. As Justice Kavanaugh notes, “Title IX’s regu- lations also require schools to pro- vide the women’s and men’s teams equivalent equipment, facilities, scheduling, and the like.” The reason the case reached the Supreme Court now is suggested by that peculiar phrase “biological females,” which would have been a redundancy until a decade or so ago. The plaintiffs in B.P.J. and its companion case from Idaho, Little v. Hecox, which involved collegiate sports, were “transgender fe- males”—boys or men who per- ceive, believe or claim that they are female. Both had been diag- nosed with “gender dysphoria,” a psychiatric condition, and pharma- ceutically treated for it—B.P.J. with puberty blockers, Lindsay Hecox with testosterone-suppress- ing drugs, and both with estrogen. Idaho and West Virginia have statutes excluding such males from girls’ and women’s sports. The jus- tices held 6-3 that those laws vio- late neither Title IX nor the Con- stitution. Twenty-five other states have similar laws. Most of the remaining 23 states permit at least some males to join girls’ and women’s teams. The U.S. Justice Department has sued California, Maine and Minne- sota, alleging that those policies violate Title IX. Other administra- tive complaints and private ac- tions make the same claim. The court is likely to take up the ques- tion before long, and the logic of B.P.J. leads inexorably toward the conclusion that Title IX not only permits but requires the exclusion of boys and men from female teams nationwide. The decision holds that the term “sex” in Title IX means “bio- logical sex,” not “gender identity.” The need for separate athletic teams to fulfill Title IX’s mandate
the nation. Vermont has the highest average premiums in America— $1,299 a month for the benchmark silver plan. That’s nearly 60% more than in neighboring New York, and three times as high as in New Hamp- shire. Even the cheapest tier in Ver- mont averages $824 a month, with a nearly $10,000 deductible.
Mr. Dublois, a former staffer for Gov. Phil Scott, is data and analytics director at the Foundation for Gov- ernment Accountability. The state that flopped with single payer is taking steps in the other direction thanks to Gov. Phil Scott.
One reason premiums are so high is that Vermont’s strict rules have driven insurance companies out of the state. Only two now offer plans, and one, Blue Cross, is nearing a mo- nopoly with a nearly 70% market share in 2024. The lack of competi- tion drives up premiums and pushes younger, healthier residents off the exchange. It doesn’t help that Ver- mont is one of two states—New York is the other—that ban insurance companies from charging higher pre- miums for older policyholders and cigarette smokers. The uninsured
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Restrooms in the Jim Crow South were segregated by race, but not always by sex.
for equal opportunity was already well-established. And as Justice Kavanaugh writes: “Allowing a bio- logical male athlete to compete on a girls’ team necessarily displaces or disadvantages a female ath- lete—replacing her on the roster, knocking her out of the starting lineup, reducing her playing time, depriving her of a medal, and the like” (emphasis his). As a legal matter, that harm is compounded when its infliction is sanctioned or mandated by state law, potentially violating the 14th Amendment as well as Title IX. The assertion of “transgender” identities has ignited a host of le- gal controversies involving not only equal protection and antidis- crimination laws but also freedom of speech, religious liberty, family law, education policy, medical standards, public safety, military policy, identity records and more. At the heart of all these disputes is a question of ontology, the branch of metaphysics concerned with the nature of reality. The sim- plest way of formulating that question: Is there any objective sense in which a man can become a woman or vice versa? Only Justices Clarence Thomas and Ketanji Brown Jackson ad- dress the ontological question di- rectly in B.P.J. Justice Thomas, the court’s only member who grew up under Jim Crow segregation, writes in a lone concurrence: “Men and boys with gender dysphoria are not women or girls, even if they believe that they are.” Justice Jackson, in a solo dissent, dis- agrees: “West Virginia’s law forces B.P.J. to live—in this case, to play—as a boy though she is a girl.” I
n the principal dissent, written by Justice Sonia Sotomayor, she and Justice Elena Kagan implicitly side with Justice Jack- son’s view. That opinion describes B.P.J. as a “transgender girl” and refers to both plaintiffs using fem- inine pronouns. Writing for the majority, Justice Kavanaugh painstakingly selects his words to avoid the ontological question, as if touching it might break something fragile. He intro- duces each plaintiff as “a biologi- cal male who identifies as female” and consistently qualifies “male” with “biological” each time he re- fers to their sex. He never uses a singular personal pronoun for ei- ther. The word “she” doesn’t ap- pear in the 29-page opinion, and “her” shows up only in two pas- sages about undisputedly female athletes, including the one quoted
rate for young adults is nearly triple the statewide average. It is cheaper for them to go without insurance than buy such pricey plans. This combination of foolish poli- cies has driven Vermont’s market into a death spiral. Since the start of the year, Mr. Scott has pushed law- makers for common-sense reform. But the Democrats who control both legislative chambers are still capti- vated by the failed single-payer dream. They opposed the governor’s reform package, which proposed more extensive reforms than the ex- ecutive order. Democrats balked at the governor’s proposal to let insur- ance companies vary premiums by a mere 5% based on age. ObamaCare allows states to adopt as much as a 3-to-1 variation. Democrats instead sent the gover- nor a bill that would have artificially lowered individual-market premiums by raising costs on the business market—robbing Peter to pay Paul. Mr. Scott vetoed it in June, declaring that Vermont’s healthcare system needs “structural reforms that ex- pand affordability, increase choices and ensure savings are shared broadly across the system.” His executive order will begin to realize this vision. It allows up to a
above. The antecedent of the opin- ion’s only masculine pronoun is a hypothetical “biological male who identifies as male,” and the hypo- thetical counterpart who “identi- fies as female” gets no pronoun. Justice Jackson had also avoided the question in her 2022 confirmation hearings. Sen. Mar- sha Blackburn asked her if she could define the word “woman.” The nominee replied: “Not in this context. I’m not a biologist.” She might have done better to stick with that position, for biology is on Justice Thomas’s side. As Jus- tice Ginsburg wrote in Virginia, quoting an earlier case: “Physical differences between men and women . . . are enduring: ‘The two sexes are not fungible.’ ” The evolutionary basis of sexual dimorphism is anisogamy, a term derived from Greek that literally means “unequal marriage” and de- notes the fusion of distinct large and small gametes (called eggs and sperm in humans and other animals). Anisogamy is one of the most fundamental facts of life: Sexual reproduction is anisoga- mous in all animals and almost all multicellular plants. Medical treatments for gender dysphoria—puberty blockers, hor- mones and surgery—can suppress or destroy reproductive function; affect secondary sex characteris- tics such as breast development, facial hair, voice pitch, fat distri- bution and muscle mass; and con- struct approximations of opposite- sex external genitalia. But they can’t create a functional opposite- sex reproductive system. No “transgender man” can produce sperm; no “transgender woman” can ovulate, menstruate, get preg- nant or give birth. (Medical jour- nals have published anecdotal re- ports of hormone-induced male lactation.) Science therefore demonstrates that Justice Thomas is right: A man who believes he is a woman is mistaken. This is America, and that man has a God-given right to adhere to his belief and to express it through speech or lawful con- duct. As Thomas Jefferson ob- served: “It does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg.” Yet Jefferson would have seen tyranny if the government com- pelled him to offer sacrifices to his eccentric neighbor’s 20 gods. In most legal controversies involving “transgender rights,” it isn’t the transgender side that seeks the right to be left alone. These cases
20% premium variation to account for nicotine use and age. Other re- forms will take time to implement, including application to the federal reinsurance program and expansion of association health plans, which al- low businesses to band together to offer affordable healthcare options. But the stage is set for double-digit percentage declines in premiums. Most importantly, Mr. Scott’s re- forms will bring young people back to the individual market, which can’t survive long-term without them.
Lee Kuan Yew (1923-2015), who served as Singapore’s prime minister 1959-90, in “The Millennium’s Most Influential Innovations,” a Jan. 11, 1999, Journal symposium:
are about the legal correla- tive of the ontological question: When a person asserts a “gender identity” that doesn’t match his sex, is it legitimate to coerce others into affirming the claim or acting as if it were true? If “tyranny” seems over- wrought, consider the case of Tremaine Carroll. In 2024 he was charged with forcibly raping two fellow inmates at the Central Cal- ifornia Women’s Facility in Chowchilla. “After his first cellmate became pregnant and was moved to Los An- geles, two other cellmates of his had complained that he had raped them,” Ma- dera County District Attor- ney Sally Moreno told re- porters at the time. Mr. Carroll had told prison officials he was transgender and been granted a transfer to the women’s prison under the Trans- gender Respect, Agency and Dig- nity Act, which state Sen. Scott Wiener introduced and Gov. Gavin Newsom signed in 2020. “The in- mate Carroll impregnated is not one of the two victims in this case,” Assistant District Attorney Eric DuTemple said in an email this week. “Based on the available facts, it appears that their rela- tionship was consensual.” Mr. Car- roll has pleaded not guilty and is scheduled to go on trial in August. A month after prosecutors filed the rape charges, Mr. Carroll was transferred to Salinas Valley State Prison, a men’s penitentiary, where he is still confined. Yet eight months after that, the judge in his rape case issued a pretrial ruling in which she ordered prosecutors to honor the defendant’s “pre- ferred pronouns.” The judge re- served the question of what she called “guardrails for witnesses”— that is, whether Mr. Carroll’s al- leged victims will be admonished or perhaps even penalized if they testify that he, rather than “she,” raped them. A
future case on Title IX and women’s sports would be an opportunity for the Supreme Court to arrest this sort of mad- ness by providing an authoritative answer to the ontological question. The federal government has made its position clear. An executive or- der President Trump issued on In- auguration Day 2025 declares: “It is the policy of the United States to recognize two sexes, male and female. These sexes are not changeable and are grounded in fundamental and incontrovertible reality.” Judicial restraint usually counsels against deciding broad philosophical questions, but the administration and the states that oppose it have sharpened this one into an urgent legal controversy. “Legislative fiat may not take the place of fact in the judicial de- termination of issues involving life, liberty, or property,” Justice Pierce Butler wrote in Western & Atlantic Railroad v. Henderson (1929). The rule of law is reduced to a mere instrument of domina- tion if the law isn’t grounded in reason and reality. The court un- derstood this when it repudiated the doctrine of “separate but equal” that kept black women at the back of the bus and denied them a ladies’ room.
Mr. Taranto is the Journal’s edi- torial features editor.
Even with these reforms, Ver- mont’s healthcare system has far to go. But the state has come a long way since its failed attempt to im- plement a single-payer model. If the home state of America’s most infa- mous socialist can bring a measure of sanity back to healthcare, then the rest of the country can too.
Historically, advanced civiliza- tions have flourished in the cooler climates. Now lifestyles have be- come comparable to those in tem- perate zones, and civilization in the tropical zones need no longer lag behind. The ideal invention would be a light polyester air-conditioned un- dergarment, enclosed around the neck, wrists and ankles and battery operated. Everyone can then work at his optimum temperature and civilization can spread across all climates.
THE WALL STREET JOURNAL
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ariffs are an obsession for President Trump, much as climate was for the Bi- den Administration. How else to ex- plain his imposition of yet an- other round of border taxes three months before the No- vember election despite their political unpopularity and economic harm? The Administration late Thursday unveiled new tariffs under Section 301 to replace the President’s Section 122 tariffs that were lapsing. These latest duties will affect some 60 economies, hitting nearly all U.S. im- ports, with rates from 10% to 12.5%, and they come on top of a slew of other border taxes. Wait, didn’t the Supreme Court strike down Mr. Trump’s tariffs in February? Only the emer- gency tariffs. He later whipped out Section 122. A federal court this spring held that those are also illegal, but an appeals court allowed them to stay in place as litigation continues. But the law limits those tariffs to 150 days, and they expired Fri- day. Enter Section 301. For readers struggling to keep track of Mr. Trump’s border taxes, here’s a cheat sheet. •Section 301. This trade law lets a President impose tariffs in response to “unfair foreign acts, policies, or practices affecting U.S. com- merce.” The Administration says America’s trading partners—including Canada and the Eu- ropean Union—are unfairly discriminating against the U.S. by not doing enough to stop im- ports made with forced labor. Yes, the slave traders of Toronto strike again. Countries that ban imports made with forced labor but fail to effectively enforce their prohi- bitions are dunned 10%. Most others get 12.5%. For legal purposes Section 301 requires a formal investigation, but the result here was preor- dained. Forced labor is a pretext. Another 301 probe is in the works on “excess capacity,” so expect more tariffs on much of the world, per- haps within weeks. Last week the President announced Section 301 tariffs of 25% on Brazil because he doesn’t like its leftwing leader Lula da Silva. Note how Mr. Trump weaponizes tariffs: He picks a target. Then his team finds a pretext for tariffs. •Section 338. This week Mr. Trump dusted off this provision from the 1930 Smoot-Hawley Act to hit Canada with 50% tariffs on hundreds of goods, including plywood, down feathers, concrete, paper products, gold necklaces, chan- deliers—yes, seriously—and toys. No President has used it before. He recited a litany of trade grievances including Canada’s treatment of U.S. cheese and retaliatory tariffs. The U.S. is now
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ens of thousands of people have left Los Angeles since the pandemic, but one group isn’t leaving: the homeless. A new city report finds that the number of people living on the streets keeps rising. Maybe there’s a connection between popula- tion flight and vagrancy. The city’s overall homeless population rose 3.4% including those the city puts up in mo- tels. The number sleeping outside in encamp- ments or vehicles rose 7.9%. All told, the city counted 45,194 homeless in January, up from 35,550 in 2019 and 41,980 in 2022 when Mayor Karen Bass was elected. Ms. Bass has squandered hundreds of mil- lions of dollars on homeless programs that ap- pear to have had no effect. Under her signa- ture program, the city has spent $82,420 a year for each homeless person it has sheltered in motels. Some 40% have returned to the
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ew York Mayor Zohran Mamdani has been running a campaign to demonize Israel and its supporters for committing “genocide.” He should recon- sider after Thursday’s double- stabbing in New York, which included a kippah-wearing Jew attacked after exiting a synagogue. Police arrested Raul Mo- rales in connection with the stabbings. The mayor said victim and witness statements al- lege that Mr. Morales yelled “Allahu akbar” while attacking a Jew, Moshe Grunhaus and an Asian, Chok Sung. The NYPD is evaluating if this was a hate crime. A friend who visited Mr. Grunhaus at the hospital tells us the victim was in the process of moving to Florida, in part due to concerns about crime, antisemitism and Mr. Mamdani. He returned to New York to tie up loose ends and attended synagogue during the fast of Tisha B’Av, when Jews mourn the destruction of the ancient temple in Jerusalem. Earlier this week Mr. Mamdani taped a video accusing Israel of genocide and deliberate child murder. The next day he wished New York’s Jews a “peaceful” fast, in which “mourners will pause and reflect on the history and resiliency of the Jewish people.” That history is in Jerusalem and the land of Israel, but the mayor calls the Jewish state a “settler-colonial” project. Thursday’s stabbing would fit comfortably with the Palestinian intifadas that Mr. Mamdani and his allies have been keen to “globalize.” Only after repeatedly excusing that phrase did he say that he would “discourage” it. He now sticks to “genocide,” “apartheid,” child-killing and other accusations to render Israel an enemy of man-
He hits Americans with more tax increases on the cusp of an election.
As the mayor accuses Jews of genocide, a Jewish man is stabbed.
in a needless trade war with its second-largest trading partner. •Section 232. The President has also im- posed an array of tariffs in the name of national security. This includes steel and alumi- num (50% rate), products that include these metals (25%), motor vehicles and parts (25%), wood furniture and cabinets (25%), semiconductors (25%) and branded medicines (100%). Block those killer IKEA sofas. The President has granted exemptions or de- layed enforcement of some of these tariffs—for instance, pharmaceutical companies that reach agreements with the Administration to build manufacturing plants in the U.S. and sell medi- cines to Medicaid at a so-called most-favored nation price. This is an illustration of how the President wields tariffs to coerce policy out- comes he can’t get through Congress. The Administration has also initiated Sec- tion 232 investigations of coal, robotics, indus- trial machinery, medical equipment and de- vices, drones, polysilicon and aircraft parts, so brace for more tariffs. • This week he announced 100% tariffs on ge- neric medicines, which he said will take effect in two years. It’s hard to believe he will go through with them given the damage they’d do. Generics make up 90% of all U.S. prescriptions and have kept down prescription drug prices. Tariffing generics—most of which are produced overseas—will drive up prices and result in shortages of essential medicines. i i i Then again, Mr. Trump doesn’t seem to care about the damage since tariff costs are dis- persed across businesses, consumers and work- ers. Customs duties have raised $163 billion in the current fiscal year through June, which ex- cludes some $70 billion in emergency-tariff re- funds. That’s a big tax increase. Mr. Trump’s tariff defenders point to the buoyant stock market as evidence that his bor- der taxes aren’t harmful. But last year’s tax bill—especially the business provisions like full investment expensing—has offset some of the damage from his tariffs. So has the AI invest- ment boom. Imagine how strong the economy would be without the tariffs and their uncertainty for business. Americans remain unhappy about the economy, and higher prices are a big reason. They know that tariffs are adding to their pain even if they don’t see the cost as a line-item on a bill. Republicans could pay the price in No- vember.
streets, often because of drug addictions. A third-party audit of L.A.’s homeless agency last year found the city wasn’t tracking how much was being spent, the number of beds or other services being provided, or out- comes for putative beneficiaries. Federal Judge David Carter, who presided over a law- suit against the city, expressed astonishment at the findings. “Nobody is asking our providers what they did or what services they performed,” he said. “We may have providers who committed fraud and we may never know.” Ms. Bass would pre- fer voters not know. In November she faces a mayoral runoff against City Councilwoman Nithya Raman, a Democratic Socialists of America member who opposes clearing encampments. Angelinos tired of feces and needles on the sidewalks can look forward to more of the same.
kind, along with the “Zionists” whose crime is to support its existence. Before his mayoral run, Mr. Mamdani used “Zionist” as a casual slur. He also told comrades: “We have to make clear that when the boot of the NYPD is on your neck, it’s been laced by the IDF,” Israel’s military. Mr. Mamdani reacted to Hamas’s Oct. 7, 2023, massacre of Jews by bash- ing Israel, not Hamas, and mourning victims on both sides. His wife liked Instagram posts cheering on the Hamas attack. His party, NYC’s Democratic Socialists of America, endorsed a rally by pro-Hamas groups on Oct. 8 in “solidar- ity with the Palestinian people and their right to resist,” as the DSA put it. U.S. Jewish schools, shuls and other sites have since had to pay far more in what’s become known as an “antisemitism tax” in security costs and disruptive precautions. The siege condi- tions of Western European Jewish life offer an ominous future for New York as ubiquitous on- line antisemitism seeps into youth culture. Mr. Mamdani isn’t responsible for Thurs- day’s stabbing. But he is responsible for pro- moting a culture of denigration that is all too easy for a fevered mind to hear and conclude that violence against Jews is acceptable. The mayor and his ideological groupies are playing with antisemitic fire. “When I was growing up,” Rabbi Yosie Levine said Friday, after the attack on a congregant, “the only time we saw security outside my synagogue or my Jewish day school was when the mayor came to speak. The police were there to protect him. Today, every time the mayor speaks, we need the police to protect us.”
Regarding your editorial “On Is- rael, Echoes of Past Betrayals” (July 17): Democrats’ refusal to aid the South Vietnamese government in its hour of need in 1975 reflected the culmination of pressure from the organized antiwar mobilizations of the era. The underlining rationale for cut- ting aid to the South was that the North Vietnamese Communists were true nationalists seeking only to unify their country, while the Thieu government was a puppet regime owned by so-called U.S. imperialism. Democrats had come to accept the revolutionary socialist critique of the war, just as now many are em- bracing the Democratic Socialists of America’s anti-Israel critique. That critique goes beyond antipa- thy to Benjamin Netanyahu; it strikes at the right of Israel to exist as a nation, while embracing the maximalist program of the pro-Pal- estinian left. It was no accident that New York Mayor Zohran Mamdani refused to march on Israel Day, in a city with the largest Jewish popula- tion outside of Israel. The difference between 1975 and
Your editorial “Trump and Bernie, Political Smokejumpers” (July 18) is right that our forests are “ill-man- aged.” Whether from the latest smoke drifting south from Canada or record- breaking fires here at home, the les- son is the same: We have neglected active forest management for far too long. Both parties share this blame. The result is denser forests, more fuel on the ground, and larger, hotter fires that threaten lives, communities and the air we all breathe. But while you rightly criticize re- cent political finger-pointing, you fail to mention that bipartisan, turnkey solutions exist in this Congress. The Fix Our Forests Act, which I am proud to co-lead with colleagues from both parties, has enough support to overcome a 60-vote filibuster thresh- old in the Senate and has already passed the House. It fixes the root is- sue of our forest management: inade- quate resources and an overly burden-
Mary Marslender’s horror at the prospect of “death via organ donation” in her op-ed “Can We Kill You for Your Organs, Please” (July 21) is well- placed, as are her proposals to enact formidable deterrence of the practice. She recognizes the risks to vulnerable people, and hints at the observation that euthanasia by way of organ dona- tion would treat the prospective donor as a means to an end, violating their inherent human dignity. But claims of sympathy for organ donation may overpower other reservations if we continue to let “individual autonomy” reign as the dominant—if not sole— value driving these decisions. “Keep your laws off my body” is a likely re- sponse—I get to decide what to do with my body, indeed, with my life, however seems fit to me. To resist
I Know Prevention’s Value
Andy Kessler’s “The Case for Preven- tive Healthcare” (Inside View, July 20) is a needed viewpoint for innovative medicine. Innovation should extend be- yond treatments and therapies to pre- vention. Case in point: I am struggling with a disease that was diagnosed with an MRI in late stage that could’ve been identified early with an annual MRI. Routine labs and blood tests never identified my condition. My disease has now cost the system nearly seven fig- ures in 6 months by my math. I hope there is a paradigm shift in healthcare so other young families are afforded the opportunity for prevention instead of having to throw a lot of pharmaceu- ticals, with all their side effects, and money at something that could’ve been stopped long before it took hold. DAN MACHUZAK Youngstown, Ohio
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now, however, is that Israel is well capable of standing on its own, with a mature military-industrial complex and substitute procure- ment access in militarizing Ger- many. The army of South Vietnam, having fought successfully for two years after the U.S. withdrawal of combat personnel, was nevertheless in a comparatively weaker state. Faced with North Vietnamese regu- lars, permitted by the 1973 U.S.-Ha- noi treaty to remain in the South, and with the ubiquitous presence of Viet Cong guerrilla forces, the U.S. cutting off aid inevitably worked to- ward its demise. Israel, in contrast, is well posi- tioned on its own to defeat Iran’s auxiliaries and to vanquish the so- called militants on the West Bank who would stir up an intifada. Is- rael’s government is a strong de- mocracy, the only one in the re- gion—which alone should speak to U.S. national interest—while the Thieu regime still depended on au- thoritarian rule, which weakened its prospects for survival. ALBION M. URDANK Los Angeles
some regulatory environment rife with litigation. There’s another widely bipartisan bill we introduced this week with ideologi- cally-broad bipartisan support. The Wildfire Emissions Prevention Act would address a glaring irony in our current regulations: They deter pre- scribed burns due to pollution concerns. By avoiding these controlled burns, we practically guarantee catastrophic wild- fires that emit far more carbon than proactive management ever would. These, and many other bills, are practical solutions that are ready to become law. Cleaner air begins with better-man- aged forests. The support for these so- lutions proves that isn’t a Republican or a Democratic idea—it’s common sense. Yet, by our own doing, Wash- ington is suffocating in the conse- quences of our own inaction. SEN. JOHN CURTIS (R., UTAH) Washington
“death via organ donation” ultimately calls for a more theological under- standing of what it is to be human: Men and women are created in the im- age of a sovereign, almighty and per- fectly loving God, to whom we must trust the end of our days in this life. JON HOLMLUND Carlsbad, Calif.
Britain’s Burnham May Be Populism’s Natural Nemesis
Regarding your editorial “Britain’s Newest New Prime Minister” (July 18): I can’t help noticing many similarities between the U.K.’s Andy Burnham and Canada’s technocratic Prime Minister Mark Carney. Both men took over from beleaguered premiers without a general election and must, as you say, “earn a mandate by delivering results.” Mr. Carney won early support by canceling his predecessor’s carbon tax, rolling back planning require- ments for construction and proving a shrewd political operator. On day one, Mr. Burnham already axed Keir Starmer’s unpopular digital ID plan and promised a more devolved gov- ernment. Both have stayed committed to various leftwing causes, but neither are staunchly ideological. As for the rise of Reform, Canada’s Liberals defied months of pessimistic polling and won last year’s election with an 11-point gain from their performance in 2021. British populists have yet to pull off any national electoral push, with only seven members in Parliament to their name. They are hardly invinci- ble. If Canada proves any example, right-wing populism may meet its match in moderate technocracy. JUSTIN LIU Washington
And Salt
T
By Roland Fryer
he most tempting column for an economist to write about the World Cup is the teardown, and I had it drafted before the opening match. The argument is simple: The benefits of hosting are oversold and the costs barely counted. When the tournament last came to America in 1994, boosters prom- ised host cities $4 billion in gains. Economists later reported up to $9.3 billion in losses. FIFA’s consultants projected this World Cup would add $17.2 billion to American gross do- mestic product. The receipts are still coming in—card spending jumped; restaurants and bars had their best months in years—but the national picture is what matters, and there the gains wash out against the tour- ists who stayed home and the jobs that never came. The economist Vic- tor Matheson put it plainly: “The World Cup is making us happy. There’s not a lot of evidence it’s making us rich.” Consider what else we could buy. Closing the racial-achievement gap in math is achievable with targeted investments of approximately $1,700 a child each year over a three-year period. The intervention
‘I
me that no one can put the feeling of the sporting event into a spreadsheet.
raised math achievement by 0.184 standard deviation a year in ele- mentary school and 0.146 in second- ary school. Economists estimate each standard deviation of achieve- ment is worth $110,000 to $230,000 in lifetime earnings, so $10 billion buys roughly three years of that gain for two million children, about a $200 billion increase. But to get to the truth, I have to leave my bubble for the real world. When I was reforming public schools I sat in them every week. So I went to a match with my family and
Maybe artificial su- perintelligence is just around the corner after all. How else to explain those tech CEOs who usually can’t get enough change suddenly wanting it throttled? Never mind that their complaints have the paradoxical flavor of the old Borscht Belt joke: The food was no good and the portions were too small (Alex Karp of Palantir). Or, they say, industry leaders An- thropic and OpenAI are Trojan horses. They’re out to steal their customers’ businesses (Microsoft CEO Satya Nadella). Or Apple is so far behind OpenAI in artificial intelligence, it can only be because OpenAI is stealing from Apple (Tim Cook). Elon Musk is exempted from our general snark. He has already moved on from assailing the frontier labs to milking them by selling them compute at a steep markup. In the process, he managed to get his SpaceX IPO out a door that’s possi- bly closing on his rivals, given re- ports that OpenAI may be delaying its launch indefinitely. Not that the established tech CEOs are Luddites exactly, but their shareholders aren’t paying them to forgo any lever to protect their existing businesses against the AI tsunami. A bandwagon unbravely beckons. It consists not only of college stu- dents booing AI and waddling se- niors raging on Facebook against data centers. The U.S. government is hovering its heavy hand in ways already being distorted for polemi- cal purposes. Anthropic, acting to limit its own liability, voluntarily held back Mythos earlier this year. It enabled responsible parties to patch flaws in their cybersecurity
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Iraq scores a goal against Norway at the World Cup in Foxborough, Mass.
friends—Norway vs. Iraq—to see the traffic and overpriced hot dogs for myself. I found much less traffic than ex- pected. I saw canopies of Iraqi flags, bodies out every window, everyone dancing to a faint hip-hop pulse. The walk in was a collision of cultures that seemed to enjoy each other. I struck out looking for one of those ridiculous horned Viking hats and settled for a green Iraqi trucker cap. I put it on and instantly made new friends. My generation has lived through two American wars with Iraq, but I’d never met Iraqis, danced to their mu- sic or heard their anthem. And that distance does something quiet and dangerous: It sets the price of our credulity. Tell us tomorrow that Can- ada is a threat and we’d laugh—we know Canada, we’ve stood in it, we can see the faces. Tell us the same about Iraq and it goes down easier. In minute 39, while I was doing the Norwegians’ Viking row in my Iraqi hat, Iraq scored. It tied the game; Norway would pull away, and the goal will appear in no history of the tournament. But it is the most
exposed by the model’s superhu- man capabilities. This demonstrates the value of America’s lead, but it isn’t clear government has a better solution to the safety risks even as it threatens to turn the labs’ billion-dollar super- intelligence bets into lose-lose prop- ositions. If the companies are wrong, they’re out vast sums. If they’re right, the capabilities they reveal may be so powerful that Washington will insist on monopo- lizing them for safety and geopoliti- cal reasons. Don’t fail to notice a simultane- ous bifurcation between those who believe the race for superintelli- gence is everything and those who think seeding good-enough AI through the economy is the game now. Users, including Fortune 500 companies, are turning to unregu- lated, possibly purloined “open weight” Chinese AI models to save money and avoid exposing their
By Alan S. Blinder
f it ain’t broke, don’t fix it” can be thought of as a warn- ing to policymakers, whose fixes often make things worse. Take the Federal Reserve, long considered one of Washington’s best bureaucra- cies for its talented personnel, apo- litical dedication to mission, integ- rity and more. It doesn’t look “broke” to me. That doesn’t mean it never makes mistakes or that it can’t be im- proved. But it does mean that major changes to it should be well-justified and carefully thought out. Kevin Warsh, the Fed’s new chair- man, agrees—I think. Yet he must also believe the Fed is more “broke” than I do. Why else would he orga-
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important goal I saw all summer. The man in front of us dropped to his knees, threw his hands to the sky, and screamed that he never thought he would live to see his country score in a World Cup. His face was wet and gushing with joy. I couldn’t make the old story fit what was in front of me, and I wondered some- thing an economist isn’t supposed to wonder: If two peoples could meet like this before their governments narrated them to each other, might peace have a little more room to work? Borders don’t dissolve because a stadium sang together, and no treaty was signed in Foxborough, Mass., that night. But governments answer, eventually, to publics—and a public that has stood shoulder to shoulder with the people it was taught to fear is harder to march to war. Years ago, Matthew Jackson and I built a model of how the mind sorts information into categories for cog- nitive efficiency. We found that prej- udice needs no hatred. You sort the people you meet often into fine cate- gories; the rest get lumped into coarse blocks. “Iraqi,” for an Ameri-
data to the big domestic labs. They’re accepting not only Beijing snooping and cyber-sabotage risk. If there’s any scenario in which a re- cursively self-improving AI estab- lishes itself on the internet to ter- rorize computer users until the end
America’s willingness to forge ahead is crucial to the democratic experiment.
of time and eventually take over part of the galaxy, it will be a Chi- nese open-weight AI. Unlike electricity, to which AI is often compared, users don’t have to wait for a power line or the inven- tion of capacitors, insulating materi- als and electric motors. Witness the latest unpleasant/awe-inspiring rev- elation from OpenAI. One of its de-
nize task forces to consider (recom- mend?) changes in communications, the Fed’s balance sheet, the data the central bank uses, and the 2% infla- tion framework, and to study the ef- fect of technology on growth and jobs? Of these five, I am worried about one: severely reducing Fed commu- nications, including the elimination of forward guidance. Depending on the details, this reform might do more harm than good. You don’t have to look far back in history to find the dark ages of Fed communications. Until 1994, the Federal Open Market Committee didn’t even announce its interest- rate decisions as it made them. It let the markets figure it out by watch- ing the reactions of the Open Market Desk. Some of Mr. Warsh’s words suggest he looks back wistfully at those bad old days. I hope not. Two arguments favor central- bank transparency, either of which should be dispositive on its own. The first focuses on democratic accountability. Monetary policy is made by unelected technocrats but affects the whole society, sometimes in significant ways. These techno- crats owe the public coherent expla- nations of what they are doing, why and what they seek to achieve. The days when Alan Greenspan could pride himself on “mumbling with great incoherence” are over. Economists don’t talk much about the accountability argument, but it is vital in a democracy. I presume Mr. Warsh agrees. It is the other ra- tionale he seems dubious about.
can who has met Iraq only through two wars, is a coarse sorting—40 million people in a bin or two. The cure is more interaction. I watched it happen at the World Cup. A stadium takes the coarse block and, for a few hours, forces the finer sort my model said was miss- ing. My wife, a proud Austrian, felt it too and asked what it would be like not to witness this but to feel it—to stand in a section, for your own country. So I dusted off my lederhosen, and we traveled to Kansas City, Mo., for Austria vs. Algeria. The Algerians had the better music, but the Austri- ans were more committed—belting “I Am From Austria” for what felt like hours, swaths of my wife’s coun- trymen in full voice. Austria and Al- geria are separated by language, reli- gion, history and the Mediterranean. None of it seemed to matter. Still, I did what a social scientist does—I went to the barbecue joints to ask my questions. Was the traffic more intense than usual? Was the pit master busier than a normal Satur- day? Did they find us outsiders an- noying? A man ahead of me in line at
velopmental models recently sneaked out of its supposedly secure testing environment, raided another company’s servers, and stole a solu- tion to a complex testing problem. OpenAI was simultaneously preening and apologetic. Such “agentic,” or problem-solving, AI may soon give rise to the first For- tune 500 company from somebody’s bedroom. A coherent government would be forming a coherent response, but an outcome already seems likely: Pur- suit of the highest-end capabilities will increasingly become a regulated activity, if not subordinated com- pletely to national security; lesser, detuned or copycat AIs will do the disruptive work of rewiring the ev- eryday economy. Naturally, special interests are or- ganizing. Lobbying is a legitimate activity, but so is making sure the national interest prevails. Henry Clay was a Jeffersonian pastoralist until he woke up, after the War of
The second argument holds that the central bank does a better job by being transparent rather than mys- terious. Understanding why requires a short dive into monetary theory. A central bank normally controls only the overnight interest rate—in the U.S., the federal-funds rate. But hardly any transactions that matter take place at this rate. Rather, one- year interest rates, for example, de- pend on beliefs about the next 365 one-day rates, the 10-year rate on
to avoid the guessing game that follows when central bankers say nothing.
the next 3,650 or so, and so on. If the FOMC sets the funds rate but of- fers no “forward guidance” on likely future rates, market participants are left to guess what those future rates will be—based on their view of the economy, their sense of the Fed’s di- rection and the like. Those guesses may be accurate or inaccurate. Mr. Warsh seems in- clined to take his chances with the market’s beliefs. But I was vice chairman of the Fed under the old system of “say little and say it cryp- tically,” and I saw the market get it wrong time and again. Markets tend to overreact. That’s what led me to enunciate Blinder’s Law of Speculative Markets: “Mar- kets generally get the direction right
Slap’s BBQ, a former professional barbecue judge, ignored all of it and told me instead that he was proud the world finally got to see Kansas City—that they aren’t flyover coun- try, that the folks here are kind and well-educated. He wasn’t answering my question; he was correcting it. Then he sent me home with two bot- tles of his favorite sauce—one spicy, one sweet. Multiply that man by a stadium, then every stadium, across 39 days, and you start to see what the typical economic analysis was never built to count. America’s two decades in Iraq and the war on terror cost some- where between $2 trillion and $8 trillion, depending on who’s count- ing. If everything we just witnessed made one such war 0.2% less likely, FIFA’s $17.2 billion is the smaller number. I can’t estimate how much a tour- nament moves the odds of a war, but the evidence is at least suggestive. Emilio Depetris-Chauvin and his co- authors found that Africans surveyed just after a national-team victory identified less by ethnic group and trusted other ethnicities more—and that countries barely qualifying for the Cup of Nations saw about 9% fewer civil-conflict episodes in the months after. Two-tenths of a per- cent is a rounding error on a round- ing error, and I wouldn’t bet against a stadium full of Iraqis and Norwe- gians sorting one another more finely to clear it. I went to my first World Cup to price it—to see if the benefits were oversold. They are. But that mea- sures the wrong thing. The real re- turn isn’t in hotel occupancy or pounds of ribs sold; it’s in the 90 minutes when 40 million Iraqis narrowed to one—a man weeping over a goal that meant nothing and everything. Nobody can put that in a spread- sheet. We ended up, for a few hours at a time, seeing one another in higher resolution.
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Mr. Fryer, a Journal contributor, is a professor of economics at Har- vard, a founder of Equal Opportunity Ventures and a senior fellow at the Manhattan Institute.
1812, to a realization: The U.S. couldn’t sit out the race to industri- alize and participate in supposedly unsavory international finance if it wanted to be in control of its own destiny in a rivalrous international order. Having somehow preserved its in- ternal culture of experimentation and freedom for 250 years, the U.S. now is disproportionately relied on to generate wealth and technological advances for the 6.6% of humanity that reside in “full democracies” and the 38.4% that live in “flawed de- mocracies.” China’s Xi Jinping com- plains that AI should be “a sym- phony of international cooperation.” It already is. Everybody with talent and ambition comes to America to build it. Maybe AI is an unusual case. Its dynamic potential is greater than a resilient and sturdy political system can absorb. But you wouldn’t want to make this determination based on the shrieking of the self-interested.
but exaggerate the magnitude by a factor between 3 and 10.” This, in turn, leads to excess volatility be- cause long-term rates depend much more on expectations about the fu- ture than on today’s short rate. It also makes the Fed’s decisions tougher. When the FOMC raises or lowers its one-day interest rate, it must guesstimate what markets will do to the longer-term rates that matter for business and consumer loans, mortgages, corporate bonds and more—even the stock market and exchange rates. If these estimates are off, the policy setting will be, too. I remember this double-barreled guessing game well from my days on the FOMC. The markets were guess- ing what we would do, and we were guessing how they would react. The FOMC can’t end this guessing game completely—there is uncer- tainty in the world. But it can tighten the gear between short rates and long rates by making itself more transparent to the markets. Doing so probably includes providing some variety of forward guidance about where short rates are likely to go. Mr. Warsh, apparently, doesn’t like the idea. He wants the markets to take the lead by figuring it out themselves. But if the markets lead, does the Fed follow? If so, get ready to watch a dog chasing its tail.
BY JOSHUA ROBINSON
Thomas Pidcock, top, during an ascent of Alpe d’Huez in 2022. Tadej Pogacar, below, near the Sacré-Coeur Basilica in Paris in 2025.
A
s it powers through the towns in the valley, the Tour de France peloton can see the Alpe d’Huez rise above the road long before it reaches the first slopes. The riders can pick out the 21 switchbacks to the top and know exactly what’s coming. The Alpe is more than a test of their legs or their lungs. With half a million fans waiting along every inch of the road and the French summer sun beating down, the rid- ers brace for the wave of noise and smoke and humanity about to crash down on them for 8.5 miles of up- hill grinding. “You hit that first ramp at the foot of the climb,” said former pro Pierre Rolland, “and it feels like you’re entering a parallel universe.” What they’re really entering is a natural amphitheater, transformed by the Tour de France, into one of the greatest stadiums in sports. For two days, the race will visit this legendary alpine spot, before head- ing to Paris into another of the world’s great arenas: the rue Lepic, a cobbled climb through the heart of Montmartre that provided one of the indelible images of the 2024 Olympics. And the best part is that they’re completely free. In the summer of $5,000 World
InHis‘LastDecision’
BY ROBERT O’CONNELL
THE WAIT FOR A 41-YEAR-OLD from Akron, Ohio, to choose his next employer is over. In one of the final twists of his career, LeBron James picked the team that almost nobody ex- pected when his free agency be- gan weeks ago. The greatest player of his generation will be joining the Philadelphia 76ers as one of the greatest bargains in NBA history, signing a 2-year, $8 million contract, according to a person familiar with the terms of the deal. “This is my last decision,” James wrote on social media. “I’m not going for money.” James will join 2024 Finals MVP Jaylen Brown, 2023 MVP Joel Embiid and Tyrese Maxey— one of the brightest young scor- ers in the NBA—to form what is likely the last superteam of his career. The new-look quartet will aim to dethrone the New York Knicks and chase James’s fifth championship. From the moment James said he was leaving the Los Angeles Lakers last month, he captured the NBA’s offseason in a way no forty-something ever has. That’s because no superstar has been in quite his position. James is still a hugely capable All-Star, but will- ing to play relatively cheap in or- der to join a competitive roster. Around the league, his onetime rivals imagined teaming up with one of the two greatest players
Cup tickets, $10,000 Knicks seats, and preregistration for Olympic Games that remain two years away, these global spectacles are some of the last of their kind. They are open to all fans who are prepared to spend a few hours by the side of the course to wind up mere inches from the most talented cyclists on the planet. For the supporters, it is the best value proposition in professional sports. It takes over an hour for the whole procession to pass any one spot on the mountain, and they’re all but guaranteed to watch greats
ever to take the hardwood. Would he join onetime archrival Stephen Curry and the Golden State War- riors? Could he reunite with the Miami Heat, where he won his first titles? Might he even take on a mentorship role with Victor Wembanyama and the San Anto- nio Spurs? The flames were only fanned when James’s agent, Rich Paul, publicly discussed the various franchises making their pitches at the start of July. Paul went on his podcast armed with a whiteboard, slotting James into various imagi- nary lineups around the NBA— Minnesota, Denver, and Philadel- phia. While James kept the NBA waiting, he left clues as to where he might eventually end up. Speaking at Fanatics Fest in New York last week, James told fans to “Trust the Process.” That phrase is the longtime mantra of the 76ers organization, as they rebuilt from one of the worst franchises in the NBA to a perennial playoff team. James has changed teams three times before, but the cir- cumstances are far different than when he was a superstar in his prime reshaping the league by switching his zip code. James will turn 42 in December, but he has established himself as the most effective senior citizen the NBA has ever seen. Only four players in the entire NBA averaged 20 points, 7 re- bounds and 6 assists last sea-
such as four-time champion Tadej Pogacar in full flow. And for riders, the experience of navigating a sea of screaming fans that parts only at the last possible instant is unlike anything encountered by other ath- letes. “When you’re carving through the crowd, you feel like Johnny Hal- lyday at the Parc des Princes,” said Rolland, a stage winner on the Alpe d’Huez in 2011, with a deeply French rock ’n’ roll reference. Translation: You feel like Spring- steen playing Giants Stadium. “Where else is the crowd close
LeBron James, left, is signing a 2-year, $8 million contract to join Joel Embiid, right, on the Philadelphia 76ers.
son—and James was one of them. But James’s greatest show of force came on the stage he has owned for two decades: the play- offs. When James’s co-star Luka Doncic went down injured before the Lakers’ postseason, most ob- servers expected them to bow out quickly against the younger, fresher, and statistically better Houston Rockets in the first round. James had other ideas, putting up throwback scoring numbers and hitting last-second shots to lead L.A. to a series win. Perhaps the most meaningful
enough to touch you— without anything bad happening?” he added. This is what the Tour de France does better than any other event. Ev- ery summer, more than 12 million people line the roads over the 21 stages. Up to a quarter of that will be accounted for on mountain passes, in val- leys, and through the French capital this week- end. And while the Alpe d’Huez is no longer the hardest or steepest climb on the Tour, there is no party quite like it. “The hysteria just continues to build,” said former pro Christian Vande Velde, who is now an analyst for NBC. “And when they see the race coming, the people lose their freaking minds.” The first time that the race went up there, back in 1952, the road up the 21 switchbacks wasn’t even paved. Few fans thought to make the journey up to watch the Italian campionissimo Fausto Coppi seize the yellow jersey. Now, more
part of James’s deal with Phila- delphia now is that the Sixers brought him in at such a dis- count. While James’s numbers and playoff heroics say that he is still firmly among the upper eche- lon of NBA stars, his new deal is paying him like a somewhat use- ful backup. His annual salary of $4 million makes him currently the 317th- highest paid player in the NBA. As other contenders have had to count every penny this sum- mer, James’s deal means the Six- ers can add one of the best play-
than seven decades later, the Alpe is a fully developed mountain re- sort, where beer and raclette serve as performance enhancers. Cycling fans from around the world camp out for days before the race. The Dutch stake out their own corner, complete with grills, bot- tomless coolers of beer, and a DJ stand. The Norwegians have done the same in recent visits. Twenty-four hours before the Tour de France rolled toward the Alpe d’Huez on Friday, the moun- tain was already so packed full of cars and camper vans by the side of the road that officials closed it to any more vehicles. Anyone who still wanted to walk or ride up, however,
Number of switchbacks during the Alpe d’Huez climb
was welcome. There are no turn- stiles on a mountain. Of course, there is a luxury, whisked-from-the-airport version of all this. Fans prepared to spend five figures book all-inclusive cycling trips where teams of concierges do everything but pedal the bike for them. There are also the legions of sponsors and guests, who follow the race from bleachers at the sum- mit and nibble on petits fours while the competition rages in the back- ground. But they’re not the ones the rid- ers remember. “In the crowd, you don’t hear yourself breathe anymore,” Rolland said. “You don’t feel the suffering. It carries you and it’s almost intoxi- cating.” The rue Lepic, the steep 1-kilo- meter stretch that punches up through the 18th arrondissement and leads the peloton toward the Sacré-Coeur basilica, is a more re- cent addition. Tour organizers had watched the men’s road race go up to Montmartre during the 2024 Olympics and felt immediately that Paris should be handed this gift again. With the course barely wide enough for two riders to race shoulder-to-shoulder, it feels like the race is actually unfolding inside the restaurants that line the street. Any closer and Pogacar’s elbow might knock your wine into your escargots. And on Sunday, the pelo- ton will race up there three times to give the Tour its final showpiece of the summer. “We are 180 guys who spend weeks riding in the mountains and in the end, all of a sudden,” Pogacar said, “we come to the streets of one of the biggest cities in the world.”
ers in the world while keeping what they already have. In the old days, James joining a new club meant that that team immediately became a contender. But new challenges await. For one thing, the Sixers have spent sea- sons rocked by injuries, with Em- biid in particular missing sub- stantial time with leg ailments. But James has never joined a franchise without bringing it a championship. It is that track re- cord—and the low cost of the bet—that made it a gamble the Sixers couldn’t afford to skip.
MARCO BERTORELLO/AFP/GETTY IMAGES; LOIC VENANCE/AFP/GETTY IMAGES
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BALLOONING AI COSTS
are mixing models. It’s changing the economics and power players of the industry. C
BY ANGEL AU-YEUNG, KATHERINE BINDLEY AND TINA LI
OMPANIES ACROSS the country are coming around to a radical idea with the potential to upend the in- dustry powering the global economy: They don’t have to blow their budgets on AI. Fed up with ballooning costs, companies big and small are starting to use lower-priced models, in- cluding some built in China. In many cases, they’re adding the new, cheaper models alongside OpenAI and An- thropic’s products, shopping a la carte for their artificial intelligence. At Cursor, a startup that stands to benefit from this corporate epiphany because its software works with all models, Mike Saeks puts it simply: The most powerful and expensive AI models aren’t necessary for relatively mundane
and whodunit fraud exercise as the career path changes
BY ALLISON POHLE
Orlando, Fla. MINUTES INTO THE ASSIGNMENT, the teams lose a member. Management needs them for another project. Design a logo. Don’t use the color blue. Only se- nior associates can use scissors. Except all the senior associates are out sick. Make it an animal corresponding to a KPMG founder. Make sure the lion or owl is in business attire. So went the training exercise for KPMG summer interns. In a new program this summer, KPMG brought nearly 1,000 of its audit and assurance interns to the accounting firm’s sprawling $450 million training facility near the Orlando airport for sev- eral days of training in critical thinking and judgment. The logo challenge was one of several exercises designed to use those skills, alongside a scavenger hunt and a whodunit fraud exercise. The purpose isn’t fun and games. Ac- counting jobs are among the most vul-
Clockwise from left: Cursor’s Michael Truell; OpenAI’s Sam Altman; Moonshot’s Yang Zhilin; DeepSeek’s Liang Wenfeng; Meta’s Alexandr Wang; Anthropic’s Dario Amodei.
tasks. “It’s like driving a Lamborghini to go to the grocery store to pick up milk when that was designed to be raced around a track,” he said in an inter- view. Saeks is in a position to know. The former investment banker was hired two months ago by Cursor, a startup that Elon Musk’s SpaceX is buying for $60 billion, to be a field chief technol- ogy officer. That means he advises com- panies on how to measure and improve the returns on investment from their AI
nerable to artificial-intelligence capabili- ties. KPMG estimates that, in two to three years, no humans will perform routine testing of things like payroll and revenue contracts. This year, the firm shrank the num- ber of U.S. audit partners by 10% and is completely rethinking the role of junior- level auditors—college graduates who generally start with a salary around $80,000. At the same time, KPMG is bringing in more auditing work from clients. The question of how to train a young worker is existential for many compa- nies using AI to redesign how work gets done. Some CEOs are using AI tools to trim their workforces and predicting that white collar jobs will vanish. Oth- ers, like IBM, Salesforce and McKinsey, PleaseturntopageB4
THE WALL STREET JOURNAL.
Saturday/Sunday, July 25 - 26, 2026 | B1
–20
spending. The startup calls it tokenom- ics, a reference to tokens, the central unit used to measure AI usage. Being economical—or tokenomical— is a dramatic reversal in mindset. Just a few months ago, it was a badge of honor to be using AI so much that you spent a lot on tokens. Companies re- warded employees for tokenmaxxing, flashing leaderboards that showed who had spent the most. Now they are thriftmaxxing. The shift in their budgeting is not just about how much U.S. companies are spending on AI. It’s also a geopoliti- cal issue that pits the world’s economic superpowers against each other. Gener- ally, the best-known U.S. models are closed, which means they are strictly controlled by the companies developing them. China is known for cheaper and open-weight models, which means they can be downloaded and customized. PleaseturntopageB5
Agrees To Pause Its Merger With Warner
last until June 2027 and trigger hundreds of millions of dollars in fees
BY JOE FLINT
Paramount said Friday it wouldn't move forward with its merger with Warner Bros. Discov- ery until legal challenges to the deal are resolved or June 1, 2027, whichever comes first. The concession is the latest blow to the $81 billion merger be- tween entertainment giants Para- mount and Warner, which is being challenged on antitrust grounds by 12 states and the Writers Guild of America, who argue the deal is anticompetitive. Paramount’s decision came after a California federal court had granted a temporary restraining order stopping the deal from clos- ing in 28 days. A hearing on a preliminary in- junction scheduled for next week— that would have barred Paramount from closing the merger while the states’ antitrust lawsuit proceeds— has been canceled. The potential delay in closing could prove expensive for Para- mount. Its agreement with Warner includes a “ticking fee” with pay- ments to Warner shareholders of roughly $650 million a quarter be- ginning in October, until the trans- action closes. Shares in both companies dropped Friday, with Paramount closing down 3.3% and Warner falling less than 1%. The decision to bypass the pre- liminary injunction hearing process could speed up the legal process. “Even if Paramount loses in District Court, this would acceler- ate the time frame for an appeal to the Ninth Circuit Court and po- PleaseturntopageB9
Stock performance, past three months
10% Warner Bros. Discovery Paramount Skydance
–15
May 2026 July June
Source: FactSet
OCTAVIO JONES FOR THE WALL STREET JOURNAL
Y
Boom in China, and Pricey Apparel Follows
says one athletic apparel executive
Athletic apparel
BY HANNAH MIAO AND JON EMONT
angshuo in southern China has long been a rock-climb- ing destination for American and European tourists. But lately, a different demographic has flocked to its limestone cliffs: of- fice workers from China’s big cit- ies. “I needed some exercise and outdoor activities to cope with the high-pressure work environment,” Chen Xue, a 28-year-old auditor from Chongqing, said on a recent cloudy morning, one of a half- dozen climbers clustered around a cave looking out at Yangshuo’s jade-green mountains. China’s rock-climbing boom is part of a larger fitness craze that has taken over the country. The number of marathon participants has doubled since 2017 to more than a million people, and finish- ing times are getting faster, ac- cording to the Chinese Athletics Association. Hyrox, a strenuous fitness com- petition that involves 1-kilometer runs and multiple strength chal- lenges such as hauling weights, had 55,000 participants in China this past year, up from 7,300 a year earlier. Novel racket sports like padel are spreading; the small central city of Hebi has built around 1,600 pickleball courts and has roughly 300,000 pickleball players, according to state televi- sion. And alongside the fitness boom, hiking shoes and yoga pants and other types of athletic gear have become aspirational styles for China’s middle class—even for those who don’t work out. That has made the business of exercise one of the few bright spots in China’s generally dour consumer economy. While foreign automakers and luxury brands are struggling against tough domestic competition and slowing economic growth in China, athletic apparel is a rare market where Western
MARKETS | SPENCER JAKAB
Is the Fed About to Raise Rates?
but next week might tell a different story
For all the hubbub surrounding them, Fed meetings had be- come pretty predict- able. Not any more. Next week’s rate decision is “live,” as they say. Back in May, traders in the futures market were acting as if the chance of a quarter point hike were close to zero. Peace had broken out in the Middle East, and oil prices were having their weak- est quarter in years, easing infla- tionary pressure. That implied probability has risen to about one-third. The out- come hasn’t been so uncertain for
companies such as Lululemon, Hoka and Adidas are increasing sales. “Health is kind of the new wealth in China,” said Rebecca Cai, Asia-Pacific general manager for Swiss premium running shoe brand On. The brand said in a May earn- ings call that quarterly sales in the region it designates as Greater China exceeded the Asia-Pacific regional growth figure of 44%. The company organizes training meet- ups in many cities ahead of the autumn marathon season, tailors its products to Asian body sizes and sells shirts and hats that pro- tect against ultraviolet rays, a pre- occupation for many runners in the country. “The premium category is actu- ally growing faster than the over- all market,” said Cai. Kerry Pan, a 34-year-old in Shanghai working in luxury retail operations, considers herself a price-conscious shopper. But when it comes to fitness, she doesn’t mind spending more. She has purchased On and Brooks running shoes, and spends as much as roughly $300 a month to take classes at a Hyrox-affili- ated gym called Temporary Hu- mans, or TH, because she likes the communal atmosphere and thinks the instructors are the best. She has participated in three Hyrox competitions in the past year, which each cost more than $100 to enter. Classes at TH, which opened last spring, frequently have wait lists. Customers are overflowing the gym’s official group chats. And the company has even added a fit- ness class for 3- to 4-year-olds af- ter customers requested it. “Wellness and fitness are taking over,” said owner Han Lin, who is preparing to open a new location in Shanghai this summer that will be nearly five times the size of the current facility. Puma, Hyrox’s official apparel
Running shoes
years, and it’s no accident. New Fed Chairman Kevin Warsh has abandoned his predecessors’ hints, called “forward guidance,” pledg- ing to let the data talk instead. So the creeping suspicion that the Fed will hike for the first time in more than three years isn’t crazy. At the June meeting, Warsh’s first as chair, nine of 18 partici- pants (only 12 of them vote) fore- saw at least one hike this year, up from zero at the previous meeting. Now, oil prices are up by a third just this month, reigniting infla- tion fears. And Warsh told Con- gress just 10 days ago that he’d have “no tolerance” for inflation,
This year
Participants do core-muscle exercises during the Lululemon Summer Sweat Games in Shanghai in August 2025, above. And in Chongqing, athletes compete in a 100kg sandbag thruster event that June, below.
and footwear partner, reported a 9% jump in Greater China revenue in the first quarter from a year prior. Amer Sports, the parent company of outdoor sports brands including Salomon and Arc’teryx, saw Greater China sales grow about 45% year-over-year in its latest quarter. Even athletic brands that are struggling in the U.S., like Lulu- lemon, have found fertile ground in China, where yoga and Pilates have become popular among afflu- ent urban women. China accounts for more than half of Lululemon’s international store openings planned for this year, and the company expects double-digit revenue growth to continue. Lululemon recently kicked off an annual event held in cities throughout China it calls the Summer Sweat Games, where par- ticipants in Shanghai entered ket- tlebell and pull-up competitions. But the hypercompetitive na- ture of China’s retail environment means success can be fleeting as more brands crowd into the mar- ket. “Lulu was the only real pre- mium brand in China for years, and you’re starting to see real competition,” said Laurent Vasilescu, a retail analyst for BNP Paribas. Lululemon didn’t help itself when it mistakenly brought out Japanese drums at a brand event
Kyrie Zhang, 26, tries rock- climbing in Yangshuo.
Market-implied chance rates will be higher...
April 2026 May June July
Source: CME FedWatch
which has now been above the Fed’s target for more than five years. Even so, it’s a good bet the Fed will stand pat for now. The European Central Bank made a unanimous decision to lift rates last month, but the economic arguments for hiking in the face of commodity-driven inflation are weak. Central banks can’t unblock
in May at the Great Wall of China, triggering a wave of nationalist anger. The company apologized and said the event was intended to honor Chinese culture. Los Angeles-based Alo, one of Lululemon’s chief rivals in the West, has gained buzz on the Chi- nese internet as some travelers purchased its apparel abroad to impress friends back home. “Young people might start with brands like Lululemon at the be- ginning. Then I started to learn about some more fashionable brands like Alo,” said Lily Deng, a content creator in Shanghai, who stopped buying Lululemon because she felt the brand had become too mainstream. Alo opened Chinese social-me- dia accounts for the first time last month and is preparing to enter the country. “Hello China,” it an- nounced on WeChat. “Globally, the competition in our space has always been intense, and we compete very well,” said a Lululemon spokeswoman. “Our view is that competition can be a catalyst.” Some consumers trace the trend to a postpandemic cultural shift in the country. “After Covid, everything changed. It made peo- ple think about what they really want,” said Xu Lin, the owner of Prakasa, a popular yoga studio in Shanghai’s trendy Xuhui district that opened just four years ago. “Everyone wants to have a bet- ter life, not just money, money, money, work, work, work,” added Xu, who goes by the moniker LynnLight professionally.
On July 29
the Strait of Hormuz or make more oil come out of the ground. And, even though the Fed de- nies watching the S&P 500, it cer- tainly seems to. Recent market turbulence, especially among the most interest-rate sensitive stocks, could nudge inflation “hawks” to hold fire. A decision to stand pat has been made easier by the bond
Sales on Chinese e-commerce platforms*
$30 billion
2024 ’26 ’24 ’24
*Douyin, Tmall and JD.com combined Note: Year ended April Source: WPIC
Homegrown Chinese brands are also cashing in. Maia Active, which is owned by Chinese sport- ing conglomerate Anta, is quickly expanding, and offers lower prices for fashionable and functional ath- letic clothing designed for Asian body proportions. The shoe com- pany Li-Ning has become one of the country’s biggest sports shoe brands, worn by many top mara- thon runners. Xtep, another Chinese running shoe brand, owns the China busi- ness of Saucony, the elite Ameri- can shoe brand, which is popular in China’s wealthy coastal cities. It also churns out affordable Xtep- branded running shoes in the $30 to $75 price range, as well as high- end Xtep-branded running sneak- ers. One of the biggest losers has been Nike, which has been a domi- nant athletics retail brand in China since at least the 1990s but is steadily losing ground to local rivals with fresher brand identi- ties. Vasilescu of BNP Paribas calls it the “microbrew effect”: Chinese consumers are chasing new fla- vors. Nike’s revenue in China and Taiwan over the last fiscal year is down 29% from its peak five years ago. Nike says it is focused on righting the ship, including by in- troducing new Chinese-designed products and pushing the brand in a more premium direction. The company is also homing in on fast-growing sports like Hyrox, of- fering a training camp for athletes to prepare for competitions. On an earnings call last month, Nike Chief Executive Elliott Hill said, “We remain committed to serving the Chinese consumer, and we’re going to do it through sport.”
market. It’s effectively tapping the economic brakes all by itself. On Thursday, the 2-year Treasury yield touched its highest in more than a year. So did mortgage rates. Then there’s politics. Unprece- dented pressure on former Chair Jerome Powell to lower rates, and President Trump’s so-far unsuc- cessful efforts to fire him and Gov- ernor Lisa Cook, put Warsh in a tough spot to prove the Fed’s in- dependence. He can’t be fired either. But pushing for a rate hike three months before midterm elections would enrage the White House for little benefit. Warsh’s tough inflation talk has already established his bona fides. Will he walk the walk later this year if job growth stays strong and price pressures worsen? On Thursday, the chance of any rate hike in 2026 rose above 90%. Count on Warsh to explain his thinking next week, but not to telegraph future decisions. Investors need to get used to the strong, silent type.
Outdoor sports gear
FROM TOP: TANG YANJUN/CHINA NEWS SERVICE/VCG/GETTY IMAGES, XINHUA/ZUMA PRESS, GILLES SABRIÉ FOR WSJ
R
Yancopoulos is the rare executive who drives growth with discoveries instead of acquisitions
George Yancopoulos
BY XAVIER MARTINEZ
egeneron Pharmaceuticals co-founder and chief scien- tific officer George Yanco- poulos is more comfortable in a leather jacket than a suit—so much so, his own team had to talk him into wearing one to the White House. He conceded, but not without add- ing a colorful tie, hand-painted by Nobel laureate Wally Gilbert. Yanco- poulos isn’t one to blend in. The meeting with President Trump in April was organized in part to tout Regeneron’s latest invention: a gene therapy that restores hearing to children born with a rare genetic deafness, affecting fewer than 50 newborns a year in the U.S. Regen- eron—at Yancopoulos’s urging—de- cided to give it away, free. “We did it to make a statement,” said Yancopoulos, 66. “We want to remind people that when people are sick, you pray for a miracle. And where do they come from? They come from our industry.” Nearly four decades since he co- founded the biotech Regeneron, Yan- copoulos has more than 1,000 pat- ents worldwide, including 77 granted in the U.S., and written more than 500 scientific papers. He has turned Regeneron into one of the world’s most valuable drug companies, with a market cap of roughly $70 billion, by repeatedly pioneering technolo- gies that opened up entirely new classes of blockbuster drugs. That may not be an option any- more. Regeneron’s flagship eye drug, Eylea, which has preserved the sight of millions of people with a common cause of blindness and generated roughly 80% of the company’s reve- nue at its peak, is facing increasing competition. Another star drug, Dupixent, will begin to lose patent protection in the early 2030s. And since the start of last year, two of Regeneron’s late- stage drugs have failed, sending the stock down more than 15% year-to- date. Many drug companies in Regen- eron’s position would go shopping for a smaller biotech’s late-stage drug. Regeneron is in a stronger po- sition than many other companies to do deals, with more than $18 billion of cash on its balance sheet. Yancopoulos is betting on Regen- eron’s science instead. The company has the broadest pipeline in its his- tory with about 60 drugs under de- velopment in hopes that the more shots on goal, the better. “It may be hard to get another $10 billion asset, but if we get three or four smaller assets, it actually may be as good,” Yancopoulos said. “It’s even healthier for a company in the long term to have multiple pro- grams.” Yancopoulos’s scientific career traces back to age 13, when his grandmother developed dementia. His family was living in the Wood- side neighborhood in Queens, N.Y., where his parents had emigrated from Greece. The teenager wanted to cure his grandmother. An advanced science student at Bronx High School of Science, he tried to regenerate neurons destroyed by disease as a school science project. When that proved too difficult, he switched to experimenting with sin- gle-celled organisms. His work came in ninth in the 1976 Westinghouse Science Talent Search, the presti- gious competition that Regeneron has sponsored since 2016. His idea also sparked the name of the company he would go on to co- found. When Yancopoulos told his fa- ther—a Greek military veteran who later became a salesman in the U.S.— that he wanted to become a scientist,
His style: He used to wear Tevas to the office until a basketball injury forced him to start wearing shoes.
His adventures: Growing up in Queens, he and his friends used to build makeshift rafts and explore an abandoned quarantine hospital on Roosevelt Island.
His dining habits: He refuses to order main courses at Greek restaurants, preferring to order massive spreads of appetizers— like grilled squid, saganaki and eggplant dip—for the whole table to share.
his father steered him toward the private sector. He handed him a newspaper clipping about Roy Vage- los, the Greek American scientist leading research at Merck. Years later, after earning his bachelor’s de- gree, M.D. and Ph.D. at Columbia Uni- versity and staying on as a junior faculty member, Yancopoulos won a $2.5 million faculty grant. Curing dis- eases, his father told him, would take far more money than government grants could provide. By the late 1980s, Yancopoulos was an up-and-coming molecular bi- ologist at Columbia’s campus in northern Manhattan. A neurologist named Leonard Schleifer courted him for more than a year to team up on a biotech venture that Schleifer was starting in a one-bedroom apartment at Cornell University’s medical resi- dent housing. Yancopoulos and Schleifer toured real estate across New Jersey, Long Island and Manhattan—before they finally settled on an industrial park in Tarrytown, N.Y., for Regeneron. Today, Schleifer still runs Regen- eron’s business side, and Yancopou- los runs the science—a partnership that has outlasted the industry’s av- erage executive tenure several times over. “We fight like cats and dogs,”
George Yancopoulos inside the lab, top, and a bioreactor used to grow mammalian cells, above.
Regeneron’s new manufacturing laboratory complex in Tarrytown, N.Y., outside below, and supplies inside, below right.
Schleifer said, “until he points out that he’s right and I’m wrong.” Yancopoulos lives in Westchester County, north of Regeneron’s cam- pus, where he remains close to his four adult children and a growing number of grandchildren. At Regeneron, Yancopoulos’s big- gest wins have come from being years ahead of everyone else. Eylea received regulatory approval in 2011, the next biggest competitor was ap- proved in 2022. Dupixent, first ap- proved in 2017, was nearly five years ahead of the next drug and is now the most widely prescribed antibody on the planet, treating nine different allergic diseases. It is getting harder to stay ahead of rivals. Chinese biotechs are mov- ing quickly to replicate successful science—a threat to the entire indus- try but one that cuts to the core of what Regeneron has been able to capitalize on. Yancopoulos knows it is unlikely he’ll be able to fend off competition for very long, even with unique new discoveries. Instead of betting on one more mega-blockbuster, Regeneron’s re- search spans everything from oncol- ogy to neurodegenerative diseases like Alzheimer’s and Parkinson’s.
Regeneron’s newly completed pre- clinical manufacturing laboratory complex in Tarrytown reveals the scale of that effort. The nearly auton- omous facility allows scientists to grow mammalian cells from geneti- cally humanized mice remotely and monitor stainless-steel bioreactors in real time. It’s a long way from where the company started, with Yancopou- los growing his first cells in one-liter bottles checked and fed by hand ev- ery 12 hours, on homemade wooden roller machines. Nowhere is Yancopoulos’ strategy clearer than in obesity, where dozens of companies are racing to launch their own versions of GLP-1 drugs. Yancopoulos hates the copycat model. “Do we need 168 GLPs? Do we need somebody to make five new versions of Dupixent so they can get a little bit of our business? It just doesn’t seem right,” Yancopoulos said. Yancopoulos is chasing a different angle: Patients on GLP-1s can lose significant amounts of muscle along with fat, a particular risk for older adults, who need the strength to stay independent. Regeneron has been de- veloping a pipeline of muscle-preser- vation drugs that block the body’s natural atrophy systems. By pairing these therapies with weight-loss medications, Yancopoulos hopes to focus on the quality of weight reduc- tion so patients get stronger rather than just thinner. Yancopoulos is also using Regen- eron’s in-house genetic discoveries to tackle obesity. By mining their trove of human DNA, Regeneron scientists discovered what he calls the “lazi- ness gene,” which dictates whether a person is inherently sedentary. The company is developing a drug it hopes will turn off that genetic switch, allowing patients to naturally burn more calories. “The hardest thing that science and arguably humanity tries to do is to come up with breakthroughs and important new medicines,” Yanco- poulos said. “Regeneron has man- aged to deliver time and time again.”
TAX REPORT | LAURA SAUNDERS Congratulations! Someone in your family has received a scholarship or other financial assistance to reduce the sky- high cost of higher education. Now, will those benefits be tax- able? With the fall semester start- ing soon, this is an important question—but answering it often seems to require a Ph.D. “It’s very hard for students and parents to parse what financial as- sistance is taxable and what isn’t,” says Lisa Heller, who chairs a committee on tax-exempt organi- zations for the American Institute of CPAs. For many affluent families, the taxable vs. nontaxable distinction matters because students could owe tax on taxable financial assis- tance at their parents’ rates in- stead of their own. This is due to the kiddie tax. And if the students are depen- dents of their parents, their stan- dard deduction could be small. In addition, the American Opportu- nity Credit of up to $2,500 per student for college costs may not apply, because it begins to phase out at $160,000 of income for married joint filers. This is where a bewildering maze of tax rules comes in. For example, schools must send both the Internal Revenue Service and students a 1098-T tax form show- ing tuition paid and scholarships awarded. But Heller cautions that 1098-Ts don’t tell the full story re- garding what assistance is and isn’t taxable. Often, they don’t in- clude assistance from other organ- izations. Careful planning could also bring tax savings, adds Mark Kan- trowitz, a financial-aid specialist based in Chicago. For example, it often makes sense to use scholar- ships and other assistance for tu- ition. That’s because these funds are often tax-free when used for tuition, but taxable when used for living costs. If the good news of a scholar- ship or other aid has brought you the bad news of complex tax is- sues, here’s help.
Know what assistance is tax- free and what’s taxable. Assuming the school meets the legal require- ments described in IRS Publication 970, funds from scholarships, grants, fellowships and certain waivers are typically tax-free when used for tuition. They’re also likely tax-free when used to pay for required fees, books, sup- plies and equipment. The key here is “required.” If a student uses scholarship dollars to
Intern Boot Camp
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have doubled down on entry-level hiring, arguing that AI-native workers can help propel the com- pany. But what their jobs look like on a day-to-day basis is rapidly changing. Accounting firms don’t need their junior-most hires to do rou- tine tasks that are easily auto- mated. It’s a huge upheaval in a profession that has historically had a defined career pathway. “A lot of people my age are hav- ing a hard time with this idea that technical skills are not the only things we need to succeed,” says Rachel Ryan, a 22-year-old KPMG audit intern studying at Miami University in Ohio. She folded the paper and tried to tear it as neatly as possible when she wasn’t al- lowed scissors to make a logo. More than 60 groups of interns huddled around tables, sifting through income statements, news- paper articles and an org chart. They needed to determine whether a bakery employee had committed fraud. The bakery’s owner, who had grand plans for expansion and had laid off factory workers, seemed like a suspect. But the bookkeeper raised suspicions, too. She was the first to arrive and the last to leave ev- ery night. The two-hour whodunit exercise is designed to encour- age students to avoid bias and use professional judg- ment to solve a tricky accounting problem. About a year ago, when AI adoption in- creased and more
Taxable? That Depends.
consequences. What parents need to know before fall.
buy a computer that’s not re- quired, those funds are likely tax- able. Other student financial assis- tance that’s typically taxable in- cludes funds used to pay for room, board, most travel and optional expenses. In addition, money the student receives for other ser- vices, such as office work, is likely taxable, as are stipends for living expenses. (In these cases, the in- come might be reported on a 1099 or W-2.) Student loans, of course, aren’t
tasks became automated, KPMG leaders considered what skills highly qualified associates would need in their roles going forward. They landed on six categories. One is technical, meaning audit and tax knowledge. The others are critical thinking, agility, business acumen, people skills and profes- sional demeanor. To develop the new training, leaders considered the tasks an as- sociate might do, like reviewing AI agent output or presenting find- ings to their supervisors. Accounting firms typi- cally bring in big classes of entry-level employees because they have high at- trition over the first few years. KPMG, the smallest of the big four firms, employs about 35,000 people in the U.S. and has 2,100 in- terns this summer, of which 950 are assigned to the audit divi- sion. More than 90% of audit and assurance interns receive full-time job offers. The auditing profession used to “just put you on a job and then over five years before you became manager, you did enough that you were ready,” says Shari Schuster, a KPMG managing director who led the training redesign. “We can’t really take that for granted any- more.” Far from headquarters in New York, the KPMG Lakehouse is a gated complex with 800 single-oc- cupancy hotel rooms, a full-service
income. For more clarity, ask the bursar’s office for help in breaking down bills.
Understand the limits of Form 1098-T. As noted above, many col- leges and universities are required to send Form 1098-T both to stu- dents and the IRS. Box 1 has quali- fied tuition and expenses paid by or on behalf of the student. Box 5 gives the amount of scholarships or grants from the institution to the student and from some third parties.
KPMG interns, including audit intern Brandon Padilla, spent time at a facility called the Lakehouse in Florida.
cafeteria, a wine and a sports bar, and 18-hole minigolf. An Uber driver making a pickup at the property called it “Fort Knox.” Professional-services firms have so many training off-sites that having such a facility isn’t un- heard of. Deloitte & Touche has what it calls “Deloitte University,” a leadership center near Dallas. Rather than fly people across the country for meetings and develop- ment events, KPMG instead put its budget toward bringing them to the Lakehouse in Orlando. This summer, the students were split into four houses, each named for a KPMG founder. They earn house points throughout their eight-week internship through challenges de- signed to reinforce their training. At the Lakehouse, the interns spent two hours on “Mission KPMG,” a scavenger hunt with eight activities, including sepa- rating AI-generated fact from fiction, as well as matching the firm’s AI tools to the best-use case. Points were awarded for
But there are hitches. Form 1098-T often doesn’t break out whether a portion of the scholar- ship or related funds are taxable. If, say, the student used aid money for room and board, it’s up to the student or parents to track this. In addition, independent pro- viders of scholarships or assis- tance like stipends aren’t required to issue 1098-T forms. So students and parents are supposed to keep records and report what’s taxable. Both IRS Publication 970 and Tax Topic 421 have information for
speed and creativity. Meeting with a partner earned Brandon Padilla 15 points earlier this summer. The 22-year-old stu- dent at Northern Illinois Univer- sity spent his internship in KPMG’s Chicago office working on client projects and side-quests that challenged him to use the firm’s AI tools. Having these tasks helped him and other interns stay productive and avoid bothering se- nior associates when they had a lull in their work, he says. Padilla, who describes himself as a natural introvert, says he liked the Lakehouse session on networking, something the firm says will be even more important for younger employees. As more tasks are automated, client interactions take on even more significance. Younger em- ployees have more opportunities to explain the work and any issues to clients, firm leaders say. Professional-services firms have historically relied on a pyramid- based model, where scores of ju- nior employees funnel their work up to more senior partners who have been promoted based on tenure. That model could change, says Tim Walsh, chair and chief execu- tive at KPMG U.S. Walsh started at the firm in 1992 as an intern and spent his first job assigned to the copy machine. He isn’t sure what
Time payments carefully. In general, says Kantrowitz, try to match scholarships or other finan- cial assistance to the tax year the relevant costs are incurred. Say that a college sends a bill for tuition and expenses before year-end for the semester begin- ning the following January, and the student will be receiving a fel- lowship for part of it. To ward off confusion, try to pay the bill in the new year to make sure the costs, fellowship and payments fall in the same year for tax purposes.
Coordinate financial assistance and 529 withdrawals to minimize taxes. Many parents save for col- lege costs in tax-favored 529 edu- cation-savings accounts. With- drawals are tax-free when used to pay eligible education expenses, and the rules are often more gen- erous than those for scholarships and grants. This is where planning can save taxes. For example, 529 withdrawals used for room and board can be tax-free if the student is enrolled at least half time, unlike when scholarship dollars are used to pay those expenses. The withdrawals are also tax-free if used for a com- puter, software and internet access that isn’t required by the school but is used mainly for education. Students living and eating off campus can use 529 funds for rent and grocery bills as well, up to limits that are often similar to the school’s room and board charges. If you have a mix of scholarship and 529 funds, there are other considerations. Up to $10,000 of 529-account funds per student can be used to pay down student loans, and 529 funds can be used for graduate as well as undergrad- uate education. Up to $35,000 of 529 funds can be rolled over into a Roth IRA for the account beneficiary (i.e., the student) as well. This benefit comes with limits; among others, the beneficiary must be eligible for a direct Roth contribution. Al- though the IRS hasn’t released full guidance on this provision, tax- payers are using it.
Don’t have nightmares over IRS enforcement. If you’re confused by these convoluted rules, don’t panic. Kantrowitz and other spe- cialists say they’ve seen almost no IRS enforcement of the tax rules in this area. As a result, taxpayers who make reasonable efforts to comply with the law and keep good records likely have little to fear.
shape the future workforce will take but sees KPMG moving more toward a skills-based promotion model, where younger people can potentially leapfrog more senior employees because they have more technology skills. That said, judgment is still key. “We’re not just going to bring our new hires in and have them go at it,” Walsh said. “It does also mean that the oversight, the training, the mentoring will be even more important.” Rivals have adjusted their train- ing, too. PricewaterhouseCoopers will begin requiring AI immersion training for its associates this year. If an employee uses an AI agent to complete a task, she will receive a prompt asking how she plans to review the work. Ernst & Young offers a gamified accounting simulation on college campuses that lets prospective in- terns test their decision-making skills and get feedback. Next year, the firm expects to launch an ex- panded internship program. Del- oitte gives interns access to tutor agents that can provide on-de- mand micro-training. Ryan, the Miami University stu- dent, initially went into college thinking she would graduate with a pre-med degree. She changed course because she wanted a career based more on teamwork. KPMG is her first in- ternship. “I think we all were under the impression that it was going to be technical, technical, technical, punching in Excel numbers,” she says of the audit role. During the logo-design chal- lenge, when the instructions changed every three minutes, Ryan thought to herself: This is harder than I thought. Reflecting back, she realized the point is to learn how to communicate well with the people around you, even if the lack of clarity is frustrating. Throughout the summer, she improved her own AI skills: She used it to flag errors in Excel and even built her own agent. “In the same way that we have to be comfortable in uncomfort- able situations,” Ryan says, “we have to be uncomfortable with the ambiguity of how AI is going to af- fect our jobs in the future.”
KIERSTEN ESSENPREIS FOR WSJ
About Its Stock Drop
and quantum computing
IBM stock has been languishing since July 14, when it pre- announced disap- pointing earnings. But the current AI boom might present only a temporary disruption to its core business. And it will drive op- portunity for the 115-year-old com- pany, says Chief Executive Arvind Krishna, who spoke with me in an interview. To understand where IBM is go- ing, you have to understand where it’s been and how it makes money today. Nearly every time you pay for something with a credit card, that authorization is processed by an IBM system. IBM’s mainframes, servers and software are no less dominant in the core functions of insurance companies, banks, air- lines and other members of the Fortune 500. “When we look at that sort of financial backbone, 70% by value of all transactions flow through the mainframe on a daily basis,” says Krishna. If IBM’s hardware and software suddenly ceased to exist? “The economy as we know it would kind of grind to a halt,” he adds. IBM is infrastructure. And infra- structure might be less exciting than the generative-AI models changing our lives (and running amok), but it’s safe—and profitable. The company reported $4.8 bil- lion in free cash flow in the first half of 2026. Alphabet, meanwhile, just announced that it is cash-flow negative for the first time since its stock-market debut. The tech industry might have abandoned powerful-but-special- ized mainframe computers and shifted to the cloud, but IBM’s cus- tomers—what you might call the “real” economy—still lean heavily on them. Krishna says the firm is counting on that demand to con- tinue for years to come, until the company can debut its next tril- lion-dollar business: quantum com- puting. The stock-market scare came when Krisha told investors that a
tasks will be completed be- fore turning to cheaper models for the execution, Cursor’s Saeks says. Cursor recently ran an experiment to evaluate the cost of building a web browser from scratch. Do- ing the entire task on Ope- nAI’s GPT-5.5 cost a little more than $10,000. Using Cursor’s Composer coding model in combination with Anthropic’s Opus 4.8, cost $1,339. “The best model for a task used to change every few months,” Saeks says. “Now it feels like it’s hap- pening multiple times per week.” An OpenAI spokes- woman said a newer model—GPT 5.6 Sol—has been trained to be much more token efficient, mean- ing it can complete advanced tasks for less money. Anthropic released a powerful, lower-cost model on Friday. A company executive said its users can choose higher intelli- gence or lower cost within its eco- system. Both companies say they support open-weight models. Anthropic and OpenAI have spent years in a race for AI su- premacy—trying to develop ever- more advanced, premium models, only to find now that companies want basic ones, too. The increas- ing popularity of such models has turned the AI race on its head, threatening the heady valuations of Anthropic and OpenAI as they pre- pare for public listings. To fight back, they are trying to lock in cus- tomers, offering partnerships, tens of thousands of dollars in incen- tives and heavily subsidized AI us- age. Executives who favor using An- thropic and OpenAI products say they want the highest level of intel- ligence available and are willing to pay a premium for it. Zoom, known for its videoconfer- encing platform, has been using Llama, an open-weight model re- leased by Meta Platforms, for three years now, and by fine-tuning it, Zoom has saved substantially, Zoom’s chief technology officer Xuedong Huang says. The company currently uses a combination of An- thropic, OpenAI and open models. Huang referenced an ancient
Control AI Spending
ContinuedfrompageB1
Anthropic and OpenAI have ac- cused the Chinese model-makers of ripping off their technology. The companies have called out Chinese AI startups that have made models in widespread U.S. use, including DeepSeek, MiniMax and Moonshot AI. Some companies have so far avoided using Chinese models due to security concerns, while execu- tives at OpenAI and Anthropic have sounded the alarm about potential risks. Some executives and Trump administration officials have sug- gested a ban on such models; oth- ers argue that those favoring re- strictions are trying to stifle competition. On Friday, a group of tech com- panies, including Nvidia, Microsoft and Palantir, signed a letter in sup- port of open models, urging U.S. policymakers to exercise caution on potential restrictions. No matter how such fighting re- solves, many investors and execu- tives say the era of cheaper AI is here to stay. A number of American
Results from cybersecurity benchmark tests, select AI models
MODEL/COMPANY
GPT-5.6 Sol / OpenAI
GPT-5.6 Sol / OpenAI
GPT-5.6 Luna / OpenAI
Kimi K3 / MoonshotAI
GPT-5.6 Terra / OpenAI
swath of valuable orders were de- layed, suggesting that its custom- ers were moderating their spend- ing because their other IT costs had risen on account of the AI boom. He’s now saying he’s confi- dent that most of those deals will close within six months. IBM has been making main- frames since 1964. The company has never given up its core advan- tage in computing: designing its own processors. Its custom Power architecture still drives IBM serv- ers that handle critical business functions. Another custom line, called Tellum II, powers IBM’s lat- est mainframes. In the archipelago of computing architectures—which includes In- tel’s x86, still found in PCs and servers, and the ARM chips that power everything from smart- phones to AI clusters—IBM’s stands alone. It’s an island of de- sign constraints and engineering decisions that evolved across de- cades to serve the company’s de- manding, deep-pocketed custom- ers. IBM’s mainframe processors have huge amounts of on-chip memory, yet relatively few very fast computing cores. These chips are all about processing a stream of data (say, bank transactions) very quickly. By contrast, Nvidia’s latest systems spread massive AI workloads across thousands of pro- cessors. Hardware sales are only about 20% of IBM’s revenue, and main- frames are about a quarter of hard- ware sales, but its software and consulting services are heavily de- pendent on those sales. For every dollar a customer spends on mainframes, they will typically spend an additional $3 to $4 across IBM, says Krishna. IBM employs close to 300,000 people, a vast workforce 50% larger than that of Google parent com- pany Alphabet. One of the original multinational corporations, only 20% of its employees are in the U.S. About 160,000 of IBM’s employ- ees are in its services business. “That has to be local to where the
companies have released or are working on new open models as well. Companies in Silicon Valley were the first to treat AI like any other product and shop for the best deal. The approach began spreading across industries in recent weeks. “There’s zero loyalty that I’m seeing,” says Marty Kausas, chief executive of Pylon, an AI customer support platform. “It really feels like a bloodbath right now.” AI companies are offering cus- tomers like him deals “like crazy” to keep them, he said. His company has received months of unlimited free usage. So far this year, Kausas estimates Pylon has received around $1.6 million in free tokens from one vendor, $65,000 from an- other and $10,000 from another. Microsoft has weighed adding Chinese models on its platforms, including DeepSeek, and executives at a host of startups say they have had conversations about using open models with top executives at fi- nancial institutions, health care companies, insurance providers and others. Cursor can easily embrace model mixing because its coding software is “model agnostic,” meaning users can toggle among advanced models from OpenAI, Anthropic, SpaceX, Google and also Chinese model- makers. Strategies to lower AI costs in- clude limiting access to top models for new hires and using the most advanced AI systems to plan how
0% 10 20 30 40 50 60 Score
0 $20 40 60 80 Cost per run
International Business Machines stock price, year to date
Feb. 23 Claude Code threat
May 28 Major cyber and quantum investment
$350
Jan. 2026 March May July
Source: FactSet
service is being provided, because people want language skills, people want locality, people want you in their office,” says Krishna. “That piece is labor-intensive, let me ac- knowledge that.” Krishna anticipates the AI boom will also boost IBM’s revenue, be- cause most customers need some- one to come in and hold their hand. Only the very biggest non- tech companies have in-house tech expertise to assess and incorporate the latest AI systems, he adds. Hardware being a linchpin of IBM’s revenue is one reason inves- tors found the company’s recent sales decline so alarming.
CEO Arvind Krishna is bullish on IBM’s future.
July 14 CEO’s warning letter
The good news, says Krishna, is that of the large deals IBM failed to close by the end of last quarter— numbering in the “low tens”— about a third closed within the first three weeks of the current quarter. That is much faster than what’s typical for deferred deals, he adds, and he expects 80% of those deals will close within six months. IBM’s near-total dominance of an obscure but important corner of tech hasn’t made it immune to cus- tomers redirecting their IT budgets toward memory and storage chips. Both have skyrocketed in price as the entire silicon supply chain reorients to feeding the AI infra- structure boom. Some analysts be- lieve IBM might miss even its more modest revenue targets for the rest of the year. Krishna pushes back. He expects the dip in revenue to be a one-time event. He also says that, while IBM itself prepurchased $600 million in hardware to get ahead of price in- creases, it isn’t financially prudent for companies to continue buying hardware, only to have it languish in inventory. IBM is an odd duck in the tech- nology industry, in that it contin- ues to have positive cash flow. Gi- ants including Google and Oracle are reporting staggering negative cash flow, and the value of every publicly traded AI neocloud startup has dropped significantly in the
Chinese myth where three ordinary people combine their wits to equal one genius. He believes this method is the “secret sauce” for compa- nies. Barry McCardel, co-founder and CEO of Hex, an AI data analytics platform, said using open models has worked better for many of the startup’s customers, because it’s well-equipped to customize the models using company data or for specific tasks. “We are continually assessing how much we want to commit to any one lab given how dynamic a moment this is,” he said. In the last two weeks, about 50% of Hex’s cus- tomers have adopted Kimi, the model produced by China-based Moonshot, into their workflow. “Any day, the labs can drop a model that hits the frontier,” and Mc- Cardel said his company wants to stay flexible. In the spring, the startup Telnyx, which produces infrastructure for real-time AI agents, or autonomous bots, was running 1,000 agents with a top Anthropic model and an open operating system. The Claude usage, under a top-tier subscription level, cost $200 per employee a month. Then Anthropic stopped allowing third-party operating systems to run on its subscriptions, which it saw as a violation of its terms of service. To continue, Telnyx would have to pay per use.
past six months as investors worry about their mount- ing debt. IBM is investing its profits in its fu- ture, says Krishna, particularly as a leader in quantum computing. By 2029, the com- pany projects, it will offer the world’s first truly useful quantum computer. In June, it said the Trump administra- tion would spend $1 billion to help it set up a quantum-chip manufacturing facil- ity. On Thursday, it announced it will ac- quire HRL Laborato- ries, which brings in complementary re- search on the funda- mental units of quantum computing, called qubits. In conventional chip manufac- turing, IBM continues to do pio- neering research. It recently showed off what it calls the world’s first sub-nanometer chip technol- ogy—although demand for this ar- chitecture is unclear. IBM has also sunk $5 billion into a project called Lightwell, which uses AI to find and help fix vulner- abilities in open-source software. With powerful AI models that can hack into systems rapidly prolifer- ating, this, too, could be a growth opportunity for the company. In 1985, IBM was, briefly, the world’s most valuable company. Then came the PC. Since then, it’s been slow-growing at best. It isn’t clear which of the company’s bets will pay off. But tech companies are spending trillions on AI that has yet to benefit end customers with appreciable returns. So per- haps IBM is the tortoise in this race. Krishna himself is, naturally, bullish on the future of his com- pany. He believes quantum comput- ing will begin to power IBM’s growth in a matter of years, even if critics say it could be more like de- cades. The company’s first-mover advantage in quantum computing could, he believes, boost its for- tunes the way being a first mover in GPUs did for Nvidia. When it comes to the total size of the opportunity for quantum computing, “I have actually upped my estimate,” says Krishna. “I think quantum will be a trillion- dollar value-adder by the end of the ’30s.”
Marty Kausas, right, co-founder of Pylon, meets with a colleague at the AI customer support platform’s headquarters in San Francisco.
“We did the math and it was go- ing to be like 100 grand per day,” says David Casem, the company’s CEO. So he turned to open models. “They worked,” he says. “It’s not like we don’t use OpenAI or An- thropic models, we still do,” he says. “They just don’t do every- thing anymore.” Today, a family of models made by Chinese startup Z.AI is powering the company’s 1,400 agents, which costs around $100 per agent per day. Anthropic’s most powerful model, Fable, acts as a conductor that plans out work while open- weight models do the implementa- tion. OpenAI’s Sol handles a review of what the open-weight models produce. Gabe Pereyra, president of the legal AI startup Harvey, said the company trained GLM-5.2 and pro- vided it with a tool that allows it to “call” Anthropic’s Fable 5 model if it determines that “this is a really hard task.” “We work with all of them,” he said. “We’re figuring out a bunch of solutions like this to maintain per- formance or improve performance and get much better cost.”
MANDEL NGAN/AFP/GETTY IMAGES
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Year ago Last Trailing P/E ratio P/E estimate * Dividend yield
Year ago Last Trailing P/E ratio * P/E estimate * Dividend yield *
t t
Year ago Last Trailing P/E ratio † P/E estimate † Dividend yield *†
51947.25 s 235.60 or 0.46%
All-time high:
All-time high
All-time high
53055.91, 07/06/26
Close DOWN UP 65-day moving average
65-day moving average
65-day moving average
Session open
Bars measure the point change from session's open
May June July
May June July
May June July
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. †Based on Nasdaq-100 Index
1.00
Latest 52-Week %chg High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.
Industrial Average 52118.19 51682.36 51947.25 235.60 0.46 53055.91 43588.58 15.7 8.1 13.6
6.00%
6.00
TransportationAvg 22727.46 22298.68 22476.16 -102.35 -0.45 23933.14 15067.87 37.3 29.5 11.5
S&P
Utility Average 1183.48 1169.13 1172.68 -0.40 -0.03 1190.23 1048.33 8.3 9.8 7.4
4.00
4.00
0.00
80%
Total Stock Market 73928.34 73284.05 73424.64 8.59 0.01 75286.10 61627.03 16.2 8.8 17.2
Barron's 400 1611.70 1598.45 1600.84 4.41 0.28 1635.15 1316.75 18.3 13.3 16.1
Nasdaq Stock Market
Nasdaq Composite 25222.14 24918.09 24975.82 -161.87 -0.64 27093.90 20650.13 18.3 7.5 21.1
Nasdaq-100 28471.48 28053.08 28128.34 -326.47 -1.15 30660.60 22763.31 20.9 11.4 22.1
12%
–12
500 Index 7460.98 7396.53 7411.98 3.68 0.05 7609.78 6238.01 16.0 8.3 17.6
5.00
8.00%
MidCap 400 3810.93 3774.09 3783.86 14.64 0.39 3852.54 3104.60 17.6 14.5 11.8
SmallCap600 1776.78 1759.68 1761.47 -0.52 -0.03 1804.34 1323.05 27.9 20.0 11.7
2.00
2.00
Other Indexes
Russell 2000 2956.88 2927.49 2930.00 -10.16 -0.35 3024.37 2166.78 29.6 18.1 14.2
3.00
NYSE Composite 24085.60 23874.27 23990.88 116.61 0.49 24075.12 20267.69 14.5 9.0 13.6
Value Line 677.62 670.41 673.18 2.77 0.41 682.99 590.50 8.1 7.1 4.4
NYSE Arca Biotech 8715.22 8592.42 8615.87 -44.40 -0.51 8917.63 5640.67 49.5 20.5 17.3
NYSE Arca Pharma 1252.68 1238.55 1247.10 8.55 0.69 1270.42 881.47 30.1 10.8 12.3
KBW Bank 188.95 186.99 188.27 0.83 0.44 191.84 139.52 28.9 14.7 28.3
PHLX§Gold/Silver 317.64 311.25 312.89 -0.29 -0.09 470.37 204.07 46.3 -8.6 35.3
PHLX§Oil Service 96.82 94.14 96.36 2.73 2.92 109.24 58.66 53.2 31.4 1.9
PHLX§Semiconductor 12261.52 11711.39 11818.89 -524.95 -4.25 14634.72 5527.61 109.3 66.9 47.4
Cboe Volatility 19.05 17.41 18.58 -0.12 -0.64 31.05 13.47 24.4 24.3 10.1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
Latest YTD Region/Country Index Close Net chg % chg % chg
World MSCI ACWI 1105.48 –2.20 –0.20 9.0 MSCI ACWI ex-USA 464.41 –3.08 –0.66 10.3 MSCI World 4788.90 6.26 0.13 8.1 MSCIEmergingMarkets 1628.03 –43.82 –2.62 15.9
Americas MSCI ACAmericas 2808.50 2.292 0.08 8.3 Canada S&P/TSX Comp 35369.10 176.44 0.50 11.5 Latin Amer. MSCIEMLatinAmerica 3028.90 –17.41 –0.57 11.8 Brazil Bovespa 174041.95 –2681.67 –1.52 8.0 Chile S&P IPSA 5516.01 17.20 0.31 1.7 Mexico S&P/BMV IPC 66383.26 117.25 0.18 3.2
EMEA STOXX Europe600 644.51 5.24 0.82 8.8 Eurozone Euro STOXX 665.93 5.76 0.87 8.8 Belgium Bel-20 5734.78 42.14 0.74 12.9 Denmark OMXCopenhagen20 1612.90 1.64 0.10 0.3 France CAC 40 8372.28 73.19 0.88 2.7 Germany DAX 25099.00 335.88 1.36 2.5 Israel Tel Aviv 4253.08 26.08 0.62 17.1 Italy FTSE MIB 51802.23 486.39 0.95 15.3 Netherlands AEX 1090.04 3.37 0.31 14.6 Norway Oslo Bors All-Share 2377.49 –12.81 –0.54 22.5 South Africa FTSE/JSE All-Share 109398.05 1063.00 0.98 –5.6 Spain IBEX 35 19585.40 318.40 1.65 13.2 Sweden OMX Stockholm 1108.74 10.45 0.95 6.0 Switzerland Swiss Market 14327.20 112.25 0.79 8.0 Turkey BIST 100 13943.87 –133.80 –0.95 23.8 U.K. FTSE 100 10736.23 97.06 0.91 8.1 U.K. FTSE 250 23801.49 174.16 0.74 5.9
Euro
Asia-Pacific MSCI ACAsia Pacific 263.25 –5.92 –2.20 15.6 Australia S&P/ASX 200 8772.30 –66.69 –0.75 0.7 China Shanghai Composite 3814.20 –62.58 –1.61 –3.9 Hong Kong Hang Seng 24963.23 –247.58 –0.98 –2.6 India BSE Sensex 76059.77 –331.62 –0.43 –10.7 Japan NIKKEI 225 64611.15 –1811.45 –2.73 28.4 Singapore Straits Times 5588.34 6.58 0.12 20.3 South Korea KOSPI 6690.62 –406.27 –5.72 58.8 Taiwan TAIEX 43654.84 –1195.97 –2.67 50.7 Thailand SET 1644.39 3.36 0.20 30.5 Sources: FactSet; Dow Jones Market Data
Pricingtrendson someraw materials, or commodities
Friday 52-Week YTD Close Net chg %Chg High Low % Chg % chg
DJCommodity 1396.95 -13.26 -0.94 1467.33 1037.49 31.34 23.55 FTSE/CC CRB Index 395.67 -4.51 -1.13 406.18 291.69 30.91 32.43 Crude oil,$per barrel 89.31 -2.88 -3.12 112.95 55.27 37.06 55.54 Natural gas, $/MMBtu 2.871 -0.045 -1.54 7.460 2.523 -7.68 -22.11 Gold, $per troy oz. 4067.60 21.00 0.52 5318.40 3293.20 22.00 -5.96
Consumer Rates and Returns toInvestor U.S. consumer rates A consumer rate against its benchmark over the past year
5-year adjustable-rate mortgage (ARM)
5-year Treasury note yield
J 2025
A S O N D J 2026
F M A M J J
Yield/Rate (%) 52-WeekRange (%) 3-yr chg Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.50 Prime rate 6.75 6.75 6.75 l 7.50 -1.50 SOFR 3.64 3.62 3.50 l 4.51 -1.41 Money market, annual yield 0.44 0.44 0.41 l 0.45 -0.11 Five-year CD, annual yield 1.73 1.73 1.67 l 1.73 -1.12 30-year mortgage, fixed† 6.71 6.61 6.11 l 6.81 -0.61 15-year mortgage, fixed† 6.10 6.08 5.55 l 6.13 -0.53 Jumbomortgages, $832,750-plus† 6.71 6.70 6.34 l 6.95 -0.65 Five-year adj mortgage (ARM)† 5.95 5.98 5.66 l 6.26 -0.31 New-car loan, 48-month 6.97 6.97 6.85 l 7.21 -0.54 Bankrate.com rates based on survey of over 1,500 online banks. Base rate posted by 70% of the nation'slargest banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data;Bankrate.com
7411.98 s 3.68 or 0.05%
22.06 24.97 20.23 21.34 1.51 1.62
Current divisor 0.1682481652835
7609.78, 06/02/26
53000
51000
49000
Session high
47000
45000
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Session low
43000
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Selectedrates Five-yearARM, Rate
Bankrate.com avg†: 5.95%
SanDiegoCountyCreditUnion 5.13% San Diego, CA 877-732-2848
Florence Savings Bank 5.25% Florence, MA 800-644-8261
HanscomFederalCreditUnion 5.38% Hanscom AFB, MA 800-656-4328
Schools First FCU 5.38% Santa Ana, CA 714-258-4000
SomersetSavingsBank,SLA 5.63% Bound Brook, NJ 732-560-1700
24975.82 t 161.87 or 0.64%
25.17 24.85 21.10 24.03 1.11 1.20
27093.90, 06/02/26
LatestSession 52-Week Company Symbol Close Net chg % chg High Low % chg
LatestSession 52-Week Company Symbol Close Net chg %chg High Low %chg
Wearable Devices WLDS 3.53 1.30 58.30 102.60 1.30 -77.2 NIP Group ADR NIPG 15.50 4.97 47.20 69.00 4.20 -76.2 Scribe Therapeutics Inc SCTX 21.65 6.65 44.33 25.49 15.00 ... Safety Insurance Group SAFT 103.20 30.26 41.49 103.42 67.04 46.1 Vivakor VIVK 2.91 0.79 37.26 5028.61 1.45 -99.9
707 Cayman Holdings JEM 6.35 1.61 33.97 1620.00 3.40 -99.3 Raytech Holding RAY 3.19 0.75 30.74 58.88 1.40 -92.4 AiRWA YYAI 11.33 2.53 28.69 10576.80 6.40 -99.8 RingCentral Cl A RNG 48.31 9.69 25.09 50.14 23.59 76.8 Noodles NDLS 15.36 3.01 24.37 16.65 3.57 101.9
Rich Sparkle Holdings ANPA 4.27 0.77 22.00 180.64 3.20 -82.9 Defiance Tgt 2xShrt RKLB RKLZ 5.43 0.81 17.53 204.07 1.67 ... GrShr 2xShrt SK Hynix SKDD 14.89 2.19 17.24 20.66 11.22 ... Tenet Healthcare THC 233.20 34.18 17.17 247.21 146.60 57.2 Fermi FRMI 7.40 1.08 17.09 36.99 4.47 ...
Robin Energy RBNE 3.20 -2.48 -43.66 374.25 3.15 -98.7 Faraday Future FFAI 6.49 -4.27 -39.66 541.50 6.40 -98.6 Digital Brands Group DBGI 12.90 -7.14 -35.63 720.00 10.32 -97.3 GrShr 2xLong NBIS Daily NBIL 22.26 -9.61 -30.15 68.49 6.37 ... Leverage 2X LgNBIS Dly NBIG 15.45 -6.65 -30.09 47.81 4.51 ...
Leverage 2x LgBE Dly BEG 27.51 -11.64 -29.72 121.25 10.89 ... Defiance Tgt 2X LgHIMS HIMZ 29.77 -12.10 -28.90 557.48 12.38 -92.1 Maison Solutions MSS 1.84 -0.73 -28.40 198.00 1.75 -96.0 Baiya International Group BIYA 1.93 -0.75 -27.99 220.00 1.91 -99.1 Zevra Therapeutics ZVRA 9.53 -3.00 -23.92 15.04 7.16 -18.4
22000
Eshallgo EHGO 2.09 -0.62 -22.88 13.48 1.12 -83.6 Comstock LODE 3.00 -0.88 -22.68 4.98 2.24 -18.9 Leverage 2X LgCRWV Dly CRWG 15.28 -4.46 -22.59 196.30 14.25 ... MaxLinear MXL 71.59 -19.65 -21.54 128.30 12.77 315.0 Leverage 2X LgCIFR Dly CIFG 10.54 -2.87 -21.43 20.84 4.20 ... Most Active Stocks
Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low
China SXT Pharm SXTC 273,920 18700.5 0.06 -80.82 1046.99 0.05 Ohmyhome OMH 251,229 4546.8 0.50 18.67 2.19 0.23 Intel INTC 179,604 35.0 92.32 -7.89 142.35 18.97 ProShares Bitcoin ETF BITO 158,747 -28.8 8.70 -0.80 23.00 7.87 Golden Sun Technology GSUN 130,864 3366.0 0.21 -39.60 3.31 0.17 * Common stocks priced at$2 a share or morewith anaverage volume over 65 trading daysof at least 5,000 shares =Has traded fewerthan 65days
and Rates Treasury yield curve Yield to maturity of current bills, notes and bonds
maturity
t One year ago
Tradeweb FTSE Friday Close
1 month(s)
3 6 1 years
2 3 5 7 10 20 30
Sources: Tradeweb FTSE U.S. Treasury Close; TullettPrebon; DowJonesMarket Data
Yield (%) 52-Week Total Return (%) Bond total return index Close Last Weekago High Low 52-wk 3-yr
33.05 32.72 25.12 30.01 0.58 0.67
Volume, Advancers, Decliners
NYSE NYSE Amer.
Totalvolume1,092,613,307 13,624,563 Adv. volume 642,713,838 2,487,109 Decl.volume 440,897,556 10,304,100 Issues traded 2,833 293 Advances 1,652 98 Declines 1,073 182 Unchanged 108 13 New highs 88 5 New lows 73 20 Closing Arms† 1.18 3.05 Block trades 3,790 142
Nasdaq NYSE Arca
Totalvolume7,266,309,017 292,462,357 Adv.volume2,609,817,629 158,518,243 Decl.volume4,625,465,472 119,904,803 Issues traded 5,039 2,647 Advances 2,124 1,549 Declines 2,751 1,050 Unchanged 164 48 New highs 108 76 New lows 262 53 Closing Arms† 1.37 1.08 Block trades 40,554 1,494
*PrimarymarketNYSE,NYSEAmerican NYSEArcaonly.
†(TRIN)Acomparisonofthenumberofadvancinganddeclining issueswiththevolumeofsharesrisingandfalling.An Armsoflessthan1indicatesbuyingdemand;above1 indicatessellingpressure.
Yen
Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners
WSJ Dollar Index
2025 2026
Index Currency, vs. U.S. dollar
Exchange- traded fund Nymex crude 9.21% Comex silver 4.67 Corn 4.38 S&P 500 Energy 3.75 Soybeans 3.61 Nymex ULSD 2.85 Bloomberg Commodity Index 2.71 S&P 500 Utilities 2.48 South Korean won 1.93 IBEX 35 1.92 S&P 500 Industrials 1.75 Hang Seng 1.63 Comex copper 1.61 Comex gold 1.37 S&P 500 Real Estate 1.34 Shanghai Composite 1.33 FTSE 100 1.28 S&P 500 Materials 1.24 Lean hogs 1.18 DAX 1.08 S&P 500 Health Care 0.83 Euro STOXX 0.75 NIKKEI 225 0.73 Norwegian krone 0.72 WSJ Dollar Index 0.47 STOXX Europe 600 0.47 S&P 500 Information Tech 0.43 CAC-40 0.40 Mexican peso 0.33 S&P/TSX Comp 0.30 S&P MidCap 400 0.23 Bovespa Index 0.19 Indonesian rupiah 0.13 Indian rupee 0.13 S&P 500 Financials 0.13 Nymex RBOB gasoline 0.09 Chinese yuan 0.02
28000
27000
26000
25000
24000
23000
Australian dollar -0.03
FTSE MIB -0.15
iSh 1-3 Treasury -0.17
VangdTotIntlBd -0.27
S&P/ASX 200 -0.28
S&P/BMV IPC -0.38
Dow Jones Industrial Average -0.38
Canadian dollar -0.53
iShiBoxx$HYCp -0.53
Euro area euro -0.60
S&P 500 -0.61
Wheat -0.70
iSh TIPS Bond -0.71
VangdTotalBd -0.75
S&P SmallCap 600 -0.84
iSh 7-10 Treasury -0.86
Japanese yen -0.89
iShJPMUSEmgBd -0.93
U.K. pound -0.96
iShNatlMuniBd -0.97
Russell 2000 -1.09
Dow Jones Transportation Average -1.09
iShiBoxx$InvGrdCp -1.24
Swiss franc -1.31
S&P 500 Consumer Staples -1.37
Nymex natural gas -1.37
iSh 20+ Treasury -1.50
Nasdaq-100 -1.62
KOSPI Composite -1.91
South African rand -1.98
Nasdaq Composite -2.13
BSE Sensex -2.68
S&P 500 Consumer Discr -6.10
S&P 500 Communication Svcs -6.15 *Continuous front-month contracts
Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies). THE WALL STREET JOURNAL
Methodology Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which reflect total returns). Commodities are represented by the continuous front-month futures contract. Bond exchange-traded fund performance may diverge from that of their underlying index. Bond categories are represented by the following ETFs: U.S. Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S. Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS): iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal Bonds: iShares National Muni; International Bonds: Vanguard Total International; Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
U.S.-dollar foreign-exchange ratesat 5 p.m. ET
US$vs, Fri YTDchg Country/currency inUS$ perUS$ (%)
US$vs, Fri YTDchg Country/currency inUS$ perUS$ (%)
Americas Argentina peso .00071496.4596 3.1 Brazil real .1962 5.0977 –7.6 Canada dollar .7095 1.4095 2.7 Chile peso .001055 947.88 5.3 Colombiapeso .000310 3226.90 –14.4 Ecuador USdollar 1 1 unch Mexico peso .0572 17.4831 –2.9 Uruguay peso .02491 40.1456 2.8 Asia-Pacific Australiadollar .6980 1.4327 –4.4 China yuan .1477 6.7722 –3.2 Hong Kong dollar .1275 7.8426 0.8 India rupee .01037 96.398 7.3 Indonesia rupiah .0000558 17922 7.4 Japan yen .006103 163.85 4.6 Kazakhstan tenge .002105 475.15 –6.4 Macau pataca .1238 8.0796 0.7 Malaysia ringgit .2444 4.0914 0.8 New Zealand dollar .5789 1.7274 –0.6 Pakistan rupee .00360 277.689 –0.9 Philippines peso .0162 61.707 4.7 Singapore dollar .7750 1.2904 0.4 South Korea won .0006851 1459.63 1.3 Sri Lanka rupee .0029766 335.95 8.4 Taiwan dollar .03092 32.337 3.2 Thailand baht .02967 33.700 7.0
A Dow Jones partner
Prediction Market: Largest Company end of December 2026?
This market will resolve to the largest company in the world by market cap on Dec. 31, 2026, as of market close.
NVIDIA: 65%
Commodity, traded in U.S.*
Vietnam dong .00003798 26327 0.1 Europe Czech Rep. koruna .04710 21.233 3.2 Denmark krone .1521 6.5743 3.4 Euro area euro 1.1371 .8795 3.3 Hungary forint .003149 317.56 –3.0 Iceland krona .007951 125.77 0.4 Norway krone .1044 9.5781 –5.0 Poland zloty .2634 3.7965 5.7 Sweden krona .1029 9.7180 5.5 Switzerland franc 1.2223 .8181 3.2 Turkey lira .0211 47.3340 10.2 Ukraine hryvnia .0223 44.8500 5.9 UKpound 1.3323 .7506 1.1 Middle East/Africa Bahrain dinar 2.6518 .3771 0.04 Egypt pound .0195 51.3490 7.6 Israel shekel .3279 3.0496 –4.3 Kuwait dinar 3.2248 .3101 0.7 Oman sul rial 2.5993 .3847 –0.01 Qatar rial .2751 3.635 –0.5 Saudi Arabia riyal .2662 3.7566 0.2 South Africa rand .0594 16.8344 1.6
Close NetChg %Chg YTD%Chg
WSJDollarIndex 97.55 –0.04–0.04 1.70
Sources:Tullett Prebon,Dow Jones MarketData
Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs.; $perlb. July 6.3040 6.3195 6.3025 6.3200 0.0150 2,864 Sept 6.3360 6.3765 6.3090 6.3575 0.0140 139,271 Gold (CMX)-100 troyoz.; $ per troy oz. July 4068.00 4068.00 4068.00 4067.60 21.00 96 Aug 4053.40 4085.20 4024.00 4070.80 20.60 173,991 Sept 4067.40 4097.80 4037.40 4084.50 20.50 2,743 Oct 4080.10 4113.00 4051.40 4098.90 20.80 32,689 Nov 4150.00 4150.00 4089.60 4114.80 21.00 262 Dec 4109.40 4144.00 4081.80 4129.70 20.90 157,027 Palladium (NYM) - 50 troy oz.; $ per troy oz. July 1202.00 1202.50 1200.00 1246.70 –8.60 Sept 1255.50 1265.50 1233.00 1253.60 –8.70 17,242 Platinum (NYM)-50 troy oz.; $ per troy oz. July 1610.20 1610.20 1593.80 1593.40 –5.70 1 Oct 1602.80 1617.10 1578.40 1604.10 –4.70 45,051 Silver (CMX)-5,000 troy oz.; $ per troy oz. July 58.660 58.660 58.660 58.656 0.858 324 Sept 57.920 59.290 57.360 58.906 0.852 81,585 Crude Oil, LightSweet (NYM)-1,000 bbls.; $perbbl. Sept 92.55 92.83 87.68 89.31 –2.88 301,342 Oct 87.03 87.25 83.80 85.15 –1.86 149,783 Nov 82.95 83.11 80.70 81.73 –1.20 104,995 Dec 80.10 80.24 78.42 79.33 –0.77 214,526 June'27 73.42 73.92 72.72 73.48 0.03 136,505 Dec 71.06 71.59 70.51 71.26 0.27 150,779 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Aug 4.3787 4.3850 s 4.1623 4.1806 –.1610 21,651 Sept 4.2740 4.2740 4.0744 4.0954 –.1416 76,959 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Aug 3.4930 3.4940 3.3686 3.3959 –.1005 33,103 Sept 3.3284 3.3320 3.2182 3.2516 –.0726 101,617 Natural Gas (NYM)-10,000 MMBtu.; $per MMBtu. Aug 2.915 2.958 2.859 2.871 –.045 31,014 Sept 2.911 2.979 2.877 2.888 –.032 351,734 Oct 2.945 3.012 2.909 2.919 –.031 146,785 Dec 3.859 3.944 3.841 3.852 –.007 126,843 Jan'27 4.318 4.403 4.301 4.310 … 152,148
Largest 100 exchange-traded funds, latest session.
Friday, July 24, 2026 SSSPDRS&P500G SPYG 114.96 –0.60 7.7 SSSPDRS&P500V SPYV 61.94 0.90 9.0 SSIMSPDRS&P500 SPY 738.93 0.10 8.4 SSSPDRS&P400 MDY 690.71 0.40 14.5 SSTechSel XLK 175.88 –1.44 22.2 VanEckSemicon SMH 561.19 –3.27 55.8 VangdSC Val VBR 244.24 0.90 15.3 VangdExtMkt VXF 236.13 –0.28 12.9 VangdDivApp VIG 238.65 0.59 8.6 VangdFTSEAWxUS VEU 81.62 –0.23 11.0 VangdFTSEDevMk VEA 69.71 –0.10 11.6 VangdFTSE EM VWO 57.80 –0.52 7.5 VangdFTSE Europe VGK 88.41 0.66 5.7 VangdGrowth VUG 83.48 –0.36 2.7 VangdHiDiv VYM 162.23 0.59 13.0 VangdInfoTech VGT 113.30 –0.95 20.2 VangdIntermBd BIV 75.51 0.12 –3.0 VangdIntrCorpBd VCIT 81.19 0.09 –3.1 VangdIntermTrea VGIT 58.32 0.15 –2.7 VangdLC VV 339.85 0.05 8.0 VangdMegaGrwth MGK 84.81 –0.29 2.7 VangdMC VO 80.55 0.29 11.0 VangdRealEst VNQ 100.81 2.15 13.9 VangdRuss1000Grw VONG 121.16 –0.79 –0.5 VangdS&P500ETF VOO 679.14 0.08 8.3 VangdST Bond BSV 77.47 0.09 –1.7 VangdSTCpBd VCSH 78.47 0.08 –1.6 VangdShortTrea VGSH 58.02 0.07 –1.2 VangdSC VB 295.32 0.19 14.5 VangdTaxExemptBd VTEB 49.61 0.20 –1.4 VangdTotalBd BND 72.31 0.08 –2.4 VangdTotIntlBd BNDX 47.80 0.19 –1.1 VangdTotIntlStk VXUS 83.40 –0.26 10.6 VangdTotalStk VTI 364.80 0.03 8.8 VangdTotWrldStk VT 154.20 –0.07 9.3 VangdValue VTV 221.02 0.53 15.7
Friday, July 24, 2026
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
AvantisUSSCValue AVUV 125.28 0.36 22.8 CapGrpDivVal CGDV 48.85 0.29 11.9 DimenUSCoreEq2 DFAC 44.16 0.20 11.5 DirexSemiBl3 SOXL 136.81 –13.14 225.5 InvscNasd100 QQQM 281.68 –1.16 11.4 InvscQQQI QQQ 684.23 –1.12 11.4 InvscS&P500EW RSP 213.57 0.78 11.5 iShBitcoin IBIT 36.35 –0.82 –26.8 iShBrdUSDHYCpBd USHY 36.66 ... –2.0 iShCoreDivGrowth DGRO 77.84 0.83 12.1 iShCoreMSCIEAFE IEFA 96.34 0.61 7.7 iShCoreMSCIEM IEMG 77.05 –1.78 14.6 iShMSCIIntlDev IDEV 88.99 0.57 7.9 iShCoreMSCITotInt IXUS 93.19 –0.19 10.1 iShCoreS&P500 IVV 742.36 0.10 8.4 iShCoreS&P MC IJH 75.77 0.42 14.8 iShCoreS&P SC IJR 144.86 –0.01 20.5 iShCoreS&PTotUS ITOT 162.00 0.07 9.0 iShCoreS&PUSGrw IUSG 181.70 –0.60 8.2 iShCoreUSAggBd AGG 97.46 0.12 –2.4 iShCoreUnivUSDBd IUSB 45.45 0.08 –2.3 iShEdgeMSCIUSAMom MTUM 306.39 –2.42 22.4 iShEdgeMSCIUSAQual QUAL 216.81 0.38 9.2 iShGoldTr IAU 76.23 0.11 –6.1 iShiBoxx$IGCpBd LQD 106.23 –0.03 –3.6 iShMBS MBB 93.11 0.25 –2.2 iShMSCIACWI ACWI 154.30 –0.03 9.1 iShMSCI EAFE EFA 103.41 0.50 7.7 iSh MSCI EM EEM 63.33 –1.97 15.8 iShNatlMuniBd MUB 105.55 0.28 –1.5 iShRussMC IWR 109.36 0.47 13.6
July24,2026
Keyannualinterestratespaidto borrow orlendmoneyin U.S.andinternationalmarkets.Ratesbelowarea guide togeneral levels but don’talwaysrepresentactualtransactions.
Inflation
June index Chg From(%) level May '26 June '25
U.S.consumer priceindex Allitems 333.952 –0.35 3.5 Core 336.882 0.01 2.6
Internationalrates
Week —52-WEEK— Latest ago High Low
Week 52-Week Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week 52-Week Latest ago high low
Prime rates U.S. 6.75 6.75 7.50 6.75 Canada 4.45 4.45 4.95 4.45 Japan 2.125 2.125 2.125 1.875
Policy Rates Euro zone 2.40 2.40 2.40 2.15 Switzerland 0.25 0.25 0.50 0.25
Notes ondata: U.S. prime rate isthe base rate oncorporate loans posted byat least 70% of the 10largest U.S. banks, and iseffective December 11, 2025. Otherprime rates aren’t directly comparable;lending practices varywidely bylocation; Discount rateiseffective December 11, 2025.Secured Overnight Financing Rate isas of July 23, 2026. DTCC GCF Repo Index isDepository Trust & Clearing Corp.'s weighted average for overnight trades inapplicable CUSIPs. Value traded isin billions of U.S. dollars.Federal- fundsrates are Tullett Prebon rates asof 3:30 p.m. ET. Sources:Federal Reserve; Bureau of Labor Statistics;DTCC; FactSet; TullettPrebon Information, Ltd.
Amount Payable / Company Symbol Yld % New/Old Frq Record Amount Payable / Company Symbol Yld % New/Old Frq Record
Amount Payable / Company Symbol Yld % New/Old Frq Record Amount Payable / Company Symbol Yld % New/Old Frq Record Stocks MicroVision MVIS 1:15 /Aug03 Singularity Future Tech SGLY 1:14 /Jul27 WheelerRealEstInvtTr WHLR 1:5 /Jul28 Zeta NetworkGroup ZNB 1:8 /Jul27 Foreign ArdaghMetalPackaging AMBP 8.3 .10 Q Sep24 /Sep10 Emera EMA 3.7 .51996 Q Aug17 /Aug03 Note: Dividend yields as of3:30 p.m. ET Sources: FactSet; Dow Jones Market Data
Increased Encompass Health EHC 0.7 .21 /.19 Q Oct15 /Oct01 First Mid Bancshares FMBH 2.0 .26 /.25 Q Sep01 /Aug18 Heritage Financial HFWA 3.2 .25/.24 Q Aug19 /Aug05 Kingstone KINS 1.0 .06 /.05 Q Aug26 /Aug11 Penske Automotive PAG 2.6 1.44 /1.42 Q Sep01 /Aug14 West Bancorp WTBA 3.8 .26 /.25 Q Aug19 /Aug05 Initial Alphabet Pfd. A GOOGM 6.7 .60 Aug15 /Aug01 Alphabet Pfd. B GOOGN 6.7 .60 Aug15 /Aug01
KEY: A:annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1:stock split and ratio; SO: spin-off.
52-Wk % Stock Sym Hi/Lo Chg New Highs and Lows
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session.
DieboldNixdorf DBD 89.99 2.7 DigitalBridge DBRG 15.92 0.4 DivrsHlthcrNts42 DHCNI 18.03 -0.6 DrugsMadeInAm DMAA 10.72 0.1 EPR Prop EPR 63.69 2.5 EPR PropPfdC EPRpC 28.10 2.9 EQVVenturesIIA EVAC 10.24 0.1 Emera EMA 55.49 0.3 Euroseas ESEA 78.85 1.7 Everest EG 386.87 2.5 FB Bancorp FBLA 15.69 0.8 FinInstitutions FISI 41.18 4.9 FinwardBancorp FNWD 44.92 ... FirstAmerFin FAF 75.96 8.9 FirstBanCorp FBP 29.00 -0.1 FirstBusFinSvcs FBIZ 67.60 1.8 FirstCitizBcshA FCNCA 2237.82 -2.4 FirstCommBkshs FCBC 48.70 2.6 FirstComSC FCCO 34.06 2.1 FirstMidBcshs FMBH 51.22 1.9 1stSource SRCE 86.80 3.2 Fortis FTS 59.21 0.5 FutVisionIIAcqnRt FVNNR 0.25 -14.8 GeneralDynamics GD 388.12 1.3 Gentherm THRM 48.35 -6.4 GlobalShipLease GSL 43.89 1.4 Greif B GEF.B 96.79 1.4 Greif A GEF 78.85 2.4 GrupoCibest CIB 88.04 -0.9 HSBC HSBC 103.94 1.6 HalozymeTherap HALO 82.99 1.3 HamiltonIns HG 36.28 3.7 HanoverBancorp HNVR 25.75 0.9 HomeBancShares HOMB 31.24 0.8 HowmetAerospace HWM 293.00 0.8 Imax IMAX 45.88 -1.3 IndigoAcqn INAC 10.30 ... IndlLogistics ILPT 9.43 0.1 InhibikaseTherap IKT 2.53 ... InstinctBioTechnCo BIOT 50.00 -14.4 IntlGeneralIns IGIC 28.97 3.5 IntlSeaways INSW 93.48 1.0 JakksPacific JAKK 25.52 2.9 Joyy JOYY 74.33 1.9
ACNB ACNB 63.67 -1.2 AXIS Capital AXS 116.95 1.6 AcmeUnited ACU 55.43 2.8 AdvancedBiomed ADVB 24.23 13.1 AldelFinII A ALDF 10.74 0.1 AlerusFinancial ALRS 32.80 1.6 Allstate ALL 260.65 2.1 AmalgamFin AMAL 49.70 1.6 AmerantBncp AMTB 28.63 10.3 AmeriServFin ASRV 4.34 4.6 ApertureAC APUR 9.95 0.3 AppliedIndlTech AIT 348.09 0.9 AvidiaBancorp AVBC 22.75 6.4 BOK Fin BOKF 143.59 0.8 BankofAmerica BAC 62.28 1.3 BankwellFinl BWFG 62.41 2.7 BluerockAcqnA BLRK 10.68 0.9 Broadwind BWEN 5.52 -6.8 BrookfieldInfr BIP 41.65 -0.4 BylineBancorp BY 39.51 2.6 CBL&Assoc CBL 57.84 2.8 CNA Fin CNA 53.77 2.8 COPTDefenseProp CDP 38.16 1.5 CO2EnTransition NOEM 11.02 3.8 CSX CSX 53.41 0.8 CanNtlRlwy CNI 131.55 -0.8 CantorEqPtrsV CEPV 10.50 0.2 CarterBkshrs CARE 35.14 0.3 CassInfoSys CASS 54.87 0.5 Central Banco CBC 32.31 1.0 ChemungFinl CHMG 81.88 8.6 Citizens&Northern CZNC 25.00 4.7 CityHolding CHCO 140.27 1.5 ColonyBankcorp CBAN 22.06 1.3 Concentra CON 32.51 0.3 CorceptTherap CORT 97.63 -1.3 Crane CR 226.99 3.7 Csquare CSQR 23.44 5.9 Cullen/Frost CFR 165.16 1.7 Danaos DAC 140.66 2.0 DelekLogistics DKL 59.00 -1.0
Agriculture Futures Corn (CBT)-5,000 bu.; cents per bu. Sept 462.50 468.00 455.50 464.25 .25 573,222 Dec 486.25 492.00 479.25 487.50 … 780,225 Oats (CBT)-5,000 bu.; cents per bu. Sept 331.50 336.00 323.00 328.25 –4.25 848 Dec 343.25 347.75 335.00 342.50 –1.50 1,750 Soybeans (CBT)-5,000 bu.; centsper bu. Aug 1236.75 1250.50 s 1232.50 1248.00 10.50 66,277 Nov 1242.00 1256.50 s 1238.00 1253.50 9.75 522,727 SoybeanMeal (CBT)-100 tons; $per ton. Aug 330.60 335.60 s 329.50 331.30 1.40 54,417 Dec 331.90 337.30 s 330.70 335.20 3.30 277,032 SoybeanOil (CBT)-60,000 lbs.; cents per lb. Aug 75.41 75.63 74.10 74.33 –1.26 64,954 Dec 72.76 73.06 71.72 72.01 –.97 268,441 Rough Rice (CBT)-2,000 cwt.;$ per cwt. Sept 14.12 14.20 13.82 13.98 –.16 11,818 Nov 14.57 14.57 14.24 14.39 –.15 936 Wheat (CBT)-5,000 bu.;cents per bu. Sept 694.75 711.25 s 659.50 678.00 –18.25 218,857 Dec 712.25 728.25 s 678.00 695.50 –18.25 151,120 Wheat (KC)-5,000 bu.;cents per bu. Sept 759.75 777.50 s 723.25 745.25 –14.50 132,893 Dec 773.25 792.75 s 739.50 761.50 –14.25 104,312 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Aug 345.000 348.950 341.175 345.325 1.550 15,672 Sept 341.000 345.475 337.250 341.450 1.600 19,093 Cattle-Live (CME)-40,000 lbs.; centsper lb. Aug 225.875 228.500 225.475 227.075 1.675 50,794 Oct 221.775 224.125 220.775 222.500 1.125 119,570 Hogs-Lean (CME)-40,000 lbs.; centsper lb. Aug 102.100 103.050 102.075 102.850 .700 35,334 Oct 88.900 89.550 88.550 89.025 .125 120,688 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 656.00 659.00 652.50 654.50 –3.00 6,929 Nov 647.50 651.50 646.50 650.00 –.50 1,013 Milk (CME)-200,000 lbs., centsper lb. July 15.76 15.79 15.76 15.79 .03 5,412 Aug 17.47 17.54 17.20 17.21 –.41 6,160
iShRuss1000 IWB 404.18 0.05 8.2 iShRuss1000Grw IWF 117.65 –0.79 –0.6 iShRuss1000Val IWD 248.24 0.84 18.0 iShRuss2000 IWM 291.17 –0.31 18.3 iShS&P500Grw IVW 132.83 –0.57 7.8 iShS&P500Value IVE 231.36 0.90 9.1 iShSemiconductor SOXX 527.01 –4.40 75.0 iSh7-10YTreaBd IEF 93.03 0.19 –3.3 iShSilver SLV 52.59 1.02 –18.4 iSh20+YTreaBd TLT 83.25 0.10 –4.5 iShUSEqFactRotat DYNF 67.18 –0.04 10.5 iShUSTreasuryBd GOVT 22.48 0.13 –2.4 iSh0-3MTreaBd SGOV 100.64 0.03 0.3 JPMNasdEqPrem JEPQ 57.96 –0.97 –0.3 JanusAAACLO JAAA 50.65 0.04 0.1 JPMEqPremiumIncome JEPI 56.80 0.67 –0.8 JPM UltShIncm JPST 50.48 ... –0.2 ProShUltPrQQQ TQQQ 64.00 –3.47 21.4 SPDRGoldMini GLDM 80.19 0.10 –6.1 SPDR Gold GLD 371.90 0.10 –6.2 SchwabIntEquity SCHF 27.04 –0.15 12.5 SchwabUS BrdMkt SCHB 28.56 0.04 8.9 SchwabUS Div SCHD 33.29 1.49 21.4 SchwabUS LC SCHX 29.12 0.10 8.2 SchwabUS LC Grw SCHG 33.46 0.18 2.6 SSEnergySel XLE 59.62 0.40 33.3 SSFinlSel XLF 56.31 0.86 2.8 SSHlthCrSel XLV 162.57 0.70 5.0 SSIndlSel XLI 182.66 0.40 17.8 SSSPDRBbg1-3M BIL 91.61 0.03 0.3 SSSPDR DJIA DIA 518.76 0.48 7.9 SSSPDRDevxUS SPDW 49.39 –0.12 11.2 SSSPDRS&P500 SPYM 86.96 0.06 8.4
Britain 3.75 3.75 4.25 3.75 Australia 4.35 4.35 4.35 3.60
Overnight repurchase U.S. 3.67 3.61 4.45 3.49
U.S.government rates
Discount 3.75 3.75 4.50 3.75
Federal funds Effectiverate 3.6400 3.6400 4.3300 3.6300 High 3.7000 3.7000 4.5500 3.7000 Low 3.5500 3.5500 4.3200 3.5500 Bid 3.6200 3.6200 4.3200 3.6100 Offer 3.6400 3.6400 4.3300 3.6300
Treasury billauction 4weeks 3.730 3.660 4.300 3.550
JPMorganChase JPM 353.37 0.9 JanusLiving JAN 31.54 2.6 JazzPharm JAZZ 256.75 -0.4 KaratPkg KRT 39.56 2.0 KeenVisionAcqn KVAC 12.99 2.0 KemperDeb2062 KMPB 24.40 0.5 Labcorp LH 298.58 2.0 LakeSuperiorA LKSP 10.17 0.1 LaunchOneAcqn LPAAU 11.48 5.3 Liquidia LQDA 91.10 -3.2 MBX Biosci MBX 66.66 -2.5 ManulifeFinl MFC 43.81 1.4 MidPennBancorp MPB 37.53 1.9 MideraFood MFP 48.86 -1.2 MidlandStBncp MSBI 32.51 4.1 MitsubishiUFJ MUFG 23.08 1.2 NVE NVEC 135.00 -12.4 NatlHlthcrProp NHP 16.29 1.1 NaviosMaritime NMM 80.97 3.0 Neutron LIME 28.99 5.1 Noodles NDLS 16.65 24.4 NorwoodFin NWFL 32.97 1.4 Novocure NVCR 21.45 -11.7 OGE Energy OGE 50.32 0.7 OP Bancorp OPBK 16.00 5.9 OceaneeringIntl OII 53.10 9.8 Ohmyhome OMH 2.19 18.7 OkeanisEcoTankers ECO 59.07 0.7 Old2ndBcp OSBC 24.21 2.2 OmegaHealthcare OHI 51.92 1.5 OptimumBank OPHC 6.30 5.4 OriginBancorp OBK 54.21 2.1 OrrstownFinSvcs ORRF 43.00 1.4 Ovintiv OVV 64.61 2.8 PACS Group PACS 47.62 4.5 PAMT PAMT 16.60 2.7 Paccar PCAR 133.90 1.1 PackagingCpAm PKG 254.49 8.8 PembinaPipeline PBA 51.58 0.3 PlainsAllAmPipe PAA 24.87 -0.4 PlainsGP PAGP 26.65 -0.2 PrincetonBncp BPRN 41.15 7.6 QCR Holdings QCRH 101.42 2.8 RLJ Lodging RLJ 12.51 2.3
13 weeks 3.730 3.760 4.240 3.540 26 weeks 3.835 3.860 4.120 3.475
Other short-term rates
Call money 5.50 5.50 6.25 5.50
Commercial paper (AA financial) 90 days 3.81 3.92 4.32 3.57
Secured Overnight Financing Rate 3.64 3.62 4.51 3.50
Value 52-Week Latest Traded High Low
DTCC GCFRepo Index Treasury 3.657 62.850 4.492 3.504 MBS 3.682 91.470 4.623 3.517
Weekly survey
Latest Week ago Year ago
Freddie Mac 30-year fixed 6.58 6.55 6.74 15-year fixed 5.96 5.93 5.87
AgEagleAerial UAVS 0.67 0.7 AlarumTech ALAR 1.87 -3.1 Albertsons ACI 10.86 -2.1 AligosTherap ALGS 4.00 -13.0 AllstatePfdH ALLpH 19.31 -0.5 AmperCapAcqnRt APMCR 0.12 -17.2 AntelopeEnterprise AEHL 0.43 -25.1 ApimedsPharm APUS 5.44 -13.5 ArcturusTherap ARCT 5.50 -4.5 ArrayTech ARRY 5.25 -5.4 ArtiusIIAcqnRt AACBR 0.15 -6.2 Aterian ATER 0.40 -27.1 AustralianOilseeds COOT 0.38 -5.2 authID AUID 0.72 -0.4 AutonomixMed AMIX 2.90 -16.6 AvalancheTreasury AVAT 0.31 -17.8 B&RTechMergerU BRTMU 9.94 ... BaiyaIntl BIYA 1.91 -28.0 BankofAmPfdHH BACpK 23.91 ... BkofAmericaPfdNN BACpO 17.03 ... BNYM Pfd K BNYpK 24.67 -0.2 BaoshengMedia BAOS 1.10 -31.6 BeyondAir XAIR 5.16 -5.7 BicycleTherap BCYC 3.87 -7.0 BigBear.ai BBAI 2.73 -3.2 BiodexaPharm BDRX 1.64 -1.8 BioHarvestSci BHST 1.82 -4.0 BiomX PHGE 0.18 -4.7 BitOrigin BTOG 0.79 -4.8 BitFuFu FUFU 1.29 ... Blaize BZAI 0.90 -9.2 BluejayDiag BJDX 1.02 -9.6 Bonk BNKK 1.11 -4.3 Brera SLMT 3.81 -15.1 BridgfordFoods BRID 6.33 1.2 CCH CCHH 1.30 -0.7 CDT Equity CDT 2.92 -6.4 CH4NatSolnsAcqnWt MTNE.WS 0.23 -3.7 CMSEngyPfdC CMSpC 16.33 0.1 C3is CISS 0.41 -45.9 CaliberCos CWD 0.54 -18.3 CampingWorld CWH 5.49 1.4 Canaan CAN 0.23 -7.3 CanadaGoose GOOS 8.75 -3.1 Capri CPRI 15.20 -0.6 CardiffOncology CRDF 0.80 -1.3 Cardlytics CDLX 3.62 -6.0 CarlyleSecured CGBD 9.98 0.3 CatheterPrec VTAK 0.23 -35.5 CelsiusHldg CELH 26.54 -0.2 SchwabPfdD SCHWpD 23.91 -0.3 CharterComms CHTR 111.55 -2.5 Children'sPlace PLCE 2.37 -8.7 ChinaSXTPharm SXTC 0.05 -80.8
RTX RTX 214.89 1.7 RenaissanceRe RNR 329.60 3.7 RepublicBcpKYA RBCAA 94.31 3.2 RingCentral RNG 50.14 25.1 RithmCapPfdD RITMpD 25.26 0.3 RoyaltyPharma RPRX 59.72 -0.3 RymanHospitality RHP 133.75 3.3 SAIHEAT SAIH 14.91 8.3 S&T Bancorp STBA 52.12 1.6 STAK STAK 12.00 602.3 SafeBulkers SB 7.79 1.6 SafetyInsurance SAFT 103.42 41.5 ScribeTherapInc SCTX 25.49 44.3 ShoreBancshares SHBI 23.92 3.1 SiriusPoint SPNT 25.42 2.4 SmartFinancial SMBK 50.12 1.9 SolariusCapA SOCA 10.30 0.2 SonocoProducts SON 58.62 3.4 SouthBow SOBO 38.94 -0.4 SouthernCrossAcU NCOOU 10.04 0.2 SoMO Bancorp SMBC 79.13 -0.1 SPACSphereAcqn SSAC 10.02 0.1 StrawberryFldREIT STRW 14.31 1.5 SunLifeFinancial SLF 82.44 1.0 Sunoco SUN 77.03 0.8 SunocoCorp SUNC 77.55 0.7 TargaResources TRGP 291.04 -1.5 TechnipFMC FTI 77.92 1.0 TompkinsFin TMP 101.49 9.1 Travelers TRV 389.11 2.9 TrustcoBank TRST 57.87 1.6 Unitil UTL 56.18 0.5 USCB Financial USCB 21.83 6.4 Ventas VTR 100.84 2.7 WSFS Financial WSFS 82.30 1.1 Wabtec WAB 302.96 1.5 Welltower WELL 252.94 2.0 WesBanco WSBC 41.31 2.9 WesternMidstrm WES 48.63 -1.0 WorldKinect WKC 41.20 5.2 XeniaHotels XHR 21.66 2.2 Youdao DAO 15.74 4.8 Lows
Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 5,320 5,438 5,227 5,376 75 67,494 Dec 5,464 5,570 5,371 5,510 69 52,191 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 311.50 318.55 306.40 313.80 4.40 60,754 Dec 297.70 303.30 293.25 298.05 1.60 57,436 Sugar-World (ICE-US)-112,000 lbs.;cents per lb. Oct 14.69 14.79 14.54 14.77 .08 495,062 March'27 15.58 15.64 15.41 15.63 .05 299,829 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 36.25 36.25 36.25 36.25 … 190 March'27 36.75 36.75 36.75 36.75 … 1,465 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct 80.13 80.13 78.43 78.55 –1.29 137 Dec 81.29 81.60 79.68 79.98 –1.23 198,171 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept 144.55 146.15 141.50 141.75 –5.05 7,829 Nov 148.50 149.40 146.10 145.65 –5.05 1,103
Interest Rate Futures Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of100% Sept 111-190 112-030 111-100 111-190 5.0 2,445,177 Dec 111-130 111-130 111-120 111-080 5.0 21 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 109-180 110-040 109-110 109-230 8.0 1,839,604 Dec 109-020 109-220 108-310 109-100 8.0 7,823 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 108-050 108-155 108-010 108-105 7.5 5,268,615 Dec 107-295 108-080 107-265 108-030 7.5 12,934 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 105-307 106-057 105-282 106-025 5.2 6,159,676 Dec 106-000 106-017 106-000 106-000 5.5 17,652 2Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 102-222 102-250 102-214 102-236 1.9 4,354,597 Dec 102-192 102-220 102-187 102-206 1.9 5,840 30Day Federal Funds (CBT)-$5,000,000; 100 - dailyavg. July 96.3650 96.3675 96.3650 96.3675 .0025 318,878 Aug 96.2850 96.3000 96.2750 96.2800 –.0050 871,990 Three-Month SOFR (CME)-$1,000,000; 100 -daily avg. May 96.3450 96.3450 t 96.3450 96.3475 .0050 5,372 Dec 95.8500 95.8800 t 95.8350 95.8550 .0200 1,729,366
Currency Futures Japanese Yen (CME)-¥12,500,000; $per 100¥ Aug .6116 .6121 .6113 .6114 –.0002 1,498
Bonds | wsj.com/market-data/bonds/benchmarks Global Government Bonds:Mapping Yields
Yields and spreads over or under U.S. Treasurysonbenchmark two-yearand 10-year government bonds in selected other countries; arrows indicatewhether the yield rose(s)or fell(t)in thelatest session
Country/ Yield(%) SpreadUnder/Over U.S.Treasurys, inbasispoints Coupon (%) Maturity, in years Latest(l)0 1 2 3 4 5 6 Previous Monthago Year ago Latest Prev Yearago 4.125 U.S. 2 4.328 t l 4.358 4.136 3.924 4.375 10 4.678t l 4.703 4.400 4.408
2.250 Australia 2 4.728 s l 4.624 4.463 3.395 39.3 26.9 -53.7
4.250 10 5.092 s l 5.003 4.775 4.369 41.2 30.3 -3.3
2.400 France 2 3.007 t l 3.065 2.686 2.188 -132.9 -129.0 -174.3
3.700 10 3.977 t l 4.033 3.527 3.371 -70.3 -66.7 -103.1
2.500 Germany 2 2.835 t l 2.889 2.559 1.934 -150.0 -146.6 -199.7
3.000 10 3.204 t l 3.230 2.866 2.705 -147.6 -147.0 -169.7
2.650 Italy 2 3.042 t l 3.097 2.725 2.119 -129.3 -125.8 -181.2
3.800 10 3.998 t l 4.071 3.596 3.539 -68.2 -62.9 -86.4
1.400 Japan 2 1.520 s l 1.496 1.426 0.844 -281.6 -285.9 -308.7
2.700 10 2.816 s l 2.775 2.672 1.603 -186.4 -192.5 -279.9
2.400 Spain 2 2.891 t l 2.935 2.608 2.064 -144.4 -142.0 -186.7
3.400 10 3.646 t l 3.674 3.280 3.239 -103.4 -102.6 -116.3
4.375 U.K. 2 4.415 t l 4.504 4.143 3.873 8.0 14.9 -5.9
1.125 10 5.033 t l 5.103 4.685 4.625 35.3 40.3 22.3
Source: Tullett Prebon, TradewebFTSE U.S. TreasuryClose Corporate Debt Prices of firms' bonds reflect factors including investors' economic,sectoral and company-specific expectations Investment-grade spreadsthat tightened the most…
Spread*,in basispoints Issuer Symbol Coupon(%) Yield (%) Maturity Current One-daychange Lastweek
SammonsFinancialGroupGlobalFunding … 5.100 5.30 June 22, ’31 88 –12 n.a. Toyota Motor Credit … 4.450 4.62 June 29, ’29 26 –9 n.a. PNC Bank … 4.050 4.77 July 26, ’28 44 –6 50 Athene Global Funding … 5.133 5.22 June 1, ’29 86 –4 85
3M MMM 5.700 5.46 March 15, ’37 78 –4 n.a. Citigroup C 8.125 5.64 July 15, ’39 99 –3 99 ING Bank … 4.555 4.79 July7, ’29 44 –3 44 Berkshire Hathaway Finance … 5.750 5.26 Jan. 15, ’40 58 –2 60 …And spreads that widened themost
Metropolitan LifeGlobal Funding I … 5.400 4.75 Sept. 12, ’28 42 12 n.a.
United Parcel Service UPS 6.200 5.45 Jan. 15, ’38 79 8 n.a.
Oracle ORCL 5.375 7.52 July 15, ’40 284 6 249
Banco Santander … 3.490 5.11 May 28, ’30 69 6 n.a.
Royal Bank ofCanada RY 2.300 4.93 Nov. 3, ’31 50 4 n.a.
Toyota Motor Credit … 1.900 4.98 Sept. 12, ’31 56 4 52
Williams WMB 6.300 5.90 April15, ’40 124 4 n.a.
Ally Financial ALLY 8.000 5.68 Nov. 1, ’31 126 3 131 High-yield issueswiththebiggestprice increases…
BondPrice as %offacevalue Issuer Symbol Coupon (%) Yield (%) Maturity Current One-daychange Lastweek
Occidental Petroleum OXY 6.200 6.04 March 15, ’40 101.444 0.92 101.930 DISH DBS … 5.125 8.74 June 1, ’29 91.063 0.56 90.625 ParamountGlobal … 4.375 8.79 March 15, ’43 61.750 0.41 62.341 AAdvantage Loyalty IP … 5.750 5.85 April 20, ’29 99.750 0.12 100.007
Bath & Body Works BBWI 6.875 6.75 Nov. 1, ’35 100.815 0.07 102.200 …And withthe biggest price decreases
TevaPharmaceuticalFinanceNetherlandsIII … 4.100 6.39 Oct. 1, ’46 74.250 –0.22 75.839 Occidental Petroleum OXY 6.450 5.75 Sept. 15, ’36 105.303 –0.11 106.431 Paramount Global … 6.875 8.32 April30, ’36 90.432 –0.09 91.250 Rakuten … 9.750 6.37 April15, ’29 108.298 –0.05 108.800
Verde Purchaser … 10.500 9.53 Nov. 30, ’30 101.962 –0.04 103.000 Transocean International … 6.800 7.47 March 15, ’38 94.843 –0.03 95.053
*Estimated spread over 2-year,3-year,5-year, 10-year or30-year hot-run Treasury; 100basispoints=one percentage pt.;change inspread shown isfor Z-spread. Note: Data are forthe most active issue ofbondswith maturitiesof twoyears or more Source: MarketAxess
Cloudastructure CSAI 0.24 -4.5 Comcast A CMCSA 21.28 1.7 CuranexPharm CURX 0.19 -6.1 CXApp CXAI 0.11 -8.8 Cyabra CYAB 0.26 -5.4 Cyngn CYN 1.08 -3.6 DaqoNewEnergy DQ 11.38 -2.0 DataStorage DTST 3.00 -4.3 DigitalCurrX DCX 0.63 -11.3 DisciplinedGrwthA DGAC 9.85 0.1 Dominari DOMH 2.61 -2.9 DragonflyEnergy DFLI 1.39 -1.4 Dreamland TDIC 2.58 -6.3 DukeEnerDeb78 DUKB 22.65 -0.3 EVI Industries EVI 13.84 -2.2 EHang EH 4.89 -3.7 ElongPower ELPW 0.19 -15.1 enCoreEnergy EU 1.14 -5.8 Enlivex ENLV 4.08 -3.7 Enovix ENVX 3.91 -9.0 EntergyBds66 ENO 20.82 0.1 EosEnergy EOSE 3.47 -6.7 EVgo EVGO 1.41 -6.0 eXoZymes EXOZ 4.66 0.2 ExynTech EXYN 2.52 -13.7 FTC Solar FTCI 2.94 -14.5 FaradayFuture FFAI 6.40 -39.7 FibroBiologics FBLG 0.70 -3.2 FilanaTherap FLNA 0.89 -4.4 FingerMotion FNGR 0.26 -4.3 FlashSports&Media FLZH 1.35 -15.3 FluxPower FLUX 0.59 -7.7 FranklinStProp FSP 0.43 -2.9 GRI Bio GRI 1.41 -3.3 GSRVAcqnRt GSRVR 1.10 -7.9 GabelliDivPfdH GDVpH 21.32 ... Gauzy GAUZ 0.30 -10.8 GenerationIncm GIPR 0.64 -12.3 GeniusGroup GNS 0.17 -5.4 GeoVaxLabs GOVX 0.69 -13.0 GettyImages GETY 0.42 2.6 GoldenSunTech GSUN 0.17 -39.6 GoldgroupMining GORO 1.95 -12.7 Grandstand GRSD 1.63 -1.8 GreenlandEner GLND 1.98 -8.6 Greenlane GNLN 2.05 0.5 GreenTree GHG 1.10 0.9 GreenwaveTech GWAV 2.63 -6.2 ASUR ASR 259.01 -0.8 GuardforceAI GFAI 0.34 -5.9 HadronEnergy HDRN 1.65 -14.3 HaoxiHlthTech HAO 0.16 -2.6 HealthcrTriangle HCTI 1.62 -5.3 Heartbeam BEAT 0.50 -4.4
Sept .6129 .6136 .6125 .6128 –.0002 422,346 Canadian Dollar (CME)-CAD100,000; $ perCAD Aug .7107 .7112 .7093 .7101 –.0011 442 Sept .7117 .7126 .7101 .7110 –.0011 363,601 British Pound (CME)-£62,500; $ per£ Aug 1.3320 1.3341 1.3308 1.3325 .0009 579 Sept 1.3315 1.3350 1.3306 1.3325 .0009 257,240 Swiss Franc (CME)-CHF 125,000; $perCHF Sept 1.2313 1.2333 t 1.2284 1.2290 –.0020 108,554 Dec 1.2440 1.2440 t 1.2418 1.2419 –.0019 603 Australian Dollar (CME)-AUD 100,000; $perAUD Aug .6966 .6991 .6965 .6980 .0016 667 Sept .6964 .6995 .6960 .6977 .0017 225,599 Mexican Peso (CME)-MXN 500,000; $ perMXN Aug .05694 .05712 .05694 .05709 .00017 938 Sept .05683 .05710 .05682 .05696 .00017 200,945 Euro (CME)-€125,000; $per€ Aug 1.1389 1.1407 1.1378 1.1380 –.0007 13,565 Sept 1.1402 1.1426 1.1389 1.1394 –.0007 769,842
Index Futures Mini DJIndustrial Average (CBT)-$5xindex Sept 51920 52314 51846 52124 230 81,816 Dec 52287 52679 52274 52531 223 241 Mini S&P 500 (CME)-$50xindex Sept 7450.50 7496.50 7431.50 7447.50 2.50 1,883,012 Dec 7515.75 7562.50 7498.25 7514.25 2.50 31,707 Mini S&P Midcap 400 (CME)-$100xindex Sept 3787.30 3827.60 3782.30 3800.30 13.80 36,297 Dec … … … 3828.20 12.50 n.a. Mini Nasdaq 100 (CME)-$20x index Sept 28700.25 28736.00 28212.50 28282.25 –338.50 288,469 Dec 28974.25 29003.50 28509.50 28573.25 –339.75 1,856 Mini Russell 2000 (CME)-$50xindex Sept 2948.50 2969.70 2934.50 2941.30 –10.40 417,697 Dec 2973.00 2993.10 2958.00 2963.60 –10.70 438 Mini Russell 1000 (CME)-$50xindex Sept 4051.40 4069.30 4049.30 4056.30 1.80 5,761 U.S. Dollar Index (ICE-US)-$1,000 xindex Sept 101.32 101.36 101.09 101.30 .02 55,950 Dec 101.01 101.01 100.83 101.00 .02 280
HeartcoreEnts HTCR 2.18 -3.3 Hesai HSAI 14.29 -1.1 HoneywellAero HONA 192.03 4.2 HouseofDoge HODO 0.48 -23.3 HubCyberSecurity HUBC 1.01 -4.4 Hydrofarm HYFM 0.63 -0.6 ICZOOMA IZM 0.25 -6.0 IM Cannabis IMCC 0.11 -9.2 Imunon IMNN 1.51 -9.0 InfiniteEagleRt IEAGR 0.16 -0.1 InnovativeEyewr LUCY 0.65 -6.4 InovioPharm INO 0.96 -4.9 Intellicheck IDN 3.59 -1.1 IperionX IPX 21.00 -1.7 iPower IPW 0.56 -19.3 iSpecimen ISPC 1.93 -11.7 JaguarHealth JAGX 0.95 -6.5 Jet.AI JTAI 1.96 -2.9 Jiayin JFIN 2.15 -2.7 JinkoSolar JKS 14.78 -6.0 JinxinTech NAMI 3.00 -3.5 JPMorganPfdMM JPMpM 16.83 0.1 JupiterNeurosci JUNS 0.11 -20.9 KALA BIO KALA 0.59 3.9 KaileraTherap KLRA 16.76 1.7 KestrelGr6.625-46 MHLA 10.24 0.7 LiBangIntl LBGJ 0.03 -1.0 LibertyBroadbandA LBRDA 26.14 -2.8 LibertyBroadbandC LBRDK 26.25 -2.8 LibertyGlobalA LBTYA 9.43 -5.8 LibertyGlobalC LBTYK 9.30 -3.8 LionGroup LGHL 0.88 -26.6 LisataTherap LSTA 1.64 -21.2 loanDepot LDI 0.93 4.4 LumentFinance LFT 0.79 -0.7 MiraPharm MIRA 0.83 -5.0 MP Materials MP 41.12 -7.5 MV Oil MVO 0.58 -0.6 MaisonSolutions MSS 1.75 -28.4 ManhattanBridge LOAN 3.96 -3.2 MarketTechAcqn MTAKU 9.97 -0.3 MatinasBioPharma MTNB 0.23 -3.1 Megan MGN 0.06 -16.2 Merlin MRLN 3.27 -1.6 MesaRoyalty MTR 2.89 -2.0 Microvast MVST 0.78 -7.0 MicroVision MVIS 0.25 -8.6 Mint MIMI 1.79 -9.7 Mobile-health MNDR 2.13 -17.1 ModularMed MODD 2.44 -17.4 MolsonCoorsA TAP.A 39.51 -3.6 MuranoGlblInvts MRNO 0.20 -3.2 NetPower NPWR 1.40 -4.1 NauticusRobot KITT 0.76 0.4
NeuroOneMed NMTC 1.77 2.7 NewGenIvf NIVF 1.10 -9.8 NexentisTech NXTS 1.76 -5.8 NexeraTech NEXR 0.32 -7.4 NiagenBio NAGE 3.12 0.6 NoahHoldings NOAH 8.47 -0.8 NouveauMonde NMG 1.26 -3.8 Nuwellis NUWE 1.95 -6.8 OceanPwrTech OPTT 0.14 -18.3 OceanhawkAcqnRt OHACR 0.24 -4.3 Offerpad OPAD 4.02 -9.7 One&OneGreen YDDL 1.65 -6.9 Onfolio ONFO 0.09 -3.3 OpendoorWtK OPENW 0.33 -3.3 OraclePfdD ORCLpD 38.14 -2.4 Oracle ORCL 114.75 -4.2 PMGC ELAB 0.87 -5.2 PRF Tech PRFX 1.10 -1.3 ProceptBio PRCT 16.67 -4.9 PalomaAcqnIWt PALOW 0.30 -14.3 ParamountSkydance PSKY 8.17 -3.3 PennantParkFR PFLT 6.83 -0.3 Peraso PRSO 0.68 -5.9 PhoenixNewMedia FENG 1.40 -2.4 PolaryxTherap PLYX 2.00 -2.8 ProfDiversity IPDN 0.33 -6.8 Profusa PFSA 1.60 -2.8 ProKidney PROK 1.45 -1.3 PrudentialNt58 PRS 21.62 ... PublicStoragePfdR PSApR 15.16 0.2 QXO QXO 13.32 -1.2 QuantumScape QS 4.81 -4.5 RadiopharmTher RADX 2.73 -17.2 RamacoRscsA METC 10.31 -7.6 RamacoRscsB METCB 7.27 -4.6 RareEarthsAmericas REA 10.57 -7.1 ReadyCapital RC 1.47 -0.7 RebornCoffee REBN 0.91 -18.8 RedCloud RCT 0.20 1.1 RedHillBio RDHL 0.63 -5.2 ReitarLogtech RITR 0.09 -18.5 RenttheRunway RENT 2.88 -1.0 RobinEnergy RBNE 3.15 -43.7 Rubico RUBI 2.10 -5.9 SES AI SES 0.49 -6.3 SIGA Tech SIGA 3.03 -1.3 SLScience SLBT 2.80 -1.6 SachemCapital SACH 0.80 -0.6 SentiBiosciences SNTI 0.40 -5.3 SeresTherap MCRB 4.92 -5.1 ServeRobotics SERV 4.80 -4.6 SilexionTherap SLXN 2.20 -4.6 SiNtxTech SINT 1.40 -7.9
Source: FactSet
SolidPower SLDP 2.05 -3.3 SouthernNts77 SOJC 20.07 ... SouthernNts20 SOJD 18.95 -0.2 SperoTherap SPRO 1.08 2.6 StandardNuclear STDN 7.97 -5.5 StarfightersSpace FJET 3.39 -7.5 Stem STEM 5.45 -5.5 Stereotaxis STXS 1.28 -8.5 StifelFinlPfdB SFpB 22.33 -0.1 Sui SUIG 0.97 -5.7 SunPower SPWR 0.47 -3.7 SunshineBio SBFM 1.66 -2.9 SuperXAITech SUPX 6.20 11.0 SurgePays SURG 0.24 -5.1 TMCtheMtlsWt TMCWW 0.04 13.7 T-MobileUS2070 TMUSI 20.15 0.8 TomiEnvl TOMZ 1.39 -5.5 T3Defense DFNS 3.70 11.5 Taoping TAOP 0.72 -15.4 Teamshares TMS 5.45 1.6 TechTarget TTGT 3.38 -4.5 TempestTherap TPST 0.87 -1.6 TenonMedical TNON 0.18 -3.7 The9 NCTY 3.14 -13.5 TilrayBrands TLRY 3.80 -2.8 TizianaLife TLSA 0.87 -12.5 TonixPharm TNXP 9.81 -7.0 Toppoint TOPP 0.55 -17.5 TrawsPharma TRAW 0.46 -6.1 TreasureGlobal TGL 3.02 -2.2 TrinityBiotech TRIB 8.00 -5.7 TriplePtVent TPVG 4.39 0.5 TruistFinlPfdO TFCpO 20.26 -0.3 TScanTherap TCRX 0.79 -6.2 Tucows TCX 8.46 -3.7 US BancorpPfdM USBpR 15.09 -0.3 USGoldMining USGO 7.39 -3.4 Uber UBER 65.56 -4.3 uCloudlink UCL 0.78 1.8 VCIGlobal VCIG 0.49 -19.7 Valneva VALN 4.75 ... Veea VEEA 0.16 -2.1 Vestand VSTD 0.07 -45.2 VikingAcqnII VII.U 9.99 ... VivosTherap VVOS 0.36 0.6 VivoSimLabs VIVS 0.41 -6.9 VolitionRX VNRX 0.99 -7.4 WellsFargoPfdAA WFCpA 18.00 -0.1 WestwaterRscs WWR 0.40 -4.0 WetourRobotics WETO 0.08 -11.8 Winmark WINA 330.63 -0.9 Yimutian YMT 0.27 -28.0 YorkSpace YSS 16.53 -3.2 ZionsBncpPfdA ZIONP 18.08 -0.7
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading volume.
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher.
Footnotes:
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four quarters.
Stock tables reflect composite regular trading as of 4 p.m. ET and changes in the official closing prices from 4 p.m. ET the previous day.
Friday, July 24, 2026
Friday, July 24, 2026
YTD 52-Week Yld Net %Chg Hi Lo Stock Sym % PE Last Chg
YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg 19.61 43.60 30.51 CareTrustREIT CTRE 3.6 28 43.25 0.90 5.06 435.92 293.43 Carlisle CSL 1.3 20 336.04 4.49 -23.19 69.85 39.60 Carlyle CG 3.1 31 45.40 0.99 -13.79 34.03 23.45 Carnival CCL 2.3 12 26.33 1.06 91.75 625.99 228.00 CarpenterTech CRS 0.1 64 603.69 2.15 30.36 81.09 50.24 CarrierGlobal CARR 1.4 45 68.88 -0.27 -28.37 97.38 54.46 Carvana CVNA ... 30 60.46 0.27 55.89 927.85 490.00 CaseysGenStores CASY 0.3 45 861.63 -13.62 55.14 1073.46 405.46 Caterpillar CAT 0.7 44 888.73 -5.81 3.27 474.02 161.84 Celestica CLS ... 37 305.28 -29.47 4.96 13.67 7.86 Cemex CX 0.8 39 12.06 -0.20 -8.25 377.54 244.82 Cencora COR 0.8 24 309.89 4.83 73.05 32.07 13.98 CenovusEnergy CVE 1.1 16 29.28 -0.44 54.09 69.36 25.07 Centene CNC ... dd 63.41 -0.33 16.22 45.22 36.59 CenterPointEner CNP 2.2 27 44.56 0.33 ... 386.34 160.81 CerebrasSystems CBRS ...173 199.12 -20.88 13.59 238.85 144.26 CharlesRiverLabs CRL ... dd 226.58 -2.71
3.49 17.65 12.33 AES AES 4.7 8 14.84 0.01 13.90 125.93 96.95 Aflac AFL 1.9 14 125.60 1.26 -1.21 12.19 9.31 AGNC Invt AGNC 13.6 6 10.59 0.03 47.79 45.66 17.86 APA APA 2.8 8 36.15 -0.27 128.82 45.52 9.29 ASE Tech ASX 0.8 55 36.84 -2.62 64.24 1999.96 683.48 ASML ASML 0.4 55 1757.09 -45.91 -22.62 133.86 36.08 AST Space ASTS ... dd 56.20 -2.98 -2.86 29.79 19.89 AT&T T 4.6 8 24.13 1.17 72.36 205.31 70.42 ATI ATI ... 65 197.80 -2.04 8.19 13.54 5.45 AXIAEnergia AXIA 9.6 15 9.91 -0.21 -17.74 137.49 81.97 AbbottLabs ABT 2.4 33 103.06 2.31 13.51 261.63 187.62 AbbVie ABBV 2.7128 259.36 2.44 -6.79 148.83 65.67 Abivax ABVX ... dd 125.70 -5.46 -45.21 291.09 118.15 Accenture ACN 4.4 12 146.99 8.25 -8.30 380.17 257.04 Acuity AYI 0.2 22 330.14 3.17 -35.68 376.16 190.12 Adobe ADBE ... 13 225.11 12.94 -2.06 179.31 110.85 AdvDrainageSys WMS 0.6 26 141.84 1.38 45.19 397.44 128.40 AdvEnergyInds AEIS 0.1 64 303.99 -11.15 143.72 584.73 149.22 AdvMicroDevices AMD ...171 521.95 -17.74 18.42 9.23 6.75 Aegon AEG 4.1 13 9.13 0.10 5.24 155.99 105.65 AerCap AER 0.9 7 151.30 2.73 24.29 382.75 200.00 AffiliatedMgrs AMG 0.0 15 358.29 10.52 -5.64 100.00 42.09 AffirmA AFRM ... 64 70.23 -0.98 1.84 160.27 108.35 AgilentTechs A 0.7 28 138.57 -1.17 -14.39 255.24 122.32 AgnicoEagleMines AEM 1.2 14 145.13 0.62 11.94 82.08 69.56 AgreeRealty ADC 4.0 44 80.63 0.82 20.59 314.87 229.11 AirProducts APD 2.4 32 297.87 3.58 3.96 150.88 110.81 Airbnb ABNB ... 35 141.10 3.53 32.23 165.45 69.78 AkamaiTech AKAM ... 39 115.37 -2.00 -23.33 55.41 23.92 AlamosGold AGI 0.5 12 29.58 0.20 -18.80 221.00 64.95 Albemarle ALB 1.4 dd 114.85 -2.06 -16.75 84.38 28.11 Alcoa AA 0.9 9 44.24 -1.03 -13.83 92.55 61.84 Alcon ALC 0.5 41 67.91 0.70 -23.50 192.67 91.99 Alibaba BABA 0.9 18 112.14 -1.92 6.96 208.31 122.00 AlignTech ALGN ... 28 167.01 -1.23 -3.68 183.11 125.00 Allegion ALLE 1.4 20 153.36 -1.21 74.49 71.77 22.41 AllegroMicro ALGM ... dd 46.03 -4.04 15.27 78.81 63.28 AlliantEnergy LNT 2.9 24 74.94 0.52 24.96 137.62 76.01 AllisonTransm ALSN 0.9 19 122.34 2.70
s 24.90 260.65 188.08 Allstate ALL 1.7 6 259.97 5.45 -5.23 47.29 35.92 AllyFinancial ALLY 2.8 10 42.92 -1.05 -31.66 495.55 262.21 AlnylamPharm ALNY ... 65 271.77 3.03 1.69 404.47 188.70 Alphabet C GOOG 0.3 16 319.09 0.75 2.15 408.61 187.82 Alphabet A GOOGL 0.3 16 319.74 2.05 26.59 75.28 54.70 Altria MO 5.8 15 72.99 0.91 0.56 278.56 196.00 Amazon.com AMZN ... 28 232.11 -1.55 23.89 3.45 2.10 Ambev ABEV 6.4 17 3.06 -0.03 6.81 50.94 36.25 Amcor AMCR 5.8 31 44.54 1.91 -9.18 42.76 28.92 AmerSports AS ... 42 33.92 0.62 13.94 118.32 96.57 Ameren AEE 2.6 20 113.78 0.51 25.83 28.46 17.80 AmericaMovil AMX 2.1 16 26.01 0.06 17.54 140.58 105.70 AEP AEP 2.8 20 135.54 0.62 -11.83 387.49 288.34 AmerExpress AXP 1.2 20 326.17 -14.67 5.18 150.02 122.11 AmericanFin AFG 2.4 14 143.76 2.60 22.06 58.02 36.73 AmerHlthcrREIT AHR 1.7 99 57.44 1.06 3.96 36.56 27.21 AmHomes4Rent AMH 4.0 27 33.37 0.26 -7.59 87.29 71.25 AIG AIG 2.5 14 79.06 0.90 -5.07 234.33 160.06 AmerTowerREIT AMT 4.2 27 166.67 2.02 3.19 147.87 120.57 AmerWaterWorks AWK 2.7 24 134.66 0.25 7.86 550.18 422.37 Ameriprise AMP 1.3 13 528.90 8.79 17.86 244.71 175.61 Ametek AME 0.6 37 241.97 0.83 14.89 391.29 269.77 Amgen AMGN 2.7 26 376.04 4.54 64.54 96.68 20.86 AmkorTech AMKR 0.5 37 64.96 -0.37 12.97 178.52 102.18 Amphenol APH 0.7 44 152.67 -4.76 -8.93 65.94 44.12 Amrize AMRZ 0.0 24 49.25 0.90 37.12 445.91 218.37 AnalogDevices ADI 1.2 55 371.86 -8.34 -6.58 129.14 45.36 AngloGoldAsh AU 4.5 12 79.67 1.25 27.51 85.56 56.97 AB InBev BUD 1.2 24 81.66 1.18 0.40 24.52 20.00 AnnalyCap NLY 13.4 6 22.45 0.14 27.88 23.84 16.77 AnteroMidstream AM 4.0 27 22.75 -0.26 2.38 45.75 29.10 AnteroResources AR ... 11 35.28 0.21 2.50 381.00 304.59 Aon AON 0.9 20 361.70 5.92 3.42 49.99 33.40 APi Group APG ... dd 39.57 0.01 77.90 134.40 34.34 ApogeeTherap APGE ... dd 134.28 0.02 -15.30 153.43 99.56 ApolloGlbMgmt APO 1.8 81 122.61 3.61 22.50 334.99 201.50 Apple AAPL 0.3 40 333.02 11.36
s 35.16 348.09 238.34 AppliedIndlTech AIT 0.6 33 347.06 2.98 108.67 739.67 154.47 ApplMaterials AMAT 0.4 50 536.25 -26.55 -41.83 745.61 355.00 AppLovin APP ... 35 391.98 -6.88 -12.27 78.49 51.68 Aptiv APTV 0.0 33 56.55 0.45 55.13 58.68 35.07 Aramark ARMK 0.8 43 57.18 0.18 46.76 72.50 30.17 ArcelorMittal MT 0.8 16 66.88 0.76 7.76 105.09 82.44 ArchCapital ACGL 0.0 8 103.36 3.26 49.45 88.46 52.96 ADM ADM 2.4 38 85.92 -0.43 -21.73 195.26 95.80 AresMgmt ARES 4.3 59 126.51 5.23 9.19 953.58 577.04 argenx ARGX ... 35 918.22 -6.38 32.79 189.82 112.80 AristaNetworks ANET ... 60 173.99 -2.62 137.86 452.70 100.02 Arm ARM ...307 260.01 -23.03 92.66 237.33 101.79 ArrowElec ARW ... 15 212.27 -2.84 28.94 95.49 15.01 ArrowheadPharm ARWR ... dd 85.60 -1.18 ... 48.68 33.15 Arxis ARXS ... ... 42.40 -0.25 19.05 282.15 160.86 AscendisPharma ASND ... 29 253.86 1.20 14.98 284.12 183.39 Assurant AIZ 1.3 14 276.94 3.14 75.27 499.48 97.89 AsteraLabs ALAB ...197 291.58 -35.39 -3.56 212.71 141.77 AstraZeneca AZN 1.9 25 169.26 0.99 -46.42 206.00 56.01 Atlassian TEAM ... dd 86.88 6.73 6.91 192.51 154.23 AtmosEnergy ATO 2.2 22 179.22 1.18 54.95 8.56 3.60 AuroraInnov AUR ... dd 5.95 -0.04 -29.14 329.09 185.50 Autodesk ADSK ... 31 209.75 4.49 -2.78 315.98 188.16 ADP ADP 2.7 23 250.09 7.21 -12.80 4388.11 2902.20 AutoZone AZO ... 20 2957.41 33.91 4.58 203.29 160.09 Avalonbay AVB 3.8 26 189.61 -1.19 -11.54 199.54 152.42 AveryDennison AVY 2.5 18 160.90 5.70 -11.55 885.91 339.01 AxonEnterprise AXON ...201 502.34 10.44 31.95 260.19 96.09 AxsomeTherap AXSM ... dd 241.00 -0.53 -10.58 26.52 20.87 BCE BCE 5.9 4 21.30 0.09 38.68 93.83 49.68 BHP Group BHP 3.1 21 83.72 0.07 3.23 110.92 83.21 BJ'sWholesale BJ ... 21 92.94 1.65 26.17 48.27 31.59 BP BP 4.5 37 43.82 -0.11 0.97 241.82 142.72 BWX Tech BWXT 0.6 47 174.52 -2.15 2.42 79.33 49.72 BXP BXP 4.1 35 69.11 1.27 -19.38 165.30 84.64 Baidu BIDU ... dd 105.34 -2.05 25.71 70.41 41.96 BakerHughes BKR 1.6 18 57.25 1.16 20.52 68.29 44.83 Ball BALL 1.3 18 63.84 1.61 11.33 26.39 15.21 BBVA BBVA 3.3 12 25.95 0.64 11.85 3.80 2.37 BancoBradesco BBDO 5.2 8 3.21 -0.03 7.16 46.77 27.08 BancodeChile BCH 4.1 17 40.72 0.10 -13.26 7.32 4.62 BancSanBrasil BSBR 5.6 17 5.30 -0.06 7.59 37.72 22.77 BcoSantChile BSAC 3.3 14 33.47 -0.27 15.43 14.39 8.29 BancoSantander SAN 1.5 11 13.54 0.33
s 12.82 62.27 44.75 BankofAmerica BAC 1.8 14 62.05 0.77 36.97 184.21 109.64 BankMontreal BMO 2.6 19 177.77 1.14 36.89 163.77 98.40 BankNY Mellon BNY 1.6 19 158.91 -1.20 18.06 90.47 55.21 BankNovaScotia BNS 3.4 17 87.00 0.39 9.67 28.43 18.79 Barclays BCS 1.6 11 27.91 0.25 -14.79 54.69 20.95 BarrickMining B 2.5 10 37.11 -0.05 17.22 29.35 15.73 BaxterIntl BAX 0.2 dd 22.40 0.73 2.52 187.35 127.54 BectonDicknsn BDX 2.7 40 156.36 3.39 ... 43.98 30.11 BendingSpoons BSP ... ... 34.06 0.71 -17.73 59.25 28.08 BentleySystems BSY 0.9 36 31.40 1.28 7.27 385.22 253.95 BeOneMed ONC ... 73 325.90 -0.87 7.62 78.96 62.87 Berkley WRB 0.5 16 75.46 2.03 -1.54 516.85 455.19 BerkHathwy B BRK.B ... 15 494.93 4.08 -1.30 775000 685150 BerkHathwy A BRK.A ... 15 744999 8367.58 27.64 87.35 55.10 BestBuy BBY 4.5 16 85.43 1.00 21.75 72.16 43.20 Bio-Techne TECH 0.4103 71.60 -0.17 14.89 219.72 124.56 Biogen BIIB ... 22 202.19 1.57 -0.17 66.28 49.26 BioMarinPharm BMRN ... 43 59.33 0.46 -6.17 124.00 79.52 BioNTech BNTX 0.0 dd 89.33 -2.73 -41.84 71.74 12.80 BitMineImmersion BMNR 0.1 dd 15.79 -0.80 -1.37 1219.94 917.39 BlackRock BLK 2.2 26 1055.67 18.51 -15.66 190.09 101.73 Blackstone BX 3.6 29 130.00 5.50 18.53 84.08 48.21 Block XYZ ... 60 77.15 0.66 112.79 351.28 29.90 BloomEnergy BE ... dd 184.89 -32.41 -36.75 20.68 7.95 BlueOwlCapital OWL 9.7116 9.45 0.24 -3.50 254.35 176.77 Boeing BA 0.0108 209.52 0.29 -17.16 231.80 150.14 Booking BKNG 0.9 23 177.46 4.63 42.90 78.82 34.27 BorgWarner BWA 1.1 39 64.39 0.06 -53.59 109.50 42.20 BostonSci BSX ... 19 44.25 0.67 9.84 93.42 42.09 BridgeBioPharma BBIO ... dd 84.02 1.09 94.69 73.40 19.01 BrightSpring BTSG ... 68 72.91 3.07 15.11 62.89 42.52 BristolMyers BMY 4.1 17 62.09 0.58 7.67 67.30 49.88 BritishAmTob BTI 5.4 13 60.96 1.12 23.72 32.86 24.66 BrixmorProp BRX 3.8 23 32.44 0.47 10.35 495.00 281.61 Broadcom AVGO 0.7 64 381.92 -10.55 -33.27 271.91 133.83 BroadridgeFinl BR 2.6 16 148.92 4.52 -11.53 64.10 42.20 BrookfieldAsset BAM 4.3 30 46.35 0.64 -9.20 49.56 37.93 Brookfield BN 0.7 84 41.67 0.46
s 17.67 41.65 29.63 BrookfieldInfr BIP 4.5 56 40.88 -0.16 -7.40 49.86 40.06 BrookWealth BNT 0.6 ... 42.55 0.50 -15.11 104.25 53.81 Brown&Brown BRO 1.0 22 67.66 1.92 0.08 31.92 22.61 Brown-FormanB BF.B 3.5 17 26.08 0.38 1.52 31.63 23.01 Brown-FormanA BF.A 3.5 17 26.71 0.46 28.32 64.54 28.53 Bruker BRKR 0.3 dd 60.45 -1.70 -36.73 118.00 21.76 Bullish BLSH ... dd 23.96 -0.28 36.43 134.87 74.95 BungeGlobal BG 2.4 28 121.53 -0.77 21.16 361.21 240.49 BurlingtonStrs BURL ... 36 349.97 10.49 -8.64 683.50 434.70 CACI Intl CACI ... 20 486.77 6.16 -13.27 174.27 121.69 CBRE Group CBRE ... 32 139.46 3.91 -1.75 183.66 97.12 CDW CDW 1.9 16 133.82 3.64 61.71 141.96 75.42 CF Industries CF 1.9 11 125.07 -1.64 -28.03 103.03 59.63 CGI A GIB 0.7 12 66.43 2.64 16.01 210.33 96.89 CH Robinson CHRW 1.4 38 186.50 -19.00 -6.51 329.16 218.31 CME Group CME 2.0 22 255.31 0.99 6.82 80.36 68.64 CMS Energy CMS 3.1 21 74.70 0.55
s 12.40 53.77 41.53 CNA Fin CNA 3.6 12 53.66 1.44 20.93 13.35 9.00 CNH Indl CNH 0.9 36 11.15 0.53 -19.98 131.55 93.58 CRH CRH 1.6 19 99.87 1.85
s 46.84 53.41 31.80 CSX CSX 1.1 31 53.23 0.42 35.76 110.68 58.50 CVS Health CVS 2.5 47 107.74 0.85 4.37 416.69 262.75 CadenceDesign CDNS ... 76 326.24 -4.22 3.32 119.81 96.53 CamdenProperty CPT 3.7 32 113.73 0.89 -3.97 135.24 68.96 Cameco CCJ 0.1 81 87.86 -1.47 29.61 122.50 71.00 CIBC CM 2.1 16 117.44 0.91
s 30.99 131.55 90.74 CanNtlRlwy CNI 2.0 24 129.48 -1.10 37.19 51.34 29.30 CanadianNatRscs CNQ 3.3 14 46.44 -0.57 25.44 93.95 68.42 CdnPacKC CP 0.6 28 92.36 0.04 -16.31 259.63 174.24 CapitalOne COF 1.6 72 202.84 2.88 10.96 243.21 137.75 CardinalHealth CAH 0.9 35 228.03 2.05
Mutual Funds Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
IntlVal Inst 59.63 +0.32 11.8 Baird Funds AggBdInst 9.70 +0.01 -0.5 CorBdInst 10.07 +0.01 -0.3 IntBdInst 10.35 +0.01 -0.1 ShtTBdInst 9.47 +0.01 1.0 BlackRock Funds HiYBlk 7.08 ... 1.6 HiYldBd Inst 7.07 -0.01 1.6 BlackRock Funds III iShS&P500IdxK861.80 +0.51 8.9 BlackRock Funds Inst StratIncOpptyIns 9.63 ... 1.2 Calamos Funds MktNeutI 16.19 +0.02 3.5 CausewayInst CausewayInst 24.98 +0.31 6.3 Columbia Class A SelgComuInfoA223.13 -4.06 42.4 Columbia Class I DivIncom I 40.46 +0.33 12.5 Dimensional Fds
AB Funds MuniIncmShares 10.99 +0.02 1.2 American Century Inv Ultra 93.97 -0.55 -0.1 American Funds Cl A AmcpA 43.73 -0.15 2.5 AMutlA 64.71 +0.43 9.5 BalA 40.19 -0.08 7.8 BondA 11.09 +0.02 -0.9 CapIBA 83.25 +0.19 9.5 CapWGrA 79.83 -0.60 12.4 EupacA 61.54 -0.71 7.6 FdInvA 100.57 -0.56 11.4 GwthA 83.52 -0.70 3.8 ICAA 66.78 -0.15 7.4 IncoA 27.82 +0.14 7.9 N PerA 72.80 -0.47 3.1 NEcoA 82.71 -1.58 13.8 NwWrldA 103.32 -2.00 10.8 SmCpA 81.02 -0.68 10.5 WshA 67.56 +0.42 8.3 Artisan Funds
t -40.93 398.74 111.55 CharterComms CHTR ... 3 123.31 -3.19 -29.63 224.20 112.23 CheckPoint CHKP ... 13 130.57 4.56 38.75 300.89 186.20 CheniereEnergy LNG 0.8 44 269.72 -2.27 22.74 70.64 49.53 CheniereEnerPtrs CQP 4.8 15 65.64 -0.29 27.81 214.71 146.49 Chevron CVX 3.7 34 194.79 0.37 -14.08 47.18 28.04 Chipotle CMG ... 29 31.79 -0.22 15.26 365.29 264.10 Chubb CB 0.1 13 359.75 6.50 2.49 46.48 39.28 ChunghwaTel CHT 3.0 26 42.75 0.39 16.45 106.04 81.33 Church&Dwight CHD 1.3 32 97.64 1.45 67.17 637.51 84.41 Ciena CIEN ...130 390.96 -16.57 5.21 315.47 239.51 Cigna CI 2.2 12 289.57 3.28 11.93 194.81 143.87 CincinnatiFinl CINF 2.1 10 182.81 3.43 9.49 226.75 161.16 Cintas CTAS 0.9 42 205.91 2.66 56.84 30.14 4.55 CipherDigital CIFR ... dd 23.15 -2.67 -21.36 201.25 49.90 CircleInternet CRCL ... dd 62.36 0.18 48.21 130.37 65.75 CiscoSystems CSCO 1.5 37 114.17 1.41 13.28 147.96 87.94 Citigroup C 2.0 14 132.19 0.31 23.06 74.70 45.91 CitizensFin CFG 2.6 16 71.88 0.08 29.54 316.98 201.34 CleanHarbors CLH ... 41 303.74 -2.73 -5.24 132.00 84.70 Clorox CLX 5.2 16 95.55 1.75 32.97 291.00 158.83 Cloudflare NET ... dd 262.15 -0.17 17.65 85.68 65.35 Coca-Cola KO 2.6 26 82.25 1.08 20.48 219.65 110.40 Coca-ColaCon COKE 0.5 27 184.70 6.51 15.89 110.90 84.66 CocaColaEuropac CCEP 2.3 22 105.11 1.49 -15.14 27.77 8.56 CoeurMining CDE 0.3 13 15.13 -0.11 72.46 72.88 33.45 Cognex CGNX 0.5 73 62.05 -1.39 -45.24 87.03 37.08 CognizantTech CTSH 2.9 10 45.45 2.44 53.00 440.00 84.35 Coherent COHR ...135 282.39 -30.83 -30.00 405.31 139.18 CoinbaseGlbl COIN ... 60 158.29 -2.87 14.84 99.33 74.55 ColgatePalm CL 2.3 35 90.75 0.67 11.45 33.67 22.77 ColumbiaBanking COLB 4.8 12 31.15 -1.11
t -20.38 33.74 21.28 Comcast A CMCSA 5.9 7 22.30 0.38 85.75 2073.99 543.25 ComfortSystems FIX 0.2 43 1733.60 -97.55 17.80 7.16 3.66 SABESP SBS 3.6 34 5.61 -0.12 28.47 135.87 85.57 ConocoPhillips COP 2.8 20 120.26 0.06 13.78 116.23 94.96 ConEd ED 3.1 19 113.01 0.22 -5.65 176.81 126.45 ConstBrands A STZ 3.2 12 130.16 0.89 -22.34 412.70 228.63 ConstellationEner CEG 0.6 24 274.35 -1.25 -14.21 89.83 58.89 Cooper COO 0.0 59 70.31 0.08 -28.63 50.11 26.81 Copart CPRT ... 17 27.94 0.74
s174.02 97.63 28.66 CorceptTherap CORT ...272 95.36 -1.30 3.71 36.57 22.19 CorebridgeFin CRBG 3.2 53 31.29 0.45 0.38 153.20 63.80 CoreWeave CRWV ... dd 71.88 -9.22 67.49 271.78 54.89 Corning GLW 0.8 70 146.65 -9.41 23.14 374.09 252.84 Corpay CPAY ... 22 370.58 5.78 33.15 89.39 60.53 Corteva CTVA 0.8 52 89.25 0.47 -58.86 97.43 26.68 CoStar CSGP ...459 27.66 0.52 8.43 1096.50 844.06 Costco COST 0.6 47 935.03 10.44 -34.29 34.08 14.92 Coupang CPNG ... dd 15.50 -0.13
s 22.62 226.99 159.58 Crane CR 0.4 41 226.14 8.04 35.34 403.30 230.25 Credicorp BAP 2.8 15 388.42 0.79 48.13 308.67 86.48 CredoTech CRDO ... 86 213.15 -23.35 56.40 217.50 85.68 CrowdStrike CRWD ... dd 183.28 -0.14 -15.72 115.76 73.75 CrownCastle CCI 5.7 17 74.90 0.33 14.48 121.76 89.21 Crown Holdings CCK 1.2 17 117.88 3.39 16.75 42.90 35.09 CubeSmart CUBE 5.0 29 42.09 1.08
s 29.69 165.16 119.00 Cullen/Frost CFR 2.5 16 164.23 2.77 30.21 737.76 354.68 Cummins CMI 1.3 34 664.65 -0.38 36.08 808.16 464.91 Curtiss-Wright CW 0.1 55 750.19 0.16 27.07 88.31 32.89 Cytokinetics CYTK ... dd 80.74 -1.18 D E F
15.88 155.75 126.23 DTE Energy DTE 3.1 25 149.46 1.33 21.73 152.88 98.63 DT Midstream DTM 2.3 32 145.69 -0.50 -16.35 242.80 160.93 Danaher DHR 0.8 34 191.50 -1.00 6.68 220.65 169.00 Darden DRI 3.1 19 196.31 2.19 73.61 66.02 29.15 DarlingIngred DAR ... 45 62.50 -0.90 81.53 278.70 98.01 Datadog DDOG ...659 246.86 2.47 107.24 239.64 101.00 DaVita DVA ... 23 235.44 1.17 -7.36 126.50 78.91 DeckersOutdoor DECK ... 14 96.04 -0.19 34.92 674.19 433.00 Deere DE 1.0 36 628.16 18.14 247.55 469.47 110.22 DellTechC DELL 0.6 35 437.50 -1.84 22.56 95.68 50.45 DeltaAir DAL 1.0 14 85.06 3.09 -10.11 40.43 28.12 DeutscheBank DB 0.9 10 34.66 0.52 22.96 52.71 31.47 DevonEnergy DVN 2.8 12 45.04 -0.25 7.79 89.98 54.11 DexCom DXCM ... 31 71.54 1.06 -3.70 116.41 72.45 Diageo DEO 5.0 19 83.08 0.82 36.15 214.51 134.30 DiamondbkEner FANG 2.1231 204.68 -0.81 4.08 244.38 186.67 Dick's DKS 2.4 20 206.04 1.68 28.68 208.14 146.23 DigitalRealty DLR 2.5 97 199.08 19.74 156.73 187.50 25.56 DigitalOcean DOCN ... 54 123.54 -7.61 -16.63 123.40 92.19 Disney DIS 1.6 15 94.85 2.02 -11.70 158.23 95.11 DollarGeneral DG 2.0 17 117.23 2.07 -2.08 142.40 84.71 DollarTree DLTR ... 19 120.45 2.80 21.35 72.99 55.85 DominionEner D 3.8 21 71.10 -0.36 -20.12 486.68 282.00 Domino's DPZ 2.4 19 332.97 9.72 4.66 112.84 70.17 Donaldson DCI 1.4 25 92.79 1.65 -23.65 285.50 143.30 DoorDash DASH ... 82 172.91 3.14 3.56 237.54 158.97 Dover DOV 1.0 24 202.20 4.40 27.63 42.74 20.40 Dow DOW 4.7 dd 29.84 -1.06 -16.03 15.67 11.36 DrReddy'sLab RDY 0.5 26 11.79 0.05 -33.23 48.78 20.46 DraftKings DKNG ...382 23.01 0.20 11.36 134.49 113.89 DukeEnergy DUK 3.3 20 130.52 1.26 14.18 157.98 86.55 DuPont DD 1.7 dd 137.70 0.30 4.54 74.65 44.58 DutchBros BROS ...101 64.00 0.01 27.20 566.47 233.00 DycomInds DY ... 41 429.81 -10.58 -3.97 55.49 31.64 Dynatrace DT ... 78 41.62 0.97 21.75 951.96 564.92 EMCOR EME 0.2 25 744.85 -24.22 38.11 58.00 33.71 ENI E 3.2 29 52.40 0.41 39.41 151.87 101.59 EOG Rscs EOG 2.8 14 146.39 0.90 -1.06 68.24 47.94 EQT EQT 1.2 12 53.03 -0.36 16.56 136.24 92.67 EastWestBncp EWBC 2.4 13 131.00 0.37 19.63 226.71 159.37 EastGroup EGP 2.9 37 213.10 -0.95 26.86 436.74 311.92 Eaton ETN 1.1 40 404.07 -11.06 25.59 119.31 77.12 eBay EBAY 1.1 25 109.39 0.07 -19.15 147.25 26.04 EchoStar ECHO ... dd 87.88 -3.63 2.37 309.27 243.15 Ecolab ECL 1.1 36 268.75 5.61 59.78 17.75 8.27 Ecopetrol EC 10.5 15 16.01 -0.32 32.87 80.90 51.01 EdisonIntl EIX 4.4 9 79.75 0.11 -3.07 96.29 72.30 EdwardsLife EW ... 49 82.63 -1.19 10.08 27.72 13.39 ElancoAnimal ELAN ... dd 24.91 0.13 41.98 1016.06 432.85 ElbitSystems ESLT 0.5 66 820.21 11.61 2.31 209.34 146.97 ElectronicArts EA 0.4 60 209.06 0.06 49.82 49.25 22.63 ElementSolns ESI 0.9 61 37.44 -0.86 7.74 436.24 273.71 ElevanceHealth ELV 1.8 17 377.68 -1.63 0.87 80.75 46.54 Embraer EMBJ 0.9 38 64.93 -0.54
s 11.60 55.49 45.77 Emera EMA 3.7 23 54.95 0.14 11.47 165.15 122.64 EmersonElec EMR 1.5 34 147.94 3.04 18.88 58.45 44.58 Enbridge ENB 4.7 27 56.86 0.46 6.36 127.99 92.77 EncompassHealth EHC 0.7 19 112.89 1.83 23.47 20.70 16.18 EnergyTransfer ET 6.6 17 20.36 -0.06 91.38 108.65 22.95 EnlightRenewableEn ENLT ...198 87.00 -3.20 -0.69 218.00 136.93 EnsignGroup ENSG 0.2 28 172.99 5.47 53.29 186.94 67.97 Entegris ENTG 0.3 74 129.15 -6.15 25.45 118.44 86.40 Entergy ETR 2.2 30 115.95 0.15 20.80 40.16 30.01 EnterpriseProd EPD 5.8 14 38.73 -0.07 -20.48 271.84 150.75 Equifax EFX 1.3 30 172.54 5.82 41.52 1128.68 720.62 Equinix EQIX 1.9 75 1084.24 50.69 70.76 43.46 22.26 Equinor EQNR 2.9 11 40.35 -0.64 0.73 55.24 35.20 Equitable EQH 2.5 dd 48.00 0.56 8.98 69.00 58.15 EquityLife ELS 3.3 32 66.05 0.02 7.65 71.50 57.57 EquityResdntl EQR 4.1 30 67.86 -0.42 -22.01 380.67 204.63 ErieIndemnity ERIE 2.6 21 223.55 9.03 3.26 42.37 36.10 EssentialUtil WTRG 3.5 20 39.61 0.02 12.14 303.35 238.46 EssexProp ESS 3.5 33 293.46 0.26 -23.33 121.64 66.22 EsteeLauder EL 1.7 dd 80.29 0.37 -0.18 388.71 265.87 EvercoreA EVR 1.0 19 339.63 4.83
s 13.49 386.87 302.44 Everest EG 2.1 8 385.12 9.56 20.26 88.62 68.05 Evergy EVRG 3.2 23 87.18 0.53 11.27 100.59 54.37 Everpure P ...113 74.56 -0.63 11.26 76.41 61.53 EversourceEner ES 4.2 16 74.91 0.29 26.33 57.57 33.76 Exelixis EXEL ... 18 55.37 -0.28 9.04 50.65 42.58 Exelon EXC 3.5 17 47.53 0.25 -17.07 126.62 84.98 ExpandEnergy EXE 2.5 7 91.52 -0.21 -8.25 303.80 174.05 Expedia EXPE 0.7 23 259.94 2.33 17.64 183.52 110.48 ExpeditorsIntl EXPD 0.9 28 175.30 -0.88 13.43 155.19 125.71 ExtraSpaceSt EXR 4.4 34 147.71 2.29 30.41 176.41 105.53 ExxonMobil XOM 2.6 26 156.94 0.05 53.65 435.00 223.76 F5 FFIV ... 32 392.21 4.13 9.72 323.51 109.90 FTAI Aviation FTAI 0.8 43 215.98 -0.83 4.56 748.89 272.49 Fabrinet FN ... 41 476.04 -41.69 -26.81 1998.01 870.01 FairIsaac FICO ... 39 1237.37 31.18 17.17 50.63 38.97 Fastenal FAST 2.2 40 47.02 0.87 25.08 126.86 89.99 FederalRealty FRT 3.6 22 126.08 1.25 35.40 345.37 174.01 FedEx FDX 1.5 21 314.96 -0.66 ... 200.00 135.00 FedExFreight FDXF ... ... 158.00 3.21 3.61 271.64 207.64 FergusonEnts FERG 1.5 25 230.67 2.00 -2.55 519.10 312.51 Ferrari RACE 1.2 35 360.14 0.70 -2.10 74.79 50.72 Ferrovial FER 0.0 46 63.25 -0.05 -5.44 61.40 42.78 FidNatlFinl FNF 4.0 18 51.62 3.01 -37.54 82.62 37.42 FidNatlInfo FIS 4.2 8 41.51 1.47 22.64 59.50 40.05 FifthThirdBncp FITB 2.8 20 57.41 0.26 -43.48 142.92 16.60 Figma FIG ... dd 21.12 1.12
s 0.67 2237.82 1623.76 FirstCitizBcshA FCNCA 0.4 12 2160.65 -52.12 6.82 26.56 19.80 FirstHorizon FHN 2.7 12 25.53 0.01 16.97 69.88 47.38 FirstIndRlty FR 3.0 24 66.99 0.66 -22.36 320.95 171.99 FirstSolar FSLR ... 13 202.82 -3.10 11.50 52.34 41.16 FirstEnergy FE 3.7 27 49.92 0.43 -24.04 144.18 47.04 Fiserv FISV ... 9 51.02 1.05 7.87 251.63 130.00 FiveBelow FIVE ... 26 203.19 1.88 96.14 166.86 47.83 Flex FLEX ... 51 118.51 -9.43 4.35 92.41 48.71 Flowserve FLS 1.2 27 72.40 0.74 -52.92 313.69 91.52 FlutterEnt FLUT ... dd 101.25 0.43 25.77 134.52 83.08 FEMSA FMX 2.2 28 127.12 0.04 9.53 17.78 10.68 FordMotor F 4.2 dd 14.37 0.22
Data provided by
Contrafund K6 35.94 -0.18 5.6 EmgMktIdxInstPre 15.98 -0.39 16.8 ExtMktIdxInstPre114.14 -0.32 13.4 FidSAIEmerg 20.90 -0.49 24.1 FidSer5 7.43 ... -0.5 FidSerInt 8.37 +0.02 0.1 FidSerToMarket 24.26 ... 9.5 FIDZroLgCpIx 26.53 +0.01 8.7 GlexUSIdxInstPre 20.86 -0.12 11.8 GrowthCompanyK6 42.95 -0.44 16.1 IntlIdxInstPrem 66.58 +0.21 9.5 LgCpGwId InstPre 46.12 -0.39 -0.3 LgCpVlIdxIstPrem 24.62 +0.21 18.9 MidCpInxInstPrem 42.19 +0.16 14.2 SAIUSLgCpIndxFd 29.68 +0.02 9.0 SeriesBondFd 8.89 ... -0.5 SeriesOverseas 15.61 +0.01 4.6 SerLTTreBdIdx 5.15 +0.01 -2.3 SmCpIdxInstPrem 36.71 -0.12 18.9 TMktIdxInstPrem204.39 +0.05 9.5 TotalMarketIndex 25.90 +0.01 9.6 TtlIntIdxInstPr 19.26 -0.10 11.2 USBdIdxInstPrem 10.29 +0.01 -0.5 Fidelity Advisor TotBdFdClZ 9.41 +0.01 -0.2 Fidelity Advisor I GrOppI 252.45 -4.38 7.9 Fidelity Freedom Freedom2035K6 18.48 -0.03 8.1 Freedom2040K6 14.08 -0.04 9.9 Idx2030InsPre 23.82 -0.02 5.7 Idx2035InsPre 28.26 -0.03 6.6 Idx2040InsPre 31.08 -0.05 8.2 Idx2045InsPre 33.62 -0.06 9.2
EmgMktVa 42.63 -0.68 15.5 EmMktCorEq 32.68 -0.63 13.3 IntlCoreEq 22.05 +0.05 10.0 IntlVal 32.14 +0.13 13.9 IntSmCo 27.04 +0.03 6.9 IntSmVa 33.41 +0.08 9.4 LgCo 49.22 +0.03 9.0 US CoreEq1 55.04 +0.12 11.6 US CoreEq2 49.25 +0.10 11.9 US Small 60.92 +0.12 17.2 US SmCpVal 61.91 +0.40 20.9 US TgdVal 43.91 +0.35 19.7 USLgVa 66.47 +0.38 19.0 Dodge & Cox Income 12.51 +0.02 -0.5 Intl Stk 18.42 -0.04 11.9 Stock 17.44 +0.11 6.9 DoubleLine Funds TotRetBdI 8.64 +0.01 -0.8 Fidelity 500IdxInstPrem257.65 +0.16 9.0
s 13.28 59.21 48.28 Fortis FTS 2.9 24 58.84 0.28 12.86 64.33 46.34 Fortive FTV 0.4 37 62.31 1.69 -24.31 76.39 48.34 FoxA FOXA 1.0 15 55.31 0.22 -23.90 68.17 44.08 FoxB FOX 1.1 13 49.41 0.23 3.57 285.67 157.19 Franco-Nevada FNV 0.8 30 214.68 0.46 36.00 34.92 21.11 FranklinRscs BEN 4.1 25 32.49 0.20 24.11 194.01 107.97 FreedomHolding FRHC ... 60 151.02 -3.46 23.25 72.28 35.15 FreeportMcM FCX 1.0 31 62.60 -0.90 3.23 27.64 20.02 FreseniusMedCare FMS 2.5 13 24.59 0.15 -14.17 14.07 7.46 FullTruck YMM 2.5 17 9.21 0.14 -39.49 202.53 80.50 Futu FUTU 2.6 11 99.36 0.40 G H I
14.84 382.97 261.71 GE Aerospace GE 0.5 42 353.73 4.73 -26.14 89.77 58.75 GE HealthCare GEHC 0.2 15 60.58 -1.37 55.26 1195.94 530.16 GE Vernova GEV 0.2 29 1014.75 -16.44 -7.61 51.51 33.33 GFLEnvironmental GFL 0.2 92 39.68 0.75 4.71 61.70 36.75 GSK GSK 3.4 13 51.35 0.61 1.43 45.92 16.43 GalaxyDigital GLXY ... dd 22.68 -1.64 -4.26 315.48 190.75 Gallagher AJG 1.1 40 247.77 5.56 5.43 28.10 19.93 GameStop GME 0.0 16 21.17 -0.18 1.07 49.95 41.17 Gaming&Leisure GLPI 7.3 14 45.17 0.75 19.81 273.32 186.67 Garmin GRMN 1.7 27 243.03 2.93 -4.97 32.22 17.78 GenDigital GEN 1.9 16 25.84 0.77 48.13 296.44 134.80 Generac GNRC ... 63 202.01 -8.49
s 14.88 388.12 306.03 GeneralDynamics GD 1.6 24 386.75 4.96 -22.52 51.36 31.75 GeneralMills GIS 6.8 dd 36.03 0.48 1.62 87.62 51.69 GeneralMotors GM 0.8 42 82.64 1.97 -6.27 35.43 21.00 Genmab GMAB ... 22 28.87 -0.30 1.02 151.57 90.78 GenuineParts GPC 3.4498 124.21 4.16 -20.03 73.69 46.00 Gildan GIL 2.0 29 49.95 0.35 5.35 157.29 108.46 GileadSciences GILD 2.5 18 129.31 -1.55 4.55 90.64 61.16 GlobalPayments GPN 1.2 22 80.92 3.06 53.29 92.55 31.51 GlobalFoundries GFS 0.9 38 53.53 -3.38 29.31 84.69 22.35 Globalstar GSAT ... dd 78.93 -0.26 24.04 191.55 123.00 GlobeLife GL 0.8 12 173.48 2.40 -12.39 101.40 51.79 GlobusMedical GMED ... 18 76.49 1.07 -24.92 169.61 71.59 GoDaddy GDDY ... 15 93.16 5.54 -25.10 61.64 23.86 GoldFields GFI 3.7 8 32.70 0.42 20.73 1153.99 694.05 GoldmanSachs GS 1.9 16 1061.23 -13.49 -33.67 6.62 3.18 Grab GRAB ... 38 3.31 0.01 -3.01 95.69 72.51 Graco GGG 1.5 25 79.50 1.75 37.02 1419.91 906.52 Grainger GWW 0.7 37 1382.60 15.14 -17.96 300.41 206.91 GAP PAC 3.7 20 216.28 0.83
s 35.21 88.04 43.20 GrupoCibest CIB 7.6 44 86.01 -0.78 44.24 174.08 40.35 GuardantHealth GH ... dd 147.33 -2.87 -31.23 272.60 102.30 Guidewire GWRE ... 74 138.23 6.85 -18.14 556.52 330.00 HCA Healthcare HCA 0.8 13 382.19 5.69 -36.43 39.47 22.66 HDFC Bank HDB 1.5 14 23.23 0.10 91.62 93.66 42.16 HF Sinclair DINO 2.3 13 88.30 -0.79 15.57 29.65 17.56 HP HPQ 4.7 10 25.75 1.24
s 31.44 103.94 60.61 HSBC HSBC 3.6 17 103.40 1.65 -13.99 56.63 30.41 H World HTHT 5.1 18 40.47 -0.15 -3.26 11.28 8.65 Haleon HLN 1.9 20 9.78 0.07 18.05 43.59 20.39 Halliburton HAL 2.0 17 33.36 0.65
s 21.74 82.99 57.67 HalozymeTherap HALO ... 29 81.93 1.09 -20.25 26.06 12.58 HarmonyGold HMY 2.1 11 15.87 0.38 1.98 144.50 120.33 HartfordIns HIG 1.7 9 140.53 -1.65 8.28 106.98 69.50 Hasbro HAS 3.2 16 88.79 1.44 38.50 22.77 15.70 HealthpeakProp DOC 5.5 70 22.27 0.19 -21.10 34.17 5.62 HeclaMining HL 0.1 22 15.14 -0.18 8.04 369.48 256.11 Heico HEI 0.1 62 349.61 9.07 0.38 279.66 199.35 HeicoA HEI.A 0.1 45 253.40 4.53 13.09 89.34 61.95 HenrySchein HSIC ... 26 85.47 0.94 -4.22 239.48 161.43 Hershey HSY 3.3 32 174.30 2.16 98.54 64.25 19.64 HewlettPackard HPE 1.2 45 47.69 0.05 13.13 358.00 253.54 Hilton HLT 0.2 50 324.97 4.79 -3.23 426.75 289.10 HomeDepot HD 2.8 24 332.98 8.27 -4.48 34.89 23.25 HondaMotor HMC 3.8 dd 28.16 0.17
t ... 297.50 192.03 HoneywellAero HONA ... ... 204.07 8.20 18.90 260.15 195.77 Honeywell HON 2.0 9 243.15 -3.12 6.79 29.63 19.70 HormelFoods HRL 4.6 30 25.31 0.29 1.90 184.54 131.75 DR Horton DHI 1.2 14 146.76 4.64 38.18 25.41 15.12 HostHotels HST 3.3 17 24.50 0.54 -19.50 211.78 130.72 HoulihanLokey HLI 2.0 23 140.23 2.42
s 41.09 293.00 169.45 HowmetAerospace HWM 0.2 67 289.26 2.17 9.45 565.50 403.82 Hubbell HUBB 1.2 29 486.09 -2.29 -48.94 568.16 169.63 HubSpot HUBS ...107 204.89 14.88 12.59 32.15 8.93 HudbayMinerals HBM 0.1 13 22.35 -0.28 52.00 428.88 163.11 Humana HUM 0.9 42 389.32 -5.18 48.35 299.76 130.12 JBHunt JBHT 0.6 41 288.30 -1.07 0.06 19.45 14.89 HuntingtonBcshs HBAN 3.6 13 17.36 -0.04 -15.43 460.00 256.45 HuntingIngalls HII 1.9 19 287.59 0.50 139.42 140.80 18.68 Hut8 HUT ... dd 109.99 -7.68 16.72 206.86 133.51 HyattHotels H 0.3 dd 187.13 3.51 -0.97 34.42 25.08 ICICI Bank IBN 0.7 17 29.51 0.27 25.47 231.70 157.25 IDEX IEX 1.3 33 223.27 1.05 -19.54 769.98 518.55 IdexxLab IDXX ... 40 544.32 4.96 60.94 804.00 309.51 IES Holdings IESC ... 33 626.07 -37.63 17.25 33.45 22.54 ING Groep ING 3.3 13 32.83 0.39 ... 42.95 24.57 INNIO INIO ... ... 26.28 -1.71 13.93 31.02 20.08 Invesco IVZ 2.9 dd 29.93 0.13 -7.70 247.04 154.50 IQVIA IQV ... 26 208.05 0.73 -1.85 76.87 14.72 IREN IREN ... 73 37.07 -3.51 12.88 225.26 157.66 ITT ITT 0.8 35 195.86 0.66 1.85 9.69 7.08 IcahnEnterprises IEP 26.0 dd 7.69 -0.02 -9.03 211.00 66.57 Icon ICLR ... 76 165.76 -4.56 14.91 303.15 238.82 IllinoisToolWks ITW 2.3 26 283.02 6.11 47.98 199.14 88.00 Illumina ILMN ... 35 194.09 -2.77 48.86 139.44 81.87 ImperialOil IMO 1.4 30 128.48 -0.35 19.14 119.60 69.69 Incyte INCY ... 17 117.67 0.98 -37.65 30.00 10.30 Infosys INFY 4.0 14 11.11 0.44 6.54 100.96 68.07 IngersollRand IR 0.1 57 84.40 0.09 -38.57 212.75 90.39 Insmed INSM ... dd 106.92 -0.49 -42.56 354.88 138.79 Insulet PODD ... 38 163.26 4.88 150.19 142.35 18.96 Intel INTC 0.0 dd 92.32 -7.91 42.65 97.84 58.95 InteractiveBrkrs IBKR 0.4 37 91.74 -0.02 -9.98 189.35 121.79 ICE ICE 1.4 21 145.79 2.58 10.90 175.89 113.32 InterContHtls IHG 1.1 32 156.18 2.06 -27.69 332.46 199.19 IBM IBM 3.2 19 214.19 7.54 12.69 84.45 59.14 IntlFlavors IFF 2.1 23 75.94 2.17 7.03 56.13 29.26 IntlPaper IP 4.4 dd 42.16 4.25 -55.27 813.70 252.84 Intuit INTU 1.6 18 296.33 14.80 -40.41 603.88 328.57 IntuitiveSurgical ISRG ... 39 337.50 5.48 7.16 32.45 24.25 InvitatHomes INVH 4.0 52 29.78 0.34 -28.52 86.74 40.03 IonisPharm IONS ... dd 56.55 0.68 -26.81 84.64 25.89 IonQ IONQ ... dd 32.84 -1.23 54.68 134.68 77.77 IronMountain IRM 2.7141 128.31 3.76 15.64 9.60 5.93 ItauUnibanco ITUB 5.2 11 8.28 -0.07 J K L
-14.84 18.65 11.49 JBS JBS 16.3 7 12.28 0.15 5.19 36.86 24.51 JD.com JD 3.2 23 30.19 0.10
s 9.62 353.37 279.10 JPMorganChase JPM 1.7 15 353.21 3.31 37.09 428.93 189.60 Jabil JBL 0.1 39 312.59 -9.45 -17.48 193.39 121.04 JackHenry JKHY 1.6 21 150.58 2.35 1.59 168.44 105.68 JacobsSolns J 1.1 41 134.56 2.56 27.90 29.82 16.46 JamesHardie JHX ...123 26.54 0.68
s 49.34 256.75 105.00 JazzPharm JAZZ ... dd 253.87 -1.00 -9.86 71.04 35.53 JefferiesFinl JEF 2.9 16 55.86 0.28 28.34 99.22 34.05 JFrog FROG ... dd 80.16 -1.09 27.28 269.43 164.23 J&J JNJ 2.0 31 263.40 4.13 19.72 151.18 102.09 JohnsonControls JCI 1.1 26 143.37 0.08 -3.28 363.06 258.19 JonesLang JLL 0.0 17 325.45 6.07 36.48 125.62 76.31 KB Financial KB 2.2 10 117.43 -3.42 0.82 20.98 13.81 KEHoldings BEKE 1.9 38 15.89 -0.19 -22.06 153.87 82.67 KKR KKR 0.8 34 99.36 3.39 73.26 307.37 83.22 KLA KLAC 0.4 60 210.52 -8.21 9.80 99.20 68.59 Kaspi.kz KSPI 4.1 8 85.79 0.79 11.77 22.87 14.02 Kenvue KVUE 4.3 23 19.28 0.38 5.96 35.94 24.88 KeurigDrPepper KDP 3.1 22 29.68 0.01 9.74 24.07 16.47 KeyCorp KEY 3.6 13 22.65 -0.07 56.83 374.96 152.85 KeysightTech KEYS ... 53 318.67 -6.46 8.73 137.46 92.42 KimberlyClark KMB 4.7 17 109.70 2.39 28.76 26.45 19.76 KimcoRealty KIM 4.0 30 26.10 0.36 19.53 34.80 25.60 KinderMorgan KMI 3.6 21 32.86 0.09 -15.31 39.11 15.37 KinrossGold KGC 0.7 10 23.85 0.18 -39.95 57.20 12.06 Klarna KLAR ... dd 17.36 -0.22 38.68 82.86 38.62 Knight-Swift KNX 1.1281 72.50 0.17 -3.36 33.44 25.10 Philips PHG 3.2 22 26.17 0.14 -26.91 23.41 11.25 KoreaElecPwr KEP 4.1 3 12.06 -0.01 5.86 29.19 21.04 KraftHeinz KHC 6.2 dd 25.67 0.31 -37.62 134.00 45.58 KratosDefense KTOS ...280 47.35 -2.09 -8.98 76.58 54.15 Kroger KR 2.7 33 56.87 1.11 35.96 382.54 130.50 KrystalBiotech KRYS ... 45 335.19 7.69 42.10 130.05 36.65 KymeraTherap KYMR ... dd 110.57 0.19 -7.15 70.42 41.09 LatamAirlines LTM 3.0 9 50.15 0.31 -7.97 403.57 260.15 LPL Financial LPLA 0.4 29 328.70 5.38 2.26 379.23 262.98 L3HarrisTech LHX 1.7 33 300.21 0.54
s 18.29 298.58 244.52 Labcorp LH 1.0 26 296.77 5.75 78.30 438.50 90.94 LamResearch LRCX 0.3 58 305.21 -14.57 25.98 164.38 113.66 LamarAdv LAMR 4.0 29 159.46 1.73 -29.21 70.45 44.21 LasVegasSands LVS 2.6 18 46.08 0.05 74.53 157.01 46.43 LatticeSemi LSCC ...904 128.42 -9.71 -37.84 205.77 98.86 Leidos LDOS 1.5 10 112.14 1.81 -12.83 137.39 78.02 Lennar B LEN.B 2.4 13 82.92 2.20 -17.67 144.24 79.83 Lennar A LEN 2.4 13 84.64 2.51 11.44 674.39 434.06 LennoxIntl LII 1.0 24 541.13 3.24 41.10 50.59 32.43 LeonardoDRS DRS 0.7 45 48.10 -0.06 18.32 25.58 17.72 LeviStrauss LEVI 2.4 20 24.54 0.44 -28.41 31.10 11.65 LiAuto LI ... dd 12.12 -0.25 -0.34 99.52 73.70 LibertyFormOneA FWONA ... 29 89.08 0.37 -1.48 109.36 80.15 LibertyFormOneC FWONK ... 31 97.05 0.57 59.26 43.96 24.14 LifeTime LTH ... 25 42.33 0.40 11.29 1249.45 623.78 EliLilly LLY 0.6 43 1196.03 10.16 4.94 310.00 216.22 LincolnElectric LECO 1.3 26 251.47 1.09 20.14 548.20 387.78 Linde LIN 1.2 34 512.28 5.96 18.34 45.75 31.33 Lineage LINE 5.1 dd 41.42 0.47 60.07 500.57 226.18 Littelfuse LFUS 0.7 dd 404.86 -10.31 24.38 188.00 125.34 LiveNationEnt LYV ... dd 177.24 1.18 13.58 6.34 4.05 LloydsBanking LYG 2.8 14 6.02 0.03 20.45 692.00 412.55 LockheedMartin LMT 2.4 21 582.60 14.01 11.96 119.10 89.32 Loews L 0.2 15 117.90 2.27 5.55 129.66 83.32 LogitechIntl LOGI 1.1 22 105.78 2.88 -13.90 293.06 199.40 Lowe's LOW 2.4 18 207.64 5.72 -45.01 225.98 104.44 lululemon LULU ... 9 114.28 3.65 107.00 1085.68 101.22 Lumentum LITE ...142 762.99 -70.65 39.31 83.94 41.58 LyondellBasell LYB 4.6 dd 60.32 -1.40 M N
55.88 418.90 118.16 Macom Tech MTSI ...116 266.99 -15.83 23.88 255.00 174.76 M&T Bank MTB 2.4 13 249.60 3.63 24.80 51.59 29.18 MGM Resorts MGM 0.0 63 45.54 0.55 105.99 447.62 88.49 MKS MKSI 0.3 69 329.18 -16.12 9.89 59.98 47.80 MPLX MPLX 7.3 13 58.65 1.14 -4.00 644.77 501.08 MSCI MSCI 1.5 30 550.79 -1.72 ... 44.50 31.00 MadisonAirSolns MAIR ... ... 34.73 -1.54 53.26 411.73 188.59 MSG Sports MSGS 0.0 dd 396.40 2.10 -6.50 615.00 286.44 MadrigalPharm MDGL ... dd 544.51 1.16 23.19 69.94 40.51 MagnaIntl MGA 3.0 28 65.66 -0.10 12.56 19.93 12.94 MagnumIceCrm MICC ... 35 17.84 0.10
s 20.37 43.80 29.70 ManulifeFinl MFC 2.8 17 43.67 0.61 -6.16 53.50 32.73 Maplebear CART ... 24 42.21 -0.32 90.15 326.92 158.00 MarathonPetrol MPC 1.3 20 309.24 -3.03 -7.21 2207.59 1719.41 Markel MKL ... 14 1994.70 33.13 20.69 410.98 253.75 Marriott MAR 0.8 39 374.43 9.96 -2.58 213.80 156.60 Marsh MRSH 2.2 22 180.74 4.34 -10.13 710.97 525.38 MartinMarietta MLM 0.6 13 559.60 12.73 128.56 329.88 61.44 MarvellTech MRVL 0.1 66 194.23 -15.09
Idx2050InsPre 33.79 -0.07 9.4 Fidelity Invest Balanc 34.68 ... 8.8 BluCh 294.41 -3.22 10.2 BluChpGr K6 48.07 -0.69 8.7 Contra 25.73 -0.13 6.0 ContraK 25.85 -0.13 6.0 CpInc 11.20 -0.05 6.3 DivIntl 53.86 -0.02 10.8 GroCo 55.10 -0.51 15.2 InvGrBd 9.92 +0.01 -0.3 LowP 46.96 +0.38 13.9 Magin 15.14 -0.11 3.4 NASDAQ 317.92 -2.06 7.8 OTC 28.78 -0.25 18.5 Puritn 27.86 -0.06 7.8 SAILTTreBdIdx 6.41 ... -2.5 SAIUSMinVolIndFd 24.55 +0.30 7.7 SAIUSQtyIdx 25.88 +0.11 8.1 SrsBlChGroRetail 25.51 -0.29 11.0 SrsEmrgMkt 29.77 -0.72 20.8 SrsGlobal 20.45 -0.12 11.7 SrsGroCoRetail 31.59 -0.30 15.9 SrsIntlGrw 20.33 -0.08 6.4 SrsIntlVal 17.03 +0.12 9.2 TotalBond 9.42 +0.01 -0.3 Fidelity SAI FidSaiCndInxFnd 15.70 +0.07 10.3 FidSaiInfltnFnd 9.98 ... 0.5 IntlValIdx 14.52 +0.07 15.3 TotalBd 8.92 +0.01 -0.2 Fidelity Selects Semiconductors r 60.98 -2.62 53.7 Tech 52.53 -0.73 31.1
Fidelity Strategic A StratAdEmrMrt NA ... NA First Eagle Funds GlbA 84.81 +0.52 5.4 Franklin A1 IncomeA1 2.54 +0.01 4.8 FrankTemp/Frank Adv IncomeAdv 2.52 +0.01 5.4 FrankTemp/Franklin A DynaTech A 190.03 -3.90 2.0 Growth A 140.04 -0.16 4.0 RisDv A 96.52 +0.50 7.2 Guggenheim Funds Tru TotRtnBdFdClInst NA ... NA Harbor Funds CapApInst NA ... NA JHF III DispVal DispValMCI 31.21 +0.43 13.6 John Hancock BondR6 13.33 +0.01 -0.3 JPMorgan I Class CoreBond 10.16 +0.02 -0.5 EqInc 28.44 +0.18 15.8 LgCpGwth 81.25 -1.11 -0.7 JPMorgan R Class CoreBond 10.17 +0.01 -0.5 CorePlusBd 7.15 +0.01 0.2 Lord Abbett I ShtDurInc p 3.82 ... 1.0 Metropolitan West TotRetBdI 8.94 +0.01 -0.7 MFS Funds IIE 42.40 +0.33 4.5 MFS Funds Class I ValueI 55.04 +0.40 10.3
24.91 83.20 58.16 Masco MAS 1.6 20 79.27 1.93 55.42 441.43 160.08 MasTec MTZ ... 59 337.84 -21.02 -5.47 601.77 464.52 Mastercard MA 0.6 31 539.66 9.37 -25.58 72.77 44.30 McCormickVtg MKC.V 3.8 8 50.61 0.70 -26.65 73.84 44.82 McCormick MKC 3.8 8 49.96 -0.23 -13.37 341.75 260.96 McDonald's MCD 2.8 22 264.76 1.96 2.51 999.00 637.00 McKesson MCK 0.4 22 840.90 16.41 -7.74 50.88 32.81 Medline MDLN ... 32 38.75 1.12 7.07 677.90 373.00 Medpace MEDP ... 35 601.38 -4.44 -13.38 106.33 73.31 Medtronic MDT 3.5 22 83.21 1.20 -10.57 2548.50 1495.00 MercadoLibre MELI ... 48 1801.44 2.74 24.52 131.74 76.66 Merck MRK 2.6 37 131.07 0.59 -9.83 796.25 520.26 MetaPlatforms META 0.4 22 595.19 -10.91 20.13 94.86 67.33 MetLife MET 2.5 18 94.83 2.29 -4.81 1525.17 1023.05 Mettler-Toledo MTD ... 31 1327.18 -4.69 23.76 105.91 48.52 MicrochipTech MCHP 2.3365 78.86 -2.49 222.68 1255.00 103.38 MicronTech MU 0.1 21 920.95 -69.26 -21.07 555.45 349.20 Microsoft MSFT 1.0 23 381.70 0.12 -3.62 153.31 120.30 MidAmApt MAA 4.6 41 133.88 1.13 70.53 100.75 39.01 MillicomIntl TIGO 3.2 13 94.54 -1.71
s 44.33 23.08 13.62 MitsubishiUFJ MUFG 1.9 16 22.89 0.27 45.22 10.79 5.74 MizuhoFin MFG 1.3 16 10.63 0.06 83.35 85.60 22.28 Moderna MRNA ... dd 54.07 -2.95 81.10 323.25 96.45 ModineMfg MOD ...108 241.79 -7.83 13.84 244.89 121.06 MolinaHealthcare MOH ... dd 197.55 -2.74 12.43 70.61 51.20 Mondelez MDLZ 3.3 30 60.52 0.47 -28.94 444.72 198.47 MongoDB MDB ... dd 298.22 -0.92 47.16 1714.09 702.56 MonolithicPower MPWR 0.6 96 1333.81 -63.34 21.94 100.34 58.09 MonsterBev MNST ... 45 93.49 -0.07 -7.70 546.88 402.28 Moody's MCO 0.9 30 471.50 -0.74 68.40 430.51 176.28 Moog A MOG.A 0.3 46 410.13 0.48 20.81 232.25 136.17 MorganStanley MS 2.1 17 214.48 -0.70 9.00 492.22 359.36 MotorolaSol MSI 1.2 34 417.83 10.81 11.34 70.95 41.17 MuellerInds MLI 2.2 17 63.91 0.78 51.95 636.04 345.23 MurphyUSA MUSA 0.4 21 613.15 -9.60 -11.96 8.02 4.37 NIO NIO ... dd 4.49 -0.15 24.60 50.00 38.90 NNN REIT NNN 5.0 24 49.38 0.74 -11.44 189.96 120.11 NRG Energy NRG 1.3165 141.03 -1.96 -12.04 8618.28 5501.01 NVR NVR ... 17 6414.67 259.65 24.04 339.95 183.00 NXP Semicon NXPI 1.5 26 269.24 -8.05 -5.19 101.78 76.55 Nasdaq NDAQ 1.3 27 92.09 1.67 14.36 288.04 131.81 Natera NTRA ... dd 261.99 -2.70 6.40 94.64 67.52 NationalGrid NGG 3.9 19 82.30 -0.07 2.69 19.36 13.49 NatWest NWG 4.8 10 17.97 0.11 124.32 299.86 50.00 Nebius NBIS ... 63 187.77 -33.20 56.63 192.83 93.69 NetApp NTAP 1.2 26 167.74 3.10 -13.13 159.55 106.06 NetEase NTES 2.5 16 119.55 -0.63 -25.25 126.71 65.08 Netflix NFLX ... 22 70.09 1.20 23.93 181.18 122.14 Neurocrine NBIX ... 27 175.77 1.62 3.21 87.10 51.03 NYTimes A NYT 1.3 31 71.65 1.48 -6.67 134.88 59.96 Newmont NEM 1.1 12 93.19 -1.53 2.45 31.61 22.20 NewsCorp A NWSA 0.7 36 26.76 0.43 1.89 35.58 25.49 NewsCorp B NWS 0.7 40 30.19 0.44 11.83 98.75 69.24 NextEraEnergy NEE 2.8 23 89.78 -0.01 14.83 163.13 52.61 Nextpower NXT ... 26 100.03 -4.46 -34.55 80.17 40.00 Nike NKE 3.9 20 41.70 0.71 11.78 49.21 38.45 NiSource NI 2.6 23 46.68 -0.07 40.65 17.45 4.00 Nokia NOK 1.3 63 9.10 -0.63 16.92 10.06 6.59 Nomura NMR 2.8 12 9.81 0.04 23.02 307.74 207.08 Nordson NDSN 1.1 32 295.77 3.67 21.45 358.60 268.23 NorfolkSouthern NSC 1.5 30 350.66 2.11 32.16 191.60 121.12 NorthernTrust NTRS 1.9 15 180.52 2.57 -4.91 774.00 479.02 NorthropGrum NOC 1.8 17 542.24 8.76 33.37 615.99 232.72 Nova NVMI ... 55 437.98 -17.39 12.43 170.46 112.34 Novartis NVS 2.6 23 155.01 -1.13 -4.15 71.80 35.12 NovoNordisk NVO 2.6 11 48.77 0.59 -15.83 18.98 11.20 NuHoldings NU ... 22 14.09 -0.10 51.77 270.90 131.32 Nucor NUE 0.9 25 247.56 6.41 6.48 82.42 34.01 Nutanix NTNX ... 58 55.04 2.41 10.34 85.36 53.03 Nutrien NTR 3.2 14 68.10 -0.44 48.86 184.64 76.23 nVentElectric NVT 0.6 51 151.79 -6.78 10.91 236.54 164.07 NVIDIA NVDA 0.5 32 206.84 -1.92 O P Q
s 16.98 50.32 41.70 OGE Energy OGE 3.4 22 49.95 0.34 26.75 96.07 64.02 ONEOK OKE 4.6 17 93.16 -0.07 60.31 134.92 44.56 ON Semi ON ... 62 86.81 -3.32 -4.18 108.72 82.59 O'ReillyAuto ORLY ... 29 87.40 1.29 39.35 67.45 38.80 OccidentalPetrol OXY 1.8 65 57.30 -0.30 60.17 157.00 62.66 Okta OKTA ...101 138.50 2.40 48.59 252.03 126.01 OldDomFreight ODFL 0.5 49 232.99 2.28 18.74 27.32 19.39 OldNatlBncp ONB 2.2 12 26.49 0.38 -7.34 46.76 35.60 OldRepublic ORI 3.0 9 42.29 0.97
s 16.64 51.92 38.23 OmegaHealthcare OHI 5.3 25 51.72 0.75 -1.35 87.17 66.33 Omnicom OMC 4.0199 79.66 1.76 -22.93 52.41 31.41 OnHolding ONON ... 38 35.82 0.98 72.70 386.46 89.40 OntoInnovation ONTO ...127 272.62 -18.65
t -41.00 345.72 114.75 Oracle ORCL 1.7 20 114.99 -5.05 37.95 40.67 22.33 Orix IX 2.0 15 40.31 0.21 23.49 180.49 116.77 Oshkosh OSK 1.5 17 155.14 3.17 -17.65 94.56 69.16 OtisWorldwide OTIS 2.4 18 71.93 1.16
s 61.09 64.61 35.47 Ovintiv OVV 1.9 18 63.13 1.74 27.19 159.91 97.53 OwensCorning OC 2.2 dd 142.34 3.39 -27.10 139.41 71.94 PDD PDD ... 9 82.66 -0.64 11.08 19.16 13.31 PG&E PCG 1.1 13 17.85 0.31 20.25 256.49 176.88 PNC Finl PNC 3.2 14 250.99 1.73 -1.64 92.40 44.99 POSCO PKX 2.4 27 52.34 -1.00 13.21 133.43 93.39 PPG Ind PPG 2.6 17 116.00 2.25 3.43 40.10 33.16 PPL PPL 3.1 22 36.22 -0.02 -31.97 219.69 108.50 PTC PTC ... 11 118.52 5.47
s 20.76 133.90 92.25 Paccar PCAR 1.1 28 132.24 1.49
s 23.35 254.49 189.03 PackagingCpAm PKG 2.4 33 254.39 20.49 -30.85 207.52 106.37 PalantirTech PLTR ...138 122.92 -0.45 75.78 368.80 139.57 PaloAltoNtwks PANW ...266 323.79 -1.84 -15.02 69.99 26.77 PanAmerSilver PAAS 1.6 14 44.03 -0.16
t -38.73 20.86 8.17 ParamountSkydance PSKY 2.4 dd 8.21 -0.28 12.35 1034.96 692.02 ParkerHannifin PH 0.8 36 987.54 2.06 1.22 148.11 85.45 Paychex PAYX 4.2 23 113.55 2.89 -3.82 79.50 38.46 PayPal PYPL 1.0 11 56.15 0.15 ... 24.89 12.07 PayPay PAYP ... ... 15.51 -0.14 16.03 17.66 12.02 Pearson PSO 2.1 25 16.29 0.25
s 34.97 51.58 35.45 PembinaPipeline PBA 4.0 27 51.37 0.16 37.31 219.09 140.12 PenskeAuto PAG 2.6 16 217.35 1.81 -39.62 113.95 57.60 Pentair PNR 1.7 15 62.88 1.08 2.52 362.41 221.26 Penumbra PEN ... 73 318.73 0.83 -4.79 171.48 133.73 PepsiCo PEP 4.3 18 136.64 1.69 23.99 116.42 80.82 PerformanceFood PFGC ... 53 111.49 1.18 52.17 22.68 11.92 PermianRscs PR 3.0 25 21.35 -0.02 ... 54.94 22.01 PershingSquare PS 1.4 ... 33.97 0.23 58.40 22.24 11.43 PetroleoBrasil PBR 5.1 6 18.77 -0.23 47.47 20.05 10.76 PetroleoBrasilA PBR.A 5.8 5 16.62 -0.26 -1.45 28.75 23.11 Pfizer PFE 7.0 19 24.54 -0.04 20.32 199.78 142.11 PhilipMorris PM 3.0 28 193.00 1.88 60.24 216.08 118.07 Phillips66 PSX 2.5 20 206.77 -0.21 7.54 107.14 81.08 PinnacleFinPtrs PNFP 1.9 14 102.60 2.79 19.57 111.16 85.32 PinnacleWest PNW 3.4 20 106.06 0.63 -14.52 39.93 13.84 Pinterest PINS ... 46 22.13 0.24
s 36.97 24.87 15.69 PlainsAllAmPipe PAA 6.8 18 24.60 -0.09
s 38.19 26.65 16.68 PlainsGP PAGP 6.3 29 26.45 -0.06 37.91 175.12 108.74 Popular BPOP 1.7 12 171.73 0.85 21.76 317.69 230.09 Primerica PRI 1.5 13 314.59 6.41 24.02 114.90 75.00 PrincipalFinl PFG 3.0 16 109.40 2.08 2.86 167.25 137.62 Procter&Gamble PG 3.0 22 147.41 1.53 -6.10 254.93 189.20 Progressive PGR 0.2 11 213.83 6.76 15.64 153.35 103.41 Prologis PLD 2.9 33 147.63 2.51 6.27 120.58 91.89 PrudentialFinl PRU 4.7 12 119.96 2.12 -5.72 34.03 24.61 Prudential PUK 1.7 10 29.34 0.25 -0.61 91.25 76.05 PSEG PEG 3.4 18 79.81 0.04 24.27 331.79 256.54 PublicStorage PSA 3.7 33 322.48 7.47 9.80 144.50 108.49 PulteGroup PHM 0.8 13 128.75 4.08
t -29.13 27.61 13.32 QXO QXO 0.0 dd 13.67 -0.16 65.41 177.28 70.50 QnityElec Q 0.2 44 135.06 -3.60 -2.39 259.92 121.99 Qualcomm QCOM 2.2 18 166.97 -4.14 48.28 788.75 363.01 QuantaServices PWR 0.1 86 625.84 -27.96 ... 86.79 50.10 Quantinuum QNT ... ... 52.29 -4.17 31.31 237.78 165.78 QuestDiag DGX 1.5 24 227.86 -0.04 R S
32.70 667.69 364.50 RBC Bearings RBC ... 65 595.07 -0.24 8.48 119.58 93.58 RBGlobal RBA 1.1 52 111.59 2.43 -14.87 54.02 27.57 RELX RELX 2.6 21 34.41 1.55 2.88 129.12 92.92 RPM RPM 2.0 21 107.00 2.23
s 16.03 214.89 150.61 RTX RTX 1.4 37 212.79 3.63 5.65 421.60 273.04 RalphLauren RL 1.1 25 373.58 1.89 4.48 174.10 62.81 Rambus RMBS ... 46 96.01 -7.18 10.52 48.31 32.60 RangeResources RRC 1.0 11 38.97 0.10 5.42 177.66 138.82 RaymondJames RJF 1.3 15 169.30 3.16 16.37 67.94 55.86 RealtyIncome O 5.0 54 65.60 0.88 -26.60 282.95 119.27 Reddit RDDT ... 48 168.73 -0.05 51.61 247.80 127.96 RegalRexnord RRX 0.7 49 212.74 -1.29 19.01 83.66 66.86 RegencyCtrs REG 3.7 28 82.15 0.97 -15.01 821.11 541.00 RegenPharm REGN 0.6 16 656.01 4.10 13.87 32.47 22.70 RegionsFinl RF 3.9 13 30.86 0.20 17.43 245.00 165.52 ReinsGrp RGA 1.6 13 238.92 4.64 41.18 419.83 260.31 Reliance RS 1.2 24 407.83 12.46
s 17.05 329.60 231.17 RenaissanceRe RNR 0.5 6 329.10 11.69 -3.70 34.66 22.77 RentokilInit RTO 1.9 31 28.37 -0.84 2.35 246.25 196.41 RepublicSvcs RSG 1.2 31 216.91 -0.51 -18.93 293.81 180.26 ResMed RMD 1.2 19 195.27 3.38 6.21 81.96 61.33 RestaurantBrands QSR 3.6 29 72.47 0.09 137.58 193.82 34.00 RevolutionMed RVMD ... dd 189.23 0.48 14.18 118.30 81.22 Revvity RVTY 0.3 52 110.47 -2.70 13.98 112.58 58.40 RioTinto RIO 4.4 15 91.22 -0.29 -19.63 22.69 11.57 Rivian RIVN ... dd 15.84 -0.62 -16.08 153.86 63.52 Robinhood HOOD ... 46 94.91 -6.67 -41.32 150.59 40.15 Roblox RBLX ... dd 47.55 ... -32.59 24.36 12.17 RocketCos. RKT 0.0221 13.05 0.27 -8.39 151.00 37.57 RocketLab RKLB ... dd 63.91 -6.08 18.79 497.36 305.44 Rockwell ROK 1.2 48 462.16 1.51 -13.25 41.14 31.38 RogersComm B RCI 4.3 4 32.73 0.06 61.34 37.00 10.90 RoivantSciences ROIV ... dd 35.01 -0.09 30.86 148.88 78.53 Roku ROKU ...107 141.97 0.30 -35.75 66.14 36.59 Rollins ROL 1.9 35 38.56 -0.88 -17.48 564.68 305.96 RoperTech ROP 1.0 15 367.34 12.22 32.61 242.81 134.37 RossStores ROST 0.7 33 238.89 6.50 22.64 218.56 127.38 RoyalBkCanada RY 2.0 19 209.09 0.63 5.24 366.50 232.10 RoyalCaribbean RCL 1.7 18 293.54 10.13 -9.60 306.25 150.75 RoyalGold RGLD 0.9 24 200.96 1.32
s 52.25 59.72 34.08 RoyaltyPharma RPRX 1.6 31 58.83 -0.19 -4.24 99.75 42.25 Rubrik RBRK ... dd 73.24 0.61 -19.14 66.27 29.28 RyanSpecialty RYAN 1.2 57 41.75 1.77 -21.25 74.24 53.14 Ryanair RYAAY 1.2 14 56.85 0.50 39.86 284.25 157.67 RyderSystem R 1.5 22 267.68 -0.23 -34.13 299.48 144.97 SAP SAP 1.3 22 160.00 13.62 -13.74 547.70 360.94 S&P Global SPGI 0.9 27 426.40 6.40 -10.27 240.14 162.41 SBA Comm SBAC 2.9 18 173.57 -1.28 20.97 102.28 75.08 SEI Investments SEIC 1.0 18 99.22 2.49 ... 194.80 145.57 SK hynix SKHY ... 21 154.57 -14.93 73.75 47.18 19.66 SK Telecom SKM 1.4 59 35.67 0.47 36.58 58.82 31.64 SLB SLB 2.3 25 52.42 5.20 10.00 251.08 173.33 SPX Tech SPXC ... 42 220.07 0.27 -15.49 91.07 61.40 SS&C Tech SSNC 1.5 21 73.88 6.93 29.76 494.71 249.32 Saia SAIA ... 44 423.68 -2.87 -38.22 274.00 146.32 Salesforce CRM 1.1 19 163.66 6.73 -6.60 47.47 23.38 Samsara IOT ...341 33.11 1.62 505.17 2354.39 40.10 Sandisk SNDK ... 50 1436.56 -173.77 38.89 288.68 95.49 Sanmina SANM ... 44 208.43 -10.13 -10.54 52.68 40.89 Sanofi SNY 4.1 18 43.35 -0.01 2.06 107.50 83.96 SchwabC SCHW 1.3 19 101.97 0.36 -21.61 199.30 77.05 Sea SE ... 38 100.00 0.50 209.27 1145.00 138.30 Seagate STX 0.3 81 851.69 -61.67 5.31 101.04 78.97 Sempra SRE 2.8 32 92.98 -0.46
StratAdFidEmr 18.26 -0.41 20.2 StratAdFidUS 21.27 +0.02 12.2 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.18 +0.04 9.5 TIAA/CREF Funds EqIdxInst 51.23 +0.02 9.3 IntlEqIdxInst 30.49 +0.08 9.5 LrgCpGrIdxInst 75.92 -0.63 -0.1 VANGUARD ADMIRAL 500Adml 684.29 +0.40 9.0 BalAdml 53.62 +0.03 5.5 CAITAdml 11.35 +0.01 ... CapOpAdml r259.94 -3.34 19.9 DivAppIdxAdm 64.77 +0.37 9.5 EMAdmr 47.84 -0.53 7.3 EqIncAdml 102.30 +0.64 11.4 ExplrAdml 122.61 -0.67 14.9 ExtndAdml 179.06 -0.51 13.5 GroIncAdml 117.34 -0.14 7.5 GrwthAdml 257.88 -0.89 2.9 HlthCareAdml r 86.22 +0.35 4.1 HYCorAdml r 5.43 ... 1.0 InfProAd 22.66 -0.01 0.3 InfTechIdx 463.99 -4.77 20.5 IntlGrAdml 117.46 -0.52 3.0 ITBondAdml 10.21 +0.01 -1.0 ITIGradeAdml 8.61 ... -0.8 LarCapAd 171.64 +0.04 8.6 MidCpAdml 399.02 +1.05 11.8 MuHYAdml 10.54 +0.02 1.4 MuIntAdml 13.55 +0.01 0.1 MuLTAdml 10.68 +0.01 0.7 MuLtdAdml 10.89 +0.01 0.8 MuShtAdml 15.81 ... 1.3
Natixis Funds InvGradeBdY 9.60 ... -0.5 LSGrowthY 30.39 +0.01 -8.5 Northern Funds StkIdx 73.82 +0.04 9.0 Old Westbury Fds LrgCpStr NA ... NA PGIM Funds Cl Z TotalReturnBond NA ... NA PIMCO Fds Instl IntlBdUSH NA ... NA TotRt NA ... NA PIMCO Funds A IncomeFd NA ... NA PIMCO Funds I2 Income NA ... NA PIMCO Funds Instl IncomeFd NA ... NA Price Funds BlChip 203.25 -1.19 -3.4 LgCapGow I 84.62 -0.45 -0.4 Putnam Funds Class A PutLargCap p 44.31 +0.33 13.4 Putnam Funds Class Y PutLargCap 44.31 +0.32 13.5 Schwab Funds 1000 Inv r 15.89 +0.01 9.2 FunUSLgInst r 37.44 +0.20 16.7 IntI Sel r 31.44 +0.08 9.5 S&P Sel 19.11 +0.01 9.0 TSM Sel r 17.94 +0.01 9.5 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.05 ... ...
70.88 177.35 46.02 Semtech SMTC ... dd 125.92 -12.76 5.59 88.67 68.41 ServiceIntl SCI 1.7 22 82.33 2.99 -35.52 210.20 81.24 ServiceNow NOW ... 62 98.78 6.84 32.80 156.87 83.12 SharkNinja SN 0.0 30 148.60 2.77 20.28 94.90 68.62 Shell SHEL 3.3 14 88.38 0.43 -2.01 379.65 289.86 SherwinWilliams SHW 1.0 30 317.51 6.97 33.30 73.80 46.26 ShinhanFin SHG 2.1 9 71.49 -0.16 -29.33 182.19 94.00 Shopify SHOP ...112 113.75 1.75 192.23 355.00 71.34 SiliconMotion SIMO 0.7 54 270.90 -18.18 24.13 231.53 159.70 SimonProperty SPG 3.9 42 229.78 4.58 49.04 31.42 19.77 SiriusXM SIRI 3.6 12 29.80 -0.07 56.99 901.81 186.49 SiTime SITM ... dd 554.46 -21.95 -5.05 90.90 51.93 Skyworks SWKS 4.7 25 60.21 -0.26 -6.83 38.79 28.55 Smith&Nephew SNN 2.5 21 30.57 0.80 17.60 29.80 21.08 SmithfieldFds SFD 4.8 10 26.26 0.16 20.97 119.39 88.25 Smucker SJM 3.8 dd 118.32 2.61 25.58 52.65 32.73 SmurfitWestrock SW 3.7 68 48.56 4.85 17.27 419.68 312.78 Snap-On SNA 2.4 21 404.12 8.71 22.20 284.99 118.30 Snowflake SNOW ... dd 268.06 2.93 -0.10 98.00 35.67 SOQUIMICH SQM 1.0 24 68.73 -0.59 -37.13 32.73 14.92 SoFiTech SOFI ... 37 16.46 -0.19 24.62 90.80 40.43 SolsticeAdvMatls SOLS 0.5 ... 60.54 -0.34 -1.55 88.20 62.38 Solventum SOLV ... 10 78.01 0.77 -19.85 98.56 60.39 Somnigroup SGI 1.0 29 71.56 2.71 -18.05 30.34 19.32 Sony SONY 0.5 dd 20.98 0.29 11.53 100.83 83.80 Southern SO 3.1 25 97.25 0.65 27.29 221.67 85.51 SoCopper SCCO 1.9 27 179.29 -2.93 12.63 108.46 84.47 SouthStateBk SSB 2.5 11 106.00 4.75 9.07 55.11 28.98 SouthwestAir LUV 1.6 27 45.08 0.37 ... 225.64 110.85 SpaceX SPCX ... ... 115.07 -3.17 -16.88 748.30 405.00 Spotify SPOT ... 38 482.66 13.67 0.07 34.48 23.83 StandardAero SARO ... 33 28.70 0.44 22.86 95.16 61.90 StanleyB&D SWK 3.7 37 91.26 3.85 22.61 109.23 77.99 Starbucks SBUX 2.4 79 103.25 0.04 43.71 192.51 104.64 StateStreet STT 2.0 16 185.40 1.19 45.83 288.74 119.89 SteelDynamics STLD 0.9 22 247.11 6.54 -47.75 12.22 5.25 Stellantis STLA 0.0 dd 5.69 -0.06 -15.56 269.44 195.14 Steris STE 1.2 27 214.07 3.43 115.83 1005.68 244.02 SterlingInfr STRL ... 59 660.93 -56.41 -3.19 89.83 67.81 StifelFinancial SF 1.7 14 80.82 1.26 98.69 81.42 21.11 STMicroelec STM 0.6103 51.54 -1.95 -39.67 419.95 81.81 Strategy MSTR ... dd 91.67 -1.96 -6.04 404.14 281.00 Stryker SYK 1.1 38 330.25 11.28 35.44 26.66 14.92 SumitomoMits SMFG 1.9 16 26.18 0.27 -21.90 30.98 12.55 SummitTherap SMMT ... dd 13.66 -1.32 -1.68 137.85 115.53 SunComms SUI 3.7 11 121.83 1.83
s 31.81 82.44 56.22 SunLifeFinancial SLF 2.8 21 82.25 0.84 ... 86.67 61.03 SunbeltRentals SUNB 1.5 ... 75.67 -1.80 48.35 70.29 37.77 SuncorEnergy SU 2.4 17 65.81 -0.60
s 43.50 77.03 47.98 Sunoco SUN 5.3 19 75.21 0.62 2.84 62.36 19.48 SuperMicroComp SMCI ... 16 30.10 -1.10 -11.24 11.54 7.55 Suzano SUZ 2.3 5 8.29 -0.05 -32.52 87.88 38.19 Symbotic SYM ... dd 40.15 -0.42 -12.62 88.77 63.08 SynchronyFinl SYF 1.9 7 72.90 1.13 -20.49 651.73 366.00 Synopsys SNPS ... 86 373.47 -0.05 12.78 91.84 68.19 Sysco SYY 2.6 23 83.11 1.38 T U V
28.32 71.47 46.61 TCEnergy TRP 3.7 31 70.59 0.61 61.70 296.47 139.23 TD Synnex SNX 0.8 17 242.92 -5.04 -10.80 252.56 190.27 TEConnectivity TEL 1.5 20 202.94 4.15 -22.40 16.72 9.95 Telus TU 10.7 23 10.22 0.11 23.85 51.73 30.44 Ternium TX 4.7 16 47.30 0.16 45.55 167.69 80.62 TFI Intl TFII 1.2 42 150.43 -1.69 9.51 28.22 17.65 TIM TIMB 9.4 13 21.30 0.25 0.40 170.00 123.78 TJX TJX 1.2 30 154.22 0.74 -13.58 226.94 152.29 TKO TKO 1.7 66 180.62 1.19 -11.30 261.56 165.66 T-MobileUS TMUS 2.3 19 180.09 9.67 -32.91 70.38 36.95 TPG TPG 5.2196 42.83 0.80 13.79 121.17 85.22 T.RowePrice TROW 4.5 12 116.50 1.55 90.45 223.83 39.20 TTM Tech TTMI ... 71 131.41 -13.44 32.75 479.00 223.70 TaiwanSemi TSM 0.7 29 403.41 -12.17 -9.52 265.94 187.63 Take-TwoSftwr TTWO ... dd 231.65 1.40 10.58 18.89 12.99 TakedaPharm TAK 3.1 dd 17.24 0.42 -3.99 451.28 301.45 TalenEnergy TLN ... dd 359.90 -19.37 11.61 161.97 92.62 Tapestry TPR 1.1 46 142.60 3.47
s 52.48 291.04 144.14 TargaResources TRGP 1.8 29 281.33 -4.25 39.93 144.40 83.44 Target TGT 3.4 18 136.78 2.30
s 72.24 77.92 34.27 TechnipFMC FTI 0.3 29 76.75 0.73 25.68 71.25 30.98 TeckResourcesB TECK 0.6 16 60.19 0.34 28.32 693.38 483.02 TeledyneTech TDY ... 32 655.35 4.13 -3.21 13.77 7.16 Ericsson ERIC 2.2 12 9.34 0.03 18.47 17.25 10.82 TelefonicaBras VIV 2.9 19 14.05 0.35 -31.50 23.52 13.22 TelekomIndns TLK 6.9 14 14.42 0.06 49.99 64.59 33.65 Tenaris TS 0.0 15 57.67 0.31 -49.46 26.70 7.94 TencentMusic TME 2.6 11 8.86 0.10 17.35 247.21 146.60 TenetHealthcare THC ... 9 233.20 34.18 80.78 487.91 89.18 Teradyne TER 0.1 65 349.92 -23.83 60.66 29.84 4.64 TeraWulf WULF ... dd 18.46 -1.59 -30.39 498.83 297.82 Tesla TSLA ...291 313.03 -6.66 -1.28 37.34 14.99 TevaPharm TEVA ... 23 30.81 -0.37 61.15 334.03 152.73 TexasInstruments TXN 2.0 43 279.58 -5.41 46.03 547.20 269.23 TexasPacLand TPL 0.6 57 419.44 -6.11 16.43 200.11 153.82 TexasRoadhouse TXRH 1.6 31 193.27 2.41 9.59 101.57 75.80 Textron TXT 0.1 18 95.53 2.34 -1.93 643.99 435.27 ThermoFisher TMO 0.3 31 568.26 -4.06 -31.65 206.45 76.28 ThomsonReuters TRI 2.9 27 90.15 4.46 7.82 177.41 139.34 3M MMM 1.8 31 172.62 3.03 67.95 146.37 70.56 Timken TKR 1.0 32 141.30 0.41 -18.22 49.66 22.26 Toast TOST ... 44 29.04 0.64 10.83 168.36 117.50 TollBros TOL 0.7 11 149.87 3.32 27.15 124.87 72.21 TorontoDomBk TD 2.6 19 119.78 0.56 32.68 94.17 57.48 TotalEnergies TTE ... 11 86.80 0.57 98.75 319.94 43.12 TowerSemi TSEM ...108 233.37 -27.05 -17.12 248.90 166.10 ToyotaMotor TM 3.0 9 177.42 0.62 -37.97 63.99 28.36 TractorSupply TSCO 3.1 16 31.02 0.70 -7.17 147.49 91.42 Tradeweb TW 0.6 25 99.83 -0.02 23.58 505.87 348.06 TraneTech TT 0.9 37 480.99 1.28 -7.00 1623.83 1123.61 TransDigm TDG 0.0 39 1236.71 22.88 -10.78 99.39 63.37 TransUnion TRU 0.7 21 76.51 2.68
s 33.51 389.11 252.26 Travelers TRV 1.3 10 387.26 10.89 -32.47 87.50 47.92 Trimble TRMB ... 28 52.91 2.56 -39.31 78.99 38.04 Trip.com TCOM 0.0 7 43.64 0.62 5.18 56.20 40.78 TruistFinl TFC 4.0 12 51.76 0.56 34.60 238.48 91.84 Twilio TWLO ...297 191.46 6.40 -34.54 621.34 270.71 TylerTech TYL ... 41 297.15 8.99 -2.00 69.48 50.56 TysonFoods TSN 3.6 44 57.45 0.70 11.73 55.15 35.94 UBS Group UBS 1.4 19 51.74 0.19 7.93 42.00 32.94 UDR UDR 4.4 27 39.59 0.11 41.70 72.95 41.95 U-Haul UHAL 0.0293 71.43 -0.46 33.83 63.97 39.62 U-Haul N UHAL/B 0.3256 62.55 -0.26 8.37 107.54 61.64 ULSolutions ULS 0.6 50 85.46 -1.14 22.74 148.31 103.38 UMB Fin UMBF 1.2 13 141.20 2.08 29.01 105.17 69.88 USFoods USFD ... 33 97.17 1.59
t -19.30 101.99 65.56 Uber UBER ... 16 65.94 -2.97 -5.00 1099.99 380.00 Ubiquiti UI 0.6 34 525.70 -3.66 -21.43 714.97 443.60 UltaBeauty ULTA ... 18 475.36 -2.59 -6.82 74.97 54.75 Unilever UL 3.7 19 60.94 0.73 32.85 315.99 210.84 UnionPacific UNP 1.8 25 307.32 2.99 5.77 138.77 82.42 UnitedAirlines UAL ... 11 118.27 2.92 147.84 28.96 6.56 UnitedMicro UMC 1.6 30 19.48 -1.39 15.73 122.41 82.00 UPS B UPS 5.7 19 114.79 0.69 41.06 1177.67 701.59 UnitedRentals URI 0.7 27 1141.59 1.88 19.88 64.84 43.46 USBancorp USB 3.3 13 63.97 0.64 8.46 609.35 272.12 UnitedTherap UTHR ... 20 528.47 -1.06 27.45 461.62 234.60 UnitedHealth UNH 2.2 27 420.74 -2.82 -35.20 52.15 16.78 UnitySoftware U ... dd 28.62 -0.32 -28.56 246.32 140.08 UniversalHealthB UHS 0.5 6 155.75 4.48 11.25 93.22 68.28 UnumGroup UNM 2.3 19 86.22 0.28 -4.94 34.01 25.82 VICI Prop VICI 6.7 9 26.73 0.41 13.51 17.94 9.36 Vale VALE 6.1 23 14.79 -0.04 85.82 320.24 130.78 ValeroEnergy VLO 1.6 22 302.50 -2.76 20.84 585.71 352.60 ValmontInds VMI 0.6 19 486.16 -2.44 -16.57 310.50 148.05 VeevaSystems VEEV ... 33 186.24 6.66
s 29.92 100.84 65.15 Ventas VTR 2.1182 100.53 2.61 109.82 17.62 5.72 VentureGlobal VG 0.5 15 14.31 -0.85 -7.78 110.11 80.03 Veralto VLTO 0.6 24 92.02 0.52 15.25 312.48 208.86 VeriSign VRSN 1.1 30 280.00 18.42 -9.99 300.94 155.94 VeriskAnalytics VRSK 1.0 31 201.34 8.17 13.87 51.68 38.39 Verizon VZ 6.1 11 46.38 2.56 5.29 533.67 362.50 VertexPharm VRTX ... 28 477.36 4.27 79.22 379.94 118.70 Vertiv VRT 0.1 73 290.36 -13.68 108.07 93.03 14.12 ViaSat VSAT ... dd 71.70 -2.57 38.47 17.68 8.62 Viatris VTRS 2.8 dd 17.24 -0.04 121.77 60.43 9.62 ViaviSolutions VIAV ... dd 39.52 -2.28 92.53 382.65 41.76 Vicor VICR ... 68 211.01 -20.37 41.03 105.76 55.55 Viking VIK ... 38 100.71 1.00 16.83 51.13 35.10 ViperEnergy VNOM 5.1 dd 45.13 -0.01 79.29 68.02 31.55 VirtuFinancial VIRT 1.6 8 59.74 0.07 1.43 365.14 293.89 Visa V 0.8 31 355.74 4.14 1.27 219.82 132.66 Vistra VST 0.6 27 163.38 -5.60 14.69 16.61 10.66 Vodafone VOD 3.4 dd 15.15 -0.10 -1.94 331.09 252.35 VulcanMatls VMC 0.7 33 279.70 4.77 W X Y Z
9.78 119.91 102.95 WEC Energy WEC 3.3 23 115.77 1.05 19.16 76.97 63.08 W.P.Carey WPC 4.9 33 76.69 1.49
s 41.72 302.96 184.26 Wabtec WAB 0.4 41 302.50 4.51 -1.74 135.16 95.35 Walmart WMT 0.9 39 109.47 1.07 -10.58 30.00 10.76 WarnerBrosA WBD ... dd 25.77 -0.18 -13.43 35.42 23.34 WarnerMusic WMG 2.9 31 26.55 -0.05 -3.28 191.91 146.89 WasteConnections WCN 0.8 41 169.61 1.62 8.67 248.13 194.11 WasteMgt WM 1.6 35 238.75 1.48 -1.36 414.15 275.05 Waters WAT ... 48 374.68 -7.73 7.44 493.66 323.05 Watsco WSO 3.6 30 362.01 2.16 24.79 394.54 249.06 WattsWater WTS 0.7 31 344.45 0.78 -16.16 119.98 55.60 Wayfair W ... dd 84.18 1.50 20.86 77.69 52.69 WebsterFin WBS 2.1 12 76.07 0.61 -7.39 97.76 72.78 WellsFargo WFC 2.1 13 86.31 0.12
s 35.81 252.94 158.24 Welltower WELL 1.2 dd 252.07 5.02 35.91 377.90 197.96 WescoIntl WCC 0.6 24 332.48 1.82 19.28 386.00 223.83 WestPharmSvcs WST 0.3 42 328.20 -27.28 201.74 799.87 66.51 WesternDigital WDC 0.1 31 519.80 -38.50
s 20.18 48.63 36.90 WesternMidstrm WES 7.8 16 47.47 -0.46 -0.16 124.23 56.33 Westlake WLK 2.9 dd 73.82 -1.41 1.06 27.75 21.16 Weyerhaeuser WY 3.5 44 23.94 0.30 -5.14 165.76 90.39 WheatonPrecMtls WPM 0.7 28 111.48 1.45 23.11 80.08 55.82 Williams WMB 2.8 33 74.00 -1.25 26.96 244.65 165.51 Williams-Sonoma WSM 1.3 25 226.74 8.14 -10.19 352.79 240.61 WillisTowers WTW 1.3 17 295.11 6.74 13.47 167.22 119.61 WintrustFinl WTFC 1.4 13 158.66 0.89 -34.15 3.09 1.75 Wipro WIT 5.9 13 1.87 0.09 -3.25 17.47 10.36 Wise WSE ... ... 11.33 -0.75 44.71 25.19 14.27 WoodsideEnergy WDS 4.8 16 22.56 0.22 38.59 450.92 233.31 Woodward WWD 0.3 50 419.00 7.06 10.68 84.71 48.83 WooriFinl WF 3.9 8 65.07 2.35 -36.99 249.85 110.36 Workday WDAY ... 42 135.34 7.47 -19.45 134.72 92.52 WynnResorts WYNN 1.0 28 96.92 0.15 56.73 232.05 116.68 XPO XPO ... 73 213.01 -1.15 10.57 84.23 69.16 XcelEnergy XEL 2.9 24 81.67 0.90 -39.20 28.23 11.77 XPeng XPEV ... dd 12.33 -0.43 -12.06 154.27 105.29 Xylem XYL 1.4 30 119.75 2.88 42.15 57.49 22.82 YPF YPF 0.0 dd 51.40 -0.52 -1.56 170.14 137.33 Yum!Brands YUM 2.0 24 148.92 1.55 -9.09 58.39 40.15 YumChina YUMC 2.7 17 43.40 0.29 14.79 26.20 17.74 ZTO Express ZTO 2.8 15 23.98 -0.06 7.04 352.66 199.05 ZebraTech ZBRA ... 31 259.92 2.97 1.59 108.29 79.12 ZimmerBiomet ZBH 1.1 24 91.35 1.70 18.36 73.34 46.19 ZionsBancorp ZION 2.6 9 69.29 0.13 -40.11 160.48 71.47 Zoetis ZTS 2.8 12 75.35 0.78 1.97 114.74 69.15 ZoomComms ZM ... 13 87.99 3.88 -36.72 336.99 114.62 Zscaler ZS ... dd 142.32 2.62
Welltn 46.21 -0.06 4.5 VANGUARD INDEX FDS ExtndIstPl 441.86 -1.25 13.5 IdxIntl 26.74 -0.14 10.9 MdCpGrAdml125.76 -1.20 5.0 MdCpVlAdml106.08 +1.21 16.7 SmValAdml 104.93 +0.91 16.5 TotBd2 9.37 +0.01 -0.6 TotIntlInstIdx r178.88 -0.92 11.0 TotItlInstPlId r178.92 -0.92 11.0 TotSt 177.54 +0.05 9.4 VANGUARD INSTL FDS DevMktsIndInst 22.41 -0.06 12.3 DevMktsInxInst 35.02 -0.10 12.3 ExtndInst 179.05 -0.51 13.5 FTScinst 50.56 +0.01 7.7 GrwthInst 257.89 -0.89 2.9 InPrSeIn 9.23 -0.01 0.3 InstIdx 593.55 +0.35 9.0 InstPlus 593.54 +0.35 9.0 InstTStPlus 122.37 +0.03 9.5 MidCpInst 88.15 +0.23 11.8 MidCpIstPl 434.72 +1.14 11.8 SmCapInst 141.44 +0.20 15.2 SmCapIstPl 408.25 +0.57 15.2 STIGradeInst 10.31 ... 0.7 STIPSIxins 24.87 -0.01 1.6 TotBdInst 9.51 +0.01 -0.4 TotBdInst2 9.37 +0.01 -0.6 TotBdInstPl 9.51 +0.01 -0.4 TotIntBdIdxInst 28.67 +0.02 0.1 TotStInst 177.60 +0.04 9.5 ValueInst 86.23 +0.46 17.0 WCM Focus Funds WCMFocIntlGrwIns 27.68 -0.13 11.3
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Mobile carrier signs $1 billion deal with Google to connect data centers
BY KELLY CLOONAN AND PATIENCE HAGGIN
Verizon Communications beat Wall Street expectations on a closely watched metric that gauges new lucrative cus- tomers and said it is pursuing new revenue opportunities, in- cluding from the AI infrastruc- ture boom, as its turnaround effort continues. Verizon Chief Executive Dan Schulman said Friday Verizon signed a new deal with Google worth more than $1 billion, in which the technology giant will use the carrier’s dark fiber to connect its data centers. Ve- rizon plans to announce more deals with other partners this year, which he said could be worth billions in revenue over the next several years. The Google deal came as the carrier posted results that showed a net gain of 184,000 postpaid phone connections in the second quarter, beating Wall Street’s expectations. It
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ERIC GAY/AP
SpaceX launched its huge rocket on another test flight Friday, the first since the Elon Musk-led company’s history- making initial public offering. The rocket, above, took off
BY STEPHEN WILMOT AND DOMINIC CHOPPING Volkswagen Cuts Sales Outlook Amid China Woes
Volkswagen cut its sales forecasts for the year following a collapse in China’s car market and rapid gains by Chinese au- tomakers in its European heartlands. Chief Executive Oliver Blume said the mounting chal- lenges demonstrated the need to cut plant capacity and tens of thousands of jobs. “This is not a Volkswagen crisis, it’s an industry crisis,” he said on a call Friday. Blume earlier this month presented a radical restructuring program to the German company’s su- pervisory board, which is set to decide on the plan in the com- ing months. The automaker said it ex- pects deliveries to fall by be- tween 3% and 7% this year, hav- ing previously guided that they would be at the prior-year level. Revenue is expected to decline by as much as 3% this year, compared with a forecast of flat to 3% growth three months ago. Volkswagen said the down- grade was mainly made in China, where its deliveries fell roughly 37% in the second quarter compared with the prior-year period. The company has mounted an expensive campaign to re- gain momentum in the country, which used to contribute more
also topped analyst estimates for mobility and broadband service revenue. Companywide revenue ticked down 0.7% year over year to $34.25 billion, slightly below analyst estimates of $35.16 billion. Verizon attri- buted the decrease to a nearly 20% decline in equipment rev- enue as customers keep their mobile devices longer before upgrading. It also pointed to its decision to cut back on new device subsidies. Quarterly profit declined due to costs related to forming a new joint venture. Verizon is working to cut costs, improve subscriber growth and better retain cus- tomers. Its results reflect steps taken to better position its business for the future includ- ing a new joint venture, staff cuts and new offerings. Verizon is in the early stages of retrofitting many fa- cilities that house network equipment into data centers. New revenue tied to artificial- intelligence infrastructure would be incremental, Schul- man said, and begin to appear in the company’s results start- ing next year. Verizon on Friday said it
from the company’s Starbase site near Brownsville, Texas, around 6:45 p.m. Eastern time on its 13th demo mis- sion, soaring on an easterly trajectory. Similar to past
KRISZTIAN BOCSI/BLOOMBERG NEWS
The German automaker expects deliveries to fall by between 3% and 7% this year. Deliveries to China fell roughly 37% in the last quarter, and Chinese rivals have made gains in Europe.
than half its profit. But recent product launches haven’t yet had much impact in a shrinking, fiercely competitive market. After working on a cost-cut- ting plan throughout 2025, Volkswagen has pledged to dou- ble down as global challenges intensify, including U.S. tariffs, an end to U.S. electric-vehicle subsidies, rising manufacturing costs and a blitz of Chinese product launches in Europe. Chinese companies BYD,
Verizon’s quarterly net post paid phone connections
600thousand
–200
2024 ’25 ’26
Source: the company
extended Schulman’s contract by a year, until the end of 2028. The company’s second- quarter profit came in at $3.95 billion, or 92 cents a share, down from $5.12 billion, or $1.18 a share, a year earlier and below analyst expecta- tions. The profit decline was driven primarily by $1.8 billion in pretax special items, the company said, including a $746 million loss related to its agreement with Britain’s BT
flights, the operation was ex- pected to last about an hour, with the vehicle’s spacecraft navigating space before a planned re-entry and landing in the Indian Ocean.
Geely, SAIC and Chery had a combined 11.2% share of the European market in June, up from 7.5% in the prior-year pe- riod, according to official data released Thursday. “Chinese competitors are building plants in Southern and Eastern Europe, and it’s hard to compete with underutilized plants,” said Chief Financial Of- ficer Arno Antlitz. The original restructuring plan saw the company reach
Group to combine their re- spective international opera- tions. The joint venture, which was announced last month, would allow the telecom com- panies to focus more on their domestic businesses. Adjusted earnings per share were $1.30, compared with es- timates of $1.28 a share, ac- cording to analysts polled by FactSet. Shares were flat in premarket trading. Mobility and broadband service revenue, which makes up the bulk of the company’s top line, was a bright spot, ris- ing 2.8% to $23.4 billion. That was ahead of analysts expecta- tions of about $23.3 billion. Schulman said the company is working to earn long-term retention based on value, rather than subsidized promo- tions. He pointed to a number of new offerings, including a new plan unveiled last month that offers a line with unlimited data at $45 a month for cur- rent customers, or $30 for those who switch from an- other carrier, which is less than its $55-a-month starting price for a single connection. The new offering could make it more appealing for consum-
2Q 2026 +184,000
Standing roughly 400 feet tall on the launchpad, Star- ship is the throughline tech- nology for many of SpaceX’s objectives and the rich valua- tion the Elon Musk-led com-
agreements with its powerful union representatives to cut 50,000 jobs in Germany by 2030 and slash billions of euros a year in costs while at the same time avoiding major fac- tory closures in the country. But Blume said in a recent memo that the automaker still had a 20% cost disadvantage compared with its peers in ad- ministration, infrastructure and other functions that sup- port its core operations. Clos-
ers to leave family plans. Schulman, who took the helm of the company in Octo- ber, said the latest quarterly results show its strategy is driving “a structural inflection point” across its business. “We are accelerating across our key metrics, achieving a step-change in churn reduc- tion while lowering our cus- tomer acquisition and reten- tion costs,” Schulman said. The company also added 348,000 net broadband con- nections in the quarter. The company this month disclosed plans to cut roughly 3,000 workers, including about 500 corporate employees, as part of a move to divest hun- dreds of its retail stores to franchise owners. The move follows a previous round of layoffs and store divestitures last fall. For the full year, the com- pany now expects adjusted earnings per share of $4.99 to $5.04, up from its prior range of $4.95 to $4.99. It continues to project total full-year retail postpaid phone net additions of about 875,000 to one mil- lion. Verizon’s shares rose nearly 6% on Friday.
pany commanded when it completed a massive public offering last month. SpaceX has said it has invested more than $15 billion in Starship. —Micah Maidenberg
ing the gap would theoretically reduce staffing by a further 50,000, he added. As part of the new plan, the management team also wants to cut production capacity by another 500,000 vehicles in Europe by 2030. Blume has also said that Volkswagen couldn’t guarantee the future of four German factories in the next decade as it looks to cut its product lineup in half. The company didn’t provide further details in its report Fri- day, but Blume said factory clo- sures before 2030 were “not realistic” since the plants al- ready have vehicles in produc- tion. Executives will meet with labor leaders and staff in a se- ries of sessions across German sites in August, following the summer break. The group, which houses a stable of brands including Audi, Porsche and its namesake Volkswagen, reported a 2% in- crease in second-quarter reve- nue to 82.4 billion euros, equiv- alent to $93.8 billion, with operating profit down 9.5% at €3.47 billion and an operating margin of 4.2%. A FactSet ana- lyst poll had expected operat- ing profit of €4.02 billion on revenue of €81.2 billion. Despite lower sales, the com- pany still expects to make an operating margin of between 4% and 5.5% this year, up from the 2.8% it logged in 2025.
Warner Deal Paused
ContinuedfrompageB1
tentially to the Supreme Court in 2027,” said Rich Greenfield, a media analyst with LightShed Partners. In a statement, Para- mount said: “Today’s agree- ment is a significant win be- cause the result is exactly what we have sought from the outset: a direct path to a trial based on the evidence.” Paramount had hoped to have the deal closed this month or at least before the late fee penalty was triggered. “The deal may still close or it may not. What we know is that the path to either out- come just got longer, messier, and likely more expensive,” Forrester Research Vice Pres- ident Mike Proulx said. The combined companies would house two major movie and television studios, the CBS broadcast network, doz- ens of cable channels includ- ing CNN, and streaming ser- vices Paramount+ and HBO Max. Paramount has argued that the deal will help the company better compete with streaming giants such as Netflix. It says concerns raised by the states don’t re- flect the realities of today’s competitive landscape. “This transaction is good for competition, good for consumers, and good for cre- ators,” Paramount said Fri- day, adding the “plaintiffs’ market definitions bear no relationship to the realities of today’s marketplace and cannot withstand scrutiny.” The states, led by Califor- nia, counter the merger would result in higher prices, lower quality and less content for film and televi- sion.
closing could prove expensive.
In her ruling granting a restraining order, U.S. Dis- trict Judge Araceli Martínez- Olguín said the combination of the two film studios’ mar- ket share of theatrical mov- ies has persuaded the court “that it can presume the proposed merger is likely to violate antitrust laws.” “Our argument against this illegal merger is straight- forward: When too few cor- porations have too much power in markets central to American life, it makes things more expensive, and it makes things worse,” Califor- nia Attorney General Rob Bonta said in a statement. Other states suing to block the deal include New York, Colorado and Arizona. Bonta said in an interview that the states weren’t inter- ested in potential remedies or asset spinoffs. “We want no merger,” Bonta said. “That’s all we are seeking.” A Paramount spokesper- son didn’t respond to a re- quest for comment. Paramount’s deadline to complete its merger with Warner is March 4, 2027. It automatically extends to June 4, 2027, if the only re- maining obstacles are regu- latory approvals or govern- mental orders, including an antitrust injunction. The U.S. Justice Depart- ment approved the deal last month, saying it would im- prove competition “across the media and entertainment eco- system.” Earlier this week, the Euro- pean Union also gave its blessing after Paramount agreed to minor concessions. Other approvals have come from regulatory bodies in Australia and China. The U.K. is expected to announce a de- cision next month. For both Paramount and Warner, Friday’s action es- sentially means a halt to in- tegration efforts for the foreseeable future. Inside Paramount, frus- tration is building at not be- ing able to move forward on its plans including combin- ing the two streaming ser- vices to create a more robust platform, according to people familiar with the situation.
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Markets Settle Down After Volatile Week
Stocks end period lower after volatility gives way to a much calmer mood Friday
BY KRYSTAL HUR
Billions of dollars of losses in artificial-intelligence stocks. Sharp spikes in oil prices that dropped just as quickly. A jump in benchmark Treasury yields to their highest level this year. A topsy- turvy week in markets ended on a tepid note on Friday. The S&P 500 gained less than 0.1% and the Dow Jones Industrial Average rose 0.5%, or 236 points. The Nasdaq composite fell 0.6%. Things looked uglier when looking at the full week. Over the past five sessions, the
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FRIDAY’S MARKETS
Robinhood Markets might have found another dance part- ner in the prediction-markets business.
By Krystal Hur, Hannah Erin Lang and Vicky Ge Huang
The company is in talks with digital-currency exchange Crypto.com to expand the bro- kerage firm’s foothold in predic- tion markets, according to peo- ple familiar with the matter. Robinhood so far has relied on Kalshi to supply betting con- tracts for its prediction plat- form, but what began as a part- nership is evolving into direct competition as the two compa-
BY MAURO ORRU
SAP logged strong revenue figures in the second quarter, reassuring investors that growth at its cloud business remains healthy despite fears of disruption from artificial intelligence. The German company be- hind the Concur travel and ex- pense management platform said its current cloud back- log—a closely watched mea- sure of sales that SAP expects over the coming year based on existing contracts—grew 26% at constant currencies, above expectations of around 24%. “We were expecting CCB to beat the 24% consensus bar, but the 26% result is even stronger than our expecta- tions,” Jefferies analysts wrote in a note to clients. Meanwhile, Deutsche Bank’s Johannes Schaller said a strong CCB was more evi- dence that growth should ac- celerate next year. SAP shares in Frankfurt gained more than 9% Friday. However, the stock is down about 34% since January, re- flecting caution from some in- vestors who started to ques- tion whether rapid
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ANNOUNCEMENTS
Randall Pearson, founding member of The Pearson Private Client Group at Oppenheimer & Co. Inc., is retiring after more than 40 years in the financial services profession.
Nasdaq composite fell 2.1%, while the S&P 500 and Dow Jones Industrial Average lost 0.6% and 0.4%, respectively. The S&P and Nasdaq suffered their first back-to-back weekly losses since March. Early calm gave way to stomach-churning moves late in the week that saw oil prices roaring above $100 a barrel and an $890 billion wipeout in the market value of the Mag- nificent Seven tech behe- moths. Shares of Tesla fell 18% for the week, their worst week since December 2022. Amazon.com, Alphabet and Meta Platforms all slumped more than 6%. “This sort of malaise that we’ve seen is going to need to be shaken by some positive catalyst,” said Mark Luschini, chief investment strategist at Janney. “Investors are per- haps a little bit exhausted with that AI narrative story.”
nies push onto each other’s turf. The partnership being dis- cussed would add Crypto.com’s prediction-market business to Robinhood’s prediction-markets hub and allow users to place yes-or-no bets offered by the crypto exchange on Robin- hood’s trading platform, the people said. Robinhood first started of- fering Kalshi’s event-based con- tracts early last year, allowing users to place yes-or-no bets on everything from the outcome of sporting events to interest-rate moves at the Federal Reserve. Beyond Kalshi, Robinhood’s ex- isting prediction-markets part- ners include Interactive Bro-
KRISZTIAN BOCSI/BLOOMBERG NEWS
SAP’s cloud backlog—a closely watched measure of expected sales—grew ahead of expectations.
advancements in AI could re- place the services for which software-as-a-service, or SaaS, companies charge cli- ents. Those fears triggered a major selloff in software stocks earlier this year. SAP has been an early adopter of AI, with Chief Ex- ecutive Christian Klein saying the technology could boost employee productivity and
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Index performance this past week
1.5%
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Nasdaq composite S&P 500 Dow Jones Industrial Average
10-minute intervals –2.5
Mon. Tues. Wed. Thurs. Fri.
Source: FactSet
Shares of SpaceX fell 7.2% this past week, down more than 40% from their highs achieved days after the rocket maker went public in June and off more than $1 trillion in value from the company’s
kers’ ForecastEx and Rothera. There are no guarantees Robinhood and Crypto.com ulti- mately will reach a deal. A Rob- inhood spokesperson said the company “will continue to part- ner with multiple exchanges to ensure our customers have ac- cess to a diverse and resilient marketplace.” Crypto.com launched its stand-alone prediction markets platform OG in February. The exchange has offered predic- tion-markets contracts through its derivatives arm since late 2024. In late 2025, Crypto.com announced a partnership with President Trump’s media busi- ness to introduce prediction markets directly on the social-
help clients with data analysis and automating processes across finance, human-capital management, procurement and other business functions. The group recently un- veiled a new software suite bringing its data, cloud, AI and automation features un- der one roof. Klein said Friday that its Autonomous Suite as well as Business AI Platform
BY CONNOR HART Booz Allen Sees Cost-Cut Benefit
Booz Allen Hamilton said de- mand is picking up across sev- eral parts of its business and that cost-cutting initiatives are bearing fruit, resulting in higher-than-expected profit during the recent quarter. The company’s growth cur- rently stems from its national- security portfolio, Chief Execu- tive Horacio Rozanski said. Accordingly, Booz Allen has pri- oritized investments in ad- vanced cyber and defense tech- nologies, as well as in next- generation technologies such as autonomy, physical artificial in- telligence and quantum. “We continue to make strong progress across these priori- ties,” Rozanski said on a call with analysts Friday. Shares jumped 10% to $72.53 Friday. The company said it re- mains on track to meet its out- look for the year despite operat- ing amid challenging market dynamics. Despite the gain, the stock has lost about one-third of its value over the past year.
market-cap peak. Not all corners of the stock market declined. The S&P 500’s industrials and materials sectors rose more than 1%, as did real es- tate, which closed at its high-
media platform Truth Social. The offering hasn’t yet launched. This summer, Robinhood launched Rothera, a futures and derivatives exchange, with mar- ket maker Susquehanna Inter- national Group to expand its prediction-markets offerings. Since then, Robinhood’s cus- tomers have accounted for a de- creasing portion of Kalshi’s trading volumes, analysts say. Kalshi has led the surging popularity of prediction mar- kets in the U.S. The company saw $27 billion in volumes for World Cup related markets, compared with around $1 bil- lion in volumes for markets tied to the Super Bowl.
showed strong momentum. Reporting on a non-stan- dard accounting basis, the German business-software company said late Thursday that total revenue increased 11% at constant currencies to 9.88 billion euros, equivalent to $11.24 billion, from a year earlier. Sales from SAP’s cloud business grew 24% to €6.28 billion.
While Booz Allen’s national- security portfolio has benefited from increased investments and demand, its civil portfolio faces very different conditions, Chief Operating Officer Kristine Mar- tin Anderson said. “We are in a transition,” she said, noting near-term revenue remains pres- sured by recent contract reduc- tions and a slower award environment. L o o k i n g ahead, Martin Anderson said indicators show that demand in the sector is in- creasing. Booz Allen continues to win new con- tracts, she added, but those contracts are generally smaller in scope and have shorter peri- ods of performance. Booz Allen cut thousands of jobs last year as it faced pres- sure in its civil business. Total headcount stood at roughly 30,900 as of June 30, down 7.5%
prioritized advanced cyber and defense technologies.
est level since April 2022. En- ergy stocks rose 3.8% to close at their highest level since May. Chip makers were spared from this week’s carnage. Shares of Micron Technology jumped 8.5%, Advanced Micro Devices rose 5.3%, Broadcom gained 3% and Nvidia added 2%. Treasury yields rose for the week, with the yield on the 10- year Treasury note settling Friday at 4.678%. On Thurs- day, the yield on the 10-year settled above 4.7%, hitting its highest level since January 2025. Brent crude, the inter- national benchmark for oil, rose nearly 10% this week to $96.78 a barrel. Signs of economic strength helped lift investors’ spirits Friday. U.S. business activity in the private sector contin- ued to expand to an eight- month high in July, according
Kalshi earlier launched per- petual futures, or so-called perps, which never expire and let traders pile leverage onto trades. They have drawn bil- lions of dollars in volumes for the company. Kalshi CEO Tarek Mansour told The Wall Street Journal in June that the company planned to expand its array of tradable assets beyond just events-based contracts. He said he considered Robin- hood to be a top competitor. “They’re a partner of ours at the same time they’re compet- ing with us, and I think that’s also great,” he said. “We’ll see who ends up with a better product,” he added.
The group said its cloud business had an outstanding performance in Brazil, France, Germany, Italy, India, South Korea and Spain, while Aus- tralia, Singapore and the U.S. also fared well. SAP’s net profit increased to €1.83 bil- lion from €1.75 billion. Operat- ing profit rose to €2.74 billion from €2.57 billion, generating a 27.8% operating margin. SAP, like other European software companies, presents its figures as two sets of num- bers. One set is based on the international financial report- ing standards—an interna- tional accounting method that seeks to provide a global re- porting standard—though an- alysts and investors tend to follow SAP’s non-IFRS num- bers, which exclude restruc- turing expenses and acquisi- tion-related charges. The company slightly low- ered its non-IFRS operating profit guidance for the year to a range between €11.8 billion and €12.2 billion from €11.9 billion and €12.3 billion previ- ously, citing the impact of the Dremio and Prior Labs acqui- sitions. It continues to expect cloud revenue of €25.8 billion to €26.2 billion and free cash flow of roughly €10 billion.
$3billion
from a year earlier. Still, the workforce reduc- tions, coupled with additional cost-saving measures, have helped the company’s bottom line. The company, which has in the past made 98% of its $12 billion in annual revenue from government-related work, said in October it would restruc- ture its business to cut $150 mil- lion in costs. Booz Allen reported ad- justed earnings of $1.81 a share in its fiscal first quarter, well above the $1.48 a share that an- alysts polled by FactSet ex- pected. On a nonadjusted basis, profit came in at $198 million, or $1.63 a share, down from $271 million, or $2.16 a share, a year earlier. Revenue slipped 4.2% to $2.8 billion, roughly in line with Wall Street models. Total backlog stood at $39.48 billion, up 3.2% from last year.
to a monthly survey. And sales of new single-family homes rose to 628,000 in June, up from 618,000 in May and above the 606,000 sales ex- pected by economists polled by The Wall Street Journal. Strong earnings have also been a source of comfort for market participants. More than 130 companies in the S&P 500 have reported a 69% jump in second-quarter earn- ings so far, according to Fact- Set. The earnings growth rate is expected to be 37% by the time all the companies report results. Elsewhere, the Liberty Jus- tice Center filed a lawsuit Fri- day in the Court of Interna- tional Trade arguing that President Trump’s newly an- nounced 10% to 12.5% tariffs, targeting America’s major trading partners, are an un- lawful attempt to restore his global tariff policy.
American Express quarterly net profit
2025 ’26
Source: the company
Express Sales Rise, Stock Falls
BY KATHERINE HAMILTON
American Express posted higher sales and profit in the second quarter, thanks to higher spending among its credit-card members. The credit-card company’s sales rose 10% to $19.64 billion but came in below Wall Street estimates of $19.7 billion. Shares fell 4.3% Friday, as in- vestors were disappointed by the slight miss. Card members spent 9% more in the second quarter, the highest growth rate in three years, Amex said. Spending on restaurants, the company’s biggest category, rose 10% and travel bookings jumped 22%. Card fee revenue also rose, as did net interest income be- cause of growth in card bal- ances. Amex has made efforts in recent years to bring in con- sumers with higher incomes and better credit scores. It re- freshed its Platinum card last year, which has one of the highest annual fees of any Amex card. The Platinum portfolio is now the fastest-growing in Amex’s U.S. consumer busi- ness. The Platinum card is de- signed for customers who are willing to pay a higher fee to access premium travel perks such as airport lounges and luxury hotel benefits. Amex’s quarterly profit was $3.11 billion, or $4.53 a share, compared with $2.89 billion, or $4.08 a share, a year ear- lier. Analysts polled by FactSet expected $4.40 a share. The company expects full- year sales will increase 10%, compared with its previous guidance of 9% to 10% growth. It maintained its outlook for earnings per share of $17.30 to $17.90. Some investors may have been hoping for a bigger raise to guidance, since the outlook suggests revenue growth will remain around 10% for the rest of the year, Truist analyst Brian Foran said in a note. Fri- day’s stock decline shows Wall Street was hoping for growth to increase even more, he said. “The knee jerk is likely dis- appointment, given the lack of acceleration in both billed business and revenue growth,” Foran said. Amex said it planned to in- vest further in its growth ini- tiatives, including its ecosys- tem of membership credit cards that come with annual fees and a range of perks.
2Q 2026 $3.11B
Market Share Is Slipping. That’s Good.
Nike
durable performance category
Asics
Goodbye Nike Air Jordans, hello Asics’s chunky dad sneakers. Nike is losing the fashion battle to Japan’s Asics. That is poten- tially a fraught win for Asics and a quiet victory for Nike. Running’s growing popularity has helped catapult shares in Asics, a favorite among runners. It is by far the top-performing sneaker stock, having grown more than fourfold over the past three years. Nike cruised on popular life- style sneakers—Air Jordan 1s, Air Force 1s and Dunks—for too long and fell behind on running. It is the worst-performing sneaker stock, declining 62% over the same period. It might be time for a role re- versal. Nike’s forward earnings multi- ple has shrunk to 23 times, 22% below its historical average. Asics’s has grown to 26 times, overtaking Nike’s earlier this year. With expectations low for Nike, it might be time for investors to give the company another chance. Although near-term growth expec- tations are downbeat, Nike’s for- tunes appear to be turning. Impor- tantly, there are signs that Nike’s lifestyle-sneaker business is mod- erating to a healthier size and that its performance segment is im- proving. That should bolster the shares. Since taking the top job at Nike about two years ago, Chief Execu- tive Elliott Hill has been working to pivot the company back to per-
ON THESTREET
formance footwear, a more dura- ble category than fad-prone life- style sneakers. Nike’s previous leadership had leaned too heavily on popular lifestyle sneakers, such as Dunks, a strategy that backfired when those basketball silhouettes lost heat in favor of the running- shoe aesthetic. Investors tend to like brands that are more performance-fo- cused because that segment is what gives the brand its DNA, said Monique Pollard, equity analyst at Citi. Nike is trying to get back to its historical mix of about 60% performance and 40% lifestyle, ac- cording to Randal Konik, equity analyst at Jefferies. There are signs this strategy is working. Nike’s market share on the sneaker-resale platform StockX has declined, a sign its life- style-sneaker business is right-siz- ing. Nike made up about 70% of total sales volume in June, down from roughly 77% in late 2023, ac- cording to Citi Research’s analysis of StockX data. At the same time, the prices of Air Jordan 1s and Air Force 1s on the platform have re- covered, a sign the collector mar- ket is no longer oversupplied. Meanwhile, Nike’s performance segment is improving. Nike has posted five consecutive quarters of double-digit percentage growth in the running category, adding roughly $1 billion in sales over that period, according to its latest earnings call. The company said it gained 5 percentage points of market share
FINANCIAL ANALYSIS & COMMENTARY
Share of resale volume* on StockX
90%
2024 ’25 ’26
2024 ’25 ’26
*12-month rolling data Sources: Citi Research, StockX (volume); FactSet (performance)
in running across Western Europe and North America in its fiscal year ended May 31. Google search interest for Nike’s running shoes— Vomero and Pegasus—has in- creased since Hill’s turnaround ef- fort began. Asics is headed in the opposite direction. The brand’s traditional bread and butter is performance running. But its lifestyle-sneaker business—including its luxury On- itsuka Tiger brand—has been out- pacing the growth of performance
running in re- cent years. Asics plans to spin off Onit- suka Tiger in early 2027. Asics’s sneak- ers have been a beneficiary of the “dad sneaker” trend, which favors chunky, mesh- paneled running sneakers from the early 2000s. These are tak- ing market share from Nike’s retro basketball shoes, which dominated the life- style-sneaker market earlier in the 2020s. Nike also has its own ver- sions of this chunky running shoe. Asics’s performance and sports categories now make up 55.4% of revenue, down from 64.5% in 2022. Its lifestyle segments have higher margins, so this shift has been great for Asics’s bottom line. Its net income rose by roughly 70% on a compound annual growth rate basis over the past
Share-price performance
400%
Asics On Adidas Puma Nike
–100
Nike posted five consecutive quarters of solid growth.
three years. Asics might still have some run- way ahead of it. It is still a frac- tion of Nike’s size, and running shoes are very much in vogue. On StockX, Asics sneakers com- mand an average premium of about 20% over the retail price on a trailing 12-month basis, higher than any of its competitors, ac- cording to data analyzed by Citi. That is a sign that Asics isn’t oversupplying the market with its lifestyle sneakers. Still, its rising reliance on trendy sneakers is something for investors to watch. No brand is safe from the risk of fads—not even the mighty Nike. As for Nike, its recovery might not show on the top line for a cou- ple of quarters. Right-sizing the lifestyle business has been cutting deep into its revenue, and Wall Street expects another two quar- ters of constant-currency sales de- clines, according to Visible Alpha. By the time its revenue growth returns, though, its shares might not be cheap. Better to get ahead of it. —Jinjoo Lee
SPENCER PLATT/GETTY IMAGES
BY PAMELA PAUL
CHRISTIAN SMITH Author and sociologist W
hy are some peo- ple richer than others? What drives societal ills or ignites a social movement? Why aren’t people having more kids? These are some of the most impor- tant questions facing the country today. The answers shape our lives, polarize our politics and supercharge our cul- ture wars. Sociology, the discipline tasked with pursuing the answers, would seem well poised to take these issues on. For de- cades, its analyses informed policy on issues ranging from criminal justice to immigration to urban development. It introduced groundbreaking concepts like “white-collar crime,” “gentrifica- tion,” “unintended consequences” and “cultural capital.” At various points, so- ciologists proposed and critiqued affir- mative action, inspired and lambasted welfare reform, diagnosed and dis- missed the breakdown of the nuclear family. Yet today, sociologists are embroiled in an ideological and existential battle of their own—one that is increasingly public and at least in part of their own making. The study of people, in other
‘CEO PARENTS’
THE WALL STREET JOURNAL.
Saturday/Sunday, July 25 - 26, 2026 | C1
investigating society’s most pressing challenges. But these days, sociologists’ greatest obstacle may be themselves.
words, has a people problem. In 2023, Florida’s then-commissioner of education, Manny Diaz Jr., homed in on sociology as culture war enemy No. 1. It had been “hijacked by left-wing ac- tivists,” he said, leading the state to re- move introduction to sociology from its general education curriculum at all public colleges and universities. The American Sociological Associa- tion promptly denounced the move as a blatant mischaracterization of the field and an effort to needlessly politi- cize a bastion of social science. Yet that same year, the ASA’s president de- scribed sociology to its members as “a form of liberatory praxis” that is “cur- rently undergoing a renaissance as anti-racist, decolonial, feminist, queer and transnational theorizing lead us to more inclusive insights.” Meanwhile, one contingent, Sociolo- gists for Palestine, is boycotting the ASA’s annual conference (Theme: “Dis- rupting the Status Quo”) next month.
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The reason? The ASA refused to autho- rize a vote on its own proposed boy- cott—of Israeli academic institutions. This has drawn a counterpetition and a backlash so fierce that The Chronicle of Higher Education called it a “War for Sociology.” Already, ASA membership is in steep decline, with membership at 9,400, down from 14,900 at its peak in 1972. Now, sociology, long derided by many academics in humanities and the “harder” social sciences for its per- ceived squishiness, is being criticized from within. An increasingly vocal group of sociol- ogists say the discipline’s cratering rep- utation is especially vivid when com- pared with economics, psychology and political science, all of which can seem more serious and pragmatic—gateways to law school or business school or an advanced degree in healthcare. Whereas those disciplines often use cutting-edge methodologies, sociology seems dusty
MY MONDAY MORNING
and theory-laden. Even sociologists ac- knowledge that students are often drawn to the major because they’re afraid of math or are sold on sociology as a means to activism. Starting in 2013, the number of stu- dents majoring in sociology dropped from 31,000 to 21,000 in 2024. One ZipRecruiter poll found sociology among college grads’ most regretted majors. It’s tempting to write all this off as another sorry example of aca- demia gone off the rails. But the implications of sociology’s implosion ex- tend well beyond the confines of higher edu- cation, driving everything from what kids learn in secondary school to how workplaces and cultural institutions function (or become dysfunctional) to which ideas inform legislation.
SOCIOLOGY IS IN MANY WAYS the mother of all social sciences, she who hath birthed dozens of disciplines ranging from criminology to post-Colo- nial studies to ethnic studies. Unlike psychology, which operates on an individual level, sociology con- Pleaseturntothenextpage
HORSE SHOW
should be producing intellectuals.’
TERMS & CONDITIONS FOR WSJ, GETTY IMAGES
VeryPublic Breakdown
Continuedfromthepriorpage
siders human phenomena in the ag- gregate and often over the long run. By examining trends in educational attainment, labor force shifts and the effects of social media and A.I., it can offer a grand-scale picture of societal health. With roots dating to 19th century European theorists like Max Weber and Emile Durkheim, sociology co- alesced professionally in America during the Progressive Era. Many consider W.E.B. Du Bois the father of American sociology. Though trained as a historian, Du Bois, later a founder of the NAACP, used socio- logical methods to document the impact of slavery and Jim Crow on Black Americans. Du Bois’s dual role as both a social scientist and an activist also inspired some of the fiercest debates over so- ciologists’ role. In 1896, Du Bois de- fined sociology as “the discovery of truth” and warned that if scholars “dally with the truth to humor the whims of the day” they “hurt the cause of scientific truth the world over.” Traditionally, sociologists in- terpreted his words as drawing a hard line between studying the truth and acting on it. But sociologists in the scholar-activist mold note that Du Bois also believed in using socio- logical truth in the pursuit of activ- ism, promising in 1906 to “never cease to protest and assail the ears of America.” Sociology is fundamentally shaped by who is doing the work, many sociologists argue. Didn’t early sociologists claim to prove white peoples’ supremacy over other races based on supposed em- pirical evidence? Later research by conservative and neocon sociolo- gists informed policies like broken- window policing, racial profiling, welfare reform and colorblindness. For many contemporary sociolo- gists, steeped in postmodern theory, the insistence that a single truth ex- ists is a fallacy and objectivity itself, a tool of oppression. Social phenomena are always shaped by power politics and com- peting interests, according to Lisa Hajjar, who studies law and conflict with a focus on Israel-Palestine and chairs the department of sociology at UC Santa Barbara, one of the big- gest sociology departments in the country. “What I always tell stu- dents is that when it comes to the complex world that people live in and make and change, there is no single Archimedean point of truth,” she says. “There are just better and worse ways of presenting informa- tion and making arguments.” According to an increasingly dominant contingent of sociologists, sociologists also need to engage with the public more forcefully. “As bodies, we need to speak to the public when we need to inter- rupt public harm or advocate for the public good,” says Saida Grundy, a professor of sociology and African American and Black Diasporic Stud- ies at Boston University. She com- pares the ASA to the American Heart Association, which uses its research and authority to advance messages intended to improve pub- lic health, providing guidelines and issuing warnings. Shouldn’t the ASA and its individual members simi- larly deploy their research to in- veigh against injustice and advance social change? In her view, sociology has an ob- ligation to engage with the world. Sociologists who study immigration, for example, should speak out against ICE. “I believe in sociology as a weapon,” Grundy says.
OTHER SOCIOLOGISTS SAY the im- pulse toward activism is compromis- ing not only the aim and use of soci- ological research but also the quality of the research itself. In lieu of en- gaging in objective analysis, the dis- cipline is shaping, even bending, the truth. Critics of the activist-scholar model frequently cite Christian Smith’s 2014 book, “The Sacred Project of American Sociology,” as persuasively diagnosing a discipline increasingly corrupted by what amounts to a quasi-religious activist impulse. “Sociology’s sacred project cham- pions emancipation, autonomy, equality, justice, inclusion, diversity, open-mindedness, progress, toler-
Florida’s then-education commissioner, Manny Diaz Jr., top, in 2023, the year the state removed intro to sociology classes from state universities. Stony Brook University’s Musa al-Gharbi, above left, and Boston University’s Saida Grundy, above right.
ance, and cosmopolitanism,” Smith wrote. “In the end that sacred proj- ect actually tends to produce sectar- ian narrowness, exclusion, unifor- mity, silencing, self-censorship, lack of debate, the negative sanctioning of nonconformists, and the debilita- tion of rigorous thought.” Smith quit the ASA around the same time, demoralized by what he saw as a lack of self-aware- ness among his col- leagues, whose work focused on the world’s wrongs while failing to rec- ognize their own. Professors teach from textbooks he describes as “thinly veiled political progres- sivism watered down to pathetic mush.” This past January, he resigned from the University of Notre Dame, where he was a professor of sociology for 20 years. “From my point of view, sociology should be producing intellec- tuals who think deeply and insightfully about the world,” he says. Instead, he says, it’s producing technicians and activ- ists. “The painfulness of all this is that I believe sociology really mat- ters and makes a contribution. But sociology is heading down the wrong road. Over time, I’ve thought to my- self, ‘What if we just liquidate the discipline?’ ”
During her campaign for the presidency of the ASA this year, Melissa Wilde, a sociologist at the University of Pennsylvania, signed a petition objecting to an ASA vote on Sociologists for Palestine’s pro- posed boycott. She believes that so- ciologists, as a body, should remain neutral. “While the activists will not be constrained in their activism if the ASA becomes polit- ically neutral, the soci- ologists who do not want politics mixed into their research would be deeply constrained in their research and its im- pact if the ASA be- comes activist,” she says. (She lost the election.) To Ilana Redstone, a sociologist who spe- cializes in political polarization at the University of Illinois at Urbana-Cham- paign, sociology’s troubles gained trac- tion through a 1971 Supreme Court deci- sion, Griggs v. Duke Power, which deemed that practices with a disparate impact on employ- ees are illegal. According to her analysis, the moral equation of dis- parate outcomes with discrimina- tion soon became enshrined within institutions like academia and the media. Underrepresentation or un- equal pay among groups served as
questions around causation as settled.’
ILANA REDSTONE Sociologist
evidence of bias, she argues, leading to a proliferation of D.E.I. practices, including concepts around uncon- scious bias, harm and intent. Within sociology, it meant that any inequality among groups was de facto the result of discrimination, rendering moot other possible theo- ries, Redstone says: “We’re treating questions around causation as set- tled.” Even suggesting research into alternative sociological explanations is viewed as racist, morally wrong and victim blaming at best. The consequences are playing out across society. “Once a claim is made that suggests, ‘We are on the right side of history, we are doing the work of good people who care about justice,’ that creates a lot of social pressure,” she says. It fore- closes disagreement, she says, “‘And that has an enormous destructive effect on democracy.” Redstone’s critique builds in on others circulating within the pro- fession. In interviews and on pan- els convened by organizations like Heterodox Academy, a nonpartisan organization devoted to academic reform, critics say that overt polit- icization—of research, of teaching, of practice—is killing the disci- pline. They refer to a discipline in disarray, write papers with titles like “How Sociology Can Save It- self” and blog about “Sociology’s Pervasively Dubious Assumptions.” They describe an atmosphere in which to get ahead, you must con- sistently submit to political litmus tests, publish accordingly and pray that you make it to tenure without
getting excommunicated. Specializ- ing in a stodgy subject like religion, the military or law enforcement— especially if one has anything posi- tive to say—is as unfashionable as flaunting a fur coat. In their view, contemporary soci- ology’s relentless focus on race, gen- der and class, its emphasis on the need for social change over the ben- efits of social stability and its obses- sion with inequality amount to an abdication of scholarly duty, de- creasing the value of sociological re- search, reducing its impact and un- dermining public trust. (According to one analysis, 80% of articles pub- lished in today’s flagship sociology journals touch on inequality.)
THIS SPRING, a damning report by Vanderbilt and Washington Univer- sity called out the social sciences for “a distinctive form of politicization in which the scholarly enterprise is taken to be subordinate to, or in the service of, political (social or moral) goals beyond the advancement of knowledge and understanding.” “Activist logics are taking over scientific logics,” says Ashley Rubin, the sociologist who worked on the Vanderbilt and Washington Univer- sity report. “If you look at the data on so much of the current research on cap- italism, sexism, racism, you’ll see that sociology is misrepresenting the evidence, concealing the evidence or distorting it outright,” says Kevin McCaffree, a sociologist at the Uni- versity of North Texas. He points to numerous studies purporting to show the pervasiveness of poverty in America, rampant sexism in the hir- ing of women and the harms in- flicted by “microaggressions.” “Every day, the goal in my work is to not do politics,” McCaffree says. “My job is to imagine someone in my mind who has the opposite assumptions and go back and forth with them to test my ideas. I don’t think most sociologists realize the magnitude of their own bias and the weakness of the evidence support- ing their claims.” McCaffree and other empiricists accuse scholars of engaging in “asymmetrical analysis,” depending on whether groups are considered “minoritized,” which skews the re- sults. And an emphasis on systems denies groups or individuals within groups any form of agency. He be- lieves sociologists owe it to stu- dents and the public to be transpar- ent about these failures, including years of compromised research. McCaffree is also the editor of the journal Theory & Society, a po- sition he took on in 2023 after the publisher fired its previous editor. McCaffree decided to reorient the publication in a more open and rig- orous direction. The entire staff promptly resigned. “The enforcement of ideological conformity within sociology is so in- tense it’s impossible to ignore,” he says. “Meanwhile, trust in higher ed- ucation is collapsing. That’s being driven in part by politicized degrees in social science, and in that respect, sociology is the belly of the beast.” Jukka Savolainen, a professor of criminology and sociology at Wayne State University, says too much so- ciological research is a “waste of re- sources” and a missed opportunity. “Don’t we want to learn about the causes of crime? Do we want to know whether we have Venezuelan gangs in Colorado? Or do we just say, ‘Policing is bad, parole is bad, they destroy communities, cops are bigots and the real problem is po- lice violence.’ ” Musa al-Gharbi, a sociologist at Stony Brook University, tells the story of a professor at Columbia Uni- versity who assigned the children’s board book “Anti-Racist Baby” in an introductory sociology class. She opened up the first class by holding up the book and declaring, “This is what the field of sociology is about.” What al-Gharbi calls “normie be- liefs,” ones that are often true and well-founded, are relentlessly un- dermined within the discipline: You think religion is good? You think men and women are different? Be- lieve that marriage is stabilizing or that police are necessary? Wrong. In this way and others, he says, professors may unwittingly dis- courage or alienate students. In many sociology classes, he says, society is relentlessly depicted as “bad, bad, bad,” and in ways that offer a less accurate understanding of America. “Based on the narrative in sociol- ogy, you’d think America is some kind of racist hellscape and that white people are uniquely de- praved,” al-Gharbi explains. “In re- ality, people get along across differ- ence in America better than any other country on the planet.”
CLOCKWISE FROM TOP: OCTAVIO JONES/REUTERS; PATRICK MITCHELL; KRISTINA KRUG FOR WSJ; FRED ZWICKY/UNIVERSITY OF ILLINOIS URBANA-CHAMPAIGN; CONOR HARRIGAN
T
BY SEBASTIAN JUNGER Soldiers carrying a fallen comrade in the Korengal Valley in October 2007.
here is no ques- tion that some ground combat requires almost s upe r h u m a n strength in American sol- diers. I was embedded from 2007 to 2008 with an air- borne infantry platoon in Afghanistan’s infamous Ko- rengal Valley and watched young men carry spine- crushing loads of gear, am- munition and weapons at 7,000 feet in exceedingly rugged terrain, which was where the Taliban preferred to hide out. (On another embed, the mortar team said they carried well over 100 pounds each.) The men in the Korengal were so heavily weighed down that when they got shot at, almost daily, they practically walked to cover on steep hills. The U.S. mis- sion was to prevent the Tal- iban from using the Koren- gal as a base from which to attack more populous areas, but the U.S. troops were chasing an enemy that could move four or five times faster in that terrain. There were no women in the unit I was with, and virtually no men over age 30. Defense Secretary Pete Hegseth is correct that such jobs require peak fitness. This month, in a move he said was part of an effort to optimize performance, he declared that all “warfight- ers” ages 30 and older in the U.S. military will be tested annually for testosterone deficiency. Testosterone has been clinically associated in studies with physical strength, elevated red blood cell counts, higher cardiovascular capacity and aggression—all of which can help enormously in any kind of phys- ical contest. Men can have as much as 20 times more testosterone than women, re- sulting in significantly higher athletic ability, but studies show that their levels start to drop around age 30. Obesity, chronic stress, lack of sleep, alcohol abuse and close-contact care of an infant can also reduce levels. Supplemental testosterone can change that, of course, and Hegseth said military personnel of either sex could receive tes- tosterone replacement therapy if treat- ment was recommended. “Every single day you are pushed to your absolute physical and mental limits to master the profession of arms,” he said in a video, captioned “The High-T Department of War,” announcing the initiative. “By ad- dressing these health markers early on, we are keeping you on the leading edge of lethality.” But low testosterone levels are not al- ways a problem for physical perfor- mance. And testosterone deficiency is hard to test for, because it varies so much during the diurnal cycle.
top physical condition—but it goes way beyond hormones
Really ‘Dysregulated’?
BY EMMA ROSENBLUM A wellness boogeyman has sparked a booming boutique industry
Performance Than Testosterone. I’ve Seen It.
Luckily, the military already has tests: boot camp, infantry school and the job it- self. Men who cannot handle the physical and psychological demands of a place like the Korengal are either “chaptered out” or removed to a rear-echelon job where they won’t impede combat operations. I recall a tough, strong corporal giving up on a steep hill where we were wide open to en- emy gunfire. “I’m just smoked, Sar’n,” he explained to his team leader, who shot
A COUPLE OF MONTHS AGO, I made the mistake of lingering on an Instagram post that promised how to “regulate your nervous system.” It offered a series of tips for slowing my breath, soothing my system, using gentle move- ment and letting myself feel. What the post didn’t ex- plain was the problem it was solving. Did my nervous sys- tem need regulating? How would I know if it did? “Your nervous system isn’t asking for perfection,” the caption read. “It’s asking for safety.” Turns out, I inadvertently entered a booming space in the wellness sphere, one in which people identifying as experts, holistic coaches and therapists use the term “nervous system dysregulation” to describe symptoms associated with stress and burnout. Some research does exist around the bodily effects of PTSD and chronic stress, but there’s no official DSM diag- nosis for this particular con- dition. It appears to have been hive-minded into exis- tence by social media around the time of the pandemic. Six years later, the concept of a “regulated nervous sys-
tem” has reached critical mass. Mel Robbins and Jay Shetty have each ded- icated multiple podcast episodes to the subject. Gymnast Jordan Chiles has said naps “help regu- late my nervous system.” A post from Goop’s ac- count in February fea- tured Gwyneth Paltrow sharing her nervous sys- tem reset, which included a relaxing bath, a super- food smoothie and a girls’ weekend in Ojai, Calif. It’s appealing to believe that abstract idea of the body’s nervous system—the network made up of the brain, spinal cord and nerves, involv- ing everything from breath to thought to digestion—is some- thing we can control, if only we work hard enough. I have watched videos of people do- ing cold plunges, giving them- selves ear massages and con- torting themselves into impossible stretches all in the name of fixing dysregulation. “When people online refer to the nervous system, they’re using a metaphor to talk about themselves physically, and they’re using a term that sounds science-y,” said Lisa Barrett, a distinguished pro- fessor of psychology at North-
back, “You don’t have the right to be smoked here.” The young man pushed on to cover at the top of the hill. To be selected for the 173rd Airborne, this man would have almost certainly been able to score 270 points in the U.S. Army’s fitness test at the time (the test’s metrics have recently changed). That means he would have likely completed 60-plus push-ups and some 70 sit-ups—both sets in under two minutes—as well as a 2-mile run in under 14½ minutes. That would have qualified him to join a unit where every man would be ex- pected to carry a minimum of 25 pounds of body armor and an additional 40 to 50 pounds of weapons, gear, water and ammunition. (M240 machine gunners carry even more: at least a 27-pound weapon and 20 pounds of linked ammo, along with their personal gear.) In hot weather, it is impossible to carry enough water to sustain that kind of effort; I
Pete Hegseth has announced testosterone screening for troops ages 30 and up.
eastern University and the au- thor of the bestselling “Seven and Half Lessons About the Brain.” “When they say they’re ‘dysregulated,’ what they mean is, I feel distressed. I feel exhausted. I feel over- whelmed,” she said. But much of the language surrounding this concept is “neuro-bulls—t,” Barrett said. Stress is real, and Barrett knows there is a lot of it out there. “We’re living through a time of uncertainty, and per- sistent uncertainty is like low- grade inflammation on your immune system,” she said. In other words, stress can be bad for you. But framing it as a problem of the nervous sys- tem “is all a massive simplifi- cation,” she said. The pathologizing of bad
feelings is a very modern con- cept. What used to be thought of as the attendant physical sensations of life—occasional fast heartbeat, quick breath, shakiness when something goes wrong—is now some kind of clinical condition. Par- adoxically, this shift has hap- pened as the public has gained greater knowledge about mental-health issues. As words such as trauma, bound- aries and narcissism have en- tered the mainstream, they are more misused and diluted. And it’s not without busi- ness potential. For nervous system regula- tion, you can buy a “fight or flight” supplement kit from Ae- gis Formulas for $132. Or a va- gus nerve stimulator from Tru- vaga for $499. You can even
once watched the men get so dehydrated that they were forced to drink bags of intravenous fluid pulled from their medical kits. In cold weather, stopping was dangerous because the men sweated so much that they were at risk of hypothermia. Those men were the “warfighters” of Hegseth’s speech, but only a very small percentage of the U.S. military sees that kind of sustained ground combat, and many of those soldiers are in mechanized units. In other words, a relatively small percentage of soldiers and Marines require the kind of testosterone levels that Hegseth is seeking, and their jobs are an ongoing testosterone test. There is virtually no way for a sol- dier to make it through the Korengal with the hormone levels of a middle-aged man. Far more typical are jobs like the ones Hegseth had during his active duty. He guarded detainees at Guan- tanamo Bay, was a civil af- fairs officer in Iraq and taught counterinsurgency classes in Afghanistan. In a military composed mostly of noninfantry and noncombat personnel, tes- tosterone is predominantly a quality-of-life issue. Any- one suffering from low tes- tosterone might be told by a medical professional that they would benefit from supplements—but there are downsides. A 2016 study in the scientific journal Biological Psychiatry found that dominant and impulsive men who were given supplemental testosterone were at risk of acting aggressively within 60 minutes of taking it. Hegseth’s “High-T” video makes no mention of mental health evaluations that might accompany guidance about whether to take testosterone; men with traits of aggression and impulsivity could put themselves and others at enor- mous risk with those supplements—par- ticularly if they are also carrying a fire- arm. The risks of excessive dominance and impulsivity might be worth it to the military to keep a “warfighter” in the field, but probably not a supply clerk or civil affairs officer, which are jobs that can be done by either sex at any allow- able age. And the possibility that supple- mental testosterone could even make some servicemembers less combat-effec- tive by triggering physical and emotional side effects is a risk in and of itself.
Sebastian Junger, author of the book “War” and co-director of the Academy Award-nominated documentary “Restrepo,” writes the “Tribe With Sebastian Junger” substack.
hire a “nervous system special- ist.” Paltrow has one to help her with mental health, she said on her Goop podcast, though she hasn’t shared spe- cifics of what said specialist does to help. One of the topic’s biggest proselytizers is Jim Curtis, a “hypno-meditation” coach— probably better known as Jen- nifer Aniston’s boyfriend— who has over a million Instagram followers. He has emerged as a kind of guru for those seeking to cure dysregu- lation. In an emailed state- ment, Curtis said his own chronic illness taught him that stress and fear can “pro- foundly influence how we feel and live,” and he’s seen people experience “meaningful im- provements in their well-be- ing” after learning to regulate their emotional responses. He charges $2,995 for his “Awaken & Align” course. But what if all this scrutiny on our own internal state is actually part of the problem? Rather than looking inward, Barrett said, perhaps we should be moving back toward other people (and seeking pro- fessional help if the stress is too persistent). “Consuming is not communicating,” she said. “Go have coffee with a friend when you’re stressed and stop scrolling Instagram for tips.”
FROM TOP: LYNSEY ADDARIO/GETTY IMAGES REPORTAGE; SECRETARY OF DEFENSE PETE HEGSET/REUTERS
A
‘CEO Parents’ Hire a Whole Team
s a mother of two, there are certain tasks Christine Landis won’t do. She has never clipped her children’s toenails—too anxious for that, she said, so the nanny handles it. Most nights, the family assistant takes care of bath time. Landis also hands off what she calls “repetitive play,” reading the same book five times or watching her toddler open and close a door for 45 minutes. To make this possible, Landis, who lives in San Di- ego, spends roughly $250,000 a year running a household staff that includes a family assistant who lives on the property, a weekend nanny, a personal chef and a housekeeper. One nanny isn’t cutting it anymore. Wealthy working parents like Landis are em- ploying teams of people to handle the work of raising their children, including spe- cialists to potty-train toddlers, teach their kids to ride a bike, manage school applications and pack trunks for summer camp. Call it CEO parenting: treating the modern family as a small enterprise and delegating low-joy tasks. “Every hour I’m not bogged down with the doing is an hour I get to show up fully present with my kids,” said Landis, 44, a former CEO of a fintech com- pany and the founder of Pea- cock Parent, a company that uses AI to help families manage their homes. Families like Landis’s rely on a growing industry of high-end services to accommodate staff- ing up their households. Quintes- sentially, a global concierge firm whose U.S. memberships begin at $25,000 a year, has handled pre- school applications, pet procure- ment and six-month family sabbati- cals with traveling tutors. Olivia Fountain, director of oper- ations at Household Staffing, an agency with offices in New York and Philadelphia, said the role that had surged most in recent years was what her agency calls the fam- ily assistant nanny. During school hours, the role includes managing schedules, coordinating appoint- ments and activities, running er- rands and overseeing day-to-day household administration—then transitions to child care when the kids return home. Family assistants, who typically have child care back- grounds, combine the duties of a house manager, personal assistant and nanny. Her agency has fielded all sorts of parenting requests: equestrian nannies who travel to tournaments, baby chefs to prepare culturally
Manic Political Summer
reporter on how the effort to replace Graham Platner in the Senate race feels on the ground
staffers for their children. Luxury services offer potty-training, baby chefs and bike-riding lessons.
specific purées, personal stylists for the children. One recent request, Fountain said, came from a parent desperate to get their child a spe- cific limited-edition Labubu—the collect- ible figurines that clip onto handbags—and tasked the nanny with posting across social media, offering to pay whatever it took, until one turned up. “It’s the million lit- tle things,” Fountain said. “Wrapping a birthday present. Un- loading the backpack. The Amazon boxes that need to be broken down. Those are all the things that make your day disappear.” Seth Norman Greenberg, vice president of the household-staffing firm Pavillion Agency, said he once placed a caregiver for a family prac- ticing diaper-free parenting, expect- ing staff to read cues and rush the
BY ALEX SEITZ-WALD
THE FIRST TIME I saw Gra- ham Platner, he was catering another political candidate’s event. That very same political candidate, Troy Jackson, is now poised to take Platner’s place as the Democrat in Maine’s Senate race. It’s a reflection of how tu- multuous the past year in politics has been in Maine, which is typically known for its steady statesmen. When the event took place last August on a farm in Bel- mont in the Midcoast region of the state, Jackson was a progressive candidate for
baby to the bathroom in time. The agency, based between New York and Los Angeles, often serves clients who rotate across their five to 10 homes, with full staff at each property. They’ve recently pushed the job even further. Greenberg has placed nannies because they had experience working on yachts or could tolerate helicop- ter travel. “We are bus- ier than we’ve ever been,” he said of the firm, founded in 1962. “The environment, the economy, it’s just pro- ducing these million- aires and billionaires.” Celebrities like Emma Grede have helped usher this style into the broader culture. Grede, co- founder of the Kardashian brands Skims and Good American, has de- scribed herself as a max-three- hour mum, spending weekend
I spend folding laundry…is an hour I’m not…with my kids.’
ALEXANDRA FINE CEO of Dame Products
governor. He delivered a speech with much of the same policies as Platner, but less of his charisma, speaking hesitantly in the Acadian ac- cent that marks him as a son of the North Maine Woods. Standing at the back of a tent strung with bistro lights, Platner was shucking oysters. Platner had announced his candidacy for the U.S. Senate a week earlier, but his cam- paign was so young and un- planned that he had agreed to cater the event “when run- ning for Senate wasn’t any- where on my plate,” he ex- plained to the crowd. “This is an event for Troy, and I don’t want to monopolize
it. But I do just want to intro- duce myself,” Platner said. He then launched into a fiery stump speech showcasing the everyman charisma that would soon make him a national phe- nomenon. The audience came to see Jackson. They left talk- ing about Platner. Less than a year later, Plat- ner is a political pariah, and the candidate he upstaged— and who finished third in the gubernatorial primary—is poised to replace him in a dash to election day. Whether Jackson can defeat longtime Republican incumbent Sen. Susan Collins is one of the most consequential questions in the midterms. With all that’s happened, the vibe here is almost manic. And I am feeling the atten- tion of the rest of the country in a way I never expected when I left my job of a decade covering elections for NBC News in Washington, D.C., and relocated to Midcoast Maine in 2022. Everywhere I go as a local reporter, I hear people talking about all of the possibilities of the next few months, and all of the personalities involved—of- ten on a first-name basis and with the sense of familiarity only possible in a small state. Yard signs crowd rural inter- sections. I am being hounded by pollsters, direct mailers and campaigners—but also readers and friends in the aisles of Hannaford or at school pickup, asking questions and offering
A nanny helps Christine Landis, who spends about $250,000 a year running her staff, left; and, above, Alexandra Fine, with her family, has a team of six that includes nannies, a home organizer and a virtual assistant.
mornings with her four children before moving on to activities that “fill my cup.” “Cutting sandwiches into star shapes? That was never it for me,” she told The Wall Street Journal earlier this year. She relies on nan- nies, cleaners, a chef and a chief of staff, which helps afford time for “high-impact, core memories” like vacations with her children. Potty-training consultants, who work intensively with toddlers over several days, charge anywhere from $600 to $4,500. Private bike-riding lessons can run $80 to $450 per session. Don’t want to pack your kids up for summer camp? You can hire someone for $125 an hour. For families who want full-time dedi- cated staff, a travel nanny costs $120,000 to $170,000 a year; a pri- vate governess, a tutor who blends academics with social development, can today reach $200,000. Alexandra Fine, a mother of three young kids, spends about $85,000 a year on a team of six that includes nannies, a home organizer, a handy-
opinions with a level of in- formed specificity I’ve never encountered. Maine has one of the high- est rates of voter turnout in the country, according to an analysis from the University of Florida’s Election Lab. People care about their town government and taxes, attend local meetings and of- ten know someone who has served in some elective office or committee. At the Midcoast Villager, the paper I work for, we receive letters to the editor that cite figures buried in the town budget or obscure provi- sions in state law that might apply to a controversial pro- posed development. Last weekend, over 17,000 Maine Democrats gathered in hastily organized county party caucuses to choose delegates who will officially select a re- placement for Platner on Sat- urday. But even before those delegates could cast their votes, it was clear Jackson was the favorite. A state senator who came up through the or- ganized labor movement, Jack- son’s experience counting votes and working insider pro- cesses helped him out-orga- nize his opponents. He nearly swept all potential nominating delegates in county Demo- cratic caucuses. Not every Democrat I talk to is happy with the outcome. Caucus weekend cut short a rushed nomination process. Some voters and delegates I talked to said the overwhelm-
man and a virtual assistant. “Every hour I spend folding laun- dry or scheduling a repair person is an hour I’m not present with my kids,” said Fine, the CEO of Dame Products, a sexual- wellness company. “That’s not a philoso- phy. That’s math.” For some parents, the small, mindless tasks of- ten are what’s meaning- ful about being a parent. Hand them off, they ar- gue, and you might miss out on connecting with your kids. Ivana Greco, a stay-at- home mom and former at- torney who runs the Home Front, a Substack about family life, and home-schools her four children, said these duties create opportunities to get closer to her children. “The most meaningful moments I have with my children are completely un- expected,” she said. “They happen because we spend time together.” She worries about what children might absorb from arrangements with hired help, whose presence they register and whose they miss. “If you’re not the one who shows up,” she said, “your child notices.” Landis, the Peacock Parent founder, said when she fell sick after having her newborn, the nanny brought her tea and orange juice without being asked. It was, she said, one of the most unexpectedly moving moments of early motherhood. The first time one of her children said “I love you” to that nanny, and heard it said back, Landis felt a flash of uncertainty. Then it passed. “There is no world where my child doesn’t know I’m their mother,” she said. “Our bond, our love, it’s irreplaceable.” Some re- sponsibilities she’ll never give up: “The time to talk about our day, snuggle in bed, read books, that’s really special to me.” For Landis, the work doesn’t go away—it still lives in her head as the mental load of decisions, coordi- nation and managing the invisible architecture that keeps her house running. “The doing was handled,” Landis said. “But the thinking was still mine.”
ing outcome for Jackson didn’t reflect the will of voters and showed the flaws in a process they feel favored him too greatly. Candidates had not officially qualified for the ballot when he was declared the presumptive winner. And even Jackson’s sup- porters acknowledge he’s not known as a stellar communi- cator—that he can be a bit of a tough hang, with a sharp temper. When I moderated a forum with the Democratic gubernatorial candidates, he didn’t disguise his sighs as I took an audience question when we were over time. To the minds of many Mainers, the best case sce- nario for Democrats is that Jackson could be a bit of an LBJ to Platner’s JFK: The charismatic but flawed out- sider giving way to an un- couth, but more experienced operator who might prove ca- pable of winning and even more capable at legislating. In the worst case for Demo- crats, he could be a ghostly echo of Kamala Harris follow- ing Joe Biden in the 2024 presidential campaign, a promising but perhaps under- matched replacement dragged down by chaos, infighting and the flaws of predecessors.
FROM LEFT: DALEY PHOTOGRAPHY; SETH CAPLAN
O
Epic Scene at the Center of ‘The Odyssey’
BY JOHN JURGENSEN
n a vast beach in Morocco last year, waves were pummeling one of human- ity’s oldest plot devices. Christopher Nolan’s version of the Trojan horse—35 feet tall and rearing on hind legs—was half buried in sand on the Atlantic coast. In the filmmaker’s imagination, the trick of hiding Greek warriors inside a wood contraption was more believable if it looked like a waterlogged offering to a god left by a departed army. The horse would become a center- piece in Nolan’s moonshot interpreta- tion of “The Odyssey,” and a vessel for some of the movie’s most riveting scenes and important symbolism. It would be emblazoned on movie post- ers, erected as a promotional monu- ment outside theaters and rendered in plastic as a $70 popcorn holder. On the beach, however, it wasn’t clear if the horse would survive its scenes. Nolan’s crew watched anxiously as the surf tore pieces off their colos- sal prop of fiberglass, wood and steel. Later it took further beatings as they worked out how the 8,000-pound horse could be dragged over dunes and log rollers by actors with ropes. As for the director responsible for it all? “I’m feeling cool as a cucumber in those moments,” Nolan recalled in a recent interview. Twelve previous mov- ies gave him the confidence that his team could solve the myriad challenges posed by his 13th, the biggest produc- tion of his career. “The Odyssey” had to conjure the grand scale and mythic weight of Homer’s epic poem, the original hero’s journey, which has been a wellspring of western storytelling for thousands of years. And because Nolan is a filmmak- ing purist and one of Hollywood’s most high-profile champions of the theatrical experience, his “Odyssey” also needed to deliver on behalf of cinema itself. As the first Hollywood feature shot entirely with IMAX film cameras, the movie has been marketed as an awe-in- ducing spectacle from a director whose fans would be disappointed with any- thing less. Its fantastical elements, from the ambush on Troy led by Matt Damon’s Odysseus to a giant cyclops that gobbles his men in a cave, were created primarily with physical effects for a more visceral impact. Nolan’s mandate was to somehow make myths plausible. “My rule of thumb for everything in this movie,” he said, “we have to give the audience reasons to believe.” “The Odyssey” has been doing just that in theaters. Its opening weekend generated $264.1 million worldwide, the largest global debut ever for the director. The image of the beached horse first lodged in Nolan’s mind over 20 years ago when he was in the running to direct a movie based on another Ho- meric epic, “The Iliad.” But instead of helming “Troy,” starring a glistening Brad Pitt as Achilles, Nolan embarked on a genre-shifting Batman trilogy. After the director’s “Oppenheimer”
applying old-school Hollywood techniques to conjure the intense drama of the Trojan horse
raked in $976 million in theaters in 2023 and won seven Oscars, Nolan got Universal Pictures to back a $250 mil- lion production of “The Odyssey” stacked with A-list actors, requiring 5,300 costumes and spanning 91 days of filming in six countries. Nolan’s biggest leap was in trying to shape a tale from the Bronze Age into a gripping summer popcorn movie. In Homer’s “Odyssey,” about the hero’s 10-year quest to return home from the Trojan War, the story zigzags among locations, time periods and nar- rators. Odysseus himself doesn’t ap- pear in the book until Part 5. The story of the “Wooden Horse,” as most translations call it, gets only brief references in Homer’s epic, cited in passing as an example of Odysseus’s cunning. Details of how it actually worked are few. Our collective image of a humon- gous horse on wheels came down from centuries’ worth of artists’ interpreta- tions: A Greek vase from 675 BCE. Paintings from the 18th century by Ital- ian artist Giovanni Domenico Tiepolo. Grandiose movies in the swords-and- sandals category, such as 1956’s “Helen
of Troy,” directed by the “Sound of Music” filmmaker Robert Wise. Nolan stood his horse on two legs to make it more dynamic and monumen- tal. He borrowed its pose from a pho- tograph taken of his production de- signer, Ruth De Jong, on the back of a rearing mount. He sank the horse in sand past its haunches as a cinematic homage: “My inspiration was really the Statue of Liberty at the end of the original ‘Planet of the Apes,’ ” the director said. But for all of Nolan’s visual cer- tainty, his crew faced technical un- knowns. The director’s method was to work out the specifics in the film’s en- vironments, namely the beaches of Mo- rocco’s Essaouira and in the mountain village of Aït Benhaddou, where Troy was constructed. “We’re having meetings about how do we keep the thing standing? How heavy is it? How many people do we need to drag it?” recalled cinematogra- pher Hoyte van Hoytema, who also shot four previous Nolan films, start- ing with “Interstellar.” The crew learned to quickly repair the horse damaged by waves, and they
Chris is always a little bit like the filmmaking version of method acting.’
HOYTE VAN HOYTEMA Cinematographer
Nolan and van Hoytema on the set.
Giovanni Domenico Tiepolo’s ‘The Procession of the Trojan Horse Into Troy’ circa 1760.
discovered it took about 250 actors and stunt per- formers to haul the giant prop. “Once we realized these guys could do it for real, they got excited about it. They would just drag this thing right up over the dunes. It was incredible,” Nolan said. “So Hoyte and I are able to just look at it and go, ‘OK, let’s put a camera on this. Where do you want to shoot from?’ ” Wrestling with the physics of a school bus- size prop was a way for the filmmakers—and thus the audience—to experi- ence something closer to a real world, van Hoytema said. “Working with Chris is always a lit- tle bit like the filmmaking version of method acting,” the cinematographer added. The horse was the latest exam- ple of “his pursuit of plausibility. For me, it’s a very Nolan-esque icon.” At one turning point in “The Odys- sey,” as Odysseus’s son Telemachus (Tom Holland) searches for news of his missing father, the Greek general Menelaus (Jon Bernthal) offers up a war tale from Troy. “You hear the story of the horse,” Menelaus says, “but did you hear it from the inside?” The line is like Nolan nudging his audience to say, check this out: a hu- man pyramid of Greek commandos packed into a dark hollow. They strug- gle to stay silent and survive as seawa- ter floods in, the horse tips over and a Trojan sword plunges into their hiding place—and at least one body. To create the sequence, Nolan’s team built a sort of silo on the beach, rigging it with minuscule LED lights to mimic sunlight leaking through chinks in the horse’s hull. Damon, Bernthal and up to 25 others crammed into the dank vessel and clung to its cross beams as cold water pumped in and the silo rocked. Nolan and van Hoytema were in there, too, armed with an IMAX camera to capture the action inside “pretty much like a documentary,” the director said, “a very small, grubby, claustro- phobic documentary.” The Wooden Horse bookends “The Odyssey,” in which time fragments and the plot circles back on itself, a signature of Nolan’s films. Like the cataclysmic detonation set off by his protagonist in “Oppenheimer,” Odys- seus’s ruse unleashes a slaughter that scars the hero and helps explain his tortuous journey and violent home- coming. “It’s exactly what I wanted,” Nolan said of his cinematic vision two de- cades in the making, “but it’s so much more.”
MELINDA SUE GORDON/UNIVERSAL PICTURES; PRINT COLLECTOR/GETTY IMAGES
I
MARY-DELL CHILTON | 1939-2026
Of GeneticallyModified Crops
but had little interest in becoming the spokesperson for GMOs
BY JON MOOALLEM
n 1970, Mary-Dell Chilton was a perseverant but underemployed chemist teaching part- time at the University of Washington in Se- attle—a position she’d leapt at only because, after months at home caring for an infant, she was desperate to get back to work. One of her students gave a presentation about a recently published paper about a tumor-producing disease that affected grapes, stone fruits and other crops. The paper claimed that a common soil bacte- ria, Agrobacterium tumefaciens, was actually trans- planting its own genes into the DNA of the affected plant—genes that, once expressed, spurred the growth of those tumors. “I just absolutely did not believe it,” Chilton re- called. In the 2018 book “Seeds of Science,” journal- ist Mark Lynas writes that Chilton even called the paper’s lead author in Belgium, Marc Van Montagu, just to tell him she thought his results—this idea that a bacteria was going around smuggling its DNA into a plant—were “nonsense, total nonsense.” Chilton set out to debunk the idea. She wound up proving it instead. And in 1982, after a dozen years of work to decode how agrobacterium was pulling this off, then to harness and manipulate that capability herself, Chilton led the re- search team that produced the first transgenic plant. Chilton, who died June 24 at her home in Carrboro, N.C., at age 87, was effec- tively the mother of geneti- cally modified crops. The
‘Age Is Only a Number if You Make Sure You Enjoy Life!’
Age is only a number if you make sure you enjoy life! Working out, sticking with hobbies, going on trips, setting goals, nurturing your relationships, etc. Never fall into the trap of sitting down and giving up because you’re aging. —Stevie Newendyke
A RECENT WSJ ESSAY about women in their 40s having chil- dren, going to graduate school, liv- ing longer and buying houses later—and what it represents about our attitudes on aging—gen- erated a lot of audience feedback. Most people were eager to share their own experiences: the pains and pleasures of aging, what they look forward to and reflect back upon. Here, lightly edited for space and clarity, are a selection of those comments, arranged by decade.
method she helped develop unlocked a biotechno- logical revolution in agribusiness, leading to the widespread and often controversial adoption of ge- netically modified crops. More than 90% of the corn, soybeans, canola and cotton planted in the U.S. are now genetically modified, according to the Food and Drug Administration, typically to boost their resistance to pests and commercial herbicides. Chilton left academia for the private sector after her early pioneering work, joining Syngenta in 1983, when it was still known as Ciba-Geigy, to build the Swiss multinational’s first biotech lab. She served as Syngenta Biotechnology’s executive director of agri- cultural biotechnology and, later, principal scientist. In 2013, Chilton received the World Food Prize and, in 2023, President Joe Biden awarded her a Na- tional Medal of Technology and Innovation at the White House. In a statement, Tom Vilsack, the World Food Prize Foundation’s CEO and former U.S. Agriculture secretary, said: “Millions of farmers all over the world have Dr. Chilton to thank for protecting their crops from disease, pests and cli- mate shocks.” Chilton enjoyed the at- tention but seemed far less interested in it than in puz- zling out new problems in her lab. According to her son Mark Chilton, it took some arm-twisting to get her to attend the White House ceremony. Mary Dell Matchett II was born Feb. 2, 1939, in In- dianapolis. Her mother, also Mary Dell Matchett, later hyphenated her daughter’s name after a teacher called her “Mary.”
farmers all over the world have Dr. Chilton to thank for protecting their crops.’
Chilton receives the National Medal of Technology and Innovation from President Joe Biden in 2023.
30-something I just turned 32 and somehow I don’t think that just because Anne Hathaway is having a baby and looks beautiful in her 40s, that my 40s will be a doozy. We’ll find out when we get there. —Phillip Huang
bring into my life at every level. — Xio Spady
50-something I had my child at 43. Be- ing of older maternal age, I found the pregnancy ex- hausting, and it was tir- ing keeping up with my child during his baby and toddler years. I did it happily, but I didn’t have as much energy as I did in my 30s. Ditto for my husband. During our child’s early years, my husband and I found it awkward interacting with other parents of young kids, many of whom were younger than us by about a decade. It was clear that we were usually the oldest parents in any group, making conversation strained at times. Now that our child is in high school, he worries about our health and longevity. We try our best to stay healthy, but we worry as well. Even if we do stay healthy, we can’t stop the de- cades from passing. When our son is just 30, I will be 73. —Helena Riha
Mary-Dell Chilton in the 1980s, left, and with her husband and son Andrew in 1969, below.
TOM VILSACK World Food Prize Foundation’s CEO
60-something I had my last baby at 41, naturally conceived. I’m in grad school at 60, studying to become a school coun- selor. I don’t consider myself in the mainstream one bit. It is true that much of aging is in the mind; how- ever, most days, my knees and hips remind me how many trips around the sun I’ve made. —Diane D. Dalton
She was primarily raised by her maternal grand- parents in North Carolina. Back with her parents in suburban Chicago for high school, Chilton discov- ered a love of science but “had no sense that I was particularly good at it,” she wrote. The signs got more obvious. She did so well on one exam that school administrators assumed she cheated. When she decided to build a Cassegrainian telescope for a school science fair, she was invited by the director of Chicago’s Adler Planetarium to complete her project there, and she was one of 40 students (and only eight girls) brought to Washington, D.C., for the annual Westinghouse Science Talent Search. She entered the University of Illinois in 1956 and earned her Ph.D. in chemistry there in 1967. While finishing her dissertation, Chilton followed a mentor to the University of Washington. There, in 1966, she married Scott Chilton, also a chemist at the univer- sity. They had two sons, both of whom survive her. Scott Chil- ton died in 2004. Chilton didn’t have her own lab or re- search program at the University of Washing- ton when she first en- countered the paper about agrobacterium. But she talked another chemist, Eugene W. Nester, into letting her design experiments in his lab to investigate. For several years, scientists had been ex- perimenting with splic- ing genes from one or- ganism into another. The work was controversial; the safety and ethics of such tinkering was debated. But now, Chilton showed that nature concocted such chimeras on its own. Chilton published her findings in the journal Cell in 1977. Kathleen Postle, a colleague around that time, called the paper “a tour de force.” And yet, Chilton still couldn’t get the University of Washington to give her a tenure-track position like her husband had. Scott Chilton encouraged his wife to look else- where. In 1979, they were both hired at Washington University in St. Louis, and in 1982, Mary-Dell’s team, collaborating with scientists from the Univer- sity of Pennsylvania, implanted a yeast gene into a tobacco plant, creating the first transgenic plant. They further showed that the plant’s progeny re- tained that new DNA; their creation regenerated it- self. Chilton’s success was announced at a 1983 sym- posium, alongside two competitors who’d achieved similar feats at nearly the same time. One was a Eu- ropean group led by Montagu and the other was Monsanto. Based near Chilton’s lab, the corporation had funded two postdoc positions for Chilton and engaged her as a consultant in exchange for access to her groundbreaking science. Chilton’s group was the first to publish its re- sults, but the press consistently put the spotlight on Monsanto alone. In “Lords of the Harvest,” a 2001 book by reporter Daniel Charles, Chilton de- scribed her feelings toward Monsanto as “some terrible mixture of jealousy and respect and admi- ration and anger.” She later recalled: “I woke up and smelled the coffee pretty quickly. Industry wanted this science.” In 1983, she joined Ciba-Geigy, which became Syngenta. There, Chilton could staff up and build her own lab at the company’s campus in Research Triangle Park, N.C., near Chapel Hill. Even after Chilton’s retirement in 2018, she fre- quently returned to her lab—in a building with her name over the door, and her portrait in the lobby— to discuss recent publications and mentor other re- searchers, according to Trevor Hohls, the company’s global head of seeds research and development. In the course of Chilton’s career, genetically modified crops became both commonplace and controversial. The safety, efficacy and equitable global use of the technology has been furiously de- bated while, in various parts of the world, GMOs have been the target of strict regulations, lawsuits and protests. Chilton had little interest in being a spokesperson for GMOs however, other than to in- sist they were safe. “These are social questions, not science,” she said. “I do science.”
Actress Anne Hathaway, at ‘The Odyssey’ premiere, is pregnant at 43. Have a baby in your 40s? No big deal, Journal readers say.
major difference and reason why we might be challenging some preconceived notions on aging. At 75, I still skydive regularly, scuba weekly and ride a bicycle to the local gym where I work out every week. Being born with good genes and not abusing them, along with remaining active, can be a big plus. Unfortunately, the body ages, and you can’t slow that down. —Nan Smith
Seventy years old here with a 20- year-old daughter. Rode my bike 21 miles on the beach yesterday in 95-degree weather. I married late in life to a younger wife, which I attribute to the fact she thought I was closer to her age. The key for me is to engage in regular exer- cise, update your clothing, read all kinds of books, listen to new music and NEVER accept that getting old means acting old. —Randy Bates
CHILTON FAMILY; RON SACHS/CNP/ZUMA PRESS
E
Force of Nature By Owen D. Jones Norton, 288 pages, $31.99
On the Future of Species By Adrian Woolfson MIT, 480 pages, $34.95
BY DAVID A. SHAYWITZ
VOLUTION BY natural selection is such a familiar concept that it can be easy to forget it describes the present as well as the past. In “Force of Nature,” Owen Jones aims to remind us that evolution remains a dynamic, creative force from which we still have much to learn. The abrasive texture of shark skin repels barnacles and has inspired antimi- crobial surface coatings for hospitals; the seeds of a flowering plant offer clues to the designers of probes destined for other worlds. He argues that, as natural selection has shaped our brains and influenced our actions, the way we guide and govern behavior should be approached with our evolutionary roots in mind.
Natural selection offers many lessons for us today. It also contains many legacies of an outdated world.
Mr. Jones, a professor of law and biological sciences at Vanderbilt University, explains how the complex and often beautiful products of evolution emerge from the simple fact of variation. Random mutation makes individu- als differ, even within a single species. When one such difference happens to offer even a slight edge in surviving and reproducing, those who carry it tend to leave more off- spring, who inherit it in turn. Over genera- tions, the trait propagates through the population until what was once a rare muta- tion becomes commonplace. While evolution lacks “intention,” the author observes, natural selection is “relentlessly, exquisitely” effective at enabling life to adapt to a range of environ- mental conditions. Evolution can move with surprising speed; Mr. Jones cites the recent emergence of bacte- ria that digest plastic, and the rising share of female elephants in Mozambique born without tusks, as human poaching culls the tusked and leaves the rest to breed. Failure to account for evolution can generate predictably bad conse- quences. Overprescribing antibiotics leads to deadly resistant bacteria, while industrial fish- ing, which harvests the largest adults, ulti- mately selects for ever-smaller fish. It is, Mr.
Of Mind And Matter
BY ELIZABETH LOWRY W
ILLIAM GOLDING (1911-93) is one of those writers whose most famous book has come to stand in for the rest of his works. “Lord of the Flies” (1954), his nightmarish fable about a group of British schoolboys who descend into savagery as they try to survive on a deserted island, remains a staple of the classroom and has eclipsed a body of work that is far stranger and less easily reduced to parable. Penguin Classics’ reissue of four later novels—“The Inheritors” (1955), “Pincher Martin” (1956), “Free Fall” (1959) and “The Spire” (1964)—attempts to correct that distortion, bringing back into view a Golding who is not a moral allegorist but a far more difficult writer of con- sciousness under strain. The selection is not random. Read together, these novels circle the ques- tions posed by “Lord of the Flies”: What are we human beings once the familiar social structures that sustain us fall away? To what extent can we ever truly know ourselves? What hap- pens when our will hardens into some- thing closer to violence? The new edi- tions make the connections between these books explicit, though what links them is not setting or subject so much as a method: In each, Golding places the mind under extreme physical and moral pressure and watches what it does to itself. “The Inheritors” (Penguin Clas- sics, 224 pages, $19) is the boldest of the four. Its premise—the first, disas-
POINT TAKEN A common kingfisher, above, and a shinkansen—or bullet train—with Japan’s Mt. Fuji in the background, at right.
Jones writes, “as if we are determined to cre- ate populations of runts.” Throughout “Force of Nature,” Mr. Jones develops his case for evolution’s contemporary relevance. As he puts it, natural selection blindly explores a vast “design space”—the tril- lions of trait combinations a species might have—turning up workable solutions that human designers have learned to borrow. The streamlined beak of the kingfisher, which enters the water almost without a splash, became the model for the nose of Japan’s bul- let train. We can also learn from the process itself: When the National Aeronautics and Space Administration needed an unusually effi- cient antenna for a small satellite, it set a com- puter program to mimic natural selection— generating variants, testing them, keeping what worked—and got back an odd shape no engi- neer would have thought to draw, one that PleaseturntopageC8
trous encounter between a family of placid Neanderthals and a ruthless “new people,” Homo sapiens—is sim- ple, though its execution is anything but. For much of the novel, we inhabit the consciousness of Lok, a young male Neanderthal who hasn’t yet acquired the habits of abstraction on which nar- rative usually depends. The effect is disorienting at first, as perception pre- cedes interpretation and sensation out- runs speech. When Lok discovers sim- ile, it is, poignantly, to describe his awareness that the newcomers will sweep through his world “like a fire in the forest.” What follows isn’t merely speculative anthropology but tragedy: the extinction of a mode of being at once more limited and more innocent than our own. The novel’s great achievement lies in its language, which forces the reader into a cognitive apprenticeship before revealing the cost of what we call progress.
After ‘Lord of the Flies,’ Golding’s novels explored the strange states created by human consciousness.
If “The Inheritors” traces the birth of our kind of consciousness, “Pincher Martin” (Penguin Classics, 192 pages, $19) imagines its last stand. Washed up on a rock in the Atlantic after a naval disaster, Christopher Martin clings to life with ferocious tenacity. Or seems to. This is less a survival narrative than a study of the mind’s refusal to accept extinction, the “positive, unquestion- able nothingness” for which we are all, inevitably, headed. Golding’s central conceit—that consciousness may fabri- cate its own continuity in the face of annihilation—gives the novel its claus- trophobic intensity. As we begin to sus- pect that things might have already
gone fatally wrong for Christopher, his voice, by turns defiant and self- deceiving, becomes the medium through which we experience both the tenacity and the unreliability of the self. The final twist is one of the bleak- est endings in postwar fiction, pre- cisely because it exposes survival itself as a kind of illusion. “Free Fall” (Penguin Classics, 240 pages, $19) addresses this unreliability in overtly philosophical terms, though it’s no less subtle or unsettling for that. Its narrator, Sammy Mountjoy, is an English artist and World War II veteran
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who survived torture in a German pris- oner-of-war camp and now looks back over his life in search of the moment at which he lost his sense of agency in the world. He needs “a pattern that fits over everything I know,” he says. “And where shall I find that?” The question is framed in the language of free will and determinism, but Golding refuses to let it remain there. Memory, desire and moral evasion all complicate the inquiry: It’s pointless, Sammy suggests, “to say that each consciousness is a whole world because each conscious- ness is a dozen worlds.” The more he
examines his past, the less stable his patterns become. A literal instability underpins “The Spire” (Penguin Classics, 224 pages, $19), set in medieval England. Here Golding gives the imaginative will a three-dimensional shape. Jocelin’s determination to build a vast new spire on the cathedral of which he is dean, without adequate foundations, and against all practical advice, begins as a vision and ends in delusion. As Jocelin insists on his idée fixe, “the work be- fore everything,” the novel traces, with PleaseturntopageC8
With the Old Breed By E.B. Sledge (1981) 1
Gen. James Mattis urged every Marine to read two books—Marcus Aurelius’ “Medita- tions” and E.B. Sledge’s memoir of his experience in World War II. The latter, writ- ten from notes that Sledge, an enlisted man, con- cealed in his pocket Bible, is an account of events from the battles of Peleliu and Okinawa that lands with a force reminiscent of his wartime nickname: Sledgehammer. The physical courage displayed by the writer’s fellow Marines fills every page as they fight through a “netherworld of horror.” What distinguishes “With the Old Breed” from many other war memoirs is its focus on moral courage. Sledge is attentive to those around him who preserve discipline, decency and humanity when war threatens to strip all three away. His company landed on Peleliu with roughly 235 men. By Sledge’s count, only 85 came through that battle unhurt. Fewer still emerged from Okinawa without a physical wound. “They suffered and they did their duty,” Sledge writes, “so a sheltered homeland can enjoy the peace that was purchased at such high cost.”
The Shift By Theresa Brown (2015) 2
Theresa Brown came to medicine by an unlikely route, earning a doctorate in Eng- lish before training as an oncology nurse. In “The Shift,” she compresses the chal- lenge of an entire profession into a single 12- hour shift on a hospital cancer ward. Four patients demand her attention, among them a man receiving a treatment that may cure or kill him. Another patient coughs up blood and dies. Ms. Brown catalogs the patient loads, paperwork and hospital hierarchies that wear nurses down. What lingers is the intimacy of the work—the steady service of caring for frightened people during the worst days of their lives. America has more than 5 million registered nurses, and polls have consistently ranked them as the nation’s most trusted professionals. Ms. Brown gives us a glimpse of why. “The shift is over,” she writes. “I am leaving, leaving, leaving. Another nurse, another good-hearted overworked soul in white will take over: night shift. And then tomorrow morning I’ll be back.”
Soldier Girls By Helen Thorpe (2014) 3
Helen Thorpe followed three working- class women from the Indiana National Guard through deployments to Iraq and Afghanistan and back home again. “Sol- dier Girls” draws on four years of reporting to create one of the finest portraits of life in Amer- ica’s enlisted ranks after Sept. 11, 2001. Ms. Thorpe examines how America’s “forever wars” have marked those who fight them. The long-
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ultimately flew on the satellite and did its job transmitting data well. Evolution shapes behavior as well as structure. Mr. Jones describes a fresh- water snail that, sensing a predator, instinctively climbs or descends depending on where the perceived threat tends to hunt. A lab-raised mon- key, born without a fear of snakes, can be taught to fear them—but not to fear flowers, a difference that suggests an inherited readiness to learn a survival strategy. These proclivities can misfire when conditions change. A moth cir- cling a porch light evolved to navigate by the moon; the bulb is an “evolu- tionary novelty” with which its ances- tors never had to contend. Like our atavistic cravings for fat and sugar, many cognitive biases also may have made more sense in an earlier envi- ronment—what Mr. Jones calls “time- shifted rationality.” All of this builds toward the subject Mr. Jones cares about most, the law. Legal codes, he suggests, exist to regu- late behavior that evolution shaped, and so should, in his view, rest on an understanding of where that behavior comes from. Our expectation of fairness and our disdain for cheaters, expressed in laws across human cultures, can be traced to social primates—evidence that our sense of justice has deep evo- lutionary foundations. But when Mr. Jones turns to what legislators and judges should actually do with this understanding, he stops short, taking
battlefields at home and abroad
pains to distinguish between the biol- ogy we inherit and the values we choose. A sensible reflex, but it also means the long-awaited payoff never quite materializes—an underwhelming finish to an otherwise engaging and illuminating argument. While Mr. Jones invites us to learn from evolution’s exquisite achieve- ments, Adrian Woolfson, a molecular geneticist and biotech entrepreneur, surveys the same handiwork in “On the Future of Species”—his title a brazen echo of Charles Darwin’s own—and comes away disappointed. Evolution optimizes “for survival rather than ele- gance,” he writes, and our biology shows it. We “carry the burden of approximately four billion years of accumulated mutations,” a long record of “convoluted workarounds rather than . . . definitive, streamlined solu- tions.” We have too many bones in the foot, a spine ill-suited for upright walk- ing and neurons that are sluggish and error-prone. Evolution, he maintains, favors the adequate, and human design can do better. Mr. Woolfson’s book, which is subti- tled “Authoring Life by Means of Artifi- cial Biological Intelligence,” proposes not the gene-by-gene editing of today’s most ambitious therapies but a more radical rewriting of the human genome. Engineered systems are built from standardized parts, each of which can be repaired or changed without disturbing the rest; living systems are so densely interconnected that an adjustment to any single component would likely affect many others. Mr. Woolfson would replace the “irrational tangled structure” of our DNA with something better organized and easier to modify—a process software engi- neers call refactoring, the periodic cleanup that keeps a sprawling pro- gram from collapsing under its own “spaghetti code.”
NATIONAL ARCHIVES
IN THE TRENCHES Marines during the Battle of Peleliu in 1944.
term effects include panic attacks, alcohol addic- tion and failed marriages. After two deploy- ments, Desma, a single mother of three, wonders whether the two years she spent overseas took her away from her son for too long. Later, he would be sentenced to 20 years in prison for armed robbery. “Soldier Girls” does not reduce these women to victims. Ms. Thorpe writes that another veteran she profiles, Michelle, later came to see the war she served in as a mistake. “But it had been a thing of immense proportions and she had been part of it and it had been hugely consequential to her personally. As wrong as they were, those days of sand and sun and bleached friendships and whistling rockets, they were sacred to her.”
Young Men and Fire By Norman Maclean (1992) 4
Norman Maclean spent the final years of his life trying to understand one terrible afternoon in 1949. Having worked as a U.S. Forest Service firefighter in his youth, he became fascinated by Montana’s Mann Gulch Fire, in which a seemingly routine mission turned catastrophic, killing 12 smokejumpers— firefighters who parachute into remote loca- tions—and a young fire guard who had joined them. In “Young Men and Fire” he vividly nar- rates how a wildfire the crew initially expected to control suddenly erupts into a “blowup,” a wall of flame racing uphill faster than the young men can run. Maclean reconstructs the disaster with the precision of an investigator and a lyri-
Like Mr. Jones, Mr. Woolfson is struck by the spectacular range of organisms that could in principle exist, of which evolution has realized only an “infinitesimally small sampling.” He wants to explore the rest and sees two capabilities converging to allow us to do so. One is synthesis: Whole genomes can already be built to order for simpler organisms, leaving mostly a manufacturing challenge of scale and cost. The harder task is interpretive— learning the rules that connect a genome to the living thing it produces. That predictive grasp is the heart of
It isn’t always about survival of the fittest. Sometimes evolution settles for good enough.
what Mr. Woolfson describes as artifi- cial biological intelligence, the thresh- old at which biology would turn from a descriptive science into a predictive, engineering one. The boldness of these aspirations is accentuated by Mr. Woolfson’s candor about how far we stand from achiev- ing any of them. We “can read the lan- guage of DNA,” he grants, but “we cannot yet speak it, nor fully compre- hend it.” The rules linking a sequence to a finished organism—biology’s “generative grammar”—remain, he acknowledges, a forbidding problem that may never fully yield. Yet, he argues, biologists have long sought to understand life by taking it apart, and we might also understand it by learn- ing how to synthesize organisms from component parts. Construction, seen this way, is not the reward waiting at the end of knowledge but a path to achieving it.
cism that recalls his masterpiece, the novella “A River Runs Through It” (1976). He captures the unforgiving physics of fire and the resolve of those who choose to jump toward it.
Among Schoolchildren By Tracy Kidder (1989) 5
“Mrs. Zajac,” Tracy Kidder observes, “seemed to have a frightening amount of energy.” Kidder spent a school year with Chris Zajac, a fifth-grade teacher in a struggling Massachusetts mill town. “Her hands kept very busy. They sliced the air and made karate chops to mark off boundaries.” Kidder, who wrote about the work of a humanitarian doctor in Haiti in “Mountains Beyond Moun- tains” (2003), reports on Mrs. Zajac’s classroom with equal depth. One student, Pedro, works harder than anyone yet earns the lowest grades. “Did I do good, Mrs. Zajac?” he asks. A long- overdue evaluation reveals that he is a bright boy trapped by a language disorder. Mrs. Zajac fights to get him the help he needs while fearing it won’t be enough. She has her stars, too. Judith, a Puerto Rican girl from a poor but devoted family, consoles her exhausted teacher one day. “I don’t blame you,” Judith says with a smile. “I’d rather go in the Army than be a teacher. . . . You got a battle here every day.” For children used to thinking of themselves as “stu- pid or not worth talking to,” Kidder writes, teachers like Mrs. Zajac help them believe in the opposite. “She thinks I’m worth something. Maybe I am.”
“On the Future of Species” grounds this vision in an absorbing history, tracing the deciphering of life’s chemis- try—from Friedrich Miescher, who first isolated nucleic acids in 1869, to Fred- erick Sanger, who learned to read DNA sequences in the 1970s. This narrative is complemented by the story of the rise of computing and artificial intelli- gence. Mr. Woolfson also lingers admiringly on Har Gobind Khorana, a village clerk’s son in British India who went on to synthesize the first fully artificial gene in 1972. And the author draws on the warning of Stephen Jay Gould and Richard Lewontin, evolu- tionary biologists who cautioned against reading every trait as a perfect adaptation. Their point anchors his own: Evolution has no plan, settles for good enough and leaves the suboptimal everywhere. Mr. Woolfson’s thoughtful history and astute reading of the present state of biology—including his account of why treatments for complex dis- eases have resisted us—collide repeat- edly with his insistence that we will soon be able to “transcend nature’s imagination” and his singular convic- tion that this is where we ought to be headed. His formula—AI to read life’s grammar, synthesis to write it, authorship of species as the out- come—recurs so often it begins to feel like an incantation. He acknowledges the technical hurdles and the pro- found ethical concerns and allows that his vision may never fully arrive, yet insists it would be wrong not to try. It’s an audacious wager calibrated to the ambitions of our age and attuned to the capital behind it.
That Look Inside
mounting unease, the shift of the cre- ative impulse into fantasy: “There comes a point,” his mason warns, “when vision’s no more than a child playing let’s pretend.” Jocelin’s cer- tainty is absolute; so is the damage it inflicts. Here, perhaps more clearly than anywhere else, Golding shows how easily the human will can tip toward violence—a violence that is embedded, in this case, in the very act of imposing form on the world. The Golding who emerges from these four novels is less interested in society than he was in “Lord of the Flies,” and more engaged with the con- ditions that make society possible in the first place. By removing the usual scaffolding that renders human life intelligible, above all custom and lan- guage, the books ask what lies beneath. The answer is not reassuring. As far as Golding is concerned, consciousness is the faculty that allows us to reflect and create—and to deceive ourselves with extraordinary effectiveness. That insight is taken up in a series of forewords by contemporary writers, and here the results are uneven. Ben- jamin Myers’s introduction to “The Spire” is the most useful: clear, atten- tive to structure, properly alert to the novel’s historical and symbolic dimen- sions. In the other essays, the tone is occasionally personal, at times drift- ing away from the books themselves. Ben Okri’s foreword to “The Inheri- tors” is evocative but diffuse; Marlon James, writing on “Pincher Martin,” is inclined to impose his own rhetorical energy on the text. John Gray’s fore- word to “Free Fall,” suggesting that the opacity of the world and the self may be a form of freedom, risks recasting Golding in terms closer to Mr. Gray’s philosophical preoccupa- tions than to the novel’s anxious, lyri- cal texture. Together the forewords underscore a larger point: Golding is not easily assimilated. Each reader, it seems, has to make a separate accom- modation with him. The most conspicuously new feature of these editions is Rachel Greenwald Smith’s “Suggestions for Further Exploration” that appears in common at the end of each volume. Organized around a set of shared themes—human nature, the limits of self-knowledge, ambition and violence—the section offers a reading list that moves briskly from Freud and Woolf to Phoebe Wal- ler-Bridge’s television series “Fleabag” (2016), the video game “The Last of Us” (2013) and Michel Gondry’s film “Eternal Sunshine of the Spotless Mind” (2004). The intention is gener- ous: to draw Golding into a wider con- temporary conversation, to show how persistently his ideas recur. Is the list entirely successful? There’s something slightly disconcert- ing about seeing Golding’s austere, inward fictions placed alongside works operating in such different registers. The comparison isn’t illegitimate, but the scale is altered. What, in Golding, is metaphysical pressure risks becoming, in this context, an exercise in categori- zation—ironically, as the novels them- selves move us in the opposite direction. Built on intensity and the refusal of outward gestures, Golding’s books leave the reader feeling that they are less in need of supplementa- tion than of sustained attention. That attention isn’t always easy to give. These are demanding novels, resistant to paraphrasing, structurally and linguistically challenging. Their elusiveness isn’t an accidental feature but the means by which they work. Golding is writing about the instability of the self, after all, and his prose enacts that instability: shifting per- spectives and uncertain ground, relieved by moments of sudden, disqui- eting clarity. To read him is to be drawn into a process rather than offered a conclusion. Penguin’s reissue makes a persua- sive case for returning to these four novels, and for reading them together. The accompanying material may occa- sionally press too hard in trying to domesticate what is, in the end, undo- mesticable, but the books themselves continue to exert their peculiar, unac- commodating force. These editions reveal a neglected side of Golding, a writer whose central concerns have never been fully absorbed. It is possible that “Lord of the Flies” will always define Golding’s public reputation. But it is here, in these darker and less yielding works, that his imagination is most fully itself: less certain and con- siderably more interesting.
The Capitol By Brian Jay Jones Dutton, 464 pages, $35 A Republic Under Construction
BY TEVI TROY O
N A RECENT TOUR of the U.S. Capitol building—my first since working there nearly 30 years ago—I was reminded of just how beautiful and magisterial it is. Its construction and design, however, were hotly contested things, as I learned from Brian Jay Jones’s “The Capitol: The Surprising Biog- raphy of an American Building.” Mr. Jones, a biographer and a former Capi- tol Hill aide, is well-suited to the task. He takes readers through nearly every part of the build- ing’s origins. Although many take the Capitol for granted today, in its planning stages few could agree even on a name. One proposed name for the city, fortunately rejected, was Washingtonople. Thomas Jefferson personally crossed out every mention of the draft name Congress House for the structure and replaced them with Capitol. Pierre L’Enfant is widely known as the designer of Washington the city. L’Enfant was fired in 1792, though, so he did not design the structures that house the executive, the Supreme Court and the Congress. L’Enfant likely had thoughts on these, but left Washington
Legislators in America’s early decades occupied temporary chambers. The dome came later.
angrily, taking whatever ideas he had with him. In response, Jefferson started a newspaper con- test to elicit plans for what became the Capitol, designed by Dr. William Thornton, the amateur architect who won the contest. Jefferson got involved again after the British burned the Capitol and with it the Library of Congress’s initial collection of books during the War of 1812. Jefferson offered to sell his own impressive library of 6,500 volumes to the U.S. government as a replacement. The sale, for $23,950—more than $500,000 in today’s cur- rency—took place in 1815, although not without controversy. Rep. Cyrus King of Massachusetts grumbled that Jefferson’s collection included “irreligious and immoral books” and com- plained that the funds could be spent for “pur- poses more indispensable than the purchase of a library.” The funding initiative passed, but by the embarrassingly narrow 10-vote margin. In 1851, another fire, this one unintentional, destroyed almost two-thirds of the books from the Jefferson collection. Controversy continued throughout the building period. Benjamin Latrobe, who replaced Thornton as architect of the Capitol, feuded with Commissioner of Public Buildings Samuel Lane, who had a disabled arm. The men fought in front of President James Mon- roe, with Latrobe grabbing Lane and shouting, “were you not a cripple I would shake you to atoms, you poor contemptible wretch.” Monroe chastised Latrobe, asking, “do you know who I am, Sir?” Chastened, Latrobe released Lane and resigned the next day. This encounter was far from the only vio- lent clash inside the Capitol. In April 1828, Russell Jarvis, a journalist and critic of Presi- dent John Quincy Adams, believed the presi- dent had insulted Mrs. Jarvis. The journalist challenged the president’s son to a duel, the younger Adams refused, and Jarvis physically assaulted him in the Capitol rotunda. At the
LIBRARY OF CONGRESS
We Work Together
Superteams By Ron Friedman Simon & Schuster, 352 pages, $30
IN THE WAKE of the Covid-19 pandemic, many leaders claimed that effective teamwork required remote workers to return to their cubicles. Ron Friedman begs to differ. In “Superteams,” the social psychologist reports that high- performing teams are as likely to work well at home as in the office. “Far more important than where a team works is how it works,” he declares. What makes a great team? Mr. Friedman sought the answer by interviewing more than 6,000 professionals who say their teams are tops to find out what they do differently from the rest. He found that the members of these teams get more done, make one another better and are con- stantly improving. These aren’t earthshaking reve- lations, but some of the habits of the best teams are counterintuitive.
HOUSE HOME The U.S. Capitol building in 1861.
time, there was only a single guard assigned to maintain order in the Capitol. Supporters of Andrew Jackson, John Quincy Adams’s chief rival, protected Jarvis from punishment, but a month later Congress formed the U.S. Capitol Police. Yet violence in the nation’s legislature remained a problem. In 1835, an unemployed house painter named Richard Lawrence tried to assassinate President Jackson. Lawrence’s attempt failed because both guns he aimed at Jackson misfired—an event so doubly improba- ble that Mr. Jones suggests the odds against it were 125,000 to 1. Lawrence, a troubled man who thought himself the heir to the British throne, was found not guilty by reason of insanity. He died decades later at what’s now St. Elizabeth’s Hospital, the same institution that would later house would-be Ronald Rea- gan assassin John Hinckley, Jr. As for Adams, he would leave the presidency but then return to the House, serving longer than his presidency, and remaining long after Jackson left the White House. He died in the House speaker’s room on Feb. 23, 1848, the only president to die in the Capitol. Another violent confrontation in the Capitol took place in 1856: the tragic and brutal caning
The members of high-performing teams say they spend more time working alone and uninterrupted than the members of average teams: 106 minutes at a time ver- sus 77 minutes. Yet they also respond to one another more quickly than the members of aver- age teams. Mr. Friedman says this “collaborative focus” is predicated on “striking the right balance between focused individual work and purposeful collaboration.” Success stems from a team’s ability to control its own time. Mr. Friedman’s superteams are 50% more likely to avoid meetings than average teams. They are 68% more likely to block out time for thinking and 50% more likely to consciously track their time. Mr. Friedman backs up his find- ings with ideas for improving the work environment. Many are bor- rowed from other thinkers—Ste- phen Covey on time management, Bob Sutton on shutting down bul- lies, Amy Edmondson on psycho- logical safety—but all are practical. It is worth remembering that the book’s insights derive from self-reported data. Mr. Friedman cites research that “people’s belief about their team’s ability is one of the best predictors of a team’s actual performance,” yet there is still potential for bias. Nonethe- less, “Superteams” is a valuable guide for teams and managers seeking to improve performance.
of abolitionist Sen. Charles Sumner of Massa- chusetts by Preston Brooks, a pro-slavery South Carolina congressman. This shameful incident, from which Sumner never fully recov- ered, served as a prelude to the Civil War. Mr. Jones also tells the history of the incred- ible artwork inside the Capitol. Best known is the series of four giant John Trumbull paint- ings—12 feet by 18 feet—that depict important scenes of the Revolution. A marvelous frieze chronicling American history, begun by the Italian-American artist Constantino Brumidi, overlooks the rotunda. Brumidi worked in the Capitol for 25 years, still on the job when he died in 1880. The frieze was eventually con- cluded in 1953, and in 2008 Brumidi received the Congressional Gold Medal for his work; the ceremony took place in 2012. Minority Leader John Boehner, as was his wont, teared up at the ceremony. For the most part, the exterior of the Capitol as we know it was completed in 1868. For this reason, Mr. Jones has somewhat less to say about the 20th and 21st centuries, but he describes crucial moments. For example, Daniel Patrick Moynihan, working for President Rich- ard Nixon at the time, recommended George M. White to be the architect of the Capitol; Nixon
SHORTCUTS: BUSINESS
BY THEODORE KINNI
For Success All-Around
What to Make of a Life By Jim Collins Harper Edge, 416 pages, $32
IN 1995, A year after co-writing a bestselling book on the habits of great companies, Jim Collins left the faculty of Stanford’s business school to found his own manage- ment lab. Over the course of his work, Mr. Collins became inter- ested in how people create engaging lives for themselves. He shares his findings in “What to Make of a Life.” The book examines luminaries in matched pairs from the worlds of music (Jimmy Page and Rob- ert Plant), writing (Toni Morri- son and Barbara W. Tuchman), politics (Jimmy Carter and Ger- ald Ford) and more. Why such well-known people? Because “that’s where the data is,” Mr. Collins writes. He recounts his subjects’ accomplishments with an eye to exploring three ques- tions that many of us have asked at some point. How do I find a path that is right for me? What
liked the idea. White suggested that presiden- tial inaugurations take place on the West Front rather than the East Front of the Capitol, as had been the practice before. This new tradi- tion, which allows many more people to wit- ness our quadrennial peaceful transfer of power, started with Reagan’s 1981 inauguration, by which time Moynihan was a Democratic senator from New York. The bipartisan effort that led to the Reagan inauguration ceremony is indicative of both the messy history of our democracy as well as its Capitol. Challenging problems get addressed under extreme political pressure but are even- tually celebrated as essential elements of the history of the greatest democracy the world has ever known. The U.S. Capitol is perhaps the most recog- nizable symbol of the American republic. Mr. Jones has given it the biography it deserves. The building, as he observes with only a little exaggeration, “houses not just the government but the American psyche.”
Mr. Troy, a senior fellow at the Ronald Rea- gan Institute and a senior scholar at Yeshiva University’s Straus Center, is the author of five books on the presidency.
do I do when my current path ends? How do I stay engaged over a lifetime? At the risk of oversimplifying, Mr. Collins claims that you find the right path by figuring out your “encodings” (what you’re good at) and focusing them on something you love doing. If you hit a “cliff” (your path ends), you take small steps until a new path emerges. You keep your “inner fire” (the urge to keep trying) stoked by extending yourself and then starting over in a process of continuous renewal. Morrison (1931-2019) and Tuchman (1912-89) show how long it can take to align what you do for a living with your encodings. Morrison didn’t pub- lish her first novel until she was 39, and it took Tuchman decades to achieve a level of success that allowed her to fully commit to a writing career. And yet, Mr. Col- lins writes, “they eventually came to trust their encodings and follow them, wherever they might lead.” “What to Make of a Life” doesn’t have all the answers, but it suggests the right questions and offers a measure of reassur- ance that even the most accom- plished people have faced similar challenges. That is life.
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The Midnight Special By Colin Asher Norton, 336 pages, $29.99
BY PRESTON LAUTERBACH
F FREEDOM IS the essence of music, captivity must be its mortal foe. Yet in “The Midnight Special,” a fresh new take on American music, Colin Asher profiles five artists whose works were shaped by incarceration. Lead Belly (1888-1949) was the convict-artist archetype. Born Huddie Ledbetter, he came to fame in shackles after the folklorist John Lomax made recordings of an imprisoned Led- better in 1933 at the Louisiana State Peniten- tiary, where Ledbetter was serving at least his third prison sentence. In late 1934, Lomax began promoting a Lead Belly personal- appearance tour, publicizing the artist’s crimi- nal history, touting his violent convictions and, eventually, costuming him in stripes. Ledbetter’s vocal and lyrical talent, though, should have been enough. His voice was a God- like thing, capable of the brightest sunshine and gravest thunder. He played a 12-string guitar, at times sounding restless and frantic. He delivered the greatest murder ballad on record, released in the 1940s as “(Black Gal) Where Did You Sleep Last Night?” Its economy of story rivals or bests that of any in modern literature. In the 1990s the song gave a proper vehicle to the existential rage of Nirvana’s Kurt Cobain, though Lead Belly delivers his vocal with menacing calm. While Lead Belly has been a familiar figure in music lore for some time, Mr. Asher presents the most realistic portrait of the artist yet, with sym-
Soldiers In Training
The Gavriel Tirosh Affair By Yitzhak Shalev Toby, 252 pages, $19.95
BY DIANE COLE F
IRST PUBLISHED in Israel in 1964 and now appearing in English for the first time, Yitzhak Shalev’s “The Gavr- iel Tirosh Affair” raises uncomfortable questions, both historical and contemporary, about the cost of war, the price of peace and the unending grief inflicted by continued conflict in the Middle East. Set primarily in British-ruled Pales- tine in the late 1930s, this taut, powerful novel is guided by an unnamed narrator, a middle-aged veteran of the 1948 War of Independence who, despite the out- ward trappings of a good life—a wife, children and a respectable job—remains emotionally numb, his sense of purpose having vanished long ago with the dis- appearance of his charismatic high- school history teacher, Gavriel Tirosh. Their fateful interactions are told through crisp flashes of memory, skill- fully rendered with spare elegance by the translator Hillel Halkin.
pathetic perspective on Lead Belly’s life and art. “He dreamt in song,” Mr. Asher writes, “and woke singing what he’d heard in his sleep, a practice that sometimes lent his compositions a surreal dissonance—a work song sung with the cheeriness of a commercial jingle; a murder bal- lad sung tenderly; chronicles of suffering that sound like freedom songs.” Elmo Hope (1923-67) was a bebop musician from Harlem, N.Y.; his close friendship with fel- low jazz pianists Thelonious Monk and Bud Powell earned the trio the moniker the Three Musketeers. Hope served time for various nar-
The stories and sufferings of prison life have often been captured in the melodies of incarcerated musicians.
cotics violations. It was during one of these stints behind bars that he hit upon a signature tune, co-writing “Carvin’ the Rock” (1953) with his fellow Rikers Island inmate, the saxophonist Sonny Rollins. Mr. Asher explains how the New York Police Department during this time shaped the very sound of jazz, locking up numerous musicians, Hope included, for mental-health or substance- abuse problems. As Mr. Asher reminds us, the NYPD also regulated the issue of cabaret cards—a musician’s license to work—effectively deciding who could or could not perform in the city’s nightclubs. In the late 1950s, after Hope’s card was revoked, he relocated to the West
From the moment Gavriel steps inside the narrator’s top-tier Jerusalem high school, he casts a shadow on the staid older faculty members. Not yet 30, the energetically self-assured German refugee soon mesmerizes the narrator and his four closest classmates—Aharon, Dan, Yair and Aya, the only female among them. The teenagers soon come to depend on Gavriel to help them make sense of the past in an increasingly omi- nous present filled with escalating Nazi threats against the Jews in Europe, and the accelerating frequency of Arab attacks on Jews in Palestine during the 1936-39 epoch later known as the Bloody Events. With British troops unable to quell the territory’s unrest, the students and their families, fearful for their safety, followed the Jewish leadership’s policy of restraint, or havlaga, rather than retaliation, which risked escalation with the Arabs. The Zionist paramilitary force known as the Haganah shared this view. But Gavriel adamantly challenges that approach as passive. Restraint, he believes, is a form of dependency, the legacy of centuries of Jewish subservi- ence to the rulers of the lands where they had been scattered. The Jews of Palestine, he tells his rapt students, should not live like ghetto residents, reli- ant on the kindness of whoever is in power. They must show their power by fighting and claiming the promised land of the Bible for the Jewish people. Gavriel’s job, as he sees it, is to teach the lessons of the region’s historic bat-
Coast, where he thrived but felt exiled. When he returned to New York in 1961, his fellow musicians revered him but the media had for- gotten him. He died from heart failure in 1967, at the age of 43. In 1965, 19-year-old Milton “Ike” White was sentenced to life in prison for shooting and kill- ing a corner-store clerk during a robbery. While in prison, White met “Spade” Cooley, once a pioneer of Western swing music, now a convicted murderer. Cooley built music instru- ments in the prison workshop and taught inmates how to play in the prison band. He became a mentor to White. The spiritual aspect of making music in the penitentiary comes to life in White’s story. Prac- tically growing up behind bars, White’s only sense of freedom came through music. He com- posed and recorded material, led the San Quen- tin Prison Band and backed visiting artists such as the singer Jimmy Witherspoon, who per- formed concerts at the facility. After his release from prison in 1978, however, White struggled with freedom and died by suicide in 2014. Tupac Shakur (1971-96) became the first recording artist to have the No. 1 Billboard Top 200 album—1995’s “Me Against the World”— while behind bars. So intertwined was his rap music with life in prison that he signed a recording contract with Suge Knight, the founder and chief executive of Death Row Records, so that Shakur could pay for his mil- lion-dollar bail. Shakur’s commitment to the so-called thug life seemed to make his death at the age of 25 inevitable. Mr. Asher’s story of Shakur’s life reinforces that inevitability, begin- ning with the artist in his mother’s womb as she argues in court for her freedom.
tles. Ruins could be seen all around them, as in those of the 13th-century Crusader fortress of Montfort they had visited on a class expedition. “We have to learn how to survive in this region, how to leverage every bit of power that we can and take advantage of the con-
GETTY IMAGES
KIBBUTZ Soldiers and children in British-ruled Palestine, ca. 1930s.
flict between our enemies—and we have to do it better than the Crusaders did,” he asserts. It is time, he tells his students, to prepare to fight for a future that is free from both the British and the Arabs. Taken aback by Gavriel’s fiery out- burst, Yair asks in disbelief, “why can’t we live side by side in peace?” The teacher’s answer is both chilling and
sobering: “Real peace depends on both sides despairing of every other way of getting what they want. And neither we nor the Arabs are anywhere near despair.” Instead, the only question is “who will dominate whom.” Swept away by Gavriel and his
vision, the students begin attending secret after-school military training ses- sions. He teaches them how to use arms and grenades, and how to map and con- duct reconnaissance missions without being detected. Under the guise of exploring the countryside as part of a history and archaeology club, the stu- dents scout Arab villages suspected of harboring snipers.
Among Mr. Asher’s subjects, Johnny Cash (1932-2003) is the only one to have dodged hard time. Instead, Cash made his bones as an outlaw storyteller, breathing humanity into bloodlust—most memorably telling us in “Fol- som Prison Blues” (1955) that he “shot a man in Reno just to watch him die.” Mr. Asher rean- imates the familiar story of Cash in concert at San Quentin and peels back the narrative to explore the tension in Cash’s life that led to that moment. These stories show how the aura of imprison- ment enhances the public perception of an artist and his music. As Mr. Asher points out, Lead Belly, who had no control over his own narrative, became famous as an archetype. We will never know what he could have been without the imposed persona of a murderous ex-con. His record sales, though, never amounted to much. Some might say that he owes his renown to his bad and inaccurate stereotype. Ike White’s album “Changin’ Times” (1976), easily accessible online, is a really nice 1970s soul album, with a certain frail beauty that the era otherwise lacks. But is the album more interest- ing as an obscurity produced by a convicted murderer? Would it have been viable in the mar- ketplace against artists such as Marvin Gaye, Isaac Hayes, Sly and the Family Stone or Stevie Wonder? Cash and Shakur, meanwhile, intention- ally identified with the criminal image. There must have been something useful to it to these men, who created a sense of freedom in the shadows of captivity.
Mr. Lauterbach is the author of “Before Elvis: The African American Musicians Who Made the King.”
Deeming themselves ready for battle, they join the Haganah—only to quit, along with Gavriel, who claims the organization is far too moderate. More to his liking is the underground militant group Irgun. Gavriel proposes that the students join his own small, independent military cell. They agree. He counsels them not to be afraid, even after early clandestine operations injure first the narrator, then Gavriel. Then comes disaster, with the death of Aya.
In 1930s Jerusalem, a Jewish teacher convinces his students to join an underground military.
That, quickly followed by the abrupt departure, without explanation, of Gavr- iel, leaves the students unmoored. Two more friends die in battle during the 1948 war, and over time the once-close relationship between the surviving two becomes a lifeless artifact. As disturbing is what becomes of the narrator himself, who seems nearly comatose as he wan- ders the streets of Jerusalem in an end- less search for the still-missing Gavriel. The loss has emptied his soul, leaving only the haunting impact of the unend- ing trauma, and legacy, of war.
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Zurbarán Edited by Francesca Whitlum-Cooper, Daniel Sobrino Ralston et al. National Gallery Global, 208 pages, $50
Francisco de Zurbarán and the Fabric of the World By Jeremy Robbins Reaktion, 232 pages, $25
BY TUNKU VARADARAJAN
HE IBERIAN conquest of the Americas made 16th-century Seville the richest city in Europe. The intense pull of Seville’s silver drew fortune- seekers of every stripe. Among them was Francisco de Zurbarán (1598-1664), an artist whose work is now considered among the high points of Spanish Baroque painting. Seville was the most prominent religious center in southern Spain, and its Christian orders—the Dominicans, Mercedarians, Carthu- sians and, to a lesser extent, the Franciscans, Jesuits and Hieronym- ites—blessed Zur- barán, who hailed from a hardscrabble little town in the province of Extrema- dura, with their patronage and com- forts. In return, he left us a sublime body of work, one that lan- guished in astonishing critical neglect until the mid-19th and early-20th centuries, the result of a dwindling taste for monastic and devotional art. Rediscovered and appropriately acclaimed, Zur- barán is spoken of today as an equal of his compatriot and contemporary Diego Velázquez. In Seville, a sumptuous commis- sion from the Dominicans in 1626 led to 21 paintings, including Zur- barán’s earliest signed and dated work, “The Crucifixion” (1627). Writing in “Zurbarán,” the catalog for an exhibition of 50 of the art- ist’s paintings currently at the Na- tional Gallery in London (from where it will travel to the Louvre, and thence to the Art Institute of Chicago), Francesca Whitlum- Cooper and Imogen Tedbury tell us that “The Crucifixion” caused “a sensation in Seville,” being “an extraordinary study in volume and form.” (The catalog is edited by Ms.
FRUITS OF LABOR ‘Still Life With Lemons, Oranges and a Rose’ (1633) and ‘The Crucified Christ With a Painter’ (ca. 1650), both by Francisco de Zurbarán.
Whitlum-Cooper and Daniel Sobrino Ralston, presently curators at the National Gallery; Ms. Ted- bury, formerly a curator at the National Gallery; and Rebecca Long, a curator at the Art Institute.) Now in the collection of the Art Institute, this painting—the first of Zurbarán’s 12 crucifixions—hung for almost 200 years behind a grille in a dimly lighted monastic sacristy in Seville. The three-dimensionality of its form led many who looked upon it to believe that the paint- ing was sculpture. This isn’t only because, as Ms. Whit- lum-Cooper and Ms. Tedbury write, Christ’s body is “vehemently real,” but also due to the verisimilitude of his loincloth and the “complex depths of its falls and folds.” Zurbarán’s is a story of a great reputation restored. In the preface to the catalog, Odile Delenda—who in 2009 compiled the first catalogue raisonné of the artist’s painted oeu- vre—pays tribute to María Luisa Caturla (1888-1984), a Spanish art historian to whom more is owed than to anyone else for the rescue of Zurbarán from critical indifference. Caturla is acknowledged, also, for her labors, by W. Somerset Maugham, whose collection of essays, “The Vagrant Mood” (1952), contains a lovely, heartfelt commen- tary on Zurbarán—which, bafflingly, finds no mention in the National Gallery’s catalog. The reason for its omission, one assumes, was the likely conclusion by the editors that Maugham was but a dilettante, not an expert, who believed that Zur- barán “was no genius.” Instead, in
Velázquez created motion; Zurbarán an absolute stillness.
‘Attention is the rarest and purest form of generosity.’ —SIMONE WEIL Lessons In Male Bonding
Maugham’s estimation, he was “this laborious, honest, matter-of-fact man” who painted—when at his best—“as though the grace of God had descended upon him.” A valuable complement to the National Gallery’s catalog is “Fran- cisco de Zurbarán and the Fabric of the World,” a beautiful little biog- raphy of the painter by Jeremy Robbins, a professor emeritus of Hispanic studies at the University of Edinburgh. “We know more about Zurbarán’s career,” Mr. Rob- bins writes, “than his life,” by which the author means that we have access to documents that de- tail his commissions, contracts and numerous lawsuits (seeking pay- ment for works that he had shipped for sale to the New World), “but we don’t know what he thought or believed, or what he looked like.” All suggestions that he portrayed himself in “The Crucified Christ With a Painter” (ca. 1650), “remain just suggestions.” That painting depicts Christ on the cross, with a painter standing beneath him dressed in a mauve- pink-and-brown cloak. This clothing, says Mr. Robbins, identifies the lat- ter as the evangelist St. Luke, patron saint of artists. Mr. Robbins does accept, however, that the work could be seen as Zurbarán’s “spiri- tual self-portrait.” The crowds that have flocked to the National Gallery would be star- tled to learn that the first interna- tional monographic exhibition devoted to Zurbarán dates back only to 1987, when the Metropolitan Museum of Art in New York put on such a display. It’s a compliment to the National Gallery’s catalog to observe that it is as critically wise— and as gorgeous—as the one put out
by the Met nearly 40 years ago (and which is still worth acquiring from a vendor of second-hand books). What the new catalog and Mr. Robbins’s winsome biography should be thanked for is their atten- tion to another facet of Zurbarán’s art—his facility with still life. Peter Cherry, in the catalog, draws our eye to the Spaniard’s “Still Life With Lemons, Oranges and a Rose” (1633), now in the possession of the Norton Simon Museum in Pasadena, Calif.—evidence, it might be argued, of the worldwide dispersal, through Spanish neglect, of a great national patrimony. This is Zurbarán’s earli- est-known signed-and-dated still life, proof, Mr. Cherry writes, that this was a work for which he “wished to be recognized and remembered.” Zurbarán’s still lifes played an important role, Mr. Cherry suggests, in his rediscovery a century ago: “It looked ‘modern’ to viewers of that time, and critics noted a kinship with the avant-garde still lifes of Paul Cezanne and Pablo Picasso.” Mr. Robbins writes with an almost proprietorial love for Zur- barán and hence should get the last word. To him, Zurbarán offers a contrast to the “bravura brush- strokes of Diego Velázquez that pro- duce, for example, the illusion of a spinning wheel spinning.” Zur- barán’s work, by contrast—including his depictions of the figures of Christ and saints—is defined by an absolute stillness. Nothing in his paintings moves us more than the absence of movement itself.
Drayton and Mackenzie By Alexander Starritt Atlantic Monthly, 512 pages, $30
Men in Love By Irvine Welsh Pegasus, 544 pages, $29.95
BY MALCOLM FORBES J
AMES DRAYTON is socially gauche but academically gifted. After a stellar under- graduate career at Oxford studying phi- losophy, politics and economics, he walks into a sought-after job as a management consultant. In contrast, gregarious and charismatic Roland Mackenzie finishes at Oxford with a less impressive second-class degree in physics. “Dray- ton and Mackenzie,” Alexander Starritt’s third novel, starts by depicting these two men as they pursue divergent career paths. But when the char- acters become colleagues, an unlikely alliance develops and the book turns into a winning tale of male friendship. By 2009, Roland finds himself working at the same London firm as James. The two are given the unenviable task of laying off hundreds of employees from a failing oil company in Aberdeen, Scotland. Here, like “two gears adjusted into the right align- ment,” they forge a connection. They also form a partnership and set out to make their fortune and save the planet with a tidal-energy company that they claim will “power our civilization by slinging a yoke around the moon.”
Two radically different students graduate from Oxford. For both, progress in business is fueled by dreams about changing the world.
The pair endure many challenges in business but ultimately achieve considerable success. Problems in their private lives aren’t always as easy to overcome. James suffers a health scare that puts him in a coma for six days; Roland faces the ethical dilemma of beginning a relationship with his friend’s ex. Eventu- ally they confront a bigger crisis, one that threatens to sever their seemingly unbreakable bond. Mr. Starritt packs a lot into his sweeping novel— from underwater turbines to hydrogen-powered rockets, financial meltdowns to renewable-energy startups, Japanese gangsters to Italian cuisine. There are cameos from the economist Ben Bernanke, Elon Musk and the PayPal co-founder Peter Thiel, plus meditations on business, the environment and tech- nology, and episodes that cover a range of 21st- century upheavals. The novel’s two main characters could have got- ten lost amid all this color and detail. They could also have been hard to like—wealthy, Oxford- educated entrepreneurs who, as “the two horsemen of the recession,” destroy numerous workers’ liveli- hoods before following their own dreams. However, Mr. Starritt keeps his leads center stage and ensures that throughout their professional trials and per- sonal ordeals they remain captivating presences and sympathetic enough to root for. In D.H. Lawrence’s “Women in Love” (1920), Ursula has a clear agenda when it comes to romance. “She wanted unspeakable intimacies. She wanted to have him, utterly, finally to have him as her own.” In Irvine Welsh’s “Men in Love,” each of the four male protagonists has a different approach. The book, a direct sequel to Mr. Welsh’s 1993 debut, “Trainspot- ting,” sees the original crew of Scottish friends giv- ing up heroin, and each other—all while indulging in unspeakable intimacies of their own. Renton, the central figure of “Trainspotting,” ended that book by ripping off his friends in a drug deal and fleeing the U.K. Now, in the late 1980s, he is attempting to make a new start in Amsterdam. He takes up work in a hotel kitchen and enjoys hedonis- tic nights in the city’s clubs. He falls for a “free spirit” named Monique, although his ardor is tem- pered when she explains he will never be the sole love of her life, but rather one man of many in an open relationship. In London, Renton’s erstwhile comrade, Sick Boy, juggles studying, sex-shop work and drug- rehab sessions, where he charms women “before reintroducing them to bad habits” through his pimp pal. One woman, Amanda, unexpectedly bowls him over, and as lust is replaced by love the pair become engaged—much to the horror of her wealthy English parents. Meanwhile in Edinburgh, the two other members of the former gang are going nowhere fast. Hapless Spud has settled down with his girlfriend, Ali, and seeks to improve himself by attending adult “litrisy” classes, yet he remains stuck in a vicious cycle of poverty and addiction. “Berserk heidsmasher” Beg- bie, a man who “never could look at a face without wanting to punch it,” flits in and out of jail and comes to discover that his appetite for violence is as intense as his craving for his girlfriend’s sister. At more than 500 pages, “Men in Love” would have benefited from a more ruthless edit. Certain episodes are overlong and overdone, stuffed with one scabrous exploit after another. Yet an undeniable energy infuses each riotous episode, as does the rough-edged, expletive-heavy, working-class Scots vernacular. During its finer, sharper stretches, this is a caustic caper filled with wit and grit.
EMMET GOWIN, PACE GALLERY
THIS 1970 PHOTOGRAPH by Emmet Gowin of his wife, Edith, and her mother, Reva, has much to notice: the jewel-like pattern of the linoleum floor, the play of light streaming through the gauzy curtains, the faint reflection of the faces in the curved television screen. Hints of sto- ries emerge in the details, such as the holes in the side of the bare mattress, the discarded tissue on the floor, the curlers in the women’s hair and the hairpin grasped in Edith’s hand. Edith and Reva feature prominently in Mr. Gowin’s “Baldwin Street: Photographs 1966–1994” (Princeton, 128 pages, $49.95). In the preface, Mr. Gowin recalls his youth in the cotton-mill town of Danville, Va. After meet- ing Edith at a dance in 1960 and falling in love, he was welcomed into her large but close-knit family, whose
Daughter’s Perspective
You Won’t Get Free of It By Rachel Aviv Knopf, 240 pages, $30
BY MEGHAN COX GURDON I
F A SINGLE power source could be said to have fueled the creative work of Alice Munro, the only Canadian to win the Nobel Prize in litera- ture, it would be her ambivalence about her mother. “The problem, the only problem, is my mother,” Munro wrote in a passage cited in Rachel Aviv’s “You Won’t Get Free of It,” an array of essays about mothers and daughters that were originally pub- lished, in more constrained form, in the New Yorker. As a celebrated staff writer for the magazine, and as a daughter who has come to embody the career ambitions harbored by her own mother, Ms. Aviv found herself naturally aligning with the junior parties during her initial reporting as she delved into stories of intergenerational love, struggle and alienation.
Then she became a mother herself. Ms. Aviv writes that one of the sur- prises of her life has been “to realize that the child to whom things are done becomes the adult who causes her own injuries, without even knowing which ones, years later, she’ll be asked to regret.” With fresh appreciation for the complexity of a mother’s point of view, Ms. Aviv decided to revisit her work. Looking over transcripts of her interviews, she noticed details that previously had seemed to her unim- portant, that now cast a revealing light on emotions and events. Reworking her pieces felt, she writes, like a “soothing exercise, a way to return to a younger self and tinker with her words and assumptions.” The result is a superb collection of six true stories that are told with tact, care and subtlety. All of the essays traffic, to one degree or another, in emotional pain, and some have at their core the grievous dislocations of mental illness. Ms. Aviv writes of a psychotic mother with persecutory delusions who thinks her eldest daughter is in league with a scheming professor. Intervention from an unex- pected source cures the mother’s mind but leaves both her and her daughter uncertain about how to rebuild their relationship. There’s an essay here about a vivacious young woman who disappears into an amne- siac state on a date of painful sym- bolic significance to her mother, and
members were deeply rooted in the land around their cluster of houses at the end of Danville’s Baldwin Street. In “Baldwin Street” Mr. Gowin and his wife share memo- ries and sift through photos of their family in a conversa- tion that is woven through the collection. “I admired their simplicity and generosity and thought of the pictures I made as agreements,” he writes. “I wanted to pay attention to the body and personality that had agreed out of love to reveal itself. My attention was a natural duty that could honor that love.” Mr. Gowin cap- tures his subjects with an intimacy that plucks them out of time, even as he documents the environment of a fam- ily at the threshold between the old agrarian world and a new industrial one. (Reva and her three sisters—the fam- ily matriarchy, as Mr. Gowin calls them—sewed the fam-
another that explores the shifting con- sensus on how memory works and whether forgotten events can (or should) be retrieved. One essay tells of an addled mother who insists there’s nothing wrong with her and who eventually starves to death while waiting in an empty house for an acquaintance whom she believes, in her confused state, to be her husband. Ms. Aviv also uses one
True stories of love, struggle and heartbreak between mothers and the women they raised.
woman’s experience as a way of delv- ing into the bruising trade-offs of Fili- pino women who work as nannies overseas so that their own children, motherless at home, have spending money. And in the culminating piece that gives the collection its title, she writes of the catastrophic betrayal that floats out of sight in the later writings of Alice Munro. Those who follow literary gossip may recall that shortly after Munro’s death in 2024 (she was 92), it became widely known that her second hus- band, Gerry, had molested her youn- gest daughter, Andrea, when Andrea was a girl, and that Munro knew about
ily’s vibrantly patterned dresses from the same gingham cloth that they wove at their jobs at the mill.) Mr. Gowin has made a name for himself with his family photographs and as an environmental photographer. But this tenderly curated collection of 70 black-and-white pic- tures—from children roughhousing in the backyard to elderly family members caught in moments of contempla- tion in the kitchen or standing graveside at a family funeral—offers a closer look at what Mr. Gowin calls “the center of my spiritual universe.” These images, many of which were previously unpublished, show his skill for catch- ing the sparks that animate the features of the ones we love, be it an arresting twist of the body or a twinkle in the eye. —Isaac Sligh is an associate editor at the New Criterion.
it—and stayed with him anyway. Ms. Aviv relates the story of what hap- pened and the cascade of sorrow, mis- ery and estrangement that followed in a manner that, in another context, has been called the “gentle application of overwhelming force.” There’s nothing sensational or nota- bly judgmental in Ms. Aviv’s treatment of this ghastly story, which is not to say that she is morally neutral; she’s not. But her reportorial affect is cool, her curiosity is genuine and she takes no cheap shots even as she depicts ugly things. In the chaos of the sexually liberated ’70s, Gerry “took pride in flouting the norms of his parents’ gen- eration,” we read. In front of Munro, “Gerry would tell Andrea that in the past, before the culture became prud- ish, it had been ‘natural’ for adults to want to have sex with children.” He cited various literary works to buttress his argument, including Nabokov’s “Lolita” (1955). Writes Ms. Aviv: “He pretended to speak casually, Andrea said, but she noticed a defiant thrill on his face.” Munro was a writer acclaimed for her ability to turn ordinary life into storytelling art. After learning of Andrea’s ill-treatment, she began to blend elements of this domestic hor- ror into her work. Ms. Aviv notes that a 1993 short story, “Vandals,” incorpo- rates among other real details a grim game (“show me”) that Gerry had encouraged Andrea to play. Munro’s
writing, already good, paradoxically got better. “One would like to think that a writer who turns her daughter’s abuse into art will be aesthetically punished,” Ms. Aviv writes. But Munro’s “stories became increasingly accomplished. She seemed to be feeling her way into a new kind of form that expressed how a mind can be almost completely closed to the truth, except for a few small pockets of knowing.” It is the fate of many parents—even the best parents—to find themselves at some point in circumstances where they both know and do not know their chil- dren. It is, likewise, the fate of children to, at some level, realize true things about their parents that they would not like to examine too closely. Ms. Aviv opens her book by describ- ing her own mother’s longing to become a writer. The daughter tells us that her mother fired off story after story to the New Yorker, and once “jumped up and down and kissed my father when the magazine sent her a rejection that included a personal line.” Later, with a faint echo of Alice Munro, Ms. Aviv remarks, “that my life today is the one my mom reached for herself is a fact so unambiguous that I have gen- erally preferred not to allow it into awareness.”
A. Five B. Seven C. Eight D. Nine
A. 660 B. 6,600 C. 66,000 D. 666,000
A. Hearing-aid centers B. Hot-dog stands C. Mortuaries D. Gas stations
A. Canada B. Israel C. Russia D. Ukraine
A B
FROM TOP: TAYFUN SALCI/ZUMA PRESS; JOHN RUCOSKY/TRIBUNE-DEMOCRAT VIA AP
A. Troy Jackson B. Hannah Pingree C. Nirav Shah D. Leon Leonwood
Answers are listed below the crossword solutions at right.
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
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It All Adds Up | by Gary Larson & Amy Ensz
45 Flapjack flipper 46 Laid-back greeting? 50 Castle barriers 52 Rod at a pig roast 53 Source of a draft 54 Catlike 55 Vette, e.g. 56 Dedicated lines 57 Bad etiquette in poker 59 Cunning 60 George Eliot protagonist 63 Butler of fiction 64 Muffles 65 Seen enough 66 University of Florida athletes 68 Streisand title role 69 Coach of the fictional AFC Richmond 72 Alternative to NYSE or Rx 73 Outfits 74 “My Eyes Adored You” singer Frankie 75 ___ Maria 76 Fingerprint feature 78 “Careless Hands” singer Mel 79 Runny chili, say? 81 Overshadowed
Across 1 Biting 6 EMT’s skill 9 “Oh ___, I’m on My Way” (“Porgy and Bess” song) 13 A million times mega- 17 Old copier 18 Make, in math 19 “Freeze the Feeling” brand 20 Draconian 21 Counterfeit chrysalises? 23 Karmann ___ (old VW) 24 Went stratospheric 25 Criminal patterns, for short 26 Flatten, in a way 27 Architectural dome in mint condition? 29 Has no talent for 31 Takes second, say 32 Radio host and musician John 35 Ancient Jewish ascetics 37 Painting style with clearly defined shapes 41 Horse play 43 Monster flying over Kyushu
A. Tokyo Ballet B. K-Ballet Tokyo C. Matsuyama Ballet D. National Ballet of Japan
A. Indonesia B. Lithuania C. Venezuela D. Saudi Arabia
A. Grizzly B. Brown C. Black D. Chicago
A. Fat Man B. Big Boy C. John Henry D. Baldwin Decapod
83 Grant 85 Base address 86 186-year-old New Orleans restaurant 88 Problems for musicians 92 Big 12 team in Salt Lake City 93 Spain’s currency before 2002 95 Spike Lee biopic 97 Bellhop at a romantic retreat? 101 “Break Your Heart” singer Cruz 102 Big brouhaha 105 Pests on 116-Across 106 Lyra’s brightest star 107 One of three choices in a shell game? 109 Actors Chris and Sean 110 “Idylls of the King” character 111 Prefix with sac or raptor 112 Deal maker 113 Make out, in Manchester 114 Call at first 115 Worker in an orchard 116 Garden flowers
Down 1 Kind of radio 2 “Bye now!” 3 Outback strutters 4 Alternative to Bowser 5 Noisy Hasbro toy 6 Some roasters 7 April 1 doings 8 Court matter 9 Ready for filming, perhaps 10 Advil target 11 Low dams 12 Scarcity 13 Old drum kits 14 Spain’s currency after 2002 15 Casting need 16 “MAS*H” star 20 Might have, casually 22 Michael of “Shrinking” 24 Steep slopes 27 Rapids transit 28 Like some beer and bread 29 Feng ___ 30 Wait on 32 Lab work 33 Evenly matched 34 Primer layer of paint? 36 Euphemism for “hell”
These puzzles have been curated for The Wall Street Journal by Simon Anthony and Mark Goodliffe of Cracking The Cryptic, the world’s most popular YouTube sudoku channel.
Killer Sudoku: Cascade by CtC Normal sudoku rules apply. Digits in a dotted cage cannot repeat and sum to the total shown.
Killer Sudoku
Road Sense by CtC Normal sudoku rules apply. Box borders divide a blue line into segments having the same sum.
38 1802 founding of a chemical company? 39 Move gracefully 40 Foodie 42 Web, at times 44 Christmas music 47 Showbiz “grand slams” 48 Handle pressure poorly 49 Completely 51 “___ Maria” 55 Fanatic followings 58 Horton heard one 59 Holster holder 60 Very much 61 Departs from the script 62 Narrow inlet 64 Skin layer 65 Album that included “Yesterday” 66 Israel’s Meir 67 Peach State capital, familiarly 68 Easily handled, as a sailboat 69 Torque symbol 70 Scorch 71 Caravan destinations 73 Hail Mary instruction 74 “Wheel of Fortune” purchase 77 Buttress’s job 78 Reacts to a scare 79 Navigation aid 80 Evian et Perrier 82 Catches flies, say 84 Tart drink 87 Spots for pots 89 On the move 90 Band aide 91 Tried to get home, maybe 94 “Gladiator” setting 96 Back biter 97 Ballpark souvenirs 98 Ready for customers 99 “Actually, that’s wrong” 100 Cry of relief 102 Las Vegas WNBA team 103 Book that takes place on Arrakis 104 Makes a choice 107 Rowdy crowd 108 Sense of self
The Long and Winding Road | by Patrick Berry
“A” Path
The answer to each “A” Path clue begins in the correspondingly numbered space and snakes its way down the unshaded path, ending in the space before the next consecutive number. Answers to “B” Path clues snake downward in the opposite direction, one after the other, passing through the shaded and unshaded spaces along the path. “B” path answers will occasionally skip over letters in the “A” path; circle these skipped letters as you find them. When the grid is complete, the letters in the shaded spaces will spell a daffynition for the phrase formed by the circled letters (when read in the order of the “A” path).
“B” Path
1 Faced the music in court (2 wds.)
2 Gray areas
3 Sport played in kindergarten (Hyph.)
4 Maker of Golden Crispy Crowns (Hyph.)
Balanced Books
Oh, Grow Up!
A C T O R S S T A L E S P L E A S E W O R D U P T H R E S H P O U N D I T A M O E B A R E G G A E R I N G E R S K I T T E N G O T Y O U R T O N G U E E C H O O P A L P A S T E L M A N O B E A T A D E A D F O A L D R A P E D C A S A S U M O L O A N P U P A B E L I M S Z E N O B I S T R A D A C Y G N E T S O N G L I T E D J I A E I S N E R L E T S B E A D U L T S A B O U T T H I S P U R G E S V E R B A O N E J O E Y C O U R T S A L S A C E P I T U H S S S A P I T Y C U B H U G S D I P S K E E P C R E E P O D O N T H A V E A C A L F E T N A R E L I E S O I L S D A H S T A D P O L E I N O N E S T H R O A T S T E N G E L D O E S I N O V E R D O Z I N G E R S U N S E N T G A S T O N A T T E S T P A S S G O O C T A N E
Acrostic
E(rnest) Hemingway, “The Sun Also Rises”— “You paid some way for everything that was...good.... Enjoying living was learning to get your money’s worth. The world was a good place to buy in. It seemed like a fine philosophy. In five years, I thought, it will seem just as silly as all the other fine philosophies I’ve had.”
A. Epic novel; B. High-rise; C. East India; D. May Whitty; E. “In Our Time”; F. Nail file; G. Guy Fawkes; H. Whim-whams; I. Asheville; J. Yard sale; K. Tony Gwynn; L. Hush puppy; M. Ego ideal; N. Steadied; O. Ulterior; P. Night owl; Q. Any day now; R. Lothario; S. Sloppy Joe; T. Oilstone; U. “Rigoletto”; V. Irish Sea; W. Shove off; X. Egg tooth; Y. Steve Jobs
Answers to News Quiz: 1.B, 2.B, 3.D, 4.D, 5.A, 6.C, 7.D, 8.C, 9.B
7 Balcony walls
8 Rise up against authority
9 Pasta with ribs
10 Wiped out
11 Symbol that originated as a stylized letter “G” (2 wds.)
12 Año Nuevo event
13 Make pea soup, maybe
14 Track bet involving three different horses
15 Brian Williams’s successor as host of “NBC Nightly News” (2 wds.)
16 Slyly mocking
17 Emulate Dr. House
18 “Just What I Needed” band (2 wds.)
19 Nonspecific amount
20 Join the fun (2 wds.)
• Guiding principle • British prime minister who resigned in 2007 • Candy included in American soldiers’ rations during WWII (2 wds.)
For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/ puzzles.
To see the puzzles solved, go to The Wall Street Journal playlist on the Cracking The Cryptic YouTube channel.
• Sugar-yielding veggie • Limo-renting occasion, perhaps (2 wds.) • Battery brand now owned by Energizer • Encouraging word for one’s daughter • Go too far • Queen Victoria’s husband • Render safe to drink at night, you might say • Hits the ceiling • Gustave who designed Portugal’s Maria Pia Bridge • Breath mint brand that contains chlorophyll • Fill with joy • “Hail Purdue!” or “On, Wisconsin,” e.g. (2 wds.) • Gave support • Exercising regularly (2 wds.) • Waifish 1990s supermodel (2 wds.) • Marathon, e.g.
L
ong before he was Loki, the cunning scamp in the Marvel Cinematic Universe in- spired by Norse my- thology, Tom Hiddleston was pas- sionate about the classics. The actor, 45, credits it as a holdover from his days studying at the Uni- versity of Cambridge. “I’ve always loved it, truly,” he said. “I’ve always found the prox- imity of the distance captivating.” That fascination drives his lat- est project, “Pompeii: Out of Time With Tom Hiddleston,” a National Geographic series, which pre- miered July 22. In the show, execu- tive producer Hiddleston serves as a guide as he, along with a team of experts, seeks to try to understand how citizens of the ill-fated city in the Roman Empire experienced the explosion of Mount Vesuvius. He brushed up on his “rusty” Latin to be able to read it on-screen. Hiddleston will play Loki once again in “Avengers: Doomsday,” out in December. This fall, he will star as explorer Edmund Hillary in “Tenzing,” a film about climber Tenzing Norgay. Hiddleston, who lives in Lon- don with his partner, Zawe Ash- ton, and their children, swears by regular runs, soft boiled eggs and Arsenal football.
What time do you wake up on Monday morning, and what is the first thing you do after waking up? If I’m working, I will normally wake up around 4 or 5 and do some stretches, which is a new addition in the 40s. About 10 min- utes of stretching and then a run. Wind, rain, sunshine, summer, winter: run. Sometimes with dog, sometimes without, depending on his inclination, and actually how early it is. If I can do that, I feel completely set up for the day. Something about that routine is incredibly anchoring. It’s a little check-in. What does the day re- quire from me? What do I bring to the day already?
Have you always been a runner? Since I was about 13, 14. Not nec- essarily a morning runner. Morn- ing running has approached with seniority.
Do you have the same route? Very similar routes. Sometimes if pushed for time, I will incorporate [a] hill. And go up and down the hill five times. Which is a good kind of aerobic reminder.
Are you a coffee person? Coffee immediately after the run. Strong, black, no milk, no sugar. Absolutely delicious at that time. A friend of mine recently said a really interesting phrase, “hydrate before you caffeinate.” I’m trying to get the water in before the cof- fee. That may be the onset of mid- dle age. But it’s a habit I’m trying
MASTERPIECE | THE EINSTEIN TOWER (1920-22), BY ERICH MENDELSOHN
BY MICHAEL J. LEWIS AMonumenttotheFuture
THE EINSTEIN TOWER in Pots- dam, Germany, is a typical astro- nomical observatory, a rotating dome lifted above the treetops— at least when viewed from a dis- tance. But you draw closer and those forms seem to flow like melting wax, as if the universe it- self were dissolving before your eyes. In a way it was, for the tower was built to prove Albert Einstein’s general theory of rela- tivity, and to forever overturn our understanding of the uni- verse as an affair of polite, well- behaved solid objects, moving along predictable paths through time and space. It is the product of an unlikely friendship between architect and client. Erich Mendelsohn, the young architect, was a member of Munich’s artistic avant-garde, while Erwin Finlay Freundlich, one of the first German physicists to endorse the theory of relativity, belonged to the scientific avant- garde. Each in his way was in the process of liberating himself from the past. Mendelsohn learned of Freund- lich’s plans for a solar observa- tory in 1917, while serving on the Russian front, and he began to draw. Normally the first thing an architect draws is the plan and the last is the perspective, if nec- essary to show the client what his
Brushed Up on His Latin To Read Graffiti at Pompeii
to make stick. Sometimes not so.
Do you do breakfast? Breakfast these days is granola and Greek yogurt or kefir. And sometimes a boiled egg. And when I say boiled egg, I mean two.
People are very specific about how long they like their eggs
building will look like. But Men- delsohn, who had no program for the building, nor any notion of the scientific instruments it would contain, began the process back- ward. He made perspective sketches, one after another, on tiny scraps of paper (which was scarce in the trenches of World War I). Useless as construction documents, they only suggested the image of the building. But what an image: an obser- vatory dome bubbling out of a boil of smaller domes, like an idea simmering in a cruci- ble. Here was a new formal lan- guage, studied in countless varia- tions and ready to be tailored to fit the body of Freundlich’s pro- gram, if one ever arrived. It came in mid-1918 and was simplicity itself. Apart from a few small support rooms, there were only two main parts: a telescope in a 65-foot-tall tower, and at its base a tunnel-like room, some fifty feet long, into which a mirror would direct the light from the telescope to a spectrograph. Its principal task was to show that the gravitational pull of the sun increased the wavelength of light rays, the so-called red shift, which would help verify Einstein’s theory of relativity. Mendelsohn treated the parts of the building as if they were one thing, a single living organism. The lobby to the north, the tower at the
MY MONDAY MORNING | BY ESTHER ZUCKERMAN
boiled for. Do you have a preference? Six and a half minutes. It’s just soft on the inside. And then I slice the eggs on hot buttered toast.
How did you prepare for “Pompeii”? It’s been 25 years since I graduated and I had to brush up on my Latin.
center, and the laboratory rooms to the south all flow into one another, seamlessly. The building alternately puckers and swells, like the indo- lent flexing of a muscle. Mendel- sohn’s forms have their roots in the earlier Art Nouveau with its sinu- ous lines and voluptuous contours. But the sensual reverie of the Ein- stein Tower ends where the tower lifts itself, like something rising warily from a crouch. That tower is extraordinary, with its deep-set curved windows arrayed like a supple column of vertebrae. There is something here utterly alien to the Art Nou- veau spirit—or any of the recur- rent fads for biomorphic architec- ture; there is a spirit of intense purposefulness, that of a peri- scope emerging from the earth to turn its gaze to the sun. If the theory of relativity showed that time and space were a continuous fabric, it was poetically fitting that the observatory that proved this should also be one continuous fabric, made of a single flowing material. Concrete was the logical and obvious solution, but to pour concrete into the proper shapes required wooden molds, which in this case meant shapes of sculptural intricacy. In the end, only a few elements were cast in concrete. Far easier to build the observatory of brick and to spray it with stucco, approximating con- crete’s smooth contours.
I’m amazed at how rusty it was.
How were you studying? I went back to the Pliny, the let- ters of Pliny the Younger, who has an extraordinary eyewitness ac- count of the eruption of Vesuvius based on the testimony of his un- cle who was in command of the Roman Imperial fleet in the Bay of
The observatory was originally used to test the theory of relativity.
Freundlich’s ambition notwith- standing, the telescope never did capture the accurate measurements it needed; other scientists would do that. Today it is used to study the magnetic field of the sun. Nor did the building itself quite fulfill Mendelsohn’s ambitions. Its jury- rigged construction meant that it needed renovation just five years after it was completed, and regu- larly since then. Even today it looks down at heel. As colossal as it appears in photographs, it is surprisingly small when you come upon it, tucked away in its wooded setting in the Albert Einstein Science Park. (Its landscaping was one of the first projects of Richard Neu-
my life makes sense with movement. I need to keep moving.’
Naples on that day. He describes it, and it’s so vivid and detailed. To go back and try and make sense of his Latin description is really fun. Knowing that I was go- ing to have to translate from vari- ous inscriptions on the walls of Pompeii, which is a little more tricky. The grammar and syntax isn’t exactly, it’s not straightfor- ward. It’s graffiti for a reason. My degree in classics didn’t in- volve an enormous amount of ar- chaeology. I read a lot of litera- ture, philosophy and ancient history, but I was aware I was stepping into the field of exper- tise of classical archaeologists and also psychologists.
In the show, you tell the story of how you went to Pompeii as a teenager in the 1990s. Did you have those photos handy? It required some sifting through boxes in the attic, and some text messages to dear friends who I had gone on that trip with. This is a show about ancient history, but also 1998 is kind of ancient history. I wasn’t getting up at 4 or 5 a.m. in 1998.
Would you consider getting back into Latin a hobby? Or do you have anything else that brings you fulfillment? Honestly? Tennis. Football. Movement.
I’m sorry about England’s World Cup loss. Thank you for that. I have many thoughts and feelings, but pro- found admiration and respect for that team and those players. I love watching them. They did the absolute best they could. I can’t fault them. This is elite football. This is what happens. In terms of hobbies, I would say everything in my life makes sense with movement. I need to keep moving. It engages me in the world in a very immediate way. So if I have any spare time, I try to get outside and move.
What are you watching? Sadly, it’s the same question as my hobbies. Tennis and football. At the moment, it’s kind of in that order because it’s just been Wim- bledon. The fortunes of Arsenal Football Club are very, very high up the list. They play about three matches a week. So if I miss the game, I’ll always be rewatching it.
This interview has been edited and condensed for clarity.
tra, then Mendelsohn’s assistant.) From certain angles it seems not much bigger than the shoe occu- pied by the old woman in the nursery rhyme. But none of this—its imper- fect construction, its lack of ar- chitectural progeny, its scientific failure—affects its intrinsic greatness. And it is great, the way that Stonehenge is great, another astronomical instrument straining at the bounds of hu- man expression to convey our si- lent wonder at the mysteries of the cosmos.
EVAN AGOSTINI/INVISION/AP
FASHION | FOOD | DESIGN | TRAVEL | GEAR | CULTURE | WELLNESS
Inside the push to make padel, a cousin of squash and tennis, the country’s next sporting sensation
THE WALL STREET JOURNAL.
Saturday/Sunday, July 25 - 26, 2026 | D1
CHRISTIAAN FELBER FOR WSJ
M
ARION Fasel was working as a jewelry archivist in New York when her office was robbed in 1992. The thieves took many gems, but the item she missed the most was the Les Must de Cartier watch they stole off her wrist. As much as the robbery shook Fasel, she hasn’t stopped wearing her favor- ite jewelry out and about. “It’s just something you have to be careful with,” said Fasel, writer of the jewelry newsletter the Adventurine. This month, the theft of some 27 pieces of jewelry from France’s Lalique Mu- seum was the latest in a long line of headline-making jewelry heists. It happened less than a year after thieves dressed as construc- tion workers entered the Louvre and stole the mu- seum’s prized French crown jewels, worth around $100 million. If you’ve invested in a jewelry collection—regard- less of its value—such heists may have you wondering how best to protect it. While residential burglar- ies in the U.S. fell 13% last year, according to FBI data, when they do occur, jewelry is among the first things burglars look for, said Scott Guginsky, a former detective sergeant of the New York Police Depart-
SAFE TRAVELS Pack pieces in individual clear bags to easily see them and prevent damage.
ment’s Organized Theft Squad who is now the exec- utive vice president of the Jewelry Security Alliance. “Besides cash, jewelry is the No. 1 target.”
At Home Guginsky often hears sto- ries of people whose jew- elry was stolen from them while hosting large gather- ings or having work done
at their homes. A burglar’s first stop is typically the primary bedroom’s closet, he said, which is why Guginsky suggests putting a
decoy safe in the closet and storing valuables elsewhere in the home. Chubb Insur- ance recommends clients store valuable jewelry col- lections in a safe that’s at
least 750 pounds (ideally with a security rating of TR TL-30×6, which protects against professional bur- glary tools, like torches). Fine jewelry should have
STORAGE SOLUTIONS / STYLISH ACCESSORIES TO SAFEGUARD YOUR JEWELRY AT HOME AND ON THE GO
up-to-date appraisals, con- firming pieces’ specifica- tions and estimated values. Appraisal paperwork should be stored separately—if jew- elry is taken but the certifi-
Residential burglaries are down, but when they do occur, jewelry is among the first things thieves look for, an expert says.
cations are left behind, they can make it easier to re- cover stolen pieces. Insuring your jewelry can help the cover costs if it’s stolen or damaged. Most in- surance companies estimate that insuring a piece typi- cally costs about 1% to 2% of its value annually.
On Vacation Travelers wearing high-end watches and gold pieces are especially vulnerable to theft, Guginsky said, be- cause of those items’ resale value. When flying, always keep valuables in your carry-on, he added. When Fasel is traveling, she packs individual pieces in small clear bags to easily see them and prevent them from getting scratched. “Everyone in the jewelry business does it,” she said. If you’re out and about, especially among crowds, her tips are to wear
Rimowa Jewelry Case, $1,850
Apple AirTag, starting at $29
long-sleeves that can cover watches and to flip around rings so that diamonds or other stones aren’t facing outward. Or, you could take a cue
from Brynn Wallner, a writer and the founder of Dimepiece, a watch web- site—she suggests traveling with inexpensive alterna- tives if you’re worried at all about favorite items getting
Leatherology Buckled Jewelry Roll, $125
Scully & Scully Jewelry Box With Combination Lock, $675
swiped. “Put your cheap lit- tle guys in the rotation,” she said. If you’re staying at a ho- tel, it’s always worth asking if the property has a private vault where you can store high-value items, said Tan- nie Ng, vice president of art, jewelry and valuable collections at Chubb. “You really don’t want to rely on the in-room safe because it’s so easily accessible.” And wait to share photos from your trip on social me- dia until you’re back. Not only does posting in the moment reveal your loca- tion but it also lets people know you’re not home.
ANNA BU KLIEWER FOR WSJ (ILLUSTRATION); MARION FASEL (PACKING)
S
Outrun Summer
claims to keep you cool—with science
BY ASHLEY MATEO
UMMER keeps getting hotter, but record tem- peratures aren’t keeping runners from their daily jogs or fall marathon training. A new wave of high-tech apparel aims to help them stay cooler and more comfortable through the heat. For decades, the way to stay cool while exercising was simple: wear less cloth- ing and make what you did wear light and loose. Now, the world’s biggest perfor- mance brands and a wave of smaller challengers are bet- ting on a new approach: “active cooling technol-
ogy”—fabrics, constructions and materials designed to lower the temperature at the skin’s surface. Robert Higgins, who re- searches heat and hydration during exercise at the Univer- sity of Connecticut’s Korey Stringer Institute, advises that high-tech clothing is fine to try, but isn’t necessarily better than letting your own sweat cool your skin. And no matter what you’re wearing, he says, anyone exercising in extreme heat needs to stop if they notice a higher heart rate, excessive fatigue or muscle cramps. Here’s how the new pieces work, plus feedback from runners who’ve road tested them.
DO YOU need a $150 cool- ing shirt or a $234 cooling cap when a splash of water and a light T-shirt might get you most of the way there? Runners describe a noticeable effect that can be worth it if you’re log- ging serious miles in the heat, but the gear is op- tional, not essential. “Skin exposure is the best means for your body to cool,” says Higgins. For those who aren’t comfortable running shirtless or want sun pro- tection, a lightweight, sweat-wicking top is a happy medium.
NIKE; SARAH ATTAR (EAST PEAK)
Y
The Return of the Swirl
OU COULD say that frozen-yo- gurt trends come in crazes, not phases. In the 1990s, fro-yo nur- tured a dubious reputation for healthiness summed up by George Costanza shriek- ing in disbelief on “Sein- feld,” “How could this not have any fat?” In the mid 2000s, buzzy brands like Pinkberry and Red Mango brought fro-yo back to the forefront with distinctly tart flavors, fresh fruit toppings and celebrity followings. Yogurts from this era often also claimed to be fat-free but had a fair amount of sugar per serving. Now, a new frozen-yogurt craze is being spurred by gut health, luxe vibes, long lines—and customers posting online about those lines. Driving the interest are sev- eral fast-proliferating chains that offer probiotic-rich yo- gurts made with cultured milks that contain healthy bacteria. These yogurts are
Probiotic frozen yogurts align with high-protein diets that have taken off with GLP-1 drugs.
also showing up at establish- ments of yore, like 16 Han- dles, and on menus of haute cuisine restaurants like Lupi & Iris in Milwaukee and the Inn at Little Washington in Washington, Va. Probiotic frozen yogurts, which contain healthy fats and more protein than other versions, align with the types of high-protein diets that have taken off with the boom in GLP-1 weight-loss
medications. That many are offered with highly Insta- grammable toppings like fresh honeycomb has only added to their allure at a time when high inflation has led consumers to seek small indulgences. According to the research firm Circana, frozen-yogurt servings sold in the U.S. be- tween March 2025 and March 2026 rose by 26%, compared with the previous year. Sales of packaged fro- zen yogurt also increased 24% year-over-year domesti- cally, according to data from NIQ, a consumer-re- search firm. Among the new guard of probiotic fro-yo purveyors is Myka, a chain from Madrid that sells frozen Greek yo- gurt. Founded in 2023, it now has stores in Paris, Mi- ami, Mexico City and, as of this year, three locations in New York City. Earlier this month, at one of its outposts in Manhattan, people were lining up out- side in 92-degree heat before the store had even opened. Silvia Hartman, a retired New Yorker in her 80s, had bumped into her neighbors there the day before, and was told to arrive early. “They said, ‘Come before it opens or else you’ll be wait- ing around the corner!’ ” Myka’s fro-yo is served with toppings like extra-vir-
gin olive oil, diced figs, Mal- don salt and a hazelnut cream mixed with the crunch of kataifi, an ingredient made famous by Dubai chocolate. A 2-ounce kiddie cup with a
So Many Toppings, So Little Room in the Cup Gourmet fixings, like these on offer at a Myka outpost in New York City, incentivize repeat visits
topping like shredded bak- lava will set you back about $10 with tax. At similar fro-yo chains across the U.S., like Mimi’s, KALA, Culture Club and Go
Greek, some customers have said they have paid upward of $20 for larger sizes and more toppings. At 16 Handles, founded in 2008, the chain started sell-
DAIRY GOOD Clockwise from top left: Myka customers documenting their hard-won treats; Anita Gelato serves cultured-milk frozen yogurt with deluxe toppings; a blackberry frozen yogurt served with crème fraîche mousse, blackberry compote and sponge cake at Lupi & Iris; and eager customers await their Greek frozen yogurt at a Myka store in Midtown Manhattan.
ing its probiotic frozen yo- gurt—a kefir soft serve—in January. It and others have come at a time when more people, particularly Gen Zers, are replacing alcohol with
wellness. The chain, which has doubled its store count in the last three years, doesn’t open a location with fewer than 25 seats. “The ‘Let’s meet at a bar’ is just not a thing as much as it used to be,” said 16 Handles Chief Executive Neil Hershman. “That’s where a frozen yogurt spot fills a big void.” On a recent Tuesday eve- ning, a 16 Handles store in Manhattan was filled with teens idling at tables and charging their phones. Down the block, at Anita Gelato, an international chain founded in 1998 that now also has a devout fro-yo fol- lowing, I encountered an- other line of people. I waited 20 minutes to order its cultured-milk fro- zen yogurt—my second fro- yo of the day and my fifth that week. My 2-ounce cup, piled high with Anita’s origi- nal tart flavor, set me back about $9. While any line for fro-yo is usually too long for this grouchy reporter, after trying versions at Myka, Pinkberry, 16 Handles and Mimi’s, Anita won out on simplicity, freshness and light texture. Others who waited pa- tiently for their fro-yo at Anita included Sydney Allard, a recent law school graduate in her mid-20s. Allard, who has an upcoming clerkship with the Supreme Court, noted how some of its jurists are also fans. Justice Elena Kagan refers to herself as the “frozen yogurt justice” and even had a fro-yo machine in- stalled in the court’s canteen. Jonathan Staley, a consul- tant in his mid-20s, had re- turned to Anita after going there recently on a date with his girlfriend. “We’ve been here before and always had gelato,” he said. Then his girlfriend told him about the frozen yogurt. “So I tried it last week, and now I’m back for a second round.”
ELIZABETH ARVELOS COETZEE/WSJ (MYKA, ANITA GELATO); MARTY PETERS (LUPI & IRIS)
‘L
Reset
to intensive bodywork to help weary travelers take on jet lag
BY STACEY LASTOE
ET ME KNOW if it gets to be too much,” the thera- pist at Capella Singapore’s Auriga Spa said as she ground a copper gua sha tool into my muscles. She scraped my skin with firm, painful strokes and then moved on to cupping, placing glass suction cups across my back and shoulders. Despite the dim lighting and gentle music, I was nowhere near a state of Zen. But total relaxation isn’t the point of the New Moon Massage (around $270 for 90 minutes). After long trips, travelers are increasingly opting not to be pampered but instead to have the jet lag beat out of them with intense, even painful spa treatments that aim to shock your body into equilibrium by increasing blood flow and stretching out tight muscles. It’s widely understood that there’s still no such thing as a one-and-done jet-lag cure. But after my massage, I felt light and pli- able, if also tired and sore. I slept a full night and adjusted to the new time zone faster than on previous trips. Ahead, more treatments that might make a major time change a little more tolerable.
Deep-tissue work At the TIA Wellness Resort in Da Nang, Vietnam, general manager Ramon Imper steers travelers toward the Deep Tissue Leg Recovery (included in a stay at the re- sort). Over the course of 50 minutes, thera- pists focus on alleviating tension and fa- tigue in the legs and feet, which often feel the brunt of a long flight. The Four Seasons Hotel Bangkok at Chao Phraya River offers its own version, which uses bamboo rollers to get even deeper into the tissue (around $180 for 90 minutes). Ashley Katzenback, a Massachusetts- based physical therapist, says not to expect that one massage will have you feeling yourself after an 18-hour flight. But by in- creasing blood flow, reducing muscle stiff-
FIGHTING FATIGUE The Naga Martial Massage, a 45-minute treatment at the Anantara Koh Yao Yai resort, is inspired by Thai martial arts.
A cupping treatment offered at the Four Seasons Hotel Bangkok at Chao Phraya River.
ness and increasing serotonin, a hard mas- sage can take on “some components of travel fatigue,” Katzenback said.
Cupping and gua sha Adherents swear by cupping therapy as a way to manage muscle pain and detoxify, but more spas are touting it as the ideal postflight treatment. At the Four Seasons
Bangkok, targeted jet-lag treatments like cupping were introduced in response to guest feedback—“particularly around the physical impact of long-haul travel and the need to feel ‘well’ quickly upon arrival,” said Saowapa “Goy” Thumapun, its spa director. Often, like in my treatment in Singapore, cupping is paired with gua sha, creating a push and pull on the skin. Jorge Hernan- dez, director of spa and wellness at Capella Singapore, said the techniques trigger blood flow, support the lymphatic system and calm the nervous system—all helpful in the battle against jet lag. Katzenback said the airy feeling I had leaving my treatment was likely linked to temporary changes in fluid distribution, which can “make people feel less swollen or heavy, especially after travel.”
Thai massage Those new to Thai massage, popular not just in Thailand but also around Southeast Asia, may be surprised by all the stretching involved. Over an hour or so, you may be asked to sit up or stand as the therapist uses their hands, elbows, knees and even
feet to move your body through stretches to unlock joints and reduce tension. This works wonders for Jordan Ashley, the founder of Souljourn Yoga Foundation, who took advantage of Bangkok’s late-night spa culture when she was making frequent trips there for work. Ashley said a Thai mas- sage, which in Thailand can go for just $10 or $15 an hour at some places, is her favor-
After my massage, I adjusted to the new time zone faster than on previous trips.
ite postflight ritual. “The floor mat stretches act like assisted yoga, which is incredible for restoring joint mobility after a long haul.” At an island resort such as Anantara Koh Yao Yai, a 90-minute Thai massage costs around $175 and comes with all the bells and whistles a of luxury experience. For some, that premium is worth it if only for how much quicker you can be back in your hotel room, enjoying a good night’s sleep.
FROM TOP: ANANTARA KOH YAO YAI RESORT & VILLAS; FOUR SEASONS
and velvet ropes, and you’ll find a place with plenty of local charm and natural beauty. A More Reasonable Riviera
F
BY MARY WINSTON NICKLIN
OR A FEW summer months every year, a town in the South of France with a year- round population of less than 4,000 lures the world’s tech titans, soccer stars and red-carpet regulars. Yachts akin to floating palaces fill the marina, celebrity chefs jet in for residen- cies at local restaurants and Pampelonne Beach morphs into a sandy catwalk with seasonal beach clubs. Long before the 1956 release of “And God Created Woman,” when Brigitte Bardot drew the elite’s gaze to this corner of the French Riviera, St. Tropez was a port run on shipbuilding and maritime trade. You can still find vestiges of that past in the cobbled alleyways lined with pastel townhouses once owned by sea captains. Areas like those and the other places in this guide are part of the quieter side of St. Tropez, away from the nightclubs, where you don’t have to be a millionaire to have a good time.
Outdoor thrills Set on a peninsula ringed by vine- yards and nature reserves, St. Tro- pez’s surroundings still feel wild, thanks to a 1986 national law that preserves large tracts of coastline. To get a sense of the topogra-
You can find vestiges of the past in the cobbled alleyways lined with pastel townhouses once owned by sea captains.
phy, walk 10 minutes from the cen- ter of town up to the Citadelle, a fortress where peacocks roam and you’ll have panoramic views over the Gulf of St. Tropez. Inside the 400-year-old building, a maritime museum (tickets around $6) charts the port’s history as a launching point for sailing expeditions all over the world. The Sentier du Littoral, a walking trail that starts back near sea level, skirts the coast around St. Tropez for some 25 miles. In spring, the trail is fragrant with jasmine and pine. As you get farther away from St. Tropez, the crowds thin; don’t be alarmed if you run into a nude sunbather or two. You could take the trail all the way to trendy Pampelonne, where sun beds at its beach clubs go for upward of $140 for the day. The walk at a leisurely pace takes around four hours. Or, you could stop 2 miles earlier and grab a beach lounger at Les Salins, where prime seaside spots go for around $29.
F R A N C E F R A N C E
one of the biggest sailing regattas on the Mediterranean. Held since 1999, Les Voiles de Saint- Tropez will take place this year from Sept. 26 to Oct. 4. Admire the classic and modern boats in the port, or sign up for an excur- sion with Bateaux Verts, which of- fers ferry rides and boat trips. Taking one during the regatta can offer an “insider’s perspective of the races,” said Pierre Roinson, president of the Société Nautique de Saint-Tropez, which organizes the regatta. If you’re looking to get active on the water, the Yacht Club of Saint-Tropez offers kayak, wind- surf and paddleboard rentals, from around $23 per hour.
Local eats In the summer, St. Tropez can feel like a celebrity cook-off with Michelin-starred chefs seem- ingly competing for the most popular pop-up. Those restaurants serve elevated fare with price tags to match, but you don’t have to splurge on tasting menus to eat well. Away from the crowds, Les Viviers du Pilon offers views over the gulf and fresh seafood, with starters from around $25, and an on-site fish market.
Clockwise from top: The Sentier du Littoral walking trail goes along the coast for about 25 miles; the Hôtel Sube’s facade; and at Scarlett Grande Librairie, you can browse for books and enjoy a cup of coffee or a snack.
NAUTICAL AND NICE Boats big and small fill the old port of St. Tropez. Les Voiles de Saint-Tropez takes place Sept. 26 to Oct. 4.
On the Place des Lices, the cen- tral square that hosts twice-weekly farmers markets, Scarlett Grande Librairie is a hybrid bookstore-cafe with good coffee and homemade cake. Laura Marnas, who has ex- plored every inch of town as direc- tor of the St. Tropez office for the Magrey & Sons real estate agency, appreciates its “bohemian-chic ambience away from the hustle and bustle.” Marnas also recommends going 20 minutes outside of town for a meal or two in the medieval hill- top village of Ramatuelle. She likes the Italian restaurant La Pomme de Pin, the pizza spot Le Will, where slices can be enjoyed under parasol pines, and the 1907 Wine Bar at the Château des Marres vineyard for a sunset aperitif.
Affordable accommodations If you cast your net outside of the town center and consider visiting in the low season, your options for reasonable accommodations multiply. On the coast toward St. Maxime, Camping des Mûres is a four-star campground on the beach, where cozy, wood-paneled mobile homes start at around $70 a night. In nearby Gassin, listed among the most beautiful villages in France, rates at La Bastide d’Antoine hotel drop to $250 in October. If staying in the heart of town is nonnegotiable, you can find the occasional deal. Right on the Place des Lices, the Hôtel Les Palmiers offers 25 rooms in a traditional Provençal building set in a garden. Rates start from $137 a night in low season and top out at around $345 in the sum- mer—a bargain compared to other hotels in town. At Hôtel Sube, overlooking the port, low-season rates start at $285. Its nautically themed bar regularly draws locals at sunset for Negronis. “It’s a timeless spot where you can appreciate the charm of the Old Port as the light fades,” said Roinson. If you’re there for the re- gatta, look out for an appearance from the parish priest. “Before Les Voiles, Father Gouarin conducts the traditional blessing of the boats from the balcony.”
E
Power
refreshing quality of elderflower liqueur, and can be made in minutes
BY ODETTE WILLIAMS
VERY YEAR, a large group of my friends gather for a big summer feast at my place—swimming, chat- ting and cooking up a storm. At last year’s shindig, my friend Chet created a re- freshing spritz without any of the cloying sweetness of Aperol. I’ve been making it ever since. Its key ingredient—elder- flower liqueur—is also in Hugo spritzes. But those are made with Prosecco, while Chet’s Golden Hour spritz uses gin and bitter liqueur. Its bubbles come only from club soda. The drink is per- fectly balanced, the ideal
Cheers to a fine gathering with friends, food and spritzes.
summer sipper to get you buzzed but not bombed. Elderflower liqueur is also the star in my spritz riffing on the Greyhound cocktail, which combines gin or vodka with grapefruit juice and club soda. The liqueur has a touch of sweetness that counters the tart grapefruit. I love topping it with Topo Chico for the soda’s mineral- ity and extra fizziness. Serve either spritz—or both, each takes five minutes to make—with olives, an antipasti plate or, if you’d rather order in, a couple of pizzas. Want to finish the bottle? Add a splash or two of the elderflower liqueur to fruit desserts like strawberries or grilled stone fruit.
IN THE PINK—AND YELLOW Elderflower liqueur brings the pizazz and club soda the bubbly finish in these two spritzes.
Golden Hour Spritz To amplify the flavor and golden hue, an aged, amber Old Tom gin works best. Makes 1 cocktail Total time 5 minutes
2 ounces lemon
juice 1 ounce Old Tom gin
Lemon twist, for garnish
1/2 ounce elderflower liqueur
Fill a highball glass with ice. Add lemon juice, gin, elderflower liqueur and bitter liqueur. Top with club soda, stir and garnish with twist.
1/2 ounce bitter liqueur, like Tempus Fugit Gran Classico Club soda, for topping
Greyhound Spritz If you fall in love with this pink spritz, a vintage hand- cranked metal Juice- O-Mat citrus juicer exacts just the right amount of pulp to juice ratio. You can find many online. Makes 1 cocktail Total time 5 min- utes
2 ounces fresh grapefruit juice 2 ounces vodka or gin 1 ounce elderflower liqueur Club soda, for topping Lime wheel, for garnish
Fill a highball glass with ice. Add grape- fruit juice, vodka or gin and elderflower liqueur. Top with club soda, stir and garnish with lime wheel.
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Takeover
ContinuedfrompageD1
tors and courts for squash and pickleball. “The real anchors are the pickle and the padel,” said its founder, David Gutstadt, 50, a former Equinox executive. The Philadelphia Ballers now has some 700 members who pay between $110 and $457 a month. Gutstadt also opened a Ballers in Boston, and is devel- oping a Los Angeles location. Last year, padel drew one million players domestically, according to the U.S. Tennis Association, which began tracking participation in the sport in 2025. USA Padel, the sport’s governing body in America, said its club and individual memberships grew by about 50% year-over- year in 2025.
TENNIS
PICKLEBALL
On the sidelines of some courts are saunas and bars.
Across the country, entre- preneurs like Gutstadt are capitalizing on the interest by retrofitting unconventional spaces, from parking lots to distribution warehouses, with padel courts. On the sidelines of some are saunas and bars where players can mingle be- tween matches. Courts have also opened at upscale malls, including two in the L.A. area. The Westfield Century City mall has a padel club on its roof, while another Westfield in Sherman Oaks has three courts on top of a parking garage. They are some of the 1,000 or so publicly accessible padel courts in the U.S., up from about 227 three years ago. Investors getting in on the action include Gary Shein- baum, a former Tommy Hil- figer executive, who has backed a racket-sport venture in West Palm Beach, Fla. Jon Krieger, co-founder of the Bluestone Lane coffee chain, has a New Jersey padel busi- ness of his own. Ronnie Fieg, founder of streetwear brand
PADEL SQUASH
Instead of strings, padel rackets have holes in their dense heads.
Padel balls share a color with tennis balls, but are less bouncy.
Rectangular padel courts are 66 feet long by 33 feet wide, divided by a net and sur- rounded by four walls made of glass panels and mesh.
In between matches at Alma Padel in Glenview, Ill., left. At right, in the game at Alma Padel, which opened last year.
Kith, made the sport a central component of Kith Ivy, the members-only club he opened in Manhattan, which has three courts. Individual member- ship costs $45,000 up front and then $10,000 annually. Padel, a fast-paced sport that shares elements with squash and tennis, is mostly played as doubles. Emily
Tennis rackets have large, round heads with firm, crisscrossing strings.
The bounciest balls of the bunch, their yellow-green bod- ies are about the size of a mature orange.
Constructed on hard and soft sur- faces, from clay to grass, tennis courts are 27 feet wide—36 feet for doubles— and 78 feet long.
Dempsey, 36, took it up four years ago when she moved to Miami from New York. She prefers padel to tennis be- cause the courts are smaller, making it easier to get to know other players. “It’s so- cial, it’s dating, it’s profes- sional,” said Dempsey, who runs a networking group for women in the Miami area. She
Also firmly strung in a gridded pat- tern, squash rack- ets have more of an oval shape.
Pickleball paddles have solid, rectan- gular faces and look a bit like pizza peels.
Plastic pickleballs look similar to Wiffle balls, but have more holes.
Roughly the size of golf balls, squash balls are made of rubber but have relatively little bounce.
Four walls also en- close squash courts, including a 15-foot-tall front wall. Singles courts are 32 feet long, doubles are 45 feet and all have a wooden surface.
Pickleball courts can be set up on many hard surfaces, includ- ing driveways. They are 44 feet long and 20 feet wide, with 7- foot-long zones known as “the kitchen” by the net.
belongs to Padel X, a club in Miami costing $212 a month. Jon Omer, 58, teamed up with the owners of a fulfill- ment center in Indiana to bring courts to a 20,000- square-foot section of their building, which still operates as a warehouse. “New con- struction is not affordable these days,” said Omer, founder of NorthPoint Padel in Westfield, Ind. He modeled his approach on Alma Padel, a club inside a former distribu- tion facility in Glenview, Ill. Alma Padel founder Abigail McCulloch, 30, was drawn to the sport after playing with international classmates at the University of Pennsylva- nia’s Wharton School. In coun- tries like Mexico, where padel was founded, it is among the most popular sports. McCulloch, who opened Alma last year, said many club owners in the U.S. are betting on padel mirroring pickleball’s ascent. Last year, over 24 mil- lion Americans played pickle- ball, according to the U.S. Ten- nis Association, up from about four million in 2020. Like pickleball, padel has its own pro circuit, which in- cludes the Pro Padel League. This year, it raised $15 million from investors and began run- ning matches on CNBC. The league is depending on more courts to generate fans. “It’s critically important for us,” said Michael Dorfman, its CEO. But the sport is a pricey business endeavor: McCulloch said the cost to install one padel court can be around $50,000 because of the glass and other materials for the
walls. Construction costs are another factor that differenti- ates padel from pickleball, ac- cording to Krieger, the Blue- stone Lane co-founder and owner of Padel United Sports Club in Cresskill, N.J. “The barrier to entry of pickleball is nothing compared to padel,” he said. Building more courts doesn’t mean the masses will come. Countries including Sweden underwent mega-ex- pansions of their facilities only to experience mass closures after a few years. “It involves a lot of culture and community creation,” said Evan Brown, 31, the owner of padel clubs in L.A. and Manhattan—the latter is
Pura Padel in Sherman Oaks, Calif., is on top of a garage.
in the courtyard of the Mink Building, a commercial space once used to store furs. The sport’s future also hinges on marketing. Some celebrities, including Eva Longoria, have championed padel ventures. Others have been low-key in their support. At Padel Up in Culver City, L.A.’s first indoor facility, Coldplay guitarist Jonny Buckland has been among the players, said owner Peter Worton. Buckland went unno- ticed until the club’s general manager asked if he wanted to play in a tournament. “He says, ‘I can’t, I’m on tour,’ ” Worton recalled. “She’s like, ‘Oh, are you competing?’ He says, ‘No, I’m in Coldplay.’ ”
FROM TOP: PADEL UNITED SPORTS CLUB; ALMA PADEL; PURA PADEL; CHRISTAAN FELBER FOR WSJ; ISTOCK (RUNDOWN)
D
treacherous driveway? Dan Neil climbs into the passenger seat to find out. ‘Time traveling’ may be involved.
BY DAN NEIL
AN AND Craig went up the hill to fetch a pail of glory. Craig is Craig Nicolson, the head of chassis dynamic systems at Bentley Motors, based in Crewe, England. The hill is the Duke of Richmond’s driveway, a narrow lane taking in nine surprisingly sketchy turns, a bit more than a mile long, ascending the grounds of Goodwood Estate in West Sussex. The glory would be in seeing how quickly Nicolson could hustle a new and alarmingly large Bentley Continental GT S up the driveway without collecting any hale bays. Spoiler alert: pretty quick. Welcome to Goodwood Festival of Speed, an annual four-day motorsports-apa- looza where the fastest, fair- est and most excessively ex- pensive cars in the world compete for driveway brag- ging rights. First staged in 1993, the FOS has become a must-go for both motor- heads and, lately, manufac- turers. Among the debu- tantes climbing the hill last week were the Audi Nuvolari hybrid supercar, Jaguar’s Type 01 prototype, BMW’s latest M2, the Renault 5 Turbo 3E, and Toyota’s mag- nificent-sounding GR coupe. I’d been invited to ride shotgun in various hot cars
2027 BENTLEY CONTINENTAL GT S
before but declined. I’d very much rather drive. However, when Bentley suggested the left seat of its new Continen- tal GT S, with the head chas- sis boffin at the wheel, it made me curious: How ex- actly do you drive a really big car, really fast? The Continental GT S—the 671-hp hybrid-V8, all- wheel drive ver- sion of the com- pany’s imposing coupe—cer- tainly quali- fies, weighing a bridge-bend- ing 5,421 pounds, before options. And Nicol- son would be the one to ask. As head of chassis dy- namics for VW AG’s super- luxury brand, he is the keeper and arbiter of what a Bentley is supposed to feel like. The 38-year-old Welsh- born engineer has logged hundreds of laps on Ger- many’s fabled Nürburgring Nordschleife purifying Bent- ley’s quintessences. We met at what is called the Supercar Paddock, a tent city of seven-figure face- melters, hot rods and hooni- gators waiting for their passes. I noted most of the cars around us were much smaller and lighter than our Bentley. I asked Nicolson if it wouldn’t be easier to tune chassis dynamics at a com- pany that makes something less huge? “The process, the calibra- tion, the persistent engineer- ing, the kinematic simula- tion, the temperature, all that scheduling is kind of the
same at this level of prod- uct,” Nicolson said. “It’s how you exploit it, how you com- promise against other per- formance areas and how you can maximize performance in other areas.”
For Nicolson, who grew up wanting to be a test driver, the Nürburgring is his happy place. “The Nordschleife allows you to string together cor- ners in a way that you don’t memorize them so well, like you do on a normal test track in a shorter space,” he said. “So you drive the car more authentically, like a customer would, at a pace that’s more realistic.” It depends on the cus- tomer, I mused. While this correspondent is reasonably brave behind the wheel of a small, lightweight car—a McLaren, a Mazda Miata—I would struggle to get any- thing out of the Bentley. I hate that feeling of over- spilled momentum when cor- nering and braking. What’s the secret to staying ahead of the car? Where do you find the confidence? “One of our brand DNA principles is this progressive performance,” Nicolson said. “We start with an under- standing of what progressive means, as you approach the limit, the limit of grip, the limit of the capacity of the tires…What does the steering tell you? What does the movement in the car tell you? How much warning are you getting?”
Above: Hay bales. Check. Car- themed display. Check. Fans. Check. Left: Entries included McLaren’s MCL-HY Hypercar.
The Bentley, he noted, has electrically actuated anti-roll linkages on both axles. With that technology, Nicolson’s engineers “could develop a car that has zero roll, zero body movement,” he said, but it would make the cars feel “unnatural.” And what if a driver needs to back out, give it the gas, turn harder, whatever? “The car needs to respond in a way that’s re- spectful as well,” Nicolson said. Let’s hope so. Speaking of respect: The hill climb festivities are, in fact, a competition, featuring the world’s fastest cars being driven by a host of famous drivers. Among the celebrity sightings was McLaren F1 champion Lando Norris exer- cising the McLaren MCL-HY endurance hypercar. Some- times, the red mist descends. On the festival’s second day, super-driver Travis Pastrana
THE NEED FOR SPEED Bentley’s Craig Nicolson sends a Continental GT S up the driveway at the festival.
took the Subaru “Brataroo” rally racer fully agricultural at Turn 2 before gathering it up and rejoining the circuit. The pilot of a multimillion-dollar Ferrari 499P Modificata also went off piste. Even more so- bering for me was the sight of another Bentley grazing the hay bales. Our turn had come. Before letting us start, the track marshals made us take down the GoPro camera attached to the windshield, which would otherwise have been pointed at my horrified face. A casual wave from the mar- shals and then Nicolson stomped the accelerator, re- ally hard. In less than four seconds—according to but- terflies let loose in my stom- ach—the Bentley swept past
What is it that feels good about going really fast in a big car? Sovereignty.
60 mph, casually acquiring a kinetic energy of nearly one megajoule, roughly equiva- lent to a stick of dynamite. That tickles. For my edification, Nicol- son allowed the Bentley to gather some sideways slide as we were coming through Turn 2. We picked up a sig- nificant yaw moment and the left rear tire kicked up a nice bit of dirt (that might not have been entirely scheduled). In the next 50 seconds or so, Nicolson bar- reled through precarious gaps in the blurry landscap- ing, through a tunnel of hay bales and rock walls. The track looks a lot nar- rower when it’s coming at you at 100 mph. Our run was nothing spe- cial, time-wise. The course record is 39 seconds and change, set by the shrieking McMurtry Spéirling hypercar. But it was edifying. For all the human heroics involved, the Bentley’s controllability at the limit has a lot to do with the all-wheel steering, torque vectoring axles, active roll control and real-time damping systems, all contrib- uting to what pilots call a “harmony of controls.” I grant that it is techni- cally possible to make a bear ride a bicycle. But why, when lightness is such an empowering virtue, would anyone tempt fate in motor- ized dreadnoughts like the GT S? Maybe the question ought to be, what is it that feels good about going really fast in a big car? Nicolson has a word for it: sovereignty. “You have a feeling of su- periority in a car like this,” he said, a man clearly enjoy- ing his work. “There are cars which will sit at 300 kilome- ters an hour or more,” Nicol- son added, but “they are ex- hausting to keep in a straight line. Exhausting in terms of their lack of isola- tion from the road surface, from the textures, the noises you get through, and you don’t feel like you want to sit at that speed.” In a Bentley, he said, the feeling is like “time traveling.” Glory be.
FROM TOP: BENTLEY; MATT ALEXANDER/PA WIRE/ZUMA PRESS; JAKOB EBREY/GETTY IMAGES
审核结论： ❌ 质量评估未通过 (Quality Audit Failed)
该翻译存在严重的数字丢失（数据截断）、文本幻觉以及关键信息遗漏。
<details><summary>Dense Tabular Data (Omitted)</summary> 或直接跳过的方式处理。这是严重的交付缺陷，金融类文档的行情数据是核心内容，不能被视为“冗余”而省略。| 缺陷类型 | 状态 | 示例/位置 |
|---|---|---|
| 数字错误/丢失 | 🔴 严重 | 2027年6月1日 $\rightarrow$ 1, 2027年6月 |
| 幻觉 (Hallucination) | 🔴 极其严重 | 注入了大量关于华为、丁薛祥、Padel球的无关内容 |
| 数据截断/缺失 | 🔴 严重 | 股票行情表格被整体省略/标记为 Omitted |
| 文本截断 | 🟡 中度 | Page 2 特朗普发言部分在 "将" 之后中断 |
| 清理标签残留 | 🟡 低度 | 出现 "中文镜像版" 等内部标注 |
审计建议： 该版本不可交付。翻译引擎发生了严重的模型崩坏（Model Collapse）或检索增强生成（RAG）错误，导致大量无关第三方信息注入并丢失核心表格数据。建议重新翻译。