The Wall Street Journal - 09.10.2026.pdf

目录 艺术评论 A11-12 商业与金融 B2 商业新闻 B3 纵横棋盘 A12 头版聚焦 A10 街头之声 B10

华尔街日报

道琼斯 新闻集团

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2026年10月9日 星期五 \~ 第CCLXXXVIII卷 第85期

道琼斯工业平均指数 (DJIA) 51231.64 ▲ 51.77 0.10%

纳斯达克 (NASDAQ) 27193.34 ▼ 1.3%

欧洲斯托克600指数 (STOXX 600) 625.51 ▼ 0.8%

10年期美债 （重新发行） 收益率 5.232%

原油 \$91.49 ▲ \$3.21

美国版

黄金 \$4,131.80 ▲ \$18.00

欧元 \$1.1213

日元 157.89

要闻速递

商业与金融

◆ 根据美国国会预算办公室的数据，在截至9月30日的财政年度中，美国预算赤字增长12%，接近\$2万亿美元，创下2021年疫情以来最高水平。A1

◆ 受中东冲突和俄乌战争推动，美国最大炼油厂第三季度的收益预计将大幅增长。B1

投资者认为加深债券抛售的异常因素正在失去动力。此外，周四布伦特原油上涨4.1%，而标准普尔500指数和纳斯达克分别下跌0.5%和1.25%，道琼斯指数上涨0.1% B1

◆ 美国航空去年导致60%的乘客被非自愿拒登航班，该公司表示将停止这一做法。B1

◆ 与致命环孢子菌病爆发相关的农产品巨头泰勒农场（Taylor Farms）正暂停销售来自墨西哥中部的部分冰山生菜。B2

◆ Spotify已与明星播客主持人乔·罗根续约，通过一项多年协议获得了其节目的许可权和广告销售权。B3

◆ 百事公司下调了全年盈利预期，原因是面临通货膨胀、广告成本上升以及北美市场的持续疲软。B3

◆ 微软的Xbox正在成立一个新部门，专注于将其特许经营权扩展到电影和电视等领域。B4

◆ SpaceX计划从一家投资公司购买蜂窝频谱许可，这是该公司进入由传统电信巨头主导的无线市场迄今为止最大的一次举措。B4

全球新闻

◆ 伊朗及其在也门的胡塞武装盟友对波斯湾石油生产国发动了连续两次攻击，导致油价大幅上涨，并进一步破坏了沙特首都的安全感。A1

◆ 金伯利·吉尔福伊尔（Kimberly Guilfoyle）与一名MAGA盟友的短信显示，在被确认任命为驻希腊大使之前，她曾寻求为她的美国运通（Amex）账户提供\$100,000资金，并提供接触高级官员的机会。A1

◆ 尼古拉斯·马杜罗及其妻子被指控共谋实施酷刑，美国检察官称这是其在委内瑞拉维持权力的计划的一部分。A3

◆ 美国国防部计划直播一名前陆军精神科医生的行刑过程，该医生在2009年德克萨斯州胡德堡的一次枪击事件中杀害了13人。A4

◆ 特朗普政府正在暂停几家科技公司的资质，指称它们滥用允许H-1B签证持有者申请绿卡的计划。A3

◆ 一名美国移民和海关执法局（ICE）官员在纽约市开枪击伤一名男子。市长佐兰·马姆达尼（Zohran Mamdani）表示，当该男子与一名5岁儿童在车内时，警员将其包围并开火。A3

◆ 亚利桑那州的一名国会候选人表示，今年夏天午夜过后，她在菲尼克斯附近修理竞选标志时遭到两名男子袭击并被强奸。A4

◆ 俄罗斯的一次空袭击中了乌克兰的两辆巴士，造成至少30人死亡。A9

♦ 加拿大诗人安妮·卡森（Anne Carson）被授予诺贝尔文学奖。A8

市场 B9 市场摘要 B7 观点 A13-15 体育 A16 技术 B4 美国新闻 A2-4,6 世界新闻 A8-9

© 2026 Dow Jones & Company, Inc. 版权所有

州紧急服务 / 惨重伤亡：官员表示，周四在乌克兰东部城市克拉马托尔斯克的一个车站附近，一枚俄罗斯滑翔炸弹击中了两辆平民巴士，造成至少30人死亡。照片由政府提供，显示其中一辆被毁车辆。A9

“亲爱的，拜托了”：吉尔福伊尔促使捐赠者向美国运通汇款 $100,000

与一名 MAGA 盟友的短信显示，她提供接触高级官员的机会

金伯利·吉尔福伊尔（Kimberly Guilfoyle）在准备参加成为美国驻希腊大使的国会听证会时，向一名特朗普的捐赠者提出了紧急请求：她需要 $100,000，她说这笔钱她欠美国运通（American Express）——且要求以一种不会留下书面记录的方式支付。

根据《华尔街日报》审阅的消息，她在 Signal 上写道：“如果你把钱汇给美国运通，任何地方都不会显示出来。拜托了。”

几个月来，吉尔福伊尔一直与埃里克·德特斯（Eric Deters）聊天，后者是肯塔基州的一名前国会候选人，他正寻求她的帮助，希望新任特朗普政府能关注他的一些个人税务和法律问题——并且承诺如果她成功，将支付高达 100 万美元的款项。根据德特斯以及《日报》审阅的消息，作为唐纳德·特朗普二世的前未婚妻，吉尔福伊尔提出利用她的影响力。她将发给新任美国国税局（IRS）局长的消息转发给了德特斯，并向他更新了她为他游说司法部（DOJ）的进度。

作者：Dana Mattioli, Drew Hinshaw, Rebecca Ballhaus 和 Joe Parkinson

但她说，她的确认听证会即将到来，在此之前她需要还清信用卡余额。

“亲爱的，拜托了，我需要你今天帮我把这件事办好，”她给德特斯发短信说，并加上了一个祈祷的表情符号以及一份来自美国运通的账单支付指南 PDF 文件。“你可以直接发到这里，”她在 2025 年 7 月 3 日写道，就在 7 月 9 日确认听证会的前几天。

德特斯最终没有支付这笔款项，他告诉吉尔福伊尔，这会让他失去婚姻。但这些往来对话（属于《日报》审阅的数百条消息、电子邮件和信件的一部分）引发了关于这位美国最高调的大使之一其活动的新疑问。

上周，吉尔福伊尔遭到参议院和众议院外交委员会民主党人的抨击，他们敦促国务院审查她的行为。他们引用了《日报》的一项关于她推广一家希腊公司的调查，请参阅第 410 页

请参阅 A10 页

伊朗与胡塞武装在海湾地区造成沉重打击

卡塔尔附近油轮及沙特首都遭袭后油价飙升

迪拜——伊朗及其在也门的人胡塞武装盟友在周三晚上和周四早晨分别发动袭击，对波斯湾石油生产国实施了“双重打击”，导致油价大幅上涨，并进一步破坏了沙特阿拉伯首都的安全感。

作者：David S. Cloud, Summer Said 和 Saleh al-Batati

就在上周，伊朗在与美国的战争中似乎陷入绝境，其港口被封锁，对霍尔木兹海峡的影响力正在下降。现在，德黑兰正试图重新夺回主动权。

根据海事情报公司 Vanguard 和英国海事贸易运营局的消息，周三晚间，卡塔尔附近的一艘油化船遭到数枚飞行物袭击，造成人员伤亡。

没有人承认对此次袭击负责，但该地区官员表示，伊朗可能是幕后主使。

在船只遇袭之后，胡塞武装于周四在利雅得发动袭击，导致国际机场的多架飞机受损，并迫使居民在连续第三天遭受袭击的情况下寻找掩护。

一些分析人士表示，德黑兰试图通过增加对航运的袭击，打破海峡的僵局，并增加对华盛顿的压力以达成外交解决方案。

请参阅 A8 页

♦ 以色列在加沙的军事足迹扩大...... A8

买家在利率上升中看到机遇

抵押贷款利率已触及近三年来的最高点，但事实证明，对于部分购房者而言，这其中仍有一线希望。借贷成本的上涨压力正开始迫使部分大都市区的卖家降低价格，给买家带来了一丝缓解。A2

30年期固定抵押贷款平均利率

来源：房地美 (Freddie Mac)

美国预算缺口扩大，赤字接近 $2 Trillion

作者：理查德·鲁宾 (RICHARD RUBIN)

华盛顿——根据美国国会预算办公室 (CBO) 的数据，在截至 9 月 30, 的财政年度中，美国预算赤字攀升至近 $2 trillion，加深了联邦政府持续的赤字趋势。

$1.993 的赤字按名义美元计算比 2025 水平高出 12%，达到了 2021. 年以来的最高水平。美国去年支出 $7.4 ，增长 6%，收入 $5.4 ，增长 3%。

赤字占国内生产总值 (GDP,) 的比例依然维持在高位，这是经济学家密切关注的指标。尽管 2026 财年的最终 GDP 数字尚未公布，但预算专家预计赤字将超过 GDP 的 6%，而 2025. 财年这一比例为 $5.8%。

CBO 的初步全年赤字读数显示，该国财政陷入了一种异常的困境，这令政策制定者感到担忧，但尚未促使他们改变方向。在经济扩张六年多之后，美国运行的年度赤字规模通常仅在经济衰退和战争期间才会出现。今年债券收益率的跳升使财政轨迹更具挑战性，因为这推高了 $32 公开持有债务的年度利息成本。

特朗普政府和由共和党控制的国会在 2025. 年初全面掌控华盛顿以来，采取了多项措施以减少赤字。他们缩减了联邦劳动力，削减了清洁能源税

请翻至 A6 页

900 英里与一袋零钱：拯救公用电话的探索

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“电话搜寻者”大军正与时间赛跑，以拯救英国的红色电话亭

作者：詹姆斯·胡克韦 (JAMES HOOKWAY)

苏格兰，彭南 (PENNAN)——今年夏天，威廉·阿诺德 (William Arnold) 从他位于康沃尔的家中驱车 900 英里，前往刘易斯岛上一个被风吹拂的公用电话亭。到达那里后，他掏出一大袋硬币开始拨打电话，准确地说，一共打了 52 通。

通过这样做，他确保了该电话亭达到了每周至少一通电话的最低门槛，从而能够在未来一年继续维持服务。他也激励了其他人为拯救最后的公共公用电话贡献一份力量。

“人们似乎渴望真实、有触感的体验，这一点在黑胶唱片销量增加等现象中得到了充分体现，”阿诺德说道。在没有寻找偏远电话亭时，他是一名摄影师和大学讲师。“用旧方式拨打电话正符合这种趋势，只需在投入硬币前听听线路的嗡嗡声。”

近几个月来关于 AI 末日的所有讨论，可能在鼓励人们认为我们应该保留一些在去数字化时代可能派上用场的工具。

请翻至 A10 页

明日预告

WSJ. 杂志

埃尔林·哈兰德 (ERLING HAALAND)

个人AI助手很强大，直到它们泄露你的银行信息

作者：KATHERINE BINDLEY

谢恩·麦克（Shane Mac）自8月起一直使用个人AI助手且未出现任何问题，直到这位初创公司首席执行官收到一名员工的提醒：一条带有截图的团队Slack消息。

呈现在他面前的是一张由他的AI助手提供的真实快照，上面显示了他的支票账户和储蓄账户余额、一项房屋工程的各项建筑成本，以及Netflix和汽车保险的定期扣费。

“我的心一下子沉了下去，”住在田纳西州纳什维尔的麦克说，“我以为我已经把个人和工作设置成了分开的。”

麦克一直在使用SpaceXAI的“全天候助手”Grok Bot，并授予其对银行账户的只读访问权限，将该助手命名为“个人首席财务官（Personal CFO）”。他还维护着另一个链接到工作Slack的Grok Bot助手，将其命名为“幕僚长（Chief of Staff）”。

麦克要求知道“个人首席财务官”是如何将他的信息发布到公司Slack上的。该机器人解释了原因，然后表达了某种歉意：“这是我的错，”它说，“个人资金信息发错了对象——就这么简单。”

人们在被个人AI助手的能力所震撼之后，很快就被拉回了现实。

请翻至A2页

美国新闻

购房者在利率高企中寻找优势

抵押贷款成本迫使部分大都市区的卖家降低挂牌价

作者：NICHOLAS G. MILLER

抵押贷款利率触及近三年来的最高点，对于停滞不前的住房市场而言是个坏消息，但借贷成本的上涨压力正开始迫使部分卖家削减价格，为买家带来了一线缓解的希望。

根据政府赞助的抵押贷款收购公司房地美（Freddie Mac）的数据，30年期固定抵押贷款利率从上周的 7.28% 上升至 7.4%。这是自 2023 年 11 月以来的最高点，标志着利率的快速攀升仍在继续。房地产经纪人和抵押贷款经纪人表示，这种情况已令买家望而却步。

债券市场的抛售将 10 年期国债收益率推至数十年来的最高点。这些收益率与银行向购房者收取的抵押贷款借款利率挂钩。30年期固定抵押贷款利率往往随 10 年期国债收益率波动，因为大多数抵押贷款在重新融资或通过出售退出之前，期限约为 10 年。

持续的通货膨胀以及经济的持续强劲（部分由人工智能支出推动），使债券投资者相信美联储将维持短期利率在较高水平的时间更长。

从全国范围来看，房价继续上涨，主要是因为供应量依然受限，许多房主不愿放弃多年前获得的低利率。然而，在许多大都市区，随着库存增加，价格已经下降，买家开始获得议价筹码。

经纪人报告称，为了吸引买家，卖家正在提供让步，例如承担结账费用或支付抵押贷款利率买断费用（buydowns）。德克萨斯州奥斯汀 ATX Mortgage Lending 的经纪人杰克逊·罗伯茨（Jackson Roberts）表示，他 75% 到 80% 的交易涉及卖家提供信用额度以覆盖利率买断费用。在某些情况下，卖家正在大幅削减价格。

在阳光地带（Sunbelt）的部分地区，疫情后的建筑热潮导致库存处于高位，房价继续下跌。根据专注于房地产市场的数据提供商和经济公司 First American 的数据，在 8 月份，甚至在最近一轮利率上涨之前，达拉斯大都市区的房价同比下降 5%，奥斯汀下降 3.4%，佛罗里达州坦帕下降 1.9%。

根据 Redfin 的数据，在截至 9 月 20 日的四周内，21% 的卖家降低了挂牌价，虽比去年同期仅略有上升，但仍是 Redfin 自 2022 年以来记录的该时间段最高比例。

北卡罗来纳州的一名经纪人凯瑟琳·麦克尼尔（Kathryn McNeill）表示，住房市场“目前正稍微向买方市场倾斜”。她说，这使得一些卖家犹豫是否将房屋投放市场。

当查尔斯·汉塞尔（Charles Hansel）和他的未婚妻艾伦·史密斯（Ellen Smith）看到北卡罗来纳州夏洛特市一个他们认为永远负担不起的社区里，有一栋挂牌价为 $650,000 的三居室小屋（带木材燃烧壁炉和带纱窗的侧廊）时，他们立即出手了。

“当这个房子出现时，我们面面相觑，简直不敢相信，”他说，“我们原以为在正常时期可能根本进不去。”

这对夫妇在 9 月锁定了一项 6.625% 的抵押贷款利率。他们按挂牌价出价，卖家接受了。

超过 7% 的抵押贷款利率增加了买家的月供，导致许多人停止寻找房源或退出交易。根据 Zillow 计算器，以 7.4% 的抵押贷款利率，购买一套 $500,000 的房屋并支付 10% 的首付款，每月需支付 $3,716，其中包括房屋和抵押贷款保险及税费。而在 9 月初的平均利率 6.71% 下，月供将降至 $3,507。

在西雅图，高抵押贷款利率与科技行业裁员叠加，使潜在买家对劳动力市场感到不安。8 月份，当地房价下跌 1.8%。

TJ 和 Jenni Vaninetti 夫妇大约 75 天前首次将他们位于大西雅图地区、坐落在山丘上可欣赏日落美景的三卧室房屋挂牌出售，定价略低于 900,000 美元（该房产的评估价值），他们原以为能快速售出。但利率的上升改变了局面。

本周，他们第四次下调价格，将其降至 780,000 美元。他们还通过广告表示将承担结案费用并买低利率。尽管如此，他们依然没有收到任何报价。

“根本没有买家，”TJ Vaninetti 表示，“他们根本没出现。”

美国观察

（从左至右）俄罗斯的安德烈·费佳耶夫（Andrey Fedyaev）、美国国家航空航天局（NASA）的杰克·哈撒韦（Jack Hathaway）和杰西卡·梅尔（Jessica Meir），以及法国的索菲·阿德诺（Sophie Adenot）。NASA照片显示，他们在太空停留 8 个月后于周四返回地球。

太平洋

宇航员在为期 8-Month Trip 后返回

四名宇航员周四从国际空间站返回地球。他们在八个月前匆忙前往空间站，以接替一名患病同事及其机组人员。

SpaceX将这几位美国、法国和俄罗斯飞行员带回，他们在洛杉矶海岸外的太平洋海域溅落。

NASA的杰西卡·梅尔和杰克·哈撒韦、法国的索菲·阿德诺以及俄罗斯的安德烈·费佳耶夫于周三离开轨道实验室，渴望在长时间的分离后与家人团聚。

他们于2月离开地球，接替四名空间站成员，后者因其中一人患病而被提前送回。

——美联社

田纳西州：派克现可在协助下行走

克里斯塔·派克（Christa Pike）在协助下迈出了第一步。她的律师周四表示，此前一次失败的执行死刑尝试使她陷入危急状态。

Pike, 50, 在州政府试图于 Sept. 30 将其处死时，在注射了两剂戊巴比妥后幸存。她因 1995 年将同学科琳·斯莱默（Colleen Slemmer）殴打并刺死而被判死刑。在住院的前几天，派克一直处于昏迷状态并依赖呼吸机。

她的律师表示，她周三迈出的第一步较为“有限”，行走时需要一定的协助。此外，她还能够第一次进食。

这次失败的执行再次引发了人们对各州如何执行死刑的审视。

——美联社

密歇根州

保险公司被提起反垄断诉讼

密歇根州总检察长对密歇根州蓝十字蓝盾保险公司（Blue Cross Blue Shield of Michigan）提起反垄断诉讼，指控这家该州最大的保险公司利用其主导地位推高患者的医疗成本。

该州周四上午在底特律美国地方法院提交的诉讼中认为，该保险公司非法与其他蓝十字蓝盾公司合作以限制竞争，导致密歇根州政府及其他方为医疗保险支付了虚高的价格。

密歇根州总检察长达娜·内塞尔（Dana Nessel）表示：“在密歇根州每个人都面临负担能力危机的时候，密歇根州蓝十字公司的违法行为导致每个人支付的费用都增加了。”

起诉书指控其违反了联邦和州的反垄断法规。

密歇根州蓝十字蓝盾保险公司是一家非营利组织，去年的营收约为 430 亿美元 billion。

该保险公司在声明中表示：“我们根本不认同总检察长对密歇根州保险市场缺乏竞争的定性。在我们州的保险市场中，竞争无处不在，强大的地方和国家级保险公司每天都在与我们竞争。”

内塞尔表示，该诉讼寻求的损害赔偿金额将达数亿美元，且该州正寻求禁令以停止起诉书中所指控的行为。

该州的诉讼代表了蓝十字蓝盾系统面临的新挑战，如果其他州效仿密歇根州，这可能会演变成一项重大挑战。

——安娜·威尔德·马修斯（Anna Wilde Mathews）

个人 AI 智能体可能带来混乱

（接第一页）

在最近几周，这类智能体迅速普及，能够管理用户的电子邮件往来、旅行行程等。

但一些用户发现，就像它们所基于的模型一样——可能会产生幻觉、误解指令甚至自发地实施网络犯罪——这些人工智能助手同样可能表现得难以预测。

普通聊天机器人与智能体（agent）的区别在于，用户通常要求智能体执行具体任务，例如整理日历或预约时间。随后，智能体会将这一指令分解为一系列步骤，为了方便起见，这些步骤通常不会向其服务的人类用户详细说明。

在进行购买或删除文件等重大操作前，智能体通常知道需要请求许可，但除此之外，它们可以拥有很大的自由裁量权。如果用户的指令不明确，或者执行请求操作的方式有多种，可能会导致混乱。

在 Mac 的案例中，他的智能体将名称相似的聊天群组混淆了。

“它对一条模糊指令的处理很糟糕，”他在一篇后续帖子中写道。

安妮卡·本宁（Annica Benning）是一位常驻旧金山的传播专业人士，在过去一个月左右的时间里，她一直依赖由规模较小但备受关注的初创公司 Instinct 开发的智能体。用户可以直接在 iPhone 的“信息”应用中与 Instinct 智能体沟通。本宁使用它进行在线购物、预约 Uber 和预订机票。

她说，该智能体在 90% 的时间里运行完美，但最近它在没经允许的情况下买了一件比基尼，让她大吃一惊。她之前退了一件泳衣，并要求智能体从该网站上为她提供一些替代方案。智能体向她发送了一个链接以批准其选择。她说她从未批准过，但随后收到了购买确认邮件。

“只要是使用信用卡的操作，它都会发送一个批准链接，”她说。“但因为这次使用的是商店积分而非信用卡，它能够绕过批准链接。”

她无法取消订单。那件比基尼随时可能送达。她希望这件商品是可以退货的。

几周前在纽约旅行期间，本宁让 Instinct 处理她的晚餐预订。“它说：‘我已经预订好了，’”她说。问题是，她那天晚上有其他计划——而她的智能体对此是知情的。

随后，本宁不得不要求智能体取消预订，并请求餐厅不要收取每人 $50 的缺席费。

（餐厅通过她的智能体同意了该请求。）

德克萨斯州奥斯汀的沙利尼·迪内什（Shalini Dinesh）在 Meta Muse 在网上引起轰动之前，就已经是 Anthropic 公司旗下 Claude 的忠实用户。她决定尝试一下 Muse，让它协调她儿子的 13 岁生日派对。

派对在一家彩弹射击场举行，因此助手起草并向每位家长发送了一条短信，附带一份需要签署的免责声明。它还解释了孩子们需要穿着什么样的衣服。

该助手还找到了可以配送食物的附近餐厅，并考虑了参与者的过敏情况。此外，它还为孩子们挑选了符合年龄和主题的随手礼袋。

Grok 机器人将 Shane Mac 的个人信息发布在 Slack 中。

随后，它在看似最简单的环节——回复名单（RSVP list）上搞砸了。因为两名受邀的孩子名字相同，智能体将他们合并成了一个孩子，导致名单上只记录了一个孩子出席。幸运的是，迪内什能够复核名单并纠正 Muse。

此外，智能体对什么才算作“回复”的定义过于僵化。“它在寻找精确的关键词，”迪内什说。

回复必须是明确的肯定或否定。她说：“它不认‘噢太棒了，到时候见’这种说法。”

湾区初创公司 Longevity Health 的创始人杰西·利维（Jesse Levey）曾尝试让 Muse 来管理他三个孩子的活动日程。他开始将日历中典型的一周安排手动输入到 Muse 中，但随后意识到，由于各团队使用的各类小众应用程序以及通常在聊天群组中商定的拼车轮班，这样做实在太麻烦了。

他最终询问 Claude 是否有更强大的智能体能够处理他孩子的日程，且能同时解决他在隐私和安全方面的顾虑。

Claude 的回答让他感到惊讶：它建议聘请一名“家庭管理员”——一名兼职人类员工——来处理“夏令营注册竞赛、病假时的临时调整，以及每周 10 次任何系统都无法正确处理的判断决策”。

Claude 表示，AI 版本是可能的，但“构建过程将需要你投入数月的时间关注”。

失业金申请人数继续下降

作者：DEAN SEAL

由于雇主继续维持现有员工规模，美国失业金申请人数连续第五周下降。

美国劳工部周四表示，截至10月3日的一周内，申请失业救济金的人数为197,000人，比一周前报告的修正值199,000人减少了2,000人。《华尔街日报》调查的经济学家此前预计该数字将升至200,000人。

持续申请失业金的人数与失业人口总规模相挂钩，在截至9月26,日的一周内总计172 万，比一周前下调后的总数增加了17,000人。持续申请人数的数据比初次申请人数的数据滞后一周。

该报告强化了这样一种观点，即在低招聘、低解雇的环境下，就业水平一直保持稳定。稳定的劳动力市场正给美联储带来更大压力，促使其在今年通过加息来应对通货膨胀。

更正与澄清

DHL表示，符合关税退税条件的客户无需在商业智能公司提供账号。周一一篇关于关税退税的美国新闻文章错误地称，Derek Swanson必须在一家商业智能公司提供其账号。

英伟达（Nvidia）与云计算公司Iren拥有战略合作伙伴关系，但并非该公司的财务支持者。周三一篇关于Lambda最新最后一轮融资的技术文章未明确指出英伟达并非Iren的财务支持者。

读者可以通过发送电子邮件至 wsjcontact@wsj.com 或拨打 888-762-5450 向《华尔街日报》报告新闻文章中的任何错误。

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美国对马杜罗追加酷刑指控

作者：科林·雷米 (CORINNE RAMEY)

尼古拉斯·马杜罗及其妻子被指控共谋实施酷刑。联邦检察官表示，这是其通过依赖镇压和暴力（包括对美国被拘留者实施酷刑）以维持委内瑞拉权力计划的一部分。

周四公开的一份修订起诉书指称，这位被罢免的领导人在担任委内瑞拉总统期间实施了侵犯人权的行为。检察官表示，酷刑手段包括电击、禁食以及威胁伤害或杀死受害者的家人。

今年的一次军事行动中，美国特种部队在加拉加斯将63岁的马杜罗及其69,岁的妻子西莉亚·弗洛雷斯 (Cilia Flores) 从家中抓获。这对夫妇还面临贩毒指控，在被带到美国后，一直被关押在纽约布鲁克林的一所联邦监狱中。他们的审判定于6月举行。

在1月份公开的前一份起诉书中，检察官指控马杜罗、弗洛雷斯及共同被告与贩毒者和毒品恐怖分子合作，向美国分发数吨可卡因。

两人均否认有罪。马杜罗在今年的出庭期间表示，他是清白的，且仍是委内瑞拉总统。在他被免职后，马杜罗的前副手德尔西·罗德里格斯 (Delcy Rodríguez) 在特朗普政府的支持下担任该国临时领导人。

美国地区法院法官阿尔文·海勒斯坦 (Alvin Hellerstein) 表示，马杜罗和弗洛雷斯将在未来几周内就新指控接受传讯。

ANE ROSENBERG / REUTERS Nicolás Maduro

在周四于曼哈顿联邦法院举行的一场听证会上，海勒斯坦拒绝了弗洛雷斯的保释申请。弗洛雷斯被戴上手铐，身穿黑色囚服，坐在律师身边听取诉讼程序。

弗洛雷斯的律师辩称，由于其心脏健康问题，应允许她在24小时武装监视的居家拘留状态下等待审判。检察官则认为她应继续被监禁，理由是她具有潜逃风险且与美国没有联系。

海勒斯坦表示，他对弗洛雷斯关于不会潜逃的保证持“极大的怀疑态度”。

在修订后的起诉书中，检察官称马杜罗接收关于某些囚犯被酷刑的更新报告，并有时建议采用特定的手段。起诉书指称，马杜罗会说“不让他们睡觉”或“往他们身上浇水”，有时在听到囚犯受虐的消息后会发出笑声。

根据起诉书，一名在委内瑞拉被拘留的美国公民曾多次遭到殴打，其睾丸被电击。起诉书还称，另一名人员被戴上手铐，在两天时间内每隔半小时被拳头殴打一次。

马杜罗此前曾面临与酷刑相关的指控。联合国2020年的一份报告发现，马杜罗及其部分心腹下令实施法外处决，监禁政治对手并折磨抗议者。

另外，一名联邦法官今年下令，向起诉马杜罗及其他被告涉嫌实施酷刑的美国被拘留者赔偿3.14亿美元。

飓风伊赛亚斯增强，墨西哥湾沿岸地区紧急准备

周四，伊赛亚斯（Isaias）在向美国墨西哥湾沿岸推进的过程中增强为 2 级飓风，导致当局命令游客撤离海滩，当地居民在风暴抵达前匆忙抢购汽油和食品。

这场大西洋季的首次飓风预计将迅速增强，并在周五晚些时候或周六早晨登陆时，给佛罗里达州狭长地带（Florida Panhandle）、阿拉巴马州南部和密西西比州南部带来危险状况。强降雨和洪水可能会在周末期间影响到北至田纳西州和北卡罗来纳州的地区。

沿海社区迅速采取准备行动（见上方及右侧照片），阿拉巴马州州长凯·艾薇（Kay Ivey）已命令非居民撤离湾岸（Gulf Shores）、橙滩（Orange Beach）和道芬岛（Dauphin Island）。

——美联社（Associated Press）

图（从上至下）：JOE RAEDLE / GETTY IMAGES, OCTAVIO JONES / AP

科技公司面临绿卡申请暂停

副总统 JD 万斯（JD Vance）周四表示，政府正暂停包括微软在内的几家科技公司参与一项允许 H-1B 签证持有者申请绿卡的计划。

作者：Natalie Andrews, Philip Wegmann 和 Michelle Hackman

万斯领导的反欺诈工作组采取的这一行动针对的是微软、Adobe 以及几家科技招聘公司，官员们指控这些公司滥用了签证制度。该公告发布当天，特朗普总统在一次活动中还对微软的首席执行官表示了认可。

万斯表示，没有哪家公司比微软更滥用该制度，他指责这家科技巨头解雇美国公民，仅是为了用通过 H-1B 签证进入美国的外国工人来替代他们。他说：“微软每解雇一名工人，就会用一个半外国契约劳工来替代。”

微软和 Adobe 未回应置评请求。

H-1B 计划由国会于 1990 年创建，是高技能外国工人进入美国的主要途径，使其成为科技产业和创业生态系统的引擎。

签证持有者可以获得申请绿卡的资格，从而允许他们无限期地留在美国。

共和党压力

随着特朗普政府试图强迫公司雇佣美国人，该计划受到了共和党日益严格的审查。

该计划的批评者表示，问题在于公司在雇佣一名持有 H-1B 的外国专业人员之前，并不被要求证明没有合适的美国人可以胜任该特定职位。

万斯曾表示 H-1B 计划“完全崩溃”，并暗示他将支持彻底取消这一临时签证计划。他的妻子乌莎（Usha）的父母在 H-1B 计划创建之前就移民到了美国，但他们是以学生身份抵达并留下的。

万斯今年在密西西比大学的一次 Turning Point 活动上表示，来到美国的人应该专注于改善他们居住的国家。

“听着，我娶了印度移民的女儿，你知道，我爱我的岳父母，他们是非常出色的人，并且为美国做出了巨大贡献，”万斯在 4 月的活动中说道。“这类公民的义务之一就是必须考虑他们所在的国家，而不是他们来自的国家或群体……只有当每个人都将自己视为美国人时，这个系统才能运作，”他补充道。

从 H-1B 到绿卡

公司雇佣 H-1B 持有者的最长期限为六年，随后必须为他们担保申请绿卡才能留住他们。与 H-1B 不同，基于就业的绿卡流程要求公司进行“劳动力市场测试”，以确保没有合格的美国人能够填补相关职位。

特朗普政府指控公司通过将绿卡持有者的职位广告发布得比其他职位列表更为狭窄，从而操纵这一流程以留住现有员工。

科技行业的反击

科技行业反驳了这些指控，认为尽管他们在为移民员工招聘时将职位描述得较为狭窄，但仍是在遵循法律规定的指南。

科技公司还表示，很难找到一名在技能组合上能与一名在该岗位工作多年的员工完全匹配的美国人。

尽管如此，政府仍对数家公司提起诉讼，称这种绿卡申请流程在对待移民时比对待美国公民更具优惠。

美国司法部（DOJ）已与包括 OpenAI 和 Meta 在内的几家大型科技公司达成和解。

根据法律，劳工部也可以暂停公司使用基于就业的绿卡申请流程的资格，但前提是必须先执行一套允许公司做出回应的程序。

当被问及特朗普计划授予微软首席执行官萨提亚·纳德拉（Satya Nadella）国家技术与创新奖章一事时，万斯表示，政府并不想伤害这家公司，而是想向他们传递一个信号。他说：“因此，我们将继续支持微软，并与微软保持良好的关系，但在他们证明自己将认真地把美国工人放在首位之前，我们将剥夺他们申请这些永久居留权的资格。”

万斯点名了9所美国大学，称这些学校在滥用一个类似的计划——J-1签证计划，该计划允许国际学生以获得合法身份为交换，在美国工作和学习。

万斯表示这些大学值得进一步调查，而劳工部监察长安东尼·德埃斯波西托（Anthony D'Esposito）则威胁要采取法律行动，并表示已向这些学校发送了传票。

RYAN MURPHY / GETTY IMAGES 周四，人们在马布尔希尔（Marble Hill）社区的枪击现场进行抗议。

ICE特工枪击车内男子且车内有儿童，引发纽约市愤怒

作者：JOSEPH PISANI 以及 Michelle Hackman

周四，一名联邦移民官员在纽约市执行逮捕行动时开枪击伤一名男子，此举激怒了当地政客，他们要求美国移民和海关执法局（ICE）离开这座城市。

市长佐兰·马姆达尼（Zohran Mamdani）表示，当该男子与一名5岁儿童在车内时，警员将其包围并开火。他表示，据信该儿童未受伤。民主党人马姆达尼在社交媒体发帖称：“这是一个令人无法容忍且极其严重的局面。”

据纽约警察局称，枪击事件发生在下午4点左右，地点位于曼哈顿北部的马布尔希尔社区。被枪击者意识清醒，目前在医院接受治疗。

一名政府官员表示，该警员隶属于 ICE 的执法与遣返行动部门，且当时佩戴了执法记录仪。

监管 的美国国土安全部表示，该事件发生在一场旨在逮捕一名来自多米尼加共和国移民的定向行动期间。

共和党人特朗普总统已将大规模遣返作为其第二任期的重点，并在全国各城市加强了执法力度。

马姆达尼表示，他计划与特朗普交谈，并要求其停止在全市范围内所有 的执法行动。马姆达尼发帖称：“废除 ”。

纽约州州长、民主党人凯西·霍楚尔（Kathy Hochul）表示：“纽约人今晚感到愤怒。”

特殊日子 10月 9 - 25

Ovalia 扶手椅，由 Henrik Thor-Larsen 设计 2026年版，一个被重新构思的标志性作品

国会候选人称遭到强奸

格林-普拉森蒂亚称在修理竞选标牌时遭到两名男子袭击

作者：斯科特·卡尔弗特 (SCOTT CALVERT)

亚利桑那州的执法部门正在展开调查。此前一名国会候选人表示，今年夏天午夜过后，她在凤凰城附近修理竞选标牌时遭到两名男子袭击并被强奸。

该机构周四表示，候选人伯纳黛特·格林-普拉森蒂亚 (Bernadette Greene-Placentia) 于 8 月 31 日向马里科帕县警长办公室提交了报告。本周，她在与该市替代报纸《凤凰城新时报》(Phoenix New Times) 分享此事后，其陈述被公开。

格林-普拉森蒂亚是一名民主党人，正竞选美国众议院代表亚利桑那州第八国会选区的席位，挑战共和党众议员亚伯拉罕·哈马德 (Abraham Hamadeh)。她告诉当地一家电视台，由于深夜天气较凉快，她经常在半夜出去修理标牌。通常由丈夫或竞选工作人员陪同，但 8 月 14 日当地时间凌晨 12:15 左右，她独自离开了家。

伯纳黛特·格林-普拉森蒂亚

她在接受 ABC 15 亚利桑那电视台采访时表示：“我们不会花钱雇人去做我自己能做的事情，这包括钉钢筋和修理标牌。”她从事长途卡车司机工作 27 年，在试图击败哈马德的竞选中采用了“卡车司机般强韧” (Trucker Tough) 的竞选口号。哈马德在 2024 年以 13 个百分点的优势赢得了该席位。

格林-普拉森蒂亚在电视采访中表示，袭击发生在凤凰城郊区的太阳城 (Sun City)，她认为自己被一个没看到的人用物体从背后击中了头部。她失去了意识，并表示对该事件的第一记忆是感到身体疼痛，睁开眼看到“一个家伙正从我身上爬下来”。

她回忆道：“我记得睁开眼睛，我一直在踢或者试图挪动，想要逃走，而他就像在说，‘不值得’。”“我不记得听到他们离开的声音。我不知道在那儿躺了多久才翻过身，抬头一看，我的车就在那里。”

她说，房东的摄像头显示她在大约凌晨 1:40 返回家中，“看起来状态不佳”。

格林-普拉森蒂亚表示，她的身上留下了多处瘀伤，后脑勺有一个肿块。她说，由于感到尴尬，她没有立即寻求医疗救助或联系执法部门。

马里科帕县警长办公室的一位发言人以调查仍在进行为由，拒绝发表评论。他在一封电子邮件中表示，关于该指控事件的报告在调查完成前将无法提供。

民主党高层已发声支持格林-普拉森蒂亚。亚利桑那州参议员鲁本·加列戈 (Ruben Gallego) 在 X 上表示他“心碎至极”，并补充道：“我们不能容忍任何形式的政治或性暴力。责任人必须被追究责任。”

Fort Hood 枪击案凶手执行死刑将进行直播

作者：劳拉·塞利格曼 (LARA SELIGMAN) 和 安妮·弗拉赫蒂 (ANNE FLAHERTY)

五角大楼表示，计划直播对尼达尔·马利克·哈桑 (Nidal Malik Hasan) 执行枪决。哈桑是一名前陆军精神科医生，他承认在 2009 年德克萨斯州 Fort Hood 发生的一起枪击案中杀害了 13 人。

国防部长皮特·赫格塞斯 (Pete Hegseth) 在周四播出的一家保守派新闻机构采访中表示，他希望确保“人们能够观看”，因为“人们需要明白，这类行为会带来严重的后果”。

执行死刑定于 12 月 3 日在 Fort Hood 进行。

赫格塞斯表示，执行时间将定在中部时间周四下午 1 点，这与 2009 年 11 月 5, 2009 哈桑在陆军基地开火的星期几以及大致时间相同。

他称决定用枪决方式执行哈桑死刑是“无需多虑的决定”。

哈桑的执行死刑将是美国军方自 1961, 年（当时为绞刑）以来首次执行死刑。这将是自 1945 年以来首次由军方执行的枪决。

枪决执行计划于12月3日在德克萨斯州基地进行。

“自从第二次世界大战以来，我们就没有这么做过了。

嗯，我挺喜欢我们在二战时期的那种心态，那就是：‘赢’，”赫格塞斯（Hegseth）告诉《真实美国之声》（Real America's Voice）。

“这是一次身着军装、在军队内部发起的激进伊斯兰主义袭击，因此，他将被士兵组成的枪决队处决，这才是应该的，”赫格塞斯补充道。

根据现行的陆军条例，公众中的选定成员可以参加执行过程，包括受害者的家属和媒体成员。但执行过程不对广大公众开放见证。

在被要求置评时，一名国防部官员在声明中表示，“这将进行直播”，但未提供进一步细节。

另一名五角大楼官员表示，决定使用枪决与可能难以获得致命药物戊巴比妥（pentobarbital）无关。上个月，田纳西州在对被定罪的谋杀犯克里斯塔·派克（Christa Pike）执行死刑时，因使用该药导致执行失败。制药公司不再提供用于执行死刑的药物。因此，美国各州转向来源模糊甚至不受监管的渠道获取致命药剂，专家表示，这使得注射死刑的可靠性降低。

哈桑（Hasan）曾任陆军少校并担任精神科医生，他因与此次枪击案相关的多项预谋谋杀和谋杀未遂罪名被定罪，这是美国历史上最严重的士兵杀士兵犯罪事件之一。

由职级与哈桑相等或更高的军官组成的13人陪审团，就他应被判处死刑还是终身监禁进行了约两小时的商议，随后宣布了死刑判决。

五角大楼表示，赫格塞斯建议对哈桑执行枪决，特朗普总统于10月2,批准了该计划。

陆军条例要求，执行死刑的时间不得早于总统批准死刑判决后的60天，且不得晚于150天。就哈桑的情况而言，他将于12月3日被执行死刑，几乎就在60天期限届满之后立即执行。

哈桑在袭击过程中被执法人员击中，导致腰部以下瘫痪，目前被关押在堪萨斯州勒文沃思堡（Fort Leavenworth）的死囚牢中。

林肯号航空母舰在长期部署后返回圣迭戈湾

周四，水兵们从林肯号（USS Lincoln）上登岸（见右图）。此次部署包括创纪录的连续265天在海上支持伊朗战争，期间有报道称船员中出现了供应短缺和心理健康恶化的情况。

在圣迭戈湾等待航空母舰抵达的家属们描述道，在听到关于该舰食物短缺和艰苦条件的报道后，他们经常哭泣且失眠。

20,岁的阿贝尔·拉米雷斯（Abel Ramirez）带着灿烂的笑容走下航母，对他第一次部署的结束感到欣喜若狂。“感觉太棒了，”他在寻找从德克萨斯州开车赶来的父母时说道，“曾有一个阶段，我以为我永远无法离开那里。”

由于在伊朗战争任务期间，船员压力大、心理健康状况差，以及包括食物和卫生用品在内的供应短缺，该航母引起了全国关注。

当林肯号滑过圣迭戈市中心的城市景观，向着拿着鲜花和气球欢呼的家属驶去时，数十名水兵站在甲板上。国防部长皮特·赫格塞斯（Pete Hegseth）于周三飞抵林肯号，向全体船员颁发总统单位表彰（Presidential Unit Citation），这是一个单位能获得的最高荣誉。

—美联社

MIKE BLAKE / 路透社

密歇根州参议院竞争对手在辩论中就医疗保健和贸易问题发生冲突

作者：约翰·麦考密克（JOHN McCORMICK）

密歇根州大急流城——民主党人阿卜杜勒·埃尔-赛义德（Abdul El-Sayed）与共和党人迈克·罗杰斯（Mike Rogers）周四晚在密歇根州参议院竞选的首场辩论中，就涉及中东、医疗保健、移民等政策发生了冲突。

在11月中期选举决定参议院控制权的关键州，两名候选人面对面辩论了一个小时。

中东问题

前众议员罗杰斯及共和党人试图利用埃尔-赛义德的穆斯林信仰、与穆斯林团体的联系以及他对以色列的公开批评来制造恐慌。

罗杰斯批评埃尔-赛义德未能更好地纪念本周到来的10月7日哈马斯袭击以色列三周年纪念日。罗杰斯表示：“他甚至无法让自己承认那些痛苦、恐怖主义、强奸和谋杀。”

“我已经谴责过那些行为，”埃尔-赛义德说，“我不会像你刚才那样把它变成一场政治表演。”

当主持人问他认为以色列还是伊朗对美国构成更大威胁时，埃尔-赛义德回答道：“两者都以各自的方式证明了其危险性。一个有攻击我们的风险，另一个则让我们陷入那些我们根本不该参与的战争中。”

移民问题

埃尔-赛义德对美国移民与海关执法局（ICE）的行为提出了批评，包括今年1月在明尼阿波利斯街头导致两名美国公民死亡的事件。

罗杰斯称在明尼苏达州的行为“可能不恰当”，同时暗示政府的执法努力降低了犯罪率。

他说：“这是有记录以来谋杀案减少幅度最大的一次。为什么？因为他们针对的是谋杀犯和强奸犯。”

埃尔-赛义德则表示，ICE一直在“恐吓我们的街道”，而不是进行正当执法。他说：“你不需要像ICE在这个流氓政府的纵容下那样，通过违反整个宪法来执行任务。”

这位民主党人呼吁建立一个“安全可靠的南部边境”，并为“目前处于进退两难境地的民众提供一条获得公民身份的途径”。

医疗保健

民主党人阿卜杜勒·埃尔-赛义德与共和党人迈克·罗杰斯在辩论现场。

埃尔-赛义德标志性的政策主张之一是支持

PAUL SANCYA / PRESS POOL

“全民医疗保险”（Medicare for All），而罗杰斯和共和党人对此持反对意见。在回答主持人的提问时，这位民主党人表示他认为私人保险仍有发挥作用的空间。

他说：“如果家庭想要保留他们的私人医疗保险，我没意见。我想保证这个国家的每一个人都能获得从出生到死亡的覆盖，无需支付保费、共付额或免赔额，且没有网络限制，也不向企业首席执行官每年支付数千万美元。”

罗杰斯多次质疑埃尔-赛义德的医学资质。这位共和党人表示：“他并不是真正的医生，”随后暗示如果他的对手正式治疗病人，将会“入狱”。

埃尔-赛义德自称为医生，但没有公开证据表明他拥有执业医师的经验。他曾学习成为一名医生，但随后转向公共卫生领域，之后进入政坛。

贸易

特朗普总统与加拿大的贸易战在邻近的密歇根州感受尤为深刻。本周早些时候，罗杰斯在针对加拿大的关税问题上与身为共和党人的总统产生了分歧，这是他为了与该政府的经济议程保持距离而采取的最新举措。

“我希望看到协议达成，”罗杰斯表示。“我本周实际上给白宫打了电话，与商务部长讨论了达成协议的事宜。加拿大对美国商品仍征收一些高关税，而且是在这次冲突开始之前就这么做的。这些关税应该被取消。我认为有些关税过高，对我们没有帮助。”

埃尔-赛义德暗示罗杰斯在该问题上立场反复，并呼吁实施与制造业就业挂钩的“聪明关税”，以“保护我们自己的市场”。

辩论结束后，一名记者询问罗杰斯是否会在特朗普的陪同下在密歇根州进行竞选活动。他拒绝直接回答。

在辩论期间，这位共和党人曾表示，“很多人想听总统的发言”。

美国居民兑现奖励：州内居民纷纷致电，试图在截止日期前抢购上方图片所示的巨型银色弹道袋。这是因为，凡是在今日出版物中发现自己邮政编码前 2 位数字的居民，都可以在林肯财政部（Lincoln Treasury）设定的未来 2 天内，以降低的州最低价兑现奖励。

美国邮政编码为居民带来白银

装满国家银条的密封金库袋正实际交付给首批在今日刊物中发现其邮政编码且在2天截止日期前致电领取纯银袋的美国居民

国家白银热线（National Silver Hotline）的接线员正努力应对海量的来电。

这是因为，装满纯度为.999的国家银条的金库银袋，现在正交付给所有在订单截止日期前抢先下单的人。

“这就是为什么美国居民会在截止日期结束前，尽可能多地囤积他们能拿到的所有银条。在林肯金库（Lincoln Treasury）为所有获得金库银袋的人降低了标准国家最低价（State Minimum）之后，这并不令人惊讶，这简直是捡了大便宜，”美国前第40任财政部长（退休）玛丽·艾伦·威思罗（Mary Ellen Withrow）表示。

“作为私立林肯金库的执行顾问，我的职责是传递突破性新闻。而最精彩的部分在于：这对美国居民来说是个绝佳的消息，因为林肯金库设定的降低后的国家最低价简直是捡了大便宜，”威思罗说道。

居民们唯一需要做的是在今日刊物印刷的配送名单中找到其邮政编码的前2位数字。如果其邮政编码在名单上，他们只需在截止日期结束前拨打国家白银热线即可。

而好消息是，只要在截止日期前拨打国家白银热线 1-888-234-5086，参与的居民将获得林肯金库设定的降低后的国家最低价，每个国家白银金库袋仅需$396，这意味着每根纯净的5克银条仅需$39多一点。

电话线路在今天早上8:30准时开通，预计将涌入大量希望利用林肯金库迄今为止设定的降低后的国家最低价来获利的美国居民。这就是为什么在今天配送名单中发现自己邮政编码的美国居民被敦促尽快致电。

由于本特别广告公告无法阻止任何人购买他们能拿到的所有新款2026版美国国家银条，林肯金库并未对居民可获得的巨型白银弹道袋（Jumbo Silver Ballistic Bags）数量设置限制——即顶部图片所示的袋子，每个袋子包含100根独立的金库银条。每个获得这些袋子的人都会庆幸自己的决定。

“想要利用私立林肯金库设定的降低后的国家最低价的居民最好快点。因为在截止日期结束后，林肯金库设定的这些纯净5克美国国家银条的国家最低价将上涨至每根$66，无论人们购买多少根，”威思罗说道。

“我们正全力应对所有来电并尽最大努力，但在截止日期结束前仅剩几个小时，在今日刊物中发现其邮政编码前2位数字的居民需要立即拨打国家白银热线，”威思罗说道。

▲ 白银价格飙升：对于获得每个装有10根5克国家银条的金库银袋的州居民来说，这是一个好消息。因为只要在截止日期前致电，居民即可获得私立林肯金库设定的国家最低价。

谁能获得金库银袋：以下是可领取金库银袋的邮政编码。如果您在下方发现自己邮政编码的前两位数字，请立即致电：1-888-234-5086 部门 SFG115

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阿拉巴马州 35, 36< / td><>佛罗里达州 32, 33, 34< / ><>堪萨斯州 66, 67< / ><>明尼苏达州 55, 56< / ><>新墨西哥州 87, 88< / ><>宾夕法尼亚州 15, 16, 17< / ><>佛蒙特州 05< / >< / tr><><>阿拉斯加州 99< / ><>佐治亚州 30, 31, 39< / ><>肯塔基州 40, 41, 42< / ><>密西西比州 38, 39< / ><>纽约州 00, 10, 11, 12< / ><>18, 19 罗德岛州 02< / ><>弗吉尼亚州 20, 22, 23, 24< / >< / ><><>亚利桑那州 85, 86< / ><>夏威夷州 96< / ><>路易斯安那州 70, 71< / ><>密苏里州 63, 64, 65< / ><>13, 14 北卡罗来纳州 27, 28< / ><>南卡罗来纳州 29< / ><>华盛顿州 98, 99< / >< / ><><>阿肯色州 71, 72< / ><>爱达荷州 83< / ><>缅因州 03, 04< / ><>蒙大拿州 59< / ><>27, 28 北达科他州 58< / ><>南达科他州 57< / ><>西弗吉尼亚州 24, 25, 26< / >< / ><><>加利福尼亚州 91< / ><>伊利诺伊州 60, 61< / ><>马里兰州 20, 21< / ><>内布拉斯加州 68, 69< / ><>俄亥俄州 41, 43, 44, 45< / ><>田纳西州 37, 38< / ><>< / >< / ><><>科罗拉多州 80, 81< / ><>62< / ><>马萨诸塞州 01, 02, 05< / ><>内华达州 88, 89< / ><>俄克拉荷马州 73, 74< / ><>德克萨斯州 75, 76, 77< / ><>< / >< / ><><>康涅狄格州 06< / ><>印第安纳州 46, 47< / ><>密歇根州 01, 02, 05< / ><>新罕布什尔州 03< / ><>俄勒冈州 73, 74< / ><>犹他州 78, 79, 88< / ><>< / >< / ><><>特拉华州 19< / ><>爱荷华州 50, 51, 52< / ><>密歇根州 48, 49< / ><>新泽西州 07, 08< / ><>俄勒冈州 97< / ><>犹他州 84< / ><>< / >< / table>

我一直在拨打，但无法接通：请继续尝试。现在每个人都希望利用林肯国库（Lincoln Treasury）设定的降低后的州最低价来获利。事实上，如果数以千计的居民在截止日期结束前尽可能多地订购银色金库袋（Silver Vault Bags），我们也不会感到惊讶。这是因为林肯国库设定的州最低价已降低至每根 5 克纯银条仅 $39 出头，适用于所有获得金库袋的人员。每袋包含 10 根纯净州银条的银色金库袋仅需 $396. 此外还提供 $198. 的五条装金库袋选项。但那些真正想要获利的人在截止日期结束前选择了包含 100 根州银条的巨型银色弹道袋（Jumbo Silver Ballistic Bags），随后林肯国库设定的州最低价将上涨至每袋 $660。事实上，对于购买巨型袋的人，林肯国库设定的州最低价进一步降低，因此请务必向国家白银热线操作员询问您的折扣。所以，如果线路繁忙，请继续尝试。

银色金库袋价值多少：很难说这些银色金库袋价值多少，因为它们处于纯净状态，但现在参与的人将会庆幸自己的决定。这是因为在截止日期结束后，林肯国库设定的州最低价将上涨至每袋 $660。所以请相信，对于所有在截止日期前抢购的人来说，仅需 $396 的银色金库袋绝对是一笔极划算的交易。

我可以只买一根州银条吗：可以。但是，林肯国库设定的每根仅 $39 出头的降低后州最低价仅适用于购买银色金库袋的居民。这意味着只有订购银色金库袋或巨型银色弹道袋的居民才能享受林肯国库设定的降低后州最低价。所有单根银条购买、在截止日期后下达的订单以及所有非本州居民必须支付每根银条 $66 的正常州最低价。

为什么林肯金库（Lincoln Treasury）设定的州最低价现在如此之低：数千名美国居民可能错过以私营林肯金库设定的优惠州最低价获取白银的截止日期。现在，所有在上述分发名单中找到自己邮政编码的居民，都可以为自己领取白银金库袋（Silver Vault Bags）以及其中包含的所有 .999 纯度实心州银条。截止日期结束后，每个白银金库袋的价格将设定为正常的州最低价 $660，即每根银条 $66。但只要在截止日期前拨打国家白银热线 1-888-234-5086（部门代码 SFG115），在 2 天截止日期前抢先行动的居民只需支付林肯金库设定的优惠州最低价，每个包含 10 根银条的白银金库袋仅需 $396，即每根银条仅 $39 多一点。热线于上午 8:30 开放，或访问 LincolnTreasury.com / Flag 并在结账时输入 SFG115。

*** 以上列出的所有州均有货 - 未列出的州已售罄 ***

.999 州银条照片放大图显示了实心 5 克个性化实心银条的细节，尺寸为 2 英寸高，1.25 英寸宽

条款与条件：请使用支票或无交易费的汇票。所有其他支付方式将收取 3% 的服务费。市场供应的波动可能会导致发货日期延长至 8 周订单履行周期之外，或由林肯金库自行决定进行替代或撤销订单。林肯金库有限责任公司（LINCOLN TREASURY LLC.）不隶属于任何政府机构。林肯金库产品的收藏价值不保证未来价值的任何增长。林肯金库提供铁律退款保证。如果在发货后 30 天内由于任何原因对购买的产品不满意，请退回全部产品及包装以获得退款，但需扣除运费和退货邮资。发货前的订单取消将退还全部金额，包括服务费。已发货订单可获得除服务费外的全部金额退款。林肯金库不对丢失的货物负责。尊敬的玛丽·艾伦·威思罗（MARY ELLEN WITHROW）、美国海军退役上将詹姆斯·G·福戈（ADMIRAL JAMES G. FOGGO, US NAVY (RET.)）以及美国陆军退役准将詹姆斯·摩尔（BRIGADIER GENERAL JAMES MOORE, US ARMY (RET.)）担任林肯金库的执行顾问，并就其咨询和贡献获得报酬。©LINCOLN TREASURY 2026.

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华尔街资深人士现正采购导弹

亿万富翁费因伯格受特朗普委任，旨在加快战争武器的产量

在马里兰州乡村总统度假地大卫营的一次内阁会议结束不久，特朗普总统转向国防部长皮特·海格塞斯（Pete Hegseth）下达指令：“给费因伯格打电话。”

作者：拉拉·塞利格曼（Lara Seligman）、德鲁·菲茨杰拉德（Drew FitzGerald）和马库斯·魏斯格伯（Marcus Weisgerber）

这里提到的费因伯格是指海格塞斯的副手史蒂夫·费因伯格（Steve Feinberg），一位在布朗克斯长大的私募股权亿万富翁。鉴于费因伯格的工作是增加武器储备，特朗普询问他，为什么在武器库存减少引发担忧的情况下，媒体仍在报道美国暂停对伊朗的攻击。

“总统想要更多。部长想要更多。我也想要更多，”费因伯格在去年就职后的首次采访中解释其工作方法时说道。

随着美国在伊朗战争中消耗数千枚导弹，费因伯格正试图加快五角大楼获取新武器的能力。至于此举是否奏效，目前尚无定论。

在过去一年半的时间里，他试图全面改革国防部的武器生产方式，建立了一个直接向其汇报的新采购官僚机构，并投入数十亿美元政府资金，入股供应关键材料、火箭发动机及其他核心部件的公司。

在很大程度上，他依赖的是他在共同创立的投资公司——赛伯勒斯资本管理公司（Cerberus Capital Management）执掌期间所熟悉的那些公司和高管。

费因伯格的一些赌注需要数年时间才能见效，而且国会尚未为其中许多项目提供资金。国防部内部的怀疑者担心，他的华尔街剧本并不适合这个全球最大的军队。

“我们必须解决生产问题，”他说，“我确信我会让错

怀疑者担心他的华尔街剧本并不适用于军队。

……采取行动，好吗？而且我相信当我们犯错时，每个人都会讨论这些错误。但这是尝试做出改变并保持紧迫感的一部分。”

据知情人士及《华尔街日报》审阅的文件显示，这些努力包括：

—在现有政府雇员之外，向企业重组咨询公司 Alvarez & Marsal（Cerberus 的长期合作伙伴）支付 3亿美元。

—聘请约 300 名退休的汽车及其他行业高管，组成一个名为“国防商业运营商”（Business Operators for National Defense）的团体。他们领取每小时 $150-$170 的政府薪资，负责视察军事承包商及其供应商的工厂并提供建议。

—向数据分析公司 Palantir 提供高达 2.44亿美元，用于开发一个名为“战争机器”（War Machine）的平台以提高军事承包商的效率；此外，该部门还就其他工作单独向该公司支付数亿美元。

一些官员私下质疑，为什么应该由五角大楼而非军事承包商来为其中部分工作买单。费恩伯格表示，额外的帮助是为了满足特定需求。

“部门内部严重缺乏有能力的运营商，”他说。“我们的采购团队和部门人员非常出色，但他们不是从事生产运营的人员。”

一些特朗普的盟友批评了费恩伯格与华尔街的联系。其中包括劳拉·卢默（Laura Loomer），她在 8 月表示，“费恩伯格的混乱”将成为特朗普和赫格塞斯的问题，除非他被“管得更严”。近几周，多家媒体报道称白宫官员面试了费恩伯格的潜在继任者，但白宫对此予以否认。

一些特朗普……

费恩伯格表示他没有离开的计划。“我得到了白宫和部门的全力支持，我将全力投入直到任期结束，”他说。白宫发言人安娜·凯利（Anna Kelly）表示：“特朗普总统对赫格塞斯部长的卓越领导下的战争部充满信心。”

五角大楼在发放合同前几个月，先与武器制造商及其供应商达成初步的“框架”协议。

武器类型< / td><>接收方< / ><>框架协议< / ><>供应商协议< / ><>合同行动< / >< / tr><><>爱国者拦截弹< / ><>洛克希德·马丁 (Lockheed Martin)< / ><>< / >< / ><><>萨德 (THAAD) 拦截弹< / ><>洛克希德·马丁 (Lockheed Martin)< / ><>< / >< / ><><>战斧导弹< / ><>RTX< / ><>< / >< / ><><>标准 Missile-3< / ><>RTX< / ><>< / >< / ><><>标准 Missile-6< / ><>RTX< / ><>< / >< / table>

ROSIE ETTENHEIM / WSJ 注：部分合同尚未最终确定，可能会有变动。来源：国防部、相关公司

史蒂夫·费恩伯格，五角大楼 No. 2 人物。上方图片为伊朗战争爆发之初，美国发射战斧导弹。

初步协议

在费因伯格的领导下，五角大楼还达成了十多项初步协议，以促使武器制造商及其供应商加快弹药生产。但由于立法者仍在就政府 $1.5 trillion 国防预算请求的细节进行讨价还价，国会尚未为其中大部分协议提供资金。

右翼美国企业研究所（American Enterprise Institute）的国防工业分析师托德·哈里森（Todd Harrison）将这些初步弹药协议比作“一个达成协议的计划”。他说：“除非你有资金启动项目，否则这一切都毫无意义。”

费因伯格表示，这些多年期协议向国防公司发出了信号，表明五角大楼致力于长期采购其产品。

去年 12 月的一次会议揭示了国会与五角大楼在实际资助费因伯格请求之间存在的巨大分歧。据五角大楼和国会官员透露，他召集立法者前往一个安全会议室，并告诉他们五角大楼迫切需要约 280 亿美元 billion 的额外资金，用于支付购买新导弹的费用。官员们表示，考虑到他们已经完成了当年的拨款法案，立法者和助手们认为费因伯格的请求脱离现实。他们最终增加了约 80 亿美元 billion。

在特朗普从戴维营与他通话后，费因伯格向军事承包商发出了一系列简短的备忘录。其中一份要求快速提交方案，以激增雷达等某些军事技术的生产。另一份则要求承包商开放其会计系统，以便向五角大楼官员提供“价格透明度”；对于规模较小的公司来说，这一要求尤其令人恼火，因为它们认为这给工作增加了更多繁文缛节。随后的一份备忘录减轻了小型公司的这一负担。

费因伯格加强了争取立法者的努力。9 月初，他与众议院拨款委员会主席汤姆·科尔（Tom Cole，共和党，俄克拉荷马州）以及该委员会国防小组委员会主席加利福尼亚州代表肯·卡尔弗特（Ken Calvert）在卡尔弗特的家中共进晚餐，晚餐持续了三个小时。他们一边吃着牛排，抽着雪茄，一边讨论五角大楼的预算。

科尔表示，重点是“坦率地说，试图寻找能让他们获得更多资金的方法”。“这是你需要做的最重要的事情。而且你需要尽快完成。”

费因伯格在接任该职务时计划保持低调。他说，他在二战期间服役的父亲和叔伯们激励他为政府服务。“我成长于一个谦卑、简朴的环境中。我想帮助美国，”他说。

与 Cerberus 的关联

在加入该部门时，费恩伯格将其在 Cerberus 的权益放入了一个为其成年子女设立的不可撤销信托中。包括一些特朗普盟友和民主党人在内的批评人士指出， 的投资组合可能存在潜在的利益冲突，其投资组合涵盖了从高超音速武器到军事物流等依赖美国国家安全支出的公司。该公司还在 2024 年启动了一个专注于国防的风险投资基金。

在 7 月的一封信中，参议员伊丽莎白·沃伦（Elizabeth Warren，马萨诸塞州民主党人）告诉费恩伯格，她对该问题持有“持续的担忧”。

一名五角大楼高级官员表示，原本将进入信托的国家安全投资利润将捐给慈善机构。一名 发言人表示，费恩伯格“在任何方面都没有参与 及其投资组合公司的运营”。

费恩伯格在私营部门时期接触的其他公司也在五角大楼的新举措中发挥着作用。该部门聘请了代表 的律师事务所 McDermott Will & Schulte 来协助谈判部分交易。一些武器制造商聘请了包括费恩伯格曾就职的银行——高盛（Goldman Sachs）在内的顾问，以与政府进行谈判。过去此类谈判通常不涉及华尔街公司。

一名 McDermott 发言人表示，该律所在五角大楼的工作经过美国伦理官员的审查，并且在涉及 关联公司的交易中将回避。一名高盛发言人拒绝置评。

一些五角大楼官员表示，这项工作在一定程度上重复了该部门已经在开展的工作。五角大楼拥有一个独立的内部团队来刺激军备生产，以及另一个拥有数千名政府雇员在承包商工厂工作的办公室。

费恩伯格表示，军事项目经理在部门工作中仍发挥作用，并称五角大楼在上一财年通过“优化”文职人员队伍并采取其他预算削减措施，节省了数十亿美元。费恩伯格说：“我很高兴我们的上司也在施压。我们必须拿出成绩。”

美国赤字逼近 $2 Trillion

FINN GOMEZ / GETTY IMAGES

（接第一页）……中断，让部分医疗保健补贴到期，并降低了食品券的登记人数。

但特朗普总统所期待的关税收入激增并未完全实现，因为最高法院裁定他逾越了法律权限，迫使政府 issuing 退款。而共和党人则通过扩大移民执法支出、延长即将到期的减税政策以及进一步削减税收，增加了赤字。

“他们本可以把情况搞得更糟，而且其中一些人确实想这么做，”前美国国会预算办公室（CBO）主任、现任保守派美国行动论坛（American Action Forum）负责人道格拉斯·霍尔茨-埃金（Douglas Holtz-Eakin）表示。“他们没有取得任何实质性进展，所以我们只是在原地打转。”

在下个月的中期选举到来之际，没有任何一个政党强调削减赤字，且双方都提出了可能增加赤字的构想。共和党人特朗普承诺，如果选民让共和党继续控制国会，将向成年美国公民发放 $5,000 支票，成本将超过 1 万亿美元。他还希望大幅增加军费开支。与此同时，民主党人的竞选主张则是恢复被共和党削减的医疗保健支出。

两党议员都对赤字上升表示哀叹，但他们提供的解决方案截然不同。

“不可持续的趋势”

美国持续巨大的赤字——维持在国内生产总值（GDP）的 6% 左右——在经济低迷和国家紧急状态之外，在历史上是不寻常的。

“在经济增长、失业率低且没有重大紧急情况发生的情况下，运行 $2 trillion 的赤字是一个不可持续的趋势，”两党政策中心（Bipartisan Policy Center）经济政策副总裁沙伊·阿卡巴斯（Shai Akabas）表示。在“情况相对平静时，这不是我们应该做的事情”。

年度赤字已累积成公众持有的债务，该债务正超过 GDP 的 100%，并在几年内向二战后的最高纪录迈进。

二战后，军费开支下降，美国有时会出现年度预算盈余。这推动了债务负担的下降。

而现在，结构性力量正推动赤字和债务走高。政府最大的项目是社会保障和医疗保险（Medicare）。这两项的增长速度快于预算的其他部分，且在选民中都很受欢迎。

政府的利息成本也在攀升，消耗了每 $5 税收中的 $1 以上，且政策制定者无法直接对此采取太多措施。根据 CBO 的数据，去年美国支付的公共债务净利息超过 $1.1 trillion。这一数字比 2025 年的水平增长了 1150 亿美元 billion，即 11%，实际上占到了赤字增加额的一半以上。美国在利息上的支出超过了在国防或医疗保险上的支出。不断上升的利息负担尚未充分体现近期国债收益率上涨的影响，此次上涨已将基准 10 年期国债收益率推至 24 年高点。由于利率变动仅影响旧债到期后发行的新债，因此其传导至预算所需的时间更长。

两党议员都对赤字上升表示哀叹，但他们的处理方式截然不同。

参议院预算委员会主席罗恩·约翰逊（Ron Johnson，共和党，威斯康星州）表示，国会在疫情期间推高了支出，且在削减支出方面做得不够。“我曾训诫我的同事们，但显然被完全忽视了，”他在本周的一次采访中说道。“这是失控的支出，而我们就是拒绝将其削减到合理的水平。”

注：财政年度于 9 月 30 日结束。 2026 财年数据为初步数据。 来源：管理和预算办公室、美国国会预算办公室

前行之路

在选后国会会议期间，共和党人可能会考虑通过一项单一政党的预算法案，以实施军事支出增加。约翰逊表示，他正关注通过改革来减少联邦计划中的欺诈行为。

特朗普政府官员表示，他们将发布一项“财政整合”计划，旨在将赤字降低至财政部长斯科特·贝森特（Scott Bessent）设定的 3% of GDP. 的目标。但特朗普表示，他希望发放 $5,000 支票，而这几乎肯定需要通过增加借贷来支付；此外，他还承诺将阻止削减社会保障或医疗保险福利的尝试。

民主党人则认为，政府应当扭转税收执法力度下降的局面，并提高对企业和高收入家庭的税收。

“目前存在一种针对主要为富人的逃税者的‘免责文化’，而政府并不想去追究，”与民主党结盟的美国进步中心（Center for American Progress）税务政策主任科里·胡萨克（Corey Husak）表示。

众议员布伦丹·博伊尔（Brendan Boyle，民主党，宾夕法尼亚州）表示，赤字已不可持续。如果民主党在下个月的选举中夺回众议院控制权，他很可能将领导预算委员会。

他说：“虽然共和党人在债务问题上完全是伪君子，但这并不能让巨额赤字的问题变得不那么真实。任何严肃的计划都必须包括最终让亿万富翁承担更多负担。”

共和党 2025 年那项“一个宏大且美丽的法案”的部分影响已开始在 2026 财年预算数据中显现。企业税收减少了 $70 亿，或 16%，尽管在 9 月份有所回升。

其他变化，包括削减预计的医疗补助（Medicaid）支出，尚未生效。去年法律的一项变更使得 2025 财年与 2026 财年的对比变得复杂。该法律修改了学生贷款偿还规则，这在 2025 年被计作一次性支出削减 $131 亿。

未来的财政路径将在一定程度上取决于选举结果。目前看来，政府权力分立的可能性较大。这种情况有时会导致两党就财政紧缩达成协议，但有时也会产生一种协议，即各方同意支持对方扩大赤字的计划。

还记得你对学校用品有这种感觉的时候吗？

通过美国志愿者组织（Volunteers of America）的“背包行动®”（Operation Backpack®），今年有超过 59,000 名儿童在准备就绪的状态下开始校园生活。扫描二维码，帮助下一个孩子强势起步。

以色列在加沙的军事足迹扩张

基于卫星图像的以色列军事阵地

随着军队在飞地内筑垒，部队在与哈马斯的分界线沿线加固基地

作者：ANAT PELED

加沙城——在加沙城东缘的一处高地，一名站在推土机旁的军方官员描述了以色列在巴勒斯坦飞地内筑垒的程度。他指出了以色列在该地区 30 多个基地中的两个，其中三分之一是在去年与哈马斯达成停火协议后建立的。

以色列表示，它利用这些前哨阵地来守卫一条与哈马斯控制领土的新分界线，同时其军队在以色列控制的一侧清理隧道——以色列称这项工作已接近完成。

军方官员表示，在此过程中，以色列基本上拆除了部队遇到的所有建筑。在最近的一次访问中，《华尔街日报》在分界线的以色列一侧没有看到任何残留的建筑。

根据该官员的说法以及对卫星图像的分析，这些俯瞰着一片废墟的加固前哨阵地，通常位于所谓“黄线”（Yellow Line）以色列一侧的高地上，这条线是将以色列控制领土与加沙其余地区分开的边界。

“在黄线那边，你可以看到还矗立着的建筑，”这名军方官员在舒贾伊耶（Shuja'iyya）的沙质废墟中说道，该街区在战争期间经历了多轮战斗。

以色列不允许记者自行进入加沙，称环境不安全。由军方严密控制的随军报道是国际记者进入该飞地的唯一途径。《华尔街日报》在 10 月初进行了此类随军报道。许多新闻机构批评了以色列关于国际记者进入加沙的准入政策，并主张获得独立进入的权限。

2025 年 10 月停火后建立

以色列官员表示，军事前哨阵地和夷平区域旨在加强以色列的防御，以应对 2023 年 10 月 7 日由哈马斯领导的对以色列袭击，此次袭击导致约 1,200 人死亡，约 250 人被劫持至加沙。

在袭击期间，武装分子攻占了边境附近的平民社区和前线基地，包括一个由非武装女性观察员驻守的前哨阵地以及士兵被杀的埃雷兹口岸（Erez Crossing）。官员们表示，以色列决定需要更宽的缓冲区和加强的军事存在，以保护平民社区和士兵。

军方表示，建筑物可能会掩盖隧道入口或被武装分子利用。士兵带领《华尔街日报》参观了舒贾伊耶郊区的一条庞大隧道，他们称该隧道是在八个月前发现的。另外两名军方官员表示，以色列已经摧毁了黄线其一侧几乎所有的隧道。

2025 年 10 月前已存在

来源：Jake Godin / Bellingcat（阵地基于 9 月至 10 月的 Skysat 图像）；联合国人道主义事务协调办公室（黄线）；以色列测绘局 (SOI) / GovMap（航空图像，2025 年）

DANIEL KISS / WSJ

加沙饱受战争蹂躏的舒贾伊耶街区郊区。

“黄线是一条新的边界线——作为我们社区的前沿防御线和行动活动线，”以色列国防军总参谋长埃亚尔·扎米尔（Eyal Zamir）在 12 月表示。

据以色列总理本雅明·内塔尼亚胡称，随着黄线的前移，以色列对加沙的控制范围已从去年作为特朗普总统和平计划一部分所拟定协议条款中的 $53 扩大到约 $70。

根据调查联盟 Bellingcat 高级研究员杰克·戈丁（Jake Godin）的分析，在加沙运行的 32 个以色列前哨站可通过卫星图像可见。这些防御工事沿“黄线”分布，距离加沙与以色列边境线内部大约 1 到 3 英里。

以色列政府的制图机构上个月曾在互联网上短暂发布了 2025 年加沙北部的未经模糊处理的高分辨率图像，显示了多个以色列军事前哨站。随后，这些图像已被以色列政府模糊处理。

戈丁表示，前哨站的建设需要数月时间，且采用类似的矩形布局。大多数前哨站都铺设了路面，可能是为了方便军用车辆通行。站内设有供士兵睡眠、用餐和工作的临时建筑，附近还设有通信塔。

军方官员和分析人士表示，这些前哨站主要用于日常安全任务，属于战术性而非永久性设施。

“所有这些基地的建设方式，反映了一个令人悲哀的事实，即以色列实际上没有任何战略，”前以色列军事情报官员迈克尔·米尔斯坦（Michael Milshtein）表示。“如果你想永远留在那儿，或者有任何其他想法，你不会建设这样的站点。”

以色列总理办公室未回应置评请求。

根据特朗普计划的第二阶段，随着哈马斯解除武装并将控制权移交给民政当局和国际安全部队，以色列军队本应逐步从其阵地撤出。但在协议公布一年后，所有这些环节都陷入了停滞。

哈马斯表示愿意解除武装，但在条款上与以色列存在分歧。该武装组织继续在这一飞地行使权威。一个由巴勒斯坦技术官僚组成的委员会至今尚未进入加沙，而国际稳定部队则缺乏兵员，且在其授权方面尚未达成一致。加沙重建的资金依然处于停滞状态。

知情人士表示，在定于 10 月 27 日举行的以色列选举之前，预计不会有任何进展。内塔尼亚胡的政党正处于一场艰苦的战斗中。利库德集团的极右翼联盟伙伴反对加沙和平协议的条款。内塔尼亚胡则表示，以色列拒绝这些条款。

美国政府在承认以色列安全顾虑的同时，一直向内塔尼亚胡施压，要求其推进和平计划。

以色列军队继续在加沙发动袭击。许多目标被以色列称为参与 10 月 7 日袭击的武装分子。

加沙卫生部门报告称，自特朗普促成的停火协议于一年前生效以来，已有 1,400 多名巴勒斯坦人死亡，但未说明其中战斗人员的人数。

以色列与该飞地的历史表明，当情况发生变化时，它也可以放弃在加沙建立的军事前哨站。米尔斯坦表示，2005 年以色列单方面从该领土撤出时，军方放弃了旨在保护加沙境内以色列定居点的更坚固的基地。

以色列还放弃了位于内察里姆走廊（Netzarim corridor）这一广阔军事区域内的设施，该走廊在 2025 年停火前将加沙北部和南部分隔开。

“根据我所看到的，他们可以很轻易地直接放弃这些前哨站，”戈丁说。“他们为了建设这些前哨站摧毁了许多建筑，这是无法挽回的，但他们可以轻易地将这些巨大的土堤留在原地。”

观看视频

扫描此代码以查看《华尔街日报》记者阿纳特·佩莱德（Anat Peled）在加沙内部的报道。

胡塞武装与伊朗造成沉重打击

（接第一页）

这些有限的军事行动可能会推高油价，并在中期选举前给特朗普总统带来压力，同时又未至于引发另一次全面的军事对抗。

美国官员认为，推迟决定是否恢复对伊朗的军事行动，将增加德黑兰做出重大让步（包括在其核计划方面）的压力。

“伊朗显然在增加压力，而华盛顿则在强化其言论和军事姿态，但双方都尚未放弃外交手段，”伦敦国王学院安全研究学院的高级讲师安德烈亚斯·克里格（Andreas Krieg）表示。“这正是目前局势如此危险的原因。双方都在试图改善自己的议价地位，而距离一场规模大得多的战争仅一步之遥，只要发生一次严重的事件即可触发。”

此次冲突凸显了该地区的波动性，以及共和党人特朗普在至少到下个月美国中期选举之前，在控制该地区冲突方面所面临的困难。

特朗普周四表示，美国在选举前不会攻击伊朗，并称与德黑兰的谈判具有“成效”。

“在中期选举之前的任何时间，我们都不会攻击伊朗，”特朗普在 Truth Social 的一篇帖子中写道。

他还拒绝了沙特阿拉伯请求美国直接提供军事援助以对抗胡塞武装的要求，不过五角大楼正在提供情报和其他支持。

尽管总统发表了上述言论，油价依然上涨。国际基准布伦特原油结算价为每桶 $104.27，上涨 4.1%；美国基准 WTI 原油上涨 4.1%，至每桶 $91.87。飙升的能源价格给股市和国债收益率带来了压力。

石油生产商越来越依赖受美国保护的油轮运输、在霍尔木兹海峡外的船对船转移，以及完全绕过该海峡的管道。

德黑兰旨在增加对美国的压力，以达成外交协议。

沙特阿拉伯在修复 9 月袭击导致的部分东西管道损坏后，已恢复其波斯湾和红海沿岸的出口。

胡塞武装由德黑兰提供武装和训练，但他们针对沙特城市和石油设施不断升级的袭击表明，他们比其伊朗支持者更加鲁莽。

在利雅得发起旨在夺回胡塞武装在也门控制区的行动后，胡塞武装加强了在沙特境内的袭击。该行动威胁到了通过曼德海峡（进入红海的高度繁忙门户）的沙特航运交通。

为了应对沙特领导的反攻，胡塞武装的远程袭击已升级为日常事件，袭击目标位于利雅得，该地距离也门的战场向北 500 多英里。

胡塞武装周四表示，沙特飞机在胡塞武装控制区发动了多次空袭，包括针对也门首都萨那的电信网络、荷台达机场以及伊比市的袭击，造成多人伤亡。

胡塞武装领导人阿卜杜勒-马利克·胡塞（Abdul Malik al-Houthi）在周四的一次电视演讲中表示：“针对沙特目标的火力没有停止，警告和袭击将继续升级。”他表示，“沙特政权无法实现其控制也门的 objectives（目标）”。

在周四对利雅得哈立德国王国际机场的最新袭击中，至少有两架飞机被击中。一枚被拦截的弹道导弹掉落的碎片击中了一所幼儿园和一个医疗诊所综合体，而该市金融区的工作人员、部分国际学校的学生以及外交官被要求撤离或寻求掩护。

全市居民表示，他们周四早上听到了至少五声巨大的爆炸声，但手机没有收到来自当局的任何警报或警告。

下午，利雅得机场处理国内航班的 4 号航站楼的一架空商业飞机被击中，数十架入境航班被取消或分流。

一位与几所学校家长交流的母亲表示，几所国际学校的外籍学生在下午部分时间被安置在无窗房间内避难，情绪十分不安。

胡塞武装军事发言人叶海亚·萨雷（Yahya Sare'e）在单独的声明中表示，机场遭到一枚弹道导弹和两枚巡航导弹的袭击。

沙特领导的军事联盟表示，周四击落了两枚弹道导弹。

这已经是该机场自周二以来至少第三次成为目标。周二，胡塞武装官员誓言将对沙特领导的联盟针对其在也门部队的空袭和导弹袭击做出回应。

胡塞武装多次警告“所有使用沙特领空的国际航空公司”停止飞行，但飞往伊斯兰圣城麦加和麦地那的航班除外。

欧盟航空安全局已警告航空公司，“反复发生的导弹和无人机袭击，以及防空系统的启动，增加了民航飞机被误认的风险。”

自周二以来，沙特官员一直在向公众发布新警告，称拍摄并分享无人机和导弹袭击或拦截图像的行为可能会面临法律指控。

世界观察

水上之烟：周四，随着野火逼近巴西马瑙斯，船只在内格罗河桥附近航行。

英国

两名拉脱维亚人因潜入基地被捕

英国反恐警察正在审讯两名拉脱维亚男子，此前他们潜入了一座被美国军方和北约部队用作情报枢纽的英国军事基地。

这是几周内涉及英国基地的第二起事件，此前在皇家空军费尔菲尔德基地（RAF Fairfield）外，已有五名男子因涉嫌策划恐怖袭击被捕。

警方表示，周三凌晨，剑桥郡皇家空军莫尔斯沃思基地（RAF Molesworth）的一支安保巡逻队发现了一辆被遗弃的车辆，随后在基地内逮捕了两名拉脱维亚男子，年龄分别为 36 岁和 32 岁。

皇家空军莫尔斯沃思基地是美国欧洲司令部、美国非洲司令部以及北约情报融合中心的情报枢纽，该中心负责协调北约的军事行动。该基地不发射也不存放飞机。

—Max Colchester

加拿大

诗人获诺贝尔文学奖

加拿大诗人安妮·卡森（Anne Carson）被授予诺贝尔文学奖，以表彰其“大胆且富有创造力的作品，在与古典传统的俏皮对话中，为当代文学创造了新形式”。

诺贝尔委员会赞扬了卡森将古典学术、抒情诗和前卫翻译相结合的独特风格。她的作品经常通过个人且当代女性主义的视角，重新构思古希腊神话和哲学。

卡森 1950 年出生于多伦多，曾在多伦多大学接受古典学训练，随后将这一专业知识转化为职业生涯，将诗歌创作与翻译工作以及在多所大学和机构的教学相结合。

卡森最著名的作品包括跨类型的书籍，如《红色的自传》（Autobiography of Red），这是一部重新诠释古希腊诗人斯泰西科罗斯（Stesichorus）作品的酷儿成长故事。 —Gareth Vipers

MARIA SENOVILLA / 在俄罗斯导弹袭击后，乌克兰东部城市克拉马托尔斯克的一处公交车站附近仍有一具被覆盖的尸体。

俄罗斯袭击乌克兰巴士造成至少30人死亡

滑翔炸弹袭击东部城市，平民迎来血腥一周

作者：ANASTASIIA MALENKO

基辅——周四，俄罗斯的一次空袭击中了东部城市克拉马托尔斯克的两辆巴士，造成至少30人死亡。这是莫斯科升级对乌克兰轰炸的最新一次袭击。

两辆巴士当时位于克拉马托尔斯克的一个巴士站附近，随后被一枚俄罗斯滑翔炸弹（一种通过尾翼引导至目标的重型空投炸弹）击中。照片和视频显示，两辆巴士都被摧毁成焦黑扭曲的金属碎片，乘客和其他旁观者的尸体散落各处。

官员表示，至少另有20人受伤。

莫斯科一直在升级对乌克兰城市的空袭。周三，一次针对乌克兰北部一座公寓楼的巡航导弹袭击造成22人死亡，其中包括五名儿童。今年的这场攻势已导致数千名平民伤亡。

由于美伊战争导致全球短缺，乌克兰缺乏“爱国者”拦截导弹，在防御弹道导弹方面陷入苦战，而俄罗斯的喷气式无人机也造成了破坏。由俄罗斯战机投放在前线附近区域的滑翔炸弹尤其难以防御。

克拉马托尔斯克是东部顿涅茨克地区最后几个由乌克兰控制的主要城市之一，随着俄罗斯试图征服该地区，该市正面临日益严重的轰炸。莫斯科的军队今年在战场上的推进十分艰难，但其无人机、导弹和滑翔炸弹使前线附近的平民生活变得更加艰难。

乌克兰总统弗拉基米尔·泽连斯基周四在X上写道：“俄罗斯正试图摧毁顿巴斯地区的所有生命。”

袭击发生后，克拉马托尔斯克及附近斯洛维扬斯克的公共交通已停止运行。

地区州长瓦迪姆·菲拉什金（Vadym Filashkin）在即时通讯应用Telegram上表示：“俄罗斯人是在蓄意针对平民。对他们来说，一辆满载乘客的巴士是一个极具吸引力的目标，正是因为一次袭击就能尽可能多地杀死人们。”

俄罗斯国防部未回应置评请求。

官员表示，在俄罗斯2022年入侵之前，克拉马托尔斯克的人口接近150,000人，目前已有超过80%的人口离开该市，且每天仍有数百人离开。该市的主要街道大多覆盖着反无人机网，但这些网无法防御重型滑翔炸弹。

法国极左翼市长站在学生抗议活动前线

作者：马修·道尔顿（MATTHEW DALTON）

巴黎——本周，当法国防暴警察向一群学生抗议者逼近时，巴黎一个工人阶级郊区的市长巴利·巴加约科（Bally Bagayoko）跳到这些高中生面前，充当起人体盾牌。

根据一段在网上疯传的对峙视频，巴加约科向警察大喊：“停止！后退！”他伸开双臂，身体向后倚靠在学生们身上。

这位 53 岁的市长多次涉足本月席卷法国学校的学生抗议活动前线，成为了该运动的英雄，同时也成为了批评者的攻击目标。这位位于巴黎正北方向的圣但尼（Saint-Denis）极左翼市长上周被学生抗议者抬在肩上穿过街道，人群中高喊着“巴利！巴利！”

这种关注使巴加约科成为了“不屈法国”（France Unbowed）党的重要人物。该极左翼政党由梅朗雄（Jean-Luc Mélenchon）领导，在明年春季总统大选前的民调中排名上升。然而，中间派和右翼政治人物表示，巴加约科正在煽动一场制造混乱的运动，抗议者封锁了许多学校，甚至纵火焚烧部分学校。

总理勒科尔纽（Sébastien Lecornu）指责“不屈法国”党是此次抗议活动的幕后推手。此后，情报部门表示，该运动最初是自发开始的，随后被暴力的反体制抗议者渗透，最后被巴加约科和其他极左翼成员所接纳。

尽管如此，巴加约科上周似乎暗示，如果抗议者遭到警察攻击，那么采取暴力行为是可以接受的。

这促使巴黎警方请求检察官对巴加约科涉嫌煽动行为展开调查。巴加约科未回应置评请求。

周四，数万名学生再次举行抗议，包括在巴士底广场（Place de la Bastille）的大规模聚集，这里曾是法国大革命期间被攻占并拆除的监狱所在地。在其他事件中，抗议者在斯特拉斯堡（Strasbourg）焚烧了一辆警车，在拉罗谢尔（La Rochelle）袭击了一座警察局，并在圣艾蒂安（Saint-Etienne）摧毁了一家学校食堂。

巴加约科呼吁总统埃马纽埃尔·马克龙（Emmanuel Macron）向在抗议中受伤学生的家属道歉。

法国教育主要由中央政府资助。广泛的学生不满情绪驱动了此次抗议。学生们表示，教师经常缺勤，学校设施状况糟糕，且上课时间过长。他们希望改革法国的大学录取制度，并改善学校食堂的伙食。

市长巴利·巴加约科

巴加约科是来自马里的移民之子，被认为是“不屈法国”党的一颗冉冉升起的新星。本周，他为自己在抗议活动中的角色辩护，称他担心警察可能会伤害学生。

“他们克制了，因为我是一个公众人物，”巴加约科说道。

中国正采取半吊子措施修复经济

作者：卡特里娜·诺斯罗普（KATRINA NORTHROP）

尽管中国在人工智能到太空等领域的技术进步令世界惊叹，但其经济的大部分领域却处于低迷状态。崩盘的房地产市场尚未见底，大批大学毕业生无法找到工作，企业则在苦苦挣扎以实现盈利。

但一些经济学家表示，北京方面并没有动用强力手段来处理这些根深蒂固的问题，而大多采取的是半吊子措施。这表明中国的经济困境是多么难以解决，以及领导人习近平在应对这些问题时面临的结构性挑战。

在过去一个月里，北京推出了一系列零星措施，包括房贷补贴、为国有银行注入新资金以及一些新的基础设施投资。一些经济学家表示，这种零敲碎打的方法可能有助于中国实现今年较低的增长目标，但远远不够。

“这不是‘大杀器’（big bazooka），”汇丰银行（HSBC）首席亚洲经济学家弗雷德里克·诺伊曼（Frederic Neumann）表示。他认为，政府这些“边际”措施只能产生渐进性的影响。

即便国内经济萎靡不振，习近平仍寻求推动中国在尖端技术领域获得全球领先地位。这

第二季度国内生产总值较去年同期增长

反映出他专注于使中国能够抵御西方压力，并向中国人民传递了一个信号：为了服务于更宏大的国家目标，有时必须忍受经济上的艰辛。

问题正变得日益紧迫。中国第二季度的国内生产总值（GDP）较去年同期增长 $4.3\%$，为三年多来最慢增速，且略低于北京设定的今年 $4.5\%$ 至 $5\%$ 的目标。

增长的大部分来自出口，特别是支撑全球人工智能热潮的芯片和技术设备。根据凯投宏观（Capital Economics）的数据，用于人工智能领域的电子制造业驱动了今年下半年该国季度环比增长的一半以上，这使得中国的增长高度依赖于持续的技术繁荣。

北京正试图做出回应。随着该国史诗级的房地产崩盘进入第六年，北京刚刚开始为首次购房者提供房贷补贴，以降低购房成本。中央政府直接为该政策提供资金，专家称这一决定反映出北京在支撑房地产市场方面的紧迫感。

但该政策的范围很小。1 个百分点的房贷补贴将执行一年，且仅适用于面积小于 1,300 平方英尺且价值低于 $223,000. 的房屋。根据摩根士丹利（Morgan Stanley）的估计，这将仅覆盖总交易量的 16% 和新房销售额的 12%。

“这非常有限，”咨询公司欧亚集团（Eurasia Group）中国区主任王丹（Dan Wang）表示。她补充说，这种小幅折扣“不像是对房贷的终身支持”。

王丹补充道，如果政府愿意采取更大胆的行动，可以取消价格底线以让市场见底。但这将使房主面临巨大的波动，而这是北京不愿承担的政治和社会风险。“他们只是不希望价格调整得过于剧烈——他们希望控制下跌，”她说。

上周，官员们采取措施提升基础设施投资——这种支出在中国的高速增长年代曾创造了巨大的增长。央行降低了一项名为“定向补充贷款”工具的利率，该工具用于支持政府支持的项目。他们还扩大了该计划，将资金引导至电网、通信和物流等领域。

巴克莱银行（Barclays）的分析师上周写道，综合来看，这些举措是“一次轻推，而非游戏规则的改变者”，且规模远小于 2024 年 9 月的刺激方案。

这些措施是在北京于9月初推动支撑国有银行之后采取的，当时北京宣布向八家最大的银行和保险公司注入540 亿美元 billion资金。在此之前，去年已注入超过700 亿美元 billion。

中国的金融机构正面临日益严重的困境：北京指示银行向房地产和地方政府融资平台等陷入困境的部门提供贷款，而这些部门的收入已因房地产崩盘而大幅缩减。

这种压力体现在中国银行不断下降的净息差上——即贷款收益与存款支出之间的差额。

Seafarer Capital Partners的中国研究主管尼古拉斯·博斯特（Nicholas Borst）表示，9月份的资金注入规模太小，不足以解决该问题。博斯特认为，北京并没有选择一次性承认大量坏账并处理随之而来的财务后果，而是选择了“延期并假装没事”。

尽管困难重重，中国官员仍表现出信心。在上周庆祝中国国庆节的演讲中，习近平表示，国家经济“在压力增加的情况下继续取得进展”，并承诺将“改善人民生活，完成年度设定的目标和任务”。

在西班牙，一名被驱逐妇女去世后，悲痛与政治交织

DSCAR DEL POZO / 周四，抗议者向 87 岁的养老金领取者玛丽亚·德尔·卡门·阿巴斯卡尔（María del Carmen Abascal）致敬，她的被驱逐事件引发了西班牙全国范围内针对住房危机的抗议以及一场政治辩论。

作者：MARGHERITA STANCATI 和 MARCOS GARCÍA REY

马德里——在当地被称为马里卡门（Maricarmen）的一名 87 岁妇女去世数小时后，围绕其遗产的政治角力便开始了。

玛丽亚·德尔·卡门·阿巴斯卡尔在被驱逐出居住数十年的公寓两周后，在一家医院去世。她被担架抬走的电视画面引发了针对住房危机的抗议。

阿巴斯卡尔已成为解决西班牙住房市场问题的斗争象征——这是选民在 11 月 29 日选举前最关注的问题。在西班牙总理佩德罗·桑切斯（Pedro Sánchez）宣布选举几天后的周三，她的去世使她成为了一个政治殉道者。

随着悲痛转化为愤怒，问题在于哪位候选人最能说服选民，让他们相信自己能够防止阿巴斯卡尔的遭遇再次发生。各政治光谱的政治人物迅速对她的去世发表看法。

桑切斯向“今天将这一损失视为自身损失的每一个人发送了一个拥抱”。

“马里卡门不是死掉的，她是被那些想要夺走她房子的‘秃鹫’、司法系统以及允许这种情况发生的行政部门谋杀的，”极左翼波多莫斯党（Podemos）领导人伊奥内·贝拉拉（Ione Belarra）说道，她使用了一个针对房地产和投资公司的代称。

极右翼 Vox 党在其 X 账号上表示：“他们杀死了马里卡门。他们利用一名老人的痛苦来策划一场掩盖政府在住房灾难中应负责任的运动。”该党将住房危机归咎于桑切斯任期内移民的涌入。

民意调查显示，左翼的桑切斯在面对保守派人民党时正走向选举失败，如果人民党获胜，可能会与 Vox 党组成联合政府。桑切斯及其盟友将住房视为一个社会公正问题，认为这可能会扭转他们的局面。

政治分析师、前欧洲议会中间派议员贝亚特丽斯·贝塞拉（Beatriz Becerra）表示，阿巴斯卡尔的故事可能会成为竞选的核心。“对马里卡门最好的致敬，就是确保在竞选结束之后，导致她被驱逐的条件能够发生改变。”

住房问题直到最近才成为主要议题。西班牙国家运行的社会研究中心最近的一项民调显示，现在近 $90\%$ 的西班牙人认为这是一个政治优先事项。

西班牙央行表示，西班牙短缺超过 700,000 套住房。移民、旅游业和城市集中化推高了需求。官僚程序的延迟、建筑法规以及城市的租金管制限制了供应，导致房价和租金飙升。

本周，政府出台了旨在解决危机的措施，包括延长驱逐禁令，并为租客和小房东提供税收优惠。

自由意志主义智库胡安·德·马里亚纳研究所（Juan de Mariana Institute）的经济分析师迭戈·桑切斯·德·拉·克鲁斯（Diego Sánchez de la Cruz）表示，执政超过八年的桑切斯本可以更早地采取更多措施来应对危机。

“当你看到一名 87 岁的老人被赶出家门时，$99.9\%$ 的人都会产生负面反应……但这个案例更复杂，”她说道。“我们不应该把一个人踢到大街上。但你不能将这种成本……强加给业主。”

阿巴斯卡尔被驱逐后引发了大规模抗议。在公众压力下，房东同意在她出院后让她以低租金返回。但在她再次踏入房门之前，她去世了。

2025年6月11日

拯救公用电话的竞赛

（接第一页）数字化世界。

现金是人们的最爱。有些人则偏好金币。中国人民解放军曾尝试使用信鸽，以便在发生灾难性通信中断时，从前线传递派遣指令。

公共电话亭也正获得更多关注，特别是那些在风暴导致电线和手机网络瘫痪时仍能工作的旧式铜线电话。

某些电话亭比大多数电话亭更具生存能力。

在苏格兰东北海岸的彭南（Pennan），这里有一个红色电话亭，在电影《当地英雄》（Local Hero）中，石油公司高管麦克·麦金泰尔（Mac Macintyre）在沉溺于乡村生活的魅力之前，曾在这里艰难地尝试联系休斯顿的总公司。如今，一日游的游客仍会来到这里拨打电话。

另一个吸引点是英格兰北部彭里斯（Penrith）附近的一个公用电话，在邪典经典电影《我和威特内尔》（Withnail and I）中，主角就在这里对着他的经纪人大发雷霆，要求一份演艺工作。

其他一些电话亭则需要更多帮助才能免于被拆除，就像那些随着手机普及而消失的数千个电话亭一样。一支“电话搜寻者”大军已经集结，他们分享目击记录、坐标以及关于这些电话是否真正可用的信息。

90岁的德里克·哈里斯（Derek Harris）发起了一场拯救英格兰沙林顿（Sharrington）当地电话亭的活动。“我不能眼睁睁看着它被拆掉，”他今年早些时候告诉英国广播公司（BBC），并表示对于一个深受手机信号差之苦的农村社区来说，这是至关重要的通信手段。

哈里斯组织了大约50人进行集体拨号，轻松超过了英国电话监管机构设定的52次通话阈值。

一些被拆除的电话亭被重新利用为微型图书馆或咖啡亭。诺里奇（Norwich）的一个电话亭则被经营成一家微型酒类商店。

在阿诺德（Arnold）看来，它们虽然外观漂亮，但感觉很空洞。“如果没有工作的电话线，我觉得它失去了一部分灵魂。”

阿诺德最初产生寻找孤立且脆弱的电话亭的冲动，是在苏格兰外赫布里底群岛的一次徒步度假期间。当时他的iPhone快没电了，他想给女朋友打电话告诉她自己在哪里。当一个电话亭出现在视野中时，他以为自己获救了，结果却发现它已经无法工作。

后来，阿诺德从康沃尔郡的利扎德角（Lizard Point）步行26英里回到他位于法尔茅斯（Falmouth）的家中，在途中每发现一个可用的电话亭就拨打至少一次电话，为撒玛利亚会（Samaritans）筹集资金。

次年，他前往苏格兰，这次是为了拍摄马尔岛（Isle of Mull）上所有幸存的电话亭。在21个电话亭中，只有5个可以工作。

今年，阿诺德的探索再次将他带到苏格兰。苏格兰拥有英国约三分之一的陆地面积，但人口不足十分之一。这次旅行在网上走红。很快，人们开始发送自己拨打电话的照片，或者向他请教如何追踪其他脆弱的电话亭。

然而，时间在流逝。运营这些电话亭的电信公司BT已宣布计划在明年退役其铜线网络。根据具体位置的不同，它可能会提供蜂窝网络或其他数字系统以维持其运行，就像澳大利亚的Telstra公司那样。Telstra最近为新南威尔士州纳鲁马（Narooma）的一个电话亭争取到了文化遗产地位，在2019年猛烈的山火导致电线和手机网络瘫痪时，该电话亭让当地人能够与外界保持联系。

回到彭南，零星的人们沿着从山顶而下的陡峭蜿蜒小径跋涉，看看《当地英雄》中的那个公用电话是否还能工作，或许再拨打一两个电话。

退休夫妇汤姆·比蒂（Tom Beattie）和玛格丽特·比蒂（Margaret Beattie）在儿子卡勒姆（Calum）的驾驶下，从苏格兰与英格兰的边境地带赶来。

“我们以前从未来过这里，所以这也许是我们最后的机会了，”汤姆·比蒂（Tom Beattie）说道。他正和他们的边境梗犬安妮（Annie）坐在长椅上，而他的妻子则在用那部公用电话给她的姐姐打电话。“这是她最喜欢的电影。”

在附近，法国徒步旅行者西奥·莫林（Theo Morin）正欣赏着风景。“这里比我想象的更荒野，”他说，此时他的伴侣正在钱包里翻找硬币。“我们看过关于那个打所有电话的家伙的故事。”

接着轮到我重新发现拨通电话后的嗡嗡声是什么样的。“啊，我晚餐可能回不去家了……”

吉尔福伊尔索要 $100,000

接第一页，其游说者陪同她前往巴尔干半岛各国政府进行会谈。

吉尔福伊尔的律师杰西·宾纳尔（Jesse Binnall）表示，大使对这些信息的真实性提出质疑，但拒绝提供具体细节。他表示，她在被提名之前曾受雇在活动中发表演讲，并且“在前往并支持这些爱国活动方面仍有余额款项未结”。德特斯（Deters）则表示，他并不欠吉尔福伊尔任何余额。

一名美国大使馆官员表示：“吉尔福伊尔在公共服务领域内外的事业都由深厚且持久的价值观引导。她经过了跨党派的参议院外交关系委员会的全面审查，并得到了美国参议院的确认。大使将继续致力于以奉献精神和正直态度代表美国人民。”

在周三于雅典举行的新闻发布会上，国务卿马尔科·鲁比奥（Marco Rubio）赞扬了坐在他讲台前的吉尔福伊尔。他说：“简单来说，我们的大使馆工作做得非常出色。我们的大使一直是一位强有力的大使。”

德特斯是一位 63 岁的律师，曾是一家区域性餐厅连锁店 Snappy Tomato Pizza 的共同所有者，他曾尝试竞选国会议员和州长但均未成功。他在一系列采访中表示，吉尔福伊尔缺乏成果，这让他对特朗普政府感到失望，尽管他大部分时间支持该政府的政策。

德特斯说，吉尔福伊尔告诉他，如果他能筹到那笔美国运通（Amex）的资金，“我将永远成为你支持特朗普的生死之交”。但他说，“她从未在任何事情上兑现承诺”。

早间广播

作为俄亥俄州的一名早间 AM 广播主持人，德特斯（Deters）为特朗普运动贡献了自己的声音，助力这位 2016 年的局外人竞选。他喜欢说自己是“今天支持特朗普，明天支持特朗普，永远支持特朗普”。

德特斯在当地媒体中被昵称为“法庭斗牛犬”，他本人也面临过法律问题。2020 年，他在社交媒体上威胁要烧掉俄亥俄州汉密尔顿县的一座法院，随后被禁止进入该法院。

（从左上角起顺时针方向：TIMOTHY D. EASLEY / AP；NATHAN HOWARD / BLOOMBERG NEWS） 我很享受我们昨天的谈话。埃里克·德特斯咨询公司（Eric Deters Consulting Company Inc.）希望在您被确认任命为希腊大使之前继续与您保持关系。我认为在您就任新职前，我们欠您 $50,000，并希望在您获得确认前聘请您。我建议的付款计划是 7 月 1 日支付 $20,000，8 月 1 日支付 $30,000。我们感谢您愿意在您具有独特资格协助我们的问题上为我们提供见解和指导。

右图为美国驻希腊大使金伯利·吉尔福伊尔（Kimberly Guilfoyle）。上图为埃里克·德特斯在一次州长辩论会上的样子，以及他写给吉尔福伊尔的一份备忘录。

肯塔基州律师协会曾两次暂停他的执业资格，理由是其采取激进的诉讼策略、在法庭程序中作虚假陈述以及提交轻率的申诉。

当肯塔基州最高法院在考虑是否恢复其律师资格时，德特斯谴责该协会的成员是“人类排泄物的笑话”。

埃里克，我真的希望你能停止把这些东西写成文件。这真的很危险，而且对你我都没有帮助，你完全可以直接在 Signal 上给我打电话。59m

首席大法官在 2021 年的一项不予恢复其资格的裁决中写道：“德特斯的法律执业不受宪法、法治或程序的约束。这是无政府状态。”

“这些由大律所（Big Law）制定用来伤害像我这样的人的规则——去他们的，”德特斯告诉《华尔街日报》，并表示他已从律师职业中退休。“我是一个法律法外之徒。”

德特斯表示，他与吉尔福伊尔的往来始于 2020 年，当时他为了应对新冠肺炎（Covid-19）的医疗强制令，在肯塔基州发起了一场名为“自由节”（Freedom Fest）的活动。他说，在接下来的几年里，他支付了 $300,000 聘请她在那里演讲，并补充说他还向小特朗普（Trump Jr.）支付了 $200,000 的演讲费，向埃里克·特朗普（Eric Trump）支付了 $100,000。根据美国联邦选举委员会（FEC）的记录，他在 2022 年向一个支持总统的政治行动委员会捐赠了 $125,000。

在特朗普赢得 2024 年大选后，德特斯表示他开始在几件对他至关重要的事务上寻求吉尔福伊尔的帮助：他希望美国司法部（DOJ）寻求引渡阿布巴卡尔·阿提克·杜拉尼（Abubakar Atiq Durrani），这名俄亥俄州医生在被指控通过进行不必要的脊柱手术（包括对儿童的手术）欺诈保险公司后逃往巴基斯坦。此外，他希望与即将上任的美国国税局（IRS）局长比利·隆（Billy Long）交谈，以讨论一项针对其税收抵免的调查。

德特斯称自己正在为数百名起诉杜拉尼指控其医疗事故、过失和欺诈的前患者的律师提供建议，他告诉吉尔福伊尔，他希望在特朗普领导下的司法部能敦促巴基斯坦将其引渡。

此案使德特斯与该医生的印第安纳州医疗事故保险公司 MedPro Group 产生了冲突，后者认为在故意不当行为的情况下，其不承担责任。在一次诉讼中，MedPro 指控德特斯采取了“精心策划的方案以从保险公司榨取款项”，“起初是通过滥诉，最终通过暴力和谋杀威胁以及对公司首席执行官的敲诈勒索进行赤裸裸的勒索”。

“可以说，我们的大使馆工作做得非常出色，”鲁比奥在希腊表示。

在一次采访中，德特斯否认了这些指控，称其为“有史以来最荒谬的胡扯诉讼”。

他表示，他曾请求吉尔福伊尔让司法部对 MedPro 发起调查。

他告诉吉尔福伊尔，如果她能帮他争取到在前福克斯新闻主持人塔克·卡尔森的节目中进行采访的机会——他希望借此引起人们对他事业的关注——他将向她支付 100万美元。

吉尔福伊尔向德特斯保证，她正在努力让他获得与卡尔森面对面的机会。“在本周结束前，我们应该能听到消息，”她在 2024. 写道。

《华尔街日报》审阅的短信显示，吉尔福伊尔曾联系卡尔森身边的人，试图为德特斯安排一次采访。但并未取得实质进展。

卡尔森告诉《华尔街日报》，他从未听说过德特斯，也不与吉尔福伊尔保持联系，而吉尔福伊尔在选择嘉宾方面没有任何影响力：“为了在播客中露面就给 100万美元？她不是驻希腊大使吗？这简直疯了。”

吉尔福伊尔的律师宾纳尔表示：“吉尔福伊尔大使绝不会因为提出帮助揭露一起案件而道歉，在那起案件中，有 1,000 名儿童在那个男人的操刀下接受了不必要、具有侵入性且导致身体虚弱的手术。”

此外，还有一项他想与即将上任的美国国税局（IRS）局长讨论的税务问题。

美国国税局当时正在质疑德特斯在 2020 年申报的一项与出售其家族企业权益相关的扣除额。德特斯认为这是出于政治动机。

在 2024, 被提名担任驻希腊大使后的几个月里，吉尔福伊尔与德特斯的互动变得更加频繁。她承诺将游说特朗普政府的高层官员，从联邦调查局（FBI）局长卡什·帕特尔到前司法部长帕姆·邦迪。

“你知道的，每一位国防、交通、财政、商务部的部长，以及美国国税局局长，每个人都会立刻回复我，”她写道，随后补充了联邦调查局局长的名字（拼写错误）：“噢对了，我忘了卡什·帕特尔。”一名联邦调查局发言人表示，她并未游说帕特尔。其他机构未回应置评请求。

吉尔福伊尔还对她与德特斯的往来被公开表示担忧——以及这可能对其大使职位产生的影响。她警告德特斯，千万不要在短信中提及金钱或付款的事宜。“埃里克，我真的希望你能停止把这些事情留下书面记录，”她在一次交流中写道。

2025, 1 月，在被提名几周后，她抱怨德特斯向她播客的一名制作人透露了他们的协议。“当我们与你有私人约定，而你现在竟然抄送一名制作人谈论钱的问题，这简直令人难以置信，”她说。“不要说我们有任何约定。”

她补充道：“简直是一场噩梦，你真的会让我丢掉大使职位的，停止写信。”

吉尔福伊尔在特朗普第一任期的中期开始与小特朗普约会，并成为了总统最敢于发声的捍卫者之一。

在特朗普 2020 年败选后，吉尔福伊尔试图将其作为 MAGA 图标的身份转化为盈利业务，尝试了包括护发和香氛产品线以及医疗水疗中心（medspa）在内的多种创业项目。她还成立了一家政治咨询公司，并寻求在公共关系领域工作。

2022, 她推出了一个她称之为高端伏特加和香槟品牌——“美国之梦”（American Dream），并为海湖庄园的宾客组织了一场晚餐，参与者在进行到一半时才意识到这是一场投资推介会。

根据《华尔街日报》查阅的一份推介方案，2024 年 3 月，“美国之梦”试图从投资者那里筹集 200万美元。该方案预计在三年内实现 7500万美元 的营收。她后来解散了该公司。

吉尔福伊尔的律师此前告诉《华尔街日报》，关于“美国之梦晚餐是一场‘投资推介会’”的说法是不真实的。

据知情人士透露，在2025年确认听证会临近时，吉尔福伊尔向朋友抱怨自己已经破产。她与特朗普小儿的订婚已于前一年结束。在2025年2月的财务披露中，她报告的负债包括一项价值$100,000至$250,000的船只贷款，以及一项价值在100万美元（100万美元）至500万美元（500万美元）之间的抵押贷款。她还报告了包括一家医疗水疗中心和一家新伏特加公司在内的资产，每项价值在100万美元（100万美元）至500万美元（500万美元）之间，并报告播客收入近$800,000。

去年3月，当德特斯询问她何时搬到希腊时，吉尔福伊尔告诉他停止询问。根据《华尔街日报》审阅的一条短信，她写道：“在那之前我有很多烂摊子要处理，而且我需要赚钱。”

“非常危险”

在那年春季晚些时候，她开始要求 Deters 支付额外款项。Deters 告诉《华尔街日报》：Guilfoyle 要求他起草一封信，称他欠她两笔 $50,000 的咨询服务补缴款，“她担心合法性，也担心这件事给外界留下的印象”。

在《华尔街日报》审阅的一封 11, 2025, 的信函中， 写道，他的咨询公司在“你就任新职之前”欠 Guilfoyle $50,000，并希望在她的任命获得确认前继续聘请她。

简直是场噩梦 你真的会让我丢掉大使职位的 停止写信

同月，在 Long 获得美国国税局（IRS）局长任命后，Guilfoyle 向其发送了一封祝贺信。她随信附上了一封 所写的概述其税务纠纷的信函：“Don Jr. 和我与 Eric 及其妻子关系非常密切，我知道他给你写了一封信，”她写道，“我知道你很忙，但我希望你能抽出一些时间和精力关注此事。”

两天后， 发给她一张写给她的打印备忘录照片：“这些年来我一共付了你 $300,000，”他写道，“截至这份备忘录发出，我还没有得到过一次回报。”

作为回应，她告诉 “停止把这些事情书面化。这非常危险”。

7月 3, 她向他发送了如何将资金电汇至美国运通（American Express）账户的指令。

“你现在急需 $100,000，遗憾的是这行不通，”他写道，“如果不离婚，我没法这么做。”

Kimberly Guilfoyle

未接语音电话 · 下午 3:41

7月 3 周四 回电

American Expr...Instructions.pdf 30 KB • 点击下载

你可以直接发到这里。如果你把钱电汇给美国运通，它不会在任何地方显示，只会显示电汇记录。

Guilfoyle 发给 的包含电汇指令的短信。

艺术评论

一个搬到挪威的罗马尼亚家庭得到了这位面带微笑的校长的所谓欢迎：“我们都非常善良友好。这里没有德古拉。”那么，就没有怪物了？并不完全是。正如 Mungiu 的电影《峡湾》（Fjord）以严谨的细节所展示的那样，有时一个系统（或一种文化，或一个国家）本身就是一个怪物。

塞巴斯蒂安·斯坦（Sebastian Stan）饰演五个孩子的罗马尼亚父亲 Mihai Gheorghiu，这是一个极其低调的角色，完全没有他在《复仇者联盟》系列中饰演的 Bucky Barnes / 冬兵的影子。他与挪威妻子 Lisbet（Renate Reinsve）一起搬到了奥勒松镇，以便靠近她的家人。Mihai 是孩子们新学校的 IT 总监；Lisbet 是一名在养老院工作的护士。两人都是虔诚的基督徒，尤其是 Mihai，他不允许孩子们（其中一个是仍在哺乳的婴儿）接触互联网。每天都有祈祷。偶尔孩子们会因为

被拍打屁股以示管教。

被国家围困的父母

影评 / 凯尔·史密斯 (KYLE SMITH)

一名兼任学校与儿童保护服务机构之间愉快联络员的巴士司机，无意中听到其中一个孩子提到被拍打的事情，于是格奥尔吉乌（Gheorghius）一家的噩梦开始了。这里没有吸血鬼，只有冰冷的官僚体制。“试着放松，我们是来提供帮助的”，这是该文化中令人愤怒的座右铭。在关于必要程序的轻声低语中，国家呈现出一种平静、温柔但绝不妥协的特质，像极了经典电影中的反派——不是德古拉，而是拉切特护士。当母亲被告知“我们来接走孩子们，利斯贝特（Lisbet）。全部接走”时，窗外可以看到挪威国旗在飘扬。

什么？蒙久（Mungiu）先生的风格简练且直接——没有用音乐提示来强加于观众，也没有俏皮的对话——他让这个颠覆生活的时刻以一种可以想象到的最平淡的方式展开。他的电影是一部扣人心弦且至关重要的正剧，且基于真实故事（这对罗马尼亚裔挪威人的原名是博德纳里乌 [Bodnariu]，他们的孩子在2015年类似的境况下被带走）。

罗马尼亚人蒙久先生凭借这部作品赢得了戛纳电影节的金棕榈奖，此前他凭借2007年的堕胎题材正剧《4个月，3周零2天》也曾获此殊荣。这两项荣誉都实至名归。《峡湾》（Fjord）体现了一种尤为关键的电影流派，即那种审视现实并在表面之下发现恐怖的电影。当利斯贝特得知孩子们被带走时，她惊呼：“我的天呐，这不可能发生。”“注意你的措辞，”来自儿童保护服务机构的女士回答道。

上方及顶部为克里斯蒂安·蒙久（Cristian Mungiu）这部卓越的金棕榈奖正剧中的场景。

仿佛情况还不够惊人，蒙久先生还探讨了儿童保护者如何以一种最温和、看似宽容的方式，实质上判定传统基督教是一种严重的虐待形式。他们接到的第一次电话并非因为任何肢体冲突，而是因为在学校里，一个7岁的格奥尔吉乌家的孩子说同性恋是罪。

蒙久先生在没有刻意表演或造作的情况下，探讨了一场影响远超其高潮部分法庭对峙的冲突。挪威（代表了西方的大部分地区）似乎正在将基督教推上审判席。在米海（Mihai）不智地公开此事并煽动大批信徒为他抗议后，一名实际上扮演检察官角色的自鸣得意的律师，就那些支持者所发表的一些仇恨言论对他进行了盘问。为什么他必须为他人的言论负责？遗憾的是，他意识到自己并不是他所说的“正确的少数群体”。

电影中正义的运作方式就像弗兰茨·卡夫卡重写的《爱丽丝梦游仙境》；穿着羊毛衫、神情平静的警察告诉米海，只有在他签署一份关于拍打孩子的认罪书后才能离开警局；他们以及其他人一直将此作为他从事“殴打”或“击打”的证据，尽管我们观察到的这种所谓虐待的例子其实微不足道。父母发现自己被称作孩子的“前家庭”（五个孩子被分到了三个寄养家庭中），而且有人在法庭上严肃地建议，孩子们现在情况更好，因为他们可以看 YouTube 了。基督教教义被称作是“洗脑”。如果你害怕的是吸血鬼，那么住在特兰西瓦尼亚一座阴森的城堡里反而会更好。

就好像这还不够丰富似的，除了是一部社会政治文献、一次哲学探讨和一部法律惊悚片之外，《峡湾》（Fjord）在潜移默化中还讲述了一个关于奉献的故事。它暗示信仰或爱或许能让人在水上行走。“世界不仅仅是理性的，”格奥尔吉乌（Gheorghius）的律师指出。很少有电影能提供如此之多值得思考、争论和投入激情的素材。《峡湾》在多个维度上都令人叹为观止，它既是紧迫的电影创作，也是对我们这个时代的深刻评论。

电视评论 / 约翰·安德森（JOHN ANDERSON）

《动物》：绑架困局

“荒诞不经”（COCKAMAMIE）是一个被低估的词，而对于电影《动物》（Animals）来说，这个词依然适用。这部电影由主演本·阿弗莱克（Ben Affleck）执导，延续了许多阿弗莱克作品的风格：在抛出一个实质性的伦理或道德问题时，其剧情走向过于明显。在本片中，这个问题是：一个真正的政治家是否会对每一种情况——即使是最 dire（危急）的情况——都通过政治视角来评估？他是否会根据个人利益来权衡所有选项？你可能认为自己知道答案，但阿弗莱克在将电影维持在伦理天平的平衡点上这一点做得非常正确。

而在其他方面，在联合编剧康纳·O·麦金太尔（Connor O. McIntyre）和比利·雷（Billy Ray）的协助下，他在设定即将降临在马克·金博尔（Mark Kimball，由阿弗莱克饰演）身上的危机时则有所欠缺。金博尔是洛杉矶市长候选人，一个富家子弟，而他的环保主义活动似乎为他招来了不少敌人。他与妻子、心理学家阿比盖尔（Abigail，由凯瑞·华盛顿饰演）以及

一起表面上的绑架案引发了政治与伦理的质疑。

他们的儿子丹尼（Christopher Woodley 饰）在保姆塞西莉亚（Adriana Paz 饰，曾出演《艾米莉亚·佩雷斯》）的帮助下度过每一天。塞西莉亚带着丹尼和她的儿子赫克托（Jacob Estrada 饰）在万圣节期间去讨糖果。接下来的镜头——我们都熟悉这种视听语言——

告诉我们，他们三人正被上方监视，并在街道层面上被跟踪进入洛杉矶的人群中。丹尼和赫克托穿着相同的服装并戴着面具。随后发生了一起绑架案。

接下来的内容可能被视为剧透，尽管这在电影很早的时候就揭晓了：在一系列由低沉、威胁且经过 AI 修改的声音所传达的电话中，马克被告知要筹集 700万美元 现金，否则丹尼将会死。如果不是在艾比盖尔不知情的情况下，马克在当天早晨将这笔钱捐给了自己的竞选活动，他本可以拿出这笔钱。但他的经理萨姆·艾莉森（Steven Yeun 饰）有一个解决方案：他认识的一位名叫戴尔·伯顿（Gillian Anderson 饰）的中间人可以支付赎金，但要求收取 20% 的服务费。这些服务包括（如果对方愿意的话）“option 3”（杀死绑架者）。在安德森女士的演绎下，戴尔表现得极其淡定，潜藏着致命的危险，并且知道如何与绑架者以及失踪者的父母打交道。

马克和艾比盖尔所表达的绝望感——这种感觉介于一场向他们豪宅袭来的山火与他们在好莱坞山丢失的 Uber Eats 外卖之间——在丹尼走进门，且所有人意识到被绑架的是赫克托时，得到了

（图注：克里·华盛顿和本·阿弗莱克出演的 Netflix 电影，由阿弗莱克先生执导并共同编剧。）

相当程度的缓解。此时，道德困境开始出现，同时人们将其与黑泽明（Akira Kurosawa）的《天国与地狱》以及斯派克·李（Spike Lee）的翻拍版《Highest 2 Lowest》进行比较。金博尔夫妇是否愿意花费 840 万美元 去营救一个并非自己儿子，而是塞西莉亚及其无证丈夫拉蒙（由表现出色的 Luis Gerardo Méndez 饰演）的孩子？也许不愿意。但正如萨姆所指出的，如果他们不这么做，一旦消息传出，马克肯定会失去他在该市拉丁裔选民中的所有支持。既然丹尼不再牵涉其中，那么 option 3 如何？

说《动物》（Animals，一个不精准的片名）中存在有趣的伦理冲突，并不意味着演员的表演没有敷衍。也不意味着电影中偏向动作的部分并非极不真实。或者说，在人质谈判中途插入的家庭浪漫副线并没有让结构变得笨拙。虽然阿弗莱克先生的导演功力确实营造出了紧张感——正如在《镇上的家伙》、《失踪的宝贝》和《阿尔戈》中那样——但结局可能会让观众想要倒带以理解其铺垫。但在电影院里（《动物》在流媒体首播的同时也在电影院首映）你无法这样做。

《动物》（Animals） 周五，Netflix

安德森先生是本报的电视评论员。

剧场评论 / 查尔斯·伊舍伍德（CHARLES ISHERWOOD）

非人化的戏剧

尤金·奥尼尔关于一名锅炉工存在主义危机的剧作《多毛猿》以一场强有力的演出回归

纽约 在尤金·奥尼尔 1922 年的剧作《多毛猿》（The Hairy Ape）那层被煤灰玷污的表面之下，是一幅关于残酷且低薪的体力劳动如何使人非人化并将其摧毁的、具有强烈戏剧推动力的写照。这个阴郁的故事讲述了一名客轮上的锅炉工，他与一名上流社会年轻女性的短暂接触——对方因恐惧而对他产生厌恶——驱使他陷入疯狂的愤怒并寻求报复。

在贫富差距被广泛关注的时代，这似乎具有令人不安的现实意义。但由基兰·奥赖利（Ciarán O'Reilly）在爱尔兰剧团（Irish Repertory Theatre）执导的这次风格时尚且深刻的复排剧提醒我们——距离该剧团首次演出此剧已过去 20 年——奥尼尔不仅仅，甚至主要并不是在写一篇社会评论。这部作品绝非一篇针对腐败经济体制的传教式檄文。在更深层次上，这个粗鲁的反英雄扬克（Yank，由乔恩·比弗斯饰演）寻找的并非他起初所认为的、在他咆哮怒吼时所追求的暴力复仇，而是试图理解自己在冷漠宇宙中的位置——以及任何人的位置。

在不同的时间点，扬克使用了“归属”（belong）一词的多种变体。这个词一次又一次地出现，超过三十多次，宛如咒语一般——对于奥尼尔来说，重复是一种戏剧手段，虽然有时令人心累，但确实有效。（在他晚年的杰作《冰人来了》中，“白日梦”这个短语几乎将观众击溃至屈服。）扬克最终寻找的是一种普遍的人类需求——那种归属感。在某个地方，任何地方。与某个人，任何人——哪怕是与动物园里的一只大猩猩在一起。

《多毛猿》剧照，由乔恩·比弗斯主演，见上图及右图。

我应该提到那个显而易见但被忽略的问题——或者我应该说，那个不在房间里的“多毛猿”？比弗斯先生并不怎么多毛。是的，他留着修剪整齐的胡须，但这位在剧中大部分时间赤裸上身的演员，在他棱角分明的胸膛和强壮的二头肌上几乎没有一根汗毛。凭借深邃的蓝色眼睛，他是一个英俊且相当高挑的小伙子，因此，尽管身上涂抹着黑色的煤条，我们仍需要通过“暂停怀疑”才能将他视为一个会被冠以标题中那个蔑称的人。当一个浅薄且理想主义的年轻乘客米尔德里德（Mildred，由伊丽莎白·蒂特饰演）潜入船舱深处，窥视那些工作的男人时，看到扬克，她更有可能直接扑进他的怀里，而不是像她瞬间表现出的那样，称他为“肮脏的野兽”并昏厥过去。

幸运的是，比弗斯先生用其表演中注入的必要的闷燃愤怒感和一种紧绷的力量感，弥补了天生缺乏野蛮气息的不足。扬克统治着锅炉房，仿佛那里是他的私人领地。而他的锅炉工同僚们——包括忧郁且疲惫的爱尔兰老人帕迪（Paddy，由爱尔兰剧团的常驻演员、表现出色的约翰·基廷饰演）和准社会主义者朗（Long，同样出色的阿里扬·卡萨姆饰演）——在抱怨和发牢骚的同时狂饮酒精，而扬克则对着他们低吼，让他们停止抱怨。扬克认为，正是他们，这些在发动机房酷热中搬运数小时煤炭的劳动者。

一个劳动者突然开始质疑自己究竟属于何方。

谁才是这艘船真正的主人。当朗（Long）对着一等舱里那些“该死的资本家阶级”大发雷霆时，扬（Yank）威胁要将他击倒：“是谁让这艘破船跑起来的？不就是我们这些人吗？那么，我们才属于这里，不是吗？我们属于这里，而他们不。”

但扬的尊严感被证明像烛火一样脆弱；当米尔德里德（Mildred）出现并辱骂他时，这团火瞬间被熄灭。奥尼尔（O'Neill）将这部剧副标题定为“一部关于古代与现代生活的喜剧”，但唯一纯粹幽默的场景是米尔德里德与她的姑姑（由乔安娜·格鲁沙克以一种滑稽且轻蔑的愤世嫉俗感演绎）之间关于米尔德里德想要观察工人们的欲望而进行的争吵和互怼。

在自我怀疑的毒素开始在扬的血管中流动，促使他在一次令人迷失方向的第五大道之行中，徒劳地寻找那个轻视他的女人——或任何其他高贵的受害者——之后，比弗斯先生（Mr. Beavers）的表演变得更加激烈、更具说服力且更具毁灭性。因扰乱公共秩序而被投入监狱后，他开始觉得自己就像被描述的那样，是一只毫无价值的动物。而当他被一名狱友引导加入一个倡导工人权利的团体时，比弗斯先生在面对对其动机的质疑时表现出的困惑既可怜又令人动容，他遭受的冷遇几乎与米尔德里德给予他的一样残酷。

约翰·基廷（左）、比弗斯先生（右）及其同伴，见下方；乔安娜·格鲁沙克与伊丽莎白·蒂特，见最下方。

在动物园的最后一幕中，比弗斯先生带来了一抹忧伤的幽默感。扬在人类社会的世界中找不到避风港，于是开玩笑说他对笼中那只可怜的徘徊生物有一种同类之情。究竟是人还是野兽更加孤独和痛苦，这或许有待讨论，但我们假设，那只大猩猩不必面对自己在世界上微不足道的残酷真相。

《毛猿》（The Hairy Ape） 爱尔兰剧团（Irish Repertory Theatre） 纽约西22街132号 212-727-2737，11月15日闭幕

伊舍伍德先生是本报的戏剧评论员。

无尽讨论 / 作者：迈克·申克（Mike Shenk） ▶ 请在周日（10月11日）东部时间晚上11:59前，将您的答案写在邮件主题栏中发送至 crosswordcontest@wsj.com。我们将随机抽取一名解题者赢取一个华尔街日报（WSJ）马克杯。上周获胜者：凯西·穆勒（Kathy Muller），北卡罗来纳州瓦克斯霍。完整比赛规则见 WSJ.com / Puzzles。（无需购买。禁止地区无效。仅限18岁及以上的美国居民。）

本周竞赛填字游戏的答案是一个四个字母的单词。

横向 1 大胆的扑克下注 6 应对艰难时期 10 电影《独领风骚》（Clueless）改编的小说 14 “____ Evil”：（1971年米娅·法罗主演的电影） 15 摇滚巨星克莱普顿（Clapton） 16 步行的速度 17 金属抛光材料 19 播报 / 通风 20 从本质上考虑 21 四组双人组 23 精英海军部队 26 铁砧所在地 27 来自荷马的言论

29 民间传说中被认为具有魔力的蘑菇环 34 阿根廷的邻国 35 西西里岛的山峰 36 小教堂的顶端 37 热情的 39 沉没 / 潜入 41 执行结账任务 42 《海滩之上》（On the Beach）作者舒特（Shute） 44 击球数很多的钻石（棒球场） 45 工具集 46 小比格霍恩战役中的拉科塔领袖 48 俗称的“Tic Tac Dough”频道 49 野兽出没之地 50 难以信任的 52 圣迭戈教徒队名人堂成员托尼（Tony）

54 朗姆酒鸡尾酒 58 Apple Intelligence 助手 59 类似于铲子的旧羊毛打包工具 63 僻静区域 64 隐藏起来 65 （俚语）遭受失败 66 皮克斯的多莉（Dory）是一条蓝色的____ 67 金门公园以南的校园 68 跳蚤市场生意

纵向 1 港口之间 2 美国国家航空航天局（NASA）将六个这样的东西送上月球 3 美洛葡萄酒桶废料 4 突然抵达 5 《安静的美国人》导演菲利普（Phillip）

益智竞赛

6 动画收藏品 7 金币（los doblones）的材质 8 采石场 9 像洞穴和峡谷一样 10 纵欲之举 11 狮群 12 居家办公的辅助工具 13 越野摩托车的近亲 18 变得恼火 22 火车车厢

24 像许多 Telemundo 观众一样 25 2025 年奥斯卡提名电影 27 由威廉·宾创建的首都 28 名人堂成员托尼 30 肆无忌惮的 31 剃须刀可能会产生的 32 木材特征 33 已派遣 34 公园（le parc）中的栖息地 38 像许多欧普艺术海报一样 40 肮脏的东西 43 罗讷河畔最大的城市 47 大阪的岛屿 48 榨汁机，也许 51 笨蛋 52 流向科罗拉多河的河流 53 卡罗来纳歌手 55 仍然有虫，也许 56 “上帝____细节” 57 基石缩写 58 美国海军陆战队军衔 60 啪嗒一声 61 流媒体中断 62 词典片段

为民主党掌控众议院做好准备

波托马克 观察 作者：金伯利·A·斯特拉塞尔 (Kimberley A. Strassel)

希望永恒，但若想让共和党在这次中期选举中免于惨败，仅靠祈祷是不够的。因此，现在正是预演民主党掌控众议院两年任期的绝佳时机。

候任议长哈基姆·杰弗里斯 (Hakeem Jeffries) 继续在言辞上保持含糊，坚称“事实”将引导其政党在弹劾、调查和立法方面做出决定。他在欺骗谁？极左翼已经执行其公开计划 18 个月，旨在摧毁第二个特朗普政府。历史表明，进步派想要什么，杰弗里斯先生就会给予什么。

德克萨斯州众议员阿尔·格林 (Al Green) 在 2025. 年 5 月提交了针对唐纳德·特朗普的弹劾决议。他在 12 月提交了第二份。他的第三份决议于 9 月提交至议会，147 名民主党人（近 70% 的党团成员）投票支持推进。另有 46 人（包括杰弗里斯先生和其他领导层）投了“弃权”票。仅有 18 人反对。

康涅狄格州众议员约翰·拉森 (John Larson) 在 4 月提出了 13 项弹劾条款，重点关注特朗普先生对外国武力的使用、驱逐出境、特赦等问题。田纳西州众议员史蒂夫·科恩 (Steve Cohen) 在 9 月提出了 26 项条款，增加了诸如总统与美国国税局 (IRS) 的和解协议及其拆除东翼建筑等罪名。

即便弹劾可能也无法满足他们的胃口。4 月，数十名民主党人呼吁通过第 25 修正案解除特朗普先生的职务。这激励了拟领导司法委员会的马里兰州众议员杰米·拉斯金 (Jamie Raskin) 提交一项法案，旨在创建一个由 17 人组成的总统能力委员会，负责判定总统是否无法履行职责。该法案目前已有 85 名民主党共同发起人。

特朗普先生将是主菜，他的内阁则是前菜。共和党在 2024 年对国土安全部部长亚历杭德罗·马约卡斯 (Alejandro Mayorkas) 鲁莽地发起弹劾，从而开创了这一先例。民主党已经提交了弹劾国防部长皮特·海格塞斯 (Pete Hegseth)、教育部长琳达·麦克马洪 (Linda McMahon)、卫生与公众服务部部长小罗伯特·F·肯尼迪 (Robert F. Kennedy Jr.) 以及预算局局长拉斯·沃特 (Russ Vought) 的决议。接下来的目标是：司法部长托德·布兰奇 (Todd Blanche) 和 FBI 局长卡什·帕特尔 (Kash Patel)。在前国土安全部部长克里斯蒂·诺姆 (Kristi Noem) 离职前，超过 80% 的民主党党团成员已签署弹劾协议。

据我统计，有 11 个众议院委员会正准备针对至少 26 个独立议题发起调查。其中包括：特朗普家族企业、违反薪酬条款、特赦、17.76 亿美元 billion 的“反武器化”基金、杰弗里·爱泼斯坦 (Jeffrey Epstein)、移民枪击和驱逐、伊朗、委内瑞拉、特朗普先生的圈子（贾里德·库什纳 [Jared Kushner]、史蒂夫·威特科夫 [Steve Witkoff]）担任外交官的情况、和平委员会、卡塔尔赠送的空军一号、关税、政府效率部 (DOGE)、监察长被解雇事件、政治起诉、帕特尔先生领导下的 FBI 行径；前国土安全部官员科里·刘易斯安德 (Corey Lewandowski) 的行为、宴会厅、肯尼迪中心、能源与矿业交易、联邦合同、向特朗普压力“低头”的公司、针对媒体的行为、针对律师事务所的行为、针对大学的行为以及由纳税人资助的广告。

新多数党会为弹劾特朗普总统找到多少理由？

这份清单已经长到让一些民主党人——以效率之名——在讨论成立一个新的类似于“1月6日”风格的“特别”委员会，专门针对“特朗普的所有罪行”。

议员们已经编制了庞大的传唤目标名单——名单中包括总统本人（祝他们好运），以及他的家人和像斯蒂芬·米勒（Stephen Miller）和苏西·威尔斯（Susie Wiles）这样的顾问。企业负责人将被传唤来忏悔。但普通民众也将被波及——包括美国移民和海关执法局（ICE）官员、宴会厅承包商以及政府效率部（DOGE）的志愿者。

对于任何拒绝配合的行为，民主党人已经制定了计划以及备用计划。他们将采取迂回策略，传唤承包商、公司、金融机构、大学和律师事务所。他们将提起诉讼。

他们将启动藐视议会程序。随着听证会的进行，他们将提交刑事移交请求。虽然藐视程序和移交请求将在特朗普领导的司法部被搁置，但民主党人的真实目标将是主导舆论。

在立法方面，他们的目标也是如此——因为立法无法通过特朗普的否决。他们将就特朗普先生的战争权力一次又一次地进行投票，向他施压要求其从冲突中撤出。他们将利用其“钱袋子”权力来设定支出条件、禁止特定支出、限制军事行动并重启联邦资金闸门。他们已经拥有或计划提出法案，以“改革”赦免权、紧急权力、资金扣押、监察长保护、外国礼品、总统披露规则、举报人法律以及起诉与和解程序。

共和党人自身过去过于依赖监督权，不过他们明智地从未在正式弹劾乔·拜登（Joe Biden）上投入政治资本，并在过去一年中将注意力集中在自己的议程上。聪明的民主党人正在向党内建议，即将到来的这次攻击是愚蠢的——之前的集体围攻并未阻止他再次当选——并警告称，一场弹劾调查的漩涡将掩盖民主党突出自身议程的努力。

但他们这不过是在对风呐喊。在反对特朗普先生十多年后，左翼已经进入了自动驾驶模式。准备好迎接这场大戏吧。

请致信 kim@wsj.com。

犹太式的哀悼方式

礼拜场所 作者：肯尼斯·布兰德 (Kenneth Brander)

在以色列，几乎每个人都认识在2023年10月7日的哈马斯袭击或随后的战争中丧生的人。即便在那个震撼全球犹太人的日子过去三年之后，那些损失的规模依然令人难以承受。

而那种坚韧同样令人肃然起敬。曾在加沙被囚的获释人质及其家属撰写了畅销书并发行了音乐专辑。基层和志愿者组织纷纷成立，用于在医院探望伤员、照顾失去父母的孩子、帮助重建受战争影响的地区，以及许多其他与那场大屠杀相关的事业。以色列依然位列全球最幸福的10个国家之列。

这种韧性的一部分可以追溯到犹太教持久的哀悼习俗——这些习俗侧重于与丧失感共处，而不是试图立即将其抛在脑后。在听到家人去世的消息时，我们会撕裂衣服。我们会进行“shiva”（七日哀悼），这是一种正式的为期七天的哀悼期，期间哀悼者留在家中，穿着撕裂的衣服，遮住镜子，坐在低矮的凳子上，静静地感受失去的痛苦。我们会每天诵读“kaddish”（哀悼祷告词），持续11个月。

这些仪式为深刻感受破碎感创造了一种结构。而这种强度包含着适用于所有人类的教训与智慧。无论是否为犹太人，任何人的丧失都需要空间、结构和认可。伤口剧烈的疼痛可能会愈合，但疤痕依然存在——我们必须找到一种方式，让破碎的心既能感受到破碎的真相，又能从中成长并重塑。

多年前，我的妻子和我因细菌感染失去了一个新生儿。我们与前来探访的家人和朋友一起反思这次丧失。每年在孩子去世的希伯来历日期，我们都会诵读 kaddish。

最近，像大多数以色列人一样，我参加了数十场葬礼并前往 shiva 哀悼屋。在过去的三年里，我监管的教育网络在10月7日的大屠杀及随后的战争中失去了一些校友。教职员工的孩子去世了，学生的亲属也相继离世。尽管哀悼仪式可能艰辛且令人精疲力竭，但它们创造了一种防止我们忽视悲伤的结构。仪式强迫我们面对损失，并将其融入我们的生活。

这些仪式大多是公开且社区化的。死亡通知和 shiva 哀悼屋的地址通过 WhatsApp 分享，或张贴在社区周围的告示牌上，在以色列，则张贴在街道的通知栏中。

在许多情况下，丧亲者在长达一年的时间里不会参加婚礼或庆祝活动。这避免了匆忙走出丧失感的需要。它赋予了哀悼的许可，让人能够吸收剧烈悲伤带来的教训，并寻找重新定义自我以及救赎丧失时刻的方法。这

守丧（Sitting shiva）与诵读卡迪什（kaddish）有助于将逝者的记忆转化为祝福。

哀悼也是一种群体治疗的形式，让那些从未与逝者有过私人接触的人也能听到关于其遗产的故事。

这个过程让记忆能够转化为一种祝福——尽管在悲痛最初刺骨的时刻，这很难想象。我们需要死者在生者的生活中扮演一个持久的角色。这需要时间，而对哀悼时间的塑造正是仪式的作用之一。在犹太教实践中，当人们提到逝者的名字时，会加上一句“愿其记忆成为祝福”。哀悼的目标就是让这句话成为现实：死者的记忆实际上改善了我们的物质生活和道德自我。

例如，在失去我们的孩子后，我的妻子发起了一场运动，帮助改变了处理B组链球菌和早产的治疗指南，从而帮助挽救了其他婴儿的生命，这一实践至今仍在继续。类似的进程现在正发生在我们的社区中。

为了纪念一名在冲突中丧生——且其器官已移植给另外五人的校友，我们开始举办推广器官捐献的教育研讨会。另一项倡议旨在分发100万个tzedaka盒子（用于收集慈善捐款的容器），以纪念另一位将每日捐赠视为生活一部分的校友。在我们的一所男子高中里，13名校友在10月7日或之后在战斗中牺牲，阵亡者的肖像排列在图书馆的书架上，并配有二维码，学生可以通过二维码了解他们。

“Shalom”是希伯来语中代表和平与完整（wholeness）的词，它在《民数记》的一场危机后出现，并且在所有的妥拉卷轴中，这个词的第三个字母都写有一个缺口。这个抄写细节反映了犹太传统中的一个更广泛的理念：完整并非来自破碎的消失，而是来自诚实地栖居在那种破碎之中——并允许对逝者的记忆成长为一种祝福。

布兰德先生（Mr. Brander）是Ohr Torah Stone的校长兼罗什耶希瓦（rosh yeshiva）。

政治始于成长

作者：特德·范·戴克（Ted Van Dyk）

特朗普总统的言论和政策令我愤怒，但我发现自己对自己所属的民主党缺乏积极替代方案的情况同样感到不耐烦。这种挫败感延伸到了美国民主社会主义者（Democratic Socialists of America）那些简单化且空洞的提议，其观点在几十年前就已经被证明是错误的。

经过进一步反思，我意识到每一代人的思维都受其成长经历的引导。我出生于1934年，很快将庆祝我的92岁生日。我贫穷且勤劳的父母在经济大萧条中艰苦奋斗。我的父亲是一名未受过教育的锯木厂工人，是一名入籍公民。他和锯木厂的同僚为了获得组建工会的权利而进行了三年的罢工。他们当时被各种宣传和阶级诉求所包围，这让人想起今天的社会主义者。

我在冷战期间政治觉醒。我们的国家由像德怀特·艾森豪威尔、约翰·F·肯尼迪和乔治·马歇尔这样的二战老兵领导。这些人的经历受其服役背景影响，他们决心用民族主义换取区域和全球合作。在1962年退伍后，我

在92岁这个年纪，我看到了成长岁月是如何塑造我们的政治观的。

我在跨国机构——欧洲经济共同体、欧洲原子能共同体以及欧洲煤钢共同体——工作了三年，这些机构后来演变成了欧盟。

我少年时代的偶像是休伯特·汉弗莱（Hubert Humphrey），他是民权和军控领域的领导者。我曾担任他的演讲撰稿人和助手五年。我们工作在一个由经历过大萧条和第二次世界大战的官员主导的环境中，他们决心拨乱反正。肯尼迪总统签署了1962年的《贸易扩张法》，林登·B·约翰逊宣布1965年为国际合作年。全球和区域合作是当时的主流，并且通常被国会中两党多数派所接受。在接下来的几十年里，这成为了国内政治的共识。

后几代美国人则被不同的经历所塑造，特别是越南战争和中东战争。他们容易受到像乔治·华莱士（George Wallace）、罗斯·佩罗（Ross Perot）和唐纳德·特朗普（Donald Trump）这类局外人的影响——这些人通过攻击既有秩序低效或腐败而崛起。你可以看出，与早期的总统相比，特朗普先生是如何形成他对民族主义和关税的看法，以及他对盟友和贸易伙伴的怀疑态度的。

遗憾的是，我的结论是，二战后的共识已经消失了。目前还没有一个连贯的替代方案来取代它。因此，我们出现了政治极化，两个主要政党都被其极端翼派所掌控。这就是目前心怀善意的人们必须面对的局面。

如果先例成立，特朗普先生目前的不受欢迎将导致民主党在11月的中期选举中获益。这可能会为2028年提供一个更传统的框架。但我们不能假定该框架会包括回归“伟大社会”计划或全球主义。公民和当选领导人必须努力工作才能重建那种共识。

如今令人沮丧的政治环境并非突然出现。它是几代人对其自身成年经历做出反应的结果。像我这样的老家伙无法带回我们所向往的时代和政策。在接近92岁之际，我想起了一句话：“老之太早，智之太迟。”

范戴克（Mr. Van Dyk）先生是《英雄、骗子与傻瓜》（Heroes, Hacks and Fools）一书的作者。

书架 / 作者：马克·约斯特（Mark Yost）

重炮手与老板

触及所有垒位

作者：戴夫·温菲尔德 (Dave Winfield) 与 艾伦·梅蒙 (Alan Maimon) 马特·霍尔特 (Matt Holt) 著，288页，$31

1984年一个温暖的七月之夜，戴夫·温菲尔德在纽约的洋基体育场走上击球区。当时，他是棒球界薪水最高的球员之一，在可以说专业体育领域最大的舞台上比赛。但此时他心中最在意的是与球队老板乔治·斯坦布雷纳 (George Steinbrenner) 的不和。“我……不像我希望的那样头脑清醒，但我准备好将对乔治的愤怒发泄在棒球上，”温菲尔德在自传《触及所有垒位》(Touching All the Bases) 中写道。

“我集中注意力，等待一颗速球，球飞来了，随即飞过了中外野墙，”温菲尔德说。“当我用力踏在本垒板上并接受队友们的祝贺时，我抬头看向老板包厢，看到乔治似乎正站在他的门生——一个名叫唐纳德·特朗普的年轻房地产大亨——身边。我想：‘吃这招吧，你们这些混蛋！’”

这个轶事为接下来的内容奠定了基调。这本书由温菲尔德与艾伦·梅蒙合著，篇幅近300页，重点讲述了温菲尔德与斯坦布雷纳之间在情感和财务上的斗争。提醒读者：1980年12月，温菲尔德与洋基队签署了一份创纪录的10年，$23 million合同。在1981年对阵洛杉矶道奇队的世界系列赛中，他的击球率低至.045（1 for 22），这使他陷入了舆论的批评。此外，温菲尔德的合同中有一项条款，要求斯坦布雷纳每年向温菲尔德的孩子慈善机构捐款$300,000。这让斯坦布雷纳非常反感；温菲尔德不得不多次起诉他才使其支付这笔款项。

斯坦布雷纳则采取反击，雇佣了律师、臭名昭著的“问题解决者”且同样是特朗普导师的罗伊·科恩 (Roy Cohn) 来调查温菲尔德的慈善机构，并雇佣了前 FBI 黑帮线人霍华德·斯皮拉 (Howard Spira) 来挖掘温菲尔德的黑料。斯坦布雷纳向斯皮拉支付了$40,000以获取关于温菲尔德的信息，随后将其泄露给媒体，试图破坏这位球员的职业生涯。“现在他们正式‘合作’了，”温菲尔德说。“一个棒球老板付钱给一个高风险赌徒，来帮他搞垮自己的球员。”

斯皮拉在1991年因试图敲诈斯坦布雷纳而被定罪，并在联邦监狱服刑。斯坦布雷纳的处罚则由棒球专员费·文森特 (Fay Vincent) 决定。“这一切都归结为一个问题，”温菲尔德写道。斯坦布雷纳是否“违反了‘棒球最佳利益’规则，该规则赋予专员广泛的权力来实施处罚？”

1990年7月30日，斯坦布雷纳被终身禁止参与洋基队的日常管理。（他于1993年恢复职务。）当时已为加州天使队效力的温菲尔德在储物柜前发表了一份简短的声明：“我证明了自己。”

如果这一切听起来很耳熟，那是因为这些事件都曾在纽约的小报上公开，并在体育书籍、杂志和纪录片中被广泛报道。此外，这是温菲尔德的第二本自传。他的第一本《球员生涯》(A Player's Life) (1988) 涵盖了大部分相同的内容，除了斯皮拉被定罪和斯坦布雷纳被禁赛这两点。

在这本书中，就像在第一本书中一样，温菲尔德讲述了他在明尼苏达州圣保罗一个以黑人为主的社区中，由单亲母亲抚养长大的经历。他回顾了自己的大学双项运动生涯，使他成为历史上首批被四个联盟选中的球员之一：美国职业棒球大联盟 (MLB)、美国职业篮球协会 (NBA)、初创的美国篮球协会 (ABA)，以及奇怪的是，美国职业橄榄球联盟 (NFL)。之所以说“奇怪”，是因为温菲尔德自13岁起就“没有打过一次橄榄球”。但他在明尼苏达大学期间展现出的运动天赋如此之高，以至于维京人队决定在 NFL 选秀的第17轮冒险选中他。

戴夫·温菲尔德是以教徒队成员身份进入棒球名人堂的。有些人认为这一举动是对洋基队和乔治·斯坦布雷纳的轻视。

温菲尔德先生在1973年的MLB选秀中被圣迭戈教徒队选中，是总第4顺位。他随后开启了名人堂级别的职业生涯，职业生涯打击率 .283，拥有 3,110 次安打和 465 支本垒打。2004年，ESPN将他评为史上第三优秀的综合运动员。他是首位以教徒队成员身份进入棒球名人堂的球员，这被视为是对洋基队和斯坦布雷纳的轻视。

他的前一本书讲述了温菲尔德先生在教徒队的早年赛季以及他令人钦佩的慈善工作。在《触及所有垒包》（Touching All the Bases）一书中，除了与斯坦布雷纳的不和之外，温菲尔德先生还讨论了他在离开洋基队后在天使队、明尼苏达双城队、克利夫兰印第安人队和多伦多蓝鸟队的职业生涯。1992年，他在与亚特兰大勇士队的第六场比赛中击出了一支两分二垒安打，随之赢得了他唯一的一次世界系列赛冠军。“大多数球员会告诉你，击出本垒打——尤其是在一场重大比赛的关键时刻——是一种无法超越的感觉，”温菲尔德先生写道，“我对此并不否认，但我也想为那种击出领先二垒安打的感觉说两句：当你站在球场中央，看着 50,000 名球迷从‘战斧砍击’（勇士队球迷的标志性动作）瞬间陷入死寂。从那个视角，你才能真正欣赏自己的杰作。”

1996年退役后，温菲尔德先生在教徒队管理层和MLB球员协会拥有成功的职业生涯。他不喜欢类固醇 era.。他在1996年退役时在历史本垒打榜上排名第19位；而今天他排名第36位。“超过我的那 17 名球员并非全部使用了性能增强药物——但其中一些人确实使用了。我非常严肃地看待这个话题，因为它影响了我的名声以及许多其他人的名声。”

关于 2026 年推动设立薪资上限的议题：“如果仅靠支出就能保证成功，那么依然投入巨资的洋基队在近期如此多次进入季后赛后，应该能多拿几个世界系列赛冠军。”

对于温菲尔德先生来说，这一切最终都归结为斯坦布雷纳和洋基队。“在本书的任何地方，我都没有试图解释乔治的动机，”他写道，“这项任务最好交给其他人——最好是那些拥有心理学高级学位的人。他很复杂——或者至少很难琢磨。关于这一点，我可以这么说。”

约斯特先生是《华尔街日报》书评栏目的常驻撰稿人。

本周末的秋季新书

加州淘金热 • 尤金·德布斯：一名美国社会主义者 • 汤姆·布雷迪的崛起 • 给泥炭地的情书 • 《太阳照常升起》100周年 • 好莱坞回忆录 • 亚洲食谱 • 吸血鬼文化史 • 以及更多

评论与展望

关税正在损害共和党在密歇根州的影响力

还记得关税曾被认为是共和党的杀手锏议题，是赢得工人阶级心目认可并获得持久多数席位的路径吗？现在这招不管用了，密歇根州共和党参议员候选人迈克·罗杰斯呼吁，在特朗普总统与加拿大之间毫无意义的贸易战中停火。

密歇根州曾经看起来像是

共和党人迈克·罗杰斯呼吁停止与加拿大的贸易战。

密歇根州曾被视为共和党的夺权机会，现在可能依然如此。但大多数民调显示，极左翼民主党人阿卜杜勒·埃尔-赛义德（Abdul El-Sayed）的领先优势正在扩大，这在很大程度上是因为特朗普先生针对加拿大的贸易升级。两名候选人此前一直处于势均力敌的状态，直到 8 月中旬，特朗普先生对 200 亿美元 billion 加拿大商品征收 50% 税率的政策生效。

埃尔-赛义德先生并非自由贸易支持者，但他一直在就针对加拿大的边境税问题抨击罗杰斯先生，因为他知道这些税收在“孤狼之州”（密歇根州）并不受欢迎。甚至美国汽车工人联合会（UAW）主席肖恩·费恩（Shawn Fain）也对此提出了批评。在回避该问题数月后，罗杰斯先生于周三发布了一则广告，旨在与这些关税撇清关系。

“在密歇根州，我们知道加拿大不是我们的敌人。我们需要立即结束这场关税战，”这位共和党人在广告中说道。他在竞选演说中也在重复这一观点，而且他是正确的。然而，特朗普先生仍在不断升级。在加拿大对其最新关税采取报复措施后，特朗普先生威胁要对加拿大汽车、卡车、汽车零部件和钢铁征收 50% 的关税。上周，他禁止进口加拿大的酒精饮料和摩托车。埃尔-赛义德先生对此表示感谢并致以美好的祝愿。

加拿大每年向密歇根州出口约 400 亿美元 billion 的商品，其中车辆和零部件约占总额的一半。密歇根州的制造业供应链与加拿大深度整合，尤其是小企业承受了关税的沉重打击，因为它们吸收成本的能力低于大公司。

选民们知道由于关税导致他们支付了更多费用，即使他们不确切知道具体金额。根据商业组织密歇根智能贸易联盟（Michigan Smart Trade Alliance）的数据，自 2025, 1 月以来，密歇根州家庭已支付了 272 亿美元 billion 的关税驱动成本。这相当于每户家庭约 $6,658。

安德森经济集团（Anderson Economic Group）估计，仅去年针对加拿大和墨西哥的汽车关税，就在美国组装的每辆车中平均增加了约 $1,600。这还不包括对钢铁和铝的关税。边境税正在压缩美国汽车制造商的利润空间，这意味着工人的利润分享奖金将减少。

通用汽车表示，预计今年将遭受 25 亿美元 billion 至 35 亿美元 billion 的关税成本打击。这可能意味着工人的奖金将减少 $3,500。特朗普先生不是说过他的关税将帮助密歇根州等地的制造业工人吗？相反，这些关税正在损害全美摇摆选区和摇摆州共和党人的利益。

在纽约州第 17 众议院选区，民主党挑战者凯特·康利（Cait Conley）正在就关税问题猛攻共和党众议员迈克·劳勒（Mike Lawler），她称关税已使“哈德逊河谷普通家庭的商品价格上涨了 $4,200”。如果共和党失去对国会的控制权，特朗普先生及其笨拙的边境税政策将承担大部分责任。

约翰·苏努努希望挽救社会保障制度

社会保障制度距离破产仅剩六年，2032, 年将自动削减 22% 的福利，而民主党人

它已崩溃，且即将面临 $22\%$ 的福利削减。那么，究竟是谁在把老人们推向深渊？

民主党人自然会对共和党人甚至考虑进行改革而发起攻击。共和党在新罕布什尔州的参议院候选人约翰·苏努努（John Sununu）在今年的一次活动中表示：“承受最大负担的将是年轻一代。我以前愿意这样做，现在我也愿意再次这样做。”

这是在提到他上一次在参议院任职的 2003-09, 年，当时乔治·W·布什总统正试图挽救社会保障制度。苏努努先生支持这些努力。他在 11 月的民主党对手、众议员克里斯·帕帕斯（Chris Pappas）显然认为这在政治上是有损形象的。但事实是，美国的权利金制度是不可持续的，这一点早已显而易见。帕帕斯先生试图利用苏努努先生负责任的领导记录来攻击他，称其为“将社会保障私有化”努力中的“领军人物”。

这是一种恐吓老人们的卑劣企图。苏努努先生最近在 WMUR 的候选人论坛上表示：“首先，它没有私有化任何东西。”他 20 年前所希望的方案“维持了政府保证的福利，且等于或高于我们今天的水平”，福利依然由税收资助。他补充道：“但它所起到的作用是使系统能够偿付。我们今天需要不同的方法，但如果当时该方案获得通过，我们今天就不会进行这场辩论，因为系统将是偿付能力充足的。”

这些形式本会让社会保障制度更具累进性：高收入者的福利将略低。但低收入或中等收入的工人——

如果布什先生的推动成功了会怎样？无法确定，但美国企业研究所（American Enterprise Institute）的安德鲁·比格斯（Andrew Biggs）去年的一篇回顾性文章表明，那些拟议的改革方案会让低中收入者的“社会保障总福利比现行法律规定的高出 3-8%”。

无论事实如何，现在不再是 2005 年，这个国家现在距离财政深渊又近了二十年。“我在国会任职 12 年。我从未投票削减福利，永远也不会，”苏努努先生说。但他具有足够的正直，不会误导选民让他们认为一切都安然无恙。他主张：“我们需要一个两党共同的解决方案。如果要成功，必须是两党协作。我想为今天的退休人员以及年轻人确保该系统的安全。”

至于帕帕斯先生，这位民主党人的竞选网站无视现实。该网站称他反对提高退休年龄的努力，同时致力于“扩大”社会保障。他吹嘘自己帮助通过了 2024 年的一项法案，而该法案实际上通过增加同时领取公共养老金的政府雇员的社会保障福利，使资金问题变得更加严重。

在今年夏天的一次活动中，他说处于“收入光谱最顶端”的美国人必须“支付他们应尽的份额”。但这类人数不足，或者收入不足以接近填补日益扩大的社会保障资金缺口。

帕帕斯先生没有向选民提供任何挽救社会保障的真实方案。他的计划仅仅是通过恐吓老年人来赢得选举，同时在潜移默化中引导他们走向在他首个参议院任期结束前福利削减 $22\%$ 的危机。

民主党人已无关于学校选择权的借口

乔什·夏皮罗（Josh Shapiro）最终会同意学校选择权吗？这位宾夕法尼亚州州长和一些民主党同事曾表示，在看到计划规则之前，他们不会决定是否加入新的联邦教育税收抵免计划。现在规则已经出台，州长在周三表示他正

财政部关于联邦计划的规定已出台。乔什·夏皮罗会怎么做？

他对该税收抵免持“非常开放”的态度，但由于其办公室正在审查相关规定，将在“几周内”做出决定。但延迟为学生提供资金的理由能是什么呢？

在尚未加入去年由国会通过的奖学金计划的 19 个州和华盛顿特区，可能涉及数十亿美元的资金。上周发布的规定中，最大的新闻是财政部允许共同申报纳税的已婚夫妇为其向奖学金组织捐赠的款项申请 $3,400 的抵免。

这一数额是个人可申请的 $1,700 抵免额的两倍。美国儿童联合会（American Federation for Children）的帕特里克·格拉夫（Patrick Graff）表示，如果每个人都捐赠其全额抵免合格金额，在他估计的全国 $188 亿捐赠额（基于 $1,700 标准）基础上，这可能会增加 $75 亿。这些规定可能会鼓励更多捐赠，因为它们允许人们通过工资扣除的方式进行捐赠，使流程更加便捷。

财政部的规定还试图防止各州在计划中玩弄政治手段。法律允许将资金用于家庭收入在当地中位数收入 $300% 或以下的学生的公立和私立学校费用，但一些民主党人曾暗示他们将排除私立学校的学生。财政部的规定明确指出，他们不能这样做。只要符合联邦要求，各州就不能取消奖学金授予组织的资格，也不能限制这些组织资助的学校类型或费用项目。

财政部仍在制定关于哪些 K-12 教育费用涵盖在内的指南。该指南还可能影响对在家自学者的处理方式，因为目前他们的参与情况取决于州法律如何定义他们。财政部还将大部分法规作为拟议规则制定发布，这意味着该计划目前接受公众评论，稍后将成为永久规定，不过该部门表示，目前由这些提案管理该计划。

但没有任何理由阻止州长加入。乔治城的玛格丽特·罗扎（Marguerite Roza）表示，收入验证要求可能会阻碍公立学校学生申请资金，因为他们更有可能将资金用于小额费用，而办理手续可能不值得。但财政部表示，某些低收入地区的学生在申请部分服务时无需验证收入。如果对获取资金有顾虑，评论期就是提出这些顾虑的时机。

一些民主党人可能会因为担心教师工会而选择退出，工会厌恶这项抵免，因为他们不希望失败的公立学校面临竞争。纽约州民主党州长凯西·霍楚（Kathy Hochul）在表示将加入后，抵制了工会要求其不加入的呼吁，不过她仍需正式宣布。

该计划的主要好处是为家庭提供更多资金，以选择最好的学校，无论公立还是私立。这可能会导致学校之间产生更多竞争，并使更多学生获得更好的发展。

读者来信

联邦税收抵免提供真正的学校选择权

乔尔·克莱恩（Joel Klein）在10月5日的评论文章《尼科尔·汉娜-琼斯 vs. 兰迪·温加滕》中，对教师工会不愿为尼科尔·汉娜-琼斯（Nikole Hannah-Jones）在近期《纽约时报》文章中所描述的那些表现低劣且缺乏问责制的学校承担责任一事，做出了极佳的回应。

克莱恩先生正确地指出，汉娜-琼斯女士忽略了对于那些对社区学校不满的纽约市家庭来说，表现优异的特许学校是一个可行的选择。我想补充的是，对于需要为孩子提供更好教育环境和资源的困难家庭来说，私立学校和教会学校是另一个极佳的选择。

当新的联邦奖学金税收抵免（FSTC）于1, 2027,生效时，低收入家庭将更容易进入那些收取学费的学校，这赋予了家长离开那些无效学校（例如汉娜-琼斯女士女儿就读的那所学校）的权力。家庭还可以使用 FSTC 奖学金来支付强化辅导、SAT 备考课程以及其他补充教育服务。

在 FSTC 制度下，个人纳税人每年最多可向符合条件的奖学金授予组织捐赠 $1,700（联合申报的已婚夫妇为 $3,400），然后申请等额的税收抵免，以减少其欠美国国税局（IRS）的税款。换句话说，从明年开始，你不再是将 $1,700 交给 IRS，而是可以将其定向用于一名 deserving 儿童的奖学金，并投资于该孩子的未来。

在经历了女儿就读公立学校的经历后，汉娜-琼斯女士可能会同意，补充教育服务对许多公立学校的学生是有益的。事实上，尽管没有直接提及，但汉娜-琼斯女士和克莱恩先生都证明了州长凯西·霍楚尔（Kathy Hochul）表示将选择加入并允许该税收抵免惠及纽约儿童这一决定的明智之处。

达拉·M·罗姆福（DARLA M. ROMFO） 总裁兼首席执行官 儿童奖学金基金（Children's Scholarship Fund） 纽约

真正的输电瓶颈在联邦层面

你们在10月6日的社论《终于实现了许可改革，真的吗？》中提出了几个合理的观点，特别是关于可能延迟必要能源基础设施建设的联邦法律和流程。然而，其中一项断言并不准确。社论声称，州公用事业委员会“经常阻碍”电力传输线路。这种定性过于笼统。

近年来，全国各地的州公用事业委员会已经批准并许可了大量的电力传输基础设施。虽然少数项目在州一级遇到了许可挑战，但这些案例是例外而非普遍现象。当为了维持可靠性和服务客户而需要进行输电时，州委员会有充分的动力确保这些项目及时推进。

更大的许可挑战通常出现在需要联邦批准时，特别是当项目跨越联邦土地或触发联邦监管或法律审查时。寻求在美国西部建设输电线的开发商对这些障碍尤为熟悉。许可改革很重要，但准确识别最大障碍所在同样重要。

托尼·克拉克（TONY CLARK） 全国监管公用事业委员会协会（National Association of Regulatory Utility Commissioners） 弗吉尼亚州阿灵顿

托尼·克拉克（TONY CLARK）

修辞是就业市场中一项能抵御 AI 的技能

安迪·凯斯勒（Andy Kessler）的观点是正确的，高等教育的困境早在人工智能出现之前就已存在（见 10 月 5 日“内部视角”专栏《我们所熟知的大学之终结》）。值得庆幸的是，AI 照亮了学院和大学必须要做的事情——即 无法做到的事情。

有潜力帮助几乎任何学生培养高价值技能，而这一过程曾经需要耗费大量的时间和金钱。但 无法帮助学生习得智慧，而智慧是有效运用这些技能的关键。因此，高等教育机构应该在培养关于困难想法的对话与辩论习惯方面做得更多。这种激烈的讨论对于将智慧推向前台至关重要。它还能帮助学生理解非语言沟通，而这正是克服凯斯勒先生正确指出的在现实生活互动中存在的“不确定性”的关键。

我在为巴克内尔大学（Bucknell University）学生教授的一门课程中实践这种基于对话的方法——我想补充一点，这门课程完全不使用任何技术。学生们经常报告说这是一次具有变革性的体验。太少的高等院校将这种变革放在优先位置，但人工智能应该促使他们重新考虑，而且要快。

威廉·格鲁弗（WILLIAM GRUVER） 公开对话联盟（Open Discourse Coalition） 宾夕法尼亚州，刘易斯堡

防止欺凌入会需要制度转型

《宾州州立大学毒品环路由欺凌入会驱动》（9 月 29 日第一页）提供了一个令人不安的例证，而数十年来关于欺凌入会（hazing）的研究已经明确了一点：欺凌入会的核心涉及权力、强迫和群体动力学，这使得那些寻求成员资格或归属感的人极难说“不”。

虽然在宾州州立大学被指控的行为（如称量和包装可卡因以供分销）看起来更像刑事剥削而非欺凌入会，但其潜在的动力机制是熟悉的：拥有更高地位和权力的人利用他人对成员资格和归属感的渴望，强迫其做出在其他情况下可能会拒绝的行为。这就是为什么防止欺凌入会不能仅靠禁止特定行为或事后反应。机构必须审查欺凌入会得以滋生的文化和权力结构，包括秘密主义、对绝对忠诚的预期、权力失衡以及阻碍干预和举报的规范。

从宾州州立大学得到的教训不仅仅是欺凌入会可以采取令人震惊的形式，而是强迫性的群体动力学可以迫使人们做出极其广泛的有害行为。有效的预防始于理解并改变这些动力机制，从而转型欺凌入会文化。

伊丽莎白·J·艾伦（ELIZABETH J. ALLAN）教授，博士 缅因大学

艾伦教授是 StopHazing 的创始人兼负责人，以及欺凌预防研究实验室（Hazing Prevention Research Lab）的主任。

缅因州，奥罗诺

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价格管制有害无益

美国人对生活成本的上涨感到沮丧，而《生活成本增加，美国人转向民粹主义》（第1页，9月30日）一文揭示了让华盛顿直接下令降低物价这种简单方式的吸引力。然而，当基于民调数据和口号式的立法被迫面对这些政策在现实世界中的影响时，问题就出现了。价格管制或许能成为出色的竞选演说素材，但它们无法让底层的经济规律消失。

电子支付联盟（Electronic Payments Coalition）的研究估计，如果将信用卡利率上限设定为 10%，将导致 82% 到 88% 的现有账户（即 1.75 亿 到 1.9 亿 美国人）实际上失去或被严重限制获得信贷的机会。信用评分低于 740 的消费者在信贷流失面前将尤为脆弱。信用评分较高的美国人虽然可能保留信用卡，但将面临信用额度收紧、奖励减少以及更严格的承保审核。人为地让信贷变得更“便宜”，本质上是让信贷在现实中变得不可获得。这种结果绝非是对可负担性的胜利。

华盛顿应该寻找降低美国家庭成本的方法。但设定价格是一条危险的道路。在因为民调结果良好而拥抱价格管制之前，政策制定者应当询问这条路将通向何方，以及在这个过程中谁将被抛弃。

理查德·亨特（RICHARD HUNT） 电子支付联盟 华盛顿

胡椒……以及盐

《华尔街日报》

“就这样？”

西方文明的诞生与重生

马克·希费尔本 / 美联社 马可·卢比奥 10月7日在雅典发表讲话。

以下是国务卿马可·卢比奥 10月7日在雅典发表的演说摘录：

在这里，在雅典，我们发现了定义西方的所有核心特质的首次完整实现：强烈的个体意识和不懈的雄心；大胆的探索与发明；对发现、冒险、风险和荣耀的渴望。对世界及其运行原则的贪婪好奇，对揭开自然之谜和掌握宇宙秘密的渴求。对“不可能”这一观念的不耐烦，对所有边界和限制的厌恶，以及努力窥探未知深处的冲动……

这就是西方思维的基石：我们的数学、科学和医学；我们的哲学、伦理和宗教。它为耶稣基督的福音在欧洲找到肥沃土壤并繁荣为基督教帝国铺平了道路。它是基督教神学财富的基石——包括奥古斯丁、阿奎那以及整个自然法传统……

美国和欧洲可以复兴古希腊精神，让我们的所有国家再次伟大。

我知道，在现代人听来，我刚才描述的这种生活方式可能显得古怪，甚至可能显得残酷。坦率地说，我们这个时代许多意识形态的理想，已经变成了一个追求绝对安全的世界，没有风险，也没有失败，既没有胜利的荣耀，也没有失败的耻辱。如今，我们太经常地在向下构建。我们制定标准是为了确保没有人会输；我们关注最糟糕者的舒适度，胜过关注最优秀者的潜力。我们将我们之中最卓越的事物，地抵押给了平均水平、平凡和庸碌。

那些建造帕特农神庙的人，他们是在向上构建。他们认为人生最高尚、最崇高的志向就是超越他人，在所有事情上都力求成为最好。古希腊的城邦充满了激烈的激情、竞争、派系和冲突。但正是源于这种对卓越的恒久追求——艺术、哲学以及政治和智力能量才得以大放异彩，将地中海沿岸的一群城市转变为世界上最伟大文明的诞生地。

古希腊人称之为“thumos”（气概 / 激情）——那种激情的火焰、力量、勇气和自豪感——是伟大文明的核心。如果没有它会怎样？没有它，国家就会失去战斗的意志，失去奋斗的意志，失去生存的意志。

如今，西方世界的太多部分已经忘记了这种品质。随着时间的推移，我们西方人开始对那些让我们卓越的事物感到羞愧。我们觉得自己的成就使我们与世界其他地方格格不入而感到尴尬。我们的繁荣不知为何成了一种愧疚的来源。我们不再相信自己配得上且赢得了这份伟大。

“民族主义”这个词变成了一个肮脏的词汇。于是我们拆除了纪念碑，谴责我们自己的历史。在太多地方，我们教导孩子们为他们将要继承的国家感到羞耻。在这个过程中，我们开放了边境，将工业外包，并任由我们的军队萎缩和衰败。

而且随着一年年过去，我们似乎将更多的主权外包，将我们的决策权移交给远在控制范围之外的全球官僚机构……

其他人则非常乐于填补我们留下的真空——由我们的软弱所留下的真空。随着西方的信心动摇，其对手和竞争对手变得愈发强势，取代我们积累起他们自己的财富和权力。

而现在，今天，我们发现自己处于一个十字路口。因为接下来的十年以及我们所做的决定，将书写下一个世纪的故事。

我们选择的道路将决定西方是继续保持其世界领先地位，还是听任自己走向一个萎缩、奴役和衰落的未来。我们要么选择现在采取行动，要么将彻底失去行动的选择权。

在特朗普总统的领导下，美国已经做出了选择。我们选择毫不掩饰地追求国家权力：夺回关键供应链的控制权，实现经济的再工业化，重建我们的国防，为争夺未来技术和产业的主导权而战。

我们选择开拓新的前沿：在先进制造和超级智能领域；在无人机、武器和战争领域；在芯片、矿产、网络以及人类可能触及的每一个领域。释放我们的能量，重建我们的工厂，让我们的宇航员重返月球，开启太空探索的新时代……

我们相信欧洲可以从长久的沉睡中觉醒，重新点燃数千年前在这里点燃的火焰。迹象已经出现。

在整个欧洲大陆，我们正见证着我们希望是代际转变的开端：国防开支激增，新的合作伙伴关系和计划大量涌现，制造业和生产规模扩大，这紧随去年在海牙做出的历史性国防承诺。

希腊一直处于这一转变的中心。这个国家的人民再次证明，无论是在能源、移民还是国防等各个方面，他们都是欧洲和美国不可或缺的朋友，而希腊在这些领域一直是一个模范盟友。

我们最诚挚的希望是，整个欧洲都能效仿你们的榜样。

尽管激情有时可能会使美国与欧洲之间的情谊纽带变得紧张，但绝不能允许其断裂。我们必须共同加强一个能够应对当代威胁的联盟。

而我们能够做到这一点。因为我们不认为跨大西洋的友谊应该是零和博弈。恰恰相反：我们的愿景是一个其整体强度大于部分之和的联盟。就在上个月，我们在美国、丹麦和格陵兰之间达成的一项前所未有的新协议中看到了这一愿景的实践——这项协议将重塑北极地区，并增强整个北约的安全性。该协议的所有三个合作伙伴都获得了胜利。整个欧洲——以及北约和美国——都变得更安全、更强大、更稳固……

我们正处于一个拐点——这不仅是我国历史上的一个拐点，更是我们整个文明的一个拐点。

我们今天面临的威胁，与古代那个戏剧性舞台上的威胁一样真实。

国家利益并没有在国际机构面前消失。战争并没有仅仅因为我们向往和平就随之消失。其他国家继续武装，继续寻求影响力，在领土、技术、资源、市场、能源和权力方面展开竞争。

而现在，战争再次爆发。再次出现了大国之——

大国之间再次出现了新的竞争。脆弱性、侵略、恐怖主义，以及一个全新的威胁和攻击世界再次出现。

因此，我们必须重建我们的机构和联盟，共同面对这些威胁——并意识到，这些机构和联盟的目的不是为了废除组成它们的国家的主权，而是为了捍卫主权。而且，各国无需为了承认共同利益而放弃其独特的身份……

希腊的历史不仅让我们得以窥见我们机构的最早形式，希腊的历史还向我们展示了一面反映我们自身的镜像。

它告诉我们，我们继承了伟大英雄的遗产，我们应当为自己的来源感到自豪——应当感到极其自豪。我们应当惊叹于我们的先辈在这一片土地上开创的成就。我们文明的故事是人类已知最伟大的故事。而它就始于这里，始于西方最早的男女。从他们身上，我们可以重新发现面对当代危险所需的美德、勇气和力量。

法国爆发骚乱？这里也可能发生

政治经济学 作者：约瑟夫·C. 斯特恩伯格 (Joseph C. Sternberg)

你是否是一名正以看戏心态看待法国这场极具法兰西风格的骚乱的美国人？请克制住幸灾乐祸的冲动。我们之间并没有那么大的不同。

巴黎及其他城市街头正在发生的事情关乎财政政策。我是认真的。从表面上看，该国正经历着针对教师短缺和学校建筑破旧的学生抗议（其中许多带有暴力色彩）。但这仅仅是一系列公众不满情绪中的最新一次，这些情绪由工会等左翼组织煽动，旨在强迫政府将日益枯竭的公共资源分配给他们所青睐的利益群体。

在学生骚乱爆发之前，公务员、消防员及其他人员曾举行过为期一天的全国大罢工，以抗议政府冻结工资。随着 2025 年秋季出现类似的运动，针对政府预算的全国性游行正成为一项年度传统。

街头冲突如此残酷，是因为预算计算是不可违抗的。法国已经破产。政府债务占国内生产总值的 120%，且在快速上升，因为年度财政赤字占 GDP 的 5% 已成为常态。

借贷成本正在飙升，基准 10 年期政府债券收益率上周短暂超过 $5% 为首次，这是自 2002 年以来的首次。虽然这低于美国的 10 年期国债收益率，但那是由于美国投资者预期经济增长更强劲。与低增长的欧洲同行相比，法国在所有负面方面都显得格外突出。法国债券与德国国债（欧洲的安全资产）之间的利差之大，堪比 2010-12 年欧元区危机期间。法国的借贷成本甚至高于意大利或希腊。

由于债券收益率超过了任何合理的经济增长预测，债务规模只能增加，而债务服务成本则在飙升。那些要求增加教育资金的年轻骚乱者并非在争夺一块正在缩小的蛋糕中更大的份额，而是在争夺一块可能根本不存在的蛋糕。

这得归咎于婴儿潮一代。法国近期还出现了与养老金（相当于美国的社会保障金）相关的长期且动荡的抗议活动。这些活动从 2019 年持续到 2023 年（期间因疫情有较长时间的中断）。

若不进行权利金改革，美国将无法避免在巴黎街头引发动荡的财政苦难。

这首先扼杀了总统埃马纽埃尔·马克龙对退休制度的全面改革，随后又扼杀了将退休年龄从 62 岁提高到 64 岁的更为温和的尝试。

这产生了两个明确的后果，或许还有一个耐人寻味的第三个后果。其一，预算现在几乎无法平衡。2025 年，国家养老金消耗了 €4220 亿美元，几乎占政府总预算的 25% 和 GDP 的 14%。如果此类支出无法被讨论或改革，巴黎永远无法使其账目相抵。

另一个后果是经济增长停滞。退休改革不仅仅涉及财政数学。因为一个国家的养老权利金计划设定了工人留在劳动力市场的时间规则，塑造了储蓄和投资的激励机制，并且是整体税收水平的重要决定因素，因此它对经济增长具有深远影响。法国已经放弃了任何试图将其理顺的尝试。

第三个后果现在可能正出现在债券市场中。斯坦福大学经济学家汉诺·卢斯蒂格（Hanno Lustig）认为，自从养老金改革失败以来，债券持有者已经意识到，他们最终可能并非法国的优先债权人。相反，法国政府最优先的债权人是其养老金领取者。

在法律上并非如此，但在主权偿债能力问题上，政治总是高于法律。通过阻挠养老金改革，法国的政治家和选民发出了信号：他们宁愿在不可持续的债务负担上赌一把，也不愿削减养老福利。卢斯蒂格先生指出，仅凭这一点，就足以解释近年来法国国债收益率飙升的部分原因，而这现在又加剧了其预算苦难。

美国有所不同，具体体现在哪里？我认为有两种相互关联的方式。第一，我们的经济继续保持健康的增长速度，因为我们的监管体制对承担风险更为宽容，且我们的税制比法国的惩罚性更低。然而，这在很大程度上取决于我们接受一个比欧洲不够慷慨的福利国家。

第二，社会保障制度目前——虽然仅勉强——仍具有可改革性。改革已植入其设计之中，因为如果没有国会的行动，该计划中养老部分的信托基金枯竭将在 2032 年导致大幅度的福利削减。如果卢斯蒂格先生对法国公共财政的分析正确，那么社会保障改革的可能性是美国自身债务市场的一个重要稳定器。我们尚未将债权人的地位置于退休人员之后。

至少目前如此。就在社会保障辩论已经足够紧张之时，法国功能失调的例子又增加了一个新的维度。

向常春藤盟校砸钱无法解决其问题

作者：杰夫·亚斯 (Jeff Yass)

Citadel 创始人兼首席执行官、哈佛大学校友肯·格里芬 (Ken Griffin) 在过去四十年中向其母校捐赠了超过 5亿美元。现在，他承诺向卡内基梅隆大学 (Carnegie Mellon University) 捐赠 30 亿美元 billion。这是美国高等教育历史上最大的一笔个人捐赠，其中包括 20 亿美元 billion 用于建设一个新的迈阿密校区；卡内基梅隆大学表示，该校区将颠覆传统的高等教育模式，围绕社会挑战而非专业来组织学习。这正是高等教育所需要的：对新型、具有竞争力的实验进行投资。

高等教育正在辜负学生，美国民众对此已深感厌倦。根据皮尤研究中心 (Pew Research) 最近的一项民意调查，十分之七的美国人（包括两党的大多数人）认为高等教育的发展方向错了。然而，在 2025 年，捐赠者向各类学院和大学捐赠了近 800 亿美元 billion。哈佛大学筹集了 13 亿美元 billion。

无论捐赠者向这个问题投入多少资金，精英机构的课堂教学质量却在持续恶化。在 2024 年的一项哈佛大学调查中，45% 的学生表示他们不愿在课堂上分享关于争议性话题的观点。在 2024-25 学年，哈佛学院 60% 的成绩为 A，而 2005-06 学年这一比例为 $24%。这听起来不像是一个严谨辩论和学术研究的环境。

在强有力的批评者压力下，精英大学已开始做出改变，例如采取机构中立声明、限制成绩膨胀、承诺保护开放式探究以及建立公民中心。这些改变只是表面功夫。

本科教育由三个要素组成：学生、教师和课程。如果录取政策、教师队伍和课程设置没有改善，那么管理层就什么都没有改变。他们只是在维持现状，同时试图欺骗公众并摆脱批评者的纠缠。

尽管特朗普政府努力将联邦资金作为杠杆，但精英大学过于富有，以至于不会感受到政府削减补贴带来的显著压力。哈佛大学最近报告其捐赠基金为 599 亿美元 billion。在 2025 财年，该基金的投资回报率为 11.9%，且该大学几乎没有缴纳税款。这些学校的管理层抱怨资金削减，是因为他们认为自己有权获得纳税人的钱，但他们实际上并没有受到伤害。

捐赠者在这些学校无法产生太大影响。向常春藤盟校捐款能让你获得鸡尾酒会的邀请函；而对于那些大人物来说，你的名字会被刻在某栋建筑上，而那些讨厌你的激进教授就在那栋楼里授课，并在课上把你塑造成反派。

推动高等教育改革的唯一途径，是为该领域中新的、具有创新力的竞争者提供资金。

慈善家们仍然可以在高等教育领域发挥作用。他们可以通过投资替代性机构和新的竞争者来实现，正如格里芬先生在卡内基梅隆大学（CMU）所做的那样，以及我在奥斯汀大学所做的那样。如果捐给高等教育的 800 亿美元 billion 中，有 20% 流向实验性和颠覆性的创业项目，那么每年将有约 160 亿美元 billion——这足以开始改变整个格局。

在这些捐款的支持下，新的大学将蓬勃发展，并与常春藤联盟竞争最优秀的教师和最聪明的学生。它们的毕业生将竞争最好的工作。竞争将迫使现有大学比任何直接捐款或削减政府资金所能达到的效果更快、更全面地进行调整。

我们以前见过这种模式奏效。约翰霍普金斯大学于 1876 年成立，在 $3.500 万 遗赠资金的支持下，成为了美国第一所研究型大学。到 1889 年，它培养的博士数量比同一时期的哈佛大学和耶鲁大学之和还要多。

当时的哈佛大学校长查尔斯·埃利奥特后来承认，他的大学研究生院“直到约翰霍普金斯大学的榜样迫使我们的教职员工”对其进行投资后才开始繁荣。芝加哥大学和斯坦福大学最初也是由私人财富资助的后起之秀。如今，它们位列世界顶尖大学之列。

出于同样的原因，私人资—

向替代性机构捐款有利于每一个关心高等教育的人。这包括像我这样认为精英大学是文化上恶劣的骗局且应该被淘汰的人，也包括那些热爱这些大学、相信它们很伟大并希望它们变得更伟大的校友。如果它们确实伟大，那么一点健康的竞争将使它们变得更好。

无论目标是让最优秀的变得更优秀，还是击败它们，想要改善高等教育的慈善家应该效仿格里芬先生。欢迎颠覆。资助竞争者和新机构。

亚斯先生是海萨根国际集团（Susquehanna International Group）的联合创始人。

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洋基队被横扫出季后赛，冠军荒仍在继续

定义该队 90 年代末王朝的“十月魔力”，如今感觉像是一段遥远的回忆

BY JARED DIAMOND

周三晚上，在三个令人狂喜的分钟里，纽约洋基队以为他们挽救了整个赛季。在球队濒临被淘汰之际，安东尼·沃尔佩（Anthony Volpe）击出了一球，看起来像是一个扳平比分的本垒打，唤醒了那些曾经在每年十月都能让人们感受到其存在的影响力。

但棒球之神不再那么眷顾布朗克斯了。当回放揭示实际情况时，这一点变得极其明显：球从未飞过左外野围栏。一名身穿午夜蓝洋基队夹克的球迷伸手越过围墙干扰了比赛。经过长时间的审核，裁判判定该击球为二垒安打。

三个局之后，坦帕湾光芒队在 4-3 获胜后在洋基体育场球场上庆祝，完成了在分区系列赛中对洋基队的强势三场横扫。美国体育史上最成功的球队再次陷入迷茫，不知哪里出了错。

顶部：安东尼·沃尔佩击出的球被判定为球迷干扰。右侧：亚伦·贾奇（Aaron Judge）和乔治·隆巴德二世（George Lombard Jr.）在美联分区系列赛（ALDS）失利后的反应。

“我认为我们拥有联盟中最顶尖的人才，”洋基队王牌卡姆·施利特勒（Cam Schlittler）说道，“但归根结底，我们没有达到标准。”

距离洋基队上一次赢得世界系列赛已经过去了 17 年，对于东 161 街和河滨大道（River Avenue）的街角来说，这简直是一个永恒。定义他们 1990 年代末王朝的魔力，现在感觉像是一段遥远的回忆。

沃尔佩这次与成功擦肩而过，让这一现实变得异常清晰。几乎在三十年前的同一天，另一名年轻的洋基队内野手也经历了一次几乎完全相同的比赛过程——但结果截然不同。

1996 年 10 月 9 日，在对阵巴尔的摩金莺队的冠军系列赛第一场比赛中，一名名为德里克·杰特（Derek Jeter）的前景光明的新秀击出了一个飞向右外野的深远高飞球。一名 12 岁的洋基队球迷杰弗里·梅尔（Jeffrey Maier）冲过围栏，将球拍入了观众席。

这本应被判定为球迷干扰。然而，裁判将其判定为本垒打，使洋基队扳平了比分。他们随后夺得了自 1978 年以来的首个冠军，并赢得了之后五个赛季中四个冠军中的第一个。梅尔成为了三州地区（Tri-State Area）的民间英雄。

但像梅尔这样的故事在今天绝不可能发生。现在有了回放系统来修正误判。沃尔佩不会成为英雄，他只能成为洋基队又一次失望经历中的一个小注脚。

“这种情况发生太多次了，”沃尔佩说，“这种感觉太糟糕了。”

常规赛对洋基队来说从未是问题。凭借庞大的薪资支出和星光熠熠的阵容，他们几乎每年都能进入季后赛，且自 1992 年以来没有过负赛记录——那时距离沃尔佩出生还近十年。

但季后赛对于现代洋基队来说是一个无法逾越的挑战。今年，他们被预算仅为其三分之一的小市场球队光芒队彻底击败。坦帕湾队在各方面都胜过纽约队，他们以无情的进攻压制了洋基队的打击线，并让洋基队引以为傲的投手轮换感到沮丧。当系列赛结束时，哪支球队更强已毫无疑问——而且那不是洋基队。

“这是一个破碎的更衣室，”洋基队经理亚伦·布恩（Aaron Boone）说道，他在执掌帅位的 9 个赛季中每一次都未能成功。“最终，这还不够好。”

当光芒队终结者布莱恩·贝克（Bryan Baker）三振特伦特·格里舍姆（Trent Grisham）记录下最后一个出局数时，大多数洋基球员迅速退回更衣室。只有一名球员徘徊在场上：洋基队队长、超级巨星外野手亚伦·贾奇。

他站在那里，看着光芒队的庆祝活动在激烈进行，反思着又一个失败的赛季，他说，他“厌恶其中的每一个瞬间”。

“但如果你不喜欢这种结果，”贾奇继续说道，“你就得打得更好。”

贾奇以前处于这种境地——事实上很多次。今年尤其艰难。伤病导致贾奇在2026年仅出战了66场比赛。尽管他苦苦恳求，但洋基队拒绝将贾奇列入季后赛名单，因为他们不认为他的健康状况足以做出贡献。

在状态正佳时，贾奇或许是地球上最出色的击球手。但与在他之前的许多洋基队伟人——从贝比·鲁斯到亚历克斯·罗德里格斯以及期间的所有人——不同，他尚未赢得过一次冠军，而时间正在流逝。

明年4月，贾奇将年满35岁，在这个年纪，技巧开始衰退，身体开始崩溃。本休赛期，一场旷日持久的劳资纠纷威胁在即，这让人怀疑是否还会有2027赛季。即便在即将到来的停赛结束时他能恢复到之前的状态，贾奇的机会也不多了。

现在，他与洋基队面临着另一次清算。

“赢得冠军有一个标准，”贾奇说，“这是非黑即白的。”

解决数十年数学难题的前 NFL 进攻线球员

进攻线球员约翰·厄舍尔（John Urschel）放弃了在巴尔的摩乌鸦队的 NFL 职业生涯，前往麻省理工学院（MIT）研究数学。

作者：安德鲁·比顿（ANDREW BEATON）

一名叫作约翰·厄舍尔的前 NFL 球员决定在本周进行一些“轻松阅读”，对他而言，这意味着翻阅 OpenAI 关于黎曼猜想等课题的最新数学论文。

“我的天呐，”他想，“我完全被震撼了。”

厄舍尔被这些发现惊呆了，因为他恰好比地球上几乎任何人都更能理解那数百个证明。九年前，他用美国国家橄榄球联盟（NFL）的职业生涯交换了麻省理工学院的学业。而本周一，他没有研究抽象的战术设计，而是发表了一套自己撰写的晦涩语言，以证明一个存在数十年的数学猜想。

厄舍尔的论文题为《论随机矩阵的增长因子》（On the Growth Factor of Random Matrices），是在这个数学家能将天赋与超级计算能力相结合的新时代中，涌现的大量 AI 辅助证明之一。但在这些天才群体中，没有一个人像 35 岁的厄舍尔这样独特。在巴尔的摩乌鸦队效力 3 年后，这位身高 6 英尺 3 英寸、体重 313 磅的进攻线球员在 2017. 脱下了头盔，成为一名专业的知识分子。从那时起，他从未后悔过。

“我觉得我对自己下了一次巨大的赌注，”厄舍尔说，“我现在正过着人生中最美好的时光。”

在厄舍尔成为 MIT 的助理教授，研究矩阵、谱图理论以及其他对绝大多数人来说听起来像胡言乱语的课题之前，他曾是一个在宾夕法尼亚州立大学（Penn State）表现极其出色的孩子。

在为尼塔尼狮队（Nittany Lions）效力期间，他不仅攻读了一个极具挑战性的专业，还通过研究数学赢得了被广泛称为“学术海斯曼奖”的奖项。到 2014, 乌鸦队选拔他入队时，他已经获得了硕士学位。

但在保护四分卫乔·弗拉科（Joe Flacco）一年后，厄舍尔开始想念计算数字的生活。虽然他觉得自己的分析背景在作为一名橄榄球运动员时很有用——例如，他说这帮他学习战术手册——但这并不能完全满足他的知识渴求。

于是，他决定申请成为 MIT 的博士生，那是他一直梦想就读的学校。他于 2016. 开始在那里兼职学习。尽管当时他在名义上仍是一名“乌鸦”球员，但他利用休赛期与 NCAA 第三级别（Division III）的 MIT 工程队一起训练。

直到下一个 NFL 赛季开始，厄舍尔才意识到自己犯了一个严重的计算错误。他没有考虑到的唯一变量是时间。在抵御对方内线球员（nose tackles）和研究特征值问题（eigenvalue problems）之间，他几乎没时间见他后来结婚的妻子。

“事后看来，那是一个糟糕的决定，”厄舍尔说，“我当时在想什么？”

次年，厄舍尔决定不再重复这种生活。同时追求 NFL 和 MIT 被证明过于吃力，而且将大脑放在乌鸦队的进攻线上感觉可能会损害他的学术生涯。因此，他没有在 2017, 参加训练营，而是决定重新成为一名全职学生。四年后，他获得了博士学位；两年后，他以教授的身份回到了 MIT。

在此过程中，厄舍尔并没有完全忘记橄榄球场。从 2020, 起，他连续 3 年担任大学橄榄球季后赛（College Football Playoff）选拔委员会成员。他现在仍尝试在周六抽出时间观看母校宾夕法尼亚州立大学以及弗吉尼亚理工大学的比赛，他以前的大学队友目前是后者的进攻协调员。

但最重要的是，厄舍尔现在是一个数学迷——他最新的证明就是最好的证明。

Urschel 的论文探讨了一个自 20 世纪 90 年代以来就一直存在的猜想，他在本科期间首次对此产生兴趣。该猜想涉及高斯消元法，这是一种解决线性方程组的常用方法，你可能在高中时学过。例如，考虑这两个方程：

2x - y = 0

$x + y = 3$

将两行相加可简化为 3x = 3. 因此，x 等于 1 且 y 等于 2. 这种相当简单的方法也被几乎所有领域的计算机程序用于解决规模大得多的方程组。问题在于，采用这种方法产生的微小舍入误差在理论上可能会累积，导致答案失效。尽管数学家们一直怀疑这种情况在典型问题中几乎从未发生，但他们从未能完全证明这一点——直到 Urschel 完成了证明。

Urschel 在研究中也得到了助力。他在致谢中提到了 OpenAI 模型的帮助，并表示欢迎就 AI 的作用提出任何问题，因为 AI 正在颠覆他的整个领域。

但超级计算机并未削弱这位前橄榄球运动员转行数学家对数学的热情。他将其比作他对国际象棋的喜爱：计算机虽然比人类更强，但他仍然享受寻找正确走法的追求过程。

“我真的很想理解事物背后的原因，”Urschel 说，“AI 不会破坏这种‘原因’。”

MADISON SEYFARTH SINGGIH 为《华尔街日报》报道

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债券市场的连锁抛售正趋于平息

收益率上升对抵押贷款债务和国债期货的影响正在减弱

作者：萨姆·戈尔德法布 (SAM GOLDFARB)

遭受重创的美国债券市场终于迎来了一些好消息。

被指导致近期抛售加剧的一系列市场特性可能正失去动力，这引发了人们对债券收益率上涨也将趋于平息的希望。

近几周收益率的飙升扭曲了其他市场，延长了另外两种流行债务证券的预期寿命：抵押贷款债券和国债期货。债务工具的期限越长，投资者面临的利率变动风险就越大。

投资者的调整导致了长期国债（包括10年期票据和30年期债券）的抛售。一个恶性循环由此启动。但这种循环的推进程度存在机械性限制，投资者和分析师正看到增速放缓的迹象。

“我认为就某些技术因素以及波动速度而言，我们正接近尾声，”Lord Abbett 的固定收益投资组合经理利亚·特劳布 (Leah Traub) 表示。她补充说，从现在起，收益率的方向将更多地取决于“基本面因素”，例如油价的波动。

投资者对来自抵押贷款债券市场的压力尤为乐观。

利率上升抑制了房主办理抵押贷款再融资的兴趣。随着这种情况的出现，支撑抵押贷款支持证券的贷款平均预期寿命被推后。但分析师表示，这些债券目前的期限已延长至极限。

来源：Tradeweb FTSE 收盘

目前，这些债券的持有者通过与交易对手签订衍生品合约来对冲投资组合的压力已经减轻，而这些交易对手通常会通过抛售国债来抵消自身的头寸。

请参阅第 B9 页

歉收成为加州葡萄酒业的“天赐之福”

由于需求下降，加州酒庄正在拔除葡萄藤，并任由部分葡萄枯萎。图为温特家族葡萄园（Wente Family Vineyards）的收获场景。

作者：劳拉·库珀（LAURA COOPER）

今年加州收获的酿酒葡萄数量可能会下降多达一半。

“这是天赐之福，”纳帕谷（Napa Valley）霍尼格葡萄园与酒庄（Honig Vineyard & Winery）总裁迈克尔·霍尼格（Michael Honig）表示。“减产正帮助我们度过目前的难关。”

美国葡萄酒业正陷入危机。美国的酒精消费量已跌至数十年来的最低水平。加拿大曾是一个庞大且利润丰厚的市场，但现在几乎不再购买美国酒精饮料。销量持续低迷。行业官员表示，大多数购买 $20 或以下价格酒瓶的消费者已经削减了购买量。

由于近年来的变化，葡萄酒业正在经历一次重组。一些酒庄去年任由饱满的葡萄在藤上枯萎，而另一些则拔除了葡萄藤，以匹配新的需求水平。葡萄园经营者也在转向养牛或种植干草和大麦等其他作物。

“我见过葡萄和葡萄酒供应的许多起伏，”马基西·安蒂诺里（Marchesi Antinori）美国业务地产总监胡安·穆诺斯-奥卡（Juan Munoz-Oca）说道。

“我们今天看到的情况有所不同。种植者拔除葡萄藤、封存葡萄园并种植其他作物，这表明情况比我经历过的周期性波动更具结构性，”他说。

分析师和酿酒师表示，整合期即将到来。该行业正在消化过剩的葡萄酒，这压低了酒庄对其产品能够要求的价格。

在加州各地的酒庄中，许多 2023 年和 2024 年（这两个年份是大丰收年）酿造的葡萄酒仍未售出。

“许多家族企业可能被迫退出该行业，”荷兰合作银行（Rabobank）负责酒精业务分析师布尔卡德·内辛（Bourcard Nesin）表示。“许多人认为整合不可避免，因为如果没有更高的葡萄价格，极少有种植者能够产生可持续的利润。”

去年，美国人的整体饮酒比例下降至近 90 年来调查开始以来的最低水平，根据

请翻至 B2 页

*基于自称饮用酒精饮料的美国成年人。

战争助力炼油厂迎来收益盛宴

作者：COLLIN EATON 以及 BENOÎT MORENNE

受中东冲突和乌克兰战争推动，全球对燃料的需求激增，美国最大规模的石油炼油厂在第三季度的收益预计将大幅增长。

华尔街分析师预测，美国独立燃料制造商 Valero Energy、Marathon Petroleum、Phillips 66 等公司有望打破其在截至 6 月的第二季度中创下的接近纪录的收益。这三家公司在该季度的利润均达到了乌克兰战争爆发以来的最高水平。

随着全球供应缩减且价格飙升，炼油厂在柴油和其他燃料上获得了创纪录的高利润率。它们正从行业所谓的“裂解价差”（crack spread）中获益——即原油价格虽然上涨，但上涨速度慢于包括柴油在内的精炼燃料价格。随着原油价格与燃料价格之间的差距扩大，炼油厂每生产一加仑燃料的利润就越高。

导致这一差距的原因包括伊朗战争的复燃（导致中东炼油厂瘫痪）以及乌克兰的无人机袭击（导致俄罗斯工厂受损）。与此同时，中国和其他亚洲国家削减了燃料出口。这实际上使美国成为了全球最后的关键燃料供应商，并于近期将美国国内柴油的平均价格推高至创纪录的 $6.53 每加仑。

摩根大通（JPMorgan）的分析师预计，Valero 第三季度的税前收益可能达到 $8.95 亿美元，比前三个月增长 50%，比 2022. 年中期的季度纪录高出 24%。Piper Sandler 预测，Marathon 的每股收益将比去年同期增长七倍以上。Phillips 66 的炼油收益预计也将超越其历史纪录。

这些公司计划在 10 月下旬和 11 月初公布业绩。

“他们在趁势而为，”Novi Labs 的精炼燃料分析师 John Auers 表示，他指出收益的激增标志着运势的逆转，而六年前新冠疫情爆发时，炼油厂的

请翻至 B9 页

货运成本考量：柴油依然胜过电动汽车

作者：PAUL BERGER

即便柴油价格飙升，仍不足以让电池电动货车的经济效益成立。

加利福尼亚州的卡车司机正请求洛杉矶港和长滩港补贴拥有和运营零排放重型卡车的高昂成本。电动卡车司机表示，即使燃料价格飙升至历史新高，他们仍无法与柴油卡车竞争。

根据能源定价专家 OPIS 的数据，柴油在 9 月达到了全国平均每加仑 $6.528 的历史最高纪录。在燃料价格全美最高的加利福尼亚州，其价格在 9 月 22 日创下了 $8.439 的新高。

港口方面正在考虑，每当卡车司机使用零排放车辆接送集装箱时，向其支付 $60 请翻至 B2 页

内部目录

商业新闻 零食与饮料制造商百事公司（PepsiCo）下调业绩预期，理由是成本上升。B3

技术 微软 Xbox 在《辐射》（Fallout）之外，寻求新的电视和电影产品。B4

美国航空放宽拒登政策

该航空公司正通过专注于引导乘客自愿放弃座位，采取更多措施以避免此类情况。 注：2026年数据截至第二季度 来源：交通部

作者：ALISON SIDER 和 REBECCA CADENHEAD

美国航空（American Airlines）去年导致 60% 的乘客被非自愿拒登航班，该公司表示将停止这一做法。

抵达机场后却因航班座位不足而被拒登，是乘客可能遇到的最糟糕的挫折之一。多年来，美国航空一直是此类违规行为最严重的公司之一。在 2017 年发生的一起备受关注的事件中，机场警察强行将一名医生从联合快运（United Express）的航班上拖走，引发了广泛批评，此后竞争对手们在多年前就已采取行动遏制拒登乘客的做法。

现在，随着美国航空试图改善其客户声誉并更好地管理航班中断，这家总部位于德克萨斯州沃思堡的承运商正通过专注于引导乘客自愿放弃座位，采取更多措施以避免这些情况。

“我们改进了技术，优化了流程。现在我认为我们已经达到了不再采取‘非自愿拒登’”

登机处理，“美国航空首席客户官希瑟·加博登（Heather Garboden）表示。

这一新方案此前由航空博客 View From the Wing 报道。

“这是一个美国航空在追随竞争对手早已采取行动的案例，”美国经济自由项目（American Economic Liberties Project）航空高级研究员比尔·麦基（Bill McGee）表示。

该航空公司表示，它现在更积极地在超额预订的航班起飞前，通过应用程序和电子邮件通知提前联系旅客，请求志愿者放弃座位。

根据《华尔街日报》审阅的一份备忘录，该公司还向员工明确表示，消除拒登行为是一项要求，而非一个目标。

现在，当航班超卖时，登机口代理人员会更早地开始发出公告，包括解释原因，并立即告知志愿者选择乘坐后续航班可获得的补偿方案。

非自愿拒登相对罕见——在去年数百万名乘坐美国航空公司的乘客中，仅有 25,000 人被非自愿拒登。

大多数情况下，提供现金、旅行代金券和住宿可以帮助说服行程灵活的乘客放弃座位。

但在其他承运商成功抑制这一做法后，美国航空成为了一个异类。

请参阅 B2 页

企业索引

本索引列出了今日版中提及的大多数母公司和商业人士的显著参考页码。区域插页上的文章未列入本索引。

A Adobe....A3 Alimentation Couche Tard....B3 Amazon.com....B3 美国航空（American Airlines）....B1 Argenx....B4 AT&T....B4 B Brink's....B3℃ Constellation Brands.....B2 D 达美航空（Delta Air Lines）.....B2,B10 DHL....A2 Diamond Energy.....B9 E EOG Resources.....B9 F 迅销（Fast Retailing）.....B3 I 英特尔（Intel）.....B10 K Keurig Dr Pepper.....B3 M 马拉松石油（Marathon Petroleum）.....B1 万事达卡（Mastercard）.....A2 Meta Platforms.....A3 美光科技（Micron Technology）.....B10 微软（Microsoft）.....A3,B4 N NCR Atleos.....B3 英伟达（Nvidia）.....A2,B10 O 西方石油（Occidental Petroleum）.....B9 OpenAI.....A3 P Pacira BioSciences.....B10 百事公司（PepsiCo）.....B3,B10

Phillips 66.....B1 保时捷（Porsche）.....B3

S 三星电子（Samsung Electronics）.....B10 Seven & i.....B3 SpaceX.....B4 Spotify.....B3

T 台积电（Taiwan Semiconductor Manufacturing）.....B10 泰勒农场（Taylor Farms）.....B2 T-Mobile.....B4

U 联合航空（United Airlines）.....B2

V 瓦莱罗能源（Valero Energy）.....B1 威瑞森通信（Verizon Communications）.....B4 Visa.....A2 沃达丰（Vodafone）.....B4

人物索引

A Abrahams, Brian....B4 Auers, John....B1 B Borst, Nicholas....A9℃ Carter, Eli....B9 D Dacus, Stephen....B3 E Eisele, Kevin....B4 Entner, Roger....B4 Eubanks, Mark....B3 F Feinberg, Steve....A6 Fink, Nick....B2

G Garboden, Heather.....B1 H Honig, Michael.....B1 K Kashner, Elisabeth.....B10 L Laguarta, Ramon.....B3 Laipply, Stephen.....B10 Leiters, Michael.....B3 Leyva, Mauricio.....B3 M Mandia, Kevin.....B4 Munoz-Oca, Juan.....B1 Musk, Elon.....B4 N Nadella, Satya.....B3

Nashikkar, Amrut.....B9 Nesin, Bourcard.....B1 Newman, Jordan.....B3 R Raeder, Martin.....B3 Roberts, Jackson.....A2 S Sasson, Mark.....B4 Sharma, Asha.....B4 Spergel, Seth.....B4 T Taylor, Bruce.....B2 Traub, Leah.....B1 W Wente, Niki.....B2 Y Yanai, Tadashi.....B3

柴油车胜过电动车，卡车成本上升

（接 B1 版）车辆，在未来三年内，每辆卡车每年最高补贴 $36,000。两座港口的董事会预计将在未来几个月内对该提案进行投票。

洛杉矶港执行董事吉恩·塞罗卡（Gene Seroka）表示，陷入困境的承运商在今年早些时候曾向港口寻求帮助。港口以及州和联邦机构已经承诺投入数亿美元用于安装充电基础设施并补贴零排放卡车的采购。

“我不认为仅仅给人们提供补贴就是完整的答案，”塞罗卡说。“但也许在过渡期间，我们必须采取一些措施来提供帮助。”

据州监管机构称，南加州港口运营着全美最繁忙的集装箱综合体，每年运输数千万个集装箱，也是该地区最大的空气污染源之一。

加利福尼亚州向卡车司机提供赠款，以抵消零排放车辆部分较高的成本，这些车辆的运行成本可能是柴油车的三倍。承运商表示，他们在充电基础设施方面还面临更高的账单，以及与融资、保险和运行卡车相关的更高运营成本。

总部位于加州康普顿（Compton）的卡车运输公司 Tradelink Transport 销售与运营副总裁平·伯克（Ping Burke）表示，将电费与柴油账单进行比较并不能转化为总额的节省，因为电动卡车在充电时处于停运状态的时间更长。“毫无疑问，电动车在能源成本上能胜出，但我们仍需确保不会因为停机时间和利用率下降而将这些节省的成本赔回去，”伯克说。

州和地方机构多年来一直致力于减少排放。港口在 2017 年设定了一个目标，计划到 2035 年逐步淘汰柴油卡车。根据港口数据，目前在进入港口的 17,000 辆卡车中，零排放车辆不足 700 辆——仅占车辆总数的 $4%。

零排放技术的早期采用者表示，由于他们与成本较低的柴油竞争对手竞争，他们无法获得足以覆盖电池电动或氢燃料电池卡车更高成本的运费率。

“每个人都想要可持续发展，但没有人愿意为此买单，”港口卡车协会（Harbor Trucking Association）首席执行官罗伯特·洛亚（Robert Loya）说道，该行业组织曾请求港口帮助电池电动卡车司机。

港口卡车司机刚刚经历了数年货运率低迷的时期。他们表示，不能假设近期货运需求的增加或柴油价格的上涨会使零排放卡车运输更具成本竞争力。

“我们在 '23、'24 和 '25 年因此损失惨重，”总部位于加州长滩（Long Beach）的 Hight Logistics 首席执行官鲁迪·迪亚兹（Rudy Diaz）说，他从 2022 年底开始运行零排放卡车。“与柴油车队相比，我们仍然处于亏损状态。”

加利福尼亚州此前一直在推动零排放卡车需求的增长。但这一努力在近年来受到挫折，特别是当该州取消了将强制卡车司机购买电池电动车辆的法规时，原因是预计会遭到特朗普政府的反对。

自 2022 年以来，洛杉矶港和长滩港通过对柴油车每次进入收取 $10 的“清洁卡车”费，筹集了超过 3.5亿美元 用于投资清洁技术。他们仅发放了其中一小部分资金，部分原因是卡车司机在等待充电基础设施和车辆方面面临长达数年的延迟。港口计划使用其清洁卡车基金中的 6000万美元 来资助这一新的激励计划。

保罗·贝尔格（Paul Berger）为《华尔街日报》物流报告（WSJ Logistics Report）撰稿。

泰勒农场限制销售墨西哥生菜

去年夏天最大规模的环孢子虫爆发与来自泰勒农场（Taylor Farms）的切碎生菜有关。

该公司尚未确定何时将解除暂停销售措施。

首席执行官布鲁斯·泰勒（Bruce Taylor）表示，从明年开始，该公司将不在美国或加拿大销售在5月1日至8月31日期间在该地区收获或加工的冰山生菜。泰勒表示，这一时间段涵盖了墨西哥中部的雨季，且与美国疾病控制与预防中心（CDC）观察到的由环孢子虫寄生虫引起疾病增加的时间相吻合。

与去年夏天致命的环孢子虫爆发有关的农产品巨头泰勒农场，正暂停在寄生虫高峰期销售来自墨西哥中部的冰山生菜。

迄今为止，美国食品药品监督管理局（FDA）和泰勒农场均未公开确认导致环孢子虫爆发的原因。

泰勒在周四的一封公开信中发表了上述评论。就在几天前，美国食品药品监督管理局（FDA）公布了对其调查结果的细节，此次事件成为了美国历史上记录在案的最大规模环孢子虫爆发，导致12,000人患病并与两起死亡病例相关。这次寄生虫爆发影响了农产品行业的各个环节，因为许多消费者开始避开超市里的新鲜农产品和以沙拉为主的连锁餐厅。

作者：杰西·纽曼（JESSE NEWMAN）

沃尔玛、好市多（Costco）以及央狮集团（Yum Brands）旗下的塔可贝尔（Taco Bell）。

联邦和州当局在去年夏天调查了几起环孢子虫爆发事件。他们将其中最大的一起归因于来自泰勒农场的切碎冰山生菜，该公司向美国一些最大的零售商和餐厅品牌供应农产品，包括沃尔——

泰勒农场于7月暂停了来自墨西哥中部的冰山生菜采购和生产。该公司表示，其在该地区的加工设施仍处于关闭状态。

针对此次爆发，泰勒表示，公司还正在扩大对其员工以及采购生菜的农场工人的全年健康监测。他表示，公司正在加强对墨西哥中部灌溉用水和作物的检测，并投资研究与技术以提高环孢子虫的检测和预防能力。

“我们正在采取综合方法，使我们的食品更加安全，”泰勒说道。

公共卫生官员在9月份宣布环孢子虫爆发已经结束。上周，FDA表示，在对墨西哥生菜田（采集了水、土壤、沉积物和生菜样本）以及泰勒农场在墨西哥的加工设施进行检查后，已关闭此次爆发调查。

FDA表示，有两个样本的环孢子虫检测呈阳性，一个来自加工设施的废水箱，另一个来自一名生菜种植者的排水沟。

该机构概述了在2027年种植季之前为预防环孢子虫将采取的步骤，包括加强对某些农产品的监测。FDA还表示，正在探索新工具以监测天气事件等环境因素。

一些现任和前任政府官员批评了特朗普政府和泰勒农场对此次爆发的处理方式。前FDA副局长弗兰克·亚纳斯（Frank Yiannas）表示，该机构前往墨西哥的速度太慢，且其调查结果留下了许多未解答的问题。

“我们非常擅长检测爆发，但在调查方面却非常糟糕，”亚纳斯说道。

样本来自其加工设施外的废物和污水，且是在该公司暂停生产三周多之后采集的。

泰勒农场表示，已不再与发现阳性样本的独立种植者合作。该公司表示，第二个

美国航空已指示员工继续尝试让客户接受一项方案，即使这意味着航班会短暂延误。

非营利组织消费者报告（Consumer Reports）周四致信美国食品药品监督管理局（FDA），对该机构在应对疫情爆发方面的反应表示担忧，并要求其在下个月对一系列问题做出回答。

只有廉价航空公司前线航空（Frontier Airlines）的拒登乘客率更高，该航空公司表示这正是其“目前正在努力解决的问题”。

由尼基·温特（Niki Wente）经营的葡萄园通过多元化经营来应对该行业的危机。

根据盖洛普（Gallup）的一项民意调查，该比例今年维持在 54% 的低位。

接第 B1 页

歉收竟成葡萄酒业之“福音”

在与烈酒和啤酒的竞争中，葡萄酒成了最不受欢迎的饮品选择。一些美国人出于健康原因禁酒，另一些人则是因为成本太高。

根据行业贸易组织葡萄酒协会（Wine Institute）的数据，加拿大过去每月平均进口约 4000万美元 的美国葡萄酒。随后，大多数加拿大省份为了应对关税而撤出了美国酒精产品。对该国的出口额目前已下降约 90%，每月仅为 500万美元 多。

今年，恶劣的天气在一定程度上缓解了压力。生长季早期的强降雨和反常的暖 spell 意味着许多葡萄未能充分发育。一些未成熟的黄葡萄未能生长成用于酿酒的多汁葡萄。

登机口工作人员可以向志愿者保证在前往目的地的下一班航班上获得座位——而不是

葡萄园的痛苦正波及整个加利福尼亚州，美国约五分之四的葡萄酒产于此地。该州的酿酒厂去年出货 2.03 亿 箱，比前一年下降了 $11%。

曾用于放牧牛群的土地，其希望将其扩大约 100 英亩，以便在牛肉价格高企时增加牛群数量。约 400 英亩的土地被分租用于种植干草，高于两年前的约 250 英亩。温特（Wente）表示，其蒙特雷庄园的部分土地出租给了种植芦笋、玉米和其他农产品的当地农民。

索诺马县葡萄种植者（Sonoma County Winegrowers）估计，待采摘或已采摘的葡萄数量将比平均水平轻 35% 到 40%。他们表示，今年的白葡萄酒产量高于红葡萄酒。

仅仅是具有空位的下一班航班。当地管理层可以在无需总部另一个团队批准的情况下，授权支付更高额的补偿金。

在 143 年的经营过程中，温特家族葡萄园（Wente Family Vineyards）通过种植干草和养牛等其他业务来实现多元化，以补充收入。现在，它正更加倾向于这些其他业务线，尽管葡萄酒业务目前仍是其绝对的主业。

温特的“晨雾”霞多丽（Morning Fog Chardonnay）在加拿大曾是大畅销产品。温特表示，去年该款霞多丽在加拿大的销售额几乎跌至零。

近年来，它一直在移除一些品种，包括赤霞珠（Cabernet Sauvignon）。目前约有 80 头牛和公牛在温特的土地上放牧。

“这是我经历过的最疯狂的一次收获，”加州利弗莫尔温特家族葡萄园的葡萄园运营总监尼基·温特（Niki Wente）说道。尽管如此，这家家族企业正在对其运营做出一些调整。

该家族目前约有 1,500 英亩的土地被

接续 B1 页

在今年夏天测试新技术和新流程的机场，非自愿拒登现象已被消除。该航空公司自年初以来大幅降低了非自愿拒登率，第二季度此类情况同比减少 55%，第三季度减少 85%。

执掌星座品牌公司（Constellation Brands）的尼克·芬克（Nick Fink）希望葡萄酒行业可能已经触底。星座品牌公司旗下拥有 Prisoner 和 Kim Crawford 等葡萄酒品牌。

虽然今年的减产将有助于支撑部分葡萄酒价格，但温特在养牛业中看到了希望。“畜牧业现在正处于繁荣期，”她说，“肉类价格正在上涨。”

今年。

芬克最近在葡萄收获期间访问了加利福尼亚州。根据他在那里的观察，他表示对葡萄酒的未来以及供需关系的重新平衡感到乐观。

美国航空缓解拒登问题

该公司采取新方法之际，正试图缩小与最大竞争对手之间的财务差距，并通过新休息室和

“展望未来，这件事在某种程度上已经触底了，”他说。

美国航空表示，这些变化已经开始发挥作用。

更多高端座位。

“这是一个美国公司在做其竞争对手早已在做的事情的案例。”

这家航空公司周四宣布，计划将其高速的星链（Starlink）互联网服务推广至整个机队，以采用这种已成为热门乘客福利的快速 Wi-Fi。

该承运商表示，它一直试图在处理天气干扰方面做得更好，并致力于解决其他令客户反感的做法，例如滚动式延误。

几十年来，航空公司一直存在超售航班的情况。

一些乘客根本没有出现，而飞机起飞时空出的座位本可以卖给另一位客户——也许是一位愿意支付更高最后一刻票价的客户。

而且，航空公司并不总是故意销售比座位数更多的机票。

在出现干扰时，飞机经常会被更换。

这可能意味着更换为一架可用座位较少的较小飞机。

由于天气、跑道变更或燃料要求，可能会出现意外的重量限制。

美国交通部要求航空公司对因航班超售而被拒登的乘客进行补偿。

当被拒登的乘客面临长时间延误时，航空公司必须支付高达 $2,150 的赔偿金。但为了鼓励志愿者，他们也可以提供高于此金额的补偿。一些旅客报告称，在包括联合航空（United Airlines）和达美航空（Delta Air Lines）在内的承运商在 2017 年乘客被强行拖离事件后提高最高赔付额后，近年来收到了价值数千美元的报价。

政府数据显示，达美航空也一直在努力消除非自愿拒登，且拒登的乘客极少。

无论是在家中还是在旅途中，为您关心的新闻提供音频故事讲述。

浏览 我们的播客

百事公司下调全年预期

这家 Cheetos 制造商表示，持续的通货膨胀和更高的广告成本正拖累利润。 MIKE BLAKE / 路透社

这家零食和汽水制造商指出，北美业务表现疲软

作者：CONNOR HART

百事公司（PepsiCo）下调了全年盈利预期，因为该公司面临通货膨胀、广告成本上升以及北美业务持续疲软的问题，尽管公司正努力降低支出并恢复销售。

百事公司表示，持续的通货膨胀和更高的广告成本正拖累利润，掩盖了公司为降低运营支出所采取的措施。与此同时，其北美业务继续表现不佳。

首席执行官拉蒙·拉古阿尔塔（Ramon Laguarta）在周四与分析师的电话会议上表示：“我们在北美的业务表现低于预期，这代表了一个显著的改进机会。”

公司正致力于扭转该业务局面，并表示与上一季度相比已见某些改善。新产品的推出和价格降低有助于刺激其零食业务的销售，而功能性饮料和无糖饮料的强劲销售抵消了汽水销售的疲软。

尽管如此，消费者仍面临压力，这使得说服他们购买汽水和零食变得困难。“我们不认为消费者在接下来的 12 到 18 个月内会突然处于好得多的境地，”拉古阿尔塔说。

百事公司计划继续专注于实惠的价格点，并根据消费者口味的变化调整其产品组合。拉古阿尔塔表示，这包括提供更多包装尺寸，以及重新设计产品以包含更多蛋白质和纤维，或去除人工色素和香料。

这些努力以及定价和其他投资正拖累利润率。百事公司将其全年调整后盈利预期从之前的 4% 到 6% 下调至 1% 到 2% 之间的增长。公司将其有机营收预期从之前的 2% 到 4% 缩小至约 3% 的增长。

在百事公司公布最新季度利润和营收增长之际，出现了这一较弱的预期，而增长主要得益于其国际业务的持续强劲。

注：最新财季于 9 月 5, 日结束 来源：S&P Capital IQ；该公司

在截至 9 月 5 日的第三季度，该公司记录的利润为 30.5 亿美元 billion，或每股 $2.23，而去年同期为 26 亿美元 billion，或每股 $1.90。剔除一次性项目后，每股收益为 $2.34，高于 FactSet 调查的分析师预期的每股 $2.29。

净营收增长 5.6% 至 252.7 亿美元 billion，同样超过了华尔街 249.5 亿美元 billion 的预期。按有机计算，营收增长 3.1%。

周四，该公司股价上涨 3.7% 至 $128.34。

优衣库母公司迅销公布创纪录年度利润

作者：KOSAKU NARIOKA

这家拥有优衣库及其他品牌的日本公司报告称，在各地区盈利增强以及新店开业推动销售的带动下，该公司又创下了年度纪录，并预测本财年的利润将进一步提高。

迅销年度营收

为了实现这一目标，迅销计划在近期于纽约和英国剑桥开设新店后，在接下来的几个月内于旧金山、迈阿密以及法国戛纳开设门店。

在关键的中国市场，去年由于消费者需求疲软导致利润下降，但在实施运营调整后，该公司已看到令人鼓舞的复苏迹象。

迅销还计划于10月30日重新开业其在上海的优衣库旗舰店，并将在今年对这座中国城市的数家门店进行翻新。

注：财年截至8月31日；¥1 trillion = 63 亿美元 billion 来源：S&P Capital IQ；该公司

这一举措是该服装零售商努力在全球范围内通过一件件休闲基础款赢取客户的一部分。这家优衣库母公司周四表示，其信息正有效地传达给全球那些重视产品“舒适度和触感”的客户。

优衣库计划在接下来的几个月内于迈阿密、法国戛纳以及图中所示的旧金山开设门店。

亿万富翁首席执行官柳井正表示，优衣库在美国和欧洲日益增长的知名度吸引了被其全球品牌魅力所吸引的客户，尤其是在东南亚、印度和澳大利亚等市场。柳井正表示：“这是一个实现进一步增长的绝佳机会。”

随着迅销寻求在日本和中国之外实现增长以实现多元化，美国和欧洲已成为日益重要的地区。

该公司为优衣库在北美和欧洲的业务设定了分别在约五年内达到¥1 trillion，或 63.3 亿美元 billion，的年度区域营收目标。

这家优衣库的日本母公司在最近几个季度也在增加美国、欧洲和东南亚的门店数量，同时减少在中国的门店数量。

在截至8月的12个月中，净利润增长25%至¥5425.2 亿美元，相当于34.3 亿美元 billion。这超过了数据提供商Visible Alpha在分析师调查中得出的¥5107 亿美元的预期。

年度营收增长17%至¥3.963 trillion。营业利润率从前一年的16.6%提高到18.7%。

对于从9月开始的财年，该公司预计营收将增长12%至¥4.450 trillion，净利润将增长3.2%至5600亿人民币。

在最新的财年中，优衣库的北美销售额占公司总营收的9.2%，欧洲业务占13%，而日本市场占27%，中国、香港和台湾市场占18%。

迅销表示，计划在本财年将全球门店数量增加35家至3,545家，主要通过增加海外优衣库门店来实现。

得益于海外盈利增长的前景，该股今年以来已上涨31%。

7-Eleven母公司利润下降12%

作者：KOSAKU NARIOKA 和 RONNIE HARUI

Seven & i Holdings第二季度净利润下降，尽管其北美业务得益于燃料销售而盈利增强，但国内业务成为了拖累。

这家7-Eleven的日本母公司周四表示，收入下降以及公用事业和其他成本的增加，挤压了其国内便利店业务的营业利润。由于汽油售价上涨带动燃料销售增加，有助于提升北美市场的收益，使其海外便利店业务的营业利润有所增长。

首席执行官 Stephen Dacus 表示：“通胀压力和低迷的消费者信心继续影响着我们的客户以及整体经营环境。”

今年4月，由于中东冲突推高油价并使汽油需求前景变得不明朗，这家7-Eleven母公司将北美业务的计划上市时间推迟至最早明年3月开始的财年。该公司原计划在2026年底前进行首次公开募股（IPO）。

曾在 Keurig Dr Pepper 担任高管的 Mauricio Leyva 于8月出任北美业务公司 7-Eleven Inc. 的首席执行官。

为了抵御 Alimentation Couche-Tard 提出的 470 亿美元 billion 收购要约，Seven & i 在2025年3月宣布了一系列旨在提升股东价值的措施。这家 Circle K 的加拿大母公司随后放弃了该收购要约。

北美业务的 IPO 是关键措施之一，此外还包括 54 亿美元 billion 的超级商店及其他业务出售，以及 130 亿美元 billion 的股票回购。该公司还试图通过改进其自有品牌和新鲜制作的食品系列来提高收益。

Seven & i 在7月决定不对波兰最大的便利店连锁店 Zabka 进行潜在投资，随后 Couche-Tard 表示计划以约 86 亿美元 billion 收购该公司。

这家日本公司周四表示，截至8月的三个月内，净利润同比下降 12% 至 ¥638.4 亿美元，相当于 $403.800 万。

商业观察

FABRIZIO BOLDONI / PSNEWZ / ZUMA PRESS 这家德国豪华跑车制造商现在将持有德国 Manthey Racing 67% 的股份。

BRINK'S, NCR ATLEOS

英国推动 ATM 运营商合并

英国反垄断机构表示，Brink's Co. 提出出售部分业务的方案应能解决人们对该 ATM 运营商计划以 40 亿美元 billion 收购竞争对手 NCR Atleos 的担忧，从而为监管机构批准该交易铺平道路。

英国竞争与市场管理局（CMA）周四表示，总部位于弗吉尼亚州里士满的 's 已针对监管机构的担忧提出了补救措施。监管机构此前担心，此次合并将创造一个市场份额超过 50% 的综合 运营商，且来自其他供应商的竞争有限。

该机构表示，'s 提出的补救措施可能会解决这些担忧。

's 上周表示，已决定出售其 NoteMachine 和 TestLink 英国业务，以期缓解 CMA 的担忧。NoteMachine 是一家 和现金管理公司，而 TestLink 则供应 备件。

's 周四表示，出售进程仍在继续。该公司仍预计交易将在明年年初完成。

该公司表示：“'s 仍在与多家潜在买家接触。”

首席执行官 Mark Eubanks 表示：“我们对 CMA 原则上接受拟议的补救措施感到高兴，因为这代表了向前迈出的重要一步。”

监管机构表示，将更详细地审查 's 的计划。

—Joshua Kirby

PORSCHE

增加对赛车公司的持股

保时捷（Porsche）增加了对德国赛车队及性能调校公司 Manthey Racing 的持股。这是其新战略的一部分，旨在扩大可向保时捷买家提供的可选性能升级套件数量。

这家德国豪华跑车制造商在周三概述了一项计划，旨在加速未来几年的盈利能力。

作为该计划的一部分，保时捷周四表示，其在 Manthey 的持股比例已增加至 67%，并将扩大与该公司在特制车型、性能套件和赛道体验等领域的合作。

的总经理 Nicolas 和 Martin Rae-der 共同持有剩余 33% 的股份。

“多年来， 一直是保时捷值得信赖的合作伙伴，深耕于赛车社区并拥有忠实的客户群，”保时捷首席执行官 Michael Leiters 表示，“我们打算在此基础上进一步发展。”

自 2020 年以来，保时捷和 共同开发了九款旨在提升车辆性能的 套件——涵盖了从 911 和 718 到最新的 Taycan Turbo GT 的车型。

保时捷最初在 2013 年收购了 51% 的股份。

周四协议的财务条款未予披露。

—Dominic Chopping

更高价位的平板电脑系列即将上市

Amazon.com 推出了一系列全新的、价格更高的 Alexa 品牌平板电脑。

亚马逊周四表示，这三款平板电脑的起售价分别约为 $230、$330 和 $500。其中最大版本为 12 英寸，旨在用于娱乐、工作和阅读。

新价格低于苹果和三星同类平板电脑的定价，但高于亚马逊现有的、主打性价比的 Fire 平板电脑系列。亚马逊的一位代表表示，公司将继续销售有限数量的现有 Fire 平板电脑型号。

—Kelly Cloonan

乔·罗根与 Spotify 续约

《乔·罗根体验》规模有所增长。

作者：安妮·斯蒂尔（ANNE STEELE）

Spotify 已与明星播客主持人乔·罗根（Joe Rogan）续约，通过一项多年期协议获得了其节目的许可权和广告销售权。

据知情人士透露，此次续约的条款与罗根此前与该流媒体服务的协议相似，允许《乔·罗根体验》（The Joe Rogan Experience）进行广泛分发，预计收益为 2.5亿美元，根据知情人士透露。

“与 的合作非常契合，与他们的合作体验极佳，”罗根表示，“我非常高兴且兴奋能在未来的几年里继续与他们合作。”

自 2019. 开始追踪以来，《乔·罗根体验》一直位列 Edison Research 美国最受欢迎播客名单的 1 名。该节目在 上拥有超过 1800 万 关注者，在 YouTube 上则超过 2100 万。

该节目于 2009, 推出，是长篇视频播客形式的先驱，罗根在节目中邀请了同行喜剧演员、好莱坞一线明星、政治人物、科学家和作家。

在 2020, 首次启用罗根，支付了超过 1亿美元 将其在媒体领域占据主导地位的节目独家引入平台，以帮助其当时尚处于起步阶段的播客业务快速启动。虽然其他一些转为 独家的节目失去了观众，

根据 Edison 的数据，今年第二季度，该节目每周触达约 2840 万 美国人，高于 2020 年初的 660 万。

2024, 年初， 续签了合作伙伴关系，但开始在包括 YouTube 在内的多个播客平台分发该节目。

对该节目一直保持不干预的态度，罗根及其小型团队重新——

马克·希费尔拜恩 / 美联社（MARK SCHIEFELBEIN / AP）

罗根于今年 6 月被拍到。

——保持编辑控制权。

内容合作伙伴负责人乔丹·纽曼（Jordan Newman）表示， 的播客业务与《乔·罗根体验》共同成长。作为最大的音频流媒体服务商， 拥有 3 亿 高级订阅用户。

“乔打造了一些极其持久的东西，他的节目继续引起全球海量观众的共鸣，因为简单来说，没有其他类似的东西，”他说。

Xbox 寻求提升电视与电影曝光度

微软游戏业务成立新部门，旨在扩大其电子游戏的粉丝群体

作者：KELLY CLOONAN

随着其电子游戏部门继续推进转型努力，微软的 Xbox 正在组建一个新部门，专注于将其特许经营系列扩展到电影和电视等领域。

微软周四表示，这个被命名为 XP 的新部门旨在帮助 的电子游戏阵容扩大粉丝群体，并与他们建立更深层次的联系。

该部门将由 Kayleen Walters 领导，她此前担任 旗下 Mojang 部门的总裁。

Mojang 是 最重要的特许经营系列之一——《我的世界》（Minecraft）的开发商。

Maria Angelidou-Smith 将接替 Walters 担任 Mojang 的首席执行官。Angelidou-Smith 此前担任 Reddit 的首席产品官，并在 Meta 工作了近十年，期间领导了 Facebook Groups。

首席执行官 Asha Sharma 在给员工的一封信中表示：“我们的特许经营系列对人们的意义，可以超越他们花在玩游戏上的时间。”

新部门的关键重点领域之一是进一步进军电影和电视领域，目标是将 游戏中出现的世界和角色带给新的观众。 的《辐射》（Fallout）电视剧在 Amazon Prime Video 上大获成功，并于近期获得第三季续订。

表示，新部门还将涵盖消费产品、与创作者及品牌的合作，以及活动、景点和广播等现场体验。

据《华尔街日报》报道，今年 2 月被提升为 首席执行官的 Sharma 一直在寻求快速转型该业务。该高管告诉员工，她预计本财年的利润率将达到两位数，并且公司通过游戏、电影和其他媒体每天触达的人数将达到 10 亿。

的营收一直在下降，其 GamePass 订阅服务的表现也低于预期。

今年 7 月，Sharma 分享了削减约 20% 员工并缩减游戏开发数量的计划。她在当时发布的一条 X 帖子中表示，该业务状态不健康，该部门必须进行重组。

基于该游戏的电视剧《辐射》已在亚马逊获得第三季续订。

网络安全初创公司融资额攀升

AI网络安全初创公司Armadin的创始人凯文·曼迪亚（Kevin Mandia）。

作者：安格斯·洛滕（ANGUS LOTEN）

在人工智能需求的推动下，网络安全初创公司正以创纪录的速度筹集资金，投资者在蓬勃发展的市场中竞相获取股权。

根据高管招聘与研究公司Pinpoint Search Group的数据，网络安全初创公司已资金充裕，第三季度在全球范围内筹集了约 52.6 亿美元 billion，几乎是上一季度的两倍，比去年同期增长了 78%。第三季度成为 2022 年以来最强劲的单季度融资期。

截至9月底，今年的总融资额攀升至 127 亿美元 billion，这是自Pinpoint于 2020 年5月开始追踪网络安全初创公司以来，1月至9月的最高总额。

投资活动集中在人工智能赋能工具、身份验证、安全服务、欺诈以及治理、风险与合规等领域。

Pinpoint联合创始人兼管理合伙人马克·萨森（Mark Sasson）表示：“网络安全已被人工智能颠覆，并在一定程度上被重新定义。”他指出，初创公司及其投资者正竞相抢占一个快速变化的市场，“这场竞赛创造了动力。”

萨森表示，大部分资金流向了拥有前期融资记录且产品更成熟的成熟初创公司。

该公司表示，在第三季度追踪的 104 轮融资中，有 17 轮金额达到 1亿美元 或更多，占披露总融资额的 68%，是 2020, 年以来的第二高数量。

上个月，后期AI网络安全初创公司Island和Cyera分别披露了 4亿美元 的新融资。Cyera曾在6月的G轮融资中筹集了 6亿美元。

由Mandiant创始人凯文·曼迪亚创办的AI网络安全初创公司Armadin上周披露了一轮 $255.500 万 的B轮融资。

更早期的初创公司也在获得巨额支票。根据Pinpoint的数据，第三季度共有 62 轮种子轮和A轮融资，合计金额达 11.6 亿美元 billion。

今年3月，JetStream Security以 3400万美元 的首轮融资推出了其人工智能治理平台。

6月，网络安全初创公司Ent结束隐身模式，获得 1亿美元 种子资金；随后在7月，AI原生初创公司Oak以 6000万美元 的首轮融资亮相。

网络安全投资机构Merlin Ventures的管理合伙人塞斯·斯佩格尔（Seth Spergel）表示，今年的大部分动力源于前沿人工智能模型的出现，这些模型能够以极快速度检测安全漏洞。

“市场突然意识到，AI可能会给组织带来巨大的网络风险，而抵御这种风险的唯一方法就是使用AI原生的网络安全产品，”斯佩格尔说道。

安格斯·洛滕为WSJ Pro Cybersecurity撰稿。

沃达丰提高英国业务的成本削减目标

沃达丰集团于7月全面持有英国的VodafoneThree。

作者：ADRIÀ CALATAYUD

沃达丰集团（Vodafone Group）正在提高其英国业务部门VodafoneThree的成本削减目标，并表示预计该业务将成为集团中期目标的关键驱动力。

这家英国电信集团周四表示，目前预计到截至2032, 3月的财年，VodafoneThree的年度成本削减将达到10 亿英镑 billion，或13.2 亿美元 billion，高于此前设定的到2030财年削减£7 亿的目标。

沃达丰表示，预计在2025财年至2032财年期间，该部门的租赁后息税折旧及摊销前经调整利润（EBITDAL——电信行业的一项关键盈利指标）每年将实现中到高个位数的增长。

其目标是到2032财年，VodafoneThree的经营自由现金流在2025财年基准的基础上增加两倍以上。

在完成对前合作伙伴长和电信控股（CK Hutchison Group Telecom Holding）持有的49%股份以43 亿英镑 billion的价格收购后，该集团于7月全面持有VodafoneThree。

沃达丰与长和于去年通过将其各自的Vodafone UK和Three UK部门合并成立了该公司。

该公司表示，合并后业务保持了良好的商业势头，沃达丰将其视为实现集团中期目标（即经调整自由现金流实现两位数有机增长）的驱动力。

生物技术公司IPO加速推进，而并购交易陷入停滞

作者：BRIAN GORMLEY

生物技术公司正冲向公开市场，无视更广泛的IPO放缓趋势。

根据投资银行威廉布莱尔（William Blair）的数据，今年前三个季度共有23家生物技术公司进行了首次公开募股（IPO），几乎是2025, 全年8次此类发行的三倍。

本周，生物技术公司TRex Bio和Retension Pharmaceuticals预计将增加今年的IPO数量。

生物技术领域之外的情况则有所不同，包括Oura在内的公司推迟了IPO，因为它们无法获得所寻求的条款。

在今年之前，生物技术公司的IPO在很大程度上处于停滞状态。

美国食品药品监督管理局（FDA）的削减以及特朗普政府降低药价的努力引发了不确定性，这给2025年的生物技术发行带来了压力。

加拿大皇家银行资本市场（RBC Capital Markets）医疗保健研究全球部门主管Brian Abrahams博士表示，现在投资者已经学会了如何衡量这些因素，这使他们在评估早期生物技术公司时更有信心。

分析师表示，今年生物技术领域并购活动的爆发让投资者手中有了资金，他们正寻求投资于新公司。

威廉布莱尔股权资本市场董事总经理Kevin Eisele表示：“许多基金资金充裕，需要进行部署。”

今年的IPO群体尤为强劲，因为生物技术公司在等待近期IPO干旱期结束的同时，以私有公司的身份将药物推进到了临床试验阶段。

Brian Gormley为WSJ Pro Venture Capital撰稿

SpaceX 进军无线市场

作者：佩蒂恩斯·哈金 (PATIENCE HAGGIN) 以及 德鲁·菲茨杰拉德 (DREW FITZGERALD)

SpaceX 已达成一项协议，将从投资公司格雷恩管理公司（Grain Management）购买蜂窝频谱许可。这是该公司迄今为止进军由传统电信公司主导的无线市场最大的一次举措。

据知情人士透露，这家由伊隆·马斯克领导的太空公司将为这些资产支付约 80 亿美元 billion。格雷恩管理公司和 均未对交易金额发表评论。

这些美国许可位于 800 兆赫频段，专为来自手机基站而非卫星的无线服务而设计。

这些频谱可助力 实现其既定目标，即将其星链（Starlink）卫星服务从宽带扩展到无线市场，与美国电话电报公司（AT&T）和威瑞森（Verizon）等公司展开竞争。

伊隆·马斯克的 为收购蜂窝频谱许可将支付的金额。

美国手机运营商股价在消息传出后下跌。AT&T、威瑞森和 T-Mobile 的股价在盘后交易中均下跌超过 6%。 股价在盘后上涨约 3%，至 $165.10。

美国联邦通信委员会（FCC）本周早些时候批准了 发射多达 15,000 颗专用于移动服务的卫星的申请。

该公司表示，在 FCC 批准频谱收购后，它将把不断扩大的卫星星座与“先进的地面部署”相结合以连接设备。该公司称，新频谱将有助于覆盖卫星链路无法触及的区域，包括建筑物内部。

一年多以来， 通过与 T-Mobile 的合作伙伴关系在偏远地区提供基础无线连接。但该公司一直在用能够处理更多数据的更新卫星升级其星链移动网络。

电信研究公司 Recon Analytics 的创始人罗杰·恩特纳（Roger Entner）表示，星链仍需要一些地面基础设施（如手机基站或屋顶设备）才能利用该频谱实现移动覆盖。其客户包括 AT&T、威瑞森和 T-Mobile US。

两个月前， 的高管提出了使用小基站而非传统手机基站来支持移动网络的想法。分析师表示，构建一个使用传统基站的系统可能需要花费数十亿美元才能提供基础覆盖。

去年在无线市场进行了早期布局，达成了一项约 170 亿美元 billion 的现金加股票交易，以从回声星公司（EchoStar）获得基于卫星的频谱权利。此次收购为马斯克的公司提供了一个平台，使其能够使用自己的预留频率而非通过从合作伙伴 T-Mobile 获得许可的电波，从太空向手机传输数据。回声星公司随后同意以 26 亿美元 billion 将部分地面蜂窝许可出售给 。此次收购暗示了 对无线服务日益增长的兴趣，尽管仅凭频谱不足以启动一个完整的手机网络。

Argenx 临床试验中止导致股价暴跌

作者：ADRIÀ CALATAYUD

由于在治疗自身免疫性疾病干燥综合征（Sjogren's disease）方面缺乏疗效，生物技术公司 Argenx 中止了一项 Vyvgart 药物的后期临床试验，导致该公司股价大幅下跌。

周四，Argenx 在纳斯达克的收盘价下跌了近 $12%，抹去了该股今年以来的所有涨幅。

这家总部位于阿姆斯特丹的公司表示，在收到独立数据监测委员会的建议后将停止该研究，该委员会得出结论认为，该试验无法实现其主要目标。

该研究评估了皮下注射剂型 Vyvgart 对患有中至重度干燥综合征成年人的效果。干燥综合征是一种慢性自身免疫性疾病，可导致眼睛和口腔干燥、疲劳以及关节疼痛等症状。Argenx 表示，试验中未发现新的安全性信号，且安全性数据与该药物已知的概况一致。

伯恩斯坦（Bernstein）的分析师在给客户的一份报告中写道，干燥综合征具有异质性，这使得临床试验中的患者筛选具有挑战性。

他们补充道，诺华（Novartis）去年凭借其候选药物 ianalumab 取得了积极结果，但在那之前，该疾病在二十多年里没有出现过有意义的创新。

Vyvgart 是 Argenx 推向市场的首款药物，已被批准用于治疗两种导致肌肉无力的疾病：泛发性重症肌无力（generalized myasthenia gravis）和慢性炎症性脱髓鞘多发性神经病（chronic inflammatory demyelinating polyneuropathy）。该公司在 8 月份表示，一项后期研究显示该药对肌肉萎缩疾病——自身免疫性肌炎（autoimmune myositis）同样有效。

该药物去年为 Argenx 带来了 42 亿美元 billion 的收入。

该公司周四另行表示，在一种治疗乳糜泻（celiac-disease）的药物在中期研究中显示出比安慰剂更具临床相关性的治疗效果后，将将其推进至后期开发阶段。该药物是该公司今年通过 22 亿美元 billion 收购 Forte Biosciences 时获得的一部分。

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如何阅读股票表格

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）、纳斯达克股票市场（Nasdaq Stock Market）、Cboe BZX 和德克萨斯股票交易所上市的证券。价格综合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。

下划线标注的报价表示该股票的成交量与该证券的平均交易量相比有较大变化。

粗体标注的报价突出了那些前一交易日收盘价在 \$2 或更高，且价格变动幅度在 5% 或以上的证券。

脚注：

i-新 52 周高点；i-新 52 周低点；dd-表示最近四个季度出现亏损。

股票表格反映的是截至东部时间下午 4 点的综合常规交易情况，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10月8日，星期四

股票< / td><>代码 收盘价< / ><>净变动< / >< / tr><><>A< / ><>B< / ><>C< / >< / ><><>AES< / ><>AES< / ><>14.93 ...< / >< / ><><>Aflac< / ><>AFL< / ><>114.94 2.20< / >< / ><><> $\uparrow$ AGNC Invt< / ><>AGNC< / ><>8.68 0.22< / >< / ><><>APA< / ><>APA< / ><>45.47 1.66< / >< / ><><>ASE Tech< / ><>ASX< / ><>45.26 -0.50< / >< / ><><>ASML< / ><>ASML< / ><>1769.79-35.17< / >< / ><><>AST Space< / ><>ASTS< / ><>56.93 -3.72< / >< / ><><>AT&T< / ><>T< / ><>24.87 0.40< / >< / ><><>ATI< / ><>ATI< / ><>188.13 -1.06< / >< / ><><>AbbottLabs< / ><>ABT< / ><>98.49 -0.24< / >< / ><><>AbbVie< / ><>ABBV< / ><>272.42 1.06< / >< / ><><>Accenture< / ><>ACN< / ><>208.36 11.72< / >< / ><><>Acuity< / ><>AYI< / ><>300.43 0.01< / >< / ><><>Adobe< / ><>ADBE< / ><>241.05

8.28< / >< / ><><> $\uparrow$ AdvDrainageSys< / ><>WMS< / ><>126.21 0.13< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净变动< / >< / ><><>AdvEnergyInds< / ><>AEIS 284.24< / ><>-8.01< / >< / ><><>AdvMicroDevices< / ><>AMD 620.68< / ><>-25.18< / >< / ><><>Aegon< / ><>AEG 8.27< / ><>-0.08< / >< / ><><>AerCap< / ><>AER 142.81< / ><>0.25< / >< / ><><>AffiliatedMgrs< / ><>AMG 386.99< / ><>9.90< / >< / ><><>AffirmA< / ><>AFRM 77.15< / ><>1.84< / >< / ><><>AgilentTechs A< / ><>168.17< / ><>-0.92< / >< / ><><>AgnicoEagleMines< / ><>AEM 183.87< / ><>3.48< / >< / ><><>AirProducts< / ><>APD 278.38< / ><>0.26< / >< / ><><>Airbnb< / ><>ABNB 163.23< / ><>2.60< / >< / ><><>AkamaiTech< / ><>AKAM 100.90< / ><>-3.71< / >< / ><><>AlamosGold< / ><>AGI 32.22< / ><>0.69< / >< / ><><>Albemarle< / ><>ALB 102.10< / ><>-0.65< / >< / ><><>Alcoa< / ><>AA

42.83< / ><>0.35< / >< / ><><>Alcon< / ><>ALC 63.13< / ><>0.13< / >< / ><><>Alibaba< / ><>BABA 105.70< / ><>-1.30< / >< / ><><>AlignTech< / ><>ALGN 141.03< / ><>1.16< / >< / ><><>Allegion< / ><>ALLE 144.99< / ><>2.08< / >< / ><><>AlliantEnergy LNT< / ><>65.50< / ><>0.29< / >< / table>

股票< / td><>代码 收盘价< / ><>净涨跌< / >< / tr><><>AllisonTransm< / ><>ALSN 109.11< / ><>-1.65< / >< / ><><>Allstate< / ><>ALL 230.63< / ><>6.68< / >< / ><><>AllyFinancial< / ><>ALLY 37.83< / ><>0.46< / >< / ><><>AlnylamPharm< / ><>ALNY 224.53< / ><>0.12< / >< / ><><>Alphabet A< / ><>GOOGL 348.29< / ><>-2.21< / >< / ><><>Alphabet C< / ><>GOOG 344.86< / ><>-2.51< / >< / ><><>Altria< / ><>MO 71.42< / ><>2.04< / >< / ><><>Amazon.com< / ><>AMZN 254.06< / ><>-5.86< / >< / ><><>Ambev< / ><>ABEV 3.19< / ><>0.04< / >< / ><><>Amcor< / ><>AMCR 41.88< / ><>0.62< / >< / ><><>AmerSports< / ><>AS 27.45< / ><>0.32< / >< / ><><>Ameren< / ><>AEE 101.84< / ><>0.52< / >< / ><><>AmericaMovil< / ><>AMX 22.14< / ><>-0.17< / >< / ><><>AEP< / ><>AEP 122.32< / ><>0.24< / >< / ><><>AmerExpress< / ><>AXP 308.10< / ><>3.85< / >< / ><><>AmericanFin< / ><>AFG 141.98< / ><>2.96< / >< / ><><>AmerHlthcrREIT< / ><>AHR 50.44< / ><>1.07< / >< / ><><>AmHomes4Rent< / ><>AMH 30.49< / ><>0.49< / >< / ><><>AIG< / ><>AIG 77.05< / ><>1.39< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净涨跌< / >< / ><><>AmerTowerREIT< / ><>AMT 166.73< / ><>0.55< / >< / ><><>AmerWaterWorks< / ><>AWK 128.18< / ><>0.80< / >< / ><><>Ameriprise< / ><>AMP 499.08< / ><>8.52< / >< / ><><>Ametek< / ><>AME 247.52< / ><>-1.10< / >< / ><><>Amgen< / ><>AMGN 407.44< / ><>-5.64< / >< / ><><>AmkorTech< / ><>AMKR 51.00< / ><>-1.27< / >< / ><><>Amphenol< / ><>APH 85.32< / ><>-2.23< / >< / ><><>Amrize< / ><>AMRZ 36.50< / ><>0.11< / >< / ><><>AnalogDevices< / ><>ADI 405.93< / ><>-4.15< / >< / ><><>AngloGoldAsh< / ><>AU 90.78< / ><>0.73< / >< / ><><>AB InBev< / ><>BUD 77.41< / ><>2.79< / >< / ><><>AnnalyCap< / ><>NLY 18.27< / ><>0.34< / >< / ><><>AnteroMidstream< / ><>AM 21.19< / ><>0.34< / >< / ><><>AnteroResources< / ><>AR 36.06< / ><>0.49< / >< / ><><>Aon< / ><>AON 277.12< / ><>6.65< / >< / ><><>API Group< / ><>APG 39.98< / ><>-0.23< / >< / ><><>ApolloGblMgmt< / ><>APO 115.30< / ><>-0.25< / >< / ><><>Apple< / ><>AAPL 340.42< / ><>3.75< / >< / ><><>AppliedIndTech< / ><>AIT 332.12< / ><>-2.46< / >< / ><><>AppliedMaterials< / ><>AMAT 509.57< / ><>-11.08< / >< / ><><>AppliedOptoelec< / ><>AAOI 105.90< / ><>-16.64< / >< / ><><>AppLovin< / ><>APP 280.12< / ><>-1.17< / >< / ><><>Aptiv< / ><>APTV 44.21< / ><>-0.01< / >< / ><><>Aramark< / ><>ARMK 55.54< / ><>0.12< / >< / ><><>ArcelorMittal< / ><>MT 61.30< / ><>-1.02< / >< / ><><>ArchCapital< / ><>ACGL 96.08< / ><>1.75< / >< / ><><>ADM< / ><>ADM 82.45< / ><>1.11< / >< / ><><>AresMgmt< / ><>ARES 116.26< / ><>0.51< / >< / ><><>argenx< / ><>ARGX 818.63< / ><>-109.81< / >< / ><><>AristaNetworks< / ><>ANET 210.97< / ><>-4.86< / >< / ><><>Arm< / ><>ARM 75.29< / ><>-19.08< / >< / ><><>ArrowElec< / ><>ARW 226.75< / ><>-5.25< / >< / ><><>Arxis< / ><>ARXS 46.77< / ><>-0.28< / >< / ><><>AscendisPharma< / ><>ASND 222.69< / ><>-5.72< / >< / ><><>Assurant< / ><>AIZ 272.86< / ><>6.13< / >< / ><><>AsteraLabs< / ><>ALAB 347.05< / ><>-35.20< / >< / table>

股票< / td><>代码 收盘价< / ><>净涨跌< / >< / tr><><>阿斯特捷利康 (AstraZeneca)< / ><>AZN 158.78< / ><>1.34< / >< / ><><>Atlassian< / ><>TEAM 203.57< / ><>7.78< / >< / ><><>AtmosEnergy< / ><>ATO 160.66< / ><>1.45< / >< / ><><>AuroraIInnov< / ><>AUR 5.73< / ><>0.01< / >< / ><><>欧托泰克 (Autodesk)< / ><>ADSK 233.60< / ><>1.45< / >< / ><><>ADP< / ><>ADP 270.73< / ><>6.73< / >< / ><><>AutoZone< / ><>AZO 2910.54< / ><>64.27< / >< / ><><>Avantor< / ><>AVTR 15.39< / ><>0.04< / >< / ><><>艾利丹尼森 (AveryDennison)< / ><>AVY 167.62< / ><>0.65< / >< / ><><>AxonEnterprise< / ><>AXON 417.31< / ><>11.31< / >< / ><><>AxsomeTherap< / ><>AXSM 170.08< / ><>2.89< / >< / ><><>BCE< / ><>BCE 19.96< / ><>0.20< / >< / ><><>必和必拓 (BHP Group)< / ><>BHP 84.83< / ><>0.39< / >< / ><><>BJ'sWholesale< / ><>BJ 99.04< / ><>3.14< / >< / ><><>BP< / ><>BP 46.36< / ><>1.85< / >< / ><><>BWX Tech< / ><>BWXT 142.22< / ><>0.68< / >< / ><><>BXP< / ><>BXP 59.32< / ><>0.10< / >< / ><><>百度 (Baidu)< / ><>BIDU 83.92< / ><>1.38< / >< / ><><>贝克休斯 (BakerHughes)< / ><>BKR 56.30< / ><>0.89< / >< / ><><>Ball< / ><>BALL 58.37< / ><>0.89< / >< / ><><>BBVA< / ><>BBVA 26.17< / ><>0.08< / >< / ><><>BancoBradesco< / ><>BBDO 3.78< / ><>0.08< / >< / ><><>BancodeChile< / ><>BCH 38.75< / ><>0.87< / >< / ><><>BancSanBrasil< / ><>BSBR 5.82< / ><>0.06< / >< / ><><>BcoSantChile< / ><>BSAC 31.94< / ><>0.30< / >< / ><><>桑坦德银行 (BancoSantander)< / ><>SAN 13.48< / ><>0.18< / >< / ><><>美国银行 (BankofAmerica)< / ><>BAC 53.61< / ><>0.09< / >< / ><><>蒙特利尔银行 (BankMontreal)< / ><>BMO 160.70< / ><>1.05< / >< / ><><>纽约梅隆银行 (BankNY Mellon)< / ><>BNY 143.61< / ><>0.89< / >< / ><><>新斯科舍银行 (BankNovaScotia)< / ><>BNS 87.59< / ><>0.36< / >< / ><><>巴克莱银行 (Barclays)< / ><>BCS 22.95< / ><>0.05< / >< / ><><>巴里克黄金 B (BarrickMining B)< / ><>B9 39.99< / ><>0.81< / >< / ><><>巴克斯国际 (BaxterIntl)< / ><>BAX 23.90< / ><>0.07< / >< / ><><>碧康迪金森 (BectonDickinson)< / ><>BDX 182.75< / ><>2.59< / >< / ><><>BendingSponns< / ><>BSP 38.01< / ><>3.06< / >< / ><><>BentleySystems< / ><>BSY 34.82< / ><>0.33< / >< / table>

<><>股票< / ><>代码< / ><>收盘价< / ><>净涨跌< / >< / ><><>BeOneMed< / ><>ONC< / ><>350.13 13.89< / ><>< / >< / ><><>Berkley< / ><>WRB< / ><>72.05< / ><>2.32< / >< / ><><>波克夏 A (BerkHathwy A)< / ><>BRBK< / ><>511.05< / ><>4.80< / >< / ><><>波克夏 A (BerkHathwy A)< / ><>BRK.A< / ><>7668816981.97< / ><>< / >< / ><><>百思买 (BestBuy)< / ><>BBY< / ><>88.40< / ><>3.81< / >< / ><><>Bio-Techne< / ><>TECH< / ><>72.45< / ><>0.08< / >< / ><><>Bio-RadLab A< / ><>BIO< / ><>360.40< / ><>7.52< / >< / ><><>Biogen< / ><>BIIB< / ><>218.43< / ><>3.72< / >< / ><><>BioMarinPharm< / ><>BMRN< / ><>54.89< / ><>0.31< / >< / ><><>BioNTech< / ><>BNTX< / ><>92.06< / ><>3.19< / >< / ><><>BitMinelmersion< / ><>BMNR< / ><>24.04< / ><>0.62< / >< / ><><>贝莱德 (BlackRock)< / ><>BLK< / ><>1065.35< / ><>4.28< / >< / ><><>黑石 (Blackstone)< / ><>BX< / ><>112.68< / ><>0.85< / >< / ><><>Block< / ><>XYZ< / ><>75.23< / ><>0.84< / >< / ><><>BloomEnergy BE< / >< colspan="3">27.82 18.47< / >< / ><><>BlueOwlCapital< / ><>OWL< / ><>9.27< / ><>0.16< / >< / ><><>波音 (Boeing)< / ><>BA< / ><>187.75< / ><>0.57< / >< / ><><>Booking< / ><>BKNG< / ><>159.97< / ><>4.10< / >< / ><><>博格华纳 (BorgWarner)< / ><>BWA< / ><>61.72< / ><>0.64< / >< / ><><>波士顿科学 (BostonSci)< / ><>BSX< / ><>42.04< / ><>0.46< / >< / ><><>BridgeBioPharma< / ><>BBIO< / ><>65.04< / ><>1.46< / >< / ><><>BrightSpring< / ><>BTSG< / ><>63.66< / ><>0.14< / >< / ><><>百时美施贵宝 (BristolMyers)< / ><>BMY< / ><>59.58< / ><>0.12< / >< / ><><>英美烟草 (BritishAmTob)< / ><>BTI< / ><>55.43< / ><>1.53< / >< / ><><>博通 (Broadcom)< / ><>AVGO< / ><>

colspan="2">360.14-16.37< / td>< / tr> BroadridgeFinl< / ><>BR< / ><>165.21< / ><>5.08< / >< / ><><>BrookfieldAsset< / ><>BAM< / ><>45.17< / ><>0.67< / >< / ><><>Brookfield< / ><>BN< / ><>36.77< / ><>-0.21< / >< / ><><>BrookfieldInfr< / ><>BIP< / ><>36.89< / ><>-0.56< / >< / ><><>BrookWealth< / ><>BNT< / ><>36.62< / ><>-0.29< / >< / ><><>Brown&Brown BRO< / ><>63.75< / >< colspan="2">2.03< / >< / ><><>Brown-Forman B< / ><>BF.B< / ><>26.54< / ><>0.60< / >< / ><><>Brown-Forman A< / ><>BF.A< / ><>27.07< / ><>0.61< / >< / ><><>Bruker< / ><>BRKR< / ><>57.92< / ><>-1.80< / >< / ><><>Bullish< / ><>BLSH< / ><>31.41< / ><>-0.41< / >< / ><><>BungeGlobal BG< / ><>107.82< / >< colspan="2">2.31< / >< / ><><>BurlingtonStrs< / ><>BURL< / ><>276.84< / ><>4.28< / >< / table>

<><>股票< / ><>代码< / ><>收盘价< / ><>净涨跌< / >< / ><><>CACI Intl< / ><>CACI< / ><>599.40< / ><>17.55< / >< / ><><>CBRE Group< / ><>CBRE< / ><>131.08< / ><>3.52< / >< / ><><>CDW< / ><>CDW< / ><>139.88< / ><>3.06< / >< / ><><>CF Industries CF< / ><>CF< / ><>113.58< / ><>-0.86< / >< / ><><>CGI A< / ><>GIB< / ><>69.68< / ><>0.68< / >< / ><><>CH Robinson< / ><>CHRW< / ><>141.34< / ><>6.16< / >< / ><><>CME Group< / ><>CME< / ><>276.44< / ><>6.17< / >< / ><><>CMS Energy< / ><>CMS< / ><>65.34< / ><>0.27< / >< / ><><>CNA Fin< / ><>CNA< / ><>46.69< / ><>0.83< / >< / ><><>CNH Indl< / ><>CNH< / ><>12.13< / ><>-0.33< / >< / ><><>CRH< / ><>CRH< / ><>81.88< / ><>0.42< / >< / ><><>CSX< / ><>CSX< / ><>47.34< / ><>0.53< / >< / ><><>CVS

<>387.10< / ><>-4.07< / >< / ><><>CarrierGlobal< / ><>CARR< / ><>55.83< / ><>0.83< / >< / ><><>Carvana< / ><>CVNA< / ><>63.20< / ><>0.44< / >< / ><><>CaseysGenStores< / ><>CASY< / ><>642.28< / ><>9.03< / >< / ><><>Caterpillar< / ><>CAT< / ><>796.18< / ><>-17.65< / >< / ><><>CboeGlobal Mkts< / ><>CBOE< / ><>294.08< / ><>12.51< / >< / ><><>Celestica< / ><>CLS< / ><>356.53< / ><>-15.04< / >< / ><><>Cemex< / ><>CX< / ><>9.56< / ><>-0.03< / >< / ><><>Cencora< / ><>COR< / ><>321.35< / ><>4.10< / >< / ><><>CenovusEnergy< / ><>CVE< / ><>31.49< / ><>0.86< / >< / ><><>Centene< / ><>CNC< / ><>64.54< / ><>-0.45< / >< / ><><>CenterPointEner< / ><>CNP< / ><>38.42< / ><>-0.11< / >< / table>

uropac< / ><>CCEP< / ><>103.64< / ><>2.78< / >< / ><><>CoeurMining< / ><>CDE< / ><>16.87< / ><>0.37< / >< / ><><>Cognex< / ><>CGNX< / ><>60.91< / ><>-0.30< / >< / ><><>CognizantTech< / ><>CTSH< / ><>60.01< / ><>2.94< / >< / ><><>Coherent< / ><>COHR< / ><>30235< / ><>-32.21< / >< / ><><>CoinbaseGlbl< / ><>COIN< / ><>172.00< / ><>-6.45< / >< / ><><>ColgatePalm< / ><>CL< / ><>88.10< / ><>0.89< / >< / ><><>Comcast A< / ><>OMCSA< / ><>21.21< / ><>0.27< / >< / ><><>ComfortSystems< / ><>FIX< / ><>1706.39< / ><>-34.97< / >< / ><><>SABESP< / ><>SBS< / ><>6.59< / ><>0.22< / >< / ><><>COPEL< / ><>ELPC< / ><>14.06< / ><>0.10< / >< / table>

股票< / td><>代码 收盘价< / ><>净涨跌< / >< / tr><><>ConocoPhillips COP< / ><>134.19< / ><>4.35< / >< / ><><>ConEd ED< / ><>105.99< / ><>1.35< / >< / ><><>ConstBrands A STZ< / ><>123.63< / ><>5.24< / >< / ><><>ConstellationEner CEG< / ><>285.07-14.52< / ><>< / >< / ><><>Cooper COO< / ><>54.30< / ><>-0.45< / >< / ><><>Copart CPRT< / ><>27.48< / ><>0.86< / >< / ><><>CorceptTherap CORT< / ><>118.54< / ><>-1.06< / >< / ><><>CorebridgeFin CRBG< / ><>34.45< / ><>0.05< / >< / ><><>CoreWeave CRWV< / ><>81.58< / ><>-6.87< / >< / ><><>Corning GLW< / ><>152.83-10.42< / ><>< / >< / ><><>Corpay CPAY< / ><>402.08< / ><>-0.35< / >< / ><><>Corteva CTVA< / ><>13.75< / ><>-0.70< / >< / ><><>CoStar CSGP< / ><>29.81< / ><>2.21< / >< / ><><>Costco COST< / ><>947.92< / ><>5.67< / >< / ><><>Coupaang CPNG< / ><>15.41< / ><>0.60< / >< / ><><>Crane CR< / ><>202.12< / ><>-1.43< / >< / ><><>Credicorp BAP< / ><>380.38< / ><>4.27< / >< / ><><>CredoTech CRDO< / ><>211.86< / ><>-8.15< / >< / ><><>CrowdStrike CRWD< / ><>263.01< / ><>-2.43< / >< / ><><>CrownCastle CCI< / ><>68.89< / ><>-0.12< / >< / ><><>Crown Holdings CCK< / ><>108.88< / ><>1.78< / >< / ><><>Cullen / Frost CFR< / ><>152.36< / ><>1.99< / >< / ><><>Cummins CMI< / ><>520.40< / ><>3.08< / >< / ><><>Curtiss-Wright CW< / ><>507.29< / ><>-1.81< / >< / table>

<><>DTE Energy< / ><>DTE< / ><>127.10< / ><>-0.14< / >< / ><><>DT Midstream< / ><>DTM< / ><>123.76< / ><>1.07< / >< / ><><>Danaher< / ><>DHR< / ><>217.46< / ><>-1.03< / >< / ><><>Darden< / ><>DRI< / ><>200.52< / ><>-0.97< / >< / ><><>DarlingIngred< / ><>DAR< / ><>62.25< / ><>2.23< / >< / ><><>Datadog< / ><>DDOG< / ><>273.80< / ><>2.46< / >< / ><><>DaVita< / ><>DVA< / ><>177.02< / ><>0.24< / >< / ><><>DeckersOutdoor< / ><>DECK< / ><>82.56< / ><>2.18< / >< / ><><>Deere< / ><>DE< / ><>652.58< / ><>-4.29< / >< / ><><>DellTechC< / ><>DELL< / ><>574.55< / ><>-4.41< / >< / table>

4< / ><>-6.42< / >< / ><><>ENI< / ><>E< / ><>55.62< / ><>1.66< / >< / ><><>EOG Rscs< / ><>EOG< / ><>148.51< / ><>4.30< / >< / ><><>EQT< / ><>EQT< / ><>52.94< / ><>0.63< / >< / ><><>EastWestBncp< / ><>EWBC< / ><>126.25< / ><>0.98< / >< / ><><>EastGroup< / ><>EGP< / ><>195.12< / ><>4.57< / >< / ><><>Eaton< / ><>ETN< / ><>424.51< / ><>-6.82< / >< / ><><>eBay< / ><>EBAY< / ><>111.98< / ><>4.38< / >< / ><><>EchoStar< / ><>ECHO< / ><>93.36< / ><>-4.33< / >< / ><><>Ecolab< / ><>ECL< / ><>281.69< / ><>3.59< / >< / ><><>Ecopetrol< / ><>EC< / ><>16.94< / ><>0.31< / >< / table>

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关于美国公共供水系统四项拟议 PFAS 和解协议（总额超过 1.49亿美元）的通知。

在南卡罗来纳州联邦地区法院审理的关于水成膜泡沫（AFFF）产品责任诉讼（MDL No. 2:18-mn-2873-RMG）中，已达成四项拟议的集体诉讼和解协议。

这些和解协议解决了针对 Carrier Global Corporation（“Carrier”）、Archroma U.S., Inc.（“Archroma”）、Amerex Corporation（“Amerex”）以及 Nation Ford Chemical Company（“Nation Ford”）的某些指控，这些指控涉及公共供水系统提供的饮用水中涉嫌存在 PFAS 污染。参与和解的被告方否认承担责任。针对其他被告的诉讼仍在继续。

和解协议提供什么？

这四项和解协议为符合条件的公共供水系统提供超过 1.49亿美元 的资金：

- Carrier：$129.200 万，外加适用的净水供应商保险收益（如有）

• Archroma：1400万美元

- Amerex：400万美元

• Nation Ford：$1.8.75 亿

符合条件的公共供水系统可能收到的金额将取决于适用的分配程序以及提交给索赔管理人的信息。

哪些公共供水系统被包含在内？

和解类别通常包括美国境内所有满足以下条件的活跃公共供水系统：

(1) 截至 July 31, 2026，拥有一个或多个受影响的水源；或 (2) 根据 UCMR-5, 的要求必须检测某些 PFAS，或根据 SDWIS 的数据服务人数超过 3,300 人。

某些公共供水系统被排除在外。完整的和解类别定义和排除条款可在和解网站上查阅。

公共供水系统需要了解的事项

参与和解：符合条件的公共供水系统必须提交所需的索赔信息才能获得付款。此前已向索赔管理人提交过早期公共供水系统和解索赔信息的公共供水系统，可以再次提交相同信息，并根据需要更新此前提交的信息。

对和解提出异议：未选择退出且希望对一项或多项和解协议提出异议的公共供水系统，必须在 November 23, 2026 之前提出。

选择退出和解：不希望参与一项或多项和解协议的公共供水系统，必须在 December 22, 2026. 之前提交排除请求。选择退出某项和解协议的公共供水系统将无法从该协议中获得资金，但将保留单独追究该协议涵盖的索赔权利。

不采取任何行动：不采取任何行动的公共供水系统将保留在适用的和解类别中，并将受和解协议及其免责条款的约束。

最终公平听证会：法院将于 January 15, 2027, 10:00 a.m. EST 举行最终公平听证会，以决定是否批准这些和解协议。公共供水系统无需出席。

关于和解协议、资格要求、索赔、排除、异议及重要截止日期的完整信息，请访问：www.PFASWaterSettlement.com 或致电 1-855-714-4341。

本通知仅为摘要。请扫描此二维码获取完整信息。

www.PFASWaterSettlement.com

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债券 / wsj.com / market-data / bonds / benchmarks

债券基准追踪

投资回报率、相对于国债的利差和 / 或支付给投资者的收益率，与各类债券 52 周最高值和最低值的对比

总回报收盘价< / td>< rowspan="2">年初至今总回报 (%)< / >< rowspan="2">指数< / >< colspan="3">— 收益率 (%) —< / >< / tr><><>最新< / ><>最低< / ><>最高< / >< / ><>< colspan="6">彭博固定收益指数——广义市场< / >< / ><><>2191.14< / ><>-2.5< / ><>美国综合指数< / ><>5.490< / ><>4.160< / ><>5.570< / >< / ><>< colspan="6">彭博固定收益指数——美国公司债券指数< / >< / ><><>3353.09< / ><>-2.6< / ><>美国公司债券< / ><>5.970< / ><>4.680< / ><>6.050< / >< / ><><>3342.02< / ><>-1.1< / ><>中期< / ><>5.720< / ><>4.330< / ><>5.810< / >< / ><><>4182.23< / ><>-5.9< / ><>长期< / ><>6.550< / ><>5.370< / ><>6.630< / >< / ><><>618.75< / ><>-4.1< / ><>AA 级< / ><>5.820< / ><>4.410< / ><>5.900< / >< / ><><>922.32< / ><>-2.1< / ><>BBB 级< / ><>6.150< / ><>4.860< / ><>6.220< / >< / table>

ICE BofA 高收益债券

<>< rowspan="2">总回报收盘价< / >< rowspan="2">年初至今总回报 (%)< / >< rowspan="2">指数< / >< colspan="3">— 收益率 (%) —< / >< / ><><>最新< / ><>最低< / ><>最高< / >< / ><>< colspan="6">彭博固定收益指数——抵押贷款支持证券< / >< / ><><>2184.64< / ><>-2.7< / ><>抵押贷款支持证券< / ><>5.860< / ><>4.380< / ><>5.970< / >< / ><><>2145.40< / ><>-2.6< / ><>吉尼梅 (GNMA)< / ><>5.930< / ><>4.420< / ><>6.030< / >< / ><><>1290.77< / ><>-2.8< / ><>房利美 (FNMA)< / ><>5.840< / ><>4.370< / ><>5.950< / >< / ><><>1990.56< / ><>-2.8< / ><>房地美 (FHLMC)< / ><>5.650< / ><>4.160< / ><>5.810< / >< / ><><>593.05< / ><>-4.0< / ><>市政债券主指数< / ><>4.491< / ><>3.037< / ><>4.628< / >< / ><><>422.38< / ><>-4.5< / ><>7-12 年< / ><>4.276< / ><>2.596< / ><>4.475< / >< / ><><>471.22< / ><>-5.7< / ><>12-22 年< / ><>5.109< / ><>3.608< / ><>5.157< / >< / ><><>441.18< / ><>-5.5< / ><>22 年以上< / ><>5.513< / ><>4.432< / ><>5.515< / >< / table>

摩根大通全球政府债券 $^{†}$

<><>618.37< / ><>< / ><>0.2< / ><>受限高收益< / ><>8.244< / ><>6.489< / ><>8.350< / >< / ><><>604.91< / ><>-3.7< / ><>< / ><>CCC 级< / ><>16.648< / ><>11.651< / ><>16.648< / >< / ><><>4106.99< / ><>-0.3< / ><>< / ><>高收益 100< / ><>7.605< / ><>5.828< / ><>7.655< / >< / ><><>539.00< / ><>< / ><>0.4< / ><>全球受限高收益< / ><>7.953< / ><>6.317< / ><>8.014< / >< / ><><>393.32< / ><>-0.5< / ><>< / ><>欧洲受限高收益< / ><>6.599< / ><>4.820< / ><>6.629< / >< / ><>< colspan="7">彭博固定收益指数——美国机构债券< / >< / ><><>1941.44< / ><>-0.8< / ><>< / ><>美国机构债券< / ><>5.150< / ><>3.830< / ><>5.220< / >< / ><><>1729.62< / ><>-0.3< / ><>< / ><>10-20 年< / ><>5.090< / ><>3.750< / ><>5.170< / >< / ><><>3480.38< / ><>-6.1< / ><>< / ><>20 年以上< / ><>5.870< / ><>4.580< / ><>5.930< / >< / ><><>2982.91< / ><>-1.8< / ><>< / ><>扬基债券< / ><>5.630< / ><>4.320< / ><>5.710< / >< / table>

全球大摩 (Global Demenheimer Morgan) 5< / td>< / tr><><>543.62< / ><>-2.8< / ><>全球政府< / ><>4.666< / ><>3.500 4.694< / >< / ><><>837.86< / ><>-0.4< / ><>加拿大< / ><>3.905< / ><>3.070 3.963< / >< / ><><>354.53< / ><>-2.9< / ><>欧元区 (EMU$)< / ><>4.175< / ><>3.117 4.230< / >< / ><><>627.92< / ><>-4.6< / ><>法国< / ><>4.763< / ><>3.350 4.823< / >< / ><><>456.45< / ><>-1.7< / ><>德国< / ><>3.575< / ><>2.650 3.684< / >< / ><><>241.36< / ><>-4.7< / ><>日本< / ><>3.305< / ><>2.120 3.327< / >< / ><><>497.80< / ><>-1.8< / ><>荷兰< / ><>3.680< / ><>2.860 3.778< / >< / ><><>796.56< / ><>-3.0< / ><>英国< / ><>5.607< / ><>4.560 5.607< / >< / ><><>n.a.< / ><>n.a.< / ><>新兴市场**< / ><>n.a.< / ><>n.a. n.a.< / >< / table>

*受限指数将单个发行人的集中度限制在 2%；高收益 100 指数包含 100 个规模最大的债券 † 以当地货币计 § 欧元区债券 **EMBI 全球指数 来源：ICE 数据服务；彭博固定收益指数；摩根大通 (J.P.Morgan)

全球政府债券：收益率分布图

选定国家基准两年期和十年期政府债券的收益率及其相对于美国国债的利差；箭头表示最新交易日收益率上涨(▲)或下跌(▼)

票面利率 (%)< / td>< rowspan="2">国家 / 期限（年）< / >< colspan="2">最新(●) 0< / ><>1< / ><>2< / ><>3< / ><>4< / ><>5< / ><>6< / ><>前次< / ><>一个月前< / ><>一年前< / >< colspan="3">相对于美国国债的利差（基点）< / >< / tr><><>< / ><>< / ><>最新< / ><>前次< / ><>一年前< / >< / ><><>4.750< / ><>美国 2< / ><>4.753 ▼< / ><>< / ><>●< / ><>< / ><>4.762< / ><>4.396< / ><>3.581< / ><>< / >< / ><><>4.625< / ><>10< / ><>5.232▼< / ><>< / ><>●< / ><>< / ><>5.276< / ><>4.805< / ><>4.128< / ><>< / >< / ><><>2.250< / ><>澳大利亚 2< / ><>4.929

▼< / ><>< / ><>●< / ><>< / ><>4.958< / ><>4.815< / ><>3.524< / ><>< / ><>16.9< / ><>19.0< / >< / ><><>4.250< / ><>10< / ><>5.403 ▼< / ><>< / ><>●< / ><>< / ><>5.414< / ><>5.199< / ><>4.372< / ><>< / ><>16.9< / ><>11.9< / >< / ><><>2.400< / ><>法国 2< / ><>3.656 ▲< / ><>< / ><>●< / ><>< / ><>3.607< / ><>3.169< / ><>2.244< / ><>< / ><>-110< / ><>-116.1< / >< / ><><>3.700< / ><>10< / ><>4.885 ▼< / ><>< / ><>●< / ><>< / ><>4.892< / ><>4.226< / ><>3.525< / ><>< / ><>-34.9< / ><>-40.3< / >< / ><><>2.700< / ><>德国 2< / ><>3.100

▲< / ><>< / ><>●< / ><>< / ><>3.040< / ><>3.006< / ><>1.991< / ><>< / ><>-166.0< / ><>-172.8< / >< / ><><>3.000< / ><>10< / ><>3.507 ▲< / ><>< / ><>●< / ><>< / ><>3.489< / ><>3.380< / ><>2.682< / ><>< / ><>-172.7< / ><>-180.6< / >< / ><><>2.650< / ><>意大利 2< / ><>3.453 ▲< / ><>< / ><>●< / ><>< / ><>3.427< / ><>3.173< / ><>2.201< / ><>< / ><>-130.< / ><>-134.1< / >< / ><><>3.800< / ><>10< / ><>4.609 ▼< / ><>< / ><>●< / ><>< / ><>4.631< / ><>4.177< / ><>3.483< / ><>< / ><>-62.6< / ><>-66.4< / >< / ><><>2.000< / ><>日本 2< / ><>1.939

▼< / ><>< / ><>●< / ><>< / ><>1.953< / ><>1.850< / ><>0.934< / ><>-282.2< / ><>< / ><>-281.5< / >< / ><><>3.100< / ><>10< / ><>3.086 ▼< / ><>< / ><>●< / ><>< / ><>3.113< / ><>2.896< / ><>1.704< / ><>-214.8< / ><>< / ><>-218.2< / >< / ><><>2.400< / ><>西班牙 2< / ><>3.251 ▲< / ><>< / ><>●< / ><>< / ><>3.221< / ><>3.011< / ><>2.091< / ><>< / ><>-150.9< / ><>-154.8< / >< / ><><>3.400< / ><>10< / ><>4.127 ▼< / ><>< / ><>●< / ><>< / ><>4.127< / ><>3.793< / ><>3.167< / ><>< / ><>-110< / ><>-116.8< / >< / ><><>4.375< / ><>英国 2< / ><>4.750

▲< / ><>< / ><>●< / ><>< / ><>4.706< / ><>4.481< / ><>4.003< / ><>< / ><>-1.0< / ><>-6.2< / >< / ><><>1.125< / ><>10< / ><>5.481 ▲< / ><>< / ><>●< / ><>< / ><>5.454< / ><>5.106< / ><>4.721< / ><>< / ><>24.7< / ><>15.9< / >< / table>

来源：Tullett Prebon, Tradeweb FTSE 美国国债收盘价

企业债券

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多种因素

收窄幅度最大的投资级利差...

发行人< / td>< rowspan="2">代码< / >< ="2">票面利率 (%)< / >< ="2">收益率 (%)< / >< ="2">到期日< / >< colspan="3">利差*（基点）< / >< / tr><><>当前< / ><>单日变化< / ><>上周< / >< / ><><>Florida Power & Light< / ><>...< / ><>5.850< / ><>5.85< / ><>'37年5月1日< / ><>62< / ><>-16< / ><>77< / >< / ><><>Toyota Motor Credit< / ><>...< / ><>5.050< / ><>5.15< / ><>'29年5月16日< / ><>21< / ><>-11< / ><>36< / >< / ><><>John Deere Capital< / ><>...< / ><>4.400< / ><>5.15< / ><>'29年6月15日< / ><>21< / ><>-10< / ><>n.a.< / >< / ><><>Western Union< / ><>WU< / ><>6.200< / ><>6.48< / ><>'36年11月17日< / ><>124< / ><>-10< / ><>n.a.< / >< / ><><>American Airlines< / ><>AAL< / ><>5.750< / ><>6.38< / ><>'35年5月10日< / ><>133< / ><>-9< / ><>n.a.< / >< / ><><>Cooperatieve Rabobank< / ><>...< / ><>5.189< / ><>5.23< / ><>'29年9月25日< / ><>30< / ><>-9< / ><>38< / >< / ><><>Enel Finance International< / ><>...< / ><>4.625< / ><>5.50< / ><>'29年7月13日< / ><>62< / ><>-7< / ><>64< / >< / ><><>Macquarie Bank< / ><>...< / ><>6.798< / ><>6.27< / ><>'33年1月18日< / ><>103< / ><>-7< / ><>110< / >< / table>

...以及扩大幅度最大的利差

<><>Mitsubishi UFJ Financial Group< / ><>MUFG< / ><>3.195< / ><>5.60< / ><>'29年7月18日< / ><>67< / ><>16< / ><>n.a.< / >< / ><><>Banque Federative du Credit Mutuel< / ><>...< / ><>4.786< / ><>5.65< / ><>'29年7月9日< / ><>77< / ><>6< / ><>85< / >< / ><><>Polar Tankers< / ><>...< / ><>5.951< / ><>5.95< / ><>'37年5月10日< / ><>88< / ><>6< / ><>84< / >< / ><><>Royal Bank of Canada< / ><>RY< / ><>4.950< / ><>5.18< / ><>'29年2月1日< / ><>24< / ><>6< / ><>33< / >< / ><><>Australia and New Zealand Banking< / ><>...< / ><>5.150< / ><>5.28< / ><>'29年8月17日< / ><>40< / ><>5< / ><>39< / >< / ><><>Banco Santander*< / ><>...< / ><>5.439< / ><>5.65< / ><>'31年7月15日< / ><>66< / ><>5< / ><>65< / >< / ><><>Walt Disney< / ><>DIS< / ><>4.000< / ><>5.28< / ><>'31年3月14日< / ><>29< / ><>4< / ><>35< / >< / ><><>Kinder Morgan Energy Partners< / ><>...< / ><>6.950< / ><>6.22< / ><>'38年1月15日< / ><>100< / ><>4< / ><>103< / >< / table>

价格涨幅最大的高收益债券...

<>< ="2">发行人< / >< ="2">代码< / >< ="2">票面利率 (%)< / >< ="2">收益率 (%)< / >< ="2">到期日< / >< colspan="3">债券价格（面值的百分比）< / >< / ><><>当前< / ><>单日变化< / ><>上周< / >< / ><><>Occidental Petroleum< / ><>OXY< / ><>6.450< / ><>6.18< / ><>'36年9月15日< / ><>101.999< / ><>0.61< / ><>101.767< / >< / ><><>Bath & Body Works< / ><>BBWI< / ><>6.875< / ><>7.31< / ><>'35年11月1日< / ><>97.180< / ><>0.31< / ><>96.173< / >< / ><><>Rakuten Group< / ><>...< / ><>9.750< / ><>6.94< / ><>'29年4月15日< / ><>106.388< / ><>0.23< / ><>106.375< / >< / ><><>DISH DBS< / ><>...< / ><>5.125< / ><>9.14< / ><>'29年6月1日< / ><>90.750< / ><>0.13< / ><>87.000< / >< / table>

...以及价格跌幅最大的债券

Paramount Global< / td><>...< / ><>5.500< / ><>10.86< / ><>'33年5月15日< / ><>75.186< / ><>-0.80< / ><>77.750< / >< / tr><><>Navient< / ><>NAVI< / ><>5.625< / ><>9.36< / ><>'33年8月1日< / ><>81.500< / ><>-0.25< / ><>81.250< / >< / ><><>Bath & Body Works< / ><>BBWI< / ><>6.750< / ><>7.52< / ><>'36年7月1日< / ><>94.763< / ><>-0.24< / ><>93.302< / >< / ><><>Nissan Motor Acceptance< / ><>...< / ><>5.625< / ><>6.84< / ><>'28年9月29日< / ><>97.789< / ><>-0.22< / ><>98.040< / >< / ><><>Bausch Health< / ><>...< / ><>11.000< / ><>9.02< / ><>'28年9月30日< / ><>103.500< / ><>-0.14< / ><>104.125< / >< / ><><>AAvantage Loyalty IP< / ><>..< / ><>5.750< / ><>6.11< / ><>'29年4月20日< / ><>99.171< / ><>-0.13< / ><>98.777< / >< / ><><>Telecom Italia Capital< / ><>...< / ><>7.721< / ><>6.91< / ><>'38年6月4日< / ><>106.406< / ><>-0.07< / ><>107.107< / >< / ><><>Verde Purchaser< / ><>...< / ><>10.500< / ><>8.35< / ><>'30年11月30日< / ><>104.090< / ><>-0.06< / ><>102.446< / >< / table>

*估算的 2年期、3年期、5年期、10年期或 30年期热跑国债利差；100个基点 = 一个百分点；显示的利差变化为 Z-spread。注：数据针对到期期限在两年或两年以上的交易最活跃的债券发行品种。

月（s）年 —— 到期 。

道琼斯工业平均指数

51231.64 ▲ 51.77, 或 0.10% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。

< / td><>最新< / ><>一年前< / >< / tr><><>滚动市盈率< / ><>20.86< / ><>25.41< / >< / ><><>市盈率预测*< / ><>19.51< / ><>22.32< / >< / ><><>股息率< / ><>1.55< / ><>1.59< / >< / ><><>历史最高点< / >< colspan="2">54349.12, 08 / 05 / 26< / >< / table>

当前除数 0.1682481652835

<>< colspan="4">49000< / >< / ><><>七月< / ><>八月< / ><>九月< / ><>十月< / >< / ><>< ="4">*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< / >< / table>

美国主要股市指数 涨幅榜...

<>< rowspan="2">道琼斯< / >< ="5">最新< / >< ="3">52周< / >< ="2">% 变化< / >< / ><><>最高< / ><>最低< / ><>收盘< / ><>净值变化< / ><>% 变化< / ><>最高< / ><>最低< / ><>% 变化< / ><>年初至今< / ><>3年年化< / >< / ><><>工业平均指数< / ><>51245.28< / ><>50939.00< / ><>51231.64< / ><>51.77< / ><>< / ><>0.10< / ><>54349.12< / ><>45166.64< / ><>10.5< / ><>6.6< / >< / ><><>运输平均指数< / ><>19832.06< / ><>19489.07< / ><>19809.07< / ><>279.77< / ><>< / ><>1.43< / ><>23933.14< / ><>15067.87< / ><>27.1< / ><>14.1< / >< / ><><>公用事业平均指数< / ><>1053.58< / ><>1037.25< / ><>1047.87< / ><>-1.77< / ><>-0.17< / ><>< / ><>1190.23< / ><>1004.50< / ><>-8.5< / ><>-1.9< / >< / ><><>股市总指数< / ><>76705.35< / ><>76081.55< / ><>76431.34< / ><>-330.15< / ><>-0.43< / ><>< / ><>77313.23< / ><>62750.36< / ><>14.7< / ><>13.2< / >< / ><><>巴伦 400 指数< / ><>1601.71< / ><>1585.76< / ><>1600.60< / ><>9.84< / ><>< / ><>0.62< / ><>1685.46< / ><>1318.70< / ><>16.1< / ><>13.3< / >< / table>

<>< ="11">纳斯达克股票市场< / >< / ><><>纳斯达克综合指数< / ><>27491.89< / ><>27066.76< / ><>27193.34< / ><>-345.35< / ><>-1.25< / ><>< / ><>27599.89< / ><>20794.64< / ><>18.1< / ><>17.0< / >< / ><><>纳斯达克100指数< / ><>31125.13< / ><>30556.40< / ><>30725.81< / ><>-434.27< / ><>-1.39< / ><>< / ><>31224.47< / ><>22953.38< / ><>22.4< / ><>21.7< / >< / ><>< ="11">标准普尔< / >< / ><><>500 指数< / ><>7797.79< / ><>7731.26< / ><>7765.36< / ><>-36.41< / ><>-0.47< / ><>< / ><>7818.93< / ><>6343.72< / ><>15.3< / ><>13.4< / >< / ><><>中盘 400 指数< / ><>3653.93< / ><>3615.93< / ><>3650.02< / ><>12.62< / ><>< / ><>0.35< / ><>3926.98< / ><>3109.89< / ><>12.2< / ><>10.4< / >< / ><><>小盘 600 指数< / ><>1671.62< / ><>1651.35< / ><>1670.59< / ><>3.71< / ><>< / ><>0.22< / ><>1828.54< / ><>1364.94< / ><>16.1< / ><>13.8< / >< / table>

<>< ="11">其他指数< / >< / ><>< rowspan="10">< / ><>罗素 2000 指数< / ><>2795.38< / ><>2762.58< / ><>2794.13< / ><>0.92< / ><>< / ><>0.03< / ><>3068.42< / ><>2305.11< / ><>13.2< / >< / ><><>纽约证交所综合指数< / ><>23803.41< / ><>23598.97< / ><>23797.60< / ><>95.67< / ><>< / ><>0.40< / ><>24821.68< / ><>20912.89< / ><>10.4< / >< / ><><>Value Line 指数< / ><>651.31< / ><>644.21< / ><>651.17< / ><>2.760< / ><>< / ><>0.43< / ><>702.60< / ><>590.50< / ><>3.6< / >< / ><><>纽约证交所 Arca 生物技术指数< / ><>9179.25< / ><>8910.92< / ><>9064.01< / ><>-115.24< / ><>-1.26< / ><>< / ><>9539.76< / ><>6340.88< / ><>39.7< / >< / ><><>纽约证交所 Arca 制药指数< / ><>1235.90< / ><>1202.33< / ><>1227.56< / ><>-8.34< / ><>-0.67< / ><>< / ><>1315.38< / ><>984.85< / ><>20.2< / >< / ><><>KBW

Bank< / td> 170.03< / ><>166.86< / ><>170.00< / ><>1.27< / ><>< / ><>0.75< / ><>193.91< / ><>143.23< / ><>14.6< / >< / tr> <>PHLX$ 金银< / ><>358.27< / ><>350.51< / ><>357.64< / ><>4.97< / ><>< / ><>1.41< / ><>470.37< / ><>265.03< / ><>20.7< / >< / ><><>PHLX$ 石油服务< / ><>94.57< / ><>93.75< / ><>94.28< / ><>1.30< / ><>< / ><>1.40< / ><>109.24< / ><>60.27< / ><>48.0< / >< / ><><>PHLX$ 半导体< / ><>12997.48< / ><>12483.95< / ><>12623.71< / ><>-442.44< / ><>-3.39< / ><>< / ><>14634.72< / ><>6352.07< / ><>84.6< / >< / ><><>Cboe 波动率< / ><>16.46< / ><>15.15< / ><>15.41< / ><>0.33< / ><>< / ><>2.19< / ><>31.05< / ><>13.47< / ><>-6.2< / >< / table>

<>< rowspan="2">公司< / >< rowspan="2">代码< / >< rowspan="2">成交量(000)< / >< rowspan="2">较65日均值变动%< / >< colspan="2">最新交易日< / >< colspan="2">52周< / >< / ><><>收盘价< / ><>变动%< / ><>最高价< / ><>最低价< / >< / ><><>Abacus FCF Real Asset Ldr< / ><>ABLD< / ><>2,931< / ><>24552< / ><>30.92< / ><>0.78< / ><>34.09< / ><>27.86< / >< / ><><>Abacus FCF Leaders ETF< / ><>ABFL< / ><>931< / ><>7168< / ><>81.45< / ><>-0.12< / ><>86.01< / ><>67.94< / >< / ><><>SCWorx< / ><>WORX< / ><>281< / ><>5205< / ><>4.20< / ><>-26.96< / ><>118.19< / ><>2.30< / >< / ><><>Pacira BioSciences< / ><>PCRX< / ><>28,879< / ><>4837< / ><>36.39< / ><>44.40< / ><>36.46< / ><>18.80< / >< / ><>< colspan="2">Brandywine Dynamic US

LCVDVAL< / ><>298< / ><>4502< / ><>15.45< / ><>0.84< / ><>16.83< / ><>14.05< / >< / ><><>Nuveen AA-BBB CLO ETF< / ><>NCLO< / ><>2,077< / ><>4414< / ><>25.01< / ><>-0.04< / ><>25.36< / ><>24.22< / >< / ><><>BNY Mellon US LC Core< / ><>BKLC< / ><>16,416< / ><>3844< / ><>49.50< / ><>-0.46< / ><>50.01< / ><>40.21< / >< / ><><>Profound Medical< / ><>PROF< / ><>2,953< / ><>2286< / ><>6.91< / ><>21.65< / ><>8.95< / ><>4.80< / >< / ><><>AB Tax-Aware Interm Mun< / ><>TAFM< / ><>7,893< / ><>2245< / ><>23.87< / ><>0.34< / ><>25.93< / ><>23.72< / >< / ><><>Innov Eq Dual 10 Bf Dec< / ><>DDTD< / ><>172< / ><>2206< / ><>20.98< / ><>-0.23< / ><>21.06< / ><>18.30< / >< / table>

成交量异动排名（按较65日均值变动幅度排序）* * 每股价格在 \$2 或以上的普通股，且 65 个交易日的平均成交量至少为 5,000 股。†交易天数少于 65 天

标准普尔500指数

国际股票指数

7765.36 ▼36.41, 或 0.47% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。

地区 / 国家< / td>< rowspan="2">指数< / >< ="2">收盘价< / >< colspan="2">最新< / >< ="2">年初至今涨跌幅 %< / >< / tr><><>净值变动< / ><>涨跌幅 %< / >< / ><>< ="4">全球< / ><>MSCI ACWI< / ><>1140.10< / ><>-7.61< / ><>-0.66< / ><>12.4< / >< / ><><>MSCI ACWI (除美国)< / ><>465.46< / ><>-4.83< / ><>-1.03< / ><>10.6< / >< / ><><> World< / ><>4931.28< / ><>-26.77< / ><>-0.54< / ><>11.3< / >< / ><><> 新兴市场< / ><>1698.53< / ><>-27.15< / ><>-1.57< / ><>20.9< / >< / ><><>美洲< / ><> AC Americas< / ><>2936.08< / ><>-12.249< / ><>-0.42< / ><>13.2< / >< / ><><>加拿大< / ><>S&P / TSX Comp< / ><>35145.38< / ><>103.52< / ><>< / ><>10.8< / >< / ><><>拉美< / ><> EM Latin America< / ><>3324.66< / ><>14.72< / ><>< / ><>22.7< / >< / ><><>巴西< / ><>Bovespa< / ><>206220.24< / ><>1917.91< / ><>< / ><>28.0< / >< / ><><>墨西哥< / ><>S&P / BMV IPC< / ><>64986.91< / ><>333.58< / ><>< / ><>1.1< / >< / ><><>欧洲、中东及非洲< / ><>STOXX Europe 600< / ><>625.51< / ><>-4.74< / ><>-0.75< / ><>5.6< / >< / ><><>欧元区< / ><>Euro STOXX< / ><>645.59< / ><>-5.66< / ><>-0.87< / ><>5.4< / >< / ><><>比利时< / ><>Bel-20< / ><>5399.40< / ><>-128.47< / ><>-2.32< / ><>6.3< / >< / ><><>丹麦< / ><>OMX Copenhagen 20< / ><>1495.16< / ><>-13.85< / ><>-0.92< / ><>-7.0< / >< / ><><>法国< / ><>CAC 40< / ><>7729.69< / ><>-39.52< / ><>-0.51< / ><>-5.2< / >< / ><><>德国< / ><>DAX< / ><>24806.97< / ><>-297.39< / ><>-1.18< / ><>1.3< / >< / ><><>以色列< / ><>Tel Aviv< / ><>4089.94< / ><>-6.51< / ><>-0.16< / ><>12.6< / >< / ><><>意大利< / ><>FTSE MIB< / ><>49297.88< / ><>-674.37< / ><>-1.35< / ><>9.7< / >< / ><><>荷兰< / ><>AEX< / ><>1121.20< / ><>3.45< / ><>< / ><>17.9< / >< / ><><>挪威< / ><>Oslo Bors All-Share< / ><>2452.58< / ><>7.64< / ><>< / ><>26.3< / >< / ><><>南非< / ><>FTSE / JSE All-Share< / ><>107109.29< / ><>5.00< / ><>< / ><>-7.5< / >< / ><><>西班牙< / ><>IBEX 35< / ><>18928.90< / ><>-189.10< / ><>-0.99< / ><>9.4< / >< / ><><>瑞典< / ><>OMX Stockholm< / ><>1104.05< / ><>-8.09< / ><>-0.73< / ><>5.6< / >< / ><><>瑞士< / ><>Swiss Market< / ><>13637.00< / ><>-171.42< / ><>-1.24< / ><>2.8< / >< / ><><>土耳其< / ><>BIST 100< / ><>12213.58< / ><>90.64< / ><>< / ><>8.5< / >< / ><><>英国< / ><>FTSE 100< / ><>10441.60< / ><>-16.90< / ><>-0.16< / ><>5.1< / >< / ><><>英国< / ><>FTSE 250< / ><>23943.88< / ><>-92.87< / ><>-0.39< / ><>6.6< / >< / table>

股票

公司< / td>< rowspan="2">代码< / >< colspan="3">最近交易日< / >< colspan="3">52周< / >< / tr><><>收盘价< / ><>净值变动< / ><>% 变动< / ><>最高价< / ><>最低价< / ><>% 变动< / >< / ><><>Pacira BioSciences< / ><>PCRX< / ><>36.39< / ><>11.19< / ><>44.40< / ><>36.46< / ><>18.80< / ><>55.4< / >< / ><><>WISeSat.Space Holdings< / ><>SAIQ< / ><>5.51< / ><>1.62< / ><>41.65< / ><>12.95< / ><>1.76< / ><>-46.1< / >< / ><><>Tradr 2X Sh AAOI Daily< / ><>AAOZ< / ><>10.97< / ><>2.34< / ><>27.11< / ><>51.05< / ><>6.94< / ><>...< / >< / ><><>Profound Medical< / ><>PROF< / ><>6.91< / ><>1.23< / ><>21.65< / ><>8.95< / ><>4.80< / ><>2.5< / >< / ><><>Tradr 2X Sh COHR Daily< / ><>COHQ< / ><>25.25< / ><>4.21< / ><>20.01< / ><>41.74< / ><>20.37< / ><>...< / >< / ><><>Tradr 2X Sh AXTI Daily< / ><>AXTQ< / ><>26.10< / ><>4.35< / ><>20.00< / ><>67.92< / ><>17.90< / ><>...< / >< / ><><>Tianci International< / ><>CIIT< / ><>2.87< / ><>0.48< / ><>19.84< / ><>71.40< / ><>2.22< / ><>-94.9< / >< / ><><>DataMeds AI< / ><>MEDS< / ><>3.40< / ><>0.52< / ><>18.06< / ><>73.00< / ><>0.82< / ><>-90.4< / >< / ><><>Shuttle Pharma< / ><>SHPH< / ><>5.55< / ><>0.84< / ><>17.83< / ><>55.90< / ><>2.58< / ><>-87.4< / >< / ><><>Opportunistic Trader ETF< / ><>WZRD< / ><>4.48< / ><>0.67< / ><>17.59< / ><>417.60< / ><>3.70< / ><>-98.7< / >< / ><><>Haemonetics< / ><>HAE< / ><>119.47< / ><>17.76< / ><>17.46< / ><>121.00< / ><>48.17< / ><>134.3< / >< / ><><>Byrna Technologies< / ><>BYRN< / ><>4.73< / ><>0.68< / ><>16.79< / ><>30.62< / ><>3.17< / ><>-79.3< / >< / ><><>GridAI Technologies< / ><>GRDX< / ><>4.80< / ><>0.68< / ><>16.50< / ><>6.93< / ><>1.87< / ><>20.0< / >< / ><><>Cable One< / ><>CABO< / ><>15.38< / ><>2.17< / ><>16.43< / ><>180.00< / ><>9.90< / ><>-91.0< / >< / ><><>T-REX 2X Invr CRWV< / ><>CORD< / ><>3.24< / ><>0.45< / ><>15.95< / ><>67.55< / ><>1.87< / ><>-83.0< / >< / table>

<><>亚太地区< / ><>MSCI AC Asia Pacific< / ><>273.70< / ><>-4.62< / ><>-1.66< / ><>20.2< / >< / ><><>澳大利亚< / ><>S&P / ASX 200< / ><>8660.90< / ><>-66.78< / ><>-0.77< / ><>-0.6< / >< / ><><>中国< / ><>上海综合指数< / ><>3811.90< / ><>-30.29< / ><>-0.79< / ><>-4.0< / >< / ><><>香港< / ><>恒生指数< / ><>23785.79< / ><>-344.71< / ><>-1.43< / ><>-7.2< / >< / ><><>印度< / ><>BSE Sensex< / ><>71593.24< / ><>-1045.46< / ><>-1.44< / ><>-16.0< / >< / ><><>印度尼西亚< / ><>JSX Composite< / ><>6031.28< / ><>-115.44< / ><>-1.88< / ><>-30.2< / >< / ><><>日本< / ><>日经225< / ><>69042.11< / ><>-993.60< / ><>-1.42< / ><>37.2< / >< / ><><>新加坡< / ><>海峡时报指数< / ><>5412.96< / ><>-195.48< / ><>-3.49< / ><>16.5< / >< / ><><>韩国< / ><>KOSPI< / ><>6625.93< / ><>-177.97< / ><>-2.62< / ><>57.2< / >< / ><><>台湾< / ><>TAIEX< / ><>49313.44< / ><>-492.93< / ><>-0.99< / ><>70.3< / >< / ><><>泰国< / ><>SET< / ><>1570.61< / ><>-14.02< / ><>-0.88< / ><>24.7< / >< / table>

数据来源：FactSet；道琼斯市场数据

数据来源：FactSet；道琼斯市场数据

跌幅最大者

<><>< / ><>最新< / ><>一年前< / >< / ><><>滚动市盈率 < / ><>23.38< / ><>25.56< / >< / ><><>预测市盈率 < / ><>19.80< / ><>22.17< / >< / ><><>股息率 *< / ><>1.07< / ><>1.15< / >< / ><><>历史最高价< / >< colspan="2">7818.93, 10 / 06 / 26< / >< / table>

公司< / td><>代码< / ><>成交量(000)< / ><>最新价< / ><>净变化< / ><>盘后%变化< / ><>最高价< / ><>最低价< / >< / tr><><>Nu Holdings CI A< / ><>NU< / ><>21,510.5< / ><>15.38< / ><>...< / ><>持平< / ><>15.73< / ><>15.32< / >< / ><><>英伟达 (NVIDIA)< / ><>NVDA< / ><>9,690.8< / ><>231.08< / ><>0.60< / ><>0.26< / ><>245.51< / ><>222.37< / >< / ><><>Coupang< / ><>CPNG< / ><>7,814.7< / ><>15.31< / ><>-0.10< / ><>-0.65< / ><>15.44< / ><>15.31< / >< / ><><>先锋整体债券市场基金 (Vanguard Total Bond Mkt)< / ><>BND< / ><>6,866.0< / ><>70.20< / ><>-0.02< / ><>-0.03< / ><>70.25< / ><>69.87< / >< / ><><>道富 SPDR S&P 500< / ><>SPY< / ><>6,221.7< / ><>773.93< / ><>-0.005< / ><>-0.001< / ><>775.55< / ><>720.69< / >< / ><><>英特尔 (Intel)< / ><>INTC< / ><>5,443.7< / ><>107.08< / ><>...< / ><>持平< / ><>107.47< / ><>107.01< / >< / ><><>景顺 QQQ 信托 I (Invesco QQQ Trust I)< / ><>QQQ< / ><>5,269.1< / ><>748.21< / ><>0.63< / ><>0.08< / ><>772.58< / ><>747.58< / >< / ><><>先锋富时发达市场基金 (Vanguard FTSE DevMkts)< / ><>VEA< / ><>4,903.5< / ><>69.80< / ><>-0.06< / ><>-0.09< / ><>70.30< / ><>69.73< / >< / table>

涨幅最大...

<><>Humana< / ><>HUM< / ><>534.3< / ><>436.57< / ><>49.45< / ><>12.77< / ><>454.00< / ><>381.81< / >< / ><><>Clover Health Invts< / ><>CLOV< / ><>568.3< / ><>4.93< / ><>0.35< / ><>7.64< / ><>5.12< / ><>4.54< / >< / ><><>Crown Castle< / ><>CCI< / ><>207.5< / ><>73.75< / ><>4.86< / ><>7.05< / ><>77.28< / ><>68.89< / >< / ><><>Securitize< / ><>SECZ< / ><>389.2< / ><>13.50< / ><>0.84< / ><>6.64< / ><>14.00< / ><>12.60< / >< / ><><>美国塔 REIT (American Tower REIT)< / ><>AMT< / ><>168.9< / ><>176.99< / ><>10.26< / ><>6.15< / ><>177.00< / ><>163.88< / >< / table>

<><>Alignment Healthcare< / ><>ALHC< / ><>1,366.0< / ><>6.83< / ><>-1.88< / ><>-21.58< / ><>8.71< / ><>6.75< / >< / ><><>美国电话电报公司 (AT&T)< / ><>T< / ><>2,527.3< / ><>23.02< / ><>-1.85< / ><>-7.44< / ><>24.89< / ><>22.78< / >< / ><><>T-Mobile US< / ><>TMUS< / ><>328.6< / ><>159.00< / ><>-12.31< / ><>-7.19< / ><>171.84< / ><>157.82< / >< / ><><>威瑞森通信 (Verizon Communications)< / ><>VZ< / ><>3,755.7< / ><>43.15< / ><>-3.20< / ><>-6.90< / ><>46.38< / ><>42.85< / >< / ><><>Brookdale Senior Living< / ><>BKD< / ><>369.4< / ><>10.28< / ><>-0.61< / ><>-5.60< / ><>10.89< / ><>10.28< / >< / table>

盘后交易

货币

公司< / td>< rowspan="2">代码< / >< colspan="3">最新交易时段< / >< colspan="3">52周< / >< / tr><><>收盘价< / ><>净涨跌< / ><>涨跌幅(%)< / ><>最高价< / ><>最低价< / ><>涨跌幅(%)< / >< / ><><>China SXT Pharm< / ><>SXTC< / ><>0.34< / ><>-2.49< / ><>-87.86< / ><>83758.79< / ><>0.31< / ><>-99.99< / >< / ><><>Bradbury Capital< / ><>BBCI< / ><>7.50< / ><>-3.50< / ><>-31.82< / ><>15.50< / ><>7.31< / ><>-37.9< / >< / ><><>Stablecoin Development< / ><>SDEV< / ><>1.99< / ><>-0.79< / ><>-28.42< / ><>99.75< / ><>0.78< / ><>-66.8< / >< / ><><>Tradr 2X Long AAOI Daily< / ><>AAOX< / ><>9.95< / ><>-3.74< / ><>-27.32< / ><>103.00< / ><>6.94< / ><>...< / >< / ><><>Leverage 2X Lg AAOI Dly< / ><>AAOG< / ><>2.21< / ><>-0.83< / ><>-27.23< / ><>22.98< / ><>1.55< / ><>...< / >< / ><><>GMEX Robotics< / ><>GMEX< / ><>1.94< / ><>-0.72< / ><>-27.07< / ><>27711.79< / ><>1.70< / ><>-99.99< / >< / ><><>SCWorx< / ><>WORX< / ><>4.20< / ><>-1.55< / ><>-26.96< / ><>118.19< / ><>2.30< / ><>-92.4< / >< / ><><>Leverage 2X Lg MXL Dly< / ><>MXLL< / ><>22.63< / ><>-8.06< / ><>-26.25< / ><>33.99< / ><>9.48< / ><>...< / >< / ><><>Sports Ent Gaming Glbl< / ><>SEGG< / ><>1.80< / ><>-0.59< / ><>-24.53< / ><>35.84< / ><>1.75< / ><>-93.5< / >< / ><><>Baiya International Group< / ><>BIYA< / ><>1.74< / ><>-0.56< / ><>-24.35< / ><>167.97< / ><>1.30< / ><>-98.8< / >< / ><><>Corgi AXTI 2x Daily ETF< / ><>AXTC< / ><>17.14< / ><>-4.81< / ><>-21.92< / ><>38.99< / ><>7.06< / ><>...< / >< / ><><>Apimeds Pharma US< / ><>APUS< / ><>5.51< / ><>-1.54< / ><>-21.84< / ><>59.70< / ><>1.51< / ><>-70.5< / >< / ><><>Leverage 2X Lg HUT Dly< / ><>HUTG< / ><>10.42< / ><>-2.82< / ><>-21.31< / ><>48.10< / ><>5.37< / ><>...< / >< / ><><>Corgi EOSE 2x Daily ETF< / ><>EO< / ><>3.86< / ><>-1.04< / ><>-21.26< / ><>23.10< / ><>3.73< / ><>...< / >< / ><><>T-REX 2X Lg EOSE Dly Tgt< / ><>EOSU< / ><>3.56< / ><>-0.94< / ><>-20.89< / ><>762.50< / ><>3.40< / ><>...< / >< / table>

美东时间下午 5 点的美元外汇汇率 货币与大宗商品

由电子交易服务、证券交易商和区域交易所报告的，美东时间下午 4 点至 6 点期间，在纽约证券交易所（NYSE）、纽约证券交易所 Arca、纽约证券交易所 Amer. 和纳斯达克上市股票中交易最活跃且波动最大的品种。最低股价为 \$2，且盘后最低成交量为 50,000 股。

<>< rowspan="2">国家 / 货币< / >< colspan="2">周四< / >< rowspan="2">年初至今涨跌幅 (%)< / >< / ><><>以美元计< / ><>每美元兑换< / >< / ><>< colspan="4">美洲< / >< / ><><>阿根廷比索< / >< colspan="2">.00071516.4994< / ><>4.5< / >< / ><><>巴西雷亚尔< / ><>.1991< / ><>5.0231< / ><>-8.9< / >< / ><><>加拿大元< / ><>.7029< / ><>1.4227< / ><>3.6< / >< / ><><>智利比索< / ><>.001022< / ><>978.55< / ><>8.7< / >< / ><><>哥伦比亚比索< / ><>.000310< / ><>3226.06< / ><>-14.4< / >< / ><><>厄瓜多尔美元< / ><>1< / ><>持平< / >< / ><><>墨西哥比索< / ><>.0550< / ><>18.1858< / ><>1.0< / >< / ><><>乌拉圭比索< / ><>.02490< / ><>40.1531< / ><>2.8< / >< / table>

盘后交易最活跃品种

<>< rowspan="2">国家 / 货币< / >< colspan="2">周四< / >< rowspan="2">美元兑换,年初至今涨跌幅(%)< / >< / ><><>以美元计< / ><>每美元兑换< / >< / ><><>越南盾< / ><>.00003861< / ><>25900< / ><>-1.5< / >< / table>

澳大利亚元< / td><>.6959< / ><>1.4370< / ><>-4.1< / >< / tr><><>人民币< / ><>.1492< / ><>6.7024< / ><>-4.2< / >< / ><><>港元< / ><>.1274< / ><>7.8483< / ><>0.8< / >< / ><><>印度卢比< / ><>.01033< / ><>96.828< / ><>7.7< / >< / ><><>印尼卢比< / ><>.0000558< / ><>17930< / ><>7.4< / >< / ><><>日元< / ><>.006334< / ><>157.89< / ><>0.8< / >< / ><><>哈萨克斯坦坚戈< / ><>.002220< / ><>450.51< / ><>-11.2< / >< / ><><>澳门帕塔卡< / ><>.1237< / ><>8.0841< / ><>0.8< / >< / ><><>马来西亚林吉特< / ><>.2444< / ><>4.0923< / ><>0.8< / >< / ><><>新西兰元< / ><>.5605< / ><>1.7841< / ><>2.7< / >< / ><><>巴基斯坦卢比< / ><>.00361< / ><>277.007< / ><>-1.2< / >< / ><><>菲律宾比索< / ><>.0159< / ><>62.963< / ><>6.9< / >< / ><><>新加坡元< / ><>.7805< / ><>1.2813< / ><>-0.3< / >< / ><><>韩元< / ><>.0007450< / ><>1342.35< / ><>-6.8< / >< / ><><>斯里兰卡卢比< / ><>.0030201< / ><>331.12< / ><>6.9< / >< / ><><>台湾元< / ><>.03130< / ><>31.954< / ><>1.9< / >< / ><><>泰铢< / ><>.02971< / ><>33.660< / ><>6.9< / >< / table>

<>< colspan="4">欧洲< / >< / ><><>捷克克朗< / ><>.04601< / ><>21.733< / ><>5.6< / >< / ><><>丹麦克朗< / ><>.1500< / ><>6.6674< / ><>4.8< / >< / ><><>欧元区欧元< / ><>1.1213< / ><>.8919< / ><>4.8< / >< / ><><>匈牙利福林< / ><>.003068< / ><>325.94< / ><>-0.4< / >< / ><><>冰岛克朗< / ><>.008196< / ><>122.01< / ><>-2.6< / >< / ><><>挪威克朗< / ><>.1046< / ><>9.5641< / ><>-5.2< / >< / ><><>波兰兹罗提< / ><>.2561< / ><>3.9045< / ><>8.7< / >< / ><><>瑞典克朗< / ><>.1003< / ><>9.9719< / ><>8.3< / >< / ><><>瑞士法郎< / ><>1.2022< / ><>.8318< / ><>4.9< / >< / ><><>土耳其里拉< / ><>.0203< / ><>49.2498< / ><>14.6< / >< / ><><>乌克兰格里夫纳< / ><>.0222< / ><>44.9500< / ><>6.1< / >< / ><><>英镑< / ><>1.3230< / ><>.7559< / ><>1.9< / >< / ><>< colspan="4">中东 / 非洲< / >< / table>

大宗商品

<><>巴林第纳尔< / ><>2.6517< / ><>.3771< / ><>0.04< / >< / ><><>埃及镑< / ><>.0191< / ><>52.4035< / ><>9.8< / >< / ><><>以色列谢克尔< / ><>.3265< / ><>3.0628< / ><>-3.9< / >< / ><><>科威特第纳尔< / ><>3.2174< / ><>.3108< / ><>1.0< / >< / ><><>阿曼里亚尔< / ><>2.5994< / ><>.3847< / ><>-0.02< / >< / ><><>卡塔尔里亚尔< / ><>.2746< / ><>3.642< / ><>-0.3< / >< / ><><>沙特阿拉伯里亚尔< / ><>.2664< / ><>3.7541< / ><>0.1< / >< / ><><>南非兰特< / ><>.0603< / ><>16.5896< / ><>0.2< / >< / table>

<><>< / ><>收盘价< / ><>净变化< / ><>% 变化< / ><>年初至今 % 变化< / >< / ><><>WSJ美元指数< / ><>97.34< / ><>-0.06< / ><>1.48< / >< / table>

<>< rowspan="2">< / >< rowspan="2">收盘价< / >< colspan="2">周四< / >< colspan="2">52周< / >< rowspan="2">年初至今 % 变化< / >< / ><><>净变化< / ><>% 变化< / ><>最高< / ><>最低< / >< / ><><>道琼斯商品指数< / ><>1458.21< / ><>8.08< / ><>0.56< / ><>1505.40< / ><>1076.65< / ><>32.99< / >< / ><><>富时 / CC CRB指数< / ><>414.34< / ><>2.95< / ><>0.72< / ><>429.15< / ><>291.69< / ><>38.42< / >< / ><><>原油，美元 / 桶< / ><>91.49< / ><>3.21< / ><>3.64< / ><>112.95< / ><>55.27< / ><>48.74< / >< / ><><>天然气，美元 / 百万英热单位< / ><>3.168< / ><>-0.035< / ><>-1.09< / ><>7.460< / ><>2.523< / ><>-3.09< / >< / ><><>黄金，美元 / 金衡盎司< / ><>4131.80< / ><>18.00< / ><>0.44< / ><>5318.40< / ><>3946.30< / ><>4.70< / >< / table>

数据来源：Tullett Prebon, 道琼斯市场数据

Polymarket / 道琼斯合作伙伴

预测市场：2026年底美联储利率将是多少？该市场的结算将依据 2026年12月联邦公开市场委员会（FOMC）会议（目前定于 Dec. 8-9, 2026举行）后，美联储目标联邦基金利率范围的上限而定。

27193.34 ▼ 345.35, 或 1.25% 过去 3 个月每个交易日的高点、低点、开盘价和收盘价。

纳斯达克综合指数

< / td><>最新< / ><>一年前< / >< / tr><><>滚动市盈率 †< / ><>34.68< / ><>33.37< / >< / ><><>预计市盈率 †< / ><>23.87< / ><>26.95< / >< / ><><>股息率 *†< / ><>0.52< / ><>0.65< / >< / ><>< colspan="3">历史最高点：27599.89, 10 / 06 / 26< / >< / table>

交易日记

< / td><>纽约证券交易所 (NYSE)< / ><>纽约美国交易所 (NYSE Amer.)< / >< / tr><><>总成交量18.32亿< / ><>29,366,112< / ><>< / >< / ><><>上涨成交量12.20亿< / ><>10,465,399< / ><>< / >< / ><><>下跌成交量5.75亿< / ><>18,859,172< / ><>< / >< / ><><>交易品种数< / ><>2,812< / ><>301< / >< / ><><>上涨数< / ><>1,710< / ><>123< / >< / ><><>下跌数< / ><>1,016< / ><>169< / >< / ><><>持平数< / ><>86< / ><>9< / >< / ><><>新高数< / ><>37< / ><>0< / >< / ><><>新低数< / ><>268< / ><>26< / >< / ><><>收盘 Arms 指数†< / ><>0.92< / ><>0.64< / >< / ><><>大宗交易< / ><>4,121< / ><>186< / >< / ><><>< / ><>纳斯达克 (Nasdaq)< / ><>纽约 Arca 交易所 (NYSE Arca)< / >< / table>

最活跃股票 总成交量*88.20亿 4.16亿 上涨成交量*37.46亿 2.15亿 下跌成交量*50.15亿 1.98亿

<><>交易品种数< / ><>5,124< / ><>2,733< / >< / ><><>上涨数< / ><>2,090< / ><>1,339< / >< / ><><>下跌数< / ><>2,845< / ><>1,347< / >< / ><><>持平数< / ><>189< / ><>47< / >< / ><><>新高数< / ><>63< / ><>20< / >< / ><><>新低数< / ><>441< / ><>84< / >< / ><><>收盘 Arms 指数 $^{\dagger}$ < / ><>0.98< / ><>0.83< / >< / ><><>大宗交易*< / ><>49,111< / ><>2,062< / >< / table>

* 仅限主要市场 NYSE、NYSE American 和 NYSE Arca。 † (TRIN) 上涨和下跌品种数量与上涨和下跌股票成交量的比较。Arms 指数低于 1 表示买盘需求；高于 1 表示卖盘压力。

<>< rowspan="2">公司< / >< rowspan="2">代码< / >< rowspan="2">成交量(千)< / >< rowspan="2">较65日均值变动%< / >< colspan="2">最新交易日< / >< colspan="2">52周< / >< / ><><>收盘价< / ><>变动%< / ><>最高价< / ><>最低价< / >< / ><><>OLB Group< / ><>OLB< / ><>372,888< / ><>1814.0< / ><>0.55< / ><>41.86< / ><>1.80< / ><>0.18< / >< / ><><>Stardust Power< / ><>SDST< / ><>285,471< / ><>1319.2< / ><>0.06< / ><>-18.00< / ><>7.67< / ><>0.06< / >< / ><><>Jianzhi Educ Tech ADR< / ><>JZ< / ><>285,181< / ><>18115.9< / ><>0.83< / ><>77.44< / ><>98.40< / ><>0.37< / >< / ><><>Fly-E Group< / ><>FLYE< / ><>131,499< / ><>9599.8< / ><>2.32< / ><>82.68< / ><>22.00< / ><>1.22< / >< / ><><>英特尔 (Intel)< / ><>INTC< / ><>118,418< / ><>10.9< / ><>107.08< / ><>-5.34< / ><>142.35< / ><>32.89< / >< / ><><>Sunshine Biopharma< / ><>SBFM< / ><>117,518< / ><>3406.4< / ><>0.43< / ><>-38.57< / ><>24.30< / ><>0.36< / >< / ><><>英伟达 (NVIDIA)< / ><>NVDA< / ><>114,408< / ><>-6.2< / ><>230.48< / ><>-2.94< / ><>243.37< / ><>164.27< / >< / ><><>Direxion Semicon Br 3x< / ><>SOXS< / ><>113,440< / ><>64.8< / ><>33.79< / ><>10.24< / ><>1030.00< / ><>28.46< / >< / ><><>ProShares Bitcoin ETF< / ><>BITO< / ><>112,008< / ><>-20.2< / ><>10.93< / ><>-1.89< / ><>20.54< / ><>7.87< / >< / ><><>T-Rex 2X Invr MSTR Dly< / ><>MSTZ< / ><>104,712< / ><>285.0< / ><>2.73< / ><>2.63< / ><>28.71< / ><>2.18< / >< / table>

* 100,000 股或以上的成交量四舍五入至最近的千位。

信贷市场

消费者利率与投资者回报 美国消费者利率 精选利率

过去一年消费者利率与其基准的对比

Bankrate.com 平均值1：< / td><>7.50%< / >< / tr><><>Redwood Capital Bank< / ><>5.75%< / >< / ><><>加利福尼亚州尤里卡< / ><>707-444-9800< / >< / ><><>Huntington FSB< / ><>6.13%< / >< / ><><>西弗吉尼亚州亨廷顿< / ><>304-528-6200< / >< / ><><>Security Federal Savings Bank< / ><>6.13%< / >< / ><><>印第安纳州洛根斯波特< / ><>574-722-6261< / >< / ><><>First Mutual Bank, FSB< / ><>6.15%< / >< / ><><>俄亥俄州贝尔普雷< / ><>304-455-1850< / >< / ><><>First State Bank of the Florida Keys< / ><>6.25%< / >< / ><><>佛罗里达州基韦斯特< / ><>305-296-8535< / >< / table>

<><>利率< / ><>最新 (●)< / ><>一周前< / ><>最低 0< / ><>2< / ><>4< / ><>6< / ><>8< / ><>最高< / ><>(百分点)< / >< / ><><>联邦基金利率目标< / ><>3.75-4.00< / ><>3.50< / ><>< / ><>4.25< / ><>-1.50< / >< / ><><>最优惠利率*< / ><>7.00< / ><>6.75< / ><>< / ><>7.25< / ><>-1.50< / >< / ><><>SOFR< / ><>3.88< / ><>3.90< / ><>3.50< / ><>< / ><>4.31< / ><>-1.43< / >< / ><><>货币市场年化收益率< / ><>0.45< / ><>0.44< / ><>0.41< / ><>< / ><>0.45< / ><>-0.16< / >< / ><><>五年期定期存款 (CD) 年化收益率< / ><>1.79< / ><>1.76< / ><>1.67< / ><>< / ><>1.79< / ><>-1.04< / >< / ><><>30年期固定房贷1< / ><>7.50< / ><>7.33< / ><>6.11< / ><>< / ><>7.50< / ><>-0.57< / >< / ><><>15年期固定房贷1< / ><>6.90< / ><>6.79< / ><>5.55< / ><>< / ><>6.90< / ><>-0.30< / >< / ><><>巨额房贷，$832,750及以上1< / ><>7.47< / ><>7.40< / ><>6.34< / ><>< / ><>7.48< / ><>-0.67< / >< / ><><>五年期可调利率房贷 (ARM)1< / ><>6.42< / ><>6.64< / ><>5.66< / ><>< / ><>6.72< / ><>-0.36< / >< / ><><>新车贷款，48个月< / ><>7.03< / ><>6.96< / ><>6.85< / ><>< / ><>7.13< / ><>-0.45< / >< / table>

Bankrate.com 利率基于对 1,500 多家在线银行的调查。**由全美 70% 的最大银行公布的基准利率。† 不包括结清费用。 来源：FactSet；道琼斯市场数据；Bankrate.com 来源：FactSet；道琼斯市场数据；Bankrate.com

国债收益率曲线

国债收益率曲线 当前短期国库券、中期国债和长期国债的到期收益率

外汇走势 日元、欧元兑美元；美元兑美国主要贸易伙伴货币

Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data

企业借贷利率与收益率

债券总回报指数< / td>< rowspan="2">收盘价< / >< colspan="2">收益率 (%)< / >< colspan="2">52周< / >< colspan="2">总回报 (%)< / >< / tr><><>最新< / ><>一周前< / ><>最高< / ><>最低< / ><>52周< / ><>3年< / >< / ><><>美国国债 Bloomberg< / ><>2276.580< / ><>5.060< / ><>5.080< / ><>5.130< / ><>3.750< / ><>-1.669< / ><>3.677< / >< / ><><>美国长期国债 Bloomberg< / ><>2973.630< / ><>5.630< / ><>5.690< / ><>4.520< / ><>-7.518< / ><>2.385< / >< / ><><>综合指数, Bloomberg< / ><>2191.140< / ><>5.490< / ><>5.510< / ><>5.570< / ><>4.160< / ><>-1.610< / ><>4.629< / >< / ><><>固定利率 MBS, Bloomberg< / ><>2184.640< / ><>5.860< / ><>5.870< / ><>5.970< / ><>4.380< / ><>-1.428< / ><>5.165< / >< / ><><>高收益 100, ICE BofA< / ><>4106.991< / ><>7.605< / ><>7.655< / ><>5.828< / ><>0.987< / ><>8.105< / >< / ><><>市政债券主指数, ICE BofA< / ><>593.046< / ><>4.491< / ><>4.397< / ><>4.628< / ><>3.037< / ><>-2.893< / ><>2.840< / >< / ><><>EMBI 全球指数, J.P. Morgan< / ><>n.a.< / ><>7.202< / ><>n.a.< / >< / table>

Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services

<><>贴现率< / ><>4.00< / ><>4.25< / ><>3.75< / >< / table>

以下解释适用于在最新交易日触及 52 周日内最高或最低点的纽约证券交易所（NYSE）、NYSE Arca、NYSE American 和纳斯达克股票市场（Nasdaq Stock Market）的股票：% CHG——较前一交易日的每日百分比变化。

新高与新低

股票< / td><>代码< / ><>最高 / 最低< / ><>% 涨跌< / >< / tr><>< colspan="4">新高< / >< / ><><>AeonAcqnI< / ><>AESP< / ><>9.99< / ><>-0.1< / >< / ><><>AffiliatedMgrs< / ><>AMG< / ><>393.42< / ><>2.6< / >< / ><><>AlgonquinNt2079< / ><>AQNBN< / ><>26.25< / ><>-0.5< / >< / ><><>Amplitude< / ><>AMPL< / ><>15.30< / ><>3.6< / >< / ><><>AristaNetworks< / ><>ANET< / ><>217.32< / ><>-2.3< / >< / ><><>Atkore< / ><>ATKR< / ><>94.90< / ><>...< / >< / ><><>Atlassian< / ><>TEAM< / ><>203.89< / ><>4.0< / >< / ><><>AudioCodes< / ><>AUDC< / ><>11.48< / ><>3.6< / >< / ><><>BlackHawkAcqn< / ><>BKHAU< / ><>16.27< / ><>3.1< / >< / ><><>C&F Fin< / ><>CFI< / ><>103.52< / ><>-0.5< / >< / ><><>CMBTECH< / ><>CMBT< / ><>20.89< / ><>4.3< / >< / ><><>CVR [...OMITTED...] d< / ><>[...OMITTED...]< / ><>2.15< / ><>15.8< / >< / ><><>FircrGlobal< / ><>AFRI< / ><>12.74< / ><>-0.2< / >< / ><><>Frontline< / ><>FRO< / ><>56.55< / ><>6.0< / >< / ><><>GSR V Agcn< / ><>GSRV< / ><>9.96< / ><>0.3< / >< / ><><>GenieEnergy< / ><>GNE< / ><>16.85< / ><>0.6< / >< / ><><>GigaCloudTech< / ><>GCT< / ><>57.33< / ><>0.8< / >< / ><><>GlobaTerraAcqn< / ><>GTERU< / ><>10.58< / ><>...< / >< / ><><>HF [...OMITTED...] < / ><>[...OMITTED...]< / ><>8.66< / ><>4.0< / >< / ><><>Organon< / ><>OGN< / ><>13.80< / ><>-0.3< / >< / ><><>PBF Energy< / ><>PBF< / ><>89.48< / ><>6.8< / >< / ><><>PaciraBioSci< / ><>PCRX< / ><>36.46< / ><>44.4< / >< / ><><>PetroleoBrasil< / ><>PBRL< / ><>24.85< / ><>2.9< / >< / ><><>Phillips66< / ><>PSX< / ><>282.64< / ><>3.7< / >< / ><><>PresenceNts28< / ><>PRHZ< / ><>27.49< / ><>5.6< / >< / ><><>PyrophyteAcqnII< / ><>PAULI< / ><>13.16< / ><>-8.5< / >< / ><><>ONB< / ><>ONBC< / ><>46.50< / ><>1.6< / >< / ><><>RCM [...OMITTED...] < / ><>[...OMITTED...]< / ><>6.48< / ><>4.6< / >< / ><><>ValorEnergy< / ><>VAI< / ><>2.61< / ><>2.2< / >< / table>

<><>% 涨跌< / ><>股票< / ><>代码< / ><>52周最高 / 最低< / ><>% 涨跌< / >< / ><><>< / ><>ValueLine< / ><>VALU< / ><>45.20< / ><>-2.1< / >< / ><><>< / ><>VeraBradley< / ><>VRA< / ><>5.32< / ><>2.0< / >< / ><><>< / ><>Veradermics< / ><>MANE< / ><>136.72< / ><>14.1< / >< / ><><>< / ><>WeycoGroup< / ><>WEYS< / ><>52.48< / ><>1.0< / >< / ><><>< / ><>XP< / ><>30.88< / ><>2.3< / >< / ><><>< / ><>X3Acqn< / ><>XCBE< / ><>10.03< / ><>0.1< / >< / ><><>< / >< colspan="4">新低< / >< / ><><>10< / ><>AcadiaPharm< / ><>ACAD< / ><>19.32< / ><>-0.4< / >< / ><><>16< / ><>AcresCmclPfdC< / ><>ACRpB< / ><>19.88< / ><>-1.1< / >< / ><><>13< / ><>AcresCmclPfdC< / ><>ACRpD< / ><>14.58< / ><>-2.9< / >< / ><><>05< / ><>ADI [...OMITTED...] GlbDistr< / ><>ADIG< / ><>16.77< / ><>-1.9< / >< / ><><>13< / ><>ADS-TEC< / ><>ADSE< / ><>9.05< / ><>-2.7< / >< / ><><>18< / ><>AGNC Invt< / ><>AGNC< / ><>8.41< / ><>2.6< / >< / ><><>02< / ><>AIAI< / ><>2.66< / ><>-4.5< / >< / ><><>22< / ><>AMASSBrands< / ><>AMSS< / ><>0.35< / ><>-7.5< / >< / ><><>04< / ><>AMRscsAcqn< / ><>AMACU< / ><>9.90< / ><>-0.2< / >< / ><><>11< / ><>AMTD [...OMITTED...] d< / ><>[...OMITTED...]< / ><>18.49< / ><>--< / >< / ><><>06< / ><>AffiliatedNts60< / ><>MGRB< / ><>15.21< / ><>-0.1< / >< / ><><>08< / ><>AffiliatedNts61< / ><>MGRD< / ><>13.73< / ><>0.2< / >< / ><><>--< / ><>AffiliatedNts64< / ><>MGR6< / ><>21.06< / ><>-0.5< / >< / ><><>14< / ><>AgreeRealty< / ><>ADC< / ><>64.43< / ><>1.0< / >< / ><><>75< / ><>Ainos< / ><>AIMD< / ><>0.17< / ><>-2.1< / >< / ><><>00< / ><>AinosWt< / ><>AIMDW< / ><>0.05< / ><>-16.4< / >< / ><><>19< / ><>Akanda< / ><>AKAN< / ><>1.73< / ><>-7.8< / >< / ><><>12< / ><>AideFinil [...OMITTED...]

Wt< / td> ALDFW< / ><>0.17< / ><>-6.3< / >< / tr> <>19< / ><>Algorythym< / ><>RIMIE< / ><>0.14< / ><>-14.7< / >< / ><><>11< / ><>AllianceEntWt< / ><>ENTW< / ><>0.15< / ><>-23.1< / >< / ><><>12< / ><>AEHT< / ><>4.35< / ><>0.4< / >< / ><><>12< / ><>AITiGlobal< / ><>ALTI< / ><>2.66< / ><>-2.5< / >< / ><><>06< / ><>Altimmune< / ><>ALT< / ><>2.55< / ><>-2.3< / >< / ><><>18< / ><>Amnize< / ><>AMRZ< / ><>35.78< / ><>0.3< / >< / ><><>04< / ><>AnavexLifeSci< / ><>AVXL< / ><>1.50< / ><>0.7< / >< / ><><>73< / ><>AnbioBiotech< / ><>NNNN< / ><>4.55< / ><>-5.7< / >< / ><><>10< / ><>AnnalyCap< / ><>NLY< / ><>17.76< / ><>1.9< / >< / ><><>03< / ><>Apartminiv< / ><>AIV< / ><>1.73< / ><>1.1< / >< / ><><>68< / ><>AppliedE

Aerospace< / ><>AADX< / ><>10.94< / ><>-1.0< / >< / ><><>14< / ><>ArborRealty< / ><>ABR< / ><>3.08< / ><>-4.9< / >< / ><><>29< / ><>ArborRealtyPfdD< / ><>ABRpD< / ><>12.68< / ><>-0.6< / >< / ><><>17< / ><>ArborRealtyPfdD< / ><>ABRpB< / ><>16.26< / ><>-5.4< / >< / ><><>63< / ><>ArchCapitalPfdC< / ><>ACGLQ< / ><>17.91< / ><>0.4< / >< / ><><>63< / ><>ArchCapitalPfdG< / ><>ACGLN< / ><>14.75< / ><>--< / >< / ><><>6< / ><>Ardelyx< / ><>ARDX< / ><>3.18< / ><>0.3< / >< / ><><>15< / ><>AresAcqnIIA< / ><>AAC< / ><>9.95< / ><>0.1< / >< / ><><>27< / ><>AresCmcRIEst< / ><>ACRE< / ><>3.58< / ><>-2.2< / >< / ><><>11< / ><>Applis

can< / ><>AAME< / ><>1.18< / ><>-1.6< / >< / ><><>22< / ><>AtlUnionPfdA< / ><>AUBpA< / ><>22.72< / ><>0.6< / >< / table>

<>Blackstone< / ><>BTMD< / ><>1.06< / ><>-5.4< / >< / ><><>BlackstoneDigital< / ><>BXDC< / ><>16.43< / ><>-0.8< / >< / ><><>BlueGold< / ><>BGL< / ><>0.18< / ><>-3.9< / >< / ><><>BlueWaterIV Wt< / ><>BWIWJ< / ><>0.18< / ><>-27.4< / >< / ><><>BoeingPfdA< / ><>BAPa< / ><>57.16< / ><>...< / >< / ><><>BostonSci< / ><>BSX< / ><>41.39< / ><>1.1< / >< / ><><>BradburyCapital< / ><>BBCI< / ><>7.31< / ><>-31.8< / >< / ><><>BraemarHtls< / ><>BHR< / ><>1.45< / ><>1.4< / >< / ><><>BraveheartBio< / ><>BRVE< / ><>17.86< / ><>2.7< / >< / ><><>BirdFinHldgsA< / ><>BFHPb< / ><>23.65< / ><>-0.6< / >< / ><><>BridgeBioAcology< / ><>BBOT< / ><>3.27< / ><>-0.6< / >< / ><><>Bridg

AeroSpaceWt< / ><>BAERW< / ><>0.05< / ><>-11.4< / >< / ><><>BrighthouseDebS8< / ><>BHALF< / ><>14.73< / ><>0.3< / >< / ><><>BrighthouseFinlPfC< / ><>BHAMAN< / ><>10.77< / ><>0.6< / >< / ><><>BrookfieldFinNts< / ><>BNH< / ><>14.22< / ><>-0.3< / >< / ><><>BrookfieldFinlPfdA< / ><>BIPbPb< / ><>15.62< / ><>-0.4< / >< / ><><>BrookfieldFinlPfdA3< / ><>BIPbPc< / ><>15.62< / ><>-1.5< / >< / ><><>BrookfieldFinlPfdA< / ><>BIPdA< / ><>10.95< / ><>0.1< / >< / ><><>BuildersFirst< / ><>BLDR< / ><>52.00< / ><>0.5< / >< / ><><>BurfordCapital< / ><>BUR< / ><>3.29< / ><>-1.7< / >< / ><><>CDT Equity< / ><>CDT< / ><>0.80< / ><>-4.3< / >< / ><><>CHS PfdB2< / ><>CHSCN< / ><>23.93< / ><>-0.6< / >< / ><><>CHS PfdB< / ><>CHSCO< / ><>25.38< / ><>-0.9< / >< / ><><>CHS

< / td> CDLX< / ><>1.83< / ><>-14.5< / >< / tr> <>Carecloud< / ><>CCLD< / ><>1.93< / ><>-3.5< / >< / ><><>CaribouBio< / ><>CRBU< / ><>0.45< / ><>-22.1< / >< / ><><>CarlyleCreditPfd< / ><>CCID< / ><>24.71< / ><>-0.2< / >< / ><><>Carlyle< / ><>CG< / ><>37.08< / ><>1.6< / >< / ><><>CatalystAcqnCorp.R< / ><>CATLR< / ><>0.18< / ><>-10.0< / >< / ><><>LbdMD< / ><>CYBD< / ><>0.38< / ><>-3.0< / >< / ><><>CedarRealtyPfB< / ><>CDRPb< / ><>16.00< / ><>2.9< / >< / ><><>CellectarBiosci< / ><>CLRB< / ><>1.34< / ><>-7.3< / >< / ><><>Cellectis< / ><>CLLS< / ><>1.22< / ><>-6.7< / >< / table>

<>-2.1< / >< / ><><>Curis< / ><>CRIS< / ><>0.61< / ><>-3.7< / >< / ><><>Daimler-Wright< / ><>DW< / ><>501.60< / ><>-0.4< / >< / ><><>Cushman&Wkfd< / ><>CWK< / ><>11.34< / ><>-0.7< / >< / ><><>Cyabra< / ><>CYAB< / ><>0.17< / ><>-8.0< / >< / ><><>Cyngn< / ><>CYN< / ><>0.55< / ><>-9.3< / >< / ><><>CytomXTherap< / ><>CTMX< / ><>2.43< / ><>-3.1< / >< / ><><>DBV Tech< / ><>DBVT< / ><>9.36< / ><>-2.3< / >< / ><><>Defsec

ital< / ><>DCM< / ><>10.36< / ><>-1.2< / >< / ><><>ESAB< / ><>ESAB< / ><>62.74< / ><>-3.1< / >< / ><><>EagleMaterials< / ><>EXP< / ><>164.47< / ><>-0.1< / >< / ><><>EdibleGarden< / ><>EDBL< / ><>1.10< / ><>-3.5< / >< / ><><>ElectraTherap< / ><>ETRA< / ><>8.63< / ><>-0.2< / >< / ><><>Emera< / ><>EMA< / ><>45.40< / ><>0.1< / >< / ><><>EndoviaHlthScncs< / ><>EDVA< / ><>0.15< / ><>-3.1< / >< / ><><>EnergyFuels< / ><>UUUU< / ><>9.72< / ><>-3.1< / >< / ><><>Enhanced< / ><>ENHA< / ><>1.32< / ><>-4.3< / >< / ><><>Enlivex< / ><>ENVL< / ><>0.26< / ><>-9.6< / >< / ><><>Enovis< / ><>ENOV< / ><>16.70< / ><>-1.0< / >< / ><><>Enovix< / ><>ENVX< / ><>2.45< / ><>-2.0< / >< / ><><>EntergyBds56< / ><>EAI< / ><>18.38< / ><>1.9< / >< / ><><>EntergyLA

<>XCUR< / ><>0.99< / ><>-2.0< / >< / ><><>F&GAnnuities< / ><>FG< / ><>19.25< / ><>-1.8< / >< / ><><>F&GAnnuitiesNts< / ><>FGN< / ><>23.01< / ><>-0.3< / >< / ><><>FRP Holdings< / ><>FRPH< / ><>19.60< / ><>-0.6< / >< / ><><>FTC Solar< / ><>FTCI< / ><>1.83< / ><>0.5< / >< / ><><>FaradayFuture< / ><>FFAI< / ><>1.02< / ><>-3.6< / >< / table>

<><>股票< / ><>代码< / ><>52周最高 / 最低< / ><>% 涨跌< / >< / ><><>Mobile-health< / ><>MNDR< / ><>0.85< / ><>-40.8< / >< / ><><>Moblicom< / ><>MOB< / ><>3.90< / ><>-4.1< / >< / ><><>MorganStanleyPfd< / ><>MSPe< / ><>24.50< / ><>...< / >< / ><><>MorganStanleyPfd< / ><>MSPo< / ><>15.00< / ><>0.8< / >< / ><><>MorganStanleyPfd< / ><>MSPq< / ><>23.41< / ><>0.6< / >< / ><><>Mosaic< / ><>MOS< / ><>19.63< / ><>-1.2< / >< / ><><>MultiSensorAI< / ><>HSAI< / ><>4.38< / ><>-3.5< / >< / ><><>MustangBio< / ><>MBIO< / ><>0.41< / ><>-7.4< / >< / ><><>MySize< / ><>NYSZ< / ><>1.31< / ><>-8.2< / >< / ><><>Navy< / ><>NPWR< / ><>1.22< / ><>2.3< / >< / ><><>NIQ< / ><>NIO< / ><>3.36< / ><>-3.7< / >< / ><><>NanoXImaging< / ><>NNOX< / ><>0.55< / ><>-4.8< / >< / ><><>NatI

HealthInv< / ><>NHI< / ><>63.51< / ><>1.0< / >< / ><><>NatlRurlIntnl2064< / ><>NRUC< / ><>19.74< / ><>0.8< / >< / ><><>NaturalAlt< / ><>NAI< / ><>1.12< / ><>-11.2< / >< / ><><>NeighborhoodIntel< / ><>NXH< / ><>1.64< / ><>-3.4< / >< / ><><>NeoOnTech< / ><>NTHI< / ><>2.52< / ><>-6.6< / >< / ><><>Netstreet< / ><>NTST< / ><>17.00< / ><>1.3< / >< / ><><>NeumoraTherap< / ><>NMRA< / ><>0.45< / ><>2.5< / >< / ><><>NeuroSense< / ><>NRSN< / ><>3.56< / ><>-6.3< / >< / ><><>NewAmerical

NouveauMonde< / td><>NMG< / ><>1.05< / ><>-0.9< / >< / tr> <>NuRAN Wireless< / ><>NUR< / ><>0.73< / ><>-4.3< / >< / ><><>NuScalePower< / ><>SMR< / ><>7.17< / ><>-4.6< / >< / ><><>Nuwellus< / ><>NUWE< / ><>0.67< / ><>-2.3< / >< / ><><>NvnI< / ><>NVNI< / ><>0.51< / ><>-38.2< / >< / ><><>NvnIWt< / ><>NVMW< / ><>0.01< / ><>-31.5< / >< / ><><>OFA Group< / ><>OFAL< / ><>0.40< / ><>-4.2< / >< / ><><>ONE

d><>4.97< / ><>-1.1< / >< / ><><>PennyMacPfdC< / ><>PMTpC< / ><>14.87< / ><>-0.4< / >< / ><><>Pentair< / ><>PNR< / ><>51.13< / ><>0.2< / >< / ><><>Peraso< / ><>PRSO< / ><>0.42< / ><>-6.4< / >< / ><><>PetMedExpress< / ><>PETS< / ><>1.26< / ><>...< / >< / ><><>Pharming< / ><>PHAR< / ><>9.44< / ><>-1.2< / >< / ><><>PinnacleFinPfdA< / ><>PNFPaA< / ><>24.67< / ><>0.9< / >< / ><><>Playboy< / ><>PLAY< / ><>0.96< / ><>-3.3< / >< / ><><>PolestarAuto< / ><>PSNY< / ><>5.22< / ><>-4.8< / >< / ><><>PonyAI< / ><>PONY< / ><>5.71< / ><>-5.1< / >< / ><><>Pool< / ><>POOL< / ><>152.70< / ><>2.6< / >< / table>

<><>股票< / ><>代码< / ><>52周最高 / 最低 %< / ><>涨跌幅< / >< / ><><>PowellMax< / ><>PMAX< / ><>0.68< / ><>3.3< / ><>SempraNts79< / ><>SREA< / ><>18.43< / ><>1.0< / ><>Turbogen< / ><>TRBG< / ><>3.45< / ><>-5.5< / >< / ><><>Powerus< / ><>PUSA< / ><>2.34< / ><>0.6< / ><>SeresTherap< / ><>MCRB< / ><>2.42< / ><>-3.3< / ><>UFP

Inds< / ><>UFPI< / ><>74.55< / ><>...< / >< / ><><>ProceasaPharm< / ><>PCSA< / ><>1.32< / ><>-4.9< / ><>707Cayman< / ><>JEM< / ><>3.33< / ><>-3.1< / ><>USGoldMining< / ><>USGO< / ><>6.03< / ><>-3.5< / >< / ><><>ProspectCapPfdA< / ><>PSEGpA< / ><>13.96< / ><>-1.1< / ><>SilexionTherap< / ><>SLXN< / ><>0.22< / ><>-7.4< / ><>Uni-Fuels< / ><>UFG< / ><>0.36< / ><>-0.6< / >< / ><><>Pulsemonre< / ><>PLSM< / ><>1.82< / ><>0.7< / ><>SingularityFut< / ><>SGLY< / ><>0.66< / ><>-4.8< / ><>US

< / >< / ><><>RenaissancePfdF< / ><>RNRpF< / ><>18.72< / ><>0.6< / ><>TPG Mtg PfdB< / ><>MITpB< / ><>17.82< / ><>-1.3< / ><>BerkeleyDeb60< / ><>WRpBg< / ><>14.54< / ><>0.3< / >< / ><><>RenaissancePfdG< / ><>RNRpG< / ><>13.72< / ><>0.2< / ><>TPG Mtg PfdA< / ><>MITpA< / ><>18.77< / ><>-0.7< / ><>WetsatCp< / ><>WSO< / ><>24.91< / ><>-2.1< / >< / ><><>ResideoTech< / ><>REZI< / ><>16.79< / ><>-2.1< / ><>TPG RE

innebago< / ><>WGO< / ><>24.13< / ><>0.8< / >< / ><><>RiverNorthPfdB< / ><>OPPoB< / ><>15.75< / ><>-0.3< / ><>Tianclntl< / ><>CITI< / ><>2.22< / ><>19.8< / ><>WISseQey< / ><>WQEY< / ><>9.41< / ><>-2.7< / >< / ><><>RozeAI< / ><>RZAI< / ><>10.50< / ><>14.3< / ><>TilrayBrands< / ><>TLRY< / ><>3.38< / ><>-3.4< / ><>WynnResorts< / ><>WYNN< / ><>73.98< / ><>0.4< / >< / ><><>Rubico< / ><>RUBI< / ><>0.56< / ><>-5.1< / ><>TitanAmerica< / ><>TTAM< / ><>12.92< / ><>-1.2< / ><>XHG< / ><>XCH< / ><>2.89< / ><>-1.6< / >< / ><><>SCE II Pfd< / ><>SCEpG< / ><>15.23< / ><>0.7< / ><>TonixPharm< / ><>TXNP< / ><>7.16< / ><>-3.6< / ><>X-Energy< / ><>XE< / ><>13.22< / ><>-4.3< / >< / ><><>SCE VI Pfd

<>ZetaNetwork< / ><>ZNB< / ><>0.85< / ><>-14.9< / >< / ><><>SelectQuote< / ><>SLQT< / ><>0.36< / ><>0.2< / ><>TScanTherap< / ><>TCRX< / ><>0.22< / ><>-17.6< / ><>ZhibaoTech< / ><>ZBAO< / ><>0.06< / ><>-28.2< / >< / table>

股息变动

公司< / td><>代码< / ><>收益率 %< / ><>新 / 旧金额< / ><>频率< / ><>支付日 / 记录日< / >< / tr><><>星巴克 (增加)< / ><>SBUX< / ><>2.7< / ><>63 / 62< / ><>Q< / ><>11月27日 / 11月13日< / >< / ><><>杜克能源 (首次)< / ><>DUKU< / ><>7.4< / ><>83958< / ><>< / ><>11月02日 / 10月15日< / >< / ><><>喜马拉雅航运 (外资)< / ><>HSHP< / ><>9.8< / ><>28< / ><>M< / ><>10月27日 / 10月19日< / >< / ><><>特灵科技< / ><>TT< / ><>0.9< / ><>1.05< / ><>Q< / ><>12月31日 / 12月04日< / >< / table>

关键：A：年度；M：月度；Q：季度；r：修订；SA：半年；S2:1：股票拆分及比例；SO：分拆。

<>< rowspan="2" colspan="3">接B6页< / >< rowspan="3">净变动< / >< ="3">股票< / >< ="3">代码 收盘价 < / >< ="3">净变动< / >< ="3">股票< / ><

="3">代码 收盘价< / >< ="3">净变动< / >< ="3">股票< / >< ="3">代码 收盘价< / >< ="3">净变动< / ><>< / ><> < / ><>

td> < / ><><

<>< / >< / tr> <>< / ><><

<>< / >< / tr> <>股票< / ><>代码 收盘价< / ><>净值< / ><>< / ><> < / ><>< / t

EldoradoGold EGO 36.86 0.20 / Enbridge ENB 46.54 0.65 / 46.541 0.13 / 46.54 0.65 / 47.11 0.13 / EnbridgeENBL 67.11 1.0 3 / EnbridgeENBL 111.06 0.81 / EnbraceEnLNT 67.11 1.03 / EnbraceEnLNT 67.11 1.02 / 67.11 1.03 / 67.11 1 / 67.11 1.03 / 67.11

1.03< / td> EnbraceEnLNT 67.11 1.03< / ><>EnbraceEnLNT 67.99 0.87 < / ><> 67.99 0-0.85< / ><> 67.99 0.87 < / ><> 67.99 0.-0.85< / ><> 67.99 0.87 < / ><> 67.87 0.87 < / ><> 67-0.87< / ><> 67.87 0.87< / ><> 67.99 0.87< / ><> 67-0.87< / ><> 67.99 0.87< / ><> 67.87 0-0.87< / ><> 67.87 0.87< / ><> 67-1.00< / ><> 67.87 0.87 < / ><> 67.87 0-0.87< / ><> 67.87 0.87< / ><> 57.99 0.87< / ><> 57-0.87< / ><> 57.99 0.87< / ><> 57.87 0.87< / ><> 57.99 0.87< / ><>EnbraceEnLNET 57.99 0.87< / ><>EnbraceEnLN T 57.99 0.87< / ><>EnbraceInLNT 57.99 0.87< / ><>EntireEnLNT 57.99 0.87< / ><>EnireEnLNT 57.99 0.87< / ><>Ent ireEnLNT 57.99 0.86< / ><>EntireEnLNT 57.99 0.87 < / ><>EntireEnLNT 57.99 0-0.87< / ><>EntireEnLNT 57.99 0.87< / ><>EntireEnLNT

57.87 0.87< / td> EntireEnLNT 57.99 0.87< / ><>EntireEnLNT 57.99 0.87< / ><> 57.99 0.87< / ><> 57-0.87< / ><> 57.99 0.87< / ><> 57-1.00< / ><> 57.99 0.87 < / ><> 57.99 0-0.87< / ><> 57.99 0.87< / ><> 57.11 0.87< / ><> 57.99 0.87< / ><>

57.99 0.87< / ><> 57 1.00< / ><> 57.99 0.87 < / ><> 57.87 0-0.87< / ><> 57.99 0.87< / ><> 67.11 0.87< / ><> 67-1.00< / ><> 67.11 0.87 < / ><> 67.11 0-0.87< / ><> 67.11 0.87< / ><>

67.11 0.87< / ><> 67.11 0.87< / ><> 67.87 0- 0.87< / >< / tr>< / table>

期货合约

金属与石油期货

金属与石油期货< / td>< / tr><>< rowspan="2">< / >< colspan="3">合约< / >< rowspan="2">结算价< / >< rowspan="2">涨跌< / >< rowspan="2">持仓量< / >< / ><><>开盘价< / ><>最高价< / ><>最高 / 最低< / >< / ><>< colspan="7">铜-高纯 (CMX)-25,000 磅；美元 / 磅< / >< / ><><>10月< / ><>6.5300< / ><>< / ><>6.5195< / ><>-0.0775< / ><>1,899< / >< / ><><>12月< / ><>6.6410< / ><>6.7630< / ><>< / ><>6.5475< / ><>-0.0810< / ><>165,270< / >< / ><>< colspan="7">黄金 (CMX)-100 金衡盎司；美元 / 金衡盎司< / >< / ><><>10月< / ><>4139.50< / ><>4140.00< / ><>< / ><>4131.80< / ><>18.00< / ><>300< / >< / ><><>11月< / ><>4124.00< / ><>4155.10< / ><>< / ><>4141.90< / ><>15.90< / ><>4,097< / >< / ><><>12月< / ><>4139.90< / ><>4170.70< / ><>< / ><>4157.00< / ><>16.30< / ><>323,410< / >< / ><><>27年1月< / ><>4167.40< / ><>4186.80< / ><>< / ><>4175.90< / ><>16.60< / ><>595< / >< / ><><>2月< / ><>4174.00< / ><>4204.80< / ><>< / ><>4191.50< / ><>16.60< / ><>43,517< / >< / ><><>3月< / ><>4204.10< / ><>4204.90< / ><>< / ><>4207.40< / ><>16.50< / ><>269< / >< / ><>< colspan="7">钯金 (NYM) - 50 金衡盎司；美元 / 金衡盎司< / >< / ><><>10月< / ><>1215.00< / ><>< / ><>1114.90< / ><>-1.20< / ><>< / >< / ><><>12月< / ><>1120.50< / ><>1150.00< / ><>< / ><>1125.40< / ><>-1.60< / ><>21,136< / >< / ><>< colspan="7">铂金 (NYM)- 50 金衡盎司；美元 / 金衡盎司< / >< / ><><>10月< / ><>1727.50< / ><>1737.00< / ><>< / ><>1625.70< / ><>-7.50< / ><>16< / >< / ><><>27年1月< / ><>1638.40< / ><>1675.00< / ><>< / ><>1642.00< / ><>-7.80< / ><>53,436< / >< / ><>< colspan="7">白银 (CMX)-5,000 金衡盎司；美元 / 金衡盎司< / >< / ><><>10月< / ><>58.915< / ><>< / ><>59.064< / ><>-0.835< / ><>1,056< / >< / table>

997< / >< / ><><>28年12月< / ><>70.63< / ><>71.75< / ><>70.36< / ><>70.77< / ><>0.19< / ><>109,697< / >< / ><>< colspan="7">纽约港超低硫柴油 ULSD (NYM)-42,000 加仑；美元 / 加仑< / >< / ><><>11月< / ><>4.6557< / ><>4.9126< / ><>4.6539< / ><>4.8829< / ><>.2602< / ><>62,907< / >< / ><><>12月< / ><>4.4952< / ><>4.7428< / ><>4.4952< / ><>4.7165< / ><>.2399< / ><>46,444< / >< / ><>< colspan="7">汽油-纽约 RBOB (NYM)-42,000 加仑；美元 / 加仑< / >< / ><><>11月< / ><>3.2420< / ><>3.3906< / ><>3.2415< / ><>3.3160< / ><>.0818< / ><>102,401< / >< / ><><>12月< / ><>3.0904< / ><>3.2209▲< / ><>3.0798< / ><>3.1596< / ><>.0885< / ><>68,742< / >< / ><>< colspan="7">天然气 (NYM)-10,000 MMBtu；美元 / MMBtu< / >< / ><><>11月< / ><>3.288< / ><>3.298< / ><>3.106< / ><>3.168< / ><>-.035< / ><>340,971< / >< / ><><>12月< / ><>3.590< / ><>3.602< / ><>3.451< / ><>3.495< / ><>-.017< / ><>209,806< / >< / ><><>27年1月< / ><>3.973< / ><>3.991< / ><>3.869< / ><>3.909< / ><>.011< / ><>196,418< / >< / ><><>2月< / ><>3.582< / ><>3.593< / ><>3.485< / ><>3.522< / ><>-.004< / ><>111,739< / >< / ><><>3月< / ><>2.800< / ><>2.806< / ><>2.731< / ><>2.759< / ><>-.016< / ><>216,172< / >< / ><><>4月< / ><>2.679< / ><>2.696< / ><>2.634< / ><>2.658< / ><>-.008< / ><>149,291< / >< / table>

100 只规模最大的交易所交易基金，最新交易时段。

交易所交易基金组合 / wsj.com / market-data / mutualfunds-etfs

td>< / tr> iShCoreMSCIEAFE< / ><>IEFA< / ><>95.87< / ><>-0.34< / ><>7.2< / >< / ><><>iShCoreMSCIEM< / ><>IEMG< / ><>80.50< / ><>-1.88< / ><>19.8< / >< / ><><>iShMSCIntlDev< / ><>IDEV< / ><>88.56< / ><>-0.26< / ><>7.4< / >< / ><><>iShCoreMSCITotInt< / ><>IXUS< / ><>94.14< / ><>-0.80< / ><>11.2< / >< / ><><>iShCoreS&P500< / ><>IVV< / ><>777.27< / ><>-0.42< / ><>13.5< / >< / ><><>iShCoreS&P MC< / ><>IJH< / ><>73.03< / ><>0.37< / ><>10.7< / >< / ><><>&;P

SC< / ><>IJR< / ><>137.31< / ><>0.17< / ><>14.3< / >< / ><><>&;PTotUS< / ><>ITOT< / ><>168.58< / ><>-0.41< / ><>13.4< / >< / ><><>&;PUSGrw< / ><>IUSG< / ><>196.27< / ><>-1.18< / ><>16.9< / >< / ><><>iShCoreUSAggBd< / ><>AGG< / ><>94.63< / ><>0.34< / ><>-5.3< / >< / ><><>iShCoreUniUSDBd< / ><>IUSB< / ><>44.14< / ><>0.27< / ><>-5.2< / >< / ><><>iShEdgeMSCIUSAQual< / ><>QUAL< / ><>226.13< / ><>0.10< / ><>13.9< / >< / ><><>iShGoldTr< / ><>IAU< / ><>77.66< / ><>0.78< / ><>-4.3< / >< / ><><>iShiBoxx$IGCpBd< / ><>LQD< / ><>102.47< / ><>0.36< / ><>-7.0< / >< / ><><>iShMBS< / ><>MBB< / ><>89.73< / ><>0.57< / ><>-5.8< / >< / ><><>iShMSCIACWI< / ><>ACWI< / ><>159.79< / ><>-0.57< / ><>12.9< / >< / ><><>iShMSCI

EAFE< / ><>EFA< / ><>102.70< / ><>-0.39< / ><>6.9< / >< / ><><>iShMSCI EM< / ><>EEM< / ><>66.10< / ><>-1.89< / ><>20.8< / >< / ><><>iShMSCIEAFEValue< / ><>EFV< / ><>77.97< / ><>-0.10< / ><>9.2< / >< / ><><>iShNatlMuniBd< / ><>MUB< / ><>100.74< / ><>0.22< / ><>-5.9< / >< / ><><>iShRussMC< / ><>IWR< / ><>108.87< / ><>0.37< / ><>13.1< / >< / ><><>iShRuss1000< / ><>IWB< / ><>422.52< / ><>-0.39< / ><>13.1< / >< / ><><>iShRuss1000Grw< / ><>IWF< / ><>127.11< / ><>-1.28< / ><>7.4< / >< / table>

OVT< / ><>21.88< / ><>0.27< / ><>-5.0< / >< / ><><>iSh0-3MTreaBd< / ><>SGOV< / ><>100.47< / ><>< / ><>0.1< / >< / ><><>JPNMasdEqPrem< / ><>JEPQ< / ><>60.93< / ><>-0.55< / ><>4.8< / >< / ><><>JanusAAACLO< / ><>JAAA< / ><>50.52< / ><>0.02< / ><>-0.1< / >< / ><><>JPMEqPremiumIncome< / ><>JEPI< / ><>56.67< / ><>0.39< / ><>-1.0< / >< / ><><>JPM UltShlncm< / ><>JPST< / ><>50.27< / ><>< / ><>-0.6< / >< / ><><>ProShUltPrQQQ< / ><>TQQQ< / ><>80.23< / ><>-4.05< / ><>52.2< / >< / ><><>SPDRGoldMini< / ><>GLDM< / ><>81.72< / ><>0.75< / ><>-4.3< / >< / ><><>SPDR

Gold< / ><>GLD< / ><>378.62< / ><>0.73< / ><>-4.5< / >< / ><><>SchwabFdUSLgCo< / ><>FNDX< / ><>32.09< / ><>0.63< / ><>17.9< / >< / ><><>SchwabIntEquity< / ><>SCHF< / ><>27.09< / ><>-0.62< / ><>12.7< / >< / ><><>SchwabUS BrdMkt< / ><>SCHB< / ><>29.73< / ><>-0.40< / ><>13.3< / >< / ><><>SchwabUS Div< / ><>SCHD< / ><>33.15< / ><>1.53< / ><>20.9< / >< / ><><>SchwabUS LC< / ><>SCHX< / ><>30.47< / ><>-0.42< / ><>13.2< / >< / ><><>SchwabUS LC

Grw< / td> SCHG< / ><>36.42< / ><>-1.22< / ><>11.6< / >< / tr> <>SSEnergySel< / ><>XLE< / ><>65.24< / ><>2.97< / ><>45.9< / >< / ><><>SSFinlSel< / ><>XLF< / ><>54.23< / ><>0.89< / ><>-1.0< / >< / ><><>SSHltchCrSel< / ><>XLV< / ><>168.16< / ><>-0.39< / ><>8.6< / >< / ><><>SSIndlSel< / ><>XLI< / ><>168.40< / ><>0.33< / ><>8.6< / >< / ><><>SSSPDRBbg1-3M< / ><>BIL< / ><>91.47< / ><>0.01< / ><>0.1< / >< / ><><>SS SPDR DJIA< / ><>DIA< / ><>511.65< / ><>0.12< / ><>6.5< / >< / ><><>SSSPDRDevxUS< / ><>SPDW< / ><>49.66< / ><>-0.58< / ><>11.8< / >< / ><><>SSSPDRS&P500< / ><>SPYM< / ><>91.07< / ><>-0.43< / ><>13.5< / >< / ><><>SSSPDRS&P500G< / ><>SPYG< / ><>124.73< / ><>-1.23< / ><>16.9< / >< / table>

<><>ETF< / ><>代码< / ><>收盘价< / ><>涨跌 (%)< / ><>年初至今 (%)< / >< / ><><>SSSPDRS&P500V< / ><>SPYV< / ><>62.19< / ><>0.63< / ><>9.5< / >< / ><><>SSIMSPDRS&P500< / ><>SPY< / ><>773.93< / ><>-0.42< / ><>13.5< / >< / ><><>SSTechSel< / ><>XLK< / ><>197.78< / ><>-1.79< / ><>37.4< / >< / ><><>VanEckSemicon< / ><>SMH< / ><>607.27< / ><>-2.84< / ><>68.6< / >< / ><><>VangdDivApp< / ><>VIG< / ><>237.39< / ><>0.17< / ><>8.0< / >< / ><><>VangdExtMkt< / ><>VXF< / ><>233.13< / ><>-0.15< / ><>11.5< / >< / ><><>VangdFTSEAWxUS< / ><>VEU< / ><>82.18< / ><>-0.81< / ><>11.7< / >< / ><><>VangdFTSEDevMk< / ><>VEA< / ><>69.86< / ><>-0.57< / ><>11.8< / >< / ><><>VangdFTSE EM< / ><>VWO< / ><>59.10< / ><>-1.25< / ><>9.9< / >< / ><><>VangdFTSE

< / ><><>VangdMstarSCVal< / ><>VBR< / ><>233.91< / ><>0.75< / ><>10.4< / >< / ><><>VangdMstarTot< / ><>VTI< / ><>379.56< / ><>-0.39< / ><>13.2< / >< / ><><>VangdMstarVal< / ><>VTV< / ><>219.63< / ><>0.65< / ><>15.0< / >< / ><><>VangdRealEst< / ><>VNQ< / ><>89.35< / ><>0.74< / ><>1.0< / >< / ><><>VangdRuss1000Grw< / ><>VONG< / ><>130.87< / ><>-1.30< / ><>7.5< / >< / ><><>VangdS&P500ETF< / ><>VOO< / ><>711.28< / ><>-0.43< / ><>13.4< / >< / ><><>VangdS&P500 Grw< / ><>VOOG< / ><>86.59< / ><>-1.25< / ><>16.9< / >< / ><><>VangdST

Bond< / ><>BSV< / ><>76.41< / ><>0.07< / ><>-3.0< / >< / ><><>VangdSTCpBd< / ><>VCSH< / ><>77.34< / ><>0.09< / ><>-3.0< / >< / ><><>VangdShortTrea< / ><>VGSH< / ><>57.57< / ><>0.03< / ><>-2.0< / >< / ><><>VangdTaxExemptBd< / ><>VTEB< / ><>47.13< / ><>0.15< / ><>-6.3< / >< / ><><>VangdTotalBd< / ><>BND< / ><>70.22< / ><>0.31< / ><>-5.2< / >< / ><><>VangdTotIntlBd< / ><>BNDX< / ><>46.93< / ><>0.21< / ><>-2.9< / >< / ><><>VangdTotIntlStk< / ><>VXUS< / ><>84.10< / ><>-0.81< / ><>11.5< / >< / ><><>VangdTotWrldStk< / ><>VT< / ><>158.73< / ><>-0.57< / ><>12.5< / >< / table>

<>< colspan="6">合约< / >< rowspan="2">持仓量< / >< / ><><>开盘< / ><>最高< / ><>高低< / ><>最低< / ><>结算< / ><>涨跌< / >< / table>

农业期货

<>< colspan="7">玉米 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>12月< / ><>502.00< / ><>503.75< / ><>497.75< / ><>500.25< / ><>-1.75< / ><>894,150< / >< / ><><>27年3月< / ><>517.25< / ><>518.75< / ><>513.00< / ><>515.25< / ><>-1.75< / ><>419,031< / >< / ><>< colspan="7">燕麦 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>12月< / ><>426.75< / ><>437.00< / ><>425.75< / ><>433.75< / ><>5.00< / ><>3,501< / >< / ><><>27年3月< / ><>433.00< / ><>438.75< / ><>432.50< / ><>436.25< / ><>3.00< / ><>380< / >< / ><>< colspan="7">大豆 (CBT)-5,000 蒲式耳；每蒲式耳美分

bu.< / td>< / tr> Nov< / ><>1294.00< / ><>1302.00< / ><>1286.50< / ><>1287.50< / ><>-10.00< / ><>409,691< / >< / ><><>Jan'27< / ><>1310.25< / ><>1318.75< / ><>1303.00< / ><>1304.25< / ><>-10.25< / ><>238,441< / >< / ><>< colspan="7">豆粕 (CBT)-100 吨；美元 / 吨< / >< / ><><>Oct< / ><>360.70< / ><>362.90< / ><>359.90< / ><>360.70< / ><>-5.20< / ><>489< / >< / ><><>Dec< / ><>364.50< / ><>368.50< / ><>357.00< / ><>357.60< / ><>-8.20< / ><>294,873< / >< / ><>< colspan="7">大豆油 (CBT)-60,000 磅；美分 / 磅< / >< / ><><>Oct< / ><>67.89< / ><>67.53< / ><>67.62< / ><>.20< / ><>547< / >< / ><><>Dec< / ><>67.68< / ><>68.31< / ><>67.33< / ><>67.92< / ><>.24< / ><>234,902< / >< / ><>< colspan="7">粗米 (CBT)-2,000 兴顿 (cwt)；美元

兴顿 (cwt)< / >< / ><><>Nov< / ><>16.70< / ><>16.94▲< / ><>16.61< / ><>16.85< / ><>.15< / ><>11,450< / >< / ><><>Jan'27< / ><>17.24< / ><>17.36▲< / ><>17.09< / ><>17.30< / ><>.15< / ><>2,317< / >< / ><>< colspan="7">小麦 (CBT)-5,000 蒲式耳 (bu.)；美分 / 蒲式耳< / >< / ><><>Dec< / ><>687.00< / ><>691.75< / ><>682.00< / ><>683.25< / ><>-3.25< / ><>254,554< / >< / ><><>March'27< / ><>701.00< / ><>705.75< / ><>696.50< / ><>697.75< / ><>-3.25< / ><>115,676< / >< / ><>< colspan="7">小麦 (KC)-5,000 蒲式耳 (bu.)；美分 / 蒲式耳< / >< / ><><>Dec< / ><>739.00< / ><>743.50< / ><>734.50< / ><>736.25< / ><>-2.25< / ><>157,444< / >< / ><><>March'27< / ><>752.00< / ><>756.25< / ><>748.00< / ><>749.00< / ><>-3.00< / ><>77,219< / >< / ><>< colspan="7">肥育牛 (CME)-50,000 磅；美分

磅< / >< / ><><>Oct< / ><>338.325< / ><>338.975< / ><>335.550< / ><>338.025< / ><>-.125< / ><>6,766< / >< / ><><>Nov< / ><>335.825< / ><>337.050< / ><>332.425< / ><>334.875< / ><>-.925< / ><>23,715< / >< / ><>< colspan="7">活牛 (CME)-40,000 磅；美分 / 磅< / >< / ><><>Oct< / ><>221.350< / ><>222.075< / ><>220.450< / ><>221.875< / ><>.275< / ><>15,386< / >< / ><><>Dec< / ><>223.850< / ><>224.275< / ><>222.225< / ><>223.550< / ><>-.225< / ><>119,926< / >< / ><>< colspan="7">精瘦猪 (CME)-40,000 磅；美分 / 磅< / >< / ><><>Oct< / ><>76.625< / ><>76.700▼< / ><>75.750< / ><>75.825< / ><>-1.100< / ><>19,636< / >< / ><><>Dec< / ><>68.525< / ><>68.950< / ><>68.000< / ><>68.600< / ><>-.500< / ><>148,916< / >< / ><>< colspan="7">木材 (CME)-27,500 板英尺 (bd.ft.)；美元 / 1,000

板英尺 (bd.ft.)< / >< / ><><>Nov< / ><>517.50< / ><>527.00▼< / ><>515.00< / ><>518.50< / ><>1.00< / ><>8,945< / >< / ><><>Jan'27< / ><>537.50< / ><>543.00▼< / ><>537.00< / ><>540.00< / ><>1.50< / ><>1,873< / >< / ><>< colspan="7">牛奶 (CME)-200,000 磅；美分 / 磅< / >< / ><><>Oct< / ><>15.04< / ><>14.94< / ><>15.02< / ><>-.07< / ><>5,185< / >< / ><><>Nov< / ><>15.90< / ><>16.18< / ><>15.85< / ><>16.14< / ><>.30< / ><>7,632< / >< / ><>< colspan="7">可可 (ICE-US)-10 公吨；美元 / 吨< / >< / ><><>Dec< / ><>5,495< / ><>5,723< / ><>5,431< / ><>5,665< / ><>83< / ><>70,508< / >< / ><><>March'27< / ><>5,603< / ><>5,825< / ><>5,551< / ><>5,776< / ><>81< / ><>46,035< / >< / ><>< colspan="7">咖啡 (ICE-US)-37,500 磅；美分

lb.< / td>< / tr> Dec< / ><>293.90< / ><>294.90< / ><>286.00< / ><>289.05< / ><>-3.65< / ><>78,758< / >< / ><><>March'27< / ><>285.90< / ><>286.75< / ><>278.45< / ><>281.35< / ><>-3.55< / ><>44,303< / >< / ><>< colspan="7">白糖-世界 (ICE-US)-112,000 磅；每磅美分< / >< / ><><>March< / ><>20.85< / ><>21.03< / ><>20.09< / ><>20.15< / ><>-.68< / ><>642,264< / >< / ><><>May< / ><>19.97< / ><>20.14< / ><>19.31< / ><>19.37< / ><>-.60< / ><>186,238< / >< / ><>< colspan="7">白糖-国内 (ICE-US)-112,000 磅；每磅美分< / >< / ><><>Nov< / ><>40.75< / ><>...< / ><>354< / >< / ><><>March'27< / ><>41.50< / ><>41.50▲< / ><>41.50< / ><>...< / ><>1,755< / >< / ><>< colspan="7">棉花 (ICE-US)-50,000 磅；每磅美分

lb.< / >< / ><><>Oct< / ><>76.21< / ><>-.09< / ><>14< / >< / ><><>Dec< / ><>80.10< / ><>81.07< / ><>79.88< / ><>79.94< / ><>-.09< / ><>170,850< / >< / ><>< colspan="7">橙汁 (ICE-US)-15,000 磅；每磅美分< / >< / ><><>Nov< / ><>148.20< / ><>150.85< / ><>146.00< / ><>149.95< / ><>3.40< / ><>6,491< / >< / ><><>Jan'27< / ><>150.15< / ><>153.35< / ><>149.45< / ><>152.50< / ><>2.30< / ><>2,715< / >< / table>

利率期货

<>< colspan="6">超长期国债 (CBT) - $100,000; 点数 100% 的 32 分之一< / >< / ><><>Dec< / ><>103-020< / ><>104-080< / ><>102-020< / ><>104-030< / ><>29.0 2,392,039< / >< / ><><>March'27< / ><>102-250< / ><>101-210< / ><>103-280< / ><>29.0 57< / >< / ><>< colspan="6">国债 (CBT)-$100,000; 点数 100% 的 32 分之一< / >< / ><><>Dec< / ><>102-030< / ><>103-060< / ><>101-060< / ><>103-020< / ><>27.0 1,909,985< / >< / table>

<>< rowspan="2">< / >< colspan="5">合约< / >< rowspan="2">持仓量< / >< / ><><>开盘< / ><>最高 / 最低< / ><>最低< / ><>结算< / ><>涨跌< / >< / ><><>March'27< / ><>101-150< / ><>102-230< / ><>100-250< / ><>102-200< / ><>27.0< / ><>2,381< / >< / ><>< colspan="7">国债票据 (CBT)-$100,000; 点数 100% 的 32 分之一< / >< / ><><>Dec< / ><>104-140< / ><>104-250< / ><>104-000< / ><>104-230< / ><>7.5< / ><>5,767,399< / >< / ><><>March'27< / ><>104-060< / ><>104-165< / ><>103-245< / ><>104-150< / ><>7.5< / ><>4,032< / >< / ><>< colspan="7">5 年期国债票据 (CBT)-$100,000; 点数 100% 的 32 分之一< / >< / ><><>Dec< / ><>103-190< / ><>103-250< / ><>103-105< / ><>103-232< / ><>3.5< / ><>6,758,119< / >< / ><><>March'27< / ><>103-087< / ><>103-170< / ><>103-050< / ><>103-162< / ><>3.7< / ><>2,127< / >< / ><>< colspan="7">2 年期国债票据 (CBT)-$200,000; 点数 100% 的 32 分之一< / >< / ><><>Dec< / ><>101-277< / ><>101-300< / ><>101-247< / ><>101-287< / ><>.4< / ><>4,486,524< / >< / ><><>March'27< / ><>101-197< / ><>101-230< / ><>101-185< / ><>101-227< / ><>.4< / ><>425< / >< / ><>< colspan="7">30 天联邦基金 (CBT)-$5,000,000; 100 - 日均值< / >< / ><><>Oct< / ><>96.1175< / ><>96.1125< / ><>96.1150< / ><>...< / ><>683,894< / >< / ><><>Nov< / ><>96.0750< / ><>96.0800< / ><>96.0650< / ><>96.0750< / ><>...< / ><>563,226< / >< / ><>< colspan="7">三个月 SOFR (CME)-$1,000,000; 100 - 日均值< / >< / ><><>July< / ><>96.2625< / ><>96.2625▲< / ><>96.2625< / ><>96.2600< / ><>-.0025< / ><>20,745< / >< / ><><>Dec< / ><>95.7750< / ><>95.7900< / ><>95.7500< / ><>95.7850< / ><>-.0050< / ><>1,618,873< / >< / table>

货币期货< / td>< / tr><>< colspan="7">日元 (CME)-1250万人民币；$ 每 100¥< / >< / ><><>10月< / ><>.6342< / ><>.6319< / ><>.6339< / ><>0001< / ><>1,167< / >< / ><><>12月< / ><>.6363< / ><>.6381< / ><>.6347< / ><>.6367< / ><>0002< / ><>366,188< / >< / ><>< colspan="7">加拿大元 (CME)-CAD 100,000；$ 每 CAD< / >< / ><><>10月< / ><>.7023< / ><>.7037< / ><>.7016< / ><>.7034< / ><>0015< / ><>400< / >< / ><><>12月< / ><>.7037< / ><>.7057< / ><>.7028< / ><>.7053< / ><>0015< / ><>368,982< / >< / ><>< colspan="7">英镑 (CME)-62,500 英镑; $ 每 £< / >< / ><><>10月< / ><>1.3190< / ><>1.3231< / ><>1.3187< / ><>1.3225< / ><>0005< / ><>497< / >< / ><><>12月< / ><>1.3213< / ><>1.3252< / ><>1.3187< / ><>1.3227< / ><>0005< / ><>266,219< / >< / ><>< colspan="7">瑞士法郎 (CME)-CHF 125,000；$ 每 CHF< / >< / ><><>12月< / ><>1.2089< / ><>1.2128< / ><>1.2071< / ><>1.2115< / ><>0015< / ><>135,700< / >< / ><><>27年3月< / ><>1.2227< / ><>1.2242< / ><>1.2224< / ><>1.2251< / ><>0015< / ><>376< / >< / ><>< colspan="7">澳大利亚元 (CME)-AUD 100,000；$ 每 AUD< / >< / ><><>10月< / ><>.6946< / ><>.6970< / ><>.6946< / ><>.6955< / ><>-0011< / ><>313< / >< / ><><>12月< / ><>.6955< / ><>.6966< / ><>.6926< / ><>.6948< / ><>-0011< / ><>326,533< / >< / ><>< colspan="7">墨西哥比索 (CME)-MXN 500,000；$ 每 MXN< / >< / ><><>10月< / ><>.05553< / ><>.05487< / ><>-00075< / ><>307< / >< / ><><>12月< / ><>.05530< / ><>.05544< / ><>.05459< / ><>.05464< / ><>-00074< / ><>283,963< / >< / ><>< colspan="7">欧元 (CME)-€125,000；$ 每 €< / >< / ><><>10月< / ><>1.1205< / ><>1.1226< / ><>1.1179< / ><>1.1213< / ><>0009< / ><>3,269< / >< / ><><>12月< / ><>1.1229< / ><>1.1257< / ><>1.1202< / ><>1.1239< / ><>0009< / ><>832,839< / >< / table>

<>< colspan="7">指数期货< / >< / ><>< colspan="7">小型道琼斯工业平均指数 (CBT)-$5 x 指数< / >< / ><><>12月< / ><>51427< / ><>51599< / ><>50909< / ><>51493< / ><>44< / ><>92,053< / >< / ><><>27年3月< / ><>51855< / ><>51975< / ><>51386< / ><>51966< / ><>45< / ><>122< / >< / ><>< colspan="7">小型标准普尔500指数 (CME)-$50 x 指数< / >< / ><><>12月< / ><>7850.75< / ><>7858.25< / ><>7783.00< / ><>7816.25< / ><>-36.50< / ><>1,892,317< / >< / ><><>27年3月< / ><>7932.75< / ><>7935.25< / ><>7862.00< / ><>7894.25< / ><>-37.25< / ><>12,779< / >< / ><>< colspan="7">小型标准普尔中盘400指数 (CME)-$100 x 指数< / >< / ><><>12月< / ><>3657.20< / ><>3674.30< / ><>3624.20< / ><>3668.80< / ><>11.00< / ><>47,638< / >< / ><><>27年3月< / ><>...< / ><>3699.00< / ><>12.70< / ><>n.a.< / >< / ><>< colspan="7">小型纳斯达克100指数 (CME)-$20 x 指数< / >< / ><><>12月< / ><>31403.00< / ><>31466.00< / ><>30792.00< / ><>30969.50< / ><>-432.75< / ><>280,402< / >< / ><><>27年3月< / ><>31787.00< / ><>31816.50< / ><>31157.25< / ><>31326.00< / ><>-440.25< / ><>684< / >< / ><>< colspan="7">小型罗素2000指数 (CME)-$50 x 指数< / >< / ><><>12月< / ><>2811.40< / ><>2813.50< / ><>2778.60< / ><>2809.60< / ><>-2.60< / ><>431,062< / >< / ><><>27年3月< / ><>2833.30< / ><>2837.80< / ><>2805.00< / ><>2834.80< / ><>-2.50< / ><>904< / >< / ><>< colspan="7">小型罗素1000指数 (CME)-$50 x 指数< / >< / table>

x 指数< / td>< / tr> 12月< / ><>4253.90< / ><>4263.00< / ><>4233.60< / ><>4248.10< / ><>-18.50< / ><>7,462< / >< / ><>< colspan="7">美元指数 (ICE-US)-$1,000 x 指数< / >< / ><><>12月< / ><>102.05< / ><>102.26< / ><>101.83< / ><>101.93< / ><>-.08< / ><>51,474< / >< / ><><>March'27< / ><>101.79< / ><>101.59< / ><>101.64< / ><>-.08< / ><>146< / >< / table>

来源：FactSet

借贷基准 / wsj.com / market-data / bonds / benchmarks

货币利率

美国及国际市场借贷资金的主要年利率。以下利率仅作为一般水平的参考，并不总是代表实际交易。 通货膨胀

美国消费者价格指数< / td>< / tr><><>所有项目< / ><>334.980< / ><>0.32< / ><>3.4< / >< / ><><>核心< / ><>338.041< / ><>0.27< / ><>2.4< / >< / table>

<><><>< / ><>最新< / ><>一周前< / ><>-52周-高点< / ><>低点< / >< / ><><>英国< / ><>3.75< / ><>4.00< / ><>3.75< / >< / ><><>澳大利亚< / ><>4.60< / ><>3.60< / >< / >

2026年10月8日

隔夜回购 国际利率

<><>< rowspan="2">< / >< rowspan="2">最新< / >< rowspan="2">一周前< / >< colspan="2">—52周—< / >< / ><><>高点< / ><>低点< / >< / ><>< colspan="5">最优惠利率< / >< / ><><>美国< / ><>7.00< / ><>7.25< / ><>6.75< / >< / ><><>加拿大< / ><>4.45< / ><>4.70< / ><>4.45< / >< / ><><>日本< / ><>2.375< / ><>1.875< / >< / ><>< colspan="5">政策利率< / >< / ><><>欧元区< / ><>2.65< / ><>2.15< / >< / ><><>瑞士< / ><>0.25< / ><>0.50< / ><>0.25< / >< / >

<><><>美国< / ><>3.90< / ><>3.89< / ><>4.30< / ><>3.49< / >< / >

数据注释：

<><>< colspan="5">联邦基金< / >< / ><><>有效利率< / ><>3.8900< / ><>4.1100< / ><>3.6300< / >< / ><><>高点< / ><>3.9500< / ><>4.2000< / ><>3.7000< / >< / ><><>低点< / ><>3.8000< / ><>4.0800< / ><>3.5500< / >< / ><><>买入价< / ><>3.8800< / ><>4.1000< / ><>3.6100< / >< / ><><>卖出价< / ><>3.8900< / ><>4.1200< / ><>3.6300< / >< / >

<><>< colspan="5">国库券拍卖< / >< / ><><>4周< / ><>3.980< / ><>3.890< / ><>4.030< / ><>3.550< / >< / >

美国最优惠利率是由至少 70% 的美国 10 大银行公布的企业贷款基准利率，自 2026 年 9 月 17 日起生效。其他最优惠利率不具有直接可比性；贷款实践因地区而异；贴现率自 2026 年 9 月 17 日起生效。担保隔夜融资利率（SOFR）截至 2026 年 10 月 7 日。DTCC GCF 回购指数是证券托管结算公司（DTCC）对适用 CUSIP 隔夜交易的加权平均值。交易额以 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。

<><><>< / ><>最新< / ><>一周前< / ><>-52周-高点< / ><>低点< / >< / ><><>13周< / ><>4.050< / ><>4.110< / ><>3.540< / >< / ><><>26周< / ><>4.165< / ><>4.285< / ><>3.475< / >< / >

其他短期利率

<><>< colspan="5">商业票据（AA级金融机构）< / >< / ><><>90天< / ><>n.a.< / ><>4.16< / ><>3.57< / >< / >

<><>< colspan="4">担保隔夜融资利率< / >< / ><><>< / ><>3.88< / ><>3.90< / ><>4.31< / >< / ><><>< / ><>最新< / ><>交易额< / ><>-52周-高点 低点< / >< / >

DTCC GCF 回购指数

<><><>国债< / ><>3.909< / ><>76.820< / ><>4.319< / ><>3.504< / >< / ><><>抵押贷款支持证券 (MBS)< / ><>3.906< / ><>102.126< / ><>4.371< / ><>3.517< / >< / >

每周调查

<><>< colspan="4">房地美 (Freddie Mac)< / >< / ><><>30年固定利率< / ><>7.40< / ><>7.28< / ><>6.30< / >< / ><><>15年固定利率< / ><>6.73< / ><>6.60< / ><>5.53< / >< / >

现货价格 / wsj.com / market-data / commodities

这些价格反映了市场上各种实际或“实物”商品的买卖情况——与交易所的期货价格不同，后者反映的是该商品在未来几个月可能具有的价值。

能源< / td>< / tr><><>煤炭,C.Aplc,12500Btu,1.2SO2-r,w< / ><>84.500< / >< / ><><>煤炭,PwdrRvrBsn,8800Btu,0.8SO2-r,w< / ><>14.650< / >< / ><>< colspan="2">金属< / >< / table>

<>< colspan="2">黄金，每金衡盎司< / >< / ><><>Engelhard 工业级< / ><>4129.00< / >< / ><><>克鲁格金币,批发-e< / ><>n.a.< / >< / ><><>枫叶金币-e< / ><>n.a.< / >< / ><><>美国鹰金币-e< / ><>n.a.< / >< / ><><>墨西哥比索金币-e< / ><>n.a.< / >< / ><><>奥地利克朗金币-e< / ><>n.a.< / >< / ><><>奥地利爱乐金币-e< / ><>n.a.< / >< / table>

<><>Engelhard 工业级< / ><>59.3500< / >< / ><><>Handy & Harman 基础级< / ><>58.7590< / >< / ><><>Handy & Harman 加工级< / ><>73.4490< / >< / ><><>金币,批发面值 $1,000-a< / ><>42235< / >< / table>

<><>铂金,Engelhard 工业级< / ><>1654.0< / >< / ><><>钯金,Engelhard 工业级< / ><>1135.0< / >< / ><><>铝, LME, 每公吨美元< / ><>3102.5< / >< / ><><>铜,Comex 现货< / ><>6.5190< / >< / ><><>铁矿石, 62% Fe CFR 中国-s< / ><>91.2< / >< / ><><>钢材, HRC 美国, FOB 中西部工厂-s< / ><>*1250.0< / >< / table>

电池 / 电动汽车金属

<><>< / ><>试验研究< / >< / ><><>BMI 碳酸锂, EXW 中国, =99.5%-v,w< / ><>18450< / >< / ><><>BMI 氢氧化锂, EXW 中国, =56.5%-v,w< / ><>17250< / >< / ><><> 硫酸钴, EXW 中国, >20.5%-v,w< / ><>8642< / >< / ><><> 硫酸镍, EXW 中国, >22%-v,k< / ><>4172< / >< / ><><> 片状石墨, FOB 中国, -100 目, 94-95%-v,m< / ><>415< / >< / table>

2026年10月8日，星期四

<><>粗麻布,10-oz,40-inch NY yd-n,w< / ><>1.2375< / >< / ><><>棉花,11 / 16 std lw-mdMphs-u< / ><>0.7769< / >< / ><><>Cotlook 'A' 指数-t< / ><>*91.70< / >< / ><><>皮革,hvy native steers piece fob-u< / ><>n.a.< / >< / ><><>羊毛,64s,staple,Terr del-u,w< / ><>n.a.< / >< / table>

纤维与纺织品

谷物与饲料

麸皮，小麦中粉，堪萨斯城-u,w< / td><>165< / >< / tr><><>玉米，No. 2 黄色，伊利诺伊州中部-bp,u< / ><>4.6500< / >< / ><><>棉籽粕-u,w< / ><>n.a.< / >< / ><><>玉米糁饲料，伊利诺伊州中部-u,w< / ><>n.a.< / >< / ><><>肉骨粉，50% 蛋白质，明尼阿波利斯-u,w< / ><>475< / >< / ><><>燕麦，No. 2 磨粉级，明尼阿波利斯-u< / ><>4.5875< / >< / ><><>稻米，长粒精磨，No. 2 阿肯色州-u,w< / ><>34.50< / >< / ><><>豆粕，伊利诺伊州中部，铁路，每吨 48%-u,w< / ><>393.30< / >< / ><><>大豆，No. 1 黄色 伊利诺伊州-bp,u< / ><>12.5300< / >< / ><><>小麦，春小麦 14% 蛋白质，明尼阿波利斯-u< / ><>8.7600< / >< / ><><>小麦，No. 2 软红，圣路易斯-u< / ><>6.6075< / >< / ><><>小麦 - 硬质 - 堪萨斯城 (USDA) 每蒲式耳美元-u< / ><>7.0225< / >< / ><><>小麦，No. 1 软白，俄勒冈州波特兰-u< / ><>6.6250< / >< / table>

周四

<>< colspan="2">食品< / >< / ><><>牛肉，胴体等效指数< / ><>< / >< / ><><>精选级 (choice) 1-3, 600-900 磅-u< / ><>344.35< / >< / ><><>挑选级 (select) 1-3, 600-900 磅-u< / ><>322.48< / >< / ><><>肉鸡，全国综合加权平均-u,w< / ><>1.1754< / >< / ><><>黄油，AA 级 芝加哥-d< / ><>1.2500< / >< / ><><>切达奶酪，桶装，芝加哥-d< / ><>145.25< / >< / ><><>切达奶酪，块装，芝加哥-d< / ><>135.50< / >< / ><><>牛奶，脱脂干奶粉，芝加哥 每磅-d< / ><>226.00< / >< / ><><>咖啡，巴西，综合-y< / ><>2.9250< / >< / ><><>咖啡，哥伦比亚，纽约-y< / ><>3.5755< / >< / ><><>鸡蛋，大号白色，芝加哥-u,w< / ><>0.6450< / >< / ><><>面粉，硬冬小麦 堪萨斯城-p< / ><>18.50< / >< / ><><>火腿，17-20 磅，美国中部 fob-u< / ><>0.76< / >< / ><><>生猪，艾奥瓦州-南明尼苏达州-u< / ><>76.82< / >< / ><><>猪腩，

12-14 磅 美国中部-u< / ><>1.2567< / >< / ><><>猪里脊，13-19 磅 美国中部-u< / ><>0.9999< / >< / ><><>小牛，德克萨斯州-俄克拉荷马州 精选级-u< / ><>n.a.< / >< / ><><>小牛，育肥牛，俄克拉荷马城-u,w< / ><>374.25< / >< / table>

油脂

代码说明：A=asl；B=买入价；BP=乡村升降机对生产者的买入价；C=修正；D=CME；E=Manfra, Tordella & Brookes；H=美国商品经纪公司；K=每两周；M=每月；N=名义；n.a.=未报价或不可用；P=Sosland Publishing；R=SNL Energy；S=Platts-TSI；T=Cotlook Limited；U=USDA；V=Benchmark Mineral Intelligence；W=每周；Y=国际咖啡组织；Z=未报价。*数据截至 10 / 7

<><>脱胶玉米油，原油加权平均-u,w< / ><>n.a.< / >< / ><><>油脂，精选白色，芝加哥-h< / ><>n.a.< / >< / ><><>猪油，芝加哥-u< / ><>n.a.< / >< / ><><>大豆油，原油；伊利诺伊州中部-u,w< / ><>0.6972< / >< / ><><>牛脂，漂白；芝加哥-h< / ><>n.a.< / >< / ><><>牛脂，食用，芝加哥-u< / ><>n.a.< / >< / table>

债券趋势有所缓解

接 B1 页

抵押债券持有者的对冲行为在近几周推动了国债收益率走高，但巴克莱银行利率衍生品策略主管 Amrut Nashikkar 表示，这种趋势“将不再成为一个影响因素”。

周四市场情况

国债收益率（在债券价格下跌时上升）自 3 月以来总体呈上升趋势。但期间出现过几次特别剧烈的跳升，包括 9 月底。10 月的市场波动较大，近期甚至出现了初步的稳定迹象。

10 年期和 30 年期国债收益率本周触及 24 年高点，但在周三政府发行新 10 年期国债获得强劲需求后有所回落。

随后，随着油价攀升，收益率在隔夜期间走高，但周四再次反转。重要的是，周四的上涨由长期国债领涨——这与近期的趋势相反，此前长期收益率在短期收益率保持稳定时依然攀升。

根据 Tradeweb 的数据，截至交易时段结束，美国 10 年期国债收益率为 5.232%，低于周三 10 年期国债拍卖前高达 5.365% 的水平。

国际基准布伦特原油上涨 4.1%，至每桶 $104.28。股市下跌。标准普尔 500 指数下跌 0.5%，纳斯达克综合指数下跌超过 1%。这两个基准指数在本周早些时候均创下历史新高。

道琼斯工业平均指数上涨 0.1%，约 52 点。

尽管仍持谨慎态度，但一些投资者表示他们正在寻找买入债券的机会。

数月来，投资者不断提高对美联储为对抗通胀而加息幅度的预期，甚至押注美联储在明年 7 月底前将再加息四次。

然而，美联储本身发出的信号是加息次数将减少，且多位官员近期表示不预计本月加息。这导致市场对利率的预期出现小幅下调，一些人认为这种下调还将继续。

债券仍面临重大威胁，包括欧洲日益增长的财政担忧、持续的美国-伊朗冲突，以及始终存在的另一份通胀报告走高（hot inflation report）的风险。

投资者和分析师在技术因素还残留多少风险的问题上也存在分歧。

近几周，大多数人认同抛盘压力不仅来自抵押债券持有者，还来自美国国债期货投资者。问题在于，这些期货合约由实际国债组合支撑，而期货合约所对应的具体国债会随着债券收益率的波动而变化。

其他分析师则怀疑资产管理机构整体是否真的如此积极。

一些人认为，鉴于华尔街对该问题的关注，投资者一直很活跃，这意味着他们给国债带来的压力可能在很大程度上已成为过去。

为了管理投资组合风险，投资者已经在减少该合约的头寸，这一举措导致其他投资者抛售实际国债。但目前尚不清楚总体上这种操作还会有多少空间。

占据了加利福尼亚州将原油转化为燃料能力的近 $20。一些分析师表示，这些炼油厂几乎不可能快速恢复生产，且可能需要数月时间才能让原油再次流入。

这种差异可能是显著的。近期的关注点集中在一种由 15 至 25 年期国债支撑的合约上。如果收益率进一步攀升至 6%，底层证券将从 2045 年到期的债券跳至五年后到期的债券。

摩根士丹利美国利率策略师 Eli Carter 表示：“期限延长对冲（extension hedging）的峰值可能会在之后出现。”

炼油商将迎来大丰收

（接B1页）利润崩塌。“太阳不照的时候，就没多少干草可收。”

这些公司的股价已经攀升至新高——三家公司在周四均收于历史最高点，且在2026.翻了一倍多。今年以来，它们的市值合计增长了约2240 亿加元 billion。这一数额超过了美国最大的三家独立石油生产商——西方石油公司（Occidental Petroleum）、EOG资源公司（EOG Resources）和戴蒙德巴克能源公司（Diamondback Energy）的合计市值。相比之下，标准普尔500指数今年的涨幅为13%。

上个月，特朗普总统的团队召集美国炼油业高管前往白宫，讨论提高国家炼油能力的方法，旨在11月中期选举前缓解柴油和汽油价格飙升的问题。

“没有人会那样做，因为他们认为（市场状况）是暂时的，”他说。

Novi Labs的Auers表示，全球炼油能力在去年有所下降，加上中东和俄罗斯燃料供应的损失，全球产能处于“极度紧张”状态。他表示，美国燃料制造商在2027,的利润率可能会保持高盈利状态，但他们不太可能投资新项目。

根据市场情报公司Industrial Info Resources的数据，截至9月，全球$12.1%的炼油能力处于离线状态。

在美国，每加仑柴油的平均价格在近几周略有下降，但仍维持在接近历史记录的水平。特朗普政府一直寻求多种方式降低价格，并希望通过霍尔木兹海峡石油运输的复苏来提供帮助。但到目前为止，美国海军主要专注于护送离开该水域的原油油轮，而非承载精炼产品的船舶。

这些公司通常不愿在耗资数十亿加元的项目上进行投资，因为这些项目在开始生产燃料之前，其丰厚的利润率可能早已回落。据知情人士透露，行业人士和特朗普政府官员近几周讨论的一个想法是：重新启用过去一年中关闭的两家加利福尼亚州炼油厂。

此举将给相关公司带来巨大的物流障碍，这两家公司分别是Phillips 66和Valero，它们最近分别关闭了洛杉矶和贝尼西亚地区的炼油厂。这些工厂此前

在大型美国石油公司于7月报告了创纪录或接近创纪录的第二季度收益后，特朗普指责它们“赚了太多的钱”。他建议该行业应将部分意外之财返还给美国消费者。

“俄罗斯产能的恢复时间长而非短，”分析师写道。

摩根大通（JP Morgan）的分析师表示，Valero公司墨西哥湾沿岸炼油厂购买并加工的原油价格与它们收取的燃料价格之间的差价在第三季度扩大到平均$47.11每桶。而三个月前这一数字为$30.28。

该银行的分析师表示，一个重大区别在于，乌克兰自7月下旬以来袭击了约15处俄罗斯炼油厂，导致每天近200 万桶的产能离线。

股价与指数表现，年初至今

美国平均零售柴油价格 *当前季度为预估值

来源：FactSet（表现、净利润）；能源部通过圣路易斯联邦储备银行（价格）

29-YEAR, 10-MONTH BONDS 最大的1,000只股票 / WSJ.com / stocks

接第 B8 页< / td>< / tr><><>股票< / ><>代码< / ><>收盘价< / ><>净涨跌< / >< / ><><>FranklinTemp< / ><>BEN< / ><>32.40< / ><>-0.08 (0.08)< / >< / ><><>FreedomHolding< / ><>FRHC< / ><>166.70< / ><>-8.05 (8.05)< / >< / ><><>FreeportMcM< / ><>FCX< / ><>71.14< / ><>-0.72 (0.72)< / >< / ><><>FreseniusMedCare< / ><>FMS< / ><>20.88< / ><>0.19< / >< / ><><>Frontline< / ><>FRO< / ><>56.26< / ><>3.20< / >< / ><><>Futu< / ><>FUTU< / ><>108.76< / ><>-0.92 (0.92)< / >< / table>

<>< colspan="4">GHI< / >< / ><><>GE Aerospace GE< / ><>305.62< / ><>2.00< / ><>< / >< / ><><>GE HealthCare GEHC< / ><>64.22< / ><>-0.45< / ><>< / >< / ><><>GE Vernova GEV< / ><>999.35< / ><>2.26< / ><>< / >< / ><><>GFLEnvironmental GFL< / ><>42.33< / ><>0.29< / ><>< / >< / ><><>GSK< / ><>GSK< / ><>46.54< / ><>-0.48 (0.48)< / >< / ><><>Gallagher AJG< / ><>234.05< / ><>6.95< / ><>< / >< / ><><>GameStop GME< / ><>25.28< / ><>0.70< / ><>< / >< / ><><>Gaming&Leisure GLPI< / ><>38.26< / ><>0.48< / ><>< / >< / ><><>Garmin GRMN< / ><>268.44< / ><>-7.72 (7.72)< / ><>< / >< / ><><>Gartner IT< / ><>195.41< / ><>9.64< / ><>< / >< / ><><>GenDigital GEN< / ><>22.75< / ><>0.36< / ><>< / >< / ><><>Generac GNRC< / ><>224.40< / ><>3.06< / ><>< / >< / ><><>GeneralDynamics GD< / ><>329.90< / ><>3.27< / ><>< / >< / ><><>GeneralMills GIS< / ><>32.59< / ><>0.82< / ><>< / >< / ><><>GeneralMotors GM< / ><>82.25< / ><>1.26< / ><>< / >< / ><><>Genmab GMAB< / ><>36.05< / ><>-0.60 (0.60)< / ><>< / >< / ><><>GenuineParts GPC< / ><>128.17< / ><>2.76< / ><>< / >< / ><><>Gerdau GGB< / ><>4.92< / ><>-0.10 (0.10)< / ><>< / >< / ><><>GileadSciences GILD< / ><>147.10< / ><>0.25< / ><>< / >< / ><><>Glaukos GKOS< / ><>161.29< / ><>-10.89 (10.89)< / ><>< / >< / ><><>GlobalPayments GPN< / ><>82.77< / ><>1.69< / ><>< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净涨跌< / >< / ><><>GlobalFoundries< / ><>GFS 49.36< / ><>1.29< / >< / ><><>Globalstar< / ><>GSAT 83.22< / ><>-0.45< / >< / ><><>GlobeLife< / ><>GL 166.08< / ><>2.67< / >< / ><><>GlobusMedical< / ><>GMED 73.33< / ><>-0.42 (0.42)< / >< / ><><>GoDaddy< / ><>GDDY 103.19< / ><>5.98< / >< / ><><>GoldFields< / ><>GFI 35.86< / ><>0.81< / >< / ><><>GoldmanSachs< / ><>GS 882.59< / ><>-4.62 (4.62)< / >< / ><><>Grab< / ><>GRAB 3.11< / ><>0.03< / >< / ><><>Graco< / ><>GGG 78.37< / ><>0.93< / >< / ><><>Grainger< / ><>GWW 1268.67< / ><>5.16< / >< / ><><>GAP< / ><>PAC 196.69< / ><>-4.72 (4.72)< / >< / ><><>GrupoCibest< / ><>CIB 94.08< / ><>0.38< / >< / ><><>GuardantHealth< / ><>GH 165.56< / ><>-2.77 (2.77)< / >< / ><><>Guidewire< / ><>GWRE 164.78< / ><>0.80< / >< / ><><>HCA Healthcare< / ><>HCA 445.01< / ><>5.84< / >< / ><><>HDFC Bank< / ><>HDB 22.01< / ><>-0.13 (0.13)< / >< / ><><>HF Sinclair< / ><>DINO 120.72< / ><>5.09< / >< / ><><>HP< / ><>HPQ 32.44< / ><>0.20< / >< / ><><>HSBC< / ><>HSBC 92.61< / ><>-1.10 (1.10)< / >< / ><><>H World< / ><>HTHT 42.67< / ><>0.74< / >< / ><><>Haleon< / ><>HLN 9.26< / ><>0.24< / >< / ><><>Halliburton< / ><>HAL 32.57< / ><>0.82< / >< / ><><>HalozymeTherap< / ><>HALO 109.84< / ><>-0.95 (0.95)< / >< / ><><>HarmonyGold< / ><>HMY 16.84< / ><>0.35< / >< / ><><>HartfordIns< / ><>HIG 129.48< / ><>2.56< / >< / ><><>Hasbro< / ><>HAS 92.50< / ><>1.75< / >< / ><><>HealthpeakProp< / ><>DOC 18.52< / ><>-0.14 (0.14)< / >< / ><><>HeclaMining< / ><>HL 16.73< / ><>0.34< / >< / ><><>Heico< / ><>HEI 295.91< / ><>0.13< / >< / ><><>HeicoA< / ><>HELA 221.07< / ><>-0.22 (0.22)< / >< / table>

(4)

[版面噪声，已略]

258.88< / td> 0.77< / >< / tr> <>IREN< / ><>IREN 35.71< / ><>-2.98< / >< / ><><>ITT< / ><>ITT 198.70< / ><>-1.69< / >< / ><><>IamGold< / ><>IAG 18.40< / ><>0.37< / >< / ><><>IcahnEnterprises< / ><>IEP 6.64< / ><>-0.01< / >< / ><><>Icon< / ><>ICLR 164.50< / ><>0.42< / >< / ><><>IllinoisToolWks< / ><>ITW 264.71< / ><>3.56< / >< / ><><>Illumina< / ><>ILMN 264.57< / ><>-3.19< / >< / ><><>ImmunityBio< / ><>IBRX 9.91< / ><>0.16< / >< / ><><>帝国石油< / ><>IMO 122.79< / ><>3.49< / >< / ><><>Incyte< / ><>INCY 112.75< / ><>-0.69< / >< / ><><>Infosys< / ><>INFY 10.70< / ><>0.15< / >< / ><><>IngersollRand< / ><>IR 78.00< / ><>0.76< / >< / ><><>Insmed< / ><>INSM 100.48< / ><>-1.26< / >< / ><><>Insulet< / ><>PODD 134.47< / ><>0.11< / >< / ><><>Intel< / ><>INTC

107.08< / ><>-6.04< / >< / ><><>InteractiveBrkrs< / ><>IBKR 86.47< / ><>-1.27< / >< / ><><>ICE< / ><>ICE 155.35< / ><>2.76< / >< / ><><>InterContHtls< / ><>IHG 159.48< / ><>-0.42< / >< / ><><>IBM< / ><>IBM 226.61< / ><>6.10< / >< / ><><>IntlFlavors< / ><>IFF 84.65< / ><>0.54< / >< / ><><>IntlPaper< / ><>IP 31.88< / ><>0.06< / >< / ><><>Intuit< / ><>INTU 303.88< / ><>8.02< / >< / ><><>IntuitiveSurgical< / ><>ISRG 415.41< / ><>0.89< / >< / ><><>InvitatHomes< / ><>INVH 26.48< / ><>0.62< / >< / ><><>IonQ< / ><>IONQ 39.45< / ><>-1.89< / >< / ><><>IronMountain< / ><>IRM 112.97< / ><>-2.78< / >< / ><><>ItauUnibanco< / ><>ITUB 9.83< / ><>0.09< / >< / table>

<>< colspan="4">JKL< / >< / ><><>JBS< / ><>JBS< / ><>12.75< / ><>0.51< / >< / ><><>京东< / ><>JD< / ><>26.91< / ><>-0.12< / >< / ><><>摩根大通< / ><>JPM< / ><>331.42< / ><>1.84< / >< / ><><>Jabil< / ><>JBL< / ><>299.16< / ><>-0.31< / >< / ><><>JackHenry< / ><>JKHY< / ><>149.05< / ><>3.36< / >< / ><><>JacobsSolns< / ><>J< / ><>138.59< / ><>2.24< / >< / ><><>JamesHardie< / ><>JHX< / ><>25.15< / ><>0.54< / >< / ><><>JazzPharm< / ><>JAZZ< / ><>222.45< / ><>-8.74< / >< / ><><>JefferiesFinl< / ><>JEF< / ><>44.40< / ><>0.26< / >< / ><><>JFrog< / ><>FROG< / ><>97.25< / ><>-0.90< / >< / ><><>强生< / ><>JNJ< / ><>256.48< / ><>-1.97< / >< / table>

M N

d>KMB< / ><>97.74< / ><>1.26< / >< / ><><>KimcoRealty< / ><>KIM< / ><>22.09< / ><>0.24< / >< / ><><>KinderMorgan< / ><>KMI< / ><>32.25< / ><>0.43< / >< / ><><>KinrossGold< / ><>KGC< / ><>23.34< / ><>0.16< / >< / ><><>Knight-Swift< / ><>KNX< / ><>65.05< / ><>1.43< / >< / ><><>Philips< / ><>PHG< / ><>24.30< / ><>0.21< / >< / ><><>KoreaElecPwr< / ><>KEP< / ><>10.92< / ><>-0.21< / >< / ><><>卡夫亨氏< / ><>KHC< / ><>22.48< / ><>0.50< / >< / ><><>Kroger< / ><>KR< / ><>61.41< / ><>2.16< / >< / ><><>KrystalBiotech< / ><>KRY5< / ><>327.30< / ><>2.73< / >< / ><><>KymeraTherap< / ><>KYMR< / ><>109.30< / ><>0.95< / >< / ><><>LatamAirlines< / ><>LTM< / ><>50.44< / ><>-0.53< / >< / ><><>LPL

Financial< / ><>LPLA< / ><>328.00< / ><>3.20< / >< / ><><>L3HarrisTech< / ><>LHX< / ><>236.92< / ><>3.29< / >< / ><><>Labcorp< / ><>HL< / ><>314.20< / ><>2.23< / >< / ><><>LamResearch< / ><>LRCK< / ><>320.59< / ><>-8.92< / >< / ><><>LamarAdv< / ><>LAMR< / ><>145.70< / ><>2.46< / >< / ><><>拉斯维加斯金沙< / ><>LVS< / ><>36.10< / ><>0.29< / >< / ><><>LatticeSemi< / ><>LSCC< / ><>124.98< / ><>-6.01< / >< / ><><>Leidos< / ><>LDOS< / ><>119.22< / ><>5.67< / >< / ><><>Lennar A< / ><>LEN< / ><>77.60< / ><>1.47< / >< / ><><>Lennar

[版面噪声，已略]

共同基金

股票< / td><>代码 收盘价< / ><>净变动< / >< / tr><><>Nutanix< / ><>NTNX 73.11< / ><>-0.31< / >< / ><><>Nutrien< / ><>NTR 69.87< / ><>-0.10< / >< / ><><>nVentElectric< / ><>NVT 164.20< / ><>-3.62< / >< / ><><>NVIDIA< / ><>NVDA 230.48< / ><>-6.99< / >< / table>

按净资产排列的纳斯达克公布份额类别的前 250 个共同基金列表。e-除权分配。f-前一日报价。g-适用脚注 x 和 s。j-适用脚注 e 和 s。k-由 LSEG 使用更新数据重新计算。p-分配成本，12b-1。r-可能收取赎回费。s-股票拆分或股息。t-脚注 p 和 r。v-脚注 x 和 e。x-除息。z-脚注 x, e 和 s。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-未跟踪基金。NS-期初该基金不存在。

数据由 LSEG 提供

2026年10月8日，星期四

< / ><>11.1< / >< / ><><>ICAA< / ><>68.80< / ><>-0.60< / ><>10.9< / >< / ><><>IncoA< / ><>27.13< / ><>+0.12< / ><>5.8< / >< / ><><>N PerA< / ><>75.22< / ><>-0.79< / ><>6.5< / >< / ><><>NEcoA< / ><>86.25< / ><>-1.52< / ><>18.7< / >< / ><><>NwWrldA< / ><>106.07< / ><>-2.08< / ><>13.7< / >< / ><><>SmCpA< / ><>80.93< / ><>-0.81< / ><>10.4< / >< / ><><>WshA< / ><>67.03< / ><>+0.08< / ><>7.8< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 %< / >< / ><>< colspan="4">Artisan Funds< / >< / ><><>IntlVal Inst< / ><>57.86< / ><>-0.12< / ><>8.9< / >< / ><>< colspan="4">Baird Funds< / >< / ><><>AggBdlnst< / ><>9.42< / ><>+0.03< / ><>-2.3< / >< / ><><>CorBdlst< / ><>9.78< / ><>+0.03< / ><>-2.1< / >< / ><><>IntBdlst< / ><>10.14< / ><>+0.01< / ><>-1.1< / >< / ><><>ShtTBlndst< / ><>9.39< / ><>+0.01< / ><>1.1< / >< / ><>< colspan="4">BlackRock Funds< / >< / ><><>HiYBlk< / ><>6.92< / ><>-0.01< / ><>0.7< / >< / ><><>HiYldBd Inst< / ><>6.92< / ><>...< / ><>0.8< / >< / ><>< colspan="4">BlackRock Funds III< / >< / ><><>iShS&P500IdxhX902.46< / ><>-4.22< / ><>14.4< / ><>< / >< / ><>< colspan="4">BlackRock Funds

Inst< / >< / ><><>StratncOpptylns< / ><>9.47< / ><>...< / ><>0.5< / >< / ><>< colspan="4">Calamos Funds< / >< / ><><>MktNeutl< / ><>16.27< / ><>-0.02< / ><>4.5< / >< / ><>< colspan="4">CausewayInst< / >< / ><><>CausewayInst< / ><>23.74< / ><>-0.30< / ><>1.0< / >< / ><>< colspan="4">Columbia Class A< / >< / ><><>SelgComUnfoA253.56< / ><>-3.88< / ><>61.8< / ><>< / >< / ><>< colspan="4">Columbia Class I< / >< / ><><>DivIncm I< / ><>40.09< / ><>+0.27< / ><>11.8< / >< / table>

r><>Oracle< / ><>ORCL< / ><>135.69< / ><>-7.87< / >< / ><><>Orix< / ><>IX< / ><>36.69< / ><>-0.15< / >< / ><><>OscarHealth< / ><>OSCR< / ><>33.10< / ><>0.19< / >< / ><><>OtisWorldwide< / ><>OTIS< / ><>66.11< / ><>0.37< / >< / ><><>Ovintiv< / ><>OVV< / ><>63.37< / ><>1.93< / >< / ><><>OwensCorning< / ><>OC< / ><>117.20< / ><>2.52< / >< / ><><>PBF Energy< / ><>PBF< / ><>89.34< / ><>5.66< / >< / ><><>PDD< / ><>PDD< / ><>78.26< / ><>-0.24< / >< / ><><>PG&E< / ><>PCG< / ><>12.67< / ><>-0.12< / >< / ><><>PNC Finl< / ><>PNC< / ><>219.68< / ><>1.96< / >< / ><><>POSCO< / ><>PKX< / ><>56.75< / ><>0.49< / >< / ><><>PPG

.84< / ><>0.10< / >< / ><><>PublicStorage< / ><>PSA< / ><>285.52< / ><>3.53< / >< / ><><>PulteGroup< / ><>PHM< / ><>113.53< / ><>1.20< / >< / table>

基金< / td><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / tr><>< colspan="4">Dimensional Fds< / >< / ><><>EmgMktVa< / ><>44.74< / ><>-0.60< / ><>22.7< / >< / ><><>EmMktCorEq< / ><>34.08< / ><>-0.60< / ><>19.3< / >< / ><><>IntlCoreEq< / ><>21.87< / ><>-0.07< / ><>10.1< / >< / ><><>IntlVal< / ><>31.69< / ><>-0.01< / ><>13.1< / >< / ><><>IntSmCo< / ><>27.13< / ><>-0.16< / ><>8.1< / >< / ><><>IntSmVa< / ><>34.07< / ><>-0.29< / ><>12.5< / >< / ><><>LgCo< / ><>51.54< / ><>-0.24< / ><>14.4< / >< / ><><>US CoreEq1< / ><>56.26< / ><>-0.06< / ><>14.3< / >< / ><><>US CoreEq2< / ><>50.11< / ><>-0.04< / ><>14.1< / >< / ><><> Small< / ><>59.01< / ><>+0.24< / ><>13.7< / >< / ><><> SmcPVal< / ><>59.87< / ><>+0.51< / ><>17.2< / >< / ><><> TgdVal< / ><>42.09< / ><>+0.35< / ><>15.1< / >< / ><><>USLgVa< / ><>66.57< / ><>+0.34< / ><>19.7< / >< / ><>< colspan="4">Dodge & Cox< / >< / ><><>Balanced< / ><>13.58< / ><>+0.04< / ><>3.1< / >< / ><><>Income< / ><>12.07< / ><>+0.05< / ><>-2.9< / >< / ><><>Intl Stk< / ><>17.88< / ><>-0.09< / ><>8.6< / >< / ><><>Stock< / ><>17.37< / ><>+0.07< / ><>6.7< / >< / ><>< colspan="4">DoubleLine Funds< / >< / ><><>TotRetBdl< / ><>8.38< / ><>+0.02< / ><>-2.6< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净变动< / >< / ><><>QXO< / ><>QXO 11.12< / ><>-0.19< / >< / ><><>Qiagen< / ><>QGEN 44.53< / ><>-0.26< / >< / ><><>QnityElec< / ><>Q 126.68< / ><>-3.04< / >< / ><><>Qualcomm< / ><>QCOM 176.01< / ><>-1.11< / >< / ><><>QuantaServices< / ><>PWR 685.33< / ><>-15.74< / >< / ><><>Quantinuum< / ><>QNT 41.52< / ><>-2.70< / >< / ><><>QuestDiag< / ><>DGX 230.81< / ><>3.75< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / ><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><>< colspan="4">Fidelity< / >< colspan="4">Fidelity Invest< / >< / ><><>500IdxInstPrem269.83< / ><>-1.27< / ><>14.4< / ><>< / ><>Balanc< / ><>35.56< / ><>-0.10< / ><>11.5< / >< / ><><>Contrafund K6< / ><>38.79< / ><>-0.34< / ><>14.0< / ><>BluCh< / ><>299.03< / ><>-5.17< / ><>19.9< / >< / ><><>EmgMktldxInstPrem16.68< / ><>-0.39< / ><>21.9< / ><>< / ><>BluChpGr K6< / ><>49.51< / ><>-0.93< / ><>18.3< / >< / ><><>ExtMktldxInstPre113.02< / ><>-0.14< / ><>12.3< / ><>< / ><>Contra< / ><>27.82< / ><>-0.27< / ><>14.6< / >< / ><><>FidSAI< / ><><>SeriesOverseas< / ><>15.34< / ><>-0.13< / ><>2.7< / ><>SrsGlobal< / ><>20.61< / ><>-0.23< / ><>12.6< / >< / ><><>SerLTTreBdlxd< / ><>4.86< / ><>+0.04< / ><>-7.0< / ><>SrsGroCoRetail< / ><>35.07< / ><>-0.56< / ><>28.7< / >< / ><><>SmCplxInstPrem< / ><>35.11< / ><>+0.01< / ><>13.7< / ><>SrsIntlGrw< / ><>20.25< / ><>-0.20< / ><>6.0< / >< / ><><>TMktldxInstPrem213.25< / ><>-0.92< / ><>14.2< / ><>< / ><>SrsIntlVal< / ><>16.40< / ><>-0.10< / ><>5.1< / >< / ><><>TotalMarketIndex< / ><>27.02< / ><>-0.11< / ><>14.3< / ><>TotalBond< / ><>9.13< / ><>+0.03< / ><>-2.5< / >< / ><><>TtlIntldxInstPr< / ><>19.44< / ><>-0.22< / ><>12.2< / >< colspan="4">Fidelity< / >< / table>

SAI< / td>< / tr> USBdlxInstPrem< / ><>10.01< / ><>+0.03< / ><>-2.4< / ><>FidSaiCndlnxFnd< / ><>15.51< / ><>+0.09< / ><>8.9< / >< / ><>< colspan="4">Fidelity Advisor I< / ><>FidSaiInftlnfFnd< / ><>9.68< / ><>+0.02< / ><>-1.6< / >< / ><><>GrOppl< / ><>273.25< / ><>-5.54< / ><>16.8< / ><>IntiValldx< / ><>14.29< / ><>-0.03< / ><>13.5< / >< / ><>< colspan="4">Fidelity Freedom< / ><>TotalBd< / ><>8.64< / ><>+0.03< / ><>-2.4< / >< / ><><>Idx2030InsPre< / ><>23.97< / ><>-0.06< / ><>6.4< / >< colspan="4">Fidelity Selects< / >< / ><><>Idx2035InsPre< / ><>28.55< / ><>-0.09< / ><>7.7< / ><>Semiconductors r

64.66< / ><>-2.26< / ><>63.0< / ><>< / >< / ><><>Idx2040InsPre< / ><>31.63< / ><>-0.14< / ><>10.1< / ><>Tech< / ><>58.27< / ><>-0.95< / ><>45.4< / >< / ><><>Idx2045InsPre< / ><>34.37< / ><>-0.20< / ><>11.7< / >< colspan="4">Fidelity Strategic A< / >< / ><><>Idx2050InsPre< / ><>34.59< / ><>-0.20< / ><>12.0< / >< colspan="4">StratAdEmrMrt NA ... NA< / >< / table>

<>< colspan="4">R S< / >< / ><><>RBC Bearings< / ><>RBC< / ><>490.99< / ><>-9.74< / >< / ><><>RB Global< / ><>RBA< / ><>84.03< / ><>3.63< / >< / ><><>RELX< / ><>RELX< / ><>35.24< / ><>0.72< / >< / ><><>RPM< / ><>RPM< / ><>99.43< / ><>1.10< / >< / ><><>RTX< / ><>RTX< / ><>184.32< / ><>4.06< / >< / ><><>RalphLauren< / ><>RL< / ><>367.39< / ><>6.25< / >< / ><><>Rambus< / ><>RMBS< / ><>108.47< / ><>-3.01< / >< / ><><>RangeResources< / ><>RRC< / ><>40.77< / ><>0.94< / >< / ><><>RaymondJames< / ><>RJF< / ><>158.60< / ><>1.35< / >< / ><><>RealtyIncome

<>70.66< / ><>1.23< / >< / ><><>RevolutionMed< / ><>RVMDD< / ><>188.12< / ><>-12.75< / >< / ><><>Revity< / ><>RVTY< / ><>152.16< / ><>-1.44< / >< / ><><>RioTinto< / ><>RIO< / ><>93.34< / ><>0.18< / >< / ><><>Rivian< / ><>RIVN< / ><>14.33< / ><>-0.01< / >< / ><><>Robinhood< / ><>HOOD< / ><>107.01< / ><>-2.50< / >< / ><><>Roblox< / ><>RBLX< / ><>45.52< / ><>-0.89< / >< / ><><>RocketCos.< / ><>RKT< / ><>11.76< / ><>0.32< / >< / ><><>RocketLab< / ><>RKLB< / ><>68.40< / ><>-3.52< / >< / ><><>Rockwell< / ><>ROK< / ><>434.14< / ><>-7.76< / >< / ><><>RogersComm

B< / ><>RCI< / ><>31.04< / ><>0.36< / >< / ><><>RoivantSciences< / ><>ROIV< / ><>34.21< / ><>-0.54< / >< / ><><>Roku< / ><>ROKU< / ><>153.81< / ><>1.09< / >< / ><><>Rollins< / ><>ROL< / ><>32.26< / ><>1.39< / >< / ><><>RoperTech< / ><>ROP< / ><>364.23< / ><>5.66< / >< / ><><>RossStores< / ><>ROST< / ><>225.20< / ><>-0.33< / >< / ><><>RoyalBkCanada< / ><>RY< / ><>190.56< / ><>-0.66< / >< / ><><>RoyalCaribbean< / ><>RCL< / ><>281.41< / ><>-0.91< / >< / ><><>RoyalGold< / ><>RGLD< / ><>231.18< / ><>3.29< / >< / ><><>RoyaltyPharma< / ><>RPRX< / ><>56.21< / ><>-0.55< / >< / ><><>Rubrik< / ><>RBRK< / ><>120.89< / ><>-2.84< / >< / ><><>RyanSpecialty< / ><>RYAN< / ><>37.79< / ><>0.19< / >< / ><><>Ryanair< / ><>RYAY< / ><>54.04< / ><>-1.96< / >< / ><><>RyderSystem

R< / ><>R< / ><>235.18< / ><>2.86< / >< / ><><>SAP< / ><>SAP< / ><>212.40< / ><>2.27< / >< / ><><>S&P Global< / ><>SPGI< / ><>402.73< / ><>7.55< / >< / ><><>SBA Comm< / ><>SBAC< / ><>170.01< / ><>-0.37< / >< / ><><>SEI Investments< / ><>SEIC< / ><>103.25< / ><>1.18< / >< / ><><>SK hynix< / ><>SKHY< / ><>170.50< / ><>-7.75< / >< / ><><>SK Telecom< / ><>SKM< / ><>33.99< / ><>-1.58< / >< / ><><>SLB< / ><>SLB< / ><>48.98< / ><>1.02< / >< / ><><>SS&C

Tech< / td> SSNC< / ><>80.65< / ><>1.95< / >< / tr> <>Saia< / ><>SAIA< / ><>341.26< / ><>6.54< / >< / ><><>SailPoint< / ><>SAIL< / ><>20.02< / ><>0.44< / >< / ><><>Salesforce< / ><>CRM< / ><>227.80< / ><>3.24< / >< / ><><>Samsara< / ><>IOT< / ><>41.22< / ><>0.71< / >< / ><><>Sandisk< / ><>SNDK< / ><>1609.46< / ><>-82.96< / >< / ><><>Sanmina< / ><>SANM< / ><>210.48< / ><>-8.93< / >< / ><><>Sanofi< / ><>SNY< / ><>40.23< / ><>0.03< / >< / ><><>Sasol< / ><>SSL< / ><>15.14< / ><>0.94< / >< / ><><>SchwabC< / ><>SCHW< / ><>96.87< / ><>1.29< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 %< / >< / ><>< colspan="4">First Eagle Funds< / >< / ><><>GlbA< / ><>86.45< / ><>+0.35< / ><>7.4< / >< / ><>< colspan="4">Franklin A1< / >< / ><><>IncomeA1< / ><>2.50< / ><>+0.01< / ><>4.5< / >< / ><>< colspan="4">FrankTemp / Frank Adv< / >< / ><><>IncomeAdv< / ><>2.47< / ><>+0.01< / ><>4.7< / >< / ><>< colspan="4">FrankTemp / Franklin A< / >< / ><><>DynaTech A< / ><>209.71< / ><>-4.40< / ><>12.6< / >< / ><><>Growth A< / ><>148.43< / ><>-1.25< / ><>10.2< / >< / ><><>RisDv A< / ><>96.27< / ><>+0.01< / ><>6.9< / >< / ><>< colspan="4">Guggenheim Funds Tru< / >< / ><><>TotRtnBcfDlOInst< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">Harbor Funds< / >< / ><><>CapApInst< / ><>130.67< / ><>-1.40< / ><>12.1< / >< / ><><

colspan="4">JHF III DispVal< / >< / ><><>DispValMCI< / ><>30.66< / ><>+0.30< / ><>11.6< / >< / ><>< colspan="4">John Hancock< / >< / ><><>BondR6< / ><>12.89< / ><>+0.04< / ><>-2.6< / >< / ><>< colspan="4">JPMorgan I Class< / >< / ><><>CoreBond< / ><>9.84< / ><>+0.03< / ><>-2.6< / >< / ><><>EqInc< / ><>28.27< / ><>+0.15< / ><>15.4< / >< / ><><>LgCpGwth< / ><>87.12< / ><>-0.92< / ><>6.5< / >< / ><>< colspan="4">JPMorgan R Class< / >< / ><><>CoreBond< / ><>9.86< / ><>+0.03< / ><>-2.4< / >< / ><><>CorePlusBd< / ><>6.92< / ><>+0.02< / ><>-1.7< / >< / ><>< colspan="4">Lord Abbett I< / >< / ><><>ShtDurInc p< / ><>3.78< / ><>...< / ><>1.0< / >< / ><>< colspan="4">Metropolitan West< / >< / ><><>TotRetBdl< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">MFS

Funds< / >< / ><><>IIE< / ><>41.90< / ><>-0.33< / ><>3.3< / >< / ><>< colspan="4">MFS Funds Class I< / >< / ><><>Valuei< / ><>53.45< / ><>+0.38< / ><>7.5< / >< / ><>< colspan="4">Natixis Funds< / >< / ><><>LSGrowthY< / ><>33.68< / ><>-0.24< / ><>1.4< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净变动< / >< / ><><>Sea< / ><>SE 92.89< / ><>-1.77< / >< / ><><>Seagate< / ><>STX 774.83< / ><>-32.74< / >< / ><><>Sempra< / ><>SRE 80.08< / ><>0.39< / >< / ><><>Semtech< / ><>SMTC 187.49< / ><>-6.29< / >< / ><><>ServiceIntl< / ><>SCI 76.77< / ><>-0.09< / >< / ><><>ServiceNow< / ><>NOW 139.75< / ><>1.88< / >< / ><><>SharkNinja< / ><>SN 184.87< / ><>-0.32< / >< / ><><>Shell< / ><>SHEL 100.20< / ><>3.35< / >< / ><><>SherwinWilliams< / ><>SHW 321.03< / ><>6.03< / >< / ><><>ShinhanFin< / ><>SHG 75.38< / ><>-1.73< / >< / ><><>Shopify< / ><>SHOP 164.56< / ><>-1.47< / >< / ><><>SiliconMotion< / ><>SIMO 261.89< / ><>-23.89< / >< / ><><>SimonProperty< / ><>SPG 199.61< / ><>2.02< / >< / ><><>SiTime< / ><>SITM

645.06< / td> -20.10< / >< / tr> <>Skydance< / ><>SKYD 9.28< / ><>0.39< / >< / ><><>Skyworks< / ><>SWKS 80.75< / ><>-2.68< / >< / ><><>Smith&Nephew< / ><>SNN 26.96< / ><>0.07< / >< / ><><>Smucker< / ><>SJM 119.41< / ><>3.48< / >< / ><><>SmurfitWestrock< / ><>SW 41.45< / ><>0.16< / >< / ><><>Snap< / ><>SNAP 5.86< / ><>0.05< / >< / ><><>Snap-On< / ><>SNA 358.88< / ><>-1.01< / >< / ><><>Snowflake< / ><>SNOW 343.40< / ><>10.55< / >< / ><><>SOQUIMICH< / ><>SQM 64.52< / ><>-0.09< / >< / ><><>SoFiTech< / ><>SOFI 15.61< / ><>-0.05< / >< / ><><>SolsticeAdvMats< / ><>SOLS 60.23< / ><>-0.13< / >< / ><><>Solventum< / ><>SOLV 86.41< / ><>0.53< / >< / ><><>Somnigroup< / ><>SGI 62.34< / ><>0.58< / >< / ><><>Sony< / ><>SONY 23.95< / ><>0.43< / >< / ><><>Southern< / ><>SO

86.15< / ><>0.71< / >< / ><><>SoCopper< / ><>SCCO 198.66< / ><>-1.91< / >< / ><><>SouthStateBk< / ><>SSB 100.57< / ><>1.66< / >< / ><><>SouthwestAir< / ><>LUV 41.36< / ><>-0.36< / >< / ><><>SpaceX< / ><>SPXC 160.57< / ><>-7.03< / >< / ><><>Spotify< / ><>SPOT 526.42< / ><>13.50< / >< / ><><>StanleyB&D< / ><>SWK 89.17< / ><>0.86< / >< / ><><>Starbucks< / ><>SBUX 93.21< / ><>-0.37< / >< / ><><>StateStreet< / ><>STT 175.09< / ><>0.90< / >< / ><><>SteelDynamics< / ><>STLD 234.17< / ><>0.08< / >< / ><><>Stellantis< / ><>STLA 4.52< / ><>-0.09< / >< / ><><>Steris< / ><>STE 210.76< / ><>1.08< / >< / ><><>SterlingInfr< / ><>STRL 518.41< / ><>-15.72< / >< / ><><>StifelFinancial< / ><>SF 70.11< / ><>0.40< / >< / ><><>STMicroelec< / ><>STM

52.71< / ><>-3.47< / >< / ><><>Strategy< / ><>MSTR 151.47< / ><>-1.90< / >< / ><><>Stryker< / ><>SYK 276.97< / ><>1.57< / >< / ><><>SumitomoMits< / ><>SMFG 25.31< / ><>-0.09< / >< / ><><>SummitTherap< / ><>SMMT 17.17< / ><>-0.78< / >< / ><><>SunComms< / ><>SUI 111.80< / ><>1.01< / >< / ><><>SunLifeFinancial< / ><>SLF 76.65< / ><>0.83< / >< / ><><>SunbeltRentals< / ><>SUNB 74.85< / ><>0.08< / >< / ><><>SuncorEnergy< / ><>SU 70.91< / ><>2.77< / >< / ><><>Sunoco< / ><>SUN 73.66< / ><>1.67< / >< / ><><>SuperMicroComp< / ><>SMCI 42.77< / ><>-2.17< / >< / ><><>Suzano< / ><>SUZ 8.51< / ><>0.09< / >< / ><><>Symbotic< / ><>SYM 42.06< / ><>-1.25< / >< / ><><>SynchronyFinl< / ><>SYF 73.72< / ><>1.79< / >< / ><><>Synopsys< / ><>SNPs 497.75< / ><>-4.92< / >< / ><><>Sysco< / ><>SYY

78.20< / ><>1.41< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><>< colspan="4">Northern Funds< / >< / ><><>Stkldx< / ><>77.32< / ><>-0.36< / ><>14.4< / >< / ><>< colspan="4">Old Westbury Fds< / >< / ><><>LrgCpStr< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">PGIM Funds CI Z< / >< / ><><>TotalReturnBond< / ><>11.45< / ><>+0.03< / ><>-2.4< / >< / ><>< colspan="4">PIMCO Fds Instl< / >< / ><><>IntlBdUSH< / ><>9.45< / ><>...< / ><>-1.8< / >< / ><><>TotRt< / ><>8.32< / ><>+0.03< / ><>-2.7< / >< / ><>< colspan="4">PIMCO Funds A< / >< / ><><>IncomeFd< / ><>10.33< / ><>+0.03< / ><>-2.3< / >< / ><>< colspan="4">PIMCO Funds I2< / >< / ><><>Income< / ><>10.33< / ><>+0.03< / ><>-2.1< / >< / ><>< colspan="4">PIMCO Funds

Instl< / td>< / tr> IncomeFd< / ><>10.33< / ><>+0.03< / ><>-2.0< / >< / ><>< colspan="4">Price Funds< / >< / ><><>BlChip< / ><>221.06< / ><>-3.11< / ><>5.1< / >< / ><><>LgCapGov I< / ><>91.16< / ><>-1.30< / ><>7.3< / >< / ><>< colspan="4">Putnam Funds Class A< / >< / ><><>PutLargCap p< / ><>45.07< / ><>+0.23< / ><>15.3< / >< / ><>< colspan="4">Putnam Funds Class Y< / >< / ><><>PutLargCap< / ><>45.10< / ><>+0.23< / ><>15.5< / >< / ><>< colspan="4">Schwab Funds< / >< / ><><>1000 Inv r< / ><>16.64< / ><>-0.07< / ><>14.4< / >< / ><><>FunUSLgInst r< / ><>38.24< / ><>+0.23< / ><>19.2< / >< / ><><>Intl Sel r< / ><>31.20< / ><>-0.16< / ><>8.6< / >< / ><><>S&P Sel< / ><>20.07< / ><>-0.09< / ><>14.4< / >< / ><><>TSM Sel r< / ><>18.71< / ><>-0.09< / ><>14.2< / >< / ><><

colspan="4">Strategic Adviser< / >< / ><><>StratAdCorInFnd< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdFidCoreS< / ><>8.79< / ><>+0.03< / ><>-2.0< / >< / ><><>StratAdFidEmr< / ><>18.84< / ><>-0.40< / ><>24.0< / >< / ><><>StratAdFidUS< / ><>22.10< / ><>-0.08< / ><>16.6< / >< / ><><>StratAdIntlFnd< / ><>NA< / ><>...< / ><>NA< / >< / table>

<>< colspan="4">T U V< / >< / ><><>TC Energy< / ><>TRP< / ><>59.98< / ><>1.04< / >< / ><><> Synnex< / ><>SNX< / ><>267.46< / ><>-4.06< / >< / ><><>TE Connectivity< / ><>TEL< / ><>214.31< / ><>-1.52< / >< / ><><>Telus< / ><>TU< / ><>8.04< / ><>0.10< / >< / ><><>Ternium< / ><>TX< / ><>56.47< / ><>0.06< / >< / ><><>TFI Intl< / ><>TFII< / ><>115.14< / ><>2.79< / >< / ><><>TIM< / ><>TIMB< / ><>18.70< / ><>-0.32< / >< / ><><>TJX< / ><>TJX< / ><>138.75< / ><>-0.05< / >< / ><><>TKO< / ><>TKO< / ><>181.63< / ><>2.99< / >< / ><><>T-MobileUS< / ><>TMUS< / ><>171.31< / ><>3.66< / >< / ><><>TPG< / ><>TPG< / ><>45.24< / ><>0.73< / >< / ><><>T.RowePrice< / ><>TROW< / ><>104.23< / ><>0.16< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 %< / >< / ><><>StratAdMunBond< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdvFidIntl< / ><>15.98< / ><>-0.12< / ><>8.2< / >< / ><>< colspan="4">TIAA / CREF 基金< / >< / ><><>EqIdxInst< / ><>53.50< / ><>-0.22< / ><>14.1< / >< / ><><>IntEqIdxInst< / ><>30.25< / ><>-0.16< / ><>8.6< / >< / ><><>LrgCpGrldxInst< / ><>82.11< / ><>-1.10< / ><>8.1< / >< / ><>< colspan="4">VANGUARD

ADMIRAL< / >< / ><><>500Adml< / ><>716.70< / ><>-3.36< / ><>14.4< / >< / ><><>BalAdml< / ><>54.33< / ><>-0.07< / ><>7.5< / >< / ><><>CAITAdml< / ><>10.89< / ><>+0.01< / ><>-3.4< / >< / ><><>CapOpAdml< / ><>270.98< / ><>-4.08< / ><>25.0< / >< / ><><>DivAppldxAdm< / ><>64.43< / ><>+0.11< / ><>9.3< / >< / ><><>EMAdmr< / ><>49.22< / ><>-0.72< / ><>10.6< / >< / ><><>EqIncAdml< / ><>100.47< / ><>+0.40< / ><>9.9< / >< / ><><>ExplrAdml< / ><>120.12< / ><>-0.38< / ><>12.6< / >< / ><><>ExtdnAdml< / ><>176.92< / ><>-0.22< / ><>12.4< / >< / ><><>GroIncAdml< / ><>123.09< / ><>-0.78< / ><>12.8< / >< / ><><>GrwthAdml< / ><>282.00< / ><>-3.50< / ><>12.6< / >< / ><><>HlthCareAdml r< / ><>86.05< / ><>-0.77< / ><>3.9< / >< / ><><>HYCorAdml

d< / ><>-3.25< / ><>25.2< / >< / ><><>RealEstateAdml< / ><>126.62< / ><>+0.93< / ><>3.9< / >< / ><><>SmCapAdml< / ><>137.85< / ><>+0.31< / ><>12.6< / >< / table>

td>< / tr> TelefonicaBras< / ><>VIV< / ><>12.65< / ><>-0.06< / >< / ><><>TelekomIndns< / ><>TLK< / ><>12.88< / ><>-0.16< / >< / ><><>TempusAI< / ><>TEM< / ><>69.28< / ><>-1.07< / >< / ><><>10xGenomics< / ><>TXG< / ><>77.28< / ><>1.18< / >< / ><><>Tenaris< / ><>TS< / ><>56.59< / ><>1.01< / >< / ><><>TencentMusic< / ><>TME< / ><>7.96< / ><>-0.03< / >< / ><><>TenetHealthcare< / ><>THC< / ><>260.57< / ><>0.74< / >< / ><><>Teradyne< / ><>TER< / ><

colspan="2">398.72-13.06< / >< / ><><>Tesla< / ><>TSLA< / ><>375.00< / ><>-2.81< / >< / ><><>TevaPharmInds< / ><>TEVA< / ><>39.25< / ><>0.07< / >< / ><><>TexasInstruments< / ><>TXN< / ><>288.20< / ><>-0.78< / >< / ><><>TexasPacLand< / ><>TPL< / ><>357.78< / ><>11.99< / >< / ><><>TexasRoadhouse< / ><>TXRH< / ><>162.76< / ><>0.28< / >< / ><><>Textron< / ><>TXT< / ><>73.22< / ><>0.19< / >< / ><><>ThermoFisher< / ><>TMO< / ><

colspan="2">651.98-10.08< / >< / ><><>ThomsonReuters< / ><>TRI< / ><>101.55< / ><>2.27< / >< / ><><>3M< / ><>MMM< / ><>163.58< / ><>1.46< / >< / ><><>Toast< / ><>TOST< / ><>30.53< / ><>-0.02< / >< / ><><>TollBros< / ><>TOL< / ><>134.83< / ><>0.97< / >< / ><><>Toro< / ><>TTC< / ><>96.81< / ><>0.39< / >< / ><><>TorontoDomBk< / ><>< / ><>114.04< / ><>0.17< / >< / ><><>TotalEnergies< / ><>TTE< / ><>86.02< / ><>1.79< / >< / ><><>TowerSemi< / ><>TSEM< / ><

9< / >< / ><><>TysonFoods< / ><>TSN< / ><>52.34< / ><>0.64< / >< / ><><>UBS Group< / ><>UBS< / ><>47.06< / ><>-0.36< / >< / ><><>UDR< / ><>UDR< / ><>33.57< / ><>0.25< / >< / ><><>U-Haul< / ><>UHAL< / ><>57.80< / ><>-1.36< / >< / ><><>U-Haul N< / ><>UHALB< / ><>50.85< / ><>-1.23< / >< / ><><>UL Solutions< / ><>ULS< / ><>70.65< / ><>3.52< / >< / ><><>UMB Fin< / ><>UMBF< / ><>130.39< / ><>2.18< / >< / ><><>US

Foods< / ><>USFD< / ><>97.12< / ><>1.07< / >< / ><><>Uber< / ><>UBER< / ><>70.24< / ><>1.79< / >< / ><><>Ubiquiti< / ><>UI< / ><>641.80< / ><>7.14< / >< / ><><>UltaBeauty< / ><>ULTA< / ><>564.21< / ><>18.73< / >< / ><><>Unilever< / ><>UL< / ><>61.94< / ><>0.96< / >< / ><><>UnionPacific< / ><>UNP< / ><>278.20< / ><>3.52< / >< / ><><>UnitedAirlines< / ><>UAL< / ><>107.44< / ><>-2.73< / >< / ><><>UnitedMicro< / ><>UMC< / ><>22.82< / ><>-0.49< / >< / ><><>UPS B< / ><>UPS< / ><>94.13< / ><>1.84< / >< / ><><>UnitedRentals< / ><>URI< / ><>1050.15< / ><>12.71< / >< / ><><>US Bancorp< / ><>USB< / ><>57.03< / ><>0.86< / >< / ><><>UnitedTherap< / ><>UTHR< / >< colspan="2">532.78-12.22< / >< / ><><>UnitedHealth< / ><>UNH< / ><>370.95< / ><>-5.03< / >< / ><><>UnitySoftware

U< / ><>U< / ><>45.89< / ><>0.45< / >< / ><><>UniversalHealthB< / ><>UHS< / ><>175.72< / ><>1.10< / >< / ><><>UnumGroup< / ><>UNM< / ><>92.64< / ><>-0.56< / >< / ><><>VICI Prop< / ><>VICI< / ><>22.79< / ><>0.15< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 %< / >< / ><><>SmGthAdml< / ><>119.78< / ><>-0.51< / ><>13.2< / >< / ><><>STlGradeAdml< / ><>10.18< / ><>+0.01< / ><>0.4< / >< / ><><>STIPSlxAdm< / ><>24.32< / ><>+0.02< / ><>1.4< / >< / ><><>TotBdAdml< / ><>9.25< / ><>+0.03< / ><>-2.3< / >< / ><><>TotIntBldxAdm< / ><>18.78< / ><>+0.04< / ><>-0.9< / >< / ><><>TotIntAdmlx r< / ><>45.11< / ><>-0.44< / ><>12.1< / >< / ><><>TotStAdml< / ><>184.77< / ><>-0.76< / ><>14.2< / >< / ><><>TxMCapAdml< / ><>398.29< / ><>-1.64< / ><>14.1< / >< / ><><>TxMln

22.39< / td><>-0.17< / ><>12.6< / >< / tr> <>USGroAdml< / ><>205.60< / ><>-2.64< / ><>5.4< / >< / ><><>ValAdml< / ><>85.69< / ><>+0.55< / ><>16.7< / >< / ><><>WdsrlAdml< / ><>92.24< / ><>+0.44< / ><>11.5< / >< / ><><>WellsIsAdml< / ><>60.92< / ><>+0.19< / ><>1.6< / >< / ><><>WelltnAdml< / ><>81.36< / ><>-0.26< / ><>7.1< / >< / ><><>WndsrAdml< / ><>82.54< / ><>+0.40< / ><>12.3< / >< / ><>< colspan="4">VANGUARD

<>68.26< / ><>-0.38< / ><>11.9< / >< / ><><>TgtRet2055< / ><>74.05< / ><>-0.41< / ><>11.9< / >< / ><><>TgtRetInc< / ><>14.05< / ><>-0.01< / ><>3.2< / >< / ><><>Welltn< / ><>47.12< / ><>-0.15< / ><>7.0< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净变化< / >< / ><><>Vale< / ><>VALE 13.42< / ><>-0.19< / >< / ><><>ValeroEnergy VLO< / ><>443.80< / ><>19.70< / >< / ><><>Valmontlnds VMI< / ><>468.70< / ><>4.11< / >< / ><><>Vaxcyte< / ><>PCVX 65.02< / ><>-1.94< / >< / ><><>VeevaSystems VEEV< / ><>284.84< / ><>2.34< / >< / ><><>Ventas VTR< / ><>81.76< / ><>1.72< / >< / ><><>VentureGlobal VG< / ><>13.29< / ><>0.24< / >< / ><><>Veralto< / ><>VLTO 96.48< / ><>0.75< / >< / ><><>VeriSign< / ><>VRSN 79 3.57< / >< / ><><>VeriskAnalytics VRSK< / ><>175.49< / ><>6.81< / >< / ><><>Verizon< / ><>VZ 46.35< / ><>0.58< / >< / ><><>VertexPharm VRTX< / ><>503.25< / ><>-2.39< / >< / ><><>Vertiv< / ><>VRT 243.73< / ><>-2.76< / >< / ><><>ViaSat< / ><>VSAT

67.41< / ><>-3.46< / >< / ><><>Viatris< / ><>VTRS 17.44< / ><>-0.05< / >< / ><><>ViaviSolutions VIAV< / ><>44.09< / ><>-2.18< / >< / ><><>Vicor< / ><>VICR 262.32< / ><>-20.46< / >< / ><><>Viking< / ><>VIK 81.64< / ><>0.38< / >< / ><><>ViperEnergy VNOM< / ><>42.63< / ><>1.56< / >< / ><><>VirtuFinancial VIRT< / ><>57.81< / ><>-1.00< / >< / ><><>Visa V< / ><>375.10< / ><>3.00< / >< / ><><>Vistra< / ><>VST 156.14< / ><>-10.58< / >< / ><><>VymarkResidential VMRK< / ><>59.98< / ><>0.69< / >< / ><><>Vodafone< / ><>VOD 16.48< / ><>-0.31< / >< / ><><>VulcanMatls VMC< / ><>246.26< / ><>2.13< / >< / ><><>Vylor< / ><>VYLR 72.79< / ><>-0.20< / >< / table>

<><>W< / ><>X< / ><>Y< / ><>Z< / >< / ><>< colspan="3">WEC Energy< / ><>WEC 103.61 0.43< / >< / ><>< ="3">W.P.Carey< / ><>WPC 63.13 0.40< / >< / ><>< ="3">Wabtec< / ><>WAB 280.80 -1.64< / >< / ><>< ="3">Walmart< / ><>WMT 110.56 2.40< / >< / ><>< ="3">WarnerMusic< / ><>WMG 28.91 0.75< / >< / ><>< ="3">WasteConnections< / ><>WCN 154.69 -0.47< / >< / ><>< ="3">WasteMgt< / ><>WM 210.10 1.16< / >< / ><>< ="3">Waters< / ><>WAT 429.13 -6.86< / >< / ><>< ="3">Watsco< / ><>WSO 282.23 -0.42< / >< / ><>< ="3">WattsWater< / ><>WTS 347.14 -1.12< / >< / ><>< ="3">Wayfair< / ><>W 105.13 0.66< / >< / ><>< ="3">WellsFargo< / ><>WFC 82.03 1.77< / >< / ><>< ="3">Welltower< / ><>WELL 223.04 1.92< / >< / ><><

colspan="3">Wescolntl< / td> WCC 355.93 -10.19< / >< / tr> < colspan="3">WestPharmSvcs< / ><>WST 363.27 -3.21< / >< / ><>< ="3">WesternDigital< / ><>WDC 393.31 -12.11< / >< / ><>< ="3">WesternMidstrm< / ><>WES 45.82 0.27< / >< / ><>< ="3">Weyerhaeuser< / ><>WY 19.17 0.60< / >< / ><>< ="3">WheatonPrecMits< / ><>WPM 134.96 1.27< / >< / ><>< ="3">Williams< / ><>WMB 72.34 0.88< / >< / ><>< ="3">Williams-Sonoma< / ><>WSM 239.00 -1.46< / >< / ><>< ="3">WillisTowers< / ><>WTW 297.86 7.19< / >< / ><>< ="3">WintrustFinl< / ><>WTFC 144.20 1.71< / >< / ><>< ="3">Wipro< / ><>WIT 1.67 ...< / >< / ><>< ="3">Wise< / ><>WSE 11.68 -0.13< / >< / ><>< ="3">WoodsideEnergy< / ><>WDS 22.59 0.82< / >< / ><>< ="3">Woodward< / ><>WWD 323.45 -0.80< / >< / ><>< ="3">WoorFinl< / ><>WF 72.67 -1.61< / >< / ><>< ="3">Workday< / ><>WDAY 187.81 3.55< / >< / ><>< ="3">XP< / ><>XP 30.21 0.68< / >< / ><>< ="3">XPO< / ><>XPO 181.95 1.59< / >< / ><>< ="3">XcelEnergy< / ><>XEL 73.36 0.94< / >< / ><>< ="3">XPeng< / ><>XPEV 9.55 -0.03< / >< / ><>< ="3">Xylem< / ><>XYL 101.99 0.17< / >< / ><>< ="3">YPF< / ><>YPF 49.90 0.42< / >< / ><>< ="3">Yum!Brands< / ><>YUM 143.00 2.65< / >< / ><>< ="3">YumChina< / ><>YUMC 41.78 1.13< / >< / ><>< ="3">ZTO Express< / ><>ZTO 19.90 0.10< / >< / ><>< ="3">ZebraTech< / ><>ZBRA 382.14 -3.91< / >< / ><>< ="3">ZimmerBiomet< / ><>ZBH 88.88 0.39< / >< / ><>< ="3">ZionsBancorp< / ><>ZION 62.73 0.81< / >< / ><>< ="3">Zoetis< / ><>ZTS 73.08 1.53< / >< / ><>< ="3">ZoomComms< / ><>ZM 94.67 -0.10< / >< / ><>< ="3">Zscaler< / ><>ZS 216.81 3.26< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><><>ExtndlstPI< / ><>436.57< / ><>-0.54< / ><>12.4< / >< / ><><>IdxIntl< / ><>26.97< / ><>-0.26< / ><>12.0< / >< / ><><>MdCpGrAdml< / ><>128.25< / ><>-1.01< / ><>7.2< / >< / ><><>MdCpVlAdml< / ><>104.32< / ><>+1.21< / ><>15.3< / >< / ><><>SmValAdml< / ><>100.52< / ><>+0.74< / ><>12.1< / >< / ><><>TotBd2< / ><>9.12< / ><>+0.03< / ><>-2.4< / >< / ><><>TotIntlnstdx< / ><>180.40< / ><>-1.74< / ><>12.1< / >< / ><><>TotItlnstPld< / ><>180.44< / ><>-1.74< / ><>12.1< / >< / ><><>TotSt< / ><>184.73< / ><>-0.77< / ><>14.2< / >< / ><>< colspan="4">VANGUARD INSTL< / >< / ><><>< / ><>< / ><>14.2< / >< / ><><>SmCapInst< / ><>137.85< / ><>+0.31< / ><>12.6< / >< / ><><>SmCaplstPI< / ><>397.88< / ><>+0.90< / ><>12.7< / >< / ><><>STIGradelnst< / ><>10.18< / ><>+0.01< / ><>0.4< / >< / ><><>STIPSlxins< / ><>24.34< / ><>+0.02< / ><>1.4< / >< / ><><>TotBdInst< / ><>9.25< / ><>+0.03< / ><>-2.3< / >< / ><><>TotBdInst2< / ><>9.12< / ><>+0.03< / ><>-2.3< / >< / ><><>TotBdInstPI< / ><>9.25< / ><>+0.03< / ><>-2.3< / >< / ><><>TotIntBdlxdInst< / ><>28.18< / ><>+0.06< / ><>-0.9< / >< / ><><>TotStInst< / ><>184.80< / ><>-0.76< / ><>14.2< / >< / ><><>ValueInst< / ><>85.68< / ><>+0.55< / ><>16.7< / >< / ><>< colspan="4">WCM Focus Funds< / >< / table>

WCMFocIntlGrwIns 27.22 -0.15 9.4

在高收益时代，“原因”至关重要

在追逐当下的高利率之前，买家需要先弄清楚他们最初想要投资债券的原因

过去六年 iShares 3-7 年期国债 ETF 的总回报率与价格变化

注：回报率以起始日期为基准 来源：FactSet

你是一名债券交易员，还是一个收益耕耘者（yield farmer）？

对于那些被数十年高点的美债收益率所吸引的投资者来说，这个问题具有了额外的意义，尽管周三一次成功的 10 年期国债拍卖暂时冷却了狂热的市场。回答这个问题会让投资者面对一些与买股票截然不同的考量因素。

一个重要的起点是询问投资者最初为什么对债券感兴趣。有人可能会认为现在的国债值得投资，因为高收益意味着价格便宜，而股票在历史上仍然处于高价。这在本质上是一个交易决策。

或者，也可能是债券产生的收入具有吸引力。这足以覆盖债券生命周期内的一项必要支出，或者诱使投资者将应急资金锁定在债券中，而不是留在货币市场基金或银行账户里。这就是收益耕耘者的思考方式。

思考投资债券的“原因”可以帮助投资者决定具体如何购买。因为与买股票不同，在债券投资中，需要考虑的事情远不止是选择单一债券还是指数基金。

诚然，买卖单只债券可能比交易交易所交易的债券基金更复杂。但这甚至不是最重要的区别。

最核心的区别在于债券本质上的“到期”特性。在生命周期结束时，债券承诺偿还投资本金，并在过程中分批支付利息。虽然公司债券在公司破产时可能无法偿还，但美国国债履行该承诺几乎是绝对肯定的。

相比之下，许多热门的债券 ETF（除少数关键例外）没有到期日期。它们持有单只债券的投资组合，并将票息支付传递给投资者。如果基金中的债券到期，它们会像任何债券一样偿还本金。但这些本金会重新回到基金中，用于滚动投资新债券。

投资者仍然可以通过出售基金份额随时套现。但需要知道的是，他们获得的是基金中当前债券的当前市场价格，而不是最初的本金。

因此，如果自买入以来市场收益率上升，债券基金份额的价格可能会下跌。同样，如果收益率下降，基金份额的价格则可能上涨。

这样一来，债券基金的回报是不确定的。随着旧债券到期和新债券进入，收益率会发生变动。基金的价值也会上下波动。因此，要预测最终回报是多少，或者基金在未来某个时间点的价格是多少，投资者必须对收益率和债券价格的方向拥有交易员的视角。

相比之下，持有债券且计划在到期前绝不出售，则能提供回报的确定性。你知道利息支付是多少，也知道到期时能拿回多少钱。

FactSet 的 ETF 研究与分析总监伊丽莎白·库什纳（Elisabeth Kushner）表示，在许多情况下，“基金与单只债券之间的权衡，是在流动性、便利性与现金流确定性之间进行的”。

然而，这并不意味着在利率上升的环境中买入债券并持有至到期就是没有风险的。在基金中，到期债券会滚动进入新债券。

因此，如果收益率在上升（可能是因为通胀高企），基金的分红将稳步增长。在较长的时间跨度内，这部分额外收入可能会弥补基金价格的损失。

例如，考虑 iShares 3-7 年期国债 ETF 从 2020 年 10 月到本周的表现，这段时期包括了美联储将短期利率从接近零提高到 5% 以上而导致收益率跃升的阶段。该基金的价格在此期间下跌了约 15%。但其总回报（包括再投资的派息）几乎持平。

与此同时，如果在 2020 年以当时极低收益率购买的一只单只债券，则无法提供此类保护。如果在过程中没有将利息支付进行再投资，那么这只债券就无法针对本金和票息在到期时可能大幅贬值这一事实提供任何额外的补偿。

而且，如果投资者因为某种原因决定在到期前套现，则存在亏损风险。除非投资者能确定在到期前的任何时间都不需要这笔钱，或者债券的收益能完美覆盖一项固定成本（也称为资产负债匹配），否则他们将面临与基金投资者相同的价格风险。

“当收益率上升时，人们会看到他们的债券基金价格下跌。而对于普通债券，他们根本不在意。这是一种心理上的安慰，”贝莱德（BlackRock）iShares 固定收益 ETF 全球共同主管 Stephen Laipply 表示。“但在两种情况下，债券都在到期。区别在于到期后是否将其滚动投资于更高收益率的债券。”

深入思考这些差异以及个人的独特需求和财务状况，将有助于投资者在有时令人眼花缭乱的国债选择菜单中做出抉择。

除了单只债券，还有所谓的定义到期日 （defined-maturity ETFs）。这些产品旨在通过持有基金债券直至到期，然后将本金返还给投资者，从而密切模拟直接购买债券的体验。例如，贝莱德提供一系列 iBonds ，而景顺（Invesco）提供 BulletShares ，涵盖一系列到期日期。

提供了具有不同到期范围的债券组合，例如 1 到 3 年。在这种情况下，债券可能会在到期前被出售，但所得资金仍会被滚动投资于新债券。投资者还可以购买所谓的单只债券或定义到期日 的“阶梯”组合，即设置交错的到期日期。此外还有国债抗通胀债券（TIPS），这类债券的本金会根据消费者价格指数（CPI）的通胀率进行调整。

一些投资者可能会惊讶地发现，他们的目标更适合一种并非单纯“买入并持有”的策略。交易并不总是错误的答案。 ——Telis Demos

政治僵局利好股市，但确定性更佳

自1950年以来，按总统任期年份划分的美国股市第四季度回报率

注：S&P 500 或其前身；来源：FactSet；图表 A

现在似乎是一个美国股市创下纪录的奇怪时机。

然而，回顾政治时间表，这些涨幅正准时出现。中期选举年的第四季度一直是持有 S&P 500 的最佳时机之一。自1950年以来，该指数在这些季度的平均回报率为 $6.6\%$ 或极佳的年化 $29\%$。

投资回报的完整“总统周期”已广为人知：基于此，总统选举前的一个完整日历年——下一个是2027年——平均回报率最高。这可能与支出和税收的时间点，以及现任总统在助力自身事业或其钦定继任者方面的独特能力有关。

人们认为，中期选举前后这段时期对股市如此有利的原因恰恰相反——即华盛顿“不能”做什么。投资者喜欢政治僵局，而这种情况经常发生在总统任期中期，此时美国人正对总统及其政党感到厌倦。在过去一个世纪的中期选举中，现任总统的盟友几乎每次都会在国会失去席位。

但缺乏行动可能并非最大因素。投资者似乎比政治家受阻更喜欢的是政治确定性。

五年前发表在《金融经济学杂志》（Journal of Financial Economics）上的一项研究分析了145年的数据，结果显示，涨幅主要发生在中期选举之后。美国股票溢价（即相对于无风险资产的回报率）在随后的五个月中年化平均值为 15.4%，而其他所有月份仅为 3%。

对于国债而言，情况则相反。中期选举后的回报率往往低于往常。这可能是因为，由于担心不符合政治意愿的结果，投资者在避险情绪驱动下买入国债，然后在结果出炉后平仓。

自然地，这种对股票和债券的影响经常会延伸到选举前的时期，此时投资者对结果更有信心。今年似乎就是这样一年，周三在博彩网站 Polymarket 上，民主党重新赢得众议院多数席位的隐含概率为 93%，参议院的概率为 65%。

2002年乔治·W·布什第一任期内出现的一次异常结果提供了更多证据，证明政治瘫痪不一定是投资者欢欣鼓舞的原因。那是上一次总统所属政党在中期选举中赢得国会控制权的年份。S&P 500 在该季度强劲上涨 $7.9\%$，从剧烈的熊市中反弹。

关键不在于谁掌权，而在于知道谁掌权。

—Spencer Jakab

H. ARMSTRONG ROBERTS / CLASSICSTOCK / GETTY IMAGES

股票聚焦

三星电子（Samsung Electronics） 这家韩国芯片公司表示，预计本季度的营业利润将超过 2025. 全年的两倍。尽管如此，股价依然下跌，这表明市场对人工智能受益者的预期已变得多么之高。

英特尔（Intel）、英伟达（Nvidia）和美光（Micron）的芯片股受到《金融时报》的一篇报道影响，该报道称 OpenAI 的收入低于此前信号。ChatGPT 制造商的收入降低可能会损害一系列人工智能参与者的需求。英特尔、英伟达、马威尔（Marvell）、超微半导体（Advanced Micro Devices）的股价

市场历史

1953, 年的今天，纽约证券交易所的交易总量仅为 900,000 股。这是记录在案的最后一天，该交易所的日总交易量低于100万股。

金融与投资

美光科技（Micron）、博通（Broadcom）和 Arm 控股公司周四的跌幅在 3% 到 6% 之间。

台积电（Taiwan Semiconductor Manufacturing） 这家芯片巨头的 9 月销售额同比增长 55%，但环比下降 0.6%。其美国存托凭证下跌 3%。

百事公司（PepsiCo）

这家零食和汽水制造商下调了全年盈利预期，但表示其表现不佳的北美业务有所改善。该公司股价上涨 3.7%。

Pacira BioSciences 在 Viatris 同意以 16.5 亿美元 billion 收购该公司后，这家止痛药制造商的股价飙升 44%。

周五事件： ◆ 经济数据：密歇根大学 10 月初步消费者调查

◆ 美联储发言人：堪萨斯城联储主席杰弗里·施密德（Jeffrey Schmid）

预期公布财报：达美航空（Delta Air Lines）

过去一个月价格走势

来源：FactSet

房屋建筑商正经历艰难的一个月

抵押贷款利率刚刚触及三周高点，给已经处于低迷状态的房屋建筑商股票带来了更大压力。

债券市场的抛售将 10 年期美债收益率推至历史高点，导致 D.R. Horton 和 PulteGroup 等房屋建筑商的股价在近日下跌。10 年期美债收益率与银行为寻求抵押贷款的购房者设定的借贷成本挂钩。

—Krystal Hur

Securitize 为美国投资者推出代币化股票交易

公开上市的代币化公司 Securitize 表示，正在为美国投资者推出代币化股票交易。

美国、欧盟及其他司法管辖区的合格投资者现在将能够通过 在 Solana 区块链上的受监管经纪交易平台交易 12 只股票，包括苹果、微软、英伟达、Alphabet、特斯拉、Meta 和亚马逊。

将把这些公司的股票转换为数字代币，预计这些代币将在纽约证券交易所以及由洲际交易所（NYSE 母公司）与加密货币交易所 OKX 合资成立的 OKXICE 最近公布的代币化证券交易平台上进行 24 / 7 全天候交易。 表示，其代币化股票代表对底层股票的直接所有权，且在结构上旨在保护投资者的权利和经济利益。

直到最近，代币化股票一直是一个主要限于海外投资者的分众领域。现在，传统金融势力、加密货币初创公司和监管机构正推动将代币化引入美国。

-Vicky Ge Huang

欧洲天然气价格上涨

欧洲天然气价格正在上涨，因为对海湾地区航运持续遭受攻击的担忧，引发了关于液化天然气供应安全的新问题。

目前交易价格略低于 €80 每兆瓦时，比伊朗战争爆发前高出约 147%。

—Giulia Petroni

欧洲天然气期货基准

注：€1 = $1.12 来源：FactSet

2026年10月9日，星期五 / M1

豪宅

华尔街日报

住宅 / 市场 / 人物 / 改造 / 销售

ALEX FENLON; CESAR CID / IMAGESTATE; KERRY HYNDMAN FOR WSJ (插图)

克雷斯特比特在成长

建筑成本：约 $500 万

自从 Vail 公司收购当地滑雪胜地以来，这座历史悠久的煤矿小镇附近开始兴建数百万美元的豪宅，这引发了部分当地居民的抵制

作者：SARAH PAYNTER

在科罗拉多州购买第二套房产之前，吉姆·斯托蒙特（Jim Stormont）和贝丝·斯托蒙特（Beth Stormont）决定对两个山城进行测试。他们在克雷斯特比特（Crested Butte）这个小型滑雪小镇住了 10 天，然后在规模更大、知名度更高的布雷肯里奇（Breckenridge）住了同样长的时间。

吉姆是一位 60 多岁的酒店开发商，他表示，布雷肯里奇感觉有点太像“山里的迪士尼”了。但这对来自亚特兰大的夫妇发现，克雷斯特比特是一个“和平、美丽、安静且宁静的地方”，他说：“我们想要一个可以远离喧嚣、慢下来的地方。”

最终，他们在 2024, 花费了约 $6.300 万，在克雷斯特比特市郊建造了一个拥有五间卧室、面积约 5,300 平方英尺的庄园。吉姆表示，他们现在几乎有一半的时间在那里度过。

这座历史悠久的煤矿小镇面积不足一平方英里，没有红绿灯，也没有连锁餐厅。请参阅 M4 页

一位亿万富翁的 2000万美元 定制家庭度假屋

三位成年女儿在父亲位于蒙大拿州的“滑进滑出”式滑雪别墅中定制了自己的套房

Vanessa and Roy Carroll at their home with Bristol.

作者：NANCY KEATES

亿万富翁房地产开发商罗伊·卡罗尔（Roy Carroll）最初并没有计划在蒙大拿州建房。卡罗尔住在北卡罗来纳州并在那里开发度假社区，他当时只是在朋友的建议下，去考察高端的黄石俱乐部（Yellowstone Club）——一个位于大天空（Big Sky）附近的私人滑雪度假社区。

但卡罗尔表示，他那三个现在分别 31, 34 and 36, 岁的女儿非常喜欢无需排队即可滑雪的想法。他和妻子瓦妮莎·卡罗尔（Vanessa Carroll）想要一栋能让全家人团聚的度假屋。因此，当俱乐部内一块 3 英亩的“滑进滑出”地块在 2018, 以 $4.500 万 的价格上市时，所有人都敦促他买下来。“他们被迷住了，”罗伊说道。

黄石俱乐部占地 15,200 英亩，吸引了寻求隐私的亿万富翁和名人，包括《创智赢家》（Shark Tank）投资人罗伯特·赫贾维茨（Robert Herjavec）、微软的比尔·盖茨（Bill Gates）请参阅 M6 页

他是认真的！麦肯罗挂牌出售房产

网球巨星约翰·麦肯罗（John McEnroe）并不以温和的脾气著称。但他说，他在加利福尼亚州马里布（Malibu）的房子一直是一股平静的力量。

现在，麦肯罗和他的妻子、创作歌手帕蒂·史密斯（Patty Smyth）正将其海滨房产挂牌出售，价格为 3500万美元。

待售 3500万美元 6,500 sq. ft., 4 bedrooms, elevator

麦肯罗与史密斯于 1997, 结婚，两人在 2015 年以 2100万美元 买下了这栋位于天堂湾（Paradise Cove）的住宅。

这栋约 6,500-square-foot、拥有 4 间卧室的住宅建于 20 世纪 90 年代中期，位于马里布备受追捧的天堂湾社区的一块 0.3 acre 土地上。该地区被当地房地产经纪人称为“亿万富翁悬崖”（Billionaires' Bluff），以其顶部的庄园以及像麦肯罗那样位于沙滩上的海边别墅而闻名。

该社区曾两次打破加利福尼亚州史上最昂贵住宅的成交记录。碧昂丝（Beyoncé）和 Jay-Z 在那里拥有一栋房子，风险投资家马克·安德森（Marc Andreessen）和劳伦·鲍威尔·乔布斯（Laurene Powell Jobs）等科技巨头也在此置业。

根据 Compass 的挂牌经纪人克里斯·科塔佐（Chris Cortazzo）介绍，该房产包括一个带有瀑布的景观前院，以及一个用于健身或瑜伽的提基小屋风格亭阁。室内主层包含一个宽敞的客厅，可直接通往面向大海的露台。

在纽约长大且目前主要居住在上西区的麦肯罗，非常热爱他在加州避暑地的宁静。他说，他最早在 20 世纪 70 年代末与一名来自比弗利山庄的女性约会时，就爱上了马里布。

“我世界上最喜欢的地方就是纽约市和马里布，”他说，“如果你住在城市里，那里充满了能量，所以这里就像是完全相反的极点。”

如今已成为评论员的麦肯罗在 20 世纪 70 和 80 年代是网球界的现象级人物，曾赢得七个大满贯单打冠军。他还以在赛场上火爆的脾气——“You cannot be serious!”——以及与瑞典选手比约恩·博格（Björn Borg）的竞争而闻名。他说，马里布的房子“有助于让我放松，这一点随着年岁增长我做得越来越好”，“任何住在海边的人都知道那种感觉”。

由于日益严重的环境问题，马里布的市场受到了打击，包括海岸侵蚀以及 9 月在尼古拉斯·凯奇（Nicolas Cage）家附近出现的塌陷洞。去年，马里布的许多房屋在帕利塞兹（Palisades）火灾中被毁，不过天堂湾幸免于难。

麦肯罗在马里布还有另一栋较为简朴的房子，他将予以保留。他说，他不会花时间担心火灾或侵蚀影响房子的可能性。

“你住在佛罗里达，就担心飓风；你住在加利福尼亚，就担心地震、泥石流，”他说，“每个人都有自己的烦恼。”

-Katherine Clarke

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这栋约 12,700-square-foot 的主屋拥有五间卧室和一个室内泳池。

前礼来公司高管出售怀俄明州庄园

Live Water Properties 的挂牌代理人 Latham Jenkins 表示，该物业约 18,000 平方英尺的居住空间远超目前杰克逊霍尔（Jackson Hole）的建筑许可标准，当地的分区规划规则限制了新建房屋的规模。

已售 （约） $39.500 万 12,700 sq. ft. house, 客房， 45-kilowatt generator

礼来公司（Eli Lilly，热门减肥药 Zepbound 的制造商）的一名前高管以接近 $39.500 万 的要价，出售了位于怀俄明州杰克逊霍尔地区的一处约 117 英亩的庄园，此次交易是该山谷最高额的销售案例之一。

主要居住在佛罗里达州劳德代尔堡的 Jan Lundberg 博士及其妻子 Ingeborg Lundberg 去年将该物业挂牌出售。Jan 表示，他们出售的原因是在瑞典购买房产。

Jan 在 2010 年至 2018 年期间担任礼来研究实验室（Lilly Research Laboratories）总裁。此前，他曾任制药公司阿斯利康（AstraZeneca）的研究高管。

“我们之所以能负担得起在杰克逊霍尔购买这样一套房产，原因之一是礼来产品组合的进步以及随着时间推移我从公司获得的股份，”Jan 说道。

Lundberg 夫妇于 2021 年购买了该物业。其最近一次要价为 $33.900 万。该庄园坐落在东格罗斯文特丘陵（East Gros Ventre Butte）之巅，拥有多栋住宅，包括一座采用原木、石材和玻璃饰面的山地风格主屋。

该主屋建于 2009 年，

该物业约 70% 的土地处于保护地役权（conservation easement）限制下，不得开发。

根据房地产经纪公司 Redfin 的数据，在截至 8 月 31 日的三个月里，杰克逊镇单户住宅的中位价格为 $2.7500 万，同比增长 21.5%。

Clear Creek Group 的 Morgan Bruemmer 代表买方。Bruemmer 拒绝透露其客户身份，但表示这并非买方在杰克逊购买的第一套房产。

—E.B. Solomont

亿万富翁 Chris Rokos 出售巴厘岛风格佛罗里达住宅

房产记录及一名知情人士透露，英国亿万富翁 Chris Rokos 以 $83.200 万 的价格出售了其位于佛罗里达州棕榈滩县富裕小镇马纳拉潘（Manalapan）的豪宅。

该房屋在 2025 年 2 月的挂牌价为 1.5亿美元；随后在 2 月份将价格下调至 1.35亿美元。据当地代理人称，这位未公开身份的买家可能将这处占地近 3 英亩的物业视为一个潜在的拆除重建或翻新项目。 拒绝置评。

记录显示， 在 2017 年以 $4 购买了这处巴厘岛风格的滨水物业。原建筑建于 20 世纪 70 年代，业主为已故的 Generoso Pope Jr.（曾是《国家询问者》的所有者）及其妻子、慈善家 Lois Pope。此后，该建筑经历了多次扩建。

已售 $83.200 万 35,000 sq. ft., 水疗翼， 9 bedrooms sions since then.

这座约 35,000 平方英尺的庄园设有 9 间卧室，并拥有一个水疗翼，包含按摩室、健身房、美发沙龙、雨淋淋浴间以及冥想与瑜伽露台。

在创立 Capital Management 之前，曾共同创立欧洲对冲基金 Brevan Howard。 Capital Management 在伦敦、纽约、阿布扎比和新加坡设有办事处。

William Raveis Real Estate / Luxury Portfolio International 的 Jack Elkins 在此次交易中代表 。买方由 Premier Estate Properties 的 Rosalind Clarke 代表。

近年来，马纳拉潘出现了一系列巨额交易，包括亿万富翁 Larry Ellison 以 1.73亿美元 购入房产。

—Katherine Clarke

拉里·埃利森重新挂牌佛罗里达州海滨庄园

科技亿万富翁拉里·埃利森（Larry Ellison）计划将其位于佛罗里达州北棕榈滩（North Palm Beach）的庄园以 1.65亿美元 的价格重新挂牌出售，K2 Realty 的挂牌代理人詹姆斯·肯尼（James Kenny）和保罗·卡内布（Paul Kaneb）表示。这一价格比他在 2022 年最初的要价高出约 14%。

埃利森在 2021. 年以 8000万美元 买下了这处占地 8.4 英亩的海滨房产，该房产位于高档的塞米诺尔登陆（Seminole Landing）封闭式社区内。一年后，他将其以 1.45亿美元 的价格重新挂牌。 此举正值埃利森在棕榈滩附近的富裕城镇马纳拉潘（Manalapan）扩大其庄园规模之际。今年 6 月，这位甲骨文（Oracle）联合创始人花费约 3500万美元 买下了与其约 15 英亩复合物相邻的一块土地。他在 2022 年为该原始

待售 1.65亿美元 16,000 sq. ft., 7 间卧室

复合物支付了 1.73亿美元，该复合物距离北棕榈滩房产约 30 英里。

埃利森未回应置评请求。

近几个月来，他在派拉蒙（Paramount）以 810 亿美元 billion 收购华纳兄弟探索（Warner Bros. Discovery）的交易中担任关键财务支持者。他还以其持有的房产而闻名，包括在加利福尼亚州马里布（Malibu）、太浩湖以及夏威夷拉奈岛（Lanai）的住宅。2023, 年，他花费近 1000万美元 在佛罗里达州博因顿海滩（Boynton Beach）的一个湖滨区域购买了八栋房屋，用于安置其员工。

在相邻的棕榈滩，超过 1亿美元 的交易已几乎成为常态。然而，肯尼和卡内布表示，他们看到北棕榈滩也开始形成一个 5000万美元 以上的市场。去年，当地的一处房产以 5500万美元 成交。

—凯瑟琳·克拉克（Katherine Clarke）

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豪宅 / 滑雪与山地住宅

克雷斯特比特 (Crested Butte)

接第 M1 页。这座小镇（2020 年人口为 1,639 人）交通不便——在地图上距离阿斯彭仅 20 英里，但开车需行驶 100 英里——这有助于使其规模保持在比科罗拉多州其他滑雪区更小的状态。

2018, 韦尔度假村（Vail Resorts）收购了克雷斯特比特山度假村滑雪区，使许多此前从未到访的滑雪者开始关注这座小镇。疫情带来了更多户外探险者，推高了房价。Signature Properties Ebner & Associates 的房地产经纪人杰西·埃布纳（Jesse Ebner）表示，在克雷斯特比特及其滑雪度假村所在的冈尼森谷上游，今年迄今为止的房屋销售中位价约为 $1.2300 万，比去年同期增长约 23%，且是 2019, 年同期中位价的两倍。投资者已经注意到了这一点，富有的新移民正在建造带有小型深水池和家用氧气生成系统的豪宅，预算在 1200万美元 到 1700万美元 之间，LIV Sotheby's International Realty 的房地产经纪人钱宁·布舍（Channing Boucher）如此说道。

“财富因素已经完全改变了局面，”布舍说，“这就是我们现在都在努力应对的问题。”

布舍表示，虽然今年西部滑雪区的许多房地产市场有所放缓，但克雷斯特比特地区的奢侈品市场继续升值。Bluebird Real Estate 的挂牌经纪人戴安·阿罗诺维奇（Diane Aronovic）表示，一套开价 2500万美元 的镇外庄园已签署合同，将创下当地销售记录。埃布纳表示，该地区的房屋销售价格通常在 1200万美元 左右封顶。

富有的业主在克雷斯特比特地区拥有房产已有数十年之久；洛杉矶道奇队共同所有者、亿万富翁马克·沃尔特（Mark Walter）在 2000 年代就在此购房。由于海拔约为 9,000 英尺，该镇凉爽的气候长期以来使其成为德克萨斯州第二套房业主的夏季目的地。

来自德克萨斯州的商业房地产开发商杰森·萨姆勒特（Jason Thumlert），47, 岁，从小就在克雷斯特比特滑雪。他与妻子、律师林德利·贝恩（Lindley Bain）希望培养孩子对自然的喜爱，他们的孩子现在分别是 9 岁和 11. 岁。他们在 2024. 年在克雷斯特比特山上建造了一栋滑雪进出式住宅。他说，这栋面积约 6,000 平方英尺的房子建筑成本约为 500万美元，另加上约 $615,000 购买约 0.8 英亩的土地。房地产经纪人表示，克雷斯特比特的价格飙升部分是因为缺乏理想的可开发土地。布舍说，镇外的大部分土地都被保护起来，限制了增长，而小镇本身（成立于 1880 年）由于其历史特性，在拆除和建筑方面有严格的限制。

买家已开始不—

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豪宅 / 滑雪与山地住宅

2022年的克雷斯特比特（Crested Butte）；该镇的暖季活动包括野花节。

奢侈住宅开发贷款机构 Urban Standard Capital 的杰克·克洛普（Jake Klopp）表示，人们注意到了该地区价格上涨的潜力。

德克萨斯州的威廉·埃尔法尔（William Elfarr）及其妻子芭芭拉·埃尔法尔（Barbara Elfarr）是从朋友那里听说克雷斯特比特的。威廉是一位 59 岁的泌尿科医生，他表示，在 1 月份的首次访问后，他们开始在那里寻找房产，部分是出于投资目的。他们的经纪人布舍尔（Boucher）表示，他们在 5 月份以 $5.8500 万 的价格买下了一栋新装修的四卧室房屋。

“克雷斯特比特位于科罗拉多州的一个小角落，那些大投资者还没有真正进入这里，”威廉说。“这给我带来了多样化投资。”

埃尔法尔夫妇表示，他们还计划经常前往克雷斯特比特滑雪，并在夏天住在该栋 5,450 平方英尺的房子里，将其作为逃离德克萨斯州酷暑的凉爽避暑地。威廉说，在暖季，他们计划打高尔夫球、飞钓并光顾当地的“从农场到餐桌”餐厅 Sunflower。

来源：国家公园管理局 ANNA DEEN / WSJ

但布舍尔表示，随着更多富裕的业主来到该地区，一些当地人担心该地区会失去其小镇魅力。当地业主鲍勃·科尔维（Bob Colvey）则抱怨周末的派对以及短租房的泛滥。根据数据分析提供商 AirDNA 的数据，9 月份克雷斯特比特地区约有 1,150 个短租房房源，比 2018, 同期增长了近 50%。

“这提出了一个问题：‘我们希望成为一个什么样的城镇？’”科尔维说。“我们是想要不受约束的增长，还是想要维持最初吸引人们来到这里的特质？”

根据该镇网站，镇政府正在考虑对非主要居所征收一项新税。

托威尔夫妇计划装修他们的木屋。

丹·塔克（Dane Tucker）是一位 56 岁的俄克拉荷马州居民，从高中起就在克雷斯特比特度假。2023 年，他与建筑师安德鲁·哈德利（Andrew Hadley）在克雷斯特比特山上建造了一栋价值约 500万美元 的度假屋。

塔克表示，自疫情以来，当地人对第二套房业主的态度有所恶化，并补充说他努力为当地事业做出贡献，并在餐厅支付更高的小费。“当地人不喜欢第二套房业主，”塔克说。“但第二套房业主正是当地大部分收入的驱动力。”

本·托威尔（Ben Towill）和凯特·托威尔（Kate Towill）是一家酒店与设计公司的创始人，两人采取远程办公。凯特表示，他们希望离开南卡罗来纳州查尔斯顿炎热的夏天，在山中抚养两个孩子，在那里他们可以滑雪、骑山地车、徒步和露营。

埃尔法尔夫妇的家位于红山牧场（Red Mountain Ranch）开发区，距离镇中心向南约 10 英里。

40 岁的凯特在青少年时期就访问过克雷斯特比特，她首先在 1 月份带着家人来参观这个小镇。她说，托威尔夫妇玩得非常开心，因此决定开始寻找房产。凯特表示，他们曾考虑搬到科罗拉多州的阿斯彭（Aspen）或巴萨尔特（Basalt），但非常喜欢克雷斯特比特的社区、学校以及那种“原始且神奇”的感觉。

他们的房地产经纪人阿罗诺维奇（Aronovic）表示，他们在支付 $3.4500 万 买下一栋 3,300 平方英尺、四卧室且可俯瞰克雷斯特比特市中心的房屋之前，先搬进了租住房。凯特说，他们计划进行装修，但希望保留房屋质朴的原木小屋美学。

凯特很喜欢她的孩子（分别为 5 岁和 9 岁）可以骑车上学；她说，在冬天的周三，孩子们会去滑雪，而不是上传统的体育课。

“他们称这里为科罗拉多州最后一个伟大的滑雪小镇，在来到这里之后，我确实理解了这一点，”她说。“我觉得我们发现了一个小秘密，这很酷。千万别告诉任何人。”

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定制度假屋

接前页 M1 及 Meta 的马克·扎克伯格。2018 年，罗伊启动了一项最终耗资 2000万美元 的项目，在该地建造一座面积为 12,800 平方英尺的住宅。

这座拥有八间卧室的住宅于 2022 年完工，采用“山地传统”风格，部分区域呈现出“纯正蒙大拿”特色。总部位于博兹曼的 Locati Architects & Interiors 的首席建筑师兼合伙人科里·凯利（Corey Kelly）表示。房屋外部采用从旧马厩回收的灰色木材，天花板为木质拱顶，并大量使用了石材。

娱乐室里有一个酒馆，是以黄石俱乐部（Yellowstone Club）一家名为“靴室”（Boot Room）的酒吧为原型设计的。酒吧里有一个等身大小的演员约翰·韦恩（John Wayne）的蜡像，他身着旧西部风格的服装，其中部分衣物为了营造破旧感，特意用汽车碾压过。

底层的酒窖设计得像一个矿井，入口狭窄且由石头砌成。“你身处西部，在山中，”罗伊说，“我想，‘就做个这样的东西吧。’”通道通向一个拱顶房间，其中的古董砖块取自蒙大拿州波尼（Pony，人口 127 人）的一家酒吧。

房中的每个房间都各不相同，这使其与该公司在黄石俱乐部设计的其他约 50 栋定制住宅有所区别，首席设计师兼 Locati Interiors 合伙人阿曼达·海斯（Amanda Heys）说道。卡罗尔夫妇的女儿们每人都拥有自己的套房，配备浴室、步入式衣橱和壁炉，且在设计上拥有全权决定权。

每个套房的风格截然不同，反映了每位女儿的个性。“罗伊明确表示，只要在预算范围内，女孩们可以随心所欲地设计，”海斯说。“我想让她们感觉到拥有所有权，”罗伊说。

最小的女儿、律师海莉·卡罗尔·霍普金斯（Hayleigh Carroll Hopkins）要求房间采用黑白色调。“她的风格时髦且精致，”海斯说。

二女儿麦迪逊·卡罗尔·斯奈德（Madison Carroll Snyder）担任其父亲公司卡罗尔公司（Carroll Companies）的酒店运营总监。海斯表示，她的风格更接地气，具有蒙大拿州的马术风格。

长女布里塔尼·卡罗尔·钱伯林（Brittany Carroll Chamberlain）从事社交媒体工作，热爱自然。她的套房设计采用了大量的灰褐色和奶油色。

考虑到未来的孙辈，罗伊要求设置两个上下铺房间：一个给女孩，一个给男孩。他们现在有两个孙辈，还有两个即将出生。

在罗伊和瓦妮莎的卧室里，瓦妮莎在罗伊要求的鹿角吊灯上挂上了水晶，对其进行了修改。“她喜欢给所有东西都镶上珠宝，”罗伊说。

屋内的几个空间，例如阅读角

不再有意外 不再有紧急情况 不再有干扰

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豪宅 / 滑雪与山地住宅

这处占地3英亩的物业于2018.以$4.500 万的价格上市。房屋于2022完工。

上方为该住宅的主客厅。下方为海莉·卡罗尔·霍普金斯的卧室，配备一张银色调的铁床。 那不勒斯 丽思卡尔顿公寓

在楼梯下方，这些空间旨在为家庭成员在需要时提供独立空间，罗伊表示。“我的女儿们大部分时间相处融洽，但有时也会有分歧。在这里，你不能直接开车回家。”

卡罗尔一家的五名成员都居住在北卡罗来纳州的格林斯伯勒，罗伊出生于此。1983年，他的父亲在当地一家杂货店担任肉类切割员的工作被裁员后，罗伊开始与已故的父亲一起建造房屋。1990, 罗伊买断了父亲的股份。该公司目前在六个州建造公寓楼、自助仓储设施和酒店。

在格林斯伯勒，罗伊正在一块于2024.以$4.500 万买下的土地上建造三栋房屋——为每个女儿各建一栋。大约2.5英里外，罗伊和瓦内莎居住在他们拥有的一栋综合用途建筑的现代顶层公寓中。他们还拥有游艇、佛罗里达州棕榈滩的一栋房子，以及北卡罗来纳州Figure Eight Island和Sandy Ridge社区的房产。在后者，罗伊的公司正在开发一个占地8,000英亩的马术主题度假村，该项目部分参考了黄石俱乐部（Yellowstone Club）的模式。

尽管一家人在格林斯伯勒住得很近，但他们将蒙大拿州视为主要聚会地点。他们计划每年夏天和冬天至少在那里度过两周。“任何能让家人团聚的事情都是值得的，”罗伊说道。

您的非凡之境现已启幕

坐落于海湾之畔，那不勒斯丽思卡尔顿公寓（The Ritz-Carlton Residences, Naples）是佛罗里达州西南部最卓越的水岸地址之一——如今它与两家久负盛名的酒店物业并肩而立，见证了这一目的地的持久魅力。在这里，永恒的建筑风格、传奇的服务以及非凡的配套设施，在与目的地同样出色的团队支持下，打造出独一无二的生活方式。从业主专属俱乐部、全服务码头到水疗中心和招牌餐厅，每一个细节都旨在丰富水岸生活。

少量卓越住宅现正发售，部分设计师精装住宅可立即入住。作为这一非凡水岸社区的最后一部分，公园住宅（Park Residences）代表了其最终的住宅供应。

公园住宅 400万美元 起 / 海湾住宅 500万美元 起 / 塔楼住宅 700万美元 起 2355 Vanderbilt Beach Road / Suite 106, Naples, FL 34109 电话 239-249-6260 / RCRNaples.com

25 年 卓越之基

那不勒斯丽思卡尔顿公寓并非由丽思卡尔顿酒店公司（The Ritz-Carlton Hotel Company, LLC）及其关联公司（统称“丽思卡尔顿”）所有、销售或开发。STOCK RESIDENCES 根据丽思卡尔顿的许可使用丽思卡尔顿标志，而丽思卡尔顿并未确认本文中任何陈述或表述的准确性。口头陈述不能被视为正确地表达了开发商的意图。如需正确的陈述，应参考佛罗里达州法规第 718.503 节要求由开发商向买家或承租人提供的文件。所有效果图和规划均为概念图，仅用于营销目的，并基于开发商目前的初步开发计划。包括此信息在内，不得用于任何其他信息。开发商可自行决定修改最终开发计划，无需通知。本文中的任何内容均不应被视为任何形式的保证。这不是销售要约，也不构成购买要约的招揽。

豪宅 / 滑雪与山地住宅

RICH ZIPS / 走进美国部分最昂贵的邮政编码区

[...OMITTED...]

佛蒙特州斯托 (Stowe, VT) 05672

上图为冬季的斯托；下图为秋季的主街 (Main Street)。

\$995,000 中位数挂牌价， 同比下降 13%

94 中位数上市天数

\$443 每平方英尺中位数价格

110 个活跃房源，同比上升 16%

Realtor.com (2026年8月)

作者：JESSICA FLINT

斯托的 05672 邮政编码区坐落在佛蒙特州的绿山之中，在东海岸所有主要高山滑雪目的地中，这里的住宅房地产价格最高。即便在 20 世纪 30 年代斯托山度假村 (Stowe Mountain Resort) 开业之前，这个小社区就已拥有深厚的冬季运动和款待业历史，近期已演变为一个全季节避暑地。新的一波

人群正为了逃避阳光地带 (Sunbelt) 各州的夏季酷暑而迁入，这使得第二居所占房产总数的比例接近 70%，四季国际地产苏富比 (Four Seasons Sotheby's International Realty) 的房地产经纪人 Caroline Marhefka 表示。根据 Realtor.com 的数据，8 月的中位数挂牌价为 \$995,000。（由新闻集团运营的 Realtor.com 专门为《华尔街日报》开发了这一方法论。）这种需求塑造了这里的景观：现代农舍和当代建筑与较旧的雪松木屋及经典瑞士风格的小屋并存。与此同时，历史建筑受到镇历史保护委员会的保护，以维护斯托经典的新英格兰特色。

斯托的商业区由两条主干道组成：紧凑且适合步行的主街 (Main Street) 以及向滑雪度假村延伸的山路 (Mountain Road)。连接这两条路的是一条 5.3 英里的铺装休闲路径。

值得关注的停靠点与商店 肖氏杂货店 (Shaw's General Store)

这家商店成立于 1895 年，已在同一家族中传承了五代。店内销售户外服装、礼品、枫糖甜点和纪念品。

佛蒙特州滑雪与单板滑雪博物馆 (Vermont Ski and Snowboard Museum)

该博物馆成立于 1988 年，旨在庆祝该州的冬季运动文化。馆内收藏了 8,000 多件物品，包括复古滑雪服装和档案照片。

The Current

这家当代艺术非营利组织与斯托公共图书馆 (Stowe Free Library) 共用空间，位于一座 1861 年的历史建筑中，展出全球及地区才俊的作品。

冯·特拉普家族旅馆及度假村 (Von Trapp Family Lodge & Resort) 这座家族经营的度假村占地 2,600 英亩，由冯·特拉普家族于 1950 年建立。该家族在 1938 年离开被纳粹吞并的奥地利，这一经历启发了电影《音乐之声》。由于斯托的山丘与他们的故乡十分相似，该家族决定定居于此，其后代至今仍拥有该地。

推荐会员资格 斯托的社交生活分布在多个俱乐部中。全职居民和年轻家庭青睐斯托网球俱乐部 (Stowe Tennis Club) 的夏季项目和泳池。第二居所业主则倾向于 Spruce Peak 俱乐部 (The Club at Spruce Peak)，那里提供滑雪进出 (ski-in, ski-out) 权限、高尔夫、泳池设施等。与此同时，质朴的曼斯菲尔德湖鳟鱼俱乐部 (Lake Mansfield Trout Club) 则提供钓鱼和水上活动。

年度盛事

斯托热气球节 (Stowe Balloon Festival) 是一项年度夏季传统活动。该活动通常在 6 月下旬举行，为期数日，包括早晚的热气球升空、系留飞行、现场音乐、当地美食摊位以及夜间热气球展示。

买家建议 房价通常在 100 万加元以下（\100万美元，此类房屋通常需要翻修）到 500 万加元以上（\500万美元）不等。为了保持竞争力，买家应花时间了解斯托不同的社区，以便在合适的房源上市时能立即采取行动。

房产列表

6 间卧室，10 间浴室 这座面积为 14,145 平方英尺的欧式庄园拥有山丘、草地、池塘和私人步道网络，此外还配备室内泳池、健身房、酒窖和谷仓。 代理人：Meg Kauffman, LandVest / 佳士得国际地产 (Christie's International Real Estate)。

$12.4.95 亿 5 间卧室，7 间浴室

5 间卧室，7 间浴室 这座面积为 5,988 平方英尺的住宅专为室内外融合生活及滑雪后社交娱乐而设计。配套设施包括泳池、日式浸浴池和红外线桑拿房。代理人：Meg Kauffman, LandVest / 佳士得国际地产 (Christie's International Real Estate)。

$5.8.44 亿 8 间卧室，8 间浴室

8 间卧室，8 间浴室 这座面积为 11,434 平方英尺的现代庄园坐落在 25.19 英亩的土地上，包括双池塘、一座黏土网球场、一个加热泳池、热水浴缸和景观花园。 代理人：Amanda Jenkins Gerlack, Nancy Jenkins Real Estate。

HOUSE CALL / ALICE COOPER

他热爱恐怖电影中的荒诞感

这位摇滚明星兼回忆录作者讲述了他的早年健康问题、对查克·贝里的热爱，以及在万圣节装扮成佐罗的经历。

13岁时，我的胃部出现了剧痛。当我终于去看医生时，他诊断出我阑尾破裂并引发了腹膜炎——即衬在腹壁上的薄组织发生肿胀。他警告我的父母，我可能无法幸存。

幸运的是，我的阑尾破裂处

幸运的是，我的 破裂处已经闭合。 我在医院住了25天 以排出腹膜炎 液体，随后在家里 卧床休养了一年。 在我14岁时， 医生切除了我 阑尾的残余部分。

我们最初住在密歇根州东波因特的一栋旧两层房子里，那是底特律的一个郊区。我的父亲伊瑟·弗尼尔（Ether Furnier）起初是一名销售员，但因为他在海军期间学过绘图，后来成为了一名电子工程师。我的母亲埃拉·梅（Ella Mae）在第二次世界大战期间曾是一名铆工。 我出生时患有婴儿哮喘，导致经常剧烈咳嗽。10岁那年，也就是1958年，我们搬到了凤凰城的一栋双拼住宅里。那里干燥的热浪将我的哮喘“烧”没了。

我的父母开了两家餐厅，但在两家店都倒闭后，我们短暂地搬回了底特律。我的姐姐尼基（Nickie）和我热爱嘟-喔普（doo-wop）音乐，但当我的文斯叔叔播放查克·贝里的《Carol》时，我们的口味变得更广泛了。他的歌曲讲述的故事要么幽默，要么酷炫。我对他简直痴迷。

不久后，我们搬到了洛杉矶西部的一套公寓里，靠近父亲的兄弟——左手叔叔（Uncle Lefty）。他帮我父亲在加利福尼亚州帕萨迪纳的喷气推进实验室（Jet Propulsion Laboratory）找到了一份工作。

13岁在凤凰城时，我们住在拖车公园里的一辆两居室露营车中。这就是我阑尾问题的开始。到阑尾被切除时，我瘦得像根电线，脊柱弯曲，并且因为使用抗生素失去了大部分头发。父亲在固特异航空航天公司（Goodyear Aerospace）工作，并将我们搬进了一栋新的三层房子。每个万圣节，我都装扮成佐罗。那身黑衣、那把剑、那撇铅笔胡以及遮住眼睛的面具，对我有着某种吸引力。

我也热爱恐怖电影，并能领会其中的幽默。我被其中的荒诞感所吸引。我是班上的开心果，喜欢看其他孩子看不懂的电视节目，比如《欧尼·科瓦克斯秀》（The Ernie Kovacs Show）。我不觉得自己更聪明，但我知道我的幽默感与众不同。

去年，我被爱丽丝·库珀（Alice Cooper）迷住了。左图为他在20世纪60年代与姐姐尼基的合影。

1963年，我在《今夜秀》（The Tonight Show）中看到了超现实主义艺术家萨尔瓦多·达利，意识到看起来古怪是很酷的。我觉得让自己在他人眼中显得不自在是很舒服的。

到了高中，我的健康状况和头发恢复了，我成了一名运动员。在越野赛中，我体重轻，这让我作为一名新生就赢得了校队的席位。我的鼻子断过两次——一次是被篮球击中，另一次是在酷暑中长跑后晕倒时弄断的。

有四个朋友加入了运动员俱乐部（Letterman's Club），该俱乐部每年举办一次才艺表演。我们以一种昆虫命名，组建了“耳蜗乐队”（Earwigs），戴着披头士式的假发，穿着田径服，戴着太阳镜。我们还雇了些女孩在台下尖叫。听到那些尖叫声，我知道我想做什么了。

我们将乐队更名为“蜘蛛乐队”（Spiders），演奏原始摇滚，每天排练五小时。1967年，我们在洛杉矶演出，并将队名改为“Nazz”。然后我们

爱丽丝的空调

朋友们是叫你爱丽丝（Alice）还是文斯（Vince）？我的原名是文森特·弗尼尔（Vincent Furnier），但只有基思·理查兹（Keith Richards）叫我维尼（Vinny）。我已故的母亲叫我文斯，她于2022年去世。

你如何放松？每天早晨打高尔夫球。在屋里，我客厅里有一把大椅子，正对着一个100英寸的屏幕。我一直是个电视迷。

最近在家里买了什么奢侈品？一套新的中央空调系统。在菲尼克斯附近这种高温环境下，空调必须一直运行。

发现托德·朗格伦（Todd Rundgren）的乐队已经用了那个名字。

于是我们决定叫爱丽丝·库珀（Alice Cooper）。这听起来像是一个诡异版本的贝蒂·克罗克（Betty Crocker）。我的眼线灵感来自贝蒂·戴维斯（Bette Davis）在1962年电影《宝贝简怎么了？》（What Ever Happened to Baby Jane?）中疯狂的妆容。

1968年电影《芭芭拉拉》（Barbarella）中安妮塔·帕伦伯格（Anita Pallenberg）饰演的黑皇后角色是我的时尚灵感。

1969年，我们与弗兰克·扎帕（Frank Zappa）的Straight Records唱片公司签约，但我们的前两张长篇专辑（LPs）都失败了。我们的经纪人谢普·戈登（Shep Gordon）将我们迁到密歇根州，为了排练第三张专辑。中西部的观众非常喜爱我们将黑暗剧场与硬摇滚相结合的风格。我们走红了，华纳兄弟（Warner Bros.）随后买断了我们的合同。

现在，我和妻子谢丽尔（Sheryl）住在菲尼克斯附近。1972年，我用第一笔摇滚明星的薪水花90,000美元买了这栋房子。当时它只有2,000平方英尺。现在它变成了7,000平方英尺——一座西班牙风格的庄园（hacienda）。

我们热爱万圣节，但我十月份几乎总是在巡演，谢丽尔陪我一起旅行。我们在门外放一大锅糖果，依靠人们的自觉（honor system）。 ——口述给马克·迈尔斯（Marc Myers）

爱丽丝·库珀，78岁，是以其名字命名的乐队的主唱，该乐队在20世纪70年代初开创了震惊摇滚（shock rock）。他今年秋天将在美国巡演，并且是回忆录《肩上的恶魔》（Devil on My Shoulder，Da Capo出版）的作者。

年龄增长的是经验，而非记忆缺失。

有些东西随年龄增长而到来，有些则不然。

了解阿尔茨海默病的预警信号。

阿尔茨海默病协会（ALZHEIMER'S ASSOCIATION®）

私人房产 / 滑雪与山地住宅

山中的飞船

CESAR CID / IMAGESTATE; KERRY HYNDMAN FOR WSJ (插图)

在加利福尼亚州圣哈辛托山脉靠近伊迪尔怀尔德（Idyllwild）的高处，一个收获金色的飞碟状建筑坐落在巨大的岩石露头之上。

这座建筑被称为 Futuro，是由芬兰建筑师马蒂·苏罗宁（Matti Suuronen）在 20 世纪 60 年代后期设计的一种塑料房屋。据估计，全球共制造了 100 栋 Futuro，虽然没有官方统计，但人们认为目前仅存约 50 或 60 栋。

这座 位于洛杉矶和圣迭戈之间，被列入美国国家历史遗迹名录，并被认定为加利福尼亚州历史地标。现在，它正以 $1.4.95 亿 的价格上市销售，

待售 $1.4.95 亿 800 sq. ft., 1 间卧室， 1 间浴室，气密设计

这座充满未来感的房子长期以来一直是米尔福德·韦恩·唐纳森（Milford Wayne Donaldson）的热情项目。他是一位保护建筑师，曾被巴拉克·奥巴马总统任命为历史保护咨询委员会主席。米尔福德（习惯被称为韦恩）和他的妻子劳里·唐纳森（Laurie Donaldson）将这座 从拆除的命运中拯救出来并进行了修复。多年来，唐纳森夫妇每月大约花一周时间住在 中。该建筑的内部空间约为 800 平方英尺，距离他们位于萨克拉门托附近的常住家园有 6 到 8 小时的车程。

韦恩表示， 是对那个将塑料视为奇迹材料——廉价、轻便且极具可塑性——时代的追忆。他说，塑料在第二次世界大战后流行起来，它是太空时代乐观主义的象征，代表了人们相信科学能让日常生活变得更好的信念。 由结构增强的玻璃纤维聚酯塑料制成，配有像气泡一样的亚克力窗户，设计初衷是为了能够轻松地移动到目标地点，通常是通过直升机运输。韦恩表示，虽然 最初构思于芬兰，但唐纳森夫妇的这栋以及美国大多数其他 都是由一家费城公司根据美国许可协议建造的。

韦恩说，如今有一个规模虽小但忠诚度极高的 爱好者群体，粉丝遍布从

新泽西到新西兰的各地。一个非正式的粉丝网站充当着中心枢纽，提供全球位置地图以及近期销售和修复的记录。

现年 83, 岁的韦恩说，他从小就热爱太空；他总是被像《闪电侠戈登》（Flash Gordon）和《25世纪的巴克·罗杰斯》（Buck Rogers in the 25th Century）这样的科幻故事所吸引。成年后，他在加州理工州立大学圣路易斯-奥比斯波分校教授一门名为“建筑中的塑料”的课程。

20 世纪 70 年代后期，韦恩听说有一栋 严重损坏且即将被摧毁。它在圣迭戈设计中心后面的一个停车场里放置了多年，被用作储藏室。当设计中心被出售后，新业主开始拆除这栋直径约 26 英尺的 。

韦恩意识到他必须拯救这栋窗户破碎、绿色油漆剥落的 。他说他不记得具体支付了多少钱。当时他还没有关于如何处理它的计划；一位朋友同意让他将其暂时存放在圣迭戈的一个造船厂，修复工作在那里开始。

2004, 年，韦恩在距离伊迪尔怀尔德以北约 5 英里的 Pine Cove 小山村找到了一个大约 0.5 英亩的场地。他说，这片土地让他想起了芬兰安置苏罗宁第一栋 的山间避暑地。他以约 $70,000 的价格买下了这块地，并计划将 搬迁至此。

尽管苏罗宁的初衷是好的，但搬迁 证明是一项相当艰巨的挑战。在咨询专家后，韦恩得出结论，该结构太重，无法由标准尺寸的直升机吊起。而且，通过空中运输将需要一系列的许可

[...OMITTED...]

包括获得美国联邦航空管理局（FAA）的批准。

在那年12月，这座 Futuro 建筑被收缩包装，由平板卡车从圣迭戈运往派恩科夫，行程约 126 英里。在加利福尼亚州的护送下，它形成了一道奇观。

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佛罗里达州，马可岛

这座非凡的 Belize 顶层公寓坐落在马可角（Cape Marco）之巅，将精致的沿海设计与壮丽的墨西哥湾、海滩和岛屿景观完美结合。玻璃墙、宽敞的娱乐空间、宁静的主卧套房以及多个阳台，让生活在海岸线上升华。该房产配备全套家具，拥有顶级度假村设施和私人海滩通道，堪称绝佳之选。

\$6,495,000 michelle.thomasteamflorida.com

Premier Sotheby's International Realty Michelle Thomas 电话：239.860.7176 michelle.thomas@premiersir.com

阿拉巴马州，马丁湖

2026年10月25日举行公开开放日。这座位于 The Heritage 门禁社区内、面积 5,988 平方英尺的临水住宅拥有开阔的湖景、六间私人卧室套房、两间家庭房和一个铺位休息区。配备挑高天花板、拱形窗户、Wolf 和 Sub-Zero 品牌厨房、三个壁炉、覆盖式户外生活区、湖边火坑、瀑布景观以及三车位车库。\$4.795.000

Russell Lands Real Estate LLC Thomas Lamberth 电话：256.215.7011

德克萨斯州，东北部

美丽的赛普拉斯泉湖（Lake Cypress Springs）。位于德克萨斯州东北部，达拉斯以东，马特弗农（Mt. Vernon）以南。毗邻玛丽·金公园（Mary King Park）。拥有 200 英尺以上的 FM 公路临街面。是投资者、开发商等的理想机会。非常适合建造一座 #6600 万 的住宅等 —— 面积 9.278 英亩

\$6.900 万 www.cooperlandsurveying.com

Cooper Land Survey Inc. John Cooper 电话：903.348.4949 电子邮件：cooperlandsurvey@yahoo.com #1 个人代理

私人房产 / 滑雪与山地住宅

Futuro 房屋被整体运输到一座花岗岩山顶。

韦恩（Wayne）表示，当时有公路巡警陪同。

“我们封锁了三条车道，”他说。“当我们终于到达那里时，就像我们是‘花衣魔笛手’一样。身后大约有 40 个人开着车跟着我们。”随后，Futuro 被起重机吊起，安置在周围的树木之上。

房屋安置就位后，唐纳森夫妇（Donaldsons）以 20 世纪 60 年代的风格修复了内部：它拥有塑料层压饰面、亚麻油地毯地板，以及嵌入金箔的爆米花顶天花板。大部分材料均为原装。

住在这种准飞船式的房子里也有其古怪之处。韦恩说，这座一室一卫的房屋通过一个从结构底部舱口向下摆动的楼梯进入。由于它基本上是气密的，他说永远不需要除尘，但每年需要给外观打一次蜡。

韦恩表示，现在他的健康状况在下降，维护 Futuro 变得越来越困难。他还担心在自己去世后，将这个负担留给 66 岁的劳里（Laurie）。“万一我出了什么事，她不必在尝试出售它时感到束手无策，”他说。“现在尝试寻找一个真正欣赏它的买家是最好的……而不是仅仅把它做成 Airbnb 之类的。”

来自 Desert Sotheby's International Realty 的挂牌代理人蒂姆·麦克塔维什（Tim McTavish）表示，艾迪尔怀尔德（Idyllwild）以其松林和花岗岩山峰而闻名。这里有一个小型市中心，一所表演艺术学校，以及一种充满艺术气息、悠闲的氛围。

Futuro 房屋并不经常出现在市场上；过去几十年中售出的少数几套价格在 \$50,000 到 \$100,000 之间，不过韦恩表示那些房屋状况糟糕，无法居住。

麦克塔维什认为，这座房子可能会吸引建筑收藏家、博物馆或基金会。

-Katherine Clarke

▶ 在 WSJ.com / RealEstate 查看更多名宅照片。

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哥伦比亚特区

华盛顿特区

Philips Park, DC / $7,990,000

Forest Hills, DC / $4,300,000

华盛顿特区排名第 1 的个人经纪人

michael.rankin@sothebysrealty.com | | 202.271.3344 | | michaelrankindc.com |

MMXII TTR Sotheby's International Realty 为持牌房地产经纪人，Sotheby's International Realty 及其标志为经许可使用的注册服务标志。各办公室独立拥有并运营。住房机会均等。所有信息均被视为可靠但并不保证。价格和供应情况可能会发生变化。TTR Sotheby's International Realty 地址：1206 30th Street NW, Washington, DC 20007，办公电话：202.333.1212

多州房源

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DISTINCTIVE

DMg

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佛罗里达州

伊利诺伊州

239.316.3883

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©2026 Coldwell Banker 及其标志是 Real Estate LLC 的商标。本系统完全支持《公平住房法》和《机会均等法》的原则。由 Anywhere Real Estate Inc. 的子公司所有，Logo、Global Luxury 及其标志是 Real Estate LLC 拥有的注册服务标志。

华尔街日报。

D / 道琼斯

周日开放 2-4:30PM 由建筑师 Robert Nebolon 设计的绝美 Claremont Hills 现代风格住宅。可俯瞰城市与海湾景色，配备落地窗、优雅的饰面、环绕式露台、豪华主套房以及位于 Claremont Hills 的健身房。

房地产

市政机场 (KAFO)，该房产包含一座定制的单层住宅，一个配备齐全的 60' x 60' 加热飞机机库（含私人客房），以及高端航空设施。周边环绕着壮丽的山景，尽享怀俄明州全年的户外生活方式。

建立有意义的联系是一门艺术。

50年来，苏富比国际地产（Sotheby's International Realty）一直致力于将卓越的房产与全球目光敏锐的买家联系在一起。通过遍布86个国家和地区的26,000名顾问网络，我们将本土专业知识和全球影响力注入到每一段客户关系中。

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CONTENTS Arts in Review A11-12 Business & Finance..... B2 Business News..... B3 Crossword..... A12 From Page One.. A10 Heard on Street.. B10

THE WALL STREET JOURNAL.

DOW JONES

News Corp

* * * * * *

FRIDAY, OCTOBER 9, 2026 \~ VOL. CCLXXXVIII NO. 85

DJIA 51231.64 ▲ 51.77 0.10%

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WSJ.com

10-YR. TREAS.

(Reopening)

yield 5.232%

OIL \$91.49 ▲ \$3.21

U.S. Edition

GOLD \$4,131.80 ▲ \$18.00

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What's News

Business & Finance

◆ The U.S. budget deficit climbed 12% to nearly \$2 trillion in the fiscal year that ended Sept. 30, according to the Congressional Budget Office, hitting its highest level since the pandemic in 2021. A1

◆ The earnings of America's largest oil refiners are set to go gangbusters in the third quarter, spurred on by the conflicts in the Middle East and the war in Ukraine. B1

Investors think quirks deepening the bond selloff are running out of steam. Also on Thursday, Brent crude rose 4.1% while the S&P 500 and Nasdaq fell 0.5% and 1.25%, respectively, and the Dow rose 0.1% B1

◆ American Airlines, which was responsible for 60% of passengers who were involuntarily bumped from their flights last year, says it will stop the practice. B1

◆ Taylor Farms, the produce giant linked to the deadly cyclospora outbreak, is suspending certain sales of iceberg lettuce from central Mexico. B2

◆ Spotify has reupped with star podcaster Joe Rogan, securing licensing rights and ad sales for his show in a multiyear deal. B3

◆ PepsiCo cut its full-year earnings outlook as it faces inflation, higher ad costs and continued weakness in North America. B3

◆ Microsoft's Xbox is forming a new division focused on extending its franchises into areas like film and TV. B4

◆ SpaceX plans to buy cellular spectrum licenses from an investment firm, its biggest move yet into a wireless market dominated by traditional telecoms. B4

Worldwide

◆ Iran and its Houthi allies in Yemen delivered a one-two punch against Persian Gulf oil producers in separate attacks that sent oil prices sharply higher and further shattered the sense of security in the Saudi capital. A1

◆ Kimberly Guilfoyle's text messages with a MAGA ally show her seeking \$100,000 for her Amex account and offering access to top officials before her confirmation as ambassador to Greece. A1

◆ Nicolás Maduro and his wife were charged with conspiring to commit torture, as part of what U.S. prosecutors said was a scheme to maintain power in Venezuela. A3

◆ The Pentagon plans to livestream the firing-squad execution of a former Army psychiatrist who killed 13 people in a 2009 shooting at Fort Hood in Texas. A4

◆ The Trump administration is suspending several tech firms, alleging they abuse a program that allows H-1B visa holders to apply for green cards. A3

◆ An ICE officer shot and injured a man in New York City. Mayor Zohran Mamdani said officers surrounded the man while he was in a car with a 5-year-old child and fired. A3

◆ A congressional candidate in Arizona said she was attacked by two men and raped while fixing a campaign sign near Phoenix after midnight this summer. A4

◆ A Russian airstrike hit two buses in Ukraine, killing at least 30 people. A9

♦ Canadian poet Anne Carson was awarded the Nobel Prize in Literature. A8

Markets..... B9 Markets Digest..... B7 Opinion..... A13-15 Sports..... A16 Technology..... B4 U.S. News..... A2-4,6 World News..... A8-9

© 2026 Dow Jones & Company, Inc. All Rights Reserved

TATE EMERGENCY SERVICE/EPA/SHUTTERSTOCK
DEVASTATING TOLL: A Russian glide bomb struck two civilian buses Thursday near a stop in the eastern Ukraine city of Kramatorsk, killing at least 30, officials said. One of the destroyed vehicles is seen in a photo provided by the government. A9

‘Honey Please’: Guilfoyle Pushed Donor to Wire \$100,000 to Amex

Text messages with a MAGA ally show her offering access to top officials

Kimberly Guilfoyle was preparing for her congressional hearing to become U.S. ambassador to Greece when she reached out to a Trump donor with an urgent request: She needed \$100,000 that she said she owed American Express—in a way that wouldn't leave a paper trail.

"It won't show up anywhere if you wire money to American Express," she wrote on Signal, according to messages reviewed by The Wall Street Journal. "Please."

For months, Guilfoyle had been chatting with Eric Deters, a former congressional candidate in Kentucky who was seeking her help in getting the attention of the new Trump administration on some personal tax and legal issues—and had promised payments of as much as \$1 million if she was successful. As Donald Trump Jr.'s former fiancée, Guilfoyle offered to use her sway, according to Deters and messages reviewed by the Journal. She forwarded Deters the messages she'd sent to the new Internal Revenue Service chief and updated him on her ef-

By Dana Mattioli, Drew Hinshaw, Rebecca Ballhaus and Joe Parkinson

forts to lobby the Justice Department on his behalf.

But her confirmation was coming up, and she needed her card balance paid down before then, she said.

"Honey please I need you to get this done for me today," she texted Deters, adding a prayer hands emoji and a PDF with bill payment instructions from American Express. "You could just send it here," she wrote on July 3, 2025, just days before her July 9 confirmation hearing.

Deters didn't ultimately make the payment, telling Guilfoyle it would cost him his marriage. But the back and forth, part of a tranche of hundreds of messages, emails and letters reviewed by the Journal, raises new questions about the activities of one of America's most high-profile ambassadors.

Last week, Guilfoyle came under fire from Democrats on the Senate and House foreign affairs committees, who urged the State Department to review her conduct. They cited a Journal investigation into her promotion of a Greek company Please turn to page 410

Please turn to page A10

Iran, Houthis Deliver Big Blow In Gulf

Oil prices soar after attacks against tanker near Qatar and in Saudi capital

DUBAI—Iran and its Houthi allies in Yemen delivered a one-two punch against Persian Gulf oil producers in separate attacks on Wednesday night and Thursday morning that sent oil prices sharply higher and further shattered the sense of security in Saudi Arabia's capital city.

By David S. Cloud, Summer Said and Saleh al-Batati

Just last week, Iran appeared to have its back against the wall in its war with the U.S., its ports blockaded and its leverage over the Strait of Hormuz slipping. Now, Tehran is trying to regain the upper hand.

An oil-and-chemical tanker near Qatar was struck by several projectiles late Wednesday, causing casualties, according to maritime-intelligence firm Vanguard and the U.K. Maritime Trade Operations agency.

No one claimed responsibility for the attack, but officials in the region said Iran was likely behind it.

The ship attack was followed by Houthi strikes on Thursday in Riyadh, damaging multiple aircraft at the international airport and forcing residents to take cover in the third straight day of attacks on the city.

By increasing attacks on shipping, Tehran is seeking to break the stalemate in the strait and increase pressure on Washington to reach a diplomatic settlement, some analysts said.

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♦ Israel's military footprint expands in Gaza...... A8

Buyers See Boon Despite Rate Rise

Mortgage rates have hit their highest point in nearly three years, but it turns out there is a silver lining for some home buyers. The upward pressure on borrowing costs is starting to force sellers in some metro areas to cut their prices, giving buyers a glimmer of relief. A2

Average rate on a 30-year fixed mortgage

Source: Freddie Mac

U.S. Budget Hole Gets Deeper As Deficit Nears \$2 Trillion

BY RICHARD RUBIN

WASHINGTON—The U.S. budget deficit climbed to nearly \$2 trillion in the fiscal year that ended Sept. 30, according to the Congressional Budget Office, deepening the federal government's persistent red-ink trend.

The \$1.993 trillion deficit was 12% above the 2025 level in nominal dollars, reaching the highest level since 2021. The U.S. spent \$7.4 trillion last year, up 6%, and it collected \$5.4 trillion in revenue, up 3%.

The deficit also stayed high as a share of gross domestic product, the metric that economists watch closely. Although the final fiscal 2026 GDP number hasn't been released yet, budget experts expect the deficit to surpass $6\%$ of GDP, compared with $5.8\%$ in fiscal 2025.

The CBO's preliminary full-year deficit reading shows the country's finances stuck in an unusual rut that alarms policymakers but hasn't moved them to change course. Six-plus years into an economic expansion, the U.S. is running annual deficits normally seen only during recessions and wars. This year's jump in bond yields makes the fiscal trajectory even more challenging because it drives up annual interest costs on the \$32 trillion publicly held debt.

The Trump administration and the Republican-controlled Congress took several steps to reduce red ink since gaining full control of Washington in early 2025. They shrank the federal workforce, curtailed clean-energy tax

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900 Miles and a Bag of Change: The Quest to Save Pay Phones

* * *

Army of ‘phone spotters’ is racing against the clock to rescue the U.K.’s red booths

BY JAMES HOOKWAY

PENNAN, Scotland—William Arnold drove 900 miles from his home in Cornwall

this summer to a wind-swept pay phone on the Isle of Lewis. When he got there, he pulled out a big bag of coins and started making calls, 52 of them to be precise.

In doing so, he ensured the phone booth met the minimum threshold of a call a week to stay in

service another year. He also inspired others to do their bit to save the last of the public pay phones.

"There seems to be this hankering for real, tangible experiences, and a lot of this is borne out in things like the increase in sales of vinyl records," said Arnold, a photog-

Neediest cases

rapher and university lecturer when he isn't hunting down remote phone boxes. "Making a phone call the old way fits in with that, just hearing the way the line hums before putting a coin in."

All the talk of an AI apocalypse in recent

months may be encouraging the idea that we should preserve some tools that could come in handy in a de-digi-

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TOMORROW

WSJ. MAGAZINE

ERLING HAALAND

Personal AI Agents Are Great Until They Blab Your Bank Info

BY KATHERINE BINDLEY

Shane Mac had been using a personal AI agent since August without issue when the startup chief executive got pinged by one of his employees: a “heads up” about a team Slack message that had a screenshot attached.

There before him was a literal snapshot of his checking and savings account balances, various construction costs for a house project and recurring charges for Netflix and car insurance, courtesy of his agent.

"My heart kind of dropped," says Mac, who lives in Nashville, Tenn. "I thought I had things set up as separate, personal and work."

Mac had been using Grok Bot, SpaceXAI's “always-on agent,” giving it read-only access to his bank accounts and naming the agent “Personal CFO.” He maintains a separate Grok Bot agent linked to his work Slack, which he named “Chief of Staff.”

Mac demanded to know how Personal CFO had ended up posting his info to the company Slack. The bot explained itself, then sort of apologized: “That’s on me,” it said. “Wrong audience for personal cash—period.”

People are being wowed by the capabilities of their personal AI agents before being quickly brought back down to Earth.

Please turn to page A2

U.S. NEWS

Home Buyers See Advantage Despite Rates

Cost of mortgages is pressuring sellers to cut asking prices in some metro areas

BY NICHOLAS G. MILLER

Mortgage rates hitting their highest point in nearly three years is bad news for a stagnant housing market, but the upward pressure on borrowing costs is starting to force some sellers to cut prices, offering buyers a glimmer of relief.

Borrowing rates for 30-year fixed mortgages rose to $7.4\%$ from $7.28\%$ last week, according to Freddie Mac, a government-sponsored company that buys mortgages from lenders. That is the highest point since November 2023 and marks a continuation of a rapid run-up in rates that real-estate agents and mortgage brokers say has stopped buyers in their tracks.

The selloff in the bond market has lifted 10-year Treasury yields to their highest point in decades. Those yields are tied to what banks charge home buyers to borrow money for mortgages. Rates for 30-year fixed mortgages tend to follow the 10-year Treasury yield because most mortgages last around 10 years before being refinanced or exited through a sale.

Persistent inflation, along with continued economic strength, fueled partially by spending on artificial intelligence, has convinced bond investors that the Federal Reserve will keep short-term rates higher for longer.

Home prices have continued to rise on a national basis largely because supply has remained constrained, with many homeowners hesitant to give up their low rates from years ago. In many metros, however, prices have come down and buyers have begun to gain leverage as inventory rises.

Agents report that sellers are offering concessions, such as covering closing costs or paying for mortgage-rate buydowns, to get buyers in the door. Jackson Roberts, a broker at ATX Mortgage Lending in Austin, Texas, said 75% to 80% of his deals involve sellers offering credits to cover rate buydowns. In some cases, sellers are slashing prices.

In areas of the Sunbelt, where a building boom in the wake of the pandemic left inventory elevated, prices have continued to fall. In August, even before the latest run-up in rates, prices were down 5% year-over-year in the Dallas metro area, 3.4% in Austin and 1.9% in Tampa, Fla., according to First American, a data provider and economics firm focused on the real-estate market.

According to Redfin, 21% of sellers dropped their asking price during the four weeks ending Sept. 20, up only slightly from the year prior, but still the highest portion for this time of year on record for Redfin's data, which stretches back to 2022.

The housing market is “leaning a little bit more towards a buyer market right now,” said Kathryn McNeill, an agent in North Carolina. That is making some sellers hesitant to put their homes on the market, she said.

When Charles Hansel and his fiancée Ellen Smith saw a three-bedroom cottage with a wood-burning fireplace and a screened-in side porch listed for \$650,000 in a Charlotte, N.C., neighborhood they never thought they would be able to afford, they jumped.

"When this came up, we kind of looked at each other and we couldn't believe it," he said. "We figured we probably wouldn't be able to get in during normal times."

The couple had locked in a mortgage rate of 6.625% in September. They offered the asking price for the house, which the seller accepted.

Mortgage rates over 7% increase monthly payments for buyers, which has led many to stop their search or pull out of deals. At a 7.4% mortgage rate, a home bought for \$500,000 with a 10% down payment would require a monthly payment of \$3,716, including home and mortgage insurance and taxes, according to a Zillow calculator. At 6.71%, where rates averaged at the beginning of September, the monthly payment would fall to \$3,507.

In Seattle, high mortgage rates are compounded by tech layoffs making prospective buyers nervous about the labor market. In August, prices there were down 1.8%.

TJ and Jenni Vaninetti first listed their three-bedroom house perched on a hill with sunset views in the greater Seattle area around 75 days ago at just under \$900,000, the home's appraised value, and thought they would sell quickly. But the rise in rates changed the equation.

This week, they cut the price for the fourth time, bringing it to \$780,000. They have advertised they would cover closing costs and buy down interest rates. Still, they received zero offers.

“There’s just no buyers,” said TJ Vaninetti. “They’re just not out there.”

U.S. WATCH

From left, Russia's Andrey Fedyaev, NASA's Jack Hathaway and Jessica Meir, and France's Sophie Adenot, in NASA photos, returned to Earth on Thursday after eight months in space.

PACIFIC OCEAN

Astronauts Return After 8-Month Trip

Four astronauts returned to Earth from the International Space Station on Thursday after hurrying there eight months ago to replace an ail-ing colleague and his crew.

SpaceX brought the American, French and Russian fliers back with a splashdown in the Pacific off the coast of Los Angeles.

NASA's Jessica Meir and Jack Hathaway, France's Sophie Adenot and Russia's Andrey Fedyaev departed the orbiting lab Wednesday, eager to reunite with their families after a lengthy separation.

They left the planet in February to replace four station occupants who were sent home early after one of them fell ill.

—Associated Press

TENNESSEE Pike Can Now Walk With Help

Christa Pike has taken her first steps with assistance, one week after a failed attempt to execute her left her in critical condition, her lawyers said Thursday.

Pike, 50, survived two doses of pentobarbital as the state sought to put her to death on Sept. 30 for the 1995 beating and stabbing death of classmate Colleen Slemmer. For the first few days of her hospitalization, Pike was unconscious and on a ventilator.

Her first steps on Wednesday were “limited” and she required some assistance as she walked. She was also able to eat for the first time, her attorneys said.

The failed execution has renewed scrutiny of how states carry out the death penalty.

—Associated Press

MICHIGAN

Antitrust Suit Filed Against Insurer

Michigan's attorney general filed an antitrust suit against Blue Cross Blue Shield of Michigan, alleging that the state's largest insurer used its dominant position to drive up health costs for patients.

The state's suit, filed Thursday morning in U.S. District Court in Detroit, argues that the insurer illegally co-operated with other Blue Cross Blue Shield companies to limit competition, leading Michigan's state government and others to pay inflated prices for health coverage.

"At a time where everybody in Michigan is experiencing an affordability crisis, Blue Cross of Michigan's unlawful conduct has resulted in everyone paying more," said Dana Nessel, Michigan's attorney general.

The complaint alleges violations of both federal and state antitrust statutes.

Blue Cross Blue Shield of Michigan is a nonprofit that had about \$43 billion in revenue last year.

"We fundamentally disagree with the Attorney General's characterization of an uncompetitive insurance market in Michigan," the insurer said in a statement. "Competition exists everywhere in our state's insurance markets, with strong local and national insurers competing with us every day."

Nessel said the damages sought in the suit would amount to hundreds of millions of dollars, and the state is seeking an injunction to end the activities alleged in the complaint.

The state's suit represents a new challenge for the Blue Cross Blue Shield system, and could become a challenge if other states follow Michigan.

—Anna Wilde Mathews

Personal AI Agents Can Be Chaos

Continued from Page One

They have taken off in recent weeks, managing users' email correspondence, travel itineraries and more.

But some users find that much like the models they are built on—which can hallucinate, misinterpret or even commit spontaneous acts of cybercrime—their artificial-intelligence assistants, too, can behave unpredictably.

The difference between a regular chatbot and an agent is that users typically ask agents to carry out tasks, like organizing their calendar or booking an appointment. The agent then breaks this prompt down into a series of steps, which are for convenience often not spelled out to the human it is working for.

Agents typically know to ask permission before doing major things like making purchases or deleting files, but other than that, they can have free rein. If a user's prompt is unclear, or if there are many ways to execute the requested action, mayhem might ensue.

In Mac's case, his agent conflated chat groups with similar names.

“It handled an ambiguous instruction badly,” he wrote in a

follow-up post.

Annica Benning, a San Francisco-based communications professional, has relied on an agent made by the small buzzy startup Instinct for the past month or so. Users can communicate with their Instinct agent from directly within their iPhone's Messages app. Benning has used hers to shop online, schedule Ubers and book flights.

She says it functions perfectly 90% of the time, yet it recently surprised her by buying a bikini. She had returned a swimsuit and had asked the agent to present her with some alternatives from the site. The agent sent her a link to approve its selection. She says she never approved it. Yet she received an email confirmation of the purchase.

“Anything you do with a credit card, it sends you an approval link,” she says. “But because this was store credit, not a credit card, it was able to bypass the approval link.”

She couldn't cancel the order. The bikini will arrive any day now. She is hoping it is returnable.

While traveling in New York a few weeks back, Benning had Instinct handle her dinner reservations. "It said, 'I went ahead and booked this.'” she says. The problem was, she had other plans that night—which her agent knew about.

Benning then had to ask the agent to cancel the reservation and ask the restaurant not to charge her the \$50-a-head no-show fee.

agent, agreed.)

(The restaurant, via her

Shalini Dinesh of Austin, Texas, had already been an aficionado of Anthropic's Claude when all the Meta Muse fanfare erupted online. She decided to try it out by letting Muse coordinate her son's 13th birthday.

The party was at a paintball venue, so the assistant drafted and sent a text to each parent with a release form to sign. It explained what clothing the children needed to wear.

The assistant also found nearby restaurants that could deliver food, taking into account any allergies of the attendees. And it also picked out age- and theme-appropriate goody bags for the children to take home.

Grok Bot posted Shane Mac's personal information in Slack.

Then it bungled the seemingly easiest part of the job, the RSVP list. Because two invited children had the same first name, the agent smooshed them together as one child, and only one child was listed as coming. Luckily Dinesh was able to double-check the list and correct Muse.

There was also a rigidity to what the agent considered an RSVP. “It was looking for exact keywords,” Dinesh says.

It had to be a clearly affirmative or negative response. "There is no 'Oh great, see you there,' she says.

Jesse Levey, founder of Bay Area startup Longevity Health, tried getting Muse to manage the activities schedules of his three children. He started manually entering a typical week from his calendar into Muse but then realized it would be too much of a pain with all the niche apps that teams use and the carpool shifts that tend to happen in chat groups.

He eventually asked Claude if there was a more powerful agent that could handle his children's schedules—one that still addressed his privacy and security concerns.

Its response surprised him: It suggested a “household manager”—a part-time human employee—to handle “camp registration races, sick-day improvisation and the 10 judgment calls a week that no system will get right.”

An AI version was possible, Claude said, but “the build will take months of your attention.”

Jobless Claims Continue To Decline

BY DEAN SEAL

U.S. jobless claims decreased for the fifth week in a row as employers continue to keep their workforce levels static.

The number of people who filed for unemployment benefits was 197,000 in the week through Oct. 3, 2,000 lower than the revised 199,000 reported a week earlier, the Labor Department said Thursday. Economists surveyed by The Wall Street Journal were expecting to see the figure rise to 200,000.

Continuing claims, which scale with the total size of the unemployed population, totaled 1.72 million in the week through Sept. 26, rising by 17,000 from the downwardly revised total a week earlier. The data on continuing claims lag the initial-claims data by a week.

The report reinforces the notion that employment levels have been holding steady in a low-hire, low-fire environment. A stable labor market is putting more pressure on the Federal Reserve to tackle inflation by raising rates this year.

CORRECTIONS & AMPLICATIONS

DHL said it doesn't require customers eligible for tariff refunds to provide an account number at a business-intelligence firm. A U.S. News article on Monday about tariff refunds incorrectly said that Derek Swanson had to provide his account number at a business-intelligence firm.

Nvidia has a strategic partnership with cloud-computing company Iren, but it isn't a financial backer of the company. A Technology article on Wednesday about Lambda's latest final round of fundraising didn't make clear that Nvidia isn't a financial backer of Iren.

Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-762-5450.

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U.S. Adds Torture Charges Against Maduros

BY CORINNE RAMEY

Nicolás Maduro and his wife were charged with conspiring to commit torture, as part of what federal prosecutors said was a scheme to maintain power in Venezuela by relying on repression and violence that included torturing U.S. detainees.

A revised indictment made public Thursday alleged the deposed leader committed human-rights violations while serving as Venezuela's president. Prosecutors said the torture included electric shocks, starvation and threats to harm and kill victims' families.

U.S. Special Forces seized Maduro, 63 years old, and his wife Cilia Flores, 69, from their home in Caracas during a military operation this year. The couple, who also face drug-trafficking charges, have been held at a federal jail in Brooklyn, N.Y., since being brought to the U.S. Their trial is scheduled for June.

In the prior indictment, made public in January, prosecutors accused Maduro, Flores and co-defendants of working with drug traffickers and narcoterrorists to distribute tons of cocaine to the U.S.

Both have pleaded not guilty. Maduro said during a court appearance this year that he was innocent and still president of Venezuela. In the wake of his removal, Maduro's former deputy Delcy Rodríguez has served as the country's interim leader, with backing from the Trump administration.

U.S. District Judge Alvin Hellerstein said Maduro and Flores would be arraigned on the new charges in the coming weeks.

ANE ROSENBERG/REUTERS
Nicolás Maduro

During a hearing in Manhattan federal court on Thursday, Hellerstein denied a bid by Flores for bail. Flores, shackled and wearing black jail garb, listened to the proceedings sitting alongside her lawyers.

Lawyers for Flores argued that, due to health concerns with her heart, she should be allowed to await trial under home detention with 24-hour armed surveillance. Prosecutors have said she should remain jailed, arguing she is a flight risk and has no ties to the U.S.

Hellerstein said he took Flores's assurances she wouldn't flee with “many grains of salt.”

In the revised indictment, prosecutors said Maduro received updates on the torture of certain prisoners and at times suggested particular techniques. The indictment alleges Maduro would say “do not let them sleep,’ or ‘pour water on them,’ at times laughing after hearing about the abuse of prisoners.”

One American citizen who was detained in Venezuela was subjected to repeated beating and electric shocks to his testicles, according to the indictment. Another was handcuffed and for two days beaten with fists every half an hour, the indictment said.

Maduro has previously faced allegations related to torture. A United Nations report in 2020 found that Maduro and some lieutenants ordered extrajudicial executions, jailed political rivals and tortured protesters.

Separately, a federal judge this year ordered \$314 million be awarded to U.S. detainees who sued Maduro and other defendants over alleged torture.

Gulf Coast Buttons Up As Isaias Strengthens

Isaias strengthened into a Category 2 hurricane as it barreled toward the U.S. Gulf Coast on Thursday, prompting orders for tourists to abandon beaches and sending locals scurrying for gas and groceries before the storm's arrival.

The first hurricane of the Atlantic season was forecast to intensify rapidly and cause dangerous conditions in the Florida Panhandle, southern Alabama and southern Mississippi when it makes land-fall late Friday or early Saturday. Heavy rain and flooding were possible into the weekend as far north as Tennessee and North Carolina.

Coastal communities moved quickly to prepare (photos above and right), as Alabama Gov. Kay Ivey ordered nonresidents to evacuate Gulf Shores, Orange Beach and Dauphin Island.

-Associated Press

FROM TOP: JOE RAEDLE/GETTY IMAGES, OCTAVIO JONES/AP

Tech Firms Face Green-Card Suspension

Vice President JD Vance said Thursday the administration is suspending several tech firms, including Microsoft, from a program that allows H-1B visa holders to apply for green cards.

By Natalie Andrews, Philip Wegmann and Michelle Hackman

The action by Vance's anti-fraud task force targets Microsoft, Adobe and several tech recruiting companies over what officials have alleged are abuses of the visa system. The announcement came on the same day that President Trump recognize Microsoft's CEO at an event.

Vance said no other company has abused the system more than Microsoft, accusing the tech giant of laying off U.S. citizens only to replace them with foreign workers brought into the country on H-1B visas. "For every worker that Microsoft laid off, they replaced that worker with one-and-a-half foreign indentured servants," he said.

Microsoft and Adobe didn't respond to requests to comment.

Created by Congress in

1990, the H-1B program is the main pathway to the U.S. for highly skilled foreign workers, making it an engine of the tech industry and startup ecosystem.

Visa holders can become eligible to apply for green cards, which let them stay in the country indefinitely.

GOP pressure

The program has come under increasing scrutiny from Republicans as the Trump administration tries to compel companies to hire Americans.

The problem, the program's critics say, is that companies aren't required to show that no Americans are suitable for a particular job before they hire a foreign professional on an H-1B.

Vance has said the H-1B program “is completely broken” and signaled he would support eliminating the temporary visa program entirely. His wife Usha’s parents immigrated to the U.S. before the H-1B program was created, but arrived as students and stayed.

Vance said at a Turning

Point event at the University of Mississippi this year that people who come to the U.S. should focus on improving the country where they live.

“Look, I am married to the daughter of immigrants from India and, you know, I love my in-laws and they’re great people and they’ve been great contributors to the USA,” Vance said at the event in April. “One of the obligations of such citizens is that they must think about the country and not the country or group they came from...The system works only when everyone thinks of themselves as Americans,” he added.

H-1B to green card

Companies can employ someone on an H-1B for a maximum of six years and then must then sponsor them for a green card to keep them. The employment-based green card process, unlike the H-1B, requires that the company perform a “labor market test” to ensure that no Americans are qualified to fill the job in question.

The Trump administration has alleged that companies game this process to keep their existing employees by advertising jobs for green-card holders more narrowly than other job listings.

Tech pushback

The tech industry has countered these claims by arguing that, even though they advertise an immigrant employee's job more narrowly, they are following the guidelines set out in the law.

Tech companies have also said it is difficult to find an American with the precise skill set of an employee who has worked in the role for years.

Still, the administration has brought cases against several companies saying this green card process treats immigrants preferentially over American citizens.

The Justice Department has settled with several major tech companies, including OpenAI and Meta.

Under the law, the Labor Department can also suspend companies from being eligible to use the employment-based green card process altogether, but only after they have followed a process allowing the company to respond.

Asked about Trump's plan to award Microsoft CEO Satya Nadella the National Medal of Technology and Innovation, Vance said that the administration didn't want to harm the company but send them a message. “So we're going to continue to support Microsoft and have a great relationship with Microsoft, but we're also going to deny them the ability to apply for these permanent residencies until they show that they are going to get serious about putting American workers first,” he said.

Vance singled out nine American universities that he said were abusing a similar program, the J-1 visa program, which allows international students to work and study in the U.S. in exchange for legal status.

Vance said those universities merited further investigation, and Anthony D'Esposito, the Labor Department's inspector general, threatened legal action and said he had sent subpoenas to them.

RYAN MURPHY/GETTY IMAGES
People protested Thursday at the scene of the shooting in the Marble Hill neighborhood.

ICE Agent Shoots Man in Car With Child, Stirs NYC Uproar

BY JOSEPH PISANI

And Michelle Hackman

A federal immigration officer shot and injured a man in New York City on Thursday while making an arrest, angering local politicians who called for Immigration and Customs Enforcement to leave the city.

Mayor Zohran Mamdani said officers surrounded the man while he was in a car with a 5-year-old child and then fired. The child is believed to be unharmed, he said. "This is an unconscionable and incredibly serious situation," Mamdani, a Democrat, said in a social-media post.

The shooting occurred around 4 p.m. in the Marble Hill neighborhood of northern Manhattan, according to the New York Police Department. The person who was shot was conscious and at a hospital.

The officer is part of ICE's Enforcement and Removal Operations and was wearing a body camera, a government official said.

The Department of Homeland Security, which oversees

ICE, said the incident happened during a targeted operation to arrest an immigrant from the Dominican Republic.

President Trump, a Republican, has made mass deportations a focus of his second term, ramping up enforcement in cities around the country.

Mamdani said he plans to speak with Trump and ask that he end all ICE enforcement actions in the city. “Abolish ICE,” Mamdani posted.

New York Gov. Kathy Hochul, a Democrat, said, “New Yorkers are outraged tonight.”

THE EXCEPTIONAL DAYS OCTOBER 9 - 25

Ovalia Armchair, designed by Henrik Thor-Larsen 2026 edition, a reimagined icon

Congressional Candidate Says She Was Raped

Greene-Placentia says she was fixing campaign sign when two men attacked her

BY SCOTT CALVERT

Law-enforcement authorities in Arizona are investigating after a congressional candidate said she was attacked by two men and raped while fixing a campaign sign near Phoenix after midnight this summer.

The candidate, Bernadette Greene-Placentia, filed a report on Aug. 31 with the Mari-

JANNIE CHAVEZ/THE REPUBLIC/USA TODAY/REUTERS

copa County Sheriff's Office, the agency said Thursday. Her account became public this week when she shared it with the Phoenix New Times, the city's alternative newspaper.

Greene-Placentia, a Democrat challenging Republican Rep. Abraham Hamadeh for a seat in the U.S. House to represent Arizona's Eighth Congressional District, said she routinely went out in the middle of the night to repair signs since it was cooler. Usually, she was accompanied by her husband or a campaign staffer, she told a local television station, but she left home by herself around 12:15 a.m.

Bernadette Greene-Placentia

local time on Aug. 14.

"We're not paying for people to do things that I can do myself, and that includes pounding rebar and fixing signs," she said in a televised interview with ABC 15 Arizona. A long-haul truck driver for 27 years, she has adopted the campaign slogan "Trucker Tough" in her bid to defeat Hamadeh, who won the seat in 2024 by 13 percentage points.

Greene-Placentia said in the televised interview that the attack occurred in the Phoenix suburb of Sun City, and that she believes she was hit in the head with an object from behind, by someone she didn't see. She lost consciousness and said her first memory of the incident was feeling physical pain and opening her eyes to see “a guy climbing off me.”

“I remember opening my eyes, and I just was kicking or trying to move around, get away, and he’s, like, ‘Not worth it,’” she recalled. “I don’t remember hearing them leave. I don’t know how long it was that I laid there before I rolled over, and I looked up and my car was like right there.”

She said her landlord's camera showed her returning home around 1:40 a.m. “looking not well.”

Greene-Placentia said she was left with multiple bruises and a lump on the back of her head. She said she didn't seek medical attention or contact law enforcement sooner out of embarrassment.

A spokesman for the Maricopa County Sheriff's Office declined to comment, citing a continuing investigation. Its report about the alleged incident won't be available until the probe is completed, he said in an email.

Top Democrats have been speaking out to offer support to Greene-Placentia. Arizona Sen. Ruben Gallego said on X he was “absolutely heartbroken,” adding, “We cannot tolerate political or sexual violence in any form. Those responsible must be held accountable.”

Fort Hood Shooter's Execution to Be Livestreamed

BY LARA SELIGMAN AND ANNE FLAHERTY

The Pentagon said it planned to livestream the firing-squad execution of Nidal Malik Hasan, a former Army psychiatrist who admitted to killing 13 people in a 2009 shooting at Fort Hood in Texas.

Defense Secretary Pete Hegseth said in an interview with a conservative news outlet aired Thursday that he had wanted to ensure “people are able to watch it” because “people need to understand that there’s serious consequences for these types of things.”

The execution is scheduled to take place on Dec. 3 at

Fort Hood.

Hegseth said it would be carried out on a Thursday at 1 p.m. Central time, which was the same day of the week and around the same time of day that Hasan opened fire at the Army base on Nov. 5, 2009.

He called the decision to execute Hasan by firing squad a “no-brainer.”

Hasan's execution would be the first by the U.S. military since 1961, which occurred by hanging. It would be the first military execution by firing squad since 1945.

The execution by firing squad is scheduled for Dec. 3 at the Texas base.

"It hadn't been since World War II since we've done that.

Well, I kind of like the mentality we had in World War II, which was: 'win,' Hegseth told Real America's Voice.

"It was a radical Islamist attack in uniform inside the ranks, and so

he's going to get a firing squad of soldiers, as it should be," Hegseth added.

Under existing Army regulation, an execution can be attended by select members of the public, including family members of the victims and members of the media. But executions aren't witnessed by the broader public.

When asked for comment, a Defense Department official said in a statement that “it will be livestreamed” without providing further details.

Another Pentagon official said the decision to use a firing squad wasn't related to potentially limited access to the lethal drug pentobarbital, which was used last month in the botched execution in Tennessee of convicted murderer Christa Pike. Pharmaceutical companies no longer provide drugs for executions. So U.S. states have turned to loosely or even unregulated sources for the deadly cocktails, which experts say make lethal injections less reliable.

Hasan, a former Army major who worked as a psychiatrist, was convicted of multiple counts of premeditated murder and attempted murder in connection with the shooting, one of the worst soldier-on-soldier crimes in U.S. history.

The 13-member jury, composed of officers of equal rank or higher to Hasan, deliberated whether he deserved death or life in prison for about two hours before an- nouncing the death sentence.

Hegseth recommended that Hasan face a firing squad, and President Trump approved the plan Oct. 2, the Pentagon said.

Army regulation requires an execution take place no sooner than 60 days and no later than 150 days after the president approves a death sentence. In the case of Hasan, his execution on Dec. 3 would be almost immediately after the 60-day mark.

Hasan, who is paralyzed from the waist down after being shot by law enforcement during his attack, is being held on death row in Fort Leavenworth, Kan.

USS Lincoln Returns to San Diego Bay Following a Long Deployment

Sailors disembarked the USS Lincoln on Thursday, seen at right, following a deployment that included a record 265 uninterrupted days at sea supporting the Iran war and reports of supply shortages and deteriorating mental health among the crew.

Families waiting for the aircraft carrier's arrival in San Diego Bay described crying and losing sleep after hearing about the ship's food shortages and tough conditions.

Abel Ramirez, 20, walked off the carrier with a big grin, overjoyed that his first deployment was over. "It feels amazing," he said while headed out to search for his parents, who drove from Texas. "There was a certain point when I never thought I would come off."

The carrier drew national attention following reports of stress among the crew and poor mental health, as well as supply shortages, including food and hygiene products, during its Iran war mission.

Dozens of sailors stood atop the Lincoln as it glided past the cityscape of downtown San Diego toward cheering families who were carrying flowers and balloons. Defense Secretary Pete Hegseth flew out to the Lincoln on Wednesday to give the crew the Presidential Unit Citation, the highest honor a unit can receive.

—Associated Press

MIKE BLAKE/REUTERS

Michigan Senate Rivals Clash on Healthcare, Trade at Debate

BY JOHN McCORMICK

GRAND RAPIDS, Mich.—Democrat Abdul El-Sayed and Republican Mike Rogers clashed Thursday evening over policies involving the Middle East, healthcare, immigration and more in their first debate in the race for Senate in Michigan.

The candidates faced each other for an hour in a crucial state for Senate control in November's midterm election.

The Middle East

Rogers, a former House member, and Republicans have tried to stir fears about El-Sayed's Muslim faith, ties to Muslim groups and his vocal criticism of Israel.

Rogers criticized El-Sayed for not better recognizing this week's three-year anniversary of the Oct. 7 Hamas attack on Israel. "He could not bring himself to even acknowledge the pain, the terrorism, the rape, the murders," Rogers said.

"I've condemned that," El-Sayed said. "I don't turn it into political theater like you just did."

When asked by the moderator whether he considered Israel or Iran a bigger threat to America, El-Sayed said: "Both of them have proven dangerous in their own way. One at risk of attacking us, one getting us into wars we have no business fighting."

Immigration

El-Sayed was critical of the actions of the U.S. Immigration and Customs Enforcement, including the killing of two U.S.

citizens on the streets of Minneapolis in January.

Rogers called the actions in Minnesota “probably not appropriate,” while suggesting the administration’s enforcement efforts have reduced crime.

“It has been the largest decrease in murders ever recorded. Why? They were targeting murderers and rapists,” he said.

El-Sayed said ICE has been “terrorizing our streets” instead of conducting proper enforcement. “You don’t have to do that by violating the whole Constitution in the way that ICE has been able to do by this rogue administration,” he said.

The Democrat called for a “safe and secure southern border” and “a pathway to citizenship for folks who are stuck in limbo right now.”

Healthcare

The Democrat, Abdul El-Sayed, and the Republican, Mike Rogers, at the debate.

One of El-Sayed's signature policy positions is support for

PAUL SANCYA/PRESS POOL

Medicare for All, a proposal that Rogers and Republicans oppose. In response to the moderator, the Democrat said he could still see a role for private insurance.

"If families want to keep their private health insurance, that's fine by me," he said. "I want to guarantee every single person in this country cradle-to-grave coverage without premiums, copays, deductibles, that doesn't have a network, that does not pay a corporate CEO tens of millions of dollars a year."

Rogers repeatedly questioned El-Sayed's medical credentials. "He's not really a doctor," the Republican said, before suggesting his opponent would "go to jail" if he formally treated a patient.

El-Sayed has called himself a physician, but there is no public evidence he has experience as a licensed medical doctor. He studied to be a doctor, but then moved into public health and then politics.

Trade

President Trump's trade war with Canada has been especially felt in neighboring Michigan. Earlier this week, Rogers broke with the president, a Republican, over the tariffs on Canada, the latest step he has taken to distance himself from the administration's economic agenda.

“I would like to see the deal made,” Rogers said. “I have actually called the White House this week, talked to the secretary of commerce about getting the deal done. Canada still has some high tariffs for U.S. goods and they did this before this started. Those should be eliminated. There are tariffs that I think are too high and not helpful for us.”

El-Sayed suggested Rogers has flip-flopped on the issue and called for “smart tariffs” that are tied to manufacturing jobs that “protect our own market.”

After the debate, Rogers was asked by a reporter whether he would campaign in Michigan with Trump at his side. He declined to directly answer.

During the debate, the Republican had said there are “a lot of people that want to hear from the president.”

U.S. RESIDENTS CASH IN: Calls are pouring in from state residents who are trying to get their hands on the Jumbo Silver Ballistic Bags pictured above before the deadline ends. That's because residents who find the first 2 digits of their zip code printed in today's publication are cashing in on the reduced State Minimum price set for the next 2 days by the Lincoln Treasury.

U.S. zip codes turn up silver for residents

Sealed Vault Bags full of State Silver Bars are actually being handed over to the first U.S. residents who find their zip code listed in today's publication and call before the 2 day deadline ends to claim the bags full of pure silver

Operators at the National Silver Hotline are struggling to keep up with all the calls.

That's because Silver Vault Bags loaded with pure .999 State Silver Bars are now being handed over to everyone who beats the order deadline.

“That’s why U.S. residents will be hoarding all the silver bars they can get their hands on before the deadline ends. This comes as no surprise after the standard State Minimum set by the Lincoln Treasury was dropped for everyone who gets the Silver Vault Bags making them a real steal,” said Mary Ellen Withrow, the emeritus (Ret.) 40th Treasurer of the United States of America.

"As executive advisor to the private Lincoln Treasury, I get paid to deliver breaking news. And here's the best part. This is great news for U.S. residents because the reduced State Minimum set by the Lincoln Treasury is a real steal," said Withrow.

The only thing residents need to do is find the first 2 digits of their zip code on the Distribution List printed in today's publication. If their zip code is on the list, they just need to call the National Silver Hotline before the deadline ends.

And here's the good news. Residents who do are getting the reduced State Minimum set by the Lincoln Treasury of just \$396 for each State Silver Vault Bag which is just over \$39 for each pristine Silver five gram bar as long as they call the National Silver Hotline at 1-888-234-5086 before the deadline ends.

Phone lines open at precisely 8:30 A.M. this morning and are expected to be flooded by U.S. residents looking to cash in on the reduced State Minimum set by the Lincoln Treasury to date. That's why U.S. residents who find their zip code on the distribution list today are being urged to call.

Since this special advertising announcement can't stop anyone from buying up all the new 2026 Edition U.S. State Silver Bars they can get their hands on, the Lincoln Treasury has not set a limit of how many Jumbo Silver Ballistic Bags residents can get – these are the bags pictured at the top that contain 100 individual Silver Vault bars each. Everyone who gets these will be glad they did.

"Residents who want to cash in on the reduced State Minimum set by the private Lincoln Treasury better hurry. That's because after the deadline ends, the State Minimum for these pristine five gram U.S. State Silver Bars set by the Lincoln Treasury will go up to \$66 per bar no matter how many bars people get," Withrow said.

"We're bracing for all the calls and doing the best we can, but with just hours left before the deadline ends, residents who find the first 2 digits of their zip code listed in today's publication need to call the National Silver Hotline," Withrow said.

▲ SILVER IS SOARING: It's good news for state residents who get the Silver Vault Bags each loaded with 10 five gram State Silver Bars. That's because residents are getting the State Minimum set by the private Lincoln Treasury as long as they call before the deadline ends.

Who gets the Silver Vault Bags: Listed below are the zip codes that get to claim the Silver Vault Bags. If you find the first two digits of your zip code below immediately call: 1-888-234-5086 DEPT. SFG115

Alabama35, 36	Florida32, 33, 34	Kansas66, 67	Minnesota55, 56	New Mexico87, 88	Pennsylvania15, 16, 17	Vermont05
Alaska99	Georgia30, 31, 39	Kentucky40, 41, 42	Mississippi38, 39	New York00, 10, 11, 12	18, 19Rhode Island02	Virginia20, 22, 23, 24
Arizona85, 86	Hawaii96	Louisiana70, 71	Missouri63, 64, 65	13, 14North Carolina27, 28	South Carolina29	Washington98, 99
Arkansas71, 72	Idaho83	Maine03, 04	Montana59	27, 28North Dakota58	South Dakota57	West Virginia24, 25, 26
California91	Illinois60, 61	Maryland20, 21	Nebraska68, 69	Ohio41, 43, 44, 45	Tennessee37, 38
Colorado80, 81	62	Massachusetts01, 02, 05	Nevada88, 89	Oklahoma73, 74	Texas75, 76, 77
Connecticut06	Indiana46, 47	Michigan01, 02, 05	New Hampshire03	Oregon73, 74	Utah78, 79, 88
Delaware19	Iowa50, 51, 52	Michigan48, 49	New Jersey07, 08	Oregon97	Utah84

I keep calling and can't get through: Keep trying. Right now everyone's looking to cash in on the reduced State Minimum set by the Lincoln Treasury. In fact, we won't be surprised if thousands of residents order up as many Silver Vault Bags as they can get their hands on before the deadline ends. That's because the State Minimum set by the Lincoln Treasury has been reduced to just over \$39 for each solid silver five gram bar for everyone who gets the vault bags. Each Silver Vault Bag contains 10 pristine State Silver Bars is just \$396. There is also a Five-Bar Vault Bag option for \$198. But all those who really want to cash in are taking the Jumbo Silver Ballistic Bags containing 100 State Silver Bars before the deadline ends and the State Minimum set by the Lincoln Treasury goes up to \$660 per Vault Bag. In fact the State Minimum set by the Lincoln Treasury is reduced even further for those getting the Jumbo Bags so just be sure to ask the National Silver Hotline operator for your discount. So if lines are busy keep trying.

How much are the Silver Vault Bags worth: It's hard to tell how much these Silver Vault Bags could be worth since they are in pristine condition, but those who get in on this now will be glad they did. That's because the State Minimum set by the Lincoln Treasury goes up to \$660 per bag after the deadline ends. So you better believe that at just \$396 the Silver Vault bags are a real steal for everyone who beats the deadline.

Can I buy one State Silver Bar: Yes. But, the reduced State Minimum set by the Lincoln Treasury of just over \$39 per bar applies only to residents who purchase a Silver Vault Bag(s). That means only those residents who order a Silver Vault Bag(s) or a Jumbo Silver Ballistic Bag get the reduced State Minimum set by the Lincoln Treasury. All single bar purchases, orders placed after the deadline and all non-state residents must pay the normal state minimum of \$66 per silver bar.

Why is the State Minimum set by the Lincoln Treasury so low now: Thousands of U.S. residents stand to miss the deadline to get the silver at the reduced State Minimum set by the private Lincoln Treasury. Now all residents who find their zip code on the Distribution List above are getting the Silver Vault Bags for themselves and all the solid .999 pure State Silver Bars found inside. The price for each Silver Vault Bag after the deadline ends is set to the normal state minimum of \$660 which is \$66 per bar. But residents who beat the 2-day deadline only cover the reduced State Minimum set by the Lincoln Treasury of just \$396 for each 10-Bar Silver Vault Bag which is just over \$39 per bar as long as they call the National Silver Hotline before the deadline ends at: 1-888-234-5086 DEPT. SFG115. Hotlines open at 8:30 A.M. or, visit LincolnTreasury.com/Flag and enter SFG115 at checkout.

*** All States listed above are available - States not listed are already sold out ***

.999 STATE SILVER BAR PHOTO ENLARGEMENT SHOWS DETAIL OF THE SOLID FIVE GRAM PERSONALIZED SOLID SILVER BARS MEASURING TWO INCHES HIGH AND ONE AND A QUARTER INCHES ACROSS

TERMS AND CONDITIONS: PLEASE USE CHECK OR MONEY ORDER WITH NO TRANSACTION FEE. ALL OTHER PAYMENT FORMS HAVE A THREE PERCENT SERVICE FEE. FLUCTUATIONS OF MARKET SUPPLIES MAY RESULT IN EXTENDED SHIPPING DATES BEYOND THE EIGHT-WEEK ORDER FULFILLMENT PROCESS, SUBSTITUTION, OR REVOCATION OF THE ORDER AT THE SOLE DISCRETION OF LINCOLN TREASURY. LINCOLN TREASURY LLC. IS NOT AFFILIATED WITH ANY GOVERNMENT AGENCY. THE COLLECTIBLE VALUE OF LINCOLN TREASURY PRODUCTS DOES NOT GUARANTEE ANY INCREASE IN FUTURE VALUE. LINCOLN TREASURY OFFERS AN IRON-CLAD MONEY-BACK GUARANTEE. IF FOR ANY REASON WITHIN 30 DAYS FROM SHIPMENT YOU ARE DISSATISFIED WITH YOUR PURCHASE, RETURN THE ENTIRE PRODUCT AND PACKAGING FOR A REFUND, LESS SHIPPING AND RETURN POSTAGE. ORDER CANCELLATIONS PRIOR TO SHIPPING WILL RESULT IN A REFUND OF THE TOTAL AMOUNT, INCLUDING THE SERVICE FEE. SHIPPED ORDERS QUALIFY FOR TOTAL AMOUNT LESS SERVICE FEE. LINCOLN TREASURY IS NOT RESPONSIBLE FOR LOST SHIPMENTS. THE HONORABLE MARY ELLEN WITHROW, ADMIRAL JAMES G. FOGGO, US NAVY (RET.), AND BRIGADIER GENERAL JAMES MOORE, US ARMY (RET.) ARE EXECUTIVE ADVISORS TO LINCOLN TREASURY AND COMPENSATED FOR THEIR COUNSEL AND CONTRIBUTIONS. ©LINCOLN TREASURY 2026.

Wall Street Veteran Now Buys Missiles

Billionaire Feinberg is tasked by Trump to speed up output of weapons of war

Soon after a July cabinet meeting ended at Camp David, the rustic presidential retreat in Maryland, President Trump turned to Defense Secretary Pete Hegseth with an order: "Get Feinberg on the phone."

By Lara Seligman, Drew FitzGerald and Marcus Weisgerber

The Feinberg in question is Hegseth's deputy, Steve Feinberg, a private-equity billionaire who grew up in the Bronx. Trump asked Feinberg why he was still seeing media reports that the U.S. had paused attacks on Iran amid concerns about dwindling weapons stocks, given Feinberg's job was to improve those stocks.

"The president wants more. The secretary wants more. I want more," Feinberg recently said, explaining his approach in his first interview since taking the job last year.

As the U.S. expends thousands of missiles in the Iran war, Feinberg is trying to speed up the Pentagon's ability to get new weapons. The jury is still out on whether it will work.

Over the past year and a half, he has attempted a sweeping overhaul of the Defense Department's approach to weapons production, establishing a new procurement bureaucracy re-

porting directly to him and taking billions of dollars in government stakes in companies that supply critical materials, rocket engines and other key parts.

In large part, he has relied on companies and executives familiar to him from his time running the investment firm he co-founded, Cerberus Capital Management.

Some of Feinberg's bets will take years to pay off, and Congress has yet to fund many of them. Skeptics within the Defense Department worry that his Wall Street playbook isn't well suited for the world's biggest military.

“We have to address our production,” he said. “I’m sure I’m going to make the mis-

Skeptics worry his Wall Street playbook isn't well suited for the military.

takes, OK? And I'm sure everyone will talk about the mistakes when we make them. But that's part of trying to make changes and being urgent."

The efforts have included, according to people familiar with the matter and documents reviewed by The Wall Street Journal:

—Paying \$300 million to corporate-turnaround advisory firm Alvarez & Marsal, a longtime Cerberus partner, in addition to existing government employees.

—Hiring about 300 retired auto and other executives, under a group called the Business Operators for National Defense, who are paid government salaries of \$150-\$170 per hour to visit the factories of military contractors and their suppliers and offer advice.

—Providing up to \$244 million to data-analysis company Palantir for a platform called War Machine to improve efficiencies at military contractors, in addition to the hundreds of millions of dollars the firm is separately paid by the department for other work.

Some officials have privately questioned why the Pentagon, rather than military contractors, should pay for some of those efforts. Feinberg said the added help addresses specific needs.

"There's a big shortage in

the department of capable operators," he said. "Our acquisition teams and our department people are terrific, but they're not operational manufacturing people."

Some Trump allies have criticized Feinberg's Wall Street ties. They include Laura Loomer, who said in August that “Feinberg’s mess” would be a problem for Trump and Hegseth if he wasn’t “put on a tighter leash.” In recent weeks, various media outlets have reported that White House officials interviewed possible successors to Feinberg, which the White House denied.

Some Trump

Feinberg said he had no plans to leave. “I have total support from the White House and the department, and I’m all-in to the end of the term,” he said. White House spokeswoman Anna Kelly said: “President Trump has full confidence in the Department of War under the stellar lead-

The Pentagon struck early ‘framework’ deals with weapons makers and their suppliers several months before handing out contracts.

WEAPON TYPE	RECIPIENT	Framework deal	Supplier agreement	Contract action
Patriot interceptors	Lockheed Martin
THAAD interceptors	Lockheed Martin
Tomahawk missiles	RTX
Standard Missile-3	RTX
Standard Missile-6	RTX

ROSIE ETTENHEIM/WSJ
Note: Some contracts aren't yet final and are subject to change. Sources: Department of Defense, the companies

Steve Feinberg, No. 2 official at the Pentagon. At top, the U.S. launches a Tomahawk at the outset of the Iran war.

ership of Secretary Hegseth."

At a ceremony Tuesday for a new Navy shipyard, Trump said he thought Feinberg was doing a fantastic job.

Preliminary deals

Under Feinberg, the Pentagon has also struck more than a dozen preliminary deals to prod weapons makers and their suppliers to speed up munitions production. But Congress has yet to fund most of it, as lawmakers haggle over details of the administration's \$1.5 trillion defense-budget request.

Todd Harrison, a defense-industry analyst at the right-leaning American Enterprise Institute, likened the preliminary munitions deals to “a plan to make an agreement.” “None of that matters unless you have funding to get things started,” he said.

Feinberg said the multiyear deals signal to defense firms that the Pentagon is committed to buying their products over the long term.

A meeting last December laid bare the gulf between Congress and the Pentagon on actually funding Feinberg's requests. He called lawmakers to a secure meeting room and told them that the Pentagon urgently needed roughly \$28 billion in additional funding to pay for new missile purchases, according to Pentagon and congressional officials. Lawmakers and aides found Feinberg's request out of touch with reality, the officials said, given that they had wrapped up funding bills for the year. They eventually added about \$8 billion.

After Trump spoke to him from Camp David, Feinberg sent out a series of terse memos for military contractors. One asked for quick-turnaround proposals to surge production of certain military technology like radars. Another demanded that contractors open up their accounting systems to provide “pricing transparency” to Pentagon officials, a particularly galling request of smaller companies that viewed it as adding more red tape to their work. A later memo reduced that burden for smaller companies.

Feinberg has stepped up his efforts to woo lawmakers. In early September, he met with Rep. Tom Cole (R., Okla.), chairman of the House Appropriations Committee, and California Rep. Ken Calvert, chairman of its defense subcommittee, for a dinner at Calvert's house that lasted three hours. They dined on steak and smoked cigars while discussing the Pentagon budget.

The focus was “trying to figure out, honestly, ways to get them more money,” Cole said. “That’s the biggest thing that you need to do. You need to do it soon."

Feinberg took the job planning to stay behind the scenes. He says he was inspired to serve in government by his father and uncles who served in World War II. “I grew up in a humble, modest way. I want to help America,” he said.

Cerberus ties

When he joined the department, Feinberg placed his Cerberus interests in an irrevocable trust for his adult children. Critics, including some Trump allies and Democrats, have pointed to potential conflicts of interest from Cerberus's portfolio, which includes companies that draw on U.S. national-security spending, from hypersonic weapons to military logistics. The firm also launched a defense-focused venture capital fund in 2024.

In a July letter, Sen. Elizabeth Warren (D., Mass.) told Feinberg she had “ongoing concerns” about the issue.

A senior Pentagon official said profits on national-security investments that would otherwise go to the trust will go to charity. A Cerberus spokesman said Feinberg “is not involved in the operations of Cerberus or its portfolio companies in any way.”

Other companies from Feinberg's private-sector life are playing a role in the Pentagon's new efforts. The department has hired the law firm that represents Cerberus, McDermott Will & Schulte, to help negotiate some deals. Some weapons makers have hired advisers including Feinberg's former bank, Goldman Sachs, to negotiate with the government. Such talks in the past didn't usually involve Wall Street firms.

A McDermott spokeswoman said the firm's Pentagon work is reviewed by U.S. ethics officials and it would be recused on transactions with a Cerberus affiliate. A Goldman spokesman declined to comment.

Some Pentagon officials said the work in part replicates work the department is already doing. The Pentagon has a separate in-house team to spur armaments production, and another office that has thousands of government employees working in contractor factories.

Feinberg said the military program managers still have a role in the department's work, and said that the Pentagon saved billions of dollars last fiscal year by “optimizing” the civilian workforce and making other budget cuts. “I’m glad our bosses are also putting on the pressure,” Feinberg said. “We have to perform.”

U.S. Deficit Approaches \$2 Trillion

FINN GOMEZ/GETTY IMAGES

Continued from Page One breaks, let some healthcare subsidies expire and lowered food-stamp enrollment.

But the surge in tariff revenue President Trump hoped for didn't happen fully because the Supreme Court ruled he overstepped his legal authority, forcing the government to issue refunds. And Republicans increased deficits by expanding immigration-enforcement spending, extending expiring tax cuts and cutting taxes further.

“They could have blown it up worse, and they wanted to, some of them,” said Douglas Holtz-Eakin, a former CBO director who now runs the conservative American Action Forum. “They didn’t make any real progress, so we just wandered along.”

Headed into the next month's midterms, neither party has emphasized deficit reduction, and both have floated ideas that could increase deficits. Trump, a Republican, has promised \$5,000 checks for adult U.S. citizens at a cost of more than \$1 trillion—if voters keep the GOP in control of Congress. He also wants to boost military spending sharply. Democrats, meanwhile, are running on restoring healthcare spending cuts made by Republicans.

Lawmakers in both parties bemoan rising deficits, but they offer differing solutions.

'Unsustainable trend'

The continually big U.S. deficits—hovering around 6% of gross domestic product—are historically unusual outside of economic downturns and national emergencies.

“Running \$2 trillion deficits in a growing economy with low unemployment and no major emergency situation going on is an unsustainable trend,” said Shai Akabas, vice president of economic policy at the Bipartisan Policy Center. It is “not what we should be doing when circumstances are relatively calm.”

The annual deficits have accumulated into a publicly held debt that is surpassing 100% of GDP and heading toward the post-World War II record in a few years.

After World War II, military spending declined and the U.S.

sometimes ran annual budget surpluses. That drove the debt burden downward.

Now, structural forces are driving deficits and debt higher. The government's largest programs are Social Security and Medicare. Both are growing faster than the rest of the budget, and both are popular with voters.

The government's interest costs are also climbing, consuming more than \$1 of every \$5 of tax revenue, and policymakers can't do much about that directly. Last year, the U.S. paid more than \$1.1 trillion in net interest on the public debt, according to CBO. That climbed \$115 billion, or 11% above the 2025 level, and it effectively accounted for more than half of the deficit increase. The U.S. spent more on interest than it did on increasing more than it spent on national defense or Medicare. The rising interest burden doesn't include much effect from the recent run-up in Treasury yields that pushed the yield on the benchmark 10-year note to 24-year highs. That rate shift takes longer to filter into the budget because it only affects new debt that gets issued as older debt comes due.

Lawmakers in both parties bemoan the rising deficits, but they have starkly different approaches.

Senate Budget Committee Chairman Ron Johnson (R., Wis.) said Congress pushed up spending during the pandemic and hasn't done enough to reduce it. "I harangued my colleagues, and obviously it was completely ignored," he said in an interview this week. "It's out-of-control spending, which we just refuse to rein back in to a reasonable level."

Note: Fiscal year ends Sept. 30. FY2026 figures are preliminary. Sources: Office of Management and Budget, Congressional Budget Office

The path forward

In the post-election congressional session, Republicans might consider a one-party budget bill to implement a military spending increase. Johnson said he is eyeing changes to reduce fraud in federal programs.

Trump officials have said they would release a “fiscal consolidation” plan to reduce deficits toward Treasury Secretary Scott Bessent’s target of 3% of GDP. But Trump has said he wants to issue the \$5,000 checks, which would almost certainly be paid for with more borrowing, and he has pledged to block efforts to reduce Social Security or Medicare benefits.

Democrats said the government should reverse declines in tax enforcement and raise taxes on corporations and high-income households.

"There's this sort of culture of impunity for primarily rich tax evaders that the government does not want to pursue," said Corey Husak, director of tax policy at the Democratic-aligned Center for American Progress.

The deficits are unsustainable, said Rep. Brendan Boyle (D., Pa.), who is likely to lead the Budget Committee if Democrats take control of the House in next month's election.

“While Republicans have been completely hypocritical on the debt issue, that doesn't make the problem of a massive deficit any less real,” he said. “Any serious plan must include finally making billionaires shoulder more of the burden.”

Some of the effects of Republicans' 2025 “one big, beautiful bill” started to show up in the fiscal 2026 budget data. Corporate tax revenue decreased by \$70 billion, or 16%, though they rebounded some in September.

Other changes, including reductions in projected Medicaid spending, haven't kicked in yet. One change from last year's law makes comparing fiscal 2025 and 2026 tricky. The law changed student-loan repayment rules, and that was accounted for as a one-time spending reduction of \$131 billion in 2025.

The fiscal path ahead will depend in part on the election results. Divided control of the government now looks likely. That sometimes leads to bipartisan deals for fiscal restraint—but it also sometimes yields agreements where each party agrees to back the other's deficit-expanding plans.

Remember when you felt this way about school supplies?

Through Volunteers of America's Operation Backpack®, more than 59,000 children started school ready to learn this year. Scan to help the next child start strong. VOA.ORG/BACKPACKS-FOR-KIDS

Israel's Military Footprint Expands in Gaza

Israeli military positions based on satellite imagery

Forces fortify bases along a dividing line with Hamas as army entrenches in enclave

BY ANAT PELED

GAZA CITY—From an elevated perch on the eastern edge of Gaza City, a military official standing near bulldozers described the extent of Israel's entrenchment in the Palestinian enclave. He pointed out two of Israel's more than 30 bases in the territory, a third of which have been built since a ceasefire with Hamas took effect last year.

Israel says it is using the outposts to guard a new dividing line with Hamas-held territory as its military clears out tunnels on the Israeli-controlled side—a job it says is nearly complete.

In the process, Israel is removing essentially every structure its troops encounter, military officials said. During a recent visit, The Wall Street Journal didn't see any buildings remaining on the Israeli side of the line.

The fortified outposts, which overlook a sea of rubble, often sit on high ground within the Israeli side of the so-called Yellow Line, the boundary separating Israeli-controlled territory from the rest of Gaza, according to the official and analysis of satellite imagery.

"The Yellow Line is where you see the buildings that stand," the military official said in the sandy ruins of Shuja'iyya, a neighborhood that had seen repeated rounds of fighting during the war.

Israel doesn't allow journalists to enter Gaza on their own, saying the environment isn't safe. Tightly controlled military embeds are the only way for international reporters to access the enclave. The Journal went on such an embed in early October. Many news organizations have criti-

Built since October 2025 ceasefire

cized Israel's policy on access for international journalists to Gaza and are advocating for independent access.

Israeli officials say the military outposts and flattened areas are meant to reinforce Israel's defenses after the Oct. 7, 2023, Hamas-led attack on Israel, in which about 1,200 people were killed and some 250 hostages taken to Gaza.

During the attack, militants overran civilian communities and front-line bases near the border, including an outpost staffed by unarmed female observers and the Erez Crossing, where soldiers were killed. Officials say Israel decided it needed wider buffer zones and a stepped-up military presence to protect civilian communities and soldiers.

Buildings can hide tunnel entrances or be used by militants, the military said. Soldiers took the Journal through a sprawling tunnel in the outskirts of Shuja'iyya that they said had been discovered eight months ago. Israel has destroyed nearly all the tunnels

Existed before October 2025

Sources: Jake Godin/Bellingcat (positions based on Sept.-Oct. Skysat imagery); United Nations Office for the Coordination of Humanitarian Affairs (Yellow Line); Survey of Israel (SOI)/GovMap (aerial imagery, 2025)

DANIEL KISS/WSJ

The outskirts of the war-torn Shuja'iyya neighborhood in Gaza.

on its side of the Yellow Line, two other military officials said.

"The Yellow Line is a new border line—serving as a forward defensive line for our communities and a line of operational activity," Israel's military chief of staff, Eyal Zamir, said in December.

The Israeli military has expanded its control of Gaza from $53\%$ under the terms of the deal drawn up as part of President Trump's peace plan last year to about $70\%$ as it shifts the Yellow Line forward, according to Israeli Prime Minister Benjamin Netanyahu.

The 32 Israeli outposts in service in Gaza are visible on satellite imagery, according to analysis by Jake Godin, a senior researcher at Bellingcat, an investigative consortium. The fortifications follow the Yellow Line and range from roughly one to 3 miles inside Gaza's border with Israel.

The Israeli government's mapping agency last month briefly released high-resolution, unblurred images on the internet of northern Gaza from 2025 that showed several Israeli military outposts. The images have since been blurred by the Israeli government.

Outposts take several months to build and follow a similar rectangular layout, Godin said. Most are paved, likely to ease access for military vehicles. They are filled with temporary structures for soldiers to sleep, eat and work in, and have communication towers nearby.

Military officials and analysts said the outposts are mainly being used for routine security tasks and are tactical rather than permanent.

"The way all these bases are being built is a kind of reflection for the sad fact that Israel actually has no strategy," said Michael Milshtein, a former Israeli military intelligence officer. "You are not building such sites if you want to stay forever or if you have any other idea."

The Israeli prime minister's office didn't respond to a request for comment.

Under the second phase of Trump's plan, Israeli troops were meant to gradually pull back from their positions as Hamas disarmed and handed control to a civilian administration and an international security force. But a year after the deal's announcement, all of those elements are stalled.

Hamas has said it is willing to disarm, but it disagrees with Israel on the terms. The militant group continues to assert its authority in the enclave. A committee of Palestinian technocrats hasn't so far entered Gaza, and the international-stabilization force lacks troops and agreement on its mandate. Funding for Gaza's reconstruction remains stuck.

No progress is expected ahead of Israeli elections set for Oct. 27, said people familiar with the matter. Netanyahu's party is in a tough fight. Likud's hard-right coalition partners have objected to the terms of the Gaza peace agreement. Netanyahu has said that Israel rejects its terms.

The U.S. administration has pressured Netanyahu to move forward with the peace plan, while acknowledging Israel's security concerns.

The Israeli military has continued to carry out strikes in Gaza. Many of the targets have been what Israel says were militants involved in the Oct. 7 attacks.

Gaza health authorities have reported more than 1,400 Palestinian deaths since the Trump-brokered ceasefire went into effect a year ago, without saying how many were combatants.

Israel's history with the enclave shows that it also can abandon the military outposts it builds in Gaza when circumstances change. The military walked away from sturdier bases set up to protect Israeli settlements in Gaza when Israel unilaterally disengaged from the territory in 2005, Milshtein said.

Israel also abandoned facilities in a sprawling military zone known as the Netzarim corridor that divided northern and southern Gaza before the 2025 ceasefire.

“Based on what I’ve seen, they could easily just abandon these outposts,” Godin said. “They have destroyed a lot of buildings to build these outposts, and that is something that can’t be undone, but they could easily leave these giant dirt berms where they are.”

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Scan this code to see WSJ's Anat Peled report from inside Gaza.

Houthis, Iran Deliver Big Blow

Continued from Page One

The limited military moves could raise oil prices and pressure President Trump before the midterm election, while stopping short of another full-scale military confrontation.

U.S. officials believe deferring a decision about whether to resume military operations against Iran will increase pressure on Tehran to make major concessions, including on its nuclear program.

“Iran is clearly raising the pressure, while Washington is hardening both its rhetoric and military posture, but neither side has yet abandoned diplomacy,” said Andreas Krieg, a senior lecturer at the School of Security Studies at King’s College London. “This is precisely what makes the moment so dangerous. Both sides are trying to improve their bargaining position while sitting only one serious incident away from a much-wider war."

The clashes underscored the region's volatility and the difficulty that Trump, a Republican, faces keeping a lid on its conflicts at least until after midterm elections in the U.S. next month.

Trump said on Thursday that the U.S. won't attack Iran before the election, citing “productive” talks with Tehran.

“We will not be attacking Iran at any time prior to the Midterm Elections,” Trump wrote in a Truth Social post.

He has also declined Saudi requests for direct U.S. military assistance against the Houthis, though the Pentagon is providing intelligence and other support.

Oil prices rose despite the president's comments, with Brent crude, the international benchmark, settling at \$104.27 a barrel, up 4.1%, and WTI, the U.S. benchmark, up 4.1% to \$91.87 a barrel. Surging energy prices weighed on stocks and Treasury yields.

Oil producers have increasingly relied on the U.S.-protected tanker movements, ship-to-ship transfers outside Hormuz and pipelines that bypass the strait entirely.

Tehran aims to increase pressure on U.S. to reach a diplomatic deal.

Saudi Arabia has also resumed exports from both its Gulf and Red Sea coasts after repairing part of the damage to its East-West pipeline following an at- tack in Septem- ber.

The Houthis are armed and trained by Tehran, but their escalating attacks against Saudi cities and oil facilities indicate they are less cautious than their Iranian backers.

The Houthis stepped up strikes inside the kingdom after Riyadh launched a campaign to retake Houthi-held territory in Yemen that threatened Saudi ship traffic through the Bab al-Mandeb, the heavily traveled gateway to the Red Sea.

In response to the Saudiled counteroffensive, long-range Houthi strikes have escalated into a daily occurrence in Riyadh, more than 500 miles north of the fighting in Yemen.

The Houthis said on Thursday that Saudi aircraft had carried out several airstrikes across Houthi-controlled areas, including strikes targeting telecommunications networks in Yemen's capital San'a, Hodeidah Airport and the city of Ibb, causing several casualties.

"The fires targeting Saudi targets have not stopped, while warnings and strikes continue to escalate," Houthi leader Abdul Malik al-Houthi said on Thursday in a televised speech. "Saudi Arabia's regime cannot achieve its objectives" of controlling Yemen, he said.

At least two airplanes were struck in the latest attack on Riyadh's King Khalid International Airport on Thursday. Falling debris from an intercepted ballistic missile hit a kindergarten and a medical-clinic complex, while workers in the city's financial district, students at some international schools and diplomats were ordered to evacuate or take shelter.

Residents across the city said they heard at least five huge booms Thursday morning but received no alerts or warnings on their phones from authorities.

An empty commercial plane at Riyadh airport's Terminal 4, which handles domestic flights, was hit in the afternoon and dozens of incoming flights were canceled or diverted.

Foreign students at several international schools were shaken after spending part of the afternoon sheltering in place in windowless rooms, said a mother who spoke to parents at several of the schools.

The Houthis' military spokesman, Yahya Sare'e, said in separate statements that the airport had been hit by a ballistic missile and by two cruise missiles.

The Saudi-led military coalition said it had shot down two ballistic missiles on Thursday.

It was at least the third time the airport had been targeted since Tuesday, when Houthi officials vowed to respond to airstrikes and missile attacks by the Saudi-led coalition against their forces in Yemen.

The Houthis have repeatedly warned “all international airlines using Saudi airspace” to halt their flights, except those over the Muslim holy cities of Mecca and Medina.

The European Union Aviation Safety Agency has warned airlines that “recurrent missile and drone attacks, together with the activation of air-defense systems, create an increased risk of misidentification of civil aircraft.”

Saudi officials have been putting out new warnings to the public since Tuesday that filming and sharing images of drone and missile attacks, or interceptions, could bring legal charges.

WORLD WATCH

SMOKE ON THE WATER: Boats navigated near the Rio Negro bridge Thursday as wildfires loomed over Manaus, Brazil.

UNITED KINGDOM

Two Latvians Held Over Base Break-In

U.K. counterterrorism police are questioning two Lat-vian men after they broke into a British military base that is used as an intelligence hub by the U.S. military and NATO forces.

The arrests mark the second incident involving a U.K. base in weeks, following the recent arrest of five men outside RAF Fairfield on suspicion of plotting a terrorist attack.

Police said they arrested the men after a security patrol at RAF Molesworth in Cambridgeshire discovered an abandoned vehicle early Wednesday and subsequently arrested two Latvian men, aged 36 years old and 32, inside the base.

RAF Molesworth is an intelligence hub for the U.S. European Command, U.S. Africa Command, and NATO's Intelligence Fusion Centre, which helps coordinate the alliance's military operations. No aircraft are launched or stored at the base.

—Max Colchester

CANADA

Poet Gets Nobel Prize in Literature

Canadian poet Anne Carson was awarded the Nobel Prize in Literature for her "bold and inventive oeuvre that, in playful dialogue with the classical tradition, has created new forms for contemporary literature."

The Nobel Committee lauded Carson for her distinctive style that mixes classical scholarship, lyric poetry and avant-garde translation. Her work often reimagines ancient Greek mythology and philosophy through a personal, contemporary feminist lens.

Born in Toronto in 1950, Carson trained as a classicist at the University of Toronto before transforming that expertise into a career that has combined poetry writing with translation work and teaching at various universities and institutions.

Carson's best-known works include genre-blending books like "Autobiography of Red," a queer coming-of-age tale that reinterprets a work by the ancient Greek poet Stesichorus. —Gareth Vipers

MARIA SENOVILLA/EPA/SHUTTERSTOCK
A covered body remains near a bus stop in the eastern Ukrainian city of Kramatorsk after a Russian missile strike.

Russian Attack on Buses Kills at Least 30 in Ukraine

Glide-bomb strike on eastern city comes in a bloody week for civilians

BY ANASTASIIA MALENKO

KYIV—A Russian airstrike hit two buses Thursday in the eastern city of Kramatorsk, killing at least 30 people, the latest attack in Moscow's escalating Ukraine bombardment.

The two buses were near a bus stop in Kramatorsk when a Russian glide bomb—a heavy, airdropped bomb guided to its target by fins—hit. Both buses were reduced to charred and twisted metal, while the bodies of passengers and other bystanders were scattered, showed photos and videos.

At least an additional 20 people were hurt, officials said.

Moscow has been escalating its airstrikes against Ukrainian cities. On Wednesday, a cruise-missile strike on an apartment block in northern Ukraine killed 22, including five children. The campaign has killed or injured thousands of civilians this year.

Ukraine, lacking Patriot interceptor missiles because of a global shortage since the U.S.-Iran war, is struggling to defend itself against ballistic missiles, while Russian jet-powered drones also are inflicting damage. Glide bombs, dropped by

Russia's war planes on areas near the front line, are particularly hard to defend against.

Kramatorsk, one of the last major cities under Ukrainian control in the eastern Donetsk region, is coming under mounting bombardment as Russia tries to conquer the area. Moscow's forces have struggled to advance on the battlefield this year, but its drones, missiles and glide bombs are making civilian life near the front lines more difficult.

“Russia is trying to destroy all life in Donbas,” Ukrainian President Volodymyr Zelensky wrote Thursday on X.

Public transit in Kramatorsk and nearby Slovyansk were stopped after the strike.

"The Russians are deliberately targeting civilians. For them, a bus full of passengers is an attractive target precisely because a single strike can kill as many people as possible," a regional governor, Vadym Filashkin, said on the messaging app Telegram.

Russia's Ministry of Defense didn't respond to a request for comment.

More than 80% of Kramatorsk's population, which was close to 150,000 before Russia's 2022 invasion, has left the city, and hundreds more are leaving daily, officials say. The city's main streets are mostly covered in antidrone nets, but these offer no protection against heavy glide bombs.

Far-Left French Mayor Stands At Student Protests' Front Line

BY MATTHEW DALTON

PARIS—When French riot police bore down on a throng of student protesters this week, Bally Bagayoko, the mayor of a working-class suburb of the French capital, jumped in front of the high-schoolers and acted as a human shield.

“Stop! Back up!” Bagayoko shouted to the police, according to video of the standoff that went viral, his arms outstretched as he leaned against the students at his back.

The 53-year-old repeatedly has stepped into the front lines of the student protests that have swept French schools this month, becoming a hero of the movement and a lightning rod for its critics. The far-left mayor of Saint-Denis, just north of Paris, was carried through the streets last week by student protesters shouting “Bal-ly! Bal-ly!”

The attention has transformed Bagayoko into a leading figure in France Unbowed, the far-left party led by Jean-Luc Mélenchon that has risen in polls ahead of next spring's presidential elections. Yet centrist and right-leaning politicians say Bagayoko is fueling a movement that has sowed chaos, with protesters blockading many schools and setting some of them on fire.

Prime Minister Sébastien Lecornu accused France Un-bowed of being behind the protests. Since then, intelligence services have said the movement began spontaneously, was infiltrated by violent antiestablishment protesters and was later embraced by Bagayoko and other members of the far-left.

Still, Bagayoko last week appeared to endorse violence by protesters if they are attacked by the police.

That prompted the Paris police to ask prosecutors to open an investigation into Bagayoko for incitement. Bagayoko didn't respond to a request for comment.

Tens of thousands students protested again on Thursday, including a large gathering at Place de la Bastille, the site of the prison that was stormed and torn down in the French Revolution. Protesters burned a police car in Strasbourg, attacked a police station in La Rochelle and destroyed a school cafeteria in Saint-Etienne, among other incidents.

Bagayoko called for President Emmanuel Macron to apologize to the families of students injured in the protests.

French education is largely funded by the central government. Broad student discontent is driving the protests. The students say teachers are often absent, that school facilities are in poor condition and that the school days are too long. They want France's university admissions system to be reformed and food in school cafeterias to be improved.

Mayor Bally Bagayoko

Bagayoko, the son of immigrants from Mali, is considered a rising star in France Unbowed. This week, he defended his role in the protests, saying he feared that police might hurt the students.

“They held back because I’m a recognizable figure,” Bagayoko said.

China Is Offering Half Measures To Fix Economy

BY KATRINA NORTHROP

While China's technological advances—from artificial intelligence to space—have dazzled the world, much of its economy is in the dumps. A collapsing property market hasn't found a bottom, legions of college graduates can't find jobs and companies are struggling to turn a profit.

But instead of pulling out the big guns to deal with its deep-rooted problems, Beijing has mostly deployed half measures, some economists said. It is a sign of how intractable China's economic difficulties are—and the structural challenges leader Xi Jinping faces in addressing them.

In the past month, Beijing has rolled out a steady drip of measures, including mortgage subsidies, fresh capital for state banks and some new infrastructure investment. The piecemeal approach may help China hit its modest growth target for this year, but it is far from enough, some economists said.

“This is not the big bazooka,” said Frederic Neumann, HSBC’s chief Asia economist. The government’s “marginal” measures will have only an incremental impact, he said.

Xi is seeking to drive China to global superiority in cutting-edge technologies, even as the domestic economy languishes. This

Second-quarter rise in gross domestic product from year-earlier period

reflects his focus on making China impervious to Western pressure and his message to the Chinese people: Enduring financial hardship is sometimes necessary to serve greater national goals.

The problems are becoming more urgent. China's gross domestic product expanded $4.3\%$ in the second quarter compared with the same period last year, the slowest in more than three years and just under Beijing's target of $4.5\%$ to $5\%$ this year.

Much of the growth comes from exports, particularly the chips and tech equipment feeding the global AI boom. Electronics manufacturing used for the AI sector drove more than half of the country's quarter-on-quarter expansion in the second part of the year, according to Capital Economics, making Chinese growth highly dependent on the continuing tech bonanza.

Beijing is trying to respond. It just started subsidizing mortgages for first-time buyers to reduce the cost of homeownership, as the country's epic property crash extends into its sixth year. The central government is directly funding the policy, a decision experts say reflects Beijing's sense of urgency about bolstering the real-estate market.

But the policy has a small scope. The mortgage subsidy of

1 percentage point will run for one year and applies to homes that are less than 1,300 square feet and valued at less than \$223,000. It will only cover 16% of total transactions and 12% of new home sales, according to a Morgan Stanley estimate.

“It is quite limited,” said Dan Wang, China director at Eurasia Group, a consulting firm. The modest discount is “not like lifelong support” for mortgages, she added.

If the government were willing to take bolder action, Wang added, it could eliminate price floors to let the market bottom out. But this would expose homeowners to huge volatility, a political and social risk Beijing is unwilling to take. "They just don't want the prices to adjust too drastically—they want to control the decline," she said.

Last week, officials reached for tools to lift infrastructure investment—the sort of spending that generated huge growth in China's go-go years. The central bank cut interest rates for a tool, called pledged supplementary lending, used to support government-backed projects. They also expanded the program to channel funding in areas like power grids, communications and logistics.

Taken together, the moves are “a nudge, not a game changer,” Barclays analysts wrote last week, and are far smaller than the stimulus package from September 2024.

These measures follow Beijing's push to shore up state banks earlier in September, when it announced a \$54 billion capital injection into eight of the largest banks and insurers. That followed a more than \$70 billion injection last year.

Financial institutions in China are facing an increasing crunch: Beijing directs banks to lend to troubled sectors, like real estate and financing vehicles for local governments, whose revenues have been decimated by the property crash.

This squeeze is visible in Chinese banks' sinking net interest margins—the difference between what they earn on loans and pay out on deposits.

September's injection is too small to fix the issue, said Nicholas Borst, director of China research at Seafarer Capital Partners. Instead of recognizing many bad loans in one fell swoop and dealing with the financial consequences, Beijing has opted to “extend and pretend,” Borst said.

Despite the difficulties, Chinese officials project confidence. In a speech last week marking China's national day, Xi said the country's economy has “continued to progress despite mounting pressure” and pledged to “improve people's livelihoods and meet the targets and tasks set for the year.”

In Spain, Grief and Politics Mix After Death of Evicted Woman

DSCAR DEL POZO/AFP/GETTY IMAGES
Protesters paid tribute Thursday to María del Carmen Abascal, the 87-year-old pensioner whose eviction triggered nationwide protests over Spain's housing crisis and a political debate.

BY MARGHERITA STANCATI AND MARCOS GARCÍA REY

MADRID—Hours after the death of an 87-year-old woman known as Maricarmen here, the political jockeying over her legacy began.

María del Carmen Abasca died in a hospital two weeks after she was evicted from an apartment where she lived for decades. Televised scenes of her being carried away on a stretcher sparked protests against the housing crisis.

Abascal had become the face of the struggle to fix Spain's housing market—the top concern for voters ahead of Nov. 29 elections. Her death on Wednesday, days after Spanish Prime Minister Pedro Sánchez announced the election, turned her into a political martyr.

As grief gives way to anger, the question is which candidate is best equipped to convince voters they can prevent what happened to Abascal from happening again. Politicians across the spectrum quickly weighed in on her death.

Sánchez sent “a hug to everyone who today feels this loss as our own.”

“Maricarmen did not die, she was murdered by the vultures who wanted to take her house, the justice system and the administrations that allowed it," said Ione Belarra, the leader of the far-left Podemos party, using a code word for real-estate and investment firms.

“They have killed Maricarmen,” the far-right Vox party

said on its X account. “They have used the suffering of an elderly person to stage a campaign that hides the Government’s responsibility in the housing disaster.” The party blamed the housing crisis on migrant arrivals under Sánchez.

Opinion polls show the left-wing Sánchez is heading for electoral defeat against the conservative People's Party, which likely would enter a coalition with Vox if it wins. Sánchez and his allies see housing as a social-justice issue that might turn their fortunes around.

Abascal's story is likely to be central to campaigns, said Beatriz Becerra, a political analyst and a former centrist lawmaker at the European Parliament. "The best tribute to Maricarmen is to ensure that, once the campaigns end, something changes in the conditions that made her eviction possible."

Housing wasn't a major issue until recently. Now, nearly $90\%$ of Spaniards consider it a political priority, shows a recent poll by Spain's state-run Center for Sociological Studies.

Spain has a shortage of more than 700,000 homes, said the country's central bank. Immigration, tourism and urban concentration have driven up demand. Bureaucratic delays, construction rules and rent control in cities have crimped supply, sending property prices and rents skyrocketing.

The government this week introduced measures aimed at tackling the crisis, including extending a ban on evictions and providing tax breaks for tenants and small property owners.

Sánchez, who has been in power for more than eight years, could have done more to address the crisis earlier, said Diego Sánchez de la Cruz, an economic analyst at the Juan de Mariana Institute, a libertarian think tank.

"When you see an 87-year-old being evicted from her home $99.9\%$ of people react negatively...But this case is more complicated," she said. "We should not kick someone out on the street. But you cannot impose this cost...on property owners."

Mass protests followed Abascal's eviction. Under public pressure, the landlord agreed to have her return at low rent when discharged from the hospital. She died before setting foot in it again.

June 11, 2025

The Race To Rescue Pay Phones

Continued from Page One tized world.

Cash is a favorite. Some prefer gold coins. China's People's Liberation Army has dabbled with messenger pigeons to carry dispatches from the front lines in the event of a catastrophic communications outage.

Public pay phones are gaining more attention, too, specifically the old copper-wired variety that still work when storms knock out power lines and cellphone networks.

Some phone boxes are better equipped to survive than most.

The red box here in Pennan on Scotland's northeast coast is where oil executive Mac Macintyre struggled to reach the head office in Houston in the movie “Local Hero” before succumbing to the charms of village life. Day-trippers still come to make calls of their own.

Another draw is the pay phone near Penrith in northern England, where the lead character in the cult classic “Withnail and I” harangues his agent for an acting job.

Others need a little more help to keep from being decommissioned, like the thousands that already vanished as cellphones took over. An army of “phone spotters” has mobilized, sharing sightings and coordinates and information on whether any of them actually work.

90-year-old Derek Harris led a campaign to save the local box in Sharrington, England. “I wasn’t going to have it,” he told the BBC earlier this year, saying it was a vital means of communication for a rural community plagued by poor cell service.

Harris gathered some 50 people for a mass phone-in, easily surpassing the British phone regulator's 52-call threshold.

Some of the decommissioned boxes are repurposed as mini libraries or coffee kiosks. One in Norwich operates as a tiny liquor store.

They look pretty enough, but they feel empty to Arnold. "Without a working phone line I feel it has lost a little of its soul."

Arnold first got the itch to search out isolated and vulnerable phone boxes during a walking holiday in Scotland's Outer Hebrides. His iPhone was running out of

Thanks to William Arnold's efforts, this pay phone on the Isle of Lewis got a new lease on life.

charge and he wanted to call his girlfriend to let her know where he was. When a phone box came into view, he thought he had been saved, only to find it no longer worked.

Later, Arnold walked 26 miles from Cornwall's Lizard Point to his home in Falmouth, making at least one call from each of the working telephone boxes he found on the way to raise funds for the Samaritans.

The following year he set out for Scotland, this time to photograph all the surviving phone boxes on the Isle of Mull. Of the 21, only five were working.

This year Arnold's quest again took him to Scotland, which has around a third of the U.K.'s land mass with less than a 10th of its population. The trip went viral. People were soon sending shots of themselves making calls, or asking him for advice on tracking down other vulnerable boxes.

The clock is ticking, though. BT, the phone company running the boxes, has announced plans to retire its copper-wired network next year. Depending on the location, it might provide cellular or some other digital system to keep them working, as Telstra does in Australia. Telstra recently secured heritage status for a phone box in Narooma, New South Wales, that allowed locals to stay in touch with the rest of the world when raging bush fires knocked out power lines and cellphone networks in 2019.

Back in Pennan, a trickle of people trekked down the steep, winding path from the hilltop to see if the pay phone from “Local Hero” was still working and maybe make a call or two.

Retired couple Tom and Margaret Beattie made their way up from borderlands between Scotland and England, driven by their son Calum.

“We’ve never been so this is maybe our last chance,” Tom Beattie said, sitting on a bench with their border terrier Annie as his wife called her sister from the pay phone. “It’s her favorite film.”

Nearby, French hiker Theo Morin took in the view. “It is more wild than I expected,” he said as his partner rummaged for coins in her purse. “We saw about the guy who made all the phone calls.”

Then it was my turn to rediscover what the hum of an open line sounds like. “Ah, I might not be home for dinner...”

Guilfoyle Pushed for \$100,000

Continued from Page One whose lobbyist traveled with her to meetings with governments across the Balkans.

Jesse Binnall, a lawyer for Guilfoyle, said the ambassador disputed the authenticity of the messages but declined to provide specifics. He said she had been paid to speak at events before her nomination and “was owed a balance for traveling to and supporting these patriotic events.” Deters said he didn’t owe Guilfoyle any balance.

A U.S. Embassy official said, “Guilfoyle’s career in and out of public service is guided by deep and abiding values. She was fully vetted by the bipartisan Senate Foreign Relations committee and confirmed by the U.S. Senate. The Ambassador remains committed to representing the American people with dedication and integrity.”

At a press conference in Athens on Wednesday, Secretary of State Marco Rubio praised Guilfoyle, who sat in front of his podium. "Suffice it to say, our embassy is doing a great job," he said. "Our ambassador has been a strong ambassador."

Deters, a 63-year-old attorney and former co-owner of Snappy Tomato Pizza, a regional restaurant chain, mounted unsuccessful runs for Congress and governor. He said in a series of interviews that Guilfoyle's lack of results left him disenchanted with the Trump administration, even though he mostly supports its policies.

Deters said Guilfoyle told him if he came up with the Amex money, “I will be your Trump ride or die, forever and ever.” But, he said, “she never came through on anything.”

Morning radio

As a morning AM radio host in Ohio, Deters lent his voice to the Trump movement, boosting the 2016 outsider's campaign. He liked to say he was “Trump today, Trump tomorrow, Trump forever.”

A lawyer nicknamed “the Courtroom Bulldog” in local media, Deters has faced his own legal issues. In 2020, he was banned from entering a courthouse in Ohio’s Hamilton County after threatening on social media to burn it down.

CLOCKWISE FROM TOP LEFT: TIMOTHY D. EASLEY/AP; NATHAN HOWARD/BLOOMBERG NEWS
I enjoyed our conversation yesterday. Eric Deters Consulting Company Inc. would like to continue our relationship with you until your confirmation as Ambassador to Greece. I believe we owe you \$50,000 prior to your new position and would like to engage you until your confirmation. I propose a payment schedule of \$20,000 on July 1 and \$30,000 on August 1. We appreciate your willingness to give us insight and guidance on issues you are uniquely qualified to assist us on.

Kimberly Guilfoyle, right, the U.S. ambassador to Greece. Top, Eric Deters, shown at a gubernatorial debate, and a memo he wrote to Guilfoyle.

The Kentucky Bar Association twice suspended him, citing aggressive litigation strategies, false statements in court proceedings and filing frivolous claims.

When the Kentucky Supreme Court was considering whether to reinstate him to the bar, Deters denounced members of the association as “jokes of human excrement.”

Eric, I really wish you would stop papering all these things. It's really dangerous and not helpful to you or me while you could simply just call me on signal. 59m

The chief justice wrote in 2021, in a ruling not to reinstate him, “Deters’ practice of law is not governed by constitution, rule of law or procedure. It is anarchy.”

"These rules that are written by Big Law to hurt people like me—screw them," Deters told the Journal, saying he retired as a lawyer. "I am a legal outlaw."

Deters said his dealings with Guilfoyle began in 2020, when he launched an event called Freedom Fest in Kentucky in response to Covid-19 medical mandates. He paid her \$300,000 over the coming years to speak there, he said, adding that he also paid \$200,000 in speaking fees to Trump Jr. and \$100,000 to Eric Trump. He gave \$125,000 to a political-action committee supporting the president in

2022, according to Federal Election Commission records.

After Trump won the 2024 election, Deters says he began soliciting Guilfoyle's help on several matters of great importance to him: He wanted the Justice Department to seek the extradition of Abubakar Atiq Durrani, an Ohio doctor who had fled to Pakistan after being charged with defrauding insurers by performing unnecessary spinal surgeries, including on children. And he wanted to talk to incoming

Internal Revenue Service Commissioner Billy Long to discuss a probe into his tax deductions.

Deters, who says he is advising lawyers representing hundreds of former patients who are suing Durrani alleging medical malpractice, negligence and fraud, told Guilfoyle he hoped the Justice Department, under Trump, would push Pakistan to extradite him.

The case brought Deters in conflict with the doctor's Indiana-based malpractice insurer, MedPro Group, which has taken the position that it isn't liable in cases of willful misconduct. In a lawsuit, MedPro accused Deters of “a calculated scheme to extract payments” from the insurer, “at first through abusive litigation, and by ultimately outright extortion through threats of violence and murder and by blackmail against the company’s CEO.”

'Suffice it to say, our embassy is doing a great job,' Rubio said in Greece.

In an interview, Deters denied the accusations, calling it “the most ridiculous BS lawsuit of all time.”

He said he asked Guilfoyle to have the Justice Department launch an investigation into MedPro.

He told Guilfoyle he would pay her \$1 million if she helped him land an interview on former Fox News host Tucker Carlson's show—where he hoped to draw attention to his cause.

Guilfoyle assured Deters she was working to get him in front of Carlson. “We should hear something by the end of the week,” she wrote in De-

cember 2024.

Text messages reviewed by the Journal show Guilfoyle reached out to people in Carlson's orbit about setting up an interview with him for Deters. It didn't go far.

Carlson told the Journal he'd never heard of Deters and doesn't keep up with Guilfoyle, who doesn't have a role influencing which guests he selects: "A million dollars for a podcast appearance? Isn't she the ambassador to Greece? This is completely nuts."

Guilfoyle's attorney, Binnall, said: "Ambassador Guilfoyle will never apologize for offering to help shed light on a case in which 1,000 children underwent unnecessary, invasive, and debilitating surgeries at that man's hands."

Then there was a tax matter he wanted to discuss with the incoming IRS commissioner.

The IRS was questioning a deduction Deters claimed in 2020 related to the sale of his interest in the family business. Deters saw it as politically motivated.

Guilfoyle's interactions with Deters grew more frequent in the months after she was nominated as ambassador to Greece in December 2024. She promised to lobby top Trump officials from FBI director Kash Patel to former Attorney General Pam Bondi.

“Every secretary of you know defense, transportation, treasury commerce IRS commissioner everyone gets right back to me,” she wrote, before adding the FBI director, his name misspelled: “Oh yeah, I’m forgetting cash Patel.” An FBI spokesman said she didn’t lobby Patel. Other agencies didn’t respond to requests for comment.

Guilfoyle also expressed concern about her dealings with Deters becoming public—and the effect that could have on her ambassador post. She

It's unbelievable when we have a private arrangement with you that you would now CC a producer talking about money warned Deters repeatedly not to commit talk of money or payments to text. “Eric, I really wish you would stop papering all these things,” she wrote in one exchange.

In January 2025, weeks after her nomination, she complained that Deters had told a producer on her podcast about their deal. “It’s unbelievable when we have a private arrangement with you that you would now CC a producer talking about money,” she said. “Do not say we have any arrangement.”

She added: “What a nightmare you’ll literally cost me my ambassadorship stop writing.”

Guilfoyle began dating Trump Jr. halfway through his father's first term and emerged as one of the president's most outspoken defenders.

After Trump's 2020 defeat, Guilfoyle sought to turn her status as a MAGA icon into a profitable business, trying her hand at ventures including lines of hair care and fragrance products and a medspa. She also launched a political consulting firm and sought work in public relations.

In 2022, she launched what she termed an upscale vodka and champagne brand, American Dream, organizing a dinner for Mar-a-Lago guests that participants realized halfway through was an investment pitch.

In March 2024, American Dream sought to raise \$2 million from investors, according to a pitch deck viewed by the Journal. It projected reaching \$75 million in revenue within three years. She later dissolved the company.

Guilfoyle's lawyer previously told the Journal that “the claim that an American Dream dinner was an ‘investment pitch’” was false.

As her confirmation hearing approached in 2025, Guilfoyle complained to friends that she was broke, people familiar with the matter said. Her engagement to Trump Jr. had ended the previous year. In her financial disclosure in February 2025, she reported liabilities including a boat loan valued at \$100,000 to \$250,000 and a mortgage valued at between \$1 million and \$5 million. She also reported assets including a medspa and a new vodka company, each worth between \$1 million and \$5 million, and reported earning nearly \$800,000 in podcast income.

Last March, when Deters inquired about when she would move to Greece, Guilfoyle told him to stop asking. "I have a lot shit to get done before then and I need to make money," she wrote, according to a text reviewed by The Journal.

'Really dangerous'

Later that spring, she began requesting additional payments from Deters. Guilfoyle asked him to draft a letter saying he owed her two \$50,000 back payments for consulting services, Deters told the Journal: “She was worried about legality, and she was worried about the appearances of it.”

In a June 11, 2025, letter, reviewed by the Journal, Deters wrote that his consulting company owed Guilfoyle \$50,000 “before your new position” and wanted to engage her until her confirmation.

What a nightmare you'll literally cost me my ambassadorship stop writing

That same month, Guilfoyle sent a congratulatory note to Long after his confirmation as IRS commissioner. She attached a letter Deters had written outlining his tax dispute: "Don Jr. and I are very close with Eric Deters and his wife and I know he sent you a letter," she wrote. "I am hoping I know how busy you are that you could give some time and attention to it."

Two days later, Deters sent her a photo of a printed memo addressed to her: “I have paid you \$300,000 over the years,” he wrote. “As of this memo, I have not received one favor.”

In response, she told Deters to “stop papering all these things. It’s really dangerous.”

On July 3, she sent him instructions on how to wire money to an American Express account.

"Your needing \$100,000 urgent unfortunately is not going to work," he wrote. "I can't do this without getting a divorce."

Kimberly Guilfoyle

Missed voice call · 3:41PM

Thu, Jul 3 Call Back

American Expr...Instructions.pdf 30 KB • Tap to download

You could just send it here. It won't show up anywhere if you wire money to American Express that's all that will show.

A text from Guilfoyle to Deters with wire instructions.

ARTS IN REVIEW

A Romanian family that moves to Norway is given this would-be welcome by a smiling headmaster: "We're all very kind and friendly.

There's no Dracula here." No monsters, then? Not quite. As Cristian sters, then?: Not quite. As Mungiu's film "Fjord" illustrates in exacting detail, sometimes a system (or a culture, or a country) can be a monster.

Sebastian Stan, in a remarkably self-effacing role that contains no hint of his Bucky Barnes/Winter Soldier in the Avengers saga, plays Mihai Gheorghiu, the Romanian father of five children. Together with his Norwegian wife, Lisbet (Renate Reinsve), they move to the town of Ålesund to be close to her family. Mihai is the IT director for his children's new school; Lisbet is a nurse who works at a nursing home. The pair are devout Christians, especially Mihai, and don't allow their children (one an infant who is still breastfeeding) access to the internet. Every day brings prayer. Occasionally the kids are distinguished by the

get a light slap on the bottom for discipline.

Parents Besieged by the State

FILM REVIEW | KYLE SMITH

A bus driver who is also the school's cheerful liaison to child-protection services overhears one of the kids referring to the slaps, and so the Gheorghius' nightmare begins. No vampires are involved, merely clinical bureaucracy. "Try to relax. We're here to help" is this culture's infuriating motto. Amid soft murmurs about necessary procedures, the state takes on the placid, gentle but utterly unyielding personality of a classic movie villain—not Dracula, Nurse Ratched. The Norwegian flag is seen flapping through a window when the mother is told: "We are here to take the children, Lisbet. All of them."

What? Mr. Mungiu, who has a stark, forthright style—no bludgeoning the audience with musical cues, no zingy dialogue—lets this

‘Fjord’ follows a Christian mother and father in Norway whose children are taken from them

life-upending moment play out in the blandest way imaginable. His film is riveting, essential drama, and it's based on a true story (the name of the Romanian-Norwegians was Bodnariu, and their children were removed under similar circumstances in 2015).

Mr. Mungiu, a Romanian, won the Cannes Film Festival's Palme d'Or for this work, and also won it for his 2007 abortion drama, "4 Months, 3 Weeks and 2 Days." Both honors were well deserved. "Fjord" exemplifies a particularly vital strain of cinema, the kind that peers into reality and finds horror just beneath the surface. When Lisbet learns the children are being taken away, she exclaims, "God almighty, this isn't happening." "Careful with your language," replies the lady from child-protection services.

Scenes from Cristian Mungiu's superb, Palme d'Or-winning drama, above and top.

As if the situation weren't alarming enough, Mr. Mungiu explores how, in the most anodyne, tolerant-seeming way, the child-protectors have essentially ruled that traditional Christianity is a grave form of abuse. The first call to them went out not because of anything physical, but because at school a 7-year-old Gheorghiu child said homosexuality is a sin.

Without being stagey or contrived, Mr. Mungiu explores a conflict with implications far beyond the courtroom showdown in his climax. Norway (standing in for much of the West) seems to be putting Christianity on trial. After Mihai (unwisely) goes public and whips up crowds of fellow believers to protest on his behalf, a smug lawyer who is in effect a prosecutor grills him on some of the hateful things those supporters have been saying. Why must he answer for their comments? Sadly he realizes that he is not “the right minority,” as he puts it.

The way justice operates in the movie is like Franz Kafka's rewrite of “Alice in Wonderland”; calm, fleece-wearing police officers tell Mihai he can leave the station only if he signs a confession about slapping the children; they, and others, keep using this as proof that he engaged in “beating” or “hitting,” though we observe an example of this alleged abuse, which amounts to very little. The parents find themselves referred to as the children’s “former family” (the five kids have been split up among three foster families), and someone gravely suggests in the courtroom that the kids are now better off because they get to watch YouTube. Christian teaching is referred to as being “brain-washed.” If bloodsuckers are your fear, you’d be better off in a dank castle in Transylvania.

As if it were not rich enough, in addition to being a sociopolitical document, a philosophical inquiry, and a legal thriller, “Fjord” is also, subtly, a story of devotion. It suggests that faith, or love, might allow a person to walk on water. “The world is more than just rational,” notes the Gheorghius’ lawyer. Few films provide as much to think about, to argue about, to be impassioned about. “Fjord” is breathtaking cinema in more ways than one, both urgent filmmaking and a profound comment on our times.

TELEVISION REVIEW | JOHN ANDERSON

'Animals': Abduction Conundrum

'COCKAMAMIE' IS an underused word and will remain so regarding "Animals." Directed by its star, Ben Affleck, it does what many Affleck productions do, which is telegraph its punches while posing a substantial ethical or moral question. In this case: Will a true politician assess every situation, even the most dire, through a political lens? Will he weigh all options according to personal advantage? You may think you know the answer, but balancing his film on an ethical fence is where Mr. Affleck goes right.

Where he goes otherwise, with an as-

WARRICK PAGE/NETFLIK sist from co-writers Connor O. McIntyre and Billy Ray, is in the setup to the crisis about to befall Mark Kimball (Mr. Affleck), candidate for mayor of Los Angeles and a rich kid whose environmental activism seems to have made him some enemies. He and his wife, psychologist Abigail (Kerry Washington), and

An apparent kidnapping leads to political and ethical questions.

their son, Denny (Christopher Woodley), get through their days with the assistance of their nanny, Cecilia (Adriana Paz, “Emilia Pérez”), who takes Denny and her son, Hector (Jacob Estrada), to trick or treat on Halloween. The ensuing camera shots—we all know the vocabulary—

tell us that the three of them are being surveilled from above and followed at street level into the L.A. crowds. Denny and Hector are wearing the same costumes and masks. An abduction will follow.

What follows here might be considered a spoiler, though it's re-

vealed quite early in the film: In a series of phone calls delivered in a growling, threatening, Al-altered voice, Mark is told to come up with \$7 million in cash or Denny will die. Mark would have had the money if he had not, unbeknownst to Abigail, donated it that morning to his own campaign. But his manager, Sam Allison (Steven Yeun), has a solution: A fixer he knows named Dayle Burton (Gillian Anderson) will cover the ransom demand, but require 20% for her services. These services include, should one prefer, "option 3" (killing the kidnappers). As played by Ms. Anderson, Dayle is deliciously insouciant, implicitly lethal, and knows how to deal with both kidnappers and the parents of the missing.

The desperation expressed by Mark and Abigail, which already lies somewhere between a wildfire bearing down on their palatial home and their Uber Eats delivery being lost in the Hollywood Hills, is tempered

Kerry Washington and Ben Affleck in the Netflix film, directed and co-written by Mr. Affleck.

considerably when Denny walks in the door and everyone realizes that it was Hector who was taken. At this point the moral quandaries kick in, along with comparisons to Akira Kurosawa's "High and Low" and Spike Lee's remake, "Highest 2 Lowest." Are the Kimballs going to spend \$8.4 million to rescue a kid who's not their son, but rather that of Ceci and her undocumented husband, Ramon (a terrific Luis Gerardo Mén-

dez)? Maybe not. But if they don't, as Sam points out, Mark would certainly lose any support he had among his city's Latino electorate—should the story get out. And since Denny is no longer involved, how about option 3?

To say that there's an interesting ethical conflict at work in "Animals"—an imprecise title—is not to say that the performances aren't phoned in. Or that the action-oriented aspects of the film aren't highly implausible. Or that the domestic-romantic subplot dropped into the middle of hostage negotiations doesn't make for an inelegant construction. And while there is real tension generated by Mr. Af-fleck's direction—as there was in "The Town," "Gone Baby Gone" and "Argo"—the ending might have viewers rewinding in order to understand the payoff. You can't do that in the movie theater (where "Animals" is premiering in sync with its streaming debut).

Animals Friday, Netflix

Mr. Anderson is the Journal's TV critic.

THEATER REVIEW | CHARLES ISHERWOOD

A Drama of Dehumanization

Eugene O'Neill's 'The Hairy Ape,' about a coal stoker's existential crisis, returns in a potent production

New York n its coal-dust- begrimed sur- face, Eugene O'Neill's 1922 play "The Hairy Ape" is a stark,

dramatically propulsive illustration of how brutal, underpaid manual labor can dehumanize and destroy. Its bleak story depicts a coal stoker on a passenger liner whose momentary encounter with an upper-class young woman—who recoils from him in horror—drives him into a frenzy of rage in pursuit of vengeance.

This may seem to be uncomfortably topical in an era when the divide between extremes of poverty and wealth are much noted. But as the stylish and incisive revival directed by Ciarán O'Reilly at the Irish

Repertory Theatre reminds us—it's been 20 years since the company first presented the play—O'Neill was not merely, or even primarily, writing a social critique. The work is hardly a proselytizing screed against a corrupt economic system. On a deeper level, the brutish antihero, Yank (Jon Beavers), is in search not of violent revenge, as he at first believes, and as he bellows and roars, but of an understanding of his place—of any man's place—in the indifferent universe.

At various points, Yank uses variations on the word “belong.” It returns and returns, more than three-dozen times, like an incan-tation—repetition being, for O’Neill, a dramatic device that can be effective if sometimes trying. (In his

Scenes from 'The Hairy Ape,' starring Jon Beavers, above and right.

late masterwork “The Iceman Cometh” the phrase “pipe dream” all but batters us into submission.) What Yank is ultimately searching for is a universal human need—that sense of belonging. Somewhere, anywhere. With someone, anyone—even if it’s with a gorilla in the zoo.

I should mention the elephant in the room—or should I say the “hairy ape” that isn’t in the room? Mr. Beavers is not notably hirsute. He has a trim mustache and beard, yes, but the actor, who spends a significant portion of the play shirtless, has nary a hair on his sharply chiseled chest

and big-gun biceps. With piercing blue eyes, he's a handsome, fairly lanky fellow, so, notwithstanding the black streaks of coal smudged across him, suspension of disbelief is required for us to view him as a man who could be derided with the titular epithet. When Mildred (Elizabeth Teeter), a shallowly idealistic young passenger, descends into the bowels of the ship to get a voyeuristic look at the men at work, she would be more likely to fall into Yank's arms at the sight of him than to fall into a dead faint, as she instantly does, calling him a "filthy beast."

Fortunately Mr. Beavers makes up for his lack of natural beastliness by infusing his portrayal with the requisite smoldering anger and a sense of tightly coiled strength, as Yank presides over the stoking room as if it's his personal fiefdom. While his fellow stokers—who include the melancholy, worn-out older Irishman Paddy (the terrific Irish Rep regular John Keating) and the quasi-socialist Long (a likewise excellent Ariyan Kassam)—guzzle booze while grousing and griping, he growls at them to stop their bellyaching. Yank believes that it is they, the laborers heaving coal for hours amid the broiling heat of the engine room,

A working man finds himself suddenly questioning where he belongs.

who are the real masters of the ship. When Long rants about the “damned capitalist class” up in first class, Yank threatens to knock him down: “Who makes dis old tub run? Ain’t it us guys? Well den, we belong don’t we? We belong and dey don’t.”

But Yank's sense of dignity proves as fragile as a candle flame; it's instantly snuffed out when Mildred appears and reviles him. O'Neill subtitled the play "a comedy of ancient and modern life," but the only purely humorous scene is the one in which Mildred and her aunt, played with funny, sneering cynicism by Joanna Glushak, bicker and snipe at each other about Mildred's desire to observe the workers.

After the poison of self-doubt begins to course

through Yank's veins, in- spiring him to search fruit- lessly for the woman who scorned him—or any other high-toned victim—in a disorienting visit to Fifth Avenue, Mr. Beavers's performance grows more fierce, compelling and devastating. Tossed in prison for disorderly conduct, he begins to feel like the worthless animal he has been described as. And when he's sent by a fellow prisoner to join a group advocating for workers' rights, Mr. Beavers is pathetic and moving in his confusion as Yank's motives are questioned, and he is almost as cruelly rebuffed as he was by Mildred.

John Keating (left), Mr. Beavers (right) and company, below; Joanna Glushak and Elizabeth Teeter, bottom.

In the final scene at the zoo, Mr. Beavers brings a rueful touch of humor, as Yank, finding no refuge in the world of human society, jokes about his sense of fellow feeling with the poor prowling creature in his cage. Whether the man or the beast is more isolated and miserable may be debated, but the gorilla, we assume, hasn't had to face the harsh truth of his insignificance in the world.

The Hairy Ape Irish Repertory Theatre, 132 West 22nd St., New York, 212-727-2737, closes Nov. 15

Mr. Isherwood is the Journal's theater critic.

ENDLESS DISCUSSION | By Mike Shenk
▶ Email your answer—in the subject line—to crosswordcontest@wsj.com by 11:59 p.m. Eastern Time Sunday, Oct. 11. A solver selected at random will win a WSJ mug. Last week’s winner: Kathy Muller, Waxhaw, NC. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S. residents 18 and over only.)

The answer to this week's contest crossword is a four-letter word.

Across 1 Bold poker bet 6 Handle hard times 10 Novel on which "Clueless" is based 14 "____ Evil": (1971 Mia Farrow movie) 15 Rock great Clapton 16 Pacer pace 17 Metal-polishing material 19 Airing 20 Considered intrinsically 21 Four duos 23 Elite Navy group 26 Anvil site 27 Utterance from Homer

29 Circles of mushrooms thought to be magical in folklore 34 Arg. neighbor 35 Sicilian peak 36 Chapel topper 37 Zealous 39 Goes under 41 Do a checkout chore 42 "On the Beach" author Shute 44 Diamond with many hits 45 Set of tools 46 Lakota leader at Little Bighorn 48 "Tic Tac Dough" channel, familiarly 49 Where the wild things are 50 Hardly trustworthy 52 Padres Hall of Famer Tony

54 Rum cocktail 58 Apple Intelligence assistance 59 Old wool-packing tool resembling a shovel 63 Secluded area 64 Keep out of sight 65 Suffer defeat, slangily 66 Pixar's Dory is a blue one 67 Campus south of Golden Gate Pk. 68 Flea market business Down 1 Between ports 2 NASA landed six of them on the moon 3 Merlot vat waste 4 Sudden arrival 5 "The Quiet American" director Phillip

PUZZLE CONTEST

6 Animation collectible
7 Material for los doblones
8 Quarry
9 Like caves and canyons
10 Bouts of self-indulgence
11 Lion's pride
12 Aid for working at home
13 Dirt bike's cousin
18 Gets exasperated
22 Train units

24 Like many Telemundo viewers 25 Oscar-nominated 2025 film 27 Capital founded by William Penn 28 Twins Hall of Famer Tony 30 Devil-may-care 31 Razors may make them 32 Wood feature 33 Dispatched 34 Perch in le parc 38 Like many op art posters 40 Sordid stuff 43 Largest city on the Rhône 47 Osaka's island 48 Juicer, maybe 51 Lunkheads 52 River to the Colorado 53 Carolina singer 55 Still buggy, perhaps 56 "God ____ the details" 57 Cornerstone abbr. 58 USMC rank 60 Snap 61 Streaming interruptions 62 Dict. snippet

Buckle Up for a Democratic House

POTOMAC WATCH By Kimberley A. Strassel

Hope springs eternal, but it will take more than crossed fingers to save Republicans from a beating this midterm. So it's an excellent moment to preview two

years of Democratic House rule.

Speaker-in-waiting Hakeem Jeffries continues to play coy, insisting “facts” will guide his party’s decisions on impeachments, investigations and legislation. Who is he kidding? The hard left is 18 months deep into its open plan to burn down the second Trump administration. What progressives want, history shows, Mr. Jeffries will bestow.

Texas Rep. Al Green filed a resolution of impeachment against Donald Trump in May 2025. He filed a second in December. His third went to the floor in September, and 147 Democrats, nearly 70% of the conference, voted to proceed. Forty-six more (including Mr. Jeffries and other leaders) voted “present.” Only 18 were opposed.

Rep. John Larson (D., Conn.) introduced 13 articles of impeachment in April, centered on Mr. Trump's use of foreign force, deportations, pardons and more. Tennessee's Rep. Steve Cohen offered 26 articles in September, adding offenses like the president's IRS settlement and his demolition of the East Wing.

Even impeachment might not scratch the itch. Dozens of Democrats in April called for relieving Mr. Trump of his duties via the 25th Amendment. This inspired Maryland's Rep. Jamie Raskin—in line to lead the Judiciary Committee—to file a bill that would create a 17-member Commission on Presidential Capacity tasked with deeming the president unable to discharge his duties. It now has 85 Democratic co-sponsors.

Mr. Trump will be the main course, his cabinet the appetizers. Republicans set this precedent with their ill-considered 2024 impeachment of Homeland Security Secretary Alejandro Mayorkas. Democrats have already filed resolutions to impeach Defense Secretary Pete Hegseth, Education Secretary Linda McMahon, Health and Human Services Secretary Robert F. Kennedy Jr. and budget director Russ Vought. Next up: Attorney General Todd Blanche and FBI Director Kash Patel. More than 80% of the Democratic conference had signed on to impeaching former Homeland Security Secretary Kristi Noem prior to her exit.

I count 11 House committees gearing up to launch investigations into at least 26 separate topics. Among them: the Trump family business, emoluments clause violations, pardons, the \$1.776 billion "antiweaponization" fund, Jeffrey Epstein, immigration shootings and deportations, Iran, Venezuela, the use of Mr. Trump's circle (Jared Kushner, Steve Witkoff) as diplomats, the Board of Peace, the Qatari

Air Force One gift, tariffs, DOGE, the firings of inspectors general, political prosecutions, FBI actions under Mr. Patel; actions by former DHS official Corey Lewandowski, the ballroom, the Kennedy Center, energy and mining deals, federal contracting, corporations that “bow” to Trump pressure, actions against the media, actions against law firms, actions against universities, and taxpayer-funded advertising.

How many grounds will the new majority find for impeaching President Trump?

The catalog is already so long that some Democrats are mooting—in the name of efficiency—a new Jan. 6-style “select” committee for All Crimes Trump.

Members have already compiled vast lists of their subpoena targets—a roster that includes the president himself (good luck) as well as members of his family and advisers like Stephen Miller and Susie Wiles. Corporate heads will be called to do penance. But so will average Joes—ICE officers, ballroom contractors, DOGE volunteers.

The Democrats already have plans, and backup plans, for any refusal to comply. They'll go around, subpoenaing contractors, corporations, financial institutions, colleges, law firms. They'll file lawsuits.

They'll initiate contempt proceedings. And, as hearings go on, they'll issue criminal referrals. The contempt and referrals will die in the Trump Justice Department, but Democrats' real goal will be dominating the narrative.

As will be their goal with legislation—since it won't pass a Trump veto. They'll hold vote after vote on Mr. Trump's war powers—pressuring him to pull back from conflicts. They'll exploit their power of the purse to condition spending, prohibit specific expenditures, restrict military operations and restart the federal spigot. They already have, or plan, bills to "reform" pardons, emergency powers, impoundment, inspector-general protections, foreign gifts, presidential disclosure rules, whistleblower laws, and prosecutions and settlements.

Republicans themselves leaned too heavily into oversight, though they wisely never dumped political capital into a formal Joe Biden impeachment and have kept attention this past year on their own agenda. Smart Democrats are counseling their party that this coming assault is folly—the prior Trump pile-on didn't stop his re-election—and warning that an impeachment-investigation maelstrom will eclipse Democratic efforts to highlight their own agenda.

They are whistling in the convective wind. More than a decade into opposing Mr. Trump, the left is on autopilot. Get ready for the drama.

Write to kim@wsj.com.

The Jewish Way of Grieving

HOUSES OF WORSHIP By Kenneth Brander

Almost everyone in Israel knows someone who was killed in the Hamas

attack on Oct. 7, 2023, or in the ensuing war. The scale of those losses remains overwhelming even as we pass three years since the day that shook Jews around the world.

The perseverance is equally humbling. Former hostages held in Gaza and their family members have written best-selling books and released music albums. Grassroots and volunteer organizations have been founded for visiting the wounded in hospitals, caring for children who lost parents, helping rebuild war-affected areas and many other causes related to the massacre. Israel remains among the 10 happiest nations in the world.

Part of this resilience can be traced to the enduring Jewish practices for mourning—practices that focus on dwelling with the loss, not trying immediately to move past it. We rip our clothes on hearing of the death of a family member. We sit shiva, a formal seven days of grief in which mourners stay at home, wear torn clothing, cover mirrors, sit on low stools and silently feel their loss. We recite kaddish, a mourners' prayer, daily for 11 months.

These are rituals that create a structure for intensely feeling brokenness. And the intensity holds lessons and wisdom that extends to all humans. Loss for anyone, Jewish or not, requires space, structure and acknowledgment. The sharp pain of the wound may heal, but the scar remains—and we must all find a way that the broken heart can both feel the truth of its brokenness and emerge enlarged and reshaped.

Years ago my wife and I lost a newborn baby to a bacterial infection. We reflected on our loss with family and friends who came to visit. Every year on the Hebrew date of our infant's death, we recite kaddish.

More recently, like most Israelis, I have been to dozens of funerals and shiva houses. Over the past three years, the educational network I oversee has lost some of its alumni in the Oct. 7 massacre and ensuing war. Faculty members' children have died, along with relatives of students. As difficult and exhausting as mourning rituals can be, they create a structure that prevents us from ignoring grief. Ritual compels us to confront our losses and integrate them into our lives.

Most of these rituals are public and communal. Death notices and shiva house addresses are shared on WhatsApp, on signs posted around the community or, in Israel, on notices posted on neighborhood streets.

In many cases, the bereaved don't attend weddings or celebrations for up to a year. This prevents the need to rush through the loss. It gives permission to mourn, to absorb the lessons of sharp grief, and to find ways to redefine ourselves and redeem the moment of loss. The

Sitting shiva and reciting kaddish help a lost one's memory become a blessing.

mourning is also a form of group therapy, allowing those who never knew the deceased personally to hear about their legacy.

This process allows the memory to become a blessing—hard as that is to imagine in the first piercing moments of grief. We need the dead to take on an enduring role in the lives of the living. That takes time, and the shaping of time spent mourning is one of the purposes of ritual. In Jewish practice, when one says the name of a deceased person, one adds the phrase “may his memory be a blessing.” The goal of mourning is to make that phrase true: The memory of the dead actually improves our physical lives and our moral selves.

After the loss of our baby, for example, my wife engaged in a campaign that helped transform treatment guidelines for dealing with Group B Strep and premature labor, helping save the lives of other babies, a practice that continues today. Similar processes are unfolding within our community now.

We have begun hosting educational workshops promoting organ donation in memory of an alumnus who was killed—and whose organs have been transplanted in five others. Another initiative aims to distribute one million tzedaka boxes, containers used to collect charity money, in memory of another alumnus who made daily giving part of his life. In one of our boys' high schools, which lost 13 alumni in battle on or after Oct. 7, portraits of the fallen line the library shelves, with QR codes where students can learn about them.

Shalom, the Hebrew word for peace and wholeness, appears after a crisis in the Book of Numbers, and it is written with a break in its third letter in all Torah scrolls. This scribal detail reflects a broader idea within Jewish tradition. Wholeness doesn't come from the absence of brokenness, but from dwelling honestly within that brokenness—and allowing the memory of a lost person to grow into a blessing.

Mr. Brander is president and rosh yeshiva of Ohr Torah Stone.

Politics Starts With Growing Up

By Ted Van Dyk

Angered by President Trump's statements and policies, I find myself almost as impatient with my own Democratic Party's lack of positive alternatives. This frustration extends to the simple-minded and empty offerings of the Democratic Socialists of America, whose ideas were discredited decades ago.

After further reflection I have recognized that each generation's thinking is guided by its experiences growing up. I was born in 1934 and will soon celebrate my 92nd birthday. My poor and hardworking parents struggled through the Depression. My father, an unschooled sawmill worker, was a naturalized citizen. He and his mill pals went on strike for three years for the right to unionize. They were surrounded by propaganda and class appeals reminiscent of today's socialists.

I came of age politically during the Cold War. Our country was led by World War II veterans like Dwight Eisenhower, John F. Kennedy and George Marshall. These men were conditioned by their service and determined to trade nationalism for regional and global cooperation. After my discharge from military service in 1962, I

At 92, I see how our formative years tend to shape our politics.

spent three years working for multinational institutions—the European Economic, Atomic Energy, and Coal and Steel communities—which in time would become the European Union.

My boyhood hero was Hubert Humphrey, a leader in civil rights and arms control. I spent five years as his speechwriter and assistant. We worked in an environment dominated by officials who had experienced the Depression and World War II and were determined to set things right. President Kennedy signed the Trade Expansion Act of 1962, and Lyndon B. Johnson declared 1965 International Cooperation Year. Global and regional cooperation were the order of the day and generally accepted by bipartisan majorities in Congress. This was the consensus for domestic politics over the following decades.

Americans born in later generations were shaped by different experiences, in particular wars in Vietnam and the Middle East. They have been susceptible to outsiders such as George Wallace, Ross Perot and Donald Trump—men who advanced by attacking the established order as ineffective or corrupt. You can see how Mr. Trump, in contrast to earlier presidents, came to his opinions on nationalism and tariffs, and his skepticism of allies and trading partners.

Sadly I conclude that the post-World War II consensus is gone. It hasn't yet been replaced by a coherent alternative. Thus we have political polarization and the two major political parties captive to their extreme flanks. That is the terrain in which people of goodwill must now operate.

If precedent holds, Mr. Trump's present disfavor will lead to Democratic gains in November's midterm elections. That will likely provide a more traditional framework for 2028. But we can't presume that framework will include a return to Great Society programs or globalism. Citizens and elected leaders will have to work hard to recreate that consensus.

Today's frustrating political environment didn't suddenly spring to life. It arose from generations responding to their own coming-of-age experiences. Old-timers like me can't bring back our favored times and policies. Nearing 92, I recall the saying: "Too soon old, too late smart."

Mr. Van Dyk is author of "Heroes, Hacks and Fools."

BOOKSHELF | By Mark Yost

The Slugger And the Boss

Touching All the Bases

By Dave Winfield with Alan Maimon Matt Holt, 288 pages, \$31

On a warm July night in 1984, Dave Winfield stepped to the plate in New York's Yankee Stadium. At the time, he was one of the highest-paid players in baseball, playing on arguably the biggest stage in professional sports. But foremost on his mind was his feud with the team's owner, George Steinbrenner. "I was . . . not as clearheaded as I would've liked to be, but ready to take my aggression toward George out on a baseball," Mr. Winfield writes in his autobiography "Touching All the Bases."

“I locked in and sat on a fastball, which came and promptly went over the center field wall,” Mr. Winfield says. “As I stomped my foot on home plate and received congratulations from my teammates, I looked up at the owner’s box and saw what appeared to be George standing alongside his protégé, a young real estate mogul named Donald Trump. Take that, you

MF's! I thought."

The anecdote sets the tone for what follows, nearly 300 pages—co-written with Alan Maimon—focused on Mr. Winfield's emotional and financial battles with Steinbrenner. To remind readers: In December 1980, Mr. Winfield signed a record 10-year, \$23 million contract with the Yankees. He opened himself up for criticism by hitting an abysmal .045—1 for 22—in the 1981 World Series against the Los Angeles Dodgers. Add to this a provision in Mr. Winfield's contract that required Steinbrenner pay \$300,000 a year into Mr. Winfield's children's charity. That stuck in Steinbrenner's craw; Mr. Winfield had to sue him multiple times to get him to pay up.

Steinbrenner countered by hiring Roy Cohn—lawyer, notorious fixer and another mentor to Mr. Trump—to dig into Mr. Winfield's charity, and Howard Spira—a former FBI mob informant—to dig up dirt on Mr. Winfield. Steinbrenner paid Spira \$40,000 for information on Mr. Winfield and then leaked it to the press in an attempt to sabotage the ballplayer's career. "Now they were officially in business together," Mr. Winfield says. "A baseball owner paying a high-stakes gambler to help bring down one of his players."

Spira was convicted in 1991 of trying to extort money from Steinbrenner and did federal time. Steinbrenner's punishment was left up to baseball commissioner Fay Vincent. "It all came down to one question," Mr. Winfield writes. Had Steinbrenner "violated 'the best interests of baseball' rule, which gives the commissioner broad authority to mete out punishment?"

On July 30, 1990, Steinbrenner was banned for life from the day-to-day management of the Yankees. (He would be reinstated in 1993.) Mr. Winfield, by then playing for the California Angels, issued a terse statement in front of his locker: "I'm vindicated."

If a lot of this sounds familiar, that's because it all unfolded in the New York tabloids and has been widely reported in sports books, magazines and documentaries. Furthermore, this is Mr. Winfield's second autobiography. His first, "A Player's Life" (1988), covered much of this same ground, with the exception of Spira's conviction and Steinbrenner's ban.

Here, as in his first book, Mr. Winfield tells of his single-mom upbringing in a predominantly black neighborhood in St. Paul, Minn. He goes over his two-sport college career, which saw him become one of the first players ever to be drafted by four leagues: Major League Baseball, the National Basketball Association, the fledgling American Basketball Association and, oddly, the National Football League. “Oddly,” because Mr. Winfield “hadn’t played a down of football” since he was 13 years old. But he was such a gifted athlete at the University of Minnesota that the Vikings decided he was worth risking in the 17th round of the NFL draft.

Dave Winfield went into the Baseball Hall of Fame as a Padre. Some saw the move as a snub to the Yankees and George Steinbrenner.

Mr. Winfield was the fourth-overall pick in the MLB draft, selected by the San Diego Padres in 1973. He would go on to have a hall-of-fame career, with a lifetime batting average of .283, with 3,110 hits and 465 home runs. In 2004 ESPN named him the third-best all-around athlete of all time. He went into the Baseball Hall of Fame as a Padre—the first ever—which was seen as a snub to the Yankees and Steinbrenner.

His previous book covered Mr. Winfield's early seasons with the Padres and his admirable philanthropic work. Beyond his feud with Steinbrenner, in “Touching All the Bases” Mr. Winfield discusses his post-Yankees career with the Angels, the Minnesota Twins, the Cleveland Indians and the Toronto Blue Jays, with which he won his only World Series title, in 1992, hitting a two-run double in Game 6 against the Atlanta Braves. “Most players will tell you that hitting a home run—especially in a critical moment of a big game—is a sensation that can’t be topped,” Mr. Winfield writes. “I won’t argue with that, but I’ll also put in a plug for the feeling of ripping a go-ahead double and standing in the middle of the field as 50,000 fans go from tomahawk chopping”—the signature gesture of Braves fans—“to dead silence. That’s a vantage point from which you can really admire your handiwork.”

After retiring in 1996, Mr. Winfield went on to have a successful career with the Padres front office and the MLB Players Association. He didn't like the steroid era. When he retired in 1996 he was 19th on the all-time home run list; today he's 36th. "Not all 17 players who passed me were using performance enhancers—but some were. I take the conversation seriously, because it's impacted my legacy and the legacies of many others."

On the 2026 push for a salary cap: “If spending alone guaranteed success, the Yankees—who still spend plenty themselves—would have a few more World Series titles to show for all of their recent postseason appearances.”

For Mr. Winfield, it all comes down to Steinbrenner and the Yankees. “Nowhere in these pages have I tried to explain George’s motivations,” he writes. “That’s a task best left to others—preferably those with advanced degrees in psychology. He was complex—or at least hard to figure out. That much I can say.”

Mr. Yost is a frequent contributor to the Journal book review.

In FALL BOOKS this weekend

The California Gold Rush • Eugene Debs: an American socialist • The rise of Tom Brady • A love letter to bogs • 'The Sun Also Rises' at 100 • Hollywood memoirs • Asian cookbooks • A cultural history of the vampire • & more

REVIEW & OUTLOOK

Tariffs Are Hurting the GOP in Michigan

Remember when tariffs were supposed to be the killer issue for Republicans, the path to the hearts of the working class

and a durable majority? That isn't working, as Michigan GOP Senate candidate Mike Rogers calls for a cease-fire in President Trump's senseless trade war with Canada.

Michigan once looked to be

The GOP's Mike Rogers calls for a halt to the trade war with Canada.

Michigan once looked to be a GOP pickup opportunity, and it still could be. But most polls show far-left Democrat Abdul El-Sayed with a growing lead, in no small part because of Mr. Trump's trade escalation against Canada. The two candidates were running neck and neck until mid-August, which was when Mr. Trump's $50\%$ tax on \$20 billion in Canadian goods took effect.

Mr. El-Sayed is no free trader, but he has been pounding Mr. Rogers on the border taxes against Canada because he knows they are unpopular in the Wolverine State. Even United Auto Workers President Shawn Fain has criticized them. After months of ducking the issue, Mr. Rogers on Wednesday released an ad distancing himself from the tariffs.

“Here in Michigan we know that Canada is not our enemy. We need to end this tariff war—now,” the Republican says in the ad. He’s repeating the point on the stump, and he’s right. Yet Mr. Trump keeps escalating. After Canada retaliated against his latest tariffs, Mr. Trump threatened 50% tariffs on Canadian cars, trucks, automotive parts and steel. Last week he banned Canadian imports of alcoholic beverages and motorcycles. Mr. El-Sayed sends his thanks and best wishes.

Canada exports about \$40 billion in goods to Michigan every year with vehicles and parts making up roughly half of the total. Michigan's manufacturing supply chains are deeply integrated with Canada, and small businesses espe-

cially have borne the tariff brunt since they have less capacity to absorb the costs than larger companies do.

Voters know they are paying more because of the tariffs even if they don't know ex-

actly how much. Michigan families have paid \$27.2 billion in tariff-driven costs since January 2025, according to the business outfit Michigan Smart Trade Alliance. That's roughly \$6,658 per household.

The Anderson Economic Group estimated the auto tariffs on Canada and Mexico alone last year totaled approximately \$1,600 for every vehicle assembled in the U.S. That doesn't include tariffs on steel and aluminum. The border taxes are shrinking the margins of U.S. auto makers, which means smaller profit-sharing bonuses for workers.

General Motors says it expects a tariff cost hit of between \$2.5 billion and \$3.5 billion this year. That could mean \$3,500 less in bonuses for workers. Didn't Mr. Trump say his tariffs would help manufacturing workers in places like Michigan? Instead, they are hurting Republicans in swing districts and states around the country.

In New York's 17th House district, Democratic challenger Cait Conley is hammering GOP Rep. Mike Lawler on tariffs, which she says have "jacked up prices on goods for the average household in the Hudson Valley by \$4,200." If Republicans lose control of Congress, Mr. Trump and his ham-handed border taxes will deserve much of the blame.

John Sununu Wants to Save Social Security

Social Security is only six years from insolvency, with an automatic 22% cut in benefits coming in 2032, and Democrats

It's broke, with a $22\%$ benefit cut coming soon. So who's really pushing granny off that cliff?

are naturally assailing Republicans for even contemplating reform. “It’s the younger generations that are going to bear the biggest burden,” John Sununu, the GOP’s Senate candidate in New Hampshire, told an event this year. “I was willing to do it before. I’m willing to do it again.”

That's a reference to his last stint in the Senate, 2003-09, when President George W. Bush was trying to save Social Security. Mr. Sununu supported those efforts. His Democratic opponent in November, Rep. Chris Pappas, apparently thinks this is politically damning. But the truth is that America's entitlement system is unsustainable, as has long been obvious. Mr. Pappas is trying to use Mr. Sununu's record of responsible leadership against him, calling him a “leading figure” in efforts “to privatize Social Security.”

What a slimy attempt to scare grandma. "First of all, it didn't privatize anything," Mr. Sununu told a WMUR candidate forum recently. What he wanted 20 years ago "maintained a guaranteed government benefit, equal to, or greater than, we have today," with benefits still funded by taxation. "But what it also did, is it made the system solvent," he added. "We need a different approach today, but if it had been passed, we wouldn't be having this debate today, because the system would be solvent."

forms would have made Social Security more progressive: Benefits for high earners would be somewhat lower. But workers with low or mid-

What if Mr. Bush's push had succeeded? It's impossible to say for sure, but a retrospective last year by Andrew Biggs of the American Enterprise Institute suggests those proposed redle earnings, Mr. Biggs found, would have gotten “total Social Security benefits 3-8 percent above those scheduled in current law.”

Whatever the counterfactuals, it isn't 2005 any more, and the country is now two decades closer to the fiscal

cliff. “I was in Congress 12 years. I never voted to cut benefits. I never will,” Mr. Sununu said. But he has too much integrity to mislead voters into thinking it’s all hunky-dory. “What we need is a bipartisan solution. It has to be bipartisan if it’s going to be successful,” he argued. “I want to secure the system for today’s retirees, but also for young people.”

As for Mr. Pappas, the Democrat's campaign website defies reality. It says he fought efforts to raise the retirement age, while working to “expand” Social Security. He boasts about helping to pass a bill in 2024 that actually made the funding problem worse by increasing Social Security benefits for government workers who also receive public pensions.

At an event this summer, he said Americans “at the very, very top of the income spectrum” must “pay their fair share.” But there aren’t enough of those people, or enough income, to come near closing the growing Social Security funding gap.

Mr. Pappas isn't offering voters any real proposal to save Social Security. His plan is simply to win an election by scaring seniors, while quietly leading them toward the crisis of a $22\%$ benefit cut before the end of his first Senate term.

Democrats Have No School Choice Excuse

ill Josh Shapiro finally say yes to school choice? The Pennsylvania Governor and some of his Demo-

cratic colleagues have said they won't decide whether to opt in to the new federal education tax credit until they see the program rules. Now the rules are here, and on Wednesday the Governor said he's

Treasury's rules on the federal program are here. Josh Shapiro?

“very open” to the credit but will decide within a “few weeks” as his office reviews the rules. But what could be the excuse for holding up money for students?

Billions of dollars could be on the table across the 19 states and Washington, D.C., that haven't opted in to the scholarship program enacted by Congress last year. The biggest news from the rules, issued last week, is that the Treasury Department is letting married couples filing jointly claim a \$3,400 credit for their donations to scholarship organizations.

That's double the \$1,700 credit individuals can claim. Patrick Graff of the American Federation for Children says this could add \$75 billion to the \$188 billion he estimates could be donated nationally at \$1,700 if everyone gave their full credit-eligible amount. The rules might encourage more donations because they let people give via payroll deductions, which makes the process easier.

Treasury's rules also try to keep states from playing politics with the program. The statute allows the money for public and private school expenses for students in households at $300\%$ of local median income or less, but some Democrats have suggested they'd exclude private students. Treasury's rules clarify they can't do this. States can't disqualify scholarship-granting or ganizations, nor limit the types of schools or expenses these organizations fund, if they meet federal requirements.

Treasury is still working on guidance on which K-12 education expenses are covered. That guidance may also affect the treatment of homeschoolers, whose participation is currently affected by how they're defined in state law. Treasury also issued most of its regulations as a proposed rule-making, meaning it's open to public comment and will be made permanent later, though the department says the proposals govern the program for now.

But nothing should deter governors from opting in. Georgetown's Marguerite Roza says income-verification requirements may deter public-school students from applying for funds, since they're more likely to use it for small-dollar fees and it may not be worth the paperwork. But Treasury says students in certain low-income areas won't have to verify their income for some services. If there are concerns about access, the comment period is a time to raise them.

Some Democrats may opt out in fear of the teachers unions, which hate the credit because they don't want competition for failing public schools. New York Democratic Gov. Kathy Hochul has resisted a call from the unions to not opt in after saying she would, though she still has to make it official.

The main benefit of the program is that it gives families more money to choose the best school, public or private. That might lead to more competition among schools and more student flourishing.

LETTERS TO THE EDITOR

Federal Tax Credits Offer True School Choice

Joel Klein's op-ed “Nikole Hannah-Jones vs. Randi Weingarten” (Oct. 5) is an excellent response to the teachers union's unwillingness to take responsibility for the low-performing and unaccountable school Nikole Hannah-Jones described in her recent New York Times piece.

Mr. Klein rightly points out that Ms. Hannah-Jones ignored the availability of high-performing charter schools as an option for New York City families who are unhappy with their neighborhood schools. I would add that private and parochial schools are another great option for struggling families who need better educational environments and resources for their children.

Tuition-based schools will be much easier for low-income families to access when the new Federal Scholarship Tax Credit (FSTC) takes effect on Jan. 1, 2027, giving parents the power to leave schools that aren't working, like the one Ms. Hannah-Jones's daughter attended. Families could also use FSTC scholarships to pay for intensive tutoring, SAT prep classes and other sup- plemental educational services.

Under the FSTC, individual taxpayers will be able to contribute up to \$1,700 a year (\$3,400 for married couples filing jointly) to an eligible scholarship-granting organization and then claim a dollar-for-dollar tax credit to reduce the amount they owe the Internal Revenue Service. In other words, starting next year, instead of sending \$1,700 to the IRS, you can direct it to a scholarship for a deserving child and invest in that child's future.

After her daughter's public-school experience, Ms. Hannah-Jones might agree that supplemental educational services would be useful to many public-school students. In fact, without addressing it directly, both Ms. Hannah-Jones and Mr. Klein prove the wisdom of Gov. Kathy Hochul's indication that she will opt in and allow the tax credit to benefit New York children.

DARLA M. ROMFO President and CEO Children's Scholarship Fund New York

The Real Transmission Bottlenecks Are Federal

Your editorial “Permitting Reform at Last, Really?” (Oct. 6) raises several valid points, particularly concerning the federal laws and processes that can delay needed energy infrastructure. One assertion, however, misses the mark. The editorial asserts that state utility commissions “have often blocked” electric transmission lines. That characterization paints the picture with too broad a brush.

State utility commissions across the country have approved and permitted substantial amounts of electric transmission infrastructure in recent years. While a small number of projects have encountered permitting challenges at the state level, those cases are the exception rather than the rule. When transmission is

needed to maintain reliability and serve customers, state commissions have every incentive to ensure those projects move forward in a timely manner.

The larger permitting challenges frequently arise when federal approvals are required, particularly when projects cross federal lands or otherwise trigger federal regulatory or legal review. Developers seeking to build transmission in the Western U.S. are especially familiar with these obstacles. Permitting reform is important, but so is accurately identifying where the greatest barriers exist.

TONY CLARK National Association of Regulatory Utility Commissioners Arlington, Va.

TONY CLARK

Rhetoric Is an AI-Proof Skill in the Job Market

Andy Kessler is right that higher ed's woes long predate artificial intelligence (“The End of College as We Know It,” Inside View, Oct. 5). Thankfully, AI has illuminated what colleges and universities must do—namely, what AI can’t do.

AI has the potential to help virtually any student develop high-value skills, a process that once took significant time and expense. But AI can't help students learn wisdom, which is essential to using those skills effectively. As such, institutions of higher education should do much more to cultivate the habits of discourse and debate about difficult ideas. Such vigorous discussion is essential for bringing wisdom to the fore. It also helps students understand nonverbal communication, which is key for overcoming the “uncertainty” with real-life interaction that Mr. Kessler rightly flags.

I practice a discourse-based approach in a course I teach for stu-

Preventing Hazing Requires Institutional Transformation

“Penn State Drug Ring Was Fueled by Hazing” (Page One, Sept. 29) offers a disturbing illustration of what decades of research on hazing have made clear: At its core, hazing involves power, coercion and group dynamics that can make it extraordinarily difficult for those seeking membership or belonging to say no.

While the activities alleged at Penn State, such as weighing and packaging cocaine for distribution, may look more like criminal exploitation than hazing, the underlying dynamic is familiar: Those with greater status and power use the desire for membership and belonging to compel behavior that participants might otherwise reject. That is why preventing hazing requires more than prohibiting particular behavior or responding after the fact. Institutions must examine the cultures and power structures in which hazing flourishes, including secrecy, expectations of unquestioned loyalty, power imbalances and norms that discourage intervention and reporting.

The lesson from Penn State isn't simply that hazing can take shocking forms. It is that coercive group dynamics can compel a remarkably wide range of harmful behavior. Effective prevention begins with understanding and changing those dynamics to transform hazing culture.

PROF. ELIZABETH J. ALLAN, PH.D. University of Maine

Prof. Allan is the founder and principal of StopHazing and the director of the Hazing Prevention Research Lab.

Orono, Maine

Letters intended for publication should be emailed to wsj.ltrs@wsj.com. Please include your city, state and telephone number. All letters are subject to editing, and unpublished letters cannot be acknowledged.

dents at Bucknell University—a course, I might add, with no technology whatsoever. Students frequently report it's a transformative experience. Too few colleges and universities give priority to that same kind of transformation, but artificial intelligence should cause them to reconsider, and fast.

WILLIAM GRUVER Open Discourse Coalition Lewisburg, Pa.

Price Controls Are Harmful

Americans are frustrated by rising costs, and “Americans Warm to Populism as Life Gets More Expensive” (Page One, Sept. 30) shows the appeal of simply having Washington decree that something should cost less. The problem comes when legislating by polling data and sound bites is forced to confront the real-world implications of those policies. Price controls might make for a good stump speech, but they don’t make the underlying economics disappear.

Research from the Electronic Payments Coalition estimates that a 10% credit-card-rate cap would effectively eliminate or severely restrict access to credit for 82% to 88% of existing accounts, or between 175 million to 190 million Americans. Consumers with credit scores below 740 would be particularly vulnerable to a loss of credit. Americans with higher credit scores might keep their cards but would face constricted credit limits, reduced rewards and stricter underwriting. Making credit artificially “cheaper” essentially makes it realistically unavailable. This outcome is anything but a victory for affordability.

Washington should look for ways to lower costs for American families. But setting prices is a dangerous road. Before embracing price controls because they poll well, policymakers ought to ask where this road ends and who gets left behind along the way.

RICHARD HUNT Electronic Payments Coalition Washington

Pepper ... And Salt

THE WALL STREET JOURNAL

"That's it?"

The Birth and Rebirth of Western Civilization

MARK SCHIEFELBEIN/ASSOCIATED PRESS
Marco Rubio speaks in Athens, Oct. 7.

The following are excerpts from a speech Secretary of State Marco Rubio delivered in Athens on Oct. 7:

H ere, in Athens, we found the first full realization of all the essential traits that would come to define the West: fierce in-

dividuality and relentless ambition; daring exploration and invention; a yearning for discovery, for adventure, risk and glory. An insatiable curiosity about the world and the principles by which it operates, a hunger to know the mysteries of nature and grasp the secrets of the cosmos. An impatience with the notion of impossibility, chafing at all boundaries and limits, straining to peer into the depths of the unknown....

This was the foundation of the Western mind: our math, our science, our medicine. Our philosophy, ethics and religion. It paved the way for the gospel of Jesus Christ to find fertile soil in Europe and flourish into the empire of Christendom. It was the foundation of the riches of Christian theology—of Augustine and Aquinas and the whole tradition of natural law....

America and Europe can revive the spirit of ancient Greece and make all our nations great again.

I know that to modern ears, what I just described, this way of life, may sound odd; it may even sound cruel. The ideal of many ideologies in our time has, frankly, become a world of perfect safety, devoid of risk or failure, with neither the glory of victory nor the shame of defeat. Too often these days, we build downwards. We design our standards to ensure no one will lose; we preoccupy ourselves more with the comfort of the worst than the potential of the best. We hold the most exceptional things among us hostage to the average, the ordinary, the mediocre.

The men who made the Parthenon, they built upwards. They held that the highest and most noble aspiration in life was to surpass all others, to strive to be the best in all things. The ancient Greek city-states were filled. They were filled with intense passion and rivalry and faction and conflict. But from that constant struggle for distinction—from that came the great flowering of art and philosophy and political and intellectual energy that would transform a collective of Mediterranean cities into the birthplace of the greatest civilization in the world.

The thumos, as the ancient Greeks called it—the fire of passion, strength, courage, pride—is the heart of great civilization. And without it? Without it, nations lose their will to fight, the will to strive, the will to survive.

Today, too much of the West has forgotten this quality. Over time, we in the West came to feel ashamed of the very things that made us exceptional. We felt embarrassed that our achievements set us apart from the rest of the world. Our prosperity somehow became a source of guilt. We no longer believed we deserved and had earned our greatness.

The word “nationalism” became a dirty word. And so we tore down our monuments; we condemned our own history. And in too many places, we taught our children to be ashamed of the countries they would inherit. In the process, we opened our borders and outsourced our industry, and allowed our militaries to wither and to decay.

And with every passing year, we seemed to outsource more of our sovereignty, transferring our decisions to global bureaucracies far beyond the reach of our control. . .

Others were all too happy to fill the vacuum that we left—the vacuum left behind by our weakness. And as the West's confidence faltered, its adversaries and its rivals only grew more assertive, building up their own wealth and their own power in our stead.

And now, today, we find ourselves at a crossroads. Because the next decade and the decisions we make will write the story of the next century.

The course we take will determine whether the West maintains its place at the head of the world or resigns itself to a future of atrophy and servitude and decline. We will either choose to act now or lose the choice to act at all.

Under President Trump, the United States has made its choice. We choose the unapologetic pursuit of national power: to take back control of our critical supply chains, to reindustrialize our economy, to rebuild our defense, to fight for dominance of the technologies and industries of the future.

We choose to reach for new frontiers: in advanced manufacturing and superintelligence; in drones, weapons and warfare; in chips, minerals, cyber and every other domain of human possibility. To unleash our energy, to rebuild our factories, to return our astronauts to the moon and launch a new age of exploration in space....

We believe that Europe can awaken from its long slumber and rekindle the fire that was lit here millennia ago. There are already signs.

Across this Continent, we are witnessing what we hope will be the beginnings of a generational shift: skyrocketing defense spending, a flurry of new partnerships and programs, expanded manufacturing and production, following on the historic defense commitments made last year in The Hague.

Greece has been at the center of this shift. The people of this nation have proved themselves once again to be an indispensable friend to Europe and to the United States alike, on everything from energy to migration to defense, where Greece has been a model ally.

And it's our sincerest hope that all of Europe will follow your example.

Though passions may, at times, have strained the bonds of affection between the United States and Europe, it must not be allowed to break them. Together, we must strengthen an alliance capable of confronting threats of our age.

And we can. Because we do not believe the trans-Atlantic friendship should be zero-sum. Quite the opposite: Our vision is of an alliance whose strength is greater than the sum of its parts. It is a vision we saw in action just last month, in an unprecedented new agreement between the United States, Denmark and Greenland—an agreement that will reshape the Arctic and bolster the security of all of NATO. All three partners in that deal emerged victorious. All of Europe—and NATO and the United States—emerged safer, stronger, and more secure....

We are at an inflection point—an inflection point not only in the history of my nation, but an inflection point in the whole of our civilization.

The threats we face today are every bit as real as they were on the dramatic stage of antiquity.

National interests did not vanish in the face of international institutions. War did not disappear simply because we preferred peace. Other states continued to arm, to seek influence, to compete for territory, and technology, and resources, and markets, and energy, and power.

And now, there is war again. There is new competition be-

There is new competition between great powers again. There is vulnerability, aggression, terrorism, a whole universe of new threats and attacks again.

And so we must rebuild our institutions and our alliances to face these threats together—understanding that the purpose of these things is not to abolish the sovereignty of the nations that constitute them; it is to defend them. And that nations need not abandon their distinct identities in order to recognize their common interests....

The history of Greece does not just offer us a glimpse of our institutions in their earliest forms. The history of Greece shows us an image of ourselves.

It shows us that ours is the inheritance of great heroes, and that we should be proud—that we should be intensely proud—of where we come from. We should marvel at what our forefathers carved out of this countryside. The story of our civilization is the greatest story ever known to man. And it began here, with the first men and women of the West. From them we can rediscover the virtues, the courage, and the strength to confront the dangers that we face in our time.

Riots in France? They Could Happen Here

POLITICAL ECONOMICS By Joseph C. Sternberg

Are you an American who's enjoying the spectacle of the very Gallic rioting in France? Resist the temptation to gloat. We aren't so different.

What's happening in the streets of Paris and other cities is about fiscal policy. Seriously. Superficially, the country is witnessing student protests (many of them violent) over teacher shortages and decrepit school buildings. But this is only the latest in a series of public distempers stirred up by organizations of the left such as unions to force an allocation of evaporating public resources toward their favored interests.

Before the student riots kicked off, there was a one-day national strike by civil servants, firefighters and others to protest government-wage freezes. With a similar movement in autumn 2025, national marches against the government budget are becoming an annual tradition.

The street fighting is brutal because the budget math is inexorable. France is broke. Government debt stands at 120% of gross domestic product and is rising fast as annual fiscal deficits of 5% of GDP are becoming the norm.

Borrowing costs are soaring as the yield on the benchmark 10-year government bond last week briefly exceeded $5\%$ for the first time since 2002. This is lower than the 10-year Treasury yield in the U.S., but that's because America's investors anticipate stronger economic growth. Compared with low-growth European peers, France stands out in all the wrong ways. The spread between French bonds and German bunds (Europe's safe asset) is as wide as during the 2010-12 eurozone crisis. France is paying more to borrow than Italy—or Greece.

And because bond yields exceed any plausible estimate of economic growth, the debt pile can only increase while debt-service costs soar. The young rioters demanding more education funding aren't fighting for a bigger piece of a shrinking pie. They're fighting for a piece of a pie that may not even exist.

Blame les boomers. France has also recently seen long and turbulent protests related to the old-age pension, France's equivalent to Social Security. These ran from 2019 to 2023 (with a long break for the pandemic)

Without entitlement reform, the U.S. won't avoid the fiscal miseries that roil the Paris streets.

and killed first President Emmanuel Macron's comprehensive overhaul of the retirement system and then a more modest attempt to raise the retirement age to 64 from 62.

This has had two definite consequences, and maybe an intriguing third one. One result is that the budget is now all but unbalanceable. The state pension in 2025 consumed €422 billion, nearly 25% of the government's total budget and 14% of GDP. Paris will never get its numbers to add up if such an expenditure can't be debated or reformed.

The other consequence is stalled economic growth. Retirement reform is only partly about fiscal math. Because a country's old-age entitlement program sets the rules for how long workers stay in the labor force, shapes the incentives for saving and investment, and is an important determinant of the overall level of taxation, it has a profound effect on economic growth. France has abandoned any attempt to get this right.

A third consequence may be appearing in bond markets now. Since the pension reforms failed, bondholders have been on notice that they might not be France's senior creditors after all, as Stanford economist Hanno Lustig argues. The senior-most claimants on the French state instead are its pensioners.

This isn't the case legally, but in matters of sovereign solvency politics always trumps the law. In thwarting pension reform, French politicians and voters signaled a preference for rolling the dice on an unsustainable debt burden rather than cutting old-age benefits. That alone, Mr. Lustig suggests, could explain part of the surge in French yields of recent years that now contributes to its budget miseries.

America is different how exactly? I count two interconnected ways. One, our economy continues to grow at a healthy clip, because our regulatory regime is more tolerant of risk-taking and our tax regime is less punitive than France's. This depends to a large degree, however, on our acceptance of a welfare state that remains less generous than Europe's.

Two, Social Security remains—for now, just barely—reformable. Reform is baked into its design as the depletion of the trust fund for the old-age part of the program will force hefty benefit cuts in 2032 absent congressional action. If Mr. Lustig's analysis of French public finance is correct, this possibility of Social Security reform is an important stabilizer in America's own debt market. We haven't yet subordinated our creditors to our retirees.

Yet. As if the Social Security debate weren't fraught enough, the example of French dysfunction has just added another dimension.

Pouring Money Into the Ivy League Won't Solve Its Problems

By Jeff Yass

Citadel founder and CEO Ken Griffin, a Harvard alumnus, has given more than \$500 million to his alma mater over four decades. Now he is pledging \$3 billion to Carnegie Mellon University. It is the largest individual gift in the history of American higher education and includes \$2 billion for a new Miami campus that CMU says will invert the traditional higher education model, organizing learning around societal challenges rather than majors. That's exactly what higher education needs: investment in new, competitive experiments.

Higher education is failing students, and the American people are fed up. Seven in 10 Americans, including majorities from both parties, say higher ed is headed in the wrong direction, according to a recent Pew Research poll. Yet in 2025 donors gave nearly \$80 billion to colleges and universities. Harvard raised \$1.3 billion.

No matter how much money donors throw at the problem, classroom instruction at elite institutions keeps getting worse. In a 2024 survey at Harvard, 45% of students said they were reluctant to share views on controversial topics in class. Sixty percent of grades at Harvard College were A's in the 2024-25 academic year, up from $24\%$ in 2005-06. That doesn't sound like an environment of rigorous debate and scholarship.

Under pressure from powerful critics, elite universities have begun to make changes such as adopting statements of institutional neutrality, capping grade inflation, promising to protect open inquiry and establishing civics centers. These changes are cosmetic.

Undergraduate education comprises three elements: students, teachers and classes. If admissions policies, faculty and curriculum don't improve, administrators haven't changed anything. They've maintained the status quo while trying to deceive the public and get critics off their backs.

For all the Trump administration's efforts to use federal funding as leverage, elite universities are too wealthy to feel significant pressure from withheld government subsidies. Harvard last reported its endowment at \$59.9 billion. In fiscal 2025 the return on the endowment was 11.9%, and the university paid almost no taxes. Administrations at these schools whine about funding cuts because they feel entitled to taxpayer money, but they aren't hurting.

nors can't make much of a difference at these schools. Donations to Ivy League schools get you invitations to cocktail parties and, for the big shots, your name on a building where activist professors who hate you teach classes in which you are the villain.

The only way to prompt reform in higher education is to fund new, innovative competitors in the field.

Philanthropists can still make a difference in higher education. They can do so by investing in alternative institutions and new competitors, as Mr. Griffin has at CMU and I have at the University of Austin. If 20% of the \$80 billion donated to higher ed went to experimental and disruptive ventures, that would be about \$16 billion a year—enough to begin transforming the landscape.

Bolstered by these donations, new universities would flourish and compete with the Ivy League for the best faculty and the brightest students. Their graduates would compete for the best jobs. Competition would force existing universities to adapt faster and more comprehensively than any direct donation or withheld government funding could.

We've seen this work before. Johns Hopkins opened in 1876 and, funded by a \$3.5 million bequest, was America's first research university. By 1889 it had produced more Ph.D.s than Harvard and Yale combined did during the same period.

Harvard's president at the time, Charles Eliot, later admitted that his university's graduate school "did not thrive, until the example of Johns Hopkins forced our Faculty" to invest in it. The University of Chicago and Stanford also began as upstarts funded by private fortunes. Today they are among the world's best universities.

For the same reason, private do-

Donating to alternative institutions benefits everyone who cares about higher education. That includes people like me—who believe elite universities are culturally malignant rackets that should be put out of business—and alumni of these universities who love them, believe they are great and want them to be greater. If they are in fact great, a little healthy competition will make them even better.

Whether the goal is to make the best better or to beat them, philanthropists who want to improve higher education should follow Mr Griffin's lead. Welcome disruption. Fund competitors and new institutions.

Mr. Yass is cofounder of Susquehanna International Group.

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Yankees Swept Out of Playoffs As Title Drought Continues

The October magic that defined the team's late '90s dynasty now feels like a distant memory

BY JARED DIAMOND

For three delirious minutes on Wednesday night, the New York Yankees believed that they had saved their season. With his team on the verge of

elimination, Anthony Volpe launched what looked like a gametying home run, conjuring the spirits that once seemed to make their presence felt around these parts every October.

But the baseball gods don't favor the Bronx all that much anymore. That much became painfully evident when replays revealed what had actually happened: The ball never cleared the left-field fence. A fan clad in a midnight-blue Yankees jacket had reached over the wall and interfered with the play. After a lengthy review, the umpires ruled the hit a double.

Three innings later, it was the Tampa Bay Rays who were partying on the Yankee Stadium field after a 4-3 victory, completing an emphatic three-game sweep of the Yankees in the division series. And once again, the most successful team in American sports history was left wondering what went so

Top: Fan interference was called on a ball hit by Anthony Volpe. Right: Aaron Judge and George Lombard Jr. react after the ALDS loss.

wrong.

“I think we’ve got the best talent in the league,” Yankees ace Cam Schlittler said. “But at the end of the day, we didn’t meet the standard.”

Seventeen years have passed since the Yankees last won the World Series, an eternity on the corner of East 161st Street and River Avenue. The magic that defined their dynasty of the late 1990s now feels like a distant memory.

Volpe's near-miss made that reality abundantly clear. Almost three decades ago to the day, another young Yankees infielder was involved in a near-identical play—with an entirely different outcome.

On Oct. 9, 1996, in Game 1 of the championship series against the Baltimore Orioles, a promising rookie named Derek Jeter hit a deep fly ball to right field. Jeffrey Maier, a 12-year-old Yankees fan, lunged over the fence and de-

flected the ball into the seats.

It should have been ruled fan interference. Instead, the umpire called it a homer, allowing the Yankees to even the score. They would go on to claim their first title since 1978 and win the first of what became four championships in five

seasons. Maier became a folk hero across the Tri-State Area.

But a story like Maier's could never exist today. There is a replay system now to fix blown calls. Volpe wouldn't be a hero. He'd be little more than a footnote in another Yankees disappointment.

“It’s been far too many times,” Volpe said, “having this taste in your mouth.”

The regular season has never been a problem for the Yankees. With their massive payroll and star-studded roster, they reach the playoffs almost every year and haven't had a losing season since 1992, nearly a decade before Volpe was even born.

But the postseason has been an insurmountable challenge for the modern Yankees. This year, they were utterly overwhelmed by the small-market Rays, a team with a budget a third of the size. Tampa Bay outplayed New York at every turn, stymieing the Yankees' lineup and frustrating their vaunted rotation with a relentless offensive attack. By the time the series ended, there was no doubt which team was better—and it wasn't the Yankees.

“It’s a broken clubhouse,” said Yankees manager Aaron Boone, who has now come up short in each of his nine seasons at the helm. “Ultimately, it wasn’t good enough.”

When Rays closer Bryan Baker struck out Trent Grisham to record the final out, most of the Yankees quickly retreated to the clubhouse. One player lingered: the Yankees' captain, superstar outfielder Aaron Judge.

He stood there and watched as the Rays celebration raged on, reflecting on another failed season and, he said, “just hating every single moment of it.”

“But if you don’t like it,” Judge continued, “you’ve got to play better.”

Judge had been in this position before—many times, in fact. This year was especially tough. Injuries limited Judge to just 66 games in 2026. Despite his pleading, the

Yankees declined to put Judge on their playoff roster, not convinced he was healthy enough to contribute.

When he's right, Judge is perhaps the best hitter on the planet. But unlike so many great Yankees before him, from Babe Ruth to Alex Rodriguez and everybody in between, he has yet to win a championship—and time is running out.

Next April, Judge will turn 35, an age where skill begins to erode and bodies begin to break down. The threat of a prolonged labor dispute looms this offseason, casting doubt on whether there will even be a 2027 season. Judge doesn't have too many more chances, even if he is able to return to his previous form when the impending lockout ends.

Now he and the Yankees face another reckoning.

"There's a standard to winning a championship," Judge said. "It's black and white."

The Former NFL Lineman Who Solved a Decades-Old Math Problem

Offensive lineman John Urschel gave up his NFL career with the Baltimore Ravens to study math at MIT.

BY ANDREW BEATON

A FORMER NFL PLAYER named John Urschel decided to do some light reading this week, and for him that meant leafing through the latest math papers from OpenAI about topics such as the Riemann hypothesis.

“Oh my lord,” he thought. “I was absolutely floored.”

Urschel was blown away by the findings because he happened to understand the hundreds of proofs better than nearly any human on the planet. Nine years ago, he traded the National Football League for the Massachusetts Institute of Technology. And Monday, instead of studying abstract play designs, he was publishing some impenetrable language of his own to prove a decades-old mathematical conjecture.

Urschel's paper, titled “On the Growth Factor of Random Matrices,” is one in a deluge of AI-assisted proofs that mathematicians have achieved in this new era when they can combine their genius with supercomputing power. But within this community of brainiacs, there isn't a single person quite like the 35-year-old Urschel. After three years with the Baltimore Ravens, the offensive lineman who was listed at 6-foot-3 and 313 pounds ditched his helmet to become a professional egghead in 2017. And he hasn't regretted it for a moment since.

“I feel like I bet on myself in a big way,” Urschel says. “I’m living my best life right now.”

Long before Urschel became an assistant professor at MIT studying matrices, spectral graph theory and other subjects that sound like gibberish to just about everybody, he was an overachieving kid attending Penn State.

While playing for the Nittany Li-ons, he did more than pursue an ambitious major by studying math and win the prize widely known as the “academic Heisman.” By the time the Ravens drafted him in 2014, he had already earned his masters.

But after a year protecting Joe Flacco, Urschel started to miss his life crunching numbers. While he felt that his analytical background was useful to him as a football player—for instance, he says it helped him learn the playbook—it didn't quite scratch his intellectual itch.

That's when he decided to apply to become a doctoral student at MIT, the school he had always dreamed of attending. He began moonlighting there in 2016. And even though he was technically a Raven at the time, he spent his offseason training with the Division III MIT Engineers.

Only when the next NFL season began, Urschel came to realize that he had made a terrible miscalculation. The one variable he hadn't taken into account was time. Between the hours Urschel spent fending off nose tackles and studying eigenvalue problems, he barely saw the woman he would marry.

“In hindsight, it was a horrible decision,” Urschel says. “What was

I thinking?"

The next year, Urschel decided not to go through it again. Chasing the NFL and MIT had proven too much, and putting his brain on the Ravens' offensive line felt like it could hurt his academic career. So instead of showing up to training camp in 2017, he decided to become a full-time student again. Four years later, he earned his PhD, and two years after that, he was back at MIT as a professor.

Along the way, Urschel didn't completely forget about the grid-iron. For three years beginning in 2020, he sat on the College Football Playoff selection committee. He still tries to carve out time on

Saturdays to watch his alma mater Penn State and now Virginia Tech, where his former college teammate is now the offensive coordinator.

But more than anything, Urschel is a math guy now—his latest proof is proof.

Urschel's paper tackles a conjecture that has existed since the 1990s and that he first became interested in while an undergraduate. It concerns Gaussian elimination, a popular way of solving linear systems that you might remember from high school. For instance, take these two equations:

2x - y = 0

$x + y = 3$

Adding the two lines together simplifies to 3x = 3. Therefore, x equals 1 and y equals 2. This fairly straightforward method is also used by computer programs in nearly every field to solve far larger systems of equations. The issue is that small rounding errors with this approach can theoretically compound to make the answer useless. Even though mathematicians had suspected this almost never happens for typical problems, they had never fully proven it—until Urschel did.

Urschel also had an assist in his research. His acknowledgements cite the help of OpenAI models and says that he welcomes any questions about the role of AI, which is upending his entire field.

But supercomputers haven't dented the passion that this football-player-turned-mathematician has for math. He compares it to his enjoyment of chess: The computers are better than the humans, yet he still enjoys the pursuit of finding the right move.

“I really want to understand the why of things,” Urschel says. “AI doesn’t ruin the why.”

MADISON SEYFARTH SINGGIH FOR WSJ

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Contagious Selloff In Bonds Is Fizzling

Impact of rising yields on mortgage debt and Treasury futures peters out

BY SAM GOLDFARB

The battered U.S. bond market is finally getting a dose of good news.

A confluence of market quirks blamed for deepening the recent selloff may be running out of steam, stirring hope that the rise in bond yields will also peter out.

Surging yields in recent weeks have distorted other markets, extending the life expectancy of two other popular flavors of debt securities: mortgage bonds and Treasury futures. The longer the life of a debt instrument, the more investors are left exposed to changes in interest rates.

Investors adjusted in ways that led to selling of longer-term Treasurys, including 10-year notes and 30-year bonds. A vicious cycle was set in motion. But there are also mechanical limits to how far that cycle can go, and investors and analysts are seeing signs of a slowdown.

“I think we’re closer to the end in terms of some of these technical factors, and just the speed of the move,” said Leah Traub, a fixed-income portfolio manager at Lord Abbett. From here, the direction of yields will come down more to “fundamental factors,” such as shifts in oil prices, she added.

Investors are especially optimistic about the pressure coming from the mortgage bond market.

Rising rates have chilled homeowners' interest in refinancing their mortgages. As that has happened, the average expected life of the loans underpinning mortgage-backed securities has been pushed out. But the bonds have now been extended about as far as they can go, analysts said.

Source: Tradeweb FTSE closes

There now is less pressure on holders of those bonds to hedge their portfolios by entering into derivatives contracts with counterparties who often then offset their own position by dumping Treasurys.

Please turn to page B9

Bad Harvest a ‘Godsend’ for California Wine

California wineries are pulling out vines and letting some grapes wither as demand falls. The harvest at Wente Family Vineyards.

BY LAURA COOPER

The number of wine grapes harvested in California could fall by as much as half this year.

“It is a godsend,” said Michael Honig, president of Honig Vineyard & Winery in Napa Valley. “The short crop is helping us survive right now.”

The American wine industry is in crisis. Alcohol consumption in the U.S. has plunged to its lowest level in decades. Canada, once a large and lucrative market, is barely buying American alcohol. Sales have sagged. Industry officials said most consumers—who buy bottles for \$20 or less—have cut back on their purchases.

Due to the changes in recent years, the wine industry is going through a reset. Some wineries left juicy grapes to wither on their vines last year, while others have pulled out vines to match the new level of demand. Vineyard operators also are pivoting to raising cattle or growing other crops such as hay and barley.

“I have seen plenty of ups and downs in grape and wine supply,” said Juan Munoz-Oca, the estates director for Marchesi Antinori’s U.S. business.

“What we are seeing today is different. Growers pulling out vines, moth-balling vineyards and planting other crops points to something more structural than the cycles I have experienced,” he said.

A period of consolidation looms, analysts and winemakers said. The industry is working through a glut of wine, which has weighed on the prices that wineries can command for their products.

Many bottles of wine from vintages in 2023 and 2024—years that had bumper crops—sit unsold at wineries across California.

“Many family businesses may be forced to exit the industry,” said Bourcard Nesin, an analyst covering the alcohol business at Rabobank. “Many believe that consolidation is unavoidable because, without higher grape prices, very few growers can generate sustainable profits.”

Last year, the percentage of Americans drinking overall fell to its lowest level recorded since the survey started nearly 90 years ago, according

Please turn to page B2

*Based on U.S. adults who say they drink alcoholic beverages.

Refiners To Reap Earnings Bonanza From Wars

BY COLLIN EATON AND BENOÎT MORENNE

The earnings of America's largest oil refiners are set to go gangbusters in the third quarter, spurred on by the conflicts in the Middle East and the war in Ukraine that have sent the world scrambling for fuel.

Wall Street analysts are projecting that independent U.S. fuel makers Valero Energy, Marathon Petroleum, Phillips 66 and others are on track to crush their near-record earnings in the second quarter that ended in June. All three companies that quarter posted their highest profits since the onset of the Ukraine war.

Refineries are collecting on record-high margins for diesel and other fuels as global supplies shrink and prices skyrocket. They are benefiting from what the industry calls a “crack spread” in which the price of oil has risen, but at a slower rate than the price of refined fuels including diesel. As the gap between the price of crude and the price of fuels widens, refiners make more on every gallon of fuel they create.

Driving that gap are a resurgence in the Iran war that crippled refineries in the Middle East and Ukrainian drone strikes that damaged plants in Russia. China and other Asian countries, meanwhile, have pulled back on fuel exports. That has effectively left the U.S. as the world's last major fuel supplier and recently pushed domestic diesel prices to a record \$6.53 a gallon on average.

JPMorgan analysts project Valero could print \$8.95 billion in pretax earnings in the third quarter, up 50% from the prior three-month period and 24% higher than its quarterly record in mid-2022. Piper Sandler forecasts Marathon's per-share earnings will rise more than sevenfold from the same period last year. Phillips 66's refining earnings are also expected to eclipse its past record.

The companies are scheduled to report results in late October and early November.

“They make hay while the sun shines,” said John Auers, a refined-fuels analyst at Novi Labs, noting the earnings surge marks a reversal of fortunes six years after the onset of Covid-19 when refineries’

Please turn to page B9

Diesel Still Beats EVs As Trucking Cost Option

BY PAUL BERGER

Even soaring diesel prices aren't enough to make the economics of battery-electric trucking work.

Truckers in California are asking the Ports of Los Angeles and Long Beach to subsidize the high costs of owning and operating zero-emission big rigs. Drivers of electric-powered rigs say they can't compete with diesel-powered rivals even as fuel prices surge to record highs.

Diesel hit a national average record of \$6.528 a gallon in September, according to energy pricing specialists OPIS. In California, which has the highest fuel prices in the nation, it set a new high on Sept. 22 of \$8.439.

The ports are considering paying truckers \$60 each time they pick up or drop off containers with a zero-emission Please turn to page B2

INSIDE

BUSINESS NEWS Snacks and drinks maker PepsiCo cuts its outlook, pointing to higher costs. B3

TECHNOLOGY Microsoft's Xbox looks beyond 'Fallout' to new TV and movie offerings. B4

American Airlines Eases Bumping Policy

The airline is doing more to avoid these situations by focusing on getting people to give up seats voluntarily.
Note: 2026 data through 2Q Source: Transportation Department

BY ALISON SIDER

AND REBECCA CADENHEAD

American Airlines, which was responsible for 60% of passengers who were involuntarily bumped from their flights last year, says it will stop the practice.

Arriving at an airport only to be turned away because there aren't enough seats on the flight is one of the worst frustrations passengers can encounter. For years American had been one of the worst offenders. Rivals moved to curb the practice of bumping fliers years ago, spurred on by a high-profile 2017 incident in which airport police forcibly dragged a doctor off a United Express flight, igniting a criticism.

Now, as American tries to improve its reputation with customers and better manage disruptions, the Fort Worth, Texas-based carrier is doing more to avoid those situations by focusing on getting people to give up seats voluntarily.

“We’ve improved technology and improved process. And now I think we feel we’re to the point where we do not take an “involuntary denied”

boarding," Heather Garboden, American's chief customer officer, said.

The new approach was reported earlier by View From the Wing, an aviation blog.

“This is a case of American doing what their rivals have already been doing,” said Bill McGee, senior fellow for aviation at the American Economic Liberties Project.

The airline said it is more actively about asking volunteers to give up their seats on overbooked flights ahead of time, reaching out to travelers through the app and email notifications long before they arrive at gates.

It is also making it clear to employees that eliminating bumping is a requirement, not a goal, according to a memo reviewed by The Wall Street Journal.

Gate agents now start making announcements earlier when a flight is oversold, including explaining why and mentioning compensation options right away for volunteering to take a later flight.

Involuntary bumping is relatively rare—just 25,000 people were involuntarily bumped last year on U.S. airlines out of the millions who flew.

Most of the time, offers of cash, travel vouchers and accommodations can help persuade passengers with flexible plans to give up seats.

But American became an outlier after other carriers managed to tamp down on the practice.

Please turn to page B2

INDEX TO BUSINESSES

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

A
Adobe....A3
Alimentation Couche Tard....B3
Amazon.com....B3
American Airlines....B1
Argenx....B4
AT&T....B4
B
Brink's....B3
C
Constellation Brands.....B2
D
Delta Air Lines.....B2,B10
DHL....A2
Diamond Energy.....B9
E
EOG Resources.....B9
F

Fast Retailing.....B3 I Intel.....B10 K Keurig Dr Pepper.....B3 M Marathon Petroleum.....B1 Mastercard.....A2 Meta Platforms.....A3 Micron Technology.....B10 Microsoft.....A3,B4 N NCR Atleos.....B3 Nvidia.....A2,B10 O Occidental Petroleum.....B9 OpenAI.....A3 P Pacira BioSciences.....B10 PepsiCo.....B3,B10

Phillips 66.....B1
Porsche.....B3

S
Samsung Electronics.....B10
Seven & i.....B3
SpaceX.....B4
Spotify.....B3

T
Taiwan Semiconductor Manufacturing.....B10
Taylor Farms.....B2
T-Mobile.....B4

U
United Airlines.....B2

V
Valero Energy.....B1
Verizon Communications.....B4
Visa.....A2
Vodafone.....B4

INDEX TO PEOPLE

A
Abrahams, Brian....B4
Auers, John....B1
B
Borst, Nicholas....A9
C
Carter, Eli....B9
D
Dacus, Stephen....B3
E
Eisele, Kevin....B4
Entner, Roger....B4
Eubanks, Mark....B3
F
Feinberg, Steve....A6
Fink, Nick....B2

G Garboden, Heather.....B1 H Honig, Michael.....B1 K Kashner, Elisabeth.....B10 L Laguarta, Ramon.....B3 Laipply, Stephen.....B10 Leiters, Michael.....B3 Leyva, Mauricio.....B3 M Mandia, Kevin.....B4 Munoz-Oca, Juan.....B1 Musk, Elon.....B4 N Nadella, Satya.....B3

Nashikkar, Amrut.....B9 Nesin, Bourcard.....B1 Newman, Jordan.....B3 R Raeder, Martin.....B3 Roberts, Jackson.....A2 S Sasson, Mark.....B4 Sharma, Asha.....B4 Spergel, Seth.....B4 T Taylor, Bruce.....B2 Traub, Leah.....B1 W Wente, Niki.....B2 Y Yanai, Tadashi.....B3

Diesel Beats EVs as Truck Costs Rise

Continued from page B1 vehicle, up to a maximum \$36,000 per truck per year, over the next three years. The boards of the two ports are expected to vote on the proposal in the coming months.

Port of Los Angeles Executive Director Gene Seroka said struggling carriers approached the port to request help earlier this year. The ports, as well as state and federal agencies, have already committed hundreds of millions of dollars to install charging infrastructure and subsidize purchases of zero-emission trucks.

“I don’t know that just subsidizing people is a complete answer,” Seroka said. “But maybe in the interim we’ve got to do something to help.”

The Southern California ports operate the busiest container complex in the country, moving tens of millions of boxes each year and producing one of the largest sources of air pollution in the region, according to state regulators.

California offers grants to truckers to offset some of the higher costs of zero-emission vehicles that can run three times as much as diesel rigs. Carriers say they also face bigger bills for charging infrastructure and higher operating costs related to financing, insuring and running trucks.

Ping Burke, vice president of sales and operations at Compton, Calif.-based trucker Tradelink Transport, said comparing electricity prices with diesel bills doesn't translate into total savings because electric trucks spend more time out of service being charged. "Hands down, the EV can win on energy cost, but we still have to make sure we don't give those savings back through downtime and lost utilization," Burke said.

State and local agencies have worked for years to reduce emissions. The ports set a target in 2017 to phase out diesel trucks by 2035. Today, fewer than 700 of the 17,000 trucks that call the ports—or just $4\%$ of rigs—are zero-emission, according to port data.

Early adopters of zero-emission technologies say they can't command the rates they need to cover the higher costs of battery-electric or hydrogen fuel-cell trucks because they are competing with lower-cost diesel rivals.

“Everybody wants sustainability, but nobody wants to pay for it,” said Robert Loya, chief executive of the Harbor Trucking Association, an industry group that asked the ports to help battery-electric truckers.

Port truckers are coming off the back of several years of low cargo rates. They say they can't assume that a recent increase in freight demand or the run-up in diesel prices will make zero-emission trucking more cost-competitive.

“We lost our shirts off it in '23, '24 and '25,” said Rudy Diaz, CEO of Long Beach, Calif.-based Hight Logistics, who started running zero-emission trucks at the end of 2022. “We are still upside down when you compare us to diesel fleets.”

California had been building momentum for zero-emission trucking demand. But the effort has been set back in recent years, notably when the state dropped regulations that would have forced truckers to buy battery-electric rigs because of anticipated opposition from the Trump administration.

The Los Angeles and Long Beach ports have since 2022 raised more than \$350 million to invest in clean technologies via a “clean truck” fee of \$10 a visit on diesel rigs. They have distributed only a fraction of that money, in part because truckers face yearslong waits for charging infrastructure and vehicles. The ports plan to finance the new incentive program using \$60 million from their clean-truck funds.

Paul Berger writes for WSJ Logistics Report.

Taylor Curbs Sale of Mexico Lettuce

The largest cyclospora outbreak last summer was tied to shredded lettuce from Taylor Farms.

The company hasn't determined when the suspension will be lifted.

Chief Executive Bruce Taylor said the company won't sell iceberg lettuce in the U.S. or Canada that was harvested or processed in the region between May 1 and Aug. 31, starting next year. The period covers central Mexico's rainy season, Taylor said, and it matches the time when the Centers for Disease Control and Prevention sees an increase in illnesses caused by the cyclospora parasite.

Taylor Farms, the produce giant linked to last summer's deadly cyclospora outbreak, is suspending sales of iceberg lettuce from central Mexico during the parasite's peak season.

To date, neither the FDA nor Taylor Farms has publicly identified what caused the cyclospora outbreak.

Taylor's comments in an open letter Thursday come days after the Food and Drug Administration released details from its investigation into what became the largest U.S. cyclospora outbreak on record, which sickened 12,000 people and was linked to two deaths. The parasitic outbreak touched every part of the produce industry as many consumers avoided fresh produce in grocery stores and salad-heavy restaurant chains.

BY JESSE NEWMAN

mart, Costco and Yum Brands' Taco Bell.

Federal and state authorities probed several cyclospora outbreaks last summer. They tied the largest one to shredded iceberg lettuce from Taylor Farms, which supplies produce to some of America's biggest retailers and restaurant brands, including Wal-

Taylor Farms suspended sourcing and production of iceberg lettuce from central Mexico in July. The company said its processing facility in the region remains closed.

In response to the outbreak Taylor said it is also expanding year-round health monitoring for its staff and workers at farms where it sources lettuce. The company is boosting testing of its irrigation water and crops in central Mexico, and investing in research and technology to improve cyclospora detection and prevention, he said.

“We are taking a comprehensive approach to make our food even safer,” Taylor said.

Public health officials declared the cyclospora outbreak over in September. Last week, the FDA said that it had closed its outbreak investigation after conducting inspections in Mexican lettuce fields—taking samples of water, soil, sediment and lettuce—as well as at Taylor Farms' processing facility in Mexico.

The FDA said two samples tested positive for cyclospora, one from a tank containing wastewater from the processing facility and another from a drainage ditch at a lettuce grower.

The agency outlined steps that it will take to prevent cyclospora ahead of the 2027 growing season, including increased surveillance of certain agricultural commodities. The FDA also said it is exploring new tools to monitor environmental factors like weather events.

Some current and former government officials have criticized the handling of the outbreak, both by the Trump administration and Taylor Farms. Frank Yiannas, a former FDA deputy commissioner, said the agency was too slow to get to Mexico and that its findings leave many unanswered questions.

“We are really good at detecting outbreaks but really lousy at investigating them,” Yiannas said.

sample came from waste and sewer water outside of its processing facility and was taken over three weeks after the company suspended production.

Taylor Farms said it is no longer working with the independent grower where the positive sample was found. The company said the second

American has instructed employees to keep trying to get customers to agree to an offer, even if it means a brief flight delay.

Consumer Reports, a nonprofit organization, sent a letter Thursday to the FDA expressing concern over the agency's outbreak response and requesting answers to a series of questions next month.

Only budget carrier Frontier Airlines bumped passengers at a higher rate, which the carrier said is “something we are currently working on.”

The vineyard operated by Niki Wente has responded to the sector's crisis by diversifying.

to a poll from Gallup. It held steady at the low rate this year of 54%.

Continued from page B1

Bad Harvest Is ‘Godsend’ For Wine

Wine was the least popular drink of choice when pitted against spirits and beer. Some Americans are abstaining for health and wellness reasons, others because of cost.

Canada used to import an average of about \$40 million of American wine a month, according to the Wine Institute, an industry trade group. Then most Canadian provinces pulled American alcohol in response to tariffs. Exports to

This year, tough weather has provided a measure of relief. Heavy rains and unseasonable warm spells earlier in the growing season meant many grapes didn't fully develop. Some immature yellow grapes failed to develop into the juicy grapes used to make wine.

Gate agents can guarantee volunteers a seat on the next flight to their destination—not

Vineyards' pain is cascading across California, where some four-fifths of America's wine is grown. Wineries in the state shipped 203 million cases last year, down $11\%$ from the year before.

the country are now down some 90% to just above \$5 million of wine a month.

used to graze cattle, acreage it hopes to expand by around 100 acres to increase the head of cattle it has while beef prices are high. About 400 acres of land is sharecropped for hay, up from about 250 acres two years ago. Some land in its Monterey estate is rented out to local farmers growing asparagus, corn and other produce, Wente said.

The number of grapes ready to pick or already harvested off the vine will be 35% to 40% lighter than average, the Sonoma County Winegrowers estimate. White wines, they said, came in heavier than the reds this

just the next flight with empty seats. Local leadership can authorize a bigger payout without approval from another team at headquarters.

Over its 143 years in operation, Wente Family Vineyards diversified into other businesses like growing hay and raising cattle to supplement its revenue. Now it is leaning harder into those other lines of work, though its wine business is still its main line of business by far.

Wente's Morning Fog Chardonnay was a big seller in Canada. Last year, the chardonnay's sales in that country fell to almost zero, Wente said.

In recent years it has been removing a number of varieties, including Cabernet Sauvignon. About 80 cows and bulls now graze on Wente's land.

"This is the wildest harvest I have ever experienced," said Niki Wente, director of vineyard operations at Wente Family Vineyards in Livermore, Calif. Yet the family-owned business is making some changes to its operations.

Some 1,500 acres of the family's land is currently

Continued from page B1

At airports where it tested out new technology and procedures this summer, involuntary bumping was eliminated. The airline has slashed its rate of involuntary bumping since the start of the year, reducing those situations by 55% in the second quarter from a year earlier and 85% in the third quarter.

Nick Fink, who helms Constellation Brands, is hopeful that the wine industry may have hit the bottom. Constellation is behind the Prisoner and Kim Crawford wine brands, among others.

While this year's lower harvest will help with some wine prices, Wente is seeing promise in its cattle. “The cattle industry is booming right now,” she said. “Meat prices are going up.”

year.

Fink was in California recently amid the grape harvest. Based on his observations there, he said he's hopeful for the future of wine and the rebalance of supply and demand.

American Eases Up On Bumping

The company's new approach comes as it tries to close a financial gap with its biggest competitors and burnish its premium travel bona fides with new lounges and

“Going forward, this thing has kind of found bottom,” he said.

American said the changes have already started to work.

more high-end seating.

'This is a case of American doing what their rivals have already been doing.'

The airline announced Thursday that it plans to expand its rollout of speedy Starlink internet to its entire

fleet, embracing the fast Wi-Fi that has become a popular passenger perk.

The carrier said it has been trying to do a better job handling weather disruptions and has worked to address other practices that annoy customers, such as rolling delays.

Airlines have overbooked flights for decades.

Some passengers simply don't show up, and a seat that is empty when the plane takes off is one that could have been sold to another customer—perhaps one willing to pay a higher last-minute fare.

And it's not always the case that airlines have intentionally sold more tickets than seats.

Planes are often substituted during disruptions.

That can mean swapping in a smaller plane with fewer seats available.

Unexpected weight restrictions can crop up due to weather, runway changes or fuel requirements.

The Department of Transportation requires airlines to compensate passengers who are bumped due to oversold flights.

Airlines have to pay as much as \$2,150 when bumped passengers face lengthy delays. But they can also offer more than that to encourage volunteers. Some travelers have reported offers worth thousands of dollars in recent years after carriers including United Airlines and Delta Air Lines boosted maximum payouts after the 2017 passenger dragging incident.

Delta has also worked to eliminate involuntary bumping and bumps very few passengers, according to government data.

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PepsiCo Trims Outlook for Year

The Cheetos maker said ongoing inflation and higher advertising costs are weighing on profit.
MIKE BLAKE/REUTERS

The maker of snacks and soda pointed to weakness in North American business

BY CONNOR HART

PepsiCo cut its full-year earnings outlook as it faces inflation, higher advertising costs and continued weakness in its North American business, even as the company works to reduce expenses and revive sales.

Ongoing inflation and higher advertising costs are weighing on profit, overshadowing steps the company has taken to reduce operating expenses, PepsiCo said. At the same time, its North American business continues to underperform.

"Our business in North America performed below our expectations and represents a meaningful opportunity for improvement," Chief Executive Ramon Laguarta said on a call with analysts Thursday.

The company is working to turn the business around, and said it saw some improvement from the prior quarter. New product launches and lower prices helped spur sales across its snacks business, while strong sales of functional and zero-sugar beverages offset weak soda sales.

Still, consumers remain under pressure, making it difficult to persuade them to buy soda and snacks. “We don’t expect the consumer to suddenly be in a much better place in the next 12 to 18 months,” Laguarta said.

PepsiCo plans to continue focusing on affordable price points and adapting its portfolio to changing consumer tastes. That includes offering more pack sizes and retooling products to contain more protein and fiber, or to remove artificial colors and flavors, Laguarta said.

Those efforts, along with pricing and other investments, are weighing on margins. PepsiCo cut its full-year adjusted earnings outlook to growth of between 1% and 2%, from a previous forecast of 4% to 6%. The company narrowed its organic revenue outlook to growth of roughly 3%, compared with its previous view of 2% to 4%.

The weaker outlook came as PepsiCo posted higher profit and revenue in its latest quarter, boosted by continued strength across its international business.

Note: Latest fiscal quarter ended Sept. 5 Sources: S&P Capital IQ; the company

The company recorded a profit of \$3.05 billion, or \$2.23 a share, for the third quarter ended Sept. 5, compared with \$2.6 billion, or \$1.90 a share, a year earlier. Excluding one-time items, earnings came to \$2.34 a share, ahead of the \$2.29 a share analysts surveyed by FactSet had expected.

Net revenue climbed 5.6% to \$25.27 billion, also topping Wall Street estimates of \$24.95 billion. On an organic basis, revenue rose 3.1%.

Shares climbed 3.7% to \$128.34 Thursday.

Uniqlo Owner Fast Posts A Record Annual Profit

BY KOSAKU NARIOKA

The Japanese owner of Uniqlo and other brands reported another record year, driven by stronger earnings across regions as new store openings boosted sales, and forecast even higher profit this fiscal year.

Fast Retailing annual revenue

To meet that goal, Fast Retailing plans to open stores in San Francisco, Miami and Cannes, France, in the coming months, after recently opening new locations in New York and Cambridge, U.K.

In the key China market, where profit fell last year amid sluggish consumer demand, the company has seen encouraging signs of recovery following operational changes.

Fast Retailing also plans to reopen its flagship Uniqlo store in Shanghai on Oct. 30, as well as revamp several stores in the Chinese city this year.

Note: Fiscal year ended Aug. 31; ¥1 trillion = \$6.3 billion Sources: S&P Capital IQ; the company

The push is part of the clothing retailer's efforts to win over customers across the globe, one casual staple at a time. The Uniqlo owner on Thursday said it is getting its message across to customers globally who value the “com-

DAVID PAUL MORRIS/BLOOMBERG NEWS

Uniqlo plans to open stores in Miami, Cannes, France, and San Francisco, seen here, in the coming months.

fort and feel" of its products.

Billionaire Chief Executive Tadashi Yanai said that Uniqlo's growing recognition in the U.S. and Europe has attracted customers drawn to its global brand appeal, especially in markets like Southeast Asia, India and Australia. "This is a big chance to realize further growth," Yanai said.

The U.S. and Europe have become increasingly important regions for Fast Retailing as it seeks growth beyond Japan and China to diversify.

The company has set separate annual regional revenue targets of ¥1 trillion, or \$6.33 billion, for Uniqlo's operations in North America and Europe in about five years.

The Japanese owner of Uniqlo also has been adding stores in the U.S., Europe and Southeast Asia in recent quarters while reducing the number of locations in China.

For the 12 months ended

August, net profit rose 25% to ¥542.52 billion, equivalent to \$3.43 billion. That beat the estimate of ¥510.7 billion in a poll of analysts by data provider Visible Alpha.

Annual revenue grew 17% to ¥3.963 trillion. Operating profit margin improved to 18.7% from 16.6% the previous year.

For the year that began in September, the company projected revenue to increase 12% to ¥4.450 trillion and net profit to climb 3.2% to ¥560.00 billion.

Uniqlo's North America sales made up 9.2% of the company's total revenue in the latest fiscal year and its Europe business accounted for 13%, compared with 27% for Japan and 18% for the markets of China, Hong Kong and Taiwan.

Fast Retailing said it plans to increase the number of stores by 35 to 3,545 globally in the current fiscal year, mainly by adding Uniqlo stores overseas.

Shares have climbed 31% in the year to date, thanks to prospects of rising overseas earnings.

7-Eleven Owner Logs 12% Decline In Earnings

BY KOSAKU NARIOKA AND RONNIE HARUI

Seven & i Holdings' second-quarter net profit fell as its domestic business proved a drag despite stronger earnings at its North American business thanks to fuel sales.

The Japanese owner of 7-Eleven said Thursday that lower revenue and higher utility and other costs pinched operating profit for its domestic convenience-store business. Operating profit for its overseas convenience-store business rose as increased fuel sales, driven by higher gasoline selling prices, helped boost its North American earnings.

“Inflationary pressures and subdued consumer sentiment continue to weigh on our customers and the overall operating environment,” Chief Executive Stephen Dacus said.

The 7-Eleven owner in April pushed back the planned listing of its North American business to the fiscal year starting next March at the earliest, after the Middle East conflict drove up oil prices and clouded the outlook for gasoline demand. It had originally planned an initial public offering by the end of 2026.

Mauricio Leyva, a former top executive at Keurig Dr Pepper, became CEO of the North American business, 7-Eleven Inc., in August.

Seven & i announced a series of measures in March 2025 to boost shareholder value as it sought to fend off Alimentation Couche-Tard's \$47 billion takeover bid. The Canadian owner of Circle K later abandoned the bid.

The North American IPO was one of the key measures, alongside a \$5.4 billion sale of superstores and other businesses and a \$13 billion share buyback. The company has also sought to boost earnings by improving its range of proprietary and freshly made food products.

Seven & i decided in July not to proceed with a potential investment in Poland's largest convenience-store chain, Zabka, which Couche-Tard subsequently said it planned to buy for about \$8.6 billion.

The Japanese company said Thursday that net profit fell 12% from a year earlier to ¥63.84 billion, equivalent to \$403.8 million, for the three months ended August.

BUSINESS WATCH

FABRIZIO BOLDONI/PSNEWZ/ZUMA PRESS
The German luxury sports car maker will now own 67% of Germany's Manthey Racing.

BRINK'S, NCR ATLEOS

U.K. Boosts Tie-Up Of ATM Operators

British antitrust authorities said an offer by Brink's Co. to sell off some parts of its business should address concerns over the ATM operator's planned \$4 billion acquisition of rival NCR Atleos, paving the way for the regulator to clear the deal.

The U.K.'s Competition and Markets Authority said Thursday that Richmond, Va.-based Brink's had proposed remedies in response to the regulator's concern that the tie-up would create a combined ATM operator with over 50% of the market and limited competition from other suppliers.

Those concerns could be addressed by Brink's proposed remedies, it said.

Brink's said last week it had decided to sell its NoteMachine and TestLink U.K. businesses in a bid to assuage the CMA's concerns. NoteMachine is an ATM and cash-management company, while TestLink supplies ATM spare parts.

The sale process is continuing, Brink's said Thursday. The company still expects the deal to be completed in the first months of next year.

“Brink’s remains engaged with a number of prospective buyers,” it said.

"We are pleased with the CMA's acceptance in principle of the proposed remedy, as this represents a significant step forward," Chief Executive Officer Mark Eubanks said.

The regulator said it would look at Brink's plans in more detail.

—Joshua Kirby

PORSCHE

Stake in Racing Company Lifted

Porsche has increased its stake in German auto racing team and performance tuning company Manthey Racing as part of its new strategy that will see it expand the number of optional performance extras it can offer to Porsche buyers.

The German luxury sports car maker on Wednesday outlined a plan to accelerate profitability over the coming years.

As part of this, it said Thursday it has increased its stake in Manthey to 67% and will broaden its collaboration with the company in areas such as special models, performance kits and track experiences.

Manthey managing directors Nicolas and Martin Rae-der jointly hold the remaining 33% stake.

"Manthey has been a trusted Porsche partner for many years, firmly rooted in the motorsport community and with a loyal customer base," Porsche Chief Executive Michael Leiters said. "We intend to build on this."

Since 2020, Porsche and Manthey have developed nine joint Manthey Kits designed to boost car performance—from the 911 and the 718 to the latest Taycan Turbo GT.

Porsche originally bought 51% of Manthey in 2013.

Financial terms of Thurs-day's agreement weren't disclosed.

—Dominic Chopping

AMAZON.COM

Pricier Tablet Line To Go On Sale

Amazon.com unveiled a new, pricier lineup of Alexa-branded tablets.

The three tablets start at about \$230, \$330 and \$500, Amazon said Thursday. The biggest version, a 12-inch size, is designed for entertainment, working and reading.

The new prices are below what Apple and Samsung charge for similar tablets, but higher than those for Amazon's existing, budget-friendly lineup of Fire tablets. A representative for Amazon said the company will continue to sell a limited supply of its current Fire tablet models.

—Kelly Cloonan

Joe Rogan Re-Ups Deal With Spotify

"The Joe Rogan Experience" has grown.

BY ANNE STEELE

Spotify has re-upped with star podcaster Joe Rogan, securing licensing rights and ad sales for his show in a multi-year deal.

The renewal is for similar terms to Rogan's previous deal with the streaming service, which allowed "The Joe Rogan Experience" to be distributed broadly and for an estimated earnout of \$250 million, according to people familiar with the matter.

"The partnership with Spotify has been an amazing fit, and they're incredible to work with," Rogan said. "I'm extremely happy and excited to continue with them for years to come."

"The Joe Rogan Experience" has been No. 1 on Edison Research's list of the most listened-to podcasts in the U.S. since tracking began in 2019. The show has more than 18 million followers on Spotify, and more than 21 million on YouTube.

Launched in 2009, the show was a pioneer of the long-form video-podcast format, with Rogan hosting fellow comedians, Hollywood A-listers, politicians, scientists and authors.

Spotify first tapped Rogan in 2020, paying more than \$100 million to bring his medium-dominating show exclusively to its platform and help jump-start its then-nascent podcast business. While some other shows that went exclusively to Spotify lost audience,

The show was reaching about 28.4 million Americans a week in the second quarter of this year, according to Edison, up from 6.6 million at the beginning of 2020.

In early 2024, Spotify renewed the partnership but began distributing the show across podcast platforms, including YouTube.

Spotify has remained hands-off with the show, with Rogan and his small team re-

MARK SCHIEFELBEIN/AP

Rogan seen this past June.

taining editorial control.

Jordan Newman, Spotify's head of content partnerships, said Spotify's podcast business has grown alongside "The Joe Rogan Experience." Spotify, the largest audiostreaming service, has 300 million premium subscribers.

“Joe has built something incredibly enduring, and his show continues to resonate with a massive global audience because there’s simply nothing else like it,” he said.

Xbox Seeks to Boost TV, Film Exposure

Microsoft game business forms unit to expand fan base for its videogames

BY KELLY CLOONAN

Microsoft's Xbox is forming a new division focused on extending its franchises into areas like film and television, as the videogame unit continues its turnaround efforts.

The new division, dubbed XP, aims to help Xbox's roster of videogames grow their fan bases, and connect with them more deeply, Microsoft said Thursday.

The division will be led by Kayleen Walters, who was president of Xbox's Mojang unit.

Mojang houses Minecraft, one of Xbox's most important franchises.

Maria Angelidou-Smith will take over as chief executive of Mojang to succeed Walters. Angelidou-Smith was previously chief product officer at Reddit and also spent nearly a decade at Meta, where she led Facebook Groups.

"Our franchises can mean more to people than the time they spend playing them," Xbox's Chief Executive Asha Sharma said in a message to staff.

Among the key focus areas for the new division is pushing further into film and television, with the goal of bringing the world and characters seen in Xbox's games to new audiences. Xbox's "Fallout" TV show has been a hit on Amazon Prime Video, and was recently renewed for a third season.

The new division also will span consumer products, partnerships with creators and brands, as well as live experiences like events, attractions and broadcasts, Xbox said.

Sharma, who was promoted to CEO of Xbox in February, has been looking to transform the business quickly, The Wall Street Journal has reported. The executive has told employees she expects profit margins in the double digits this fiscal year and to reach one billion people daily between the company's games, films and other media, the Journal said.

Xbox's revenue has been declining, and its GamePass subscription service has fallen short of projections.

In July, Sharma shared plans to cut about 20% of Xbox's staff, and trim the number of games it makes. In a post to X at the time, she said the business was not healthy and that the division must reset.

The TV show 'Fallout,' based on the game, has been renewed for a third season on Amazon.

Funding for Cyber Startups Climbs

Kevin Mandia, founder of AI cybersecurity startup Armadin.

BY ANGUS LOTEN

Fueled by demand for artificial intelligence, cybersecurity startups are raising funds at a record pace, as investors compete for equity in a booming market.

Already awash in capital, cybersecurity startups pulled in roughly \$5.26 billion globally in the third quarter, nearly double the previous quarter and a 78% increase from the same period last year, according to executive recruitment and research firm Pinpoint Search Group. The third quarter marked the strongest single quarter for fundraising since 2022.

By the end of September, total funding tallies this year climbed to \$12.7 billion, the highest January through September total since Pinpoint began tracking cyber startups in May 2020.

Investment activity was concentrated in segments such as artificial-intelligence-enabled tools; identity; security services; fraud; and governance, risk and compliance.

“Cybersecurity has been disrupted, and to an extent, redefined by AI,” said Mark Sasson, co-founder and managing partner at Pinpoint. Startups and their investors, he said, are racing to capture a fast-moving market and “that race creates momentum.”

The bulk of that cash flowed to established startups with previous funding rounds and more developed products, Sasson said.

Of 104 funding rounds tracked in the third quarter, 17 came in at \$100 million or more, accounting for 68% of total disclosed funding and the second-highest count since 2020, the firm said.

Last month, late-stage AI cyber startups Island and Cyera each disclosed \$400 million in new funding. Cyera had raised \$600 million in a Series

G round in June.

Armadin, an AI cyber startup launched by Mandiant founder Kevin Mandia, last week disclosed a \$255.5 million Series B funding round.

More nascent startups are also drawing bumper checks. There were a total of 62 seed and Series A rounds in the third quarter, accounting for a combined \$1.16 billion, according to Pinpoint.

In March, JetStream Security launched its artificial-intelligence governance platform with a \$34 million debut round.

In June, cyber startup Ent emerged from stealth with \$100 million in seed funding, and artificial-intelligence-native startup Oak followed with a \$60 million debut round in July.

Seth Spergel, a managing partner at cybersecurity investor Merlin Ventures, said much of the momentum this year springs from the emergence of frontier artificial-intelligence models capable of detecting security vulnerabilities at lightning speeds.

“Suddenly the market woke up to the understanding that AI could generate massive cyber risks to organizations, and the only way to protect against that risk was with AI-native cybersecurity products,” Spergel said.

Angus Loten writes for WSJ Pro Cybersecurity

Vodafone Lifts Savings Target for U.K. Unit

Vodafone Group took full ownership of VodafoneThree in the U.K. in July.

BY ADRIÀ CALATAYUD

Vodafone Group is dialing up its cost-savings target for its U.K. unit VodafoneThree, saying it expects the business to be a key driver of the group's midterm ambitions.

The U.K. telecommunications group said on Thursday that it now expects annual cost savings at VodafoneThree to reach £1 billion, or \$1.32 billion, by the year ending in March 2032, up from a previous target of £700 million by fiscal 2030.

Vodafone said it expects the unit's adjusted earnings before interest, taxes, depreciation and amortization after leases—a key profitability metric in the telecom industry—to grow by a mid-to-high single-digit percentage annually between fiscal 2025 and fiscal 2032.

It aims to more than triple operating free cash flow at VodafoneThree by fiscal 2032 relative to a fiscal 2025 baseline.

The group took full ownership of VodafoneThree in July after completing the buyout of the 49% stake held by former partner CK Hutchison

Group Telecom Holding for £4.3 billion.

Vodafone and CK formed the business last year by merging their respective Vodafone UK and Three UK units.

The business maintained good commercial momentum after the merger and Vodafone sees it as a driver of a group-wide midterm goal of reaching double-digit organic growth in adjusted free cash flow, the company said.

Biotech IPOs Charge Ahead as Deals Stall

BY BRIAN GORMLEY

Biotechnology companies are sprinting to the public markets and defying a broader IPO slowdown.

In the first three quarters this year, 23 biotechs staged initial public offerings, nearly tripling the eight such offerings in all of 2025, according to investment bank William Blair.

This week, biotechs TRex Bio and Retension Pharmaceuticals expect to add to the year's IPO tally.

It is different outside biotech, where companies including Oura postponed IPOs because they couldn't command the terms they were seeking.

Biotech IPOs had largely stalled until this year.

Cutbacks to the Food and Drug Administration and Trump administration efforts to lower drug prices stoked uncertainty that weighed on biotech offerings in 2025.

Now, investors have learned to account for these factors, giving them greater confidence as they evaluate early-stage biotechs, said Dr. Brian Abrahams, global sector head of healthcare research for RBC Capital Markets.

A burst of biotech mergers and acquisitions this year put money in investors' pockets that they are looking to invest in new companies, analysts said.

“A lot of funds are flush with capital that they need to deploy,” said Kevin Eisele, managing director, equity capital markets for William Blair.

This year's IPO class is particularly strong because biotechs advanced drugs into clinical trials as private companies while waiting out the recent IPO drought.

Brian Gormley writes for WSJ Pro Venture Capital

SpaceX Builds Role In Wireless Market

BY PATIENCE HAGGIN

AND DREW FITZGERALD

SpaceX reached a deal to buy cellular spectrum licenses from investment firm Grain Management, its biggest move yet into a wireless market dominated by traditional telecom companies.

The Elon Musk-led space company will pay about \$8 billion for the assets, according to people familiar with the matter. Grain and SpaceX had no comment on the value of the transaction.

The U.S. licenses, which are in the 800-megahertz band, are tailored for wireless service from cellphone towers rather than a line.

than satellites. The spectrum could serve SpaceX's stated ambition of moving its Starlink satellite service beyond broadband into the wireless market to compete with the likes of AT&T and Verizon.

Amount Elon Musk's SpaceX will pay to acquire cellular spectrum licenses.

U.S. cellphone carrier stocks sank on the news. Shares in AT&T, Verizon and T-Mobile all fell more than 6% in postclose trading. SpaceX shares climbed about 3% to \$165.10 after hours.

The Federal Communications Commission earlier this week approved SpaceX's bid to launch as many as 15,000 satellites dedicated to mobile service.

The company said that upon FCC approval of the spectrum purchase, it will combine the growing constellation with “an advanced terrestrial deployment” to connect devices. It said its new spectrum will help cover places satellite links can’t reach, including inside buildings.

SpaceX has offered basic wireless connections in remote areas through a T-Mobile partnership for more than a year. But it has been upgrading its Starlink Mobile network with newer satellites capable of handling more data.

Starlink still needs some terrestrial infrastructure, such as cell towers or rooftop equipment, to use the spectrum for mobile coverage, said Roger Entner, founder of telecom research firm Recon Analytics, whose clients include AT&T, Verizon and T-Mobile US.

Two months ago, SpaceX executives floated the idea of us-

ing small cells rather than traditional cell towers to support a mobile network. Building a system with traditional towers would likely cost billions of dollars to provide basic coverage, analysts have said.

SpaceX made an early commitment to the wireless market last year, reaching a roughly \$17 billion cash-and-stock deal to obtain satellite-based spectrum rights from EchoStar. The purchase gave Musk's company a platform for beaming data to cellphones from space using its own reserved frequencies rather than through airwaves licensed from partner T-Mobile. EchoStar later agreed to sell some ground-based cellular licenses to SpaceX for \$2.6 billion. The purchase hinted at SpaceX's budding interest in wireless service, though the spectrum alone wasn't enough to launch a full-fledged cellphone network.

Argenx Shares Plunge On Clinical Trial's Halt

BY ADRIÀ CALATAYUD

Argenx shares fell sharply after the biotech company stopped a late-stage clinical trial of its Vyvgart drug due to lack of efficacy for the treatment of autoimmune condition Sjogren's disease.

Argenx shares closed down nearly $12\%$ Thursday on the Nasdaq, wiping out the stock's gains in the year to date.

The Amsterdam-based company said it would discontinue the study following the recommendation from an independent data-monitoring committee, which concluded that the trial would fall short of its primary goal.

The study evaluated the effects of Vyvgart in subcutaneous formulation in adults with moderate-to-severe Sjogren's disease, a chronic autoimmune disorder that can cause symptoms including dry eyes and mouth, fatigue and joint pain. No new safety signals were identified in the trial, and safety data were consistent with the drug's known profile, Argenx said.

Sjogren's disease is heterogeneous, which makes patient selection in clinical trials challenging, analysts at Bernstein wrote in a note to clients.

Novartis achieved positive results with its ianalumab drug candidate last year, but prior to that there had been no meaningful innovation in the disease for more than two decades, they added.

Vyvgart, the first drug Ar-genx brought to the market, is approved for two conditions that cause muscle weakness, generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, and the company in August said a late-stage study showed it also worked for muscle-wasting disease autoimmune myositis.

The drug generated \$4.2 billion in revenue for Argenx last year.

The company separately said Thursday that it would move to late-stage development of a celiac-disease drug it acquired as part of its \$2.2 billion deal for Forte Biosciences this year, after the medicine showed a clinically relevant treatment effect compared with placebo in a midstage study.

THE JOURNAL.

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How to Read the Stock Tables

The following explanations apply to NYSE, NYSE Arca, NYSE American, Nasdaq Stock Market, Cboe BZX and Texas Stock Exchange 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:

i-New 52-week high; i-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.
Thursday, October 8, 2026

Stock	Sym Close	Net Chg
A	B	C
AES	AES	14.93 ...
Aflac	AFL	114.94 2.20
$\uparrow$ AGNC Invt	AGNC	8.68 0.22
APA	APA	45.47 1.66
ASE Tech	ASX	45.26 -0.50
ASML	ASML	1769.79-35.17
AST Space	ASTS	56.93 -3.72
AT&T	T	24.87 0.40
ATI	ATI	188.13 -1.06
AbbottLabs	ABT	98.49 -0.24
AbbVie	ABBV	272.42 1.06
Accenture	ACN	208.36 11.72
Acuity	AYI	300.43 0.01
Adobe	ADBE	241.05 8.28
$\uparrow$ AdvDrainageSys	WMS	126.21 0.13

Stock	Sym Close	Net Chg
AdvEnergyInds	AEIS 284.24	-8.01
AdvMicroDevices	AMD 620.68	-25.18
Aegon	AEG 8.27	-0.08
AerCap	AER 142.81	0.25
AffiliatedMgrs	AMG 386.99	9.90
AffirmA	AFRM 77.15	1.84
AgilentTechs A	168.17	-0.92
AgnicoEagleMines	AEM 183.87	3.48
AirProducts	APD 278.38	0.26
Airbnb	ABNB 163.23	2.60
AkamaiTech	AKAM 100.90	-3.71
AlamosGold	AGI 32.22	0.69
Albemarle	ALB 102.10	-0.65
Alcoa	AA 42.83	0.35
Alcon	ALC 63.13	0.13
Alibaba	BABA 105.70	-1.30
AlignTech	ALGN 141.03	1.16
Allegion	ALLE 144.99	2.08
AlliantEnergy LNT	65.50	0.29

Stock	Sym Close	Net Chg
AllisonTransm	ALSN 109.11	-1.65
Allstate	ALL 230.63	6.68
AllyFinancial	ALLY 37.83	0.46
AlnylamPharm	ALNY 224.53	0.12
Alphabet A	GOOGL 348.29	-2.21
Alphabet C	GOOG 344.86	-2.51
Altria	MO 71.42	2.04
Amazon.com	AMZN 254.06	-5.86
Ambev	ABEV 3.19	0.04
Amcor	AMCR 41.88	0.62
AmerSports	AS 27.45	0.32
Ameren	AEE 101.84	0.52
AmericaMovil	AMX 22.14	-0.17
AEP	AEP 122.32	0.24
AmerExpress	AXP 308.10	3.85
AmericanFin	AFG 141.98	2.96
AmerHlthcrREIT	AHR 50.44	1.07
AmHomes4Rent	AMH 30.49	0.49
AIG	AIG 77.05	1.39

Stock	Sym Close	Net Chg
AmerTowerREIT	AMT 166.73	0.55
AmerWaterWorks	AWK 128.18	0.80
Ameriprise	AMP 499.08	8.52
Ametek	AME 247.52	-1.10
Amgen	AMGN 407.44	-5.64
AmkorTech	AMKR 51.00	-1.27
Amphenol	APH 85.32	-2.23
Amrize	AMRZ 36.50	0.11
AnalogDevices	ADI 405.93	-4.15
AngloGoldAsh	AU 90.78	0.73
AB InBev	BUD 77.41	2.79
AnnalyCap	NLY 18.27	0.34
AnteroMidstream	AM 21.19	0.34
AnteroResources	AR 36.06	0.49
Aon	AON 277.12	6.65
API Group	APG 39.98	-0.23
ApolloGblMgmt	APO 115.30	-0.25
Apple	AAPL 340.42	3.75
AppliedIndTech	AIT 332.12	-2.46
AppliedMaterials	AMAT 509.57	-11.08
AppliedOptoelec	AAOI 105.90	-16.64
AppLovin	APP 280.12	-1.17
Aptiv	APTV 44.21	-0.01
Aramark	ARMK 55.54	0.12
ArcelorMittal	MT 61.30	-1.02
ArchCapital	ACGL 96.08	1.75
ADM	ADM 82.45	1.11
AresMgmt	ARES 116.26	0.51
argenx	ARGX 818.63	-109.81
AristaNetworks	ANET 210.97	-4.86
Arm	ARM 75.29	-19.08
ArrowElec	ARW 226.75	-5.25
Arxis	ARXS 46.77	-0.28
AscendisPharma	ASND 222.69	-5.72
Assurant	AIZ 272.86	6.13
AsteraLabs	ALAB 347.05	-35.20

Stock	Sym Close	Net Chg
AstraZeneca	AZN 158.78	-1.34
ATlassian	TEAM 203.57	7.78
AtmosEnergy	ATO 160.66	1.45
AuroraIInnov	AUR 5.73	0.01
Autodesk	ADSK 233.60	-1.45
ADP	ADP 270.73	6.73
AutoZone	AZO 2910.54	64.27
Avantor	AVTR 15.39	0.04
AveryDennison	AVY 167.62	0.65
AxonEnterprise	AXON 417.31	11.31
AxsomeTherap	AXSM 170.08	-2.89
BCE	BCE 19.96	0.20
BHP Group	BHP 84.83	-0.39
BJ'sWholesale	BJ 99.04	3.14
BP	BP 46.36	1.85
BWX Tech	BWXT 142.22	0.68
BXP	BXP 59.32	-0.10
Baidu	BIDU 83.92	-1.38
BakerHughes	BKR 56.30	0.89
Ball	BALL 58.37	0.89
BBVA	BBVA 26.17	-0.08
BancoBradesco	BBDO 3.78	-0.08
BancodeChile	BCH 38.75	0.87
BancSanBrasil	BSBR 5.82	-0.06
BcoSantChile	BSAC 31.94	0.30
BancoSantander	SAN 13.48	-0.18
BankofAmerica	BAC 53.61	0.09
BankMontreal	BMO 160.70	-1.05
BankNY Mellon	BNY 143.61	0.89
BankNovaScotia	BNS 87.59	0.36
Barclays	BCS 22.95	-0.05
BarrickMining B	B9 39.99	0.81
BaxterIntl	BAX 23.90	-0.07
BectonDickinson	BDX 182.75	2.59
BendingSponns	BSP 38.01	-3.06
BentleySystems	BSY 34.82	-0.33

Stock	Sym	Close	Net Chg
BeOneMed	ONC	350.13-13.89
Berkley	WRB	72.05	2.32
BerkHathwy A	BRBK	511.05	4.80
BerkHathwy A	BRK.A	7668816981.97
BestBuy	BBY	88.40	3.81
Bio-Techne	TECH	72.45	-0.08
Bio-RadLab A	BIO	360.40	-7.52
Biogen	BIIB	218.43	-3.72
BioMarinPharm	BMRN	54.89	-0.31
BioNTech	BNTX	92.06	-3.19
BitMinelmersion	BMNR	24.04	-0.62
BlackRock	BLK	1065.35	-4.28
Blackstone	BX	112.68	0.85
Block	XYZ	75.23	-0.84
BloomEnergy BE	27.82-18.47
BlueOwlCapital	OWL	9.27	0.16
Boeing	BA	187.75	-0.57
Booking	BKNG	159.97	4.10
BorgWarner	BWA	61.72	-0.64
BostonSci	BSX	42.04	0.46
BridgeBioPharma	BBIO	65.04	-1.46
BrightSpring	BTSG	63.66	-0.14
BristolMyers	BMY	59.58	-0.12
BritishAmTob	BTI	55.43	1.53
Broadcom	AVGO	360.14-16.37
BroadridgeFinl	BR	165.21	5.08
BrookfieldAsset	BAM	45.17	0.67
Brookfield	BN	36.77	-0.21
BrookfieldInfr	BIP	36.89	-0.56
BrookWealth	BNT	36.62	-0.29
Brown&Brown BRO	63.75	2.03
Brown-Forman B	BF.B	26.54	0.60
Brown-Forman A	BF.A	27.07	0.61
Bruker	BRKR	57.92	-1.80
Bullish	BLSH	31.41	-0.41
BungeGlobal BG	107.82	2.31
BurlingtonStrs	BURL	276.84	4.28

Stock	Sym	Close	Net Chg
CACI Intl	CACI	599.40	17.55
CBRE Group	CBRE	131.08	3.52
CDW	CDW	139.88	3.06
CF Industries CF	CF	113.58	-0.86
CGI A	GIB	69.68	0.68
CH Robinson	CHRW	141.34	6.16
CME Group	CME	276.44	6.17
CMS Energy	CMS	65.34	0.27
CNA Fin	CNA	46.69	0.83
CNH Indl	CNH	12.13	-0.33
CRH	CRH	81.88	0.42
CSX	CSX	47.34	0.53
CVS Health	CVS	87.80	-0.15
CadenceDesign	CDNS	348.84	-7.28
CamdenProperty	CPT	96.76	0.96
Cameco	CCJ	87.12	-1.95
CIBC	CM	108.18	-0.15
CanNtlRlwy	CNI	116.84	1.09
CanadianNatRscs	CNQ	49.05	1.55
CdnPacKC	CP	84.35	0.72
CapitalOne	COF	199.40	3.49
CardinalHealth	CAH	238.96	6.80
Carlisle	CSL	321.25	3.03
Carlyle	CG	38.39	0.59
Carnival	CCL	26.13	-0.02
CarpenterTech	CRS	387.10	-4.07
CarrierGlobal	CARR	55.83	0.83
Carvana	CVNA	63.20	0.44
CaseysGenStores	CASY	642.28	9.03
Caterpillar	CAT	796.18	-17.65
CboeGlobal Mkts	CBOE	294.08	12.51
Celestica	CLS	356.53	-15.04
Cemex	CX	9.56	-0.03
Cencora	COR	321.35	4.10
CenovusEnergy	CVE	31.49	0.86
Centene	CNC	64.54	-0.45
CenterPointEner	CNP	38.42	-0.11

Stock	Sym	Close	Net Chg
CerebrasSystems	CBRS	167.92	-7.13
CharlesRiverLabs	CRL	298.00	-2.30
CharterComms	CHTR	109.67	2.71
CheckPoint	CHKP	134.74	4.43
CheniereEnergy	LNG	277.88	5.68
CheniereEnerPtrs	CQP	63.81	0.37
Chevron	CVX	211.55	6.40
ChimeFinl	CHYM	28.96	1.03
Chipotle	CMG	32.68	1.91
Chubb	CB	343.78	9.08
ChunghwaTel	CHT	46.20	0.42
ChurchDwight	CHD	97.73	0.98
Ciena	CIEN	425.93	-20.52
Cigna	CI	281.03	2.52
CincinnatiFinl	CINF	165.25	3.64
Cintas	CTAS	201.12	3.93
CircleInternet	CRCL	80.84	...
CiscoSystems	CSCO	114.89	-2.50
Citigroup	C	128.08	0.76
CitizensFin	CFG	64.09	1.02
CleanHarbors	CLH	317.34	1.80
Clorox	CLX	83.44	1.23
Cloudflare	NET	341.89	-1.08
Coca-Cola	KO	87.77	1.95
Coca-ColaCon	COKE	191.86	3.81
CocaColaEuropac	CCEP	103.64	2.78
CoeurMining	CDE	16.87	0.37
Cognex	CGNX	60.91	-0.30
CognizantTech	CTSH	60.01	2.94
Coherent	COHR	30235	-32.21
CoinbaseGlbl	COIN	172.00	-6.45
ColgatePalm	CL	88.10	0.89
Comcast A	OMCSA	21.21	0.27
ComfortSystems	FIX	1706.39	-34.97
SABESP	SBS	6.59	0.22
COPEL	ELPC	14.06	0.10

Stock	Sym Close	Net Chg
ConocoPhillips COP	134.19	4.35
ConEd ED	105.99	1.35
ConstBrands A STZ	123.63	5.24
ConstellationEner CEG	285.07-14.52
Cooper COO	54.30	-0.45
Copart CPRT	27.48	0.86
CorceptTherap CORT	118.54	-1.06
CorebridgeFin CRBG	34.45	0.05
CoreWeave CRWV	81.58	-6.87
Corning GLW	152.83-10.42
Corpay CPAY	402.08	-0.35
Corteva CTVA	13.75	-0.70
CoStar CSGP	29.81	2.21
Costco COST	947.92	5.67
Coupaang CPNG	15.41	0.60
Crane CR	202.12	-1.43
Credicorp BAP	380.38	4.27
CredoTech CRDO	211.86	-8.15
CrowdStrike CRWD	263.01	-2.43
CrownCastle CCI	68.89	-0.12
Crown Holdings CCK	108.88	1.78
Cullen/Frost CFR	152.36	1.99
Cummins CMI	520.40	3.08
Curtiss-Wright CW	507.29	-1.81

DTE Energy	DTE	127.10	-0.14
DT Midstream	DTM	123.76	1.07
Danaher	DHR	217.46	-1.03
Darden	DRI	200.52	-0.97
DarlingIngred	DAR	62.25	2.23
Datadog	DDOG	273.80	2.46
DaVita	DVA	177.02	0.24
DeckersOutdoor	DECK	82.56	2.18
Deere	DE	652.58	-4.29
DellTechC	DELL	574.55	-4.41

Stock	Sym	Close	Net Chg
DeltaAir	DAL	82.14	-0.83
DeutscheBank	DB	33.63	0.08
DevonEnergy	DVN	48.92	1.04
DexCom	DXCM	84.41	0.11
Diageo	DEO	86.98	2.25
DiamondbEner	FANG	191.68	7.30
Dick's	DKS	134.63	3.45
DigitalRealty	DLR	176.07	-4.40
DigitalOcean	DOCN	123.90	-3.38
Dillard's	DDS	648.82	-0.56
Disney	DIS	107.02	2.27
DocuSign	DOCU	71.43	2.53
DollarGeneral	DG	124.27	2.13
DollarTree	DLTR	118.62	2.32
DominionEner	D	61.75	0.22
Domino's	DPZ	308.65	5.55
Donaldson	DCI	87.16	-0.10
DoorDash	DASH	191.71	0.47
Dover	DOV	188.96	0.67
Dow	DOW	28.59	0.82
DrReddy'sLab	RDY	12.20	-0.07
DraftKings	DKNG	19.87	0.72
DukeEnergy	DUK	116.84	1.34
DuPont	DD	132.48	1.40
Dynatrace	DT	61.12	1.31
EMCOR	EME	778.24	-6.42
ENI	E	55.62	1.66
EOG Rscs	EOG	148.51	4.30
EQT	EQT	52.94	0.63
EastWestBncp	EWBC	126.25	0.98
EastGroup	EGP	195.12	4.57
Eaton	ETN	424.51	-6.82
eBay	EBAY	111.98	4.38
EchoStar	ECHO	93.36	-4.33
Ecolab	ECL	281.69	3.59
Ecopetrol	EC	16.94	0.31

Continued on Page B8

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PUBLIC NOTICES

LEGAL NOTICE

Notice to Public Water Systems in the United States of Four Proposed PFAS Settlements Totaling More Than \$149 Million.

Four proposed class action settlements have been reached in the Aqueous Film-Forming Foams (AFFF) Products Liability Litigation, MDL No. 2:18-mn-2873-RMG, pending in the United States District Court for the District of South Carolina.

The Settlements resolve certain claims against Carrier Global Corporation (“Carrier”), Archroma U.S., Inc. (“Archroma”), Amerex Corporation (“Amerex”), and Nation Ford Chemical Company (“Nation Ford”) relating to alleged PFAS contamination of drinking water supplied by Public Water Systems. The Settling Defendants deny liability. The litigation continues against other defendants.

WHAT DO THE SETTLEMENTS PROVIDE?

The four Settlements provide more than \$149 million for eligible Public Water Systems:

- Carrier: \$129.2 million, plus applicable Net Water Provider Insurance Proceeds (if any)

• Archroma: \$14 million

- Amerex: \$4 million

• Nation Ford: \$1.875 million

The amount an eligible Public Water System may receive will depend on the applicable Allocation Procedures and information submitted to the Claims Administrator.

WHAT PUBLIC WATER SYSTEMS ARE INCLUDED?

The Settlement Classes generally include every active Public Water System in the United States that:

(1) has one or more Impacted Water Sources as of July 31, 2026; or (2) was required to test for certain PFAS under UCMR-5, or otherwise serves more than 3,300 people according to SDWIS.

Certain Public Water Systems are excluded. Complete Settlement Class definitions and exclusions are available at the Settlement Website.

WHAT PUBLIC WATER SYSTEMS NEED TO KNOW

Participating in the Settlements: Eligible Public Water Systems must submit the required claim information to receive payment. Public Water Systems that previously submitted claim information to the Claims Administrator for an earlier Public Water System settlement may submit the same information again and may update previously submitted information as necessary.

Objecting to the Settlements: Public Water Systems that do not opt out may object to one or more of the Settlements by November 23, 2026.

Opting Out of the Settlements: Public Water Systems that do not wish to participate in one or more of the Settlements must submit a Request for Exclusion by December 22, 2026. A Public Water System that excludes itself from a Settlement will not receive money from that Settlement and will retain its right to pursue the claims covered by that Settlement separately.

Doing Nothing: Public Water Systems that take no action will remain in the applicable Settlement Classes and will be bound by the Settlements and their releases.

Final Fairness Hearing: The Court will hold a Final Fairness Hearing on January 15, 2027, at 10:00 a.m. EST to decide whether to approve the Settlements. Public Water Systems are not required to attend.

Complete information about the Settlements, eligibility requirements, claims, exclusions, objections, and important deadlines is available at: www.PFASWaterSettlement.com or by calling 1-855-714-4341.

THIS NOTICE IS ONLY A SUMMARY. SCAN THIS QR CODE FOR COMPLETE INFORMATION.

www.PFASWaterSettlement.com

COMMERCIAL REAL ESTATE

MORTGAGEE'S FORECLOSURE AUCTIONS AND SECURED PARTY'S SALE PARTIALLY COMPLETED MIXED USE DEVELOPMENT

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This 1+ Acre site is the former location of Turtle Lane Playhouse.

The site currently consists of a partially completed mixed use development containing approximately 8,100 square feet of office space, 16 residential condominiums, and underground parking.

Terms of Sale: \$100,000 deposit in certified or bank cashier's check at the time and place of the sale. The deposit shall be increased to 10% of the purchase price within 10 days of the sale. The remaining balance due within 30 days at the offices of the Secured Party Mortgagee's Attorneys: Riemer & Braunstein LLP, 100 Cambridge Street, 22nd Floor, Boston, MA 02114

For further information please visit our website.

www.re-auctions.com

AUCTIONEERS LLC

77 Fourth Avenue, 3rd fl., Waltan, MA 02451 PH: 781-208-0377

BUSINESS OPPORTUNITIES

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Bonds | wsj.com/market-data/bonds/benchmarks

Tracking Bond Benchmarks

Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds

Total return close	YTD total return (%)	Index	— Yield (%) —
			Latest	Low	High
Broad Market Bloomberg Fixed Income Indices
2191.14	-2.5	U.S. Aggregate	5.490	4.160	5.570
U.S. Corporate Indexes Bloomberg Fixed Income Indices
3353.09	-2.6	U.S. Corporate	5.970	4.680	6.050
3342.02	-1.1	Intermediate	5.720	4.330	5.810
4182.23	-5.9	Long term	6.550	5.370	6.630
618.75	-4.1	Double-A-rated	5.820	4.410	5.900
922.32	-2.1	Triple-B-rated	6.150	4.860	6.220

High Yield Bonds ICE BofA

Total return close	YTD total return (%)	Index	— Yield (%) —
			Latest	Low	High
Mortgage-Backed Bloomberg Fixed Income Indices
2184.64	-2.7	Mortgage-Backed	5.860	4.380	5.970
2145.40	-2.6	Ginnie Mae (GNMA)	5.930	4.420	6.030
1290.77	-2.8	Fannie mae (FNMA)	5.840	4.370	5.950
1990.56	-2.8	Freddie Mac (FHLMC)	5.650	4.160	5.810
593.05	-4.0	Muni Master	4.491	3.037	4.628
422.38	-4.5	7-12 year	4.276	2.596	4.475
471.22	-5.7	12-22 year	5.109	3.608	5.157
441.18	-5.5	22-plus year	5.513	4.432	5.515

Global Government J.P. Morgan $^{†}$

618.37		0.2	High Yield Constrained	8.244	6.489	8.350
604.91	-3.7		Triple-C-rated	16.648	11.651	16.648
4106.99	-0.3		High Yield 100	7.605	5.828	7.655
539.00		0.4	Global High Yield Constrained	7.953	6.317	8.014
393.32	-0.5		Europe High Yield Constrained	6.599	4.820	6.629
U.S Agency Bloomberg Fixed Income Indices
1941.44	-0.8		U.S Agency	5.150	3.830	5.220
1729.62	-0.3		10-20 years	5.090	3.750	5.170
3480.38	-6.1		20-plus years	5.870	4.580	5.930
2982.91	-1.8		Yankee	5.630	4.320	5.710

Global Demenheimer Morgan
543.62	-2.8	Global Government	4.666	3.500 4.694
837.86	-0.4	Canada	3.905	3.070 3.963
354.53	-2.9	EMU$	4.175	3.117 4.230
627.92	-4.6	France	4.763	3.350 4.823
456.45	-1.7	Germany	3.575	2.650 3.684
241.36	-4.7	Japan	3.305	2.120 3.327
497.80	-1.8	Netherlands	3.680	2.860 3.778
796.56	-3.0	U.K.	5.607	4.560 5.607
n.a.	n.a.	Emerging Markets**	n.a.	n.a. n.a.

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds **EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(▲) or fell (▼) in the latest session

Coupon (%)	Country/Maturity, in years	Latest(●) 0		1	2	3	4	5	6	Previous	Month ago	Year ago	Spread Under/Over U.S. Treasurys, in basis points
													Latest	Prev	Year ago
4.750	U.S. 2	4.753 ▼						●		4.762	4.396	3.581
4.625	10	5.232▼						●		5.276	4.805	4.128
2.250	Australia 2	4.929 ▼						●		4.958	4.815	3.524		16.9	19.0
4.250	10	5.403 ▼						●		5.414	5.199	4.372		16.9	11.9
2.400	France 2	3.656 ▲					●			3.607	3.169	2.244		-110	-116.1
3.700	10	4.885 ▼						●		4.892	4.226	3.525		-34.9	-40.3
2.700	Germany 2	3.100 ▲				●				3.040	3.006	1.991		-166.0	-172.8
3.000	10	3.507 ▲				●				3.489	3.380	2.682		-172.7	-180.6
2.650	Italy 2	3.453 ▲				●				3.427	3.173	2.201		-130.	-134.1
3.800	10	4.609 ▼					●			4.631	4.177	3.483		-62.6	-66.4
2.000	Japan 2	1.939 ▼			●					1.953	1.850	0.934	-282.2		-281.5
3.100	10	3.086 ▼				●				3.113	2.896	1.704	-214.8		-218.2
2.400	Spain 2	3.251 ▲				●				3.221	3.011	2.091		-150.9	-154.8
3.400	10	4.127 ▼					●			4.127	3.793	3.167		-110	-116.8
4.375	U.K. 2	4.750 ▲					●			4.706	4.481	4.003		-1.0	-6.2
1.125	10	5.481 ▲						●		5.454	5.106	4.721		24.7	15.9

Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close

Corporate Debt

Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations

Investment-grade spreads that tightened the most...

Issuer	Symbol	Coupon (%)	Yield (%)	Maturity	Spread*, in basis points
					Current	One-day change	Last week
Florida Power & Light	...	5.850	5.85	May 1, '37	62	-16	77
Toyota Motor Credit	...	5.050	5.15	May 16, '29	21	-11	36
John Deere Capital	...	4.400	5.15	June 15, '29	21	-10	n.a.
Western Union	WU	6.200	6.48	Nov. 17, '36	124	-10	n.a.
American Airlines	AAL	5.750	6.38	May 10, '35	133	-9	n.a.
Cooperatieve Rabobank	...	5.189	5.23	Sept. 25, '29	30	-9	38
Enel Finance International	...	4.625	5.50	July 13, '29	62	-7	64
Macquarie Bank	...	6.798	6.27	Jan. 18, '33	103	-7	110

...And spreads that widened the most

Mitsubishi UFJ Financial Group	MUFG	3.195	5.60	July 18, '29	67	16	n.a.
Banque Federative du Credit Mutuel	...	4.786	5.65	July 9, '29	77	6	85
Polar Tankers	...	5.951	5.95	May 10, '37	88	6	84
Royal Bank of Canada	RY	4.950	5.18	Feb. 1, '29	24	6	33
Australia and New Zealand Banking	...	5.150	5.28	Aug. 17, '29	40	5	39
Banco Santander*	...	5.439	5.65	July 15, '31	66	5	65
Walt Disney	DIS	4.000	5.28	March 14, '31	29	4	35
Kinder Morgan Energy Partners	...	6.950	6.22	Jan. 15, '38	100	4	103

High-yield issues with the biggest price increases...

Issuer	Symbol	Coupon (%)	Yield (%)	Maturity	Bond Price as % of face value
					Current	One-day change	Last week
Occidental Petroleum	OXY	6.450	6.18	Sept. 15, '36	101.999	0.61	101.767
Bath & Body Works	BBWI	6.875	7.31	Nov. 1, '35	97.180	0.31	96.173
Rakuten Group	...	9.750	6.94	April 15, '29	106.388	0.23	106.375
DISH DBS	...	5.125	9.14	June 1, '29	90.750	0.13	87.000

...And with the biggest price decreases

Paramount Global	...	5.500	10.86	May 15, '33	75.186	-0.80	77.750
Navient	NAVI	5.625	9.36	Aug. 1, '33	81.500	-0.25	81.250
Bath & Body Works	BBWI	6.750	7.52	July 1, '36	94.763	-0.24	93.302
Nissan Motor Acceptance	...	5.625	6.84	Sept. 29, '28	97.789	-0.22	98.040
Bausch Health	...	11.000	9.02	Sept. 30, '28	103.500	-0.14	104.125
AAvantage Loyalty IP	..	5.750	6.11	April 20, '29	99.171	-0.13	98.777
Telecom Italia Capital	...	7.721	6.91	June 4, '38	106.406	-0.07	107.107
Verde Purchaser	...	10.500	8.35	Nov. 30, '30	104.090	-0.06	102.446

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more

month(s) years —— maturity -

Dow Jones Industrial Average

51231.64 ▲ 51.77, or 0.10% High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trailing P/E ratio	20.86	25.41
P/E estimate*	19.51	22.32
Dividend yield	1.55	1.59
All-time high	54349.12, 08/05/26

Current divisor 0.1682481652835

49000
July	Aug.	Sept.	Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc; †Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes
Percentage Gainers...

Dow Jones	Latest					52-Week			% chg
	High	Low	Close	Net chg	% chg	High	Low	% chg	YTD	3-yr. ann.
Industrial Average	51245.28	50939.00	51231.64	51.77		0.10	54349.12	45166.64	10.5	6.6
Transportation Avg	19832.06	19489.07	19809.07	279.77		1.43	23933.14	15067.87	27.1	14.1
Utility Average	1053.58	1037.25	1047.87	-1.77	-0.17		1190.23	1004.50	-8.5	-1.9
Total Stock Market	76705.35	76081.55	76431.34	-330.15	-0.43		77313.23	62750.36	14.7	13.2
Barron's 400	1601.71	1585.76	1600.60	9.84		0.62	1685.46	1318.70	16.1	13.3

Nasdaq Stock Market
Nasdaq Composite	27491.89	27066.76	27193.34	-345.35	-1.25		27599.89	20794.64	18.1	17.0
Nasdaq-100	31125.13	30556.40	30725.81	-434.27	-1.39		31224.47	22953.38	22.4	21.7
S&P
500 Index	7797.79	7731.26	7765.36	-36.41	-0.47		7818.93	6343.72	15.3	13.4
MidCap 400	3653.93	3615.93	3650.02	12.62		0.35	3926.98	3109.89	12.2	10.4
SmallCap 600	1671.62	1651.35	1670.59	3.71		0.22	1828.54	1364.94	16.1	13.8

Other Indexes
	Russell 2000	2795.38	2762.58	2794.13	0.92		0.03	3068.42	2305.11	13.2
	NYSE Composite	23803.41	23598.97	23797.60	95.67		0.40	24821.68	20912.89	10.4
	Value Line	651.31	644.21	651.17	2.760		0.43	702.60	590.50	3.6
	NYSE Arca Biotech	9179.25	8910.92	9064.01	-115.24	-1.26		9539.76	6340.88	39.7
	NYSE Arca Pharma	1235.90	1202.33	1227.56	-8.34	-0.67		1315.38	984.85	20.2
	KBW Bank	170.03	166.86	170.00	1.27		0.75	193.91	143.23	14.6
	PHLX$ Gold/Silver	358.27	350.51	357.64	4.97		1.41	470.37	265.03	20.7
	PHLX$ Oil Service	94.57	93.75	94.28	1.30		1.40	109.24	60.27	48.0
	PHLX$ Semiconductor	12997.48	12483.95	12623.71	-442.44	-3.39		14634.72	6352.07	84.6
	Cboe Volatility	16.46	15.15	15.41	0.33		2.19	31.05	13.47	-6.2

Company	Symbol	Volume(000)	% chg from65-day avg	Latest Session		52-Week
				Close	% chg	High	Low
Abacus FCF Real Asset Ldr	ABLD	2,931	24552	30.92	0.78	34.09	27.86
Abacus FCF Leaders ETF	ABFL	931	7168	81.45	-0.12	86.01	67.94
SCWorx	WORX	281	5205	4.20	-26.96	118.19	2.30
Pacira BioSciences	PCRX	28,879	4837	36.39	44.40	36.46	18.80
Brandywine Dynamic US LCVDVAL		298	4502	15.45	0.84	16.83	14.05
Nuveen AA-BBB CLO ETF	NCLO	2,077	4414	25.01	-0.04	25.36	24.22
BNY Mellon US LC Core	BKLC	16,416	3844	49.50	-0.46	50.01	40.21
Profound Medical	PROF	2,953	2286	6.91	21.65	8.95	4.80
AB Tax-Aware Interm Mun	TAFM	7,893	2245	23.87	0.34	25.93	23.72
Innov Eq Dual 10 Bf Dec	DDTD	172	2206	20.98	-0.23	21.06	18.30

Volume Movers Ranked by change from 65-day average*
* Common stocks priced at \$2 a share or more with an average volume over 65 trading days of at least 5,000 shares. †Has traded fewer than 65 days

S&P 500 Index

International Stock Indexes

7765.36 ▼36.41, or 0.47% High, low, open and close for each trading day of the past three months.

Region/Country	Index	Close	Latest		YTD %chg
			Net chg	% chg
World	MSCI ACWI	1140.10	-7.61	-0.66	12.4
	MSCI ACWI ex-USA	465.46	-4.83	-1.03	10.6
	MSCI World	4931.28	-26.77	-0.54	11.3
	MSCI Emerging Markets	1698.53	-27.15	-1.57	20.9
Americas	MSCI AC Americas	2936.08	-12.249	-0.42	13.2
Canada	S&P/TSX Comp	35145.38	103.52		10.8
Latin Amer.	MSCI EM Latin America	3324.66	14.72		22.7
Brazil	Bovespa	206220.24	1917.91		28.0
Mexico	S&P/BMV IPC	64986.91	333.58		1.1
EMEA	STOXX Europe 600	625.51	-4.74	-0.75	5.6
Eurozone	Euro STOXX	645.59	-5.66	-0.87	5.4
Belgium	Bel-20	5399.40	-128.47	-2.32	6.3
Denmark	OMX Copenhagen 20	1495.16	-13.85	-0.92	-7.0
France	CAC 40	7729.69	-39.52	-0.51	-5.2
Germany	DAX	24806.97	-297.39	-1.18	1.3
Israel	Tel Aviv	4089.94	-6.51	-0.16	12.6
Italy	FTSE MIB	49297.88	-674.37	-1.35	9.7
Netherlands	AEX	1121.20	3.45		17.9
Norway	Oslo Bors All-Share	2452.58	7.64		26.3
South Africa	FTSE/JSE All-Share	107109.29	5.00		-7.5
Spain	IBEX 35	18928.90	-189.10	-0.99	9.4
Sweden	OMX Stockholm	1104.05	-8.09	-0.73	5.6
Switzerland	Swiss Market	13637.00	-171.42	-1.24	2.8
Turkey	BIST 100	12213.58	90.64		8.5
U.K.	FTSE 100	10441.60	-16.90	-0.16	5.1
U.K.	FTSE 250	23943.88	-92.87	-0.39	6.6

EQUITIES

Company	Symbol	Latest Session			52-Week
		Close	Net chg	% chg	High	Low	% chg
Pacira BioSciences	PCRX	36.39	11.19	44.40	36.46	18.80	55.4
WISeSat.Space Holdings	SAIQ	5.51	1.62	41.65	12.95	1.76	-46.1
Tradr 2X Sh AAOI Daily	AAOZ	10.97	2.34	27.11	51.05	6.94	...
Profound Medical	PROF	6.91	1.23	21.65	8.95	4.80	2.5
Tradr 2X Sh COHR Daily	COHQ	25.25	4.21	20.01	41.74	20.37	...
Tradr 2X Sh AXTI Daily	AXTQ	26.10	4.35	20.00	67.92	17.90	...
Tianci International	CIIT	2.87	0.48	19.84	71.40	2.22	-94.9
DataMeds AI	MEDS	3.40	0.52	18.06	73.00	0.82	-90.4
Shuttle Pharma	SHPH	5.55	0.84	17.83	55.90	2.58	-87.4
Opportunistic Trader ETF	WZRD	4.48	0.67	17.59	417.60	3.70	-98.7
Haemonetics	HAE	119.47	17.76	17.46	121.00	48.17	134.3
Byrna Technologies	BYRN	4.73	0.68	16.79	30.62	3.17	-79.3
GridAI Technologies	GRDX	4.80	0.68	16.50	6.93	1.87	20.0
Cable One	CABO	15.38	2.17	16.43	180.00	9.90	-91.0
T-REX 2X Invr CRWV	CORD	3.24	0.45	15.95	67.55	1.87	-83.0

Asia-Pacific	MSCI AC Asia Pacific	273.70	-4.62	-1.66	20.2
Australia	S&P/ASX 200	8660.90	-66.78	-0.77	-0.6
China	Shanghai Composite	3811.90	-30.29	-0.79	-4.0
Hong Kong	Hang Seng	23785.79	-344.71	-1.43	-7.2
India	BSE Sensex	71593.24	-1045.46	-1.44	-16.0
Indonesia	JSX Composite	6031.28	-115.44	-1.88	-30.2
Japan	NIKKEI 225	69042.11	-993.60	-1.42	37.2
Singapore	Straits Times	5412.96	-195.48	-3.49	16.5
South Korea	KOSPI	6625.93	-177.97	-2.62	57.2
Taiwan	TAIEX	49313.44	-492.93	-0.99	70.3
Thailand	SET	1570.61	-14.02	-0.88	24.7

Sources: FactSet; Dow Jones Market Data

Sources: FactSet; Dow Jones Market Data

Percentage Losers

	Last	Year ago
Trailing P/E ratio *	23.38	25.56
P/E estimate *	19.80	22.17
Dividend yield *	1.07	1.15
All-time high	7818.93, 10/06/26

Company	Symbol	Volume(000)	Last	Net chg	After Hours% chg	High	Low
Nu Holdings CI A	NU	21,510.5	15.38	...	unch.	15.73	15.32
NVIDIA	NVDA	9,690.8	231.08	0.60	0.26	245.51	222.37
Coupang	CPNG	7,814.7	15.31	-0.10	-0.65	15.44	15.31
Vanguard Total Bond Mkt	BND	6,866.0	70.20	-0.02	-0.03	70.25	69.87
State Street SPDR S&P 500	SPY	6,221.7	773.93	-0.005	-0.001	775.55	720.69
Intel	INTC	5,443.7	107.08	...	unch.	107.47	107.01
Invesco QQQ Trust I	QQQ	5,269.1	748.21	0.63	0.08	772.58	747.58
Vanguard FTSE DevMkts	VEA	4,903.5	69.80	-0.06	-0.09	70.30	69.73

Percentage gainers...

Humana	HUM	534.3	436.57	49.45	12.77	454.00	381.81
Clover Health Invts	CLOV	568.3	4.93	0.35	7.64	5.12	4.54
Crown Castle	CCI	207.5	73.75	4.86	7.05	77.28	68.89
Securitize	SECZ	389.2	13.50	0.84	6.64	14.00	12.60
American Tower REIT	AMT	168.9	176.99	10.26	6.15	177.00	163.88

Alignment Healthcare	ALHC	1,366.0	6.83	-1.88	-21.58	8.71	6.75
AT&T	T	2,527.3	23.02	-1.85	-7.44	24.89	22.78
T-Mobile US	TMUS	328.6	159.00	-12.31	-7.19	171.84	157.82
Verizon Communications	VZ	3,755.7	43.15	-3.20	-6.90	46.38	42.85
Brookdale Senior Living	BKD	369.4	10.28	-0.61	-5.60	10.89	10.28

Late Trading

Currencies

Company	Symbol	Latest Session			52-Week
		Close	Net chg	% chg	High	Low	% chg
China SXT Pharm	SXTC	0.34	-2.49	-87.86	83758.79	0.31	-99.99
Bradbury Capital	BBCI	7.50	-3.50	-31.82	15.50	7.31	-37.9
Stablecoin Development	SDEV	1.99	-0.79	-28.42	99.75	0.78	-66.8
Tradr 2X Long AAOI Daily	AAOX	9.95	-3.74	-27.32	103.00	6.94	...
Leverage 2X Lg AAOI Dly	AAOG	2.21	-0.83	-27.23	22.98	1.55	...
GMEX Robotics	GMEX	1.94	-0.72	-27.07	27711.79	1.70	-99.99
SCWorx	WORX	4.20	-1.55	-26.96	118.19	2.30	-92.4
Leverage 2X Lg MXL Dly	MXLL	22.63	-8.06	-26.25	33.99	9.48	...
Sports Ent Gaming Glbl	SEGG	1.80	-0.59	-24.53	35.84	1.75	-93.5
Baiya International Group	BIYA	1.74	-0.56	-24.35	167.97	1.30	-98.8
Corgi AXTI 2x Daily ETF	AXTC	17.14	-4.81	-21.92	38.99	7.06	...
Apimeds Pharma US	APUS	5.51	-1.54	-21.84	59.70	1.51	-70.5
Leverage 2X Lg HUT Dly	HUTG	10.42	-2.82	-21.31	48.10	5.37	...
Corgi EOSE 2x Daily ETF	EO	3.86	-1.04	-21.26	23.10	3.73	...
T-REX 2X Lg EOSE Dly Tgt	EOSU	3.56	-0.94	-20.89	762.50	3.40	...

U.S.-dollar foreign-exchange rates at 5 p.m. ET
CURRENCIES & COMMODITIES

Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic trading services, securities dealers and regional exchanges. Minimum share price of \$2 and minimum after-hours volume of 50,000 shares.

Country/currency	Thurs		YTD chg (%)
	in US$	per US$
Americas
Argentina peso	.00071516.4994		4.5
Brazil real	.1991	5.0231	-8.9
Canada dollar	.7029	1.4227	3.6
Chile peso	.001022	978.55	8.7
Colombia peso	.000310	3226.06	-14.4
Ecuador US dollar	1	1	unch
Mexico peso	.0550	18.1858	1.0
Uruguay peso	.02490	40.1531	2.8

Most-active issues in late trading

Country/currency	Thurs		US$vs,YTDchg(%)
	in US$	per US$
Vietnam dong	.00003861	25900	-1.5

Australiadollar	.6959	1.4370	-4.1
China yuan	.1492	6.7024	-4.2
Hong Kong dollar	.1274	7.8483	0.8
India rupee	.01033	96.828	7.7
Indonesia rupiah	.0000558	17930	7.4
Japan yen	.006334	157.89	0.8
Kazakhstan tenge	.002220	450.51	-11.2
Macau pataca	.1237	8.0841	0.8
Malaysia ringgit	.2444	4.0923	0.8
New Zealand dollar	.5605	1.7841	2.7
Pakistan rupee	.00361	277.007	-1.2
Philippines peso	.0159	62.963	6.9
Singapore dollar	.7805	1.2813	-0.3
South Korea won	.0007450	1342.35	-6.8
Sri Lanka rupee	.0030201	331.12	6.9
Taiwan dollar	.03130	31.954	1.9
Thailand baht	.02971	33.660	6.9

Europe
Czech Rep. koruna	.04601	21.733	5.6
Denmark krone	.1500	6.6674	4.8
Euro area euro	1.1213	.8919	4.8
Hungary forint	.003068	325.94	-0.4
Iceland krona	.008196	122.01	-2.6
Norway krone	.1046	9.5641	-5.2
Poland zloty	.2561	3.9045	8.7
Sweden krona	.1003	9.9719	8.3
Switzerland franc	1.2022	.8318	4.9
Turkey lira	.0203	49.2498	14.6
Ukraine hryvnia	.0222	44.9500	6.1
UK pound	1.3230	.7559	1.9
Middle East/Africa

Commodities

Bahrain dinar	2.6517	.3771	0.04
Egypt pound	.0191	52.4035	9.8
Israel shekel	.3265	3.0628	-3.9
Kuwait dinar	3.2174	.3108	1.0
Oman sul rial	2.5994	.3847	-0.02
Qatar rial	.2746	3.642	-0.3
Saudi Arabia riyal	.2664	3.7541	0.1
South Africa rand	.0603	16.5896	0.2

	Close	Net Chg	% Chg	YTD % Chg
WSJ Dollar Index	97.34	-0.06	-0.06	1.48

	Close	Thursday		52-Week		YTD % Chg
		Net chg	% Chg	High	Low
DJ Commodity	1458.21	8.08	0.56	1505.40	1076.65	32.99
FTSE/CC CRB Index	414.34	2.95	0.72	429.15	291.69	38.42
Crude oil, $ per barrel	91.49	3.21	3.64	112.95	55.27	48.74
Natural gas, $/MMBtu	3.168	-0.035	-1.09	7.460	2.523	-3.09
Gold, $ per troy oz.	4131.80	18.00	0.44	5318.40	3946.30	4.70

Sources: Tullett Prebon, Dow Jones Market Data

Polymarket | A Dow Jones partner

Prediction Market: What will the Fed rate be at the end of 2026? This market will resolve according to the upper bound of the Federal Reserve's target federal funds range after the December 2026 Federal Open Market Committee (FOMC) meeting, currently scheduled for Dec. 8-9, 2026.

27193.34 ▼ 345.35, or 1.25% High, low, open and close for each trading day of the past three months.

Nasdaq Composite Index

	Last	Year ago
Trailing P/E ratio *†	34.68	33.37
P/E estimate *†	23.87	26.95
Dividend yield *†	0.52	0.65
All-time high: 27599.89, 10/06/26

Trading Diary

	NYSE	NYSE Amer.
Total volume*1,831,670,642	29,366,112
Adv. volume*1,219,977,711	10,465,399
Decl. volume*575,151,608	18,859,172
Issues traded	2,812	301
Advances	1,710	123
Declines	1,016	169
Unchanged	86	9
New highs	37	0
New lows	268	26
Closing Arms†	0.92	0.64
Block trades*	4,121	186
	Nasdaq	NYSE Arca

Most Active Stocks
Total volume*8,820,128,786 416,038,110
Adv. volume*3,746,323,693 215,327,157
Decl. volume*5,014,505,983 198,241,891

Issues traded	5,124	2,733
Advances	2,090	1,339
Declines	2,845	1,347
Unchanged	189	47
New highs	63	20
New lows	441	84
Closing Arms $^{\dagger}$	0.98	0.83
Block trades*	49,111	2,062

* Primary market NYSE, NYSE American NYSE Arca only. † (TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Arms of less than 1 indicates buying demand; above 1 indicates selling pressure.

Company	Symbol	Volume(000)	% chg from65-day avg	Latest Session		52-Week
				Close	% chg	High	Low
OLB Group	OLB	372,888	1814.0	0.55	41.86	1.80	0.18
Stardust Power	SDST	285,471	1319.2	0.06	-18.00	7.67	0.06
Jianzhi Educ Tech ADR	JZ	285,181	18115.9	0.83	77.44	98.40	0.37
Fly-E Group	FLYE	131,499	9599.8	2.32	82.68	22.00	1.22
Intel	INTC	118,418	10.9	107.08	-5.34	142.35	32.89
Sunshine Biopharma	SBFM	117,518	3406.4	0.43	-38.57	24.30	0.36
NVIDIA	NVDA	114,408	-6.2	230.48	-2.94	243.37	164.27
Direxion Semicon Br 3x	SOXS	113,440	64.8	33.79	10.24	1030.00	28.46
ProShares Bitcoin ETF	BITO	112,008	-20.2	10.93	-1.89	20.54	7.87
T-Rex 2X Invr MSTR Dly	MSTZ	104,712	285.0	2.73	2.63	28.71	2.18

* Volumes of 100,000 shares or more are rounded to the nearest thousand

CREDIT MARKETS

Consumer Rates and Returns to Investor U.S. consumer rates Selected rates

A consumer rate against its benchmark over the past year

Bankrate.com avg1:	7.50%
Redwood Capital Bank	5.75%
Eureka, CA	707-444-9800
Huntington FSB	6.13%
Huntington, WV	304-528-6200
Security Federal Savings Bank	6.13%
Logansport, IN	574-722-6261
First Mutual Bank, FSB	6.15%
Belpre, OH	304-455-1850
First State Bank of the Florida Keys	6.25%
Key West, FL	305-296-8535

Interest rate	Last (●)	Week ago	Low 0	2	4	6	8	High	(pct pts)
Federal-funds rate target	3.75-4.00	3.75-4.00	3.50					4.25	-1.50
Prime rate*	7.00	7.00	6.75					7.25	-1.50
SOFR	3.88	3.90	3.50					4.31	-1.43
Money market, annual yield	0.45	0.44	0.41					0.45	-0.16
Five-year CD, annual yield	1.79	1.76	1.67					1.79	-1.04
30-year mortgage, fixed1	7.50	7.33	6.11					7.50	-0.57
15-year mortgage, fixed1	6.90	6.79	5.55					6.90	-0.30
Jumbo mortgages, $832,750-plus1	7.47	7.40	6.34					7.48	-0.67
Five-year adj mortgage (ARM)1	6.42	6.64	5.66					6.72	-0.36
New-car loan, 48-month	7.03	6.96	6.85					7.13	-0.45

Bankrate.com rates based on survey of over 1,500 online banks. **Base rate posted by 70% of the nation's largest banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com
Sources: FactSet; Dow Jones Market Data; Bankrate.com

Treasury yield curve

Treasury yield curve Yield to maturity of current bills, notes and bonds

Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners

Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data

Corporate Borrowing Rates and Yields

Bond total return index	Close	Yield (%)		52-Week		Total Return (%)
		Last	Week ago	High	Low	52-wk	3-yr
U.S. Treasury Bloomberg	2276.580	5.060	5.080	5.130	3.750	-1.669	3.677
U.S. Treasury Long Bloomberg	2973.630	5.630	5.630	5.690	4.520	-7.518	2.385
Aggregate, Bloomberg	2191.140	5.490	5.510	5.570	4.160	-1.610	4.629
Fixed-Rate MBS, Bloomberg	2184.640	5.860	5.870	5.970	4.380	-1.428	5.165
High Yield 100, ICE BofA	4106.991	7.605	7.655	7.655	5.828	0.987	8.105
Muni Master, ICE BofA	593.046	4.491	4.397	4.628	3.037	-2.893	2.840
EMBI Global, J.P. Morgan	n.a.	n.a.	7.202	n.a.	n.a.	n.a.	n.a.

Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services

Discount

4.00

4.00

4.25

3.75

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.

NEW HIGHS AND LOWS

Stock	Sym	Hi/Lo	% Chg
Highs
AeonAcqnI	AESP	9.99	-0.1
AffiliatedMgrs	AMG	393.42	2.6
AlgonquinNt2079	AQNBN	26.25	-0.5
Amplitude	AMPL	15.30	3.6
AristaNetworks	ANET	217.32	-2.3
Atkore	ATKR	94.90	...
Atlassian	TEAM	203.89	4.0
AudioCodes	AUDC	11.48	3.6
BlackHawkAcqn	BKHAU	16.27	3.1
C&F Fin	CFI	103.52	-0.5
CMBTECH	CMBT	20.89	4.3
CVR Energy	CVI	59.72	3.8
CalRedwoodA	CRAQ	10.43	0.2
CalisaAcqn	ALISU	52.99	140.2
CaysonAcqnUn	CAPNU	13.01	0.4
CommunityBncp	CMTV	43.95	4.1
Concentra	CON	36.95	0.6
DHT	DHT	25.07	5.1
Danaos	DAC	170.59	3.5
DigitalAssetA	DAAQ	10.51	...
DistributionSoln	DSGR	35.30	...
DynamixII	DNMX	10.09	0.1
DynexCapPfd	DXpD	25.34	0.4
Everpure	E	157.05	-1.4
ForafriGlobalWt	AFRIW	2.15	15.8
FircrGlobal	AFRI	12.74	-0.2
Frontline	FRO	56.55	6.0
GSR V Agcn	GSRV	9.96	0.3
GenieEnergy	GNE	16.85	0.6
GigaCloudTech	GCT	57.33	0.8
GlobaTerraAcqn	GTERU	10.58	...
HF Sinclair	DINO	120.83	4.4
Haemonetics	HAE	121.00	17.5
Hafnia	HAFN	10.90	5.0
Hagerty	HGTY	14.26	1.9
HealthStream	HSTM	32.50	1.2
HelenofTroy	HELE	31.98	3.9
HennessyCapVIII	HCIC	10.04	0.3
Hongli	HLP	2.63	-2.0
IntiSeavaya	INSW	121.82	4.2
Joyy	JOYY	81.93	-0.6
MarathonPetrol	MPC	467.85	4.8
NatBankshares	NKSH	43.67	0.4
OkeaniEcoTankers	ECO	94.98	7.3
OportunFin	OPRT	8.66	4.0
Organon	OGN	13.80	-0.3
PBF Energy	PBF	89.48	6.8
PaciraBioSci	PCRX	36.46	44.4
PetroleoBrasil	PBRL	24.85	2.9
Phillips66	PSX	282.64	3.7
PresenceNts28	PRHZ	27.49	5.6
PyrophyteAcqnII	PAULI	13.16	-8.5
ONB	ONBC	46.50	1.6
RCM Tech	RCMT	43.68	1.1
ReinsGrp	RGA	258.53	1.7
RibbonAcqn	RIBBU	20.49	11.1
Riskified	RSKD	8.28	-0.1
Sasol	SSL	15.21	6.6
Shell	SHELL	100.60	3.5
SiliconValleyAcqn	SVAQ	10.17	...
SolariusCapA	SOCA	10.40	0.4
StarrySeaAcqn	SSEA	10.60	0.9
Teekay	TK	15.39	4.3
TeekayTankers	TNK	107.39	4.4
TevogenWt	TVGWV	0.08	2.7
UnivInsurance	UVE	47.36	3.8
ValeroEnergy	VLO	446.48	4.6
ValorEnergy	VAI	2.61	2.2

% chg	Stock	Sym	52-Wk Hi/Lo	% Chg
	ValueLine	VALU	45.20	-2.1
	VeraBradley	VRA	5.32	2.0
	Veradermics	MANE	136.72	14.1
	WeycoGroup	WEYS	52.48	1.0
	XP	XP	30.88	2.3
	X3Acqn	XCBE	10.03	0.1
	Lows
10	AcadiaPharm	ACAD	19.32	-0.4
16	AcresCmclPfdC	ACRpB	19.88	-1.1
13	AcresCmclPfdC	ACRpD	14.58	-2.9
05	ADI GlbDistr	ADIG	16.77	-1.9
13	ADS-TEC	ADSE	9.05	-2.7
18	AGNC Invt	AGNC	8.41	2.6
02	AIAI	AIAI	2.66	-4.5
22	AMASSBrands	AMSS	0.35	-7.5
04	AMRscsAcqn	AMACU	9.90	-0.2
11	AMTD IDEA	AMTD	0.52	-11.4
06	ATS	ATS	17.32	-0.4
1	abdrhIncmPfdA	ACPaA	17.42	0.1
15	AcadiaRealty	AKR	17.98	0.6
--	AccendraHealth	ACHN	1.47	-2.1
--	AdamasNTs2031	AMANK	44.19	-0.7
04	ADARxPharm	ADRMZ	15.65	-1.4
04	AdicetBio	ACET	5.55	-7.1
68	AdvDrainageSys	WMS	122.90	0.1
20	AegonNts2049	EPEC	17.11	0.1
00	AeriesTechWt	AERTW	0.02	-3.2
03	AffiliatedMgrDeb	MGR	18.49	--
06	AffiliatedNts60	MGRB	15.21	-0.1
08	AffiliatedNts61	MGRD	13.73	0.2
--	AffiliatedNts64	MGR6	21.06	-0.5
14	AgreeRealty	ADC	64.43	1.0
75	Ainos	AIMD	0.17	-2.1
00	AinosWt	AIMDW	0.05	-16.4
19	Akanda	AKAN	1.73	-7.8
12	AideFinil Wt	ALDFW	0.17	-6.3
19	Algorythym	RIMIE	0.14	-14.7
11	AllianceEntWt	ENTW	0.15	-23.1
12	AEHT	AEHT	4.35	0.4
12	AITiGlobal	ALTI	2.66	-2.5
06	Altimmune	ALT	2.55	-2.3
18	Amnize	AMRZ	35.78	0.3
04	AnavexLifeSci	AVXL	1.50	0.7
73	AnbioBiotech	NNNN	4.55	-5.7
10	AnnalyCap	NLY	17.76	1.9
03	Apartminiv	AIV	1.73	1.1
68	AppliedE Aerospace	AADX	10.94	-1.0
14	ArborRealty	ABR	3.08	-4.9
29	ArborRealtyPfdD	ABRpD	12.68	-0.6
17	ArborRealtyPfdD	ABRpB	16.26	-5.4
63	ArchCapitalPfdC	ACGLQ	17.91	0.4
63	ArchCapitalPfdG	ACGLN	14.75	--
6	Ardelyx	ARDX	3.18	0.3
15	AresAcqnIIA	AAC	9.95	0.1
27	AresCmcRIEst	ACRE	3.58	-2.2
11	Applis Blockchain	ABRK	2.04	-6.8
11	ArmourResREIT	ARR	13.16	1.4
66	ArrayDigitalInfr	AD	32.86	-1.4
25	ArrayTech	ARRY	3.62	-1.8
--	ArriveAI	ARAI	0.17	-7.0
04	ArtisanPtrsAsset	APAM	33.02	-0.3
09	AsburyAutomotive	ABG	164.34	0.7
13	AscentagePharma	AAPG	14.46	-2.6
67	AshfordHosp	AHT	2.16	-1.8
67	AshfordHospPfdI	AHTpF	3.49	-5.1
48	AthenePfdA	ATHpA	22.55	--
66	AtlanticAmerican	AAME	1.18	-1.6
22	AtlUnionPfdA	AUBpA	22.72	0.6

Stock	Sym	52-Wk Hi/Lo	% Chg
AtlasCriticalMnl	ATCX	2.52	-1.1
AtlasLithium	ATLU	2.30	-4.0
AtmusFiltration	ATMU	40.75	-3.4
AttoviaTherap	ATTO	15.48	-0.7
atTyrPharma	ATYR	0.25	-8.3
AvalynPharma	AVLN	24.14	0.7
BHAVAqnCrt	BHARV	0.13	-0.1
Bio-Key	BKYI	1.61	-1.1
Berk	BKU	8.61	-1.1
BainCapSpecFin	BCSF	10.53	1.0
BankofAmPrdPG	BACpB	21.80	0.2
BankofAmPrdPP	BACPQ	15.06	-0.5
BankofAmPrdQQ	BACPQ	15.15	0.4
BkofHawaiiPrdA	BOPHpA	14.50	0.9
BaselMedical	BMGL	2.56	9.8
Beeline	BLNE	0.71	-1.3
BelpointePrep	OZ	39.51	-0.7
BetterHome&Fin	BETR	9.45	2.3
BeyondAir	XAIR	2.31	-9.1
BeyondMeat	BYND	7.50	0.9
BigBearai	BBAI	2.34	-3.6
BigBear.aiWt	BWAIS	0.04	-13.2
BinahCapital	BCG	0.95	5.5
BiodexaPharm	BDRX	0.51	-7.1
BioRestorative	BOX	1.75	-1.4
Blackstone	BTMD	1.06	-5.4
BlackstoneDigital	BXDC	16.43	-0.8
BlueGold	BGL	0.18	-3.9
BlueWaterIV Wt	BWIWJ	0.18	-27.4
BoeingPfdA	BAPa	57.16	...
BostonSci	BSX	41.39	1.1
BradburyCapital	BBCI	7.31	-31.8
BraemarHtls	BHR	1.45	1.4
BraveheartBio	BRVE	17.86	2.7
BirdFinHldgsA	BFHPb	23.65	-0.6
BridgeBioAcology	BBOT	3.27	-0.6
Bridg AeroSpaceWt	BAERW	0.05	-11.4
BrighthouseDebS8	BHALF	14.73	0.3
BrighthouseFinlPfC	BHAMAN	10.77	0.6
BrookfieldFinNts	BNH	14.22	-0.3
BrookfieldFinlPfdA	BIPbPb	15.62	-0.4
BrookfieldFinlPfdA3	BIPbPc	15.62	-1.5
BrookfieldFinlPfdA	BIPdA	10.95	0.1
BuildersFirst	BLDR	52.00	0.5
BurfordCapital	BUR	3.29	-1.7
CDT Equity	CDT	0.80	-4.3
CHS PfdB2	CHSCN	23.93	-0.6
CHS PfdB	CHSCO	25.38	-0.9
CHS PfdB4	CHSCL	24.94	-0.3
CHS PfdB3	CHSCM	23.15	-1.4
CISO Global	CISO	0.19	-7.4
C3is	CIII	0.78	3.3
CalcMedica	CALC	1.30	-12.2
CalisaAcqn	ALIS	9.20	-12.1
CamdenProperty	CPT	95.30	1.0
CanFitBiopharm	CANF	1.96	-4.8
CanopyGrowth	CGG	0.81	-3.4
CantorEpiPersVII	CAES	10.02	-0.1
CapitalOnePrdKx	CPKx	5.02	-0.4
CapitalOnePrdPfA	COPPb	14.21	-0.1
Capstone	CAPS	0.13	0.6
Cardlytics	CDLX	1.83	-14.5
Carecloud	CCLD	1.93	-3.5
CaribouBio	CRBU	0.45	-22.1
CarlyleCreditPfd	CCID	24.71	-0.2
Carlyle	CG	37.08	1.6
CatalystAcqnCorp.R	CATLR	0.18	-10.0
LbdMD	CYBD	0.38	-3.0
CedarRealtyPfB	CDRPb	16.00	2.9
CellectarBiosci	CLRB	1.34	-7.3
Cellectis	CLLS	1.22	-6.7

Stock	Sym	52-Wk Hi/Lo	% Chg
CellyanBiotech	HKPD	0.10	-2.8
CenturyCasinos	CNTY	0.85	-13.9
CheetahMobile	CMCM	2.40	-5.3
CherryHillPda	CHHlpA	19.72	-1.3
ChicagoAtRealEst	REFI	9.57	0.3
Chimeralntv	CIM	8.81	0.6
ChimeralnvPda	CHlpA	17.94	-3.4
ChinaSXTPharm	SXTC	0.31	-87.9
Church&Compry	CHIW	1.00	-22.5
ChurchillDowns	CHDN	73.86	-1.3
CleanEnergy	CLNE	1.52	-0.7
CleanSparkWt	CLSWK	0.20	-12.6
ClearSignTech	CLIR	3.11	-5.8
ClinuvelPharm	CVUL	5.53	-3.4
CodereOnlineWt	DROW	0.22	-35.3
CoherusOncology	CHRS	0.97	5.9
Coincheck	CNCK	1.32	-2.9
Comcast A	CMCSA	20.75	1.3
comScore	SCOR	3.82	-0.7
Comstock	LODE	2.10	1.8
ComtechTel	CMTL	1.15	-4.8
Concordentl	CIGL	0.30	-5.2
ContextTherap	CNTX	0.30	-4.4
CorbusPharm	CRBP	5.13	-4.0
CreativeRealties	CREX	2.31	-2.1
Curis	CRIS	0.61	-3.7
Daimler-Wright	DW	501.60	-0.4
Cushman&Wkfd	CWK	11.34	-0.7
Cyabra	CYAB	0.17	-8.0
Cyngn	CYN	0.55	-9.3
CytomXTherap	CTMX	2.43	-3.1
DBV Tech	DBVT	9.36	-2.3
Defsec Tech	DFSC	0.89	1.3
DaqoNewEnergy	DQ	10.60	-1.7
DarioHealth	DRIO	5.43	-10.7
Darkris	DKI	0.64	-55.3
DecoTherap	DCOY	1.48	-5.6
DeepFission	FISN	4.61	-8.3
DigitalCurrX	DCX	2.62	-6.5
DigitalRealityPU	DLRplJ	18.05	0.1
DouYulntl	DOYU	4.05	...
DragorifyEnergyWt	DFLIW	0.01	-18.9
DragorifyEnergy	DFLI	0.49	-28.8
Dreamland	TDIC	1.82	-7.6
DukeEnergyPfdA	DUkPa	21.12	1.3
DumonCapital	DCM	10.36	-1.2
ESAB	ESAB	62.74	-3.1
EagleMaterials	EXP	164.47	-0.1
EdibleGarden	EDBL	1.10	-3.5
ElectraTherap	ETRA	8.63	-0.2
Emera	EMA	45.40	0.1
EndoviaHlthScncs	EDVA	0.15	-3.1
EnergyFuels	UUUU	9.72	-3.1
Enhanced	ENHA	1.32	-4.3
Enlivex	ENVL	0.26	-9.6
Enovis	ENOV	16.70	-1.0
Enovix	ENVX	2.45	-2.0
EntergyBds56	EAI	18.38	1.9
EntergyLA Bds56	ELC	18.36	0.3
EntergyBds56	ENO	19.38	0.2
EntergyNOLA Bds	ENU	17.86	-1.5
EosEnergy	EOSE	2.71	-10.8
EquipmentShare	EQPT	14.20	-11.4
EmexTherap	EMNX	4.2	-4.2
EssexPropA	ERPT	24.62	...
EstrellImmuno	ESLA	0.36	-0.4
EuronetWorldwide	EFET	61.62	1.8
EveHolding	EVEX	1.64	-1.2
EvolutionMtls	EMAT	1.67	-2.9
Evmommune	EVMM	6.02	3.1
ExscasleLabsWt	XLABW	0.07	-33.0
Exicure	XCUR	0.99	-2.0
F&GAnnuities	FG	19.25	-1.8
F&GAnnuitiesNts	FGN	23.01	-0.3
FRP Holdings	FRPH	19.60	-0.6
FTC Solar	FTCI	1.83	0.5
FaradayFuture	FFAI	1.02	-3.6

Stock	Sym	52-Wk Hi/Lo	% Chg
Mobile-health	MNDR	0.85	-40.8
Moblicom	MOB	3.90	-4.1
MorganStanleyPfd	MSPe	24.50	...
MorganStanleyPfd	MSPo	15.00	0.8
MorganStanleyPfd	MSPq	23.41	0.6
Mosaic	MOS	19.63	-1.2
MultiSensorAI	HSAI	4.38	-3.5
MustangBio	MBIO	0.41	-7.4
MySize	NYSZ	1.31	-8.2
Navy	NPWR	1.22	2.3
NIQ	NIO	3.36	-3.7
NanoXImaging	NNOX	0.55	-4.8
NatI HealthInv	NHI	63.51	1.0
NatlRurlIntnl2064	NRUC	19.74	0.8
NaturalAlt	NAI	1.12	-11.2
NeighborhoodIntel	NXH	1.64	-3.4
NeoOnTech	NTHI	2.52	-6.6
Netstreet	NTST	17.00	1.3
NeumoraTherap	NMRA	0.45	2.5
NeuroSense	NRSN	3.56	-6.3
NewAmerical Wt	NWAXIS	0.29	-7.4
NewFortressEnergy	NFE	4.22	-12.8
NewAmstPharma	NAMS	20.91	-3.9
NexaliTechnology	NXLI	3.97	-4.9
NexentisTech	NXTS	0.88	-18.2
NexGel	NXGL	0.15	-15.3
NextNav	NN	10.77	-8.7
NexusAdvTech	NXAT	0.60	-9.4
NikkeiSolutions	NIKO	4.10	-1.1
NiCorpDevices	NB	3.33	-1.7
NoCorpDevelopWt	NIOBW	0.54	-24.4
NoahHoldings	NOAH	7.60	-1.4
NorthStarEarthSc	NSTRJIS	0.13	-13.6
NouveauMonde	NMG	1.05	-0.9
NuRAN Wireless	NUR	0.73	-4.3
NuScalePower	SMR	7.17	-4.6
Nuwellus	NUWE	0.67	-2.3
NvnI	NVNI	0.51	-38.2
NvnIWt	NVMW	0.01	-31.5
OFA Group	OFAL	0.40	-4.2
ONE NuclearEnergy	ONEN	1.58	-15.5
OceanPwrTech	OPTT	0.89	-6.4
Ocugen	OCGN	0.96	-2.3
OculisWt	OCSAW	2.20	-2.0
Offerpad	OPAD	2.68	-6.7
Okla	OKLO	33.70	-6.1
OldNatlBncpPfdC	ONBPO	24.50	0.9
OncolyticsBio	OCY	0.54	-8.6
OneOnGreen	YODR	1.30	-9.2
OneMedNet	ONMD	4.72	-1.8
Onifolia	ONFO	0.72	-9.4
Onity	ONIT	25.50	1.0
OnKureTherap	OKUR	2.13	-2.1
OpendoorWtK	OPENW	0.10	-1.0
OrchidIsland	ORC	4.85	0.4
Organogenesis	ORGO	1.25	-3.0
OspreyAcqnill	OSPRU	9.93	-0.4
OurBond	OBAI	0.18	...
PRF Tech	PRFX	0.85	-2.2
ParanovusEntTech	PAVS	3.63	-5.8
PatrickIndustries	PATK	63.90	0.2
PatriotNatBncp	PNBK	0.86	-6.8
PennyMacFin	PFSI	59.41	0.7
PennyMacMitg	PMT	7.31	-0.1
PennyMacMtgPfA	PMPaP	20.52	-0.2
PennyMacPfdB	PMPbP	20.51	-0.7
PennyMacNts2030	PPV	4.97	-1.1
PennyMacPfdC	PMTpC	14.87	-0.4
Pentair	PNR	51.13	0.2
Peraso	PRSO	0.42	-6.4
PetMedExpress	PETS	1.26	...
Pharming	PHAR	9.44	-1.2
PinnacleFinPfdA	PNFPaA	24.67	0.9
Playboy	PLAY	0.96	-3.3
PolestarAuto	PSNY	5.22	-4.8
PonyAI	PONY	5.71	-5.1
Pool	POOL	152.70	2.6

Stock	Sym	52-Wk % Hi/Lo	Chg	Stock	Sym	52-Wk % Hi/Lo	Chg	Stock	Sym	52-Wk % Hi/Lo	Chg
PowellMax	PMAX	0.68	3.3	SempraNts79	SREA	18.43	1.0	Turbogen	TRBG	3.45	-5.5
Powerus	PUSA	2.34	0.6	SeresTherap	MCRB	2.42	-3.3	UFP Inds	UFPI	74.55	...
ProceasaPharm	PCSA	1.32	-4.9	707Cayman	JEM	3.33	-3.1	USGoldMining	USGO	6.03	-3.5
ProspectCapPfdA	PSEGpA	13.96	-1.1	SilexionTherap	SLXN	0.22	-7.4	Uni-Fuels	UFG	0.36	-0.6
Pulsemonre	PLSM	1.82	0.7	SingularityFut	SGLY	0.66	-4.8	US Antimony	UAMY	3.66	-3.6
PureCycleTech	PCT	3.60	3.4	SkinHealthSys	SKIN	0.55	-3.6	UnivDisplay	OLED	71.71	-5.6
PurpleInnovation	PRPL	1.83	-1.6	Solowin	AXG	0.08	-12.0	UnumNts06L558	UNMA	20.61	-0.3
QVC	QVCG	12.65	-3.9	SoundHoundAl	SOUN	5.45	-2.0	UpstreamBio	UPB	4.37	-1.3
Qfin	QFIN	5.93	-1.4	SpaceAssetWt	SAAQW	0.42	-17.0	Ur-Energy	URG	1.00	-8.2
Quantinuum	QNT	41.20	-6.1	SportsEntGamling	SEGG	1.75	-24.5	VCGlobal	VGIG	0.52	-25.7
QuantumScope	QS	4.40	1.3	StandardLithium	SLI	1.59	-2.4	VidaGlobal	VIDA	1.52	-1.8
QwestNts205t1	CTGG	14.71	0.1	StandardAero	SARO	19.85	0.4	VNET	VNET	5.07	-1.4
QwestNts205t2	CTHH	15.13	-0.8	StardustPower	SDST	0.06	-18.0	VenHubGlobal	VHUB	0.39	-14.0
RankOneCmp	ROC	3.55	-4.8	StarwoodProp	STWD	12.42	0.7	Veritone	VERI	0.58	-15.4
RapidMicro	RPID	0.83	-0.0	Sterotaxis	STXS	1.09	-1.8	VistanceNtwks	VISN	5.87	-0.8
realAlphaTech	AIRE	1.02	-6.3	StifelFinlpt47	SFB	17.92		Vivakor	VIVK	4.01	-7.8
RealtyIncome	O	53.15	13.5	StifelFinlpt63	SFPd	19.93	-1.4	VividSeatsWt	SEATW	0.01	-37.6
ReconTech	RCON	1.07	-7.5	StifelFinlpt68	SFPd	14.58	-1.1	VivoSimLabs	VIVS	0.17	-7.5
RedHillBio	RDHL	0.44	21.9	StructureTherap	GPCR	25.09	-3.8	VolitionRX	VNRX	0.22	-2.9
RedwoodPfdA	RWTpA	18.25	-1.2	Sunrun	RUN	7.27	-0.3	VoyagerTherap	VYGR	2.33	-4.0
RedwoodNts202	RWTQ	19.72	1.7	Sylvamo	SLSM	31.21	2.8	WaveLifeSci	WVE	3.37	-2.0
RegionsFinPfdE	RFPe	14.92	0.1	ADS-TEC Wt	ADSEW	0.18	-4.0	W.P.Carey	WPC	62.24	0.6
RegionsFinPfdF	RFpF	24.20	-0.1	TMCThemitals	TMC	3.31	-2.6	BerkeleyDeb58	WRpBe	18.93	-0.5
ReinsuranceGrpDeb	RZC	24.95		T-MobileUU2070	TMUSZ	18.11	-0.1	BerkeleyDeb59	WRpBeF	16.91	0.4
RenaissancePfdF	RNRpF	18.72	0.6	TPG Mtg PfdB	MITpB	17.82	-1.3	BerkeleyDeb60	WRpBg	14.54	0.3
RenaissancePfdG	RNRpG	13.72	0.2	TPG Mtg PfdA	MITpA	18.77	-0.7	WetsatCp	WSO	24.91	-2.1
ResideoTech	REZI	16.79	-2.1	TPG RE Fin	TRTX	5.82	0.2	WellsFargoPfDAB	WFcPfQ	19.73	0.1
ResolutionMinerals	RML	5.26	-4.0	TacticalResources	TREO	2.56	-6.2	WellsFargoPfDAZ	WFcPz	16.63	0.3
ResourcesConnect	RGP	2.88	-20.1	Tele&DataPfdUW	TDSPu	19.19	-0.6	WellsFargoPfDAA	WFcPzA	16.49	0.9
RetoEco-Solutions	RETO	1.32	-10.8	Tele&DataPfdVt	TDSPv	17.50	-0.5	WellsFargoPfACC	WFcPzC	15.37	0.4
RezolveAIWt	ZLWV	0.41	-18.4	TenayaTherap	TNYA	0.52	2.0	WellsFargoPfDADD	WFcPd	15.00	0.4
RezolveAI	ZLVL	1.86	-8.7	TeralInnovatum	NKLR	3.17	-3.3	WeRide	WRD	4.49	-9.1
RichSparkle	ANPA	1.83	2.2	TerrestriaEner	IMSR	3.32	-6.8	WetouchTechnology	WETH	0.91	-4.0
RigettiCompWt	RGTW	4.51	-8.6	TerrestiaEnerWt	IMRSW	1.00	-20.0	WheelerREIT	WHLR	0.66	1.3
RithmCapital	RITM	1.40	1.1	Textron	XT	71.87	0.3	WMiHologamo	WIMi	0.62	-6.2
RitNorthPfdA	OPPaA	14.55		ThermoFoods	THO	64.94	-0.1	Winnebago	WGO	24.13	0.8
RiverNorthPfdB	OPPoB	15.75	-0.3	Tianclntl	CITI	2.22	19.8	WISseQey	WQEY	9.41	-2.7
RozeAI	RZAI	10.50	14.3	TilrayBrands	TLRY	3.38	-3.4	WynnResorts	WYNN	73.98	0.4
Rubico	RUBI	0.56	-5.1	TitanAmerica	TTAM	12.92	-1.2	XHG	XCH	2.89	-1.6
SCE II Pfd	SCEpG	15.23	0.7	TonixPharm	TXNP	7.16	-3.6	X-Energy	XE	13.22	-4.3
SCE VI Pfd L	SCEpL	15.11	-1.1	TopKingWin	DPU	1.30	0.7	XTL Biopharm	XTLB	1.97	0.5
SCETrustVIIPfdI	SCEpM	20.82	-1.5	TopWealth	TWG	0.09	-1.8	XanaduQuantum	XNDU	4.00	-8.2
SCETrustVIIPdN	SCEpN	19.22	-1.5	TrilogyMetals	TMQ	2.76	-1.4	XenonPharm	XENE	35.06	-0.7
SHF	SHFS	0.41	-27.1	Trip.com	TCOM	37.58	-0.3	XtendAIRobotics	XTND	2.49	-2.3
SOS	SOS	0.27	1.3	TritonIntlPfdB	TRTNbpF	24.01	-0.6	YHNAcqnRItf	YNHAR	0.09	-21.7
SS Innovations	SSII	2.61	-4.0	TritonIntlPfdC	TRTNpc	21.73	1.4	Yimutian	YMT	1.06	-6.0
STAG Indl	STAG	35.14	1.7	TritonIntlPfdD	TRTNbpD	20.85	-0.5	YorkSpace	YSS	7.03	-2.0
SaulCentersPfdD	BFSpD	18.80	0.2	TritonIntlPfdF	TRTNbpF	22.70	-0.5	YouxinTechnology	YAAS	1.00	-10.2
Scinalmallnum	SCNI	1.06	7.1	TritonIntlPfdG	TRTNpG	22.30	1.2	Yuanbao	YB	11.55	1.9
ScorpioGold	SGLD	3.44	-1.1	TryHard	THH	1.27	-5.6	ZetaNetwork	ZNB	0.85	-14.9
SelectQuote	SLQT	0.36	0.2	TScanTherap	TCRX	0.22	-17.6	ZhibaoTech	ZBAO	0.06	-28.2

Dividend Changes

Company	Symbol	Yld %	Amount New/Old	Frq	Payable/ Record
Increased Starbucks	SBUX	2.7	.63/.62	Q	Nov27/Nov13
Initial Duke Energy Un	DUKU	7.4	.83958		Nov02/Oct15
Foreign Himalaya Shipping	HSHP	9.8	.28	M	Oct27/Oct19
Trane Technologies	TT	0.9	1.05	Q	Dec31/Dec04

KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

Biggest 1,000 Stocks | WSJ.com/stocks

Continued From Page B6

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EldoradoGold EGO 36.86 -0.20

Enbridge ENB 46.54 0.65

Enbridge ENB 46.54 0.65

Enbridge ENB 46.54 0.65

Enbridge ENB 46.54 0.65

Enbridge ENB 46.54 0.65

Enbridge ENB 46.54 0.65

Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.541 -0.13

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 46.54 0.65

Enbridge Enbridge ENB 47.11 -0.13

Enbridge Enbridge ENB 47.11 0.13

Enbridge Enbridge ENB 47.11 0.13

Enbridge Enbridge ENB 47.11 0.13

Enbridge Enbridge ENB 47.11 0.13

Enbridge Enbridge ENB 47.11 0.13

Enbridge Enbridge ENB 47.11 0.13

Enbridge EnbridgeENBL 67.11 1.03

Enbridge EnbridgeENBL 67.11 1.03

Enbridge EnbridgeENBL 67.11 1.03

Enbridge EnbridgeENBL 67.11 1.03

Enbridge EnbridgeENBL 67.11 1.03

Enbridge EnbridgeENBL 67.11 1.03

Enbridge EnbridgeENBL 111.06 -0.81

Enbridge EnbridgeENBL 111.06 -0.81

Enbridge EnbridgeENBL 111.06 -0.81

Enbridge EnbridgeENBL 111.06 -0.81

Enbridge EnbridgeENBL 111.06 -0.81

Enbridge EnbridgeENBL 111.06 -0.81

Enbridge EnbraceEnLNT 67.11 1.03

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EnbraceEnLNT 67.11 1-0.81

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EnbraceEnLNT 57.99 0.87

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EntireEnLNT 57.99 0-0.87

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EntireEnLNT 57-1.00

EntireEnLNT 57.99 0.87

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EntireEnLNT 57.11 0.87

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EntireEnLNT 57 1.00

EntireEnLNT 57.99 0.87

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EntireEnLNT 67.11 0.87

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EntireEnLNT 67-1.00

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EntireEnLNT 67.87 0-0.87

Futures Contracts

Metal & Petroleum Futures

Metal & Petroleum Futures
	Contract			Settle	Chg	Open interest
	Open	High	hi lo
Copper-High (CMX)-25,000 lbs; $ per lb.
Oct	6.5300	6.5300		6.5195	-0.0775	1,899
Dec	6.6410	6.7630		6.5475	-0.0810	165,270
Gold (CMX)-100 troy oz; $ per troy oz.
Oct	4139.50	4140.00		4131.80	18.00	300
Nov	4124.00	4155.10		4141.90	15.90	4,097
Dec	4139.90	4170.70		4157.00	16.30	323,410
Jan'27	4167.40	4186.80		4175.90	16.60	595
Feb	4174.00	4204.80		4191.50	16.60	43,517
March	4204.10	4204.90		4207.40	16.50	269
Palladium (NYM) - 50 troy oz; $ per troy oz.
Oct	1215.00	1215.00		1114.90	-1.20
Dec	1120.50	1150.00		1125.40	-1.60	21,136
Platinum (NYM)- 50 troy oz; $ per troy oz.
Oct	1727.50	1737.00		1625.70	-7.50	16
Jan'27	1638.40	1675.00		1642.00	-7.80	53,436
Silver (CMX)-5,000 troy oz; $ per troy oz.
Oct	58.915	58.915		59.064	-0.835	1,056

	Contract					Open interest
	Open	High hilo	Low	Settle	Chg
Dec	60.190	60.840	58.730	59.424	-0.870	83,236
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Nov	89.00	93.20	88.77	91.49	3.21	206,677
Dec	88.19	92.14	87.89	90.75	3.20	254,336
Jan'27	87.30	91.00	87.03	89.89	3.05	124,068
June	81.81	83.97▲	81.70	83.74	1.79	131,155
Dec	76.23	77.89▲	76.21	77.28	0.86	176,997
Dec'28	70.63	71.75	70.36	70.77	0.19	109,697
NY Harbor ULSD (NYM)-42,000 gal; $ per gal.
Nov	4.6557	4.9126	4.6539	4.8829	.2602	62,907
Dec	4.4952	4.7428	4.4952	4.7165	.2399	46,444
Gasoline-NY RBOB (NYM)-42,000 gal; $ per gal.
Nov	3.2420	3.3906	3.2415	3.3160	.0818	102,401
Dec	3.0904	3.2209▲	3.0798	3.1596	.0885	68,742
Natural Gas (NYM)-10,000 MMBtu; $ per MMBtu.
Nov	3.288	3.298	3.106	3.168	-.035	340,971
Dec	3.590	3.602	3.451	3.495	-.017	209,806
Jan'27	3.973	3.991	3.869	3.909	.011	196,418
Feb	3.582	3.593	3.485	3.522	-.004	111,739
March	2.800	2.806	2.731	2.759	-.016	216,172
April	2.679	2.696	2.634	2.658	-.008	149,291

Largest 100 exchange-traded funds, latest session.

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Thursday, October 8, 2026
ETF	Symbol	Closing Price	Chg (%)	YTD (%)
AvantisEM	AVEM	93.24	-1.80	21.1
AvantisUSSCValue	AVUV	120.13	0.84	17.8
CapGrpDivVal	CGDV	49.25	-0.53	12.9
FidTotalBd	FBND	43.45	0.30	-5.6
InvscNasd100	QQQM	307.85	-1.31	21.7
InvscQQQI	QQQ	747.58	-1.34	21.7
InvscS&P500EW	RSP	211.87	0.60	10.6
iShBitcoin	IBIT	46.26	-2.01	-6.8
iShCoreDivGrowth	DGRO	76.88	0.72	10.7
iShCoreMSCIEAFE	IEFA	95.87	-0.34	7.2
iShCoreMSCIEM	IEMG	80.50	-1.88	19.8
iShMSCIntlDev	IDEV	88.56	-0.26	7.4
iShCoreMSCITotInt	IXUS	94.14	-0.80	11.2
iShCoreS&P500	IVV	777.27	-0.42	13.5
iShCoreS&P MC	IJH	73.03	0.37	10.7
iShCoreS&P SC	IJR	137.31	0.17	14.3
iShCoreS&PTotUS	ITOT	168.58	-0.41	13.4
iShCoreS&PUSGrw	IUSG	196.27	-1.18	16.9
iShCoreUSAggBd	AGG	94.63	0.34	-5.3
iShCoreUniUSDBd	IUSB	44.14	0.27	-5.2
iShEdgeMSCIUSAQual	QUAL	226.13	0.10	13.9
iShGoldTr	IAU	77.66	0.78	-4.3
iShiBoxx$IGCpBd	LQD	102.47	0.36	-7.0
iShMBS	MBB	89.73	0.57	-5.8
iShMSCIACWI	ACWI	159.79	-0.57	12.9
iShMSCI EAFE	EFA	102.70	-0.39	6.9
iShMSCI EM	EEM	66.10	-1.89	20.8
iShMSCIEAFEValue	EFV	77.97	-0.10	9.2
iShNatlMuniBd	MUB	100.74	0.22	-5.9
iShRussMC	IWR	108.87	0.37	13.1
iShRuss1000	IWB	422.52	-0.39	13.1
iShRuss1000Grw	IWF	127.11	-1.28	7.4

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
iShRuss1000Val	IWD	252.00	0.49	19.8
iShRuss2000	IWM	277.57	-0.05	12.8
iShS&P500Grw	IVW	144.09	-1.23	16.9
iShS&P500Value	IVE	232.18	0.61	9.5
iShSemiconductor	SOXX	563.28	-3.35	87.0
iSh1-10YtreaBd	IEF	89.45	0.38	-7.0
iShSilver	SLV	53.45	-0.69	-17.0
iSh20+YTreaBd	TLT	77.87	0.94	-10.7
iShUSEqFactRotat	DYNF	70.11	-0.44	15.3
iShUSTreasuryBd	GOVT	21.88	0.27	-5.0
iSh0-3MTreaBd	SGOV	100.47		0.1
JPNMasdEqPrem	JEPQ	60.93	-0.55	4.8
JanusAAACLO	JAAA	50.52	0.02	-0.1
JPMEqPremiumIncome	JEPI	56.67	0.39	-1.0
JPM UltShlncm	JPST	50.27		-0.6
ProShUltPrQQQ	TQQQ	80.23	-4.05	52.2
SPDRGoldMini	GLDM	81.72	0.75	-4.3
SPDR Gold	GLD	378.62	0.73	-4.5
SchwabFdUSLgCo	FNDX	32.09	0.63	17.9
SchwabIntEquity	SCHF	27.09	-0.62	12.7
SchwabUS BrdMkt	SCHB	29.73	-0.40	13.3
SchwabUS Div	SCHD	33.15	1.53	20.9
SchwabUS LC	SCHX	30.47	-0.42	13.2
SchwabUS LC Grw	SCHG	36.42	-1.22	11.6
SSEnergySel	XLE	65.24	2.97	45.9
SSFinlSel	XLF	54.23	0.89	-1.0
SSHltchCrSel	XLV	168.16	-0.39	8.6
SSIndlSel	XLI	168.40	0.33	8.6
SSSPDRBbg1-3M	BIL	91.47	0.01	0.1
SS SPDR DJIA	DIA	511.65	0.12	6.5
SSSPDRDevxUS	SPDW	49.66	-0.58	11.8
SSSPDRS&P500	SPYM	91.07	-0.43	13.5
SSSPDRS&P500G	SPYG	124.73	-1.23	16.9

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
SSSPDRS&P500V	SPYV	62.19	0.63	9.5
SSIMSPDRS&P500	SPY	773.93	-0.42	13.5
SSTechSel	XLK	197.78	-1.79	37.4
VanEckSemicon	SMH	607.27	-2.84	68.6
VangdDivApp	VIG	237.39	0.17	8.0
VangdExtMkt	VXF	233.13	-0.15	11.5
VangdFTSEAWxUS	VEU	82.18	-0.81	11.7
VangdFTSEDevMk	VEA	69.86	-0.57	11.8
VangdFTSE EM	VWO	59.10	-1.25	9.9
VangdFTSE Europe	VGK	85.43	-0.15	2.2
VangdHiDiv	VYM	158.25	0.51	10.3
VangdInfoTech	VGT	127.25	-1.64	35.1
VangdIntermBd	BIV	72.97	0.26	-6.3
VangdIntrCorpBd	VCIT	78.48	0.27	-6.3
VangdIntermTrea	VGIT	56.74	0.23	-5.3
VangdMstarGrw	VUG	91.31	-1.20	12.3
VangdMstarLC	VV	357.11	-0.43	13.4
VangdMstarMegaGr	MGK	93.73	-1.25	13.5
VangdMstarMC	VO	80.40	0.32	10.8
VangdMstarSC	VB	287.63	0.23	11.5
VangdMstarSCVal	VBR	233.91	0.75	10.4
VangdMstarTot	VTI	379.56	-0.39	13.2
VangdMstarVal	VTV	219.63	0.65	15.0
VangdRealEst	VNQ	89.35	0.74	1.0
VangdRuss1000Grw	VONG	130.87	-1.30	7.5
VangdS&P500ETF	VOO	711.28	-0.43	13.4
VangdS&P500 Grw	VOOG	86.59	-1.25	16.9
VangdST Bond	BSV	76.41	0.07	-3.0
VangdSTCpBd	VCSH	77.34	0.09	-3.0
VangdShortTrea	VGSH	57.57	0.03	-2.0
VangdTaxExemptBd	VTEB	47.13	0.15	-6.3
VangdTotalBd	BND	70.22	0.31	-5.2
VangdTotIntlBd	BNDX	46.93	0.21	-2.9
VangdTotIntlStk	VXUS	84.10	-0.81	11.5
VangdTotWrldStk	VT	158.73	-0.57	12.5

Contract						Open interest
Open	High	hilo	Low	Settle	Chg

Agriculture Futures

Corn (CBT)-5,000 bu.; cents per bu.
Dec	502.00	503.75	497.75	500.25	-1.75	894,150
March'27	517.25	518.75	513.00	515.25	-1.75	419,031
Oats (CBT)-5,000 bu.; cents per bu.
Dec	426.75	437.00	425.75	433.75	5.00	3,501
March'27	433.00	438.75	432.50	436.25	3.00	380
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov	1294.00	1302.00	1286.50	1287.50	-10.00	409,691
Jan'27	1310.25	1318.75	1303.00	1304.25	-10.25	238,441
Soybean Meal (CBT)-100 tons; $ per ton.
Oct	360.70	362.90	359.90	360.70	-5.20	489
Dec	364.50	368.50	357.00	357.60	-8.20	294,873
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Oct	67.89	67.89	67.53	67.62	.20	547
Dec	67.68	68.31	67.33	67.92	.24	234,902
Rough Rice (CBT)-2,000 cwt; $ per cwt.
Nov	16.70	16.94▲	16.61	16.85	.15	11,450
Jan'27	17.24	17.36▲	17.09	17.30	.15	2,317
Wheat (CBT)-5,000 bu.; cents per bu.
Dec	687.00	691.75	682.00	683.25	-3.25	254,554
March'27	701.00	705.75	696.50	697.75	-3.25	115,676
Wheat (KC)-5,000 bu.; cents per bu.
Dec	739.00	743.50	734.50	736.25	-2.25	157,444
March'27	752.00	756.25	748.00	749.00	-3.00	77,219
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Oct	338.325	338.975	335.550	338.025	-.125	6,766
Nov	335.825	337.050	332.425	334.875	-.925	23,715
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Oct	221.350	222.075	220.450	221.875	.275	15,386
Dec	223.850	224.275	222.225	223.550	-.225	119,926
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Oct	76.625	76.700▼	75.750	75.825	-1.100	19,636
Dec	68.525	68.950	68.000	68.600	-.500	148,916
Lumber (CME)-27,500 bd.ft., $ per 1,000 bd.ft.
Nov	517.50	527.00▼	515.00	518.50	1.00	8,945
Jan'27	537.50	543.00▼	537.00	540.00	1.50	1,873
Milk (CME)-200,000 lbs., cents per lb.
Oct	15.04	15.04	14.94	15.02	-.07	5,185
Nov	15.90	16.18	15.85	16.14	.30	7,632
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec	5,495	5,723	5,431	5,665	83	70,508
March'27	5,603	5,825	5,551	5,776	81	46,035
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec	293.90	294.90	286.00	289.05	-3.65	78,758
March'27	285.90	286.75	278.45	281.35	-3.55	44,303
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March	20.85	21.03	20.09	20.15	-.68	642,264
May	19.97	20.14	19.31	19.37	-.60	186,238
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Nov	40.75	40.75	40.75	40.75	...	354
March'27	41.50	41.50▲	41.50	41.50	...	1,755
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Oct	76.21	76.21	76.21	76.21	-.09	14
Dec	80.10	81.07	79.88	79.94	-.09	170,850
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov	148.20	150.85	146.00	149.95	3.40	6,491
Jan'27	150.15	153.35	149.45	152.50	2.30	2,715

Interest Rate Futures

Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Dec	103-020	104-080	102-020	104-030	29.0 2,392,039
March'27	102-250	102-250	101-210	103-280	29.0 57
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec	102-030	103-060	101-060	103-020	27.0 1,909,985

	Contract					Open interest
	Open	High hilo	Low	Settle	Chg
March'27	101-150	102-230	100-250	102-200	27.0	2,381
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec	104-140	104-250	104-000	104-230	7.5	5,767,399
March'27	104-060	104-165	103-245	104-150	7.5	4,032
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec	103-190	103-250	103-105	103-232	3.5	6,758,119
March'27	103-087	103-170	103-050	103-162	3.7	2,127
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec	101-277	101-300	101-247	101-287	.4	4,486,524
March'27	101-197	101-230	101-185	101-227	.4	425
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Oct	96.1175	96.1175	96.1125	96.1150	...	683,894
Nov	96.0750	96.0800	96.0650	96.0750	...	563,226
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
July	96.2625	96.2625▲	96.2625	96.2600	-.0025	20,745
Dec	95.7750	95.7900	95.7500	95.7850	-.0050	1,618,873

Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Oct	.6342	.6342	.6319	.6339	.0001	1,167
Dec	.6363	.6381	.6347	.6367	.0002	366,188
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oct	.7023	.7037	.7016	.7034	.0015	400
Dec	.7037	.7057	.7028	.7053	.0015	368,982
British Pound (CME)-£62,500; $ per £
Oct	1.3190	1.3231	1.3187	1.3225	.0005	497
Dec	1.3213	1.3252	1.3187	1.3227	.0005	266,219
Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec	1.2089	1.2128	1.2071	1.2115	.0015	135,700
March'27	1.2227	1.2242	1.2224	1.2251	.0015	376
Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct	.6946	.6970	.6946	.6955	-.0011	313
Dec	.6955	.6966	.6926	.6948	-.0011	326,533
Mexican Peso (CME)-MXN 500,000; $ per MXN
Oct	.05553	.05553	.05553	.05487	-.00075	307
Dec	.05530	.05544	.05459	.05464	-.00074	283,963
Euro (CME)-€125,000; $ per €
Oct	1.1205	1.1226	1.1179	1.1213	.0009	3,269
Dec	1.1229	1.1257	1.1202	1.1239	.0009	832,839

Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Dec	51427	51599	50909	51493	44	92,053
March'27	51855	51975	51386	51966	45	122
Mini S&P 500 (CME)-$50 x index
Dec	7850.75	7858.25	7783.00	7816.25	-36.50	1,892,317
March'27	7932.75	7935.25	7862.00	7894.25	-37.25	12,779
Mini S&P Midcap 400 (CME)-$100 x index
Dec	3657.20	3674.30	3624.20	3668.80	11.00	47,638
March'27	...	...	...	3699.00	12.70	n.a.
Mini Nasdaq 100 (CME)-$20 x index
Dec	31403.00	31466.00	30792.00	30969.50	-432.75	280,402
March'27	31787.00	31816.50	31157.25	31326.00	-440.25	684
Mini Russell 2000 (CME)-$50 x index
Dec	2811.40	2813.50	2778.60	2809.60	-2.60	431,062
March'27	2833.30	2837.80	2805.00	2834.80	-2.50	904
Mini Russell 1000 (CME)-$50 x index
Dec	4253.90	4263.00	4233.60	4248.10	-18.50	7,462
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec	102.05	102.26	101.83	101.93	-.08	51,474
March'27	101.79	101.79	101.59	101.64	-.08	146

Source: FactSet

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Money Rates

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don't always represent actual transactions.
Inflation

U.S. consumer price index
All items	334.980	0.32	3.4
Core	338.041	0.27	2.4

	Latest	Week ago	-52-WEEK-High	Low
Britain	3.75	3.75	4.00	3.75
Australia	4.60	4.60	4.60	3.60

October 8, 2026

Overnight repurchase
International rates

	Latest	Weekago	—52-Week—
			High	Low
Prime rates
U.S.	7.00	7.00	7.25	6.75
Canada	4.45	4.45	4.70	4.45
Japan	2.375	2.375	2.375	1.875
Policy Rates
Euro zone	2.65	2.65	2.65	2.15
Switzerland	0.25	0.25	0.50	0.25

U.S.

3.90

3.89

4.30

3.49

Notes on data:

Federal funds
Effective rate	3.8900	3.8900	4.1100	3.6300
High	3.9500	3.9500	4.2000	3.7000
Low	3.8000	3.8000	4.0800	3.5500
Bid	3.8800	3.8800	4.1000	3.6100
Offer	3.8900	3.8900	4.1200	3.6300

Treasury bill auction
4 weeks	3.980	3.890	4.030	3.550

U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective September 17, 2026. Other prime rates aren't directly comparable; lending practices vary widely by location; Discount rate is effective September 17, 2026. Secured Overnight Financing Rate is as of October 7, 2026. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 3:30 p.m. ET.

	Latest	Week ago	-52-WEEK-High	Low
13 weeks	4.050	4.110	4.110	3.540
26 weeks	4.165	4.285	4.285	3.475

Other short-term rates

Commercial paper (AA financial)
90 days	n.a.	n.a.	4.16	3.57

Secured Overnight Financing Rate
	3.88	3.90	4.31
	Latest	Value Traded	-52-Week -High Low

DTCC GCF Repo Index

Treasury	3.909	76.820	4.319	3.504
MBS	3.906	102.126	4.371	3.517

Weekly survey

Freddie Mac
30-year fixed	7.40	7.28	6.30
15-year fixed	6.73	6.60	5.53

Cash Prices | wsj.com/market-data/commodities

These prices reflect buying and selling of a variety of actual or "physical" commodities in the marketplace—separate from the futures price on an exchange, which reflects what the commodity might be worth in future months.

Energy
Coal,C.Aplc,12500Btu,1.2SO2-r,w	84.500
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w	14.650
Metals

Gold, per troy oz
Engelhard industrial	4129.00
Krugerrand,wholesale-e	n.a.
Maple Leaf-e	n.a.
American Eagle-e	n.a.
Mexican peso-e	n.a.
Austria crown-e	n.a.
Austria phil-e	n.a.

Engelhard industrial	59.3500
Handy & Harman base	58.7590
Handy & Harman fabricated	73.4490
Coins,wholesale $1,000 face-a	42235

Platinum,Engelhard industrial	1654.0
Palladium,Engelhard industrial	1135.0
Aluminum, LME, $ per metric ton	*3102.5
Copper,Comex spot	6.5190
Iron Ore, 62% Fe CFR China-s	*91.2
Steel, HRC USA, FOB Midwest Mill-s	*1250.0

Battery/EV metals

	Trial Study
BMI Lithium Carbonate, EXW China, =99.5%-v,w	18450
BMI Lithium Hydroxide, EXW China, =56.5%-v,w	17250
BMI Cobalt sulphate, EXW China, >20.5%-v,w	8642
BMI Nickel Sulphate, EXW China, >22%-v,k	4172
BMI Flake Graphite, FOB China, -100 Mesh, 94-95%-v,m	415

Thursday, October 8, 2026

Burlap,10-oz,40-inch NY yd-n,w	1.2375
Cotton,11/16 std lw-mdMphs-u	0.7769
Cotlook 'A' Index-t	*91.70
Hides,hvy native steers piece fob-u	n.a.
Wool,64s,staple,Terr del-u,w	n.a.

Fibers and Textiles

Grains and Feeds

Bran,wheat middlings, KC-u,w	165
Corn,No. 2 yellow,Cent IL-bp,u	4.6500
Cottonseed meal-u,w	n.a.
Hominy feed,Cent IL-u,w	n.a.
Meat-bonemeal,50% pro Mnpls-u,w	475
Oats,No.2 milling,Mnpls-u	4.5875
Rice, Long Grain Milled, No. 2 AR-u,w	34.50
SoybeanMeal,Cent IL,rail,ton48%-u,w	393.30
Soybeans,No.1 yllw IL-bp,u	12.5300
Wheat,Spring14%-pro Mnpls-u	8.7600
Wheat,No.2 soft red,St.Louis-u	6.6075
Wheat - Hard - KC (USDA) $ per bu-u	7.0225
Wheat,No.1soft white,Portld,OR-u	6.6250

Thursday

Food
Beef, carcass equiv. index
choice 1-3,600-900 lbs.-u	344.35
select 1-3,600-900 lbs.-u	322.48
Broilers, National comp wtd. avg.-u,w	1.1754
Butter, AA Chicago-d	1.2500
Cheddar cheese, bbl, Chicago-d	145.25
Cheddar cheese, blk, Chicago-d	135.50
Milk, Nonfat dry, Chicago lb.-d	226.00
Coffee, Brazilian, Comp-y	2.9250
Coffee, Colombian, NY-y	3.5755
Eggs, large white, Chicago-u,w	0.6450
Flour, hard winter KC-p	18.50
Hams, 17-20 lbs, Mid-US fob-u	0.76
Hogs, Iowa-So. Minnesota-u	76.82
Pork bellies, 12-14 lb MidUS-u	1.2567
Pork loins, 13-19 lb MidUS-u	0.9999
Steers, Tex.-Okla. Choice-u	n.a.
Steers, feeder, Okla. City-u,w	374.25

Fats and Oils
KEY TO CODES: A=asl; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra, Tordella & Brookes; H=American Commodities Brokerage Co; K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 10/7

Degummed corn oil, crude wtd. avg.-u,w	n.a.
Grease,choice white,Chicago-h	n.a.
Lard,Chicago-u	n.a.
Soybean oil,crude;Centl IL-u,w	0.6972
Tallow,bleach;Chicago-h	n.a.
Tallow,edible,Chicago-u	n.a.

Bond Trend Eases Up

Continued from page B1

Hedging by mortgage bondholders has helped drive Treasury yields higher in recent weeks, but, increasingly, “it’s

THURSDAY'S MARKETS

not going to continue to be a factor," said Amrut Na-

shikkar, head of interest rate derivatives strategy at Barclays

Treasury yields, which rise when bond prices fall, have generally been on an upward trend since March. But there have been a couple of periods of particularly big jumps, including at the end of September. October has been choppier, and there have even been tentative signs recently of some stabilization.

Yields on 10-year and 30-year Treasurys have touched 24-year highs this week, but they fell on Wednesday after a government auction of new 10-year notes met with strong demand.

Yields then drifted higher overnight as oil prices climbed, only to reverse course again on Thursday. Importantly, Thursday's rally was led by longer-term Treasurys—a departure from the recent trend, which has seen longerterm yields climb even as short-term yields have held steady.

By the end of the session, the yield on the 10-year U.S. Treasury note was 5.232%, according to Tradeweb, down from as high as 5.365% early Wednesday before the 10-year note auction.

Brent crude, the international benchmark, rose 4.1% to \$104.28 a barrel. Stocks slumped. The S&P 500 fell 0.5% and the Nasdaq composite slipped more than 1%. Both benchmarks had closed at record highs earlier this week.

The Dow Jones Industrial Average added 0.1%, or around 52 points.

While still cautious, some investors say they are looking for opportunities to buy

bonds.

For months, investors have ramped up expectations for how high the Federal Reserve will raise interest rates to fight inflation, going so far as to bet that the Fed would raise rates four more times by the end of next July.

However, the Fed itself has signaled fewer hikes, and several officials have said recently that they don't expect to raise rates this month. That has caused a modest shift lower in the market's rate expectations that some believe has further to go.

Significant threats to bonds remain including growing fiscal worries in Europe, the continuing U.S.-Iran conflict and the ever present risk of another hot inflation report.

Investors and analysts are also divided over just how much risk remains from technical factors.

In recent weeks, most agree that selling pressure has emanated not just from mortgage bondholders but also from investors in U.S. Treasury futures. The issue there is that these futures contracts are underpinned by baskets of actual Treasurys, and the specific Treasury that the futures contract mirrors changes as bond yields move up and down.

Other analysts are skeptical that asset managers as a whole have been that proactive.

Some believe that investors have been active given the attention on Wall Street to the issue, meaning that the pressure that they are putting on Treasurys may already largely be in the past.

To manage risks to their portfolios, investors have already been reducing their positions in that contract, a step that has led other investors to sell actual Treasurys. But it is not clear how much further they have to go on aggregate.

accounted for almost $20\%$ of California's capacity to turn oil into fuel. Some analysts said that the refineries would be virtually impossible to bring back into production quickly and that it could take months to get crude oil flowing to them again.

The differences can be meaningful. Focus recently has been on one contract that is backed by 15- to 25-year Treasurys. If yields climb further to 6%, the underlying security would jump from a bond due in 2045 to one that matures five years later.

“It’s likely that the peak extension hedging comes later” said Eli Carter, U.S. rates strategist at Morgan Stanley.

Refiners To Reap Bonanza

Continued from page B1 profits collapsed. “When the sun isn’t shining, there’s not much hay to be made.”

The companies' stock prices have already vaulted to new heights—all three closed Thursday at records and have more than doubled in 2026. Together, they have gained about \$224 billion in stock-market value this year. That's more than the combined values of Occidental Petroleum, EOG Resources and Diamondback Energy, three of the nation's biggest independent oil producers. In comparison, the S&P 500 has advanced 13% this year.

Last month, President Trump's team called U.S. refining executives to the White

“No one will do that because they think [market conditions] are temporary,” he said.

House to discuss ways to boost the nation's refining capacity in a bid to ease surging prices of diesel and gasoline ahead of November's midterm elections.

Auers at Novi Labs said the world's refining capacity declined last year, and with the loss of fuel supplies out of the Middle East and Russia, global capacity is “super tight.” Margins, he said, are likely to remain highly profitable for U.S. fuel-makers in 2027, but they are unlikely to invest in new projects.

All told, $12.1\%$ of the world's refining capacity was offline as of September, according to market-intelligence firm Industrial Info Resources.

In the U.S., the average

The companies are generally reluctant to make multi-billion-dollar investments in projects that likely wouldn't start producing fuels until long after their hefty profit margins had fallen back to earth. One idea the industry and Trump officials have broached in recent weeks: bringing back online two California refineries that had shut down over the past year, according to people familiar with the matter.

Such a move would present major logistical hurdles for the companies, Phillips 66 and Valero, which recently closed refineries in the Los Angeles and Benicia areas, respectively. Those plants previously

After the big U.S. oil companies reported record or near-record second-quarter earnings in July, Trump admonished them for “making too much money.” He has suggested the industry should return some of the windfall to American consumers.

price for a gallon of diesel has edged lower in recent weeks but is still hovering near record levels. The Trump administration, which has pursued a number of ways to bring prices down, is hopeful a resurgence in oil traffic through the Strait of Hormuz will help. But so far, the U.S. Navy has focused on escorting crude-oil tankers out of the waterway, rather than ships carrying refined products.

“Russian capacity recovery takes longer rather than shorter,” the analysts wrote.

The difference between the price of crude that Valero's Gulf Coast refineries buy and process and the fuel prices they charge widened to an average \$47.11 a barrel in the third quarter, JP Morgan analysts said. That's up from \$30.28 three months earlier.

One big difference, the banks' analysts said, is that Ukraine has struck about 15 Russian oil-refining sites since late July, bringing nearly 2 million barrels a day of capacity offline.

Share-price and index performance, year to date

U.S. average retail diesel fuel price
*Current quarter is estimated

Sources: FactSet (performance, net profit); Energy Dept. via St. Louis Fed (price)

29-YEAR, 10-MONTH BONDS
Biggest 1,000 Stocks | WSJ.com/stocks

Continued From Page B8
Stock	Sym	Close	Net Chg
FranklinTemp	BEN	32.40	-0.08
FreedomHolding	FRHC	166.70	-8.05
FreeportMcM	FCX	71.14	-0.72
FreseniusMedCare	FMS	20.88	0.19
Frontline	FRO	56.26	3.20
Futu	FUTU	108.76	-0.92

GHI
GE Aerospace GE	305.62	2.00
GE HealthCare GEHC	64.22	-0.45
GE Vernova GEV	999.35	2.26
GFLEnvironmental GFL	42.33	0.29
GSK	GSK	46.54	-0.48
Gallagher AJG	234.05	6.95
GameStop GME	25.28	0.70
Gaming&Leisure GLPI	38.26	0.48
Garmin GRMN	268.44	-7.72
Gartner IT	195.41	9.64
GenDigital GEN	22.75	0.36
Generac GNRC	224.40	3.06
GeneralDynamics GD	329.90	3.27
GeneralMills GIS	32.59	0.82
GeneralMotors GM	82.25	1.26
Genmab GMAB	36.05	-0.60
GenuineParts GPC	128.17	2.76
Gerdau GGB	4.92	-0.10
GileadSciences GILD	147.10	0.25
Glaukos GKOS	161.29	-10.89
GlobalPayments GPN	82.77	1.69

Stock	Sym Close	Net Chg
GlobalFoundries	GFS 49.36	1.29
Globalstar	GSAT 83.22	-0.45
GlobeLife	GL 166.08	2.67
GlobusMedical	GMED 73.33	-0.42
GoDaddy	GDDY 103.19	5.98
GoldFields	GFI 35.86	0.81
GoldmanSachs	GS 882.59	-4.62
Grab	GRAB 3.11	0.03
Graco	GGG 78.37	0.93
Grainger	GWW 1268.67	5.16
GAP	PAC 196.69	-4.72
GrupoCibest	CIB 94.08	0.38
GuardantHealth	GH 165.56	-2.77
Guidewire	GWRE 164.78	0.80
HCA Healthcare	HCA 445.01	5.84
HDFC Bank	HDB 22.01	-0.13
HF Sinclair	DINO 120.72	5.09
HP	HPQ 32.44	0.20
HSBC	HSBC 92.61	-1.10
H World	HTHT 42.67	0.74
Haleon	HLN 9.26	0.24
Halliburton	HAL 32.57	0.82
HalozymeTherap	HALO 109.84	-0.95
HarmonyGold	HMY 16.84	0.35
HartfordIns	HIG 129.48	2.56
Hasbro	HAS 92.50	1.75
HealthpeakProp	DOC 18.52	-0.14
HeclaMining	HL 16.73	0.34
Heico	HEI 295.91	0.13
HeicoA	HELA 221.07	-0.22

AUCTION RESULTS

Here are the results of Thursday's Treasury auctions. All bids are awarded at a single price at the market-clearing yield. Rates are determined by the difference between that price and the face value.

FOUR-WEEK BILLS

FOUR-WEEK BILLS
Applications	$273,159,883,800
Accepted bids	$119,348,758,800
* noncompetitively	$5,503,522,900
* foreign noncompetitively	$2,000,000,000
Auction price (rate)	99.690444(3.980%)
Coupon equivalent	4.048%
Bids at clearing yield accepted	50.05%
Cusip number	912797VW4
The bills dated Oct 13, 2026 mature on Nov 10, 2026

EIGHT-WEEK BILLS

(In millions)	2013
Applications	$299,764,607,000
Accepted bids	$113,924,264,500
* noncompetitively	$1,410,057,100
* foreign noncompetitively	$2,000,000,000
Auction price (rate)	99.380889(3.980%)
Coupon equivalent	4.060%
Bids at clearing yield accepted	8.93%
Cusip number	912797WE3

Stock	Sym Close	Net Chg
HenrySchein	HSIC 84.63	0.97
Hershey	HSY 162.54	2.20
HewlettPackard	HPE 71.00	-1.09
Hilton	HLT 323.29	2.76
HomeDepot	HD 295.47	9.70
HondaMotor	HMC 32.48	0.81
HoneywellAero	HONA 154.01	0.94
Honeywell	HON 206.60	-1.51
HormelFoods	HRL 19.42	-0.13
DR Horton	DHI 135.82	2.54
HostHotels	HST 22.54	0.30
HowmetAerospace	HWM 222.56	-0.19
Hubbell	HUBB 475.40	-0.01
HubSpot	HUBS 313.84	11.57
HudbayMinerals	HBM 25.39	-0.48
Humana	HUM387.12	-9.39
JBHunt	JBHT 228.42	5.78
HuntingtonBcshs	HBAN 15.37	0.20
HuntingIngalls	HII 265.02	4.35
Hut8	HUT 79.59	-9.71
HyattHotels	H 159.43	2.29
ICICI Bank	IBN 27.90	0.04
IDEX	IEX 231.75	-1.16
IdexxLab	IDXX 513.14	6.47
IES Holdings	IESC 300.43	-8.40
ING Groep	ING 33.43	-0.49
INNIO	INIO 19.20	-1.14
Invesco	IVZ 30.09	-0.41
IQVIA	IQV 258.88	0.77
IREN	IREN 35.71	-2.98
ITT	ITT 198.70	-1.69
IamGold	IAG 18.40	0.37
IcahnEnterprises	IEP 6.64	-0.01
Icon	ICLR 164.50	0.42
IllinoisToolWks	ITW 264.71	3.56
Illumina	ILMN 264.57	-3.19
ImmunityBio	IBRX 9.91	0.16
ImperialOil	IMO 122.79	3.49
Incyte	INCY 112.75	-0.69
Infosys	INFY 10.70	0.15
IngersollRand	IR 78.00	0.76
Insmed	INSM 100.48	-1.26
Insulet	PODD 134.47	0.11
Intel	INTC 107.08	-6.04
InteractiveBrkrs	IBKR 86.47	-1.27
ICE	ICE 155.35	2.76
InterContHtls	IHG 159.48	-0.42
IBM	IBM 226.61	6.10
IntlFlavors	IFF 84.65	0.54
IntlPaper	IP 31.88	0.06
Intuit	INTU 303.88	8.02
IntuitiveSurgical	ISRG 415.41	0.89
InvitatHomes	INVH 26.48	0.62
IonQ	IONQ 39.45	-1.89
IronMountain	IRM 112.97	-2.78
ItauUnibanco	ITUB 9.83	0.09

JKL
JBS	JBS	12.75	0.51
JD.com	JD	26.91	-0.12
JPMorganChase	JPM	331.42	1.84
Jabil	JBL	299.16	-0.31
JackHenry	JKHY	149.05	3.36
JacobsSolns	J	138.59	2.24
JamesHardie	JHX	25.15	0.54
JazzPharm	JAZZ	222.45	-8.74
JefferiesFinl	JEF	44.40	0.26
JFrog	FROG	97.25	-0.90
J&J	JNJ	256.48	-1.97

M N

Stock	Sym	Close	Net Chg
JohnsonControls	JCI	154.00	-1.93
JonesLang	JLL	303.14	6.48
KB Financial	KB	122.04	-2.69
KE Holdings	BEKE	17.09	0.17
KKR	KKR	89.56	-0.11
KLA	KLAC	196.72	-0.11
KT	KT	18.55	-0.36
Kaspi.kz	KSPI	92.83	0.96
Kenvue	KVUE	17.73	0.20
KeurigDrPepper	KDP	31.26	0.72
KeyCorp	KEY	20.10	0.27
KeysightTech	KEYS	374.67	-6.75
KimberlyClark	KMB	97.74	1.26
KimcoRealty	KIM	22.09	0.24
KinderMorgan	KMI	32.25	0.43
KinrossGold	KGC	23.34	0.16
Knight-Swift	KNX	65.05	1.43
Philips	PHG	24.30	0.21
KoreaElecPwr	KEP	10.92	-0.21
KraftHeinz	KHC	22.48	0.50
Kroger	KR	61.41	2.16
KrystalBiotech	KRY5	327.30	2.73
KymeraTherap	KYMR	109.30	0.95
LatamAirlines	LTM	50.44	-0.53
LPL Financial	LPLA	328.00	3.20
L3HarrisTech	LHX	236.92	3.29
Labcorp	HL	314.20	2.23
LamResearch	LRCK	320.59	-8.92
LamarAdv	LAMR	145.70	2.46
Las Vegas Sands	LVS	36.10	0.29
LatticeSemi	LSCC	124.98	-6.01
Leidos	LDOS	119.22	5.67
Lennar A	LEN	77.60	1.47
Lennar B	LEN.B	77.06	1.31
LennoxIntl	LII	361.54	3.11
LeonardoDRS	DRS	35.87	0.09
LiAuto	LI	10.90	-0.09
LibertyLiveA	LLYVA	95.65	0.96
LibertyLiveC	LLYVK	98.43	0.32
LibertyMediaF	FWONK	95.07	-0.45
LibertyMediaA	FWONA	87.57	-0.65
LifeTime	LTH	40.28	-0.22
Eli Lilly	LLY	1169.60	-19.12
LincolnElectric	LECO	258.78	-4.39
Linde	LIN	481.70	-2.28
Littelfuse	LFUS	425.30	-9.44
LiveNationEnt	LYV	171.34	0.50
LloydsBanking	LYG	5.38	-0.02
LockheedMartin	LMT	507.89	8.67
Loews	L	107.60	1.93
LogitechIntl	LOGI	101.50	-0.68
Lowe's	LOW	188.85	7.31
lululemon	LULU	92.68	0.80
Lumentum	LITE	1048.60	-62.47
LyondellBasell	LYB	60.34	1.85

29-YEAR, 10-MONTH BONDS
Applications	$56,435,875,700
Accepted bids	$22,522,535,300
* noncompetitively	$60,409,100
* foreign noncompetitively	$0
Auction price (rate)	92.889131(5.618%)
Interest rate	5.125%
Bids at clearing yield accepted	26.77%
Cusip number	9128100W6

Macom Tech	MTSI	322.21-13.70
M&T Bank	MTB	217.56	0.93
MKS	MKSI	260.38-12.77
MPLX	MPLX	57.32	0.27
MSCI	MSCI	561.67	6.29
MadisonAirSolns	MAIR	24.00	-0.12
MSG Sports	MSGS	407.17	2.20
MadrigalPharm	MDGL	476.91-10.81
Magnalntl	MGA	63.82	-1.21
MagnumIceCrm	MICC	17.44	0.48
ManhattanAssoc	MANH	206.78	4.67
ManulifeFinl	MFC	42.12	0.45
Maplebear	CART	46.30	1.09
MarathonPetrol	MPC	463.34	21.08
Markel	MKL	1767.82	39.62

Stock	Sym Close	Net Chg
Marriott	MAR 361.08	4.58
Marsh	MRSH 176.67	3.01
MartinMarietta	MLM 481.57	2.56
MarvellTech	MRVL 274.66-10.02
Masco	MAS 69.50	0.63
MasTec	MTZ 216.66	-6.71
Mastercard	MA 574.76	4.70
MatchGroup	MTCH 41.50	0.64
MaxLinear	MXL 93.70-13.66
McCormickVtg	MKCV 47.74	1.02
McCormick	MKC 45.94	0.69
McDonald's	MCD 236.90	6.02
McKesson	MCK 930.25	19.92
Medline	MDLN 35.74	0.29
Medpace	MEDP 602.70	-1.55
Medtronic	MDT 87.75	2.24
MercadoLibre	MELI 1856.66-16.12
Merck	MRK 142.38	-0.41
MetaPlatforms	META 720.89	-0.42
MetLife	MET 98.47	2.69
Mettler-Toledo	MTD 1529.46	-4.02
MicrochipTech	MCHP 75.52	-2.50
MicronTech	MU 1035.84-52.16
Microsoft	MSFT 522.61	-7.15
MidAmApt	MAA 116.19	1.98
MillicomIntl	TIGO 87.95	-2.07
MitsubishiUFJ	MUFG 22.48	-0.17
MizuhoFin	MFG 10.67	-0.10
Moderna	MRNA 197.00	0.52
ModineMfg	MOD 181.89	-7.55
MolinaHealthcare	MOH 195.76	0.94
Mondelez	MDLZ 60.67	1.29
MongoDB	MDB 371.35	8.32
MonolithicPower	MPWR 1369.80-56.18
MonsterBev	MNST 43.65	0.77
Moody's	MCO 458.69	9.06
Moog A	MOGA 362.92	2.53
MorganStanley	MS 187.44	-2.27
MotorolaSol	MSI 447.12	-1.21
MuellerInds	MLI 60.49	0.27
MurphyUSA	MUSA 518.22	6.70
NRG Energy	NRG 106.32	-2.29
NVR	NVR 6002.55	70.93
NXP Semicon	NXPI 231.07	-4.15
Nasdaq	NDAQ 92.37	0.44
Natera	NTRA 390.79	-4.77
NationalGrid	NGG 77.11	1.00
NatWest	NWG 17.15	-0.10
Nebius	NBIS 219.71-17.44
NetApp	NTAP 231.05	-4.72
NetEase	NTES 119.60	-1.01
Netflix	NFLX 71.57	1.87
Neurocrine	NBIX 141.25	-2.22
NYTimes A	NYT 66.60	1.70
Newmont	NEM 115.55	2.01
NewsCorp A	NWSA 28.97	0.36
NewsCorp B	NWS 31.92	0.40
NextEraEnergy	NEE 77.37	0.31
Nextpower	NXT 85.26	-0.78
Nike	NKE 34.74	0.38
NiSource	NI 40.53	-0.01
Nokia	NOK 10.14	-0.48
Nomura	NMR 9.54	0.01
Nordson	NDSN 326.87	-0.82
NorfolkSouthern	NSC 316.99	3.79
NorthernTrust	NTRS 168.50	0.32
NorthropGrum	NOC 484.88	11.02
Nova	NVMI 354.59-23.18
Novartis	NV5 143.11	-0.17
NovoNordisk	NVO 38.18	-0.08
NuHoldings	NU 15.38	-0.20
Nucor	NUE 246.14	-0.30

Mutual Funds

Stock	Sym Close	Net Chg
Nutanix	NTNX 73.11	-0.31
Nutrien	NTR 69.87	-0.10
nVentElectric	NVT 164.20	-3.62
NVIDIA	NVDA 230.48	-6.99

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.

Data provided by LSEG

Thursday, October 8, 2026

Fund	NAV	Net Chg	YTD %Ret
AB Funds
MunilncmShares	10.30	...	-4.1
American Century Inv
Ultra	102.24	-1.29	8.6
American Funds CI A
AmcpA	45.69	-0.47	7.0
AMutlA	64.00	+0.05	8.7
BalA	40.12	-0.04	7.9
BondA	10.77	+0.03	-2.9
CapIBA	81.17	+0.01	7.4
CapWGrA	80.98	-0.87	14.3
EupacA	61.96	-0.93	8.3
FdlnvA	102.91	-0.78	14.2
GwthA	89.43	-0.98	11.1
ICAA	68.80	-0.60	10.9
IncoA	27.13	+0.12	5.8
N PerA	75.22	-0.79	6.5
NEcoA	86.25	-1.52	18.7
NwWrldA	106.07	-2.08	13.7
SmCpA	80.93	-0.81	10.4
WshA	67.03	+0.08	7.8

Fund	NAV	Net Chg	YTD %Ret
Artisan Funds
IntlVal Inst	57.86	-0.12	8.9
Baird Funds
AggBdlnst	9.42	+0.03	-2.3
CorBdlst	9.78	+0.03	-2.1
IntBdlst	10.14	+0.01	-1.1
ShtTBlndst	9.39	+0.01	1.1
BlackRock Funds
HiYBlk	6.92	-0.01	0.7
HiYldBd Inst	6.92	...	0.8
BlackRock Funds III
iShS&P500IdxhX902.46	-4.22	14.4
BlackRock Funds Inst
StratncOpptylns	9.47	...	0.5
Calamos Funds
MktNeutl	16.27	-0.02	4.5
CausewayInst
CausewayInst	23.74	-0.30	1.0
Columbia Class A
SelgComUnfoA253.56	-3.88	61.8
Columbia Class I
DivIncm I	40.09	+0.27	11.8

OGE Energy	OGE	46.11	0.22
ONEOK	OKE	90.29	2.24
ON Semi	ON	79.41	-3.10
O'ReillyAuto	ORLY	86.01	1.40
OccidentalPetrol	OXY	60.28	2.07
Okta	OKTA	220.21	2.21
OldDomFreight	ODFL	181.65	6.04
OldNatlBncp	ONB	24.73	0.31
OldRepublic	ORI	38.55	0.84
OmegaHealthcare	OHI	44.14	0.39
Omnicom	OMC	76.45	1.58
OnHolding	ONON	34.04	0.82
OntolInnovation	ONTO	292.67	-11.73
Oracle	ORCL	135.69	-7.87
Orix	IX	36.69	-0.15
OscarHealth	OSCR	33.10	0.19
OtisWorldwide	OTIS	66.11	0.37
Ovintiv	OVV	63.37	1.93
OwensCorning	OC	117.20	2.52
PBF Energy	PBF	89.34	5.66
PDD	PDD	78.26	-0.24
PG&E	PCG	12.67	-0.12
PNC Finl	PNC	219.68	1.96
POSCO	PKX	56.75	0.49
PPG Ind	PPG	105.46	0.38
PPL	PPL	34.10	0.15
PTC	PTC	193.73	0.13
Paccar	PCAR	109.66	2.80
PackagingCpAm	PKG	229.94	2.69
PalantirTech	PLTR	198.78	4.66
PaloAltoNtwks	PANW	398.50	-7.07
PanAmerSilver	PAAS	45.31	0.96
ParkerHannifin	PH	946.96	-5.83
Paychex	PAYX	104.46	2.91
PaycomSoftware	PAYC	229.90	6.32
PayPal	PYPL	55.02	0.07
PayPay	PAYP	15.45	0.10
Pearson	PSO	16.63	0.21
PembinaPipeline	PBA	47.15	1.18
PenskeAuto	PAG	198.05	3.83
Penumbra	PEN	317.52	1.17
PepsiCo	PEP	128.34	4.61
PerformanceFood	PFGC	94.72	1.24
PermianRscs	PR	22.84	0.67
PershingSquare	PS	54.44	-4.21
PetroleoBrasil	PBR	24.69	0.70
PetroleoBrasilA	PBRA	22.14	0.48
Pfizer	PFE	27.82	-0.18
PhilipMorris	PM	200.50	7.81
Phillips66	PSX	281.60	9.98
PinnacleFinPtrs	PNFP	94.67	1.58
PinnacleWest	PNW	97.98	0.44
Pinterest	PINS	20.53	0.22
PlainsAllAmPipe	PAA	24.42	0.33
PlainsGP	PAGP	26.57	0.36
Popular	BPOP	155.79	0.27
PrincipalFinl	PFG	109.77	1.04
Procter&Gamble	PG	150.59	2.77
Progressive	PGR	218.73	4.61
Prologis	PLD	129.29	1.99
ProtagonistTherap	PTGX	139.91	-1.01
PrudentialFinl	PRU	113.53	1.17
Prudential	PUK	23.88	0.34
PSEG	PEG	71.84	0.10
PublicStorage	PSA	285.52	3.53
PulteGroup	PHM	113.53	1.20

Fund	NAV	Net Chg	YTD %Ret
Dimensional Fds
EmgMktVa	44.74	-0.60	22.7
EmMktCorEq	34.08	-0.60	19.3
IntlCoreEq	21.87	-0.07	10.1
IntlVal	31.69	-0.01	13.1
IntSmCo	27.13	-0.16	8.1
IntSmVa	34.07	-0.29	12.5
LgCo	51.54	-0.24	14.4
US CoreEq1	56.26	-0.06	14.3
US CoreEq2	50.11	-0.04	14.1
US Small	59.01	+0.24	13.7
US SmcPVal	59.87	+0.51	17.2
US TgdVal	42.09	+0.35	15.1
USLgVa	66.57	+0.34	19.7
Dodge & Cox
Balanced	13.58	+0.04	3.1
Income	12.07	+0.05	-2.9
Intl Stk	17.88	-0.09	8.6
Stock	17.37	+0.07	6.7
DoubleLine Funds
TotRetBdl	8.38	+0.02	-2.6

Stock	Sym Close	Net Chg
QXO	QXO 11.12	-0.19
Qiagen	QGEN 44.53	-0.26
QnityElec	Q 126.68	-3.04
Qualcomm	QCOM 176.01	-1.11
QuantaServices	PWR 685.33	-15.74
Quantinuum	QNT 41.52	-2.70
QuestDiag	DGX 230.81	3.75

Fund	NAV	Net Chg	YTD %Ret	Fund	NAV	Net Chg	YTD %Ret
Fidelity				Fidelity Invest
500IdxInstPrem269.83	-1.27	14.4		Balanc	35.56	-0.10	11.5
Contrafund K6	38.79	-0.34	14.0	BluCh	299.03	-5.17	19.9
EmgMktldxInstPrem16.68	-0.39	21.9		BluChpGr K6	49.51	-0.93	18.3
ExtMktldxInstPre113.02	-0.14	12.3		Contra	27.82	-0.27	14.6
FidSAI Emerg	21.67	-0.43	28.7	ContraK	27.96	-0.26	14.7
FidSer5	7.08	+0.02	-4.1	Cplnc	11.15	-0.05	6.7
FidSerInt	8.21	+0.01	-1.3	GroCo	61.03	-0.99	27.6
FidSerToMarket	25.31	-0.11	14.2	InvGrBd	9.63	+0.04	-2.3
FIDZroLgCplx	27.85	-0.13	14.1	LowP	41.28	+0.04	10.6
GlexiSIdxInstPrem	21.02	-0.23	12.6	Magin	15.62	-0.19	6.7
GrowthCompanyK6	47.59	-0.80	28.6	NASDAQ	346.49	-4.40	17.5
IntlIdxInstPrem	65.97	-0.42	8.5	OTC	27.91	-0.51	33.1
IntlIndex	16.70	-0.18	13.4	Puritn	28.48	-0.15	10.2
LgCpGwld InstPre	49.89	-0.66	7.9	SaILTtreBdldx	6.01	+0.05	-7.7
LgCpVldxInstPrem	25.08	+0.11	21.2	SAIUSMinVollIndFd	25.11	+0.14	10.1
MidCplxInstPrem	42.16	+0.17	14.2	SAIUSQtyldx	25.52	+0.02	13.0
SAIUSLgCplxIndFd	28.95	-0.13	14.5	SrsBlChGroRetail	25.57	-0.45	21.2
SeriesBondFd	8.65	+0.03	-2.3	SrsEmrgMkt	31.10	-0.68	26.2
SeriesOverseas	15.34	-0.13	2.7	SrsGlobal	20.61	-0.23	12.6
SerLTTreBdlxd	4.86	+0.04	-7.0	SrsGroCoRetail	35.07	-0.56	28.7
SmCplxInstPrem	35.11	+0.01	13.7	SrsIntlGrw	20.25	-0.20	6.0
TMktldxInstPrem213.25	-0.92	14.2		SrsIntlVal	16.40	-0.10	5.1
TotalMarketIndex	27.02	-0.11	14.3	TotalBond	9.13	+0.03	-2.5
TtlIntldxInstPr	19.44	-0.22	12.2	Fidelity SAI
USBdlxInstPrem	10.01	+0.03	-2.4	FidSaiCndlnxFnd	15.51	+0.09	8.9
Fidelity Advisor I				FidSaiInftlnfFnd	9.68	+0.02	-1.6
GrOppl	273.25	-5.54	16.8	IntiValldx	14.29	-0.03	13.5
Fidelity Freedom				TotalBd	8.64	+0.03	-2.4
Idx2030InsPre	23.97	-0.06	6.4	Fidelity Selects
Idx2035InsPre	28.55	-0.09	7.7	Semiconductors r 64.66	-2.26	63.0
Idx2040InsPre	31.63	-0.14	10.1	Tech	58.27	-0.95	45.4
Idx2045InsPre	34.37	-0.20	11.7	Fidelity Strategic A
Idx2050InsPre	34.59	-0.20	12.0	StratAdEmrMrt NA ... NA

R S
RBC Bearings	RBC	490.99	-9.74
RB Global	RBA	84.03	3.63
RELX	RELX	35.24	0.72
RPM	RPM	99.43	1.10
RTX	RTX	184.32	4.06
RalphLauren	RL	367.39	6.25
Rambus	RMBS	108.47	-3.01
RangeResources	RRC	40.77	0.94
RaymondJames	RJF	158.60	1.35
RealtyIncome O	O	54.17	0.82
Reddit	RDDT	156.47	3.76
RegalRexnord	RRX	160.01	-4.16
RegencyCtrs	REG	71.48	0.68
RegenPharm	REGN	739.57	-2.55
RegionsFinl	RF	27.07	0.37
ReinsGrp	RGA	255.93	4.40
Reliance	RS	396.91	0.69
RenaissanceRe	RNR	331.34	8.31
Rentokillmit	RTO	20.25	0.40
Repligen	RGEN	163.84	-3.38
RepublicSvcs	RSG	216.84	0.66
ResMed	RMD	226.73	0.75
RestaurantBrands	QSR	70.66	1.23
RevolutionMed	RVMDD	188.12	-12.75
Revity	RVTY	152.16	-1.44
RioTinto	RIO	93.34	0.18
Rivian	RIVN	14.33	-0.01
Robinhood	HOOD	107.01	-2.50
Roblox	RBLX	45.52	-0.89
RocketCos.	RKT	11.76	0.32
RocketLab	RKLB	68.40	-3.52
Rockwell	ROK	434.14	-7.76
RogersComm B	RCI	31.04	0.36
RoivantSciences	ROIV	34.21	-0.54
Roku	ROKU	153.81	1.09
Rollins	ROL	32.26	1.39
RoperTech	ROP	364.23	5.66
RossStores	ROST	225.20	-0.33
RoyalBkCanada	RY	190.56	-0.66
RoyalCaribbean	RCL	281.41	-0.91
RoyalGold	RGLD	231.18	3.29
RoyaltyPharma	RPRX	56.21	-0.55
Rubrik	RBRK	120.89	-2.84
RyanSpecialty	RYAN	37.79	0.19
Ryanair	RYAY	54.04	-1.96
RyderSystem R	R	235.18	2.86
SAP	SAP	212.40	2.27
S&P Global	SPGI	402.73	7.55
SBA Comm	SBAC	170.01	-0.37
SEI Investments	SEIC	103.25	1.18
SK hynix	SKHY	170.50	-7.75
SK Telecom	SKM	33.99	-1.58
SLB	SLB	48.98	1.02
SS&C Tech	SSNC	80.65	1.95
Saia	SAIA	341.26	6.54
SailPoint	SAIL	20.02	0.44
Salesforce	CRM	227.80	3.24
Samsara	IOT	41.22	0.71
Sandisk	SNDK	1609.46	-82.96
Sanmina	SANM	210.48	-8.93
Sanofi	SNY	40.23	0.03
Sasol	SSL	15.14	0.94
SchwabC	SCHW	96.87	1.29

Fund	NAV	Net Chg	YTD %Ret
First Eagle Funds
GlbA	86.45	+0.35	7.4
Franklin A1
IncomeA1	2.50	+0.01	4.5
FrankTemp/Frank Adv
IncomeAdv	2.47	+0.01	4.7
FrankTemp/Franklin A
DynaTech A	209.71	-4.40	12.6
Growth A	148.43	-1.25	10.2
RisDv A	96.27	+0.01	6.9
Guggenheim Funds Tru
TotRtnBcfDlOInst	NA	...	NA
Harbor Funds
CapApInst	130.67	-1.40	12.1
JHF III DispVal
DispValMCI	30.66	+0.30	11.6
John Hancock
BondR6	12.89	+0.04	-2.6
JPMorgan I Class
CoreBond	9.84	+0.03	-2.6
EqInc	28.27	+0.15	15.4
LgCpGwth	87.12	-0.92	6.5
JPMorgan R Class
CoreBond	9.86	+0.03	-2.4
CorePlusBd	6.92	+0.02	-1.7
Lord Abbett I
ShtDurInc p	3.78	...	1.0
Metropolitan West
TotRetBdl	NA	...	NA
MFS Funds
IIE	41.90	-0.33	3.3
MFS Funds Class I
Valuei	53.45	+0.38	7.5
Natixis Funds
LSGrowthY	33.68	-0.24	1.4

Stock	Sym Close	Net Chg
Sea	SE 92.89	-1.77
Seagate	STX 774.83	-32.74
Sempra	SRE 80.08	0.39
Semtech	SMTC 187.49	-6.29
ServiceIntl	SCI 76.77	-0.09
ServiceNow	NOW 139.75	1.88
SharkNinja	SN 184.87	-0.32
Shell	SHEL 100.20	3.35
SherwinWilliams	SHW 321.03	6.03
ShinhanFin	SHG 75.38	-1.73
Shopify	SHOP 164.56	-1.47
SiliconMotion	SIMO 261.89	-23.89
SimonProperty	SPG 199.61	2.02
SiTime	SITM 645.06	-20.10
Skydance	SKYD 9.28	0.39
Skyworks	SWKS 80.75	-2.68
Smith&Nephew	SNN 26.96	0.07
Smucker	SJM 119.41	3.48
SmurfitWestrock	SW 41.45	0.16
Snap	SNAP 5.86	0.05
Snap-On	SNA 358.88	-1.01
Snowflake	SNOW 343.40	10.55
SOQUIMICH	SQM 64.52	-0.09
SoFiTech	SOFI 15.61	-0.05
SolsticeAdvMats	SOLS 60.23	-0.13
Solventum	SOLV 86.41	0.53
Somnigroup	SGI 62.34	0.58
Sony	SONY 23.95	0.43
Southern	SO 86.15	0.71
SoCopper	SCCO 198.66	-1.91
SouthStateBk	SSB 100.57	1.66
SouthwestAir	LUV 41.36	-0.36
SpaceX	SPXC 160.57	-7.03
Spotify	SPOT 526.42	13.50
StanleyB&D	SWK 89.17	0.86
Starbucks	SBUX 93.21	-0.37
StateStreet	STT 175.09	0.90
SteelDynamics	STLD 234.17	0.08
Stellantis	STLA 4.52	-0.09
Steris	STE 210.76	1.08
SterlingInfr	STRL 518.41	-15.72
StifelFinancial	SF 70.11	0.40
STMicroelec	STM 52.71	-3.47
Strategy	MSTR 151.47	-1.90
Stryker	SYK 276.97	1.57
SumitomoMits	SMFG 25.31	-0.09
SummitTherap	SMMT 17.17	-0.78
SunComms	SUI 111.80	1.01
SunLifeFinancial	SLF 76.65	0.83
SunbeltRentals	SUNB 74.85	0.08
SuncorEnergy	SU 70.91	2.77
Sunoco	SUN 73.66	1.67
SuperMicroComp	SMCI 42.77	-2.17
Suzano	SUZ 8.51	0.09
Symbotic	SYM 42.06	-1.25
SynchronyFinl	SYF 73.72	1.79
Synopsys	SNPs 497.75	-4.92
Sysco	SYY 78.20	1.41

Fund	NAV	Net Chg	YTD %Ret
Northern Funds
Stkldx	77.32	-0.36	14.4
Old Westbury Fds
LrgCpStr	NA	...	NA
PGIM Funds CI Z
TotalReturnBond	11.45	+0.03	-2.4
PIMCO Fds Instl
IntlBdUSH	9.45	...	-1.8
TotRt	8.32	+0.03	-2.7
PIMCO Funds A
IncomeFd	10.33	+0.03	-2.3
PIMCO Funds I2
Income	10.33	+0.03	-2.1
PIMCO Funds Instl
IncomeFd	10.33	+0.03	-2.0
Price Funds
BlChip	221.06	-3.11	5.1
LgCapGov I	91.16	-1.30	7.3
Putnam Funds Class A
PutLargCap p	45.07	+0.23	15.3
Putnam Funds Class Y
PutLargCap	45.10	+0.23	15.5
Schwab Funds
1000 Inv r	16.64	-0.07	14.4
FunUSLgInst r	38.24	+0.23	19.2
Intl Sel r	31.20	-0.16	8.6
S&P Sel	20.07	-0.09	14.4
TSM Sel r	18.71	-0.09	14.2
Strategic Adviser
StratAdCorInFnd	NA	...	NA
StratAdFidCoreS	8.79	+0.03	-2.0
StratAdFidEmr	18.84	-0.40	24.0
StratAdFidUS	22.10	-0.08	16.6
StratAdIntlFnd	NA	...	NA

T U V
TC Energy	TRP	59.98	1.04
TD Synnex	SNX	267.46	-4.06
TE Connectivity	TEL	214.31	-1.52
Telus	TU	8.04	0.10
Ternium	TX	56.47	0.06
TFI Intl	TFII	115.14	2.79
TIM	TIMB	18.70	-0.32
TJX	TJX	138.75	-0.05
TKO	TKO	181.63	2.99
T-MobileUS	TMUS	171.31	3.66
TPG	TPG	45.24	0.73
T.RowePrice	TROW	104.23	0.16

Fund	NAV	Net Chg	YTD %Ret
StratAdMunBond	NA	...	NA
StratAdvFidIntl	15.98	-0.12	8.2
TIAA/CREF Funds
EqIdxInst	53.50	-0.22	14.1
IntEqIdxInst	30.25	-0.16	8.6
LrgCpGrldxInst	82.11	-1.10	8.1
VANGUARD ADMIRAL
500Adml	716.70	-3.36	14.4
BalAdml	54.33	-0.07	7.5
CAITAdml	10.89	+0.01	-3.4
CapOpAdml	270.98	-4.08	25.0
DivAppldxAdm	64.43	+0.11	9.3
EMAdmr	49.22	-0.72	10.6
EqIncAdml	100.47	+0.40	9.9
ExplrAdml	120.12	-0.38	12.6
ExtdnAdml	176.92	-0.22	12.4
GroIncAdml	123.09	-0.78	12.8
GrwthAdml	282.00	-3.50	12.6
HlthCareAdml r	86.05	-0.77	3.9
HYCorAdml r	5.29	-0.01	-0.2
InfProAd	21.93	+0.06	-1.8
InfTechIdx	521.23	-8.86	35.5
IntGrAdml	121.69	-1.12	6.8
ITBondAdml	9.88	+0.02	-3.3
ITIGradeAdml	8.33	+0.02	-2.9
LarCapAd	180.27	-0.89	14.4
MidCpAdml	398.38	+1.37	12.0
MuHYAdml	9.88	...	-4.1
MulntAdml	12.98	+0.01	-3.4
MuLTAdml	10.06	+0.01	-4.4
MuLtdAdml	10.68	+0.01	-0.5
MuShtAdml	15.65	...	0.9
PrmpCapAdml	231.50	-3.25	25.2
RealEstateAdml	126.62	+0.93	3.9
SmCapAdml	137.85	+0.31	12.6

Stock	Sym	Close	Net Chg
TTM Tech	TTMI	117.50-10.70
TaiwanSemi	TSM	457.99-14.21
Take-TwoSftwr	TTWO	209.37	5.36
TakedaPharm	TAK	18.52	0.15
TalenEnergy	TLN	359.22-19.10
Tapestry	TPR	115.82	2.40
TargaResources	TRGP	288.49	4.53
Target	TGT	154.76	3.84
TechnipFMC	FTI	69.63	1.23
TeckResourcesB	TECK	64.82	-0.57
TeledyneTech	TDY	604.82	0.67
Ericsson	ERIC	9.50	0.04
TelefonicaBras	VIV	12.65	-0.06
TelekomIndns	TLK	12.88	-0.16
TempusAI	TEM	69.28	-1.07
10xGenomics	TXG	77.28	1.18
Tenaris	TS	56.59	1.01
TencentMusic	TME	7.96	-0.03
TenetHealthcare	THC	260.57	0.74
Teradyne	TER	398.72-13.06
Tesla	TSLA	375.00	-2.81
TevaPharmInds	TEVA	39.25	0.07
TexasInstruments	TXN	288.20	-0.78
TexasPacLand	TPL	357.78	11.99
TexasRoadhouse	TXRH	162.76	0.28
Textron	TXT	73.22	0.19
ThermoFisher	TMO	651.98-10.08
ThomsonReuters	TRI	101.55	2.27
3M	MMM	163.58	1.46
Toast	TOST	30.53	-0.02
TollBros	TOL	134.83	0.97
Toro	TTC	96.81	0.39
TorontoDomBk	TD	114.04	0.17
TotalEnergies	TTE	86.02	1.79
TowerSemi	TSEM	228.75-19.50
ToyotaMotor	TM	186.00	3.09
TractorSupply	TSCO	33.48	0.96
Tradeweb	TW	109.68	2.28
TraneTech	TT	469.94	2.67
TransDigm	TDG	1088.30	-6.91
TransUnion	TRU	64.59	1.77
Travelers	TRV	370.27	9.66
Trimble	TRMB	59.85	-0.21
Trip.com	TCOM	37.96	-0.13
TruistFinl	TFC	46.18	0.60
Twilio	TWLO	275.77	2.77
TwistBiosci	TWST	152.05	-3.60
TylerTech	TYL	331.15	-1.19
TysonFoods	TSN	52.34	0.64
UBS Group	UBS	47.06	-0.36
UDR	UDR	33.57	0.25
U-Haul	UHAL	57.80	-1.36
U-Haul N	UHALB	50.85	-1.23
UL Solutions	ULS	70.65	3.52
UMB Fin	UMBF	130.39	2.18
US Foods	USFD	97.12	1.07
Uber	UBER	70.24	1.79
Ubiquiti	UI	641.80	7.14
UltaBeauty	ULTA	564.21	18.73
Unilever	UL	61.94	0.96
UnionPacific	UNP	278.20	3.52
UnitedAirlines	UAL	107.44	-2.73
UnitedMicro	UMC	22.82	-0.49
UPS B	UPS	94.13	1.84
UnitedRentals	URI	1050.15	12.71
US Bancorp	USB	57.03	0.86
UnitedTherap	UTHR	532.78-12.22
UnitedHealth	UNH	370.95	-5.03
UnitySoftware U	U	45.89	0.45
UniversalHealthB	UHS	175.72	1.10
UnumGroup	UNM	92.64	-0.56
VICI Prop	VICI	22.79	0.15

Fund	NAV	Net Chg	YTD % Ret
SmGthAdml	119.78	-0.51	13.2
STlGradeAdml	10.18	+0.01	0.4
STIPSlxAdm	24.32	+0.02	1.4
TotBdAdml	9.25	+0.03	-2.3
TotIntBldxAdm	18.78	+0.04	-0.9
TotIntAdmlx r	45.11	-0.44	12.1
TotStAdml	184.77	-0.76	14.2
TxMCapAdml	398.29	-1.64	14.1
TxMln r	22.39	-0.17	12.6
USGroAdml	205.60	-2.64	5.4
ValAdml	85.69	+0.55	16.7
WdsrlAdml	92.24	+0.44	11.5
WellsIsAdml	60.92	+0.19	1.6
WelltnAdml	81.36	-0.26	7.1
WndsrAdml	82.54	+0.40	12.3
VANGUARD FDS
DivdGro	31.95	+0.02	5.2
FTAIWldnAdml	51.00	-0.49	12.5
LifeGro	55.58	-0.25	10.4
LifeMod	36.73	-0.10	7.3
PrmpcCor	46.68	-0.52	26.1
STAR	30.66	-0.06	6.1
TgtRe2020	28.47	-0.01	3.7
TgtRe2025	21.08	-0.04	5.7
TgtRe2030	45.31	-0.12	7.0
TgtRe2035	29.65	-0.09	8.3
TgtRe2040	54.67	-0.22	9.4
TgtRe2045	38.43	-0.18	10.6
TgtRe2050	66.27	-0.36	11.8
TgtRe2060	68.26	-0.38	11.9
TgtRet2055	74.05	-0.41	11.9
TgtRetInc	14.05	-0.01	3.2
Welltn	47.12	-0.15	7.0

Stock	Sym Close	Net Chg
Vale	VALE 13.42	-0.19
ValeroEnergy VLO	443.80	19.70
Valmontlnds VMI	468.70	4.11
Vaxcyte	PCVX 65.02	-1.94
VeevaSystems VEEV	284.84	2.34
Ventas VTR	81.76	1.72
VentureGlobal VG	13.29	0.24
Veralto	VLTO 96.48	0.75
VeriSign	VRSN297.79	3.57
VeriskAnalytics VRSK	175.49	6.81
Verizon	VZ 46.35	0.58
VertexPharm VRTX	503.25	-2.39
Vertiv	VRT 243.73	-2.76
ViaSat	VSAT 67.41	-3.46
Viatris	VTRS 17.44	-0.05
ViaviSolutions VIAV	44.09	-2.18
Vicor	VICR 262.32	-20.46
Viking	VIK 81.64	0.38
ViperEnergy VNOM	42.63	1.56
VirtuFinancial VIRT	57.81	-1.00
Visa V	375.10	3.00
Vistra	VST 156.14	-10.58
VymarkResidential VMRK	59.98	0.69
Vodafone	VOD 16.48	-0.31
VulcanMatls VMC	246.26	2.13
Vylor	VYLR 72.79	-0.20

W	X	Y	Z
WEC Energy			WEC 103.61 0.43
W.P.Carey			WPC 63.13 0.40
Wabtec			WAB 280.80 -1.64
Walmart			WMT 110.56 2.40
WarnerMusic			WMG 28.91 0.75
WasteConnections			WCN 154.69 -0.47
WasteMgt			WM 210.10 1.16
Waters			WAT 429.13 -6.86
Watsco			WSO 282.23 -0.42
WattsWater			WTS 347.14 -1.12
Wayfair			W 105.13 0.66
WellsFargo			WFC 82.03 1.77
Welltower			WELL 223.04 1.92
Wescolntl			WCC 355.93-10.19
WestPharmSvcs			WST 363.27 -3.21
WesternDigital			WDC 393.31-12.11
WesternMidstrm			WES 45.82 0.27
Weyerhaeuser			WY 19.17 0.60
WheatonPrecMits			WPM 134.96 1.27
Williams			WMB 72.34 0.88
Williams-Sonoma			WSM 239.00 -1.46
WillisTowers			WTW 297.86 7.19
WintrustFinl			WTFC 144.20 1.71
Wipro			WIT 1.67 ...
Wise			WSE 11.68 -0.13
WoodsideEnergy			WDS 22.59 0.82
Woodward			WWD 323.45 -0.80
WoorFinl			WF 72.67 -1.61
Workday			WDAY 187.81 3.55
XP			XP 30.21 0.68
XPO			XPO 181.95 1.59
XcelEnergy			XEL 73.36 0.94
XPeng			XPEV 9.55 -0.03
Xylem			XYL 101.99 0.17
YPF			YPF 49.90 0.42
Yum!Brands			YUM 143.00 2.65
YumChina			YUMC 41.78 1.13
ZTO Express			ZTO 19.90 0.10
ZebraTech			ZBRA 382.14 -3.91
ZimmerBiomet			ZBH 88.88 0.39
ZionsBancorp			ZION 62.73 0.81
Zoetis			ZTS 73.08 1.53
ZoomComms			ZM 94.67 -0.10
Zscaler			ZS 216.81 3.26

Fund	NAV	Net Chg	YTD %Ret
ExtndlstPI	436.57	-0.54	12.4
IdxIntl	26.97	-0.26	12.0
MdCpGrAdml	128.25	-1.01	7.2
MdCpVlAdml	104.32	+1.21	15.3
SmValAdml	100.52	+0.74	12.1
TotBd2	9.12	+0.03	-2.4
TotIntlnstdx	180.40	-1.74	12.1
TotItlnstPld	180.44	-1.74	12.1
TotSt	184.73	-0.77	14.2
VANGUARD INSTL FDS
DevMktsIndInst	22.42	-0.18	12.7
DevMktsInxInst	35.04	-0.28	12.6
ExtndInst	176.90	-0.23	12.4
FTScinst	53.65	-0.41	14.6
GrwthInst	282.01	-3.51	12.7
InPrSeln	8.93	+0.02	-1.8
Instldx	621.68	-2.91	14.4
InstPlus	621.66	-2.91	14.4
InstTStPlus	127.33	-0.53	14.2
MidCplnst	88.00	+0.30	12.0
MidCplstPI	434.02	+1.49	12.1
MngStrtFlStk	346.65	-1.44	14.2
MngStrtFlStck	5363.84	-1.51	14.2
SmCapInst	137.85	+0.31	12.6
SmCaplstPI	397.88	+0.90	12.7
STIGradelnst	10.18	+0.01	0.4
STIPSlxins	24.34	+0.02	1.4
TotBdInst	9.25	+0.03	-2.3
TotBdInst2	9.12	+0.03	-2.3
TotBdInstPI	9.25	+0.03	-2.3
TotIntBdlxdInst	28.18	+0.06	-0.9
TotStInst	184.80	-0.76	14.2
ValueInst	85.68	+0.55	16.7
WCM Focus Funds

WCMFocIntlGrwIns 27.22 -0.15 9.4

In a High-Yield World, the ‘Why’ Is Key

Before chasing today's higher rates, buyers need to figure out the reason they want to invest in bonds in the first place

Total return and price change for iShares 3-7 Year Treasury Bond ETF during the past six years

Note: Returns are indexed to starting date
Source: FactSet

Are you a bond trader or a yield farmer?

That question has taken on added significance for investors enticed by Treasury yields at multidecade highs, even if a successful 10-year note auction on Wednesday momentarily cooled the feverish market. Answering it confronts investors with some very different considerations than what goes into buying stocks.

An important place to start is to ask why an investor is interested in bonds in the first place. One could make the case for Treasurys today because those high yields mean prices are cheap, while stocks remain historically expensive. That is, essentially, a trading decision.

Or it could be that the income generated by a bond is attractive. It is enough to cover a needed expense over the life of the bond or to induce investors to lock up their rainy day money rather than leaving it in a money-market fund or bank account. That is what a yield farmer is thinking about.

Considering the “why” of bonds can help investors decide exactly how to buy them. Because, unlike when it comes to buying stocks, there is a lot more to consider than whether to go with single issues or an index fund.

Yes, individual bonds can be more complicated than exchange-traded bond funds to buy and sell. But that isn't even the most important difference.

That comes down to bonds' essential feature of maturity. At the end of its life, a bond promises to pay back the principal invested, with interest payments doled out along the way. While a corporate bond might not repay if the company goes bust, a U.S. Treasury is a virtual certainty to deliver on that promise.

By contrast, many popular bond ETFs—with some key exceptions—don't have a maturity date. They hold a portfolio of individual bonds and pass along the coupon payments to investors. If bonds in the fund mature, they will repay principal just like any bond. But that goes back into the fund, to roll into new bonds.

Investors can still cash out at any time by selling their shares of the fund. But the thing to know is that they will get the current market price of the bonds currently in the fund, not their original principal.

So, if market yields have risen since they bought in, the price of the bond fund's shares might have gone down. Likewise, if yields have fallen, the price of the fund's shares can rise.

In this way, the returns from a bond fund are uncertain. The yield can move as older bonds mature and new ones come in. The value of the fund can also go up and down. So to predict what the ultimate returns will be, or what the fund's price might be at a future point in time, an investor would have to have a trader's view on the direction of yields and bond prices.

By contrast, owning a bond with no plans to ever sell it before maturity provides a certainty of returns. You know what the interest payments will be, and you know how much money you will get back at maturity.

In many cases, “the trade off between a fund and a single bond is between liquidity and convenience, and certainty of cash flows," said Elisabeth Kushner, director of ETF research and analytics at FactSet.

However, this doesn't mean buying a bond and holding it to maturity in a rising-rate environment is riskless. In a fund, maturing bonds roll into newer ones.

So if yields are rising, maybe because inflation is running hot, the fund's distributions will steadily rise. Over a longer time horizon, that additional income could more than compensate for a fund's loss in price.

Consider, for example, the performance of the iShares 3-7 Year Treasury Bond ETF from October 2020 through this week, a period that included a leap in yields when the Federal Reserve took short-term rates from near zero to above $5\%$ . The fund's price has

fallen by about 15% over that period. But its total return, which includes reinvested payouts, is nearly flat.

An individual bond, meanwhile, also bought in 2020 at what would have been a superlow yield, would have provided no such protection. Without reinvesting the interest payments along the way, that bond isn't providing any additional compensation for the fact that the principal, and the coupon payments, could be worth a lot less at the time of maturity.

And, if an investor for some reason decides to cash out before maturity, there is a risk of doing so at a loss. Unless investors can be certain they won't need that money at any time before maturity, or that a bond's income perfectly covers a fixed cost—also known as asset-liability matching—they are exposed to the same price risk as fund investors.

"When yields go up, people see that their bond fund prices decline. With a regular bond, they couldn't care less. It's a comforting optic," says Stephen Laipply, global co-head of iShares fixed income ETFs at BlackRock. "In both cases, though, bonds are maturing. The difference is whether that is then rolled into higher yields."

Thinking through these differences and an individual's unique needs and financial circumstances will help investors navigate the sometimes dizzying menu of Treasury options available.

Beyond individual bonds, there are what are known as defined-maturity ETFs. These aim to closely replicate the experience of buying a bond outright by holding the fund's bonds until maturity, then returning that principal to investors. For example, BlackRock offers a series of iBonds ETFs, and Invesco offers BulletShares ETFs, with a range of maturity dates.

ETFs offer portfolios of bonds with varying maturity ranges, say, one to three years. In that case, bonds may be sold before they mature, but the proceeds are still rolled into new bonds. Investors can also buy so-called ladders of individual bonds or defined-maturity ETFs, with staggered maturity dates. There are also Treasury inflation-protected securities, which are bonds whose principal is adjusted to reflect the rate of consumer-price index inflation.

Some investors might be surprised to learn that their objectives fit more with a strategy that isn't just buy-and-hold. Trading isn't always the wrong answer. —Telis Demos

Gridlock Is Good for Stocks. Certainty Is Better.

U.S. stock returns in the fourth quarter, by year of presidential term, since 1950

Note: S&P 500 or predecessor Sources: FactSet; Exhibit A

It seems like an odd time for American stocks to be hitting records.

Glancing at the political calendar, though, the gains are happening right on schedule. The fourth quarter of a midterm election year has been among the best times to own the S&P 500. The index's average return for those quarters since 1950 has been $6.6\%$ or an excellent $29\%$ on an annualized basis.

The full “Presidential Cycle” of investing returns is well-known: On that basis, the full calendar year before a presidential election—2027 is the next one—has had the best returns, on average. It probably has to do with the timing of spending and taxation and a sitting president’s unique ability to

help his own cause or that of his anointed successor.

The reason the period right around midterms is so good for stocks is thought to be the opposite—what Washington can't do. Investors like gridlock, and they often get it in the middle of a president's term when Americans are getting tired of him and his party. A sitting president's allies have lost seats in Congress nearly every time in the past century in midterms.

But inactivity might not be the biggest factor. What investors seem to like even more than politicians being stymied is political certainty.

A study published five years ago in the Journal of Financial Economics looked at 145 years of data and showed that gains mostly happen after the midterm election itself. U.S. equity premiums—their return over risk-free assets—averaged an annualized 15.4% in the five following months compared with 3% in all other months.

For Treasurys, the inverse has held true. Returns have tended to be worse than usual after a midterm election. That might be because, fearful of an outcome they don't want politically, investors buy Treasurys in a flight to safety and then unwind the trade after the fact.

Naturally, the effect on stocks and bonds can and often does bleed over to the period before the election when investors are more confident about the outcome. This seems like one of those years, with the implied chance of Democrats winning back a majority in the House of Representatives at 93% on betting site Polymarket on Wednesday. It was 65% for the Senate.

An unusual outcome in 2002 during George W. Bush's first term provides more evidence that political paralysis isn't necessarily the reason investors rejoice. That was the last year a president's party gained control of Congress in the midterms. The S&P 500 rose by a robust $7.9\%$ that quarter, rebounding from a sharp bear market.

The important thing isn't so much who's in power as knowing who's in power.

—Spencer Jakab

H. ARMSTRONG ROBERTS/CLASSICSTOCK/GETTY IMAGES

Stock Spotlight

Samsung Electronics The Korean chip company said it expects its operating profit for this quarter to be more than double what it made for all of 2025. Still, shares fell, showing how lofty expectations from AI beneficiaries have become.

Intel, Nvidia and Micron Chip stocks were hit by a report in the Financial Times that OpenAI's

Times that OpenARS revenue is lower than previously signaled. Lower revenue for the ChatGPT maker could hurt demand

for a range of artificial-intelligence players. Shares of Intel, Nvidia, Marvell, Advanced Micro Devices,

In Market History

On this day in 1953, trading on the New York Stock Exchange totaled just 900,000 shares. That is the last day on record on which total daily trading volume on the exchange was less than one million shares.

MONEY & INVESTING

Micron, Broadcom and Arm Holdings were down from about 3% to about 6% Thursday.

Taiwan Semiconductor Manufacturing The chip giant's September sales rose 55% on year, but they were down 0.6% from the previous month. Its American depositary receipts declined 3%.

PepsiCo

The snacks and soda maker cut its earnings outlook for the year but said it saw improvement in its underperforming North American business. The company's shares rose 3.7%.

Pacira BioSciences Shares in the pain-drug maker surged 44% after Viatris agreed to acquire the company for \$1.65 billion.

FRIDAY'S EVENTS:
◆ Economic data: University of Michigan preliminary consumer survey for October

◆ Federal Reserve speakers: Kansas City Fed President Jeffrey Schmid

EARNINGS EXPECTED: Delta Air Lines

Price performance, past month

Source: FactSet

Home Builders Are Having A Tough Month

Mortgage rates just hit a three-week high, putting more pressure on shares of home builders already in the doldrums.

A selloff in the bond market has pushed 10-year Treasury yields to historic highs, helping send shares of home builders such as D.R. Horton and PulteGroup lower in recent days. Yields on 10-year Treasurys are tied to the borrowing costs that banks set for home buyers seeking mortgages.

—Krystal Hur

Securitize Launches Tokenized Stock Trading for U.S. Investors

Securitize, a publicly traded tokenization firm, said it's rolling out tokenized stock trading for U.S. investors.

Eligible investors in the U.S., European Union and other jurisdictions will now be able to trade 12 stocks, including Apple, Microsoft, Nvidia, Alphabet, Tesla, Meta and Amazon, through Securitize's regulated broker-dealer platform on the Solana blockchain.

Securitize will convert shares of these companies into digital tokens, which are expected to trade on the 24/7 tokenized securities trading platform being developed by the New York Stock

Europe Natural Gas Prices Rise

European natural-gas prices are rising, as concerns over continued attacks on shipping in the Gulf raised fresh questions about the security of liquefied natural gas supplies.

They trade at just under €80 a megawatt-hour today, roughly 147% higher than just before the start of the Iran war.

—Giulia Petroni

Exchange and the recently unveiled tokenized securities venue from OKXICE, a joint venture between NYSE parent Intercontinental Exchange and crypto exchange OKX. Securitize said its tokenized stocks represent direct ownership of underlying shares and are structured to preserve investor rights and economic benefits.

Until recently, tokenized stocks have been a niche area mostly restricted to overseas investors. Now, traditional financial powers, crypto upstarts and regulators are pushing to bring tokenization to the U.S.

-Vicky Ge Huang

Benchmark European natural-gas futures

Note: €1 = \$1.12 Source: FactSet

Friday, October 9, 2026 | M1

MANSION

THE WALL STREET JOURN

HOMES | MARKETS | PEOPLE | REDOS | SALES

ALEX FENLON; CESAR CID/IMAGESTATE; KERRY HYNDMAN FOR WSJ (ILLUSTRATION)

Crested Butte Grows Up

Construction cost: about \$5 million

Since Vail bought the local ski resort, multimillion-dollar homes are being built near this historic coal-mining town, driving some pushback from locals

BY SARAH PAYNTER

BEFORE BUYING A second home in Colorado, Jim and Beth Stormont decided to put two mountain towns to the test. They spent 10 days in the small ski town of Crested Butte, then the same amount of time in larger, better-known Breckenridge.

Breckenridge felt a bit too much “like Disney in the mountains,” said Jim, a hospitality developer in his 60s. But the Atlanta couple found Crested Butte to be a “peaceful, beautiful, quiet, serene place,” he said. “We want a place to get away, slow down.”

Eventually, in 2024, they spent about \$6.3 million build-

ing a five-bedroom, roughly 5,300-square-foot compound just outside Crested Butte, where they now spend almost half their time, said Jim.

The historic coal-mining town, spanning less than a square mile, has no stoplights or chain restaurants. The Please turn to page M4

A Billionaire's \$20 Million Bespoke Family Retreat

Three adult daughters customized their own suites at their dad's ski-in, ski-out Montana house

ALYSSA FREESE FOR WSJ
Vanessa and Roy Carroll at their home with Bristol.

BY NANCY KEATES

BILLIONAIRE REAL-ESTATE developer Roy Carroll didn't set out to build a house in Montana. Carroll, who lives in North Carolina and is developing a resort community there, was just checking out the upscale Yellowstone Club, a private ski-resort community near Big Sky, on the advice of a friend.

But Carroll said his three daughters, now 31, 34 and 36, loved the idea of skiing without standing in lines. He and his wife, Vanessa Carroll, wanted a vacation home where the family could stay together. So when a 3-acre, ski-in, ski-out lot at the club became available for \$4.5 million in 2018, everyone urged him to buy it. "They were smitten," said Roy.

Spanning 15,200 acres, the Yellowstone Club has attracted privacy-seeking billionaires and celebrities, including “Shark Tank” investor Robert Herjavec, Microsoft’s Bill Gates Please turn to page M6

He is Serious! McEnroe Lists House

Tennis great John McEnroe is hardly known for his mellow temperament. But his house in Malibu, Calif., he said, has been a calming force.

Now, McEnroe and his wife, singer-songwriter Patty Smyth, are listing the beach-

FOR SALE \$35 MILLION 6,500 sq. ft., 4 bedrooms, elevator

front property for \$35 million. McEnroe and Smyth, who married in 1997, bought the Paradise Cove home for \$21 million in 2015.

Built in the mid-1990s, the roughly 6,500-square-foot, four-bedroom home sits on 0.3 acre in Malibu's coveted Paradise Cove neighborhood. Known to local real-estate agents as Billionaires' Bluff, the enclave is known for its bluff-top estates, as well as beach houses, like McEn-

roe's, on the sand.

Twice, the enclave has broken the record for the most expensive home ever sold in California. Beyoncé and Jay-Z own a home there, as well as technology heavy-weights such as venture capitalist Marc Andreessen and Laurene Powell Jobs.

The property includes a landscaped front yard with a waterfall and a tiki hut-style pavilion that is used as a gym or for yoga, according to listing agent Chris Cor- tazzo of Compass. Inside, the main level includes a

large living room with access to an oceanfront deck.

McEnroe, who grew up in New York and now lives primarily on the Upper West Side, loves the serenity of his California retreat. He said he first fell in love with Melihy in the

with Malibu in the late 1970s, when he was dating a woman from Beverly Hills.

"My two favorite places in the world are New York City and Malibu," he said. "If you live in the city, it's a lot of energy, so this is like the polar opposite."

Now a commentator, McEnroe was a tennis phenomenon in the 1970s and '80s, winning seven Grand Slam singles titles. He was also known for his fiery on-court temper—“You cannot be serious!”—and his rivalry with Swedish player Björn Borg. The Malibu house is “good to help me relax, which I’ve gotten better with over the years," he said. "Anyone that lives on a beach knows what it feels like."

Malibu's market has taken a hit because of growing environmental concerns, including coastal ero-

sion and the opening

of a sinkhole near Nicolas Cage's home in September. Many homes in Malibu were also destroyed last year in the Pali-sades fire, though

Paradise Cove re- mained unscathed.

McEnroe has another, more modest Malibu home that he will keep. He said he doesn't spend time worrying about the possibility of fires or erosion affecting his house.

“You live in Florida, you worry about hurricanes. You live in California, you worry about earthquakes, mudslides,” he said. “Everyone has their things.”

-Katherine Clarke

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roughly 12,700-square-foot main house has five bedrooms and an indoor pool.

Former Eli Lilly Exec Sells Wyoming Estate

Listing agent Latham Jenkins of Live Water Properties said the property's roughly 18,000 square feet of living space is far more than is now permissible to build in Jackson Hole, where zoning rules limit the size of new houses being built.

SOLD (ABOUT) \$39.5 MILLION 12,700 sq. ft. house, guesthouse, 45-kilowatt generator

A former executive at Eli Lilly—maker of popular weight-loss drug Zepbound—has sold a roughly 117-acre estate in the Jackson Hole, Wyo., area for close to its asking price of \$39.5 million in one of the valley's highest sales.

Dr. Jan Lundberg and his wife, Ingeborg Lundberg, who live primarily in Fort Lauderdale, Fla., listed the property last year. Jan said they sold because they are buying a home in Sweden.

Jan was president of Lilly Research Laboratories from 2010 to 2018. He was previously a research executive at pharmaceutical company AstraZeneca.

"One of the reasons why we could afford to buy such a home in Jackson Hole was the advances of the Lilly

portfolio and the shares I got from the company with time," Jan said.

The Lundbergs purchased the property in 2021. It was last asking \$33.9 million. Perched atop the East Gros Ventre Butte, the estate has multiple residences, including a mountain-style main house with log, stone and glass finishes.

Built in 2009, the

Roughly $70\%$ of the property's acreage is held in a conservation easement and cannot be developed.

The town of Jackson's median single-family home price was \$2.75 million for the three months ending Aug. 31, up 21.5% year-over-year, according to real-estate brokerage Redfin.

Morgan Bruemmer of the Clear Creek Group represented the buyer. Bruemmer declined to identify his client, but said it wasn't the buyer's first home in Jackson.

—E.B. Solomont

Billionaire Chris Rokos Sells Bali-Inspired Florida Home

British billionaire Chris Rokos has sold his mansion in the affluent Palm Beach County town of Manalapan, Fla., for \$83.2 million, according to property records and a person familiar with the situation.

The house was listed for \$150 million in February 2025; the price was lowered to \$135 million in February. The unidentified buyer likely views the property, which sits on close to 3 acres, as a prospective tear-down or renovation project, according to local agents. Rokos declined to comment.

Rokos paid \$4 for the Bali-inspired waterfront property in 2017, records show. The original structure was built in the 1970s for the late Generoso

Pope Jr., the onetime owner of the National Enquirer, and his wife, philanthropist Lois Pope. It has undergone several exten-

SOLD \$83.2 MILLION 35,000 sq. ft., spa wing, 9 bedrooms sions since then.

The roughly 35,000-square-foot estate is config-

ured with nine bedrooms and has a spa wing with a massage room, a gym, a hair salon, a rain shower and a meditation-and-yoga terrace.

Rokos co-founded the European hedge fund Brevan Howard before launching Rokos Capital

Management, which has offices in London, New York, Abu Dhabi and Singapore.

Jack Elkins of William Raveis Real Estate/Luxury Portfolio International represented Rokos in the deal. The buyer was represented by Rosalind Clarke of Premier Estate Properties.

Manalapan has seen a spate of big-ticket transactions in recent years, including a \$173 million purchase by billionaire Larry Ellison.

—Katherine Clarke

Larry Ellison Relists Waterfront Estate in Florida

Tech billionaire Larry Ellison plans to relist his North Palm Beach, Fla., estate for \$165 million, said listing agents James Kenny and Paul Kaneb of K2 Realty. That's about 14% more than his original asking price in 2022.

Ellison bought the 8.4-acre oceanfront property, which is within the tony Seminole Landing gated community, for \$80 million in 2021. He relisted it for \$145 million a year later. The move comes as Ellison has been expanding his estate in Manalapan, an affluent town near Palm Beach. In June, the Oracle co-founder paid about \$35 million for a parcel next to his roughly 15-acre compound. He paid \$173 million in 2022 for that original

FOR SALE \$165 MILLION 16,000 sq. ft., 7 bedrooms

compound, which is about 30 miles from the North Palm Beach property.

Ellison didn't respond to a request for comment.

In recent months, he has been serving as a key financial backer for Paramount in its \$81 billion acquisition of Warner Bros. Discovery. He is also known for his properties, including homes in Malibu, Calif., Lake Tahoe and on the Hawaiian island of Lanai. In 2023, he spent almost \$10 million buying eight homes in a lakefront area in Boynton Beach, Fla., for his staff.

Deals of \$100 million-plus have become almost routine in neighboring Palm Beach. However, Kenny and Kaneb said they have seen a \$50 million-plus market beginning to establish itself in North Palm Beach, too. A property there sold for \$55 million last year.

—Katherine Clarke

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MANSION | SKI & MOUNTAIN HOMES

Crested Butte

Continued from page M1 town (population 1,639 in 2020) is hard to get to—only 20 miles from Aspen on the map but 100 miles by car—which has helped keep it smaller than other Colorado ski areas.

In 2018, Vail Resorts bought the Crested Butte Mountain Resort ski area, putting the little town on the map for many skiers who hadn't previously visited. The pandemic brought even more outdoor adventurers to the town, driving up housing prices. In the upper Gunnison Valley, where Crested Butte and the ski resort are located, the median sale price so far this year is about \$1.23 million, up about 23% from the same period last year and double the median from the same period in 2019, said real-estate agent Jesse Ebner of Signature Properties Ebner & Associates. Investors have taken notice, and affluent newcomers are building large houses with plunge pools and home oxy-

The Stormont home sits just outside the town limits of Crested Butte.

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genation systems, with budgets of \$12 million to \$17 million, said real-estate agent Channing Boucher of LIV Sotheby's International Realty.

"The wealth factor has completely changed," said Boucher. "That's what we're all kind of grappling with now."

While many real-estate markets in Western ski areas have slowed this year, the Crested Butte area's luxury market has continued to appreciate, said Boucher. An estate outside of town asking \$25 million is in contract to set a local sales record, said listing

agent Diane Aronovic of Bluebird Real Estate. Home sales in the area typically top out around \$12 million, said Ebner.

Wealthy homeowners have owned homes in the Crested Butte area for decades; billionaire Los Angeles Dodgers co-owner Mark Walter bought there in the 2000s. And at about 9,000 feet above sea level, the

town's cool climate has long made it a summer destination for second homeowners from Texas.

Texas commercial real-estate developer Jason Thumlert, 47, grew up skiing in Crested Butte. He and his wife, attorney Lindley Bain, wanted to instill a

love of nature in their children, who are now 9 and 11. They built a ski-in, ski-out house on Mount Crested Butte in 2024. The roughly 6,000-square-foot house cost about \$5 million to build, he said, plus about \$615,000 for the roughly 0.8-acre plot of land. Crested

Butte prices have spiked in part because of a shortage of desirable, buildable land, real-estate agents said. Much of the land outside town is preserved, restricting growth, while the town-itself—incorporated in 1880—has strict demolition and building restrictions due to its historic nature, said Boucher.

Buyers have begun to no-

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MANSION | SKI & MOUNTAIN HOMES

Crested Butte in 2022; the town's warm-weather events include a wildflower festival.

tice the area's potential for price appreciation, said Jake Klopp of Urban Standard Capital, a luxury residential-development lender.

Texans William Elfarr and his wife, Barbara Elfarr, heard about Crested Butte from friends. After their first visit in January, they started looking for a home there, in part as an investment, said William, a 59-year-old

urologist. In May, they paid \$5.85 million for a newly renovated four-bedroom house, said Boucher, their broker.

“Crested Butte is in a little corner of Colorado where the big investment people have really not gotten in yet,” William said. “What it gives me is diversification.”

The Elfarrs said they also plan to take frequent ski trips to Crested Butte, and spend summers in the 5,450-square-foot house as a cool-climate escape from Texas. In warm weather they plan to golf, fly fish and visit the local farm-to-table restaurant, Sunflower, said William.

Source: National Park Service
ANNA DEEN/WSJ

But as more wealthy homeowners come to the area, some locals fear the area will lose its small-town charm, said Boucher. Others complain of weekend partying and the abundance of short-term rentals, said local homeowner Bob Colvey. There were around 1,150 short-term rental listings in the Crested Butte area in September, up nearly 50% from the same period of

2018, according to AirDNA, a data and analytics provider.

“It presents the question of, ‘What do we want to be as a town?’ ” said Colvey. “Do we just want untethered growth, or do we want to maintain the characteristics that attracted people

here in the first place?"

The town is considering a new tax on non-primary residences, according to the town website.

The Towills are planning to renovate their cabin.

Dane Tucker, a 56-year-old Oklahoma resident, has been vacationing in Crested Butte since high school. He built a roughly \$5 million vacation house on Mount Crested Butte with architect Andrew Hadley in 2023.

Sentiment toward second homeowners has worsened since the pandemic, Tucker said, adding that he makes an effort to contribute to local causes and overtip at restaurants. “The locals dislike the second homeowners,” Tucker said. “But the second homeowners are what drives much of the revenue around there.”

Ben and Kate Towill, who work remotely as the founders of a hospitality-and-design company, wanted to leave behind the hot summers of Charleston, S.C., and raise their two children in the mountains, where they could ski, mountain bike, hike and camp, said Kate.

The Elfarrs' home is in the Red Mountain Ranch development, about 10 miles south of town.

Kate, 40, who visited Crested Butte as a teenager, first brought her family to see the town in January. The Towills had so much fun that they decided to start looking for a home, she said. They considered moving to Aspen or Basalt, Colo., but loved Crested

Butte's community, schools and "raw, magical" feel, said Kate.

They moved into a rental before paying \$3.45 million in August for a 3,300-square-foot, four-bedroom home overlooking downtown Crested Butte, said Aronovic, their real-estate agent. They are planning to renovate, but want to maintain the rustic log-cabin aesthetic of the house, said Kate.

Kate loves that her children, ages 5 and 9, can bike to school; on winter Wednesdays, they ski instead of having traditional gym classes, she said.

“They call it Colorado’s last great ski town, which I do understand after being here,” she said. “I feel like we’ve found a little bit of a secret, which is cool. Don’t tell anybody.”

Custom Retreat

Continued from page M1 and Meta's Mark Zuckerberg. In 2018, Roy started what would end up being a \$20 million project to build a 12,800-square-foot house there.

Completed in 2022, the eight-bedroom house is “mountain-traditional” style and has some areas that are “all-out Montana,” said Corey Kelly, the lead architect and a partner at Boze-man-based Locati Architects & Interiors. The exterior is made of a gray wood that was reclaimed from old horse corrals, the ceilings are vaulted with timber, and there is lots of stone.

The rec room has a saloon that is modeled after a bar called the Boot Room at the Yellowstone Club. At his bar is a life-size wax replica of actor John Wayne dressed in Old West-style clothing, some of it made to look distressed by driving over it with a car.

The wine cave on the lower level is designed to resemble a mine shaft, with a narrow entrance made of stone. “You’re out West, in the mountains,” said Roy. “I thought, ‘Let’s do something like that.’” The passageway opens to a vaulted room with antique bricks taken from a bar in Pony, Mont., (population 127).

No room in the house is alike, which makes it different from some 50 other custom homes the firm has designed at the Yellowstone

The view from the living room, above, overlooking the Yellowstone Club. Below left, the couple in the wine cellar. Below right, the saloon inspired by the club's Boot Room.

There's a life-size wax statue of John Wayne at the bar.

CAMILLE BRESSANGE/WSJ

Club, said Amanda Heys, the lead designer and a partner with Locati Interiors. The Carrolls' daughters each have their own suites, with a bathroom, walk-in closet and fireplace, and they were given carte-blanche on the design.

Every suite varies drastically and reflects the personality of each daughter. “Roy made it very clear that the girls could do whatever they wanted, as long as it was on budget,” Heys said. “I wanted them to feel like they had ownership,” said Roy.

Lawyer Hayleigh Carroll Hopkins, the youngest daughter, asked for a black-and-white room. "Her

style is chic and sophisticated," Heys said.

The middle daughter, Madison Carroll Snyder, is the director of hotel operations for the Carroll Companies, her father's business. She has a more down-to-earth, Montana, equestrian style, said Heys.

Brittany Carroll Chamberlain, the oldest, who works in social media, loves nature. Her suite is designed with lots of taupes and creams.

Anticipating grandchildren, Roy requested two bunk rooms: one for girls, and one for boys. They now have two grandchildren with two more on the way.

In Roy and Vanessa's bedroom, Vanessa modified an antler chandelier Roy had requested by hanging crystals from it. "She likes to bejewel everything," said Roy.

Several spaces in the house, like a reading nook

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MANSION | SKI & MOUNTAIN HOMES

The 3-acre property became available for \$4.5 million in 2018. The house was finished in 2022.

The home's main living room, above. Below, Hayleigh Carroll Hopkins's bedroom has an iron bed with silver tones.
THE RITZ-CARLTON RESIDENCES NAPLES

ALYSSA FRESEE FOR WSI under the stairway, are designed to give family members space when they need it, said Roy. "My daughters get along most of the time, but sometimes they have disagreements. Out here, you can't just get in a car and drive home."

Home for all five members of the Carroll family is Greensboro, N.C., where

Roy was born and where he started building homes with his late father after his father was laid off in 1983 from his job as a meat cutter at a local grocery store. In 1990, Roy bought out his father's share. The company now builds apartment buildings, self-storage facilities and hotels in six states.

In Greensboro, Roy is building three homes—one for each daughter—on a lot he bought for \$4.5 million in 2024. Roughly 2.5 miles away, Roy and Vanessa live in a contemporary penthouse of a multiuse building they own. They also own yachts, a house in Palm Beach, Fla., and homes in the North Carolina communities of Figure Eight Island and Sandy Ridge, where Roy's company is developing an equestrian-themed, 8,000-acre resort modeled partly after the Yellowstone Club.

Although the family lives close to each other in Greensboro, they look to Montana as their primary gathering spot. They plan on spending at least two weeks there every summer and winter. “Anything that brings the family together is worthwhile,” Roy said.

Your Extraordinary Has Arrived

Along the Gulf, The Ritz-Carlton Residences, Naples stands as one of Southwest Florida's most distinguished waterfront addresses—now taking its place alongside two illustrious hotel properties, a testament to this destination's enduring appeal. Here, timeless architecture, legendary service, and an extraordinary collection of amenities create a lifestyle unlike any other, supported by a team as accomplished as the destination itself. From the owners-only club and full-service marina to the spa and signature dining, every detail has been designed to enrich life on the water.

A limited collection of exceptional residences awaits, with select designer-furnished homes available for immediate occupancy. Completing this remarkable waterfront community, the Park Residences represent its final residential offering.

Park Residences from \$4M | Bay Residences from \$5M | Tower Residences from \$7M 2355 Vanderbilt Beach Road | Suite 106, Naples, FL 34109 Phone 239-249-6260 | RCRNaples.com

25 years A FOUNDATION OF EXCELLENCE

THE RITZ-CARLTON RESIDENCES, NAPLES ARE NOT OWNED, SOLD OR DEVELOPED BY THE RITZ-CARLTON HOEL COMPANY, LLC. I & CO ITS AFFILIATES ("THE RITZ-CARLTON"). STOCK RESIDENCES, USES THE RITZ-CARLTON MARKS UNDER A LICENSE FROM THE RITZ-CARLTON, WHICH HAS NOT CONFIRMED THE ACCURACY OF ANY OF THE STATEMENTS OR REPRESENTATIONS MADE HEREIN. ORAL REPARATION CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS REFERENCE SHOULD BE MADE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY THE DEVELOPER TO A DOYER OR LESSEE. ALL RENDERINGS AND PLANS ARE CONPOSED CONCEPTS SHOWN ONLY FOR MARKETING PURPOSES AND ARE BASED ON THE DEVELOPER'S CURRENT PREMIUMARY DEVELOPMENT PLAN. INCLUDING THIS INFORMATION IS NOT TO BE USED IN ANY OTHER INFORMATION. THE PRODUCTION DEVELOPMENT PLAN IN THE DEVELOPER'S SOLE DISCRETION WITHOUT NOTICE, NOTHING HEREIN SHALL BE DEEMED A QUARTY OF ANY KIND. THIS IS NOT AN OFFER TO SALE OR SOLICITATIONS OF OFFERS TO BUY.

MANSION | SKI & MOUNTAIN HOMES

RICH ZIPS | INSIDE SOME OF THE PRICIEST ZIP CODES IN AMERICA

Stowe, VT 05672

Stowe in winter, above; Main Street in autumn, below.

\$995,000 Median list price, down 13% year-over-year

94 Median days on market

\$443 Median price per square foot

110 Active listings, up 16% year-over-year

Realtor.com (August 2026)

BY JESSICA FLINT

Tucked into Vermont's Green Mountains, Stowe's 05672 ZIP Code has the priciest residential real estate of any major East Coast alpine-ski destination. Grounded in a history of winter sports and hospitality even before Stowe Mountain Resort opened in the 1930s, this small community has recently evolved into an all-season refuge. A new

wave is fleeing the summer heat of Sunbelt states, driving secondary residences to nearly 70% of properties, says Caroline Marhefka, a real-estate agent of Four Seasons Sotheby's International Realty. The August median listing price was \$995,000, according to Realtor.com. (Realtor.com, operated by News Corp, developed this methodology exclusively for The Wall Street Journal.) This demand shapes a landscape where modern farmhouses and contemporary builds stand alongside older cedar homes and classic Swiss-style chalets. Meanwhile, historic homes are protected by the town's Historic Preservation Commission to safeguard Stowe's classic New England character.

Stowe's commercial district comprises two thoroughfares: the compact, walkable Main Street and Mountain Road, which stretches toward the ski resort. Connecting them is a 5.3-mile paved recreation path.

NOTABLE STOPS AND SHOPS Shaw's General Store

Founded in 1895, this store has been passed down through five generations of the same family. It sells a mix of outdoor apparel, gifts, maple treats and souvenirs.

Vermont Ski and Snowboard Museum

This museum was founded in 1988 to celebrate the state's winter-sports culture. It has a collection of more than 8,000 items, including vintage ski apparel and archival photographs.

The Current

Sharing space with the Stowe Free Library, this contemporary arts nonprofit is in a historic 1861 building and features exhibits from global and regional talent.

Von Trapp Family Lodge & Resort Set on 2,600 acres, this family-owned resort was established in 1950 by the von Trapps, whose exit from Nazi-annexed Austria in 1938 inspired “The Sound of Music.” Noting how Stowe’s hills mirrored their homeland, the family settled on this site, which their descendants still own.

MEMBERSHIP TO HAVE Stowe's social scene is spread across multiple clubs. Full-time residents and young families favor the Stowe Tennis Club for its summer programs and pool. Second-home owners gravitate to The Club at Spruce Peak, which has ski-in, ski-out access, golf, pool facilities and more. Meanwhile, the rustic Lake Mansfield Trout Club has fishing and water activities.

EVENT OF THE YEAR

The Stowe Balloon Festival is an annual summer tradition. Usually held in late June, the multiday event features morning and evening hot-air balloon launches, tethered rides, live music, local-food vendors and a nighttime-balloon display.

ADVICE FOR THE BUYER Prices typically range from under \$1 million—where homes often need renovations—to over \$5 million. To stay competitive, buyers should take time to learn about Stowe's differing neighborhoods so they can act immediately when the right home hits the market.

LISTINGS

6 bedrooms, 10 bathrooms This 14,145-square-foot European-style estate features hills, meadows, a pond and private trail network, plus an indoor pool, a fitness room, a wine cellar and a barn. Agent: Meg Kauffman, LandVest | Christie's International Real Estate.

\$12.495 million 5 bedrooms, 7 bathrooms

5 bedrooms, 7 bathrooms This 5,988-square-foot home is designed for indoor-outdoor living and après-ski entertaining. Amenities include a pool, Japanese soaking tub and infrared sauna. Agent: Meg Kauffman, LandVest | Christie's International Real Estate.

\$5.844 million 8 bedrooms, 8 bathrooms

8 bedrooms, 8 bathrooms This 11,434-square-foot contemporary estate is set on 25.19 acres and includes twin ponds, a clay tennis court, a heated pool, hot tubs and a landscaped garden. Agent: Amanda Jenkins Gerlack, Nancy Jenkins Real Estate.

CommunitiesInSchools.org

HOUSE CALL | ALICE COOPER

He Loved the Absurdity of Horror Movies

The rock star and memoirist on his early health issues, his passion for Chuck Berry and dressing as Zorro for Halloween

At age 13, I developed a sharp pain in my stomach. When I finally saw a doctor, he diagnosed a burst appendix and peritonitis—the swelling of thin tissue that lines the belly wall. He warned my parents I might not survive.

Fortunately, my burst appendix

Fortunately, my had sealed over. I spent 25 days in the hospital to drain the periton- nitis fluid and a year in bed at home healing. When I was 14, the doctor re- moved what was left of my app- pendix.

We first lived in an old, two-story house in Eastpointe, Mich., a Detroit suburb. My father, Ether Furnier, began as a salesman but because he had

Learned drafting in the Navy, he became an electronics engineer. My mother, Ella Mae, had been a riveter during World War II. I was born with infantile asthma, resulting in coughing fits. When I was 10, in 1958, we moved to a duplex in Phoenix. The dry heat burned the asthma out of me.

My parents opened two restaurants, but after both folded, we briefly moved back to Detroit. My older sister, Nickie, and I loved doo-wop but our taste widened when my Uncle Vince played Chuck Berry's "Carol." His songs told a story that was either funny or cool. I was dead in love with him.

We soon moved to a West Los

Angeles apartment near Dad's brother, Uncle Lefty. He helped my father land a job at the Jet Propulsion Laboratory in Pasadena, Calif.

Back in Phoenix when I was 13, we lived in a two-bedroom camper in a trailer park. This was the start of my appendix issues. By the time it was removed, I was rail-thin, had curvature of the spine and had

lost much of my hair due to antibiotics. Dad worked for Goodyear Aerospace and moved us into a new three-story house. Every Halloween, I dressed as Zorro. There was something about the black clothes, the sword, the pencil mustache and mask over the eyes.

I also loved horror movies and got the humor. I was captivated by

Alice Cooper last year. At left, with his sister Nickie in the 1960s.

absurdity. I was the class clown and favored TV other kids didn't get, like "The Ernie Kovacs Show." I didn't feel smarter, but I knew I had a different sense of humor.

In 1963, I saw surreal artist Salvador Dali on “The Tonight Show” and realized that looking eccentric was cool. I felt comfortable being uncomfortable to others.

By high school, my health and hair returned and I was an athlete. In cross-country, I was lightweight, which won me a spot on the varsity team as a freshman. I broke my nose twice—once when a basketball hit it and after I collapsed following a long run in the heat.

Four friends were in the Letterman's Club, which put on an annual talent show. We formed the Earwigs, after the bug, and wore Beatle wigs, our track outfits and sunglasses. We also hired girls to scream. Hearing them, I knew what I wanted to do.

We changed the band's name to the Spiders and played primal rock, rehearsing five hours a day. In 1967, we played L.A. gigs and changed our name to the Nazz. Then we

ALICE'S AC

Do friends call you Alice or Vince? I was born Vincent Furnier, but only Keith Richards calls me Vinny. My late mom called me Vince. She passed in 2022.

How do you kick back? Golf, every morning. Inside, I have a big chair in the living room facing a 100-inch screen. I've always been a TV addict.

Your latest home splurge? A new central AC system. With the heat near Phoenix, the AC runs constantly.

found out Todd Rundgren's band already had the name.

We landed on Alice Cooper. It sounded like a creepy version of Betty Crocker. My eyeliner was inspired by Bette Davis's crazy makeup in the 1962 film "What Ever Happened to Baby Jane?"

Anita Pallenberg's Black Queen character in 1968's "Barbarella" was my fashion inspiration.

In 1969, we signed with Frank Zappa's Straight Records, but our first two LPs bombed. Our manager, Shep Gordon, moved us to Michigan to rehearse our third album. Midwest audiences loved our combination of dark theater and hard rock. We were a hit, and Warner Bros. bought out our contract.

Today, my wife, Sheryl, and I live near Phoenix. I bought our house in 1972 for \$90,000 with my first rock-star paycheck. It was 2,000 square feet. Now it is 7,000 square feet—a Spanish hacienda.

We love Halloween, but I'm almost always on tour in October, and Sheryl travels with me. We leave a big cauldron of candy outside. We rely on the honor system. —As told to Marc Myers

Alice Cooper, 78, is lead singer of the namesake band that pioneered shock rock in the early 1970s. He's touring in the U.S. this fall and is the author of "Devil on My Shoulder," a memoir (Da Capo).

AGING GROWS EXPERIENCE, NOT MEMORY LOSS.

Some things come with age. Some others don't.

Learn the warning signs of Alzheimer's.

10signs.org

ALZHEIMER'S ASSOCIATION®

PRIVATE PROPERTIES | SKI & MOUNTAIN HOMES

A Spaceship in the Mountains

CESAR CID/IMAGESTATE; KERRY HYNDMAN FOR WSJ (ILLUSTRATION)

High in California's San Jacinto Mountains near Idyllwild, a harvest-gold flying saucer is perched on a large rock outcropping.

The structure is a Futuro, a plastic home designed by the Finnish architect Matti Suuronen in the late 1960s. Of the estimated 100 Futuros made around the world, only about 50 or 60 are thought to remain, though there is no official accounting.

Located between Los Angeles and San Diego, the Futuro is listed on the National Register of Historic Places and as a California Historical Landmark. Now coming on the market for \$1.495 million,

FOR SALE \$1.495 MILLION 800 sq. ft., 1 bedroom, 1 bathroom, airtight design

the futuristic house has been the longtime passion project of Milford Wayne Donaldson, a preservation architect who was President Barack Obama's appointee as chair of the Advisory Council on Historic Preservation. Milford, who goes by Wayne, and his wife, Laurie Donaldson, saved the Futuro from the wrecking ball and restored it. For years, the Donaldsons spent about a week a month at the Futuro, which has about 800 square feet of interior space and is a six-to-eight-hour drive from their primary home near Sacramento.

The Futuro is a throwback to a time when plastic was considered a wonder material—cheap, lightweight and very moldable, Wayne said. Popularized after World War II, plastic was a symbol of the optimism of the Space Age and the belief that science could make everyday life better, he said. Made from structurally reinforced fiberglass polyester plastic with acrylic, bubblelike windows, the Futuro was designed to be easily moved to a desired site, usually by helicopter. Though originally conceived in Finland, the Donaldsons' Futuro and most of the others in the U.S. were built by a Philadelphia company under a U.S. license agreement, according to Wayne.

Today, there is a small but devoted community of Futuro enthusiasts, Wayne said, with fans from

New Jersey to New Zealand. An informal fan site acts as a central hub, with a global map of locations and a log of recent sales and restorations.

Wayne, 83, said he's loved space since he was a child; he always gravitated to sci-fi stories, like “Flash Gordon” and “Buck Rogers in the 25th Century.” As an adult, he taught a course called “Plastics in Architecture” at California Polytechnic State University, San Luis Obispo.

In the late 1970s, Wayne heard that a Futuro was in serious disrepair and about to be destroyed. It had sat for years in a parking lot behind the San Diego Design Center, where it was used for storage. When the design center was sold, the new owners had started the process of demolishing the Futuro, which is about 26 feet in diameter.

Wayne knew he needed to save the Futuro, which had smashed windows and peeling green paint. He said he didn't recall exactly how much he paid for it. He had no plan for what to do with it; a friend agreed to let him stash it at a San Diego boat yard, where repairs began.

In 2004, Wayne found a roughly 0.5-acre site in the small mountain community of Pine Cove, about 5 miles north of Idyllwild. The land reminded him of the mountain retreat that housed Suuronen's first Futuro in Finland, he said. He bought it for about \$70,000 and made plans to move the Futuro to the site.

Despite Suuronen's best intentions, relocating the Futuro proved to be quite a challenge. After consulting with experts, Wayne concluded that the structure was too heavy to be lifted by a standard-size helicopter. And airlifting it would require a long list of per-

mits, including approval by the Federal Aviation Administration.

In December of that year, the Futuro was shrink-wrapped and driven about 126 miles from San Diego to Pine Cove on a flatbed truck. It created a spectacle as it was escorted by the California

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Crowning Cape Marco, this extraordinary Belize Penthouse pairs sophisticated coastal design with breathtaking Gulf, beach, and island views. Walls of glass, expansive entertaining spaces, a serene primary suite, and multiple lanais elevate life above the shoreline. Fully furnished, with premier resort amenities and private beach access, it is truly exceptional.

\$6,495,000 michelle.thomasteamflorida.com

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LAKE MARTIN, ALABAMA

Public Open House Oct. 25, 2026. Behind the gates of The Heritage, this 5,988-square-foot waterfront residence offers sweeping big-water views, six private bedroom suites, two family rooms, and a bunk nook. Enjoy vaulted ceilings, arched windows, a Wolf and Sub-Zero kitchen, three fireplaces, covered outdoor living, a lakeside firepit, waterfall feature, and three-car garage. \$4.795.000

Russell Lands Real Estate LLC Thomas Lamberth phone: 256.215.7011

NORTH EAST, TEXAS

Beautiful Lake Cypress Springs. In North East Texas, East of Dallas South of Mt. Vernon. Next to Mary King Park. 200 feet plus FM highway frontage. Ideal opportunity for investors, developers etc. Ideal to build a #66 million home etc - 9.278 Acres

\$6.9 Million www.cooperlandsurveying.com

Cooper Land Survey Inc. John Cooper phone: 903.348.4949 email: cooperlandsurvey@yahoo.com #1 Individual Agent

PRIVATE PROPERTIES | SKI & MOUNTAIN HOMES

The Futuro was transported in one piece to a granite mountaintop.

Highway Patrol, Wayne said.

“We blocked three lanes of traffic,” he said. “When we finally got up there, it was like we were the Pied Piper. We had about 40 people in cars behind us.” The Futuro was then hoisted by crane above the surrounding trees.

With the home in place, the

Donaldsons restored the interior with 1960s flair: It has plastic laminate finishes, linoleum floors and a popcorn ceiling with embedded gold flakes. Most of the materials are original.

Living in a quasi-spaceship comes with its quirks. The one-bedroom, one-bathroom home is accessed by a staircase that swings down from a hatch in the bottom of the structure, Wayne said. Since it's basically airtight, he said there is never any need to dust, but once a year the exterior needs to be waxed.

Now, Wayne said, his health is failing, and it's becoming more difficult to maintain the Futuro. He also worries about leaving Laurie, 66, with the burden after he dies. “In case something should happen to me, she’s not going to be strapped with trying to sell it,” he said. “It’s best to try to find a buyer now [who] really appreciates it...And doesn’t just do an Airbnb or something.”

Idyllwild is known for its pine forests and granite peaks. It has a small downtown, a performing-arts school and an artsy, laid-back vibe, said listing agent Tim McTavish of Desert Sotheby's International Realty.

Futuros don't often come on the market; the few that appear to have sold over the past few decades have brought in between \$50,000 and \$100,000, though Wayne said they were in poor condition and not livable.

McTavish said he thinks the home is likely to appeal to architecture collectors, museums or foundations.

-Katherine Clarke

▶ See more photos of notable homes at WSJ.com/RealEstate.

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Washington, DC's

Philips Park, DC | \$7,990,000

Forest Hills, DC | \$4,300,000

Washington, DC's #1 Individual Agent

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OPEN SUN 2-4:30PM Stunning Claremont Hills contemporary by architect Robert Nebolon. City & Bay views, floor-to-ceiling windows, elegant finishes, wraparound deck, lux primary suite, gym in Claremont Hills.

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Municipal Airport (KAFO), the property features a custom single-level residence, a fully equipped 60' x 60' heated aircraft hangar with private guest quarters, and premium aviation amenities. All surrounded by sweeping mountain views and Wyoming's year-round outdoor lifestyle.

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