The Wall Street Journal - 17.09.2026.pdf

华尔街日报

道琼斯

新闻集团

* * * * * *

2026年9月17日，星期四 ~ 第CCLXXXVIII卷 第66号

道琼斯工业平均指数 51461.90 ▼ 631.21 1.21%

纳斯达克 25978.42 ▼ 0.0%

欧洲斯托克600指数 600 637.09 ▲ 0.5%

美国版

10年期美债 ▼

2 / 32, 收益率 5.003%

原油 $102.43 ▼ $3.40

黄金 $4,346.30 ▲ $54.70

欧元 $1.1464

日元 156.29

新闻摘要

商业与金融

◆ 美联储三年内首次加息，这一剧烈转向开始撤回其去年的降息举措，并含蓄地削弱了白宫关于通胀并非担忧之事的坚持。A1, A2

◆ 在央行加息后，股市普遍下跌，10年期美债收益率自2007年7月以来首次稳定在5%以上。纳斯达克指数基本持平，标普500指数和道琼斯指数分别下跌约0.4%和1.2%。A1

◆ 贝莱德表示，将与企业客户合作，为401(k)计划构建可定制的基金，其中可包含部分公开股票和债券、私募资产以及年金。B1

♦ 埃克森美孚与亿万富翁石油大亨哈罗德·哈姆即将签署初步协议，探讨对委内瑞拉多个油田的投资。B1

◆ 亚马逊云科技表示，无法恢复托管在波斯湾数据中心的部分客户数据的访问权限，这些中心在春季遭到了伊朗无人机的袭击。B1

◆ 糖尿病及减肥药奥森沛 (Ozempic) 和薇高维 (Wegovy) 的制造商诺和诺德正与Anthropic（AI公司）合作，利用人工智能进行药物研究。B1

◆ 众议院通过一项法案，强制汽车制造商在车辆中提供AM广播，应急响应人员一直将该服务视为一项安全备份。B1

◆ 字节跳动报告其上半年营收增长超过30%至1200亿美元，部分原因在于美国对其TikTok业务的监管担忧得到了解决。B4

全球动态

◆ 白宫高层助手在AI安全方法上存在分歧，办公厅主任苏西·怀尔斯和财政部长斯科特·贝森特敦促采取比顾问大卫·萨克斯所主张的更积极的干预态度。A1, A5

◆ 欧盟最高官员表示，她将致力于使加拿大成为该集团的首个准成员国，因为传统的美国盟友正彼此建立独立的联系。A7

◆ 各州尚未能从美国疾控中心（CDC）获得新冠疫苗，导致通过联邦计划向数百万儿童分发的进度被推迟。A3

◆ 一个国际法庭判定科索沃前总统在针对塞尔维亚的分离主义战争期间犯有战争罪，并判处其25年监禁。A10

◆ 一位民主党高层表示，他将反对特朗普计划向以色列提供价值28亿美元的军事援助方案，称该方案引发了关于重型炸弹将如何在加沙和黎巴嫩人口密集地区使用的严重担忧。A4

◆ 也门官员和武器专家表示，在也门发现的碎片表明，沙特阿拉伯首次在实战中发射了中国制造的弹道导弹。A6

◆ 众议院投票认定里昂·布莱克藐视国会，此前他拒绝遵守与他同杰弗里·爱泼斯坦的关系及保密协议相关的委员会传票。A4

◆ 逝世：普利策奖获奖作家安妮·迪拉德，81, 岁。A5 ... 艺术家彼得·马克斯，88, 岁，他是波普 era. 的缩影。A5

美联储 3 年内首次加息

在一致投票后，大多数官员预计 2026 年将再加息一次

作者：尼克·蒂米劳斯 (NICK TIMIRAOS)

华盛顿——美联储周三提高了利率，这是 3 年来的首次加息。这一剧烈的政策转向开始撤回去年实施的降息，并含蓄地削弱了白宫关于通胀并非担忧之事的坚持。

此次加息获得一致通过，将把联邦基金基准利率区间提高 25 个基点，至 3.75% 到 4% 之间。在会议后公布的利率预测中，绝大多数官员预计今年还将再加息一次。

主席凯文·沃什 (Kevin Warsh) 在 5 月就任后不久便誓言要结束美联储 2% 目标被超标的情况（目前已进入第六年），并实施了此次近日被广泛预期的加息。

“今天的行动开始表明我们对此是认真的，”沃什在新闻发布会上表示。美联储的政策声明称，此次行动将支持“更及时地”回归通胀目标。

此次加息打乱了白宫对特朗普总统 1 月任命该职位的相关描述。特朗普及其盟友曾将加息压力归结为来自一个敌视沃什的委员会，而沃什去年曾表示，他会比美联储最终采取的行动更早地降息。

此次加息也发生在美联储抗击通胀失去的一年之后。自 2025, 年中期以来，该央行在实现 2% 目标方面没有取得进展，包括在去年年底为了防止劳动力市场放缓而三次降息之后。相反，伊朗战争推高了能源价格，而 AI 热潮驱动的投资激增支撑了经济和市场。

分析师表示，尽管近期人们高度关注每月通胀数据，但前景最大的变化来自于能源和商品价格的上涨。

“事实是伊朗战争重新升级，能源价格冲击再次扩大，”前纽约联储主席威廉·达德利 (William Dudley) 表示。

柴油价格已攀升至历史高点，而乌克兰对俄罗斯能源基础设施的袭击加深了炼油瓶颈，使情况进一步恶化。达德利表示，每桶约 $100 的原油价格低估了企业的实际支付成本：柴油的表现就像原油价格处于 $200, 一样。成本正在传导至运输

请参阅 A2 页

墨西哥庆祝独立日

墨西哥万岁！克劳迪娅·辛鲍姆 (Claudia Sheinbaum) 总统周三在墨西哥城纪念墨西哥独立战争反抗西班牙爆发 216 周年。庆祝活动在午夜后不久以三次高喊“墨西哥万岁！”（iViva, Mexico!）开始。

[...OMITTED...]

AI 引发特朗普助手分歧

作者：JOSH DAWSEY 和 AMRITH RAMKUMAR

在白宫人工智能顾问大卫·萨克斯（David Sacks）说服特朗普总统在 5 月废除一项原计划的行政命令（该命令将使 AI 模型接受更广泛的政府审查）后，包括斯科特·贝森特（Scott Bessent）和苏西·怀尔斯（Susie Wiles）在内的政府高级官员感到措手不及且并不满意。

据知情人士透露，白宫办公厅主任怀尔斯告诉他人，萨克斯是在一次最后一刻的通话中说服总统这么做的。知情人士称，财政部长贝森特担心 AI 引导的网络攻击可能会给国家的银行系统带来灾难。白宫的一个团队曾花费数月时间谈判以加强对 AI 的监管，并就该命令咨询了一系列行业高管。

在怀尔斯和贝森特的敦促下，特朗普随后签署了一个精简版的命令。

尽管特朗普驳回了加强联邦监管该行业的呼吁，但一些最高级别助手之间已开始出现悄悄的恐慌，因为这可能是该政府最重大的政策决定之一。

知情人士表示，在争议发生后的几个月里，怀尔斯、贝森特和其他官员几乎每天聚集在一起讨论该行业的风险并策划潜在的护栏，同时试图说服特朗普采取更直接的干预方式。白宫官员定期与包括 OpenAI 的萨姆·奥特曼（Sam Altman）以及 Anthropic 的高管进行通话，以讨论相关担忧。

特朗普的 AI 顾问（包括政府内部和外部）之间的分歧在随后的几周里仍在继续，怀尔斯、贝森特和国家网络主任肖恩·凯恩克罗斯（Sean Cairncross）经常推动——请参阅 A5 页

◆ 商业领袖对 AI 风险表示担忧…… A5 ◆ OpenAI 报告更多安全事件…… B1 ◆ 街头之声：AI 必须减速…… B10

沃什警告通胀，市场暴跌

作者：HANNAH ERIN LANG 和 SAM GOLDFARB

美联储主席凯文·沃什（Kevin Warsh）明确表示，通货膨胀仍然是一个问题。华尔街则在猜测美联储将采取多大程度的措施来解决这一问题。

在央行决定三年内首次加息后，沃什在随后的讲话中采取了极其强硬的立场，导致股市暴跌，10 年期美债收益率自 2007 年 7 月以来首次稳定在 $5\%$ 以上。

“通货膨胀过高，且持续时间太长，”沃什在周三下午对记者的讲话中表示。他随后补充道：“今天的行动开始表明，我们对此是认真的。”

起初，市场对美联储加息反应积极；特朗普总统曾主张利率——请参阅 A2 页

◆ 利率提升对成本意味着什么…… A2

伊朗试图规避封锁但遭遇阻碍

作者：BENOIT FAUCON 和 HAMRAZ BAYAN

伊朗誓言通过推动更多陆路贸易来应对美国的封锁。但在实际操作中，情况并未按计划进行。

数百名伊朗卡车司机被困在伊朗与巴基斯坦的边境，无法运送货物。他们表示，他们面临着日益严重的官僚障碍和成本，其中许多是由他们自己的政府造成的。同样的情况也发生在伊朗与土耳其、土库曼斯坦和阿富汗的陆路边境，这给德黑兰带来了自食其果的打击，并扼杀了其仅剩的几个经济泄压阀的贸易。

数吨杏干被困 请参阅 A6 页

• 两名爱荷华州共和党议员在战争问题上违抗特朗普…… A4
• 沙特阿拉伯与中国导弹相关联…… A6
• 亚马逊云科技（AWS）无法恢复被伊朗袭击站点的资料…… B1

内部版块

世界新闻：俄罗斯的影子舰队正在北约的盲区航行：爱尔兰海域。A7

个人日志：被降级到并非支付费用的座位正成为旅行者面临的更大问题。A11

没有什么比争论学校零食更能让家长群炸锅了

关于奥利奥嫉妒心理的病毒式传播故事是一个骗局。

* * *

课堂上的甜点之战却是真实存在的。

作者：SABRINA SIDDIQUI

到目前为止，互联网上的许多人都听说过“奥利奥门”：这是一个在社交媒体上疯传的故事，其中一位名叫米歇尔的幼儿园母亲在群聊中请求其他母亲停止在孩子的午餐中发送奥利奥，因为这让她女儿感到嫉妒。

伦敦——在即将成为全球首位万亿富翁的前夕，埃隆·马斯克正专注于远离 SpaceX 总部、远在海外的政治动荡。

孩子们。

这场闹剧迅速升级。其他母亲拒绝了这一请求。有些人为了表示反抗，故意发送奥利奥。侧边群聊纷纷分裂。学校被迫介入。 请参阅 A12 页

埃隆·马斯克利用 X 的扩音器搅动英国政坛

新的反移民政党从其推文中获益；“内战不可避免”

作者：Jenny Strasburg, Jaclyn Jeffrey-Wilensky 和 Max Colchester

在其中一条 X 帖子中，他称贝尔法斯特市长为“其人民的背叛者”。在另一条帖子中，他称一名英国政治领导人为“人渣和叛徒”。

而一名曾默默无闻的政治人物鲁珀特·洛（Rupert Lowe）的一篇帖子——马斯克曾宣布其初创的极右翼政党是挽救英国未来的唯一希望——在马斯克转发后获得了超过 300 万次浏览。

这场 X 风暴发生在 6 月 11 日，当时北爱尔兰首府刚刚发生暴力反移民骚乱，且距离 SpaceX 的 IPO 仅剩 1 天。

多年来，马斯克一直利用他的社交媒体扩音器来支持美国以外的反建制政党，抨击欧洲、南美洲和非洲的“觉醒”政治、移民以及科技行业监管。

但根据《华尔街日报》对他 $4^{1 / 2}$ 年 X 帖子的分析，没有哪个外国国家像英国这样，如此频繁且持续地吸引这位世界首富的关注。

马斯克曾 2 次每月发布关于英国政治和文化战争的帖子超过 200 条，尽管其数量随时间而波动。

请参阅 A10 页

美国新闻

特朗普支持沃什：“我信任凯文”

总统表示在加息决定出台前刚与美联储主席交谈

作者：BRIAN SCHWARTZ

特朗普总统表示，他支持美联储主席凯文·沃什（Kevin Warsh），并且在央行一致投票决定提高利率之前，他刚与沃什交谈过。

“我信任凯文。但他面对的是一个非常强硬的理事会，”特朗普周三在回答记者关于他是否信任沃什的问题时表示。“我和凯文谈过了。我说‘你最好跟着理事会一起投票，因为这没什么影响’。”他补充道，“我说‘随你怎么做’。”

据《华尔街日报》报道，自沃什就任美联储主席以来，特朗普多次与他交谈。

美联储在周三早些时候实施了三年来的首次加息，扭转了去年的降息趋势，并含蓄地削弱了白宫关于通胀无需担忧的观点。

特朗普在加息决定前与沃什的对话，可能会加剧外界对美联储独立性的审视。在沃什周三的新闻发布会上，美联储主席在阐述央行独立性的必要性时，回应了关于他与总统关系的问题。

“美联储独立性的部分体现就在于我们各司其职，”沃什说。“独立性是一条双向道。我们也让负责贸易政策和财政政策的人各司其职。这样我们才能站在这里，按照我们的看法对他们进行评价。”在周三晚间对记者的评论中，特朗普表示他希望沃什保持独立。

此次加息将使联邦基金基准利率区间上调25个基点，至3.75%到4%之间。此外，在联邦公开市场委员会会议后公布的利率预测中，大多数官员预计今年还将再次加息一次。

特朗普与沃什维持同盟，此前他经常批评前美联储主席杰罗姆·鲍威尔（Jerome Powell），甚至考虑过尝试将其解雇。

不过，特朗普一直主张利率应该下降。在美联储周三做出决定后，特朗普在Truth Social上写道：“美国的利率应该是1%。”

股市因通胀警告而下跌

（接第一页）此前利率已经过高，投资者曾担心沃什在正面应对物价上涨时会犹豫不决。但就在周三新任美联储主席登台后不久，股市下跌，10年期美债收益率再次攀升至 $5$ 以上。

“我们必须做好处于加息周期的准备，”JonesTrading 首席市场策略师迈克·奥罗克（Mike O'Rourke）表示，“在可预见的未来存在不确定性，这使得人们有理由采取稍微更具防御性的姿态。”

美国三大主要股指在过去八个交易日中第七次下跌。道琼斯工业平均指数下跌 1.2%，即 631 点。标普 500 指数下跌约 0.4%，而纳斯达克综合指数则小幅下跌。这些基准指数在收盘前反弹之前，曾面临更剧烈的跌幅。

特朗普政府对此表示失望。

“听着，我认为总统已经非常明确地……表达了他希望利率走向何方，”白宫发言人库什·德赛（Kush Desai）在接受福克斯新闻采访时表示。“而且，从政府的角度来看，美联储今天做出加息这一相当不幸的决定，并没有一个特别令人信服的经济依据。”

近几日，华尔街已将央行加息视为近乎必然的事情。投资者在周三早晨将加息的概率定价为 90%，分析师警告称，如果政策制定者未能加息，将引发剧烈的债券抛售。

然而，决定如预期般出炉——但负面反应依然形成。市场做出了美联储加息且信号显示通胀仍是关注焦点时的典型反应：收益率上升，股市下跌。

2026, 年初，许多投资者寄希望于降息。随后，伊朗战争打乱了通胀预测，并推高了全球燃料成本。强劲的经济增长以及永不停歇的人工智能投资热潮，进一步增加了物价上涨的压力。

周三，交易员在纽约证券交易所交易大厅工作。

在过去的几个月里，不断加剧的债券抛售给沃什和美联储带来了更大的压力。即便财政部长斯科特·贝森特（Scott Bessent）的干预，也不足以降低债券收益率。

本周早些时候，10年期美债收益率触及 19 年新高，自 2023. 年曾在单个交易日达到该水平以来，首次再次突破 $5$。收益率上升也给股价带来了压力，部分原因是它提高了整个经济体的借贷成本。

国债收益率在债券价格下跌时上升，在很大程度上反映了投资者对美联储设定的短期利率的预期。周三早些时候，收益率随油价一同下跌，而油价在塑造投资者通胀预期方面一直发挥着关键作用。

在美联储做出决定后，10年期收益率最初没有太大变化，但随着沃什开始讲话，情况发生了改变。

根据 Tradeweb 的数据，在下午晚些时候的交易中，该收益率为 5.020%，高于周二的 4.995%。国际基准布伦特原油仍下跌 2.7%，至每桶 $105.83。

一些分析师表示，沃什对打击通胀的承诺，使债券所处的位置比他表现出决心不足时要好。

“我认为市场对此感到满意，这表明美联储有可靠的决心将通胀降低至 2%,” FHN Financial 宏观策略师威尔·康佩诺尔（Will Compernolle）表示。

康佩诺尔补充说，综合考虑，收益率一直保持在“相当狭窄的范围内”。

但周三的决定也让交易员将注意力转向美联储 10 月和 12 月会议上进一步加息的可能性。利率期货显示，美联储在年底前至少再次加息一次的可能性接近 90%。

“大多数人都在为进一步加息做准备，”Fed-Watch Advisors 首席投资官本·埃蒙斯（Ben Emons）表示，“这从来都不是一次性就能解决的。”

美联储 3 年内首次加息

（接第一页）

以及机票价格，且其影响看来将比官员们预期的持续时间更长。

随着能源价格攀升，长期美债收益率也随之上升，10 年期美债收益率在周三结算时突破 5%，这是自 2007 年以来首次。投资者将这一上涨归因于多种力量的共同作用：AI 基础设施建设带来的预期增长提升、数据中心借贷引发的资本竞争，以及关于美联储必须将利率提高到什么程度才能降低通胀的疑问。

股市下跌，道琼斯工业平均指数收盘下跌超过 630 点。标准普尔 500 指数下跌 0.4%，纳斯达克综合指数则微幅下跌。

特朗普在周三加息后的一篇社交媒体帖子中表示，美国的利率应该是“1% 或更低”。

美联储的基准利率最直接地影响信用卡和汽车新贷款等短期借贷，这些贷款的定价调整速度很快。而对许多家庭和企业而言最重要的成本——包括抵押贷款利率——则追踪长期美债收益率，且随着投资者预期未来将进一步加息，这些利率已经上升。

根据抵押贷款银行家协会周三发布的一项调查，30 年期抵押贷款利率上周攀升至近 7%，为近一年来的最高水平。在美国对伊朗的行动开始前，该利率在 2 月份为 6%。

周三的决定给接下来的具体走向留下了空间。美联储在认定有必要转向加息或降息后，很少只进行一次调整，因为单独提高或降低 0.25 个百分点对于改变借贷条件的作用不大。

美联储主席凯文·沃什（Kevin Warsh）

在新的预测中，18 位会议参与者中有 16 位预计今年至少还会再加息一次，这将使利率达到 4% 以上。仅有四位预计明年末的利率会低于该水平。

沃什对此次加息的目的给出了一个狭义的描述。他表示：“我们削减了一定剂量的宽松政策，以便金融和信贷条件能与我们的最终目标更加一致。”

这种措辞通常暗示官员们认为，即使在周三的行动之后，政策依然处于宽松状态。当被问及利率相对于经济学家认为既不刺激也不减缓增长的不可观测设定处于何种位置时，沃什否认了这种解读。他表示，这种学术观点无法很好地转化为“我们今天所做的决定”。

注：图表显示目标范围的中值。 来源：美联储

在债券市场已经定价更高通胀的情况下，美联储提高短期利率，反映出这场抗争与官员们预期的情况已相去甚远。

官员们在 2023 年结束了将利率推至二十年高点的冲刺。随着价格增长放缓，他们在 2024 年开始降息。

美联储周三将联邦基金利率上调 0.25 个百分点

去年年初，由于关税威胁将推高通胀，加息进程一度暂停，随后在去年秋季恢复了降息。

去年的降息是为了防范从未到来的劳动力市场低迷。失业率已降至 4.1%，且招聘速度超过了吸收新员工所需的步伐。

由于通胀率高于官员们的预期，目前的通胀调整后利率（即“实际”政策利率）比降息时更低。现任职于耶鲁大学的前美联储高级官员威廉·英格利什（William English）表示：“在较长时间内维持高通胀和极低实际利率似乎是个糟糕的主意。”

针对供应冲击的教科书式应对方法是将其视为暂时现象，理论依据是这种冲击在加息生效前就会消失。在过去两年中，美联储至少面临了两次此类冲击，分别来自关税以及伊朗战争导致的能源价格上涨。与此同时，AI 基础设施的建设正使需求增长速度快于供应能力。

支持等待的理由基于近期数据。高盛（Goldman Sachs）的经济学家表示，加息的经济依据不足。过去三个月的潜在价格增长低于前三个月，且大部分超标情况可追溯至一次性因素，而非经济过热。

相反的观点认为，等待的理由取决于一些已不再成立的假设。能源价格本应在此时回落；劳动力市场的疲软本应减轻工资和价格压力。然而，招聘情况已趋于稳定，一些经济学家认为，很快将有更多雇主必须在抢夺员工方面展开更激烈的竞争，这可能会推高成本压力。主张采取行动的官员表示，问题不在于过去三个月显示了什么，而在于什么能让人确信六个月后的价格增长将趋于缓和。

沃什（Warsh）在担任主席后的第三次会议上提高了利率，而就在一年前，他曾暗示美联储降息太慢。在 6 月的首次新闻发布会上，沃什将美联储的通胀记录定性为一个信誉问题，并表示他将予以解决。

但在前两次会议上，他很少谈及自己如何解读经济状况或什么会促使他采取行动。多年来，沃什一直主张，描述美联储的前瞻指引会束缚其手脚。投资者只能推测他的观点，而猜测范围从一名会尽可能推迟加息的主席，到一名准备好加息的主席不等。

加息如何影响借贷与储蓄

作者：NICHOLAS G. MILLER 和 DALVIN BROWN

美联储周三提高短期利率的举措将波及银行系统和债务市场。以下是具体影响分析：

消费债务

信用卡借款人将迅速感受到影响。TransUnion 全球研究主管查理·怀斯（Charlie Wise）表示，0.25 个百分点的加息将使平均 $6,600 的信用卡余额每月增加约 $1.38 的利息。

抵押贷款利率

抵押贷款利率与 10 年期美债收益率挂钩，而非由美联储设定的短期联邦基金利率。美联储会议后，美债收益率并未出现决定性波动，这主要是因为债券市场已经消化了加息预期。

其他房屋债务

联邦基金利率对短期债务（包括房屋净值信贷额度）的利率影响更为直接。美国人拥有创纪录水平的房屋净值，但高利率在一定程度上阻碍了他们将这些净值转化为现金用于大规模装修。

新房市场

房屋建筑商在建设项目中使用债务。最大的房屋建筑公司倾向于通过公司债券市场筹集资金，而那里的利率与抵押贷款利率一样，更多地取决于长期美债收益率，而非联邦基金利率。

但小型建筑商和房屋翻新商依赖于短期建筑融资，而这类融资深受美联储加息的影响。在美住房市场极度需要供应的时刻，这可能会使项目的成本核算变得更加困难。

储蓄账户

这次 0.25 个百分点的加息应该会推高储蓄利率，尤其是在在线银行。根据 NerdWallet 的说法，高收益账户可能会在几天或几周内开始重新定价。NerdWallet 发言人凯特·阿什福德（Kate Ashford）表示，大型传统银行不太可能将大部分加息幅度传递给存款人。

公司债与市政债

此次加息不应对企业借贷成本产生重大影响，因为公司债券市场已经预见到了这一举措，债券价格已经下跌。

各州和城市在发行市政债券时也已经面临更高的借贷成本，因为市政债券紧跟美债利率。

更正与扩充

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。

零售销售额，较上月变化

注：经季节性调整 来源：商务部

厄尔尼诺现象初现

早期指标指向极端天气，尽管大西洋飓风活动较为平静

作者：JOSH ULICK 和 ERIK BRYNILDSEN 南美洲。

今年的厄尔尼诺现象正在升温，有望成为有记录以来最强的一次。

这一全球天气干扰因素已经引发了亚洲的野火、太平洋的飓风以及渔业闭。

最糟糕的情况可能尚未到来。联合国机构世界气象组织最近预测，强烈的厄尔尼诺现象将持续整个冬季，并警告会出现洪水、干旱和极端高温。

厄尔尼诺如何形成

以下是相关要点：

这种全球天气现象每隔几年发生一次，持续时间约为一年。通常情况下，暖水聚集在西太平洋。但在厄尔尼诺年份，这团暖水会向东移向南美洲。

暖水的这种东移是厄尔尼诺的预兆之一。科学家通过测量这些海洋温度变化来预测事件的强度。

根据美国国家海洋和大气管理局的数据，今年夏天中东太平洋的温度处于历史最高水平之列。预测显示，这些温度将超过此前强有力的厄尔尼诺现象。

当前厄尔尼诺期间与有记录以来最强厄尔尼诺期间的海洋温度异常情况

注：基于中东太平洋的相对海洋尼诺指数。3个月移动平均值。+1℃ = +1.8°F。 来源：美国国家海洋和大气管理局

区域风险：飓风与干旱

随着太平洋的暖水向东移动，它们产生的热带降雨也随之移动——为飓风创造了有利条件。根据科罗拉多州立大学的数据，东北太平洋的命名风暴数量比该时段的平均水平高出约 40%。

今年夏天出现了强烈的气旋活动，拉拉（Lala）和洛威尔（Lowell）飓风带来了破坏性的强风和洪水。

夏威夷经历了异常的以及菲律宾。

1997 年和 2015 年的强厄尔尼诺现象引发了印度尼西亚毁灭性的山火。今年，那里已有超过 50 万英亩的土地被焚毁，影响到了远至新加坡和菲律宾的空气质量。

厄尔尼诺如何影响美国及其他地区

厄尔尼诺的影响远超太平洋。

随着海洋蒸发向东转移，它产生上升到大气中的暖空气。暖空气向北和向东迁移，且在移动过程中速度加快。

这些高压风汇入亚热带喷流，提供额外动力将其进一步向东推向北美，导致其吹得更强、更稳。

增强的喷流将带来更多降雨和风暴

厄尔尼诺并非全是坏处。

虽然这种气候干扰促进了太平洋的气旋，但它可能会抑制北大西洋的气旋。

在厄尔尼诺年份，从太平洋上升的暖空气产生向东吹向热带大西洋的高空风。科罗拉多州立大学的飓风预报员 Phil Klotzbach 表示：“这导致大西洋垂直风切变水平增加。”“过多的垂直风切变会撕裂飓风。”美国南部。降水量在冬季达到顶峰，可能会给加利福尼亚州带来洪水和海岸侵蚀，给墨西哥湾沿岸各州带来严重的雷暴。

厄尔尼诺在更遥远的地方也播撒着混乱。

迈阿密大学的大气科学家 Emily Becker 表示：“南部非洲在厄尔尼诺期间有相当强的干旱倾向。”“由于粮食不安全，这些可能会产生非常显著的影响。”

一线希望

北大西洋在每年的这个时候通常会出现 3 个以上的飓风。但到目前为止，1 个也没有。

厄尔尼诺的另一个补偿性方面是：科学家知道它可能袭击哪里。

“灾难随时都在发生。而在厄尔尼诺年份，我们实际上知道它们会在哪里发生，”贝克尔（Becker）表示。“我们可以做好准备。”

各州等待美国疾控中心交付儿童新冠疫苗

新冠疫苗的供应面临延迟风险。

该机构尚未开启订购流程，引发对延迟的担忧

作者：JENNIFER CALFAS 和 LIZZY LAWRENCE

据知情人士透露，各州一直无法从美国疾控中心（CDC）获得 Covid-19 疫苗，导致通过联邦计划向数百万儿童分发疫苗的工作被推迟。

知情人士表示，CDC尚未启动各州用于“儿童疫苗计划”（Vaccines for Children program）的订购流程，该计划覆盖了全美约一半的青少年，这导致了通常在秋季进行的新冠免疫接种计划出现延迟。代表州和地方公共卫生免疫计划负责人的免疫管理协会（Association of Immunization Managers）首席医学官米歇尔·菲斯卡斯（Michelle Fiscus）博士表示，CDC启动订购流程的常规通知尚未送达。

此次延迟可能会导致数百万儿童和成年人在早秋季节无法接种新冠疫苗，而此时通常是疫苗接种活动启动的时间。各州通过“儿童疫苗计划”为青少年提供疫苗，并通过另一个政府计划为无保险或保险不足的成年人提供疫苗。与此同时，商业保险患者已可以在包括CVS在内的药店接种 Covid-19 疫苗。

前CDC负责免疫工作的部门负责人德米特里·达斯卡拉基斯（Demetre Daskalakis）博士表示：“即使只有一点延迟，也会造成差异。”

新冠疫苗制造商之一的辉瑞（Pfizer）表示，其已于 9月 7 日开始发货，公司端没有任何延迟。另一家新冠疫苗制造商莫德纳（Moderna）未对此发表评论。

“由于疫苗尚未投入使用，我们每天都在失去为儿童接种疫苗并保护他们的机会，”菲斯卡斯说。

美国卫生与公众服务部发言人艾米莉·希利亚德（Emily Hilliard）表示，Covid-19 并不遵循与流感和其他呼吸道病毒相同的季节性模式。她表示：“CDC正在敲定关于通过‘儿童疫苗计划’和第 317 项计划（Section 317 programs）采购新冠疫苗的决定。”

前CDC领导人们表示，很难预测一年中接种新冠加强针的最佳时机。CDC此前曾尝试将 Covid-19 疫苗的分发与流感疫苗的发布时间（通常在劳动节前后）同步。

达斯卡拉基斯表示，这是提高疫苗可及性公共卫生战略的一部分。他于去年辞职，部分原因是疫苗政策发生了变化。

前CDC新兴传染病中心主任丹尼尔·杰尼根（Daniel Jernigan）博士于去年与达斯卡拉基斯一同离职，他表示，因为季节性模式不同而推迟新冠疫苗订单是没有意义的。他说：“如果时间不可预测，那就尽可能早地提供疫苗。”

CDC的数据显示，今年夏天美国新冠相关住院率有所上升。

CDC与获得美国许可的疫苗制造商签约，并为联邦计划协商价格。随后，各州通过该机构购买疫苗，并在“儿童疫苗计划”或成年人计划下免费接种。

一名熟悉该流程的人士表示，各州通常在 Covid-19 疫苗可供商业保险计划订购后的两周内下单。

在特朗普政府领导下，CDC不再建议所有儿童接种 Covid-19 疫苗。在卫生部长小罗伯特·F·肯尼迪（Robert F. Kennedy Jr.）的领导下，该政府已淡化对疫苗接种的建议。

洛杉矶新闻直升机坠毁造成三人死亡

作者：GARETH VIPERS

洛杉矶新闻直升机坠毁现场的航拍图。

一架 NBC 新闻直升机在洛杉矶的一个社区坠毁，造成三人死亡。当时该直升机正被用于报道一起涉及 Metro 巴士的致命碰撞事故。

根据洛杉矶消防局的消息，该飞行器坠落在圣费尔南多谷（San Fernando Valley）查茨沃思（Chatsworth）一家自助仓储设施附近的停车场内。

该直升机由 Angel City Air 运营，为 NBC 洛杉矶及其西班牙语姐妹频道 Telemundo 52 提供报道支持。

NBCLA 随后确认，直升机内遇难的两名人员为记者埃莉安娜·莫雷诺（Eliana Moreno）和飞行员乔治·马西尼（George Marciniw）。地面上另有一人死亡。

据 NBCLA 主播科琳·威廉姆斯（Colleen Williams）称，“新闻直升机 4 号”（News Chopper 4）于当地时间周二 7 p.m. 前不久在查茨沃思坠毁，该地距离洛杉矶市中心西北方向约 25 英里。

NBCLA 在一份声明中表示，向“逝者家属、朋友及同事表达我们最深切的哀悼”。

那起涉及一辆 SUV 且导致至少两人死亡、多人受伤的巴士碰撞事故发生在 5 p.m. 刚过。消防局表示，直升机坠落在一家仓储设施的两栋商业建筑之间，落在两个集装箱以及停在该区域的几辆车辆上。

国家运输安全委员会（NTSB）和美国联邦航空管理局（FAA）将对此展开调查。

该直升机是报道此次巴士事故的多架飞行器之一。

柯克遗孀起诉学校枪击案

作者：MARIAH TIMMS

埃里卡·柯克（Erika Kirk）在一份通知官员她可能对该大学及州政府采取法律行动的法律文件中表示，犹他谷大学（Utah Valley University）的安全漏洞使得一名刺客能够接近并杀害保守派评论员查理·柯克（Charlie Kirk）。

31岁的查理·柯克于去年9月在该公立大学向学生发表讲话时被枪杀。当时他正处于其组织“Turning Point USA”计划的大学演讲巡演的第一站。

埃里卡·柯克的律师在上周，即枪击案一周年纪念日之前提交了该法律文件，这是保留其就此次死亡起诉相关官员权利的第一步。根据犹他州法律，原告必须通知政府被告有关损失的索赔，诉讼才能被受理。

《华尔街日报》审阅的该文件称：“通过一系列令人震惊的失败和鲁莽的决定，UVU各方为查理制造了可预见的危险。这些决定使得柯克先生在屋顶枪手的面前毫无还手之力。”

该文件点名了犹他州、大学官员和校园警察。文件称，活动组织者忽视了向校园警察反映的关于附近屋顶准入问题的担忧。

文件中记录的短信副本显示，一名TPUSA官员提醒了学生们对屋顶准入的担忧，并要求大学警察局局长杰弗里·隆（Jeffrey Long）“要么实施准入控制，或者允许我的一个人也在场。如果可能的话。”

根据文件，隆表示：“我帮你搞定。”

一名大学发言人表示：“我们的重点仍然是支持我们的校园社区。”

本月早些时候，针对被指控杀害查理·柯克的男子泰勒·罗宾逊（Tyler Robinson）的案件有了进展。一名犹他州法官裁定，有足够的证据证明其应接受加重谋杀罪的审判，该罪名可能导致死刑。罗宾逊还面临妨碍司法公正和干扰证人的指控，涉及他涉嫌采取措施隐藏步枪，并敦促其室友删除短信且不与执法部门合作。

23岁的罗宾逊对指控表示不认罪。官员去年表示，在家人和朋友联系执法部门后，罗宾逊的身份被确认。他在枪击案发生几天后被捕，此后一直被羁押。

NAUTISCHE INSTRUMENTE MÜHLE GLASHÜTTE / SA.

• 精密的德国工程与沉稳的自信相结合 - Mühle Glashütte Sportivo Big Date 代表了纯粹的动力 —— 坚固且精准。

欲了解更多信息，请联系： Tempus Takumi – NYC, NY - 212-257-3330 Exquisite Timepieces - Naples, FL - 239-227-2932 Sam L. Majors - Midland, TX - 432-687-0078 Robert Hack Diamonds - Brookfield, WI - 262-790-5757 Right Time - Highland's Ranch, CO - 303-862-3900 Toppers Jewelers - SF Bay Area, CA - 888-730-2221 Merry Richards Jewelers - Chicagoland, IL - 630-516-8000 Little Treasury Jewelers - Gambrills, MD - 410-721-7100 Old Northeast Jewelers - St. Pete, FL - 727-898-4377

Muhle Glashutte USA · 727-896-4278 www.muhleglashutteusa.us

以色列军火交易引发反对

美国协议将向以色列提供武器，包括2,000-pound MK-84炸弹。一枚击中加沙民宅且未爆炸的MK-84炸弹。 MAR ASHTAWY / APA IMAGES / ZUMA PRESS

一名关键民主党人因担心平民伤亡而反对 28 亿美元 billion 计划

一名民主党高层表示，他将反对特朗普总统计划向以色列提供 28 亿美元 billion 的军事援助方案，称该方案引发了关于重型炸弹如何在加沙和黎巴嫩人口密集地区使用的“严重且尚未解决的担忧”。

作者：Jared Malsin, Alexander Ward 和 Yoko Kubota

众议院外交事务委员会首席成员格雷戈里·米克斯（Gregory Meeks）议员的反对不太可能直接阻止该交易，因为政府有绕过该反对意见的选择。

但米克斯拒绝批准此次转让，凸显了一个敏感问题——对以色列的军事支持——该问题在期中选举前分化了立法者。

“特朗普政府尚未提供足够的保证，确保内塔尼亚胡政府在符合美国法律并对平民采取适当保护的情况下使用这些武器，”这位来自纽约的民主党人写道，他指的是以色列总理本雅明·内塔尼亚胡（Benjamin Netanyahu）。“因此，我目前不会批准此次销售。”

米克斯补充说，他的决定并未削弱国会对以色列“合法防御需求”的支持。

据熟悉该计划的美国官员透露，拟议的 28 亿美元 十亿武器交易包括 40,000 枚美国 2,000 磅级炸弹。官员们表示，其中一半将是 MK-84 炸弹，其余为 BLU-117 炸弹。

该交易还将包括 20,000 枚钻地弹头。这些被称为 I-2000年代 的弹头旨在穿透混凝土或其他结构后爆炸。

购买这些炸弹的资金将来自对外军事融资，即美国向其他国家提供资金以购买其武器。

尽管特朗普与内塔尼亚胡近期在加沙和平计划上存在紧张关系，但此次计划销售表明美国对其盟友的军事支持仍在继续。上个月，内塔尼亚胡拒绝了特朗普关于分阶段解除哈马斯武装的计划，并在敌对行动短暂暂停后恢复了对该武装分子的空袭。

特朗普随后表示，以色列不应袭击被美国指定为恐怖组织的哈马斯，因为该武装分子已同意放弃武器。

伊朗冲突也使特朗普与内塔尼亚胡的关系变得紧张。这场战争导致许多伊朗领导人死亡，并削弱了其部分军事力量，但伊朗政权依然在位，而德黑兰在整个地区发动袭击，引发了全球石油供应危机。《华尔街日报》曾报道，特朗普在与这位以色列领导人的通话中表达了对该冲突的沮丧。

“我认为这是一个巨大的恩惠，是对内塔尼亚胡政府的认可。这些是造成破坏最严重的武器类型，”美国中东权利委员会（一个主张该地区人权的美国组织）的美国武器销售专家兼政策主任塞斯·宾德（Seth Binder）表示。“在全国范围内讨论停止援助以色列的时刻，这却在朝着完全相反的方向发展，不仅加倍支持，而且还在此基础上进一步增加。”

白宫拒绝就待定的武器销售发表评论。国务院拒绝就拟议的销售发表评论，但表示：“以色列有权自卫，美国支持以色列采取必要行动保卫其国家。”

由于加沙战争给巴勒斯坦人带来的伤亡，以色列面临着日益增长的国际压力。在应对由哈马斯领导的 2023 年 10 月 7, 2023, 袭击以色列（导致约 1,200 人死亡）而在该飞地展开的战争期间，以色列军队使用了包括 MK-84 在内的多种弹药摧毁了加沙地带的大片区域。据巴勒斯坦卫生部门称，这场战争已导致加沙 73,000 多人死亡，但该部门未说明其中战斗人员的人数。

MK-84 的爆炸半径可达 400 码，这意味着拟议销售武器的综合火力足以覆盖整个加沙地带表面积多次。每枚炸弹都能夷平一座公寓楼，并炸出一个 50 英尺宽的弹坑。以色列表示，其在加沙的行动旨在打击哈马斯武装分子，且军方已采取措施保护平民。

以色列国防部拒绝置评。以色列总理办公室未回应置评请求。

军事分析人士表示，这类大载荷炸弹的一个潜在合法用途是摧毁地下隧道和掩体，这些地方是普通炸弹无法触及的。这些炸弹也可以用于平民稀少的农村地区战争。

众议院通过针对俄罗斯石油的法案

作者：YOKO KUBOTA 和 OLIVIA BEAVERS

华盛顿——众议院周三通过了一项立法，赋予特朗普总统征收关税的新权力，旨在挤压俄罗斯石油和天然气的主要进口国，此举旨在惩罚莫斯科入侵乌克兰的行为。

该立法以 262 比 159 的投票结果获得通过，随后将被送交特朗普的办公桌等待签署。该法案上月已获参议院批准，得到了两党支持，尽管部分民主党人因担心特朗普可能会滥用更大的关税权力而表示反对。

该立法不仅将惩罚特定的俄罗斯个人和实体，还将惩罚俄罗斯石油和天然气的五大进口国。它赋予特朗普对购买俄罗斯能源的国家征收最高 $100\%$ 关税的权力。此外，该法案还将对伊朗的制裁延长至 2031 年。

新罕布什尔州参议员珍妮·沙欣（Jeanne Shaheen）——参议院外交关系委员会排名最高的民主党人——表示，在俄罗斯前五大化石燃料进口国中，中国占莫斯科收入的 $51\%$。

一名白宫官员表示，特朗普计划签署该法案。

该法案的发起人、众议员迈克尔·麦考尔（Michael McCaul，共和党，德克萨斯州）认为，在冬季到来之前通过该法案，对于向俄罗斯总统弗拉基米尔·普京及其盟友施压至关重要，且必须在俄罗斯针对民用基础设施采取行动之前采取行动。

与此同时，众议院外交事务委员会排名最高的民主党人、众议员格雷戈里·米克斯（Gregory Meeks，民主党，纽约州）表示，他对该法案能否实现其目标持怀疑态度。

两名爱荷华州共和党人在伊朗战争问题上与总统分歧

作者：MAYA DAVIS 和 JOHN MCCORMICK

在伊朗战争政治影响力的最新迹象中，两名面临激烈众议院选举的爱荷华州共和党人跨党派支持一项旨在结束战斗的民主党决议，导致共和党内背离人数增加。

众议院现已三次通过一项关于伊朗战争权力的决议。

在周二晚些时候的一次投票中，众议员扎克·纳恩（Zach Nunn）和玛丽安内特·米勒-米克斯（Mariannette Miller-Meeks）支持了该决议，与特朗普总统的分歧进一步扩大。这两位议员在非党派分析师的评级中均面临着胜负难料（tossups）的选举竞争。该措施指示总统撤出参与针对伊朗敌对行动的美国军队，除非国会已宣布战争状态或授权使用武力。

爱荷华州已成为一个出人意料的战场州，特朗普的关税给当地农业经济带来了沉重负担，而中东冲突则推高了汽油、柴油和化肥的价格。在3月科威特的一次无人机袭击中丧生的两名军人也与爱荷华州有关：美国陆军预备役中士德克兰·科迪（Declan Coady）来自纳恩的选区，而陆军预备役少校杰弗里·奥布赖恩（Jeffrey O'Brien）曾居住在纳恩的选区，并与米勒-米克斯的选区有联系。

此次战争权力投票以 220-204 通过，得到了所有民主党人和七名共和党人的支持，高于此前投票中的四名。米勒-米克斯是一名退役陆军中校兼医生，纳恩是一名空军预备役上校，两人在之前的决议中均投了反对票。

纳恩在的一份提及自己在中东执行战斗任务的声明中，指出了他的州为这场战争付出的“毁灭性代价”，并表示伊朗必须为其行为“承担责任”。但他也明确表示，就支持战争而言，政府不再拥有他提供的“空白支票”。

“持续的战斗行动现在需要国会的授权，”他说，并补充道他“不会支持另一场没有期限的战争”。

纳恩的这次投票发生在他在爱荷华州博览会上与国防部长皮特·海格塞斯（Pete Hegseth）并肩而立约一个月之后。在 2024 年大选中，爱荷华州以 13 个百分点的优势支持特朗普。

“去做非常困难的事情，去保卫你的国家并确保激进的伊斯兰疯子无法获得核武器，这是有代价的，”海格塞斯当时表示。

与纳恩一样，米勒-米克斯在做出决定时强调了她超过二十年的军旅生涯。

“美国人不想要另一场‘永远的战争’。我不会投票支持让我们的士兵留在一场没有期限的战争中，而爱荷华州的人们在加油站支付过高的费用，”她说。她呼吁特朗普提出一项结束战争的计划。

特朗普在很大程度上忽略了立法者关于战争的呼吁。早在5月，他通知国会针对伊朗的敌对行动已于4月结束，这使得白宫能够绕过立法者批准这场始于2月的战争的 60 天期限。

众议院现已三次通过一项关于伊朗战争权力的决议。此类投票在很大程度上具有象征意义，因为特朗普可以否决任何提交到他办公桌上的措施。

周二支持该措施的其他共和党人包括：俄亥俄州众议员沃伦·戴维森（Warren Davidson）、宾夕法尼亚州众议员布赖恩·菲茨帕特里克（Brian Fitzpatrick）、密歇根州众议员汤姆·巴雷特（Tom Barrett）、肯塔基州众议员托马斯·马西（Thomas Massie）——他曾在之前的投票中支持过该决议——以及南卡罗来纳州众议员南希·梅斯（Nancy Mace）。梅斯和马西将在本届会期后离开国会，而菲茨帕特里克和巴雷特将在今年秋天参加竞争激烈的选举。

纳恩和米勒-米克斯的转变凸显了该州共和党人面临的压力，并导致该院爱荷华州代表团出现分歧。众议员兰迪·芬斯特拉（Randy Feenstra）和艾希莉·欣森（Ashley Hinson）投了反对票。爱荷华州参议员查克·格拉斯利（Chuck Grassley）和乔尼·恩斯特（Joni Ernst）在类似的参议院决议中均投了反对票。

纳恩此前因亲战言论而遭到其民主党竞争对手——牧师兼州参议员莎拉·特隆·加里奥特（Sarah Trone Garriott）的反击。在周二投票前播出的一则针对纳恩的广告指责他一方面投票支持战争，另一方面却希望战争结束。

米勒-米克斯正第三次面对法律教授及前州代表克里斯蒂娜·博汉南。博汉南在伊朗问题上批评了这位议员，并在X平台上发帖称，米勒-米克斯此前在战争权力问题上的投票延续了冲突。

特朗普办公厅主任称其癌症已痊愈

作者：JOSEPH PISANI

白宫办公厅主任苏西·怀尔斯（Susie Wiles）周三表示，在今年早些时候接受乳腺癌治疗后，她现在已无癌症。

“在本周前往梅奥诊所（Mayo Clinic）就诊后，我的病理结果显示为阴性，”69岁的怀尔斯在社交媒体发帖中表示，“我已痊愈。”

特朗普总统曾在3月份宣布，怀尔斯被诊断出患有早期乳腺癌，并将立即开始治疗。他称她为“我认识的最坚强的人之一”，并表示她的预后情况非常好。政府官员当时表示，她将继续担任其职务，并在需要治疗时请假。

周三，怀尔斯感谢特朗普给予她的“坚定支持”，并表示她将继续“致力于推进他的‘美国优先’议程”。

怀尔斯是佛罗里达州人，是首位担任白宫办公厅主任的女性。在此之前，她是特朗普2024年大选的竞选经理。2016年，她曾与他合作帮助赢得了佛罗里达州。

莱昂·布莱克被裁定藐视国会

作者：ANNA MARIA ANDRIOTIS

由于亿万富翁莱昂·布莱克（Leon Black）拒绝遵守众议院委员会关于其与杰弗里·爱泼斯坦（Jeffrey Epstein）关系及保密协议的传票，众议院投票决定将其裁定为藐视国会。

周三的投票通过一致同意通过。接下来，国会将把此事移交给司法部。被判定藐视国会的个人可能面临监禁。

司法部的一位发言人表示，该部门“严肃对待藐视国会的指控”，且哥伦比亚特区美国检察官办公室将审查该移交请求。

布莱克的律师表示：“这是一个令人愤慨的行为，它忽略了关于布莱克先生的事实和真相。”

“众议院在这次调查的每个阶段都过于仓促。”

众议院监督委员会共和党主席詹姆斯·科默（James Comer）议员表示：“没有人能凌驾于法律之上。莱昂·布莱克无视了两份传票。”该委员会的首席民主党人罗伯特·加西亚（Robert Garcia，加利福尼亚州民主党人）议员表示：“这次投票是迈向公正和问责的重要一步。”

科默（肯塔基州共和党人）周三还提出了一项法案，以确保幸存者即使签署了保密协议，也能自由谈论性虐待问题。科默表示：“在我们的调查过程中，我们了解到权势人物如何将保密协议武器化，以使性虐待的幸存者噤声。”

本月，布莱克在联邦法院对正在调查他与爱泼斯坦关系以及科默的众议院监督委员会提起诉讼，认为该小组及其主席逾越了职权。

6月，布莱克出席了委员会的质询，但由于他突然离开，会议被提前终止。委员会随后向他发出传票，要求其返回接受进一步质询并提交保密协议。布莱克提交了一份他与前女友签署的、且爱泼斯坦在其中担任顾问的保密协议，但拒绝提供与其他女性签署的保密协议。

布莱克曾任阿波罗全球管理公司（Apollo Global Management）首席执行官，是爱泼斯坦最大的金融客户之一。他曾表示自己并不知晓爱泼斯坦的罪行，从未虐待女性，也没有被爱泼斯坦勒索。

虽然罕见，但藐视国会的起诉曾导致监禁。特朗普的顾问史蒂夫·班农（Steve Bannon）和彼得·纳瓦罗（Peter Navarro）在因拒绝配合众议院对2021年1月6日国会山骚乱的调查而被判定藐视国会后，被判处监禁。

企业领袖指出 AI 安全威胁

在论坛上，高管们并不认同特朗普关于危险被夸大的观点

作者：CHIP CUTTER

华盛顿——首席执行官们并不认同特朗普总统关于 AI 对人类构成威胁纯属骗局的论点。

在本周于华盛顿举行的一场仅限受邀参加的美国数十位顶尖高管集会上，企业领袖们压倒性地反对总统的评估，即人工智能带来的危险被夸大了。在耶鲁大学管理学院此次活动参与者的快速民意调查中，$93\%$ 的人表示，特朗普本周将该技术的潜在灾难性危险称为骗局是不正确的。

“这令人震惊，”组织此次 CEO 会议的耶鲁大学管理学教授杰弗里·索嫩费尔德（Jeffrey Sonnenfeld）表示。索嫩费尔德说，在与现场高管的交谈以及随后的汇报中，企业领袖们告诉他，他们希望就如何防范 AI 及其潜在危害开展更多讨论。“普遍观点是：这是真实的。”

此次论坛为企业领袖们提供了一个在下周白宫与中国领导人习近平举行国宴前交换意见的机会，届时构建最先进 AI 的全球竞赛可能会成为一个重要议题。特朗普驳回了加强联邦监管的呼吁，认为此类护栏将使该行业在财务上崩溃，并给中国带来优势。包括 Anthropic 和 OpenAI 在内的最大 AI 公司负责人于周末表示，该行业需要放缓先进 AI 的开发，以确保其安全性。

这些企业领袖主要来自硅谷以外的行业和地区，其中包括工具制造商 Snap-on、摩托罗拉解决方案（Motorola Solutions）以及获得奖项的玻璃制造商康宁（Corning）的 CEO。参会者包括共和党和民主党的高管以及政府官员，其中包括前副总统迈克·彭斯（Mike Pence）和前众议院议长南希·佩洛西（Nancy Pelosi）。

许多人因为担心疏远特朗普政府而不想公开表态，但一系列民意调查问题让他们能够集体分享自己的担忧。

白宫未回应置评请求。

AI风险分歧导致特朗普高级助手产生分歧

（接第一页）

更多的政府审查。

风险投资家萨克斯、Meta Platforms首席执行官马克·扎克伯格以及英伟达的黄仁勋，是那些经常敦促总统继续采取轻触式监管的人员之一——这种方法目前看来正占据上风。

特朗普总统驳回了加强AI监管的呼吁。

据知情人士透露，扎克伯格、黄仁勋以及SpaceX首席执行官埃隆·马斯克最近就一项由行业资助的监管机构计划表达了担忧，并成功地使该计划陷入停滞。

萨克斯已成为部分白宫官员摩擦的焦点。在他最初担任政府AI和加密货币主管（czar）期间，他主张政府在AI领域的参与应受到限制。一些政府官员私下研究了萨克斯的业务，以查看这位风险投资家是否能通过阻挠监管来获取个人利益。

ULIA DEMAREE NIKHINSON / AP

萨克斯最初是以政府特别雇员的身份担任该职务，这意味着政府伦理办公室要求他的风险投资公司剥离大部分（但非全部）AI持仓。其公司价值数十亿美元的投资组合包括SpaceX和许多AI初创公司的股份。萨克斯此前曾投资扎克伯格的Meta Platforms、Palantir和Airbnb。

他在3月份离开了主管职位，出任白宫技术咨询委员会的共同主席。知情人士表示，在过去的六个月里，其他政府官员对这项技术的发展程度，以及政府最初在审查方面所做的努力之少感到担忧。

萨克斯的影响力在本周再次显现。周一，在立法者和部分AI首席执行官呼吁协调放缓模型开发以防止网络攻击或其他灾难后，特朗普宣布，美国唯一需要的AI监管就是一位“强而聪明的总统”。

几小时后，特朗普拨通了由萨克斯共同主持的名为“All In”的技术播客活动电话。当时萨克斯与黄仁勋正在现场录制，身着标志性黑色皮夹克的黄仁勋接听了电话。

黄仁勋赞扬了特朗普之前的言论，然后将其开启免提。“机器人不会接管一切。AI也不会接管世界的其余部分，”特朗普说道。

白宫发言人利兹·休斯顿（Liz Huston）表示：“特朗普政府致力于释放美国创新，支持全球最先进AI模型的安全且成功部署，并保护我们的国家安全。”

今年春季，Anthropic强大的Mythos模型的预览和逐步发布引发了白宫内部的部分转变，因为官员们意识到该AI工具可能被用于发起此类攻击并构成国家安全威胁。一名政府高级官员表示，在政府内部，Mythos模型就像一个“红色闪烁的警示灯”，导致连续几天出现全天候的紧急电话。

7月，OpenAI对Hugging Face公司的一次黑客攻击涉及数百个协同行动的AI代理，这加剧了官员们对失控模型的恐惧。

此后，白宫官员经常与其他AI高管发生争执，后者反对许多监管尝试。知情人士称，有时这些高管会直接向特朗普反映情况。

知情人士表示，一些白宫助手不得不边工作边学习AI知识，并向业内人士询问某些机制是如何运作的。

白宫团队已开始研究恶意开发者或外国国家如何利用该技术以伤害人员及美国基础设施（包括当地水务和电力设施）的方式，这是包括副总统JD·万斯在内的官员们所担忧的问题。知情人士称，部分评估工作涉及国家安全局（NSA）和中央情报局（CIA）。

他们表示，随着白宫关于人工智能的讨论扩展到其如何被用于制造生物武器，相关会议有时会包括卫生与公众服务部的最高官员。

尽管其高级顾问和大部分公众表示担忧，但特朗普依然坚决认为，国家需要加速人工智能的发展，并继续建设支撑人工智能繁荣的数据中心，以保持对中国的领先地位并提振经济。他周一在 Truth Social 上写道：“一场针对人工智能和数据中心的恶劣阴谋正在进行，唯一对此感到高兴的是中国。谁赢得了人工智能，谁就赢得了胜利！”

尽管民调显示大多数美国人反对在自己的社区建设数据中心，且其外部顾问警告称这种立场可能会让他显得与公众脱节，但特朗普依然为数据中心辩护。

萨克斯周三在一次 Politico 活动上表示，现有的产品责任法和防止欺诈的措施在目前阶段对于人工智能模型来说已是足够充分的监管。他说：“这些公司有责任对其产品保持控制。”

据知情人士透露，一些政府官员告诉人工智能公司的高管，由于该行业经常出现分歧，且首席执行官们直接联系特朗普，白宫很难达成共识。

据知情人士透露，特朗普自己的助手在试图说服他人工智能具有重大负面影响方面几乎没有取得成效。一名政府高级官员表示，总统对人工智能“感兴趣”，但“并不经常使用”。

在本任期内，科技公司和人工智能公司向特朗普及其关联组织提供了巨额捐款。OpenAI 的奥特曼多次参加特朗普的筹款活动，该公司另一位高管格雷格·布罗克曼及其妻子捐赠了 2500万美元。英伟达的黄仁勋向特朗普新的白宫舞厅捐款。Meta 和其他科技巨头也做出了类似的承诺。

上个月，一些行业高管再次试图说服特朗普取消另一项潜在的行政命令。

据知情人士透露，谷歌母公司 Alphabet 的首席科学家德米斯·哈萨比斯近几周一直在向白宫官员推介一个由行业资助的团体，该团体将制定标准并防止损害，类似于监管经纪公司的金融业监管局（FINRA）。许多行业高管支持这一概念，但扎克伯格、黄仁勋和马斯克并不支持，他们对谁将被选入该机构以及权力可能集中在 OpenAI、Anthropic 和谷歌手中表示担忧。

知情人士表示，特朗普最终不同意成立这样一个团体，这令白宫内部的一些人员感到沮丧。

美国观察

1998年，艺术家彼得·马克斯（Peter Max）在纽约工作室，身旁是戴安娜王妃的照片。

华盛顿

肯尼迪中心周围搭建围栏

周三，肯尼迪中心主楼周围搭建起了围栏。此前一天，由特朗普派系掌控的董事会投票决定关闭该表演艺术中心的大部分区域以进行维修。

俄亥俄州民主党众议员、肯尼迪中心董事会当然成员乔伊斯·比蒂（Joyce Beatty）周三寻求紧急法院听证，以阻止她所谓的“非法关闭”。

董事会在周二进行投票，而在此之前，一名联邦法官已阻止该机构将特朗普总统的名字重新挂回建筑上。

总统在社交媒体的一篇帖子中表示，关闭是为了进行安全维修。但他同时表示，国会已拨款 2.57亿美元 用于覆盖此次维修，但只有在董事会被允许推进将他的名字添加到建筑上的计划时，维修才会进行。

反对关闭的活动人士表示，周三该建筑没有任何车辆或行人通道。一名试图接近主楼的记者被一名保安告知该建筑已关闭。

——美联社

讣告

著名作家安妮·迪拉德，81, 逝世

普利策奖得主、作家兼散文家安妮·迪拉德（Annie Dillard）逝世，享年81岁。她以在《廷克溪的朝圣者》（Pilgrim at Tinker Creek）、《五月之树》（The May-trees）及众多其他作品中对自然、爱、精神世界和写作艺术的诗意探索而闻名。

她的文学经纪人罗布·麦奎尔金（Rob McQuilkin）表示，迪拉德于周二在马萨诸塞州南韦尔弗利特的家中因自然原因去世。

从20世纪70年代中期开始，迪拉德创作了广泛的书籍，从诗集《祈祷轮之票》（Tickets for a Prayer Wheel），到她称之为“快活新闻”的《与中国作家的邂逅》（Encounters with Chinese Writers），再到探讨婚姻的小说《五月之树》（The Maytrees），后者曾入围2008年的 PEN / 福克纳奖决赛。

她原名梅塔·安·多克（Meta Ann Doak），出生于匹兹堡。在1987年的回忆录《美国童年》（An American Childhood）中，她回顾了早年生活以及她那独特的好奇心。

在《廷克溪的朝圣者》使她成为一个重要的新文学之声，并被视为亨利·戴维·梭罗在观察自然世界方面敏感且特立独行的继承人时，迪拉德还不到30岁。

——美联社

讣告

波普艺术大师彼得·马克斯，88, 逝世

彼得·马克斯（Peter Max）逝世，享年88岁。其子在周三的一份声明中确认了这一消息。马克斯色彩斑斓、具有迷幻风格的波普艺术表达了20世纪60年代“花朵力量”运动的乐观主义，其作品涵盖了从邮票到邮轮的所有领域。

声明称，马克斯于周一去世，未说明死因。

他在20世纪60年代开始从事平面设计事业，其旋转的、色彩丰富的、极具辨识度的设计成为了那个时代“花朵力量”艺术的缩影。

马克斯曾担任奥运会、超级碗、印第安纳波利斯 500, 世界杯、世界系列赛以及许多其他赛事的官方艺术家。

他的儿子亚当·马克斯（Adam Max）表示：“我们将记住他非凡的创造力、他的温暖、他的好奇心，以及他处处发现美与可能性的方式。”

马克斯于1937年出生在柏林的一个犹太家庭，原名彼得·马克斯·芬克尔斯坦（Peter Max Finkelstein）。他在婴儿时期随家人逃离纳粹德国前往上海，随后在西藏、以色列和巴黎生活，直到16岁时定居纽约市。——美联社

沙特与中国导弹有关联

GREG BAKER / 在也门发现的弹道碎片表明北京在武器销售中扮演了某种角色

迪拜——也门官员和武器专家表示，在也门发现的碎片表明，沙特阿拉伯首次在实战中发射了中国制造的弹道导弹。此举可能旨在向其对手胡塞武装发出信号，表明沙特军械库中还拥有其他武器。

作者：乔恩·甘布雷尔 (Jon Gambrell)、萨默·赛义德 (Summer Said) 和 萨利赫·阿尔-巴塔蒂 (Saleh al-Batati)

如果得到证实，使用东风-15将标志着沙特阿拉伯在与也门胡塞武装长年累月的战争中首次使用弹道导弹。这也将为中国向中东出售导弹提供新的线索，而北京方面长期以来一直否认此事。

目前尚无法确定该导弹是否击中了也门境内的任何目标。目前发现的唯一碎片是弹体。弹头在飞行过程中会分离，并继续飞向目标。随着近几周与胡塞武装的冲突升级，沙特阿拉伯一直使用喷气式战斗机进行常规空袭。

“沙特人正在亮出一张此前从未展示过的底牌，试图以此来平衡战略格局，”总部位于伦敦的智库国际战略研究所 (IISS) 研究员萨沙·布鲁赫曼 (Sascha Bruchmann) 表示。

中国外交部和沙特政府未回应置评请求。

周一，一段显示该碎片视频开始在社交媒体上流传，视频显示也门人聚集在

这枚导弹可能不仅向胡塞武装，而且向伊朗发出了信号。

人们聚集在导弹残骸周围，手机灯光照亮了其尾翼、发动机和序列号。侧面用粗体黑字印着“DF-15A”。

《华尔街日报》无法核实这些视频的真实性，但地区分析人士表示，这些视频看起来是真实的。

率。

他们表示，该导弹似乎是 DF-15A，一种由中国设计的短程固体燃料弹道导弹。他们指出，该导弹独特的固定尾翼和执行电机与中国国家电视台此前播出的涉及该武器演习的画面相吻合。

一名胡塞武装官员和一名来自也门胡塞武装反对派的官员表示，沙特阿拉伯发射了这枚导弹。

中国军用车辆在参加阅兵时携带 DF-15B 弹道导弹。

一名沙特官员没有否认该王国发射了这枚导弹。他承认胡塞武装并不拥有该武器系统。该官员拒绝详述——

使用该导弹之际，沙特阿拉伯的经济正承受着中东地区冲突扩大的压力。胡塞武装最近占领了曼德海峡沿岸的领土，该海峡是将石油运出该地区的关键水道。由于美国与伊朗之间的冲突，霍尔木兹海峡在数月内基本处于关闭状态。沙特阿拉伯上周在一条管道遭到无人机袭击后也不得将其关闭。

使用该导弹可能不仅向胡塞武装，而且向德黑兰发出信号。DF-15A 的射程足以覆盖伊朗南海岸。但发送此类信号对沙特人来说也带有风险。

“如果我是沙特人，我会担心与伊朗人引发一场弹道导弹冲突，因为这不仅会威胁到美国基地，还会使其所有的导弹基础设施处于风险之中，”美国智库外交政策研究所（Foreign Policy Research Institute）研究员萨姆·莱尔（Sam Lair）表示。

美国长期以来一直将沙特阿拉伯视为中国导弹的买家。在 20 世纪 80 年代后期，沙特阿拉伯与北京达成了一项估计价值 30 亿美元 billion 的协议，购买东风-3A 中程导弹。当时，美国考虑停止向该王国出售武器，但由于担心在冷战末期失去影响力而作罢。

中国导弹至少在 2014. 的一次沙特阅兵式上出现过。分析人士表示，卫星图像显示沙特阿拉伯扩大了维护和制造这些导弹的设施。在 2021, 《华尔街日报》报道称，自 2018 左右以来，中国军队已向沙特阿拉伯转移了多批成品东风导弹。

与此同时，中国在同一时期向伊朗出售了导弹零部件和燃料，而伊朗多年来一直支持胡塞武装，将其作为向沙特阿拉伯施压的手段。

斯德哥尔摩国际和平研究所将中国列为全球第五大武器出口国，主要客户包括巴基斯坦、塞尔维亚和泰国。该研究所表示，美国仍是最大的出口国，沙特阿拉伯占其所有销售额的 $12%。

胡塞武装称在也门上空击落沙特F-15战斗机

作者：JON GAMBRELL 和 SUMMER SAID

迪拜——也门受伊朗支持的胡塞武装周三表示，他们击落了一架沙特F-15战斗机，并发布了似乎显示飞机焦黑残骸的视频片段。与此同时，阿拉伯半岛日益加剧的冲突正导致能源供应中断恶化。

沙特阿拉伯媒体部未回应置评请求。但两名熟悉该事件的人士表示，一架沙特飞机被击落。

胡塞武装近期占领了包括曼德海峡一座岛屿在内的领土，增强了其干扰沙特红海石油运输的能力。此外，该反政府武装以及在伊拉克受伊朗支持的民兵组织已袭击了沙特的石油生产。

如果胡塞武装成功击落一架美国制造的F-15，这将代表其防空能力的重大提升。此前在长达十年的冲突中，沙特在很大程度上能够随意在也门全境进行空袭。胡塞武装的军事媒体部门表示，该飞机在马里卜（Marib）被击落，该地区生产石油和天然气，长期以来一直是反政府武装觊觎的目标。由伊朗武装的胡塞武装表示，他们使用了国产导弹击落了这架战斗机。

视频片段似乎显示了一片焦黑的沙漠，其中部分碎片看起来像F-15的机翼和发动机。在几个镜头中，可以看到疑似尾翼的部分带有沙特阿拉伯国旗。

胡塞武装未提及机上人员的命运。F-15可由一名飞行员驾驶，或由一名飞行员和一名武器系统操作员共同驾驶。

如果得到确认，失去这架F-15将是沙特阿拉伯在最新一轮冲突升级中的首次损失。胡塞武装此前曾声称击落过其他飞机，而沙特王国通常反驳称这些飞机是遇到了技术问题。

在也门，胡塞武装与获得国际认可且受沙特支持的政府之间自2022年起一直维持着一项非正式停火协议。

作为伊朗领导的联盟的一部分，胡塞武装在Oct. 7, 2023.哈马斯武装分子袭击以色列后加入了战斗。在加沙停火之前的冲突期间，胡塞武装袭击了100多艘船只，并向以色列发射了导弹。

去年以色列和美国开始袭击伊朗时，胡塞武装保持旁观。他们的攻势出现之际，伊朗和美国继续在霍尔木兹海峡争夺控制权，在和平时期，全球五分之一的石油贸易曾经过该海峡。

道琼斯风险期刊 (Dow Jones Risk Journal) 企业级风险情报，现可立即获取

为风险与合规专业人士、商业领袖及其他决策者提供新闻与洞察的核心来源。

道琼斯风险期刊提供可靠的新闻和可操作的洞察，帮助您管理风险、确保合规并做出明智的商业决策。

立即获取针对16个风险主题的定制新闻与洞察，涵盖从金融犯罪、加密货币和AI，到地缘政治、供应链和网络安全等领域。

支持力量：

• 风险期刊记者

• 专家撰稿人

• 《华尔街日报》及其他道琼斯出版物

扫描二维码立即注册道琼斯风险期刊。

伊朗规避美国封锁贸易的部分手段

德黑兰在规避封锁方面进展缓慢

■ 边境口岸< / td><>铁路< / ><>● 城市< / >< / tr><><>< / ><>俄罗斯 亚美尼亚 土耳其 伊拉克< / ><>乌兹别克斯坦 土库曼斯坦 德黑兰 伊朗< / ><>阿富汗 巴基斯坦 美国封锁线< / >< / ><><>贸易伙伴< / >< colspan="2">进口< / ><>出口< / >< / ><><>俄罗斯< / >< ="2">玉米、小麦、种子、食用油< / ><>< / >< / ><><>中国< / >< ="2">工业机械、电气设备、汽车零部件< / ><>< / >< / ><><>巴基斯坦< / >< ="2">大米< / ><>瓶装气体、沥青、水泥、蔬菜、酸奶< / >< / ><><>土耳其< / >< ="2">食用油< / ><>铝锭< / >< / ><><>伊拉克< / >< ="2">大米< / ><>尿素< / >< / ><><>阿富汗< / >< ="2">< / ><>瓶装气体、石油产品< / >< / ><><>乌兹别克斯坦< / >< ="2">< / ><>化肥< / >< / ><><>亚美尼亚< / >< ="2">< / ><>铝锭< / >< / ><><>土库曼斯坦< / >< ="2">< / ><>化肥< / >< / table>

来源：Kpler; Buskool; 国际运输公司协会; 伊朗卡车司机工会; 巴基斯坦外交部; 俾路支人权记录网络; Sheypoor; 中国数据门户; EMID LLC; 设拉子石化公司; Takitak; Torob 和 Zenokala; Ershad Rice; 伊朗国家石油产品分销公司; 52WMB

（接第一页）由于延误，部分货物已经变质。卡车司机表示，铁矿石、水泥和瓶装气体等利润丰厚的货物被困在巴基斯坦和阿富汗边境的入境点。

“伊朗没有为这种情况承担责任，而巴基斯坦也不允许我们卸货，”一名司机在伊朗全国卡车司机和驾驶员组织联盟上周末发布的一段视频中说道。

波斯湾的经济战在很大程度上取决于该地区国家在多大程度上能通过陆路而非通过霍尔木兹海峡转移出口产品。一些国家已经找到了替代方案。沙特阿拉伯正将更多石油向西跨越阿拉伯半岛运输。美国海军则在帮助一些海湾国家通过该海峡转移石油。

伊朗的尝试则在受挫。美国正通过新制裁将其经济孤立，并针对德黑兰袭击美国海军的行为，对伊朗油轮发起打击，导致海运出口崩溃。

在伊朗绕过霍尔木兹海峡计划的又一次挫折中，受美国制裁的伊朗马汉航空（Mahan Air）周三表示，将暂停飞往阿曼和土耳其的航班。

美国的封锁还损害了伊朗的基础商品进口，其中 70% 的进口通常通过被封锁的港口进行。尽管人道主义物资和食品表面上被豁免，但现实情况是，承运商不愿为伊朗提供服务。

上周在社交媒体上发布的视频显示，伊朗最大的商业集装箱港口——沙希德·拉贾伊港（Port of Shahid Rajaee）的起重机处于停滞状态。德黑兰的运输专业人士上个月告诉与伊朗安全部门有关联的梅赫尔通讯社（Mehr News Agency），数千个集装箱被困在巴基斯坦、阿拉伯联合酋长国和沙特阿拉伯的港口。

伊朗试图通过增加其他路线的贸易来弥补损失。伊朗官员表示，过去五个月里，经由里海的过境贸易增长了 70%。根据数据提供商 Kpler 和伊朗贸易网站的数据，伊朗从俄罗斯进口大量小麦、玉米和食用油。

据国家控制的《德黑兰时报》报道，自封锁开始以来，从德黑兰到中国西安的货运铁路班次已从每周一次增加到每三四天一次。伊朗从中国进口工业机械、电子产品和汽车零部件。

但替代路线的脆弱性在周末得到了体现：伊拉克指称伊朗利用其领土袭击沙特阿拉伯，随即暂时关闭了与伊朗边境的货运终端。据德黑兰中央果蔬市场的报道，受此影响，周日一批运往伊拉克的伊朗洋葱货车被迫折返。

不过，在最近这些关闭措施之前，伊朗的陆路边境就已经陷入混乱。例如，当地省长告诉半官方的ISNA通讯社，今年夏天，通过进入巴基斯坦的主要口岸之一皮申（Pishin）的货车数量，从每天约40辆增加到了多达130辆。伊朗国际运输公司协会主席埃赫桑·马莱克扎德（Ehsan Malekzadeh）告诉Mehr通讯社，伊朗陆路边境的海关官员正难以应对这一局面。

马莱克扎德表示，有3,700辆货车滞留在通往土耳其口岸的伊朗一侧，延误时间长达20天。据当地民间组织巴鲁契人权记录网络（Baloch Human Rights Documentation Network）称，在进入巴基斯坦的主要口岸，随时有700辆货车（主要运载瓶装气体和水泥）在等待，但每天仅允许40辆过境。

一名司机告诉伊朗国家控制的IRNA通讯社，他带着运往伊朗的肉类在巴基斯坦一侧的边境被困了数日，而伊朗国内的肉类价格正在飞涨。据伊朗卡车司机工会称，在与阿富汗的边境，卡车司机在能够出口伊朗铁矿石之前同样需要等待数日。

不断上升的成本目前正加剧伊朗日益严重的通货膨胀问题。进口专家穆罕默德·雷扎·霍达拉姆（Mohammad Reza Khodarahm）告诉一家伊朗经济日报，在某些情况下，陆路瓶颈和绕道运输导致货物到达德黑兰后的价格增加了多达三分之一。

欧盟负责人支持与加拿大建立新关系

随着卡尼转向远离华盛顿，欧盟敦促授予其准会员地位

欧盟最高官员表示，她将致力于使加拿大成为该集团的首个准会员。这一重大转变表明，面对特朗普政府的敌意，传统的美国盟友之间正在建立新的联系。

作者：Laurence Norman, Amanda Coletta 和 Joe Parkinson

欧盟委员会主席乌尔苏拉·冯德莱恩表示，欧洲必须加强与志同道合的民主国家的合作，特别是与加拿大的合作，以维护欧洲大陆的主权，并应对她所谓的“一个公开敌对的世界”所带来的威胁。

在法国欧洲议会发表的这一具有里程碑意义的演讲表明，这个由 27 个成员国组成的集团在东面受到俄罗斯的威胁，且与华盛顿的关系处于对抗状态，目前正在重新思考其界限。官员们正在权衡新的、更灵活的准入条款，而加拿大总理一直敦促欧洲为一个严重依赖美国的国家创造空间，加拿大将成为该计划的原型。

“我们必须紧迫地重新构思我们的伙伴关系。并为了我们的韧性和民主建立全球联盟，”冯德莱恩在向欧洲议会发表的年度演讲中说道，加拿大总理马克·卡尼（Mark Carney）当时在现场听众之中。“我希望与你们合作，为加拿大成为欧盟首个准会员打开大门。”

《华尔街日报》近期报道称，加拿大和欧洲官员正在讨论准会员的可能性——这是与该集团的一种新型关系类别。欧洲与加拿大之间建立新型经济和国防联盟的前景，说明了长期以美国军事和经济实力为中心的“西方”概念正在发生转变。

讨论的想法包括：关键经济部门（包括国防）的供应链整合、建立欧洲与加拿大联合云端和数据中心的可能性、增加加拿大向欧洲的能源流动，以及在人工智能和数字规则方面的合作。卡尼已确认，双方还在讨论某些类型的互免签证旅行和工作安排。

目前，双方的技术工作组仍在勾勒细节。加拿大领导人告诉其助手，这无异于对一个半个世纪以来一直由美国主导的经济和社会进行重新定向。

然而，障碍依然存在：能够完全、无摩擦地进入欧盟 $21 trillion 单一市场（允许商品、服务和资本自由流动）的国家，必须遵守其规则，向欧盟预算缴费，并允许其工人自由流动。加拿大官员表示，他们不愿意接受所有这些条款。

加拿大还必须在深化与欧盟的经济合作与遵守其与美国的贸易关系规则之间取得平衡。

在布鲁塞尔，创建欧盟“准会员”类别的想法一直难以被接受。官员们担心这会开创一个“半会员”的先例，这种身份可能被视为在不承担负担的情况下享受会员福利。英国在脱欧后花费了数年时间试图协商一套量身定制的安排。但随着特朗普总统发出威胁，加拿大寻求摆脱对美国的严重依赖，卡尼及其私人特使敦促欧盟放宽思路。他们建议使用“准会员”或其他可能的头衔，以激活欧洲复杂的运行机制。

自从特朗普重返办公室以来，欧盟和加拿大都经历了与华盛顿关系的紧张升级。

加沙城建筑倒塌致 21 人死亡

OMAR AL-QATTAA / 周三凌晨，加沙城一座此前被以色列袭击损坏的建筑突然倒塌，导致至少 21 人在睡梦中丧生，其中包括 11 名儿童。这场灾难迫使救援人员用双手在瓦砾中挖掘。

俄罗斯影子舰队驶入爱尔兰海

DANIEL VERGARA / WSJ 近日在爱尔兰东海岸巡逻的 LÉ George Bernard Shaw 号舰上的爱尔兰海军成员

EMMA BROWN / WSJ 来源：Telegeography（海底电缆）；Maritime Boundaries Geodatabase（专属经济区）

作者：SUNE ENGEL RASMUSSEN

在 LÉ GEORGE BERNARD SHAW 号舰上——在最近一次对爱尔兰海的海军巡逻中，玛丽亚·奥卡拉汉（Maria O'Callaghan）少校指向屏幕上一张紫色的线条网，这些线条标示着承载互联网服务和银行转账关键数据的海底电缆位置。

约 75% 的所有跨大西洋海底电缆经过或靠近爱尔兰周边海域，而此处经常有更多疑似俄罗斯影子舰队的船只航行。奥卡拉汉表示，在过去 18 个月增加之后，影子舰队的船只几乎每天都出现在这些海域。然而，爱尔兰保护这段北大西洋海域的防御力量却十分匮乏。

该国仅有 8 艘巡逻舰来保护一片面积与加利福尼亚州相当的海域。它没有远程军事雷达，没有战斗机，没有防空系统，也没有探测敌方潜艇的能力。

爱尔兰将 GDP 的 $0.2% 用于国防，即使近年来军事支出增长了 $40% 以上，这一比例在所有欧盟成员国中仍是最低的。该国不是北大西洋公约组织（NATO）的成员，因此不受该联盟共同防御协议的保护。

爱尔兰的防御现状引发了一些西方官员和专家的担忧，他们认为欧洲和美国至关重要的基础设施正危险地暴露在俄罗斯干扰和破坏的威胁之下。俄罗斯的潜艇、间谍船和喷气式飞机已被探测到在爱尔兰海岸及领空及其周边区域。

“我们是在梦游中陷入了这种境地，目前处于我记忆中最困难的安全局面。我们基本上毫无防御能力，”爱尔兰梅努斯大学（Maynooth University）的爱尔兰军事史专家大卫·墨菲（David Murphy）表示。“我们没有人员，也没有设备。”

“我们现在比世界其他地方落后了 25 年。”

在近期欧洲大陆发生的一波据称由俄罗斯发起的混合攻击和无人机入侵浪潮中，爱尔兰与其欧洲同行之间的差距使其政府处于尴尬的境地。克里姆林宫否认参与其中。

在最近一次于都柏林市外举行的欧盟国防部长会议上，应爱尔兰请求，一艘英国军舰和一架反潜直升机被部署以提供安保。英国军队出现在爱尔兰领土上长期以来一直被视为禁忌，这提醒着人们该国曾遭受英国统治 800 年的历史。

在参加该会议前，欧盟最高外交与安全官员卡娅·卡拉斯（Kaja Kallas）表示，爱尔兰的海上安全“是我们所有人都非常关注的问题，因为海底铺设的电缆确实影响着人们的日常生活”。

在被问及爱尔兰的支出时，她补充道：“成员国对国防的贡献各不相同。这在很大程度上取决于他们是否认为威胁是真实的。”

爱尔兰长期以来一直将自己宣传为拥有低企业税、前沿研究和卓越连接性的全球科技中心。这里设有 80 多个数据中心，以及包括苹果、谷歌、微软和 Meta Platforms 在内的科技巨头的运营总部。

前美国国家安全顾问罗伯特·奥布赖恩（Robert O'Brien）表示，爱尔兰缺乏雷达系统和情报网络，使美国科技公司暴露在中国和俄罗斯的间谍活动及网络攻击之下。

“中立以及反对战争和帝国主义，绝对是这个国家的组成部分，”来自左翼“人民利益优先党”（People Before Profit）的立法者理查德·博伊德·巴雷特（Richard Boyd Barrett）表示。“俄罗斯在对乌克兰的战争中几乎无法获胜，”他说，“认为俄罗斯代表任何严重的军事威胁，简直是荒谬的。”

然而，自2022年以来，美国和英国军队至少两次在爱尔兰海域发现俄罗斯攻击潜艇。英国曾紧急起飞战斗机，以威慑在爱尔兰西海岸上空被发现的俄罗斯喷气式战斗机。2024年，爱尔兰海军发现一艘俄罗斯间谍船在互联网海底电缆和能源基础设施附近徘徊，并将其护送离开。

近几个月来，通过爱尔兰海域的疑似俄罗斯“影子舰队”船只数量剧增。爱尔兰海军服务局表示，今年1月至9月，约有388艘此类船只通过爱尔兰海，而2025年同期这一数字为132艘。

在最近的一次巡逻中，奥卡拉汉（O'Callaghan）监测船只是否存在可疑行为。“作为一名海员，我们知道什么是正常的，什么是不正常的，”她说，“如果它们恰好在感兴趣的区域徘徊，我们就会前往调查。”

一项2022年的军事能力审查建议扩大武装部队，并采购雷达和喷气式战斗机。爱尔兰在2026年将军事支出提高到约17 亿美元 billion，并发布了其首个海上安全战略。尽管如此，该预算仍落后于欧洲同行。爱尔兰的武装部队人数约为7,750人，低于其约9,700人的目标。

观看视频

扫描二维码，观看《华尔街日报》记者随爱尔兰海军进行巡逻。

特朗普威胁征收关税以谴责重新结盟

作者：玛丽安·莱文 (MARIANNE LEVINE)

华盛顿——特朗普总统周三表示，允许加拿大成为欧盟的准会员可能是一种“敌对行为”，并威胁要对欧洲国家征收额外的关税。

总统表示，这一提议“令人发笑”，并称加拿大是一个“糟糕的贸易伙伴”。此前，欧盟最高官员表示，她将致力于使加拿大成为该集团的首个准会员。在加拿大总理马克·卡尼 (Mark Carney) 出席的欧洲议会演讲中，欧盟委员会主席乌尔苏拉·冯德莱恩 (Ursula von der Leyen) 表示，欧洲需要加强与志同道合的民主国家，特别是加拿大的合作。

总统称，加拿大成为欧盟准会员的想法“令人发笑”。

“如果他们那样做，如果我认为这在任何程度上都是一种敌对行为，我将征收非常严重的关税，或者停止在许多方面与欧洲进行贸易，”特朗普在回答关于加拿大可能成为欧盟准会员的问题时说道。“所以，如果他们那样做，如果欧洲出于恶意那样做——如果是出于好意，那就没问题——如果是出于恶意，我们将对欧洲征收非常沉重的关税。”

美国与加拿大作为密切的盟友和贸易伙伴，两国关系在最近几周日益紧张。特朗普已签署命令，将在未来几周内禁止从加拿大进口许多乳制品、酒精饮料和摩托车，以报复已生效的加拿大关税。他还修改了部分现有的对加 50% 关税的范围，取消了对水泥、道路盐和部分医院产品的征税，同时对包括部分全地形车、船只和奶酪在内的其他产品征收 50% 的关税。

美国和加拿大在 8 月下旬几乎达成一项贸易协议，但两国之间的谈判在最后一刻破裂。随后，特朗普签署了一项行政命令，将位于美加边境的安大略湖 (Lake Ontario) 更名为“美国湖” (Lake America)。

《华尔街日报》近期报道称，加拿大和欧洲官员正在讨论准会员的可能性——这是与该集团的一种新型关系类别。欧洲和加拿大官员表示，虽然成为欧盟正式成员不可行，但他们希望建立尽可能紧密的关系。

终身收入，世代影响。利率即将变动！

由克莱蒙特·麦肯纳学院 (Claremont McKenna) 资助的慈善赠与年金在财务上具有明显意义。

• 领先利率
• 慈善税收抵免
• 终身固定付款
• 降低资本利得税
• IRA-QCD 选项

立即致电获取免费的个性化咨询。 888.311.4717 giftplanning@cmc.edu

当前利率*< / td>< / tr><><>年龄< / ><>利率< / >< / ><><>92+< / ><>14.5%< / >< / ><><>89< / ><>13.1%< / >< / ><><>84< / ><>10.6%< / >< / ><><>79< / ><>8.8%< / >< / ><><>74< / ><>7.5%< / >< / table>

* 利率有效期至 09 / 30 / 2026。利率可能因州而异。

克莱蒙特·麦肯纳学院 (CLAREMONT McKENNA COLLEGE)

特别广告专栏

AI 如何加速科学发现

[...OMITTED...]

图灵奖得主 Shafi Goldwasser 与 Google Research 总经理 Yossi Matias 探讨 AI 如何助力解决困扰研究人员数十年的难题

Shafi Goldwasser

图灵奖得主，麻省理工学院及加州大学伯克利分校教授

科学发现一直处于构思、迭代和验证的循环之中。如今，人工智能正帮助研究人员和科学家压缩这些循环。在本次对话中，Google 副总裁兼 Google Research 总经理 Yossi Matias，以及 ACM A.M. 图灵奖得主、麻省理工学院数学教授兼加州大学伯克利分校电气工程与计算机科学教授 Shafi Goldwasser，共同探讨 AI 如何助力破解此前无法解决的问题。

当前的 AI 驱动发现时代与过去几个世纪的科学革命有何本质区别？在未来 20 年中，您认为我们在发明和发现方式上将迎来最大的转变是什么？

Yossi Matias：纵观历史，科学进步往往需要经过数年时间，社会才能看到真正的益处。如今，人工智能正引领科学发现进入一个新时代，并使其迅速产生影响，有望在从医学、基因组学到气候和能源等多个领域，推动人类应对一些最严峻挑战的进程。AI 将在科学发现中发挥越来越重要的作用——从扩展文献检索和数据综合，到构思、假设生成和模型构建，再到分析、科学评审和验证。作为一名强大的跨学科协作伙伴，AI 正在成为人类创造力的放大器。然而，要真正释放这一潜力，运用科学方法比以往任何时候都更加重要。而且我们必须从一开始就坚持负责任地构建，以确保加速的科学发现是透明且普惠的。

Shafi Goldwasser：传统上，科学循环是观察、假设、实验和分析，由人类主导每一次转换。如今，AI 主要辅助进行统计分析。我相信在未来，智能仪器还将能够自行决定下一步观察什么，形成假设，确定哪些实验值得执行，并分析结果。发现将变成物理世界与计算模型之间一个连续的反馈循环。

至关重要的是，要开发出高效验证 AI 是否正确执行这些阶段的方法，从而确保其发现结果可信。如果因为智能仪器全天候生成并测试假设，导致发现速度提升一百倍，那么人类的审查速度无法同步提升一百倍。我们需要那些能够被机器高效检查的发现，这就要求 AI 科学循环必须辅以物理证据、推理正确性证明、不确定性评估和可重复性保证。否则，我们将拥有海量的观察结果，却缺乏可信的知识。

下一个将增强 AI 的数学革命是什么？

Goldwasser：每一次技术革命最终都会遇到需要克服的数学瓶颈。互联网需要公钥加密和数字签名才能充分实现其在电子商务方面的潜力。现代机器学习正面临着关于“信任”的数学挑战：验证、隐私、鲁棒性、委托和问责。我相信这些领域将像密码学之于互联网那样，成为 AI 的基石。

就个人而言，在 40 多年前担任密码学研究生期间，我被这样一个问题所吸引：“我们如何在不泄露信息的情况下证明某些事情？”而今天，我会问：“我们如何构建一个其推理过程可信的智能学习系统？”这结合了对计算、学习、复杂度理论、密码学和科学的理解。

研究人员正从将 AI 视为简单的工具，转向将其作为合作伙伴。这种协作伙伴模式最大的机遇是什么？

马蒂亚斯：科学家和研究人员可以利用 AI 技术提出更宏大的问题，并以比以往更快的速度开展工作。有了 AI 这一强大的协作伙伴，将有更多研究人员能够更快地推动科学进步。我们已经通过经验研究辅助（ERA）系统看到了初步影响，这是一个能够自动创建自定义软件的编码框架，而自定义软件的创建传统上是科学发现中的一个巨大瓶颈；此外，通过 Co-Scientist 工具，我们还能在文献检索和假设生成方面提供帮助。ERA 已经加速了从神经科学到宇宙学的洞察，包括预测加利福尼亚州各河流流域的季节性径流。我们的 Co-Scientist 工具利用 Gemini 帮助研究人员生成、辩论并完善假设，从而缩短发现周期。我们在斯坦福大学加里·佩尔茨（Gary Peltz）实验室的合作伙伴使用 Co-Scientist 帮助加速了关于肝纤维化靶点发现假设的实验方案研究，助力识别出此前被忽视的有潜力的候选药物。

随着 AI 加速科学突破，这将对更广泛的科学界产生最深远的影响是什么？这种速度将如何改变我们应对那些看似不可能完成的全球挑战的方式？

马蒂亚斯：借助 AI，我们将能够应对一些最严峻的社会挑战。我们已经看到，一些曾经看似不可能解决的科学挑战现在已成为现实。例如，十年前，构建一个有效的洪水预报模型被认为是不可能的；而今天，我们的 Flood Hub 平台为全球 150 个国家提供实时预测，覆盖人口超过 20 亿。这得益于一个基于 AI 的河流洪水全球水文模型和一个山洪事件的 Groundsource 数据集——两者均已开源，以便他人在此基础上开展工作——这使我们向一个没有人会被突如其来的自然灾害所惊扰的未来迈进。我们看到了在健康和行星智能方面的加速进步。当这些先进工具交到全球研究人员生态系统手中时，它们可以普遍地扩大影响力，有可能将广泛的健康和环境危机转化为可控的挑战，并更快地投入应用能改变生活的解决方案。

接下页

特别广告专题

“

AI 将在科学发现中发挥越来越重要的作用——从扩展文献检索和数据综合，到构思、假设生成和模型构建，再到分析、科学评审和验证。作为一名强大的跨学科协作伙伴，AI 正在成为人类创造力的放大器。

”

Yossi Matias 谷歌副总裁兼谷歌研究总经理

Goldwasser：在历史的大部分时间里，限制因素是数据的收集。随后变成了计算能力。由于 的出现，未来的稀缺资源将转向决定哪些 发现是重要的且可以被信任的。这改变了科学家的角色。在接下来的几十年里，更多的人能够参与到发现之中。一个小实验室就能设计出曾经需要制药公司资源才能完成的蛋白质。发展中国家的研究人员能够获得专家级 协作伙伴的帮助。这可能是最大的长期影响，因为它将提升整个科学界的整体能力。

对于气候变化、流行病、能源或新材料发明等问题，进步的速度至关重要，因为这些领域的进展依赖于在极其庞大的空间中进行搜索。存在数十亿种可能的分子、蛋白质、催化剂、电池材料或治疗组合。我们人类无法直接搜索所有这些空间。在未来，我们不再由不同领域的专家一次检查一个有前景的方向，而是在能够不断从结果中学习的 模型的引导下，并行探索多个方向。那些曾经在计算上看来是不可能解决的问题，将仅仅变成成本昂贵的问题。

我出身于密码学领域，职业生涯的大部分时间都在思考如何在互不完全信任的各方之间建立信任。我认为 带来了非常类似的挑战。当这项技术成为科学协作伙伴时，它不应仅仅给我们答案，而应提供证据，使我们能够独立验证这些答案。我希望下一个 赋能的科学时代能将巨大的创造力与极强的可验证性结合起来。

既然 现在可以在物理实验进行之前帮助模拟数百万种可能性，那么在您的工作中，科学探索的性质发生了怎样的变化？

Matias：思想实验在科学史上一直被使用——从古希腊人到伽利略，再到爱因斯坦。有了 ，我们可以通过模拟场景进行无数次思想实验。此外， 可以帮助筛选海量的异构数据，应用多学科方法进行分析并寻找意想不到的模式，以及生成假设。关键环节通常将是验证过程、识别模式、挖掘洞察以及对假设进行排序的能力。通过在进行物理实验之前模拟无数次思想实验， 帮助研究人员快速缩小范围，锁定最有前景的假设，使他们能够将物理实验集中在高影响力的机会领域。

还帮助跨学科转移方法和洞察。我们在基因组研究中看到了这一点。基于十年的基础工作，我们开发了 DeepSomatic，这是一个由 驱动的开源研究工具。通过将原始测序数据转换为高分辨率图像，它有潜力帮助临床医生发现关键的遗传变异。在研究中，我们的研究合作伙伴使用它在儿童白血病样本中识别出了 10 个被此前技术遗漏的新遗传变异。

在我们今天为美国未来 250 年的创新奠定基础之际，您对下一代研究人员和科学家有什么建议？

Goldwasser：不要将更快速的科学与更好的科学混为一谈。 将赋予下一代非凡的工具。但科学家的核心责任将保持不变：产生由人类定义、能造福人类的知识。

我会给年轻的研究人员三点建议。第一，学会提出重要的问题。AI或许能帮助回答问题，但选择正确的问题仍然是一种深刻的人类行为。第二，构建带有证据的系统。在下一个时代，一项科学主张不应仅仅是看似合理或令人印象深刻，它应该是可重复的、可审计的，并且在可能的情况下是可快速验证的。第三，保持知识上的“多语能力”。最困难的问题——气候、健康、能源、安全——不会受限于部门界限。那些最重要研究人员，将是那些能够在精确科学、生命科学和社会科学之间自信且灵活地迁移知识的人。

如果我们希望接下来的 250 年能与过去的 250 年一样具有价值，我们不仅必须投资于更快速的工具，还必须投资于更深层的判断力。我们需要那些足够大胆去想象不可能之事的科学家，同时又要足够严谨，不会过快地相信这些想象。

Matias：在掌握工程技能的同时，精通基础思维。推动具有影响力的研究突破并将其转化为现实的机会将越来越多——这种研究的魔力循环正在不断加速。精通科学思维将至关重要，包括提出正确问题的能力，以及在与 AI 系统协作时运用批判性判断的能力。

拥抱多学科探索。在博学如通才般的 AI 协作者的帮助下，传统科学学科之间的界限正在消失，最令人兴奋的突破很可能发生在生物学、化学、计算机科学和物理学等领域的交叉点上。

始终坚持以人为本，并将研究立足于现实世界的问题。 是放大人类创造力的强大工具，但技术的价值仅取决于它为社会创造的切实影响。专注于利用这些能力来解决我们最紧迫的一些全球挑战，例如健康、气候韧性和资源可持续性。

最后，采取开放和协作的方式。人才分布在全球，创新可能来自任何地方。创新的最大前景将源于赋能科学界，让世界各地的研究人员都能获得工具和数据集。通过结合先进技术并在强大的 系统基础上应用科学方法，下一代人可以推动基础科学的发展，并将其应用于造福全球每个角落的可扩展解决方案中。

探索 如何开启一个全新的发现时代。

埃隆·马斯克在 X 上发布的关于每个国家的具有政治色彩的帖子，每月*

埃隆·马斯克搅动英国政坛

（接第一页）

新闻周期。仅在6月份，马斯克就针对该话题发布了160多次帖子——占其当月发布内容的10%以上。到了7月，他回到了基准状态，每月发布几十条推文。

这位出生于南非的企业家经常将英国描述为一个失败的国家，认为英国正因大规模穆斯林移民而失去其西方认同。他被指责在这一美国关键盟友国煽动社会动荡，呼吁罢免一名首相，并接纳了极右翼活动人士汤米·罗宾逊（Tommy Robinson），后者曾因多次刑事定罪而被禁止进入美国。

他还利用 X 平台推广洛（Lowe），马斯克称此人应该是英国的下一任领导人。在职业生涯的大部分时间里，这位68岁的人士在英国政坛的边缘地带苦苦挣扎，抨击大规模移民、欧盟以及基本对他不屑一顾的传统政党。

一夜之间，马斯克的点名提升了洛在英国及海外的知名度，为洛与竞争对手奈杰尔·法拉奇（Nigel Farage）争夺英国右翼控制权的战斗提供了关键动力。马斯克已公开支持洛的政党“恢复英国党”（Restore Britain），该党正推动驱逐数百万移民。

尽管仅有少数几名工作人员，这个新政党在英国的民调支持率约为 $5%，吸引了将移民视为首要关注点的追随者，并使英国的右翼选票出现分化。

“永恒的感激”

“我认为他很关心英国，”洛（Lowe）在接受《华尔街日报》采访时谈到马斯克时表示，“对于他创建了一个真正的言论自由平台，我们对他永恒感激。”

《华尔街日报》的分析显示，马斯克的关注给已经处于上升期的洛带来了显著的数字化助力——与同一时期未被放大的帖子相比，马斯克的一次转发或提及平均获得的点赞数是前者的两倍多。而且，即使是洛那些未被助力过的帖子，现在获得的点赞数和浏览量也比马斯克开始提及并与他互动之前翻了一倍多。

马斯克重塑英国的努力引发了政治动荡，使得这里的政府部长们在如何反击且不与特朗普政府引发冲突之间感到不知所措。

马斯克在2022.年以$440亿美元收购了Twitter。一项针对他在该平台活动的《华尔街日报》分析发现，在接下来的两年里，他剧烈转向美国政治，经常抨击媒体以及民主党对待他公司的方式。此后，他的影响力日益全球化，利用该平台助力整个欧洲的反建制政党，并抨击“觉醒”政治、移民和技术监管。

批评者表示，马斯克和X放大了极端观点并淹没了其他声音。“有明确证据表明，马斯克在多个场合操纵信息并影响英国政治，”直到最近还在英国外交部领导反虚假信息部门的安迪·普赖斯（Andy Pryce）表示。他说，这“助长了在英国发生的暴力行为”。

“恢复英国党”（Restore Britain）领导人鲁珀特·洛（Rupert Lowe）在6月英格兰北部补选前与志愿者会面准备出征，在科技企业家马斯克对另一位右翼政治人物奈杰尔·法拉奇（Nigel Farage）感到失望后，洛成为了马斯克的宠儿。 马斯克在X上按主题划分的帖子、转发和回复的月度份额

*提及多个国家的帖子计入每个国家的总数。†AI、SpaceX、特斯拉、X平台及相关的AI和技术产业话题。‡包括美国及其他国家的政治和文化战争。

据知情人士透露，英国官员一直在监测马斯克以及其他X用户的帖子，以评估国家安全风险，但决定不采取任何正式行动。

英国政府在一份声明中表示，正在确保在线平台遵守英国法律。“政府更广泛的反虚假信息工作重点是识别在网上传播虚假或误导性信息的协调尝试，而非针对个人，”声明中写道。

在马斯克收购Twitter之前，罗宾逊（Robinson）——原名斯蒂芬·亚克斯利-伦农（Stephen Yaxley-Lennon）——曾因被认为属于“仇恨行为”的帖子而被该平台封禁。马斯克在2023.年恢复了他的账号。罗宾逊曾服刑

马斯克及其代表均未回应置评请求。

政府的关照，这在英格兰持续了数十年。在某些城镇的著名定罪案件中，被告主要是英裔巴基斯坦男子。

洛、罗宾逊和马斯克经常指责英国官员淡化针对英国白人女孩的犯罪，并将犯罪者称为“入侵者”。

在一次简短的采访中，罗宾逊拒绝回答详细问题。“我觉得记者们仍然死盯着一个给这个国家的人们提供言论自由的人，这简直太疯狂了，”他说，“埃隆·马斯克给了英国公众一个发声的机会。而这个声音唤醒了一个国家。”

在一次针对年轻女孩的大规模刺杀事件被错误地归咎于一名穆斯林移民后，马斯克与罗宾逊也联手行动。该事件引发暴徒用砖块袭击当地清真寺，并以安置寻求庇护者的酒店为目标。在与警方的持续冲突中，数百人被逮捕。

马斯克在X上回应称，由于移民问题，英国的“内战不可避免”。警方随后表示，被逮捕的青少年嫌疑人是卢旺达基督徒移民在威尔士出生的儿子。

“要么：1. 确保边境安全，要么：2. 被砍掉脑袋！”今年7月，马斯克在X上针对Restore发布的一张模糊照片发表评论，该照片显示一名据称在贝尔法斯特用刀袭击一名男子的寻求庇护者。

马斯克的祖母来自英格兰北部的利物浦，他曾表示其血统是他关注英国的核心原因。

“我的血统主要是英国血统，英国祖先。我希望英国能比以往任何时候都更伟大，”马斯克

埃隆·马斯克 @elonmusk 只有Restore Britain能拯救英国。这是唯一的办法。 25.8M views • June 9, 2026

埃隆·马斯克 @elonmusk 背叛她人民的人 536.6K views • June 11, 2026

埃隆·马斯克 @elonmusk 是的，他是个人渣和叛徒 1.3M views • June 11, 2026

埃隆·马斯克转发 鲁珀特·洛（Rupert Lowe） @RupertLowe10 英国没有种族主义问题，它有的是移民问题。 3.2M views • June 11, 2026

在去年9月由罗宾逊组织的一次伦敦集会上，马斯克通过视频连线出席并说道：“而我看到正在发生的是对英国的破坏。”

洛并不是领导一场针对英国建制派的民粹主义救援行动的显而易见的首选。

作为一名富有的前银行家，洛在职业生涯的大部分时间里最出名的是他在南安普顿足球俱乐部担任主席期间的动荡任期，他在2009年离开该俱乐部，当时俱乐部正深陷债务危机。随后，洛成为了英国脱离欧盟的倡导者。他加入了改革英国党（Reform UK），并在该党获得了议会席位。在威斯敏斯特之外，很少有人了解这位政治人物。

随后，他在X上引起了马斯克的注意。

“我没有见过鲁珀特·洛，”马斯克在2025年1月发推称，“但我目前在网上读到的他的言论非常有道理。”

德克萨斯之行

在马斯克的鼓励下，洛夫在同年晚些时候发起了“恢复英国”（Restore Britain）运动。“X 对鲁珀特和我——尤其是对鲁珀特——来说效果惊人。它让他声名大噪，”本·哈比布（Ben Habib）说道。他是一位商业地产投资者，曾任欧洲议会议员，此前支持洛夫的政治崛起，但近期已与其分道扬镳。

洛夫表示，他在 X 上的受欢迎程度归功于他数十年的经验以及他对国家的规划，而非马斯克。洛夫说，两人在夏天之前交谈过两次，其中一次是通过 Zoom 进行的。

“人们指责他修改算法之类的事情，”洛夫告诉《华尔街日报》。“他没有那样做。他是一个非常有原则的人。”

洛夫在独立日周末访问了德克萨斯州奥斯汀，在那里他与

从 2024 年中期到年底，马斯克大约发了十几次关于改革英国党（Reform UK）领导人奈杰尔·法拉奇的推文——大多是对法拉奇帖子的简短支持性回复。

法拉奇是特朗普的长期支持者，曾协助主导脱欧，他为马斯克反击批评者，并将其描述为对抗主流媒体的关键盟友。

法拉奇表示，在特朗普再次当选后不久，他飞往佛罗里达州并在海湖庄园与马斯克会面。期间，他提出了这位亿万富翁进行捐赠的可能性，而这笔捐赠将成为英国历史上最大的一笔单一政治捐款。这一消息在英国政界引起了恐慌，并引发了要求限制外国捐款的呼吁。

但捐款从未到来。2025 年 1 月初，马斯克抛弃了法拉奇：“改革党需要一名新领导人。法拉奇不具备所需的能力，”他发帖称。

据法拉奇称，马斯克希望改革党公开支持罗宾逊，并将其接纳进改革党的核心圈子。“我不会被他欺负，”法拉奇说。“他习惯于随心所欲，因为他庞大、强壮且权力十足。”

当时，罗宾逊因违反法院命令，重复发表关于一名叙利亚青少年的诽谤性言论而被监禁。

公开决裂

两个月后，法拉奇与洛（Lowe）公开决裂，洛指责法拉奇淡化了改革英国党（Reform UK）的移民政策。改革英国党正式暂停了洛的党籍，并剥夺了他的党内职责。洛对罗宾逊的态度一直含糊其辞，称这位活动人士的政治主张是他自己的私事。

曾是洛盟友的哈比布（Habib）在X平台上为罗宾逊辩护并称其为“政治犯”后，通过私信与马斯克取得了联系。马斯克曾敦促哈比布组建一个新的政党与法拉奇竞争，但哈比布认为这太困难了。

在洛被开除后，哈比布再次联系了马斯克。在《华尔街日报》看到的一条信息中，哈比布写道：“我之前告诉你我认为在英国组建新政党太困难了，我现在纠正这一点……改革英国党完蛋了……我们将走自己的路。”

两分钟后，马斯克回信道：“我很乐意支持一个新政党。”

随后，哈比布成立了一个名为“前进英国”（Advance UK）的政党，但洛拒绝参与。洛在2025年6月创立了“恢复党”（Restore），并在今年早些时候将其注册为政党。哈比布现在表示他无法再支持这位前盟友，部分原因是洛坚持将“英国人”定义为仅限白人。“我对他政党中流淌的种族民族主义倾向深感担忧。那不是英国式的。”

2025年9月，罗宾逊邀请马斯克通过视频远程参加他在伦敦市中心举行的一场名为“统一王国”（Unite the Kingdom）的街头游行。马斯克穿着一件印有“奥威尔会怎么想”字样 T 恤，呼吁解散英国议会，并将“大规模不受控制的移民”定格为该国苦难的根源，认为如果不加以遏制，将会毁掉这个国家。

两人经常就移民问题以及一起长期存在的丑闻发布帖子，该丑闻涉及有组织的、基于团体的针对弱势女孩的儿童性剥削，其中许多女孩在英国境内。他因包括袭击一名休假警察、使用伪造护照进入美国以及抵押贷款欺诈在内的指控而被起诉。他在英国各地组织了大规模的反移民抗议活动，其中一些活动演变成了暴力冲突。

哈比布已经注销了他的政党，而洛在马斯克支持下知名度持续上升。

HENRY NICHOLLS/

“无论你是否选择暴力，暴力终将找上你，”马斯克对延伸数个街区的群众说道，引发了欢呼。“你要么反击，要么死亡。”

马斯克录制了一期与影响力巨大的播客主持人乔·罗根（Joe Rogan）长达两小时的节目，并在奥斯汀的一家酒吧观看了一场电视转播的世界杯足球赛。

英国极右翼活动人士汤米·罗宾逊抵达伦敦法院出庭。

在播客中，洛谴责了欧洲遭受的“多元文化入侵”，并详细阐述了他去年委托撰写的一份报告，报告中描述了他在英国所称的穆斯林-巴基斯坦强奸团伙。他感谢马斯克将他介绍给罗根。

洛并不是马斯克第一个青睐的英国政治人物。

世界观察

科索沃

前领导人被判战争罪成

一个国际法庭判定科索沃前总统在针对塞尔维亚的分离主义战争期间犯有战争罪，并判处其25年监禁。这是针对前南斯拉夫血腥解体引发的一系列里程碑式审判的最终裁决之一。

海牙的一个由三名法官组成的小组周三裁定，哈希姆·塔奇（Hashim Thaci）以及科索沃解放军的其他三名指挥官，应对1998年至1999年期间对塞尔维亚人、涉嫌与塞尔维亚合作的人员以及其他少数民族实施的酷刑和谋杀负责。

“塔奇先生当时对大量针对反对者的犯罪行为有所了解，特别是非法逮捕和拘留、虐待和谋杀，”法官之一查尔斯·史密斯三世（Charles Smith III）表示，“尽管知情，塔奇先生并未采取任何措施来防止、调查或惩罚这些罪行。相反……塔奇先生积极参与并鼓励了这些犯罪。”

塔奇在自愿投案后，已在海牙被羁押六年。

法官判定被告对杀害96人等罪行负责。

——马修·道尔顿（Matthew Dalton）

白俄罗斯

释放囚犯

以缓解美国制裁

美国白俄罗斯特使周三表示，该国当局已同意释放25名囚犯，以换取美国取消对两家白俄罗斯公司的制裁。

特朗普总统的白俄罗斯特使约翰·科尔（John Coale）在与独裁总统亚历山大·卢卡申科（Alexander Lukashenko）会面一天后发表了这一声明。

科尔在明斯克向记者表示，作为他所谓的“临时协议”的一部分以及“表达善意”，白俄罗斯将释放25人，以换取美国取消对两家白俄罗斯公司 Lakokraska 和 Bellesbum-prom 的制裁。

他补充说，在所有细节达成一致后，随后将进一步释放囚犯并取消更多制裁。

白俄罗斯当局尚未公布关于释放囚犯的任何细节。

科尔在 X 上表示，“特朗普总统对直接外交的承诺取得了成果。”他还感谢了卢卡申科以及欧盟成员国、白俄罗斯邻国立陶宛当局的支持。

——美联社

日本

百岁老人

突破100,000

最新政府数据显示，日本100岁或以上的人数今年突破了纪录的100,000人，凸显了该国人口迅速老龄化和减少的现状。

周二公布的厚生劳动省统计数据显示，日本目前有107,677名百岁老人，比前一年增加了7,914人。

其中近88%为女性。

岸本富代（Fuyo Kishimoto）最近以114岁高龄被认定为日本最高龄女性。 ——美联社

缅甸

美国商人

坐牢后被驱逐

缅甸军政府已将美国商人、前缅甸美国商会主席亚当·卡斯蒂略（Adam Castillo）驱逐出境。此前他被监禁三个月，支持者称其被指控的罪名是捏造的，国家电视台报道称。

这位前美国海军陆战队员拥有一家安全风险管理公司，于6月11.在仰光机场被拘留。缅甸美国商会曾指控其存在财务不端行为，但他对此予以否认。

个人日志

© 2026 道琼斯公司。保留所有权利。

华尔街日报

2026年9月17, 2026，星期四 / A11

当你的飞机座位被降级时

被顶替掉付费座位令人恼火。你的权利取决于你乘坐的航空公司以及飞行地点。

CARRY ON DAWN GILBERTSON

罗伯特·普拉蒂（Robert Prati）在7月下旬的一次欧洲之行中挥金购买了商务舱机票。

这位56岁的退休金融学教授支付了$5,242，购买了两张从北卡罗来纳州往返伦敦的机票，并在回程途中在冰岛经停。

一切进展顺利，直到最后一段航程。冰岛航空（Icelandair）在最后一刻更换了飞机，而新飞机的优质座位较少。

在机场，他和女友在从雷克雅未克飞往罗利（Raleigh）的七小时飞行中，被降级到了经济舱的一条走道位和一个中间位。除了空间狭窄，最糟糕的部分是：坐在窗边的那位年轻乘客在普拉蒂兴奋地期待从空中观看日全食时，一直拉着遮阳帘。

在航班满员且飞机上几乎每个座位都要收费的时代，座位降级正日益成为乘客的痛点。美国交通部表示，截至今年6月30日，该部门已记录了350多起关于此问题的投诉。

“座位图就像一座纸牌屋，随时可能坍塌，”资深航空消费者权益倡导者威廉·麦基（William McGee）表示。他几十年前曾是一名航空公司调度员，他认为当时由于航班取消、延误、维护或其他问题而进行的飞机更换要简单得多，因为那时飞机没有现在这么满，也没有被细分得如此复杂。

“在过去，经济舱座位就是经济舱座位，就这么简单。你不会面对九种不同的舱位等级，”他说。

旅行者该怎么办？密切关注你的预订情况并了解自己的权利，无论你是提前收到了座位变更通知，还是像普拉蒂那样在机场才发现。不要仅仅将其视为又一次不愉快的旅行经历就随之作罢。你可能无法获得所有期望的补偿，在某些情况下甚至什么也得不到，但你应该据理力争。

第一步是，当你提前而非在最后一刻发现飞机更换及随之而来的座位降级时，尝试抢在问题发生前解决。

霍莉·埃特林（Holly Etlin）是一位退休高管，在职业生涯期间每周出差，在达美航空（Delta）、美国航空（American）和联合航空（United）上飞行了数百万英里。她经常提前预订机票，并每周检查是否有行程变更。“当他们调整时间表时，通常也会更换飞机，”她说。

罗伯特·普拉蒂和他的女友在今年夏天结束欧洲度假后被调到了经济舱。

一旦注意到座位变更，她会立即联系航空公司寻求解决。拥有会员等级对此有所帮助，但所有旅行者都可以通过快速研究其他选项来获益。这样你就不会在机场遇到糟糕的意外，从而在那儿手忙脚乱。

退款规则

美国交通部（DOT）表示，如果由于非旅客自身原因导致所选座位无法使用，支付了提前选座费或升舱费的旅客有权获得退款。

同样的规则也适用于其他辅助服务，包括机上 Wi-Fi。

当你被降舱（例如在国际航班上从头等舱降至经济舱，或从商务舱降至超级经济舱）时，规则则有所不同且更为复杂。更令人困惑的是，你的权利取决于你乘坐的是哪家航空公司以及飞行路线。

对于美国国内航班以及美国航空公司的国际出发航班，你将受到美国交通部规则的保护，基本上有两种选择。你可以取消航班并获得全额退款（当降舱发生在最后一刻，而你必须前往目的地或回家时，这并非理想之选）。或者，你可以接受降舱，并获得原票价与所谓的“降舱票价”之间的差额退款。一位读者将其称为经济舱中“要么接受，要么离开”的座位。

退款金额是多少？麦基（McGee）表示，由于美国交通部对“降舱票价”的定义模糊，航空公司在此拥有很大的裁量权。

关键在于据理力争并引用美国交通部的规则，而不仅仅是抱怨并声称再也不会乘坐该航空公司的飞机。提供原始预订副本、关于座位变更的沟通记录以及其他文件会有所帮助。截图是你的得力助手，当然，会员等级同样如此。

他说：“你必须向航空公司施压，并告诉他们：‘看，你们没有给我我付费购买的服务。’”

“被扔到巴士后排”

在乘坐国际航班时，规则稍微清晰一些，因为欧盟和英国拥有更强大的乘客权利保障。首先检查相关链接以确认你是否符合条件（例如，在从欧洲出发的航班上，无论乘坐哪家航空公司，这两种情况都涵盖在内；但对于飞往欧洲的航班，只有当你乘坐国际承运商时才受保护）。

虽然涉及文书工作和复杂的退款计算公式，但对于非自愿降舱，你有权获得一定的补偿，不应让航空公司脱责。

但无论你为那张商务舱往返机票支付了多少钱，都要控制好预期。普拉蒂（Prati）根据欧盟规则向冰岛航空（Icelandair）提交了索赔，被告知每位乘客仅能获得 466.92 美元的补偿，也就是说，在他们为商务舱机票支付的 5,242 美元中，只能拿回 933.84 美元。

他说：“我并不期望或试图在补偿方面中彩票，但邮轮公司在乘客遭受严重不便时，至少会提供未来的邮轮抵用金。我们突然之间从被像皇室一样对待，变成了被扔到巴士后排。”

来自旅游专家的意外贴士

作者：道恩·吉尔伯森 (DAWN GILBERTSON)

以下内容首次发表于道恩·吉尔伯森的每周旅游时事通讯。

你在社交媒体上无需翻阅太久，就能找到来自网红、准网红、旅行社、常旅客以及试图向你推销产品的人所分享的旅游技巧。其中一些完全是胡扯，另一些则被重复提及无数次，但你也能从中发现一些你可能从未考虑过的瑰宝。

我在 Threads 上看到一个帖子，其提示词是：“告诉我一个最好的‘没人告诉过旅行者’的贴士。不要说‘卷起衣服’这种。我指的是你通过实际旅行学到的、极其具体的细节。那种会让人们惊叹‘为什么之前没人告诉我’的贴士。”超过 3,000 人参与了评论。杜勒斯机场甚至也参与其中，表示从正确的机场出发很有帮助！（旅行者经常将该机场与华盛顿里根国家机场搞混。）

我在我的酒店愿望清单和酒店技巧专栏中提到过。

▶ 在酒店房间里，使用廉价的电池驱动茶蜡灯作为夜灯。

▶ 在行李领取处使用洗手间，因为那里从来没人。

▶ 在旅程结束时，给那些你打包了但从未用过的东西拍张照片。下次打包时参考它。（我对一名旅行者发布的这个例子深有共鸣：“出于某种原因，在很多次旅行中，我都说服自己每晚会敷一片面膜，并用掉所有收集的小样，比如丝芙兰的小样。”）

专业贴士：提前买好零食。左图中的这堆零食在机场花费了约 $30。洛杉矶国际机场是美国运输安全管理局（TSA）新推出的 Gateside 计划的一部分。

带上那些你不常吃、但偶尔在旅途中会渴望的随机零食。在一美元店购买，而不是在机场花 $15 买一袋奇多（Cheetos）。

▶ 不要携带像雨伞这样“以防万一”的物品。你可以在任何地方买到它们。

▶ 在第一天等待房间入住时，给自己安排一次水疗护理或美食之旅。

我也分享一个自己的技巧：对于早班机，点一杯冰浓缩咖啡，然后加入一份蛋白奶昔。瞧，你的早餐和咖啡因需求就同时解决了。

一个实用贴士

想陪朋友或家人走到登机口，或者在他们抵达时迎接他们？如果你拥有 TSA PreCheck 资格并提前注册，现在可以在全美 13 个机场实现这一点。TSA 最近推出了全新的 “Gateside by TSA PreCheck” 服务。这与那些机场访客通行证计划不同。

点赞与吐槽

大赞切尔西·汉德勒（Chelsea Handler），她发起了一项我们可能都认同的旅行礼仪诉求：飞机上禁止光脚。这位每周旅行多次的喜剧演员在向其 550 万 粉丝发布的 Instagram 帖子中呼吁航空公司制定“覆盖双脚”的政策，该帖子迅速走红。

吐槽那些让获取收据变得极其困难的航空公司和酒店。填写报销单不应该这么难。

豪客至上

如果你曾怀疑航空公司是否专注于高消费客户，看看美国航空在达拉斯为其波音 777-300ER 宣布的改造方案就知道了。该机型设有 70 个旗舰商务舱套房、44 个超级经济舱座位和 30 个主舱额外空间（Main Cabin Extra）座位，

该公司表示，这使得该飞机成为任何美国航空公司中拥有最多高端座位的飞机。其商务舱座椅与我一年前乘坐该航空公司从费城飞往伦敦的新波音 787 梦想客机上的座椅相似。

仔细核对网站

仔细核对网站 我怎么强调都不为过：预订行程时请务必留意。一位读者在搜索从迈阿密到南卡罗来纳州查尔斯顿的单程航班时，最终通过一家名为 Flight Network 的公司预订，而非直接在航空公司官网预订。在 $497 的美国航空机票之外，他被额外收取了 $52.50 的费用。他将此视为一次“学费”，以此提醒自己今后务必确保处于航空公司的真实官方网站上。

如需订阅 Dawn 的时事通讯，请访问 wsj.com / newsletters。

▶ 在线解决此谜题并在 WSJ.com / Puzzles 进行讨论。

个人日志。

流浪艺术家在远离尘嚣之地创作

音乐人 Goth Babe 用其电子流行乐吸引了大批听众

BY ELIAS LEIGHT

去年 12 月，格里夫·沃什本（Griff Washburn）放下吉他，拿起猎枪，出发行猎他的第一只鸟。早晨，他在俄勒冈州东部徒步了 15 英里多。那天下午，他在 30 码外击落了一只松鸡——成了当晚的晚餐。

沃什本以 Goth Babe 的艺名创作音乐，持续发布单曲和一张专辑，至今已有约 75 首歌曲。这个名字是个掩护：他的电子流行乐风格欢快，毫无“哥特”气息，而且这些音乐往往感觉像是为异域风情的 DJ 演出量身定制的——背景中夕阳西下，人群随之摇摆。虽然沃什本确实带着一个小乐队巡演，但只要有可能，他总是独处，远离尘嚣，去冲浪、露营或从事一些随兴的建筑项目。

“我用双手建造东西时，和创作音乐时一样兴奋，”这位 27 岁的年轻人通过电话在盐湖城的一场演出前说道。“在音乐产业中，我可能还没有达到我能达到的最高高度。但我并不真的想让自己的脸出现在广告牌上。”

尽管 Goth Babe 的歌曲没有在电台被大量播放，也没有席卷排行榜，但根据数据公司 Luminate 的数据，这些歌曲去年的播放量仍超过 1 亿 次。在 Spotify 上，如此规模的播放量通常能产生约 $300,000. 的收入。

听众在其他地方也能发现他的曲目。当他的音乐被节目和电影授权使用时，沃什本会获得额外收入，包括 HBO Max 的《黑客》（Hacks）和 Netflix 的《谋杀之谜》（Murder Mystery）。此外，当户外公司——生产扬声器的 Turtlebox 和生产除臭剂的 Every Man Jack——在广告中使用他的曲调或赞助他的 YouTube 频道（该频道拥有超过 133,000 名订阅者）时，他也从中获益。由于 Goth Babe 独立完成所有词曲创作和制作，实际上充当了自己的唱片公司，因此所有这些资金都归他所有。

沃什本曾住在帆船上，在少量船员的间歇性帮助下，乘船从旧金山前往巴拿马；他曾在犹他州摩押（Moab）一个极其陡峭的山坡上骑越野摩托车；还曾在阿拉斯加的偏远地区划皮划艇行驶了 60 海里。

他的流浪习惯是其吸引力的一部分。“当你拥有一个生活方式如此独特的人时，事情就变得很简单，”Goth Babe 的经纪人肖恩·帕特里克·希汉（Sean Patrick Sheahan）说。“只要把相机对着他拍就行。”

这一策略赢得了十几岁后期或

这位歌手保持着一种如泉涌般的积极态度。

根据数据公司 Chartmetric 的数据，20s 人群构成了 Goth Babe 受众的主体。这位歌手的追随者尤其集中在太平洋西北地区。希汉表示，当他在科罗拉多州博尔德或俄勒冈州本德的街道上行走时，“他就像约翰·列侬一样”。

格里夫·沃什本（Griff Washburn）的许多发行作品都以创作地命名。例如，他在蒙大拿州的松溪旅馆（Pine Creek Lodge）进行演出。

自然景观回馈到他的歌曲中。他的许多发行作品都以创作地命名——例如俄勒冈州的胡德山（Mt. Hood）和史密斯岩（Smith Rock）。他偏好温暖的合成器和温柔吉他交织的惬意曲调，且通常由厚重的节拍支撑整体。

尽管许多音乐家抱怨流媒体生态系统，但希汉继续说道：“对于格里夫和像他一样的其他艺术家来说，这里绝对存在一个十年前并不存在的商业机会。”

Spotify 宣称，现在有超过 13,000 名艺术家的年版税收入至少达到 $100,000。（他们能保留多少取决于唱片合约。）知名人士仅占该群体的一小部分。

“我们与数十名拥有自己作品目录的艺术家合作，他们通过流媒体获得了中产阶级水平的收入，”Many Hats 公司的共同所有者扎克·扎里洛（Zack Zarrillo）表示。该公司为艺人提供将歌曲发布到全球流媒体服务所需的基础设施，以换取少部分收益分成。这些音乐家中的许多人相对默默无闻，但他们通过稳定地发布曲目、在社交媒体上进行低成本营销以及巡演，培养了忠实的追随者。

沃什本为这一切留出了时间。但相比之下，他可能对出售自己的帆船并用这笔钱在田纳西州阿巴拉契亚地区的偏远地带购买未开发土地更感兴趣。他将在那里扎根（至少是暂时地），通过建造一座预计花费 $10,000 到 $20,000 的树屋来实现。

“那是我下一个奇特的冒险，”沃什本愉快地说道，“我还能在哪个古怪的地方安睡？”

“他的创作过程让我极其着迷，”看过他四场演出的 Goth Babe 粉丝罗比·弗莱彻（Robby Fletcher）说，“音乐制作精良，但却是在露营车后座或船上完成的。看到有人能以一种我无法想象能感到舒适的方式生活，真是太迷人了。”

游牧生活对沃什本来说也并非一直舒适。他曾在住在车里时被持枪抢劫。他在冲浪时头部受了重伤，现在在海浪中必须佩戴头盔。他在 2020 年从零开始建造的小屋——“我从未想过打开水龙头能让我如此兴奋”——被烧毁了。

即便如此，这位歌手依然保持着一种轻松自在、如泉涌般的积极态度，像一个对下一次远征永远充满激情的冲浪者。沃什本估计，他目前大约一半的时间用于巡演，通常在 2,000 到 5,000 名粉丝面前演出，以资助他的户外探险。他的目标是将这一比例降低到 30% 左右。

减少巡演将使沃什本有更多时间在 YouTube 频道上上传徒步和其他探索的片段。在今年的“手工季节”里，他花 $1,000 买了一艘 12 英尺的摩托艇，并通过添加自制屋顶和木炉对其进行了改造。因为这艘船在水上很不稳定，他将其命名为“摇摆小屋”（Shake Shack）。

“它在任何方面都不实用，”沃什本说，“但它让我快乐。”

前景光明 / 作者：杰克逊·马斯克（Jackson Musker）

横向 1 诡计多端的 5 小角色？ 9 例如：每小时英里数 14 1973年法网冠军纳斯塔塞 15 公开陈述 16 鸡蛋生产者 17 著名的南方厨师刘易斯 18 “州博览会”背景 19 表盘周围的环 20 争议磁石 23 炙手可热的 24 通常为动画问候语 28 戏弄 29 奥古斯都语中的“八” 31 某些银行的存款 32 重要的酸类型

35 优秀学生 37 杰基、杰梅因、马龙和迈克尔的兄弟 38 眼神遥远且梦幻 39 《惊声尖叫》中的坎贝尔 40 彩虹色的甜点 42 陡坡 43 学术扩展 44 飞行记录 45 闭口不谈 46 2022年世界系列赛冠军 48 克服，如一段令人心碎的经历 52 间谍卫星，以及对20、35和40横向词条的提示（基于它们的后半部分）

55 在某种程度上 58 氨的特征 59 重新装修 60 疾速奔跑 61 排除焦虑（简称） 62 性别后缀 63 你可能会带出去的东西 64 低音线？ 65 曲棍球中的假动作

纵向 1 捕捉苍蝇，例如 2 “我的女孩”等 3 行人区域 4 “正如你所说” 5 取得进展 6 鸭子，例如 7 舞会参加者的购买品

8 盛大活动 赠品 9 1987年同名 赛博格 10 素食 化妆品 品牌 11 旋转的 乐一通 角色（简称） 12 愤怒的 状态 13 细长的 橄榄 形状 21 冲刺，例如 22 再次 尝试 25 环形边界 26 野心

27 1990、1991和1992年法网冠军 29 一些内布拉斯加州本地人 30 回收箱物品 32 困惑的 33 注意 34 slug, spit 或 sweat 之后的词 35 “我的女孩”等 36 像鸟瞰图一样 38 每年导致阿拉斯加数百起碰撞的原因 41 甜得发腻 42 棒球季后赛MVP奖项的命名者 45 2001年停产的雪佛兰亚紧凑型车 47 黏性物质 48 花园装饰像 49 联合 50 真正的恶臭之物 51 麦尔维的第一部小说 53 偏远地点，或许 54 受人尊敬的人 55 Sine ____ non 56 充电标准 57 为部分车辆故障者提供帮助

学校内爆发“糖分之战”

（接第一页）

这段对话的截图在 Instagram 上获得了数百万次的浏览。奥利奥（Oreo）官方也发表了一条俏皮的评论。随后，这些帖子被证实是一场 AI 音乐应用的推广活动。

尽管“奥利奥门”（Oreogate）的起因可能是伪造的，但关于学校零食的战争却是真实的。

前一年级教师拉娜·艾哈迈德·伯尼（Ranah Ahmed Burney）在看到这段对话流传时，想起了一名学生，该学生在家里被禁止食用糖分，于是开始偷吃同学午餐盒里的饼干。

在这种情况持续发生后，伯尼给男孩的母亲发了电子邮件。这位母亲并没有处理儿子的行为，而是提出了一个解决方案：在教室里禁止糖分，这样她的儿子就不会受到诱惑。

“我无法控制家长给孩子准备的午餐内容，”伯尼回忆起自己的回应时说道，“人们能提供的食物在经济水平上存在差异。人们对待孩子的方式和奖励机制也各不相同。”

伯尼坚持自己的立场，在对方母亲拒绝让步后，她最终不得不请求学校管理层的介入。

她的故事是美国及海外家长和教师对“奥利奥门”众多在线反应中的一个。许多参与讨论的人都遇到过类似“米歇尔”这样的人。

一位家长回忆起一群母亲试图在学校举办一场纯素且无糖的万圣节派对，这引发了其他家长的反抗，他们反而发送了“甜得离谱的糖果点心”。

生日点心是经常引发紧张关系的源头。

在增长战略师兼儿童播客主持人米拉尔·萨塔尔（Miral Sattar）送她三个孩子就读的曼哈顿一家幼儿园，杯子蛋糕和糖果曾被禁止。家长只能从一份批准的生日食物清单中选择；西瓜是被允许的。

每周一次的零食轮值制度（由一名家长为整个 20 人的班级提供零食）也有一套严格的规则：只能提供发芽谷物面包，不能有任何加工食品。甚至连奶酪棒都存在争议。

“没有人有时间整天坐在家里确保每一件小东西都是有机食品，”萨塔尔说道。

关注此现象的营养学家们观察到

争论焦点已从过敏转向迎合个人偏好。

“奥利奥门”事件的展开提供了一个更为细致的视角，而不仅仅是将限制零食的家长视为过于强势，或将不限制的家长视为疏忽。

密尔沃基的营养师尼科尔·威克斯（Nicole Weeks）表示，家长在共享环境中对食物的焦虑并不一定有所加剧，而是变得更加显眼了。群组短信和聊天应用将私下的抱怨变成了可以立即分享的内容，导致更多的争端升级。

她自己经历的“奥利奥门”发生在近 20 年前，是在私下里发生的。威克斯从儿子那里得知，他不再在学校喝牛奶，因为学校不再提供巧克力牛奶。在一些家长投诉含糖量过高后，学校悄悄地将其从膳食计划中移除了。

威克斯向校长申诉，但没有效果。她认为牛奶的营养益处超过了添加糖的影响，而且取消口味选择会导致许多孩子直接放弃喝牛奶，而不是转向喝原味奶。

“提供指导方针并非不合理，”威克斯说，“但我认为，如果在学校把所有东西都拿走，像‘奥利奥门’那样，我们就失去了教孩子如何应对情况的机会。”

照顾孩子的食物过敏是一回事。而现在的争论越来越多地集中在是否要迎合家长的偏好。零食仅仅是一个切入点。

“关于家长给老师发邮件咨询的内容，这甚至还不是冰山一角，”曾在小学任教 14 年的健康与养生影响力人士吉娜·温（Gina Wynn）说道。

一位母亲询问她的儿子是否可以在课桌前喝胡椒博士（Dr Pepper），因为他不喜欢喝水。另一位要求温每天帮她的女儿加热午餐，因为女儿不吃冷食。还有一位家长说，她的儿子在嚼口香糖时工作效率更高。

父亲的奉献（Dadication）

建筑评论（ARCHITECTURE REVIEW）

一场堪比《星球大战》的视觉盛宴

卢卡斯叙事艺术博物馆的外观令人震撼，但其内部则逊色不少

作者：迈克尔·J·刘易斯（MICHAEL J. LEWIS）

洛杉矶 在所有为了展示私人艺术收藏而建立的博物馆中——人们会想到那些以伊莎贝拉·斯图尔特·加德纳或J·保罗·盖蒂命名的博物馆——乔治·卢卡斯的这座博物馆是最具个人色彩且最像自传的。它展出的是那些在青年时期令他着迷并塑造其电影创作方法的图像：主要是平面艺术、插画、杂志封面和连环画。这类艺术依赖于大胆的形态和生动、易懂的叙事，以便让最广泛的观众能够理解其含义。这是所有大众艺术的目标，而从某些衡量标准来看，卢卡斯先生是有史以来最成功的讲述者，他的《星球大战》和《印第安纳琼斯》系列电影为他赢得了电影制片人中最大的一笔财富，估计远超50 亿美元 billion。

据报道，这些数十亿美元中的至少十亿被用于建造他全新的卢卡斯叙事艺术博物馆，该馆将于Sept. 22开馆。该建筑由MAD建筑事务所的马岩松设计，是一座庞然大物，长700英尺，空间达300,000平方英尺。就其规模、视觉冲击力和纯粹的、充满喜悦的胆量而言，它所提供的视觉奇观不亚于他的任何一部电影。但令人惊叹的并非其尺寸，而是其奇异的形状。

它由两个大小不一的球形舱体组成，由一座空中桥梁连接，桥下则为公共广场提供遮荫。两个舱体的线条流畅地衔接在一起，给人一种两团黏稠的太妃糖被缓慢拉开的效果。考虑到卢卡斯财富的来源，人们不可避免地将其比作《星球大战》电影中那些线条流畅的飞船。而马先生则将他的形式描述为有机且生物形态的。

如果说卢卡斯博物馆的形式源于自然，那么这种自然是经过工业设计抽象化后的自然。它们让人想起战后美国汽车的“包络车身”风格，在这种风格中，每一个元素——大灯、挡泥板等——都被绘制成一个连续的流线型外壳。这种迷人的现代主义意象当然是卢卡斯先生形成审美体验的关键，他出生于1944年，在拍摄《美国风情》很久之前的青年时代，就曾用Super-8摄像机拍摄赛车比赛。

这座博物馆的精华在于其入口。你离开高耸的拱形广场——其开阔感具有罗马风格，上方有一个高高的圆窗——然后右转进入大厅。这里同样采用了拱顶设计，上方的表面毫无中断地延伸至地面；这种空间自由感具有感染力。在你面前的是马先生版本的巴洛克式楼梯：一组透明电梯将你迅速送往上层的展厅，或者送往顶楼餐厅，在那里你可以俯瞰洛杉矶的天际线。

这座建筑如此奔放，如此真诚且不加掩饰（“这就是我喜欢的艺术”），以至于人们在批评时也会感到犹豫。指出它的缺陷不会让任何一位参观者减少对其的喜爱，只会让人们更加讨厌评论者。但必须指出两点不足，因为它们阻碍了一座非常优秀的建筑成为一座伟大的建筑。

首先是材料问题。其玻璃纤维增强聚合物面板设计精巧，显著减轻了这座位于圣安德烈亚斯断层附近、采用大胆悬挑结构的建筑的重量。

艺术评论

洛杉矶南部埃克斯波西申公园（Exposition Park）社区。它们赋予了轮廓恰到好处的光泽感，正如一辆悬浮车辆所需要的那样。但在内部，效果则不那么理想。如果这些空间采用抹灰、陶瓷贴面或清水混凝土建造，本可以为拱顶赋予切实的分量感和厚重感。然而，它们毫无变化的亮度且完全缺乏质感，呈现出一种塑料般的平庸扁平感，使其显得毫无生气。

更令人失望的是四层展厅的处理方式。该展厅占据了博物馆 100,000 平方英尺展陈空间的大部分，被处理成一个巨大的阁楼，由非结构性隔断切分成较小的展室。在头顶上，透过悬挂的照明网格，可以看到清水混凝土和钢结构，以及厚厚的喷涂防火涂层。考虑到下方大厅的空间精巧程度，在博物馆最重要的展品之上，却采用了像大卖场或贸易展会那样实用主义的处理方式，实在令人遗憾。

上方为由马岩松设计的位于洛杉矶埃克斯波西申公园社区的新建筑外观图；下方为其中一个展厅的视图。

更糟糕的是缺乏任何建筑上的区分。素描和绘画在光线和摆放方面有不同的需求，但这里的呈现方式却千篇一律。维多利亚·纽豪斯（Victoria Newhouse）的经典著作《艺术与摆放的力量》（Art and the Power of Placement）讲述的正是艺术作品的影响如何受其所处空间的影响。但在这里，并没有真正意义上的“空间”，只有连续且流动的开放性。

我们敏锐地察觉到卢卡斯先生对每一件藏品的自豪与欣喜，他让我们一件接一件地观看，就像集邮者翻阅集邮册一样。我们感觉到每件东西都同样重要；没有哪一件占据核心位置；没有任何一个房间能让建筑能量开始律动。简而言之，这里没有铺垫，没有高潮，也没有收尾……这根本不是讲述故事的方式。

刘易斯先生在威廉姆斯学院教授建筑史，并为本报撰写建筑评论。

试图发动一场策展政变

艺术评论

作者：兰斯·埃斯普伦德（LANCE ESPLUND）

洛杉矶

卢卡斯叙事艺术博物馆（THE LUCAS MUSEUM of Narrative Art）——这座由乔治·卢卡斯（George Lucas）和梅洛迪·霍布森（Mellody Hobson）打造的生物形态巨兽，像一艘怠速运行的飞船般盘踞在博览公园（Exposition Park）上空——被卢卡斯先生冠名为“一座人民艺术的殿堂”。该馆由MAD建筑事务所的马岩松设计，将于9月22.开馆。在去年的国际漫画展（Comic-Con）上，卢卡斯先生宣称：“我与数百名插画师合作过……他们都才华横溢……都非常出色。但他们没有得到任何认可。”他的这座博物馆——旨在收藏那些被他称为“被遗忘的艺术家”的插画师作品——正是为了纠正这一点。

这家雄心勃勃的机构此前曾尝试在旧金山和芝加哥启动，但遭遇了挫折。2025,年，约有二十多名员工离职，其中包括首席策展人皮拉尔·汤普金斯·里瓦斯（Pilar Tompkins Rivas）以及董事兼首席执行官桑德拉·杰克逊-杜蒙（Sandra Jackson-Dumont）。自去年12月起，卢卡斯先生事实上担任首席策展人并掌舵，在占地100,000平方英尺的33个展厅中，展出了1,300多件他自己的藏品。

博物馆专业人士的缺席显而易见。藏品主要在四楼进行序列化安装——除了“历史”、“家庭”、“幻想”、“浪漫”、“社区”、“科幻”等宽泛的标题外，没有提供任何引导性说明——卢卡斯的藏品呈现方式并非基于阐释性的逻辑，而是像无穷无尽的插画阵列，仅按类型或主题分隔。这里既像艺术博物馆，又像“星球大战”主题公园，还像亿万富翁收藏家的虚荣项目，其整体叙事主线是《插画师的反击》。

尽管如此，这里仍有许多值得一看的东西。卢卡斯先生的殿堂里收藏有一件埃及石灰岩浮雕，一件由让-安托万·乌东（Jean-Antoine Houdon）创作的乔治·华盛顿雕像，一个规模庞大的摄影收藏，以及皮萨罗、雷诺阿、梵高、莱热、毕加索和卡洛的画作。在“儿童故事”展厅中——这里收藏了路德维希·贝梅尔曼斯、让·德·布鲁诺夫、阿诺德·洛贝尔、波特小姐、莫里斯·森达克和约翰·坦尼尔的珍品，以及胆小狮的服装——你的童年将栩栩如生地重现。此外，还有该领域大师如哈尔·福斯特、埃尔热、乔治·赫里曼和温莎·麦凯创作的极具动感的漫画。

然而，少数几幅强有力的插画，以及更少量的优质绘画和雕塑，在大量19世纪和20世纪充满戏剧性、感伤主义和爱国主义的插画海洋中，显得像是令人振奋的异类。当卡修斯·马塞勒斯·库利奇那幅臭名昭著的威士忌广告画《一手好牌》（A Pat Hand, 1894）——第一幅描绘狗玩扑克牌的油画，也是庸俗艺术的缩影——让我感到一种直白幽默带来的清爽冲击时，我知道这座博物馆出问题了。

卢卡斯先生这种将高雅艺术与通俗艺术混合、试图将后者提升至前者境界的民粹主义反叛并非新鲜事。插画与艺术之间的混淆亦然。二十五年前，“诺曼·洛克威尔：为美国人民而作的画作”展览试图将洛克威尔提升到大师地位，并赢得了极高的赞誉。洛克威尔在这里同样占据主导地位。但大多数商业插画，无论多么受人喜爱，都不是伟大的艺术。插画——其细节被明确传达，不留任何随机空间——旨在实现即时的情感触达。它们仅仅是描绘。而伟大的艺术品就像诗歌一样，通过节奏、张力和隐喻来转化其主题，引导观众进行一场展开、深化且充满惊喜的探索。正如抽象（有时也是叙事）艺术家保罗·克利（Paul Klee）所坚持的：“一幅画不是一个想法的插图，而就是想法本身。”

卢卡斯先生的万神殿优先考虑故事和流行文化偶像，而非审美质量，它体现的并非旧大师的超凡能力，而是新大师——那些“宇宙主宰”的力量：超人、蝙蝠侠、美国队长、闪电侠、巴克·罗杰斯、野蛮人柯南以及弗兰克·弗拉泽塔。弗拉泽塔——这位精通肌肉体魄、皮草比基尼、双D罩杯和导弹尖端胸甲的大师——与同为美国人的托马斯·哈特·本顿、马克斯菲尔德·帕里什、诺曼·罗克韦尔、N.C. 怀斯和杰西·威尔考克斯·史密斯一样，被授予了独立的展厅。

卢卡斯博物馆还展出了几件新鲜的委约作品，包括班克斯（Banksy）那些缺乏亮点的社会政治渗透之作——这是一种为了获取街头信誉而进行的刻意尝试。在博物馆及其公园和花园中，点缀着全新的等身青铜像：罗克韦尔、“铆钉女”罗西、尤达以及鞭子在手的印第安纳·琼斯。在室外，马克·纽曼的青铜雕塑《 Leia公主从贾巴 the Hutt手中解救自己》中，获胜的

《八卦》（1948），诺曼·罗克韦尔作品。

公主——像一名衣着清凉的牛仔竞技女王，她的奴隶女腰布像爬行动物的尾巴一样起伏——凯旋般地跨在贾巴身上，用曾经束缚她的锁链将其击败。这些艺术品，即便在最真诚或最夸张的时候，也证明了要成就一座雕塑，仅靠青铜是不够的。

在“电影”展区——这个华丽的“星球大战”部分重点展示了分镜脚本、场景摄影、模型、道具以及由穿着戏服的角色及其载具组成的等身场景——卢卡斯博物馆显得最为自在。这个剧场式的展厅有效地将博物馆变成了一个 Comic-Con（圣地亚哥动漫展）的麦加。然而，在另一种基调中，最令人满意且实现得最好的展示之一是致力于帕里什的展区——显然是一项出于热爱的工作。尽管我觉得他那高饱和度的色彩显得人工且甜腻，但一个十字形的房间以礼拜堂般的庄重感框定了帕里什的作品。

这种庄重感在一楼的引导装置中采取了不同的方向，在那里，“叙事艺术史：英雄 • 神话 • 神圣”旨在但未能将卢卡斯的收藏在更广泛的艺术史正典中确立并合法化。一个阴暗且蜿蜒的洞穴状隧道——在那里，教科书艺术品的复制品和粗糙的再现品与彼得·勃鲁盖尔（小）和卢卡斯·克拉纳赫（大）等人的照明不足的画作竞争——距离变成一个原木漂流游乐设施仅差一个道具。

这个沉浸式装置，就像卢卡斯博物馆的其他部分一样——建立在怀旧和奇观而非审美之上——将收藏家的痴迷与真正的愿景混为一谈。该博物馆摒弃了语境化、等级制度、诗意和神秘感，消解了艺术本质上的区别。它将所有艺术品简化为单纯的插图，将所有艺术家简化为单纯的插画师。

埃斯普伦德先生是《观看的艺术：如何阅读现代和当代艺术》（Basic / Hachette）的作者，他为本报撰写艺术评论。

零风险社会的到来

不羁的共和国 作者：巴顿·斯威姆 (Barton Swaim)

有大量证据表明，大多数受过大学教育的美国人已经失去了评估风险的能力。这或许是一种夸张，但这个想法自 2020-21, 年的大流行期间就一直困扰着我。当时，一些在其他方面十分理智的人拥护那些收益极小但手段严酷的干预措施，却对成本毫无兴趣。极少数愿意承认这些政策是误判的封城和停课倡导者，大多通过强调我们在病毒爆发初期对其了解多么匮乏来为自己辩解。

当然，这确实如此——尽管我们中的一些人在看到愚蠢行为时就意识到了那是愚蠢。无论如何，对大流行采取临床式精准解决方案的疯狂需求，以及随之而来的对成本效益权衡的忽视，表明了一种早于新冠时代“安全至上主义”的文化病理。事实上，其根源可追溯到近一个世纪前，正如曼哈顿研究所经济学家艾莉森·施拉格（Allison Schrager）在下周由耶鲁大学出版社出版的《值得冒险》（Worth the Risk）一书中所阐明的。

美国在 20 世纪 50 年代实现的、且至今仍延续的全球经济主导地位，在很大程度上归功于这个年轻国家欢迎风险的特质。19 世纪保护经济参与者免于毁灭的少数条款——如破产保护、有限责任法——并没有阻碍冒险，反而鼓励了冒险。

随后，新政大幅扩张了福利国家。社会保障、失业保险以及一系列就业计划旨在让经济生活风险更低、更可预测。三十年后，从“伟大社会”及其随之而来的“反贫困战争”开始——医疗保险（Medicare）、医疗补助（Medicaid）、扩大食品券、学校午餐计划、住房券——联邦政府试图为工人阶级消除风险：而这个阶级，恰恰是这个国家最大胆的企业冒险家们一直以来诞生的地方。随着消费者保护法和产品责任法的出台，美国变成了一个更倾向于诉讼的社会，迫使公司和公共机构不断思考安全和规避风险，这一趋势得以延续。

在 2008-09 年金融危机和 2020-21 年的封城之后，包括美国在内的全球富裕民主国家都扩大了其作为公民主要保险人的角色。施拉格女士写道：“监管政策发生了变化，限制银行贷款和承担风险；而工业政策、关税和回流努力则被冠以‘经济去风险’之名。”政府不再是针对过去发生且结果糟糕的特定风险提供保险，而是“开始全面封堵冒险的机会，明确地为了安全而放弃增长”。

2020 年代渗透在美国生活中的风险厌恶本身也制造了问题。在顶层，美联储长期以来将引导经济远离崩溃视为自己的任务。但经济衰退能清除经济中的低效和过剩，而这些因素正是阻碍经济在复苏后实现强劲增长的障碍。在底层，如今很少有公共游乐场还设有跷跷板或单杠。

施拉格女士揭穿了几个神话，她认为这些神话阻碍了各年龄段和各阶层的美国人采取健康的冒险行为。这些神话包括：

美国通过承担巨大风险实现了主导地位。这种精神去哪了？

进步左翼和民粹右翼认为，美国工人面临的经济风险比两三代人前更高。例如，被裁员的概率自20世纪50年代以来并没有显著变化。还有这样一种观点：“传统观点认为，千禧一代没有钱买房，是因为与父母一代不同，他们背负了过多的学生贷款。但实际上，学生债务与住房所有权之间存在正相关关系，因为背负更多学生债务的人往往收入更高。”

施拉格女士提醒人们记住，千禧一代最初背负这些债务的原因是：从80年代开始，政治家们将大学教育描绘成一条通往财务安全的无风险之路。联邦和州政府简化了贷款流程，借款人的价格敏感度降低，而大学则理性地通过提高学费做出回应。她写道：“当大学被吹捧为获得某种生活方式的门票时，同意几乎任何价格标签和任何金额的债务似乎都是明智的。”

透过施拉格女士的书来看待美国政治，有些事情就变得更合理了。六年前对疫情那种充满恐惧的反应使恐慌常态化，其结果就是现在的美国政治在一次又一次的道德恐慌之间跳跃。昨天是 Omicron 变异株；今天则是数据中心和 AI 末日。

我并不假装知道 Anthropic 的 达里奥·阿莫代（Dario Amodei）以及其他科技巨头们的动机，他们上周末宣布认为，人工智能的发展需要政府监管以避免全球灾难。他们可能认为恐慌总是会导致监管，因此希望在未来的监管者面前显得理智且心怀好意。

但我并不确定他们是否算到了某些政治家煽动并利用非理性恐惧的天赋。Politico 周三发布的一项民调发现，$46\%$ 的美国人认为“AI 将毁灭人类”存在中度或显著风险。另有 $17\%$ 的人认为这几乎是必然的。用一个专业术语来说，这简直是疯了。在技术创新中，就像在金融市场以及日常生活中一样，对风险的过度恐惧是以牺牲增长为代价的。阿莫代先生等人如果能向华盛顿解释这一普遍原则，将是对他们自己以及这个国家的一种贡献。

为什么我投票给德克萨斯州的民主党人

作者：卡尔·罗夫（Karl Rove）

那是每一个在达雷尔·K·罗亚尔-德克萨斯纪念体育场（Darrell K. Royal-Texas Memorial Stadium）的学生终生难忘的时刻。周六最后一节比赛进行到41秒时，排名第4的德克萨斯大学奥斯汀分校以23-3落后于排名第1的俄亥俄州立大学。四分卫阿奇·曼宁（Arch Manning）通过一次91码的推进让长角牛队（Longhorns）起死回生，最终以一次传球给接球手瑞安·温戈（Ryan Wingo）的达阵结束。这使得分差缩小到13. 而长角牛队并未就此停止。

曼宁通过一次72码的推进，随后又是一次73码的推进，将俄亥俄州立大学的防线撕碎，两次推进均由跑卫好莱坞·斯莫瑟斯（Hollywood Smothers）得分。德克萨斯大学以24-23反超。

the Buckeyes（俄亥俄州立大学队）还剩25秒时间，这足以让其爆发力极强的进攻线发挥作用。但德克萨斯大学顶住了压力，只给俄亥俄州留下1秒时间尝试通过一次长传创造奇迹。就在那时，长角牛队的后卫格雷森·利特尔顿（Graceson Littleton）完成了拦截，时间耗尽，礼炮轰鸣，整个体育场陷入疯狂。

那么，博·弗伦奇（Bo French）——一名德克萨斯大学毕业生，且是德克萨斯州铁路委员会（负责监管石油和天然气工业）的共和党全州候选人——是如何记录这个特殊时刻的？

他发布了一张穿着橙色衣服的学生们在尖叫、欢呼、庆祝的照片。在提到照片前景中看起来像是南亚裔或西班牙裔的学生时，他宣称：“我听说今年的德大毕业典礼看起来像这样。我不相信。现在的问题显然比任何人想象的都要糟糕得多。”

弗伦奇先生并不含蓄地声称德大有太多的西班牙裔和南亚裔——他后来表示他的问题在于有太多的“外国人”——这是赤裸裸的偏见。德大的录取基于功绩而非种族，且每届学生中90%来自德克萨斯州。

一些共和党领导人立即谴责了弗伦奇先生。美国参议员约翰·科宁（John Cornyn）谴责他的“不宽容和种族主义”，并警告称“伟大的政党就是这样自我毁灭的”。

州众议院议长达斯汀·巴罗斯（Dustin Burrows）表示，弗伦奇先生的帖子通过“因种族或族裔而贬低他人”而“越界”了。其他共和党州立法者称该帖子是“纯粹的种族主义”、“令人厌恶”且“远低于基督设定的标准”。其中一人表示这让他感到“恶心”。

少数共和党人为弗伦奇先生辩护。一名立法者转发了一篇X帖子，声称“任何告诉你留在家里或撤回对博支持的人，都是支持同性恋种族共产主义的敌人”。另一人则称批评弗伦奇先生的共和党人是“可鄙的”。

这并非弗伦奇先生第一次发表偏见言论。当一名亚裔美国民主党州代表的妻子在X上发布一张她和孩子们在众议院议事厅探望丈夫的照片时，弗伦奇先生回应道：“一起被驱逐的家庭才会永远在一起。”

弗伦奇先生对非基督徒同样持有偏见。2025, 在担任塔兰特县共和党主席期间，他在X上发布了一个投票：“谁对美国构成的威胁更大？”选项是“犹太人”或“穆斯林”。副州长丹·帕特里克（Dan Patrick）要求他“立即辞职”，而该县最大城市沃斯堡的共和党市长则感叹有“太多的

博·弗伦奇在足球赛后发布的偏见推文，是一个长期且丑陋模式的一部分。

这些都是弗伦奇先生“偏见与仇恨”的例子。

弗伦奇先生对女性也持有偏见。当卡玛拉·哈里斯在 X 上发布 2024 年竞选诉求，要求“信任”女性“就自己的身体、医疗保健和未来做出决定”时，他回应道：“有些事情就是不能信任女性。”他还发表过观点，称“没有人比受过教育的白人女性更讨厌自己。这种仇恨驱动她们去讨厌其他所有事物。”

当我于 1976 年 12 月来到德克萨斯州时，该州如此之“蓝”，以至于你几乎可以在一个电话亭里举行共和党州大会。在那年的选举之后，150 个席位的众议院中只有 18 名共和党人，31 个席位的参议院中只有 3 名。我们已经超过一个世纪没有选出过共和党州长了。

共和党通过派出能够理解本州多元人口实力、并欢迎认同我们保守价值观的选民的候选人，才将德克萨斯州变成了“红州”。

共和党中出现越来越多像博·弗伦奇这样的人——而且不仅是在德克萨斯州。保守主义以及由其主导的政党中，越来越多的人成为了“传统美国”的偏见拥护者，而这种“传统美国”是由最初欧洲定居者的白人后裔组成的。这里有那些打着“只是在提问”旗号的犹太人憎恨者，有崇拜极端男性气概的厌女者，有为了流量获利而追求阴谋论的疯子，以及无法区分穆斯林恐怖分子与穆斯林美国爱国者的宗教偏见者。

这些人是在削弱共和党，而不是在建设共和党。我绝不参与其中。今年 11 月，我将投票给人生中第二个民主党人。第一个是 1994 年的副州长鲍勃·布洛克，因为我认为他会与共和党人合作。第二个将是弗伦奇先生的对手乔恩·罗森塔尔。共和党的马厩需要清理了。这是一个很好的开始。

罗夫先生曾担任乔治·W·布什总统的高级顾问兼副办公厅主任，并且是《威廉·麦金莱的胜利》（西蒙与舒斯特出版社，2015 年）一书的作者。

让别人吃蛋糕吧

作者：杰克·巴特勒

当我向当时的女友求婚时，她答应了，我感到非常高兴。但随着婚礼筹备的开始，我在她的“同意”之后接了一个“不同意”：我不需要婚礼蛋糕。自从玛丽·安托瓦内特吃蛋糕引发如此大的争议以来，就再没有过这种情况了。这完全是我的错。

13 岁时，我发誓戒掉汽水、垃圾食品，以及与我婚礼最相关的——甜点。在随后的 20 年里，没有一块巧克力、一勺冰淇淋或一片蛋糕（在知情的情况下）进入过我的口中。

我的决心源于希望在越野跑中给自己争取到每一个可能的优势。竞争、赛道、天气：这些都不在一名越野跑手的掌控之中。但他的饮食是可以控制的。与我青少年时期做的大多数决定不同，这个决定坚持了下来。

你可以说我在 MAHA（让美国健康再次伟大）之前就践行了 MAHA。你也可以说我疯了。很多人在偶尔享受一块布朗尼或提拉米苏的同时，依然生活健康。但对我来说，为了健康而适度并非美德，而拒绝垃圾食品的极端并非恶习。我未来的未婚妻很早就注意到了这个怪癖。这对她来说大多是好事。在追求骑士精神的过程中

我曾发誓戒掉甜食。但我的婚礼让我陷入了困境。

在早期的晚餐约会中，我会支付餐费，并点一份只有她才会吃的甜点。健康的饮食和持续的跑步习惯是我自律性格的标志。

我的固执为协商婚姻分歧提供了一个早期的测试案例。婚姻强迫我们，尤其是男性，必须成熟——以使自己配得上这个场合、这个制度以及我们的配偶。但是

我不愿妥协。面对我自认为有力的论据，那位我请求共度余生的女性巧妙地推理道，吃一口甜点不会让我没命，但如果完全没有蛋糕，或者我不吃，将不必要地剥夺我们婚礼招待会上一个至关重要且有趣的仪式。

我们如此地争论，我坚持着自己的古怪，而她则展现了极大的耐心。水果挞可以吗？不行。派呢？不行。主持我们婚前辅导的天主教神父提到，切婚礼蛋糕的目的是为了开启新婚夫妇的家庭生活。于是我建议用千层面，这是我在我们恋爱期间一直准备的菜肴。我说，把它想象成一个肉和奶酪组成的层级蛋糕。不行。她喜欢我的千层面，但不能把它放在那个场合。

随着婚礼临近，蛋糕依然是一个未解决的问题。我意识到责任在我也。是我在变得古怪，而她是正常的。我原以为我已经发誓戒掉自我放纵，但现在我却在要求我即将成为妻子的女人纵容我。

于是我提出了一个解决方案：买任何你想要的蛋糕，但确保顶部有水果。我给你一块蛋糕，你给我一些水果。没有人，即使是出席的亲友，也不会察觉。我的未婚妻也想到了同样的主意，她同意了，并选择了一款顶端点缀着美味草莓的甜点。

在我的新娘披着面纱走上礼堂走道之前，我从中学到了一个重要的教训：何时以及如何妥协。我永远不会知道她喂给我的那颗草莓上是否沾了些许打发奶油。但即使有，我想我也能活下去——直到死亡将我们分离。

巴特勒先生（Mr. Butler）是《华尔街日报》观点版“自由表达”（Free Expression）时事通讯的副编辑。

书架 / 安德鲁·斯塔克（Andrew Stark）著

成功的机遇

利润、先知、教练与君王

作者：贾雷德·戴蒙德 (Jared Diamond) 马里纳出版社，288页，$32

“我并不希望斯坦利·鲍德温遭遇不幸，”温斯顿·丘吉尔在1947年宣称，“但如果他从未出生，情况会好得多。”鲍德温曾任英国首相，是丘吉尔的前任之一。在20世纪30年代纳粹德国扩军期间，鲍德温放缓了英国的重新武装进程，导致二战爆发时英国措手不及。难怪被要求为鲍德温80岁生日发送问候语的丘吉尔，反而给出了如此简短且严苛的评价。

在《利润、先知、教练与君王》一书中，贾雷德·戴蒙德探讨了个人领导者在多大程度上影响了事件的进程。戴蒙德先生最著名的作品是1997年的《枪炮、病菌与钢铁》，该书认为，环境和地理的偶然性，而非任何形式的天生优越感，解释了为何欧亚强权能够殖民非洲和美洲的人民。他的最新著作研究了政府、商业及其他领域的领导者，以确定个人才干与历史机遇的相互作用如何塑造成功或失败。

塞雷策·卡马是博茨瓦纳最大部落的世袭酋长，于1966年成为该国首任总统。通过自愿将部落土地上所有钻石矿的所有权移交给政府，卡马说服了较小的部落效仿，从而为国家提供了建设道路、学校和医院的资金。在随后的几十年里，博茨瓦纳拥有全球增长最快的经济体。戴蒙德先生认为，除了卡马，没有人能取得这样的成功，因为没有其他人是最大部落的酋长。

领导者在宗教领域同样重要。“在公元一世纪所有竞争的犹太教派中，”戴蒙德先生问道，“为什么基督徒能够创立一个世界性宗教？”答案始于耶稣，但很大一部分功劳属于圣保罗，他废除了犹太饮食法、割礼要求以及禁止异族通婚的禁令，从而扩大了早期基督教的吸引力。

戴蒙德先生表示，虽然拥有独特优势的领导者有时能创造他人无法实现的改变，但许多其他人在同样的情况下往往也会取得类似的成就。以我们时代的商业巨头为例。亚马逊创始人杰夫·贝佐斯是一位出色的战略规划者，且极其注重细节。他敢于冒险，是一位强硬的上司，也是一名不知疲倦的工作者。然而，许多美国人都具备这些品质。很可能即使贝佐斯先生从未出生，在互联网出现后，另一位有远见的人也会创建一家在线“万货商店”。

戴蒙德先生重新审视了成吉思汗的征服，后者在1206年至1227年间领导蒙古帝国。作者告诉我们，成吉思汗崛起的数十年，是中亚2,000年来雨水最充沛的时期。这意味着“有更多的草供牲畜放牧，因此有更多的羊可食，更多的马奶可饮，更多的战马可骑，以及更多的蒙古婴儿能成长为成年人并骑上这些马。虽然成吉思汗可能是当时蒙古人中最出色的酋长，但如果他早出生20年，或者出生在向南200英里的地方，他的才干将被浪费。”

[...OMITTED...]

良好的天气助力成吉思汗的征服。比尔·贝利奇克带领爱国者队赢得了六次超级碗，但他也拥有汤姆·布雷迪。

转向体育教练，戴蒙德先生告诉我们，他们对结果的影响虽然显著，但“并非决定性的”。其他因素——例如球队是否拥有顶尖球员，或管理层的财务资源——同样重要，甚至更为重要。比尔·贝利奇克在2000年至2023年期间担任新英格兰爱国者队的教练，在四分卫汤姆·布雷迪的助力下赢得了六次超级碗。当布雷迪在2020年离开球队后，他迅速带领坦帕湾海盗队赢得了另一次超级碗，而爱国者队则陷入苦战。贝利奇克先生的大部分成功可能源于一个幸运的巧合：他执教了该运动史上最优秀的四分卫。

戴蒙德先生的书如果能将领导力分解为各种特质——谦逊、傲慢、果断——并讨论这些特质对成功或失败的影响，将会大有裨益。作者在个人简介中探讨了这些特质，但并未报告任何针对大量案例进行研究的分析，这可能是因为这些特质不便于进行社会科学层面的量化测量。以“自我”（ego）为例，这个词在戴蒙德先生的书中奇怪地缺失了，但它却是决定领导者某些最具影响力的行动的重要因素。

戴蒙德先生强调成功的通用基准——一个国家的经济增长、一家公司的利润——这使得他忽略了一种可能性，即每位独特的领导者可能持有自己的一套成就标准。例如，一些首席执行官可能并不认为盈利是最重要的事情。他们可能更关心技术创新、员工福利，甚至是从同行那里获得奖项。或者想想宗教，戴蒙德先生衡量成功的标准——数百万人的广泛信仰——绝非唯一的衡量点。

《利润、先知、教练与国王》（Profits, Prophets, Coaches, and Kings）展示了个人领导者如何成功应对挑战，从备战到赢得比赛。如果我们将此类标准应用于斯坦利·鲍德温，我们可能会判定他是个失败者。然而，学者们认为鲍德温展现了许多令人钦佩的领导特质——宽宏大量、政治敏锐、值得信赖——并且按照他自己的标准，他是成功的，因为他通过了住房和养老金改革。

1947年，也就是丘吉尔发表尖刻评论的那一年，鲍德温最后一次公开露面，他注意到人群在他到达时反应激烈。由于当时他早已失聪，他询问人们是否在对他嘘声。事实上，人们在欢呼。

斯塔克先生是《死亡的慰藉》（The Consolations of Mortality）和《美国公共生活中的利益冲突》（Conflict of Interest in American Public Life）的作者。

评论与展望

凯文·沃什是一名通胀鹰派

伊丽莎白·沃伦寄出她的道歉信了吗？我们是指那封写给凯文·沃什的信，承认她之前说新任美联储主席不会独立是错误的。在联邦公开市场委员会（FOMC）周三决定加息25个基点后，她并不是唯一一个应该道歉的人。

新任美联储主席仍未被新闻界和华尔街理解

美联储新闻报道团中这群自诩独立的人士在整个夏天都在炒作一场所谓的、以美联储信誉为赌注的沃什先生与特朗普总统之间的“对峙”。众所周知，特朗普先生偏好低利率，坦率地说，任何当选的政治人物都是如此。在沃什先生担任领导人的前两次会议中，联邦公开市场委员会（FOMC）决定维持利率不变，这被视为美联储信誉存疑的所谓证据。

这是一个愚蠢的争论，而且它掩盖了美联储内部更具影响力的进展。沃什先生是自保罗·沃尔克以来最鹰派的主席，他在本报及其他媒体上有着长期阐述其观点的记录。人们怀疑，对他而言真正的挑战在于，如何让那些在2024年和2025年尽管通胀持续但仍鸽派地支持前主席杰罗姆·鲍威尔降息的FOMC参与者们达成共识。

从这个角度来看，本周将联邦基金利率上调至 $3.75 - 4% 的决定中，一个显著的特点是投票结果为 12-0. 在沃什先生首次会议后的三个月里，他已经说服了那些在6月份一致投票维持利率不变的委员会成员，得出了截然相反的结论。

发生了什么变化？沃什先生在他那极其简短的新闻发布会上明确表示，通胀证据已向错误方向移动。在连续五年高于美联储 2% 的通胀目标后，主要通胀指标仍高于 3%。沃什先生还将大宗商品价格上涨视为一个重要的价格信号，这种令人欣慰的论调自20世纪90年代美联储的辉煌时期以来就再未出现。他正在关注实体经济中的价格。

这进一步证明了沃什先生在美联储启动的更广泛的改革计划。最明显的例子是他成立的五个工作组，负责处理中央银行资产负债表和通胀模型等事务，以及他拒绝就未来的政策动向提供前瞻性指引。

这些变化已经体现在货币政策中。在本次会议以及沃什先生上个月在怀俄明州杰克逊霍尔发表的演讲中，一个重要的体现就是他的信念：通胀永远是美联储的问题。他领导下的美联储不太可能死守诸如供应链冲击之类的借口，将其作为“忽视”高于 2% 目标的通胀的原因。周三的加息与这一观点一致。

沃什先生还拒绝了旧的菲利普斯曲线理论，即货币政策需要在通胀和失业之间进行权衡。在解释周三的利率决定时，他直截了当地表示，他不认为必须损害当前良好的劳动力市场才能降低通胀。

毫无疑问，华尔街和媒体将很难停止对沃什先生与特朗普先生关系的猜测。美联储主席在新闻发布会上正确地拒绝回答关于此问题的几个问题。近期长期债券收益率的攀升，尤其是 10 年期美债，正给整个华盛顿带来政治上的心烦意乱，因为政府正面临着几乎确定的 $1 trillion 年度利息账单，而政治家们则在为抵押贷款利率感到焦虑。

导致这些利率上升的许多因素在美联储的控制范围之外——特别是对未来经济增长的预期、来自蓬勃发展的人工智能投资的资本竞争，以及对伊朗战争的担忧。沃什先生明智地没有尝试公开引导这些市场。

但请注意，在美联储周三采取政策行动后，长期利率基本保持平稳。30 年期收益率几乎没有变化，而 10 年期收益率仅小幅上涨。如果美联储未能加息，风险在于可能会出现更剧烈的上涨。

一名白宫官员称此次加息“相当不幸”——这是一种温和的抗议。但特朗普先生应当对沃什先生关于经济正在增强的观点感到宽慰。周三公布的8月份零售销售数据强劲，从7月份的低点反弹。亚特兰大联储对第三季度GDPNow的增长预测在周三上调至5.1%。

特朗普先生继承了乔·拜登留下的顽固通胀，而鲍威尔领导下的美联储则让通胀维持在高位时间过长。凯文·沃什似乎决心更快地降低通胀，而这将意味着美国人民能更早地获得更快的实际工资增长。

凯西·霍楚尔的“能源回扣支票”

纽约州州长凯西·霍楚尔对特朗普总统上周提出的荒唐承诺反应激烈——特朗普承诺，如果共和党在11月中期选举中掌控国会，将发放$5,000的“红利”支票。她称之为“竞选贿赂”。令人啼笑皆非的是，霍楚尔女士现在正告诉纽约州居民留意信箱，州政府的“能源回扣支票”将于下周开始发放给819 万户家庭。

“我们与立法机构合作投资了10亿加元——10亿加元——发放给全州各地的纽约人，以便将这笔钱还到你们的口袋里，”霍楚尔女士在周一的一次活动中表示。“最高$200的支票将帮助家庭应对不断上涨的能源成本。而且你们知道吗？你们不需要做任何事情。无需申请，无需文书工作，无需经过重重考验。只要您符合条件，支票就会寄给您。”

我们是否提到过，霍楚尔女士也在选票上，寻求连任第二个完整任期？

民调显示她领先于共和党提名人、拿骚县行政长官布鲁斯·布莱克曼，但随着选民开始认真关注，竞选形势随时可能收紧，而且从她新闻发布会的其余部分来看，霍楚尔女士并非一个充满活力的人物。

她将油价上涨归咎于特朗普先生在伊朗发动的战争，并特意提到了“安大略湖”，说话时她还为了增强效果而凑近麦克风。而这片水域现在被特朗普先生称为“美国湖”。她还攻击了公用事业公司和数据中心。“自从我就任以来，我们已经提供了超过66 亿加元 billion的直接电费减免，”她说道。对于纽约州电价最初为何如此之高（例如由于构思不周的气候政策），这位州长几乎没有提及。

霍楚尔女士将成本上升归因于“能源来源有限”。哎呀，谁已经在奥尔巴尼（Albany）待了五年，本可以对此采取行动呢？

美国人正变得更富有*

根据人口普查局的年度调查，至少从统计衡量标准来看，大多数美国人在去年变得更富有了。

2025年中位数收入有所增长，但许多人不得不增加工作时长。

……收入与贫困报告。经通胀调整后的家庭收入中位数在2025年增长了2.6%，达到创纪录的$87,460。但该报告的细节也揭示了为何如此多美国人对经济感到沮丧。

美国普查局周二发布的年度报告提供了一个时间点上的经济快照。对2025年的回顾并未计入去年夏天的大部分减税措施，以及近期因伊朗战争导致的能源价格激增。但它确实表明，截至去年，大多数美国人的经通胀调整后收入已超过疫情前水平。

原因之一是美国人增加了工作时间。全职工作的男性人数增加了130万，女性增加了80万。然而，劳动者总数的增幅要小得多——男性增加23万，女性增加13万。这表明兼职工作者增加了工作时长，可能是因为工资增长未能跟上通胀速度。

全职男性工人的中位数收入下降了$690，而全职女性工人的中位数收入增长了$1,900。因此，性别薪酬差距有所缩小，不过男性收入下降并非值得庆祝之事。其中一个原因可能是去年制造业劳动力市场放缓，而雇佣女性相对较多的服务业则保持了强劲的就业和工资增长。

无论如何，收入的整体增长将贫困率推至10.2%的历史低点。儿童贫困率也下降了一个百分点，至13.4%。尽管所谓的补充贫困率（该指标考虑了转移支付和住房成本的地理差异）基本持平在13.1%，但这主要是因为收入增加减少了福利依赖。这是好事。一个 caveat（警告）：特朗普总统的驱逐行动可能通过减少低薪工人的数量，从而推高了中位数收入。普查局报告称，没有高中学历的工人人数下降了10.6%——相当于约100万名工人。难怪餐厅找不到员工。

与此同时，去年拥有大学或更高学历的工人人数增加了180万，而他们的中位数收入下降了1.1%。相比之下，高中毕业生的收入增长了5.5%。这似乎进一步证明，太多的年轻人选择了上大学，而接受高薪贸易技能培训的人数不足。

即便如此，低收入和中等收入美国人承受了通胀的最沉重打击。自2019年以来，经通胀调整后的税前收入在最低10%分位数人群中仅增长了0.6%（$110），而80%分位数人群增长了3%（$5,400），95%分位数人群增长了5.6%（$18,700）。该数据不包括资本利得，而资本利得主要使那些以个人而非免税退休账户持有资产的高收入者受益。

在调整收入转移和税收后，这些差距有所缩小。处于95%分位数的美国人平均缴纳了$85,700的所得税和工资税，而处于10%分位数的人群通过税收抵免净获益$130。如果加上医疗补助（Medicaid）等其他转移支付的价值，收入差距将进一步缩小。

尽管如此，自疫情以来，很大一部分美国人的实际收入处于停滞状态。乔·拜登时期的通货膨胀及其持续性是最大的罪魁祸首，但美联储正在处理此事（见相关报道）。

读者来信

纽约以牺牲教师为代价保护工会

关于贵报 9 月 10 日的社论《纽约的一场工会保护诡计》：一些调查显示，大多数教师并不知道他们拥有退出工会成员资格的权利。

最高法院在“贾纳斯诉美国公共雇员联盟”（Janus v. Afscme, 2018）案中裁定，任何公共部门雇员都不能被强迫加入工会或向工会缴纳任何会费。而这一权利很少作为一种选项告知教师。

现在，纽约州州长凯西·霍楚（Kathy Hochul）签署了一项立法，禁止外部组织就此话题分享真实信息，这将导致许多教师永远无法真正了解自己的权利。这项新法律赋予了具有政治动机的州总检察长权力，去调查那些希望告知纽约公立学校教师关于工会替代方案的团体。

强大的组织是通过成果而非限制成员接收的信息来留住成员的。由知情消费者决定的自愿会员制，可以检验该产品是否物有所值。随着纽约教师了解自己的权利和选择，数以千计的人选择离开，并带走了他们辛苦赚来的钱。这项法律旨在将资金留在工会的口袋里，并让其成员处于被蒙蔽的状态。如果纽约州联合教师协会（New York State United Teachers）提供的产品如此优秀，为什么工会如此恐惧大规模的流失？

埃里卡·麦克德莫特（ERICA MCDERMOTT） 公立学校教师 纽约州费尔波特

不要将教育失败归咎于孩子

在 9 月 14 日的《生命科学》专栏文章《是的，孩子们确实在变笨》中，艾莉西亚·芬利（Allysia Finley）对我们教育系统的衰落表示遗憾。她写道：“成绩膨胀已变得如此普遍，以至于在 SAT 考试中得分低于 1000 分的学生（大约是后半部分学生）中，有 44% 的人报告说他们获得的全是或大部分是 A。”

这其中有多少是因为教师工会控制我们的公立学校系统而导致的？当教师的薪酬基于资历而非绩效时，激励机制就发生了偏差。观察那些由大工会控制的行业——例如汽车、钢铁和造船业。这些行业已被限制性的工会规则和糟糕的管理掏空。现在，我们终于意识到工会对学生产生了类似的影响。

对公平的追求也加剧了这一问题。美国通过奖励表现最优秀的人，建立了世界上最成功、最多元且最具包容性的经济体。但随着时间的推移，进步主义关于“公平”的信条压倒了成功。结果，我们正目睹美国及其教育系统的衰落。 查尔斯·H·格斯纳（CHARLES H. GESSNER） 马萨诸塞州马布尔黑德

孩子们并没有变笨。测试仅表明他们没有在学习。孩子天生具有学习能力。他们能否成功取决于他们接触到什么以及谁在教学。

芬利女士写道，发达国家平均约“三分之一的学生报告称，噪音和混乱干扰了课程，29% 的人表示同学不听老师讲课”。在任何类型的领导力中，明确谁在掌权都是必要的——在这种情况下，是学生，还是家长和教师。

学生真的有责任吗？他们没有接受合格教师和家长的教育，也没有被要求承担责任。

B.J. 卡利法（B.J. KHALIFAH） 密歇根州格罗斯波因特公园

国会可以重组最高法院

关于詹姆斯·皮尔森（James Piereson）的评论文章《扩充法院是否符合宪法？不要那么确定》（9月 8）：国会议员们在最高法院席位的组成甚至数量上进行了激烈的争论，因为每个人——无论多么不愿承认——都明白法院本质上是一个政治机构。

尽管如此，皮尔森先生认为扩充法院规模将违宪。在他回顾一个世纪以来国会对法院规模的调整时，他反对出于党派目的的扩充。

这使得“动机”成为了判定标准，而这相当于一项不成文的规则，即法院一旦检测到行为背后存在政治目的，就可以宣布行使某项列举权力无效。并没有这样的学说存在。第三条没有提到大法官的人数，将司法机构的结构完全交给了国会。

这样的学说也会自我瓦解。如果党派动机会导致法院规模的变更失效，那么 1866 年为了剥夺安德鲁·约翰逊（Andrew Johnson）任命权而缩减法院规模的法案就是无效的，同样，1869 年在国会共和党人意识到将由共和党总统进行任命而撤销前述法案的行为也是无效的。皮尔森先生似乎认为神圣不可侵犯的 9 人法院，根据他自己的学说，就变成了违宪法令的残余。

国会共和党人似乎明白这一点，这或许就是为什么他们最近投票支持一项将法院规模固定为 9 人的宪法修正案（该提案未能通过）。人们不会通过修改宪法来禁止宪法已经禁止的事情。

尼古拉斯·克里尔（NICHOLAS CREEL）

尼古拉斯·克里尔（NICHOLAS CREEL） 商业法副教授 佐治亚学院与州立大学 佐治亚州米利奇维尔

我们需要许可制度改革

我同意简·弗利格尔（Jane Flegal）和帕万·文卡特里什南（Pavan Venkatakrishnan）的评论文章《民主党应允许特朗普获胜》（9月 11）。我讨厌这样一种想法：一个政党可能会因为担心给对方政党的总统带来胜利，而不敢为我们的国家做一件好事。

许可制度改革至关重要。只要该协议包含必要的措辞和附加条款，就应尽快签署成为法律。今年 7 月，我和我的妻子以及来自公民气候游说组织（Citizens' Climate Lobby）的 800 多名其他志愿者一起访问了哥伦比亚特区，在众议院和参议院办公室讨论这一议题。

许可流程拖延了大多数项目。批准新的长距离输电线可能需要 10 年以上，而为了应对全国预期的电力增长，还需要建设更多此类线路。简化这一流程应该是显而易见的事情。公司经常承担新项目的财务风险，然后等待许可证和相应的资金——在某些情况下，结果却发现该流程在几年后被终止。这是不可持续的。对于两党人士来说，缩短等待时间应该是受欢迎的。我希望双方能找到一个合理的折中方案。

曼达尼对 9 / 11 的回应是一种毫无益处的干扰

作为政府对 9 / 11 响应的直接受益者，我全心同意你们社论《佐兰·曼达尼的 9 / 11 阴谋论》（9月 10）。包括我的同事在内，在市区工作的数千人的健康问题得到了负责且及时的处理。

指责之矛反而应该指向那个未能利用 9 / 11 25 周年来关注恐怖主义整体威胁的人。曼达尼市长指责其他领导人所谓失职的时机如此微妙，是否旨在转移人们对更大恐怖主义威胁的注意力？对我而言，这无疑损害了曼达尼先生作为政治家的可信度。

迈克尔·卡普兰（MICHAEL KAPLAN） 新泽西州爱迪生

AI 的核时代启示

关于保罗·都铎·琼斯（Paul Tudor Jones）的评论文章《AI 可能成为第三个超级大国》（9月 10 日）：与其试图限制或禁止 AI——这简直是徒劳——或许我们应该将重点放在 20 世纪核武器开发时期的逻辑上：相互保证毁灭。愿最强的 AI 获胜，并希望那是我们的。

乔纳森·莱特（JONATHAN LIGHT） 加利福尼亚州，拉古纳尼格尔

拟发表的信函请发送至 wsj.ltrs@wsj.com。请注明您所在的城市、州和电话号码。所有信函均可能经过编辑，未发表的信函恕不回复。

大卫·罗斯（DAVID ROSS） 圣迭戈

"那个广告能卖出大量的热狗。我只是认为我们不需要列出所有可能的副作用。"

DOGE 奏效了。让我们继续下去

作者：泰勒·哈森（Tyler Hassen）

2025年1月23日凌晨，我离开华盛顿的一家酒店，前往内政部开始我领导政府效率部（Department of Government Efficiency）团队的第一天。我完全不知道前方等待着我的是什么。我不知道改变我们的国家政府会有多么困难，尤其是在一个如此庞大的部门中。

内政部管理着超过 5 亿 英亩的联邦土地、国家公园、印第安事务、联邦水系统、鱼类与野生动物，以及超过 20 亿美元 英亩的离岸区域。对于许多美国人来说，该部门至关重要。那个一月，它是最没效率的

一批才华横溢、富有创造力且热爱国家的思考者能够揭露浪费性支出并减轻联邦债务。

运行效率最高的组织。

我和我的DOGE同事们发现，内政部拥有50个人力资源办公室，为约65,000名全职员工配备了超过2,000名人力资源工作人员。整个部门共有18名不同的首席信息官和超过2,000名IT工作人员。针对大约10,000份活跃合同，配备了超过1,000名合同官员。

我们的发现令人沮丧，但也激发了动力。例如，一份价值420万美元的合同用于评估非洲毛里塔尼亚伊斯兰共和国的地下水，以及一项申请拨款8.3亿美元用于客户调查的请求，而这些调查简单到小学生都能创建。

2005年我大学毕业时，国家债务约为8万亿美元。近期债务已突破40万亿美元，并且按照目前的进度，到我5岁的女儿进入20岁中期时，债务将超过100万亿美元。然而，作为一个国家，我们对此采取了什么措施？

并非所有立法者在解决这场危机时都显得严肃。但我看到了当才华横溢的人们离开私营部门的生活，为了消除赤字这一使命而奋斗时会发生什么。我们实现了吗？当然没有，关于DOGE无法实质性地削减债务的情况已有报道。追求预算平衡变成了一种党派现象。批评者质疑我们公共储蓄追踪器上的2150亿美元中每一美元是否真实。但当债务在复合增长时，他们却在纠结于细目标签和“储蓄”的定义，从而忽略了重点。

为了解决债务问题，我们需要招募更多具有创造力的思考者，无论是商业领袖、分析师、企业家还是建设者。我们需要那些深爱这个国家，以至于愿意接受挑战——以及不可避免的指责——的人。这就是DOGE。我很幸运能成为这样一个才华横溢的群体的一员，以这种方式共同工作。我读过关于我们的领导者埃隆·马斯克的书籍和文章。我对他的体验是？他极其关心人类，并且明白一个资不抵债的美国无法解决我们的问题。我相信这就是他支持DOGE的原因。

我们并非事事正确，也犯了一些错误。但我们将美国的国家债务——这个国家面临的最大长期威胁——置于数百万人的关注之首，尽管时间短暂。我们还激励了像记者尼克·希尔利（Nick Shirley）这样的人（他发现了明尼苏达州和加利福尼亚州的欺诈行为）继续开展反对浪费和滥用的斗争。

我在内政部发现了大量的浪费，我们的团队致力于消除其中的大部分。我们取消了超过30亿美元的浪费性合同，并领导内政部完成了近期政府历史上规模最大的职能重组。

对某些人来说，与40万亿美元的债务以及每年增长的权利金计划相比，30亿美元的浪费并不多。但如果我们换一种思考方式呢？如果我们鼓励最优秀的企业家、工程师、律师和其他专业人士在联邦和州级政府从事一两年的公共服务呢？

如果被选中进入一个精英团体，去推进DOGE要求政府“为支出辩护”的事业，成为一种跨党派的特权会怎样？该团体将帮助削减国家赤字，因为赤字最终将挤占政府应当承担的大部分职能。

这将如何运作？国会可以创建一个具有跨机构数据访问权限的效率与技术办公室。这个永久性团体每年将发布一份公开报告，并由轮换的私营部门人才组成，任期为一到两年。每个州首府的州长都应创建类似的办公室，与联邦联系人协调以追踪纳税人的资金。

DOGE证明了这一模式是可行的。这不应是一个党派问题，而应该是每个热爱我们国家的人都能庆祝——而非批评——的事情。克林顿总统和奥巴马总统都曾发起过自己的效率和联邦支出计划，且在当时都得到了民主党人的支持。

DOGE 发现浪费现象确实存在，且有时到了荒谬的地步。我们的许多技术系统已经过时数十年。我们需要解决方案来停止浪费性支出，关闭低效组织，并追踪从联邦纳税人流向诈骗者的资金。我们可以通过接纳 DOGE 的成功之处并从错误中吸取教训来找到这些解决方案。马斯克先生是我这辈子见过的最伟大的企业家，他对这项使命的判断是正确的。现在，轮到我们其他人将其永久化。不要仅仅是排干沼泽，要用人才将其填满。

哈森先生曾担任内政部负责政策、管理和预算的代理助理部长（2025年），期间他领导了该部门的 DOGE 使命。他是即将于 9 月 22 日出版的《Inside DOGE》一书的作者。

AI反垄断豁免将诱发共谋

作者：Madhavi Singh

Anthropic的达里奥·阿莫代（Dario Amodei）呼吁全球领先的人工智能实验室放缓开发速度，并请求华盛顿授予反垄断豁免，以便他们在协调安全问题时不会被视为卡特尔（垄断联盟）。OpenAI的萨姆·奥特曼（Sam Altman）、SpaceXAI的埃隆·马斯克（Elon Musk）以及谷歌的德米斯·哈萨比斯（Demis Hassabis）迅速表示支持放缓进度。但AI实验室为什么需要反垄断豁免？

当竞争对手就行业其他成员必须遵守的标准达成一致时，法律会产生怀疑。负责任的自我监管也可能成为决定谁能参与竞争以及竞争条件的手段。

然而，反垄断法并非将竞争对手之间的所有协调行为都视为可疑。如果没有一定的协调，体育联盟将无法运作。竞争俱乐部必须在规则、赛程和参赛资格标准上达成一致；否则，既没有比赛，也没有联盟。此外，反垄断法也允许合资企业，即竞争对手之间的协调创造出了任何一方都无法单独生产的新技术或新市场。旨在确保质量而非排除竞争的专业和行业协会也能通过反垄断审查。

简而言之，当协调行为创造价值而非排除竞争对手或剥削消费者时，它是合法的。如果AI实验室的协调是为了创造价值，且不具有排他性或剥削性，那么他们无需担心反垄断责任。

那么为什么要要求豁免？这些实验室似乎在考虑一种竞争对手之间的协议，旨在限制产出并共同设定安全标准，而不是通过竞争来生产最安全的产品。这是典型的卡特尔行为。美国联邦贸易委员会（FTC）最近就广告商联盟共谋设定“品牌安全”标准的问题发出了警告。类似的担忧也出现在社交媒体平台和传统媒体组织身上，它们被指扮演“真相卡特尔”的角色，并协调设定内容审核标准。

AI实验室突然对反垄断合规产生担忧，这本身似乎就很可疑。与大多数大型科技公司一样，他们对反垄断合规的关注程度，就像社交媒体公司对隐私的关注程度一样低。他们收购竞争对手，切断竞争对手对基础设施的访问，签署独家分销协议，并且毫不犹豫地延续平台时代的垄断剧本。反垄断执法已成为一种经营成本，而非有效的威慑。如果这些公司长期以来将反垄断责任视为可控风险，为什么现在需要提前获得许可？

反垄断豁免将允许领先的AI实验室通过制定游戏规则并决定谁能参与竞争，从而巩固其地位。随着开源模型和中国AI模型在质量差距上不断缩小。

法律已经允许 Anthropic 和 OpenAI 在其真实目标是安全的情况下进行协作。

在安全问题上进行协调，已成为一种简单且经受时间考验的排挤竞争对手的方式。最高法院此前就见过这种策略。在 1988 年的“Allied Tube 诉 Indian Head 案”和 1961 年的“Radiant Burners 诉 Peoples Gas 案”中，事实证明在职公司利用安全标准的借口来排挤竞争产品。在高度集中的市场中，公司有充分的动力避免激烈的竞争，因为竞争会侵蚀利润空间。此时，共谋成了榨取客户利润的最佳方式。

在一个健康的市场中，公司在安全性、质量和价格上展开竞争。汽车制造商在碰撞测试评级上竞争。儿童产品、水过滤器和电动工具同样在安全性上竞争。但一旦竞争对手就什么是“足够安全”达成一致，安全性就失去了作为竞争指标的功能。法院多次强调，《谢尔曼法》（Sherman Act）反映了这样一种观点：竞争能降低价格，并生产出更好、更安全的产品。

诚然，市场有时会出现“竞相向下”的局面。社交媒体平台之间的竞争并未产生更强的隐私保护。TikTok 相对于 Facebook 的竞争优势在于用户参与度，而非隐私。但 AI 似乎有所不同。消费者对 AI 安全性的重视程度就像重视汽车安全性一样。没有人想要一个会失控、欺骗用户、窃取数据或恶意行动的系统。如果一家实验室能够证明其模型更安全，那么它完全有理由在安全性上展开竞争，而不是围绕一个共同的底线进行协调。如果安全标准需要免受市场压力以防止“竞相向下”，那么更合理的解决方案是由政府而非竞争对手来设定安全底线。

这些实验室显然认为竞争将不可避免地导致“竞相向下”，这对于 OpenAI 和 Anthropic 来说是一个尴尬的承认，因为这两家公司成立的初衷都是为了服务公共利益，并基于 AI 可以被安全开发的理念。尤其是 Anthropic，曾主张安全性将成为其对抗竞争对手的竞争优势。如果这些公司真心认为放缓开发速度符合公共利益，没有任何因素能阻止它们单方面放慢速度。

最强有力的反驳观点认为，协调一致的减速可以解决一个集体行动问题：如果一家实验室单独减速，将面临将市场份额输给那些愿意走捷径的竞争对手的风险。但这恰恰是 OpenAI 的利润上限结构和 Anthropic 的公益章程旨在解决的问题——通过将它们的公共利益使命与竞争压力隔离开来。

为什么这些公司现在声称，它们需要一项全行业协议才能实现其自身治理结构旨在使其成为可能的事情？将责任推给反垄断法而非自身选择，往好里说，是放弃其成立之初所秉持原则的一个方便的借口；往坏里说，这种豁免权就是一个特洛伊木马：一个在协调安全之外还做着更多事情，从而使在职公司免受竞争影响的工具。

Ms. Singh 是耶鲁大学 Thurman Arnold 项目的副主任，以及信息社会项目（Information Society Project）的驻校研究员。

军队士气能否在智能手机时代生存？

作者：约翰·斯宾塞（John Spencer）

在本月初抵达泰国进行短暂休整之前，“亚伯拉罕·林肯”号航空母舰在海上度过了创纪录的9.5个月。关于其5,000名船员中出现心理健康问题的报道在网络上广泛传播。据报道，有几名水手试图跳海。在一次与海军领导层的会议上，一名水手的妻子表示，她的丈夫在航空母舰上发短信说，“他希望自己明天不要醒来”。

许多报道源自收到部署在外的亲人消息的家属。网络连接让这些家庭能够给他们的国会议员打电话或联系媒体以发出警报。这些报告还应促使领导层思考，为什么同行水手没有更早地发现并解决这一危险。

人们存在一种误解，认为与家人和朋友保持更紧密的联系可以作为长期部署的一种慰藉。我在2008-09年担任伊拉克的一名连长时对此记忆犹新。在我麾下的150名男女士兵中，许多人刚刚完成了连续两次、每次持续12到15个月的部署。难怪他们压力巨大且精疲力竭。我的上级认为，与亲人保持每日联系将有助于保护我的士兵免受心理健康压力或单位凝聚力瓦解的影响。但我发现，更强的连接性反而可能产生相反的效果。

矛盾的是，与外界的持续联系往往加深了单位内部的孤立感，并导致团队协作糟糕、对标准的漠视、塑造网络人格（一名士兵曾利用Facebook虚假声称自己杀害了伊拉克人并成为路边炸弹袭击的受害者），以及因心理健康问题而不愿执行任务。领导层往往不知道士兵每天在感受什么或思考什么，因为许多对话是在线与数千英里外的人进行的，而不是与身边的战友进行。

战争首先是一项集体事业。无论是在核动力航空母舰上，还是蜷缩在被炸毁的伊拉克城市中，它都要求团队协作。自罗马时代起，士兵们之所以能忍受战斗，是因为他们在共同的艰苦环境中建立了纽带。他们共同经历战斗的起伏，以及其中的枯燥、单调和孤独。尽管有数字技术的触达，但这个群体在某些方面成为了他们的家庭和支持网络，这是家中亲人无法做到的。只有直接在他们身边的男女战友才能提供即时支持。我在所有的任期中都亲眼目睹了这一点。

再看看“哈里·S·杜鲁门”号在2024-25年的部署，期间心理健康压力导致三架F / A-18“超级大黄蜂”战斗机丢失，并与一艘商船发生碰撞。海军的一项调查指出，该舰船员中存在疲劳、压力、人员不足、训练缺口和领导力失效的问题。但报告还揭露了一些被忽视的情况：许多水手将他们的

“林肯”号航母上的危机揭示了网络连接给美国军人带来的危险。

在手机上消磨时间，而不是学习以获取资格认证。调查人员表示，“这种缺乏动力”在一定程度上也归因于船上的“Wi-Fi可用性”。

不，技术并非造成“杜鲁门”号上所有问题的根源——同样，在“林肯”号上也不是。在那里，战斗行动的压力、反复的部署延期以及对何时能回家返回的不确定性，共同导致了标准、纪律和群体规范的恶化。家属还报告了难以忍受的生活条件，以及食物和卫生用品的匮乏。一名水兵在网上发布的一段显示厕所肮脏不堪的视频在网络上疯传。

这两起案例都表明，如果不对过度的网络连接进行管控，可能会导致凝聚力、责任感和纪律性的缺失。年幼孩子的父母无疑能对此产生共鸣。

解决方案并非消除网络连接。它可以提供一个压力释放阀，并为军人及其家属提供关键支持。与此同时，美国军方需要承认技术如何重塑了部署模式，并设计出能够建立和加强凝聚力的方法，而这种凝聚力对于战斗部署至关重要。随着人工智能的进步，这种需求将进一步加速。

领导者可以采取的第一步是禁止在用餐、健身或其他常规活动期间使用技术设备。军人们需要时间在没有手机的情况下放松并聚集在一起。在经历创伤性事件后，他们在回到屏幕前，还需要面对面地处理所发生的事情。这将使领导者能够在孤立和退缩的迹象升级为严重的心理健康危机（或成为鼓励敌人的破坏性头条新闻）之前将其识别出来。

“林肯”号的船员在极端条件下完成了任务。他们的经历是美国军方需要回应的另一个警钟。

斯宾塞先生是麦迪逊政策论坛（Madison Policy Forum）战争研究主席，以及《连接的士兵：现代战争中的生活、领导力与社交连接》（Connected Soldiers: Life, Leadership and Social Connections in Modern War）一书的作者。

华尔街日报。由道琼斯公司（DOW JONES & COMPANY）自 1889 年起出版

新闻集团执行主席 鲁珀特·默多克（Rupert Murdoch）

新闻集团名誉主席 艾玛·塔克（Emma Tucker） 总编辑

利兹·哈里斯（Liz Harris），执行编辑 大卫·克劳（David Crow），副总编辑 艾贾·惠特克-摩尔（Aja Whitaker-Moore），副总编辑 莎拉·鲍尔（Sarah Ball），特写；埃琳娜·切尔尼（Elena Cherney），高级编辑；丹·科拉鲁索（Dan Colarusso），商业、金融、经济；奇普·卡明斯（Chip Cummins），电讯；塔内斯·埃文斯（Taneth Evans），数字化；戈登·费尔克劳（Gordon Fairclough），国际；亚历克斯·马丁（Alex Martin），印刷与写作；布鲁斯·奥尔沃尔（Bruce Orwall），企业；达米安·帕莱塔（Damian Paletta），华盛顿

保罗·A·吉戈（Paul A. Gigot） 社论版编辑 杰拉德·贝克（Gerard Baker），特约编辑

罗伯特·汤姆森（Robert Thomson） 新闻集团首席执行官

首席执行官兼发行人

道琼斯管理层： 杰森·P·孔蒂（Jason P. Conti），总法律顾问；戴安·德塞沃（Dianne DeSevo），首席人力资源官；阿尔特姆·费什曼（Artem Fishman），首席技术官；丽莎·菲茨帕特里克（Lisa Fitzpatrick），道琼斯工业总经理； M·斯科特·海文斯（M. Scott Havens），首席增长官； 丹·沙尔（Dan Shar），执行副总裁兼财富与投资总经理；阿肖克·辛哈（Ashok Sinha），首席通信官；乔什·斯廷奇科姆（Josh Stinchcomb），执行副总裁兼首席营收官，WSJ / 巴伦周刊集团

编辑与公司总部：1211 Avenue of the Americas, New York, N.Y., 10036 电话 1-800-DOWJONES

道琼斯 / 新闻集团

值得关注与引用：AI

路易丝·佩里（Louise Perry）为《华尔街日报》评论版“自由表达”（Free Expression）栏目撰文，9月16日：

……仍被公众视为令人轻视甚至厌恶的对象。可以理解的是，那些在其他社会地位等级中处于低端的人，会被一种将他们置于人类最伟大戏剧中心的世界观所吸引。关于AI的末日预言将“书呆子”塑造为人类最大的威胁，同时又是可能为我们提供摆脱灾难、甚至通往乌托邦之路的救世主。所有这些愿景都依赖于无神论的假设，将人类描绘成在宇宙尺度上微不足道（因此很容易被抹除），但同时又是潜在的神级技术的创造者。

无论是AI“末日论者”还是AI“加速主义者”……似乎都被激进的未来愿景所吸引。即便只是在潜意识层面，这些愿景在情感和精神层面上对他们具有吸引力。

在人类历史的大部分时间里，权力掌握在武力最强的人手中。直到现代，大脑才变得比体力重要得多，而数字革命在近几十年将书呆子提升到了权力与声望的新高度，即便“科技兄弟”（tech bros）……

杰森·盖伊（JASON GAY）

洛杉矶快剪队老板承认败北

在誓言抗争之后，史蒂夫·鲍尔默表示，由于在签下球星科怀·伦纳德期间违反了工资帽规定，球队将遵守 NBA 的处罚，与此同时，联邦调查正阴云笼罩。

科怀·伦纳德已前往多伦多，但他依然是洛杉矶快剪队老板史蒂夫·鲍尔默烦恼的核心。

史蒂夫·鲍尔默不会按下核按钮。

撤回那些成群的律师和公关操盘手，停止关于被陷害和政治迫害的嚎叫吧。

关于 NBA 认定其洛杉矶快剪队在与前球星科怀·伦纳德的关系中多次违反工资帽规定的结论，双方将不会展开旷日持久的斗争。

一面华丽的白旗在加利福尼亚州英格尔伍德飘扬。这位美国体育界最富有的老板表示，他将接受处罚，其中包括没收五个首轮选秀权、3000万美元 罚款，以及被禁止在 1 年内接触他所热爱的球队。

“我们致力于将这一页翻过去，”鲍尔默在周日晚上 NFL 赛事喧嚣之中表示。

“我们已告知 NBA，我们将遵守联盟评定的处罚，已缴纳罚款，并向前推进。”

这与两周前相比发生了剧烈的反转，当时快剪队显得信心十足，正渴望战斗。

在 NBA 发布了由 Wachtell, Lipton, Rosen & Katz 开展的调查结果并开出历史性的严厉处罚后，球队曾予以强烈反击。

当时：“我们打算通过所有可用途径，对这些调查结果和处罚提出强有力的挑战。”

现在：没关系了！

需要明确的是，鲍尔默并未承认联盟调查中列出的各项指控。他承认的是责任，并非针对具体的违规行为，而是针对大众所称的“干扰与困扰”这一概括性说法。

“虽然对于报告中的调查结果仍存在分歧，但这并不是我想关注的重点，”鲍尔默说。“球队老板应该提供支持，而不是制造干扰。”

好吧，那么！现在还剩下司法部一项初步调查的问题，以及这是否会在未来导致起诉。

但对于 NBA 来说，快剪队已经投降了。不再有关于不公正的吹嘘，不再有关于球队愤怒且想要摧毁联盟的媒体猜测。

这场始于帕布罗·托雷（Pablo Torre）播客独家报道的狂热，最终在牛仔队对阵巨人队崩盘之际，以一份被随意抛出的声明而卑微地结束。

对于这位商业和体育界最高知名度的人物之一来说，这是一个非常公开的尴尬。

似乎没有人比鲍尔默更享受拥有球队，这位前微软掌门人在 2014 年拯救了被唐纳德·斯特林毒化（toxified）的特许经营权时，曾被誉为救世主。

他没能将快剪队变成冠军，但这并非因为他不努力。鲍尔默升级了阵容、设施，并建造了一座最先进的场馆。在洛杉矶湖人队“Showtime”时代的阴影下，他将自己定位为球队的 1 号粉丝。

现在又回到了沉闷的状态。快剪队再次令人失望。对于一支已经处于重建模式的球队来说，失去五个首轮选秀权是一个沉重的打击。

有一种理论认为，鲍尔默选择退让是为了讨好对方并赢回部分选秀权——多年前明尼苏达队被处罚时就是这样——但这绝非保证。

那么科怀呢？科怀去了加拿大。快剪队与多伦多之间一度停滞的交易在周一完成，伦纳德预计将为这家他在 2019 年带领夺冠的安大略省球队效力。（该交易确实为快剪队赢得了两个突然变得至关重要的选秀权。）

莱昂纳德的前商业经理丹尼斯·罗伯逊被处以五年禁赛，但莱昂纳德本人的处罚较为轻微——罚款$700,000。他得到了NBA球员协会的支持，而该协会需要对联盟的处罚决定签字认可。

当莱昂纳德在多伦多猛龙队身着红色球衣参加11月 2 日对阵快船队的比赛时，鲍尔默将被要求远程观看。

或者，他可以穿着一套精心设计的服装潜入他那豪华的球馆，以避开面部识别技术的检测。

他可能更倾向于完全避开这一切。鲍尔默正从一个预计将十分艰难的赛季中获得喘息之机。早期的赔率显示，快船队夺冠的机会极其渺茫，其胜率与鹈鹕队、灰熊队和国王队一样处于垫底水平。纽约岛人队在 2026 - 27 赛季赢得NBA冠军的机会可能比快船队还要大。

美国司法部（DOJ）的调查阴影笼罩其上，且无法保证故事到此为止。

“我们面前的挑战是巨大的，但我们的决心同样坚定，”鲍尔默在声明中表示。他继续说道：“我确信我们将以最高水平进行竞争，成为一个让球迷感到自豪的组织。”

这真是冠军级别的乐观主义。而现实更有可能是一团糟糕的阴霾。曾是篮球界最热情的人，史蒂夫·鲍尔默现在将选择静观其变。

前大学四分卫洞察俄勒冈州球星挣扎中的破绽

作者：罗伯特·奥康奈尔 (ROBERT O'CONNELL)

上周，当俄勒冈大学鸭队（Oregon Ducks）在大学橄榄球赛季最令人震惊的爆冷失利中崩盘时，只有一个人准确地知道出了什么问题。

他不是志在夺得全国冠军的鸭队主教练丹·兰宁（Dan Lanning），也不是他麾下的任何一名助理教练。他也不是俄勒冈队的海斯曼奖候选四分卫丹特·摩尔（Dante Moore），后者有可能成为明年 NFL 选秀的 No. 1 选秀权。

相反，他是一位住在印第安纳州巴格斯维尔（Bargesville）的销售经理，名叫 AJ 伍丁（AJ Woodin），当时他正坐在沙发上。当他和妻子看着心爱的鸭队输给一支陷入困境的俄克拉荷马州立大学队时，伍丁在摩尔的脚步动作中发现了一个明显的破绽。

这位全美顶尖的传球手——本赛季在大学预计收入 500万美元，且在职业联赛中几乎肯定能赚到数千万美元——在球开球之前，就已经在向对手透露接下来的行动。

“看这个，”在俄勒冈队的一次进攻中，伍丁告诉他的妻子贝丝（Beth）， “这次将是跑球。”

果然如此。在接下来的一个回合中，伍丁保证这次将是传球——片刻之后，摩尔后撤准备投球。伍丁曾在爱达荷大学担任了四个赛季的替补，他很快就向贝丝展示了他所看到的细节。

“到比赛结束时，”伍丁说，“她已经能预测每一个回合了。”

伍丁在距离俄克拉荷马州斯蒂尔沃特（Stillwater）近 700 英里的电视屏幕上检测到的，是摩尔在等待开球时的站姿破绽。每当鸭队准备传球时，摩尔的右脚大约在左脚后方一英尺处。而当摩尔准备交球跑球时，双脚会稍微靠近。

这是一个微小的差异，但却可能演变成灾难性的比赛转折点。

周一早上，伍丁给他的朋友安德鲁·内梅克（Andrew Nemec）发了消息，后者经营着一个关于西海岸橄榄球的博客。到了下午，正当球迷们努力试图理解俄勒冈队的失利时，伍丁的发现已经在社交媒体上广泛传播。

甚至摩尔也承认了这个摧毁球队机会的失误。“这向我作为一名球员表明，我还有需要改进的地方，”俄勒冈队的四分卫说道，“我必须确保不对防守方泄露信息。”

尽管大学球队会投入无数的人力去破解对手计划中的任何秘密，但将放大镜转向自己的习惯则是一个更大的挑战。然而，这些细节没能逃过伍丁的眼睛。

俄勒冈大学四分卫丹特·摩尔是海斯曼奖候选人，并可能成为 2027 年 NFL 选秀的 No. 1 选秀权。

在自己的大学生涯中，伍丁大部分时间都在拿着记录板（担任替补），这让他获得了关于四分卫位置细微差别的“博士学位”。他在爱达荷大学的教练是保罗·佩特里诺（Paul Petrino），一位“四分卫大师”，他痴迷于像读扑克牌一样阅读对手。

“如果一个四分卫在投球前舔手，或者在交球前擦毛巾——这些都是我们要分析的内容，”伍丁说。

同样重要的是，佩特里诺提醒他的球员要消除任何可能免费向防守方提供信息的破绽。

这种痴迷使得伍丁很难在周六简单地放松休息。但当他看到俄勒冈队的季后赛之旅在去年 1 月以惨败给印第安纳大学而告终时，他确信有些不对劲。他所熟知的这支统治级球队怎么会在一场生死之战中输掉 34 分？这场溃败始于摩尔在开球后的第一个回合就被拦截。

“这看起来太简单了，”伍丁说，“在季后赛中，什么样的后卫会如此鲁莽地拦截那条路线？这根本不合逻辑。”

于是伍丁开始调查。他的发现可能正是挽救摩尔本赛季表现的关键。

• •

商业与金融

© 2026 道琼斯公司。保留所有权利。

* * * * * *

华尔街日报。

标普 7551.81 ▼ 0.45%

标普金融 ▼ 1.63%

标普信息技术 ▲ 0.10%

道琼斯运输 ▼ 2.78%

WSJ$IDX ▲ 0.55%

Thursday, September 17, 2026 / B1

2年期美债收益率 4.725%

（盘中）63966.87 ▲ 0.07%

更多详情请访问 WSJ.com / Markets

像养老金一样运作的 401 计划

贝莱德带头推动帮助企业设计计划以扩大投资选项

作者：JACK PITCHER

贝莱德将为美国劳动者提供一个像数十亿美元规模的养老金那样进行投资的机会。

这家全球资产管理规模最大的投资公司表示，将与企业客户合作，为 401(k) 计划构建可定制的基金，其中可以包含公开股票和债券、私募资产，甚至是能提供退休后保证收入的年金。

这一新框架旨在模仿公共雇员养老金计划、大学捐赠基金以及其他聘请贝莱德等公司管理资金的财力雄厚机构所提供的选项菜单。

大多数企业的 401(k) 计划倾向于将员工默认配置为目标日期基金（target-date funds），这类基金投资于股票和债券的组合，并随着员工接近其“目标日期”或退休年龄而调整比例。

贝莱德表示，将与企业客户合作，分析其员工的人口统计数据和工资水平等因素，以帮助指导投资选择。

例如，一家拥有工会员工、平均退休年龄较早且已有确定给付养老金（defined-benefit pension）的制造公司，其 401(k) 计划的需求可能与一家不提供养老金福利且以公司股票支付员工薪酬的科技公司截然不同。

贝莱德退休解决方案全球主管尼克·内富斯（Nick Nefouse）表示，贝莱德希望解决这些差异，并称现在可以利用技术为各种规模的公司和计划带来定制化功能。随着公司考虑贝莱德和其他投资经理正在推出的新选项（包括纳入确定退休收入和私募资产的目标日期基金），这一点尤为重要。

内富斯在一次采访中表示：“我们试图将 401(k) 的优势（如可携带性和个人所有权）与养老金的优势（如专业管理、长期思维以及退休收入的确定性）相结合。”

一家后来被贝莱德收购的公司在 20 世纪 90 年代帮助开创了目标日期基金。根据先锋领航（Vanguard）的数据，这类基金目前吸收了流入美国 401(k) 计划的大部分资金。它们因有助于确保储蓄者的投资而受到赞赏——

请参阅 B2 页

OpenAI 报告更多安全事件

作者：ERIN WOO

一个正在接受测试的 OpenAI 模型重写了自己的指令，要求自己忽略“约束其他聊天机器人的角色和身份”。一个 AI 智能体试图通过将文件上传到互联网，然后将其引用为来源来通过一项测试。另一个智能体在找不到创建财务模型所需的数据时，指令自己编造数据，并且“仅在被询问时才保持透明”。

在周三披露了这些以及其他此前未报告的事件，与此同时，该公司宣布了一项关于报告其人工智能模型违规行为的新框架。该框架涵盖了“模型失调”（model misalignment），这是研究人员用来描述 AI 行为忽略或冲突于人类意图的术语。该公司披露了六个模型失调行为的新案例，并表示根据该框架，所有这些案例都将被视为符合披露或调查的标准。

的这一公告出在人们对有害 AI 的恐惧达到顶峰之际。上周，前 研究员雅各布·考克森（Jacob Coxon）离开了 Anthropic，并表示担心 AI 行业正在竞相构建其无法控制的系统。在周末，执行——

请翻至 B2 页

委内瑞拉生产的石油类型是美国墨西哥湾沿岸炼油厂在生产汽油、柴油和航空燃料时更倾向于使用的。

埃克森美孚与哈姆竞购委内瑞拉石油

来源：美国能源部

作者：COLLIN EATON 和 BENOIT MORENNE

AL DRAGO / 彭博新闻社

大陆资源公司（Continental Resources）创始人哈罗德·哈姆。

埃克森美孚与亿万富翁石油大亨哈罗德·哈姆即将签署初步协议，以探讨对委内瑞拉油田的投资，这是美国公司有意帮助振兴该国破败能源部门的最新迹象。

据知情人士透露，在退出该国近二十年后，埃克森美孚正在谈判潜在的回归计划，最快可能在本月与国有的委内瑞拉国家石油公司签署一份谅解备忘录。据知情人士透露，这家美国石油巨头将探讨一项投资于多个已开发和未开发油田的协议。知情人士表示，协议谈判仍可能破裂或延长至 9 月之后。

其中一名知情人士表示，该协议可能涵盖总计 500 亿加元 桶可用石油的油田。委内瑞拉称其拥有约 3000 亿加元 桶石油储量，这将使其储量成为全球最大。

埃克森美孚已派遣团队前往加—— 请翻至 B9 页

◆ 原油库存连续第三周下降...... B9

亚马逊云科技无法恢复部分被伊朗袭击站点的资料

作者：奥马尔·阿卜杜勒-巴基 (OMAR ABDEL-BAQUI)

亚马逊云科技（AWS）周二表示，由于波斯湾数据中心在春季遭到伊朗无人机袭击，该公司无法恢复部分托管在其中的客户数据的访问权限。

自从伊朗在美国对伊斯兰共和国发动战争的初期向其发射无人机群以来，位于阿拉伯联合酋合国和巴林 AWS 数据中心大部分时间处于离线状态。巴林的受损情况分布在多个 设施中。

周二的公告首次表明，仅存储在这些国家的部分数据可能永久丢失。仅存储在巴林 数据中心的数据已无法恢复。位于阿联酋的一个 可用区（一组拥有独立电力、冷却和网络基础设施的数据中心）也遭遇了同样的命运。

网络安全公司 Infoblox 的互联网分析主管道格·马多里（Doug Madory）表示：“一个云区域因为空袭而丢失客户数据——我认为这种情况以前从未发生过。”

伊朗的袭击、长达数月的 数据中心停电以及永久性的数据丢失，对于希望成为人工智能等行业世界领先数据处理中心的阿拉伯海湾国家来说是一个挫折。对于正在权衡投资额可能高达数百亿美元的美国公司而言，这增加了一项重大的新风险。

“我认为他们并没有尝试将这些设施建成能够抵御导弹袭击的规模，”马多里说道。

《华尔街日报》周一报道，为了解决对袭击的担忧，阿联酋官员提出了建设地下数据中心以及在计算中心附近部署无人机防御系统的方案，这两项措施都将增加成本。

在 3 月份其阿联酋和巴林设施遭到袭击后，亚马逊建议其客户将数据迁移到包括美国和欧洲在内的其他区域。大多数客户在伊朗再次袭击 设施之前已完成了迁移。请返回 B4 页

请转到 B4 页

诺和诺德与 Anthropic 达成药物研究协议

作者：亚历克斯·贾宁 (ALEX JANIN) 和 阿德里亚·卡拉塔尤德 (ADRIÀ CALATAYUD)

丹麦制药商诺和诺德（Novo Nordisk）——这款糖尿病和减肥重磅药物奥森沛 (Ozempic) 和薇高维 (Wegovy) 的研发者——正与 Anthropic 合作，利用人工智能进行药物研究。

诺和诺德周三表示，将使用 Anthropic 专门针对科学设计的平台（称为 Claude Science），以帮助加速新药的发现与开发，并加强该制药公司的软件开发能力。

此次合作是包括礼来 (Eli Lilly)、默克 (Merck) 和罗氏 (Roche) 在内的一系列制药公司最新采取的行动，这些公司均押注 AI 能帮助他们更快速地发现和生产药物。

“AI 可以帮助我们提高研发生产力，并缩短从研究到上市产品的路径。但是——”

请转到 B2 页

内部索引

JOSE LUIS MAGANA / AP 技术：TikTok 母公司营收大幅增长，但 AI 支出压低利润。B4

街头传闻 监管机构态度缓和，助力针对罕见病的生物技术公司。B10

汽车制造商在AM广播问题上遭遇挫折

汽车行业一直主张AM广播已不再被广泛使用。 来源：FCC STOCK / GETTY IMAGES

作者：RYAN FELTON

美国汽车制造商一直渴望将AM广播 consign 进历史档案。然而，他们却触发了一件几乎不可思议的事情：国会发起了跨党派的推动，旨在挽救这个拥有百年历史的广播频段。

包括广播公司和前联邦应急官员在内的一群倡导者多年来一直向立法者施压，要求强制配备AM广播，此前特斯拉（Tesla）、沃尔沃（Volvo）和宝马（BMW）等汽车制造商已停止在新款车型中提供此类调谐器。他们的努力正在奏效。周二，众议院以压倒性支持通过了《每辆车配备AM广播法案》（AM Radio for Every Vehicle Act）。

该法案将提交至参议院，在那里，相关立法已有 60 名共同发起人并获得跨党派支持。

支持者表示，这项传统技术仍然是政府应急通信网络的重要组成部分，且许多美国人继续依赖它。

AM广播持牌电台数量的变化

“尽管我们的技术在不断演进，但事实依然没有改变：如果你没有蜂窝网络且没有电力，广播就是你的生命线，”行业组织美国国家广播协会（National Association of Broadcasters）总裁兼首席执行官柯蒂斯·勒盖特（Curtis LeGeyt）表示。

与此同时，该法案给汽车行业带来了一个意想不到的麻烦，因为该行业目前正努力应对包括关税、燃油价格上涨以及新兴中国汽车制造商试图打入美国市场等挑战。

汽车行业放弃集成AM广播始于十年前，当时越来越多的汽车公司开始为美国市场开发电动汽车。

许多汽车制造商表示，电动汽车电机的电流会干扰AM广播信号，因此在较新车型中移除了无线电接收器。一项由汽车研究中心（Center for Automotive Research）资助的行业研究估计，汽车制造商需要花费 38 亿美元 billion 才能减轻电动汽车与AM广播之间的干扰。

该法案将提交至参议院，相关立法已有 60 名共同发起人。

福特汽车（Ford Motor）曾是最初放弃AM广播的公司之一，但在首席执行官吉姆·法利（Jim Farley）表示他

Turkey 表示他与政策领导者讨论了“AM广播作为应急警报系统一部分的重要性”。福特的一位发言人未回应置评请求。

然而，汽车制造商长期以来一直反对强制配备AM广播。行业游说者 请参阅 B2 页

这些索引列出了今日版面中大多数母公司和商业人士的重要参考位置。区域插页上的文章未列入这些索引。

A Airbnb....A5 Alphabet....B4,B10 Amazon....B1,B4 Anthropic....A1,B10 B BlackRock....B1 Brookfield....B10 ByteDance....B4℃ Chevron....B9 Coinbase....B10 Continental Resources....B9 CVS....A3 D - E Databricks.....B5 ExxonMobil.....B1 F Ford Motor....B1 Frasers Group.....B2,B10

G Goldman Sachs.....B10 I Intel.....B4,B10 J J.B. Hunt Transport Services.....B3,B10 M Main Capital.....B5 Meta Platforms.....A5,B2,B10 Microsoft.....B4,B10 Mistral.....B5 Moderna.....A3 Mozilla.....B5 N Nvidia.....A5,B4 O - P OpenAI.....A1,B1,B10 Oracle.....B4

人物索引

A Altman, Sam（萨姆·奥特曼）....A1,B1 Amodei, Dario（达里奥·阿莫代）....B2 B Ballmer, Steve（史蒂夫·鲍尔默）....A18 Black, Leon（里昂·布莱克）....A4 Brockman, Greg（格雷格·布罗克曼）....A5 D Delco, Brad（布拉德·德尔科）....B3 Doustdar, Mike（迈克·杜斯特达尔）....B2 Dugan, Dave（戴夫·杜根）....B2 E Enzor-DeMeo, Anthony（安东尼·恩佐尔-德梅奥）...B5 Etlin, Holly（霍莉·埃特林）....A11 F-G Farley, Jim（吉姆·法利）....B1 Grieder, Daniel（丹尼尔·格里德）....B2

Palantir.....A5 Papa John's.....B3,B10 Pfizer.....A3 R Reckitt Benckiser.....B3,B10 Regenxbio.....B10 Reliance Worldwide.....B10 Replimune.....B10 S SK Hynix.....B4 SpaceX.....A1,A5 Spotify Technology.....A12 State Street.....B2 Strategy.....B10 T TCV.....B5 Tribal Group.....B5 U - W uniQure.....B10 Watermark Insights.....B5

H Haigh, Kay（凯·海格）.....B10 Hamm, Harold（哈罗德·哈姆）.....B1 Huang, Jensen（黄仁勋）.....A5 L Lamont, Owen（欧文·拉蒙特）.....B10 Lawler, Doug（道格·劳勒）.....B9 Lemaire, Jérôme（杰罗姆·勒梅尔）.....B3 Lowe, David（大卫·洛卫）.....B2 Lowe, Rupert（鲁珀特·洛卫）.....A1 M - N Madory, Doug（道格·马多里）.....B1 Mensch, Arthur（亚瑟·门施）.....B5 Mildenhall, Jonathan（乔纳森·米尔登霍尔）.....B1 Murray, Michael（迈克尔·默里）.....B2 Musk, Elon（埃隆·马斯克）.....A1,A5 Nefouse, Nick（尼克·内富斯）.....B1

P Penegor, Todd（托德·佩内戈尔）.....B3 R Rosenthal, Tamara（塔玛拉·罗森塔尔）.....B2 S Salmon, Dan（丹·萨蒙）.....B1 Sturm, Stephan（斯特凡·斯图姆）.....B2 T Thome, Joseph（约瑟夫·托姆）.....B10 V Visscher, Daan（丹·维舍尔）.....B5 W Weber, Adam（亚当·韦伯）.....B2 Woods, Darren（达伦·伍兹）.....B9 Z Zuckerberg, Mark（马克·扎克伯格）.....A5

像养老金一样的 401(k) 计划

（接 B1 页）ments 匹配其风险承受能力以及与退休时间的接近程度。

贝莱德（BlackRock）等公司正在寻找在投资者达到目标日期时改进这些基金的方法。

“问题在于，我们设计这整套系统的目的仅仅是为了最大化储蓄、最大化账户价值，然后当你退休时，我们将钱还给你并说‘祝你好运’，”内富斯（Nefouse）表示。

贝莱德、先锋领航（Vanguard）、富达投资（Fidelity Investments）和道富（State Street）最近宣布推出新基金，允许投资者在退休日期之前或之后选择购买年金，以保证在余生中获得一定水平的收入。

退休投资领域最新的争论集中在私募资产上。

特朗普总统在 2025 年签署了一项行政命令，指示联邦机构和监管机构为私募股权、私募信贷和房地产等资产进入 401(k) 计划扫清障碍。

私募资产基金长期以来一直是养老基金和保险公司投资组合的主要组成部分。支持在 401(k) 中引入私募市场基金的人认为，这些资产与公开股票的相关性较低，并且可以通过牺牲流动性来换取更高的回报。

怀疑者则指出，管理费更高且管理者的透明度较低。

企业 401(k) 计划是否提供私募资产，取决于提供该计划的公司及其目标。

“如果私募市场在扣除所有费用后能帮助你达到或超过该目标，那么我们认为这是一个很好的工具，”内富斯说。“我们并不是在说，既然我们有了目标日期基金和私募市场，就应该直接把这两者强推给每个人。”

OpenAI披露事故

接 B1 页

来自 Anthropic、OpenAI、谷歌和 SpaceX 的代表一致认为，他们需要放缓 AI 的开发速度。

“我们认为尽快分享我们的学习成果至关重要，”OpenAI 对齐负责人 Kai Chen 在该框架发布前的一次采访中表示，“我们希望这有助于制定共同的标准和监管，从而为所有 AI 开发者建立明确的预期。”

在周三的一篇博客文章中表示，其将“旨在披露能够提供有用证据的案例，以说明模型失调（misalignment）是如何产生的、如何表现，以及安全保障在何处成功或失败。”

这可能包括模型隐瞒错误、未经许可采取行动或绕过安全保障。Chen 表示， 将优先披露新型的失调情况、已知行为的重大变化，以及挑战当前安全保障假设的发现。

任何员工都可以标记可能需要披露的事故，从而启动技术人员的审查。争议将提交至 的安全领导层和 管理层。Chen 表示，轻微事故必须在两周内披露，而涉及第三方的更复杂调查可能需要更长时间才能披露。

在博客文章中表示，该框架并不取代 在安全事故和网络安全漏洞方面的法律披露要求。

表示，目前正在努力提出向联邦政府报告严重事故的机制，并计划与外部开发者、研究人员、行业标准机构及监管机构共同制定“更客观的披露标准”。

Chen 表示， 在发布该框架之前，并未将其分享给包括 Anthropic 或谷歌在内的其他前沿实验室。

“我们单方面推出了这个框架，希望能激励行业其他公司效仿，并分享他们自己的失调报告框架，”Chen 说道。

最近一轮 AI 安全恐慌是由 7 月的一项发现引发的，当时 的智能体（agents）试图通过入侵 AI 软件公司 Hugging Face 来在评估中作弊。第三方 AI 评估机构 METR 在 8 月的一份报告中披露，多达 1,200 个 智能体在它们于 内部建立的一个留言板上秘密协作。

随后，Anthropic 披露其模型在网络安全测试期间意外获得互联网访问权限后，也入侵了其他公司。此后，安全研究人员发现了其他违规行为的证据，包括 智能体在 5 月对一项流行的程序员在线服务发起的网络攻击。

在周三的公告中披露的事故时间跨度从 2025 年 10 月到今年 7 月，涉及的模型包括 6 月发布的 5.6 Sol 模型、仅限内部使用的模型，以及尚未发布的 最先进的 Astra 模型版本。

部分事故是由内部训练运行和失调监测系统发现的，从被察觉到发现这些事故花费的时间从两天到几个月不等。

今年春天在旧金山举行的 Anthropic “Code w / Claude”活动现场的一个 Claude 演示站。

《华尔街日报》的所有者新闻集团（News Corp）与 拥有内容许可合作伙伴关系。

制药商将在研究中使用 AI

接 B1 页 除此之外，AI 工具还可以提供全新的科学机遇，并辅助对人类生物学和药物机制的推理与理解，”Novo 首席执行官 Mike Doustdar 表示。

药物研究人员希望 AI 模型能够利用其能力寻找对抗疾病的方法，从而帮助解决生物学中一些最棘手的问题。然而，尽管投入了资金，公司对这项技术的押注—。

AM广播获得暂缓执行

接第B1页 认为AM广播已不再是一项被广泛使用的技术，这些投资尚未获得回报。

虽然一些由AI发现的候选药物正在进行人体测试，但AI尚未产生任何一款获批上市的药物。一些行业人士表示，到目前为止，该领域在自动化常规工作方面获得了AI最大的直接收益，例如综合研究、分析大型数据集以及设计人体研究。

Ipsen首席执行官大卫·洛（David Lowe）上个月告诉《华尔街日报》：“你可以在两方面利用AI：一方面是创造更多销售、提高速度、寻找更多患者；另一方面是提高效率，从而能够以更少的资源完成更多工作。”

公司还发现AI在识别符合条件的患者方面非常有用，这些患者

结构，并表示它可能会干扰安装在新车中日益广泛的技术套件。

AM广播始于100多年前，拥有超过4,000个电台，但随着FM广播受众的增加，它已逐渐没落。

汽车创新联盟（Alliance for Automotive Innovation）总裁兼首席执行官约翰·博泽拉（John Bozzella）在2024年向立法者发表评论时表示，如今的驾驶员拥有多种获取新闻、娱乐和紧急警报的选择。

博泽拉表示：“与安全气囊、安全带、电子稳定性控制和前照灯等救命且强制性的技术不同，模拟AM广播并不有助于提高机动车安全性。”

如果该法案通过，交通部将被要求在一年内发布一项强制要求配备AM广播的规定，且执行该条款的权力将在八年后到期。

“这项立法真正脱颖而出并塑造其倡导活动的原因，在于其广泛的跨党派支持，”勒盖特（LeGeyt）说，“在共和党和民主党几乎在任何事情上都无法达成一致的时刻，这种情况尤为难得。”

可以参与药物研究。

全球咨询和技术公司ZS的欧洲地区管理负责人比尔·科伊尔（Bill Coyle）表示，其他公司发现AI在识别患有罕见遗传性疾病的患者方面特别有用，这些患者可能会出现在电子健康记录的大规模扫描中。

“你拥有已知的诊断结果，基本上可以在理赔数据中寻找模式，并创建算法将这些患者筛选出来，”科伊尔说。

诺和诺德已建立合作伙伴关系，旨在通过AI加速药物的发现和开发。今年，这家丹麦制药商表示将与ChatGPT制造商OpenAI以及亚马逊云科技（AWS）合作创建一个AI创新中心。

诺和诺德表示，作为与Anthropic合作的一部分，它将测试Claude Science以帮助解决科学问题。该公司还补充说，计划使用Anthropic的模型来加强AI驱动的软件开发。

Anthropic联合创始人兼首席执行官达里奥·阿莫代（Dario Amodei）表示：“我们可以缩短研究时间线，改善结果，并发现能显著改善人类生活的药物和疗法。这正是我们与诺和诺德合作旨在实现的目标。”

诺和诺德的一位发言人没有提供关于交易条款或他们可能针对哪些药物研发计划的具体细节。

OpenAI广告热潮结果不一

BENJAMIN FANJOY / GETTY IMAGES OpenAI首席执行官萨姆·奥特曼（Sam Altman）

作者：SUZANNE VRANICA

OpenAI首席执行官萨姆·奥特曼曾将广告与人工智能的结合称为“极其令人不安”。而现在，他的公司正以惊人的速度构建一个庞大的广告业务。

该公司正试图建立一条收入流，以维持其ChatGPT的免费层级，并在计划首次公开募股（IPO）之前帮助抵消计算成本。作为这项初创业务的一个里程碑，该公司上个月表示，其年化广告收入有望达到10 亿美元 billion。但如此迅速地建立广告业务产生了不一的结果，一些广告商表示，这还带来了行政上的麻烦和操作上的故障。

NewStreet Research分析师丹·萨蒙（Dan Salmon）表示，OpenAI在推出广告时采取了“全方位、无死角、同步进行”的方法，并称这种速度令人印象深刻且前所未有。

OpenAI在2月份开始针对部分美国ChatGPT用户测试广告，在AI生成的答案下方添加一个带有相关品牌的标记框。它正在推出旨在吸引Fortune 500公司的工具，但同时也面向为Meta Platforms提供大部分广告收入的中小型企业。

“根据我的经验，这是历史上速度最快的广告业务构建之一，”OpenAI全球广告解决方案负责人戴夫·杜根（Dave Dugan）表示。

在启动七个月后，该广告业务已覆盖more than 50 countries。尽管如此，其增长速度并未达到一些行业分析师的预期。NewStreet Research最近下调了对该广告业务的营收预测，理由是其10 亿美元 billion的数字。

新的广告业务通常会经历成长的阵痛。仍在扩大广告业务的Netflix在早期曾面临投诉，称其广告层级的订阅用户群太小，广告商无法有效地针对特定群体进行投放。而广告商在Facebook IPO之前也曾质疑其广告业务是否能带来良好的回——

美国AI聊天机器人预计广告支出

注：包括出现在大语言模型（LLM）工具中的广告，如OpenAI的ChatGPT、微软的Copilot和亚马逊的Alexa for Shopping。来源：Emarketer

报。

Rocket首席营销官乔纳森·米尔登霍尔（Jonathan Mildenhall）将该公司目前在OpenAI上的广告表现描述为“不尽如人意”，称他没有看到测试带来任何实质性影响。在增加广告支出之前，米尔登霍尔希望获得更好的精准投放，以及在对话与广告内容之间更流畅的过渡。

OpenAI进军广告业的开端并不顺利，最初向一些大品牌收取高达每1,000 views约$60的高昂费用，无论用户是否点击。这与其他数字广告业务大相径庭，后者提供高度精准的广告，品牌仅在用户点击后才付费。随着该公司转向基于拍卖的定价模式，OpenAI的费率随后大幅下降。

在早期阶段，它限制了向用户展示广告的数量，以监测赞助内容是否会对ChatGPT的体验产生负面影响。广告商表示，由于广告机会有限，一些品牌难以花完分配的预算，导致部分品牌暂停参与，直到产品套件变得更加稳定。“我们最初完全专注于用户信任，”OpenAI的杜根表示，并补充说随着广告业务的成熟，公司现在的情况已经有所不同。

该公司招募了一系列Meta的前员工担任广告领导、销售和产品工程职位，其中就包括杜根。它正利用自己的Codex AI工具来快速推出更新和新功能。

在进入该领域三个月后，OpenAI推出了一个工具，用于帮助追踪点击广告用户的购买活动，以证明广告有效。萨蒙表示，Facebook实现这一点大约花了12年时间。

广告买家表示，考虑到 AI 和隐私方面的敏感性，一些品牌在自己的网站上部署这些追踪器的态度一直较为犹豫。

OpenAI 较新的广告产品开始与谷歌、Meta 和亚马逊提供的一些产品相似，包括按点击付费（pay-per-click）格式和展示多种产品的轮播图。广告买家还表示，OpenAI 正在实验一种广告格式，点击后会启动一个定制的 ChatGPT 对话，以回答有关所广告产品的具体问题。

OpenAI 在 5 月推出了一个自助服务平台，允许公司上传创意素材、设定预算并追踪效果——这一产品有助于吸引那些负担不起大型广告公司的中小企业。广告买家表示，该平台虽然不像谷歌和 Meta 的那样成熟，但已被证明有效。

ChatGPT 每周的活跃用户数超过 10 亿，广告商表示，随着 AI 改变人们搜索信息和做出购买决策的方式，他们无法承受在场边观望的代价。

但 OpenAI 的后端基础设施有时难以跟上需求，一些广告高管表示，该系统仍然存在漏洞（buggy）。

今年，Taskrabbit 的营销负责人塔玛拉·罗森塔尔（Tamara Rosenthal）惊讶地发现公司信用卡上出现了数千美元的陌生扣费。“我被 OpenAI 黑了，”她回忆起自己当时告诉财务部门时说的话。随后她的团队解释说，他们已经开始在 OpenAI 上测试广告。

尽管不符合开具发票的资格，但这并未阻止渴望测试该服务的 Taskrabbit。“这就是营销人员进入该平台的迫切程度，”罗森塔尔说道。

Taskrabbit 表示，在扩大投资之前，它需要更好的广告定向选项，以及更多关于人们在该平台上如何搜索的信息。

Hungryroot 的首席营销官亚当·韦伯（Adam Weber）表示，早期结果令人鼓舞，他对 ChatGPT 广告持乐观态度，因为聊天机器人的查询比常规搜索更详细，从而能够实现更个性化的广告。

Papa John's 誓言改进

年初至今表现

来源：FactSet

Papa John's 尚未扭转其销售下滑的局面。首席执行官 Todd Penegor 认为，这一过程始于提高公司披萨的质量。

在周三的一次投资者活动上，Penegor 表示，这家披萨连锁店的转型时间比他预期的要长，美国同店销售额已连续几个季度下降。该公司股价今年以来已下跌 48%。

Penegor 表示，公司目前专注于改善消费者对其“物有所值”的认知。

该公司还希望改进餐厅的运营，包括在用于加速饼底制作的设备上如何处理面团。他表示，酱料的甜度、奶酪的融化程度以及配料的呈现方式也正在审查中。

“我们将重新审视所有环节，”Penegor 说道。

—Heather Haddon

J.B. Hunt 预计司机相关成本上升将导致利润下降

作者：ESTHER FUNG

J.B. Hunt Transport Services 首席财务官 Brad Delco 表示，由于司机相关成本升高、燃料价格快速上涨以及医疗成本超过通胀导致索赔增加，该运输公司的第三季度收益将环比下降约 5% 至 10%。

“招聘、广告、入职、培训、签约奖金——如果我漏掉了其中一项请指正——第三季度的这些支出将比第二季度增加约 2500万美元，”Delco 在摩根士丹利的一次投资者会议上表示。

J.B. Hunt 股价周三下跌 13% 至 $236.73。

由于联邦官员继续努力控制有资格驾驶商业车辆的移民人数，许多美国企业表示正面临卡车司机短缺的问题。

Delco 表示，投资者应将引进新司机的支出视为 J.B. Hunt 专注于增长的积极信号。在燃料成本方面，Delco 表示，从第二季度到第三季度，J.B. Hunt 面临至少 1000万美元 的环比不利影响。本周柴油价格达到 $6.29，比一年前增长 68%。

Mucinex 制造商启动扩张计划

一家位于北卡罗来纳州的新设施将使该公司能够在美国生产 80% 以上的 Mucinex 产品。

Reckitt 将投资 4亿美元 以加速创新并增强供应链

作者：Liz Young

Mucinex 和 Lysol 的制造商正在加大对美国产品开发和制造的投入，以更快速地响应消费者需求的转变。

消费品销售商 Reckitt Benckiser Group 周三表示，计划在未来四年内在美国投资约 4亿美元，这是在 2024 年承诺的 2亿美元 基础之上的进一步投入。

这笔额外投资旨在加速产品创新，帮助增强其供应链以抵御中断，并提升其应对消费者需求激增的能力。

“我们现在进行投资是为了支持美国业务的下一阶段增长，美国仍然是我们的关键市场，也是我们认为具有强大长期潜力的市场，”总部位于英国的 Reckitt 北美区总裁 Jérôme Lemaire 表示。

由于每年的感冒和流感季节时间有所波动，Reckitt 一直在投资美国，以便更快地将新产品交付给客户并满足波动的药物需求。该公司在 2024 年购买了北卡罗来纳州威尔逊（Wilson）的一家工厂，将部分 Mucinex 止咳感冒药的生产从墨西哥和英国的工厂转移到美国。

该公司现在计划将该工厂的投资额增加一倍至 4亿美元，其中包括在原有的 310,000 平方英尺建筑基础上增加 234,000 平方英尺。

根据该计划，威尔逊工厂将成为 Reckitt 在美国最大的非处方药制造设施，并将提高 Mucinex 片剂和液体药物以及 Move Free 关节健康补充剂的产能。新设施将使该公司能够在美国生产 80% 以上的 Mucinex 产品。

Reckitt 还致力于将其商业和研发运营整合到新泽西州纳特利（Nutley）的一个园区内。今年 1 月，该公司将其北美总部从帕西帕尼（Parsippany）向东迁移约 15 英里至纳特利。

该公司现在计划将其专注于 Lysol 等杀菌产品的研发团队从附近的蒙特韦尔（Montvale）搬迁至该园区。Reckitt 计划在总部 adjacent 建设一个科学创新中心，目标是加快产品开发进程，使新产品能更快地进入商店货架。

今年上半年，北美销售额约占 Reckitt 核心净营收的 $23%，而欧洲营收占比为 $33%，中国、印度和巴西等新兴市场占比为 $44%。自新冠疫情以来，包括通过在靠近消费者的地区制造商品在内，越来越多的公司寻求增强其供应链以抵御极端天气、运输延迟和工厂关闭等中断因素。特朗普政府也一直推动企业在美国制造更多商品，包括对进口商品征收高额关税。

“在全球范围内拥有工厂可以让（公司）比仅在一个国家拥有一个基地更迅速地响应局部或区域性需求，”田纳西大学供应链管理教授 Justin Kistler 表示。

Kistler 举例说，如果今年的感冒和流感季节“比往年提前三到四周在美国到来，而我们仅在欧洲生产，那么在产品制造完成并装船期间，我们就错失了时机”，“在产品供应方面，我们的竞争对手会抢占先机”。

您是否有不再想要或不再需要的土地或房产？

将其捐赠给“对抗癌症”（Stand Up To Cancer, SU2℃）是支持我们事业的一种有意义的方式，并且可能为您带来税务优惠。我们接受土地、住宅及商业房地产的捐赠。您的财产捐赠可以支持我们的使命，即筹集资金并加速突破性研究的进程。这些研究能够快速地为患者提供新的疗法，并在当下挽救生命。

欲了解更多信息，请访问：standuptocancer.org / giveproperty 或致电 844-277-HOME (4663)

“对抗癌症”是一家 501(c)(3) 慈善组织。

每个人都喜欢争论比特币的价格。

数学胜出。

然而，其 2100 万 的供应上限是由代码确定的。

获取 BITCOIN.ORG

IU HUANZONG / XINHUA / ZUMA PRESS

AI 支出给字节跳动带来压力

字节跳动拥有多系列 AI 模型，包括视频生成工具 Seedance，并且一直在加大 AI 投资。

尽管营收增长 30%，字节跳动上半年的利润有所下降

作者：RAFFAELE HUANG

知情人士表示，字节跳动在今年上半年的人工智能支出给利润带来了压力，但随着美国监管阴霾的消散，这家 TikTok 母公司的营收增速有所加快。

知情人士称，在公司国际广告、直播和 TikTok 电商业务增长的推动下，该期间营收增长超过 30% 至 1200 亿美元 billion。他们补充说，净利润下降至 200 亿美元 billion。

知情人士表示，去年字节跳动的年度营收增长 29% 至 2000 亿美元 ，而净利润增长 27% 至 420 亿美元 。

在 TikTok 解决了旨在应对华盛顿国家安全担忧的多年争端后，公司实现了营收增长。今年 1 月，该公司正式成立了一家合资企业来运营其美国业务；上个月，白宫取消了 2023 年关于在联邦政府设备上使用 TikTok 的限制。

字节跳动拥有包括视频生成工具 Seedance 在内的多系列 AI 模型，一直在加大对 AI 的投资，以保持与国内及美国竞争对手的竞争力。

知情人士表示，本月早些时候，一个全球银行财团同意向字节跳动提供 296 亿美元 的贷款，将用于一般公司用途，包括为其 AI 研发提供资金。

来源：公司发给投资者的电子邮件；知情人士

根据《华尔街日报》看到的一份近期内部备忘录，该公司

表示，将把部分员工获得的受限股票单位（RSU）的定价较约五个月前提高 5%，至每股 $241.35。基于该金额，整个公司的估值将超过 4000 亿美元 。知情人士表示，今年早些时候的一次私募股权销售将其估值定在 6000 亿美元 以上。

The Information 此前曾报道过字节跳动上半年的财务状况。

亚马逊将美国新员工时薪提高至 $20

作者：KELLY CLOONAN

Amazon.com 正将其美国全职核心运营员工的最低起薪提高至每小时 $20，此举是在其重大节日招聘高峰之前实施的。

此次每小时 $1 的涨幅适用于该电子商务公司的前线员工，他们负责分拣、包装和运输订单等任务。亚马逊在周三宣布了这一举措，同时还推出了新福利，例如通过其在线平台和 Whole Foods Market 门店提供食品杂货折扣。

此次加薪和额外福利出台之际，亚马逊正接近节日购物旺季的顶峰，届时公司将展开大规模招聘，以应对即将涌入其网络的在线订单激增。去年，亚马逊计划在节日之前招聘 250,000 名全职、兼职和季节性员工。

亚马逊表示，其美国核心运营员工的平均薪资目前已接近每小时 $24；如果计入福利方案的价值，平均总薪酬则超过每小时 $32。该公司表示，其最低起薪在过去三年中增长了 17% 以上。

该公司还表示，将为所有美国员工提供一项新的食品杂货折扣。

该公司称，从 10 月 1, 起，员工在 Amazon.com 和 Whole Foods Market 在线购买符合条件的食品杂货及其他必需品可享受 10% 的折扣，而在 Whole Foods 门店购物可享受 20% 的折扣。

亚马逊还表示，正在推出一项新的银行福利，为员工及其家人提供 First Tech Federal Credit Union 的会员资格，该信用社提供可终身持有的低成本银行服务。

亚马逊表示，该方案包括标准支票账户和储蓄账户 $0 的透支费且无最低账户余额要求，并可办理信用卡和贷款，旨在帮助员工管理资金并规划未来。

该公司表示，该服务将于 2026 年底开始逐步推出，并在 2027, 广泛可用。

广告

市场广场 广告投放请致电：800-366-3975 或访问 WSJ.com / classifieds

商业地产

担保方公开拍卖通知

请注意，根据纽约州颁布的《统一商法典》相关条款，MANCHESTER SECURITIES CORP. 与 ZYQUAN INVESTMENTS LIMITED（以下简称“担保方”）将通过公开拍卖，将抵押品（定义见下文）的 100% 出售给最高出价者。公开拍卖将于 10:00 am on October 14, 2026, 在 Holland & Knight LLP 律师事务所（地址：787 Seventh Avenue, New York, New York 10019）现场及远程同步进行；担保方将提供现场参与以及通过 Zoom 或其他由担保方选定的基于 Web 的视频会议和 / 或电话会议程序进行远程参与的渠道。由于 1005 First Resi Borrower, LLC（以下简称“借款人”或“债务人”）在日期为 December 20, 2019 的贷款协议（以下简称“夹层贷款协议”）项下发生某些违约，该协议经日期为 December 20, 2023, 的《夹层贷款与担保协议修正案》（以下简称“修正后夹层贷款协议”）修订，且根据日期为 20, 2019、原始本金金额为 6164.2万美元.00 的《夹层贷款本票》（以下简称“夹层本票”），该本票经日期为 20, 2023, 的《夹层贷款本票修正案》修订，其中除其他事项外，将夹层贷款的原始本金金额增加至最高本金总额 6364.2万美元.00（以下简称“修正后夹层本票”），该贷款目前的未偿还本金余额为 9760.4万美元.01。该贷款由借款人作为出质人，以 Manchester Securities Corp.（一家纽约公司，作为担保方的行政代理人，以下简称“行政代理人”）为受益人，于 20, 2019 签署的《夹层质押与担保协议》（以下简称“夹层质押协议”）等文件证明并担保，据此，债务人将其在抵押品中 100% 的所有权利、所有权和权益质押给担保方，且此次拍卖不涉及物业的直接出售。

根据《夹层质押协议》Section 2 的规定，借款人将其在以下各项（无论目前拥有或此后获得，统称为“抵押品”）中的所有权利、所有权和权益质押为第一优先担保权益：(i) 所有质押的公司权益（指《夹层质押协议》Schedule 1 中列出的借款人在 1005 First, LLC（下述物业的当前所有者）中持有的 100% 有限责任公司权益）；(ii) 所有证券、额外的股权权益、代表股息、分配、现金或质押证券利息的资金或财产，或代表质押证券分配的资金或财产，或因质押证券的分拆、修订、重新分类或其他类似变更而产生，或以其他方式就此收到或以此交换的资金或财产，以及向质押证券持有人发行或以其他方式与质押证券相关的任何认购权证、权利或期权；(iii) 因质押证券或项目的损失或损坏而根据任何保险单应支付的任何金额；(iv) 构成或与上述各项相关的所有“账户”、“一般无形资产”、“票据”和“投资财产”（各项定义见《商法典》）；以及 (v) 上述任何各项的所有收益（包括其上的任何保险收益，以及构成或与上述各项相关的所有“账户”、“一般无形资产”、“票据”和“投资财产”，各项定义见《商法典》）。

此次出售针对的一项债务，截至2026年10月14日，其当前未偿还本金余额为9760.4万美元.01，外加所有额外的违约利息、滞纳金、保护性预付款、律师费及成本，以及根据夹层贷款文件可追回的其他费用和 / 或成本；该项债务受所有优先留置权的约束，包括与2019年12月20日签署的原始本金金额为1.31亿美元的特定建筑贷款及担保协议（简称“高级贷款”）相关的留置权。该高级贷款担保的特定房地产（简称“物业”）由某综合用途开发项目的住宅和零售部分组成，该项目通常被称为“Revel NoMa”，原名为“Storey Park-Resi”，位于华盛顿特区东北第一街1005号（1005 1st Street, NE, Washington, D.C.）或其附近（详见夹层贷款文件中的具体描述）。此外，还包括担保方的所有费用和开支，包括但不限于广告和发布成本、律师费、竞标与出售条款及条件（可根据要求提供）以及拍卖师费用。

抵押品将出售给最高合格出价者；但担保方保留完全取消出售，或通过在原定公开出售的时间和地点发布公告将出售日期推迟至未来日期的权利。抵押品将仅作为整体出售给单一购买者，不得分割或拆分。贷款人可在出售过程中以其留置权进行抵债出价和 / 或进行现金出价。此次出售将由Mannion Auctions. LLC执行，由持牌拍卖师Matthew Mannion负责，其持有纽约市消费者事务局颁发的拍卖师执照，执照编号为1434494。

如需了解有关抵押品的更多信息以及竞标与出售条款及条件的副本，有意竞标抵押品的各方应联系：担保方律师Stacey A. Lara, Esq., Holland & Knight LLP, 787 Seventh Avenue, New York, New York 10019, 电话：212-513-3345, 电子邮件：stacey.lara@hklaw.com，或联系Eastdl Secured Savills的Brenden Flood，电话：(202) 688-4061，电子邮件：bflood@eastdilsecured.com。在签署标准保密协议后，将提供进一步的文件和信息。

商业机会

盈利中 —城市杂志 (City Magazines)— 中佛罗里达州 员工优秀 • 业主退休 (863) 409-2449 不接受中介

市场广场 立即投放广告 (800) 366-3975

欲了解更多信息，请访问：wsj.com / classifieds

© 2026 道琼斯公司 (Dow Jones & Company, Inc.) 保留所有权利。

出售公告

[...OMITTED...]

公开拍卖公告

待售财产 拍卖编号 1：9月，星期二

拍品编号 / CUSIP / 发行 / 资产类型 / 原始面值 :--- 1 / 922219AC4 / VARIC 1A B1 / ABS CDO / 1,100,000 2 / 31393W3Q0 / FHR 2650 / MT Agency / 2,000,000 3 / 31392ERS1 / FNR 2002-56 DZ / Agency / 300,000 4 / 7055GMAA0 / PALS 2000-1-A1 / Aircraft / 5,500,000 5 / 70575RAD2 / PALS 2001-1A B1 / Aircraft / 1,000,000 6 / 09774BXG6 / BCM 1999-8 A6 / MH / 1,000,000 7 / 39350STZ5 / GT 1997-3 M1 / MH / 2,500,000 8 / 45254NEL7 / IMM 2003-43B1 / Prime / Alt - A / 2,250,000 9 / 45254TNB6 / IMSA 2003-2 M3 / Prime / Alt - A / 2,000,000 10 / 073914℃27 / SAMI 1998-2 B / Prime / Alt - A / 11,720,000 11 / 61746RCH2 / MSAC 2003-SD13 / Scratch and Dent / 1,200,000 12 / 881561BQ6 / TMTS 2003-55L B3 / Second Lien / 1,700,000 13 / 36228FYU4 / GSAMP 2003-SEA B1 / Subprime / 1,000,000 14 / 59173KE5 / METRO 1999-4 A1 / Subprime / 500,000 15 / 78386NBDO / SACO 1999-3 1B2 / Subprime / 1,035,000 16 / 86359BEB3 / SASC 2003-39EX8 / Subprime / 500,000

公开拍卖编号 2：2026年9月22日，星期二，东部时间下午1:00。拍品 1-2 的资产类型为零因子-飞机（Zero Factor-Aircraft），拍品 3-5 为零因子-移动房屋（Zero Factor - MH），拍品 6-24 为零因子-住宅抵押贷款支持证券（Zero Factor - RMBS）。

拍品编号< / td><>CUSIP< / ><>发行< / ><>原始面值< / >< / tr><><>1< / ><>52204PAM1< / ><>LIFT 1 B1< / ><>1,000,000< / >< / ><><>2< / ><>52204PQ2< / ><>LIFT 1℃1< / ><>2,000,000< / >< / ><><>3< / ><>20846QP A3< / ><>CNF 1999-6-M2< / ><>9,500,000< / >< / ><><>4< / ><>395383AQ5< / ><>GPMH 2000-1 M1< / ><>9,750,000< / >< / ><><>5< / ><>393505U A8< / ><>GT 1997-3 B1< / ><>1,000,000< / >< / ><><>6< / ><>22540V X 3< / ><>CSFB 2001-281B2< / ><>178,000< / >< / ><><>7< / ><>22541NCM9< / ><>CSFB 2002-222B2< / ><>1,566,996< / >< / ><><>8< / ><>22541NPV5< / ><> 2002-291B3< / ><>2,891,211< / >< / ><><>9< / ><>2254W0G L3< / ><> 2003-1 D83< / ><>1,000,000< / >< / ><><>10< / ><>22541QND0< / ><> 2003-19CB3< / ><>1,999,415< / >< / ><><>11< / ><>22541QQS4< / ><> 2003-21D83< / ><>1,707,277< / >< / ><><>12< / ><>22541QS45< / ><> 2003-27D83< / ><>614,967< / >< / ><><>13< / ><>22541N Z 3< / ><> 2003-8 D83< / ><>3,000,000< / >< / ><><>14< / ><>32027NUG7< / ><>FFML 2004-FFH2 / M9< / ><>2,000,000< / >< / ><><>15< / ><>493553BL4< / ><>KEYOT 1998-P2 M2< / ><>10,000,000< / >< / ><><>16< / ><>576434X8< / ><>MALT 2003-4B2< / ><>1,000,000< / >< / ><><>17< / ><>61746RAE1< / ><>MSAC 2002-HE3 B2< / ><>1,200,000< / >< / ><><>18< / ><>675748AU1< / ><>OCMSB 1998-R2B1F< / ><>3,211,341< / >< / ><><>19< / ><>675748AW7< / ><>OCMSB 1998-R2B2F< / ><>2,140,893< / >< / ><><>20< / ><>675748AF3< / ><>OCMSB 1998-R2B3F< / ><>1,739,476< / >< / ><><>21< / ><>675748BF3< / ><>OCMSB 1998-R3 B2< / ><>3,000,000< / >< / ><><>22< / ><>073919AB3< / ><>SKGO 1997-2 B13< / ><>7,528,000< / >< / ><><>23< / ><>86358RUQ6< / ><>SASC 2002-AL1 B4< / ><>3,000,000< / >< / ><><>24< / ><>86358RJQ6< / ><>SKGO 1998-11A4< / ><>439,000< / >< / table>

Dock Street Capital Management LLC 代表纽约梅隆银行信托公司（The Bank of New York Mellon Trust Company, National Association）以受托人（以下简称“受托人”）的身份，将对抵押给受托人的某些抵押品进行拍卖。抵押品（定义见本文）将由受托人提供并出售，受托人不对抵押品（抵押品的所有权除外）或受托人当时掌握的任何其他信息（包括但不限于任何发行通函或其他财务信息）做出任何明示或暗示的追索、陈述或承诺。拍卖地点：拍卖将在康涅狄格州威斯特波特 Riverside Avenue 575-8 号（邮编 06880）举行。附加信息：请注意，上述证券的出售仅可向同时为合格竞买人的最高出价者进行，并将取决于一个

储备水平。如需更多信息（包括关于合格竞买人身份的信息）以及获取《投资者陈述与保密协议》副本，请分别通过电子邮件 dcrowele@dockstreetcap.com 或 jbloltman@dockstreetcap.com 联系 David Crowe 或 Jeffrey Holtman，或拨打电话 (212) 457-8258，发送传真至 (212) 457-8269，或邮寄至 (575) 8 Riverside Avenue, Westport, CT 06880。如果在该等销售中，受托人认为可行或适用法律要求，受托人的押金将用于：(i) 将上述待售证券（“抵押品”）的潜在竞买人或购买者限制在那些陈述并同意其为自身投资账户购买而非旨在分销或转售任何此类资产的人员；(ii) 核实待售证券的每份证书均带有实质性内容为该证券尚未根据经修订的 1933 年《证券法》注册，且不得违反该法条款进行处置的说明；(iii) 免除且拒绝提供任何保证（所有权保证除外）；以及 (iv) 实施受托人认为必要或可行的与任何此类销售相关的其他限制或条件。

3月遭到伊朗袭击的阿布扎比亚马逊云科技（AWS）数据中心。

亚马逊云科技无法恢复部分数据

接 B1 页

4 月的巴林。伊朗对亚马逊设施的袭击引发了火灾，损坏了基础设施，并迫使当局切断电源。用于灭火的水造成了更大的破坏。

亚马逊在周二的更新中表示：“我们一直在支持剩余客户在其他区域重新建立运营，在有备份的情况下使用备份，或实施替代方案以减轻数据无法访问的影响。”

伊朗伊斯兰革命卫队在春季威胁了被其指控参与袭击伊朗的美国科技公司，点名提及微软、甲骨文、Alphabet 和英伟达。

一些科技公司仍在推进海湾地区的数据中心项目。它们押注战争最终会结束，并被海湾地区喷涌而出的资本所吸引。在海湾地区通过加强防御来强化项目，可能比在其他地点重新开始更便宜、更快速。

亚马逊和 Microsoft 分别在上个月表示，它们仍将在今年年底前在沙特阿拉伯启动数据中心。微软达成了一项协议，将于 2025 年底在阿布扎比建立一个 200 兆瓦的数据中心。目前建设正在进行中。

亚马逊云科技（AWS）在周二的公告中表示：“我们仍致力于长期支持我们在巴林的客户，并将于 2027 年初分享进一步的更新。”

有报道称与 SK 海力士进行制造谈判，英特尔股价上涨

作者：JOE STONOR

周三，在有报道称英特尔正与 SK 海力士洽谈由这家韩国公司在美国制造内存芯片后，英特尔股价跳升。这将成为特朗普总统推动增加美国制造芯片的一次胜利。

该股周三上涨 4% 至 $101.05。

路透社报道，该交易可能涉及 海力士租赁英特尔计划在俄亥俄州建设的制造工厂。

或者，两家公司可以与寻求锁定芯片供应的云计算公司共同组建合资企业。

知情人士告诉路透社，任何协议都可能面临韩国政府的反对，因为 海力士的芯片业务被视为具有国家重要性。

英特尔的一位发言人表示，公司不对猜测发表评论。

该发言人说：“不过，英特尔致力于在俄亥俄州的发展，我们将继续进行投资以加速场地的准备工作。”

海力士在的一份声明中表示，公司“正在探索各种增强其全球竞争力的方案，但目前尚未敲定具体计划或安排。”

4% 英特尔在讨论与 海力士结盟的消息传出后，其股价的涨幅。

这家在首尔和纽约上市的集团表示：“关于与文中提到的任何具体公司合作或在美国生产内存芯片的事宜，尚未敲定任何内容。”

Citrini 分析师 Jukan Choe 在 X 平台的一篇帖子中表示，比英特尔和 海力士之间任何合作伙伴关系更重要的，是这两者与超大规模云服务商建立合资企业的潜力。

英特尔受益于显著的联邦支持，美国政府在 2025 年 8 月持有该公司 10% 的股份。

在政府投资后，英特尔的股价上涨了四倍多。

特朗普总统表示，他希望在总统任期结束前显著增加美国的芯片生产。在今年早些时候苹果公司同意在其部分产品中使用英特尔制造的芯片后，特朗普表示，由于美国需要设计和制造更多芯片，他帮助了这家总部位于圣克拉拉的公司。

Databricks 加大对亚洲投资

作者：KIMBERLEY KAO

分析与人工智能软件公司 Databricks 表示，其在亚洲的业务正在加速，并计划增加在新加坡的投资以挖掘区域需求。

这家总部位于旧金山的公司的亚太及日本地区业务负责人 Simon Davies 在周三的一次采访中表示，Databricks 在该地区的业务在第二季度增长了一倍多，使其成为该公司增长最快的市场。

随着人工智能热潮推动对其数据分析软件的需求，Databricks 已成为硅谷最具价值的初创公司之一。它也被认为是长期以来有望上市的一批公司之一。

在由 Coatue 领投，以及 Blackstone、MGX、T. Rowe Price 和 Sixth Street Growth 参与的 8 月融资轮后，该公司的估值达到了 1900 亿美元 billion。

“我们在资本市场筹集资金方面一直非常积极。部分原因是为了让我们能够继续在各项新能力上投入巨资，”Davies 表示。

该公司计划在未来三年内向新加坡投资超过 3.5亿美元，以挖掘该地区的市场需求，并将该城邦的人员编制增加一倍，至 500. 人以上。Davies 表示，这笔投资的很大一部分将用于工程师和技术专家的技术能力建设。

该公司将在未来三年内向该地区投资超过 10 亿美元 billion。

“亚太地区是增长最快的[地区]，我们的计划是在未来几年继续保持最快增长，”Davies 表示。

Mistral 寄望于通过联盟实现 AI 增长

该初创公司将很快为美国、加拿大和法国的 Firefox Smart Window 提供动力

Mistral 联合创始人兼首席执行官 Arthur Mensch。

作者：MAURO ORRU

表示，Mozilla 将利用其人工智能模型来驱动 Firefox 的 AI 助手。 押注于与这家以隐私和数据保护著称的浏览器供应商建立合作伙伴关系，以赢得更多用户并扩大其消费者基础。

这家法国初创公司已经建立了一个联盟网络，使其能够接触到企业客户、大型公司和机构，这些客户能够大规模购买其 AI 工具并增加其收入。

虽然自成立之初这些客户就是其主要关注点，但与 Mozilla 联手表明 正在加大力度，试图将触角延伸至企业之外，将其模型直接交付给数百万使用 Firefox 的消费者。

联合创始人兼首席执行官 Arthur Mensch 在一次采访中表示，将模型嵌入 Firefox 将有助于提高用户对这一最终消费产品的认知度，并能在未来推动其业务增长，因为 AI 模型用于处理信息和生成回答的 token（令牌）会为 带来收入。

根据合作伙伴关系，Firefox Smart Window—— 的 AI 浏览助手，旨在帮助用户处理复杂搜索、根据其标签页检索信息并记录用户可能已关闭的重要细节——很快将在美国、加拿大和法国由 提供动力，英国和德国预计将于今年跟进。

Firefox 目前已允许用户在 OpenAI 的 ChatGPT、Anthropic 的 Claude、Google Gemini 以及 的 Vibe（原名 Le Chat）等聊天机器人之间进行选择，但此次合作意味着 将很快成为 Smart Window 推荐的 AI 模型。

对于 而言，这一安排意味着它可以利用 的多语言模型能力来驱动 Smart Window 并将其推向更多国家。对于 而言，这意味着该初创公司将在 Smart Window 可用的地区轻松接触到数百万 Firefox 用户。

Firefox 制造商 Corp. 的首席执行官 Anthony Enzor-De-Meo 在一次采访中表示：“目前，我们全球每月平均用户数约为 2 亿，桌面端每日用户数 50+ million，移动端为 1400 万 到 1600 万，我想美国、德国、法国和英国占据了其中的绝大部分。”

此次合作将两个开放网络和开放权重模型（即任何人都可以公开下载并修改的模型）的倡导者聚集在一起。 Corp. 是 .org 的一部分，而 .org 负责管理非营利组织 基金会以及 项目下的整个组织家族。 通过其浏览器建立了捍卫用户隐私的声誉，该公司称其浏览器能自动拦截追踪器，并让用户控制如何以及是否使用 AI。

“我不认为互联网的未来应该是由一家公司同时拥有浏览器、模型和用户数据。那看起来是一个极其严酷的未来，”Enzor-DeMeo 说道。

一直是开放权重模型的坚定捍卫者，称这些模型赋予了用户根据自身需求进行定制的灵活性，同时保护了他们的数据。

“在推广开放生态系统方面，我们有着非常强的一致性。这些由开源产品推广的开源模型，对许多用户来说是非常出色且具有吸引力的，”Mensch 表示。

道琼斯通讯社（Dow Jones Newswires）和《华尔街日报》的所有者新闻集团（News Corp）与 OpenAI 拥有内容许可合作伙伴关系。

荷兰投资者将收购教育科技公司 Watermark

作者：MARIA ARMENTAL

荷兰收购公司 Main Capital Partners 已同意收购由 TCV 支持的教育技术平台 Watermark Insights。这是该公司迄今为止在美最大的一笔单体公司投资，且该投资领域被其认为能够免受 AI 冲击。

这是 Main Capital 自 2023 年在美国开设办事处以来规模最大的一笔美国交易。

一名知情人士表示， 与总部位于英国的教育支持业务 Tribal Group（ 上周同意以约 2.56亿美元 收购该公司）的合并企业价值（含债务）接近 6亿美元。

目前正在收购 的“绝大多数股权”。 成立于 2018 年，由包括 Taskstream 和 Tk20 在内的几家高等教育软件公司合并而成。科技投资者 TCV 在当年收购了 的控股权。

合伙人 Daan Visscher 表示，对 和 Tribal Group 的收购反映了该公司对教育市场吸引力的看法。共同领导该公司北美业务的 Visscher 表示，高等教育机构一直面临着从预算紧张到法规变更以及复杂数据需求等运营障碍。“进一步优化其内部流程的需求很大，而且我们也相信 AI 可以对此提供帮助，”他说道。

虽然人工智能使整个软件市场的交易活动陷入低迷，但像 这样的收购公司认为，教育科技软件支持的是关键的任务记录系统——管理认证、合规性和核心行政工作——在很大程度上能够免受 AI 的替代。此外，投资者和顾问表示，教育科技公司将从工作流自动化和新的 AI 产品中获益，且无论经济状况如何，都能提供经常性收入流。

根据咨询公司 L.E.K. Consulting 的数据，北美教育领域的交易数量在 2021, 年由新冠疫情驱动的高点之后再次增长。L.E.K. 追踪到 2025. 年约 72 笔教育交易，总额约 58 亿美元 billion。该公司指出，交易管线正在加强，2025 年估值在 10 亿美元 billion 以下的交易数量达到了 2021 年以来的最高水平。

总部位于德克萨斯州奥斯汀，拥有 300 多名员工，为全球约 1,500 家高等教育机构提供服务，包括普林斯顿大学、普渡大学和塞顿霍尔大学。 的智能软件帮助学院和大学管理其行政和学术运营。这包括自动化部分文书工作，帮助学校开发和完善课程，跟踪学生表现，以及收集学校获得和维持认证所需的数据。

Maria Armental 为 WSJ Pro 私募股权专栏撰稿。

年龄增长的是经验，而非记忆缺失。

有些东西随年龄增长而增加。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®)

六月< / td><>七月< / ><>八月< / ><>九月< / >< / tr>< / table>

市场摘要

道琼斯工业平均指数

< / td><>最新< / ><>一年前< / >< / tr><><>51461.90 ▼631.21, 或 1.21%< / ><>滚动市盈率 20.95< / ><>25.20< / >< / ><>< rowspan="3">过去 3 个月每个交易日的最高价、最低价、开盘价和收盘价。< / ><>市盈率预测 * 19.76< / ><>22.11< / >< / ><><>股息率 1.54< / ><>1.61< / >< / ><>< colspan="2">历史最高点 54349.12, 08 / 05 / 26< / >< / table>

柱状图衡量的是相对于当日开盘价的点数变化

<>< colspan="4">48000< / >< / ><><>六月< / ><>七月< / ><>八月< / ><>九月< / >< / ><>< ="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

<>< rowspan="2">道琼斯< / >< ="5">最新< / >< ="3">52 周< / >< ="2">% 变化< / >< / ><><>最高< / ><>最低< / ><>收盘< / ><>净变化< / ><>% 变化< / ><>最高< / ><>最低< / ><>% 变化< / ><>年初至今< / ><>3 年年化< / >< / ><><>工业平均指数< / ><>52173.70< / ><>51186.67< / ><>51461.90< / ><>-631.21< / ><>-1.21< / ><>54349.12< / ><>45166.64< / ><>11.8< / ><>7.1< / ><>14.1< / >< / ><><>运输平均指数< / ><>20416.64< / ><>19965.84< / ><>20075.41< / ><>-574.39< / ><>-2.78< / ><>23933.14< / ><>15067.87< / ><>29.5< / ><>15.7< / ><>9.4< / >< / ><><>公用事业平均指数< / ><>1056.49< / ><>1045.04< / ><>1047.84< / ><>-0.59< / ><>-0.06< / ><>1190.23< / ><>1047.84< / ><>-3.5< / ><>-1.9< / ><>5.5< / >< / ><><>股市总指数< / ><>75331.53< / ><>74118.80< / ><>74578.42< / ><>-327.50< / ><>-0.44< / ><>77313.23< / ><>62750.36< / ><>14.1< / ><>10.5< / ><>18.9< / >< / ><><>巴伦 400 指数< / ><>1603.01< / ><>1575.11< / ><>1587.29< / ><>-6.84< / ><>-0.43< / ><>1685.46< / ><>1318.70< / ><>14.8< / ><>12.3< / ><>17.5< / >< / table>

涨幅百分比...

<>< ="11">纳斯达克股票市场< / ><>< / >< / ><><>纳斯达克综合指数< / ><>26225.09< / ><>25802.96< / ><>25978.42< / ><>-3.15< / ><>-0.01< / ><>< / ><>27093.90< / ><>20794.64< / ><>16.7< / ><>11.8< / ><>23.7< / >< / ><><>纳斯达克-100 指数< / ><>29235.89< / ><>28753.29< / ><>28945.06< / ><>7.22< / ><>< / ><>0.02< / ><>30660.60< / ><>22953.38< / ><>19.5< / ><>14.6< / ><>23.9< / >< / ><>< ="12">标准普尔< / >< / ><><>500 指数< / ><>7626.79< / ><>7507.77< / ><>7551.81< / ><>-33.92< / ><>-0.45< / ><>< / ><>7798.99< / ><>6343.72< / ><>14.4< / ><>10.3< / ><>19.3< / >< / ><><>中盘 400 指数< / ><>3686.40< / ><>3608.90< / ><>3640.57< / ><>-21.93< / ><>-0.60< / ><>< / ><>3926.98< / ><>3109.89< / ><>11.5< / ><>10.1< / ><>12.3< / >< / ><><>小盘 600 指数< / ><>1717.17< / ><>1683.79< / ><>1697.90< / ><>-6.99< / ><>-0.41< / ><>< / ><>1828.54< / ><>1364.94< / ><>17.9< / ><>15.7< / ><>12.7< / >< / table>

<>< ="11">其他指数< / >< / ><><>罗素 2000 指数< / ><>2887.82< / ><>2832.37< / ><>2858.81< / ><>-11.47< / ><>-0.40< / ><>< / ><>3068.42< / ><>2305.11< / ><>18.8< / ><>15.2< / >< / ><><>纽交所综合指数< / ><>24188.13< / ><>23791.61< / ><>23934.14< / ><>-194.31< / ><>-0.81< / ><>< / ><>24821.68< / ><>20912.89< / ><>11.6< / ><>8.8< / >< / ><><>Value Line 指数< / ><>663.28< / ><>651.87< / ><>656.19< / ><>-3.680< / ><>-0.56< / ><>< / ><>702.60< / ><>590.50< / ><>4.1< / ><>4.4< / >< / ><><>纽交所 Arca 生物技术指数< / ><>9289.90< / ><>9158.55< / ><>9222.09< / ><>63.54< / ><>< / ><>0.69< / ><>9539.76< / ><>6043.49< / ><>50.3< / ><>28.9< / >< / ><><>纽交所 Arca

Pharma< / td> 1241.57< / ><>1228.74< / ><>1232.40< / ><>0.73< / ><>< / ><>0.06< / ><>1315.38< / ><>925.18< / ><>29.1< / ><>9.4< / >< / tr> <>KBW Bank< / ><>183.70< / ><>176.46< / ><>178.58< / ><>-5.28< / ><>-2.87< / ><>< / ><>193.91< / ><>143.23< / ><>17.2< / ><>8.8< / >< / ><><>PHLX$ Gold / Silver< / ><>394.15< / ><>375.59< / ><>382.17< / ><>-5.47< / ><>-1.41< / ><>< / ><>470.37< / ><>265.03< / ><>41.4< / ><>11.7< / >< / ><><>PHLX$ Oil Service< / ><>101.99< / ><>97.88< / ><>99.10< / ><>-3.21< / ><>-3.14< / ><>< / ><>109.24< / ><>60.27< / ><>53.7< / ><>35.1< / >< / ><><>PHLX$ Semiconductor< / ><>11413.46< / ><>11132.26< / ><>11246.11< / ><>70.56< / ><>< / ><>0.63< / ><>14634.72< / ><>6060.22< / ><>85.6< / ><>58.8< / >< / ><><>Cboe

Volatility< / ><>18.94< / ><>16.40< / ><>17.71< / ><>0.51< / ><>< / ><>2.97< / ><>31.05< / ><>13.47< / ><>12.7< / ><>18.5< / >< / table>

* 每股价格在 $2 或以上，且 65 个交易日的平均成交量至少为 5,000 股的普通股 †交易天数少于 65 天 按与 65 日平均值变动幅度排序的成交量波动股*

读者须知

股票

7551.81 ▼33.92, 或 0.45% 过去三个月内每个交易日的最高价、最低价、开盘价和收盘价。

自2026年9月17日（星期四）起，华尔街日报（WSJ）美国最优利率（U.S. Prime Rate）将为 7.00%，联邦基金贴现率（Federal Funds Discount Rate）将为 4.00%，联邦基金目标利率（Federal Funds Target Rate）将为 3.75% 至 4.00%。

标准普尔 500 指数

国际股票指数

公司< / td>< 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< / >< / tr><><>收盘价< / ><>变动%< / ><>最高价< / ><>最低价< / >< / ><><>iSh iBds Dec 2036 Trea< / ><>IBTR< / ><>575< / ><>3468< / ><>23.87< / ><>-0.04< / ><>25.26< / ><>23.84< / >< / ><><>ClearThink1 Acquisition< / ><>CTAA< / ><>200< / ><>2703< / ><>9.96< / ><>0.10< / ><>10.00< / ><>9.82< / >< / ><><>Sophus Cap Emerging Mkt< / ><>EMEM< / ><>979< / ><>2125< / ><>25.40< / ><>-0.50< / ><>28.66< / ><>23.41< / >< / ><><>Allspring Core Plus ETF< / ><>APLU< / ><>1,188< / ><>2105< / ><>23.80< / ><>-0.07< / ><>25.63< / ><>23.78< / >< / ><><>iSh Intl Treasury Bd< / ><>IGOV< / ><>4,877< / ><>1998< / ><>40.34< / ><>-0.66< / ><>43.39< / ><>40.27< / >< / ><><>FT Struct Credit Incm< / ><>SCIO< / ><>4,247< / ><>1938< / ><>20.22< / ><>-0.39< / ><>21.69< / ><>20.11< / >< / ><><>Daxor< / ><>DXR< / ><>201< / ><>1902< / ><>11.72< / ><>5.07< / ><>14.76< / ><>8.56< / >< / ><><>Sophus Cap Emer Mkt SC< / ><>EMSC< / ><>573< / ><>1886< / ><>24.91< / ><>-0.18< / ><>27.39< / ><>23.38< / >< / ><><>MKDWELL Tech< / ><>MKDW< / ><>770< / ><>1859< / ><>7.79< / ><>18.39< / ><>12.94< / ><>1.71< / >< / ><><>LuxExperience ADR< / ><>LUXE< / ><>2,233< / ><>1541< / ><>8.81< / ><>23.22< / ><>11.38< / ><>6.54< / >< / table>

<><>地区 / 国家< / ><>指数< / ><>收盘价< / ><>净变动< / ><>最新变动%< / ><>年初至今变动%< / >< / ><>< rowspan="4">全球< / ><>MSCI ACWI< / ><>1127.94< / ><>-1.80< / ><>-0.16< / ><>11.2< / >< / ><><>MSCI ACWI ex-USA< / ><>474.96< / ><>1.54< / ><>0.33< / ><>12.8< / >< / ><><> World< / ><>4876.28< / ><>-11.05< / ><>-0.23< / ><>10.1< / >< / ><><> Emerging Markets< / ><>1686.54< / ><>5.70< / ><>0.34< / ><>20.1< / >< / ><><>美洲< / ><> AC Americas< / ><>2861.07< / ><>-12.396< / ><>-0.43< / ><>10.3< / >< / ><><>加拿大< / ><>S&P / TSX Comp< / ><>35491.27< / ><>-90.80< / ><>-0.26< / ><>11.9< / >< / ><><>拉美< / ><> EM Latin America< / ><>3095.94< / ><>-17.68< / ><>-0.57< / ><>14.3< / >< / ><><>巴西< / ><>Bovespa< / ><>185547.66< / ><>-954.98< / ><>-0.51< / ><>15.2< / >< / ><><>智利< / ><>S&P IPSA< / ><>5641.51< / ><>-43.68< / ><>-0.77< / ><>4.0< / >< / ><><>墨西哥< / ><>S&P / BMV IPC< / ><>63507.11< / ><>< / ><>休市< / ><>-1.2< / >< / ><><>欧洲、中东及非洲< / ><>STOXX Europe 600< / ><>637.09< / ><>2.91< / ><>0.46< / ><>7.6< / >< / ><><>欧元区< / ><>Euro STOXX< / ><>661.69< / ><>4.04< / ><>0.61< / ><>8.1< / >< / ><><>比利时< / ><>Bel-20< / ><>5733.49< / ><>9.14< / ><>0.16< / ><>12.9< / >< / ><><>丹麦< / ><>OMX Copenhagen 20< / ><>1560.08< / ><>-3.68< / ><>-0.24< / ><>-3.0< / >< / ><><>法国< / ><>CAC

40< / td> 8140.59< / ><>50.31< / ><>0.62< / ><>-0.1< / >< / tr> <>德国< / ><>DAX< / ><>25537.75< / ><>135.47< / ><>0.53< / ><>4.3< / >< / ><><>以色列< / ><>特拉维夫< / ><>4246.84< / ><>55.38< / ><>1.32< / ><>16.9< / >< / ><><>意大利< / ><>FTSE MIB< / ><>51969.12< / ><>413.93< / ><>0.80< / ><>15.6< / >< / ><><>荷兰< / ><>AEX< / ><>1096.14< / ><>0.27< / ><>0.02< / ><>15.2< / >< / ><><>挪威< / ><>奥斯陆交易所全股指数< / ><>2544.57< / ><>12.15< / ><>0.48< / ><>31.1< / >< / ><><>南非< / ><>FTSE / JSE全股指数< / ><>113551.10< / ><>-470.17< / ><>-0.41< / ><>-2.0< / >< / ><><>西班牙< / ><>IBEX 35< / ><>19635.80< / ><>79.90< / ><>0.41< / ><>13.5< / >< / ><><>瑞典< / ><>OMX 斯德哥尔摩< / ><>1123.86< / ><>9.90< / ><>0.89< / ><>7.5< / >< / ><><>瑞士< / ><>瑞士市场指数< / ><>13868.66< / ><>59.79< / ><>0.43< / ><>4.5< / >< / ><><>土耳其< / ><>BIST 100< / ><>13122.58< / ><>-769.72< / ><>-5.54< / ><>16.5< / >< / ><><>英国< / ><>FTSE 100< / ><>10688.47< / ><>30.34< / ><>0.28< / ><>7.6< / >< / ><><>英国< / ><>FTSE 250< / ><>24070.20< / ><>251.46< / ><>1.06< / ><>7.1< / >< / ><><>亚太地区< / ><>MSCI AC 亚太指数< / ><>273.60< / ><>1.34< / ><>0.49< / ><>20.2< / >< / ><><>澳大利亚< / ><>S&P / ASX 200< / ><>8696.50< / ><>24.03< / ><>0.28< / ><>-0.2< / >< / ><><>中国< / ><>上证综合指数< / ><>3891.60< / ><>27.32< / ><>0.71< / ><>-1.9< / >< / ><><>香港< / ><>恒生指数< / ><>24713.78< / ><>46.54< / ><>0.19< / ><>-3.6< / >< / ><><>印度< / ><>BSE Sensex< / ><>74336.45< / ><>332.63< / ><>0.45< / ><>-12.8< / >< / ><><>日本< / ><>日经225< / ><>63923.00< / ><>438.90< / ><>0.69< / ><>27.0< / >< / ><><>新加坡< / ><>海峡时报指数< / ><>5635.41< / ><>-3.23< / ><>-0.06< / ><>21.3< / >< / ><><>韩国< / ><>KOSPI< / ><>6717.97< / ><>90.71< / ><>1.37< / ><>59.4< / >< / ><><>台湾< / ><>TAIEX< / ><>45848.90< / ><>337.41< / ><>0.74< / ><>58.3< / >< / ><><>泰国< / ><>SET< / ><>1562.73< / ><>-15.93< / ><>-1.01< / ><>24.1< / >< / 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

<>< rowspan="2">公司< / >< rowspan="2">代码< / >< colspan="3">最近交易日< / >< colspan="3">52周< / >< / ><><>收盘价< / ><>净值变动< / ><>% 变动< / ><>最高价< / ><>最低价< / ><>% 变动< / >< / ><><>Antelope Enterprise< / ><>AEHL< / ><>9.22< / ><>4.06< / ><>78.68< / ><>418.08< / ><>2.98< / ><>-97.1< / >< / ><><>Healthy Choice Wellness< / ><>HCWC< / ><>14.15< / ><>4.08< / ><>40.52< / ><>34.30< / ><>5.96< / ><>-47.5< / >< / ><><>Jinxin Technology ADR< / ><>NAMI< / ><>3.12< / ><>0.84< / ><>36.84< / ><>28.50< / ><>1.70< / ><>-88.6< / >< / ><><>RF Acquisition II< / ><>RFAI< / ><>41.50< / ><>8.35< / ><>25.19< / ><>73.00< / ><>8.94< / ><>290.8< / >< / ><><>MediciNova< / ><>MNOV< / ><>2.52< / ><>0.50< / ><>24.75< / ><>2.62< / ><>1.17< / ><>101.6< / >< / ><><>Gloo

Holdings< / td> GLOO< / ><>4.07< / ><>0.79< / ><>24.09< / ><>9.98< / ><>2.90< / ><>...< / >< / tr> <>Viking Acquisition I< / ><>VACI< / ><>8.50< / ><>1.64< / ><>23.91< / ><>12.74< / ><>6.10< / ><>...< / >< / ><><>LuxExperience ADR< / ><>LUXE< / ><>8.81< / ><>1.66< / ><>23.22< / ><>11.38< / ><>6.54< / ><>-5.4< / >< / ><><>RTB Digital< / ><>RTB< / ><>8.89< / ><>1.63< / ><>22.45< / ><>20.75< / ><>3.25< / ><>-9.8< / >< / ><><>Future FinTech Group< / ><>FTFT< / ><>7.00< / ><>1.26< / ><>21.95< / ><>154.88< / ><>1.22< / ><>-95.1< / >< / ><><>Neuraxis< / ><>NRXS< / ><>6.94< / ><>1.24< / ><>21.75< / ><>9.33< / ><>2.21< / ><>185.6< / >< / ><><>Leverage 2X Lg CIFR Dly< / ><>CIFG< / ><>4.08< / ><>0.69< / ><>20.41< / ><>20.84< / ><>3.15< / ><>...< / >< / ><><>BlossomHill

Therapeutics< / ><>BLSM< / ><>26.25< / ><>4.08< / ><>18.40< / ><>27.11< / ><>15.25< / ><>...< / >< / ><><>MKDWELL Tech< / ><>MKDW< / ><>7.79< / ><>1.21< / ><>18.39< / ><>12.94< / ><>1.71< / ><>16.8< / >< / ><><>Treasure Global< / ><>TGL< / ><>3.51< / ><>0.51< / ><>17.00< / ><>58.00< / ><>2.04< / ><>-85.4< / >< / table>

<><>< / ><>最新< / ><>一年前< / >< / ><><>滚动市盈率 < / ><>23.22< / ><>25.10< / >< / ><><>预测市盈率 < / ><>20.25< / ><>21.65< / >< / ><><>股息率 *< / ><>1.08< / ><>1.18< / >< / ><><>历史最高点< / >< colspan="2">7798.99, 08 / 13 / 26< / >< / table>

跌幅最大百分比

盘后交易

由电子交易服务、证券交易商和区域交易所报告的纽约证券交易所（NYSE）、纽约证券交易所 Arca、纽约证券交易所 Amer. 和纳斯达克股票在美东时间 4 p.m. 至 6 p.m. 期间最活跃及波动最大的股票。最低股价为 $2，盘后最低成交量为 50,000 股。

涨幅最大股票...

公司< / td><>代码< / ><>成交量 (000)< / ><>最新价< / ><>净变动< / ><>盘后涨跌幅 %< / ><>最高价< / ><>最低价< / >< / tr><><>Transocean< / ><>RIG< / ><>11,983.7< / ><>5.56< / ><>0.02< / ><>0.36< / ><>5.59< / ><>5.53< / >< / ><><>iShares Core S&P 500 ETF< / ><>IVV< / ><>11,153.0< / ><>755.00< / ><>-0.63< / ><>-0.08< / ><>755.99< / ><>755.00< / >< / ><><>SLB< / ><>SLB< / ><>9,849.3< / ><>52.30< / ><>...< / ><>持平< / ><>52.79< / ><>52.20< / >< / ><><>State Street SPDR S&P 500< / ><>SPY< / ><>7,546.4< / ><>754.44< / ><>0.39< / ><>0.05< / ><>759.87< / ><>711.46< / >< / ><><>Boston Scientific< / ><>BSX< / ><>7,537.8< / ><>43.91< / ><>...< / ><>持平< / ><>44.08< / ><>43.91< / >< / ><><>PGIM AAA CLO ETF< / ><>PAAA< / ><>5,900.4< / ><>51.42< / ><>-0.02< / ><>-0.04< / ><>51.44< / ><>51.29< / >< / ><><>iSh Intl Treasury Bd< / ><>IGOV< / ><>4,734.6< / ><>40.34< / ><>...< / ><>持平< / ><>40.34< / ><>39.70< / >< / ><><>Ford Motor< / ><>F< / ><>4,015.3< / ><>13.38< / ><>0.03< / ><>0.22< / ><>13.56< / ><>12.88< / >< / table>

盘后交易最活跃股票

<><>CID HoldCo< / ><>DAIC< / ><>2,926.9< / ><>3.30< / ><>1.29< / ><>64.17< / ><>3.43< / ><>1.97< / >< / ><><>Generac Holdings< / ><>GNRC< / ><>857.3< / ><>234.80< / ><>59.69< / ><>34.09< / ><>255.00< / ><>171.93< / >< / ><><>Vicor< / ><>VICR< / ><>65.0< / ><>204.44< / ><>20.53< / ><>11.16< / ><>207.00< / ><>183.91< / >< / ><><>Leverage 2X Lg NBIS Dly< / ><>NBIG< / ><>105.7< / ><>16.10< / ><>1.49< / ><>10.20< / ><>16.10< / ><>14.61< / >< / ><><>GrShr 2x Long NBIS Daily< / ><>NBIL< / ><>229.5< / ><>23.32< / ><>2.14< / ><>10.10< / ><>23.36< / ><>21.16< / >< / table>

<><>Fluence Energy< / ><>FLNC< / ><>2,534.9< / ><>7.54< / ><>-1.51< / ><>-16.69< / ><>9.08< / ><>6.92< / >< / ><><>BCB Bancorp< / ><>BCBP< / ><>69.2< / ><>7.94< / ><>-0.31< / ><>-3.81< / ><>8.25< / ><>6.52< / >< / ><><>Lennar CI A< / ><>LEN< / ><>375.7< / ><>76.16< / ><>-2.20< / ><>-2.81< / ><>79.15< / ><>73.55< / >< / ><><>GrShr 2x Shrt SK Hynix< / ><>SKDD< / ><>196.2< / ><>7.87< / ><>-0.21< / ><>-2.60< / ><>8.11< / ><>7.86< / >< / ><><>Spyre Therapeutics< / ><>SYRE< / ><>54.7< / ><>89.35< / ><>-1.82< / ><>-2.00< / ><>91.17< / ><>89.35< / >< / table>

25978.42 ▼ 3.15, 或 0.01% 过去 3 个月每个交易日的最高价、最低价、开盘价和收盘价。

<>< rowspan="2">公司< / >< rowspan="2">代码< / >< colspan="3">最近交易日< / >< colspan="3">52周< / >< / ><><>收盘价< / ><>净变动< / ><>涨跌幅 %< / ><>最高价< / ><>最低价< / ><>涨跌幅 %< / >< / ><><>Xenetic Biosciences< / ><>XBIO< / ><>2.19< / ><>-2.08< / ><>-48.71< / ><>13.93< / ><>1.87< / ><>-32.3< / >< / ><><>Cuprina Holdings (Cayman)< / ><>CUPR< / ><>1.60< / ><>-1.33< / ><>-45.39< / ><>14.80< / ><>1.45< / ><>-86.3< / >< / ><><>Myseum.AI< / ><>MYSE< / ><>2.11< / ><>-1.12< / ><>-34.67< / ><>5.77< / ><>1.31< / ><>0.8< / >< / ><><>ReTo Eco-Solutions< / ><>RETO< / ><>1.84< / ><>-0.96< / ><>-34.29< / ><>28.40< / ><>0.35< / ><>-93.0< / >< / ><><>Nicholas BTC & Treas< / >

AD< / td> NGHT< / ><>14.75< / ><>-6.76< / ><>-31.43< / ><>31.42< / ><>14.75< / ><>...< / >< / tr> <>iPower< / ><>IPW< / ><>1.82< / ><>-0.81< / ><>-30.80< / ><>2494.80< / ><>1.53< / ><>-99.9< / >< / ><><>Artelo Biosciences< / ><>ARTL< / ><>3.75< / ><>-1.59< / ><>-29.78< / ><>179.19< / ><>3.45< / ><>-97.5< / >< / ><><>Merlin< / ><>MRLN< / ><>2.21< / ><>-0.84< / ><>-27.54< / ><>17.00< / ><>2.11< / ><>-78.6< / >< / ><><>Tantech Holdings< / ><>TANH< / ><>14.94< / ><>-4.69< / ><>-23.89< / ><>129.50< / ><>10.06< / ><>-87.3< / >< / ><><>Basel Medical Group< / ><>BMGL< / ><>4.10< / ><>-1.24< / ><>-23.22< / ><>25.80< / ><>3.90< / ><>-83.5< / >< / ><><>Leverage 2X Lg BULL Dly< / ><>BULG< / ><>39.13< / ><>-11.70< / ><>-23.02< / ><>313.20< / ><>18.36< / ><>-81.7< / >< / ><><>Tenon Medical< / ><>TNON< / ><>3.91< / ><>-1.15< / ><>-22.73< / ><>50.40< / ><>2.40< / ><>-90.9< / >< / ><><>Defiance Tgt 2x Lg RCAT< / ><>RCAX< / ><>10.40< / ><>-2.96< / ><>-22.19< / ><>158.10< / ><>10.05< / ><>...< / >< / ><><>FG Nexus< / ><>FGNX< / ><>6.45< / ><>-1.83< / ><>-22.10< / ><>45.80< / ><>4.18< / ><>-81.1< / >< / ><><>Lion Group Holding ADR< / ><>LGHL< / ><>5.75< / ><>-1.48< / ><>-20.47< / ><>3931.20< / ><>5.68< / ><>-99.8< / >< / table>

货币与大宗商品

美东时间下午5点的美元外汇汇率 货币 大宗商品

<>< rowspan="2">国家 / 货币< / >< colspan="2">周三< / >< 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< / ><>.00071512.7210< / ><>< / ><>4.2< / >< / ><><>巴西雷亚尔< / ><>.1941< / ><>5.1529< / ><>-6.6< / >< / ><><>加拿大元< / ><>.7149< / ><>1.3988< / ><>1.9< / >< / ><><>智利比索< / ><>.001048< / ><>954.61< / ><>6.0< / >< / ><><>哥伦比亚比索< / ><>.000319< / ><>3137.27< / ><>-16.8< / >< / ><><>厄瓜多尔美元< / ><>1< / ><>持平< / >< / ><><>墨西哥比索< / ><>.0580< / ><>17.2463< / ><>-4.2< / >< / ><><>乌拉圭比索< / ><>.02489< / ><>40.1705< / ><>2.9< / >< / table>

纳斯达克综合指数

澳大利亚元< / td><>.7086< / ><>1.4112< / ><>-5.8< / >< / tr><><>人民币< / ><>.1491< / ><>6.7078< / ><>-4.1< / >< / ><><>港元< / ><>.1275< / ><>7.8450< / ><>0.8< / >< / ><><>印度卢比< / ><>.01040< / ><>96.131< / ><>7.0< / >< / ><><>印尼卢比< / ><>.0000564< / ><>17741< / ><>6.3< / >< / ><><>日元< / ><>.006398< / ><>156.29< / ><>-0.2< / >< / ><><>哈萨克斯坦坚戈< / ><>.002228< / ><>448.75< / ><>-11.6< / >< / ><><>澳门帕塔卡< / ><>.1237< / ><>8.0824< / ><>0.7< / >< / ><><>马来西亚林吉特< / ><>.2458< / ><>4.0684< / ><>0.3< / >< / ><><>新西兰元< / ><>.5713< / ><>1.7504< / ><>0.8< / >< / ><><>巴基斯坦卢比< / ><>.00361< / ><>277.300< / ><>-1.0< / >< / ><><>菲律宾比索< / ><>.0159< / ><>62.714< / ><>6.4< / >< / ><><>新加坡元< / ><>.7825< / ><>1.2780< / ><>-0.6< / >< / ><><>韩元< / ><>.0007259< / ><>1377.68< / ><>-4.4< / >< / ><><>斯里兰卡卢比< / ><>.0030527< / ><>327.58< / ><>5.7< / >< / ><><>台湾元< / ><>.03136< / ><>31.889< / ><>1.7< / >< / ><><>泰国铢< / ><>.02995< / ><>33.390< / ><>6.0< / >< / table>

<>< rowspan="2">< / >< rowspan="2">收盘价< / >< colspan="2">周三< / >< colspan="2">52周< / >< rowspan="2">年初至今涨跌幅 %< / >< / ><><>净值变动< / ><>涨跌幅 %< / ><>最高< / ><>最低< / >< / ><><>道琼斯商品指数< / ><>1488.58< / ><>-7.50< / ><>-0.50< / ><>1505.40< / ><>1068.04< / ><>37.22< / >< / ><><>富时 / CC CRB指数< / ><>426.14< / ><>-2.97< / ><>-0.69< / ><>429.15< / ><>291.69< / ><>40.36< / >< / ><><>原油，美元 / 桶< / ><>102.43< / ><>-3.40< / ><>-3.21< / ><>112.95< / ><>55.27< / ><>59.92< / >< / ><><>天然气，美元 / 百万英热单位< / ><>2.891< / ><>-0.028< / ><>-0.96< / ><>7.460< / ><>2.523< / ><>-6.74< / >< / ><><>黄金，美元 / 金衡盎司< / ><>4346.30< / ><>54.70< / ><>1.27< / ><>5318.40< / ><>3643.70< / ><>18.05< / >< / table>

<><>成交量< / ><>41.48亿< / ><>2.48亿< / >< / ><><>交易品种数< / ><>5,089< / ><>2,701< / >< / ><><>上涨数< / ><>1,939< / ><>746< / >< / ><><>下跌数< / ><>2,942< / ><>1,880< / >< / ><><>持平数< / ><>208< / ><>75< / >< / ><><>新高数< / ><>84< / ><>21< / >< / ><><>新低数< / ><>396< / ><>200< / >< / ><><>收盘Arms指标†< / ><>0.48< / ><>0.80< / >< / ><><>大宗交易< / ><>69,376< / ><>1,906< / >< / table>

* 仅限主要市场：纽约证券交易所（NYSE）、纽约证券交易所美国交易所（NYSE American）及纽约证券交易所Arca（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指标低于1表示买盘需求；高于1表示抛盘压力。

Polymarket / 道琼斯合作伙伴

农业、林业及相关活动< / td>< / tr><><>巴林第纳尔< / ><>2.6525< / ><>.3770< / ><>0.01< / >< / ><><>埃及镑< / ><>.0192< / ><>52.2001< / ><>9.4< / >< / ><><>以色列谢克尔< / ><>.3290< / ><>3.0397< / ><>-4.6< / >< / ><><>科威特第纳尔< / ><>3.2370< / ><>.3089< / ><>0.4< / >< / ><><>阿曼里亚尔< / ><>2.5994< / ><>.3847< / ><>-0.02< / >< / ><><>卡塔尔里亚尔< / ><>.2744< / ><>3.644< / ><>-0.3< / >< / ><><>沙特阿拉伯里亚尔< / ><>.2663< / ><>3.7555< / ><>0.1< / >< / ><><>南非兰特< / ><>.0610< / ><>16.3830< / ><>-1.1< / >< / table>

最活跃股票

<><>< / ><>最新< / ><>一年前< / >< / ><><>滚动市盈率 †< / ><>33.89< / ><>32.01< / >< / ><><>预测市盈率 †< / ><>24.56< / ><>26.37< / >< / ><><>股息率 *†< / ><>0.58< / ><>0.65< / >< / ><>< colspan="3">历史最高点：27093.90, 2026 / 02 / 06< / >< / table>

预测市场：2026年12月底市值最大的公司？该市场将根据2026年12月31日收盘时的市值，判定全球最大的公司。

<><>< / ><>收盘< / ><>净变动< / ><>变动%< / ><>年初至今变动%< / >< / ><><>WSJ美元指数< / ><>96.16< / ><>0.52< / ><>0.55< / ><>0.25< / >< / table>

交易日记 总成交量*99.69亿 3.72亿 上涨成交量*57.49亿 1.06亿 下跌成交量*41.48亿 2.48亿

<><>< / ><>纽约证券交易所 (NYSE)< / ><>纽约美国证券交易所 (NYSE Amer.)< / >< / ><>< colspan="2">总成交量13.73亿< / ><>16,832,503< / >< / ><>< colspan="2">上涨成交量3.77亿< / ><>2,302,457< / >< / ><>< colspan="2">下跌成交量9.67亿< / ><>14,085,925< / >< / ><><>交易品种数< / ><>2,837< / ><>297< / >< / ><><>上涨数< / ><>1,094< / ><>79< / >< / ><><>下跌数< / ><>1,645< / ><>197< / >< / ><><>持平数< / ><>98< / ><>21< / >< / ><><>新高数< / ><>46< / ><>0< / >< / ><><>新低数< / ><>204< / ><>26< / >< / ><><>收盘Arms指数†< / ><>1.68< / ><>2.55< / >< / ><><>大宗交易< / ><>3,854< / ><>173< / >< / ><><>< / ><>纳斯达克 (Nasdaq)< / ><>纽约 Arca 交易所 (NYSE Arca)< / >< / table>

<>< rowspan="2">国家 / 货币< / >< colspan="2">周三< / >< rowspan="2">美元 vs. 年初至今变动 (%)< / >< / ><><>以美元计< / ><>每美元< / >< / ><><>越南盾< / ><>.00003847< / ><>25995< / ><>-1.2< / >< / table>

来源：Tullett Prebon, 道琼斯市场数据

<>< colspan="4">欧洲< / >< / ><><>捷克克朗< / ><>.04714< / ><>21.215< / ><>3.1< / >< / ><><>丹麦克朗< / ><>.1534< / ><>6.5208< / ><>2.5< / >< / ><><>欧元区欧元< / ><>1.1464< / ><>.8723< / ><>2.5< / >< / ><><>匈牙利福林< / ><>.003138< / ><>318.70< / ><>-2.6< / >< / ><><>冰岛克朗< / ><>.008200< / ><>121.95< / ><>-2.7< / >< / ><><>挪威克朗< / ><>.1061< / ><>9.4293< / ><>-6.5< / >< / ><><>波兰兹罗提< / ><>.2628< / ><>3.8047< / ><>5.9< / >< / ><><>瑞典克朗< / ><>.1013< / ><>9.8673< / ><>7.1< / >< / ><><>瑞士法郎< / ><>1.2109< / ><>.8258< / ><>4.2< / >< / ><><>土耳其里拉< / ><>.0206< / ><>48.6545< / ><>13.3< / >< / ><><>乌克兰格里夫纳< / ><>.0224< / ><>44.6500< / ><>5.4< / >< / ><><>英镑< / ><>1.3379< / ><>.7474< / ><>0.7< / >< / ><>< colspan="4">中东 / 非洲< / >< / table>

公司< / td>< rowspan="2">代码< / >< rowspan="2">成交量 (000)< / >< rowspan="2">较65日均值涨跌幅 (%)< / >< colspan="2">最新交易日< / >< colspan="2">52周< / >< / tr><><>收盘价< / ><>涨跌幅 (%)< / ><>最高价< / ><>最低价< / >< / ><><>Synergy CHC< / ><>SNYR< / ><>1,058,377< / ><>8749.8< / ><>0.27< / ><>233.41< / ><>2.96< / ><>0.07< / >< / ><><>Delixy Holdings< / ><>DLXY< / ><>236,961< / ><>82257.8< / ><>2.29< / ><>451.81< / ><>7.00< / ><>0.34< / >< / ><><>Q / C Technologies< / ><>QCLS< / ><>235,188< / ><>55525.1< / ><>0.96< / ><>118.45< / ><>8.94< / ><>0.42< / >< / ><><>PDS Biotechnology< / ><>PDSB< / ><>194,006< / ><>1090.6< / ><>0.99< / ><>69.25< / ><>1.55< / ><>0.20< / >< / ><><>Cheetah Net Supply Chain< / ><>CTNT< / ><>188,476< / ><>2748.5< / ><>0.04< / ><>-32.52< / ><>424.00< / ><>0.04< / >< / ><><>DataMeds AI< / ><>MEDS< / ><>186,883< / ><>14668.9< / ><>6.07< / ><>274.69< / ><>75.00< / ><>0.82< / >< / ><><>Megan Holdings< / ><>MGN< / ><>181,813< / ><>47.6< / ><>0.13< / ><>3.26< / ><>8.63< / ><>0.06< / >< / ><><>Beneficient< / ><>BENF< / ><>162,506< / ><>61132.0< / ><>0.82< / ><>36.06< / ><>12.48< / ><>0.57< / >< / ><><>Datavault AI< / ><>DVLT< / ><>162,397< / ><>372.5< / ><>0.18< / ><>12.62< / ><>4.10< / ><>0.15< / >< / ><><>ReTo Eco-Solutions< / ><>RETO< / ><>139,911< / ><>3396.9< / ><>1.84< / ><>-34.29< / ><>28.40< / ><>0.35< / >< / table>

* 成交量在 100,000 股或以上的数值已四舍五入至最接近的千位数

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 针对五年期可调利率抵押贷款（ARM）的消费者利率

Bankrate.com 平均值1:< / td><>6.15%< / >< / tr><><>佛罗伦萨储蓄银行 (Florence Savings Bank)< / ><>5.13%< / >< / ><><>马萨诸塞州佛罗伦萨< / ><>800-644-8261< / >< / ><><>圣迭戈县信用合作社 (San Diego County Credit Union)< / ><>5.25%< / >< / ><><>加利福尼亚州圣迭戈< / ><>877-732-2848< / >< / ><><>汉斯康联邦信用合作社 (Hanscom Federal Credit Union)< / ><>5.38%< / >< / ><><>马萨诸塞州汉斯康空军基地< / ><>800-656-4328< / >< / ><><>Schools First FCU< / ><>5.56%< / >< / ><><>加利福尼亚州圣安娜< / ><>714-258-4000< / >< / ><><>海文储蓄银行 (Haven Savings Bank)< / ><>5.75%< / >< / ><><>新泽西州霍博肯< / ><>201-659-3600< / >< / 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< / ><>3.50-3.75< / ><>3.50< / ><>< / ><>4.50< / ><>-1.75< / >< / ><><>最优惠利率< / ><>6.75< / ><>< / ><>7.50< / ><>-1.75< / >< / ><><>SOFR< / ><>3.64< / ><>3.50< / ><>< / ><>4.39< / ><>-1.67< / >< / ><><>货币市场年化收益率< / ><>0.44< / ><>0.41< / ><>< / ><>0.45< / ><>-0.14< / >< / ><><>五年期定期存款 (CD) 年化收益率< / ><>1.75< / ><>1.67< / ><>< / ><>1.75< / ><>-1.08< / >< / ><><>30年期固定抵押贷款†< / ><>6.95< / ><>6.84< / ><>6.11< / ><>< / ><>6.95< / ><>-0.75< / >< / ><><>15年期固定抵押贷款†< / ><>6.40< / ><>6.30< / ><>5.55< / ><>< / ><>6.40< / ><>-0.47< / >< / ><><>巨额抵押贷款，$832,750及以上†< / ><>7.01< / ><>6.77< / ><>6.34< / ><>< / ><>7.01< / ><>-0.77< / >< / ><><>五年期可调利率抵押贷款 (ARM)< / ><>6.15< / ><>6.10< / ><>5.66< / ><>< / ><>6.15< / ><>-0.40< / >< / ><><>新车贷款，48个月< / ><>7.04< / ><>6.98< / ><>6.85< / ><>< / ><>7.18< / ><>-0.43< / >< / table>

数据来源：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

月（s） 年 —— 到期期限

来源：Tradeweb FTSE 美国国债收盘价；Tullett Prebon；道琼斯市场数据

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< / >< / ><><>美国国债彭博指数< / ><>2293.640< / ><>4.940< / ><>4.710< / ><>4.940< / ><>3.750< / ><>-1.258< / ><>3.169< / >< / ><><>美国长期国债彭博指数< / ><>3069.030< / ><>5.380< / ><>5.280< / ><>5.390< / ><>4.520< / ><>-5.370< / ><>0.627< / >< / ><><>综合债券彭博指数< / ><>2212.050< / ><>5.330< / ><>5.100< / ><>5.330< / ><>4.160< / ><>-0.991< / ><>4.022< / >< / ><><>固定利率 MBS 彭博指数< / ><>2211.950< / ><>5.620< / ><>5.390< / ><>5.620< / ><>4.380< / ><>-0.521< / ><>4.404< / >< / ><><>ICE BofA 高收益 100 指数< / ><>4175.546< / ><>6.851< / ><>6.631< / ><>7.136< / ><>5.828< / ><>2.319< / ><>7.820< / >< / ><><>ICE BofA 市政债券主指数< / ><>606.058< / ><>4.110< / ><>3.931< / ><>4.110< / ><>3.037< / ><>-0.958< / ><>2.596< / >< / ><><>摩根大通 EMBI 全球指数< / ><>1027.090< / ><>6.762< / ><>6.590< / ><>7.084< / ><>6.403< / ><>3.774< / ><>9.024< / >< / table>

来源：摩根大通；彭博固定收益指数；ICE 数据服务

白银，金衡盎司

<>< rowspan="2">< / >< colspan="3">合约< / >< rowspan="2">结算价< / >< rowspan="2">涨跌< / >< rowspan="2">持仓量< / >< / ><><>开盘< / ><>最高 / 最低< / ><>最低< / >< / ><>< colspan="7">铜-高 (CMX)-25,000 磅；美元 / 磅< / >< / ><><>9月< / ><>6.4120< / ><>6.4385< / ><>6.3500< / ><>6.4315< / ><>0.0630< / ><>1,816< / >< / ><><>12月< / ><>6.4590< / ><>6.5255< / ><>6.4215< / ><>6.5090< / ><>0.0655< / ><>167,023< / >< / ><>< colspan="7">黄金 (CMX)-100 金衡盎司；美元 / 金衡盎司< / >< / ><><>9月< / ><>4280.20< / ><>4280.10< / ><>4346.30< / ><>54.70< / ><>566< / >< / ><><>10月< / ><>4300.50< / ><>4377.90< / ><>4241.00< / ><>4353.30< / ><>54.30< / ><>44,792< / >< / ><><>11月< / ><>4318.00< / ><>4393.00< / ><>4260.70< / ><>4370.90< / ><>54.50< / ><>1,072< / >< / ><><>12月< / ><>4333.50< / ><>4413.10< / ><>4273.30< / ><>4387.50< / ><>54.70< / ><>311,070< / >< / ><><>27年1月< / ><>4351.80< / ><>4409.00< / ><>4300.00< / ><>4407.10< / ><>54.80< / ><>551< / >< / ><><>2月< / ><>4370.10< / ><>4446.30< / ><>4310.60< / ><>4424.00< / ><>55.20< / ><>33,639< / >< / ><>< colspan="7">钯金 (NYM) - 50 金衡盎司；美元 / 金衡

oz.< / td>< / tr> 9月< / ><>1293.00< / ><>1288.00< / ><>1300.10< / ><>10.90< / ><>2< / >< / ><><>12月< / ><>1319.00< / ><>1334.00< / ><>1272.00< / ><>1313.40< / ><>10.80< / ><>16,154< / >< / ><>< colspan="7">铂金 (NYM)-50 金衡盎司；美元 / 金衡盎司< / >< / ><><>9月< / ><>1916.80< / ><>1916.80 ▲< / ><>1904.20< / ><>1783.20< / ><>10.00< / ><>36< / >< / ><><>27年1月< / ><>1807.20< / ><>1823.50< / ><>1761.00< / ><>1807.50< / ><>9.00< / ><>31,891< / >< / ><>< colspan="7">白银 (CMX)-5,000 金衡盎司；美元 / 金衡盎司< / >< / ><><>9月< / ><>64.420< / ><>64.535< / ><>63.700< / ><>64.288< / ><>1.052< / ><>542< / >< / ><><>12月< / ><>64.185< / ><>65.465< / ><>62.750< / ><>64.919< / ><>1.063< / ><>84,797< / >< / ><>< colspan="7">轻质甜原油 (NYM)-1,000 桶；美元 / 桶< / >< / ><><>10月< / ><>105.48< / ><>105.63< / ><>100.97< / ><>102.43< / ><>-3.40< / ><>145,252< / >< / ><><>11月< / ><>100.46< / ><>100.61< / ><>96.06< / ><>97.51< / ><>-3.24< / ><>289,918< / >< / ><><>12月< / ><>95.27< / ><>95.39< / ><>91.55< / ><>92.79< / ><>-2.72< / ><>200,556< / >< / ><><>27年1月< / ><>90.65< / ><>90.93< / ><>87.71< / ><>88.91< / ><>-2.11< / ><>104,433< / >< / ><><>6月< / ><>78.37< / ><>78.67< / ><>77.08< / ><>77.78< / ><>-0.63< / ><>127,831< / >< / ><><>12月< / ><>72.56< / ><>72.97< / ><>72.10< / ><>72.55< / ><>-0.07< / ><>175,540< / >< / ><>< colspan="7">纽约港超低硫柴油 ULSD (NYM)-42,000 加仑；美元 / 加仑< / >< / ><><>10月< / ><>5.2389< / ><>5.2968 ▲< / ><>5.1227< / ><>5.2465< / ><>-.0155< / ><>42,628< / >< / ><><>11月< / ><>4.9924< / ><>5.0494< / ><>4.9000< / ><>5.0003< / ><>-.0097< / ><>65,342< / >< / ><>< colspan="7">汽油-纽约 RBOB (NYM)-42,000 加仑；美元 / 加仑< / >< / ><><>10月< / ><>3.4684< / ><>3.5127 ▲< / ><>3.3891< / ><>3.4850< / ><>.0198< / ><>56,353< / >< / ><><>11月< / ><>3.2464< / ><>3.2479< / ><>3.1642< / ><>3.2332< / ><>-.0132< / ><>101,813< / >< / ><>< colspan="7">天然气 (NYM)-10,000 MMBtu；美元 / MMBtu< / >< / ><><>10月< / ><>2.938< / ><>2.978< / ><>2.878< / ><>2.891< / ><>-.028< / ><>161,542< / >< / ><><>11月< / ><>3.069< / ><>3.090< / ><>3.001< / ><>3.013< / ><>-.037< / ><>368,213< / >< / ><><>12月< / ><>3.480< / ><>3.489< / ><>3.404< / ><>3.414< / ><>-.050< / ><>187,353< / >< / ><><>27年1月< / ><>3.862< / ><>3.866< / ><>3.789< / ><>3.800< / ><>-.051< / ><>174,424< / >< / ><><>3月< / ><>2.882< / ><>2.899< / ><>2.837< / ><>2.844< / ><>-.037< / ><>186,897< / >< / ><><>4月< / ><>2.759< / ><>2.774< / ><>2.728< / ><>2.734< / ><>-.026< / ><>125,551< / >< / table>

全球政府 J.P. Morgan $^{†}$

期货合约

金属与石油期货

< / td>< colspan="5">合约< / >< rowspan="2">持仓量< / >< / tr><><>开盘< / ><>最高 / 最低< / ><>最低< / ><>结算< / ><>涨跌< / >< / ><><>March'27< / ><>6,039< / ><>6,169< / ><>6,001< / ><>6,103< / ><>54< / ><>48,364< / >< / ><>< colspan="7">咖啡 (ICE-US)-37,500 磅；每磅美分< / >< / ><><>9月< / ><>295.85< / ><>-3.80< / ><>41< / >< / ><><>12月< / ><>283.85< / ><>285.45< / ><>277.05< / ><>281.55< / ><>-2.10< / ><>82,636< / >< / ><>< colspan="7">糖-全球 (ICE-US)-112,000 磅；每磅美分< / >< / ><><>10月< / ><>17.93< / ><>18.18< / ><>17.68< / ><>17.97< / ><>.03< / ><>174,124< / >< / ><><>March'27< / ><>18.87< / ><>19.10< / ><>18.60< / ><>18.89< / ><>.02< / ><>593,041< / >< / ><>< colspan="7">糖-国内 (ICE-US)-112,000 磅；每磅美分< / >< / ><><>11月< / ><>38.50< / ><>37.51< / ><>38.11< / ><>.01< / ><>378< / >< / ><>< colspan="7">棉花 (ICE-US)-50,000 磅；每磅美分< / >< / ><><>10月< / ><>81.00< / ><>81.14< / ><>80.42< / ><>80.44< / ><>-.66< / ><>88< / >< / ><><>12月< / ><>84.16< / ><>85.00< / ><>83.97< / ><>84.36< / ><>-.12< / ><>182,192< / >< / ><>< colspan="7">橙汁 (ICE-US)-15,000 磅；每磅美分< / >< / ><><>11月< / ><>152.85< / ><>153.60< / ><>144.00< / ><>145.30< / ><>-6.85< / ><>8,076< / >< / ><><>Jan'27< / ><>156.65< / ><>147.20< / ><>148.65< / ><>-6.70< / ><>1,064< / >< / table>

利率期货 农业期货

<>< colspan="7">超长期国债 (CBT) - $100,000; 点数 100% 的 32 分之一< / >< / ><>< rowspan="2">< / ><>9月< / ><>108-090< / ><>108-190< / ><>108-090< / ><>108-280< / ><>11.0< / >< / ><><>12月< / ><>108-020< / ><>109-050< / ><>107-280< / ><>108-130< / ><>11.0< / >< / ><>< colspan="7">国债 (CBT) - $100,000; 点数 100% 的 32 分之一< / >< / ><>< rowspan="2">< / ><>9月< / ><>107-070< / ><>107-270< / ><>107-070< / ><>107-110< / ><>5.0< / >< / ><><>12月< / ><>106-180< / ><>107-150< / ><>106-140< / ><>106-250< / ><>6.0< / >< / ><>< colspan="7">国债票据 (CBT) - $100,000; 点数 100% 的 32 分之一< / >< / ><>< rowspan="2">< / ><>9月< / ><>106-115< / ><>106-160< / ><>106-110< / ><>106-015< / ><>-4.5< / >< / ><><>12月< / ><>105-295< / ><>106-110< / ><>105-210< / ><>105-255< / ><>-4.5< / >< / ><>< colspan="7">5年期国债票据 (CBT) - $100,000; 点数 100% 的 32 分之一< / >< / ><>< rowspan="2">< / ><>9月< / ><>104-207< / ><>104-242< / ><>104-105< / ><>104-127< / ><>-5.0< / >< / ><><>12月< / ><>104-112< / ><>104-217< / ><>104-035< / ><>104-070< / ><>-4.7< / >< / ><>< colspan="7">2年期国债票据 (CBT) - $200,000; 点数 100% 的 32 分之一< / >< / ><>< rowspan="2">< / ><>9月< / ><>102-089< / ><>102-111< / ><>102-042< / ><>102-039< / ><>-4.0< / >< / ><><>12月< / ><>102-009< / ><>102-049< / ><>101-280< / ><>101-292< / ><>-3.7< / >< / ><>< colspan="7">30天联邦基金 (CBT) - $5,000,000; 100 - 日均值< / >< / ><>< rowspan="2">< / ><>9月< / ><>96.2625< / ><>96.2700< / ><>96.2525< / ><>96.2550< / ><>-.0075< / >< / ><><>10月< / ><>96.1250< / ><>96.1400< / ><>96.1050< / ><>-.0200< / >< / ><>< colspan="7">三个月 SOFR (CME) - $1,000,000; 100 - 日均值< / >< / ><>< rowspan="2">< / ><>7月< / ><>96.2650< / ><>96.2700▲< / ><>96.2550< / ><>96.2575< / ><>-.0075< / >< / ><><>12月< / ><>95.7550< / ><>95.7850▼< / ><>95.6800< / ><>95.7000< / ><>-.0450< / >< / table>

货币期货

玉米 (CBT)-5,000 蒲式耳；每蒲式耳美分< / td>< / tr><><>12月< / ><>535.75< / ><>539.25< / ><>529.00< / ><>534.25< / ><>-1.50< / ><>953,196< / >< / ><><>27年3月< / ><>550.25< / ><>553.75< / ><>543.75< / ><>548.75< / ><>-1.50< / ><>395,684< / >< / ><>< colspan="7">燕麦 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>12月< / ><>394.00< / ><>409.50▲< / ><>393.25< / ><>402.25< / ><>11.25< / ><>2,921< / >< / ><><>27年3月< / ><>404.25< / ><>420.25▲< / ><>404.25< / ><>414.00< / ><>12.25< / ><>232< / >< / ><>< colspan="7">大豆 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>11月< / ><>1318.00< / ><>1332.25< / ><>1313.50< / ><>1320.50< / ><>1.75< / ><>485,245< / >< / ><><>27年1月< / ><>1334.25< / ><>1348.75< / ><>1330.00< / ><>1337.25< / ><>2.00< / ><>208,632< / >< / ><>< colspan="7">豆粕 (CBT)-100 吨；每吨美元< / >< / ><><>10月< / ><>360.10< / ><>363.50▲< / ><>357.50< / ><>360.90< / ><>.80< / ><>76,763< / >< / ><><>12月< / ><>365.40< / ><>368.70▲< / ><>362.40< / ><>365.60< / ><>.20< / ><>325,528< / >< / ><>< colspan="7">大豆油 (CBT)-60,000 磅；每磅美分< / >< / ><><>10月< / ><>69.77< / ><>70.60< / ><>68.83< / ><>69.19< / ><>-.69< / ><>82,383< / >< / ><><>12月< / ><>70.20< / ><>71.09< / ><>69.34< / ><>69.67< / ><>-.68< / ><>256,921< / >< / ><>< colspan="7">粗米 (CBT)-2,000 兴得韦特；每兴得韦特美元< / >< / ><><>11月< / ><>15.77< / ><>15.91< / ><>15.71< / ><>15.84< / ><>.05< / ><>11,748< / >< / ><><>27年1月< / ><>16.19< / ><>16.29< / ><>16.13< / ><>16.24< / ><>.04< / ><>893< / >< / ><>< colspan="7">小麦 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>12月< / ><>728.25< / ><>736.00< / ><>723.50< / ><>730.75< / ><>2.25< / ><>258,203< / >< / ><><>27年3月< / ><>744.25< / ><>751.75< / ><>740.00< / ><>746.75< / ><>2.25< / ><>110,818< / >< / ><>< colspan="7">小麦 (KC)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>12月< / ><>797.00< / ><>804.25< / ><>790.75< / ><>799.50< / ><>3.25< / ><>169,260< / >< / ><><>27年3月< / ><>810.00< / ><>817.00< / ><>804.25< / ><>812.25< / ><>2.50< / ><>76,734< / >< / ><>< colspan="7">肥牛 (CME)-50,000 磅；每磅美分< / >< / ><><>9月< / ><>340.275< / ><>341.300< / ><>337.700< / ><>338.475< / ><>-1.800< / ><>4,511< / >< / ><><>11月< / ><>328.900< / ><>328.925< / ><>322.250< / ><>323.100< / ><>-5.800< / ><>17,437< / >< / ><>< colspan="7">活牛 (CME)-40,000 磅；每磅美分< / >< / ><><>10月< / ><>220.700< / ><>220.975< / ><>218.275< / ><>218.450< / ><>-2.250< / ><>46,138< / >< / ><><>12月< / ><>223.325< / ><>223.375< / ><>219.975< / ><>220.200< / ><>-3.150< / ><>116,592< / >< / ><>< colspan="7">精瘦猪 (CME)-40,000 磅；每磅美分< / >< / ><><>10月< / ><>78.700< / ><>79.500▼< / ><>78.525< / ><>78.675< / ><>-.400< / ><>69,565< / >< / ><><>12月< / ><>69.250< / ><>70.450▼< / ><>69.100< / ><>69.950< / ><>.300< / ><>124,075< / >< / ><>< colspan="7">木材 (CME)-27,500 板英尺；每板英尺美元< / >< / table>

1,000 bd. ft.< / td>< / tr> Nov< / ><>562.50< / ><>565.00▼< / ><>546.50< / ><>553.50< / ><>-9.00< / ><>8,699< / >< / ><><>Jan'27< / ><>578.50< / ><>578.50▼< / ><>567.00< / ><>572.00< / ><>-7.00< / ><>395< / >< / ><>< colspan="7">牛奶 (CME)-200,000 磅，每磅美分< / >< / ><><>Sept< / ><>16.12< / ><>16.15< / ><>16.11< / ><>16.13< / ><>.01< / ><>5,458< / >< / ><><>Oct< / ><>15.90< / ><>15.95< / ><>15.82< / ><>15.92< / ><>.01< / ><>7,906< / >< / ><>< colspan="7">可可 (ICE-US)-10 公吨；每吨美元< / >< / ><><>Dec< / ><>5,917< / ><>6,047< / ><>5,876< / ><>5,979< / ><>56< / ><>76,237< / >< / table>

日元 (CME)-1250万人民币；每100日元美元

<>< colspan="7">日元 Per(CME)-1230万欧元; 每100欧元美元< / >< / ><><>Oct< / ><>.6466< / ><>.6473< / ><>.6411< / ><>.6431< / ><>-.0035< / ><>1,824< / >< / ><><>Dec< / ><>.6495< / ><>.6505< / ><>.6439< / ><>.6460< / ><>-.0035< / ><>425,198< / >< / ><>< colspan="7">加元 (CME)-CAD 100,000；每加元美元< / >< / ><><>Oct< / ><>.7191< / ><>.7194< / ><>.7158< / ><>.7159< / ><>-.0039< / ><>395< / >< / ><><>Dec< / ><>.7216< / ><>.7177< / ><>.7178< / ><>-.0040< / ><>270,898< / >< / ><>< colspan="7">英镑 (CME)-62,500 英镑; 每英镑美元< / >< / ><><>Oct< / ><>1.3485< / ><>1.3382< / ><>1.3384< / ><>-.0097< / ><>680< / >< / ><><>Dec< / ><>1.3481< / ><>1.3508< / ><>1.3377< / ><>1.3386< / ><>-.0097< / ><>226,060< / >< / ><>< colspan="7">瑞士法郎

(CME)-CHF 125,000; 每瑞士法郎美元< / >< / ><><>Dec< / ><>1.2342< / ><>1.2358< / ><>1.2227< / ><>1.2248< / ><>-.0097< / ><>129,900< / >< / ><><>March'27< / ><>1.2463< / ><>1.2407< / ><>1.2384< / ><>-.0098< / ><>283< / >< / ><>< colspan="7">澳元 (CME)-AUD 100,000; 每澳元美元< / >< / ><><>Oct< / ><>.7127< / ><>.7133< / ><>.7080< / ><>.7086< / ><>-.0042< / ><>522< / >< / ><><>Dec< / ><>.7122< / ><>.7131< / ><>.7066< / ><>.7080< / ><>-.0043< / ><>318,499< / >< / ><>< colspan="7">墨西哥比索 (CME)-MXN 500,000; 每比索美元< / >< / ><><>Oct< / ><>.05818< / ><>.05827< / ><>.05804< / ><>.05783< / ><>-.00030< / ><>998< / >< / ><><>Dec< / ><>.05794< / ><>.05803< / ><>.05751< / ><>.05758< / ><>-.00030< / ><>256,461< / >< / ><>< colspan="7">欧元 (CME)-€125,000; 每欧元美元

€< / >< / ><><>Oct< / ><>1.1555< / ><>1.1569< / ><>1.1478< / ><>1.1486< / ><>-.0073< / ><>6,613< / >< / ><><>Dec< / ><>1.1585< / ><>1.1598< / ><>1.1503< / ><>1.1512< / ><>-.0073< / ><>777,760< / >< / table>

指数期货

<>< colspan="7">迷你道琼斯工业平均指数 (CBT)-$5 x 指数< / >< / ><>< rowspan="2">< / ><>Sept< / ><>52162< / ><>52298< / ><>51209< / ><>51507< / ><>-608< / >< / ><><>Dec< / ><>52576< / ><>52709< / ><>51609< / ><>51915< / ><>-611< / >< / ><>< colspan="7">迷你标普500 (CME)-$50 x 指数< / >< / ><>< rowspan="2">< / ><>Sept< / ><>7596.50< / ><>7632.00< / ><>7509.25< / ><>7556.50< / ><>-32.75< / >< / ><><>Dec< / ><>7663.25< / ><>7699.00< / ><>7575.00< / ><>7623.00< / ><>-33.00< / >< / ><>< colspan="7">迷你标普中盘400 (CME)-$100 x 指数< / >< / ><>< rowspan="2">< / ><>Sept< / ><>3668.90< / ><>3688.70< / ><>3623.00< / ><>3644.70< / ><>-20.30< / >< / ><><>Dec< / ><>3700.90< / ><>3718.30< / ><>3636.20< / ><>3672.80< / ><>-19.90< / >< / ><>< colspan="7">迷你纳斯达克100

(CME)-$20 x 指数< / td>< / tr> < / ><>9月< / ><>28978.25< / ><>29252.25< / ><>28763.75< / ><>28963.50< / ><>8.50< / >< / ><><>12月< / ><>29263.75< / ><>29549.75< / ><>29053.00< / ><>29256.75< / ><>10.00< / >< / ><>< colspan="7">Mini Russell 2000 (CME)-$50 x 指数< / >< / ><>< rowspan="2">< / ><>9月< / ><>2875.10< / ><>2892.50< / ><>2831.90< / ><>2861.70< / ><>-11.40< / >< / ><><>12月< / ><>2898.50< / ><>2913.80< / ><>2851.90< / ><>2882.50< / ><>-12.20< / >< / ><><>27年3月< / ><>2927.00< / ><>2939.00< / ><>2880.10< / ><>2908.40< / ><>-12.10< / ><>41< / >< / ><>< colspan="7">Mini Russell 1000 (CME)-$50 x 指数< / >< / ><><

rowspan="2">< / ><>9月< / ><>4142.90< / ><>4145.70< / ><>4088.10< / ><>4112.30< / ><>-17.30< / >< / ><><>12月< / ><>4175.60< / ><>4188.60< / ><>4137.00< / ><>4148.60< / ><>-16.50< / >< / ><>< colspan="7">美元指数 (ICE-US)-$1,000 x 指数< / >< / ><>< rowspan="2">< / ><>12月< / ><>99.41< / ><>100.09< / ><>99.26< / ><>99.98< / ><>64< / >< / ><><>27年3月< / ><>99.17< / ><>99.11< / ><>99.71< / ><>63< / >< / table>

数据来源：FactSet

宏观与市场经济

监测指标：美国供应与需求

截至9月11日当周的库存、进口和需求情况。当前数值以千桶或每日千加仑为单位，天然气数值除外，其单位为十亿立方英尺。天然气进口和需求数据仅每月提供一次。

库存，单位：千桶

< / td><>当前< / ><>预期变化< / ><>上周< / ><>去年同期< / ><>4周平均< / ><>5年平均< / >< / tr><><>原油及石油产品< / ><>1,251,248< / ><>...< / ><>1,249< / ><>1,282< / ><>1,247< / ><>1,256< / >< / ><><>原油（不含战略石油储备 SPR）< / ><>423,429< / ><>-1,400< / ><>424< / ><>415< / ><>425< / ><>419< / >< / ><><>汽油< / ><>207,732< / ><>...< / ><>207< / ><>218< / ><>207< / ><>218< / >< / ><><>成品汽油< / ><>14,582< / ><>-800< / ><>15< / ><>17< / >< / ><><>重组汽油< / ><>24< / ><>...< / ><>0< / >< / ><><>常规汽油< / ><>14,558< / ><>...< / ><>15< / ><>17< / >< / ><><>调合组分< / ><>193,150< / ><>...< / ><>192< / ><>203< / ><>192< / ><>201< / >< / ><><>天然气 (bcf)< / ><>3,254< / ><>...< / ><>3< / >< / table>

进口，单位：每日千桶

<><>当前< / ><>预期变化< / ><>上周< / ><>去年同期< / ><>4周平均< / ><>5年平均< / >< / ><><>8,652< / ><>...< / ><>8,109< / ><>7,734< / ><>8,096< / ><>8,435< / >< / ><><>7,058< / ><>...< / ><>6,824< / ><>5,692< / ><>6,703< / ><>6,636< / >< / ><><>537< / ><>...< / ><>464< / ><>569< / ><>484< / ><>695< / >< / ><><>18< / ><>...< / ><>101< / ><>163< / ><>64< / ><>150< / >< / ><><>0< / ><>...< / ><>0< / >< / ><><>18< / ><>...< / ><>101< / ><>163< / ><>64< / ><>150< / >< / ><><>519< / ><>...< / ><>363< / ><>406< / ><>420< / ><>545< / >< / table>

<>< colspan="7">煤油类< / >< / ><><>航空燃料< / ><>45,338< / ><>...< / ><>46< / ><>44< / ><>46< / ><>43< / >< / ><><>馏分油< / ><>107,859< / ><>持平< / ><>106< / ><>125< / ><>105< / ><>122< / >< / ><><>取暖油< / ><>6,569< / ><>...< / ><>6< / ><>7< / ><>6< / ><>8< / >< / ><><>柴油< / ><>101,290< / ><>...< / ><>100< / ><>117< / ><>99< / ><>57< / >< / ><><>残渣燃料油< / ><>23,018< / ><>...< / ><>22< / ><>21< / ><>22< / ><>26< / >< / ><><>其他油类< / ><>309,561< / ><>...< / ><>308< / ><>338< / ><>307< / ><>315< / >< / table>

<><>产品，含 SPR< / ><>1,536,205< / ><>...< / ><>1,534< / ><>1,688< / ><>1,534< / ><>1,692< / >< / table>

每周需求，单位：每日千桶

<><>55< / ><>...< / ><>95< / ><>54< / ><>65< / ><>118< / >< / ><><>114< / ><>...< / ><>185< / ><>95< / ><>147< / ><>136< / >< / ><><>0< / ><>...< / ><>0< / ><>1< / >< / ><><>114< / ><>...< / ><>185< / ><>95< / ><>147< / ><>135< / >< / ><><>155< / ><>...< / ><>169< / ><>121< / ><>144< / ><>127< / >< / ><><>652< / ><>...< / ><>272< / ><>1,078< / ><>471< / ><>632< / >< / table>

<><>-3,740< / ><>...< / ><>-3,759< / ><>-3,797< / ><>-3,840< / ><>-1,807< / >< / table>

< / td><>当前< / ><>预期变化< / ><>上周< / ><>去年同期< / ><>4周平均< / ><>5年平均< / >< / tr><><>石油产品总量< / ><>21,255< / ><>...< / ><>19,313< / ><>20,637< / ><>20,548< / ><>20,696< / >< / ><><>成品汽油< / ><>8,798< / ><>...< / ><>8,551< / ><>8,810< / ><>8,829< / ><>9,001< / >< / ><><>煤油类航空燃料< / ><>1,800< / ><>...< / ><>1,785< / ><>1,623< / ><>1,778< / ><>1,628< / >< / ><><>馏分油< / ><>3,501< / ><>...< / ><>3,678< / ><>3,621< / ><>3,602< / ><>3,977< / >< / ><><>残渣燃料油< / ><>241< / ><>...< / ><>353< / ><>317< / ><>256< / ><>397< / >< / ><><>丙烷 / 丙烯< / ><>1,038< / ><>...< / ><>657< / ><>852< / ><>863< / ><>...< / >< / ><><>其他油类< / ><>5,877< / ><>...< / ><>4,290< / ><>5,414< / ><>5,221< / ><>...< / >< / table>

天然气库存

十亿立方英尺；每周总量

注：预期变化由道琼斯新闻社（Dow Jones Newswires）对分析师的调查提供。此前及平均库存数据以百万为单位。来源：FactSet；道琼斯市场数据；美国能源信息局；道琼斯新闻社

交易所交易基金组合 / wsj.com / market-data / mutualfunds-etfs

最大的100只交易所交易基金，最新交易日。 2026年9月16日，星期三

d> 76.82< / td><>-0.99< / ><>10.7< / >< / tr> <>iShCoreMSCIEAFE< / ><>IEFA< / ><>97.97< / ><>-0.34< / ><>9.5< / >< / ><><>iShCoreMSCIEM< / ><>IEMG< / ><>80.11< / ><>0.01< / ><>19.2< / >< / ><><>iShMSCIntlDev< / ><>IDEV< / ><>90.52< / ><>-0.35< / ><>9.7< / >< / ><><>iShCoreMSCITotInt< / ><>IXUS< / ><>95.31< / ><>-0.26< / ><>12.6< / >< / ><><>iShCoreS&P500< / ><>IVV< / ><>755.63< / ><>-0.43< / ><>10.3< / >< / ><><>iShCoreS&P MC< / ><>IJH< / ><>72.80< / ><>-0.59< / ><>10.3< / >< / ><><>&;P

SC< / ><>IJR< / ><>139.46< / ><>-0.42< / ><>16.0< / >< / ><><>&;PTotUS< / ><>ITOT< / ><>164.38< / ><>-0.46< / ><>10.6< / >< / ><><>&;PUSGrw< / ><>IUSG< / ><>187.29< / ><>-0.11< / ><>11.5< / >< / ><><>iShCoreUSAggBd< / ><>AGG< / ><>95.81< / ><>-0.04< / ><>-4.1< / >< / ><><>iShCoreUnivUSDBd< / ><>IUSB< / ><>44.71< / ><>-0.04< / ><>-3.9< / >< / ><><>iShEdgeMSCIUSAQual< / ><>QUAL< / ><>217.37< / ><>-0.60< / ><>9.4< / >< / ><><>iShGoldTr< / ><>IAU< / ><>80.32< / ><>-0.57< / ><>-1.0< / >< / ><><>iShBoxx$IGCpBd< / ><>LQD< / ><>104.45< / ><>0.16< / ><>-5.2< / >< / ><><>iShMBS< / ><>MBB< / ><>91.22< / ><>-0.02< / ><>-4.2< / >< / ><><>iShMSCIACWI< / ><>ACWI< / ><>157.61< / ><>-0.37< / ><>11.4< / >< / ><><>iShMSCI

EAFE< / ><>EFA< / ><>105.02< / ><>-0.36< / ><>9.4< / >< / ><><>iShMSCI EM< / ><>EEM< / ><>65.72< / ><>-0.06< / ><>20.1< / >< / ><><>iShMSCIEAFEValue< / ><>EFV< / ><>81.18< / ><>-0.56< / ><>13.7< / >< / ><><>iShNatIMuniBd< / ><>MUB< / ><>102.82< / ><>-0.05< / ><>-4.0< / >< / ><><>iShRussMC< / ><>IWR< / ><>107.83< / ><>-0.67< / ><>12.0< / >< / table>

<>80.88< / ><>0.21< / ><>-7.2< / >< / ><><>iShUSEqFactRotat< / ><>DYNF< / ><>68.44< / ><>-0.47< / ><>12.5< / >< / ><><>iShUSTreasuryBd< / ><>GOVT< / ><>22.11< / ><>-0.07< / ><>-4.0< / >< / ><><>iSh0-3MTreaBd< / ><>SGOV< / ><>100.55< / ><>0.02< / ><>0.2< / >< / ><><>JPM NasEqPrem< / ><>JEPO< / ><>59.09< / ><>0.02< / ><>1.7< / >< / ><><>JanusAAACLO< / ><>JAAA< / ><>50.64< / ><>...< / ><>0.1< / >< / ><><>JPMEq Premium Income< / ><>JEPI< / ><>55.93< / ><>-0.46< / ><>-2.3< / >< / ><><>JPM UltShlncm< / ><>JPST< / ><>50.35< / ><>0.02< / ><>-0.5< / >< / ><><>ProSh UltPrQQQ< / ><>TQQQ< / ><>67.93< / ><>0.04< / ><>28.9< / >< / ><><>SPDR GoldMini< / ><>GLDM< / ><>84.53< / ><>-0.55< / ><>-1.0< / >< / ><><>SPDR

Gold< / ><>GLD< / ><>391.74< / ><>-0.61< / ><>-1.2< / >< / ><><>SchwabIntEquity< / ><>SCHF< / ><>27.63< / ><>-0.40< / ><>14.9< / >< / ><><>Schwab US BrdMkt< / ><>SCHB< / ><>29.07< / ><>-0.41< / ><>10.8< / >< / ><><>Schwab US Div< / ><>SCHD< / ><>33.84< / ><>-1.43< / ><>23.4< / >< / ><><>Schwab US LC< / ><>SCHX< / ><>29.73< / ><>-0.40< / ><>10.5< / >< / ><><>Schwab US LC Grw< / ><>SCHG< / ><>34.95< / ><>-0.17< / ><>7.1< / >< / ><><>SSEnergySel< / ><>XLE< / ><>64.03< / ><>-2.88< / ><>43.2< / >< / ><><>SSFinSel< / ><>XLF< / ><>55.93< / ><>-1.62< / ><>2.1< / >< / ><><>SSHlt

CrSel< / td> XLV< / ><>167.77< / ><>0.07< / ><>8.4< / >< / tr> <>SSIndlSel< / ><>XLI< / ><>168.71< / ><>-0.08< / ><>8.8< / >< / ><><>SSSPDRBbg1-3M< / ><>BIL< / ><>91.51< / ><>...< / ><>0.1< / >< / ><><>SS SPDR DJIA< / ><>DIA< / ><>515.22< / ><>-1.15< / ><>7.2< / >< / ><><>SSSPDRDevxUS< / ><>SPDW< / ><>50.60< / ><>-0.33< / ><>13.9< / >< / ><><>SSSPDRS&P500< / ><>SPYM< / ><>88.53< / ><>-0.44< / ><>10.4< / >< / table>

dMstarMC< / ><>VO< / ><>79.54< / ><>-0.64< / ><>9.6< / >< / ><><>VangdMstarSC< / ><>VB< / ><>288.98< / ><>-0.66< / ><>12.0< / >< / ><><>VangdMstarSCVal< / ><>VBR< / ><>238.83< / ><>-0.84< / ><>12.8< / >< / ><><>VangdMstarTot< / ><>VTI< / ><>371.26< / ><>-0.42< / ><>10.7< / >< / ><><>VangdMstarVal< / ><>VTV< / ><>220.64< / ><>-0.93< / ><>15.5< / >< / ><><>VangdRealEst< / ><>VNQ< / ><>93.48< / ><>-0.66< / ><>5.6< / >< / ><><>VangdRuss1000Grw< / ><>VONG< / ><>124.23< / ><>0.08< / ><>2.0< / >< / ><><>VangdS&P500ETF< / ><>VOO< / ><>693.24< / ><>-0.43< / ><>10.5< / >< / ><><>VangdST

Bond< / ><>BSV< / ><>76.63< / ><>-0.09< / ><>-2.8< / >< / ><><>VangdSTCpBd< / ><>VCSH< / ><>77.62< / ><>-0.04< / ><>-2.6< / >< / ><><>VangdShortTrea< / ><>VGSH< / ><>57.62< / ><>-0.07< / ><>-1.9< / >< / ><><>VangdTaxExemptBd< / ><>VTEB< / ><>48.23< / ><>0.02< / ><>-4.1< / >< / ><><>VangdTotalBd< / ><>BND< / ><>71.11< / ><>-0.06< / ><>-4.0< / >< / ><><>VangdTotIntlBd< / ><>BNDX< / ><>46.97< / ><>0.21< / ><>-2.8< / >< / ><><>VangdTotIntlStk< / ><>VXUS< / ><>85.41< / ><>-0.33< / ><>13.2< / >< / ><><>VangdTotWrldStk< / ><>VT< / ><>157.41< / ><>-0.39< / ><>11.6< / >< / table>

现货价格

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。

周三< / td>< / tr><>< colspan="2">能源< / >< / ><><>煤炭,C.Aplc.,12500Btu,1.2SO2-r,w< / ><>84.000< / >< / ><><>煤炭,PwdrRvrBsn,8800Btu,0.8SO2-r,w< / ><>14.500< / >< / table>

金属

黄金，每金衡盎司

<>< colspan="2">每金衡盎司总价< / >< / ><><>Engelhard 工业级< / ><>4345.00< / >< / ><><>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>

<><>< / ><>周三< / >< / ><><>BMI 碳酸锂, 中国工厂交货, =99.5%-v,w< / ><>20700< / >< / ><><>BMI 氢氧化锂, 中国工厂交货, =56.5%-v,w< / ><>19700< / >< / ><><> 硫酸钴, 中国工厂交货, >20.5%-v,w< / ><>9089< / >< / ><><> 硫酸镍, 中国工厂交货, >22%-v,k< / ><>4358< / >< / ><><> 片状石墨, 中国离岸价, -100 Mesh, 94-95%-v,m< / ><>425< / >< / table>

纤维与纺织品

<><>Engelhard 工业级< / ><>64.8000< / >< / ><><>Handy & Harman 基础级< / ><>64.5750< / >< / ><><>Handy & Harman 加工级< / ><>80.7190< / >< / ><><>金币,批发面值 $1,000-a< / ><>45308< / >< / table>

其他金属

<><>粗麻布,10-oz,40-inch 纽约码-n,w< / ><>1.2600< / >< / ><><>棉花,11 / 16 std lw-mdMphs-u< / ><>0.7669< / >< / ><><>Cotlook 'A' 指数-t< / ><>*94.65< / >< / ><><>皮革,hvy native steers piece fob-u< / ><>n.a.< / >< / ><><>羊毛,64s,staple,Terr del-u,w< / ><>n.a.< / >< / table>

谷物与饲料

<><>铂金,Engelhard 工业级< / ><>1804.0< / >< / ><><>钯金,Engelhard 工业级< / ><>1315.0< / >< / ><><>铝, LME, 每公吨美元< / ><>3260.0< / >< / ><><>铜,Comex 现货< / ><>6.4315< / >< / ><><>铁矿石, 62% Fe CFR 中国-s< / ><>94.7< / >< / ><><>钢材, HRC 美国, 中西部工厂离岸价-s< / ><>*1230.0< / >< / table>

电池 / 电动汽车金属

<><>麸皮,小麦次粉, KC-u,w< / ><>145< / >< / ><><>玉米,No. 2 yellow,Cent IL-bp,u< / ><>4.9900< / >< / ><><>棉籽粕-u,w< / ><>n.a.< / >< / ><><>玉米饲料,Cent IL-u,w< / ><>120< / >< / ><><>肉骨粉,50% pro Mnpls-u,w< / ><>475< / >< / ><><>燕麦,No.2 milling,Mnpls-u< / ><>4.2225< / >< / ><><>大米, Long Grain Milled, No. 2 AR-u,w< / ><>30.13< / >< / ><><>豆粕,Cent IL,rail,ton48%-u,w< / ><>353.80< / >< / ><><>大豆,No.1 yllw IL-bp,u< / ><>12.9400< / >< / ><><>小麦,Spring14%-pro Mnpls-u< / ><>9.3600< / >< / ><><>小麦,No.2 soft red,St.Louis-u< / ><>6.7075< / >< / ><><>小麦 - Hard - KC (USDA) $ per bu-u< / ><>7.6550< / >< / ><><>小麦,No.1soft white,Portld,OR-u< / ><>6.7750< / >< / table>

代码说明：A=卖价；B=买价；BP=国家电梯向生产者的买价；C=已修正；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 9 / 15

2026年9月16日，星期三

食品< / td>< / tr><><>牛肉，胴体等值指数< / ><>< / >< / ><><>精选级 1-3,600-900 磅-u< / ><>347.98< / >< / ><><>精选级 1-3,600-900 磅-u< / ><>327.02< / >< / ><><>肉鸡，全国综合加权平均-u,w< / ><>1.1608< / >< / ><><>黄油，AA 芝加哥-d< / ><>1.3550< / >< / ><><>切达奶酪，桶装，芝加哥-d< / ><>145.25< / >< / ><><>切达奶酪，块装，芝加哥-d< / ><>143.25< / >< / ><><>牛奶，脱脂奶粉，芝加哥 磅-d< / ><>205.00< / >< / ><><>咖啡，巴西，综合-y< / ><>2.8966< / >< / ><><>咖啡，哥伦比亚，纽约-y< / ><>3.5488< / >< / ><><>鸡蛋，大号白色，芝加哥-u,w< / ><>0.6550< / >< / ><><>面粉，硬冬麦 堪萨斯城-p< / ><>19.25< / >< / ><><>火腿，17-20 磅，美国中西部离岸价-u< / ><>1.06< / >< / ><><>生猪，爱荷华-南明尼苏达-u< / ><>83.50< / >< / ><><>猪五花，12-14 磅 美国中西部-u< / ><>1.4765< / >< / ><><>猪里脊，13-19 磅 美国中西部-u< / ><>1.0575< / >< / ><><>阉牛，德州-俄克拉荷马 精选级-u< / ><>n.a.< / >< / ><><>阉牛，育肥牛，俄克拉荷马城-u,w< / ><>382.50< / >< / table>

油脂

<><>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< / ><>0.6800< / >< / ><><>猪油，芝加哥-u< / ><>n.a.< / >< / ><><>大豆油，原油；伊利诺伊州中部-u,w< / ><>0.7379< / >< / ><><>牛脂，漂白；芝加哥-h< / ><>0.7475< / >< / ><><>牛脂，食用，芝加哥-u< / ><>n.a.< / >< / table>

来源：道琼斯市场数据

债券 / wsj.com / market-data / bonds / benchmarks

债券基准追踪

不同类型债券的投资回报率、相对于国债的利差和 / 或支付给投资者的收益率，及其与 52 周最高点和最低点的对比

总回报收盘价< / td><>年初至今总回报 (%)< / ><>指数< / ><>— 收益率(%) — 最新 最低 最高< / >< / tr>< / table>

<>< rowspan="2">回报收盘价< / >< rowspan="2">P / B 总回报(%)< / >< rowspan="2">指数< / >< colspan="3">收益率 (%)< / >< / ><><>最新< / ><>最低< / ><>最高< / >< / ><>< colspan="6">广义市场 Bloomberg 固定收益指数< / >< / ><><>2212.05< / ><>-1.6< / ><>美国综合指数< / ><>5.330< / ><>4.160< / ><>5.330< / >< / ><>< colspan="6">美国公司债券指数 Bloomberg 固定收益指数< / >< / ><><>3390.65< / ><>-1.5< / ><>美国公司债< / ><>5.780< / ><>4.680< / ><>5.780< / >< / ><><>3355.74< / ><>-0.7< / ><>中期< / ><>5.550< / ><>4.330< / ><>5.550< / >< / ><><>4296.39< / ><>-3.4< / ><>长期< / ><>6.290< / ><>5.370< / ><>6.320< / >< / ><><>628.35< / ><>-2.8< / ><>AA 级< / ><>5.650< / ><>4.410< / ><>5.650< / >< / ><><>933.55< / ><>-1.1< / ><>BBB 级< / ><>5.940< / ><>4.860< / ><>5.940< / >< / table>

高收益债券 ICE BofA

<>< 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">抵押贷款支持证券 Bloomberg 固定收益指数< / >< / ><><>211.95< / ><>-1.6< / ><>抵押贷款支持证券< / ><>5.620< / ><>4.380< / ><>5.620< / >< / ><><>2175.54< / ><>-1.3< / ><>吉尼梅 (GNMA)< / ><>5.660< / ><>4.420< / ><>5.660< / >< / ><><>1306.78< / ><>-1.7< / ><>房利美 (FNMA)< / ><>5.610< / ><>4.370< / ><>5.610< / >< / ><><>2009.40< / ><>-1.9< / ><>房地美 (FHLMC)< / ><>5.430< / ><>4.160< / ><>5.430< / >< / ><><>606.06< / ><>-1.9< / ><>市政债券综合指数< / ><>4.110< / ><>3.037< / ><>4.110< / >< / ><><>429.82< / ><>-2.8< / ><>7-12 年< / ><>3.931< / ><>2.596< / ><>3.931< / >< / ><><>484.99< / ><>-3.0< / ><>12-22 年< / ><>4.738< / ><>3.608< / ><>4.738< / >< / ><><>458.27< / ><>-1.8< / ><>22 年以上< / ><>5.150< / ><>4.432< / ><>5.150< / >< / table>

<><>627.47< / ><>< / ><>1.6< / ><>受限高收益债< / ><>7.658< / ><>6.489< / ><>7.683< / >< / ><><>625.49< / ><>-0.5< / ><>< / ><>CCC 级< / ><>14.995< / ><>11.508< / ><>15.033< / >< / ><><>4175.55< / ><>< / ><>1.3< / ><>高收益 100 指数< / ><>6.851< / ><>5.828< / ><>7.136< / >< / ><><>546.81< / ><>< / ><>1.9< / ><>全球受限高收益债< / ><>7.390< / ><>6.317< / ><>7.438< / >< / ><><>398.32< / ><>< / ><>0.8< / ><>欧洲受限高收益债< / ><>6.130< / ><>4.820< / ><>6.198< / >< / table>

美国机构债 Bloomberg 固定收益指数

<><>1948.89< / ><>-0.5< / ><>美国机构债< / ><>5.010< / ><>3.830< / ><>5.010< / >< / ><><>1732.16< / ><>-0.2< / ><>10-20 年< / ><>4.960< / ><>3.750< / ><>4.960< / >< / ><><>3588.52< / ><>-3.3< / ><>20 年以上< / ><>5.570< / ><>4.580< / ><>5.580< / >< / ><><>3005.86< / ><>-1.0< / ><>扬基债券< / ><>5.470< / ><>4.320< / ><>5.470< / >< / table>

547.24< / td><>-2.1< / ><>< / ><>全球政府< / ><>4,526< / ><>3.500< / ><>4.543< / >< / tr><><>835.38< / ><>-0.7< / ><>< / ><>加拿大< / ><>3,915< / ><>3.070< / ><>3.934< / >< / ><><>357.29< / ><>-2.2< / ><>< / ><>欧元区$< / ><>4,020< / ><>3.117< / ><>4.060< / >< / ><><>639.79< / ><>-2.8< / ><>< / ><>法国< / ><>4,424< / ><>3.350< / ><>4.465< / >< / ><><>455.18< / ><>-1.9< / ><>< / ><>德国< / ><>3,581< / ><>2.650< / ><>3.613< / >< / ><><>242.36< / ><>-4.3< / ><>< / ><>日本< / ><>3,228< / ><>2.110< / ><>3.254< / >< / ><><>497.70< / ><>-1.8< / ><>< / ><>荷兰< / ><>3,651< / ><>2.860< / ><>3.679< / >< / ><><>803.47< / ><>-2.2< / ><>< / ><>英国< / ><>5,450< / ><>4.560< / ><>5.549< / >< / ><><>1027.09< / ><>< / ><>0.9< / ><>新兴市场**< / ><>6.762< / ><>6.403< / ><>7.084< / >< / table>

*受限指数将单个发行人的集中度限制在 2%；High Yield 100 为 100 只最大规模的债券 † 以当地货币计 § 欧元区债券 **EMBI 全球指数 数据来源：ICE Data Services; Bloomberg Fixed Income Indices; 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="10">收益率 (%)< / >< colspan="3">相对于美国国债的利差（基点）< / >< / tr><><>最新(●)< / ><>0< / ><>1< / ><>2< / ><>3< / ><>4< / ><>5< / ><>6< / ><>前值< / ><>一个月前< / ><>一年前< / ><>最新< / ><>前值< / >< / ><><>4.125< / ><>美国 2< / ><>4.725▲< / ><>< / ><>●< / ><>< / ><>4.661< / ><>4.170< / ><>3.508< / ><>< / >< / ><><>4.625< / ><>10< / ><>5.003▲< / ><>< / ><>●< / ><>< / ><>4.995< / ><>4.695< / ><>4.025< / ><>< / >< / ><><>2.250< / ><>澳大利亚

2< / ><>5.012▼< / ><>< / ><>●< / ><>< / ><>5.064< / ><>4.563< / ><>3.378< / ><>27.8< / ><>39.3< / >< / ><><>4.250< / ><>10< / ><>5.364▼< / ><>< / ><>●< / ><>< / ><>5.426< / ><>4.988< / ><>4.230< / ><>35.7< / ><>42.0< / >< / ><><>2.400< / ><>法国 2< / ><>3.459▼< / ><>< / ><>●< / ><>< / ><>3.477< / ><>3.002< / ><>2.248< / ><>-127.< / ><>-119.4< / >< / ><><>3.700< / ><>10< / ><>4.475▼< / ><>< / ><>●< / ><>< / ><>4.505< / ><>4.055< / ><>3.502< / ><>-53.2< / ><>-50.2< / >< / ><><>2.700< / ><>德国

2< / ><>3.217▼< / ><>< / ><>●< / ><>< / ><>3.273< / ><>2.811< / ><>2.012< / ><>-151.7< / ><>-139.8< / >< / ><><>3.000< / ><>10< / ><>3.518▼< / ><>< / ><>●< / ><>< / ><>3.545< / ><>3.225< / ><>2.695< / ><>-148.9< / ><>-146.1< / >< / ><><>2.650< / ><>意大利 2< / ><>3.430▼< / ><>< / ><>●< / ><>< / ><>3.458< / ><>2.979< / ><>2.238< / ><>-130.< / ><>-121.3< / >< / ><><>3.800< / ><>10< / ><>4.375▼< / ><>< / ><>●< / ><>< / ><>4.417< / ><>3.967< / ><>3.489< / ><>-63.2< / ><>-58.9< / >< / ><><>1.700< / ><>日本

2< / ><>1.848▼< / ><>< / ><>●< / ><>< / ><>1.860< / ><>1.655< / ><>0.880< / ><>-288.6< / ><>-281.1< / >< / ><><>2.700< / ><>10< / ><>3.000▼< / ><>< / ><>●< / ><>< / ><>3.042< / ><>2.880< / ><>1.604< / ><>-200.7< / ><>-196.4< / >< / ><><>2.400< / ><>西班牙 2< / ><>3.250▼< / ><>< / ><>●< / ><>< / ><>3.287< / ><>2.857< / ><>2.095< / ><>-148.4< / ><>-138.4< / >< / ><><>3.400< / ><>10< / ><>3.977▼< / ><>< / ><>●< / ><>< / ><>4.026< / ><>3.633< / ><>3.199< / ><>-103.0< / ><>-98.1< / >< / ><><>4.375< / ><>英国

2< / ><>4.628▼< / ><>< / ><>●< / ><>< / ><>4.764< / ><>4.415< / ><>3.974< / ><>-10.6< / ><>9.3< / >< / ><><>1.125< / ><>10< / ><>5.298▼< / ><>< / ><>●< / ><>< / ><>5.326< / ><>5.054< / ><>4.644< / ><>29.1< / ><>32.0< / >< / table>

来源：Tullett Prebon, Tradeweb FTSE 美国国债收盘价

企业债

公司债券价格反映了包括投资者对经济、行业及公司特定预期在内的多种因素

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< / >< / ><><>澳大利亚联邦银行 (Commonwealth Bank of Australia)< / ><>...< / ><>4.800< / ><>5.01< / ><>2029年7月16日< / ><>18< / ><>-14< / ><>34< / >< / ><><>卡特彼勒金融服务 (Caterpillar Financial Services)< / ><>...< / ><>4.300< / ><>5.02< / ><>2029年5月15日< / ><>19< / ><>-12< / ><>30< / >< / ><><>约翰迪尔资本 (John Deere Capital)< / ><>...< / ><>4.800< / ><>4.99< / ><>2029年9月11日< / ><>22< / ><>-12< / ><>34< / >< / ><><>CNO全球融资 (CNO Global Funding)< / ><>...< / ><>2.650< / ><>5.34< / ><>2029年1月6日< / ><>64< / ><>-10< / ><>n.a.< / >< / ><><>思科系统 (Cisco Systems)< / ><>CSCO< / ><>5.500< / ><>5.81< / ><>2040年1月15日< / ><>85< / ><>-7< / ><>92< / >< / ><><>葛兰素史克资本 (GlaxoSmithKline Capital)< / ><>...< / ><>5.375< / ><>5.54< / ><>2034年4月15日< / ><>52< / ><>-6< / ><>n.a.< / >< / ><><>Sprint资本 (Sprint Capital)< / ><>...< / ><>6.875< / ><>5.14< / ><>2028年11月15日< / ><>42< / ><>-6< / ><>47< / >< / ><><>黑石控股金融 (Blackstone Holdings Finance)< / ><>...< / ><>6.250< / ><>6.27< / ><>2042年8月15日< / ><>90< / ><>-5< / ><>n.a.< / >< / table>

...以及扩大幅度最大的利差

<><>桑坦德银行 (Banco Santander)< / ><>...< / ><>4.867< / ><>5.56< / ><>2031年4月15日< / ><>78< / ><>4< / ><>80< / >< / ><><>多伦多道明银行 (Toronto-Dominion Bank)< / ><>< / ><>2.000< / ><>5.23< / ><>2031年9月10日< / ><>44< / ><>4< / ><>41< / >< / ><><>农林中央金库 (Norinchukin Bank)< / ><>...< / ><>5.356< / ><>6.15< / ><>2036年3月10日< / ><>114< / ><>3< / ><>108< / >< / ><><>华特迪士尼 (Walt Disney)*< / ><>DIS< / ><>3.750< / ><>4.98< / ><>2029年3月14日< / ><>16< / ><>2< / ><>13< / >< / ><><>哈特福德保险集团 (Hartford Insurance Group)< / ><>HIG< / ><>5.950< / ><>5.75< / ><>2036年10月15日< / ><>80< / ><>2< / ><>n.a.< / >< / ><><>大都会人寿 (MetLife)< / ><>MET< / ><>6.375< / ><>5.65< / ><>2034年6月15日< / ><>68< / ><>2< / ><>n.a.< / >< / ><><>帕卡金融 (PACCAR Financial)< / ><>...< / ><>4.850< / ><>5.19< / ><>2031年8月10日< / ><>41< / ><>2< / ><>42< / >< / ><><>三井住友金融集团 (Sumitomo Mitsui Financial Group)< / ><>...< / ><>3.040< / ><>5.31< / ><>2029年7月16日< / ><>49< / ><>2< / ><>n.a.< / >< / 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（面值百分比）< / >< / ><><>当前< / ><>单日变化< / ><>上周< / >< / ><><>克利夫兰-克利夫斯 (Cleveland-Cliffs)< / ><>CLF< / ><>6.250< / ><>8.74< / ><>2040年10月1日< / ><>80.056< / ><>0.76< / ><>n.a.< / >< / ><><>西方石油 (Occidental Petroleum)< / ><>OXY< / ><>6.450< / ><>5.88< / ><>2036年9月15日< / ><>104.238< / ><>0.40< / ><>104.872< / >< / ><><>派拉蒙全球 (Paramount Global)< / ><>...< / ><>4.375< / ><>8.74< / ><>2043年3月15日< / ><>62.244< / ><>0.24< / ><>62.750< / >< / ><><>Bath & Body Works< / ><>BBWI< / ><>6.875< / ><>7.00< / ><>2035年11月1日< / ><>99.153< / ><>0.15< / ><>101.125< / >< / ><><>透海国际 (Transocean International)< / ><>...< / ><>6.800< / ><>7.63< / ><>2038年3月15日< / ><>93.720< / ><>0.14< / ><>94.604< / >< / table>

...以及价格跌幅最大的债券

Embarq< / td><>...< / ><>7.995< / ><>60.50< / ><>June 1, '36< / ><>13.599< / ><>-2.24< / ><>17.750< / >< / tr><><>Occidental Petroleum< / ><>OXY< / ><>6.200< / ><>6.15< / ><>March 15, '40< / ><>100.429< / ><>-0.24< / ><>100.570< / >< / ><><>Telecom Italia Capital< / ><>...< / ><>6.000< / ><>6.00< / ><>Sept. 30, '34< / ><>99.994< / ><>-0.18< / ><>n.a.< / >< / ><><>Navient*< / ><>NAVI< / ><>5.625< / ><>8.54< / ><>Aug. 1, '33< / ><>85.065< / ><>-0.15< / ><>86.250< / >< / ><><>Nissan Motor Acceptance< / ><>...< / ><>5.300< / ><>5.90< / ><>Sept. 13, '27< / ><>99.428< / ><>-0.13< / ><>99.615< / >< / ><><>Tenet Healthcare< / ><>THC< / ><>6.875< / ><>5.85< / ><>Nov. 15, '31< / ><>104.505< / ><>-0.07< / ><>105.625< / >< / table>

$^{a}$ 估算的相对于 2 年期、3 年期、5 年期、10 年期或 30 年期热运行美债的利差；100 个基点=一个百分点；显示的利差变化为 Z-利差。注：数据针对到期期限在 2 年或两年以上的交易最活跃的债券发行品种。

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）以及纳斯达克股票市场（Nasdaq Stock Market）上市的证券。价格综合自各市场中心报告的交易数据，包括证券交易所、金融业监管局（Finra）、电子通信网络及其他经纪交易商。该列表包含市值最大的 1,000 家公司。

带有下划线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。

加粗的报价则突出显示那些前一交易日收盘价在 $2 或更高，且价格变动幅度达到 5% 或以上的证券。

脚注：

1-创52周新高；52-创52周新低；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9月16日，星期三

股票< / td><>代码< / ><>收盘价< / ><>涨跌< / >< / tr><><>A< / ><>B< / ><>C< / ><>< / >< / ><><>AES< / ><>AES< / ><>14.81< / ><>0.01< / >< / ><><>Aflac< / ><>AFL< / ><>116.81< / ><>-0.74< / >< / ><><>AGNC Invt< / ><>AGNC< / ><>9.88< / ><>-0.08< / >< / ><><>APA< / ><>APA< / ><>44.79< / ><>-2.62< / >< / ><><>ASE Tech< / ><>ASX< / ><>37.95< / ><>0.83< / >< / ><><>ASML< / ><>ASML< / ><>1602.22< / ><>10.74< / >< / ><><>AST

< / >< / ><><>Allegion< / ><>ALLE< / ><>152.81< / ><>-1.79< / >< / ><><>AlliantEnergy LNT< / ><>C< / ><>66.11< / ><>0.12< / >< / ><><>AllisonTransm< / ><>ALSN< / ><>118.64< / ><>-3.76< / >< / ><><>Allstate< / ><>ALL< / ><>254.85< / ><>-2.36< / >< / ><><>AllyFinancial< / ><>ALLY< / ><>40.31< / ><>-1.27< / >< / ><><>AlnylamPharm< / ><>ALNY< / ><>239.36< / ><>1.09< / >< / ><><>Alphabet A< / ><>GOOG< / ><>342.87< / ><>-2.11< / >< / ><><>Alphabet

0.59< / >< / ><><>AmerTowerREIT< / ><>AMT< / ><>176.39< / ><>-1.32< / >< / ><><>AmerWaterWorks< / ><>AWK< / ><>137.76< / ><>-0.26< / >< / ><><>Ameriprise< / ><>AMP< / ><>540.86< / ><>-18.48< / >< / ><><>Ametek< / ><>AME< / ><>232.19< / ><>-2.26< / >< / ><><>Amgen< / ><>AMGN< / ><>376.35< / ><>0.70< / >< / ><><>AmkorTech< / ><>AMKR< / ><>46.28< / ><>-0.10< / >< / ><><>Amphenol< / ><>APH< / ><>77.26< / ><>-0.39< / >< / ><><>Amrize< / ><>AMRZ< / ><>38.40< / ><>-1.00< / >< / ><><>AnalogDevices< / ><>ADI< / ><>362.04< / ><>0.69< / >< / ><><>AngloGoldAsh< / ><>AU< / ><>99.74< / ><>-0.97< / >< / ><><>AB

9< / ><>1.04< / >< / ><><>Atlassian< / ><>TEAM< / ><>190.28< / ><>0.47< / >< / ><><>AtmosEnergy< / ><>ATO< / ><>161.96< / ><>-0.08< / >< / ><><>AuroralInnov< / ><>AUR< / ><>6.36< / ><>-0.08< / >< / ><><>Autodesk< / ><>ADSK< / ><>220.31< / ><>-6.19< / >< / ><><>ADP< / ><>ADP< / ><>273.19< / ><>-3.34< / >< / ><><>AutoZone< / ><>AZO< / ><>284.04< / ><>-11.21< / >< / ><><>Avantor< / ><>AVTR< / ><>15.61< / ><>0.17< / >< / ><><>AveryDennisony< / ><>AVY< / ><>172.28< / ><>0.76< / >< / ><><>AxonEnterprise< / ><>AXON< / ><>468.42< / ><>26.34< / >< / ><><>AxsomeTherap< / ><>AXSM< / ><>211.97< / ><>7.90< / >< / ><><>BCE< / ><>BCE< / ><>22.50< / ><>-0.40< / >< / ><><>BHP Group< / ><>BHP< / ><>84.14< / ><>-0.63< / >< / ><>< colspan="2">BJ'sWholesale

BJ< / ><>92.98< / ><>-2.08< / >< / ><><>BP< / ><>BP< / ><>45.38< / ><>-1.58< / >< / table>

eal< / ><>BMO< / ><>172.60< / ><>-1.10< / >< / ><><>BankNY Mellon< / ><>BNY< / ><>153.47< / ><>-1.20< / >< / ><><>BankNovaScotia< / ><>BNS< / ><>92.96< / ><>-0.32< / >< / ><><>Barclays< / ><>BCS< / ><>25.34< / ><>-0.10< / >< / ><><>BarrickMining< / ><>B< / ><>42.55< / ><>-0.15< / >< / ><><>BaxterIntl< / ><>BAX< / ><>23.53< / ><>-0.18< / >< / ><><>BectonDiconns< / ><>BDX< / ><>181.85< / ><>-4.07< / >< / ><><>BendingSponsors< / ><>BSP< / ><>39.19< / ><>-0.21< / >< / ><><>BentleySystems< / ><>BSY< / ><>31.10< / ><>-0.78< / >< / ><><>BeOneMed< / ><>ONC< / ><>348.08< / ><>1.58< / >< / ><><>Berkeley< / ><>WRB< / ><>69.95< / ><>-1.33< / >< / ><><>BerkHathwy B< / ><>BRKB< / ><>519.80< / ><>3.04< / >< / ><><>BerkHathwy A< / ><>BRKA< / ><

0.50< / td>< / tr> <>BrookWealth< / ><>BNT< / ><>37.02< / ><>0.15< / >< / ><><>Brown&Brown< / ><>BRO< / ><>65.88< / ><>1.35< / >< / ><><>BrownForman B< / ><>BF.B< / ><>25.74< / ><>0.44< / >< / ><><>BrownForman A< / ><>BF.A< / ><>26.27< / ><>0.34< / >< / ><><>Bullish< / ><>BLSH< / ><>32.08< / ><>3.38< / >< / ><><>BungeGlobal< / ><>BG< / ><>117.13< / ><>4.63< / >< / ><><>BurlingtonStrs< / ><>BURL< / ><>230.71< / ><>3.43< / >< / ><><>CACI Intl< / ><>CACI< / ><>631.18< / ><>5.22< / >< / ><><>CBRE Group< / ><>CBRE< / ><>138.56< / ><>1.55< / >< / ><><>CDW< / ><>CDW< / ><>149.96< / ><>3.78< / >< / ><><>CF Industries< / ><>CF< / ><>131.99< / ><>3.55< / >< / ><><>CGI A< / ><>GIB< / ><>70.90< / ><>1.22< / >< / ><><>CH Robinson< / ><>CHRW< / ><>153.47< / ><>4.16< / >< / ><><>CME Group< / ><>CME< / ><>272.46< / ><>2.63< / >< / ><><>CMS Energy< / ><>CMS< / ><>65.99< / ><>0.07< / >< / ><><>CNA Fin< / ><>CNA< / ><>48.08< / ><>0.34< / >< / ><><>CNH Indl< / ><>CNH< / ><>13.52< / ><>0.48< / >< / ><><>CRH< / ><>CRH< / ><>86.70< / ><>0.99< / >< / ><><>CSX< / ><>CSX< / ><>47.90< / ><>0.76< / >< / ><><>CVS< / ><>CRL< / ><>273.41< / ><>0.53< / >< / ><><>CharterComms< / ><>CHTR< / ><>135.00< / ><>6.20< / >< / ><><>CheckPoint< / ><>CHKP< / ><>137.69< / ><>0.10< / >< / ><><>CheniereEnergy< / ><>LNG< / ><>267.75< / ><>3.23< / >< / ><><>CheniereEnerPts< / ><>CQP< / ><>65.73< / ><>0.07< / >< / ><><>Chevron< / ><>CVX< / ><>211.54< / ><>6.23< / >< / ><><>ChimeFinl< / ><>CHYM< / ><>31.25< / ><>2.36< / >< / ><><>Chipotle< / ><>CMG< / ><>33.68< / ><>1.15< / >< / ><><>Chubb< / ><>CB< / ><>341.53< / ><>0.33< / >< / ><><>ChunghwaTel< / ><>CHT< / ><>45.18< / ><>0.19< / >< / ><><>Church&Dwight< / ><>CHD< / ><>95.51< / ><>1.00< / >< / ><><>Ciena< / ><>CIEN< / ><>340.50< / ><>6.17< / >< / ><><>Cigna< / ><>CI< / ><>280.45< / ><>8.45< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净变化< / >< / ><><>Exelixis< / ><>EXEL 56.78< / ><>0.12< / >< / ><><>Exelon< / ><>EXC 42.44< / ><>0.24< / >< / ><><>ExpandEnergy< / ><>EXE 88.74< / ><>5.49< / >< / ><><>Expedia< / ><>EXPE 286.97< / ><>6.11< / >< / ><><>ExpeditorsIntl< / ><>EXPD 189.04< / ><>4.86< / >< / ><><>ExtraSpaceSt< / ><>EXR 136.43< / ><>0.87< / >< / ><><>埃克森美孚< / ><>XOM 163.32< / ><>6.00< / >< / ><><>F5< / ><>FFIV 423.59< / ><>7.29< / >< / ><><>FTAI Aviation< / ><>FTAI 189.83< / ><>13.39< / >< / ><><>Fabrinet< / ><>FN 392.68< / ><>17.77< / >< / ><><>FactSet< / ><>FDS 276.41< / ><>0.68< / >< / ><><>FairIsaac< / ><>FICO 991.35< / ><>5.39< / >< / ><><>Fastenal< / ><>FAST 49.03< / ><>0.38< / >< / ><><>FederalRealty< / ><>FRT 112.42< / ><>1.51< / >< / ><><>联邦快递 (FedEx)< / ><>FDX 301.72< / ><>6.54< / >< / ><><>FedExFreight< / ><>FDXF 121.73< / ><>5.21< / >< / ><><>FergusonEnts< / ><>FERG 214.35< / ><>0.76< / >< / ><><>法拉利 (Ferrari)< / ><>RACE 412.34< / ><>5.42< / >< / ><><>Ferrovial< / ><>FER 55.12< / ><>0.88< / >< / ><><>FidNatFinl< / ><>FNF 43.02< / ><>0.08< / >< / ><><>FidNatInfo< / ><>FIS 36.45< / ><>0.49< / >< / ><><>FifthThirdBncp< / ><>FITB 52.41< / ><>2.26< / >< / ><><>Figma< / ><>FIG 23.06< / ><>0.82< / >< / ><><>FirstCitizBcshA< / ><>FNCA 2099.57< / ><>60.85< / >< / ><><>FirstHorizon< / ><>FHN 23.93< / ><>0.54< / >< / ><><>FirstMajSilver< / ><>AG 18.33< / ><>0.31< / >< / ><><>FirstSolar< / ><>FSLR 191.07< / ><>11.27< / >< / ><><>FirstCash< / ><>FCFS

219.70< / td> 4.16< / >< / tr> <>FirstEnergy< / ><>FE 45.38< / ><>0.05< / >< / ><><>Fiserv< / ><>FISV 49.45< / ><>-0.57< / >< / ><><>FiveBelow< / ><>FIVE 237.68< / ><>1.61< / >< / ><><>Flex< / ><>FLEX 107.90< / ><>-0.10< / >< / ><><>Flowserve< / ><>FLS 72.31< / ><>1.28< / >< / ><><>FlutterEnt< / ><>FLUT 97.56< / ><>-2.35< / >< / ><><>FEMSA< / ><>FMX 121.02< / ><>-0.58< / >< / ><><>FordMotor< / ><>F 13.35< / ><>-0.15< / >< / ><><>ForgentPwr< / ><>FPS 34.84< / ><>3.48< / >< / ><><>Fortinet< / ><>FTNT 171.77< / ><>-0.60< / >< / ><><>Fortis< / ><>FTS 53.85< / ><>0.35< / >< / ><><>Fortive< / ><>FTV 55.30< / ><>-1.15< / >< / ><><>FoxA< / ><>FOXA 66.16< / ><>-1.41< / >< / ><><>FoxB< / ><>FOX 59.15< / ><>-1.19< / >< / ><><>Franco-Nevada< / ><>FNV

259.41< / ><>-3.68< / >< / ><><>FranklinTemp< / ><>BEN 32.72< / ><>-0.57< / >< / ><><>FreedomHolding< / ><>FRHC 163.86< / ><>2.05< / >< / ><><>FreeportMcFAC< / ><>FCX 69.24< / ><>-0.14< / >< / ><><>FreseniusMedCare< / ><>FMS 22.97< / ><>0.01< / >< / ><><>Frontline< / ><>FRO 53.67< / ><>2.08< / >< / ><><>Futu< / ><>FUTU 109.82< / ><>1.10< / >< / table>

< / ><><>CoeurMining< / ><>CDE< / ><>18.98< / ><>-0.93< / >< / ><><>Cognex< / ><>CGNX< / ><>60.10< / ><>0.95< / >< / ><><>CognizantTech< / ><>CTSH< / ><>61.85< / ><>-1.43< / >< / ><><>Coherent< / ><>COHR< / ><>289.93< / ><>18.76< / >< / ><><>CoinbaseGlbl< / ><>COIN< / ><>164.51< / ><>-7.60< / >< / ><><>ColgatePalm< / ><>CL< / ><>87.02< / ><>0.02< / >< / ><><>Comcast A< / ><>CMCSA< / ><>23.73< / ><>-0.69< / >< / ><><>ComfortSystems< / ><>FIX< / ><>1587.35< / ><>10.57< / >< / ><><>SABESP< / ><>SBS< / ><>5.28< / ><>0.04< / >< / ><><>COPEL< / ><>ELPC< / ><>12.57< / ><>0.20< / >< / ><><>ConocoPhillips< / ><>COO< / ><>132.54< / ><>-8.68< / >< / ><><>ConEd< / ><>ED< / ><>105.42< / ><>0.18< / >< / ><><>ConstBrands

< / ><>1.80< / >< / ><><>Credicorp< / ><>BAP< / ><>381.14< / ><>8.24< / >< / ><><>CredoTech< / ><>CRDO< / ><>161.49< / ><>11.10< / >< / ><><>CrowdStrike< / ><>CRWD< / ><>241.36< / ><>-1.13< / >< / ><><>CrownCastle< / ><>CCI< / ><>73.22< / ><>-0.03< / >< / ><><>Crown Holdings< / ><>CCK< / ><>112.17< / ><>-0.16< / >< / ><><>CubeSmart< / ><>CUBE< / ><>39.69< / ><>-0.24< / >< / ><><>Cullen / Frost< / ><>CFR< / ><>159.44< / ><>-2.72< / >< / ><><>Cummins< / ><>CMI< / ><>527.50< / ><>-10.52< / >< / ><><>Curtiss-Wright< / ><>CW< / ><>570.04< / ><>7.19< / >< / ><><>Cytokinetics< / ><>CYTK< / ><>69.39< / ><>0.08< / >< / table>

GHI

DEF

son< / ><>DCI< / ><>86.33< / ><>-0.73< / >< / ><><>Dash< / ><>DASH< / ><>196.76< / ><>-1.50< / >< / ><><>Dover< / ><>DOV< / ><>188.36< / ><>-0.61< / >< / ><><>Dow< / ><>DOW< / ><>30.08< / ><>0.23< / >< / ><><>DrReddy'Slab< / ><>RDY< / ><>11.68< / ><>0.13< / >< / ><><>DraftKings< / ><>DKNG< / ><>24.33< / ><>-0.31< / >< / ><><>DukeEnergy< / ><>DUK< / ><>117.76< / ><>-0.01< / >< / ><><>DuPont< / ><>DU< / ><>127.57< / ><>-0.47< / >< / ><><>Dynatrace< / ><>DT< / ><>55.19< / ><>0.02< / >< / ><><>EMCOR< / ><>EME< / ><>739.46< / ><>3.94< / >< / ><><>ENI< / ><>E< / ><>55.30< / ><>-1.36< / >< / ><><>EOG

<>EversourceEner< / ><>ES< / ><>67.86< / ><>0.65< / >< / table>

GE Aerospace GE	312.90	5.85
GE Healthcare GEHC	63.49	-0.58
GE Vernova GEV	925.09	42.28
GFL Environmental GFL	41.07	-1.11
GSK GSK	50.29	0.28
Gallagher AJG	243.78	-4.26
GameStop GME	21.98	0.54
Gaming&Leisure GLPI	40.35	-0.27
Garmin GRMN	276.93	-2.04
Gartner IT	191.57	-4.05
GenDigital GEN	30.65	-0.58
Generac GNRC	175.11	0.08
General Dynamics GD	360.00	1.40
General Mills GIS	36.81	0.23
General Motors GM	84.29	-1.08
Genmab GMAB	34.40	0.25
Genuine Parts GPC	130.52	-0.49
Gerdau GGB	4.99	-0.07
Gilead Sciences GILD	147.68	1.38
Glaukos GKOS	163.47	-8.21
Global Payments GPN	86.49	-2.49
GlobalFoundries GFS	43.03	0.28
Globalstar GSAT	81.90	0.07
Globe Life GL	172.98	-0.31
Globus Medical GMD	75.26	0.57
GoDaddy GDDY	99.09	-3.29
Gold Fields GFI	41.96	-0.95
Goldman Sachs GS	937.98	-36.89
Grab GRAB	2.87	-0.04
Graco GGG	76.28	-0.56
Grainger GWW	1258.26	-11.27
GAP PAC	201.70	-1.08
Grupo Cibest CIB	98.32	-2.35
Guardant Health GH	174.90	-0.75
Guidewire GWRE	146.73	-2.15
HCA Healthcare HCA	430.43	7.39
HDFC Bank HDB	22.38	-0.20
HF Sinclair DINO	113.97	1.72
HP HPQ	32.70	-1.12
HSBC HSBC	100.84	-1.38
H World HTHT	42.72	-0.62
Haleon HLN	9.21	-0.03
Halliburton HAL	34.51	-1.16
Halozyme Therapeutics HALO	108.44	2.19
Harmony Gold HMY	19.22	-0.32
Hartford Insurance HIG	134.94	-1.09
Hasbro HAS	89.30	-0.91
Healthpeak Properties DOC	20.35	0.19
Hecla Mining HL	17.99	-0.69
Heico HEI	299.43	2.58
Heico A HELA	222.37	-0.08
Henry Schein HSIC	86.77	-0.75
Hershey HSY	170.79	0.37
Hewlett Packard HPE	56.68	0.80
Hilton HLT	305.63	-2.16
Home Depot HD	302.47	-3.01
Honda Motor HMC	32.11	-0.10
Honeywell AONA	164.18	5.69
Honeywell HON	207.66	4.22
Hormel Foods

HRL< / td> 20.78< / ><>0.01< / >< / tr> <>DR Horton DHI< / ><>138.32< / ><>1.88< / >< / ><><>HostHotels HST< / ><>21.76< / ><>0.37< / >< / ><><>HoulihanLokeyi HLI< / ><>130.34< / ><>3.39< / >< / ><><>Howmet Aerospace HWM< / ><>227.73< / ><>3.06< / >< / ><><>Hubbell HUBB< / ><>439.07< / ><>0.54< / >< / ><><>HubSpot HUBS< / ><>236.46< / ><>5.50< / >< / ><><>HubdayMinerals HBM< / ><>25.26< / ><>0.02< / >< / ><><>Humana HUM< / ><>384.72< / ><>11.90< / >< / ><><>JBHunt JBHT< / ><>236.73< / ><>36.27< / >< / ><><>HuntingtonBcshs HBA< / ><>15.82< / ><>0.93< / >< / ><><>HuntingIngalls HII< / ><>278.09< / ><>1.37< / >< / ><><>Hut8 HUT< / ><>89.82< / ><>2.73< / >< / ><><>HyattHotels H< / ><>158.65< / ><>1.54< / >< / ><><>ICICI Bank

IBN< / ><>28.15< / ><>0.25< / >< / ><><>IDEX IEX< / ><>221.50< / ><>1.34< / >< / ><><>IdexxLab IDXX< / ><>513.62< / ><>2.89< / >< / ><><>IES Holdings IESC< / ><>325.02< / ><>13.61< / >< / ><><>ING Groep ING< / ><>36.36< / ><>0.42< / >< / ><><>INNIO INIO< / ><>18.71< / ><>0.92< / >< / ><><>Invesco IVZ< / ><>30.08< / ><>0.70< / >< / ><><>IQVIA IQV< / ><>268.82< / ><>0.85< / >< / ><><>IREN IREN< / ><>42.62< / ><>1.04< / >< / ><><>ITT ITT< / ><>194.50< / ><>3.49< / >< / ><><>IamGold IG< / ><>19.48< / ><>0.16< / >< / ><><>IcahnEnterprises IEP< / ><>6.96< / ><>0.02< / >< / ><><>Icon ICLR< / ><>173.94< / ><>1.49< / >< / ><><>IllinoisToolWks ITW< / ><>267.33< / ><>1.27< / >< / ><><>Illumina LIMN< / ><>228.93< / ><>6.64< / >< / ><><>帝国石油

IMO< / ><>130.30< / ><>5.05< / >< / ><><>Incyte INCY< / ><>124.75< / ><>3.01< / >< / ><><>Infosys INFY< / ><>11.08< / ><>0.24< / >< / ><><>IngersollRand IR< / ><>71.44< / ><>0.47< / >< / ><><>Insmed INSM< / ><>122.58< / ><>2.66< / >< / ><><>Insulet PODD< / ><>140.60< / ><>1.36< / >< / ><><>英特尔 INTC< / ><>101.05< / ><>3.91< / >< / ><><>InteractiveBrkrs IBKR< / ><>86.74< / ><>2.06< / >< / ><><>ICE ICE< / ><>154.10< / ><>2.28< / >< / table>

[版面噪声，已略]

1,000 只最大股票

股票< / td><>代码< / ><>收盘价< / ><>净涨跌< / >< / tr><><>InterContHtls< / ><>IHG< / ><>153.76< / ><>0.36< / >< / ><><>IBM< / ><>IBM< / ><>237.49< / ><>-10.88< / >< / ><><>IntlFlavors< / ><>IFF< / ><>84.40< / ><>0.16< / >< / ><><>IntlPaper< / ><>IP< / ><>34.06< / ><>0.07< / >< / ><><>Intuit< / ><>INTU< / ><>318.13< / ><>-11.14< / >< / ><><>IntuitiveSurgical< / ><>ISRG< / ><>382.29< / ><>5.13< / >< / ><><>InvitatHomes< / ><>INVH< / ><>27.21< / ><>-0.43< / >< / ><><>IonQ< / ><>IONQ< / ><>36.84< / ><>-0.21< / >< / ><><>IronMountain< / ><>IRM< / ><>112.15< / ><>0.11< / >< / ><><>ItauUnibanco< / ><>ITUB< / ><>8.29< / ><>0.03< / >< / table>

JKL

d><>-0.40< / >< / ><><>KinderMorgan< / ><>KMI< / ><>30.73< / ><>-0.04< / >< / ><><>KinrossGold< / ><>KGC< / ><>27.82< / ><>-0.22< / >< / ><><>Knight-Swift< / ><>KNX< / ><>65.78< / ><>-2.71< / >< / ><><>Philips< / ><>PHG< / ><>24.73< / ><>-0.17< / >< / ><><>KoreaElecPwr< / ><>KEP< / ><>11.22< / ><>-0.22< / >< / ><><>KraftHeinz< / ><>KHC< / ><>24.73< / ><>...< / >< / ><><>Kroger< / ><>KR< / ><>61.14< / ><>-1.11< / >< / ><><>KrystalBiotech< / ><>KRYS< / ><>336.67< / ><>-0.01< / >< / ><><>KymeraTherap< / ><>KYMR< / ><>116.33< / ><>3.18< / >< / ><><>LatamAirlines< / ><>LTM< / ><>50.07< / ><>-0.33< / >< / ><><>LPL

Financial< / ><>LPLA< / ><>333.04< / ><>-8.70< / >< / ><><>L3HarrisTech< / ><>LHX< / ><>250.74< / ><>1.08< / >< / ><><>Labcorp< / ><>HL< / ><>324.51< / ><>0.54< / >< / ><><>LamResearch< / ><>LRCK< / ><>269.23< / ><>-1.64< / >< / ><><>LamarAdv< / ><>LAMR< / ><>147.53< / ><>-0.29< / >< / ><><>LasVegasSands< / ><>LVS< / ><>41.06< / ><>-0.21< / >< / ><><>LatticeSemi< / ><>LSCC< / ><>106.32< / ><>-0.17< / >< / ><><>Leidos< / ><>LDOS< / ><>129.35< / ><>0.11< / >< / ><><>Lennar A< / ><>LEN< / ><>78.36< / ><>-1.71< / >< / ><><>Lennar

B< / ><>LENB< / ><>76.83< / ><>-1.74< / >< / ><><>LennoxIntl< / ><>LII< / ><>361.04< / ><>-1.15< / >< / ><><>LeonardoDRS< / ><>DRS< / ><>37.09< / ><>0.22< / >< / ><><>LiAuto< / ><>LI< / ><>12.03< / ><>0.27< / >< / ><><>LibertyFormOne< / ><>FWONK< / ><>95.36< / ><>0.36< / >< / ><><>LibertyFormOne< / ><>FWONA< / ><>87.18< / ><>0.23< / >< / ><><>LifeTime< / ><>LTH< / ><>40.73< / ><>-0.74< / >< / ><><>Eli

Lilly< / ><>LLY< / ><>1137.82< / ><>1.71< / >< / ><><>LincolnElectric< / ><>LECO< / ><>255.30< / ><>1.62< / >< / ><><>Linde< / ><>LIN< / ><>462.09< / ><>-0.87< / >< / ><><>Littelfuse< / ><>LFUS< / ><>396.02< / ><>0.35< / >< / ><><>LiveNationEnt< / ><>LYV< / ><>171.13< / ><>0.89< / >< / ><><>LloydsBanking< / ><>LYG< / ><>5.88< / ><>...< / >< / ><><>LockheedMartin< / ><>LMT< / ><>537.25< / ><>3.79< / >< / ><><>Loews< / ><>L< / ><>108.79< / ><>-0.42< / >< / ><><>LogitechIntl< / ><>LOGI< / ><>99.53< / ><>-1.61< / >< / ><><>Lowe's< / ><>LOW< / ><>194.10< / ><>-0.51< / >< / ><><>lululemon< / ><>LULU< / ><>95.98< / ><>-2.39< / >< / ><><>Lumentum< / ><>LITE< / ><>919.40< / ><>80.44< / >< / ><><>LyondellBasell< / ><>LYB< / ><>64.90< / ><>-0.53< / >< / table>

Macom Tech< / td><>MTSI< / ><>251.75< / ><>11.73< / >< / tr><><>M&T Bank< / ><>MTB< / ><>226.01< / ><>-9.36< / >< / ><><>MGM Resorts< / ><>MGM< / ><>38.39< / ><>-0.83< / >< / ><><>MKS< / ><>MKSI< / ><>235.28< / ><>3.78< / >< / ><><>MPLX< / ><>MPLX< / ><>57.93< / ><>-0.49< / >< / ><><>MSCI< / ><>MSCI< / ><>540.61< / ><>-3.99< / >< / ><><>MadisonAirSolns< / ><>MAIR< / ><>23.48< / ><>-0.42< / >< / ><><>MSG< / ><>< / ><>62.36< / ><>0.26< / >< / ><><>MongoDB< / ><>MDB< / ><>376.34< / ><>-1.33< / >< / ><><>MonolithicPower< / ><>MPWR< / ><>1147.61< / ><>5.15< / >< / ><><>MonsterBev< / ><>MNST< / ><>44.57< / ><>-0.06< / >< / ><><>Moody's< / ><>MCO< / ><>465.30< / ><>-1.86< / >< / ><><>Moog A< / ><>MOGA< / ><>359.70< / ><>3.00< / >< / ><><>MorganStanley< / ><>MS< / ><>202.42< / ><>-3.86< / >< / ><><>MotorolaSol< / ><>MSI< / ><>460.53< / ><>-7.40< / >< / ><><>MuellerInds< / ><>MLI< / ><>60.54< / ><>0.01< / >< / ><><>MurphyUSA< / ><>MUSA< / ><>513.27< / ><>-13.05< / >< / ><><>NIO< / ><>NIO< / ><>3.58< / ><>-0.02< / >< / ><><>NRG Energy< / ><>NRG< / ><>107.38< / ><>1.39< / >< / ><><>NVR< / ><>NVR< / ><>6186.43< / ><>-71.02< / >< / ><><>NXP Semicon< / ><>NXPI< / ><>218.98< / ><>-6.36< / >< / ><><>Nasdaq< / ><>NDAQ< / ><>88.76< / ><>-0.47< / >< / ><><>Natera< / ><>NTRA< / ><>345.34< / ><>-5.44< / >< / ><><>NationalGrid< / ><>NGG< / ><>76.03< / ><>1.10< / >< / ><><>NatWest< / ><>NWG< / ><>18.62< / ><>...< / >< / ><><>Nebius< / ><>NBIS< / ><>209.37< / ><>2.00< / >< / ><><>NetApp< / ><>NTAP< / ><>191.49< / ><>1.56< / >< / ><><>NetEase< / ><>NTES< / ><>117.79< / ><>-1.70< / >< / table>

M N

<><>股票< / ><>代码 收盘价< / ><>净涨跌< / >< / ><><>Netflix< / ><>NFLX< / ><>76.41 - 1.49< / >< / ><><>Neurocrine< / ><>NBIX< / ><>149.50 - 0.52< / >< / ><><>NYTimes A< / ><>NYT< / ><>72.41 0.70< / >< / ><><>Newmont< / ><>NEM< / ><>121.76 - 2.43< / >< / ><><>NewsCorp A< / ><>NWSA< / ><>30.19 - 0.24< / >< / ><><>NewsCorp B< / ><>NWS< / ><>33.44 - 0.34< / >< / ><><>NextEraEnergy< / ><>NEE< / ><>80.37 - 0.70< / >< / ><><>Nextpower< / ><>NXT< / ><>78.03 - 1.76< / >< / ><><>Nike< / ><>NKE< / ><>35.78 - 0.44< / >< / ><><>NiSource< / ><>NI< / ><>40.66 0.07< / >< / ><><>Nokia< / ><>NOK< / ><>10.14 0.30< / >< / ><><>Nomura< / ><>NMR< / ><>10.45 - 0.16< / >< / ><><>Nordson< / ><>NDSN< / ><>309.02 - 0.23< / >< / ><><>NorfolkSouthern< / ><>NSC< / ><>317.00 - 3.22< / >< / ><><>NorthernTrust< / ><>NTRS< / ><>176.64 - 2.10< / >< / ><><>NorthropGrum< / ><>NOC< / ><>530.78 - 0.47< / >< / ><><>Nova< / ><>NVMI< / ><>339.25 4.17< / >< / ><><>Novartis< / ><>NVS< / ><>138.70 0.08< / >< / ><><>NovoNordisk< / ><>NVO< / ><>41.71 - 0.82< / >< / ><><>NuHoldings< / ><>NU< / ><>13.81 - 0.38< / >< / ><><>Nucor< / ><>NUE< / ><>260.68 1.86< / >< / ><><>Nutanix< / ><>NTNX< / ><>68.70 0.71< / >< / ><><>Nutrien< / ><>NTR< / ><>77.68 - 1.04< / >< / ><><>nVentElectric< / ><>NVT< / ><>147.65 0.85< / >< / ><><>NVIDIA< / ><>NVDA< / ><>213.90 1.73< / >< / table>

O P Q

<><>股票< / ><>代码 收盘价< / ><>净涨跌< / >< / ><><>Qualcomm< / ><>QCOM 184.84< / ><>-2.96< / >< / ><><>QuantaServices< / ><>PWR 619.28< / ><>5.93< / >< / ><><>Quantinuum< / ><>QNT 52.01< / ><>3.36< / >< / ><><>QuestDiag< / ><>DGX 247.08< / ><>...< / >< / table>

R S

欧力士 (Orix)< / td><>IX< / ><>39.59< / ><>-0.10< / >< / tr><><>奥斯卡健康 (OscarHealth)< / ><>OSCR< / ><>32.34< / ><>-0.10< / >< / ><><>奥的斯全球 (OtisWorldwide)< / ><>OTIS< / ><>69.25< / ><>0.75< / >< / ><><>欧文蒂夫 (Ovintiv)< / ><>OVV< / ><>62.77< / ><>-4.20< / >< / ><><>欧文斯科宁 (OwensCorning)< / ><>OC< / ><>126.59< / ><>-2.08< / >< / ><><>拼多多 (PDD)< / ><>PDD< / ><>78.76< / ><>0.68< / >< / ><><>太平洋燃气电力 (PG&E)< / ><>PCG< / ><>13.35< / ><>0.20< / >< / ><><>PNC金融 (PNC Finl)< / ><>PNC< / ><>231.49< / ><>-9.29< / >< / ><><>浦项钢厂 (POSCO)< / ><>PKX< / ><>59.19< / ><>-1.91< / >< / ><><>PPG

herap< / ><>PTGX< / ><>142.84< / ><>-0.56< / >< / ><><>普诚金融 (PrudentialFinl)< / ><>PRU< / ><>117.04< / ><>-2.27< / >< / ><><>普诚 (Prudential)< / ><>PUK< / ><>26.26< / ><>-0.22< / >< / ><><>公共服务企业集团 (PSEG)< / ><>PEG< / ><>70.39< / ><>-0.03< / >< / ><><>公共仓储 (PublicStorage)< / ><>PSA< / ><>294.68< / ><>-2.00< / >< / ><><>普尔特集团 (PulteGroup)< / ><>PHM< / ><>117.55< / ><>-1.92< / >< / ><><>QXO< / ><>QXO< / ><>11.27< / ><>-0.17< / >< / ><><>Qnity电子 (QnityElec)< / ><>Q< / ><>114.86< / ><>0.27< / >< / ><><>Qorvo< / ><>QRVO< / ><>113.97< / ><>-4.09< / >< / table>

gy< / ><>MSTR< / ><>126.18< / >< / ><><>史赛克 (Stryker)< / ><>SYK< / ><>284.76< / >< / ><><>三井住友金融 (SumitomoMits)< / ><>SMFG< / ><>26.29< / >< / ><><>Summit治疗 (SummitTherap)< / ><>SMMT< / ><>17.30< / >< / ><><>太阳通信 (SunComms)< / ><>SUI< / ><>114.89< / >< / ><><>太阳生命金融 (SunLifeFinancial)< / ><>SLF< / ><>80.27< / >< / ><><>Sunbelt租赁 (SunbeltRents)< / ><>SUNB< / ><>72.35< / >< / ><><>森科能源公司 (SuncorEnergy)< / ><>SU< / ><>68.95< / >< / ><><>苏诺科 (Sunoco)< / ><>SUN< / ><>78.92< / >< / ><><>超微电脑 (SuperMicroComp)< / ><>SMCI< / ><>36.85< / >< / ><><>Suzano< / ><>SUZ< / ><>9.10< / >< / ><><>Symbotic< / ><>SYM< / ><>43.11< / >< / ><><>Synchrony金融 (SynchronyFinl)< / ><>SYF< / ><>74.88< / >< / ><><>新思科技 (Synopsys)< / ><>SNPS< / ><>378.47< / >< / ><><>Sysco< / ><>SYY< / ><>78.71< / >< / table>

<><>RBS Bearings RBC< / ><>487.14< / ><>3.43< / >< / ><><>RB Global< / ><>RBA< / ><>84.29 - 1.82< / >< / ><><>RELX< / ><>RELX< / ><>34.27 0.05< / >< / ><><>RPM< / ><>RPM< / ><>99.78 - 0.82< / >< / ><><>RTX< / ><>RTX< / ><>196.83 1.33< / >< / ><><>拉夫劳伦 (RalphLauren RL)< / ><>338.36< / ><>3.13< / >< / ><><>Rambus< / ><>RMBS< / ><>81.41 - 1.70< / >< / ><><>Range资源 (RangeResources RRC)< / ><>38.85< / ><>-3.05< / >< / ><><>雷蒙詹姆斯 (RaymondJames RJF)< / ><>164.57< / ><>-4.18< / >< / ><><>RealtyIncome O< / ><>57.15< / ><>-1.56< / >< / ><><>Reddit< / ><>RDDT< / ><>157.60 - 2.03< / >< / ><><>RegalRexnord RRX< / ><>149.20< / ><>-3.25< / >< / ><><>RegencyCtrs REG< / ><>73.26< / ><>-0.79< / >< / ><><>再生元制药 (RegenPharm REGN)< / ><>774.61< / ><>0.50< / >< / ><><>Regions金融 (RegionsFinl)

RF< / ><>28.47< / ><>-1.21< / >< / ><><>再保险集团 (ReinsGrp RGA)< / ><>248.09< / ><>-0.27< / >< / ><><>Reliance RS< / ><>394.30< / ><>2.30< / >< / ><><>文艺复兴再保险 (RenaissanceRe RNR)< / ><>328.43< / ><>-0.27< / >< / ><><>Rentokillmit RTO< / ><>21.90< / ><>-0.27< / >< / ><><>Repligen RGEN< / ><>172.91< / ><>-1.82< / >< / ><><>共和国服务 (RepublicSvcs RSG)< / ><>219.80< / ><>-3.24< / >< / ><><>瑞思迈 (ResMed RMD)< / ><>228.25< / ><>-1.19< / >< / ><><>餐饮品牌国际 (RestaurantBrands QSR)< / ><>74.95< / ><>-0.54< / >< / ><><>RevolutionMed RVMD< / ><>195.92< / ><>-8.94< / >< / ><><>Revity< / ><>RVTY< / ><>145.73 5.54< / >< / ><><>力拓 (RioTinto RIO)< / ><>95.79< / ><>-1.47< / >< / ><><>Rivian RIVN< / ><>15.23< / ><>-0.31< / >< / ><><>Robinhood HOOD< / ><>104.42< / ><>-6.03< / >< / ><><>Roblox

RBLX< / td> 47.43< / ><>-2.81< / >< / tr> <>RocketCos.RKT< / ><>12.95< / ><>-0.24< / >< / ><><>RocketLab RIKL< / ><>63.70< / ><>0.15< / >< / ><><>Rockwell ROK< / ><>414.92< / ><>-2.08< / >< / ><><>RogersComm B RCI< / ><>35.90< / ><>0.06< / >< / ><><>RoivantSciences ROIV< / ><>39.57< / ><>0.07< / >< / ><><>Roku ROKU< / ><>155.12< / ><>-1.50< / >< / ><><>Rollins ROL< / ><>33.53< / ><>-0.24< / >< / ><><>RoperTech ROP< / ><>375.82< / ><>-8.12< / >< / ><><>RossStores ROST< / ><>224.80< / ><>-1.46< / >< / ><><>RoyalBkCanada ROY< / ><>22.29< / ><>-1.94< / >< / ><><>RoyalCaribbean RCL< / ><>253.92< / ><>4.62< / >< / ><><>RoyalGold RGLD< / ><>245.51< / ><>-5.65< / >< / ><><>RoyaltyPharma RPRX< / ><>58.47< / ><>...< / >< / ><><>Rubrik

RBRK< / ><>104.98< / ><>1.43< / >< / ><><>RyanSpecialty RYAN< / ><>40.29< / ><>1.09< / >< / ><><>Ryanair RYAY< / ><>52.63< / ><>0.68< / >< / ><><>RyderSystem R< / ><>237.96< / ><>-3.20< / >< / ><><>SAP SAP< / ><>213.20< / ><>-2.47< / >< / ><><>S&P Global SPGI< / ><>406.76< / ><>-5.76< / >< / ><><>SBA Comm SBAC< / ><>180.02< / ><>-3.12< / >< / ><><>SEI Investments SEIC< / ><>104.57< / ><>-1.25< / >< / ><><>SK hynix SKHY< / ><>174.87< / ><>0.04< / >< / ><><>SK Telecom SKM< / ><>35.35< / ><>-0.24< / >< / ><><>SLB SLB< / ><>52.30< / ><>-1.90< / >< / ><><>SM Energy SM< / ><>38.16< / ><>-3.13< / >< / ><><>SS&C Tech SNSC< / ><>80.55< / ><>-0.74< / >< / ><><>Saia SAIA< / ><>343.53< / ><>-10.27< / >< / ><><>SailPoint SAIL< / ><>20.36< / ><>0.38< / >< / ><><>Salesforce

CRM< / ><>250.54< / ><>-5.11< / >< / ><><>Samsara IOT< / ><>40.66< / ><>-0.99< / >< / ><><>Sandisk SNDK< / ><>1519.77< / ><>-10.93< / >< / ><><>Sanmina SANM< / ><>195.75< / ><>4.14< / >< / ><><>Sanofi SNY< / ><>42.59< / ><>0.19< / >< / ><><>Sasol SSL< / ><>14.29< / ><>-0.82< / >< / ><><>SchwabCSCHW< / ><>105.16< / ><>-2.63< / >< / ><><>Sea SE< / ><>103.50< / ><>0.85< / >< / ><><>Seagate STX< / ><>783.18< / ><>11.37< / >< / ><><>Sempra SRE< / ><>81.70< / ><>0.50< / >< / ><><>Semtech SMTC< / ><>167.55< / ><>16.64< / >< / ><><>ServiceIntl SCI< / ><>80.69< / ><>-0.51< / >< / ><><>ServiceNow NOW< / ><>139.82< / ><>-2.08< / >< / ><><>SharkJinja SN< / ><>170.68< / ><>3.59< / >< / ><><>Shell SHEL< / ><>95.70< / ><>-3.25< / >< / ><><>SherwinWilliams

SHW< / ><>321.46< / ><>-1.76< / >< / ><><>ShinhanFin SHG< / ><>81.55< / ><>-1.08< / >< / ><><>Shopify SHOP< / ><>129.96< / ><>0.10< / >< / ><><>SimonProperty SPG< / ><>202.94< / ><>-1.16< / >< / ><><>SiriusXM SIRI< / ><>28.56< / ><>-0.96< / >< / ><><>SiTime SITM< / ><>548.90< / ><>-1.49< / >< / ><><>Skyworks SWKS< / ><>85.59< / ><>-4.41< / >< / ><><>Smith&Nephew SNN< / ><>27.80< / ><>-0.21< / >< / ><><>Smucker SJM< / ><>123.56< / ><>1.86< / >< / ><><>SmurfitWestrock SW< / ><>44.58< / ><>0.87< / >< / ><><>Snap SNAP< / ><>5.72< / ><>-0.11< / >< / ><><>Snap-On SNA< / ><>372.98< / ><>-1.84< / >< / ><><>Snowflake SNOW< / ><>331.02< / ><>8.04< / >< / ><><>SOQUIMICH SOQ< / ><>68.68< / ><>-0.61< / >< / ><><>SoFiTech

SOFI< / ><>16.84< / ><>-0.23< / >< / ><><>Solstice&Matls SOLS< / ><>58.48< / ><>1.32< / >< / ><><>Solventum SOLV< / ><>88.83< / ><>-1.23< / >< / ><><>Somnigroup SGI< / ><>64.21< / ><>-1.16< / >< / ><><>Sony SONY< / ><>23.73< / ><>-0.19< / >< / table>

T< / td><>U< / ><>V< / ><>< / >< / tr><><>TC Energy< / ><>TRP< / ><>61.21< / ><>0.12< / >< / ><><> Synnex< / ><>SNX< / ><>260.50< / ><>-1.98< / >< / ><><>TE Connectivity< / ><>TEL< / ><>202.20< / ><>0.78< / >< / ><><>Telus< / ><>TU< / ><>8.88< / ><>-0.20< / >< / ><><>Ternium< / ><>TX< / ><>56.98< / ><>-0.27< / >< / ><><>TFI Intl< / ><>TFII< / ><>126.10< / ><>-7.19< / >< / ><><>TIM< / ><>TIMB< / ><>19.06< / ><>0.03< / >< / ><><>TJX< / ><>TJX< / ><>122.84< / ><>-1.76< / >< / ><><>TKO< / ><>TKO< / ><>192.43< / ><>2.30< / >< / ><><>T-MobileUS< / ><>TMUS< / ><>176.26< / ><>-4.21< / >< / ><><>TPG< / ><>TPG< / ><>46.55< / ><>-0.85< / >< / ><><>T.RowePrice< / ><>TROW< / ><>102.40< / ><>-1.83< / >< / ><><>TTM

omIndns< / ><>TLK< / ><>14.66< / ><>-0.37< / >< / ><><>TempusAI< / ><>TEM< / ><>69.97< / ><>1.12< / >< / ><><>10xGenomics< / ><>TXG< / ><>72.68< / ><>-1.71< / >< / ><><>Tenaris< / ><>TS< / ><>56.30< / ><>-0.34< / >< / table>

<><>股票< / ><>代码< / ><>收盘价< / ><>净变化< / >< / ><><>TencentMusic< / ><>TME< / ><>7.82< / ><>-0.07< / >< / ><><>TenetHealthcare< / ><>THC< / ><>265.78< / ><>4.93< / >< / ><><>Teradyne< / ><>TER< / ><>341.15< / ><>8.30< / >< / ><><>Tesla< / ><>TSLA< / ><>358.08< / ><>1.50< / >< / ><><>TetraTech< / ><>TTEK< / ><>36.47< / ><>-0.25< / >< / ><><>TevaPharminds< / ><>TEVA< / ><>38.53< / ><>-0.72< / >< / ><><>TexasInstruments< / ><>TXN< / ><>260.67< / ><>-2.76< / >< / ><>< colspan="2">TexasPacLand

TPL< / ><>348.57< / ><>-23.06< / >< / ><><>TexasRoadhouse< / ><>TXRH< / ><>170.07< / ><>0.39< / >< / ><><>Textron< / ><>TXT< / ><>80.71< / ><>-0.01< / >< / ><><>ThermoFisher< / ><>TMO< / ><>648.43< / ><>7.04< / >< / ><><>ThomsonReuters< / ><>TRI< / ><>101.31< / ><>-1.30< / >< / ><><>3M< / ><>MMM< / ><>162.65< / ><>-2.02< / >< / ><><>Toast< / ><>TOST< / ><>31.12< / ><>-0.72< / >< / ><><>TollBros< / ><>TOL< / ><>132.64< / ><>-1.56< / >< / ><>< colspan="2">TorontoDomBk

<>-3.28< / >< / ><><>TwistBiosci< / ><>TWST< / ><>143.07< / ><>4.97< / >< / ><><>TylerTech< / ><>TYL< / ><>346.44< / ><>-6.69< / >< / ><><>TysonFoods< / ><>TSN< / ><>52.12< / ><>-0.43< / >< / ><><>UBS Group< / ><>UBS< / ><>50.42< / ><>-1.07< / >< / ><><>UDR< / ><>UDR< / ><>34.40< / ><>-0.51< / >< / ><><>U-Haul< / ><>UHAL< / ><>63.32< / ><>0.16< / >< / ><><>U-Haul N< / ><>UALAB< / ><>55.93< / ><>-0.06< / >< / ><><>UL Solutions< / ><>ULS< / ><>64.15< / ><>-0.61< / >< / ><><>UMB Fin< / ><>UMBFG< / ><>134.20< / ><>-3.26< / >< / ><><>US

Foods< / ><>USFD< / ><>92.51< / ><>0.50< / >< / ><><>Uber< / ><>UBER< / ><>70.97< / ><>-0.46< / >< / ><><>Ubiquiti< / ><>UI< / ><>570.37< / ><>7.62< / >< / ><><>UltaBeauty< / ><>ULTA< / ><>530.52< / ><>-13.80< / >< / ><><>Unilever< / ><>UL< / ><>62.44< / ><>< / >< / ><><>UnionPacific< / ><>UNP< / ><>280.92< / ><>-3.07< / >< / ><><>UnitedAirlines< / ><>UAL< / ><>106.30< / ><>-0.62< / >< / ><><>UnitedMicro< / ><>UMC< / ><>22.53< / ><>0.92< / >< / ><><>UPS B< / ><>UPS< / ><>98.77< / ><>-3.58< / >< / ><><>UnitedRentals< / ><>URI< / ><>1006.25< / ><>17.12< / >< / ><><>US Bancorp< / ><>USB< / ><>59.73< / ><>-2.49< / >< / ><><>UnitedTherap< / ><>UTHR< / ><>498.48< / ><>-1.87< / >< / ><><>UnitedHealth< / ><>UNH< / ><>375.26< / ><>-0.67< / >< / ><><

colspan="2">UnitySoftware A< / td> 42.13< / ><>-0.88< / >< / tr> < colspan="2">UniversalHealth B< / ><>181.21< / ><>4.36< / >< / ><><>UnumGroup< / ><>UNM< / ><>94.82< / ><>-1.06< / >< / ><><>VICI Prop< / ><>VICI< / ><>24.53< / ><>-0.23< / >< / ><><>Vale< / ><>VALE< / ><>14.13< / ><>-0.34< / >< / ><>< colspan="2">ValeroEnergy VLO< / ><>403.28< / ><>6.24< / >< / ><><>Valmontinds< / ><>VMI< / ><>475.35< / ><>1.69< / >< / ><><>VeevaSystems< / ><>VEEV< / ><>264.90< / ><>-1.72< / >< / ><><>Ventas< / ><>VTR< / ><>88.21< / ><>-0.35< / >< / ><>< colspan="2">VentureGlobal VG< / ><>14.65< / ><>-0.64< / >< / ><><>Veralto< / ><>VLTO< / ><>95.75< / ><>0.27< / >< / table>

以下说明适用于在最新交易日触及 52 周盘中新高或新低的纽约证券交易所（NYSE）、NYSE Arca、NYSE American 和纳斯达克股票市场股票。% CHG-每日较前一交易日的百分比变化。

股息变更

d>VOD< / ><>17.46< / ><>-0.22< / >< / ><><>VoyaFinancial< / ><>VOYA< / ><>100.28< / ><>-2.16< / >< / ><><>VulcanMatls< / ><>VMC< / ><>244.30< / ><>-4.90< / >< / table>

<><>公司< / ><>代码< / ><>收益率 %< / ><>金额 新 / 旧< / ><>频率< / ><>支付日 / 记录日< / >< / ><>< colspan="6">增加< / >< / ><><>Equity Bancshares< / ><>EQBK< / ><>1.6< / ><>.22 / 18< / ><>Q< / ><>Oct15 / Sep30< / >< / ><><>JPMorgan Chase< / ><>JPM< / ><>1.7< / ><>1.65 / 1.50< / ><>Q< / ><>Oct31 / Oct06< / >< / ><><>Microsoft< / ><>MSFT< / ><>0.7< / ><>.98 / .91< / ><>Q< / ><>Dec10 / Nov19< / >< / ><>< colspan="6">减少< / >< / ><><>Granite Point Mtg Trust< / ><>GPMT< / ><>23.1< / ><>.01 / .05< / ><>Q< / ><>Oct15 / Oct01< / >< / ><>< colspan="6">首次发放< / >< / ><><>Charter Comms Pfd. A< / ><>CHTRP< / ><>7.6< / ><>.4375< / ><>< / ><>Oct15 / Sep30< / >< / ><>< colspan="6">股票< / >< / ><><>Intercont

(Cayman)< / ><>NCT< / ><>< / ><>1:25< / ><>< / ><> / Sep17< / >< / ><><>Jaguar Health< / ><>JAGX< / ><>< / ><>1:15< / ><>< / ><> / Sep17< / >< / ><><>Megan Holdings< / ><>MGN< / ><>< / ><>1:30< / ><>< / ><> / Sep17< / >< / ><>< colspan="6">外国< / >< / ><><>Seapeak 8.5% Pfd. B< / ><>SEALpB< / ><>8.3< / ><>.5313< / ><>Q< / ><>Oct15 / Sep30< / >< / ><><>Seapeak 9% Pfd. A< / ><>SEALpA< / ><>8.7< / ><>.5625< / ><>Q< / ><>Oct15 / Sep30< / >< / ><>< colspan="6">注：股息收益率截至东部时间下午 3:30< / >< / table>

<><>W< / ><>X< / ><>Z< / >< / ><><>1 WEC Energy< / ><>WEC< / ><>103.38 - 0.13< / >< / ><><>W.P.Carey< / ><>WPC< / ><>66.59 - 1.73< / >< / ><><>Wabtec< / ><>WAB< / ><>276.37 - 1.75< / >< / ><><>Walmart< / ><>WMT< / ><>107.50 - 0.59< / >< / ><><>WarnerBrosA< / ><>WBD< / ><>28.07 - 0.04< / >< / ><><>WarnerMusic< / ><>WMG< / ><>28.30 - 0.75< / >< / ><><>WasteConnections< / ><>WCN< / ><>156.50 - 2.97< / >< / ><><>WasteMgt< / ><>WM< / ><>214.00 - 3.25< / >< / ><><>Waters< / ><>WAT< / ><>418.64 - 1.55< / >< / ><><>Watsco< / ><>WSO< / ><>304.20 - 1.54< / >< / ><><>WattsWater< / ><>WTS< / ><>348.78 - 1.69< / >< / ><><>Wayfair< / ><>W< / ><>103.24 - 0.45< / >< / ><><>WellsFargo< / ><>WFC< / ><>87.05 - 2.67< / >< / ><><>Welltower< / ><>WELL< / ><>234.50 。

1.74< / td>< / tr> Wescoln't< / ><>WCC< / ><>335.32 - 0.86< / >< / ><><>WestPharmSvcs< / ><>WST< / ><>362.01 - 2.99< / >< / ><><>WesternDigital< / ><>WDC< / ><>416.97 - 5.01< / >< / ><><>WesternMidstrm< / ><>WES< / ><>46.90 - 0.32< / >< / ><><>Weyerhaeuser< / ><>WY< / ><>21.81 - 0.48< / >< / ><><>WheatonPrecMts< / ><>WPM< / ><>146.73 - 3.29< / >< / ><><>Williams< / ><>WMB< / ><>70.90 - 0.73< / >< / ><><>Williams-Sonoma< / ><>WSM< / ><>218.20 - 3.27< / >< / ><><>WillisTowers< / ><>WTW< / ><>312.91 - 9.06< / >< / ><><>WintrustFinl< / ><>WTFC< / ><>148.24 - 3.23< / >< / ><><>Vipro< / ><>WIT< / ><>1.68 - 0.01< / >< / ><><>Visa< / ><>VIS< / ><>11.18 - 0.07< / >< / ><><>WoodsideEnergy< / ><>WDS< / ><>23.07 - 0.91< / >< / ><><>Woodward< / ><>WWD< / ><>318.45 -

1.05< / >< / ><><>WooriFinl< / ><>WF< / ><>78.26 - 1.22< / >< / ><><>Workday< / ><>WDAY< / ><>187.76 - 2.91< / >< / ><><>XP< / ><>XP< / ><>19.74 - 0.23< / >< / ><><>XPO< / ><>XPO< / ><>174.41 - 3.83< / >< / ><><>XceEnergy< / ><>XEL< / ><>72.21 - 0.22< / >< / ><><>XPeng< / ><>XPEV< / ><>10.34 - 0.11< / >< / ><><>Xylem< / ><>XYL< / ><>107.27 - 0.23< / >< / ><><>YPF< / ><>YPF< / ><>54.65 - 2.96< / >< / ><><>Yum!Brands< / ><>YUM< / ><>137.96 - 2.81< / >< / ><><>YumChina< / ><>YUMC< / ><>41.36 - 0.33< / >< / ><><>ZTO Express< / ><>ZTO< / ><>20.21 - 0.21< / >< / ><><>ZebraTech< / ><>ZBRA< / ><>341.18 - 1.55< / >< / ><><>ZimmerBiomet< / ><>ZBH< / ><>96.78 - 1.63< / >< / ><><>ZionsBancorp< / ><>ZION< / ><>65.47 - 2.52< / >< / ><><>Zoetis< / ><>ZTS< / ><>73.00 -

0.43< / >< / ><><>ZoomComms< / ><>ZM< / ><>91.94 - 1.13< / >< / ><><>Zscaler< / ><>ZS< / ><>191.58 - 2.31< / >< / table>

借贷基准 / wsj.com / market-data / bonds / benchmarks 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。

货币利率

2026年9月16日，星期三 美国及国际市场借贷资金的主要年度利率。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

	8月指数水平	变动 (%)
		'26年7月	'25年8月
美国消费者价格指数
所有项目	334.980	0.32	3.4
核心	338.041	0.27	2.4

	最新	一周前	-52周-最高	最低
英国	3.75	3.75	4.00	3.75
澳大利亚	4.35	4.35	4.35	3.60

国际利率

隔夜回购
美国	3.65	3.64	4.40	3.49

	最新	一周前	-52周-最高	最低
最优惠利率
美国	6.75	6.75	7.50	6.75
加拿大	4.45	4.45	4.95	4.45
日本	2.375	2.375	2.375	1.875
政策利率
欧元区	2.65	2.40	2.65	2.15
瑞士	0.25	0.25	0.50	0.25

美国政府利率
贴现率
	3.75	3.75	4.50	3.75
联邦基金利率
有效利率	3.6400	3.6400	4.3300	3.6300
最高	3.7000	3.7000	4.5500	3.7000
最低	3.5500	3.5500	4.3200	3.5500
买入价	3.6300	3.6300	4.3200	3.6100
卖出价	3.6400	3.6400	4.3300	3.6300

数据注释：

国库券拍卖
4周	3.775	3.700	4.080	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 2025年12月11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 2025年12月11日起生效。担保隔夜融资利率（SOFR）截至 2026年9月15日。DTCC GCF 回购指数是证券托管结算公司（DTCC）对适用 CUSIPs 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。

2026年9月16日

	最新	一周前	-52周-最高	最低
13周	3.970	3.800	3.970	3.540
26周	4.060	3.890	4.060	3.475

其他短期利率
	最新	一周前	-52周-最高/最低
同业拆借资金
	5.50	5.50	6.25 5.50

商业票据（AA 级金融机构） 90 天 n.a. 3.81 4.06 3.57

DTCC GCF 回购指数

国债< / td><>3.652< / ><>65.190< / ><>4.431< / ><>3.504< / >< / tr><><>MBS< / ><>3.665< / ><>100.608< / ><>4.444< / ><>3.517< / >< / table>

<>< colspan="4">每周调查< / >< / ><><>< / ><>最新< / ><>一周前< / ><>一年前< / >< / ><>< colspan="4">房地美 (Freddie Mac)< / >< / ><><>30-year fixed< / ><>6.76< / ><>6.71< / ><>6.35< / >< / ><><>15-year fixed< / ><>6.09< / ><>6.04< / ><>5.50< / >< / table>

<><>股票< / ><>代码< / ><>52-WkHi / Lo< / ><>%变化< / >< / ><>< colspan="4">最高值< / >< / ><><>ACPHoldingsAcqnWt< / ><>ACGOW< / ><>0.44< / ><>33.3< / >< / ><><>AdaptiveBiotech< / ><>ADPT< / ><>28.72< / ><>3.7< / >< / ><><>AlgonquinNt2079< / ><>AQN B< / ><>26.40< / ><>0.5< / >< / ><><>AlphaTauMed< / ><>DRTS< / ><>15.20< / ><>1.1< / >< / ><><>AmSavingsBkN.A< / ><>ASBH< / ><>17.45< / ><>6.3< / >< / ><><>ArmadaAcqnllWt< / ><>XRPNW< / ><>1.30< / ><>-5.7< / >< / ><><>AtegritySpecns< / ><>ASIC< / ><>29.00< / ><>-1.3< / >< / ><><>AtriCure< / ><>ATRC< / ><>57.25< / ><>1.6< / >< / ><><>AveannaHealth< / ><>AVAH< / ><>14.71< / ><>-0.3< / >< / ><><>BRC Nts 2026< / ><>RILYN< / ><>25.23< / ><>...< / >< / ><><>BUUU< / ><>BUUU< / ><>47.84< / ><>5.5< / >< / ><><>BW

<><>FB Bancorp< / ><>FBLA< / ><>16.20< / ><>1.1< / >< / ><><>F5< / ><>FFIV< / ><>435.45< / ><>-1.7< / >< / ><><>FidelityD&D< / ><>FDBC< / ><>56.90< / ><>-3.5< / >< / ><><>Fortinet< / ><>FTNT< / ><>174.61< / ><>-0.3< / >< / ><><>Frontline< / ><>FRO< / ><>54.69< / ><>4.0< / >< / ><><>GreeneCnty< / ><>GCBC< / ><>36.33< / ><>-2.0< / >< / ><><>GuardantHealth< / ><>GH< / ><>179.39< / ><>-0.4< / >< / ><><>GrahamPharm< / ><>GRMN< / ><>48.31< / ><>-3.1< / >< / ><><>HF Sinclair< / ><>DINO< / ><>114.79< / ><>1.5< / >< / ><><>Hafnia< / ><>HAFN< / ><>9.84< / ><>2.4< / >< / ><><>Hagerty< / ><>HGTY< / ><>14.17< / ><>-0.9< / >< / ><><>Harte-Hanks< / ><>HHS< / ><>4.65< / ><>2.5< / >< / ><><>HighviewMerger< / ><>HVM

C< / ><>10.27< / ><>0.1< / >< / ><><>HingeHealth< / ><>HNGE< / ><>95.62< / ><>1.5< / >< / ><><>Hongli< / ><>HLP< / ><>2.12< / ><>13.7< / >< / ><><>IQVIA< / ><>IQV< / ><>273.56< / ><>-0.3< / >< / ><><>Illumina< / ><>ILMN< / ><>236.00< / ><>3.0< / >< / ><><>InsightEnt< / ><>NSIT< / ><>167.95< / ><>2.8< / >< / ><><>IntiSeaways< / ><>INSW< / ><>111.94< / ><>1.5< / >< / ><><>IovanceBiotherap< / ><>IOVA< / ><>9.93< / ><>5.4< / >< / ><><>JacksonAcqnIIA< / ><>JACS< / ><>10.79< / ><>0.3< / >< / ><><>&GrowthIntl< / ><>KFII< / ><>10.66< / ><>...< / >< / table>

<><>股票< / ><>代码< / ><>52-Wk Hi / Lo< / ><>% 变化< / >< / ><><>KolibriGblEnergy< / ><>KGEI< / ><>6.94< / ><>-0.4< / >< / ><><>LTC Properties< / ><>LTC< / ><>43.60< / ><>-0.9< / >< / ><><>LandmarkBncp< / ><>LARK< / ><>34.60< / ><>-2.3< / >< / ><><>LeapFrogAcqn< / ><>VAC< / ><>10.08< / ><>-0.1< / >< / ><><>MarathonPetrol< / ><>MEL< / ><>419.39< / ><>0.7< / >< / ><><>Materialise< / ><>MTLS< / ><>7.74< / ><>0.5< / >< / ><><>MediciNova< / ><>MNOV< / ><>2.62< / ><>24.8< / >< / ><><>MercantileBank< / ><>MBWM< / ><>62.95< / ><>-2.0< / >< / ><><>NMF

.8< / td>< / tr> ThermoFisher< / ><>TIMO< / ><>653.40< / ><>1.1< / >< / ><><>Torm< / ><>TRMD< / ><>37.22< / ><>4.8< / >< / ><><>TrustcoBank< / ><>TRST< / ><>59.28< / ><>-2.9< / >< / ><><>TenetHealth< / ><>TEN< / ><>2.93< / ><>2.3< / >< / ><><>UnitedMaritime< / ><>USEA< / ><>3.20< / ><>-2.9< / >< / ><><>ValeroEnergy< / ><>VLO< / ><>407.27< / ><>1.6< / >< / ><><>VeraBradley< / ><>VRA< / ><>4.54< / ><>-1.7< / >< / ><><>VinceHolding< / ><>VNCE< / ><>8.84< / ><>2.1< / >< / ><><>WestCoast Community< / ><>WCCB< / ><>59.95< / ><>0.2< / >< / ><><>X3Acqn< / ><>XCBE< / ><>10.02< / ><>...< / >< / ><><>ZiffDavis< / ><>ZD< / ><>60.11< / ><>-0.8< / >< / table>

1.01< / ><>-1.2< / >< / ><><>BorgRestorative< / ><>BRTX< / ><>2.55< / ><>-3.4< / >< / ><><>BlackTitan< / ><>BTTC< / ><>0.34< / ><>-1.9< / >< / ><><>BlueayiDay< / ><>BJDX< / ><>0.80< / ><>-4.1< / >< / ><><>BootBarn< / ><>BOOT< / ><>122.46< / ><>-4.4< / >< / ><><>BraemarHtls< / ><>BHR< / ><>1.79< / ><>-3.2< / >< / ><><>Brewa< / ><>SLMT< / ><>3.06< / ><>-5.8< / >< / ><><>BridgeBioOncology< / ><>BBDT< / ><>4.71< / ><>-2.5< / >< / ><><>BridgerAerospace< / ><>BAER< / ><>0.99< / ><>-1.8< / >< / ><><>BrightSpire< / ><>BRSP< / ><>4.26< / ><>-3.2< / >< / ><><>Brookfield< / ><>BN< / ><>36.67< / ><>-0.3< / >< / ><><>BrookWealth< / ><>BNT< / ><>36.73< / ><>-0.4< / >< / ><><>Build-A-Bear< / ><>BBW< / ><>25.53< / ><>2.4< / >< / ><><>CDT

Equity< / ><>CDT< / ><>0.19< / ><>-2.5< / >< / ><><>ChS Pfd< / ><>CHSP< / ><>26.15< / ><>0.5< / >< / ><><>ChS PfdB4< / ><>CHSCL< / ><>25.00< / ><>0.6< / >< / ><><>ChS PfdB3< / ><>CHSCM< / ><>23.96< / ><>-0.1< / >< / ><><>CMS Energy< / ><>CMS< / ><>65.67< / ><>0.1< / >< / ><><>CRH< / ><>CRH< / ><>85.91< / ><>-1.1< / >< / ><><>C3is< / ><>CISL< / ><>1.20< / ><>-0.8< / >< / ><><>CalidBiotherap< / ><>CLDI< / ><>1.16< / ><>...< / >< / ><><>CanadianSolar< / ><>CSIQ< / ><>11.10< / ><>-7.4< / >< / ><><>Carlyle< / ><>CG< / ><>39.16< / ><>-3.4< / >< / ><><>CarlyleNts2061< / ><>CGABL< / ><>15.63< / ><>-0.1< / >< / ><><>CarriageSvcs< / ><>CSV< / ><>31.73< / ><>-1.0< / >< / table>

最低价

r><>AlphaModusA< / ><>AMOD< / ><>1.83< / ><>-7.1< / >< / table>

-1.8< / >< / ><><>Co-Diagnostics< / ><>CODX< / ><>0.93< / ><>-17.5< / >< / ><><>CogentComm< / ><>CCOI< / ><>8.59< / ><>-6.2< / >< / ><><>CollectiveAcqnllWt< / ><>CAHW< / ><>0.15< / ><>-1.2< / >< / ><><>CostamarePfdD< / ><>CMRpD< / ><>26.15< / ><>-0.1< / >< / ><><>Couching< / ><>CHNG< / ><>14.89< / ><>-1.6< / >< / ><><>CrownReserveRt< / ><>CRACR< / ><>0.10< / ><>-5.8< / >< / ><><>Cullen / FrostPfdB< / ><>CFRPB< / ><>15.87< / ><>-1.0< / >< / ><><>Cuprina< / ><>CUPR< / ><>1.45< / ><>-45.4< / >< / ><><>Curis< / ><>CRIS< / ><>1.07< / ><>-0.9< / >< / ><><>CXApp< / ><>CXAI< / ><>2.39< / ><>-4.7< / >< / ><><>DDC

< / td> 36.67< / ><>1.3< / >< / tr> <>FilanaTherap< / ><>FLNA< / ><>0.76< / ><>1.8< / >< / ><><>FlevanceAm< / ><>FOA< / ><>14.52< / ><>1.6< / >< / ><><>FingerMotion< / ><>FNGR< / ><>0.13< / ><>1.9< / >< / ><><>FinWiseBancorp< / ><>FINW< / ><>12.73< / ><>0.9< / >< / ><><>FirstCitizensPfdA< / ><>FCNCP< / ><>19.05< / ><>1.2< / >< / ><><>ForemostCleanEner< / ><>FMST< / ><>0.73< / ><>4.4< / >< / ><><>Founder< / ><>FGL< / ><>4.09< / ><>2.7< / >< / ><><>FranklinStProp< / ><>FSP< / ><>0.33< / ><>1.6< / >< / ><><>FullHouse< / ><>FLL< / ><>1.71< / ><>7.1< / >< / ><><>Fusemachines< / ><>FUSE< / ><>0.50< / ><>3.8< / >< / ><><>GD Culture< / ><>GDC< / ><>1.27< / ><>0.8< / >< / table>

< / ><><>KLXEnergySvcsRt< / ><>KLXER< / ><>0.01< / ><>12.7< / >< / ><><>KNOREX< / ><>KNRX< / ><>0.30< / ><>3.1< / >< / ><><>KaileraTherap< / ><>KLRA< / ><>12.47< / ><>5.6< / >< / ><><>KandiTech< / ><>KNDI< / ><>0.56< / ><>0.1< / >< / ><><>KarmanLineUn< / ><>XTERU< / ><>9.90< / ><>0.1< / >< / ><><>Kestrel< / ><>KG< / ><>5.86< / ><>3.8< / >< / ><><>KestreIGr6.625-46< / ><>MHLA< / ><>9.45< / ><>0.5< / >< / ><><>Knightscore< / ><>KEP< / ><>1.15< / ><>5.7< / >< / ><><>LoreaElecPwr< / ><>KEP< / ><>11.11< / ><>1.9< / >< / ><><>CuraSushiUSA< / ><>KRUS< / ><>35.03< / ><>0.3< / >< / ><><>LenzTherap< / ><>LENZ< / ><>4.12< / ><>2.1< / >< / ><><>LQR

House< / ><>YHC< / ><>1.22< / ><>4.7< / >< / ><><>LaRosa< / ><>LRHC< / ><>2.41< / ><>7.9< / >< / ><><>LasVegasSands< / ><>LVS< / ><>40.85< / ><>0.5< / >< / ><><>Lazard< / ><>LAZ< / ><>35.73< / ><>5.2< / >< / ><><>LendingTree< / ><>TREE< / ><>26.18< / ><>0.9< / >< / ><><>Leslie's< / ><>LESL< / ><>0.41< / ><>14.4< / >< / ><><>LexariaBioscience< / ><>LEXX< / ><>2.80< / ><>3.6< / >< / ><><>LexinFintech< / ><>LX< / ><>0.78< / ><>0.8< / >< / ><><>LiftoffMobile< / ><>LFTO< / ><>17.15< / ><>3.7< / >< / table>

aEnUn< / ><>NEEV< / ><>44.50< / ><>0.4< / >< / ><><>NextNRG< / ><>NXXT< / ><>1.05< / ><>0.9< / >< / ><><>Nike< / ><>NKE< / ><>35.76< / ><>1.2< / >< / ><><>NikiBioSolutions< / ><>NIKI< / ><>4.65< / ><>5.9< / >< / ><><>NioCorpDevts< / ><>NB< / ><>3.41< / ><>1.7< / >< / ><><>NioCorpDevelopWt< / ><>NOBW< / ><>0.80< / ><>31.0< / >< / ><><>Nixxy< / ><>NIXX< / ><>0.30< / ><>5.6< / >< / ><><>NoahHoldings< / ><>NOAH< / ><>7.97< / ><>1.5< / >< / ><><>NorthernTrpFdE< / ><>NTRS0< / ><>17.70< / ><>0.8< / >< / ><><>NuRAWillness< / ><>NUR< / ><>0.95< / ><>8.9< / >< / ><><>OFA Group< / ><>OFAL< / ><>0.52< / ><>5.3< / >< / ><><>O'f Glass< / ><>OI< / ><>6.67< / ><>0.4< / >< / ><><>OIO

0.7< / >< / ><><>Organogenesis< / ><>ORGO< / ><>1.38< / ><>4.8< / >< / ><><>OrmatTech< / ><>ORA< / ><>0.62< / ><>0.8< / >< / ><><>OurBond< / ><>OBAI< / ><>0.26< / ><>9.0< / >< / ><><>PacGE pfE< / ><>PCGpE< / ><>17.02< / ><>1.3< / >< / ><><>PacGE pfG< / ><>PCGpG< / ><>16.27< / ><>2.9< / >< / ><><>PapaJohn's< / ><>PZZA< / ><>19.99< / ><>2.6< / >< / ><><>ParkHaBio< / ><>BYAH< / ><>2.04< / ><>13.5< / >< / ><><>Pasqal< / ><>PSQL< / ><>7.00< / ><>4.1< / >< / ><><>Patrialnvtx< / ><>PAX< / ><>9.97< / ><>1.8< / >< / table>

股票< / td><>代码< / ><>52周最高 / 最低< / ><>涨跌幅%< / >< / tr><><>PatrickIndustries< / ><>PATK< / ><>69.91< / ><>-0.6< / >< / ><><>PennantParkNts3t< / ><>PFLA< / ><>24.66< / ><>-1.0< / >< / ><><>PennyMacFin< / ><>PFSI< / ><>65.03< / ><>-3.1< / >< / ><><>PennyMacMtg< / ><>PMT< / ><>8.84< / ><>-1.1< / >< / ><><>Peraso< / ><>PRSO< / ><>0.46< / ><>-1.4< / >< / ><><>PerellaWeinberg< / ><>PWP< / ><>12.52< / ><>-4.9< / >< / ><><>PhathomPharm< / ><>PHAT< / ><>7.66< / ><>-5.8< / >< / ><><>Pluri< / ><>PLUR< / ><>1.10< / ><>-2.9< / >< / ><><>PolestarAuto< / ><>PSNY< / ><>6.89< / ><>-0.3< / >< / ><><>ProCorp

RTO< / ><>21.85< / ><>-1.2< / >< / ><><>ResearchFrontiers< / ><>REFR< / ><>0.24< / ><>-1.8< / >< / ><><>RibonAcqnA< / ><>RIBE< / ><>6.91< / ><>-6.2< / >< / ><><>RibbonComms< / ><>RBBN< / ><>1.55< / ><>-10.1< / >< / ><><>RichSparkle< / ><>ANPA< / ><>2.15< / ><>-6.6< / >< / ><><>Rollins< / ><>ROL< / ><>33.53< / ><>-0.7< / >< / ><><>SLR Invt< / ><>SLRC< / ><>11.97< / ><>-0.3< / >< / ><><>SLScience< / ><>SLBT< / ><>1.74< / ><>-5.2< / >< / ><><>SU Group< / ><>SUGP< / ><>0.45< / ><>-24.6< / >< / ><><>SaulCentersPfdD< / ><>BFSpD< / ><>19.81< / ><>-1.2< / >< / ><><>SaulCentersPfdE< / ><>BFSpE< / ><>19.95< / ><>-2.8< / >< / table>

-4.1< / >< / ><><>TransCodeTherap< / ><>RNAZ< / ><>1.58< / ><>5.0< / >< / ><><>TransDigim< / ><>TDG< / ><>1071.25< / ><>-0.5< / >< / ><><>Tri-Cont Pfd< / ><>TYP< / ><>40.95< / ><>-0.3< / >< / ><><>Turbogen< / ><>TRBG< / ><>3.61< / ><>-12.8< / >< / ><><>Turkcellletism< / ><>TKC< / ><>4.82< / ><>-5.0< / >< / ><><>TwelveSeasill Rt< / ><>TWLR< / ><>0.08< / ><>-6.9< / >< / table>

IPO 成绩单

IPO 表现，按上市时间由近及远排列

公司 股票代码 IPO日期 / 发行价< / td><>周三收盘价 ($)< / ><>较发行价涨跌幅 (%)< / ><>首日收盘价< / >< / tr><><>American Savings Bank ASBH 9月 16 / $16.00< / ><>17.00< / ><>6.3< / ><>...< / >< / ><><>Three Lions Acquisition TLACU 9月 1 / $10.00< / ><>10.00< / ><>...< / ><>0.5< / >< / ><><>Inflection Point Acquisition VIII PHXU 8月 28 / $10.00< / ><>10.10< / ><>1.0< / ><>-0.0< / >< / ><><>Rainier Acquisition RNAQU 8月 27 / $10.00< / ><>10.24< / ><>2.4< / ><>0.8< / >< / ><><>JATT III Acquisition JTTT 8月 26 / $10.00< / ><>10.95< / ><>9.5< / ><>-4.4< / >< / table>

<><>股票< / ><>代码< / ><>52 周最高 / 最低< / ><>涨跌幅 (%)< / >< / ><><>22ndCentury< / ><>XXII< / ><>1.67< / ><>-4.2< / >< / ><><>UL Solutions< / ><>ULS< / ><>64.13< / ><>-0.9< / >< / ><><>uCloudlink< / ><>UCL< / ><>0.31< / ><>-5.7< / >< / ><><>UltragenyxPharm< / ><>RARE< / ><>12.73< / ><>-1.5< / >< / ><><>UnivDisplay< / ><>OLED< / ><>75.49< / ><>-1.4< / >< / ><><>UpstreamBio< / ><>UPB< / ><>5.27< / ><>-2.7< / >< / ><><>VCIGlobal< / ><>VCIG< / ><>1.61< / ><>-0.6< / >< / ><><>VICI

<><>Whirlpool< / ><>WHR< / ><>32.26< / ><>-1.8< / >< / ><><>WillametteValley< / ><>WVVI< / ><>1.82< / ><>-0.5< / >< / ><><>Worksport< / ><>WSP< / ><>0.42< / ><>-3.5< / >< / ><><>WynnResorts< / ><>WYNN< / ><>84.00< / ><>-2.9< / >< / ><><>XIAO-I< / ><>AIXI< / ><>1.98< / ><>-10.6< / >< / ><><>XeneticBiosci< / ><>XBIO< / ><>1.87< / ><>-48.7< / >< / ><><>XponentialFit< / ><>XPOF< / ><>3.62< / ><>-1.6< / >< / ><><>YouxinTechnology< / ><>YAA5< / ><>1.24< / ><>-9.4< / >< / ><><>ZetaNetwork< / ><>ZNB< / ><>1.32< / ><>-0.8< / >< / ><><>ZhibaoTech< / ><>ZBAO< / ><>0.08< / ><>6.3< / >< / ><><>ZoneFrontierB< / ><>ZONE< / ><>0.12< / ><>7.5< / >< / ><><>Zumiez< / ><>ZUMZ< / ><>13.24< / ><>-1.8< / >< / table>

<>< rowspan="2">公司 股票代码 IPO日期 / 发行价< / >< rowspan="2">周三收盘价 ($)< / >< colspan="2">涨跌幅 (%)< / >< / ><><>较发行价< / ><>较首日收盘价< / >< / ><><>Southern Cross Acquisition II SCATU 8月 26 / $10.00< / ><>10.03< / ><>0.3< / >< / ><><>Advasa Hldgs ADBT 8月 25 / $10.00< / ><>0.12< / ><>-98.8< / ><>-98.1< / >< / ><><>First Breach FBDT 8月 20 / $8.00< / ><>0.86< / ><>-89.3< / ><>-79.3< / >< / ><><>Lyntris LYNX 8月 19 / $17.50< / ><>13.67< / ><>-21.9< / ><>-8.9< / >< / ><><>Karman Line Acquisition XTERU 8月 18 / $10.00< / ><>9.90< / ><>-1.0< / ><>-0.4< / >< / table>

埃克森美孚与哈姆关注委内瑞拉

接 B1 页

JOHN CHACÓN / 该国马拉开波湖（Lake Maracaibo）被废弃的油井。

今年前往委内瑞拉，在特朗普总统推动美国石油生产商振兴这个拉美国家破败的石油部门后，就一项可能的协议进行谈判。

另一位人士表示，该公司与委内瑞拉官员达成协议的可能性随着时间的推移而增加，预计本周将在休斯顿举行的 G20 能源丰裕部长级会议上继续相关谈判。

特朗普、国务卿马可·鲁比奥（Marco Rubio）及其他人士一直试图将全球能源产业的重心重新聚焦于西半球，敦促各公司向委内瑞拉投入 1000 亿美元 billion，以增强其低迷的原油产量，并将石油运往美国炼油厂。

埃克森美孚的主要竞争对手雪佛龙（Chevron）本月签署了一项协议，计划通过其在当地的合资企业在五年内向委内瑞拉投资 70 亿美元 billion，目标是将产量翻倍至每天 600,000 桶。

同样在周三，哈姆的公司大陆资源公司（Continental Resources）签署了一项初步协议，旨在勘探安佐阿特กี州（Anzoátegui）一个尚未开发的油田。

哈姆是特朗普在石油领域最亲密的盟友之一；2024 年选举之夜票数出炉时，他与总统击掌庆祝。

哈姆与大陆资源公司首席执行官道格·劳勒（Doug Lawler）在休斯顿的 G-20 能源丰裕部长级会议上与委内瑞拉国家石油公司签署了一份非约束性谅解备忘录。劳勒表示，他今年已两次前往委内瑞拉。

作为北达科他州巴肯页岩（Bakken Shale）最大的石油生产商，大陆资源公司表示，希望在未来几周内与委内瑞拉签署一项产量分成协议。哈姆表示：“我们谈论（美国页岩）能源复兴，我认为这也可以成为委内瑞拉所必需的能源复兴。”

哈姆认为，在特朗普政府的引导下，美国公司涌入委内瑞拉可能会将该国的石油产量推高至每天 300 万 桶以上，这将超过其几十年前的最高峰值。

劳勒表示，目前尚不清楚大陆资源公司将在委内瑞拉投资多少，但他指出，在经历了该地区数十年的停滞后，公司必须在新的油井以及管道等基础设施中投入“大量资金”。

这些交易可能标志着特朗普的一次胜利。由于伊朗战争及随后在中东引发的冲突关闭了全球石油市场一些最至关重要的动脉，他的政府正试图巩固西半球的石油供应线。

委内瑞拉称其拥有全球最大的石油储量，且其生产的石油类型正是美国墨西哥湾沿岸炼油厂在生产汽油、柴油和航空燃料时所偏好的。

由于担心在一家有将私营公司资产国有化前科的国家进行多年投资可能会产生财务和法律问题，几家大型油气公司在向委内瑞拉投入资金方面一直犹豫不决。

在 1 月份与特朗普举行的一次白宫电视会议期间，埃克森美孚首席执行官达伦·伍兹（Darren Woods）等人表达了谨慎态度。

当时，伍兹表示，如果该国的商业框架和法律系统不做出重大改变，委内瑞拉似乎是“不可投资的”。

原油库存连续第三周下降

根据美国能源信息署（EIA）的数据，美国原油库存连续第三周下降，而汽油和馏分油库存则有所增加。

大宗商品：EIA表示，截至9月11日的一周内，不包括战略石油储备（SPR）的商业原油库存下降了640,000桶，至4.234 亿 barrels，比该时间段的五年平均水平高出1%。此次库存减少幅度低于《华尔街日报》分析师调查中预期的140 万 barrel。

SPR中的原油库存下降了403,000桶，至2.85 亿。位于俄克拉荷马州库欣（Cushing, Okla.）的Nymex交付中心的原油库存下降了342,000桶。

EIA估计，美国原油日产量为1390 万，与前一周基本持平。原油日进口量增加234,000桶，至710 万；日出口量增加140 万，至480 万。

炼油厂开工率为96.8%，低于前一周的97.8%，炼油厂原油日投入量下降256,000桶，至1730 万。此前预测炼油厂开工率将下降0.6个百分点。

汽油库存增加794,000桶，至2.077 亿。 ——Anthony Harrup

监管和法律框架是该公司能够推进交易的原因之一。

“你知道，这对他们意义重大，”哈姆说。“这是一个新的，一个新的era。”

共同基金

数据由 LSEG 提供

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-除权分红。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-分销成本，12b-1 r-赎回费可能。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。

7.3 ICAA 67.31 -0.28 8.5 IncoA 27.57 -0.20 7.6 N PerA 74.23 -0.02 5.1 NEcoA 83.88 +0.02 15.5 NwWrldA 106.10 -0.01 13.8 SmCpA 80.56 +0.20 9.9 WshA 66.35 -0.74 6.7 Artisan Funds

2026年9月16日，星期三< / td>< / tr><><>D< / ><>基金< / ><>资产净值 (NAV)< / ><>净变化< / ><>年初至今收益率 (%)< / >< / ><><>1< / ><>IntlVal Inst< / ><>59.07< / ><>-0.19< / ><>10.7< / >< / ><><>2< / ><>Baird Funds< / ><>< / >< / ><><>3< / ><>AggBdInst< / ><>9.55< / ><>...< / ><>-1.3< / >< / ><><>4< / ><>CorBdInst< / ><>9.91< / ><>...< / ><>-1.2< / >< / ><><>5< / ><>IntBdInst< / ><>10.21< / ><>...< / ><>-0.7< / >< / ><><>6< / ><>ShtTBdInst< / ><>9.40< / ><>-0.01< / ><>0.9< / >< / ><><>7< / ><>BlackRock Funds< / ><>< / >< / ><><>8< / ><>HiYBlk< / ><>7.03< / ><>...< / ><>1.9< / >< / ><><>9< / ><>HiYldBd Inst< / ><>7.03< / ><>...< / ><>2.0< / >< / ><><>10< / ><>BlackRock Funds III< / ><>< / >< / ><><>11< / ><>EnS&P500ldxK883.53< / ><>...< / ><>11.7< / >< / ><><>12< / ><>BlackRock Funds Inst< / ><>< / >< / ><><>13< / ><>StratIncOpptyIns< / ><>9.55< / ><>...< / ><>1.1< / >< / ><><>14< / ><>Calamos Funds< / ><>< / >< / ><><>15< / ><>MktNeutl< / ><>16.23< / ><>+0.01< / ><>4.2< / >< / ><><>16< / ><>CausewayInst< / ><>< / >< / ><><>17< / ><>CausewayInst< / ><>24.94< / ><>+0.04< / ><>6.1< / >< / ><><>18< / ><>Columbia Class A< / ><>< / >< / ><><>19< / ><>SelgComulinfoA239.76< / ><>+0.14< / ><>53.0< / ><>< / >< / ><><>20< / ><>Columbia Class I< / ><>< / >< / ><><>21< / ><>Divlncom I< / ><>39.99< / ><>-0.39< / ><>11.2< / >< / ><><>22< / ><>Dimensional Fds< / ><>< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变化< / ><>年初至今收益率 (%)< / >< / ><><>EmgMktVa< / ><>44.93< / ><>-0.03< / ><>21.7< / >< / ><><>EmMktCorEq< / ><>34.10< / ><>+0.01< / ><>18.2< / >< / ><><>IntlCoreEq< / ><>22.62< / ><>-0.09< / ><>12.9< / >< / ><><>IntlVal< / ><>33.13< / ><>-0.23< / ><>17.4< / >< / ><><>IntSmCo< / ><>28.00< / ><>-0.06< / ><>10.7< / >< / ><><>IntSmVa< / ><>35.57< / ><>-0.06< / ><>16.5< / >< / ><><>LgCo< / ><>50.18< / ><>-0.22< / ><>11.2< / >< / ><><>US CoreEq1< / ><>55.38< / ><>-0.34< / ><>12.3< / >< / ><><>US CoreEq2< / ><>49.45< / ><>-0.31< / ><>12.4< / >< / ><><> Small< / ><>59.67< / ><>-0.30< / ><>14.7< / >< / ><><> SmCpVal< / ><>61.40< / ><>-0.70< / ><>19.9< / >< / ><><>

TgdVal< / td><>43.14< / ><>-0.47< / ><>17.6< / >< / tr> <>USLgVa< / ><>66.98< / ><>-0.85< / ><>19.9< / >< / ><>< colspan="4">Dodge & Cox< / >< / ><><>Balanced< / ><>13.85< / ><>-0.09< / ><>4.6< / >< / ><><>Income< / ><>12.37< / ><>...< / ><>-1.7< / >< / ><><>Intl Stk< / ><>18.23< / ><>-0.04< / ><>10.8< / >< / ><><>Stock< / ><>17.65< / ><>-0.20< / ><>8.2< / >< / ><>< colspan="4">DoubleLine Funds< / >< / ><><>TotRetBdl< / ><>8.48< / ><>-0.01< / ><>-1.9< / >< / ><><>Fidelity< / ><>< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 (%)< / ><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 (%)< / >< / ><><>500IdxInstPrem262.99< / ><>-1.17< / ><>11.2< / ><>< / >< colspan="4">Fidelity Invest< / >< / ><><>Contrafund K6< / ><>37.30< / ><>...< / ><>9.6< / ><>Balanc< / ><>34.97< / ><>-0.08< / ><>9.7< / >< / ><><>EmgMktldxInstPre< / ><>16.61< / ><>-0.02< / ><>21.4< / ><>BluCh< / ><>285.18< / ><>+1.13< / ><>14.3< / >< / ><><>ExtMktldxInstPre113.26< / ><>-0.39< / ><>12.5< / ><>< / ><>BluChpGr

dRet< / ><>22.02< / ><>-0.20< / ><>20.9< / >< / ><><>SmCplnInstPrem< / ><>35.90< / ><>-0.14< / ><>16.2< / ><>SrsBIChGroRetail< / ><>24.34< / ><>+0.10< / ><>15.4< / >< / ><><>TMktldxInstPrem207.98< / ><>-0.90< / ><>-11.4< / ><>11.4< / ><>SrsEmrgMkt< / ><>30.82< / ><>-0.05< / ><>25.0< / >< / ><><>TotalMarketIndex< / ><>26.35< / ><>-0.11< / ><>11.5< / ><>SrsGlobal< / ><>20.91< / ><>-0.07< / ><>14.3< / >< / ><><>TtlIntldxInstPr< / ><>19.72< / ><>-0.06< / ><>13.9< / ><>SrsGroCoRetail< / ><>33.31< / ><>+0.06< / ><>22.2< / >< / ><><>USBdldxInstPrem< / ><>10.13< / ><>...< / ><>-1.5< / ><>SrsIntlGrw< / ><>20.03< / ><>-0.02< / ><>4.8< / >< / ><><>Fidelity

Advisor< / ><>< / ><>SrsIntlVal< / ><>17.20< / ><>-0.09< / ><>10.3< / >< / ><><>TotBdFdCIZ< / ><>9.25< / ><>...< / ><>-1.3< / ><>TotalBond< / ><>9.26< / ><>-0.01< / ><>-1.3< / >< / ><>< colspan="4">Fidelity Advisor I< / >< colspan="4">Fidelity SAI< / >< / ><><>GrOppl< / ><>261.45< / ><>+1.12< / ><>11.8< / ><>FidSaiCndlnxFnd< / ><>15.91< / ><>-0.12< / ><>11.7< / >< / ><>< colspan="4">Fidelity Freedom< / ><>FidSainfltnxFnd< / ><>9.86< / ><>-0.03< / ><>-0.7< / >< / ><><>Freedom2040K6< / ><>14.24< / ><>-0.05< / ><>11.2< / ><>IntiValldx< / ><>14.98< / ><>-0.07< / ><>19.0< / >< / ><><>Idx2030InsPre< / ><>23.96< / ><>-0.05< / ><>6.4< / ><>TotalBd< / ><>8.77< / ><>...< / ><>-1.3< / >< / ><><>Idx2035InsPre< / ><>28.49< / ><>-0.08< / ><>7.4< / >< colspan="4">Fidelity

Selects< / >< / ><><>Idx2040InsPre< / ><>31.48< / ><>-0.09< / ><>9.6< / ><>Semiconductors r< / ><>57.84< / ><>+0.40< / ><>45.8< / >< / ><><>Idx2045InsPre< / ><>34.15< / ><>-0.12< / ><>10.9< / ><>Tech< / ><>54.45< / ><>+0.17< / ><>35.9< / >< / ><><>Idx2050InsPre< / ><>34.35< / ><>-0.12< / ><>11.2< / >< colspan="4">Fidelity Strategic A< / >< / table>

基金< / td><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / tr><><>StratAdEmrMrt< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">First Eagle Funds< / >< / ><><>GlbA< / ><>88.08< / ><>-0.66< / ><>9.5< / >< / ><>< colspan="4">Franklin A1< / >< / ><><>IncomeA1< / ><>2.54< / ><>-0.01< / ><>5.7< / >< / ><>< colspan="4">FrankTemp / Frank Adv< / >< / ><><>IncomeAdv< / ><>2.51< / ><>-0.01< / ><>5.9< / >< / ><>< colspan="4">FrankTemp / Franklin A< / >< / ><><>DynaTech A< / ><>198.43< / ><>+0.66< / ><>6.5< / >< / ><><>Growth A< / ><>142.39< / ><>-0.41< / ><>5.8< / >< / ><><>RisDv A< / ><>94.85< / ><>-0.60< / ><>5.3< / >< / ><>< colspan="4">Guggenheim Funds Tru< / >< / ><><>TotRtnB#fDlInst< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">Harbor Funds< / >< / ><><>CapApInst< / ><>123.93< / ><>-0.05< / ><>6.3< / >< / ><>< colspan="4">JHF III DispVal< / >< / ><><>DispValMCI< / ><>30.89< / ><>-0.33< / ><>12.4< / >< / ><>< colspan="4">John Hancock< / >< / ><><>BondR6< / ><>13.10< / ><>...< / ><>-1.3< / >< / ><>< colspan="4">JPMorgan I Class< / >< / ><><>CoreBond< / ><>9.98< / ><>...< / ><>-1.5< / >< / ><><>EqInc< / ><>28.27< / ><>-0.34< / ><>15.3< / >< / ><><>LgCpGwth< / ><>83.12< / ><>-0.03< / ><>1.6< / >< / ><>< colspan="4">JPMorgan R Class< / >< / ><><>CoreBond< / ><>10.00< / ><>...< / ><>-1.4< / >< / ><><>CorePlusBd< / ><>7.02< / ><>...< / ><>-0.8< / >< / ><>< colspan="4">Lord Abbett I< / >< / ><><>ShtDurInc p< / ><>3.79< / ><>-0.01< / ><>0.9< / >< / ><>< colspan="4">Metropolitan West< / >< / ><><>TotRetBdl< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">MFS Funds< / >< / ><><>IIE< / ><>43.19< / ><>-0.03< / ><>6.4< / >< / ><>< colspan="4">MFS Funds Class I< / >< / ><><>Valuei< / ><>53.74< / ><>-0.66< / ><>7.7< / >< / ><>< colspan="4">Natixis Funds< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><><>LSGrowthY< / ><>32.92< / ><>-0.16< / ><>-0.9< / >< / ><>< colspan="4">Northern Funds< / >< / ><><>Stkldx< / ><>75.35< / ><>-0.34< / ><>11.2< / >< / ><>< colspan="4">Old Westbury Fds< / >< / ><><>LrgCpStr< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PGIM Funds CI Z< / >< / ><><>TotalReturnBond< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PIMCO Fds Instl< / >< / ><><>IntlBdUSD< / ><>< / ><>...< / ><>< / >< / ><><>TotRt< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PIMCO Funds A< / >< / ><><>IncomeFd< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PIMCO Funds I2< / >< / ><><>Income< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PIMCO Funds Instl< / >< / ><><>IncomeFd< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">Price Funds< / >< / ><><>BlChip< / ><>208.87< / ><>-0.09< / ><>-0.7< / >< / ><><>LgCapGow I< / ><>86.94< / ><>+0.05< / ><>2.3< / >< / ><>< colspan="4">Putnam Funds Class A< / >< / ><><>PutLargCap p< / ><>44.59< / ><>-0.37< / ><>14.1< / >< / ><>< colspan="4">Putnam Funds Class Y< / >< / ><><>PutLargCap< / ><>44.62< / ><>-0.37< / ><>14.3< / >< / ><>< colspan="4">Schwab Funds< / >< / ><><>1000 Inv r< / ><>16.20< / ><>-0.07< / ><>11.3< / >< / ><><>FunUSLgInst r< / ><>38.03< / ><>-0.36< / ><>18.6< / >< / ><><>Intl Sel r< / ><>31.88< / ><>-0.15< / ><>11.0< / >< / ><><>S&P Sel< / ><>19.50< / ><>-0.09< / ><>11.2< / >< / ><><>TSM Sel r< / ><>18.25< / ><>-0.08< / ><>11.3< / >< / ><>< [...OMITTED...]

colspan="4">战略顾问< / td>< / tr> StratAdCorlnFnd< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdFolCoreS< / ><>8.91< / ><>...< / ><>-1.0< / >< / ><><>StratAdFidEmr< / ><>18.79< / ><>-0.03< / ><>23.7< / >< / ><><>StratAdFidUS< / ><>21.62< / ><>-0.10< / ><>14.1< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><><>StratAdIntlFnd< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdMunBond< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdvFdIntl< / ><>16.40< / ><>-0.05< / ><>11.0< / >< / ><>< colspan="4">TIAA / CREF 基金< / >< / ><><>EqIdxInst< / ><>52.18< / ><>-0.23< / ><>11.3< / >< / ><><>IntlEqIdxInst< / ><>30.91< / ><>-0.15< / ><>11.0< / >< / ><><>LrgCpGrIdxInst< / ><>77.87< / ><>+0.05< / ><>2.5< / >< / ><>< colspan="4">先锋领航旗舰系列 (VANGUARD ADMIRAL)< / >< / ><><>500Adml< / ><>698.46< / ><>-3.11< / ><>11.2< / >< / ><><>BalAdml< / ><>53.99< / ><>-0.15< / ><>6.3< / >< / ><><>CAITAdml< / ><>11.11< / ><>-0.01< / ><>-1.7< / >< / ><><>CapOpAdml

r260.93< / ><>-0.66< / ><>20.3< / ><>< / >< / ><><>DivAppldxAdm< / ><>63.95< / ><>-0.50< / ><>8.1< / >< / ><><>EMAdmr< / ><>49.18< / ><>-0.03< / ><>10.4< / >< / ><><>EqIncAdml< / ><>NA< / ><>...< / ><>NA< / >< / ><><>ExplrAdml< / ><>118.82< / ><>-0.15< / ><>11.4< / >< / ><><>ExtndAdml< / ><>177.71< / ><>-0.62< / ><>12.7< / >< / ><><>GroIncAdml< / ><>NA< / ><>...< / ><>NA< / >< / ><><>GrwthAdml< / ><>268.88< / ><>-0.01< / ><>7.3< / >< / ><><>HlthCareAdml r< / ><>87.42< / ><>-0.13< / ><>5.6< / >< / ><><>HYCorAdml

r< / ><>5.39< / ><>...< / ><>1.2< / >< / ><><>InfProAd< / ><>22.39< / ><>-0.07< / ><>-0.9< / >< / ><><>InfTechIdx< / ><>487.03< / ><>+0.48< / ><>26.5< / >< / ><><>IntlGrAdml< / ><>121.30< / ><>-0.54< / ><>6.4< / >< / ><><>ITBondAdml< / ><>9.99< / ><>-0.01< / ><>-2.5< / >< / ><><>ITIGradeAdml< / ><>8.44< / ><>...< / ><>-2.0< / >< / ><><>LarCapAd< / ><>175.60< / ><>-0.73< / ><>11.1< / >< / ><><>MidCpAdml< / ><>394.07< / ><>-2.38< / ><>10.4< / >< / ><><>MuHYAdml< / ><>10.21< / ><>-0.01< / ><>-1.1< / >< / ><><>MulIntAdml< / ><>13.24< / ><>-0.01< / ><>-1.7< / >< / ><><>MuLTAdml< / ><>10.35< / ><>-0.01< / ><>-1.9< / >< / ><><>MuLtdAdml< / ><>10.81< / ><>...< / ><>0.5< / >< / ><><>MuShtAdml< / ><>15.76< / ><>...< / ><>1.4< / >< / ><><>PrmcPAdml

r223.13< / ><>-0.70< / ><>20.7< / ><>< / >< / ><><>RealEstatAdml132.47< / ><>-0.91< / ><>7.7< / ><>< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><><>SmCapAdml< / ><>138.49< / ><>-0.82< / ><>12.8< / >< / ><><>SmGthAdml< / ><>117.76< / ><>-0.32< / ><>11.2< / >< / ><><>STIGradeAdml< / ><>10.21< / ><>-0.01< / ><>0.4< / >< / ><><>STIPSlxAdml< / ><>24.76< / ><>-0.06< / ><>1.2< / >< / ><><>TotBdAdml< / ><>9.36< / ><>...< / ><>-1.4< / >< / ><><>TotIntlBkIdxAdml< / ><>18.80< / ><>+0.03< / ><>-1.1< / >< / ><><>TotIntlAdmIdx r< / ><>45.81< / ><>-0.15< / ><>13.6< / >< / ><><>TotStAdml< / ><>180.70< / ><>-0.79< / ><>11.4< / >< / ><><>TxMCapAdml< / ><>388.38< / ><>-1.69< / ><>11.0< / >< / ><><>TxMln

r< / ><>22.88< / ><>-0.10< / ><>14.8< / >< / ><><>USGroAdml< / ><>195.51< / ><>+0.27< / ><>0.2< / >< / ><><>ValAdml< / ><>86.05< / ><>-0.83< / ><>16.7< / >< / ><><>WdsrlAdml< / ><>92.75< / ><>-1.07< / ><>12.1< / >< / ><><>WellslAdml< / ><>61.84< / ><>-0.21< / ><>2.2< / >< / ><><>WelltnAdml< / ><>80.27< / ><>-0.12< / ><>5.2< / >< / ><><>WndsrAdml< / ><>82.59< / ><>-0.87< / ><>12.4< / >< / ><>< colspan="4">先锋领航 (VANGUARD)

FDS< / td>< / tr> DivdGro< / ><>31.37< / ><>-0.22< / ><>3.3< / >< / ><><>LifeGro< / ><>NA< / ><>...< / ><>NA< / >< / ><><>LifeMod< / ><>< / ><>...< / ><>< / >< / ><><>PrmpcCor< / ><>45.29< / ><>-0.22< / ><>22.3< / >< / ><><>STAR< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2020< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2025< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2030< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2035< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2040< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2045< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2050< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2060< / ><>< / ><>...< / ><>< / >< / ><><>TgtRet2055< / ><>< / ><>...< / ><>< / >< / ><><>TgtRetInc< / ><>< / t

d><>...< / ><>< / >< / ><><>Welltn< / ><>46.48< / ><>-0.07< / ><>5.1< / >< / ><>< colspan="4">VANGUARD INDEX FDS< / >< / table>

道琼斯 风险与 合规

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 (%)< / >< / ><><>ExtndlstPI< / ><>438.54< / ><>-1.53< / ><>12.7< / >< / ><><>IdxIntl< / ><>27.38< / ><>-0.09< / ><>13.6< / >< / ><><>MdCpGrAdml< / ><>62< / ><>-0.02< / ><>4.0< / >< / ><><>MdCpVIAdml< / ><>50< / ><>-1.08< / ><>14.9< / >< / ><><>SmValAdml< / ><>102.62< / ><>-0.85< / ><>13.9< / >< / ><><>TotBd2< / ><>9.22< / ><>-0.01< / ><>-1.6< / >< / ><><>TotIntInstldx< / ><>183.20< / ><>-0.60< / ><>13.6< / >< / ><><>TotItlnstPld< / ><>183.24< / ><>-0.61< / ><>13.6< / >< / ><><>TotSt< / ><>180.66< / ><>-0.79< / ><>11.4< / >< / ><>< colspan="4">VANGUARD INSTL

<>< / >< / ><><>SmCapInst< / ><>138.49< / ><>-0.82< / ><>12.8< / >< / ><><>SmCaplstPI< / ><>399.73< / ><>-2.38< / ><>12.8< / >< / ><><>STIGradelnst< / ><>10.21< / ><>-0.01< / ><>0.4< / >< / ><><>STIPSlxins< / ><>24.78< / ><>-0.06< / ><>1.3< / >< / ><><>TotBdlnst< / ><>9.36< / ><>...< / ><>-1.4< / >< / ><><>TotBdlnst2< / ><>9.22< / ><>-0.01< / ><>-1.5< / >< / ><><>TotBdlnstPI< / ><>9.36< / ><>...< / ><>-1.4< / >< / ><><>TotIntBdlxlnst< / ><>28.21< / ><>+0.04< / ><>-1.0< / >< / ><><>TotStInst< / ><>180.73< / ><>-0.79< / ><>11.4< / >< / ><><>ValueInst< / ><>86.05< / ><>-0.83< / ><>16.7< / >< / ><>< colspan="4">WCM Focus Funds< / >< / ><><>WCMFcctIntGrws< / ><>27.27< / ><>+0.05< / ><>9.6< / >< / table>

持续 监测 以应对 快速变化的 风险格局。

RiskCenter 高级筛选与监测将顶级的道琼斯风险数据与先进的机器学习相结合，帮助合规团队更快地检测相关风险并减少噪音。

在一个旨在提高效率的可扩展平台中，针对制裁名单、政治敏感人物（PEPs）、负面媒体报道等进行筛选，包括将平均警报关闭时间缩短 75%。

扫描此处与专家交流

罕见病生物技术公司重新受到青睐

---

随着美国食品药品监督管理局（FDA）强硬派官员的离职，愿意承担风险的投资者正纷纷涌入押注

投注生物技术公司向来是一场赌博。但在特朗普政府的第一年里，很少有领域比罕见病药物制造商更危险。

这些公司通常在极小规模的患者群体中测试药物，有时甚至缺乏大规模临床试验的常规特征，例如安慰剂对照。在第二任特朗普政府期间，他们突然发现自己面临着对基于如此有限证据而批准药物持怀疑态度的 FDA 官员。罕见病相关股票随即暴跌。

来源：FactSet

现在，随着其中许多官员离职，对于愿意承受风险的投资者来说，机会再次出现。在代理 局长凯尔·迪亚曼塔斯（Kyle Diamantas）的领导下，该机构撤回了几个备受关注的决定。例如，新领导层在第三次尝试时批准了 Replimune 的黑色素瘤治疗药物——该案例在之前的 任期内曾成为冲突焦点，并引发了白宫的介入。

这一转变已经给罕见病股票带来了急需的提振。随着 对其药物立场放缓，Replimune 和 uniQure 等公司的股价大幅上涨。对于投资者而言，问题在于从现在起如何押注这一转变。

在风险较高的治疗领域，交易中最清晰的部分通常是批准前的上涨期，此时核心问题仅仅是 是否会点头。用华尔街的术语来说，批准使药物从“实验阶段”实现了“去风险”。但在此之后，新的问题随之而来：保险公司是否会为高达数百万美元的治疗方案买单？它是否足够安全且有效，能让患者愿意承担风险？这或许解释了为什么 Replimune 的股价在 8 月获得 批准后飙升，但随后回吐了部分涨幅。

生物技术公司 uniQure 正处于这样一个获批前的关键时刻。该公司正在开发一种针对亨廷顿舞蹈症的一次性基因疗法，旨在减缓这种毁灭性神经退行性疾病的进展。在 2025 年秋季发布积极数据后，其股价翻了四倍。随后出现了反转。 官员表示，其前任所接受的试验设计已不再足以支持加速批准。他们质疑基于历史数据库而非安慰剂组的对比结果，并敦促 uniQure 在重新申请批准前进行一项漫长的随机对照试验。股价随即崩盘。

随后在 6 月， 的新领导层再次反转，同意让 uniQure 提交批准申请，该公司已在本月早些时候完成了申请。其股价在过去六个月中翻了一倍多，但仍远低于去年的高点。到本月底，uniQure 预计将公布临床试验的四年期数据。

TD Cowen 的分析师约瑟夫·托姆（Joseph Thome）解释说， 的批准决定将基于已经公布的三年结果。

但他表示，四年期数据仍将受到投资者和监管机构的密切审视。早期的结果表明，与患者历史数据库相比，高剂量的疗法将疾病进展减缓了 75%。如果这种减缓疾病进展的速率在四年时有所提高或保持相对稳定，将表明该疗法具有持久效果，从而增强这种通过颅骨钻孔注入大脑的基因疗法的说服力。

托姆表示，获得加速批准的可能性正“向积极方向倾斜”，部分原因是 正在回归其“旧有的行为模式”。在市值约 30 亿美元 billion 的情况下，uniQure 的定价尚未反映其成功预期。据估计，美国有 40,000 人受亨廷顿舞蹈症影响，目前尚无被证明能减缓该疾病的获批疗法。考虑到此类治疗方案的定价，一次性基因疗法即使只占据该人群中相对较小的份额，也可能带来数十亿美元的年销售额。

但美国食品药品监督管理局（FDA）更高的灵活性并不保证成功。以 Regenxbio 为例：今年 6 月，FDA 撤销了此前对该公司一款治疗罕见遗传疾病基因疗法的拒绝决定，为重新提交申请铺平了道路，并推动股价上涨。随后在 8 月，由于部分临床试验参与者的脊髓扫描结果出现异常，该机构将该疗法置于临床暂停状态，导致股价暴跌。

医疗保健政策顾问 Ipsita Smolinski 解释称，从更广泛的角度来看，愿意为绝望的患者加快药物上市并不意味着标准降低了。这表明 FDA 变得“更愿意将目前的批准与随后的临床获益证明分开”。加速批准路径仍然要求根据中期获益指标获得批准的药物，必须在更严格的确认性试验中进行研究，而 uniQure 仍需采取这一步骤。

这就是为什么这里的赌注并非在于 uniQure 的疗法是否有效。如果确认性试验能最终给出答案，这个问题可能在数年后才能解决。真正的赌注在于，FDA 是否再次愿意在所有证据出炉之前，允许患者——以及投资者——承担这一风险。David Wairner

-David Wainer

无论安全与否，AI 增速放缓势在必行

投资者真的渴望投资一项可能会在字面意义上杀死他们的技术吗？

在一名 Anthropic 员工将 AI 导致这种情况的可能性估计为 10% 以上后，经济学家欧文·拉蒙特（Owen Lamont）打趣道，这“就像罗伯特·奥本海默在 1945 年为曼哈顿计划进行首次公开募股（IPO）一样”。

将人类灭绝因素计入股票价值是愚蠢的，所以让我们抱有最好的希望，只关注股票。周一市场对行业领导者出于安全原因提议放缓增速的反应耐人寻味。

在科技股表现糟糕的一天里，超大规模云服务商微软、Alphabet 和 Meta 的股价全部上涨。受创最严重的是为数百个计划中的数据中心提供芯片、电力或基础设施的公司。

这可能是一次迟到的现实审视。分析师的电子表格中，增长可以直冲云霄，但物理世界是有极限的。超大规模云服务商的计划已经开始触碰到这些极限。

9 月 14 日 AI 增速放缓提议后的股价变化

来源：FactSet

以电力需求为例。根据 Rystad Energy 的数据，到 2030 年，数据中心将占据美国总电力需求的 12%。这相当于增加了 30 到 60 座核电站的装机容量。面对公众的强烈反对，政客们在短短几个月内就从发放税收优惠转变为反对建设这些设施。

而且这也许是个伪命题：根据标普全球（S&P Global）的数据，为这些设施提供所有布线所需的铜，将导致这种关键金属在 2040, 出现 $25% 的供应缺口。一座大型新铜矿从启动到运行需要 15 到 20 年。

为数据中心买单也开始产生压力。在耗尽自身强大的现金流后，超大规模云服务商陷入了借贷狂潮，这开始让信用投资者感到担忧。

根据 Capital Group 的数据，在短短一年内，这些公司在领先的投资级债券指数中的占比增长了 78%。

在 Anthropic 和 OpenAI 备受期待的 IPO 之前，要创造足够的利润来证明这次史上最大规模的基础设施挥霍是合理的，是一项艰巨的任务。随着开源竞争的加剧和 Token 价格的下跌，Hennessy Funds 的首席投资官瑞安·凯利（Ryan Kelley）是持有怀疑态度的人之一。

“这一切将如何变现？”

人们希望 AI 研究人员的安全担忧是被夸大了。他们看起来确实很真诚，但当首席执行官们如此迅速地考虑踩刹车时，一些投资者怀疑其中有隐藏动机。

12%

预计到 2030 在美国数据中心电力需求将达到的占比。

这是否是一种合谋形式，在提高收费的同时削减现金需求——有点像一个技术版的 OPEC？或者，也许首席执行官们意识到投资计划是不切实际的，需要消耗过多的全球能源和储蓄才能实现，更不用说盈利了？

那些承诺投入股东资金的公司在消息传出后股价上涨，这一事实表明，投资者担心的不仅仅是安全问题。对于那些在这次淘金热中销售“铲子和镐头”的公司来说，这可能是个坏消息。

-Spencer Jakab

股票聚焦

Coinbase Global, Strategy

在参议院未能通过《清晰法案》（Clarity Act）——一项旨在帮助数字资产进入主流金融系统的全面加密货币法案——之后，这些加密货币公司的股价小幅下跌。Coinbase 在纳斯达克收盘下跌 4.4%，而 Strategy 全天收盘下跌 3.8%。

英特尔 (Intel)

由于与 AI 相关的股票开始从本周早些时候的重挫中回升，这家芯片制造商的股价上涨了 $4 %。

Reliance Worldwide 这家在澳大利亚上市的管道用品制造商在泛太平洋资产管理 (Brookfield) 同意通过全现金交易收购该公司后，股价上涨了 3.5%。

利洁时 (Reckitt Benckiser) 这家 Mucinex 和 Lysol 的制造商正在加大对美国产品开发和制造的投入，以更快速地响应消费者需求的转变。

利洁时的股价在伦敦交易中微跌 0.2%。

Frasers Group Hugo Boss 任命英国零售商 Frasers Group 的首席执行官为下一任监事会主席，Frasers Group 持有这家德国服装公司近半数的股份。Frasers 的股价下跌了 2.6%。

J.B. Hunt Transport Services J.B. Hunt 的股价下跌了 13%，此前该公司首席财务官表示，由于司机相关成本上升、燃料价格快速上涨以及医疗成本超过一般通胀导致索赔增加，该货运公司的第三季度收益将环比下降 5% 到 10% 左右。首席财务官布拉德·德尔科 (Brad Delco) 周二在摩根士丹利的一次会议上发表了上述讲话。

棒约翰 (Papa John's)

首席执行官托德·佩内戈尔 (Todd Penegor) 表示，这家披萨连锁店旨在提升质量，并改善消费者对其性价比的认知。佩内戈尔在一次投资者活动上表示，公司的转型速度比他预期的要慢。股价收盘下跌 2.6%。

金融与投资

10年期美债收益率收盘突破 5%

美国 10 年期收益率收盘高于 5% 的连续交易天数

注：日期标注 10 年期收益率首次收盘高于 5% 的日期。来源：Tradeweb FTSE 收盘价

10 年期美债收益率自 2007 年以来首次收盘高于 5%。

许多投资者可能在想，它是否能维持在这一水平之上，如果可以，又能维持多久。

周四事件：

◆ 中央银行： 英格兰银行利率决议 日本银行利率决议

◆ 经济数据：房屋开工数、待决房产销售指数、初请失业金人数，

如果参考近期的历史，答案是：不会太久。根据道琼斯市场数据，在过去 10 年期美债收益率收盘高于 5% 的八次情况中，它在不到两个月的时间内就回落到了该水平以下。

其高于 5% 的平均交易天数为 12 天。

所有这些时段都发生在 2006 年和 2007 年。

10 年期收益率维持在 5% 以上的更长时期发生在 2002, 2001 年和 1999-2000 年。

在 1998, 9 月之前，10 年期收益率在二十多年时间里一直高于 5%。

-Shradha Dinesh

外国央行持仓、联邦贴现窗口借款、费城美联储商业前景调查、EIA 每周天然气库存报告

预期财报：Innate Pharma

高盛对加息保持谨慎

“美联储已经发出信号，在现阶段不设想一个激进的紧缩周期，”高盛资产管理公司固定收益和流动性解决方案全球主管凯·海格 (Kay Haigh) 表示。他指的是在周三宣布加息 25 个基点后，大多数联邦公开市场委员会 (FOMC) 成员预计今年仅会再加息一次。

海格表示：“今年 12 月再加息一次是我们的基准预测，尽管这仍取决于即将公布的 CPI 报告和能源价格走势。”

-Jack Pitcher

市场历史上的今天

1926, 年的今天，当局首次发布了袭击迈阿密的大飓风预警，导致数百人死亡。据保险公司称，如果今天发生类似的风暴，将造成数千亿美元的财产损失。

THE WALL STREET JOURNAL.

DOW JONES

News Corp

* * * * * *

THURSDAY, SEPTEMBER 17, 2026 \~ VOL. CCLXXXVIII NO. 66

WSJ.com

DJIA 51461.90 ▼ 631.21 1.21%

NASDAQ 25978.42 ▼ 0.0%

STOXX 600 637.09 ▲ 0.5%

U.S. Edition

10-YR. TREAS. ▼

2/32, yield 5.003%

OIL \$102.43 ▼ \$3.40

GOLD \$4,346.30 ▲ \$54.70

EURO \$1.1464

YEN 156.29

What's News

Business & Finance

◆ The Fed raised interest rates for the first time in three years, a sharp reversal that began taking back cuts it made last year and implicitly undercut the White House's insistence that inflation isn't a concern. A1, A2

◆ Stocks mostly slumped and the 10-year Treasury yield settled above 5% for the first time since July 2007 following the central bank's rate increase. The Nasdaq was little changed and the S&P 500 and Dow fell around 0.4% and 1.2%, respectively. A1

◆ BlackRock said it would work with corporate clients to build customizable funds for 401(k) plans that can include slices of public stocks and bonds, private assets and annuities. B1

♦ ExxonMobil and billionaire oil baron Harold Hamm were close to signing preliminary deals to explore investments in several Venezuelan oil fields. B1

◆ Amazon Web Services said it was unable to restore access to some customer data hosted in Persian Gulf centers that were struck by Iranian drones in the spring. B1

◆ Novo Nordisk, the maker of the diabetes and weight-loss drugs Ozempic and Wegovy, is collaborating with Anthropic to use artificial intelligence for drug research. B1

◆ The House passed a bill to compel automakers to provide AM radio in their vehicles, a service that emergency responders have championed as a safety backup. B1

◆ ByteDance reported that its revenue rose more than 30% to \$120 billion in the first half, buoyed in part by the resolution of U.S. regulatory concerns about its TikTok business. B4

Worldwide

◆ Top White House aides have been divided on approaches to AI safety, with chief of staff Susie Wiles and Treasury Secretary Scott Bessent urging a greater hands-on attitude than adviser David Sacks advocates. A1, A5

◆ The EU’s top official said she would work to make Canada the bloc’s first associate member as traditional U.S. allies forge independent bonds with one another. A7

◆ States haven't yet been able to obtain Covid-19 shots from the CDC, delaying their distribution to millions of children through federal programs. A3

◆ An international tribunal convicted the former president of Kosovo of war crimes during the separatist war against Serbia and sentenced him to 25 years in prison. A10

◆ A top Democrat said he would oppose Trump's planned \$2.8 billion military-aid package for Israel, saying it raised grave concerns about how the heavy bombs would be used in densely populated areas of Gaza and Lebanon. A4 ◆ Debris found in Yemen indicates that Saudi Arabia fired a Chinese-made ballistic missile in combat for the first time, Yemeni officials and weapons experts said. A6

◆ The House voted to hold Leon Black in contempt of Congress following his refusal to comply with committee subpoenas related to his ties with Jeffrey Epstein and nondisclosure agreements. A4 ◆ Died: Annie Dillard, 81, Pulitzer Prize-winning writer. A5 ... Peter Max, 88, artist who epitomized the pop era. A5

Fed Delivers First Rate Hike in 3 Years

After a unanimous vote, most officials pencil in one more increase in 2026

BY NICK TIMIRAOS

WASHINGTON—The Federal Reserve raised interest rates Wednesday for the first time in three years, a sharp reversal that began taking back cuts it made last year and implicitly undercut the White House's insistence that inflation isn't a concern.

The increase, approved unanimously, will raise the benchmark federal-funds rate range by a quarter point to between 3.75% and 4%. The vast majority of officials penciled in one more increase this year in interest-rate projections released after their meeting.

Chairman Kevin Warsh vowed shortly after taking office in May to end an overshoot of the Fed's $2\%$ target now in its sixth year and followed through with an increase that had been widely anticipated in recent days.

"Today's action starts to show that we're serious about this," Warsh said at a news conference. The Fed's policy statement said its action would support a "timelier" return to the inflation goal.

The rate increase scrambled an account the White House had offered of the man tapped by President Trump for the job in January. Trump and his allies had cast pressure to raise rates as coming from a committee hostile to Warsh, who last year said he would have cut rates sooner than the Fed ultimately did.

It also followed a lost year in the Fed's inflation fight. The central bank has made no progress toward its 2% goal since mid-2025, including after cutting rates three times late last year to guard against a labor-market slowdown. Instead, the Iran war has lifted energy prices, and the AI boom has driven an investment surge that has buoyed the economy and markets.

Analysts had said that despite intense focus of late on monthly inflation data, the biggest change to the outlook has come from a run-up in energy and commodity prices.

“It’s the fact that the war in Iran has re-intensified and the energy price shock is getting bigger again,” said William Dudley, the former New York Fed president.

Diesel prices have climbed toward record highs, worsened by a refining bottleneck that Ukrainian strikes on Russian energy infrastructure have deepened. Crude around \$100 a barrel understates what businesses are actually paying: Diesel is behaving as though oil were at \$200, said Dudley. Costs are working into shipping

Please turn to page A2

Mexico Celebrates Its Independence Day

iVIVA, MEXICO! President Claudia Sheinbaum marks the 216th anniversary of the start of the Mexican War of Independence against Spain on Wednesday in Mexico City. Celebrations began with the cry of 'iViva, Mexico!' three times just after midnight.

AI Sparks Divide Among Trump Aides

BY JOSH DAWSEY

AND AMRITH RAMKUMAR

After White House artificial intelligence adviser David Sacks got President Trump to scrap a planned executive order in May that would subject AI models to an extended government review, senior administration officials including Scott Bessent and Susie Wiles were caught off guard and unhappy.

Wiles, the White House chief of staff, told others that Sacks had convinced him to do so in a last-minute call, people familiar with the matter said. Treasury Secretary Bessent worried that AI-led cyberattacks could wreak havoc on the nation's banking system, the people said. A White House team had spent months negotiating to increase oversight of AI and had consulted a range of industry executives on the order.

At the urging of Wiles and Bessent, Trump later signed a slimmed-down version of the order.

Even as Trump dismisses calls for tighter federal regulation of the industry, the quiet freakout among some of his most senior aides over what could be one of the administration's most consequential policy decisions has begun.

In the months since the dispute, Wiles, Bessent and other officials have gathered almost daily to discuss risks in the sector and plot potential guardrails, the people said, while trying to persuade Trump to take a more hands-on approach. White House officials have regularly held calls with executives including OpenAI's Sam Altman and those at Anthropic to discuss concerns.

The divide among Trump's AI advisers—both inside and outside the government—continued in the weeks since, with Wiles, Bessent and National Cyber Director Sean Cairncross often pushing for Please turn to page A5

◆ Business leaders cite concerns over AI risks.... A5 ◆ OpenAI reports more

safety incidents...... B1 ◆ Heard on the Street: AI has to slow down...... B10

Markets Slump As Warsh Warns on Inflation

BY HANNAH ERIN LANG AND SAM GOLDFARB

Federal Reserve Chairman Kevin Warsh made it clear that inflation is still a problem. Wall Street was left wondering how far the Fed will go to address it.

Stocks slumped and the 10-year Treasury yield settled above $5\%$ for the first time since July 2007 after Warsh struck a decidedly hawkish tone in remarks following the central bank's decision to raise interest rates for the first time in three years.

“Inflation is too high and has been for too long,” Warsh said in remarks to reporters on Wednesday afternoon. He later added: “Today’s action starts to show that we’re serious about this.”

At first, markets greeted the Fed's rate hike with relief; President Trump had argued rates Please turn to page A2

◆ What rate boosts mean for costs...... A2

Iran Hits Wall in Bid To Skirt Blockade

BY BENOIT FAUCON AND HAMRAZ BAYAN

Iran vowed to respond to a U.S. blockade by pushing more trade overland. On the ground, it isn't going according to plan.

Hundreds of Iranian truck drivers are stuck at Iran's border with Pakistan, unable to move their goods. They say they are facing worsening bureaucratic hurdles and costs, many caused by their own government. The same thing is happening at Iran's land borders with Turkey, Turkmenistan and Afghanistan, dealing Tehran a self-inflicted blow and throttling trade through its few remaining economic release valves.

Tons of stranded apricots Please turn to page A6

- Two Iowa GOP lawmakers defy Trump on war...... A4 - Saudi Arabia is linked to Chinese missile...... A6 - AWS can't restore data from sites Iran struck.... B1

INSIDE

WORLD NEWS Russia's shadow fleet is sailing in NATO's blind spot: Irish waters. A7

PERSONAL JOURNAL Getting downgraded from a seat you paid for is becoming a bigger issue for travelers. A11

Nothing Blows Up a Parent Group Like a Fight Over School Snacks

A viral tale about Oreo jealousy was a hoax.

* * *

The wars over sweets in class are very real.

BY SABRINA SIDDIQUI

By now, much of the internet has heard of Oreo-gate: a viral social-media saga in which a kindergarten mother named Michelle asks other moms in a group chat to stop sending Oreos in their chil-

LONDON—On the eve of becoming the world's first trillionaire, Elon Musk was fixated on political turmoil an ocean away from SpaceX headquarters.

dren's lunches because it was making her daughter jealous.

The drama escalated quickly. The other moms rejected the request. Some sent in Oreos in an act of defiance. Side chats splintered off. The school was forced to quish in forced to weigh in. Please turn to page A12

Elon Musk Roils U.K. Politics With His X Megaphone

New anti-immigration party benefits from his tweets; ‘civil war is inevitable’

By Jenny Strasburg, Jaclyn Jeffrey-Wilensky and Max Colchester

In one X post, he called the mayor of Belfast a “betrayer of her people.” In another, he called a British political leader “a scumbag and a traitor.”

And a post from a once-obscure politician named Rupert Lowe—whose nascent far-right party Musk had declared the only hope for salvaging Britain's future—got more than three million views after Musk retweeted it.

The X-storm took place on

June 11, in the wake of violent anti-immigration riots in the Northern Ireland capital—and one day before SpaceX's IPO.

For years, Musk has used his social-media megaphone to boost antiestablishment parties outside the U.S., railing against “woke” politics, immigration and tech industry-regulation across Europe, South America and Africa.

But no other foreign nation has drawn such frequent, sustained attention from the world's richest man as the U.K., according to a Wall Street Journal analysis of $4^{1/2}$ years' worth of his posts on X.

Musk has twice exceeded 200 monthly posts about British politics and culture wars, though the volume waxes and wanes with the

Please turn to page A10

U.S. NEWS

Trump Backs Warsh: ‘I’m Relying on Kevin’

President says he spoke to Fed chief just before decision on raising rates

BY BRIAN SCHWARTZ

President Trump said he was standing by Federal Reserve Chairman Kevin Warsh and that he spoke to him just before the central bank unanimously voted to raise interest rates.

“I’m relying on Kevin. But he has a very tough board,” Trump told reporters Wednesday in response to a question on whether he had confidence in Warsh. “I talked to Kevin. I said ‘you might as well vote with the board because it’s not going to matter.’” He added, “I said ‘do what you want.’”

Trump has spoken repeatedly with Warsh since he became Fed chairman, The Wall Street Journal has reported.

The Fed raised rates earlier Wednesday for the first time in three years, a reversal of cuts it made last year and implicitly undercut the White House view that inflation isn't a concern.

Trump's conversation with Warsh before the decision to raise rates will likely heighten scrutiny around the independence of the Fed. During Warsh's Wednesday press conference, the Fed chair addressed questions around his relationship with the president by making the case for the central bank's independence.

“Part of the independence of the Federal Reserve is we stay in our lane,” Warsh said. “Independence is a two-way street. We let people that do trade policy and fiscal policy stay in their lane too. That's how we can stand up here and call them the way we see them." In his comments to reporters Wednesday night, Trump said he wants Warsh to be independent.

The increase will raise the benchmark federal-funds rate range by a quarter point to between 3.75% and 4%. In addition, most officials penciled in one more hike this year in interest-rate projections released after the Federal Open Market Committee meeting.

Trump's continued alliance with Warsh comes after he regularly criticized former Fed Chair Jerome Powell and even weighed trying to fire him.

Trump, though, has maintained interest rates should go down. “Interest Rates in the United States should be 1%,” Trump wrote on Truth Social after the Fed’s decision Wednesday.

Stocks Fall On Warning Of Inflation

Continued from Page One were already too high, and investors had worried that Warsh would hesitate to tackle price increases head-on. But soon after the new Fed chairman took to the podium Wednesday, stocks fell and the 10-year Treasury yield ticked up above $5\%$ again.

“We have to be prepared that we are in a rate hiking cycle,” said Mike O'Rourke, chief market strategist at JonesTrading. “You have uncertainty over the foreseeable future that warrants people being a little bit more defensive.”

All three major U.S. stock indexes fell for the seventh time in the past eight sessions. The Dow Jones Industrial Average declined 1.2%, or 631 points. The S&P 500 fell around 0.4%, while the Nasdaq composite fell fractionally. The benchmarks were facing steeper declines before rebounding ahead of the

close.

The Trump administration expressed its disappointment.

“Look, I think the president has been abundantly clear...on where he wanted interest rates to go,” White House spokesman Kush Desai said during an interview on Fox News. “And certainly, today’s rather unfortunate decision by the Federal Reserve to raise interest rates wasn’t, from the administration’s point of view, backed by a particularly compelling economic case.”

In recent days, Wall Street came to see an interest-rate increase from the central bank as a near certainty. Investors were pricing in a 90% chance of an increase on Wednesday morning, and analysts warned of a sharp bond selloff if policymakers failed to deliver one.

Instead, the decision came in as expected—and a negative reaction took shape anyway. Markets responded as they often do when the Fed raises rates and signals inflation remains a concern: Yields rose and stocks fell.

At the start of 2026, many investors were banking on rate cuts. Then, the war in Iran scrambled inflation forecasts and jacked up fuel costs across the globe. Solid economic growth and the inexhaustible artificial-intelligence investing boom added to upward pressure on prices.

Traders worked on the floor of the New York Stock Exchange on Wednesday.

And over the past few months, an intensifying bond rout has placed even more pressure on Warsh and the Fed. Even an intervention from Treasury Secretary Scott Bessent proved insufficient in bringing down bond yields.

Earlier this week, the yield on 10-year Treasurys touched a new 19-year high, climbing above $5\%$ for the first time since it got there during a single session in 2023. Rising yields also put pressure on stock prices, in part by lifting borrowing costs across the

economy.

Treasury yields, which rise when bond prices fall, largely reflect investors' expectations for short-term rates set by the Fed. Early Wednesday, they fell along with oil prices, which have been playing a critical role in shaping investors' inflation outlook.

The 10-year yield initially didn't change much after the Fed's decision, but that changed as Warsh started speaking.

The yield was 5.020% in late afternoon trading, according to Tradeweb, up from 4.995% Tuesday. Brent crude, the international benchmark, still fell 2.7% to \$105.83 a barrel.

Some analysts said that Warsh's commitment to fighting inflation still left bonds in a better position than if he had shown less resolve.

“I think the market is content with this, and it shows the Fed has a credible resolve to bring inflation down to 2%,” said Will Compernolle, macro strategist at FHN Financial.

Yields, Compernolle added, had stayed “within pretty narrow ranges all things considered.”

But Wednesday's decision also turned traders' attention to the possibility of additional rate hikes at the Fed's meetings in October and December. Interest-rate futures showed a nearly $90\%$ chance that the Fed will lift rates at least once more by the end of the year.

“Most people are bracing for further hikes,” said Ben Emons, chief investment officer at Fed-Watch Advisors. “It’s never really a one-and-done.”

Fed Delivers First Hike In 3 Years

Continued from Page One

and airfares, and the effects look likely to last longer than officials expected.

As energy prices have climbed, so have long-term Treasury yields, with the 10-year note on Wednesday settling above 5% for the first time since 2007. Investors have attributed the rise to a mix of forces: higher expected growth from the AI build-out, competition for capital from data-center borrowing, and questions over how high the Fed will have to raise rates to get inflation down.

Stock prices fell, with the Dow Jones Industrial Average closing down more than 630 points. The S&P 500 was down 0.4%, and the Nasdaq composite edged barely lower.

Trump, in a social-media post Wednesday after the rate hike, said that rates in the U.S. should be “1%, or less.”

The Fed's benchmark rate most directly affects short-term borrowing such as credit cards and new loans for autos, which reprice quickly. The costs that matter most to many households and businesses—including mortgage rates—track longer-term Treasury yields, and those have risen as investors expect future rate increases.

The 30-year mortgage rate climbed to nearly 7% last week, the highest in nearly a year, according to a survey by the Mortgage Bankers Association released Wednesday. It stood at 6% in February, before the U.S. campaign in Iran began.

Wednesday's decision leaves open what exactly will follow. The Fed rarely makes just one adjustment after it concludes a turn toward raising or lowering rates is warranted, because a quarter-point higher or lower doesn't do much on its own to change borrowing conditions.

Fed Chairman Kevin Warsh

In new projections, 16 of 18 meeting participants penciled in at least one more increase this year, which would take rates to just above 4%. Only

four penciled in rates ending next year below that level.

Warsh offered a narrow description of what the increase was meant to do. "We removed a dose of accommodation so that financial

and credit conditions would be more consistent with our ultimate objectives," he said.

The phrasing ordinarily would suggest officials view policy as still easy even after Wednesday's move. Warsh dismissed that interpretation when asked where rates stand relative to an unobservable setting that economists think neither spurs nor slows growth. He said the academic idea didn't translate well into the “decisions that we make today.”

Note: Chart shows midpoint of target range. Source: Federal Reserve

A Fed raising short-term rates into a bond market already pricing higher inflation reflects how far the fight has moved from where officials expected it to be.

Officials ended a sprint to lift rates to a two-decade high in 2023. They began cutting in 2024 as price growth slowed,

0.25 Fed's increase, in percentage points, in the federal-funds rate Wednesday

paused early last year as tariffs threatened to push inflation back up, then resumed reductions last fall.

Last year's cuts were insurance against a labor-market slump that never arrived. The unemploy-

ment rate has drifted down to 4.1%, and hiring has exceeded the pace needed to absorb new workers.

Because inflation stayed higher than officials expected, the inflation-adjusted or “real” policy rate is lower now than when they cut. “Having inflation high and real interest rates very low for a sustained period seems like a bad idea,” said William English, a former senior Fed official now at Yale.

The textbook response to a supply shock is to look through it on the theory that it passes before higher rates take effect. The Fed has faced at least two such shocks over the past two years, from tariffs and higher energy prices from the Iran war. The AI build-out, meanwhile, is adding demand faster than supply can meet it.

The case for waiting rests on recent data. Economists at Goldman Sachs say the economic case for raising rates is weak. Underlying price growth over the last three months is lower than the three months before that, and much of the overshoot traces to one-off factors rather than an overheating economy.

The counterargument is that the case for waiting depends on assumptions that aren't holding up. Energy prices were expected to have receded by now. A softening job market was supposed to take pressure off wages and prices. Instead, hiring has steadied and some economists think more employers will soon have to compete harder for workers, which could stoke cost pressures. Officials who want to move say the question isn't what the last three months showed, but what would give confidence that price growth will be muted in six months.

Warsh raised rates at his third meeting as chairman after having suggested one year ago that the Fed was too slow to cut. At his first press conference, in June, Warsh cast the Fed's inflation record as a credibility problem that he would fix.

But he said little at his first two meetings about how he read the economy or what would move him. Warsh has argued for years that narrating the Fed's outlook ties its hands. Investors were left to infer his views, and the guesses ranged from a chair who would delay hikes as long as possible to one who was ready to raise rates.

How Rate Rise Hits Borrowing, Savings

BY NICHOLAS G. MILLER AND DALVIN BROWN

The Federal Reserve's move to boost short-term interest rates Wednesday is poised to ripple through the banking system and debt markets. Here's a breakdown of the impacts:

Consumer debt

Credit-card borrowers will feel the increase quickly. A quarter-point hike would add about \$1.38 a month in interest on the average \$6,600 card balance, said Charlie Wise, head of global research at TransUnion.

Mortgage rates

Mortgage rates are tied to the 10-year Treasury yield rather than the shorter-term federal funds rate set by the Fed. Treasury yields didn't move decisively following the Fed's meeting largely because the bond market had already priced in expectations for a rate hike.

Other home debt

The federal funds rate has a more immediate impact on interest rates for short-term debt, including home equity lines of credit. Americans are sitting on record levels of home equity, but high rates have to some extent prevented them from turning that equity into cash for large-scale renovations.

New-home market

Home builders use debt for their construction projects. The largest homebuilding companies tend to generate financing through the corporate bond market, where rates, like mortgage rates, are more dependent on long-term Treasury yields than the federal funds rate.

But smaller builders and flippers rely on short-term construction financing that is heavily influenced by Fed rate hikes. That could make it more challenging for projects to pencil out, at a time in which the U.S. housing market desperately needs supply.

Savings accounts

The quarter-point increase should push savings rates higher, especially at online banks. High-yield accounts could begin repricing within days or weeks, according to NerdWallet. Large traditional banks are less likely to pass much of the increase to depositors, says NerdWallet spokeswoman Kate Ashford.

Company, muni debt

The rate increase shouldn't have a big impact on corporate borrowing costs because the corporate debt market has already anticipated a move with bond prices falling.

States and cities are also already seeing higher borrowing costs when they issue municipal bonds, which closely track Treasury rates.

CORRECTIONS & AMPLICATIONS

Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-762-5450.

Retail sales, change from previous month

Note: Seasonally adjusted Source: Commerce Department

Retail Sales Figures Add to String of Softer Data

Sales at U.S. retailers slid in July, the latest in a string of weaker reports prompting a rethink about an economy that had looked to be only accelerating this spring.

Retail sales dropped by 0.6% last month, the Commerce Department reported Friday, falling short of the 0.1% increase that economists had expected. The numbers landed a week after the monthly jobs report showed the economy lost 23,000 jobs in July. Earlier this week, moderate inflation figures

also undercut concerns that the economy is overheating.

July's sales setback extended beyond gasoline stations, where lower prices had been forecast to keep sales totals in check. Sales in the "control group" categories of everyday products that economists track closely fell by $0.4\%$ , the first such decline this year.

A separate downbeat report Friday morning from the University of Michigan's preliminary monthly survey showed consumer sentiment has reversed recent gains so far this month. Shoppers reported that persistent price increases and the Iran war have dimmed their view of the economy.

The retail numbers look somewhat less concerning under the surface. Sales at nonstore retailers—which mostly represent online shopping—fell by 2.2%, pulling down the overall totals. Many analysts attribute that drop to Amazon.com's Prime Day sales event, which the company held in June this year instead of July.

THE WALL STREET JOURNAL (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser's order. Only publication of an advertisement shall constitute final acceptance of the advertiser's order. Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com Need assistance with your subscription? By web: customercenter.wsj.com; By email: support@wsj.com By phone: 1-800-JOURNAL (1-800-568-7625) Reprints & licensing: By email: customreprints@dowjones.com By phone: 1-800-843-0008 WSJ back issues and framed pages: wsjshop.com Our newspapers are 100% sourced from sustainably certified mills.

GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS

ETHAN SWOPE/AP

El Niño Takes Shape

Early indicators point to extreme weather, though Atlantic hurricanes have been muted

BY JOSH ULICK AND ERIK BRYNILDSEN sures in South America.

This year's El Niño is heating up to be one of the strongest on record.

The global weather disrupter has already stoked wildfires in Asia, hurricanes in the Pacific and fishery clo-

The worst may be yet to come. The World Meteorological Organization, a United Nations agency, recently forecast that a very strong El Niño will persist through winter, warning of flooding, drought and extreme heat.

How El Niño forms

Here's what to know:

This global weather phenomenon occurs every few years and lasts about a year. Typically, warm water collects in the western Pacific. But in El Niño years, this mass of warm water shifts east toward South America.

This eastward movement of warmer water is one of the harbingers of El Niño. Scientists measure these ocean temperature changes to predict how strong an event will be.

This summer's temperatures in the east-central Pacific are among the highest on record, according to data from the National Oceanic and Atmospheric Administration. Projections show them exceeding previously powerful El Niños.

Ocean temperature anomalies during current El Niño vs. strongest ones on record

Notes: Based on Relative Oceanic Niño Index for east-central Pacific. 3-month moving averages. +1°C = +1.8°F.
Source: National Oceanic and Atmospheric Administration

Regional risks: Hurricanes and drought

As warm waters shift east in the Pacific, the tropical rains they generate move with them—creating fertile conditions for hurricanes. The number of named storms in the northeastern Pacific is about 40% above average for this time of year, according to data from Colorado State University.

strong cyclone activity this summer, with Hurricanes Lala and Lowell bringing destructive winds and flooding.

Hawaii has seen unusually and the Philippines.

Strong El Niños in 1997 and 2015 fueled devastating blazes in Indonesia. This year more than a half-million acres have burned there, harming air quality as far away as Singapore and the Philippines.

How El Niño affects the U.S. and beyond

El Niño's effects extend far beyond the Pacific.

As ocean evaporation shifts east, it generates warm air that rises into the atmosphere. The warm air migrates north and east, speeding up as it goes.

These high-pressure winds feed into the subtropical jet stream, giving an extra boost that propels it further east over North America, causing it to blow stronger and steadier.

The souped-up jet stream delivers more rain and storms

El Niño isn't all bad.

While the climate disturbance promotes cyclones in the Pacific, it can stifle them in the North Atlantic.

In El Niño years, warm air rising off the Pacific generates high-altitude winds that blow east toward the tropical Atlantic. “This results in increased levels of Atlantic vertical wind shear,” according to Phil Klotzbach, a hurricane forecaster at Colorado State University. “Too to the southern part of the U.S. Precipitation peaks in winter, potentially bringing flooding and coastal erosion to California and severe thunderstorms to Gulf states.

El Niño sows chaos even farther afield.

“Southern Africa has a pretty strong tendency for drought during El Niño,” according to Emily Becker, an atmospheric scientist at the University of Miami. “These can have very significant impacts because of food insecurity.”

Silver linings

much vertical wind shear tears apart hurricanes.”

The North Atlantic typically gets more than three hurricanes by this time of year. So far, there have been none.

Another redeeming aspect of El Niño: Scientists know where it is likely to strike.

“Disasters happen all the time. And in El Niño years, we actually know where they will happen,” said Becker. “We can prepare.”

States Await CDC Delivery Of Covid Shots for Children

Availability of Covid vaccinations is at risk of being delayed.

Agency has yet to open ordering process, raising concerns over delays

BY JENNIFER CALFAS AND LIZZY LAWRENCE

States haven't been able to obtain Covid-19 shots from the Centers for Disease Control and Prevention, delaying their distribution to millions of children through federal programs, according to people familiar with the matter.

The CDC hasn't initiated the process states use to place orders for the Vaccines for Children program, which covers around half of the country's youths, the people said, causing a delay in the typical fall immunization schedule for Covid. The typical communication from CDC to begin the ordering process hasn't arrived yet, said Dr. Michelle Fiscus, chief medical officer of the Association of Immunization Managers, which represents directors of state and local public-health immunization programs.

This delay could prevent millions of children and adults from getting Covid shots during the early fall season, when vaccination drives typically kick off. States provide the shots for youths through the

Vaccines for Children program and for uninsured or underinsured adults through a different government program. Meanwhile, Covid-19 vaccines are already available for commercially insured patients at pharmacies including CVS.

“Even if there’s a little delay, that’s creating a disparity,” said Dr. Demetre Daskalakis, who formerly led the CDC division overseeing immunization efforts.

Pfizer, one of the Covid-19 vaccine makers, said it began shipping doses Sept. 7 without any delays on the company's end. Moderna, the other Covid vaccine maker, didn't comment.

“Every day there are opportunities to vaccinate children and protect them that we’re missing because those vaccines aren't yet in the field," Fiscus said.

Emily Hilliard, a spokeswoman for the Department of Health and Human Services, said Covid-19 doesn't follow the same seasonal pattern as flu and other respiratory viruses. "CDC is finalizing decisions regarding COVID-19 vaccine procurement through the Vaccines for Children and Section 317 programs," she said.

It is difficult to predict when the right time in the year is to administer a Covid booster shot, former CDC leaders said. There were efforts previously at the CDC to sync the distribution of Covid-19 vaccines with when flu shots are released—typically around Labor Day.

That was part of a public health strategy to increase accessibility, said Daskalakis, who resigned last year in part because of changes to vaccine policies.

Dr. Daniel Jernigan, former director of the CDC's center for emerging infectious diseases who quit last year alongside Daskalakis, said it doesn't make sense to delay the Covid vaccine orders because of different seasonal patterns. "If the timing is unpredictable, then make it available as soon as you can," he said.

CDC data show an increase in Covid-related hospitalization rates this summer in the U.S.

The CDC contracts with manufacturers of the U.S.-licensed vaccines and negotiates prices for federal programs. States then purchase vaccines through the agency to administer at no cost under the Vaccines for Children program or a program for adults.

States typically order Covid-19 shots within two weeks of them becoming available to order for commercially insured programs, a person familiar with the process said.

Under the Trump administration, the CDC no longer recommends all children receive the Covid-19 vaccine. The administration has backed away from vaccine recommendations under Health Secretary Robert F. Kennedy Jr.

News Copter's Crash in L.A. Kills Three

BY GARETH VIPERS

An aerial view of the aftermath of a news helicopter's crash in Los Angeles.

An NBC News helicopter crashed in a Los Angeles neighborhood, killing three people, as it was being used to cover a deadly collision involving a Metro bus.

The aircraft came down in a parking lot near a self-storage facility in Chatsworth, in the San Fernando Valley, according to the Los Angeles Fire Department.

The helicopter was operated by Angel City Air and was providing coverage for NBC Los Angeles and its Spanish-language sister station, Telemundo 52.

NBCLA later confirmed that the two occupants of the helicopter who died were reporter Eliana Moreno and pilot George Marciniw. A third person on the ground was killed.

News Chopper 4 crashed shortly before 7 p.m. local time Tuesday in Chatsworth, roughly 25 miles northwest of downtown Los Angeles, according to NBCLA anchor Colleen Williams.

NBCLA said in a statement that it extends “our heartfelt condolences to the families, friends and colleagues of those who lost their lives.”

The bus crash, which involved an SUV and left at least two people dead and several injured, happened just after 5 p.m. The helicopter came down between two commercial buildings at a storage facility and landed on two shipping containers and several vehicles parked in the area,

The National Transportation Safety Board and the Federal Aviation Administration are set to investigate.

the fire department said. It was one of a number of aircraft covering the bus crash.

Kirk's Widow Sues School Over Shooting

BY MARIAH TIMMS

Security gaps at Utah Valley University allowed an assassin to get close enough to kill conservative commentator Charlie Kirk, his widow Erika Kirk said in a legal filing notifying officials that she may take legal action against the university and the state.

Charlie Kirk, 31 years old, was shot and killed last September while addressing students at the public university, on the first stop of a planned college speaking tour for his organization, Turning Point USA.

Lawyers for Erika Kirk filed the legal document last week ahead of the first anniversary of the shooting, the first step in preserving her right to sue the officials over the death. Under Utah law, a plaintiff must notify government defendants of a claim of loss for a lawsuit to be considered.

“Through a series of stunning failures and reckless decisions, the UVU Parties created a foreseeable danger to Charlie. Those decisions rendered Mr. Kirk helpless to the rooftop shooter,” according to the document, which was viewed by The Wall Street Journal.

The filing names the state of Utah, university officials and campus police. It claims organizers of the event dismissed concerns shared with campus police about nearby rooftop access.

In transcripts of text messages in the document, a TPUSA official flagged students' concerns about the rooftop access and asked university Chief of Police Jeffrey Long to "either have it controlled access or allow one of my guys to be there as well. If Possible."

“I got you covered,” Long said, according to the filing.

A university spokesman said, “Our focus remains on supporting our campus community.”

Earlier this month, the case against Tyler Robinson, the man accused of killing Charlie Kirk, moved forward after a Utah judge ruled there was enough evidence to warrant a trial for aggravated murder, a charge that potentially carries the death penalty. Robinson also faces charges of obstruction of justice and witness tampering related to alleged steps he took to conceal his rifle and to urge his roommate to delete text messages and not cooperate with law enforcement.

Robinson, 23, has pleaded not guilty to the charges. Robinson was identified after family and friends contacted law enforcement, officials said last year. He has been in custody since his arrest days after the shooting.

NAUTISCHE INSTRUMENTE MÜHLE GLASHÜTTE/SA.

-Precision German engineering meets quiet confidence-The Mühle Glashütte Sportivo Big Date represents pure dynamism - robust and precises.

For more information please contact: Tempus Takumi – NYC, NY - 212-257-3330 Exquisite Timepieces - Naples, FL - 239-227-2932 Sam L. Majors - Midland, TX - 432-687-0078 Robert Hack Diamonds - Brookfield, WI - 262-790-5757 Right Time - Highland's Ranch, CO - 303-862-3900 Toppers Jewelers - SF Bay Area, CA - 888-730-2221 Merry Richards Jewelers - Chicagoland, IL - 630-516-8000 Little Treasury Jewelers - Gambrills, MD - 410-721-7100 Old Northeast Jewelers - St. Pete, FL - 727-898-4377

Muhle Glashutte USA · 727-896-4278 www.muhleglashutteusa.us

Arms Deal for Israel Stirs Objection

The U.S. deal would supply Israel with arms, including 2,000-pound MK-84 bombs. An unexploded MK-84 that hit a Gaza home.
MAR ASHTAWY/APA IMAGES/ZUMA PRESS

A key Democrat opposes \$2.8 billion plan over concern for civilian casualties

A top Democrat said he would oppose President Trump's planned \$2.8 billion military aid package for Israel, saying it raises "grave, unresolved concerns" about how the heavy bombs would be used in densely packed areas in Gaza and Lebanon.

By Jared Malsin, Alexander Ward and Yoko Kubota

The objection by Rep. Gregory Meeks, the ranking member of the House Foreign Affairs Committee, is unlikely to stop the deal outright because the administration has options to bypass the objection.

But Meeks's refusal to greenlight the transfer highlights a sensitive issue—military support for Israel—that has divided lawmakers ahead of the midterm elections.

"The Trump administration has not provided sufficient assurances that these weapons will be used by the Netanyahu government in accordance with U.S. law and with appropriate protections for civilians," the New York Democrat wrote, referring to Israeli Prime Minister Benjamin Netanyahu. "I therefore will not clear this sale at this time."

Meeks added that his decision didn't diminish congressional support for Israel's “legitimate defense needs.”

The proposed \$2.8 billion arms deal includes 40,000 of the U.S.'s 2,000-pound bombs, according to U.S. officials familiar with the plan. Half of those would be MK-84 bombs and the rest would be BLU-117s, the officials said.

The deal would also include 20,000 bunker-busting warheads. Known as I-2000s, the warheads are designed to explode after bursting through concrete or other structures.

The money to purchase the bombs would come from foreign military financing, whereby the U.S. gives funds to other countries to purchase its weapons.

The planned sale indicates continued U.S. military support for its ally, despite recent tensions between Trump and Netanyahu over a peace plan for Gaza. Last month, Netanyahu rejected Trump's plan for a phased disarmament of Hamas and resumed airstrikes on the militants after a short pause in hostilities.

Trump later said that Israel shouldn't be striking Hamas, a U.S.-designated terrorist group, because the militants had agreed to give up their arms.

The Iran conflict has also strained Trump's relationship with Netanyahu. The war, which killed many Iranian leaders and degraded some of its military, left the Iranian regime in place while Tehran unleashed strikes across the region, causing a global oil supply crisis. Trump has vented his frustrations over the conflict in calls with the Israeli leader, The Wall Street Journal has reported.

“I see it as a huge favor and an endorsement of the Netanyahu government. These are the types of weapons that cause the most damage,” said Seth Binder, an expert on U.S. weapons sales and policy director at the American Committee for Middle East Rights, a U.S.-based organization that advocates for human rights in the region. “In a moment when there’s a national conversation around ending assistance to Israel, this is going the complete opposite direction, doubling down in its support and then some.”

The White House declined to comment on a pending arms sale. The State Department declined to comment on the proposed sale but said, "Israel has the right to defend itself, and the United States supports Israel taking necessary action to defend its country."

Israel has come under increasing international pressure over the toll the war in Gaza has taken on Palestinians. The Israeli military has used MK-84s among other munitions to destroy large areas of the Gaza Strip during its war in the enclave in response to the Hamas-led Oct. 7, 2023, attack on Israel that killed some 1,200 people. The war has killed more than 73,000 people in Gaza, according to Palestinian health authorities, who don't say how many were combatants.

The blast radius of the MK-84 is up to 400 yards, meaning that the combined firepower of the proposed weapons in the sale would be enough to cover the entire surface area of the Gaza Strip multiple times over. Each bomb is capable of leveling an apartment building and of blasting a 50-foot-wide crater. Israel says that its operations in Gaza are aimed at Hamas militants and that the military takes steps to protect civilians.

The Israeli defense ministry declined to comment. The Israeli prime minister's office didn't respond to a request for comment.

Military analysts say that one potential legitimate use of the large payload bombs would be destroying underground tunnels and bunkers, places ordinary bombs can't reach. The bombs could also be used in warfare in rural areas where there are few civilians present.

House Passes Bill Targeting Russian Oil

BY YOKO KUBOTA AND OLIVIA BEAVERS

WASHINGTON—The House passed legislation Wednesday that gives President Trump new authority to level tariffs and is intended to squeeze the biggest importers of Russian oil and gas, a measure designed to punish Moscow for the invasion of Ukraine.

The legislation passed 262 to 159, sending it to Trump's desk for his signature. The bill, which was approved by the Senate last month, received bipartisan support, even as some Democrats opposed it because they were concerned that Trump might misuse the greater tariff authority.

The legislation wouldn't only penalize certain Russian individuals and entities but also the five biggest importers of Russian oil and gas. It gives Trump the authority to issue up to $100\%$ tariffs on the countries buying Russian energy. It also extends sanctions on Iran until 2031.

Among Russia's top five fossil-fuel importers, China accounted for $51\%$ of Moscow's revenues, according to Sen. Jeanne Shaheen of New Hampshire, the highest ranking Democrat on the Senate Foreign Relations Committee.

A White House official said Trump planned to sign the bill.

Rep. Michael McCaul (R., Texas), who sponsored the measure, argued that passing the bill before the winter months is important in putting pressure on Russian President Vladimir Putin and his allies, acting before Russia could target civilian infrastructure.

Meanwhile, Rep. Gregory Meeks (D., N.Y.), the top Democrat on the House Foreign Affairs Committee, said he was skeptical the bill would achieve its purpose.

Two Iowa Republicans Split With President on Iran War

BY MAYA DAVIS AND JOHN MCCORMICK

In the latest sign of the political weight of the war in Iran, two Iowa Republicans facing competitive House elections crossed the aisle to support a Democratic resolution to end the fighting, swelling the number of GOP defec-tions.

The House has now passed an Iran war-powers resolution three times.

In a vote late Tuesday, Reps. Zach Nunn and Mariannette Miller-Meeks, who both face races rated as tossups by non-

partisan analysts, supported the resolution in a break from President Trump. The measure directs the president to remove U.S. forces from hostilities against Iran unless Congress has declared war or authorized use of force.

Iowa has become an unexpected battleground state, with Trump's tariffs placing a considerable burden on the farm economy there and the

Middle East conflict driving prices higher for gas, diesel and fertilizer. Two service-members killed in a March drone strike in Kuwait also have connections to Iowa: U.S. Army Reserve Sgt. Declan Coady is from Nunn's district, and Army Reserve Maj. Jeffrey

O'Brien lived in Nunn's district and has ties to Miller-Meeks's.

The war-powers vote passed 220-204, with the support of all Democrats and seven Republicans, up from four in a prior

vote. Miller-Meeks, a retired Army lieutenant colonel and doctor, and Nunn, an Air Force Reserve colonel, both voted no on previous resolutions.

In a statement that referred to his combat missions in the Middle East, Nunn noted the “devastating price” his state has paid for the war and said Iran must be “held accountable” for its actions. But he also made clear that the ad-

FROM LEFT: LEON NEAL/GETTY IMAGES; ANNA MONEYMAKER/GETTY IMAGES

Republican Reps. Mariannette Miller-Meeks and Zach Nunn are both in races rated as tossups.

ministration no longer has a blank check from him in terms of support for the war.

“Sustained combat operations now require congressional authorization,” he said, adding he “will not support another open-ended war.”

Nunn's vote arrived roughly a month after he stood side by side at the Iowa State Fair with Defense Secretary Pete Hegseth. Iowa backed Trump by 13 percentage points in the 2024 election.

"There is a cost to doing very difficult things, to going out and defending your country and ensuring radical Islamist crazies don't get a nuclear weapon," Hegseth said at the time.

Like Nunn, Miller-Meeks stressed her more than two decades of military service in making the decision.

“Americans do not want another forever war. I will not vote to keep our soldiers in an open-ended war, with Iowans paying too much at the pump,” she said. She called on Trump to present a plan to end the war.

Trump has largely ignored lawmakers on the war. Back in

May, he notified Congress that hostilities against Iran ended in April, allowing the White House to bypass a 60-day deadline for lawmakers to approve the war, which started in February.

The House has now passed an Iran war-powers resolution three times. Such votes are largely symbolic, as Trump could veto any measure that makes it to his desk.

The other Republicans supporting the measure Tuesday were Reps. Warren Davidson of Ohio, Brian Fitzpatrick of Pennsylvania, Tom Barrett of Michigan, Thomas Massie of Kentucky—who had backed it in a previous vote—and Rep. Nancy Mace of South Carolina. Mace and Massie are leaving Congress after this session, while Fitzpatrick and Barrett are in competitive races this fall.

The shift by Nunn and Miller-Meeks highlights the pressure on Republicans in the state and splits the chamber's Iowa delegation. Reps. Randy Feenstra and Ashley Hinson voted no. Iowa Sens. Chuck Grassley and Joni Ernst have both voted no on similar Senate resolutions.

Nunn has faced pushback for previous pro-war comments from his Democratic opponent, pastor and state senator Sarah Trone Garriott. An anti-Nunn ad run before Tuesday's vote accuses him of wanting the war to end "while voting for it."

Miller-Meeks is facing law professor and former state representative Christina Bohannan for a third time. Bohannan has criticized the lawmaker on Iran, posting to X that Miller-Meeks's previous war-powers votes have perpetuated the conflict.

Trump's Chief of Staff Says She Is Cancer Free

BY JOSEPH PISANI

White House chief of staff Susie Wiles said Wednesday that she is cancer free after undergoing treatment for breast cancer earlier this year.

"After a medical appointment at the Mayo Clinic this week, my pathology results came back clear," Wiles, 69 years old, said in a social-media post. "I am cancer free."

President Trump announced in March that Wiles had been diagnosed with early-stage breast cancer and that she would start treatment immediately. He called her “one of the strongest people I know” and said her prognosis was excellent. Administration officials said at the time she would continue in her role and take time off when needed for treatment.

On Wednesday, Wiles thanked Trump for his “unwavering support” and said she would continue to “work to advance his America First Agenda.”

Wiles, a native of Florida, is the first woman to serve as White House chief of staff. Before that, she was Trump's campaign manager for the 2024 election. In 2016, she worked with him to help win Florida.

Leon Black Found in Contempt of Congress

BY ANNA MARIA ANDRIOTIS

The House of Representatives voted to hold billionaire Leon Black in contempt of Congress following his refusal to comply with House committee subpoenas related to his ties with Jeffrey Epstein and nondisclosure agreements.

The vote on Wednesday was by unanimous consent. From here, Congress will refer the matter to the Justice Department. Individuals convicted of contempt of Congress face possible jail time.

A spokeswoman for the Justice Department said that it “takes allegations of contempt of Congress seriously” and that the U.S. Attorney’s Office for the District of Columbia would review the referral.

“This an outrageous action that ignores the facts and the truth about Mr. Black,” lawyers for Black said.

"The House of Representatives has rushed through every stage of this inquiry."

Rep. James Comer, the Republican chair of the House Oversight Committee, said, "No one is above the law. Leon Black defied two subpoenas." Rep. Robert Garcia (D., Calif.), the top Democrat on the committee, said, "This vote is an important step towards justice and accountability."

Comer (R., Ky.) also introduced a bill on Wednesday to ensure survivors can speak freely about sexual abuse even if they signed a nondisclosure agreement. “During our investigation, we’ve learned how powerful men weaponized nondisclosure agreements to silence survivors of sexual abuse,” Comer said.

This month, Black filed a lawsuit in federal court against the House Oversight Committee, which is probing his ties with Epstein and Comer, arguing that the panel and its chair have overstepped their authority.

In June, Black appeared for questioning by the committee but the session was cut short when he left abruptly. The committee subpoenaed him to return for more questioning and to turn over nondisclosure agreements. Black turned over one NDA he reached with a former girlfriend where Epstein played a consulting role, but declined to provide NDAs with other women.

Black, the former chief executive of Apollo Global Management, was one of Epstein's biggest financial clients. He has said he didn't know about Epstein's crimes, never abused a woman and wasn't blackmailed by Epstein.

While rare, contempt prosecutions have resulted in jail time. Trump advisers Steve Bannon and Peter Navarro served prison sentences after being convicted of contempt of Congress for refusing to cooperate with the House investigation into the Jan. 6, 2021, Capitol riot.

Business Leaders Cite AI Safety Threats

At forum, executives disagree with Trump view that dangers are being exaggerated

BY CHIP CUTTER

WASHINGTON—Chief executives aren't buying President Trump's argument that AI's threats to humanity are a hoax.

At an invitation-only gathering of dozens of America's top executives in Washington this week, business leaders overwhelmingly disagreed with the president's assessment that dangers posed by artificial intelligence are being exaggerated. In a flash poll of attendees at the Yale School of Management event, $93\%$ said Trump was incorrect in calling the technology's potential catastrophic dangers a hoax, as he did this week.

“It was stunning,” said Jeffrey Sonnenfeld, a Yale management professor who organized the CEO meeting. In conversations with executives both in the room and in debriefings afterward, Sonnenfeld said business leaders told him they wanted more discussions on ways to safeguard against AI and its possibilities for harm. “The sentiment was: It’s real.”

The forum was a chance for business leaders to compare notes ahead of the White House's state dinner with China's leader Xi Jinping next week, where the global race to build the most advanced AI is likely to loom large. Trump has dismissed calls for tighter federal regulations, arguing that such guardrails would financially ruin the industry and give China an edge. Leaders of the biggest AI companies, including Anthropic and OpenAI, said over the weekend that the industry needed to slow development of advanced AI to ensure its safety.

The business leaders hailed mostly from industries and parts of the country outside Silicon Valley and included CEOs from the toolmaker Snap-on, Motorola Solutions and glassmaker Corning, who received an award. The room was a mix of Republican and

Democratic executives and government officials, including former Vice President Mike Pence and former House Speaker Nancy Pelosi.

Many didn't want to speak publicly for fear of alienating the Trump administration, but a series of poll questions let them share their concerns collectively.

The White House didn't respond to a request for comment.

AI Risks Divide Top Trump Aides

Continued from Page One

more government scrutiny.

Sacks, a venture capitalist, Meta Platforms Chief Executive Mark Zuckerberg and Nvidia's Jensen Huang are among those frequently urging the president to continue taking a light touch—an approach that appears to be winning the day.

President Trump has dismissed calls for tighter AI regulation.

Zuckerberg, Huang and SpaceX CEO Elon Musk recently spoke to Trump about their concerns with one plan for an industry-funded regulator, and successfully stalled the plan, people familiar with the matter said.

Sacks has become a particular point of friction for some White House officials. He advocated for limited government involvement in AI in his initial role as the administration's AI and crypto czar. Some administration officials privately researched Sacks's businesses to see if the venture investor could personally profit by blocking regulations.

ULIA DEMAREE NIKHINSON/AP

Sacks held his initial role as a special government employee, which meant the Office of Government Ethics required his venture firm to divest many but not all of its AI holdings. His firm's multibillion-dollar portfolio includes stakes in SpaceX and many AI startups. Sacks previously invested in Zuckerberg's Meta Platforms, Palantir and Airbnb.

He left his czar role in March to be co-chair of a White House tech advisory council. In the past six months, other administration officials have grown concerned at how far the technology has come, and how little the administration initially did to scrutinize it, people familiar with the matter said.

Sacks's power was on display again this week, when Trump declared Monday that the only AI regulation the U.S. needs is a “strong and smart president” following an outcry from lawmakers and some AI CEOs for a coordinated slowdown of model development to prevent cyberattacks or other disasters.

Hours later, Trump called in to an event hosted by the tech podcast that Sacks co-hosts, called “All In.” Sacks was on stage with Huang at a live taping, when Huang, clad in his usual black leather jacket, took the call.

Huang praised Trump's earlier comments, then put him on speaker. "The robots will not be taking over. The AI will not be taking over the rest of the world," Trump said.

White House spokeswoman Liz Huston said: "The Trump administration is committed to unleashing American innovation, supporting the safe and successful deployment of the world's most advanced AI models, and protecting our national security."

The preview and gradual release of Anthropic's powerful Mythos model in the spring sparked part of the shift within the White House, after officials realized that the AI tool could be used to launch such attacks and present national-security threats. Inside the administration, the Mythos model was a "red flashing light," a senior administration official said, prompting round-the-clock calls for days.

In July, OpenAI's hack of the company Hugging Face involving hundreds of AI agents acting in coordination fueled fears among officials of out-of-control models.

White House officials have since regularly battled with other AI executives, who have opposed many regulatory efforts. At times, the executives have gone directly to Trump, the people said.

Some of the White House aides have had to learn about AI as they go along and have quizzed those in the industry about how certain things work, people familiar with the matter said.

The White House team has begun looking at how rogue developers or foreign nations could use the technology in ways that hurt people and U.S. infrastructure including local water and power utilities, a concern for officials including Vice President JD Vance. Some of the evaluations have included the National Security Agency and the Central Intelligence Agency, the people said.

As the White House discussions about AI have expanded to how it could be used to create biological weapons, the meetings have at times included top Health and Human Services officials, they said.

Despite the concerns from his top advisers and much of the public, Trump has remained resolute that the nation needs to accelerate AI development, and continue to build data centers that are powering the AI boom, to stay ahead of China and boost the economy. "There is a SICK conspiracy going on against AI and Data Centers, and the only one that is happy about it is China. WHOEVER WINS AI, WINS!" he wrote on Truth Social Monday.

Trump has defended the data centers despite polling showing most Americans oppose them in their communities, and warnings from his outside advisers that his stance could make him seem out of touch with the public.

Sacks said Wednesday at a Politico event that existing product liability laws and measures preventing fraud are largely sufficient regulations for AI models at this time. “It is the responsibility of these companies to maintain control of their products,” he said.

Some administration officials have told executives at AI companies that it is difficult for the White House to build consensus when the sector is often divided and CEOs contact Trump directly, people familiar with the matter said.

Trump's own aides have had little luck convincing him that AI has significant downsides, people familiar with the matter said. The president is “interested” in AI but “doesn’t use it all the time,” a senior administration official said.

Tech and AI companies have been prodigious givers to Trump and his affiliated organizations in this term. OpenAI's Altman has repeatedly attended fundraisers with Trump, and another top executive at the company, Greg Brockman, and his wife have given \$25 million. Nvidia's Huang has given money to Trump's new White House ballroom. Meta and other tech giants have made similar pledges.

Last month, some industry executives worked again to persuade Trump to scuttle another potential order.

Demis Hassabis, chief scientist of Google parent Alphabet, had been pitching White House officials on an industry-funded group that would set standards and prevent harm similar to the Financial Industry Regulatory Authority, which oversees brokerage firms, in recent weeks. Many industry executives supported the concept, but Zuckerberg, Huang and Musk didn't, expressing concerns about who would be chosen for the body and the potential to concentrate power in OpenAI, Anthropic and Google, according to people familiar with the matter.

Trump ultimately didn't agree to setting up such a group, the people said, frustrating some inside the White House.

U.S. WATCH

Artist Peter Max in 1998 at his New York studio with photos of Princess Diana.

WASHINGTON

Fencing Goes Up At Kennedy Center

Fencing went up Wednesday around the main Kennedy Center building, a day after the Trump-aligned board voted to close most of the performing arts center for repairs.

Rep. Joyce Beatty, an Ohio Democrat and an ex officio member of the Kennedy Center board, sought an emergency court hearing Wednesday to prevent what she called the “unlawful closing.”

The board's vote Tuesday came after a federal judge blocked the institution from returning President Trump's name to the building.

The president had said in a social-media post that the closure was needed for safety repairs. But he said the repairs, which Congress has allocated \$257 million to cover, would only happen if the board was permitted to move forward with plans to add his name to the building.

Activists who have opposed the closure said there was no vehicle or pedestrian access to the building Wednesday. A reporter who approached the main building was told by a security guard that it was closed.

—Associated Press

OBITUARY

Annie Dillard, 81, Celebrated Author

Annie Dillard, the Pulitzer-Prize winning author and essayist renowned for her poetic explorations of nature, love, spirituality and the art of writing in the "Pilgrim at Tinker Creek," "The May-trees" and numerous other works, has died. She was 81.

Her literary agent, Rob McQuilkin, said Dillard died Tuesday of natural causes at her home in South Wellfleet, Mass.

Starting in the mid-1970s, Dillard completed a wide range of books, from the poetry collection “Tickets for a Prayer Wheel” to what she would call the “jolly journalism” of “Encounters with Chinese Writers” to the novel of marriage, “The Maytrees,” a finalist for the PEN/Faulkner award in 2008.

Born Meta Ann Doak, she was a Pittsburgh native who in the 1987 memoir “An American Childhood” looked back at her early years and on her uniquely curious mind.

Dillard had yet to turn 30 when “Pilgrim at Tinker Creek” established her as a major, new literary voice and heir to Henry David Thoreau as a sensitive and idiosyncratic observer of the natural world.

—Associated Press

OBITUARY

Pop Art Master Peter Max, 88

Peter Max, whose colorful, psychedelic pop art expressed the optimism of the "flower power" movement of the 1960s and graced everything from postage stamps to a cruise ship, has died at 88, his son said in a statement Wednesday.

Max died on Monday, the statement said. No cause was given.

He began his career in graphic design in the 1960s, and his swirly, colorful, instantly recognizable designs epitomized the era's “flower power” art.

Max was the official artist for the Olympics, the Super Bowl, the Indianapolis 500, the World Cup, the World Series and many other events.

"We will remember his extraordinary creativity, his warmth, his curiosity, and the way he saw beauty and possibility everywhere," his son Adam Max said.

Max was born Peter Max Finkelstein in 1937 to a Jewish family in Berlin. They fled Nazi Germany for Shanghai when he was a baby and later spent time in Tibet, Israel and Paris before settling in New York City when Max was 16. Associated Press

Saudis Are Linked To Chinese Missile

GREG BAKER/AFP/GETTY IMAGES

Ballistic debris found in Yemen indicate Beijing has a role in weapons sales

DUBAI—Debris discovered in Yemen indicates Saudi Arabia has fired a Chinese-made ballistic missile in combat for the first time, Yemeni officials and weapons experts said, in a move likely aimed at signaling to the kingdom's Houthi rivals it has other weapons in its arsenal.

By Jon Gambrell, Summer Said and Saleh al-Batati

The use of the Dongfeng 15, if confirmed, would mark the first time Saudi Arabia has used a ballistic missile in its yearslong war with Houthi militants in Yemen. It would also shed new light on China's sale of missiles to the Middle East, which Beijing has long denied.

It couldn't be determined whether the missile struck anything in Yemen. The body was the only debris found. The warhead detaches in flight and flies farther to its target. Saudi Arabia has been using jet fighters to carry out regular airstrikes as its conflict with Houthi militants has escalated in recent weeks.

"The Saudis are showing a card that they previously haven't shown to try to balance the strategic equation," said Sascha Bruchmann, a research fellow at the International Institute for Strategic Studies, a London-based think tank.

China's Foreign Ministry and Saudi Arabia's government didn't respond to requests for comment.

Video showing the debris began circulating on social media Monday, showing Yemenis gathered

The missile could send a signal not only to the Houthis but to Iran.

around the body of a missile, the lights of their mobile phones shining across its fins, motor and serial number. "DF-15A" was printed in bold, black lettering on its side.

The Wall Street Journal couldn't verify the authenticity of the videos, but regional analysts said they appeared to be legitimate.

rate.

The missile appeared to be a DF-15A, a short-range, solid-fueled ballistic missile designed by China, they said. They cited the missile's distinctive fins, which are fixed in place, and the actuator motors as matching footage previously aired by Chinese state television of drills involving the weapon.

A Houthi official and an official from the Houthis' opposition in Yemen said Saudi

Arabia fired the missile.

Chinese military vehicles carry DF-15B ballistic missiles as they participate in a parade.

A Saudi official didn't deny the kingdom launched the missile. He acknowledged the Houthis didn't possess the weapon system. The official declined to elabo-

The use of the missile comes as Saudi Arabia's economy is under pressure from the expanding conflicts in the Middle East. The Houthis recently seized territory along the Bab al-Mandeb Strait, a vital waterway for getting oil out of the region. The Strait of Hormuz has been largely shut for months by the conflict between the U.S. and Iran. Saudi Arabia also had to close a pipeline last week after it was hit by drone attacks.

The use of the missile could send a signal not only to the Houthis but also to Tehran. A DF-15A would have the range to reach the southern coast of Iran. But sending such a message also would carry risks for the Saudis.

"If I was the Saudis, I'd be worried about starting a ballistic missile conflict with the Iranians because it wouldn't be just American bases, but it also would put at risk all of its missile infrastructure," said Sam Lair, a fellow at the Foreign Policy Research Institute, a U.S.-based think tank.

The U.S. has long identified Saudi Arabia as a buyer of Chinese missiles. In the late 1980s, Saudi Arabia reached an estimated \$3 billion deal with Beijing to purchase Dongfeng 3A missiles, an intermediate-range missile. At the time, the U.S. considered cutting off arms sales to the kingdom but held off over fears of losing influence in the waning days of the Cold War.

Chinese missiles have been seen in at least one Saudi military parade, in 2014. Analysts said satellite imagery showed Saudi Arabia expanded facilities for maintaining and manufacturing the missiles. In 2021, the Journal reported the Chinese military had transferred several batches of finished Dongfeng missiles to Saudi Arabia since around 2018.

China separately has sold missile parts and fuel in the same period to Iran, which has supported the Houthis for years as a pressure tactic against Saudi Arabia.

The Stockholm International Peace Research Institute puts China as the world's fifth-largest arms exporter, with major clients including Pakistan, Serbia and Thailand. The U.S. remains the largest, with Saudi Arabia accounting for $12\%$ of all sales, the institute said.

Houthi Rebels Say They Shot Down Saudi F-15 Jet Fighter Over Yemen

BY JON GAMBRELL AND SUMMER SAID

DUBAI—Yemen's Iran-backed Houthi rebels said Wednesday that they shot down a Saudi F-15 jet fighter and released video footage that appeared to show charred aircraft debris, as the deepening conflict on the Arabian peninsula worsens energy-supply disruptions.

Saudi Arabia's Media Ministry didn't respond to a request for comment. But two people familiar with the incident said a Saudi plane was downed.

The Houthis recently seized territory, including an island in the Bab al-Mandeb Strait, strengthening their ability to interfere with Saudi Red Sea oil shipments. And the rebels and Iran-backed militias in Iraq have hit Saudi oil production.

If the Houthis succeed in taking out a U.S.-made F-15, it would represent a significant change in its air-defense capabilities. Until now, during a decadelong conflict, the Saudis largely have been able to conduct airstrikes across Yemen at will. The Houthis' military media arm said the plane was downed in Marib, an area that produces oil and gas that long has been sought after by the rebels. The Houthis, who have been armed by Iran, said they used a locally produced missile to shoot down the fighter.

The footage appears to show a charred stretch of desert, with parts seen resembling wings and an engine from an F-15. Saudi Arabia's national flag could be seen on what appeared to be a tail fin in several shots.

The Houthis didn't mention the fate of anyone on board. The F-15 can be flown by a single pilot or with a pilot and a weapons-system operator on board.

If confirmed, the loss of the

F-15 would be the first for Saudi Arabia in the latest flare up in the conflict. The Houthis have claimed downing other aircraft, with the kingdom often countering that the planes faced technical problems.

An informal truce in Yemen, where the Houthis were fighting the internationally recognized and Saudi-backed government, had been in place since 2022.

The Houthis—part of an Iran-led alliance—joined in fighting after Hamas militants attacked Israel on Oct. 7, 2023. Houthi forces attacked more than 100 ships and launched missiles targeting Israel during the conflict before the Gaza truce.

When Israel and the U.S. began striking Iran last year, the Houthis stayed on the sidelines. Their offensive comes as Iran and the U.S. continue to vie over control of the Strait of Hormuz, where a fifth of all oil traded in peacetime once passed.

DOW JONES RISK JOURNAL Dow Jones Risk Journal: Enterprise grade risk intelligence, now available instantly

The essential source of news and insights for risk and compliance professionals, business leaders and other decision makers.

Dow Jones Risk Journal provides trusted news and actionable insights to help you manage risk, ensure compliance and make informed business decisions.

Gain immediate access to customized news and insights on 16 risk topics, from financial crime, crypto and AI, to geopolitics, supply chains and cyber.

Powered by:

• Risk Journal journalists

• Expert contributors

• WSJ and other Dow Jones publications

Scan the QR Code to sign up for Dow Jones Risk Journal instantly.

Some ways Iran is trading around the U.S. blockade

Tehran Lags In Skirting Blockade

■ Border crossing		Railway	● City
	RUS. ARMENIA TURKEY IRAQ	UZB. TKM. Tehran IRAN	AFG. PAK. U.S. blockade
TRADING PARTNER	IMPORT		EXPORT
Russia	Corn, wheat, seeds, cooking oil
China	Industrial machinery, electrical equipment, automobile parts
Pakistan	Rice		Bottled gas, bitumen, cement, vegetables, yogurt
Turkey	Cooking oil		Aluminum ingots
Iraq	Rice		Urea
Afghanistan			Bottled gas, oil products
Uzbekistan			Fertilizer
Armenia			Aluminum ingots
Turkmenistan			Fertilizer

Sources: Kpler; Buskool; International Transport Companies Association; Iran's Truckers Union; Pakistan's ministry of foreign affairs; Baloch Human Rights Documentation Network; Sheypoor; China Data Portal; EMID LLC; Shiraz Petrochemical Co.; Takitak; Torob and Zenokala; Ershad Rice; National Iranian Oil Products Distribution Co.; 52WMB

Continued from Page One continued from age one have been spoiled because of the delays. Lucrative cargoes of iron ore, cement and bottled gas are stuck at entry points to the Pakistani and Afghan borders, truckers say.

“Neither Iran is taking responsibility for the situation, nor is Pakistan allowing us to unload our cargo,” one driver says in a video posted by the Union of Truckers and Drivers Organizations Across Iran over the weekend.

The economic war in the Persian Gulf is dictated as much by how much the countries in the region can move their exports over land rather than through the Strait of Hormuz. Some have found workarounds. Saudi Arabia is moving more of its oil west across the Arabian Peninsula. The U.S. Navy is helping some of the Gulf nations shift their oil through the strait.

Iran's attempts are faltering. The U.S. is isolating its economy with new sanctions and launching strikes on Iranian tankers in reprisal for Tehran's attacks on its Navy, collapsing seaborne exports.

In another setback for Iran's plans to bypass Hormuz, Iran's Mahan Air, which is sanctioned by the U.S., said Wednesday it was suspending flights to Oman and Turkey.

The U.S. blockade has also hurt Iran's imports of basic goods, $70\%$ of which normally go through the blockaded ports. Though humanitarian goods and food are ostensibly exempt, the reality is that shippers are reluctant to service Iran.

Videos posted on social media last week show cranes at the Port of Shahid Rajaee, Iran's largest commercial container port, at a standstill. Thousands of containers are stranded in ports in Pakistan, the United Arab Emirates and Saudi Arabia, transportation professionals in Tehran last month told the Mehr News Agency, which is affiliated with Iranian security services.

Iran has tried to compensate by pushing more trade through other routes. Transits across the Caspian Sea have grown by 70% in the past five months, Iranian officials said. Iran imports large quantities of its wheat, corn and cooking oil from Russia, according to data provider Kpler and Iranian trading websites.

A freight railroad from Tehran to Xi'an in eastern China has jumped from once-a-week journeys to every three or four days since the blockade started, the state-controlled Tehran Times reported. Iran imports industrial machinery, electronics and automotive spare parts from China.

But in a sign of how vulnerable the alternative routes are, Iraq over the weekend temporarily closed cargo terminals at the Iran border after alleging Iran had used its territory to attack Saudi Arabia. On Sunday, trucks carrying Iranian onions bound for Iraq were forced to turn back as a result, according to Tehran's Central Fruit and Vegetable Market.

Iran's land borders were a mess before these latest closures, though. This summer, for example, the number of trucks going through Pishin, one of the main crossings into Pakistan, increased from about 40 vehicles to as many as 130 vehicles a day, the local governor told the semiofficial

ISNA News Agency. Customs officers on Iran's land borders are struggling to cope, Ehsan Malekzadeh, chairman of the Iranian International Transport Companies Association, told the Mehr News Agency.

Malekzadeh said 3,700 trucks were stranded on the Iranian side of the crossing to Turkey, with delays reaching 20 days. At the main crossing into Pakistan, 700 trucks—mostly carrying bottled gas and cement—are waiting at any time, but only 40 are allowed to cross, according to the Baloch Human Rights Documentation Network, a local civic group.

One driver told Iran's state-controlled news agency IRNA he was stuck for days at the Pakistan side of the border with meat destined for Iran, where prices are spiraling higher. At the border with Afghanistan, truckers also wait for days before being able to export Iranian iron ore, according to Iran's Truckers' Union.

The rising costs are now adding to Iran's worsening inflation problem. In some cases, the overland bottlenecks and diversions now contribute as much as a third of the price for goods once they reach Tehran, Mohammad Reza Khodarahm, an import expert, told an Iranian economic daily.

JUSTIN TANG/THE CANADIAN PRESS/AP

EU Chief Backs New Ties With Canada

Associate-member status is urged as Carney pivots away from Washington

The European Union's top official said she would work to make Canada the bloc's first associate member, a major shift indicative of the new ties traditional U.S. allies are

By Laurence Norman, Amanda Coletta and Joe Parkinson

forging with one another in the face of hostility from the Trump administration.

European Commission President Ursula von der Leyen said Europe must tighten its cooperation with like-minded democracies, in particular Canada, to retain the continent's sovereignty and tackle threats from what she called “an openly hostile world.”

The landmark speech at the European Parliament in France signaled that the 27-member bloc, threatened by Russia to its east and an adversarial relationship with Washington, is rethinking its limits. Officials are weighing new, more flexible terms of inclusion, and Canada, whose prime minister has been urging Europe to create a space for a country heavily reliant on the U.S., will be the prototype.

“We must urgently reimagine our partnerships. And build global coalitions for our resilience and democracies,” von der Leyen said in her annual address to the European

Prime Minister Mark Carney on Wednesday at a meeting in Strasbourg, France.

Parliament, where Canadian Prime Minister Mark Carney was in the audience. “I would like to work with you on opening the door for Canada to be the first associate member of the EU.”

The Wall Street Journal re-

cently reported that Canadian and European officials were discussing the prospect of associate membership—a new category of relationship with the bloc. The prospect of a new economic and defense alliance between Europe and Canada speaks to how the idea of “the West,” long centered on U.S. military and economic power, is shifting.

Among the discussed ideas are the integration of supply chains in critical economic sectors, including defense, the possibility of joint European and Canadian cloud and data centers, greater Canadian energy flows to Europe, as well as cooperation on artificial intelligence and digital rules. Carney has confirmed there also are discussions on certain types of mutual visa-free travel and work arrangements.

The details are still being sketched by technical working groups on both sides for what the Canadian leader has told his aides will be nothing short of reorienting an economy and a society that for half a century have been dominated by the U.S.

Yet obstacles remain: Countries with full, frictionless access to the EU's \$21 trillion single market, which permits the free flow of goods, services and capital, have to follow its rules, pay into the EU budget and allow freedom of movement for its workers. Canadian officials have said they aren't willing to sign up to all those terms.

Canada also must balance deeper economic cooperation with the EU with the rules of its U.S. trade relationship.

The idea of creating an “associate membership” category for the EU had sat uneasily in Brussels. Officials were wary about setting the precedent of a halfway-member that could be seen as enjoying the benefits of membership, without the burdens. The U.K. spent years trying to negotiate its own bespoke arrangement after Brexit. But as Canada looked to pivot from its heavy reliance on the U.S. after President Trump’s threats, Carney and his personal envoys urged the EU to think bigger. They proposed using “associate membership,” with other possible titles, to galvanize the complex machinery of Europe.

Both the EU and Canada have seen tensions flare with Washington since Trump's return to office.

Building Collapse Kills 21 People in Gaza City

OMAR AL-QATTAA/AFP/GETTY IMAGES
A building damaged by Israeli strikes collapsed suddenly in Gaza City early Wednesday, killing at least 21 people in their sleep, including 11 children, in a disaster that forced rescuers to dig through the rubble with their bare hands.

Russia's Shadow Fleet Sails Irish Sea

DANIEL VERGARA/WSJ
Members of the Irish Navy on board the LÉ George Bernard Shaw vessel on patrol recently off the east coast of Ireland

EMMA BROWN/WSJ
Sources: Telegeography (submarine cables); Maritime Boundaries Geodatabase (exclusive economic zone)

BY SUNE ENGEL RASMUSSEN

ABOARD THE LÉ GEORGE BERNARD SHAW—During a recent naval patrol of the Irish Sea, Lt. Cmdr. Maria O'Callaghan pointed to a web of purple lines on her screen, indicating the locations of undersea cables carrying data crucial for internet services and banking transfers.

About 75% of all trans-Atlantic subsea cables pass through or near the waters around Ireland, where more suspected Russian shadow-fleet vessels regularly sail. After an increase in the past 18 months, O'Callaghan said, shadow-fleet vessels are in the waters nearly every day. Yet, Ireland's defenses to protect this stretch of the North Atlantic are scant.

The country has eight patrol ships to protect an expanse of water the size of California. It has no long-range military radar, no combat aircraft, no air defenses and no ability to detect hostile submarines.

Ireland allocates $0.2\%$ of its GDP for defense, the lowest proportion of any EU member state even after raising military spending by more than $40\%$ in recent years. The country isn't a member of the North Atlantic Treaty Organization, so doesn't come under the protection of the alliance's mutual-defense pact.

Ireland's defenses are prompting fears among some Western officials and experts that infrastructure essential for Europe and the U.S. is perilously exposed to the threat of Russian interference and sabotage. Russian submarines, spy ships and jets have been detected in and around the Irish coast and airspace.

“We have sleepwalked into this position where we are in the most difficult security horizon that I can remember. We are essentially defenseless,” said David Murphy, an expert on Irish military history at Maynooth University, Ireland. “We don’t have the people, we don’t have the equipment.”

“We’re 25 years behind the rest of the world right now.”

The gap between Ireland and its European peers puts its government in an uncomfortable position, amid a recent wave of hybrid attacks and drone incursions, allegedly carried out by Russia, across the Continent. The Kremlin denies involvement.

At a recent European Union defense ministers' meeting outside Dublin, a British warship and submarine-hunting helicopter were deployed at Ireland's request to provide security. U.K. troops on Irish soil have long been anathema, a reminder of the country's 800 years under British rule.

Heading into that meeting, Kaja Kallas, the EU's top foreign and security official, said maritime security in Ireland "is a great concern for all of us because there are cables that are underneath the sea and that are really affecting the everyday lives of people."

Asked about Ireland's spending, she added that, "member states are making different contributions to defense. It very much depends on whether they feel that the threat is real or not."

Ireland has long promoted itself as a global tech hub with low corporate tax, cutting-edge research and excellent connectivity. It hosts more than 80 data centers, and operational headquarters for tech giants including Apple, Google, Microsoft and Meta Platforms.

Former U.S. national-security adviser Robert O'Brien says Ireland's lack of radar systems and intelligence networks exposes U.S. tech firms to Chinese and Russian espionage and cyberattacks.

“Neutrality and opposition to war and empire are absolutely integral to what this country is,” said Richard Boyd Barrett, a lawmaker from the left-wing People Before Profit party. “Russia can barely win a war against Ukraine,” he said. “It’s preposterous...that Russia represents any serious military threat.”

Yet, U.S. and British forces have spotted Russian attack submarines in Irish waters at least twice since 2022. The U.K. has scrambled jets to deter Russian jet fighters spotted over Ireland's west coast. In 2024, the Irish navy found a Russian spy ship loitering over internet submarine cables and energy infrastructure, and escorted it away.

The number of suspected Russian shadow-fleet vessels transiting through Irish waters has increased dramatically in recent months. Some 388 of them passed through the Irish Sea from January to September this year, up from 132 over the same period in 2025, said the Irish Naval Service.

On the recent patrol, O'Callaghan monitored ships for suspicious behavior. "As a mariner, we are aware of what is normal and what is not normal," she said. "If they happen to loiter in an area of interest, we go to investigate."

A 2022 review of military capabilities recommended expanding the armed forces, and acquiring radars and jet fighters. Ireland boosted military spending to about \$1.7 billion in 2026, and released its first maritime-security strategy. Still, the budget lags behind European peers. Ireland's armed forces number around 7,750, below its goal of about 9,700.

Watch a Video

Scan the code to see a WSJ reporter go on patrol with the Irish navy.

Trump Threatens Tariffs in Rebuke To Realignment

BY MARIANNE LEVINE

WASHINGTON—President Trump said Wednesday that allowing Canada to become an associate member of the European Union could be a “hostile act” and threatened additional tariffs on European countries.

The president said that the proposition was “laughable” and described Canada as a “terrible trade partner.” The comments came after the EU’s top official said she would work to make Canada the bloc’s first associate member. In a speech at the European

Parliament with Canadian Prime Minister Mark Carney in attendance, European Commission President Ursula von der Leyen said Europe needed to tighten its cooperation with like-

Idea of Canada as an associate member of EU is 'laughable,' president says.

minded democracies, in particular Canada.

"If they do that, if I think it's at all a hostile act, I will put very serious tariffs or stop trading with Europe on many things," Trump said, responding to a question about Canada possibly becoming an associate member of the EU. "So, if they do that, if Europe does that, with a bad intention—if it's a good intention, that's fine—if it's a bad intention, we'll put very heavy tariffs on Europe."

Relations between the U.S. and Canada, which are close allies and trading partners, have grown increasingly tense in recent weeks. Trump has signed orders to ban the importation of many dairy products, alcoholic beverages and motorcycles from Canada in the coming weeks, a retaliation for Canadian tariffs that took effect. He also modified the scope of some existing 50% tariffs on Canada, removing levies on cement, road salt and some hospital products, while imposing 50% levies on other products including some all- terrain vehicles, boats and cheeses.

The U.S. and Canada nearly came to a trade agreement in late August, but the talks between the countries fell apart at the

last minute. Trump subsequently signed an executive order to rename Lake Ontario, located along the U.S.-Canada border, as “Lake America.”

The Wall Street Journal recently reported that Canadian and European officials were discussing the prospect of associate membership—a new category of relationship with the bloc. European and Canadian officials have said that while full membership of the EU isn't an option, they want the closest possible relationship.

Income for life. Impact for generations. RATES CHANGING SOON!

A charitable gift annuity funded with

Claremont McKenna makes clear financial sense.

- Leading rates

• Charitable tax deduction

• Fixed payments for life

- Reduced capital gains

- IRA-QCD options

Call today for a FREE personalized consultation. 888.311.4717 giftplanning@cmc.edu

Current Rates*
AGE	RATE
92+	14.5%
89	13.1%
84	10.6%
79	8.8%
74	7.5%

* Rates valid through 09/30/2026. Rates may vary by state.

CLAREMONT McKENNA COLLEGE

Special Advertising Feature

How AI Is Accelerating Scientific Discovery

Turing Award laureate Shafi Goldwasser and Google Research General Manager Yossi Matias on how AI is helping solve problems that have stumped researchers for decades

Shafi Goldwasser

Turing Award Laureate and Professor, Massachusetts Institute of Technology and University of California, Berkeley

Scientific discovery has always moved through cycles of ideation, iteration and validation. Today, artificial intelligence is helping researchers and scientists to compress those cycles. In this conversation, Yossi Matias, vice president at Google and general manager of Google Research, and Shafi Goldwasser, ACM A.M. Turing Award laureate, professor of mathematics at Massachusetts Institute of Technology and professor of electrical engineering and computer science at the University of California, Berkeley, discuss how AI is helping crack previously unsolvable problems.

How does this current era of AI-driven discovery fundamentally differ from the scientific revolutions of past centuries, and what is the biggest shift you expect to see in how we invent and discover over the next 20 years?

Yossi Matias: Throughout history, it often took years of scientific progress before society saw a real benefit. Today, artificial intelligence is ushering in a new era of discovery for science, as well as bringing it to impact, offering the potential to make progress toward some of humanity's biggest challenges across domains from medicine and genomics to climate and energy. AI will play an increasing role in scientific discovery — from expanded literature search and data synthesis to ideation, hypothesis generation and model building, to analysis, scientific review and validation. Serving as a powerful, interdisciplinary collaborator, AI is becoming an amplifier of human ingenuity. Yet to truly unlock this potential, using the scientific method is more important than ever. And we must continue to build with responsibility from the start, to ensure accelerated scientific discovery is transparent and universally beneficial.

Shafi Goldwasser: Traditionally, the scientific loop was observation, hypothesis, experiment and analysis, with humans orchestrating every transition. Today, AI assists primarily with statistical analysis. Tomorrow, I believe that intelligent instruments will in addition decide themselves what to observe next, form hypotheses, determine which experiments are worth performing and analyze the results. Discovery will become a continuous feedback loop between the physical world and computational models.

What is crucial is developing ways to efficiently verify that AI is going through these stages correctly and thus that its findings can be believed. If the pace of discovery increases by a factor of a hundred because intelligent instruments are generating and testing hypotheses around the clock, human scrutiny cannot scale by the same factor. We will need discoveries that are efficiently machine-checkable by demanding that the AI scientific loop be accompanied by physical evidence, proofs of the correctness of reasoning, uncertainty estimates and reproducibility guarantees. Otherwise, we'll have an abundance of observations but a shortage of trusted knowledge.

What is the next mathematical revolution that will enhance AI?

Goldwasser: Every technological revolution eventually runs into a mathematical bottleneck to overcome. The internet needed public-key encryption and digital signature to fully realize its potential for electronic commerce. Modern machine learning is running into the mathematical challenge of trust: verification, privacy, robustness, delegation and accountability. I believe these areas will become as foundational to AI as cryptography became to the internet.

On a personal note, as a cryptography graduate student over 40 years ago, I was drawn to the question “What can we prove without revealing information?” Today, I would ask, “How can we build intelligent learning systems whose reasoning we can trust?” It combines understanding computation, learning, complexity theory, cryptography and science.

Researchers are moving from treating AI as a simple tool to partnering with it as a collaborator. What are the biggest opportunities of this co-partner approach?

Matias: Scientists and researchers can use AI technologies to ask bigger questions and work faster than ever before. With AI as a powerful collaborator, there will be opportunities for more researchers to advance science faster. We are already seeing early impact through our Empirical Research Assistance (ERA) system, a coding framework that automates custom software creation, traditionally a massive bottleneck in scientific discovery, and through Co-Scientist, which helps with literature search and hypothesis generation. ERA has already accelerated insights from neuroscience to cosmology, including forecasting seasonal runoff across California's river basins. Our Co-Scientist tool leverages Gemini to help researchers generate, debate and refine hypotheses, shortening discovery timelines. Our partners in Gary Peltz's lab at Stanford University used Co-Scientist to help accelerate their research on experimental protocols for target discovery hypotheses for liver fibrosis, helping identify promising drug candidates that were previously overlooked.

As AI accelerates scientific breakthroughs, what is the most profound impact this will have on the broader scientific community, and how does this speed change how we approach seemingly impossible global challenges?

Matias: With AI we will be able to tackle some of the biggest societal challenges. We are already seeing examples of how solutions to scientific challenges that once seemed impossible are now a reality. For instance, a decade ago, building an effective flood-forecasting model was considered out of reach; today, our Flood Hub platform provides real-time predictions in 150 countries around the world where more than 2 billion people live. This was made possible with an AI-based global hydrology model for riverine floods and a Groundsource dataset of flash flood events — both open sourced to enable others to build on the work — advancing us toward a future where no one is surprised by a natural disaster coming their way. We see accelerated advancements in health and planetary intelligence. When these advanced tools are put into the hands of a global ecosystem of researchers, they can scale impact universally, potentially turning widespread health and environmental crises into manageable challenges and putting life-changing solutions to work faster.

Continued on next page

Special Advertising Feature

“

AI will play an increasing role in scientific discovery – from expanded literature search and data synthesis to ideation, hypothesis generation and model building, to analysis, scientific review and validation. Serving as a powerful, interdisciplinary collaborator, AI is becoming an amplifier of human ingenuity.

”

Yossi Matias VP, Google, and GM, Google Research

Goldwasser: Throughout much of history, the limiting factor was collecting data. Then it became computation. Due to AI, in the future the scarce resource will shift to deciding which AI discoveries are important and can be trusted. This changes the role of scientists. In the coming decades, more people can participate in discovery. A small laboratory can design proteins that once required the resources of a pharmaceutical company. Researchers in developing countries gain access to expert AI collaborators. This may be the largest long-term effect, as it will raise the capabilities of the entire scientific community.

The speed of progress matters enormously for problems like climate change, pandemics, energy or the invention of new materials where progress depends on searching incredibly large spaces. There are billions of possible molecules, proteins, catalysts, battery materials or therapeutic combinations. We as humans cannot search all these spaces directly. In the future, instead of examining one promising direction at a time by different experts in different fields, we will be able to explore many directions in parallel, guided by AI models that continually learn from the results. Problems that once looked computationally impossible will be merely expensive.

Coming from cryptography, I've spent much of my career thinking about how to establish trust among parties that don't fully trust one another. I think AI presents a very similar challenge. As the technology becomes a scientific collaborator, it should not merely give us answers. It should provide evidence that allows us to verify those answers independently. I hope that the next era of AI-enabled science will combine great creativity with great verifiability.

Now that AI can help simulate millions of possibilities before a physical experiment even takes place, how does the nature of scientific exploration change in your work?

Matias: Thought experiments were used throughout the history of science — from the ancient Greeks to Galileo to Einstein. With AI we can conduct numerous thought experiments by simulating scenarios. Also, AI can help sift through immense amounts of heterogeneous data, apply multidisciplinary methods to analyze and look for unexpected patterns, and generate hypotheses. Critical aspects will often be the ability to validate processes, recognize patterns, identify insights and rank hypotheses. By simulating numerous thought experiments before physical experiments are conducted, AI helps researchers quickly narrow down the most promising hypotheses, allowing them to focus their physical experiments on high-impact areas of opportunity.

AI also helps transfer methods and insights across disciplines. We see this in our genomics research. Building on a decade of foundational work, we developed DeepSomatic, an AI-powered, open-source research tool. By transforming raw sequencing data into high-resolution images, it has the potential to help clinicians spot critical genetic variants. In studies, our research partners used it to identify 10 new genetic variants in childhood leukemia samples missed by previous techniques.

As we lay the groundwork today for the next 250 years of American innovation, what are your recommendations for the next generation of researchers and scientists?

Goldwasser: Do not confuse faster science with better science. AI will give the next generation extraordinary tools. But the central responsibility of scientists will remain the same: to produce knowledge that will benefit humanity as defined by humans.

I would tell young researchers three things. First, learn to ask important questions. AI may help answer questions, but choosing the right question is still a profoundly human act. Second, build systems that come with evidence. In the next era, a scientific claim should not simply be plausible or impressive. It should be reproducible, auditable and, where possible, quickly verifiable. Third, stay intellectually multilingual. The hardest problems — climate, health, energy, security — will not respect departmental boundaries. The researchers who matter most will be those who can move with knowledge and confidence between the exact, life and social sciences.

If we want the next 250 years to be worthy of the last 250, we must invest not only in faster tools, but also in deeper judgment. We need scientists who are bold enough to imagine impossible things and rigorous enough not to believe them too quickly.

Matias: Master foundational thinking along with engineering skills. There will be more opportunities to drive impactful research breakthroughs and bring them to reality — this magic cycle of research keeps accelerating. Mastery of scientific thinking will be essential, including the ability to ask the right questions and applying critical judgment when working with AI systems.

Embrace multidisciplinary exploration. The boundaries between traditional scientific disciplines are disappearing, with the aid of polymath-like AI collaborators, and the most exciting breakthroughs will likely happen at the intersections of fields like biology, chemistry, computer science and physics.

Always keep research human-centric and grounded in real-world problems. AI is a powerful tool to help amplify human ingenuity, but technology is only as valuable as the tangible impact it creates for society. Focus on applying these capabilities to solve some of our most urgent global challenges, such as in health, climate resilience and resource sustainability.

Finally, take an open and collaborative approach. Talent is distributed globally, and innovation can come from anywhere. The biggest promise of innovation will result from empowering the scientific community where tools and datasets are accessible to researchers everywhere. By combining advanced technology and building on powerful AI systems while applying the scientific method, the next generation can drive foundational science and apply it to scalable solutions that benefit everyone, everywhere.

Explore how AI is ushering in a new era of discovery.

Elon Musk's politically charged posts on X about each country, monthly*

Elon Musk Roils U.K. Politics

Continued from Page One

news cycle. In June alone, Musk posted more than 160 times on the topic—over 10% of his posts that month. By July, he was back to his baseline, a few dozen tweets.

The South Africa-born entrepreneur regularly frames Britain as a failing nation that is losing its Western identity to mass Muslim immigration. He has been accused of stoking civil unrest in the key U.S. ally, called for ousting a prime minister and embraced the far-right activist known as Tommy Robinson, who was once barred from entering the U.S. for his multiple criminal convictions.

He has also used X to promote Lowe, the man he says should be Britain's next leader. For much of his career, the 68-year-old toiled in the backwaters of British politics, railing against mass immigration, the European Union and traditional political parties that largely ignored him.

Overnight, Musk's name-check boosted Lowe's profile in Britain and beyond, providing crucial momentum in Lowe's battle with rival Nigel Farage for control of Britain's right wing. Musk has thrown his support behind Lowe's political party, Restore Britain, which is pushing to deport millions of immigrants.

Despite having just a handful of staffers, the new party is polling at around $5\%$ in the U.K., drawing followers who cite immigration as their top concern and splintering Britain's right-leaning vote.

'Eternally grateful'

“I think he’s concerned about Britain,” Lowe said of Musk in an interview with the Journal. “And we’re eternally grateful to him for creating a true free-speech platform.”

The Journal analysis shows that Musk's attention has given the already-ascendant Lowe a significant digital boost—a retweet or mention from Musk has more than twice the number of likes on average compared with an unamplified post from the same period. And even Lowe's unboosted posts now get more than double the number of likes and views they did before Musk started mentioning and interacting with him.

Musk's effort to reshape Britain has caused political turmoil, leaving government ministers here at a loss over how to push back without provoking a confrontation with the Trump administration.

Musk bought Twitter for \$44 billion in 2022. Over the next two years, he made a hard turn toward U.S. politics, a Journal analysis of his activity on the platform found, often slamming the media and Democrats' treatment of his companies. Since then he has gone increasingly global, using the platform to boost antie-stablishment parties across Europe and rail against "woke" politics, immigration and tech regulation.

Critics say Musk and X amplify extreme views and drown out other voices. "There was clear evidence of multiple occasions where Musk has manipulated information and influenced British politics," says Andy Pryce, who until recently ran a counter-disinformation unit at the U.K. Foreign Office. This, he said, "helped stoke acts of violence in the U.K."

Restore Britain leader Rupert Lowe, shown meeting up with volunteers before they go out to campaign ahead of a June by-election in northern England, became a favorite of Elon Musk after the tech entrepreneur soured on another right-wing politician, Nigel Farage.
Share of Elon Musk's posts, reposts and replies on X by topic, monthly

*Posts that mention multiple countries are counted toward each country's total. †AI, SpaceX, Tesla, the X platform and related AI and technology industry topics. ‡Includes politics and culture wars in the U.S. and other countries

U.K. officials have monitored Musk's posts, alongside those of other X users, for national-security risks, according to people familiar with the matter, but decided not to take any formal action.

The U.K. government said in a statement that it is ensuring online platforms abide by British law. “The Government’s broader counter-disinformation work is focused on identifying coordinated attempts to spread false or misleading information online, not individuals,” it said in a statement.

Before Musk bought Twitter, Robinson—whose real name is Stephen Yaxley-Lennon—had been banned from the platform for posts deemed to be “hateful conduct.” Musk restored his account in 2023. Robinson has served jail time

Neither Musk nor his representatives responded to requests for comment.

government care, across England over decades. Prominent convictions in some towns involved predominantly British-Pakistani men.

Lowe, Robinson and Musk frequently accuse U.K. officials of playing down crimes against white British girls, referring to the perpetrators as “invaders.”

In a brief interview, Robinson declined to respond to detailed questions. “I find it absolutely remarkably insane that journalists are still latching onto something, someone who has given people free speech in this country,” he said. “Elon Musk has given a voice to the British public. And that voice has awakened a nation.”

Musk and Robinson also joined forces after a mass stabbing of young girls was falsely blamed on a Muslim immigrant, prompting rioters to attack a local mosque with bricks and target hotels housing asylum seekers. Hundreds of people were arrested amid rolling clashes with police.

Musk responded on X that “civil war is inevitable” in Britain because of immigration. Police later said the teenage suspect apprehended was the Welsh-born son of Christian Rwandan immigrants.

“Either: 1. Secure the borders OR 2. Have your head cut off!” Musk commented on X in July of this year in response to a post by Restore of a grainy picture of an asylum seeker who is alleged to have attacked a man with a knife in Belfast.

Musk's paternal grandmother came from Liverpool, in northern England, and he has cited his ancestry as central to his interest in the U.K.

“I am of primarily British heritage, British ancestry. I want Britain to be greater than it ever has been,” Musk

Elon Musk @elonmusk Only Restore Britain can save Britain. It is the only way. 25.8M views • June 9, 2026

Elon Musk @elonmusk Betrayer of her people 536.6K views • June 11, 2026

Elon Musk @elonmusk Yes, he is a scumbag and traitor 1.3M views • June 11, 2026

Elon Musk reposted Rupert Lowe @RupertLowe10 Britain doesn't have a racism problem, it has an immigration problem. 3.2M views • June 11, 2026

said at a London rally organized by Robinson last September, where he appeared via video link. “And what I see happening is a destruction of Britain.”

Lowe wasn't an obvious first choice to lead a populist rescue of the British establishment.

A wealthy former banker, Lowe was for much of his career best known for his turbulent tenure as chairman of Southampton soccer club, which he left in 2009 as the club struggled with mounting debts. Lowe then went on to become an advocate for Britain leaving the European Union. He joined Reform UK, where he won a seat in Parliament. Few outside Westminster knew much about the politician.

Then he caught the attention of Musk on X.

“I have not met Rupert Lowe,” Musk tweeted in January 2025, “but his statements online that I have read so far make a lot of sense.”

Texas visit

With Musk's encouragement, Lowe launched Restore Britain later that year. "X for Rupert and me has been—particularly for Rupert—phenomenal. It put him on the map," says Ben Habib, a commercial property investor and former European Parliament member who previously supported Lowe's political rise but has recently broken ranks.

Lowe says his popularity on X owes to his decades of experience and his plan for the country, not to Musk. The two had spoken twice by summer, Lowe said, including once over Zoom.

“People accuse him of altering the algorithm and stuff,” Lowe told the Journal. “He doesn’t do that. He’s a highly principled man.”

Lowe visited Austin, Texas, over Fourth of July weekend where he met briefly with

From mid-2024 and through the end of the year, Musk tweeted around a dozen times about Reform's leader Nigel Farage—mostly short, supportive responses to Farage's posts.

Farage, a longtime Trump supporter who helped spearhead Brexit, defended Musk against critics and described him as a crucial ally against the mainstream media.

Shortly after Trump's re-election, Farage flew to Florida and met with Musk at Mar-a-Lago, Farage says, during which he raised the prospect of the billionaire making what would have been the single largest political donation in British history. The news caused panic among Britain's political class and calls for curbs on foreign donations.

But the donation never came. In early January 2025, Musk ditched Farage: “The Reform Party needs a new leader. Farage doesn’t have what it takes,” he posted.

Musk wanted Reform to publicly back Robinson and welcome him into Reform's inner circle, according to Farage. "I wouldn't be bullied by him," Farage says. "He is used to getting his way because he's big and strong and powerful."

Robinson was in prison at the time for repeating defamatory statements about a Syrian teenager, against court orders.

Public split

Two months later, Farage and Lowe publicly split, with Lowe accusing Farage of watering down Reform's immigration policy. Reform officially suspended Lowe and stripped him of his party responsibilities. Lowe has been ambiguous about Robinson, saying the activist's politics are his business.

Habib, the former Lowe ally, had made contact with Musk via direct message after Habib defended Robinson on X, calling him a “political prisoner.” Musk had urged Habib to start a new political party to compete with Farage, but Habib had thought it too difficult.

After Lowe's expulsion, Habib reached back out to Musk. “I told you I think a new party in the UK would be too difficult,” Habib wrote in a message viewed by the Journal. “I am correcting myself.... Reform UK is done.... We will do our own thing.”

Two minutes later, Musk wrote back: “I’m happy to support a new party.”

Habib then launched a party he called Advance UK, but Lowe declined to participate. Lowe started Restore in June 2025 and registered it as a party earlier this year. Habib now says he can no longer support his former ally, in part because Lowe has insisted on defining “Britons” as white-only. “I’m deeply concerned by the vein of ethnonationalism that runs through his party. That is not British.”

In September 2025, Robinson invited Musk to appear remotely via video at his street march, dubbed Unite the Kingdom, in central London. Wearing a T-shirt with the words "What Would Orwell Think," Musk called for the British Parliament to be dissolved, framing "massive uncontrolled migration" as the root cause of the country's woes that, left unchecked, would ruin it.

The two men often trade posts about immigration and a long-running scandal involving the organized, group-based child sexual exploitation of vulnerable girls, many of them in in the U.K. on charges including assaulting an off-duty police officer, using a false passport to enter the U.S. and mortgage fraud. He has organized large-scale anti-immigration protests across the U.K., some of which have descended into violence.

Habib has deregistered his party, while Lowe's profile has continued to rise with Musk's backing.

HENRY NICHOLLS/AFP/GETTY IMAGES

“Whether you choose violence or not, violence is coming to you,” Musk told the crowd, which stretched for blocks, drawing cheers. “You either fight back or you die.”

Musk, recorded a two-hour episode with influential pod-caster Joe Rogan and caught a tele-vised World Cup soccer match at an Austin bar.

British far-right activist Tommy Robinson arrives for a London court appearance.

On the podcast, Lowe decried a “multicultural invasion” of Europe and laid out details of a report he commissioned last year on what he described as Muslim-Pakistani rape gangs in Britain. He thanked Musk for connecting him with Rogan.

Lowe wasn't Musk's first favorite British politician.

WORLD WATCH

KOSOVO

Ex-Leader Guilty Of War Crimes

An international tribunal convicted the former president of Kosovo of war crimes during the separatist war against Serbia and sentenced him to 25 years in prison, one of the final verdicts in a series of landmark trials arising from the bloody dissolution of the former Yugoslavia.

A panel of three judges in The Hague ruled Wednesday that Hashim Thaci and three other commanders of the Kosovo Liberation Army were responsible for the torture and murder of Serbs, suspected Serb collaborators and other ethnic minorities between 1998 and 1999.

“Mr. Thaci had contemporaneous knowledge of a significant number of crimes against opponents, in particular unlawful arrest and detention, mistreatment and murder,” said Charles Smith III, one of the judges. “Despite this knowledge, Mr. Thaci took no steps to prevent, investigate or punish these crimes. Instead...Mr. Thaci actively participated in and encouraged crimes.”

Thaci has been in custody in The Hague for six years since voluntarily surrendering.

The judges found the defendants responsible for killing 96 people, among other crimes.

—Matthew Dalton

BELARUS

Prisoners Freed

To Ease U.S. Curbs

The U.S. special envoy for Belarus said on Wednesday that the country's authorities have agreed to release 25 prisoners in exchange for the lifting of U.S. sanctions against two Belarusian companies.

John Coale, President Trump's special envoy for Belarus, made the announcement a day after meeting authoritarian President Alexander Lukashenko.

Speaking to reporters in Minsk, Coale said as part of what he called “an interim deal” and “as a show of good will,” Belarus will release 25 people in exchange for the U.S. lifting sanctions on two Belarusian companies, Lakokraska and Bellesbum-prom.

He added that further release of prisoners and the lifting of more sanctions will follow later after all details are agreed upon.

Belarusian authorities haven't announced any details of the prisoners' release.

Coale said on X that “President Trump’s commitment to direct diplomacy delivers results.” He also thanked Lukashenko and authorities in Lithuania, a European Union member that neighbors Belarus, for their support.

—Associated Press

JAPAN

Centenarians

Exceed 100,000

The number of people aged 100 or older in Japan surpassed a record 100,000 this year, the latest government figures show, underscoring the country's rapidly aging and declining population.

The Health and Welfare Ministry statistics released on Tuesday show Japan now has 107,677 centenarians, up 7,914 from the previous year.

Nearly 88% of them are women.

Fuyo Kishimoto recently was recognized as the oldest Japanese woman at age 114. —Associated Press

MYANMAR

U.S. Businessman

Deported After Jail

Myanmar's military government has deported Adam Castillo, a U.S. businessman and former president of the American Chamber of Commerce in Myanmar, after three months in jail on what supporters say were trumped-up charges, state-run television said.

The former U.S. Marine, who owned a security risk-management firm, was detained at the Yangon airport on June 11. AmCham Myanmar had accused him of financial impropriety, which he denies.

—Associated Press

PERSONAL JOURNAL.

© 2026 Dow Jones & Company. All Rights Reserved.

THE WALL STREET JOURNAL.

Thursday, September 17, 2026 | A11

When Your Airline Seat Gets Downgraded

Being bumped from a spot you paid for is annoying. Your rights depend on what airline you're flying and where.

CARRY ON DAWN GILBERTSON

obert Prati splurged on business-class tickets for a trip to Europe in late July.

R

The 56-year-old re- tired finance professor

paid \$5,242 for two round-trip tickets from North Carolina to London, with a stopover in Iceland on the way home.

Everything went smoothly until the last leg. Icelandair made a last-minute plane change and the new aircraft had fewer premium seats.

At the airport, he and his girlfriend were bumped to an aisle and middle seat in economy for the seven-hour flight from Reykjavik to Raleigh. The worst part besides the tight squeeze: The young passenger in the window seat kept the shade down during the total solar eclipse he was excited to see from the sky.

Seat downgrades are increasingly becoming a pain point for passengers in this era of packed flights and fees on practically every seat on the plane. The Transportation Department says it has logged more than 350 complaints on the subject this year through June 30.

"The seating charts are a house of cards. They're just waiting to collapse," says veteran airline consumer advocate William McGee. He was an airline dispatcher a few decades ago and says aircraft swaps, due to canceled or delayed flights, maintenance or other issues, were simpler then because planes weren't as full and so subdivided.

“In the old days, an economy seat was an economy seat, end of story. You didn’t have nine different classes,” he says.

What's a traveler to do? Stay on top of your reservation and know your rights, whether you get advance notice of seat changes or find out

at the airport, like Prati. Don't just take it as another travel unpleasant and move on. You might not get all you're hoping for, or anything in some cases, but you should make your case.

The first step is to try to get ahead of any plane swaps and resulting seat downgrades when you find out in advance rather than at the last minute.

Holly Etlin, a retired executive who has flown millions of miles on Delta, American and United while traveling weekly for her career, books a lot of flights in advance and checks them weekly for any schedule changes. “When they mix the schedule, they also often mix the airplane,” she says.

Robert Prati and his girlfriend were switched to economy after vacationing in Europe this summer.

As soon as she notices a seat switch, she contacts the airline for a fix. It helps that she has status, but all travelers can benefit by investigating other options quickly. That way you don't get a nasty surprise at the airport and have to scramble there.

Refund rules

Travelers who pay a fee for advance seat selection or seat upgrades are entitled to a refund if the seat is unavailable due to no fault of their own, the DOT says.

The same rule applies to other ancillary services including in-flight Wi-Fi.

The rules are different and more complicated when you get downgraded from one cabin to another, say from first class to economy or business to premium economy on international flights. And, to make things even more confusing, your

rights depend on what airline you're flying and where.

For domestic flights and international departures on U.S. airlines, you'll be covered by DOT rules and basically have two choices. You can cancel the flight and get a full refund. (That isn't ideal when the downgrade happens at the last minute and you need to get to your destination or home.) Or you can take the downgrade and get a refund of the difference between the original fare and what it calls the downgraded fare. One reader calls it a take-it-or-leave-it seat in economy.

How much of a refund? Airlines have a lot of latitude here because the DOT definition of a down-

graded fare is murky, McGee says.

The key is to press your case and cite DOT rules, not simply complain and say you're never flying the airline again. It helps to provide copies of your original booking, communications about the seat switch and other documents. Screenshots are your friend. And so is loyalty status, of course.

“You have to make noise with the airline and say, ‘Look, you did not give me what I paid for,’” he says.

'Back of the bus'

The rules are slightly clearer when flying internationally because the EU and U.K. have more robust passenger rights. Start by checking those links to see if you're eligible. (You are covered in both cases on flights departing Europe, for example, on any airline. But for flights to Europe, you're only covered if you're on an international carrier.)

While there is paperwork and complicated refund formulas, you are entitled to something for involuntary downgrades and shouldn't let airlines off the hook.

Just keep your expectations in check regardless of how much you plunked down for that round-trip ticket in business class. Prati filed a claim with Icelandair under the EU rules and was told he is only due \$466.92 per passenger, or \$933.84 of the \$5,242 they shelled out for the business-class tickets.

“I wasn’t expecting or looking to win a lottery in terms of compensation, but cruise lines at least offer future cruise credit when their passengers suffer gross inconveniences,” he says. “We suddenly went from being treated like royalty to being sent to the back of the bus.”

Unexpected Tips From Travel Pros

BY DAWN GILBERTSON

The following items first appeared in Dawn Gilbertson's weekly Travel newsletter.

You don't have to scroll far on social media to find travel hacks from influencers, wannabe influencers, travel agents, frequent fliers and people trying to sell you something. Some are complete B.S. and some get repeated over and over, but you can find some gems you might not have considered.

I came across a post on Threads with this prompt: "Tell me your best 'nobody tells travelers' this tip. Not 'roll your clothes.' I mean the weirdly specific thing you learned from actually traveling. The kind of tip that makes someone say: 'WHY did nobody tell me that before?" More than 3,000 people commented. Dulles Airport even weighed in, saying starting out at the right airport helps! (Travelers routinely get that airport mixed up with Washington Reagan National.)

mentioned in my hotel wish list and hotel hacks columns.

▶ Use inexpensive battery-operated tea lights as nightlights in hotel rooms.

▶ Use the restroom at baggage claim because no one is ever there.

▶ Take a photo at the end of the trip of stuff you packed but never used. Refer to it next time you pack. (I can relate to this example the traveler posted: "For some reason, for many trips, I'd convinced myself that I'd do a sheet mask each night and use all the little product samples I'd collected, like Sephora samples.")

Pro tip: Buy your snacks ahead of time. This stash, left, cost around \$30 at an airport. Los Angeles International Airport is part of the TSA's new Gateside program.

Pack the random snack that you don't eat often, but occasionally crave on the road. And buy it at the dollar store instead of spending \$15 on Cheetos at the airport.

▶ Don't pack "what if" items like umbrellas. You can buy them anywhere.

▶ Treat yourself to a spa treatment or food tour on the first day while you're waiting for your room.

I'll offer my own hack: For early morning flights, order espresso on ice and add in a protein shake. Voilà, you have a breakfast-and-caffeine fix.

One good tip

Want to accompany a friend or family member to their gate or greet them upon arrival? You can now do that at 13 airports across the country if you have TSA PreCheck and register in advance. The TSA's new Gateside by TSA PreCheck recently launched. This is different from those airport visitor-pass programs.

Cheers and jeers

Big cheers to Chelsea Handler for taking up a travel etiquette cause we can probably all agree on: bare feet on planes. The comedian, who travels several times a week, appealed to airlines for a keep-your-feet-covered policy in an Instagram post to her 5.5 million followers that went viral.

Jeers to airlines and hotels that make it too hard to track down receipts. It shouldn't be this hard to fill out an expense report.

Big spenders

If you ever doubted airlines' focus on big spenders, check out the makeover American Airlines announced for its Boeing 777-300ER in Dallas. There are 70 Flagship business class suites, 44 premium economy seats and 30 Main Cabin Extra seats,

giving the plane the most premium seats on any U.S. airline, it says. The business-class seats are similar to those I flew on the airline's new Boeing 787 Dreamliner from Philadelphia to London a year ago.

Double-check websites

Double-check Websites I can't say this enough: Pay attention when you're booking travel. A reader searching for a one-way flight from Miami to Charleston, S.C., ended up booking through a company called Flight Network instead of directly with the airline. He was charged an extra \$52.50 fee on top of his \$497 American Airlines ticket. He chalked it up as "tuition" for a lesson on making sure he's on the airline's actual website going forward.

To subscribe to Dawn's newsletter, go to wsj.com/newsletters.

▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles.

PERSONAL JOURNAL.

Itinerant Artist Creates Off the Grid

Musician Goth Babe draws legions of listeners to his electronic pop

BY ELIAS LEIGHT

ast December, Griff Washburn put down his guitar, picked up a shot-gun and went out to hunt his first bird. He hiked more than 15 miles

through the eastern part of Oregon in the morning. That afternoon, he managed to drop a grouse from 30 yards—dinner for the night.

Washburn makes music under the name of Goth Babe, releasing a steady drip of singles and one album, some 75 songs to date. The name is a feint: There's nothing goth about his chipper electronic pop, which often feels tailor-made for DJ sets in exotic locations, a crowd swaying as the sun sinks in the background. While Washburn does tour with a small band, whenever possible, he is by himself, off the grid, out surfing, camping or embarking on whimsical construction projects.

"I'm just as stoked building stuff with my hands as I am making

music," the 27-year-old said, speaking over the phone from Salt Lake City before a show. "I probably haven't gone as far as I could have in the music industry. But I don't really want my face on a billboard."

Even though Goth Babe's songs aren't getting played heavily on the radio or tearing up the charts, they still earned more than 100 million streams last year, according to the data company Luminate. On Spotify, that many plays typically generates around \$300,000.

Listeners discover his tracks in other places as well. Washburn brings home additional income when they are licensed by shows and movies, including “Hacks” on HBO Max and “Murder Mystery” on Netflix. He also benefits when outdoor companies—Turtlebox, which makes speakers, and Every Man Jack, which makes deodorant—use his tunes in advertisements or sponsor his YouTube channel, which has more than 133,000 subscribers. Since Goth Babe writes and produces everything himself and effectively functions as his own record label, all that money goes to him.

Washburn has lived on a sail-boat and taken it on a journey from San Francisco to Panama with intermittent help from a small crew, dirt biked up a perilously steep hill in Moab, Utah, and kayaked 60 nautical miles in remote Alaska.

His itinerant habits are part of his appeal. “It’s very easy when you have somebody who’s living a unique life,” said Sean Patrick Sheahan, Goth Babe’s manager. “Just point a camera at it.”

This strategy has won over fans in their late teens or

The singer maintains a fountain-of-positivity attitude.

20s, according to the data company Chartmetric, who make up the majority of Goth Babe's audience. The singer's followers are especially concentrated in the Pacific Northwest. When he walks down the

Many of Griff Washburn's releases are named after the locations they were written. Right, he performs at Pine Creek Lodge in Montana.

street in Boulder, Colorado, or Bend, Oregon, “it’s like he’s John Lennon,” according to Sheahan.

ture feed back into his songs. Many of his releases are named after the loc- cations—Mt. Hood and Smith Rock in Oregon, for exam- ple—where they were written. He fa- vors balmy tracks awash in warm syn- thesizers and gentle guitar, often with a

thick beat underpinning it all.

Although many musicians complain about the streaming ecosystem, “for Griff and other artists like him, there’s absolutely a business there that did not exist a decade ago," Sheahan continued.

Spotify touts the fact that more than 13,000 artists now generate at least \$100,000 in royalties a year. (Their record deals dictate how much they keep.) Household names only account for a small fraction of that group.

“We work with dozens of artists that own their catalog and are making an upper-middle-class income from streaming,” said Zack Zarrillo, co-owner of the company Many Hats, which provides acts with the infrastructure needed to release their songs to streaming services around the world in exchange for a small cut of earnings. Many of these musicians are relatively unknown, but they’ve developed devoted followings by steadily releasing tracks, marketing them cheaply on social media and touring.

Washburn makes time for all that. But he might be more fired up about selling his sailboat and using the money to buy undeveloped property in the hinterlands of Appalachian Tennessee. That's where he will put down roots, at least temporarily, by constructing a treehouse, which he expects to cost between \$10,000 and \$20,000.

“That’s my next strange adventure,” Washburn said happily. “What’s another weird place I can

lay my head?"

“His process fasci-nates me to no end,” said Robby Fletcher, a Goth Babe fan who has been to four of his shows. “The music is well made, but it’s being done in the back of a camper or on a boat. It’s fascinating to see someone live in a way that I could never imagine being comfortable.”

The nomadic life hasn't always been comfortable for Washburn either. He was held up at gun-point while living in his car. He suffered a vicious head injury while surfing and now wears a helmet on the waves. The tiny home he built from scratch in 2020—"I never thought I'd get so pumped turning a

faucet on”—burned down.

Even so, the singer maintains an easy-peasy, fountain-of-positivity attitude, a surfer perma-stoked about his next expedition. Washburn estimated that he currently spends roughly half his time touring, typically performing for between 2,000 and 5,000 fans, in order to fund his open-air exploits. His goal is to whittle that down to around 30%.

Touring less would allow Washburn more time to stock his YouTube channel with clips of hikes and other quests. During this year's "crafting season," he bought a 12-foot motorboat for \$1,000 and transformed it by adding his own roof and a wood stove. Because it wasn't very stable on the water, he named it the Shake Shack.

“It’s not practical in any way,” Washburn said. “But it makes me happy.”

THINGS ARE LOOKING UP | By Jackson Musker

Across 1 Full of guile 5 Bit parts? 9 Miles per hour, e.g. 14 1973 French Open champ Nastase 15 Openly state 16 Egg producer 17 Celebrated Southern che Lewis 18 "State Fair" setting 19 Ring around a watch face 20 Magnet for controversy 23 Sought-after 24 Animated greetings, often 28 Playfully pick on 29 Eight, to Augustus 31 Deposit in some banks 32 Important acid type

35 A+ student
37 Brother of Jackie, Jermaine, Marlon and Michael
38 Having a faraway dreamy look
39 Campbell of "Scream"
40 Rainbow-colored treats
42 Acclivities
43 Academic extension
44 Flight records
45 Close-mouthed
46 2022 World Series champs
48 Overcome, as an upsetting experience
52 Spy satellites, and a hint to 20-, 35- and 40-Across, given their second halves

55 Somewhat 58 Ammonia feature 59 Redecorate 60 Bolt with speed 61 Exclusion anxiety, briefly 62 Gendered suffix 63 What you might go out with 64 Bass line? 65 Hockey fake-out Down 1 Catch flies, say 2 "My Girl," e.g. 3 Places for peds 4 "So you've said" 5 Made headway 6 Duck, say 7 Promgoer's purchase

8 Gala giveaway 9 Titular 1987 cyborg 10 Vegan cosmetics brand 11 Whirling Looney Tunes character, for short 12 Seething state 13 Olive with a skinny shape 21 Rush, e.g. 22 Take another crack at 25 Ring borders 26 Ambition

27 French Open champ of 1990, 1991 and 1992
29 Some native Nebraskans
30 Recycling bin items
32 Befuddled
33 Pays attention to
34 Words after slug, spit or sweat
35 "My Girl," e.g.
36 Like an aerial view
38 Cause of hundreds of collisions in Alaska annually
41 Sickly sweet
42 Namesake of baseball's postseason MVP award
45 Chevy subcompacts discontinued in 2001
47 Sticky stuff
48 Garden figure
49 United
50 Real stinker
51 Melville's first novel
53 Remote location, perhaps
54 Revered one
55 Sine ____ non
56 Charger standard
57 Help for some breakdown sufferers

War Rages Over Sugar At School

Continued from Page One

Screenshots of the exchange racked up millions of views on Instagram. Oreo itself chimed in with a cheeky comment. The posts have since been linked to a promotional campaign for an AI music app.

While the origins of Oreogate may be fake, the warfare over school snacks is real.

When former first-grade teacher Ranah Ahmed Burney saw it circulating, she was reminded of a student who wasn't allowed sugar at home and had begun stealing cookies from a classmate's lunchbox.

After the pattern continued, Burney emailed the boy's mother. Rather than address her son's behavior, the mom proposed a solution: Ban sugar in the classroom so her son wouldn't be tempted.

“I can’t control what parents are sending in for their kids’ lunch,” Burney recalled of her response. “There’s economic differences in terms of what’s accessible for people to send in. People have different reward systems with their kids.”

Burney held her ground and eventually had to involve the school's administration when the mother refused to relent.

Her story was one of many online reactions to Oreo-gate from parents and teachers across the U.S. and abroad. Many of those who weighed in had encountered some version of Michelle.

One parent reminisced about a group of moms who tried to throw a vegan sugar-free Halloween party at school, prompting a revolt from other parents who sent “over the top sugary treats” instead.

Birthday treats are a recurring source of tension.

Cupcakes and candy were once prohibited at the Manhattan preschool where Miral

Sattar, a growth strategist and kids' podcaster, sent her three children. Parents could choose from an approved list of foods for birthdays; watermelon was OK.

The weekly snack rotation, in which one parent supplied snacks for the entire 20-student class, came with its own strict rules: sprouted-grain bread only, nothing processed. Even cheese sticks were contested.

“No one has time to sit home all day and make sure every little thing is organic,” said Sattar.

Dietitians who watched

The debate has shifted from allergies to accommodating preferences.

Oreo-gate unfold offered a more nuanced view than simply casting parents who restrict treats as overbearing—or those who don't as negligent.

Nicole Weeks, a dietitian in Milwaukee, said parental anxiety around food in shared settings hasn't necessarily intensified so much as become more visible. Group texts and chat apps have turned private grumbling into something instantly shareable, causing more disputes to escalate.

Her own version of Oreogate unfolded nearly 20 years ago, behind closed doors. Weeks learned from her son that he had stopped drinking milk at school because chocolate milk was no longer available. The school had quietly removed it from the meal program after some parents complained about the sugar content.

Weeks argued to the principal, to no avail, that the nutritional benefits of milk outweighed the added sugar and that removing the flavored option would lead many children to skip milk rather than switch to plain.

"It is not unreasonable to

offer guidelines," Weeks said. "But I think by taking everything away at school, and making it like Oreo-gate, we lose our opportunity to teach kids how to manage situations."

Accommodating a child's food allergy is one thing. Increasingly, the debate is over whether to accommodate a parent's preferences. And snacks are just the entry point.

“This isn’t even the tip of the iceberg on what parents have emailed teachers about,” said Gina Wynn, a health and wellness influencer who taught elementary school for 14 years.

One mom asked if her son could sip Dr Pepper at his desk because he didn't like water. Another asked Wynn to microwave her daughter's lunch every day because she wouldn't eat cold food. One parent said her son worked better when he was chewing gum.

Dadication

ARCHITECTURE REVIEW

A Spectacle On the Level Of 'Star Wars'

The Lucas Museum of Narrative Art is arresting on the outside, but its interior is less impressive

BY MICHAEL J. LEWIS

Los Angeles f all the museums built to showcase private collections of art—one thinks of those named for Isabella Stewart Gardner

or J. Paul Getty—that of George Lucas is the most personal and the most autobiographical. It displays the type of images that fascinated him in his youth and shaped his approach to filmmaking: chiefly graphic art, illustration, magazine covers and comic strips. Art of this sort depends on bold forms and vivid, legible storytelling, so as to make its meaning accessible to the widest possible audience. That is the goal of all popular art, and Mr. Lucas is by some measures the most successful storyteller of all time, his “Star Wars” and “Indiana Jones” movies earning him one of the largest fortunes of any film producer, estimated at well over \$5 billion.

At least one of those billions has reportedly gone into the building of his new Lucas Museum of Narrative Art, which opens Sept. 22. Designed by Ma Yansong of MAD architects, it is a Goliath of a building, 700 feet long with 300,000 square feet of space. In terms of massiveness, visual impact and sheer joyous bravado, it offers as much spectacle as any of his films. But it is not so much its size that amazes, but its uncanny shape.

It consists of two bulbous pods of uneven size, joined by an aerial bridge that shades a public plaza below. The lines of the two pods flow continuously into one another, giving the effect of two sticky gobs of taffy being slowly pulled apart. Inevitably, given the origins of the Lucas wealth, they have been compared to the sleek contoured spaceships of his “Star Wars” movies. Mr. Ma, for his part, describes his forms as organic and biomorphic.

If the forms of the Lucas Museum derive from nature, it is nature as abstracted by industrial design. They evoke the “envelope body” style of the postwar American automobile, in which every element—headlights, fenders and

all—was drawn into a continuous fluid shell. That appealing image of modernity was of course the formative aesthetic experience for Mr. Lucas, who was born in 1944 and who as a youth filmed car races with a Super-8 camera, long before he made “American Graffiti.”

The glory of the museum is its entrance. You leave the high vaulted plaza—Roman in its sense of amplitude, an oculus high above—and turn right to enter the lobby. This too is vaulted, the surfaces above gliding without interruption to the floor; the sense of spatial freedom is contagious. And ahead of you is Mr. Ma's version of a Baroque stair: a bank of transparent elevators that whisk you up to the galleries above, or to the rooftop restaurant where you can gaze out at the Los Angeles skyline.

So exuberant is this building, so sincere and unaffected (“this is the art that I like”), that one criticizes with reluctance. To point out its flaws will not persuade a single viewer to like it less, only to dislike the critic more. But two shortcomings must be noted, because they prevent a very good building from being a great one.

First is the matter of material. Its panels of fiberglass-reinforced polymer are ingenious, significantly lightening the weight of a daringly cantilevered structure near the San Andreas fault in the

ARTS IN REVIEW

Exposition Park neighborhood of South L.A. And they give its contours just the right glossy sheen a hovering vehicle demands. But inside they are less successful. Had they been plastered, clad in ceramic, or built in raw concrete, they would have lent tangible weight and heft to the vaults. But their unrelieved brightness and utter lack of texture have the bland flatness of plastic, and render them lifeless.

More disappointing is the treatment of the fourth-floor gallery. Comprising most of the museum's 100,000 square feet of exhibition space, it is treated as one great loft, sliced into smaller galleries by nonstructural partitions. Overhead, through the suspended lighting grid, you can see the raw concrete and steel construction, with its thick coating of spray-on fireproofing. Given the spatial finesse of the lobby below, it is sad to find the utilitarian treatment of a box store or trade show above the museum's most important objects.

Exterior view of the new building, designed by Ma Yansong, in the Exposition Park neighborhood of Los Angeles, above; view of one of the galleries, below.

Even worse is the lack of any architectural differentiation. Drawings and paintings have different needs in terms of lighting and placement, but there is a sameness in the presentation here. Victoria Newhouse's classic book "Art and the Power of Placement" is all about how the impact of an artwork is affected by the space it inhabits. But here there are no spaces as such, only continuous fluid openness.

We are keenly aware of Mr. Lucas's pride and delight in each acquisition, and he lets us see them, one after another, just as a stamp collector might leaf through his album. We sense that everything is equally important; nothing enjoys pride of place; there's no room where the architectural energy starts to pulsate. In short, there is no rising action, no climax, no falling action . . . which is no way to tell a story.

Mr. Lewis teaches architectural history at Williams College and reviews architecture for the Journal.

Attempting a Curatorial Coup

ART REVIEW

BY LANCE ESPLUND

Los Angeles

THE LUCAS MUSEUM of Narrative Art—George Lucas and Mellody Hobson's biomorphic leviathan hovering over Exposition Park like an idling spaceship—has been christened by Mr. Lucas as "a temple to the people's art." Designed by Ma Yansong of MAD architects, it opens on Sept. 22. At Comic-Con last year, Mr. Lucas declared: "I've worked with hundreds of illustrators ... and they're all brilliant ... all great. But they don't get recognized for anything." His museum—housing the illustrators he calls "orphaned artists"—is here to set things right.

This ambitious institution, which Mr. Lucas first tried to launch in San Francisco and then Chicago, has endured setbacks. In 2025, some two-dozen employees departed, including Chief Curator Pilar Tompkins Rivas and Director and CEO Sandra Jackson-Dumont. Mr. Lucas, de facto chief curator since December, has taken the helm, staging more than 1,300 of his own objects in 33 galleries spanning 100,000 square feet.

Museum professionals' lack of involvement shows. Serially installed primarily on the fourth floor—and offered without didactics beyond broad headings such as “History,” “Family,” “Fantasy,” “Romance,” “Community,” “Science Fiction”—the Lucas’s holdings are presented not with interpretive reasoning but as ceaseless rows of illustrative pictures, separated merely by genre or subject. It’s part art museum, part “Star Wars” theme park, part billionaire-collector’s vanity project whose overarching storyline is The Illustrator Strikes Back.

Despite that, there is much worthwhile here. Mr. Lucas's temple houses an Egyptian limestone relief, a sculpture of George Washington by Jean-Antoine Houdon, a substantial photography collection, and pictures by Pissarro, Renoir, Van Gogh, Léger, Picasso and Kahlo. In the

"Children's Stories" gallery—which includes treasures by Ludwig Be-melmans, Jean de Brunhoff, Arnold Lobel, Beatrix Potter, Maurice Sendak and John Tenniel, as well as the Cowardly Lion's costume—your childhood will come vividly back to life. And there are dynamic comic strips by masters of the genre, such as Hal Foster, Hergé, George Herriman and Winsor McCay.

But the few strong illustrations and even fewer high-quality paintings and sculptures are bracing outliers amid a sea of mostly 19th- and 20th-century melodramatic, sentimental

and patriotic illustration. I knew the museum was in trouble when Cassius Marcellus Coolidge's infamous whiskey advertisement "A Pat Hand" (1894)—the first oil painting of dogs playing poker, and the epitome of kitsch—registered as a refreshing jolt of straightforward humor.

Mr. Lucas's brand of populist revolt—which mixes high and low art in an effort to elevate the latter to the realm of the former—isn't new. Nor is the confusion between illustration and art. Twenty-five years ago, the exhibition “Norman Rockwell: Pictures for the American People" attempted to raise Rockwell to the status of master, and drew breathless acclaim. Rockwell headlines here as well. But most commercial illustration, however beloved, is not great art. Illustrations—where details are telegraphed and nothing is left to chance—are designed for immediate emotional access. They merely depict. Great artworks, like poetry, transform their subjects through rhythm, tension and metaphor, inviting viewers on explorations that unfold, deepen and surprise. As Paul Klee, an abstract—sometimes narrative—artist, insisted: "A picture is not an illustration of an idea, but the idea itself."

Prioritizing stories and pop-culture icons over aesthetic quality, Mr. Lucas's pantheon embodies the superhuman powers not of the old masters but the new—the masters of the universe: Superman, Batman, Captain America, Flash Gordon, Buck Rogers, Conan the Barbarian and Frank Frazetta. Alongside fellow Americans Thomas Hart Benton, Maxfield Parrish, Rockwell, N.C. Wyeth and Jessie Willcox Smith, Frazetta—the master of the jacked physique, fur bikini, double-D cup and missile-tipped breastplate—has been granted his own gallery.

The Lucas also features several fresh commissions, including lackluster sociopolitical infiltrations by Banksy—a calculated bid for street cred. And peppered throughout the museum and its park and gardens are brand-new life-size bronze renditions: Rockwell, Rosie the Riveter, Yoda and Indiana Jones, whip at the ready. Outside, in Mark Newman's bronze “Princess Leia Frees Herself From Jabba the Hutt,” the victorious

'The Gossips' (1948), by Norman Rockwell.

Princess—like a scantily clad rodeo queen, her slave-girl loincloth undulating like a reptilian tail—stands triumphantly astride Jabba, vanquishing him with the very chains that once bound her. These artworks, even at their most earnest or hyperbolic, prove that it takes more than bronze to make a sculpture.

In “Cinema”—the flashy “Star Wars” section highlighting story- boards, set photography, models, props and life-size dioramas star- ring costumed characters and their vehicles—the Lucas is most at home. This theatrical gallery effec- tively transforms the museum into a Comic-Con Mecca. Yet in a differ- ent register, one of the most satis- fyingly realized displays is the one devoted to Parrish—clearly a labor of love. Though I find his high-keyed color synthetic and cloying, a cruci- form room frames Parrish's work with the solemnity of a chapel.

That gravity takes a different tack in the introductory first-floor installation, where "The History of Narrative Art: Heroes • Myths • The Sacred" aims but fails to establish and legitimize Lucas's collection within the larger art-historical canon. A dark and meandering cave-like tunnel—where replicas and harsh reproductions of textbook artworks compete with badly illuminated paintings by Pieter Brueghel the Younger and Lucas Cranach the Elder, among others—is one prop away from a log-flume ride.

This immersive installation, like the rest of the Lucas—built not on aesthetics but on nostalgia and spectacle—confuses a collector's obsessions with genuine vision. Eschewing contextualization, hierarchy, poetry, mystery, the museum dissolves art's essential distinctions. It reduces all artworks to mere illustrations, and all artists to mere illustrators.

Mr. Esplund, the author of "The Art of Looking: How to Read Modern and Contemporary Art" (Basic/Hachette), writes about art for the Journal.

The Zero-Risk Society Has Arrived

UNRULY REPUBLIC By Barton Swaim

Evidence abounds that most college-educated Americans have lost the ability to assess risk. An exaggeration, maybe, but that thought has haunted

me since the pandemic years of 2020-21, when otherwise sane people embraced draconian interventions of minimal benefit while showing no interest in costs. The very few advocates of shutdowns and school closings willing to acknowledge those policies as misjudgments mostly excuse themselves by noting how little we knew of the virus in its early days.

Well, sure—although some of us knew folly when we saw it. Anyway, the maniacal demand for a clinically neat solution to the pandemic, and the concomitant failure to acknowledge cost-benefit trade-offs, suggests a cultural pathology predating Covid-era safetyism. In fact, its roots go back nearly a century, as Manhattan Institute economist Allison Schrager makes clear in "Worth the Risk," to be published next week by Yale.

America's global economic dominance, achieved in the 1950s and enduring still, is largely thanks to the young country's risk-welcoming ethos. The few provisions that shielded economic actors from ruin in the 19th century—bankruptcy protections, limited-liability laws—didn't deter risk-taking but encouraged it.

Then came the New Deal's dramatic expansion of the welfare state. Social Security, unemployment insurance and an assortment of jobs programs aimed to make economic life less risky and more predictable. Three decades later, beginning with the Great Society and its attendant War on Poverty—Medicare, Medicaid, expanded food stamps, school lunch programs, housing vouchers—the federal government tried to abolish risk for the working class: the class, that is, from which the country's boldest entrepreneurial risk-takers had always sprung. The trend continued when consumer-protection and product-liability laws made America a more litigious society and forced companies and public institutions to think constantly about safety and risk-avoidance.

After the 2008-09 financial crisis and the shutdowns of 2020-21, wealthy democracies all over the world, including the U.S., expanded their role as citizens' primary insurer. "Regulatory policy changed to restrain banks from lending and taking on risk, and industrial policy, tariffs, and reshoring efforts were billed as 'derisking the economy,' " Ms. Schrager writes. Rather than insuring against a specific risk that went badly in the past, "the government started heading off opportunities for risk altogether, explicitly forfeiting growth in exchange for safety."

The aversion to risk pervading American life in the 2020s creates problems of its own. At the top, the Federal Reserve has long assigned itself the task of navigating the economy away from busts. But recessions rid economies of the inefficiencies and excesses that stop them from achieving robust growth postrecovery. At the bottom, few public playgrounds these days feature seesaws or monkey bars.

Ms. Schrager debunks several myths that she says keep Americans of all ages and stations from taking healthy chances. Among those myths:

The U.S. achieved dominance by taking big chances. Where has that ethos gone?

the belief on the progressive left and populist right that U.S. workers face more economic risk than they did two or three generations ago. The odds of being laid off, for example, haven't changed appreciably since the 1950s. Or this: "Conventional wisdom says that Millennials don't have the cash to buy a home because, unlike their parents' generation, they have too much student loan debt. But there is actually a positive correlation with student debt and homeownership, since people with more student debt tend to earn more."

And bear in mind, Ms. Schrager says, the reason millennials carry that debt in the first place: because politicians starting in the '80s presented college as a risk-free road to financial security. Federal and state governments made loans easy, borrowers felt less price sensitivity and colleges responded rationally by bumping up tuition. “When college is touted as a ticket to a certain lifestyle,” she writes, “it seems smart to agree to almost any price tag and any amount of debt.”

Read U.S. politics through the lens of Ms. Schrager's book and some things make more sense. The terrorized response to the pandemic six years ago has normalized alarm, with the consequence that U.S. politics now goes from one moral panic to another. Yesterday, the Omicron variant; today, data centers and the AI apocalypse.

I don't pretend to know the motivations of Anthropic's Dario Amodei and other tech titans who last weekend announced their view that the development of artificial intelligence requires government oversight to avert global catastrophe. Probably they reason that panic always leads to regulation and want to appear reasonable and well-intentioned to their eventual regulators.

But I'm not sure they counted on some politicians' talent for stoking and capitalizing on irrational fear. A poll published Wednesday by Politico finds that $46\%$ of Americans think there's a moderate or significant risk that "AI will destroy humanity." Another $17\%$ think it's all but certain. This is, to use a technical term, bananas. In technological innovation as in financial markets—and in everyday life—excessive fear of risk comes at the cost of growth. Mr. Amodei et al. would do themselves and the country a service by explaining that commonplace principle to Washington.

Why I'm Voting for a Texas Democrat

By Karl Rove

It was a moment every student in Darrell K. Royal-Texas Memorial Stadium will remember for life. Forty-one seconds into the final quarter on Saturday, No. 4 ranked University of Texas at Austin was down 23-3 against No. 1 ranked Ohio State. Quarterback Arch Manning brought the Longhorns alive with a 91-yard drive that ended with a touchdown pass to wide receiver Ryan Wingo. That cut the margin to 13. And the Longhorns weren't done.

Mr. Manning picked apart Ohio State's defense with a 72-yard drive followed by a 73-yard drive, each ending with running back Hollywood Smothers scoring. Texas went up 24-23.

The Buckeyes had 25 seconds on the clock, time enough for their explosive offense. But Texas held, leaving Ohio one second to try for a miracle with a long bomb. That's when Longhorn defensive back Graceson Littleton made the interception, the clock ran out, the cannon boomed, and the stadium went wild.

So how did Bo French—a UT grad and Republican statewide candidate for Texas Railroad Commission, which regulates the oil and gas industry—mark this special moment?

He posted a picture of screaming, joyous, celebrating burnt-orange-clad students. Referring to students who appeared to be South Asian or Hispanic in the photo's foreground, he declared, “I heard UT graduation this year looked like this. I didn’t believe it. The problem is now obviously far worse than anyone imagined.”

Mr. French's not-so-subtle claim that UT has too many Hispanics and South Asians—he later said his issue is too many “foreigners”—is raw, un-cut bigotry. UT admissions are based on merit, not race, and 90% of each class comes from Texas.

Some Republican leaders immediately denounced Mr. French. U.S. Sen. John Cornyn condemned his “intolerance and racism,” warning “this is how great political parties self-destruct.”

State House Speaker Dustin Burrows said Mr. French's post "crossed the line" by "demeaning people because of their race or ethnicity." Other GOP state legislators called the post "racism, plain and simple," "disgusting" and "well below the standard set by Christ." One said it made him "sick."

A few Republicans defended Mr. French. One lawmaker reposted an X post asserting that “anyone telling you to stay home or pull support from Bo is an enemy who supports gay race communism.” Another said Republicans criticizing Mr. French were “contemptible.”

This isn't the first time Mr. French has made bigoted comments. When the wife of an Asian-American Democratic state representative posted on X a picture of herself and their children visiting him on the floor of the House chamber, Mr. French responded, "Families deported together stay together."

Mr. French also has problems with non-Christians. In 2025, as Tarrant County Republican chairman, he posted a poll on X: “Who is a bigger threat to America?” The choices were “Jews” or “Muslims.” Lt. Gov. Dan Patrick called for his “immediate resignation,” and the Republican mayor of Fort Worth, the county’s biggest city, lamented there are “too many

Bo French's bigoted tweet after a football game is part of a long and ugly pattern.

examples" of Mr. French's "bigotry and hate."

Mr. French also has issues with women. When Kamala Harris posted a 2024 campaign plea on X to “trust” women “to make decisions about their own body, health care, and future,” he responded, “There are just some things where you can’t trust women.” He has also opined that “no one hates themselves more than educated white women. This hatred drives them to hate everything else too.”

When I came to Texas in December 1976, the state was so blue that you could almost hold a GOP state convention in a phone booth. After elections that year, there were 18 Republicans in the 150-seat House and three in the 31-seat Senate. We'd gone over a century without electing a Republican governor.

Republicans turned Texas red by fielding candidates who understood the strength of our state's diverse population and welcomed voters who shared our conservative values.

The GOP has a growing number of Bo Frenches—and not only in Texas. Conservatism and the party it dominates have an increasing number of bigoted advocates of a “heritage America” composed of white descendants of the original European settlers. There are “just asking questions” Jew-haters, misogynists who worship hypermasculinity, conspiracy nuts seeking clicks for profit, and religious bigots who won’t differentiate between Muslim terrorists and Muslim American patriots.

These people are diminishing the Republican Party, not building it. I'll have no part of it. This November, I'll vote for only the second Democrat in my life. The first was Lt. Gov. Bob Bullock in 1994, because I thought he would work with Republicans. The second will be Mr. French's opponent, Jon Rosenthal. The GOP's stables need a cleaning. This is a good place to start.

Mr. Rove was senior adviser and deputy chief of staff for President George W. Bush and is author of “The Triumph of William McKinley” (Simon & Schuster, 2015).

Let Others Eat Cake

By Jack Butler

When I proposed to my then-girlfriend, I was delighted she said yes. But as wedding planning began, I followed up her yes with a no: No wedding cake for me. Not since Marie Antoinette had cake caused such controversy. The fault was entirely mine.

At age 13, I swore off pop, junk food and, most relevant for my nuptials, dessert. Nary a bar of chocolate, a spoonful of ice cream, nor a piece of cake had (knowingly) crossed my lips in the 20 years since.

My resolution derived from a desire to give myself every possible advantage as a cross-country runner. The competition, the course, the weather: All are out of a harrier's hands. But his diet he can control. Unlike most decisions I made as a teenager, this one stuck.

You could say I was MAHA before MAHA. You could also say I was deranged. Plenty of people live healthily while occasionally treating themselves to a brownie or tiramisu. But for me, moderation in pursuit of health was no virtue, and extremism in rejecting junk was no vice. My future betrothed noticed this quirk early. It was mostly upside for her. Striving for chivalry on

I'd sworn off sweets. But my wedding posed a dilemma.

those early dinner dates, I'd pay for our meals and a dessert only she would eat. A healthy diet and continued running regimen were signs of a disciplined character.

My stubbornness supplied an early test case for negotiating marital disagreement. Marriage compels us, men especially, to mature—to become worthy of the occasion, the institution and our spouses. But

I didn't want to compromise. Against what I considered a powerful case, the woman I had asked to be my wife reasoned skillfully that a forkful of dessert wouldn't kill me, but the absence of cake altogether or my not eating any would unnecessarily deprive our wedding reception of an essential and fun ritual.

Back and forth we went, I in persistent eccentricity, she with tremendous patience. Would a fruit tart do? No. A pie? No. The Catholic priest who conducted our marriage preparation mentioned that the purpose of the wedding-cake cutting was to inaugurate the domestic life of the new couple. So I suggested lasagna, a dish I'd prepared throughout our relationship. Think of it as a layer cake of meat and cheese, I said. Nope. She likes my lasagna but wouldn't accept it there.

As the wedding approached, the cake lingered as an unresolved item. I realized I was to blame. I was being weird; she was being normal. I thought I'd sworn off self-indulgence, but here I was asking my soon-to-be-wife to indulge me.

So I suggested a solution: Get whatever cake you want, but make sure there's fruit on the top. I'll give you a piece of cake, and you can give me some fruit. No one, not even family and friends in attendance, would be the wiser. Having had the same idea, my fiancee agreed and selected a delectable strawberry-topped confection.

I learned an important lesson from this before my veiled bride even walked down the aisle: when, and how, to compromise. I'll never know whether that strawberry she fed me had some whipped cream on it. But if it did, I think I'll live—till death do us part.

Mr. Butler is deputy editor of WSJ Opinion's Free Expression newsletter.

BOOKSHELF | By Andrew Stark

Successful Circumstances

Profits, Prophets, Coaches, and Kings

By Jared Diamond Mariner, 288 pages, \$32

“I wish Stanley Baldwin no ill,” Winston Churchill declared in 1947, “but it would have been much better had he never lived.” Baldwin, one of Churchill’s predecessors as British prime minister, had slow-walked the country’s rearmament during the 1930s while Nazi Germany was building up, leaving Britain unprepared when World War II broke out. No wonder that Churchill, who had been asked to send a greeting for Baldwin’s 80th birthday, offered his terse judgment instead.

In “Profits, Prophets, Coaches, and Kings,” Jared Diamond tackles the question of how much individual leaders

matter to the course of events. Mr. Diamond is best known for his 1997 book, “Guns, Germs, and Steel,” which argued that accidents of environment and geography, not any kind of innate superiority, explained why Eurasian powers colonized the peoples of Africa and America. His latest book examines leaders in government, business and other fields to determine how the interplay of personal talent and historical circumstance shapes success or failure.

Seretse Khama, the heredi-

tary chief of Botswana's largest tribe, became the country's first president in 1966. By voluntarily transferring ownership of all diamond mines on his tribe's lands to the government, Khama convinced the smaller tribes to do the same, thus providing the state with revenue to build roads, schools and hospitals. For several decades, Botswana boasted the world's fastest-growing economy. No one besides Khama, Mr. Diamond argues, could have achieved that success, because no one else was the chief of the largest tribe.

Leaders matter in religion too. “Why, among all those competing Jewish sects in the first century,” Mr. Diamond asks, “were Christians the ones to found a world religion?” The answer starts with Jesus, but much of the credit belongs to St. Paul, who dispensed with Jewish dietary law, circumcision requirements and prohibitions against intermarriage, thus broadening the appeal of early Christianity.

While leaders with unique strengths sometimes make a difference no one else could have, Mr. Diamond says that many others often would have had similar achievements under the same circumstances. Consider the business giants of our time. Jeff Bezos, the founder of Amazon, is a skilled strategic planner with a keen attention to detail. He's a risk-taker, a hard-driving boss and a tireless worker. Yet those qualities are shared by many Americans. It is likely that had Mr. Bezos never lived, another visionary would have created an online “everything store” once the internet arrived.

Mr. Diamond revisits the conquests of Genghis Khan, the leader of the Mongol empire from 1206 to 1227. The decades of Genghis's rise, the author tells us, were Central Asia's rainiest in 2,000 years. That meant “more grass for grazing animals, hence more sheep and goats to eat, more mares’ milk to drink, more horses to ride into battle, and more Mongol babies to rear to adulthood and to ride those horses. While Genghis may have been the most skilled chief among his Mongol contemporaries, his skills would have been wasted if he had been born 20 years earlier, or 200 miles to the south.”

Favorable weather aided Genghis Khan's conquests. Bill Belichick won six Super Bowls with the Patriots but also had Tom Brady.

Switching to sports coaches, Mr. Diamond tells us that their effect on outcomes, while significant, is “not overwhelming.” Other factors—such as whether their teams have great players or the financial resources of the front office—matter as much if not more. Bill Belichick, the coach of the New England Patriots from 2000 to 2023, won six Super Bowls with Tom Brady at quarterback. When Mr. Brady left the team in 2020, he quickly won another Super Bowl with the Tampa Bay Buccaneers as the Patriots struggled. Much of Mr. Belichick’s success may derive from the fortuitous circumstance of having coached the game’s best quarterback.

Mr. Diamond's book would have benefited from a breakdown of leadership into various traits—humility, arrogance, decisiveness—and a discussion of their bearing on success or failure. The author looks at such characteristics in his individual profiles, but he doesn't report any studies that examine them across many cases, possibly because they don't lend themselves to social-scientific measurement. Take “ego,” a word that is strangely absent from Mr. Diamond's book but is an important factor in determining some of the most consequential actions of leaders.

Mr. Diamond's emphasis on common benchmarks for success—a country's economic growth, a corporation's profits—leaves unexplored the possibility that each unique leader might harbor his or her own criterion of achievement. Some chief executives, for example, might not view earnings as the most important thing. They might care more about technological innovation, employee welfare or even winning an award from their peers. Or think of religion, where Mr. Diamond's criterion of success—widespread devotion by millions—is hardly the only point.

“Profits, Prophets, Coaches, and Kings” demonstrates how individual leaders have succeeded in meeting challenges, from preparing for war to winning games. If we apply such criteria to Stanley Baldwin, we might judge him a failure. Yet scholars deem Baldwin to have displayed many admirable leadership qualities—magnanimity, political astuteness, trustworthiness—and he was successful by his own lights, having passed reforms in housing and pensions.

Appearing in public for the final time in 1947, the year of Churchill's cutting comment, Baldwin noticed an animated throng reacting to his arrival. By now long since deaf, he asked if they were booing him. In fact they were cheering.

Mr. Stark is the author of “The Consolations of Mortality” and “Conflict of Interest in American Public Life.”

REVIEW & OUTLOOK

Kevin Warsh Is an Inflation Hawk

H as Elizabeth Warren sent her apology yet? We mean the letter to Kevin Warsh saying she was wrong to say the new

Federal Reserve Chairman wouldn't be independent. After Wednesday's decision by the Federal Open Market Committee (FOMC) to raise interest rates a quarter point, she isn't the only one who should be offering mea culpas.

The press corps and Wall Street still don't get the new Fed Chair.

The herd of independent minds in the Fed press corps spent the summer hyping a supposed staring contest between Mr. Warsh and President Trump, with the Fed's credibility as the stakes. Mr. Trump famously prefers lower rates, as does any elected politician if we're honest. The FOMC's decisions to stand pat at Mr. Warsh's first two meetings as its leader became supposed evidence that Fed credibility was in doubt.

It was a silly argument, and it obscured much more consequential developments at the Fed. Mr. Warsh is the most hawkish chairman since Paul Volcker, with a long record in our pages and elsewhere of explaining his views. One suspects the real challenge for him has been to bring on board all those FOMC participants who dovishly supported former Chairman Jerome Powell's rate cuts in 2024 and 2025 despite persistent inflation.

In this light, a conspicuous feature of this week's decision to raise the fed funds rate to $3.75\% - 4\%$ is that it was 12-0. In the three months since Mr. Warsh's first meeting, he has persuaded committee members who in June voted unanimously to stand pat into the opposite conclusion.

What changed? Mr. Warsh was clear at his wonderfully brief press conference that the inflation evidence has moved in the wrong direction. The main inflation indicators are still higher than 3% after five years above the Fed's 2% inflation target. Mr. Warsh also cited rising commodity prices as an important price signal, a welcome note not heard at the Fed since its glory days of the 1990s. He is paying attention to prices in the real economy.

This is continuing evidence of the broader reform project Mr. Warsh is launching at the Fed. The most visible instances are the five task forces he's established on matters such as the central bank's balance sheet and its inflation models, and his refusal to provide forward guidance about future policy moves.

The changes are already showing up in monetary policy. An important element on display at this meeting and in Mr. Warsh's speech last

month at Jackson Hole, Wyo., is his conviction that inflation is always the Fed's problem. His Fed is less likely to cling to excuses such as supply-chain shocks as reasons to “look through” inflation above its

2% target. Wednesday's rate increase is consistent with this view.

Mr. Warsh also rejects the old Phillips Curve theory that monetary policy requires a trade-off between inflation and unemployment. In explaining Wednesday's rate decision, he said flatly that he doesn't believe he must harm the current good labor market to get inflation down.

No doubt Wall Street and the press will have trouble dropping their speculation about Mr. Warsh's relationship with Mr. Trump. The Fed chairman rightly declined to answer several questions about this at his press conference. The recent climb in longer bond yields, particularly the 10-year Treasury, is creating political heartburn across Washington as the government grapples with an all-but-certain \$1 trillion interest bill for the year and politicians fret about mortgage rates.

Many of the factors causing those rate increases are outside the Fed's control—particularly expectations about future economic growth, competition for capital from booming artificial-intelligence investment, and worries about the Iran war. Mr. Warsh is wise not to try to guide those markets overtly.

But note that long rates stayed mostly flat after the Fed's policy move Wednesday. The 30-year yield stayed nearly the same, while the 10-year moved up modestly. Had the Fed failed to raise rates, the risk is that there would have been much sharper moves upward.

A White House official called the increase “rather unfortunate”—a mild protest. But Mr. Trump ought to be reassured by Mr. Warsh’s view that the economy is strengthening. Retail sales for August came in strong Wednesday, rebounding from July. The Atlanta Fed’s GDPNow growth estimate for the third quarter was revised up Wednesday to 5.1%.

Mr. Trump inherited stubborn inflation from Joe Biden, and the Powell Fed let it stay too high for too long. Kevin Warsh seems determined to get it down faster, and that will mean faster real wage gains sooner for the American people.

Kathy Hochul's 'Energy Rebate Checks'

New York Gov. Kathy Hochul had a biting reaction to President Trump's bonkers promise last week of \$5,000 "dividend" checks if the GOP holds Congress in the November midterms. She called this a "campaign bribe." Hilariously, Ms. Hochul is now telling New Yorkers to watch the mailbox for state "energy rebate checks" that will start going out next week to 8.2 million households.

“What we’ve done working with the Legislature is invest \$1 billion—a billion dollars—going out to New Yorkers all across the state, so we can put that money back into your pockets,” Ms. Hochul said at an event Monday. “Checks up to \$200 to help families keep pace with the rising cost of energy. And you know what? You don’t have to do a thing. No application, no paperwork, no hoops to jump through. If you’re eligible, the check is coming to you.”

Have we mentioned Ms. Hochul is on the ballot, seeking re-election to a second full term?

The polls show her leading the Republican nominee, Nassau County executive Bruce Blakeman, yet the campaign could always tighten as voters begin to tune in seriously, and Ms. Hochul isn't exactly a dynamo, as the rest of her press conference showed.

She blamed Mr. Trump's war in Iran for raising gas prices and made sure to bring up “Lake Ontario,” which she said while leaning into the microphone for effect. That’s the body of water Mr. Trump now calls Lake America. She also attacked utility companies and data centers. “Since I’ve taken office, we’ve provided over \$6.6 billion in direct utility-bill relief,” she said. The Governor offered few words about why New York’s power prices are high to begin with, such as ill-conceived climate policies.

Ms. Hochul attributed elevated costs to “limited energy sources.” Gee, who might have already had five years in Albany to do something about that?

Americans Are Getting Richer*

Most Americans got richer last year, at least by statistical measures, according to the Census Bureau's annual in-

Median incomes rose in 2025, though many had to work more hours.

come and poverty report. The median inflation-adjusted household income rose 2.6% in 2025 to a record \$87,460. But the report's details also show why so many Americans feel glum about the economy.

The Census Bureau's annual report released Tuesday provides an economic snapshot in time. The look-back on 2025 doesn't account for most of last summer's tax cuts and the recent surge in energy prices from the Iran war. But it does show that, as of last year, inflation-adjusted incomes for most Americans had surpassed pre-pandemic levels.

One reason is Americans worked more. The number of men working full-time grew 1.3 million, and by 800,000 for women. However, the total number of workers increased by much less—230,000 for men and 130,000 for women. This suggests that part-time workers increased their hours, perhaps because wages weren't keeping pace with inflation.

Median earnings for full-time male workers fell \$690, while rising \$1,900 for full-time female workers. The gender pay gap fell as a result, though declining earnings for men isn't a cause for celebration. One culprit may be a slowing labor market in manufacturing last year, alongside continued strong job and wage growth in services that employ relatively more women.

In any case, the overall increase in incomes drove the poverty rate to an historic low of 10.2%. The childhood poverty rate also declined by one percentage point to 13.4%. Although the so-called supplemental poverty rate—which takes into account transfer payments and geographical disparities in housing costs—stayed roughly flat at 13.1%, that's largely because higher earnings reduced welfare. That's good. One caveat: President Trump's deportations may have inflated median incomes by reducing

employees.

the number of lower-wage workers. The Census Bureau reported a $10.6\%$ decline in the number of workers with no high school diploma—equal to about one million workers. No wonder restaurants can't find

At the same time, the number of workers with a college degree or higher last year increased by 1.8 million, while their median earnings declined 1.1% By contrast, earnings for high school grads increased 5.5%. This seems to be more evidence that too many young people are going to college, and not enough are training for trades that pay well.

Even so, lower- and middle-income Americans have suffered the brunt of inflation. Since 2019, pre-tax inflation-adjusted incomes have increased by a mere 0.6% for the bottom 10th percentile (\$110), versus 3% (\$5,400) for those at the 80th percentile and 5.6% at the 95th percentile (\$18,700). The data doesn't include capital gains, which have mostly benefited higher earners who own assets as individuals rather than in tax-free retirement accounts.

These disparities are smaller after adjusting for income transfers and taxes. Americans in the 95th percentile paid on average \$85,700 in income and payroll tax, while those at the 10th percentile gained \$130 on net from tax credits. Adding the value of other transfer payments like Medicaid would further reduce the income differences.

Still, a large share of Americans have experienced stagnating real incomes since the pandemic. Joe Biden's inflation and its persistence is the biggest culprit, but the Federal Reserve is on that case (see nearby).

LETTERS TO THE EDITOR

New York Protects Unions at Teachers' Expense

Regarding your editorial “A New York Union Protection Trick” (Sept. 10): Some surveys have shown that most teachers don’t know that they have the right to opt out of union membership.

The Supreme Court ruled in Janus v. Afscme (2018) that no public employee can be forced to join a union or pay any dues to a union. This right is rarely presented to teachers as an option.

Now that New York Gov. Kathy Hochul has signed legislation that silences outside organizations from sharing truthful information on this subject, many teachers will never truly understand their rights. This new law gives our politically motivated attorney general the power to investigate groups that want to inform public-school teachers in New York of union alternatives.

Strong organizations retain members through results, not by limiting information members receive. Voluntary membership, by an informed consumer, tests whether the product is worth the price. As New York teachers learn of their rights and options, thousands have chosen to leave and bring their hard-earned money with them. This law was designed to keep money in the unions' pockets and keep their members in the dark. If New York State United Teachers offers such a great product, why is the union so fearful of a mass exodus?

ERICA MCDERMOTT Public-school teacher Fairport, N.Y.

Don't Blame Children for Education Failures

In her column “Yes, Children Really Are Getting Dumber” (Life Science, Sept. 14), Allysia Finley laments the decline in our education system. She writes: “Grade inflation has become so endemic that 44% of students who scored below 1000 on the SAT—roughly the bottom half—reported receiving all or mostly A’s.”

How much of this is due to teachers unions controlling our public-school system? When teachers are paid based on seniority rather than performance, incentives are skewed. Observe industries controlled by big unions—auto, steel and shipbuilding, to name a few. These industries have been hollowed out by restrictive union rules and poor management. Now, finally, we're awakening to the similar effects that unions have on students.

The push for equity has also contributed to the problem. The U.S. built the most successful, diverse and inclusive economy in the world by rewarding the best performers. But over time, the progressive mantra of “fairness" has overwhelmed success. As a result, we are seeing the decline of the U.S. and our educational system. CHARLES H. GESSNER Marblehead, Mass.

Children aren't getting dumber. Testing only shows they aren't learning. Children are born with an inherent ability to learn. Their ability to succeed depends on what they are exposed to and who is teaching.

Ms. Finley writes that about “one-third of students on average in developed countries reported that noise and disorder disrupted lessons, with 29% saying classmates don’t listen to teachers.” In any type of leadership, it is necessary to firmly establish who is in charge—in this case, the student or the parent and teacher.

Are students really to blame? They aren't being taught by competent teachers and parents, and they aren't being held accountable.

B.J. KHALIFAH Grosse Pointe Park, Mich.

Congress Can Restructure the Supreme Court

Regarding James Piereson's op-ed "Is Court Packing Constitutional? Don't Be So Sure" (Sept. 8): Members of Congress have fought bitterly over the composition, and even the number, of Supreme Court seats because everyone, however loath to admit it, understands that the court is an inherently political institution.

Mr. Piereson nevertheless argues that expanding it would be unconstitutional. As he recounts a century of congressional adjustments to the court's size, he objects to partisan expansion.

That makes motive the operative test, and it amounts to an unwritten rule under which courts may void an exercise of an enumerated power once they detect a political purpose behind the actions. No such doctrine exists. Article III says nothing about the number of justices, leaving the judiciary's structure entirely to Congress.

Such a doctrine would also devour itself. If partisan motive voids a change to the court's size, then the 1866 act shrinking the court to deny Andrew Johnson his appointments was void, and so was the 1869 act that undid it once it was clear to Republicans in Congress that a Republican president would be making the appointments. The nine-member court Mr. Piereson seems to hold sacrosanct

We Need Permitting Reform

I agree with Jane Flegal and Pavan Venkatakrishnan's op-ed “Dems Should Permit Trump a Win” (Sept. 11). I hate the idea that one party might be deterred from doing something good for our country because it would hand a win to the other party's president.

Permitting reform is important. A deal needs to be signed into law as soon as possible, assuming it's written with the necessary language and riders. My wife and I, along with over 800 other volunteers from Citizens' Climate Lobby, visited the District of Columbia in July to discuss this subject in House and Senate offices.

The permitting process delays most projects. It can take over a decade to approve new long-distance transmission lines, and more will need to be built for the expected electricity growth across our nation. Streamlining this should be a no-brainer. Companies often take on the financial risk of new projects and then wait for a permit and corresponding funding—in some cases only to find the process gets stopped years later. This is unsustainable. For people on both sides of the aisle, reduced wait times should be welcome. I hope both sides can find a reasonable compromise.

becomes, by his own doctrine, the residue of an unconstitutional statute.

Congressional Republicans appear to understand this, which perhaps is why they recently voted for a constitutional amendment fixing the court's size at nine. (It failed.) One doesn't amend the Constitution to forbid what the Constitution already forbids.

NICHOLAS CREEL

NICHOLAS CREEL Assoc. prof. of business law Georgia College and State University Milledgeville, Ga.

Mamdani's Response to 9/11 Is an Unhelpful Distraction

As a first-hand beneficiary of the government response to 9/11, I whole-heartedly agree with the premise of your editorial “Zohran Mamdani’s 9/11 Conspiracy” (Sept. 10). The health of the many thousands who worked in the city, including my co-workers, was responsibly addressed in a timely way.

The accusatory finger instead should be turned to one who fails to use the 25th anniversary of 9/11 to focus on the overarching threat of terrorism. Is the interesting timing of Mayor Mamdani's charge against the alleged failings of other leaders meant to be a distraction from the much larger threat of terrorism? For me, it certainly undermines Mr. Mamdani's credibility as a politician.

MICHAEL KAPLAN Edison, N.J.

Nuclear-Era Lessons for AI

Regarding Paul Tudor Jones's op- ed “AI May Become the Third Superpower” (Sept. 10): Instead of trying to limit or ban AI—a fool’s errand— perhaps the focus should be the same as it was during the development of nuclear weapons in the 20th century: mutual assured destruction. May the best AI win. Let’s hope it’s ours.

JONATHAN LIGHT Laguna Niguel, Calif.

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.

DAVID ROSS San Diego

"That ad will sell a ton of hot dogs. I just don't think we're required to list all the possible side effects."

DOGE Works. Let's Keep It Going

By Tyler Hassen

Early on Jan. 23, 2025, I left a Washington hotel for my first day leading the Department of Government Efficiency team at the In-

terior Department. I had no idea what lay ahead. I didn't know how hard it would be to change our national government, especially in a vast department.

The Interior Department manages more than 500 million acres of federal land, the national parks, Indian affairs, federal water systems, our fish and wildlife, and more than 2 billion acres offshore. For many Americans, the department is vital. That January, it was the most ineff

A cadre of gifted, creative and patriotic thinkers can uncover wasteful spending and reduce federal debt.

ficiently run organization I had ever seen.

My DOGE colleagues and I found that Interior had 50 human-resources offices with more than 2,000 HR staffers for about 65,000 full-time employees. There were 18 different chief information officers and more than 2,000 IT staffers across the department. There were more than 1,000 contract officers for roughly 10,000 active contracts.

What we found was disheartening but also motivating. For example, a \$4.2 million contract to assess the groundwater in the Islamic Republic of Mauritania, in Africa, and a request for \$830 million to spend on customer surveys so simple a grade-schooler could have created them.

When I graduated from college in 2005, the national debt was about \$8 trillion. It recently passed \$40 trillion and is on pace to surpass \$100 trillion by the time my 5-year-old daughter is in her mid-20s. Yet what are we doing about it as a country?

Not all lawmakers seem serious about solving this crisis. But I saw what can happen when talented people leave their private-sector lives for a mission to eliminate the deficit. Did we achieve it? Of course not, DOGE's inability to dent the debt materially has been written about. Striving for a balanced budget became a partisan phenomenon. Critics questioned whether every dollar of the \$215 billion on our public savings tracker was real. But by quibbling over line-item labels and the definition of "savings" while the debt compounded, they missed the point.

To address the debt, we need to recruit more creative thinkers, whether business leaders, analysts, entrepreneurs or builders. We need people who love our country so much that they are willing to accept the challenge—and the inevitable carping. That was DOGE. I was lucky to be among such a talented group of people working together this way. I had read books and articles about our leader, Elon Musk. My experience of him? He cares tremendously about humanity and understands that an insolvent U.S. can't solve our problems. I believe that's why he championed DOGE.

We didn't get everything right and we made some mistakes. But we put America's national debt—the biggest long-term threat the country faces—at the forefront of millions of minds, albeit briefly. We also inspired people like the journalist Nick Shirley, who has identified fraud in Minnesota and California, to continue the crusade against waste and abuse.

I found substantial waste at Interior, and our team worked to eliminate much of it. We canceled more than \$3 billion of wasteful contracts and led Interior through the largest functional reorganization in recent government history.

To some, \$3 billion of waste isn't much compared with \$40 trillion in debt and entitlement programs growing every year. But what if we thought about this differently? What if we encouraged our most gifted entrepreneurs, engineers, lawyers and others to spend a year or two in public service at the federal and state levels?

What if it were a bipartisan privilege to be chosen for an elite group pressing DOGE's cause of asking government to "defend the spend"? The group would help pare a national deficit that eventually will crowd out much of what government should be doing.

How would it work? Congress could create an efficiency and technology office with data access across agencies. This permanent group would issue a public report every year and consist of a rotating corps of private-sector talent serving one-or two-year tours. Governors in every state capital should create similar offices, coordinating with federal contacts to track taxpayer dollars.

DOGE proved the model works. This shouldn't be a partisan issue, but something everyone who loves our country can celebrate—not criticize. Presidents Clinton and Obama had their own efficiency and federal spending initiatives, all supported by Democrats at the time.

DOGE found that waste was real—and sometimes absurd. Many of our technology systems are decades out of date. We need solutions to stop wasteful spending, to close inefficient organizations, and to track dollars moving from federal taxpayers to fraudsters. We can find those solutions by embracing what DOGE did well and learning from our mistakes. Mr. Musk, the greatest entrepreneur of my lifetime, was right about the mission. Now it's up to the rest of us to make it permanent. Don't just drain the swamp. Flood it with talent.

Mr. Hassen served as acting assistant interior secretary for policy, management and budget (2025), where he led the department's DOGE mission. He is author of "Inside DOGE," forthcoming Sept. 22.

An AI Antitrust Exemption Would Invite Collusion

By Madhavi Singh

Anthropic's Dario Amodei has called on the world's leading artificial-intelligence labs to slow down development and asked Washington to grant an antitrust exemption so they can coordinate on safety without being treated as a cartel. OpenAI's Sam Altman, SpaceXAI's Elon Musk and Google's Demis Hassabis were quick to support the slower pacing. But why do AI labs need an antitrust exemption?

When competitors agree on standards the rest of the industry is expected to meet, the law becomes suspicious. Responsible self-regulation can also be a way of deciding who gets to compete and on what terms.

Yet antitrust law doesn't treat every instance of coordination among competitors as suspicious. A sports league couldn't function without some coordination. Rival clubs must agree on rules, schedules and eligibility criteria; without them, there are no games and no league. Joint ventures, in which coordination among rivals creates a new technology or market that none could produce alone, are also allowed under antitrust law. Professional and industry associations that set standards to ensure quality rather than exclude competition also survive antitrust scrutiny.

In short, coordination is lawful when it creates value rather than excludes rivals or exploits consumers. If AI labs' coordination is needed to create value and isn't exclusionary or exploitative, they need not worry about antitrust liability.

So why demand an exemption? The labs appear to have in mind an agreement among competitors to restrict output and set a safety standard collectively rather than compete to produce the safest product. That is classic cartel conduct. The Federal Trade Commission has recently flagged advertiser coalitions for colluding to set “brand safety” standards. Similar concerns have been raised about social-media platforms and traditional media organizations acting as “truth cartels” and coordinating to set content-moderation standards.

AI labs' sudden concern about antitrust compliance also seems suspicious. Like most of Big Tech, they care about antitrust compliance about as much as social-media companies care about privacy. They have acquired rivals, cut off competitors' access to infrastructure, signed exclusive distribution agreements, and continued the platform-era monopolization playbook with little hesitation. Antitrust enforcement has become a cost of doing business rather than a meaningful deterrent. If these firms have long viewed antitrust liability as a manageable risk, why do they need permission in advance?

An antitrust exemption would allow the leading AI labs to entrench their positions by setting the rules of the game and determining who gets to compete. As open-source and Chinese AI models close the quality gap,

The law already allows Anthropic and OpenAI to collaborate if their real objective is safety.

coordinating over safety becomes an easy and time-tested way to exclude rivals. The Supreme Court has seen this strategy before. In Allied Tube v. Indian Head (1988) and Radiant Burners v. Peoples Gas (1961), incumbent firms were shown to have used the pretext of safety standards to exclude competing products. In concentrated markets, companies have every incentive to avoid competing aggressively because competition erodes margins. Collusion becomes the best way to milk customers for profit.

In a healthy market, companies compete on safety, quality and price. Carmakers compete on crash-test ratings. Children's products, water filters and power tools also compete on safety. But once competitors agree on what is "safe enough," safety ceases to function as a competitive metric. Courts have repeatedly emphasized that the Sherman Act reflects the view that competition lowers prices and produces better and safer products.

True, markets sometimes race to the bottom. Competition among social-media platforms hasn't produced stronger privacy protections. TikTok's competitive advantage over Facebook was engagement, not privacy. But AI seems different. Consumers value AI safety as they value the safety of cars. Nobody wants a system that goes rogue, deceives users, steals data or acts maliciously. A lab that can demonstrate its models are safer has every reason to compete on safety rather than coordinate around a common floor. If safety standards deserve protection from market pressure to prevent a race to the bottom, the more defensible solution is for governments, not competitors, to establish the safety floor.

The labs' apparent belief that competition will inevitably produce a race to the bottom is an awkward admission by OpenAI and Anthropic, both of which were founded to serve the public interest and premised on the idea that AI could be developed safely. Anthropic in particular espoused that safety would be its competitive advantage against rivals. If these companies genuinely believe slower development serves the public interest, nothing prevents them from slowing down unilaterally.

The strongest counterargument asserts that a coordinated slowdown solves a collective-action problem: A lab that slows down alone risks losing market share to rivals willing to cut corners. But this is precisely the problem OpenAI's capped-profit structure and Anthropic's public-benefit charter were supposed to solve by insulating their public-interest missions from competitive pressure.

Why do these companies now claim they need an industrywide agreement to do what their own governance structures were designed to make possible? Blaming antitrust law rather than their own choices is at best a convenient excuse for abandoning the principles they were founded to uphold. At worst, the exemption is a Trojan horse: a vehicle to insulate incumbents from competition while doing far more than coordinate on safety.

Ms. Singh is deputy director of the Thurman Arnold Project and a resident fellow at the Information Society Project, both at Yale.

Can Military Morale Survive Smartphones?

By John Spencer

Before landing in Thailand for a brief respite early this month, the USS Abraham Lincoln had spent a record 9½ months at sea. Reports of mental health issues among its crew of 5,000 went viral. A few sailors reportedly tried to jump overboard. At a meeting with Navy leaders, one sailor's wife said her husband had texted from aboard the aircraft carrier that "he hopes he doesn't wake up tomorrow."

Much of the reporting came from family members receiving messages from their deployed loved ones. Connectivity allowed those families to call their congressmen or contact media to sound the alarm. The reports should also prompt leaders to ask why fellow sailors didn't identify and address the danger sooner.

There is a misconception that greater connectivity with family and friends acts as a kind of salve for longer deployments. I remember this vividly serving as a company commander in Iraq from 2008-09. Many of the 150 men and women serving under me had just completed back-to-back deployments lasting 12 to 15 months. No wonder they were stressed and exhausted. My bosses thought daily contact with loved ones would help protect my soldiers from mental-health duress or disruptions in unit cohesion. What I found is that greater connectivity can have the opposite effect.

Perversely, the constant link to the outside world often deepened feelings of isolation within a unit and led to poor teamwork, apathy toward standards, online personas (one soldier used Facebook to claim falsely that he killed Iraqis and was the victim of an IED attack) and an unwillingness to carry out missions because of mental-health problems. Leaders often had no idea what soldiers were feeling or thinking each day because many of those conversations were happening online with people thousands of miles away, rather than with the fellow soldiers around them.

War is first and foremost a collective endeavor. It demands teamwork, whether aboard a nuclear-powered aircraft carrier or holed up in a bombed-out Iraqi city. Since Roman times soldiers have endured combat because of the bonds they form through shared hardship. They experience the ups and downs of combat together, along with its boredom, monotony and loneliness. This group becomes their family and support network in ways that even their loved ones at home can't, despite the reach of digital technology. Only the men and women directly beside them can offer immediate support. I saw this firsthand in all my tours.

Consider also the 2024-25 deployment of the USS Harry S. Truman, during which mental-health strain contributed to the loss of three F/A-18 Super Hornets and a collision with a merchant vessel. A Navy investigation identified fatigue, stress, undermanning, training gaps and leadership failures among the ship's crew. But the report also uncovered something that had been overlooked: Many sailors spent their

The crisis on the USS Lincoln illustrates the dangers of connectivity for U.S. service members.

downtime on phones instead of studying for qualifications. “This lack of motivation,” investigators said, was also attributable to “Wi-Fi availability” on the ship.

No, technology didn't create all the problems aboard the Truman—just as it didn't aboard the Lincoln. There, the stress of the combat operations, repeated deployment extensions and uncertainty about when they would return home all contributed to deteriorating standards, discipline and group norms. Families also reported intolerable living conditions and a lack of food and hygiene supplies. One sailor posted a video online that went viral showing filthy toilets.

Both cases show how too much connectivity left unchecked can foster a lack of cohesion, duty and discipline. No doubt parents of young children can relate.

The answer isn't to eliminate connectivity. It can provide a release valve and serve as critical support for service members and their families. At the same time, the U.S. military needs to acknowledge how technology has reshaped deployments and design ways to build and fortify the cohesion so critical to combat tours. That need will only accelerate with advances in artificial intelligence.

Leaders can take a first step by prohibiting technology during meals, fitness or other routines. Service members need time to decompress and come together without phones. After traumatic events, they also need to process what happened face to face before returning to screens. This will allow leaders to identify signs of isolation and withdrawal before they escalate into a major mental health crisis (or a damaging headline that emboldens our enemies).

The Lincoln's crew accomplished its mission under extreme conditions. Their experience is another wake-up call our military needs to answer.

Mr. Spencer is chairman of war studies at the Madison Policy Forum and author of “Connected Soldiers: Life, Leadership and Social Connections in Modern War.”

THE WALL STREET JOURNAL. PUBLISHED SINCE 1889 BY DOW JONES & COMPANY

Executive Chairman, News Corp

Rupert Murdoch Chairman Emeritus, News Corp Emma Tucker Editor in Chief

Liz Harris, Managing Editor
David Crow, Deputy Editor in Chief
Aja Whitaker-Moore, Deputy Editor in Chief
Sarah Ball, Features; Elena Cherney, Senior Editor; Dan Colarusso, Business, Finance, Economics; Chip Cummins, Newswires; Taneth Evans, Digital; Gordon Fairclough, World; Alex Martin, Print & Writing; Bruce Orwall, Enterprise; Damian Paletta, Washington

Paul A. Gigot Editor of the Editorial Page Gerard Baker, Editor at Large

Robert Thomson Chief Executive Officer, News Corp

Chief Executive Officer and Publisher

DOW JONES MANAGEMENT: Jason P. Conti, General Counsel; Dianne DeSevo, Chief People Officer; Artem Fishman, Chief Technology Officer; Lisa Fitzpatrick, General Manager, Dow Jones Industries; M. Scott Havens, Chief Growth Officer; Dan Shar, EVP, General Manager, Wealth & Investing; Ashok Sinha, Chief Communications Officer; Josh Stinchcomb, EVP & Chief Revenue Officer, WSJ | Barron's Group

EDITORIAL AND CORPORATE HEADQUARTERS: 1211 Avenue of the Americas, New York, N.Y., 10036 Telephone 1-800-DOWJONES

DOW JONES | News Corp

Notable & Quotable: AI

Louise Perry writing for WSJ Opinion's Free Expression, Sept. 16:

are still regarded with disdain or even revulsion by the general public. It is understandable that people who tend to languish in other status hierarchies would be attracted to a worldview that places them front-and-center in humanity's greatest drama. Apocalyptic AI predictions cast the nerd as both the greatest threat to mankind and the savior who might offer us a route out of disaster, or even toward utopia. All of these visions rely on atheist assumptions that cast humans as simultaneously cosmically insignificant—and therefore easily snuffed out—but also the potential creators of Godlike technologies.

Both AI “doomers” and AI “accelerationists” . . . seem drawn to radical visions of the future. These visions are attractive to them on an emotional and spiritual level, even if only subconsciously.

For most of human history, power was held by the men with the greatest martial prowess. Only in the modern era have brains become vastly more important than brawn, and the digital revolution has elevated the nerdy to new heights of power and prestige in recent decades, even if “tech bros”

JASON GAY

L.A. Clippers' Owner Admits He's Sunk

After vowing to fight, Steve Ballmer says team will comply with NBA's penalty for salary-cap violations over signing of star Kawhi Leonard, as a federal probe looms

Kawhi Leonard is off to Toronto, but he remains at the center of Los Angeles Clippers' owner Steve Ballmer's woes.

Steve Ballmer won't press the nuclear button.

Call off the swarms of lawyers and PR handlers, the

howling about railroading and witch hunts.

There will be no protracted battle with the NBA over the league's conclusion that his Los Angeles Clippers franchise committed several salary-cap violations in its relationship with now-former star Kawhi Leonard.

A fancy white flag is fluttering in Inglewood, Calif. The wealthiest owner in American sports says he will take his punishment, which includes the removal of five first-round draft picks, a \$30 million fine and a one-year ban from being around the team he loves.

“We are committing to put this chapter behind us,” Ballmer said on Sunday night, amid a fog of NFL action.

“We have communicated to the NBA that we are complying with the penalties assessed by the league, have paid the fine, and are moving forward.”

It's a wild switcheroo from a couple of weeks ago, when the Clippers sounded full of bravado, spoiling for a fight.

The team pushed back hard after the NBA released its investigation by Wachtell, Lipton, Rosen & Katz and laid down a historic, harsh punishment.

Then: “We intend to vigorously challenge these findings and penalties through every avenue avail-

able to us."

Now: Never mind!

To be clear, Ballmer's not coping to the laundry list of allegations in the league's investigation. There's an acknowledgment of responsibility, not for specific infractions, but for the popular catchall of "distraction and distress."

“While there are still disagreements concerning the findings in the report, this is not where I

want to focus," Ballmer said. "Team owners should support, not distract."

OK, then! There's still the matter of a nascent Justice Department investigation, and whether that could result in charges down the road.

But to the NBA, the Clippers are surrendering. No more puffing about injustice. No more media speculation that the team was furious and wanted to burn down

the league.

A frenzy that began with a scoop from Pablo Torre's podcast has ended meekly with a statement dumped amid a Cowboys implosion against the Giants.

It's a very public embarrassment for one of the highest-profile figures in business and sports.

No one seemed to enjoy having a team more than Ballmer, the former Microsoft boss who was

hailed as a savior when he rescued the Donald Sterling-toxified franchise in 2014.

He couldn't convert the Clippers into a champion, but not for lack of trying. Ballmer upgraded the roster, the facilities, and built a state-of-the-art arena. He positioned himself as Fan No. 1 for a team still overshadowed by Showtime in Lak-erland.

Now it's back to the blah. The Clippers are a bummer again. Losing five first-round picks is a crusher for a franchise already in rebuilding mode.

There's a theory that Ballmer's standing down to curry favor and earn back some of those picks—that's what happened when Minnesota got dinged years ago—but that's hardly guaranteed.

And Kawhi? Kawhi's off to Canada. A stalled trade between the Clippers and Toronto was completed Monday, and Leonard is expected to play for the Ontario franchise he took to a title in 2019. (The deal does earn the Clippers two draft picks that are suddenly critical.)

Leonard's former business manager Dennis Robertson was assessed a five-year ban, but Leonard's own penalty was modest—a \$700,000 fine. He had the benefit of support from the NBA Players Association, which needed to sign off on the league's action.

While Leonard suits up in Raptor red for Toronto's Nov. 2 game versus the Clippers, Ballmer will be required to watch remotely.

Or sneak into his fancy arena in an elaborate costume that avoids detection by facial-recognition technology.

He may prefer to avoid it altogether. Ballmer is getting a reprieve from what is expected to be a rough season. Early lines have the Clippers as a deep long shot to win the title, their odds rattling around the ocean floor with the Pelicans, Grizzlies and Kings. The New York Islanders may have a better chance to win the 2026-27 NBA title than the Clippers.

The Justice Department investigation looms, and there's no assurance the story stops here.

"The challenges ahead of us are significant, but so is our resolve," Ballmer's statement said. He continued: "I am certain we will compete at the highest level and be an organization our fans can be proud of."

That's some championship-grade optimism. It's more likely to be a gloomy mess. Once the most enthusiastic guy in basketball, Steve Ballmer will sit it out.

A Former College Passer Spotted Trouble Afoot In Oregon Star's Struggles

BY ROBERT O'CONNELL

AS THE OREGON DUCKS collapsed into the most shocking upset of the college football season last week, only one man knew exactly what was going wrong.

It wasn't Dan Lanning, the Ducks' head coach with national-championship aspirations, or anyone in his army of assistants. And it wasn't Dante Moore, Oregon's Heisman-candidate quarterback, who could become the No. 1 pick in next year's NFL draft.

Instead, it was a sales manager in Bargesville, Ind., named AJ Woodin, sitting on his sofa. As he and his wife watched his beloved Ducks lose to a beleaguered Oklahoma State team, Woodin spotted a dead giveaway in Moore's footwork.

One of the top passers in the country—who is making an estimated \$5 million this season in college and will almost certainly earn tens of millions more in the pros—was telling his opponents what was coming before the ball was even snapped.

“Watch this,” Woodin told his wife, Beth, during one Oregon drive. “This is gonna be a run.”

Sure enough, it was. The next play, Woodin guaranteed a pass was coming—and moments later,

Moore dropped back to throw. It didn't take long for Woodin, who had himself spent four seasons as a backup at Idaho, to show Beth what he was seeing.

“By the end of the game,” Woodin said, “she was predicting every play.”

What Woodin had detected—on a TV screen nearly 700 miles from Stillwater, Okla.—was a tell in Moore's stance as he waited on the snap. Any time the Ducks were about to pass, Moore's right foot was about a foot behind his left. When Moore was preparing to hand off, the feet inched closer together.

It was a minor difference that could turn into a catastrophic game-changer.

On Monday morning, Woodin messaged his friend Andrew Nemec, who runs a blog about West Coast football. By the afternoon, as fans struggled to make sense of Oregon's loss, Woodin's realization was spreading across social media.

Even Moore acknowledged the flub that had torpedoed his team's chances. “It just shows me as a player that I have things that I need to fix,” Oregon’s quarterback said. “I got to make sure I don’t show it to a defense.”

Although college programs dedicate countless man-hours to cracking any secret in their opponents' plans, turning the magnifying glass toward their own habits is a far greater challenge. But those details didn't get past Woodin.

Oregon quarterback Dante Moore is a Heisman candidate and could be the No.1 pick in the 2027 NFL draft.

During his own college career, which he spent mostly holding a clipboard, Woodin earned a Ph.D. in the subtle nuances of the quarterback position. His coach at Idaho was Paul Petrino, a “quarterback guru” who had a singular obsession with reading opponents like poker players.

"If a quarterback licks his hands before he throws, or wipes his towel before he hands off—these were all things we were analyzing," Woodin said.

Just as importantly, Petrino reminded his players to eliminate any tells that might give a defense information for free.

That obsession has made it hard for Woodin to just kick back and relax on Saturdays. But when he watched Oregon's playoff run end in a blowout loss to Indiana last January, he felt sure some-

thing was off. How could the dominant team he knew lose a do-or-die game by 34 points? The debacle had begun when Moore threw an interception on the first play from scrimmage.

“It seemed too easy,” Woodin said. “What defensive back would jump that route in a playoff game, with reckless abandon? It just didn’t make sense.”

So Woodin began to investigate. What he found might just be the key to resurrecting Moore's season.

• • • • • • • • • • • • • • • • • • • • • • • • • • •

BUSINESS & FINANCE

© 2026 Dow Jones & Company. All Rights Reserved.

* * * * * *

THE WALL STREET JOURNAL.

S&P 7551.81 ▼ 0.45%

S&P FIN ▼ 1.63%

S&PIT ▲ 0.10%

DJTRANS ▼ 2.78%

WSJ\$IDX ▲ 0.55%

Thursday, September 17, 2026 | B1

2-YR. TREAS. yield 4.725%

(Midday) 63966.87 ▲ 0.07%

See more at WSJ.com/Markets

A 401(k) That Mirrors a Pension

BlackRock leads push to help firms design plans to expand investment options

BY JACK PITCHER

BlackRock will offer U.S. workers a chance to invest more like a multibillion-dollar pension.

The world's largest investment firm by assets under management said it would work with corporate clients to build customizable funds for 401(k) plans that can include slices of public stocks and bonds, private assets and even annuities that provide guaranteed income in retirement.

The new framework aims to resemble the menu of options offered to public-employee pension plans, university endowments and other deep-pocketed institutions that hire firms such as BlackRock to manage their money.

Most corporate 401(k) plans tend to default employees into target-date funds, or those that invest in a mix of stocks and bonds that shifts as the employee gets closer to her or his “target date,” or retirement age.

BlackRock said it would work with corporate clients to analyze the demographics and wages of their workforces, among other factors, to help inform investment choices.

For example, a manufactur-

For example, ing company with a union workforce that has an early average retirement age and an existing defined-benefit pension might have different needs for its 401(k) plan than a tech global head of retirement solutions.

company that offers no pension benefits and pays employees with corporate stock, said Nick Nefouse, BlackRock's

BlackRock wants to address those differences, and says it

The debate in retirement investing centers on private assets.

can now use technology to bring customized features to companies and plans of all sizes. That is especially important as companies consider new options that BlackRock and other investment managers are rolling out, including target-date funds that incorporate defined retirement income and private assets.

“We're trying to take the best of what 401(k)s have done, such as portability and ownership by the individual, and combine that with the best of what pensions did, which is professional management, long-term thinking and certainty through income in retirement,” Nefouse said in an interview.

A firm later acquired by BlackRock helped pioneer target-date funds in the 1990s. The funds now take in a majority of the money flowing into 401(k) plans in the U.S., according to Vanguard data. They have been lauded for helping assure savers' invest-

Please turn to page B2

OpenAI Reports More Safety Incidents

BY ERIN WOO

An OpenAI model undergoing testing rewrote its own instructions, telling itself to disregard “the roles and identities that bind other chatbots.” An AI agent tried to pass a test by uploading a file to the internet, then citing it as a source. Another agent couldn’t find the data to create a financial model, so it instructed itself to make up the data and “be transparent only if asked.”

OpenAI disclosed these and other previously unreported incidents on Wednesday as the company announced a new framework for reporting instances of misbehavior by its artificial-intelligence models. The framework covers model misalignment, a term used by researchers to describe AI that acts in ways that ignore or conflict with human intentions. The company disclosed six new examples of misaligned behavior, all of which it said would have been deemed eligible for disclosure or investigation under the framework.

OpenAI's announcement comes as fears over harmful AI reach a fever pitch. Last week, a former OpenAI researcher, Jacob Coxon, quit Anthropic and expressed concerns that the AI industry was racing to build systems it couldn't control. Over the weekend, execu-

Please turn to page B2

Venezuela produces the type of oil that U.S. Gulf Coast refineries prefer using to make gasoline, diesel and jet fuel.

Exxon, Hamm Bid for Venezuela Oil

Source: U.S. Energy Department

BY COLLIN EATON AND BENOIT MORENNE

AL DRAGO/BLOOMBERG NEWS

Harold Hamm, founder of Continental Resources.

ExxonMobil and billionaire oil baron Harold Hamm are close to signing preliminary deals to explore investments in Venezuelan oil fields, the latest signs of interest from U.S. companies to help revive the country's dilapidated energy sector.

Exxon is negotiating a potential return to the country nearly two decades after its exit and could sign a memorandum of understanding with state-run Petróleos de Venezuela as soon as this month, according to people familiar with the matter. The U.S. oil giant will explore a deal to invest in a number of developed and undeveloped fields, according to people familiar with the matter. The deal talks could still fall apart or extend beyond September, the people said.

The deal could encompass fields that collectively have 50 billion barrels of oil available, one of the people said. Venezuela says it has around 300 billion barrels of oil reserves, which would make its reserves the largest in the world.

Exxon has sent teams to Ca- Please turn to page B9

◆ Oil stockpiles fall for third week in row...... B9

AWS Can't Restore Some Data From Sites Iran Struck

BY OMAR ABDEL-BAQUI

Amazon Web Services said Tuesday it is unable to restore access to some customer data hosted in Persian Gulf data centers that were struck by Iranian drones in the spring.

AWS data centers in the United Arab Emirates and Bahrain have been mostly offline since Iran launched drone swarms at them in the opening days of the U.S. war against the Islamic Republic. The damage in Bahrain was spread across multiple AWS facilities.

AWS's Tuesday announcement is the first indication that some data stored exclusively in those countries could be gone forever. Data exclusively stored in AWS data centers across Bahrain are beyond restoration. One AWS availability zone—a group of data centers with independent power, cooling and networking infrastructure—in the U.A.E. shares the same fate.

"A cloud region losing customer data because of an air-strike—I don't think that's ever happened before," said Doug Madory, head of internet analysis at cybersecurity firm Infoblox.

The Iranian attacks, monthslong AWS data center blackouts and permanent data loss pose a setback for Arab Gulf states that are looking to become world-leading data processors for industries such as artificial intelligence. They add a significant new risk for U.S. companies weighing investments that can cost tens of billions of dollars.

“I just don’t think that they try to build these facilities to survive missile strikes,” said Madory.

To address concerns about strikes, Emirati officials have floated the prospect of building data centers underground and placing drone defense systems near the computing centers, both of which would add to the cost, The Wall Street Journal reported Monday.

After its U.A.E. and Bahrain facilities were attacked in March, Amazon recommended its customers migrate data to other regions, including the U.S. and Europe. Most did so before fresh Iranian strikes again hit AWS facilities in Please return to page B4

Please turn to page B4

Novo, Anthropic Set Drug-Research Pact

BY ALEX JANIN

AND ADRIÀ CALATAYUD

Novo Nordisk, the Danish drugmaker behind blockbuster diabetes and weight-loss drugs Ozempic and Wegovy, is working with Anthropic to use artificial intelligence for drug research.

Novo said Wednesday it would use Anthropic's science-specific platform, known as Claude Science, to help speed up the discovery and development of new medicines and strengthen the pharmaceutical company's software development.

The partnership is the latest by a slate of drugmakers, including Eli Lilly, Merck and Roche, betting that AI can help them discover and produce medicines more quickly.

“AI can help us increase productivity in R&D and compress the path from research to marketed product. But be-

Please turn to page B2

INSIDE

JOSE LUIS MAGANA/AP
TECHNOLOGY TikTok's parent posts a surge in revenue, but AI spending presses earnings. B4

HEARD ON THE STREET Friendlier regulators boost biotechs aimed at rare diseases. B10

Automakers Suffer Setback on AM Radio

The industry has argued AM radio is no longer widely used.
Source: FCC
STOCK/GETTY IMAGES

BY RYAN FELTON

U.S. automakers have been eager to consign AM radio to the history books. Instead, they have triggered the nearly unthinkable: a bipartisan push from Congress to save the century-old broadcast band.

An ensemble of advocates, including broadcasters and former federal emergency officials, have been pressing lawmakers for years to mandate AM radio after automakers such as Tesla, Volvo and BMW stopped providing those tuners in new models. Their push is working. On Tuesday, the House passed the AM Radio for Every Vehicle Act with overwhelming support.

The bill heads to the Senate, where related legislation has 60 co-sponsors and bipartisan support.

Supporters say the old-school technology remains a vital piece of the government's emergency communication network and that many Americans continue to depend on it.

Change in the number of AM radio licensed stations

"As much as our technology continues to evolve, nothing has changed that fact that if you don't have cell networks and you don't have power, radio is your lifeline,"

said Curtis LeGeyt, president and chief executive of the National Association of Broadcasters, an industry group.

At the same time, the bill presents an unexpected headache for the auto industry as it grapples with challenges including tariffs, higher fuel prices and the threat of upstart Chinese automakers from breaking into the U.S.

The industry's shift away from incorporating AM radio began a decade ago, after more car companies began to develop electric vehicles for the U.S. market.

Many carmakers have said that currents from EV motors can interfere with AM broadcast signals and have re-

moved radio receivers from newer models as a result. An industry-funded study by the Center for Automotive Research estimated it would cost automakers \$3.8 billion to mitigate in-

The bill heads to the Senate, where related legislation has 60 co-sponsors.

terference between EVs and AM radio.

Ford Motor was among the companies that initially dropped AM radio but reversed course after Chief Executive Jim Farley said he

Turkey said he spoke with policy leaders "about the importance of AM broadcast radio as a part of the emergency alert system." A Ford spokesman didn't respond to a request for comment.

Yet carmakers have long been opposed to an AM radio mandate. Industry lobbyists Please turn to page B2

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
Airbnb....A5
Alphabet....B4,B10
Amazon....B1,B4
Anthropic....A1,B10
B
BlackRock....B1
Brookfield....B10
ByteDance....B4
C
Chevron....B9
Coinbase....B10
Continental Resources....B9
CVS....A3
D - E
Databricks.....B5
ExxonMobil.....B1
F
Ford Motor....B1
Frasers Group.....B2,B10

G Goldman Sachs.....B10 I Intel.....B4,B10 J J.B. Hunt Transport Services.....B3,B10 M Main Capital.....B5 Meta Platforms.....A5,B2,B10 Microsoft.....B4,B10 Mistral.....B5 Moderna.....A3 Mozilla.....B5 N Nvidia.....A5,B4 O - P OpenAI.....A1,B1,B10 Oracle.....B4

INDEX TO PEOPLE

A
Altman,Sam....A1,B1
Amodei,Dario....B2
B
Ballmer,Steve....A18
Black,Leon....A4
Brockman,Greg....A5
D
Delco,Brad....B3
Doustdar,Mike....B2
Dugan,Dave....B2
E
Enzor-DeMeo,Anthony...B5
Etlin,Holly....A11
F-G
Farley,Jim....B1
Grieder,Daniel....B2

Palantir.....A5 Papa John's.....B3,B10 Pfizer.....A3 R Reckitt Benckiser.....B3,B10 Regenxbio.....B10 Reliance Worldwide.....B10 Replimune.....B10 S SK Hynix.....B4 SpaceX.....A1,A5 Spotify Technology.....A12 State Street.....B2 Strategy.....B10 T TCV.....B5 Tribal Group.....B5 U - W uniQure.....B10 Watermark Insights.....B5

H Haigh, Kay.....B10 Hamm, Harold.....B1 Huang, Jensen.....A5 L Lamont, Owen.....B10 Lawler, Doug.....B9 Lemaire, Jérôme.....B3 Lowe, David.....B2 Lowe, Rupert.....A1 M - N Madory, Doug.....B1 Mensch, Arthur.....B5 Mildenhall, Jonathan.....B1 Murray, Michael.....B2 Musk, Elon.....A1,A5 Nefouse, Nick.....B1

P Penegor, Todd.....B3 R Rosenthal, Tamara.....B2 S Salmon, Dan.....B1 Sturm, Stephan.....B2 T Thome, Joseph.....B10 V Visscher, Daan.....B5 W Weber, Adam.....B2 Woods, Darren.....B9 Z Zuckerberg, Mark.....A5

A 401(k) That's Like A Pension

Continued from page B1 ments match their risk tolerance and proximity to retirement.

Firms such as BlackRock are looking for ways to improve these funds when investors reach that target date.

"The problem is that we designed this whole system just to maximize savings, maximize account value, and then you get to retirement, we hand the money back to you and say 'good luck,' " Nefouse said.

BlackRock, Vanguard, Fidelity Investments and State Street recently have announced new funds that give investors the option of buying an annuity before or after their retirement date that guarantees some level of income for the rest of their lives.

The latest debate in retirement investing centers on private assets.

President Trump signed an executive order in 2025 directing federal agencies and regulators to clear the path for assets such as private equity, private credit and real estate into 401(k) plans.

Private-asset funds have long been a major part of pension-fund and insurance-company portfolios. Proponents of private-market funds in 401(k)s argue they can be less correlated to public stocks and offer premium returns in exchange for less liquidity.

Skeptics point to higher management fees and less transparency from managers.

The decision whether to offer private assets in a corporate 401(k) plan comes down to the company offering it and its goals.

"If private markets can help you reach or beat that objective, net of all fees, then we think that's a good tool," Nefouse said. "What we're not doing is saying we've got target-date funds, we've got private markets, and we should just push that together for everyone."

OpenAI Discloses Incidents

Continued from page B1

tives from Anthropic, OpenAI, Google and SpaceX agreed that they needed to slow down the pace of AI development.

“We think it’s important to share what we’re learning as soon as possible,” said Kai Chen, OpenAI’s head of alignment, in an interview ahead of the framework’s release. “We hope it helps inform shared standards and regulation that can create clear expectations for all AI developers.”

OpenAI said in a blog post on Wednesday that it would “aim to disclose examples that provide useful evidence about how model misalignment arises, how it manifests, and where safeguards succeed or fail.”

That can include a model hiding a mistake, acting without permission or working around a safeguard. OpenAI will give priority to disclosing new types of misalignment, meaningful changes in known behavior and findings that challenge assumptions of current safeguards, Chen said.

Any employee can flag an incident for potential disclosure, kicking off a review by technical staff. Disputes will be escalated to OpenAI's safety leadership and OpenAI leadership. Minor incidents must be disclosed within one or two weeks, while more complex investigations including third parties may take longer to be disclosed, Chen said.

In its blog post, OpenAI said the framework doesn't replace OpenAI's legal disclosure requirements for safety incidents and cybersecurity breaches.

OpenAI said it is working to propose reporting mechanisms for sharing serious incidents with the federal government, and it plans to develop “more objective disclosure criteria” with external developers and researchers, industry standards bodies and regulators.

OpenAI didn't share the framework with other frontier labs including Anthropic or Google before publishing it, Chen said.

“We unilaterally put up this framework to hopefully inspire the rest of the industry to follow on and share their own misalignment reporting frameworks,” Chen said.

The recent round of AI safety fears was kicked off by the July discovery that OpenAI agents had tried to cheat on an evaluation by hacking the AI software company Hugging Face. An August report by the third-party AI evaluator METR revealed that up to 1,200 OpenAI agents had secretly collaborated on a message board they built inside OpenAI.

Anthropic subsequently disclosed that its models had also hacked other companies after inadvertently gaining internet access during cybersecurity tests. Since then, security researchers have found evidence of other breaches, including a May cyberattack carried out by OpenAI agents against a popular online service for coders.

OpenAI's disclosures in its announcement on Wednesday span incidents ranging from October 2025 through this July and involve models including its 5.6 Sol model released in June, internal-only models and an unreleased version of OpenAI's most advanced Astra model.

Some of the incidents were discovered by internal training run and misalignment monitoring systems, and took anywhere from two days to several months to be noticed.

A Claude demonstration station at Anthropic's Code w/ Claude event this past spring in San Francisco.

News Corp, owner of The Wall Street Journal, has a content-licensing partnership with OpenAI.

Drugmaker To Use AI In Research

Continued from page B1 yond this, AI tools can also offer completely new scientific opportunities and aid reasoning and understanding of human biology and drug mechanics," said Novo Chief Executive Mike Doustdar.

Drug researchers hope AI models can help solve some of the most intractable issues in biology by using their powers to find ways to fight diseases. Yet despite the investments, companies' bets on the tech-

AM Radio Receives A Reprieve

Continued from page B1 have argued that AM radio is no longer a widely used feanology have yet to pay off.

While some AI-discovered candidates are being tested in humans, AI has yet to produce an approved drug. So far, some industry officials say, the sector has seen the biggest direct benefits of AI in automating routine work, such as synthesizing research, analyzing large data sets and designing human studies.

“You can leverage AI on both sides, on creating more sales, being faster, finding more patients, and on the other side, becoming more efficient and being able, therefore, to do more with less,” Ipsen CEO David Lowe told The Wall Street Journal last month.

Companies also are finding it useful in identifying patients with conditions who

ture and say that it can interfere with the widening suite of technology installed in new vehicles.

AM radio, which began more than 100 years ago and is used by more than 4,000 stations, has faded away as FM radio audiences grew over time.

Drivers nowadays have an array of options to get news, entertainment and emergency warnings, said John Bozzella, could participate in drug studies.

Other companies have found it particularly useful in identifying patients with rare genetically driven diseases that might appear in large scans of electronic health records, said Bill Coyle, the region managing principal for Europe for global consulting and technology firm ZS.

"You have known diagnoses, and could essentially find patterns in claims data, and create algorithms that you would then pull those out," said Coyle.

Novo has entered into partnerships with the aim of speeding up the discovery and development of drugs through AI. This year, the Danish drug-maker said it would work with ChatGPT maker OpenAI, and

president and chief executive of the Alliance for Automotive Innovation, in comments in 2024 to lawmakers.

“Unlike lifesaving, and mandated, technologies like air bags, seat belts, electronic stability control and headlights, analog AM radio does not contribute to motor vehicle safety,” Bozzella said.

If enacted, the Transportation Department would be recreated an AI innovation hub with Amazon Web Services.

As part of the partnership with Anthropic, Novo will test Claude Science to help address scientific problems, it said. The drugmaker also plans to use Anthropic's models to strengthen AI-driven software development, it added.

“We can shorten research timelines, improve outcomes, and discover medicines and treatments that significantly improve human life. That is exactly what our collaboration with Novo is built to achieve,” said Dario Amodei, co-founder and chief executive of Anthropic.

A spokesman for Novo didn't provide specifics on the terms of the deal or which drug-discovery programs they might target.

quired to issue a rule requiring AM radio within one year, and the authority to enforce the provision would expire after eight years.

“What makes this piece of legislation really stand out, and has shaped the advocacy around it, is the broad bipartisan support,” LeGeyt said, “in a moment where Republicans and Democrats can’t agree on just about anything.”

OpenAI's Ad-Rush Results Mixed

BENJAMIN FANJOY/GETTY IMAGES
OpenAI CEO Sam Altman

BY SUZANNE VRANICA

OpenAI Chief Executive Sam Altman once called the combination of ads and artificial intelligence “uniquely unsettling.” Now his company is building a sprawling advertising business, at breakneck speed.

It is trying to establish a revenue stream to sustain its free ChatGPT tier and help offset computing costs ahead of its planned initial public offering. In a milestone for the fledgling operation, the company said last month it was on pace to hit \$1 billion in annualized ad revenue. But standing up an ad business so quickly has produced mixed results and, some advertisers say, administrative headaches and operational glitches.

OpenAI has taken an “everything, everywhere, all at once” approach to its ad rollout, said NewStreet Research analyst Dan Salmon, calling the pace impressive and unprecedented.

OpenAI started testing ads with some U.S.-based ChatGPT users in February, adding a labeled box featuring a relevant brand below the AI-generated answer. It is introducing tools for advertisers to attract Fortune 500 companies but also the small and midsize businesses that provide the bulk of ad revenue for Meta Platforms.

“This is one of the fastest ad builds in history, from my experience,” said Dave Dugan, OpenAI’s head of global ads solutions.

Seven months in, the ad business is now in more than 50 countries. Still, it isn't growing as fast as some industry analysts wanted to see. NewStreet Research recently cut its revenue forecast for the ads business, citing the \$1 billion figure.

New ad businesses often experience growing pains. Netflix, which is still expanding its ad business, faced early complaints that the subscriber base for its ad tier was too small and advertisers couldn't effectively target specific groups. And advertisers questioned whether Facebook's ad business delivered a good re-

Projected U.S. ad spending on AI chatbots

Note: Includes ads that appear within LLM tools such as OpenAI's ChatGPT, Microsoft Copilot and Amazon's Alexa for Shopping. Source: Emarketer

turn ahead of its IPO.

Rocket Chief Marketing Officer Jonathan Mildenhall described the performance of his company's OpenAI ads so far as "underwhelming," saying he didn't see any material impact from its testing. Before increasing ad spending, Mildenhall wants better targeting and a smoother transition between chats and ad content.

OpenAI's foray into advertising got off to a bumpy start, initially charging some large brands a steep rate of about \$60 per 1,000 views whether or not users clicked. That is a far cry from other digital ad businesses that offer highly targeted ads that brands only pay for when users click through. OpenAI's rates have since fallen significantly, as the company moved to auction-based pricing.

In those early days, it limited how many ads it showed users to monitor whether sponsored content negatively affected the ChatGPT experience. Some brands struggled to spend their allocated budgets because ad opportunities were limited, leading some to pause their participation until the product suite becomes more stable, advertisers said. “We started with a total focus on user trust,” OpenAI’s Dugan said, adding that the company is in a different place now that the ad operation has matured.

The company has recruited a string of Meta alums for ad leadership, sales and product engineering roles, including Dugan. It is using its own Codex AI tool to churn out updates and new features.

Three months into the venture, OpenAI introduced its tool that helps track the purchase activity of users who clicked on ads to prove they worked. It took Facebook about a dozen years to do that, Salmon said.

Some brands have been hesitant to deploy the trackers on their sites given the sensitivity around AI and privacy, ad buyers said.

OpenAI's newer ad products are beginning to resemble some of those offered by Google, Meta and Amazon, including pay-per-click formats and carousels that show multiple products. It is also experimenting with an ad format that launches a customized ChatGPT conversation when clicked, answering specific questions regarding the advertised product, ad buyers said.

OpenAI introduced a self-serve platform in May that allows companies to upload creative materials, set budgets and track performance—an offering that helps attract small and midsize businesses that can't afford major advertising firms. Ad buyers said the platform wasn't as sophisticated as Google's and Meta's but had still proved effective.

ChatGPT has more than one billion weekly active users, and advertisers say they can't afford to sit on the sidelines as AI changes how people search for information and make buying decisions.

But OpenAI's back-end infrastructure has at times struggled to keep up with demand and some ad executives said the system remains buggy.

This year, Tamara Rosenthal, head of marketing at Taskrabbit, was surprised to see thousands of dollars in unfamiliar charges on her company credit card. "I'm being hacked by OpenAI," she recalled telling her accounting department. Her team explained that they had begun testing ads on OpenAI.

Not qualifying for invoicing didn't stop Taskrabbit, which was eager to test the service. "That's how desperate marketers are to get on there," Rosenthal said.

Before expanding its investment, Taskrabbit said it needs better ad-targeting options and more information about how people search on the platform.

Hungryroot CMO Adam Weber said early results were encouraging and he was optimistic about ChatGPT ads because chatbot queries can be more detailed than regular searches, allowing for more personalized ads.

Papa John's Vows Improvements

Year-to-date performance

Source: FactSet

Papa John's has yet to reverse its sales swoon. CEO Todd Penegor thinks the process starts with boosting the quality of the company's pizzas.

At an investor event on Wednesday, Penegor said the pizza chain's turnaround is taking longer than he would have liked, with U.S. same-store sales declining for several consecutive quarters. The company's stock has slumped 48% so far this year.

Penegor said the company is focused on improving its perception among consumers of being a good deal for the money.

The company also wants to improve the operations of its restaurants, including how dough is handled on equipment used to speed up crust making. The sweetness of its sauce, the melting of its cheese and how toppings are showcased are also under review, he said.

"We're going to go back and look at everything," Penegor said.

—Heather Haddon

J.B. Hunt Expects Lower Profit On Higher Driver-Related Costs

BY ESTHER FUNG

J.B. Hunt Transport Services Chief Financial Officer Brad Delco said the trucking company's third-quarter earnings will decline about 5% to 10% sequentially because of elevated driver-related costs, the rapid rise in fuel prices and higher claims as medical costs outpace inflation.

"The cost of recruiting, advertising, onboarding, training, sign-on bonuses—help me if I'm missing one of them, we're going to see about \$25 million more in Q3 versus Q2," said Delco at a Morgan Stanley investor conference.

J.B. Hunt shares fell 13% to \$236.73 on Wednesday.

A number of U.S. businesses have said they are facing a shortage of truck drivers as federal officials continue efforts to control the number of immigrants that are eligible to drive commercial vehicles.

Delco said that investors should see the spending to bring in new drivers as a positive sign that J.B. Hunt focused on growth. On the fuel costs, Delco said that J.B. Hunt faces at least a \$10 million headwind sequentially from the second quarter to the third. The price of diesel reached \$6.29 this week, up 68% from a year ago.

Maker of Mucinex Launches Expansion

A new facility in North Carolina will allow the company to make more than 80% of Mucinex products in the U.S.

Reckitt to invest \$400 million to speed up innovation, bolster supply chain

By Liz Young

The maker of Mucinex and Lysol is doubling down on U.S. product development and manufacturing to respond more quickly to shifts in consumer demand.

Consumer-goods seller Reckitt Benckiser Group said on Wednesday it plans to invest about \$400 million over the next four years in the U.S., building on a \$200 million commitment made in 2024.

The additional investment is meant to speed up product innovation, help bolster its supply chain against disruptions and accelerate its ability to meet spikes in consumer demand.

“We’re investing now to support the next phase of growth for our U.S. business, which remains a key market for us and one where we see strong long-term potential,” said Jérôme Lemaire, president of North America for U.K.-based Reckitt.

Reckitt has been investing in the U.S. to get new products to customers faster and meet fluctuating drug demand as the timing of each year's cold and flu season shifts. The company bought a factory in Wilson, N.C., in 2024 to move some production of Mucinex cough and cold medicines to the U.S. from factories in Mexico and the U.K.

It now plans to double its investment in that plant to \$400 million, including adding 234,000 square feet to the 310,000-square-foot building.

Under the plan, the Wilson factory will become Reckitt's largest over-the-counter manufacturing facility in the U.S.

and will increase its production capacity for Mucinex tablets and liquids, as well as its Move Free joint-health supplement. The new facility will allow the company to make more than 80% of its Mucinex products in the U.S.

Reckitt is also working to consolidate its commercial and research-and-development operations onto one campus in Nutley, N.J. In January, the company moved its North American headquarters about 15 miles east to Nutley from Parsippany.

It now plans to move its research-and-development teams focused on germ-killing products such as Lysol to that campus from nearby Montvale. Reckitt plans to build a science-and-innovation center adjacent to its headquarters, with the goal of speeding up the product development process to get new items onto store shelves faster.

North American sales made up about $23\%$ of Reckitt's core net revenue in the first half of this year, compared with $33\%$ of revenue from Europe and $44\%$ from emerging markets such as China, India and Brazil. More companies have sought to brace their supply chains against disruptions such as extreme weather, shipping delays and factory shutdowns since the Covid-19 pandemic, including by manufacturing goods closer to consumers. The Trump administration has also pushed for businesses to manufacture more goods in the U.S., including by imposing hefty tariffs on imports.

“Having plants throughout the world allows [companies] to respond more rapidly to more localized or regional needs than just having one base in one country,” said Justin Kistler, a supply-chain management professor at the University of Tennessee.

For example, if cold and flu season “arrives three, four weeks earlier in the U.S. this year than it did in prior years, if we’re only solely producing in Europe, getting that product produced and then onto a ship, we miss the boat,” Kistler said. “Our competitors beat us to it in terms of product availability.”

Do you have land or property you no longer want or need?

Donating it to Stand Up To Cancer (SU2C) is a meaningful way to give to our cause – and could result in tax benefits for you. We accept land, residential, and commercial real estate. Your property donation can support our mission to raise funds and accelerate the pace of groundbreaking research. This research can get new therapies to patients quickly and save lives now.

To learn more, visit: standuptocancer.org/giveproperty 844-277-HOME (4663)

Stand Up To Cancer is a 501(c)(3) charitable organization.

Everyone loves to debate the price of bitcoin.

Math wins.

Yet, its 21 million supply cap is settled by code.

GETTING BITCOIN.ORG

IU HUANZONG/XINHUA/ZUMA PRESS

AI Spending Pressures TikTok's Parent

ByteDance has several lineups of AI models, including video-generation tool Seedance, and has been ramping up AI investment.

Bytedance's profit eased in the first half despite a $30\%$ jump in revenue

BY RAFFAELE HUANG

ByteDance's artificial-intelligence spending pressured profit in the first half of the year, but the TikTok parent's revenue accelerated as a U.S. regulatory overhang cleared, people familiar with the matter said.

Revenue rose more than 30% to \$120 billion during the period, buoyed by growth in the company's international advertising, livestreaming and TikTok e-commerce business, the people said. Net profit eased to \$20 billion, they added.

Last year, ByteDance posted annual revenue growth of 29% to \$200 billion while net profit jumped 27% to \$42 billion, the people said.

The top-line growth came after TikTok resolved a years-long fight to address Washington's national-security concerns. In January, the company officially established a joint venture to run its U.S. operations and last month, the White House lifted a 2023 restriction on the use of TikTok on federal government devices.

ByteDance, which has several lineups of AI models including video-generation tool Seedance, has been ramping up investment in AI to stay competitive with domestic and U.S.

rivals.

Earlier this month, a syndicate of global banks agreed to lend ByteDance \$29.6 billion, which will be used for general corporate purposes, including funding its AI research and development, people familiar with the matter said.

Sources: Company emails to investors; people familiar with the matter

According to a recent internal memo seen by The Wall Street Journal, the company

said it would raise the value it assigns to the restricted stock units some employees receive by 5% from around five months earlier to \$241.35 a share. Based on that amount, the entire company would be valued at more than \$400 billion. A private share sale earlier this year valued it at more than \$600 billion, people familiar with the matter said.

The Information had previously reported on ByteDance's first-half financials.

Amazon Boosts Hourly Pay For New U.S. Hires to \$20

BY KELLY CLOONAN

Amazon.com is raising the minimum starting wage for its U.S. full-time core operations employees to \$20 an hour, a move that comes ahead of its major holiday hiring push.

The \$1-per-hour increase applies to the e-commerce company's front-line workers, who handle tasks like sorting, packing and transporting orders. Amazon announced the move on Wednesday alongside new benefits like discounts on groceries through its online platforms and Whole Foods Market locations.

The pay increase and additional benefits come as Amazon is nearing the peak holiday shopping season, when the company embarks on a hiring spree to handle the surge in online orders that are about to pour through its network. Last year, Amazon planned to hire 250,000 full-time, part-time and seasonal workers in advance of the holidays.

Amazon said average pay for its U.S. core operations employees now reaches nearly \$24 an hour, with average total compensation of more than \$32 an hour when including the value of its benefits package. The company said its minimum starting pay has increased more than 17% in the past three years.

The company also said it would give all its U.S. employees a new discount on groceries.

Starting Oct. 1, workers will get 10% off on eligible groceries and other essentials on

Amazon.com and Whole Foods Market online, as well as 20% off in-store at Whole Foods, the company said.

Amazon also said it is rolling out access to a new banking benefit, offering employees and their families a membership in First Tech Federal Credit Union that provides low-cost banking services they can keep for life.

Amazon said the offering—which includes \$0 overdraft fees and no account minimums on standard checking and savings accounts, plus access to credit cards and loans—aims to help employees manage their money and plan for the future.

Access will begin rolling out in late 2026 and become broadly available in 2027, the company said.

ADVERTISEMENT

The Marketplace To advertise: 800-366-3975 or WSJ.com/classifieds

COMMERCIAL REAL ESTATE

NOTICE OF SECURED PARTY PUBLIC AUCTION

PLEASE TAKE NOTICE that, in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, MANCHESTER SECURITIES CORP., AND ZYQUAN INVESTMENTS LIMITED ("Secured Party"), will sell 100% of the Collateral (as defined below), to the highest bidder at a public sale. The public sale will take place at 10:00 am on October 14, 2026, both in person and remotely from the offices of Holland & Knight LLP, 787 Seventh Avenue, New York, New York 10019, with access afforded in person and remotely by zoom or other web-based video conferencing and/or telephonic conferencing program selected by Secured Party. By virtue of certain defaults by 1005 First Resi Borrower, LLC ("Borrower" or "Debtor") under a loan, dated as of December 20, 2019 (the "Mezzanine Loan Agreement"), as amended by that certain Amendment to Mezzanine Loan and Security Agreement, dated as of December 20, 2023 (the "Amended Mezzanine Loan Agreement"), and Mezzanine Loan Promissory Note, dated December 20, 2019 in the original principal amount of \$61,642,091.00 ("Mezzanine Note"), as amended by that certain Amendment to Mezzanine Loan Promissory Note, dated as of December 20, 2023, which, among other things, increased the original principal amount of the Mezzanine Loan to the maximum principal sum of \$63,642,091.00 ("Amended Mezzanine Note"), which Loan has a current unpaid principal balance of \$97,603,602.01, which Loan is evidenced and secured by, among other things, that certain Mezzanine Pledge and Security Agreement, dated as of December 20, 2019 ("Mezzanine Pledge Agreement"), by Borrower, as Pledger, in favor of Manchester Securities Corp., a New York corporation, as administrative agent for Secured Party ("Administrative Agent"), and whereby Debtor pledged to Secured Party, one hundred percent (100%) of the all of its right, title and interests in the Collateral and does not involve the direct sale of the Property.

As set forth in Section 2 of the Mezzanine Pledge Agreement, Borrower pledged, a first priority security interest in all of Borrower's right, title and interest in, to or under the following, whether now owned or hereafter acquired (collectively, the "Collateral"): (i) all Pledged Company Interests (meaning 100% of the limited liability company interest of Borrower in 1005 First, LLC (the current owner of the Property described below) as listed on Schedule 1 to the Mezzanine Pledge Agreement); (ii) all securities, additional equity interests, moneys or property representing dividends, distributions, cash or interest on any of the Pledged Securities, or representing a distribution in respect of the Pledged Securities, or resulting from a split-up, revision, reclassification or other like change of the Pledged Securities or otherwise received in respect of or otherwise in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Securities; (iii) any amounts payable under any policy of insurance by reason of loss or damage to the Pledged Securities or the Project; (iv) all "accounts", "general intangibles", "instruments" and "investment property" (in each case as defined in the Code) constituting or relating to the foregoing; and (v) all Proceeds of any of the foregoing (including any proceeds of insurance thereon, all "accounts", "general intangibles", "instruments" and "investment property", in each case as defined in the Code, constituting or relating to the foregoing).

The Sale shall be conducted in respect of an indebtedness with a current unpaid principal balance of \$97,603,602.01, as of October 14, 2026 plus any and all additional default interest, late fees, protective advances, attorneys' fees and costs and other fees and/or costs recoverable under the Mezzanine Loan Documents, subject to all prior liens, including relating to that certain Construction Loan and Security Agreement dated as of December 20, 2019 in the original principal amount of \$130,600,000 (the "Senior Loan"), which secures certain real property (the "Property") consisting of the residential and retail component of a certain mixed-use development, commonly known as the "Revel NoMa" and f/k/a "Storey Park-Resi", and located at or about 1005 1st Street, NE, Washington, D.C. (as more particularly described in the Mezzanine Loan Documents), and all expenses and fees of Secured Party, including, but not limited to, advertising and publishing costs and attorneys' fees, the Terms and Conditions of Bidding and Sale (which are available upon request), and the auctioneer's fees.

The Collateral will be sold to the highest qualified bidder; provided, however, that Secured Party reserves the right to cancel the sale in its entirety, or to adjourn the sale to a future date by announcement made at the time and place scheduled for the public sale. The Collateral will be sold only as a block to a single purchaser and will not be split up or broken down. Lender may credit bid the lien of the Lender and/or make cash bids at the Sale. The Sale will be conducted by Mannion Auctions. LLC, by Matthew Mannion, Licensed Auctioneer, NYC Division of Consumer Affairs Licensed Auctioneer, License No. 1434494.

For additional information respecting the Collateral and a copy of the Terms and Conditions of Bidding and Sale, and parties interested in bidding on the Collateral should contact: Attorneys for Secured Party, Stacey A. Lara, Esq., Holland & Knight LLP, 787 Seventh Avenue, New York, New York 10019, Tel: 212-513-3345, E-mail: stacey.lara@hklaw.com or Brenden Flood of Eastdl Secured Savills at (202) 688-4061 or bflood@eastdilsecured.com. Upon execution of a standard non-disclosure agreement, additional documentation and information will be made available.

BUSINESS OPPORTUNITIES

Profitable —City Magazines— Central Florida Excellent Staff • Owner Retiring (863) 409-2449 No Agents

THE MARKETPLACE ADVERTISE TODAY (800) 366-3975

For more information visit: wsj.com/classifieds

© 2026 Dow Jones & Company, Inc. All Rights Reserved.

NOTICE OF SALE

NOTICE OF PUBLIC SALE Property to be Sold Sale No. 1: Tuesday, September

Lot # CUSIP Issue Asset Type Original Face 1 922219AC4 VARIC 1A B1 ABS CDO 1,100,000 2 31393W3Q0 FHR 2650 MT Agency 2,000,000 3 31392ERS1 FNR 2002-56 DZ Agency 300,000 4 7055GMAA0 PALS 2000-1-A1 Aircraft 5,500,000 5 70575RAD2 PALS 2001-1A B1 Aircraft 1,000,000 6 09774BXG6 BCM 1999-8 A6 MH 1,000,000 7 39350STZ5 GT 1997-3 M1 MH 2,500,000 8 45254NEL7 IMM 2003-43B1 Prime / Alt - A 2,250,000 9 45254TNB6 IMSA 2003-2 M3 Prime / Alt - A 2,000,000 10 073914C27 SAMI 1998-2 B Prime / Alt - A 11,720,000 11 61746RCH2 MSAC 2003-SD13 Scratch and Dent 1,200,000 12 881561BQ6 TMTS 2003-55L B3 Second Lien 1,700,000 13 36228FYU4 GSAMP 2003-SEA B1 Subprime 1,000,000 14 59173KE5 METRO 1999-4 A1 Subprime 500,000 15 78386NBDO SACO 1999-3 1B2 Subprime 1,035,000 16 86359BEB3 SASC 2003-39EX8 Subprime 500,000 Public Sale No. 2: Tuesday, September 22, 2026 1:00 p.m. ET The Asset Type for Lots 1-2 is Zero Factor-Aircraft, Lots 3-5 is Zero Factor - MH, Lots 6-24 is Zero Factor - RMBS.

Lot #	CUSIP	Issue	Original Face
1	52204PAM1	LIFT 1 B1	1,000,000
2	52204PQ2	LIFT 1 C1	2,000,000
3	20846QP A3	CNF 1999-6-M2	9,500,000
4	395383AQ5	GPMH 2000-1 M1	9,750,000
5	393505U A8	GT 1997-3 B1	1,000,000
6	22540V X 3	CSFB 2001-281B2	178,000
7	22541NCM9	CSFB 2002-222B2	1,566,996
8	22541NPV5	CSFB 2002-291B3	2,891,211
9	2254W0G L3	CSFB 2003-1 D83	1,000,000
10	22541QND0	CSFB 2003-19CB3	1,999,415
11	22541QQS4	CSFB 2003-21D83	1,707,277
12	22541QS45	CSFB 2003-27D83	614,967
13	22541N Z 3	CSFB 2003-8 D83	3,000,000
14	32027NUG7	FFML 2004-FFH2/M9	2,000,000
15	493553BL4	KEYOT 1998-P2 M2	10,000,000
16	576434X8	MALT 2003-4B2	1,000,000
17	61746RAE1	MSAC 2002-HE3 B2	1,200,000
18	675748AU1	OCMSB 1998-R2B1F	3,211,341
19	675748AW7	OCMSB 1998-R2B2F	2,140,893
20	675748AF3	OCMSB 1998-R2B3F	1,739,476
21	675748BF3	OCMSB 1998-R3 B2	3,000,000
22	073919AB3	SKGO 1997-2 B13	7,528,000
23	86358RUQ6	SASC 2002-AL1 B4	3,000,000
24	86358RJQ6	SKGO 1998-11A4	439,000

Dock Street Capital Management LLC, on behalf of The Bank of New York Mellon Trust Company, National Association, in its capacity as Trustee (the "Trustee"), will be conducting sales of certain collateral pledged to the Trustee. The Collateral (as defined herein) will be offered and sold by the Trustee without recourse, representations or covenants, express or implied, being made by the Trustee with respect to the Collateral (except as to title to the Collateral) or with respect to any other information then in the Trustee's possession, including without limitation any offering circular or other financial information. Location of Sale. The sales will be held at 575-8 Riverside Avenue, Westport, CT 06880. Additional Information. Please be advised that the sale of the securities listed above may be made only to the best bidder who is also a qualified bidder and will be subject to a reserve level. For additional information, including with respect to qualified bidder status, and to obtain copies of an Investor Representation and Confidentiality Agreement, contact David Crowe or Jeffrey Holtman by email at dcrowele@dockstreetcap.com or jbloltman@dockstreetcap.com, respectively, by phone at (212) 457-8258, by facsimile at (212) 457-8269 or by mail addressed at (575) 8 Riverside Avenue, Westport, CT 06880. The Trustee's deposit is at such sales, if the Trustee deems it advisable or is required by applicable law to do so: (i) to restrict the prospective bidders on or purchasers of the above identified security (the "Collateral") to be sold to those who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of any such assets, (ii) to verify that each certificate for the security to be sold bears a legend substantially to the effect that such security has not been registered under the Securities Act of 1933, as amended, and may not be disposed of in violation of the provisions of said Act, (iii) to disclaim and to refuse to give any warranty (other than as to title), and (iv) to impose such other limitations or conditions in connection with any such sale as the Trustee deems necessary or advisable.

The Abu Dhabi AWS data center hit by an Iranian strike in March.

AWS Can't Restore Some Data

Continued from page B1

Bahrain in April. The Iranian strikes on the Amazon facilities set fires, damaged infrastructure and forced authorities to cut the power. The water used to extinguish the fires caused even more damage.

"We have supported the remaining customers in re-establishing their operations in alternate regions, using backups where available or implementing alternative solutions to mitigate the impact of inaccessible data," Amazon said in its Tuesday update.

Iran's Islamic Revolutionary Guard Corps in the spring threatened American tech companies that it accused of contributing to the attacks on Iran, naming Microsoft, Oracle, Alphabet and Nvidia.

Some tech companies are moving ahead with Gulf data-center projects. They are betting that the war will end eventually and are drawn to the gusher of Gulf capital. Beefing up projects in the Gulf with better defenses could be cheaper and faster than starting over in other locations.

Amazon and Microsoft separately said last month that they would still launch data centers in Saudi Arabia by the end of the year. Microsoft struck a deal for a 200-mega-watt data center in Abu Dhabi in late 2025. Construction is under way.

“We remain committed to supporting our customers in Bahrain in the long term and will share a further update in early 2027,” AWS said in its Tuesday announcement.

Intel's Shares Rise on Report Of SK Hynix Manufacturing Talks

BY JOE STONOR

Intel shares jumped Wednesday following a report that the company is in talks with SK Hynix for the South Korean company to manufacture memory chips in the U.S., in what would be a win for President Trump's drive for more American-made chips.

The stock rose 4% to \$101.05 on Wednesday.

The deal could involve SK Hynix leasing Intel's planned manufacturing plant in Ohio, Reuters reported.

Alternatively, the two companies could form a joint venture along with cloud-computing firms seeking to lock in chip supply.

Any deal could face opposition from the South Korean government, people familiar with the matter told Reuters, with SK Hynix's chip business seen as nationally significant.

An Intel spokesperson said the company doesn't comment on speculation.

“However, Intel is committed to Ohio, and we continue with our investments to accelerate the site readiness,” the spokesperson said.

In a statement, SK Hynix said it “is exploring various

options to strengthen its global competitiveness, but no specific plans or arrangements have been finalized at this time.”

4% Intel's stock gain on news it is discussing an alliance with SK Hynix.

“Nothing has been finalized regarding cooperation with any specific companies mentioned in the article or memory chip production in the United States," the Seoul and New York-listed group said.

More important than any partnership between Intel and SK Hynix is the potential for the pair to enter into joint ventures with hyperscalers, Citrini analyst Jukan Choe said in a post on X.

Intel has benefited from significant federal support, with the U.S. government taking a 10% stake in the com-

pany in August 2025.

Intel shares have more than quadrupled following the government's investment.

President Trump has said he wants to significantly increase U.S. chip produc- the end of his

tion before the end of his presidency. After Apple agreed to use Intel-made chips in some of its products earlier this year, Trump said he helped the Santa Clara-based company because of the need to design and build more chips in the U.S.

Databricks Steps Up Investment In Asia

BY KIMBERLEY KAO

Analytics and artificial-intelligence software firm Databricks says its business in Asia is accelerating and plans to invest more in Singapore to tap regional demand.

Simon Davies, who heads the San Francisco-based company's business in the Asia-Pacific and Japan regions, said Wednesday in an interview that Databricks's business in the region more than doubled in the second quarter, making it the company's fastest-growing market.

Databricks is one of Silicon Valley's most valuable start-ups, as the artificial intelligence boom drives demand for the company's data-analytics software. It is among a crop of companies long considered candidates for public listings.

The firm was valued at \$190 billion after a fundraising round in August led by Coatue, along with Blackstone, MGX, T. Rowe Price, and Sixth Street Growth.

“We’ve been quite aggressive in capital markets raising funds. Part of that is to allow us to continue to invest heavily in new capabilities,” Davies said.

The company plans to invest more than \$350 million in Singapore over the next three years to tap the region's demand, and will double its head count in the city-state to over 500. A significant part of that investment will be in technical capabilities for engineers and tech specialists, Davies said.

The company is investing over \$1 billion in the region over the next three years.

“Asia-Pacific is the fastest-growing [region] and the plan is for us to continue to be the fastest-growing in the years to come,” Davies said.

Mistral Sees AI Growth in Alliance

Startup will soon power Firefox Smart Window in the U.S., Canada and France

Arthur Mensch, Mistral's co-founder and chief executive.

BY MAURO ORRU

Mistral said Mozilla would leverage its artificial-intelligence models to power Firefox's AI assistant, betting on a partnership with a browser provider known for its privacy and data protections to win over more users and expand its consumer base.

The French startup has developed a network of alliances that give it exposure to enterprise customers, big corporations and institutions that can pay for its AI tools at scale and boost revenue.

While those customers have been its primary focus since its early days, joining forces with Mozilla shows that Mistral is ramping up efforts to expand beyond enterprises and put its models directly in the hands of millions of consumers who use Firefox.

Arthur Mensch, Mistral's co-

NATHAN LAINE/BLOOMBERG NEWS

founder and chief executive, said in an interview that embedding models within Firefox would help drive awareness among users of what is ultimately a consumer product and boost its business down the line because the tokens that AI models use to process information and create responses generate revenue for Mistral.

Under the partnership, Firefox Smart Window—Mozilla's AI browsing assistant that helps users process complex searches, source information based on their tabs and remember important details they might have clicked away from—will soon be powered by Mistral in the U.S., Canada and France, with the U.K. and Germany expected to follow this year.

Firefox already allows users to choose between chatbots like OpenAI's ChatGPT, Anthropic's Claude, Google Gemini and Mistral's Vibe—formerly Le Chat—but the partnership means that Mistral will soon become the recommended AI model through Smart Window.

For Mozilla, the arrangement means it can tap Mistral's multilingual model capabilities to power Smart Window and bring it to more countries. For Mistral, it means the startup will get easy exposure to millions of Firefox users where Smart Window is available.

“Right now, we’re averaging about 200 million users monthly globally, 50+ million daily for desktop 14 million to 16 million for mobile, and I would say the U.S., Germany,

France, and the U.K. are the bulk of it," Anthony Enzor-De-Meo, CEO of Firefox maker Mozilla Corp. said in an interview.

The collaboration brings together two advocates of the open web and open-weight models, which are publicly available for anyone to download and modify. Mozilla Corp., part of Mozilla.org, the entity that manages the not-for-profit Mozilla Foundation and the whole family of organizations under the Mozilla project, has built a reputation as a defender of user privacy through an internet browser that it says blocks trackers automatically and gives users control over how and whether to use AI.

“I don’t think the future of the internet should be one company owning the browser, the model, and the data on the user. That seems like a stark future,” Enzor-DeMeo said.

Mistral has been a staunch defender of open-weight models, saying they give users the flexibility to tailor them to their needs while protecting their data.

“We have very strong alignment in terms of promoting an open ecosystem, and the fact that these are going to be open-source models promoted by an open-source product is great and appealing to many users,” Mensch said.

News Corp, owner of Dow Jones Newswires and The Wall Street Journal, has a content-licensing partnership with OpenAI.

Dutch Investor to Acquire Edtech Company Watermark

BY MARIA ARMENTAL

Dutch buyout firm Main Capital Partners agreed to acquire TCV-backed educational technology platform Watermark Insights, clinching its largest U.S. bet to date on a company and a corner of the market it deems safe from AI disruption.

The deal is Main Capital's largest in the U.S. since it opened an office in the country in 2023.

A person familiar with the deal said the combined enterprise value for Watermark and U.K.-based educational support business Tribal Group—which Main Capital agreed to acquire last week for about \$256 million—approached \$600 million, including debt.

Main Capital is now acquiring “a substantial majority stake” in Watermark, which was formed in 2018 through the merger of several higher-education software companies, including Taskstream and Tk20. Tech investor TCV acquired a controlling stake in Watermark that year.

Main Capital Partner Daan Visscher said the Watermark and Tribal Group acquisitions reflect the firm's view of the attractive dynamics it sees in the education market. Higher education institutions consistently face operational hurdles, from tight budgets to changing regulations and complex data requirements, said Visscher, who co-heads the firm's North America operations. "There is a lot of need to further optimize their internal processes, and we also believe that AI can help with that," he said.

While artificial intelligence has chilled dealmaking across the broader software market, buyout shops like Main Capital bet edtech software supports mission-critical systems of record—managing accreditation, compliance, and core administrative work—and are largely insulated from AI displacement. Further, investors and consultants say edtech companies stand to benefit from workflow automation and new AI products and offer recurring revenue streams regardless of the economy's ups and downs.

The number of education deals in North America is growing again following the Covid pandemic-driven highs of 2021, according to advisory firm L.E.K. Consulting. L.E.K. tracked about \$5.8 billion of education deals across some 72 transactions in 2025. The firm noted the pipeline is shoring up, with the number of deals valued at under \$1 billion in 2025 reaching the highest level since 2021.

Based in Austin, Texas, Watermark has more than 300 employees and serves some 1,500 higher education institutions globally, including Princeton, Purdue, and Seton Hall universities. Watermark's intelligence-powered software helps colleges and universities manage their administrative and academic operations. This includes automating some paperwork, helping schools develop and refine curricula, tracking student performance, and gathering the data schools need to obtain and maintain accreditation.

Maria Armental writes for WSJ Pro Private Equity.

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®

June

July

Aug.

Sept.

MARKETS DIGEST

Dow Jones Industrial Average

	Last	Year ago
51461.90 ▼631.21, or 1.21%	Trailing P/E ratio 20.95	25.20
High, low, open and close for each trading day of the past three months.	P/E estimate * 19.76	22.11
	Dividend yield 1.54	1.61
	All-time high 54349.12, 08/05/26

Bars measure the point change from session's open

48000
June	July	Aug.	Sept.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc; †Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes

Dow Jones	Latest					52-Week			% chg
	High	Low	Close	Net chg	% chg	High	Low	% chg	YTD	3-yr. ann.
Industrial Average	52173.70	51186.67	51461.90	-631.21	-1.21	54349.12	45166.64	11.8	7.1	14.1
Transportation Avg	20416.64	19965.84	20075.41	-574.39	-2.78	23933.14	15067.87	29.5	15.7	9.4
Utility Average	1056.49	1045.04	1047.84	-0.59	-0.06	1190.23	1047.84	-3.5	-1.9	5.5
Total Stock Market	75331.53	74118.80	74578.42	-327.50	-0.44	77313.23	62750.36	14.1	10.5	18.9
Barron's 400	1603.01	1575.11	1587.29	-6.84	-0.43	1685.46	1318.70	14.8	12.3	17.5

Percentage Gainers...

Nasdaq Stock Market
Nasdaq Composite	26225.09	25802.96	25978.42	-3.15	-0.01		27093.90	20794.64	16.7	11.8	23.7
Nasdaq-100	29235.89	28753.29	28945.06	7.22		0.02	30660.60	22953.38	19.5	14.6	23.9
S&P
500 Index	7626.79	7507.77	7551.81	-33.92	-0.45		7798.99	6343.72	14.4	10.3	19.3
MidCap 400	3686.40	3608.90	3640.57	-21.93	-0.60		3926.98	3109.89	11.5	10.1	12.3
SmallCap 600	1717.17	1683.79	1697.90	-6.99	-0.41		1828.54	1364.94	17.9	15.7	12.7

Other Indexes
Russell 2000	2887.82	2832.37	2858.81	-11.47	-0.40		3068.42	2305.11	18.8	15.2
NYSE Composite	24188.13	23791.61	23934.14	-194.31	-0.81		24821.68	20912.89	11.6	8.8
Value Line	663.28	651.87	656.19	-3.680	-0.56		702.60	590.50	4.1	4.4
NYSE Arca Biotech	9289.90	9158.55	9222.09	63.54		0.69	9539.76	6043.49	50.3	28.9
NYSE Arca Pharma	1241.57	1228.74	1232.40	0.73		0.06	1315.38	925.18	29.1	9.4
KBW Bank	183.70	176.46	178.58	-5.28	-2.87		193.91	143.23	17.2	8.8
PHLX$ Gold/Silver	394.15	375.59	382.17	-5.47	-1.41		470.37	265.03	41.4	11.7
PHLX$ Oil Service	101.99	97.88	99.10	-3.21	-3.14		109.24	60.27	53.7	35.1
PHLX$ Semiconductor	11413.46	11132.26	11246.11	70.56		0.63	14634.72	6060.22	85.6	58.8
Cboe Volatility	18.94	16.40	17.71	0.51		2.97	31.05	13.47	12.7	18.5

* 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
Volume Movers Ranked by change from 65-day average*

NOTICE TO READERS

EQUITIES

7551.81 ▼33.92, or 0.45% High, low, open and close for each trading day of the past three months.

Effective Thursday, September 17, 2026, the WSJ U.S. Prime Rate will be 7.00%, the Federal Funds Discount Rate will be 4.00% and the Federal Funds Target Rate will be 3.75% to 4.00%.

S&P 500 Index

International Stock Indexes

Company	Symbol	Volume (000)	% chg from 65-day avg	Latest Session		52-Week
				Close	% chg	High	Low
iSh iBds Dec 2036 Trea	IBTR	575	3468	23.87	-0.04	25.26	23.84
ClearThink1 Acquisition	CTAA	200	2703	9.96	0.10	10.00	9.82
Sophus Cap Emerging Mkt	EMEM	979	2125	25.40	-0.50	28.66	23.41
Allspring Core Plus ETF	APLU	1,188	2105	23.80	-0.07	25.63	23.78
iSh Intl Treasury Bd	IGOV	4,877	1998	40.34	-0.66	43.39	40.27
FT Struct Credit Incm	SCIO	4,247	1938	20.22	-0.39	21.69	20.11
Daxor	DXR	201	1902	11.72	5.07	14.76	8.56
Sophus Cap Emer Mkt SC	EMSC	573	1886	24.91	-0.18	27.39	23.38
MKDWELL Tech	MKDW	770	1859	7.79	18.39	12.94	1.71
LuxExperience ADR	LUXE	2,233	1541	8.81	23.22	11.38	6.54

Region/Country	Index	Close	Net chg	Latest % chg	YTD % chg
World	MSCI ACWI	1127.94	-1.80	-0.16	11.2
	MSCI ACWI ex-USA	474.96	1.54	0.33	12.8
	MSCI World	4876.28	-11.05	-0.23	10.1
	MSCI Emerging Markets	1686.54	5.70	0.34	20.1
Americas	MSCI AC Americas	2861.07	-12.396	-0.43	10.3
Canada	S&P/TSX Comp	35491.27	-90.80	-0.26	11.9
Latin Amer.	MSCI EM Latin America	3095.94	-17.68	-0.57	14.3
Brazil	Bovespa	185547.66	-954.98	-0.51	15.2
Chile	S&P IPSA	5641.51	-43.68	-0.77	4.0
Mexico	S&P/BMV IPC	63507.11		Closed	-1.2
EMEA	STOXX Europe 600	637.09	2.91	0.46	7.6
Eurozone	Euro STOXX	661.69	4.04	0.61	8.1
Belgium	Bel-20	5733.49	9.14	0.16	12.9
Denmark	OMX Copenhagen 20	1560.08	-3.68	-0.24	-3.0
France	CAC 40	8140.59	50.31	0.62	-0.1
Germany	DAX	25537.75	135.47	0.53	4.3
Israel	Tel Aviv	4246.84	55.38	1.32	16.9
Italy	FTSE MIB	51969.12	413.93	0.80	15.6
Netherlands	AEX	1096.14	0.27	0.02	15.2
Norway	Oslo Bors All-Share	2544.57	12.15	0.48	31.1
South Africa	FTSE/JSE All-Share	113551.10	-470.17	-0.41	-2.0
Spain	IBEX 35	19635.80	79.90	0.41	13.5
Sweden	OMX Stockholm	1123.86	9.90	0.89	7.5
Switzerland	Swiss Market	13868.66	59.79	0.43	4.5
Turkey	BIST 100	13122.58	-769.72	-5.54	16.5
U.K.	FTSE 100	10688.47	30.34	0.28	7.6
U.K.	FTSE 250	24070.20	251.46	1.06	7.1
Asia-Pacific	MSCI AC Asia Pacific	273.60	1.34	0.49	20.2
Australia	S&P/ASX 200	8696.50	24.03	0.28	-0.2
China	Shanghai Composite	3891.60	27.32	0.71	-1.9
Hong Kong	Hang Seng	24713.78	46.54	0.19	-3.6
India	BSE Sensex	74336.45	332.63	0.45	-12.8
Japan	NIKKEI 225	63923.00	438.90	0.69	27.0
Singapore	Straits Times	5635.41	-3.23	-0.06	21.3
South Korea	KOSPI	6717.97	90.71	1.37	59.4
Taiwan	TAIEX	45848.90	337.41	0.74	58.3
Thailand	SET	1562.73	-15.93	-1.01	24.1

Sources: FactSet; Dow Jones Market Data
Sources: FactSet; Dow Jones Market Data

Company	Symbol	Latest Session			52-Week
		Close	Net chg	% chg	High	Low	% chg
Antelope Enterprise	AEHL	9.22	4.06	78.68	418.08	2.98	-97.1
Healthy Choice Wellness	HCWC	14.15	4.08	40.52	34.30	5.96	-47.5
Jinxin Technology ADR	NAMI	3.12	0.84	36.84	28.50	1.70	-88.6
RF Acquisition II	RFAI	41.50	8.35	25.19	73.00	8.94	290.8
MediciNova	MNOV	2.52	0.50	24.75	2.62	1.17	101.6
Gloo Holdings	GLOO	4.07	0.79	24.09	9.98	2.90	...
Viking Acquisition I	VACI	8.50	1.64	23.91	12.74	6.10	...
LuxExperience ADR	LUXE	8.81	1.66	23.22	11.38	6.54	-5.4
RTB Digital	RTB	8.89	1.63	22.45	20.75	3.25	-9.8
Future FinTech Group	FTFT	7.00	1.26	21.95	154.88	1.22	-95.1
Neuraxis	NRXS	6.94	1.24	21.75	9.33	2.21	185.6
Leverage 2X Lg CIFR Dly	CIFG	4.08	0.69	20.41	20.84	3.15	...
BlossomHill Therapeutics	BLSM	26.25	4.08	18.40	27.11	15.25	...
MKDWELL Tech	MKDW	7.79	1.21	18.39	12.94	1.71	16.8
Treasure Global	TGL	3.51	0.51	17.00	58.00	2.04	-85.4

	Last	Year ago
Trailing P/E ratio *	23.22	25.10
P/E estimate *	20.25	21.65
Dividend yield *	1.08	1.18
All-time high	7798.99, 08/13/26

Percentage Losers

Late Trading

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.

Percentage gainers...

Company	Symbol	Volume (000)	Last	Net chg	After Hours % chg	High	Low
Transocean	RIG	11,983.7	5.56	0.02	0.36	5.59	5.53
iShares Core S&P 500 ETF	IVV	11,153.0	755.00	-0.63	-0.08	755.99	755.00
SLB	SLB	9,849.3	52.30	...	unch.	52.79	52.20
State Street SPDR S&P 500	SPY	7,546.4	754.44	0.39	0.05	759.87	711.46
Boston Scientific	BSX	7,537.8	43.91	...	unch.	44.08	43.91
PGIM AAA CLO ETF	PAAA	5,900.4	51.42	-0.02	-0.04	51.44	51.29
iSh Intl Treasury Bd	IGOV	4,734.6	40.34	...	unch.	40.34	39.70
Ford Motor	F	4,015.3	13.38	0.03	0.22	13.56	12.88

Most-active issues in late trading

CID HoldCo	DAIC	2,926.9	3.30	1.29	64.17	3.43	1.97
Generac Holdings	GNRC	857.3	234.80	59.69	34.09	255.00	171.93
Vicor	VICR	65.0	204.44	20.53	11.16	207.00	183.91
Leverage 2X Lg NBIS Dly	NBIG	105.7	16.10	1.49	10.20	16.10	14.61
GrShr 2x Long NBIS Daily	NBIL	229.5	23.32	2.14	10.10	23.36	21.16

Fluence Energy	FLNC	2,534.9	7.54	-1.51	-16.69	9.08	6.92
BCB Bancorp	BCBP	69.2	7.94	-0.31	-3.81	8.25	6.52
Lennar CI A	LEN	375.7	76.16	-2.20	-2.81	79.15	73.55
GrShr 2x Shrt SK Hynix	SKDD	196.2	7.87	-0.21	-2.60	8.11	7.86
Spyre Therapeutics	SYRE	54.7	89.35	-1.82	-2.00	91.17	89.35

25978.42 ▼ 3.15, or 0.01% High, low, open and close for each trading day of the past three months.

Company	Symbol	Latest Session			52-Week
		Close	Net chg	% chg	High	Low	% chg
Xenetic Biosciences	XBIO	2.19	-2.08	-48.71	13.93	1.87	-32.3
Cuprina Holdings (Cayman)	CUPR	1.60	-1.33	-45.39	14.80	1.45	-86.3
Myseum.AI	MYSE	2.11	-1.12	-34.67	5.77	1.31	0.8
ReTo Eco-Solutions	RETO	1.84	-0.96	-34.29	28.40	0.35	-93.0
Nicholas BTC & Treas AD	NGHT	14.75	-6.76	-31.43	31.42	14.75	...
iPower	IPW	1.82	-0.81	-30.80	2494.80	1.53	-99.9
Artelo Biosciences	ARTL	3.75	-1.59	-29.78	179.19	3.45	-97.5
Merlin	MRLN	2.21	-0.84	-27.54	17.00	2.11	-78.6
Tantech Holdings	TANH	14.94	-4.69	-23.89	129.50	10.06	-87.3
Basel Medical Group	BMGL	4.10	-1.24	-23.22	25.80	3.90	-83.5
Leverage 2X Lg BULL Dly	BULG	39.13	-11.70	-23.02	313.20	18.36	-81.7
Tenon Medical	TNON	3.91	-1.15	-22.73	50.40	2.40	-90.9
Defiance Tgt 2x Lg RCAT	RCAX	10.40	-2.96	-22.19	158.10	10.05	...
FG Nexus	FGNX	6.45	-1.83	-22.10	45.80	4.18	-81.1
Lion Group Holding ADR	LGHL	5.75	-1.48	-20.47	3931.20	5.68	-99.8

CURRENCIES & COMMODITIES

U.S.-dollar foreign-exchange rates at 5 p.m. ET
Currencies
Commodities

Country/currency	Wed		YTD chg (%)
	in US$	per US$
Americas
Argentina peso	.00071512.7210		4.2
Brazil real	.1941	5.1529	-6.6
Canada dollar	.7149	1.3988	1.9
Chile peso	.001048	954.61	6.0
Colombia peso	.000319	3137.27	-16.8
Ecuador US dollar	1	1	unch
Mexico peso	.0580	17.2463	-4.2
Uruguay peso	.02489	40.1705	2.9

Nasdaq Composite Index

Australia dollar	.7086	1.4112	-5.8
China yuan	.1491	6.7078	-4.1
Hong Kong dollar	.1275	7.8450	0.8
India rupee	.01040	96.131	7.0
Indonesia rupiah	.0000564	17741	6.3
Japan yen	.006398	156.29	-0.2
Kazakhstan tenge	.002228	448.75	-11.6
Macau pataca	.1237	8.0824	0.7
Malaysia ringgit	.2458	4.0684	0.3
New Zealand dollar	.5713	1.7504	0.8
Pakistan rupee	.00361	277.300	-1.0
Philippines peso	.0159	62.714	6.4
Singapore dollar	.7825	1.2780	-0.6
South Korea won	.0007259	1377.68	-4.4
Sri Lanka rupee	.0030527	327.58	5.7
Taiwan dollar	.03136	31.889	1.7
Thailand baht	.02995	33.390	6.0

	Close	Wednesday		52-Week		YTD % Chg
		Net chg	% Chg	High	Low
DJ Commodity	1488.58	-7.50	-0.50	1505.40	1068.04	37.22
FTSE/CC CRB Index	426.14	-2.97	-0.69	429.15	291.69	40.36
Crude oil, $ per barrel	102.43	-3.40	-3.21	112.95	55.27	59.92
Natural gas, $/MMBtu	2.891	-0.028	-0.96	7.460	2.523	-6.74
Gold, $ per troy oz.	4346.30	54.70	1.27	5318.40	3643.70	18.05

Decl. volume*	4,147,740,356	248,472,672
Issues traded	5,089	2,701
Advances	1,939	746
Declines	2,942	1,880
Unchanged	208	75
New highs	84	21
New lows	396	200
Closing Arms†	0.48	0.80
Block trades*	69,376	1,906

* 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.

Polymarket | A Dow Jones partner

Agriculture, forestry and related activities
Bahrain dinar	2.6525	.3770	0.01
Egypt pound	.0192	52.2001	9.4
Israel shekel	.3290	3.0397	-4.6
Kuwait dinar	3.2370	.3089	0.4
Oman sul rial	2.5994	.3847	-0.02
Qatar rial	.2744	3.644	-0.3
Saudi Arabia riyal	.2663	3.7555	0.1
South Africa rand	.0610	16.3830	-1.1

Most Active Stocks

	Last	Year ago
Trailing P/E ratio *†	33.89	32.01
P/E estimate *†	24.56	26.37
Dividend yield *†	0.58	0.65
All-time high: 27093.90, 06/02/26

Prediction Market: Largest Company end of December 2026? This market will resolve to the largest company in the world by market cap on Dec. 31, 2026, as of market close.

	Close	Net Chg	% Chg	YTD % Chg
WSJ Dollar Index	96.16	0.52	0.55	0.25

Trading Diary
Total volume*9,968,642,443 371,784,316 Adv. volume*5,748,973,244 105,880,412 Decl. volume*4,147,740,356 248,472,672

	NYSE	NYSE Amer.
Total volume*1,372,819,428		16,832,503
Adv. volume*376,537,837		2,302,457
Decl. volume*967,464,939		14,085,925
Issues traded	2,837	297
Advances	1,094	79
Declines	1,645	197
Unchanged	98	21
New highs	46	0
New lows	204	26
Closing Arms†	1.68	2.55
Block trades*	3,854	173
	Nasdaq	NYSE Arca

Country/currency	Wed		US$ vs. YTD chg (%)
	in US$	per US$
Vietnam dong	.00003847	25995	-1.2

Sources: Tullett Prebon, Dow Jones Market Data

Europe
Czech Rep. koruna	.04714	21.215	3.1
Denmark krone	.1534	6.5208	2.5
Euro area euro	1.1464	.8723	2.5
Hungary forint	.003138	318.70	-2.6
Iceland krona	.008200	121.95	-2.7
Norway krone	.1061	9.4293	-6.5
Poland zloty	.2628	3.8047	5.9
Sweden krona	.1013	9.8673	7.1
Switzerland franc	1.2109	.8258	4.2
Turkey lira	.0206	48.6545	13.3
Ukraine hryvnia	.0224	44.6500	5.4
UK pound	1.3379	.7474	0.7
Middle East/Africa

Company	Symbol	Volume (000)	% chg from 65-day avg	Latest Session		52-Week
				Close	% chg	High	Low
Synergy CHC	SNYR	1,058,377	8749.8	0.27	233.41	2.96	0.07
Delixy Holdings	DLXY	236,961	82257.8	2.29	451.81	7.00	0.34
Q/C Technologies	QCLS	235,188	55525.1	0.96	118.45	8.94	0.42
PDS Biotechnology	PDSB	194,006	1090.6	0.99	69.25	1.55	0.20
Cheetah Net Supply Chain	CTNT	188,476	2748.5	0.04	-32.52	424.00	0.04
DataMeds AI	MEDS	186,883	14668.9	6.07	274.69	75.00	0.82
Megan Holdings	MGN	181,813	47.6	0.13	3.26	8.63	0.06
Beneficient	BENF	162,506	61132.0	0.82	36.06	12.48	0.57
Datavault AI	DVLT	162,397	372.5	0.18	12.62	4.10	0.15
ReTo Eco-Solutions	RETO	139,911	3396.9	1.84	-34.29	28.40	0.35

* 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 Five-year ARM Rate

Bankrate.com avg1:	6.15%
Florence Savings Bank	5.13%
Florence, MA	800-644-8261
San Diego County Credit Union	5.25%
San Diego, CA	877-732-2848
Hanscom Federal Credit Union	5.38%
Hanscom AFB, MA	800-656-4328
Schools First FCU	5.56%
Santa Ana, CA	714-258-4000
Haven Savings Bank	5.75%
Hoboken, NJ	201-659-3600

Interest rate	Last (●)	Week ago	Low	0	2	4	6	8	High	(pct pts)
Federal-funds rate target	3.50-3.75	3.50-3.75	3.50						4.50	-1.75
Prime rate*	6.75	6.75	6.75						7.50	-1.75
SOFR	3.64	3.64	3.50						4.39	-1.67
Money market, annual yield	0.44	0.44	0.41						0.45	-0.14
Five-year CD, annual yield	1.75	1.75	1.67						1.75	-1.08
30-year mortgage, fixed†	6.95	6.84	6.11						6.95	-0.75
15-year mortgage, fixed†	6.40	6.30	5.55						6.40	-0.47
Jumbo mortgages, $832,750-plus†	7.01	6.77	6.34						7.01	-0.77
Five-year adj mortgage (ARM)*	6.15	6.10	5.66						6.15	-0.40
New-car loan, 48-month	7.04	6.98	6.85						7.18	-0.43

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

month(s) years —— maturity

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	2293.640	4.940	4.710	4.940	3.750	-1.258	3.169
U.S. Treasury Long, Bloomberg	3069.030	5.380	5.280	5.390	4.520	-5.370	0.627
Aggregate, Bloomberg	2212.050	5.330	5.100	5.330	4.160	-0.991	4.022
Fixed-Rate MBS, Bloomberg	2211.950	5.620	5.390	5.620	4.380	-0.521	4.404
High Yield 100, ICE BofA	4175.546	6.851	6.631	7.136	5.828	2.319	7.820
Muni Master, ICE BofA	606.058	4.110	3.931	4.110	3.037	-0.958	2.596
EMBI Global, J.P. Morgan	1027.090	6.762	6.590	7.084	6.403	3.774	9.024

Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services

Silver, troy oz.

	Contract			Settle	Chg	Open interest
	Open	High hi lo	Low
Copper-High (CMX)-25,000 lbs; $ per lb.
Sept	6.4120	6.4385	6.3500	6.4315	0.0630	1,816
Dec	6.4590	6.5255	6.4215	6.5090	0.0655	167,023
Gold (CMX)-100 troy oz; $ per troy oz.
Sept	4280.20	4280.20	4280.10	4346.30	54.70	566
Oct	4300.50	4377.90	4241.00	4353.30	54.30	44,792
Nov	4318.00	4393.00	4260.70	4370.90	54.50	1,072
Dec	4333.50	4413.10	4273.30	4387.50	54.70	311,070
Jan'27	4351.80	4409.00	4300.00	4407.10	54.80	551
Feb	4370.10	4446.30	4310.60	4424.00	55.20	33,639
Palladium (NYM) - 50 troy oz; $ per troy oz.
Sept	1293.00	1293.00	1288.00	1300.10	10.90	2
Dec	1319.00	1334.00	1272.00	1313.40	10.80	16,154
Platinum (NYM)-50 troy oz; $ per troy oz.
Sept	1916.80	1916.80 ▲	1904.20	1783.20	10.00	36
Jan'27	1807.20	1823.50	1761.00	1807.50	9.00	31,891
Silver (CMX)-5,000 troy oz; $ per troy oz.
Sept	64.420	64.535	63.700	64.288	1.052	542
Dec	64.185	65.465	62.750	64.919	1.063	84,797
Crude Oil, Light Sweet (NYM)-1,000 bbls; $ per bbl.
Oct	105.48	105.63	100.97	102.43	-3.40	145,252
Nov	100.46	100.61	96.06	97.51	-3.24	289,918
Dec	95.27	95.39	91.55	92.79	-2.72	200,556
Jan'27	90.65	90.93	87.71	88.91	-2.11	104,433
June	78.37	78.67	77.08	77.78	-0.63	127,831
Dec	72.56	72.97	72.10	72.55	-0.07	175,540
NY Harbor ULSD (NYM)-42,000 gal; $ per gal.
Oct	5.2389	5.2968 ▲	5.1227	5.2465	-.0155	42,628
Nov	4.9924	5.0494	4.9000	5.0003	-.0097	65,342
Gasoline-NY RBOB (NYM)-42,000 gal; $ per gal.
Oct	3.4684	3.5127 ▲	3.3891	3.4850	.0198	56,353
Nov	3.2464	3.2479	3.1642	3.2332	-.0132	101,813
Natural Gas (NYM)-10,000 MMBtu; $ per MMBtu.
Oct	2.938	2.978	2.878	2.891	-.028	161,542
Nov	3.069	3.090	3.001	3.013	-.037	368,213
Dec	3.480	3.489	3.404	3.414	-.050	187,353
Jan'27	3.862	3.866	3.789	3.800	-.051	174,424
March	2.882	2.899	2.837	2.844	-.037	186,897
April	2.759	2.774	2.728	2.734	-.026	125,551

Global Government J.P. Morgan $^{†}$

Futures Contracts

Metal & Petroleum Futures

	Contract					Open interest
	Open	High hilo	Low	Settle	Chg
March'27	6,039	6,169	6,001	6,103	54	48,364
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Sept	295.85	295.85	295.85	295.85	-3.80	41
Dec	283.85	285.45	277.05	281.55	-2.10	82,636
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct	17.93	18.18	17.68	17.97	.03	174,124
March'27	18.87	19.10	18.60	18.89	.02	593,041
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Nov	38.50	38.50	37.51	38.11	.01	378
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Oct	81.00	81.14	80.42	80.44	-.66	88
Dec	84.16	85.00	83.97	84.36	-.12	182,192
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov	152.85	153.60	144.00	145.30	-6.85	8,076
Jan'27	156.65	156.65	147.20	148.65	-6.70	1,064

Interest Rate Futures
Agriculture Futures

Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
	Sept	108-090	108-190	108-090	108-280	11.0
	Dec	108-020	109-050	107-280	108-130	11.0
Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
	Sept	107-070	107-270	107-070	107-110	5.0
	Dec	106-180	107-150	106-140	106-250	6.0
Treasury Notes (CBT) - $100,000; pts 32nds of 100%
	Sept	106-115	106-160	106-110	106-015	-4.5
	Dec	105-295	106-110	105-210	105-255	-4.5
5 Yr. Treasury Notes (CBT) - $100,000; pts 32nds of 100%
	Sept	104-207	104-242	104-105	104-127	-5.0
	Dec	104-112	104-217	104-035	104-070	-4.7
2 Yr. Treasury Notes (CBT) - $200,000; pts 32nds of 100%
	Sept	102-089	102-111	102-042	102-039	-4.0
	Dec	102-009	102-049	101-280	101-292	-3.7
30 Day Federal Funds (CBT) - $5,000,000; 100 - daily avg.
	Sept	96.2625	96.2700	96.2525	96.2550	-.0075
	Oct	96.1250	96.1400	96.1050	96.1050	-.0200
Three-Month SOFR (CME) - $1,000,000; 100 - daily avg.
	July	96.2650	96.2700▲	96.2550	96.2575	-.0075
	Dec	95.7550	95.7850▼	95.6800	95.7000	-.0450

Currency Futures

Corn (CBT)-5,000 bu.; cents per bu.
Dec	535.75	539.25	529.00	534.25	-1.50	953,196
March'27	550.25	553.75	543.75	548.75	-1.50	395,684
Oats (CBT)-5,000 bu.; cents per bu.
Dec	394.00	409.50▲	393.25	402.25	11.25	2,921
March'27	404.25	420.25▲	404.25	414.00	12.25	232
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov	1318.00	1332.25	1313.50	1320.50	1.75	485,245
Jan'27	1334.25	1348.75	1330.00	1337.25	2.00	208,632
Soybean Meal (CBT)-100 tons; $ per ton.
Oct	360.10	363.50▲	357.50	360.90	.80	76,763
Dec	365.40	368.70▲	362.40	365.60	.20	325,528
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Oct	69.77	70.60	68.83	69.19	-.69	82,383
Dec	70.20	71.09	69.34	69.67	-.68	256,921
Rough Rice (CBT)-2,000 cwt; $ per cwt.
Nov	15.77	15.91	15.71	15.84	.05	11,748
Jan'27	16.19	16.29	16.13	16.24	.04	893
Wheat (CBT)-5,000 bu.; cents per bu.
Dec	728.25	736.00	723.50	730.75	2.25	258,203
March'27	744.25	751.75	740.00	746.75	2.25	110,818
Wheat (KC)-5,000 bu.; cents per bu.
Dec	797.00	804.25	790.75	799.50	3.25	169,260
March'27	810.00	817.00	804.25	812.25	2.50	76,734
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Sept	340.275	341.300	337.700	338.475	-1.800	4,511
Nov	328.900	328.925	322.250	323.100	-5.800	17,437
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Oct	220.700	220.975	218.275	218.450	-2.250	46,138
Dec	223.325	223.375	219.975	220.200	-3.150	116,592
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Oct	78.700	79.500▼	78.525	78.675	-.400	69,565
Dec	69.250	70.450▼	69.100	69.950	.300	124,075
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
Nov	562.50	565.00▼	546.50	553.50	-9.00	8,699
Jan'27	578.50	578.50▼	567.00	572.00	-7.00	395
Milk (CME)-200,000 lbs., cents per lb.
Sept	16.12	16.15	16.11	16.13	.01	5,458
Oct	15.90	15.95	15.82	15.92	.01	7,906
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec	5,917	6,047	5,876	5,979	56	76,237

Japanese Yen (CME)-¥12,500,000; \$ per 100¥

Japanese Per(CME)-€12,300,000; $ per 100 €
Oct	.6466	.6473	.6411	.6431	-.0035	1,824
Dec	.6495	.6505	.6439	.6460	-.0035	425,198
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oct	.7191	.7194	.7158	.7159	-.0039	395
Dec	.7216	.7216	.7177	.7178	-.0040	270,898
British Pound (CME)-£62,500; $ per £
Oct	1.3485	1.3485	1.3382	1.3384	-.0097	680
Dec	1.3481	1.3508	1.3377	1.3386	-.0097	226,060
Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec	1.2342	1.2358	1.2227	1.2248	-.0097	129,900
March'27	1.2463	1.2463	1.2407	1.2384	-.0098	283
Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct	.7127	.7133	.7080	.7086	-.0042	522
Dec	.7122	.7131	.7066	.7080	-.0043	318,499
Mexican Peso (CME)-MXN 500,000; $ per MXN
Oct	.05818	.05827	.05804	.05783	-.00030	998
Dec	.05794	.05803	.05751	.05758	-.00030	256,461
Euro (CME)-€125,000; $ per €
Oct	1.1555	1.1569	1.1478	1.1486	-.0073	6,613
Dec	1.1585	1.1598	1.1503	1.1512	-.0073	777,760

Index Futures

Mini DJ Industrial Average (CBT)-$5 x index
	Sept	52162	52298	51209	51507	-608
	Dec	52576	52709	51609	51915	-611
Mini S&P 500 (CME)-$50 x index
	Sept	7596.50	7632.00	7509.25	7556.50	-32.75
	Dec	7663.25	7699.00	7575.00	7623.00	-33.00
Mini S&P Midcap 400 (CME)-$100 x index
	Sept	3668.90	3688.70	3623.00	3644.70	-20.30
	Dec	3700.90	3718.30	3636.20	3672.80	-19.90
Mini Nasdaq 100 (CME)-$20 x index
	Sept	28978.25	29252.25	28763.75	28963.50	8.50
	Dec	29263.75	29549.75	29053.00	29256.75	10.00
Mini Russell 2000 (CME)-$50 x index
	Sept	2875.10	2892.50	2831.90	2861.70	-11.40
	Dec	2898.50	2913.80	2851.90	2882.50	-12.20
March'27	2927.00	2939.00	2880.10	2908.40	-12.10	41
Mini Russell 1000 (CME)-$50 x index
	Sept	4142.90	4145.70	4088.10	4112.30	-17.30
	Dec	4175.60	4188.60	4137.00	4148.60	-16.50
U.S. Dollar Index (ICE-US)-$1,000 x index
	Dec	99.41	100.09	99.26	99.98	.64
	March'27	99.17	99.17	99.11	99.71	.63

Source: FactSet

Macro & Market Economics

Watching the Gauges: U.S. Supply and Demand

Inventories, imports and demand for the week ended September 11. Current figures are in thousands of barrels or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import and demand data are available monthly only.

Inventories, 000s barrels

	Current	Expected change	Previous week	Year ago	4-week avg	5-year avg
Crude oil and petroleum prod	1,251,248	...	1,249	1,282	1,247	1,256
Crude oil excluding SPR	423,429	-1,400	424	415	425	419
Gasoline	207,732	...	207	218	207	218
Finished gasoline	14,582	-800	15	15	15	17
Reformulated	24	...	0	0	0	0
Conventional	14,558	...	15	15	15	17
Blend. components	193,150	...	192	203	192	201
Natural gas (bcf)	3,254	...	3	3	3	3

Imports, 000s barrels per day

Current	Expected change	Previous week	Year ago	4-week avg	5-year avg
8,652	...	8,109	7,734	8,096	8,435
7,058	...	6,824	5,692	6,703	6,636
537	...	464	569	484	695
18	...	101	163	64	150
0	...	0	0	0	0
18	...	101	163	64	150
519	...	363	406	420	545

Kerosene-type
jet fuel	45,338	...	46	44	46	43
Distillates	107,859	unch.	106	125	105	122
Heating oil	6,569	...	6	7	6	8
Diesel	101,290	...	100	117	99	57
Residual fuel oil	23,018	...	22	21	22	26
Other oils	309,561	...	308	338	307	315

products, incl. SPR

1,536,205

...

1,534

1,688

1,534

1,692

Weekly Demand, 000s barrels per day

55	...	95	54	65	118
114	...	185	95	147	136
0	...	0	0	0	1
114	...	185	95	147	135
155	...	169	121	144	127
652	...	272	1,078	471	632

-3,740

...

-3,759

-3,797

-3,840

-1,807

	Current	Expected change	Previous week	Year ago	4-week avg	5-year avg
Total petroleum product	21,255	...	19,313	20,637	20,548	20,696
Finished motor gasoline	8,798	...	8,551	8,810	8,829	9,001
Kerosene-type jet fuel	1,800	...	1,785	1,623	1,778	1,628
Distillates	3,501	...	3,678	3,621	3,602	3,977
Residual fuel oil	241	...	353	317	256	397
Propane/propylene	1,038	...	657	852	863	...
Other oils	5,877	...	4,290	5,414	5,221	...

Natural gas storage

Billions of cubic feet; weekly totals

Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Largest 100 exchange-traded funds, latest session.
Wednesday, September 16, 2026

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
AvantisUSSCValue	AVUV	122.72	-0.97	20.3
CapGrpDivVal	CGDV	48.55	-0.31	11.3
DimenUSCoreEq2	DFAC	44.48	-0.60	12.4
FidTotalBd	FBND	44.17	-0.05	-4.1
InvscNasd100	QQQM	290.20	0.04	14.7
InvscQQQI	QQQ	704.72	0.03	14.7
InvscS&P500EW	RSP	212.28	-0.79	10.8
iShBitcoin	IBIT	43.04	-0.16	-13.3
iShBrdUSDHYCpBd	USHY	36.28	0.11	-3.0
iShCoreDivGrowth	DGRO	76.82	-0.99	10.7
iShCoreMSCIEAFE	IEFA	97.97	-0.34	9.5
iShCoreMSCIEM	IEMG	80.11	0.01	19.2
iShMSCIntlDev	IDEV	90.52	-0.35	9.7
iShCoreMSCITotInt	IXUS	95.31	-0.26	12.6
iShCoreS&P500	IVV	755.63	-0.43	10.3
iShCoreS&P MC	IJH	72.80	-0.59	10.3
iShCoreS&P SC	IJR	139.46	-0.42	16.0
iShCoreS&PTotUS	ITOT	164.38	-0.46	10.6
iShCoreS&PUSGrw	IUSG	187.29	-0.11	11.5
iShCoreUSAggBd	AGG	95.81	-0.04	-4.1
iShCoreUnivUSDBd	IUSB	44.71	-0.04	-3.9
iShEdgeMSCIUSAQual	QUAL	217.37	-0.60	9.4
iShGoldTr	IAU	80.32	-0.57	-1.0
iShBoxx$IGCpBd	LQD	104.45	0.16	-5.2
iShMBS	MBB	91.22	-0.02	-4.2
iShMSCIACWI	ACWI	157.61	-0.37	11.4
iShMSCI EAFE	EFA	105.02	-0.36	9.4
iShMSCI EM	EEM	65.72	-0.06	20.1
iShMSCIEAFEValue	EFV	81.18	-0.56	13.7
iShNatIMuniBd	MUB	102.82	-0.05	-4.0
iShRussMC	IWR	107.83	-0.67	12.0

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
iShRuss1000	IWB	411.40	-0.43	10.2
iShRuss1000Grw	IWF	120.54	0.07	1.9
iShRuss1000Val	IWD	251.16	-0.92	19.4
iShRuss2000	IWM	283.92	-0.43	15.3
iShS&P500Grw	IVW	137.34	-0.07	11.4
iShS&P500Value	IVE	231.24	-0.86	9.0
iShSemiconductor	SOXX	502.06	0.64	66.7
iSh7-10YTreaBd	IEF	90.73	-0.10	-5.6
iShSilver	SLV	57.05	-0.83	-11.4
iSh20+YTreBd	TLT	80.88	0.21	-7.2
iShUSEqFactRotat	DYNF	68.44	-0.47	12.5
iShUSTreasuryBd	GOVT	22.11	-0.07	-4.0
iSh0-3MTreaBd	SGOV	100.55	0.02	0.2
JPM NasEqPrem	JEPO	59.09	0.02	1.7
JanusAAACLO	JAAA	50.64	...	0.1
JPMEq Premium Income	JEPI	55.93	-0.46	-2.3
JPM UltShlncm	JPST	50.35	0.02	-0.5
ProSh UltPrQQQ	TQQQ	67.93	0.04	28.9
SPDR GoldMini	GLDM	84.53	-0.55	-1.0
SPDR Gold	GLD	391.74	-0.61	-1.2
SchwabIntEquity	SCHF	27.63	-0.40	14.9
Schwab US BrdMkt	SCHB	29.07	-0.41	10.8
Schwab US Div	SCHD	33.84	-1.43	23.4
Schwab US LC	SCHX	29.73	-0.40	10.5
Schwab US LC Grw	SCHG	34.95	-0.17	7.1
SSEnergySel	XLE	64.03	-2.88	43.2
SSFinSel	XLF	55.93	-1.62	2.1
SSHlt CrSel	XLV	167.77	0.07	8.4
SSIndlSel	XLI	168.71	-0.08	8.8
SSSPDRBbg1-3M	BIL	91.51	...	0.1
SS SPDR DJIA	DIA	515.22	-1.15	7.2
SSSPDRDevxUS	SPDW	50.60	-0.33	13.9
SSSPDRS&P500	SPYM	88.53	-0.44	10.4

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
SSSPDRS&P500G	SPYG	119.00	-0.10	11.5
SSSPDRS&P500V	SPYV	62.20	-0.83	9.5
SSIMSPDRS&P500	SPY	754.05	-0.44	10.6
SSTechSel	XLK	183.93	0.10	27.8
VanEckGoldMin	GDX	92.80	-1.41	8.2
VanEckSemicon	SMH	545.56	0.64	51.5
VangdDivApp	VIG	235.73	-0.75	7.3
VangdExtMkt	VXF	234.39	-0.32	12.1
VangdFTSEAWxUS	VEU	83.50	-0.33	13.5
VangdFTSEDevMk	VEA	71.26	-0.38	14.1
VangdFTSE EM	VWO	59.18	-0.07	10.1
VangdFTSE Europe	VGK	88.63	-0.37	6.0
VangdHiDiv	VYM	159.78	-1.03	11.3
VangdInfoTech	VGT	118.92	0.11	26.2
VangdIntermBd	BIV	73.88	-0.07	-5.1
VangdIntrCorpBd	VCIT	79.55	0.05	-5.0
VangdIntermTrea	VGIT	57.17	-0.12	-4.6
VangdMstarGrw	VUG	87.06	...	7.1
VangdMstarLC	VV	347.80	-0.40	10.5
VangdMstarMegaGr	MGK	89.12	0.08	8.0
VangdMstarMC	VO	79.54	-0.64	9.6
VangdMstarSC	VB	288.98	-0.66	12.0
VangdMstarSCVal	VBR	238.83	-0.84	12.8
VangdMstarTot	VTI	371.26	-0.42	10.7
VangdMstarVal	VTV	220.64	-0.93	15.5
VangdRealEst	VNQ	93.48	-0.66	5.6
VangdRuss1000Grw	VONG	124.23	0.08	2.0
VangdS&P500ETF	VOO	693.24	-0.43	10.5
VangdST Bond	BSV	76.63	-0.09	-2.8
VangdSTCpBd	VCSH	77.62	-0.04	-2.6
VangdShortTrea	VGSH	57.62	-0.07	-1.9
VangdTaxExemptBd	VTEB	48.23	0.02	-4.1
VangdTotalBd	BND	71.11	-0.06	-4.0
VangdTotIntlBd	BNDX	46.97	0.21	-2.8
VangdTotIntlStk	VXUS	85.41	-0.33	13.2
VangdTotWrldStk	VT	157.41	-0.39	11.6

Cash Prices

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.

Wednesday
Energy
Coal,C.Aplc.,12500Btu,1.2SO2-r,w	84.000
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w	14.500

Metals

Gold, per troy oz

Gross per troy oz
Engelhard industrial	4345.00
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.

	Wednesday
BMI Lithium Carbonate, EXW China, =99.5%-v,w	20700
BMI Lithium Hydroxide, EXW China, =56.5%-v,w	19700
BMI Cobalt sulphate, EXW China, >20.5%-v,w	9089
BMI Nickel Sulphate, EXW China, >22%-v,k	4358
BMI Flake Graphite, FOB China, -100 Mesh, 94-95%-v,m	425

Fibers and Textiles

Engelhard industrial	64.8000
Handy & Harman base	64.5750
Handy & Harman fabricated	80.7190
Coins,wholesale $1,000 face-a	45308

Other metals

Burlap,10-oz,40-inch NY yd-n,w	1.2600
Cotton,11/16 std lw-mdMphs-u	0.7669
Cotlook 'A' Index-t	*94.65
Hides,hvy native steers piece fob-u	n.a.
Wool,64s,staple,Terr del-u,w	n.a.

Grains and Feeds

Platinum,Engelhard industrial	1804.0
Palladium,Engelhard industrial	1315.0
Aluminum, LME, $ per metric ton	*3260.0
Copper,Comex spot	6.4315
Iron Ore, 62% Fe CFR China-s	*94.7
Steel, HRC USA, FOB Midwest Mill-s	*1230.0

Battery/EV metals

Bran,wheat middlings, KC-u,w	145
Corn,No. 2 yellow,Cent IL-bp,u	4.9900
Cottonseed meal-u,w	n.a.
Hominy feed,Cent IL-u,w	120
Meat-bonemeal,50% pro Mnpls-u,w	475
Oats,No.2 milling,Mnpls-u	4.2225
Rice, Long Grain Milled, No. 2 AR-u,w	30.13
SoybeanMeal,Cent IL,rail,ton48%-u,w	353.80
Soybeans,No.1 yllw IL-bp,u	12.9400
Wheat,Spring14%-pro Mnpls-u	9.3600
Wheat,No.2 soft red,St.Louis-u	6.7075
Wheat - Hard - KC (USDA) $ per bu-u	7.6550
Wheat,No.1soft white,Portld,OR-u	6.7750

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra, Tordella & Brookes; H=American Commodities Brokerage Co; K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 9/15

Wednesday, September 16, 2026

Food
Beef, carcass equiv. index
choice 1-3,600-900 lbs.-u	347.98
select 1-3,600-900 lbs.-u	327.02
Broilers, National comp wtd. avg.-u,w	1.1608
Butter, AA Chicago-d	1.3550
Cheddar cheese, bbl, Chicago-d	145.25
Cheddar cheese, blk, Chicago-d	143.25
Milk, Nonfat dry, Chicago lb.-d	205.00
Coffee, Brazilian, Comp-y	2.8966
Coffee, Colombian, NY-y	3.5488
Eggs, large white, Chicago-u,w	0.6550
Flour, hard winter KC-p	19.25
Hams, 17-20 lbs, Mid-US fob-u	1.06
Hogs, Iowa-So. Minnesota-u	83.50
Pork bellies, 12-14 lb MidUS-u	1.4765
Pork loins, 13-19 lb MidUS-u	1.0575
Steers, Tex.-Okla. Choice-u	n.a.
Steers, feeder, Okla. City-u,w	382.50

Fats and Oils

Degummed corn oil, crude wtd. avg.-u,w	n.a.
Grease,choice white,Chicago-h	0.6800
Lard,Chicago-u	n.a.
Soybean oil,crude;Centl IL-u,w	0.7379
Tallow,bleach;Chicago-h	0.7475
Tallow,edible,Chicago-u	n.a.

Source: Dow Jones Market Data

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

Return close	P/B total return(%)	Index	Yield (%)
			Latest	Low	High
Broad Market Bloomberg Fixed Income Indices
2212.05	-1.6	U.S. Aggregate	5.330	4.160	5.330
U.S. Corporate Indexes Bloomberg Fixed Income Indices
3390.65	-1.5	U.S. Corporate	5.780	4.680	5.780
3355.74	-0.7	Intermediate	5.550	4.330	5.550
4296.39	-3.4	Long term	6.290	5.370	6.320
628.35	-2.8	Double-A-rated	5.650	4.410	5.650
933.55	-1.1	Triple-B-rated	5.940	4.860	5.940

High Yield Bonds ICE BofA

Total return close	YTD total return (%)	Index	— Yield (%) —
			Latest	Low	High
Mortgage-Backed Bloomberg Fixed Income Indices
211.95	-1.6	Mortgage-Backed	5.620	4.380	5.620
2175.54	-1.3	Ginnie Mae (GNMA)	5.660	4.420	5.660
1306.78	-1.7	Fannie Mae (FNMA)	5.610	4.370	5.610
2009.40	-1.9	Freddie Mac (FHLMC)	5.430	4.160	5.430
606.06	-1.9	Muni Master	4.110	3.037	4.110
429.82	-2.8	7-12 year	3.931	2.596	3.931
484.99	-3.0	12-22 year	4.738	3.608	4.738
458.27	-1.8	22-plus year	5.150	4.432	5.150

627.47		1.6	High Yield Constrained	7.658	6.489	7.683
625.49	-0.5		Triple-C-rated	14.995	11.508	15.033
4175.55		1.3	High Yield 100	6.851	5.828	7.136
546.81		1.9	Global High Yield Constrained	7.390	6.317	7.438
398.32		0.8	Europe High Yield Constrained	6.130	4.820	6.198

U.S Agency Bloomberg Fixed Income Indices

1948.89	-0.5	U.S Agency	5.010	3.830	5.010
1732.16	-0.2	10-20 years	4.960	3.750	4.960
3588.52	-3.3	20-plus years	5.570	4.580	5.580
3005.86	-1.0	Yankee	5.470	4.320	5.470

547.24	-2.1		Global Government	4,526	3.500	4.543
835.38	-0.7		Canada	3,915	3.070	3.934
357.29	-2.2		EMU$	4,020	3.117	4.060
639.79	-2.8		France	4,424	3.350	4.465
455.18	-1.9		Germany	3,581	2.650	3.613
242.36	-4.3		Japan	3,228	2.110	3.254
497.70	-1.8		Netherlands	3,651	2.860	3.679
803.47	-2.2		U.K.	5,450	4.560	5.549
1027.09		0.9	Emerging Markets**	6.762	6.403	7.084

*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	Yield (%)										Spread Under/Over U.S. Treasurys, in basis points
		Latest(●)	0	1	2	3	4	5	6	Previous	Month ago	Year ago	Latest	Prev
4.125	U.S. 2	4.725▲						●		4.661	4.170	3.508
4.625	10	5.003▲						●		4.995	4.695	4.025
2.250	Australia 2	5.012▼						●		5.064	4.563	3.378	27.8	39.3
4.250	10	5.364▼						●		5.426	4.988	4.230	35.7	42.0
2.400	France 2	3.459▼					●			3.477	3.002	2.248	-127.	-119.4
3.700	10	4.475▼						●		4.505	4.055	3.502	-53.2	-50.2
2.700	Germany 2	3.217▼					●			3.273	2.811	2.012	-151.7	-139.8
3.000	10	3.518▼					●			3.545	3.225	2.695	-148.9	-146.1
2.650	Italy 2	3.430▼					●			3.458	2.979	2.238	-130.	-121.3
3.800	10	4.375▼						●		4.417	3.967	3.489	-63.2	-58.9
1.700	Japan 2	1.848▼			●					1.860	1.655	0.880	-288.6	-281.1
2.700	10	3.000▼				●				3.042	2.880	1.604	-200.7	-196.4
2.400	Spain 2	3.250▼					●			3.287	2.857	2.095	-148.4	-138.4
3.400	10	3.977▼					●			4.026	3.633	3.199	-103.0	-98.1
4.375	U.K. 2	4.628▼						●		4.764	4.415	3.974	-10.6	9.3
1.125	10	5.298▼						●		5.326	5.054	4.644	29.1	32.0

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
Commonwealth Bank of Australia	...	4.800	5.01	July 16, '29	18	-14	34
Caterpillar Financial Services	...	4.300	5.02	May 15, '29	19	-12	30
John Deere Capital	...	4.800	4.99	Sept. 11, '29	22	-12	34
CNO Global Funding	...	2.650	5.34	Jan. 6, '29	64	-10	n.a.
Cisco Systems	CSCO	5.500	5.81	Jan. 15, '40	85	-7	92
GlaxoSmithKline Capital	...	5.375	5.54	April 15, '34	52	-6	n.a.
Sprint Capital	...	6.875	5.14	Nov. 15, '28	42	-6	47
Blackstone Holdings Finance	...	6.250	6.27	Aug. 15, '42	90	-5	n.a.

...And spreads that widened the most

Banco Santander	...	4.867	5.56	April 15, '31	78	4	80
Toronto-Dominion Bank	TD	2.000	5.23	Sept. 10, '31	44	4	41
Norinchukin Bank	...	5.356	6.15	March 10, '36	114	3	108
Walt Disney*	DIS	3.750	4.98	March 14, '29	16	2	13
Hartford Insurance Group	HIG	5.950	5.75	Oct. 15, '36	80	2	n.a.
MetLife	MET	6.375	5.65	June 15, '34	68	2	n.a.
PACCAR Financial	...	4.850	5.19	Aug. 10, '31	41	2	42
Sumitomo Mitsui Financial Group	...	3.040	5.31	July 16, '29	49	2	n.a.

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
Cleveland-Cliffs	CLF	6.250	8.74	Oct. 1, '40	80.056	0.76	n.a.
Occidental Petroleum	OXY	6.450	5.88	Sept. 15, '36	104.238	0.40	104.872
Paramount Global	...	4.375	8.74	March 15, '43	62.244	0.24	62.750
Bath & Body Works	BBWI	6.875	7.00	Nov. 1, '35	99.153	0.15	101.125
Transocean International	...	6.800	7.63	March 15, '38	93.720	0.14	94.604

...And with the biggest price decreases

Embarq	...	7.995	60.50	June 1, '36	13.599	-2.24	17.750
Occidental Petroleum	OXY	6.200	6.15	March 15, '40	100.429	-0.24	100.570
Telecom Italia Capital	...	6.000	6.00	Sept. 30, '34	99.994	-0.18	n.a.
Navient*	NAVI	5.625	8.54	Aug. 1, '33	85.065	-0.15	86.250
Nissan Motor Acceptance	...	5.300	5.90	Sept. 13, '27	99.428	-0.13	99.615
Tenet Healthcare	THC	6.875	5.85	Nov. 15, '31	104.505	-0.07	105.625

$^{a}$ 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

How to Read the Stock Tables

The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization.

Underlined quotations are those stocks with large changes in volume compared with the issue's average trading volume.

Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was \$2 or higher.

Footnotes:

1-New 52-week high; 1-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.

Wednesday, Sept. 16, 2026

Stock	Sym	Close	Chg
A	B	C
AES	AES	14.81	0.01
Aflac	AFL	116.81	-0.74
AGNC Invt	AGNC	9.88	-0.08
APA	APA	44.79	-2.62
ASE Tech	ASX	37.95	0.83
ASML	ASML	1602.22	10.74
AST Space	ASTS	59.27	0.50
AT&T	T	25.86	-0.86
ATI	ATI	189.65	2.96
AbbottLabs	ABT	102.36	0.33
AbbVie	ABBV	262.51	-0.53
Abivax	ABVX	102.23	-4.43
Accenture	ACN	189.64	-3.76
Adobe	ADBE	250.50	-7.26
AdDrainageSys	WMS	126.84	-0.37
AdEnergyInds	AEIS	252.22	1.65
AdMicroDevices	AMD	512.50	8.30
Aegon	AEG	9.02	-0.04
AerCap	AER	142.21	3.89
AffiliatedMgrs	AMG	342.82	-5.12
AffirmA	AFRM	71.58	-0.51
AgilentTechs A	AL	153.69	3.42
AgnicoEagleMns	AEM	195.57	-1.33
AirProducts	APD	287.08	-3.48
Airbnb	ANBN	167.51	-0.81
AkamaiTech	AKAM	104.48	-0.92
AlamosGold	AGI	34.45	-0.72
Albemarle	ALB	109.47	-3.98
Alcoa	AA	46.26	-0.26
Alcon	ALC	66.30	-1.46
AlexandriaREst	ARE	53.52	0.59
Alibaba	BABA	107.27	-2.07
AlignTech	ALGN	150.45	3.45
Allegion	ALLE	152.81	-1.79
AlliantEnergy LNT	C	66.11	0.12
AllisonTransm	ALSN	118.64	-3.76
Allstate	ALL	254.85	-2.36
AllyFinancial	ALLY	40.31	-1.27
AlnylamPharm	ALNY	239.36	1.09
Alphabet A	GOOG	342.87	-2.11
Alphabet C	GOOG	339.36	-2.07
Altria	MO	70.10	0.29
Amazon.com	AMZN	245.96	-2.46
Ambev	ABEV	2.99	-0.03
Amcor	AMCR	41.97	-0.49
AmerSports	AS	27.13	0.51
Ameren	AEE	103.04	0.02
AmericaMovil	AMX	22.98	-0.22
AEP	AEP	126.09	0.08
AmerExpress	AXP	312.43	-12.00
AmericanFin	AFG	142.98	-0.81
AmerHlthcrREIT	AHR	53.14	0.05
AmHomes4Rent	AMH	31.38	-0.24
AIG	AIG	76.07	0.59
AmerTowerREIT	AMT	176.39	-1.32
AmerWaterWorks	AWK	137.76	-0.26
Ameriprise	AMP	540.86	-18.48
Ametek	AME	232.19	-2.26
Amgen	AMGN	376.35	0.70
AmkorTech	AMKR	46.28	-0.10
Amphenol	APH	77.26	-0.39
Amrize	AMRZ	38.40	-1.00
AnalogDevices	ADI	362.04	0.69
AngloGoldAsh	AU	99.74	-0.97
AB InBev	BUD	79.90	0.44
AnnalyCap	NLY	21.23	-0.18
AnteroMidstream	AM	21.16	-0.17
AnteroResources	AR	35.68	-3.15
Aon	AON	300.57	-4.10
API Group	APG	36.76	-0.21
ApolloGbMgmt	APO	124.53	-2.47
Apple	AAPL	332.41	1.07
AppliedIndlTech	AIT	315.11	-0.71
AppMaterials	AMAT	415.38	-5.79
AppLovin	APP	326.56	-4.90
Aptiv	APTV	43.34	-0.41
Aramark	ARMK	57.61	-0.67
ArcelorMittal	MT	73.22	-0.08
ArchCapital	ACGL	96.97	-0.07
ADM	ADM	85.00	-1.61
AresMgmt	ARES	124.21	-3.54
argenx	ARGX	984.69	4.93
AristaNetworks	ANET	197.54	4.70
Arm	ARM	243.98	2.15
ArrowElec	ARW	211.70	-1.13
ArrowheadPharm	ARWR	65.79	-4.88
Arxis	ARXS	49.51	-0.21
AscendisPharma	ASND	247.69	7.92
Assurant	AIZ	283.56	-2.55
AsteraLabs	ALAB	269.18	16.64
AstraZeneca	AZN	162.89	1.04
Atlassian	TEAM	190.28	0.47
AtmosEnergy	ATO	161.96	-0.08
AuroralInnov	AUR	6.36	-0.08
Autodesk	ADSK	220.31	-6.19
ADP	ADP	273.19	-3.34
AutoZone	AZO	284.04	-11.21
Avantor	AVTR	15.61	0.17
AveryDennisony	AVY	172.28	0.76
AxonEnterprise	AXON	468.42	26.34
AxsomeTherap	AXSM	211.97	7.90
BCE	BCE	22.50	-0.40
BHP Group	BHP	84.14	-0.63
BJ'sWholesale BJ		92.98	-2.08
BP	BP	45.38	-1.58

Stock	Sym	Close	Net Chg
BWX Tech	BWT	145.66	-1.04
BXP	BXP	64.04	0.20
Baidu	BIDU	88.55	-1.84
BakerHughes	BKR	56.32	-0.40
Ball	BALL	61.26	0.25
BBVA	BBVA	28.10	-0.73
BancoBradesco	BBDO	3.15	-0.01
BancodeChile	BCH	41.10	-0.35
BancSanBrasil	BSBR	5.81	-0.05
BcoSantChile	BSAC	34.15	-0.61
BancoSantander	SAN	14.40	-0.25
BankofAmerica	BAC	57.90	-1.62
BankMontreal	BMO	172.60	-1.10
BankNY Mellon	BNY	153.47	-1.20
BankNovaScotia	BNS	92.96	-0.32
Barclays	BCS	25.34	-0.10
BarrickMining	B	42.55	-0.15
BaxterIntl	BAX	23.53	-0.18
BectonDiconns	BDX	181.85	-4.07
BendingSponsors	BSP	39.19	-0.21
BentleySystems	BSY	31.10	-0.78
BeOneMed	ONC	348.08	1.58
Berkeley	WRB	69.95	-1.33
BerkHathwy B	BRKB	519.80	3.04
BerkHathwy A	BRKA	780297647281
BestBuy	BBY	92.45	-0.79
Bio-Techne	TECH	72.33	-0.01
Bio-RadLab A	BIO	379.03	1.03
Biogen	BIIB	216.01	-0.16
BioMarinPharm	BMRN	64.73	0.28
BioNTech	BNTX	95.83	-0.86
BitMinelImmersion	BMNR	22.81	-0.79
BlackRock	BLK	1037.24	21.42
Blackstone	BX	123.45	-3.25
Black	XYZ	76.63	-1.68
BloomEnergy	BE	270.02	10.67
BlueOwlCapital	OWL	10.12	-0.12
Boeing	BA	201.96	-7.73
Booking	BKNG	171.40	0.08
BoozAllen	BAH	78.41	-1.65
BorgWarner	BWA	62.27	-0.22
BostonSci	B	43.91	0.04
BridgeProGnab	BBIO	68.33	-0.60
BrightSpring	BTSG	58.96	0.12
BristolMyers	BMY	63.40	-0.13
BritishAmTob	BTI	56.09	-0.43
Broadcom	AVGO	339.51	0.24
BroadridgeFinl	BR	167.09	-3.16
BrookfieldAsset	BAM	45.18	-0.66
Brookfield	BN	37.03	-0.10
BrookfieldInfra	BFI	35.50	0.50
BrookWealth	BNT	37.02	-0.15
Brown&Brown	BRO	65.88	-1.35
BrownForman B	BF.B	25.74	-0.44
BrownForman A	BF.A	26.27	-0.34
Bullish	BLSH	32.08	-3.38
BungeGlobal	BG	117.13	-4.63
BurlingtonStrs	BURL	230.71	3.43
CACI Intl	CACI	631.18	-5.22
CBRE Group	CBRE	138.56	-1.55
CDW	CDW	149.96	-3.78
CF Industries	CF	131.99	-3.55
CGI A	GIB	70.90	-1.22
CH Robinson	CHRW	153.47	-4.16
CME Group	CME	272.46	-2.63
CMS Energy	CMS	65.99	0.07
CNA Fin	CNA	48.08	-0.34
CNH Indl	CNH	13.52	-0.48
CRH	CRH	86.70	-0.99
CSX	CSX	47.90	-0.76
CVS Health	CVS	91.72	-2.77
CadenceDesign	CDNS	279.90	5.94
CamdenProperty	CPT	101.30	-1.54
Cameco	CCJ	90.90	-0.31
CIBC	CM	112.96	-0.39
CanNtlRlwy	CNI	119.49	-2.28
CanadianNatRscs	CNQ	50.07	-1.48
CdnPacKC	CP	87.68	-1.34
CapitalOne	COF	203.19	-3.66
CardinalHealth	CAH	232.54	-0.11
CareTrustREIT	CTRE	37.98	-0.44
Carlisle	CSL	317.54	-6.71
Carlyle	CG	40.01	-1.41
Carnival	CCL	22.35	0.24
CarpenterTech	CRS	411.80	-3.52
CarrierGlobal	CARR	54.26	-1.28
Carvana	CVNA	65.40	-1.50
CasesysGenStores	CASY	589.00	1.86
Caterpillar	CAT	782.72	-0.82
Celestica	CLS	323.83	7.02
Cemex	CX	10.16	-0.03
Cencora	COR	318.50	-4.79
CenovusEnergy	CVE	32.52	-1.40
Centene	CNC	66.01	-1.65
CenterPointEner	CNP	38.33	0.35
CerebraSystems	CBRS	190.47	6.44
CharlesRiverLabs	CRL	273.41	0.53
CharterComms	CHTR	135.00	-6.20
CheckPoint	CHKP	137.69	-0.10
CheniereEnergy	LNG	267.75	-3.23
CheniereEnerPts	CQP	65.73	0.07
Chevron	CVX	211.54	-6.23
ChimeFinl	CHYM	31.25	-2.36
Chipotle	CMG	33.68	-1.15
Chubb	CB	341.53	-0.33
ChunghwaTel	CHT	45.18	-0.19
Church&Dwight	CHD	95.51	1.00
Ciena	CIEN	340.50	6.17
Cigna	CI	280.45	-8.45

Stock	Sym Close	Net Chg
Exelixis	EXEL 56.78	-0.12
Exelon	EXC 42.44	0.24
ExpandEnergy	EXE 88.74	-5.49
Expedia	EXPE 286.97	-6.11
ExpeditorsIntl	EXPD 189.04	-4.86
ExtraSpaceSt	EXR 136.43	-0.87
ExxonMobil	XOM 163.32	-6.00
F5	FFIV 423.59	-7.29
FTAI Aviation	FTAI 189.83	13.39
Fabrinet	FN 392.68	17.77
FactSet	FDS 276.41	-0.68
FairIsaac	FICO 991.35	5.39
Fastenal	FAST 49.03	-0.38
FederalRealty	FRT 112.42	-1.51
FedEx	FDX 301.72	-6.54
FedExFreight	FDXF 121.73	-5.21
FergusonEnts	FERG 214.35	-0.76
Ferrari	RACE 412.34	5.42
Ferrovial	FER 55.12	0.88
FidNatFinl	FNF 43.02	-0.08
FidNatInfo	FIS 36.45	-0.49
FifthThirdBncp	FITB 52.41	-2.26
Figma	FIG 23.06	-0.82
FirstCitizBcshA	FNCA 2099.57	-60.85
FirstHorizon	FHN 23.93	-0.54
FirstMajSilver	AG 18.33	-0.31
FirstSolar	FSLR 191.07	-11.27
FirstCash	FCFS 219.70	4.16
FirstEnergy	FE 45.38	0.05
Fiserv	FISV 49.45	-0.57
FiveBelow	FIVE 237.68	1.61
Flex	FLEX 107.90	-0.10
Flowserve	FLS 72.31	1.28
FlutterEnt	FLUT 97.56	-2.35
FEMSA	FMX 121.02	-0.58
FordMotor	F 13.35	-0.15
ForgentPwr	FPS 34.84	3.48
Fortinet	FTNT 171.77	-0.60
Fortis	FTS 53.85	0.35
Fortive	FTV 55.30	-1.15
FoxA	FOXA 66.16	-1.41
FoxB	FOX 59.15	-1.19
Franco-Nevada	FNV 259.41	-3.68
FranklinTemp	BEN 32.72	-0.57
FreedomHolding	FRHC 163.86	2.05
FreeportMcFAC	FCX 69.24	-0.14
FreseniusMedCare	FMS 22.97	0.01
Frontline	FRO 53.67	2.08
Futu	FUTU 109.82	1.10

Stock	Sym	Close	Net Chg
CincinnatiFinl	CINF	170.77	-0.90
Cintas	CTAS	199.46	0.51
CircleInternet	CRCL	80.45	-5.85
CiscoSystems	CSCO	107.74	-2.33
Citigroup	C	132.95	-3.22
CitizensFin	CFG	66.84	-3.40
CleanHarbors	CLH	318.96	0.76
Clorox	CLX	84.86	-2.30
Cloudflare	NET	324.65	-2.58
Coca-Cola	KO	87.87	-0.84
Coca-ColaCon	COKE	198.67	0.04
CocaColaEuropac	CEP	102.73	-0.28
CoeurMining	CDE	18.98	-0.93
Cognex	CGNX	60.10	0.95
CognizantTech	CTSH	61.85	-1.43
Coherent	COHR	289.93	18.76
CoinbaseGlbl	COIN	164.51	-7.60
ColgatePalm	CL	87.02	0.02
Comcast A	CMCSA	23.73	-0.69
ComfortSystems	FIX	1587.35	10.57
SABESP	SBS	5.28	0.04
COPEL	ELPC	12.57	0.20
ConocoPhillips	COO	132.54	-8.68
ConEd	ED	105.42	0.18
ConstBrands A	STZ	123.03	-0.59
ConstellationEner	CEG	259.53	-0.36
Cooper	COO	54.61	1.34
Copart	CPRT	30.82	-0.22
CorceptTherap	CORT	111.81	0.99
CorebridgeFin	CRBG	34.85	0.08
CoreWeave	CRWV	83.35	2.43
Corning	GLW	144.16	0.59
Corpay	CPAY	402.27	-5.48
Corteva	CTVA	81.01	-2.38
CoStar	CSGP	30.36	-1.20
Costco	COST	893.74	-7.61
Coupaing	CPNG	14.40	-0.28
Crane	CR	197.25	1.80
Credicorp	BAP	381.14	8.24
CredoTech	CRDO	161.49	11.10
CrowdStrike	CRWD	241.36	-1.13
CrownCastle	CCI	73.22	-0.03
Crown Holdings	CCK	112.17	-0.16
CubeSmart	CUBE	39.69	-0.24
Cullen/Frost	CFR	159.44	-2.72
Cummins	CMI	527.50	-10.52
Curtiss-Wright	CW	570.04	7.19
Cytokinetics	CYTK	69.39	0.08

GHI

DEF

DTE Energy	DTE	130.70	0.30
DT Midstream DTM	124.99	-0.09
Danaher	DHR	208.36	-1.00
Darden	DRI	208.08	-1.04
DarlingInngred	DAR	65.56	-0.98
Datadog	DDOG	230.79	0.52
DaVita	DVA	193.86	2.96
DeckersOutdoor	DECK	77.96	0.45
Deere	DE	669.47	-14.57
DellTechC	DELL	563.29	19.78
DeltaAir	DAL	77.87	-1.02
DeutscheBank	DB	38.36	-0.33
DevonEnergy	DVN	48.44	-2.89
DexCom	DXCM	87.34	0.89
Diageo	DEO	86.95	0.15
DiamondbKener	FANG	154.54	-16.99
Dick's	DKS	123.65	-0.07
DigitalRealty	DLR	181.07	1.80
DigitalOcean	DOCN	123.76	5.91
Dillard's	DDS	647.49	4.16
Disney	DIS	106.99	0.57
DocuSign	DOCU	70.40	-1.45
DollarGeneral	DG	123.01	-1.69
DollarTree	DLTR	112.40	-0.39
DominionEner	D	63.51	-0.36
Domino's	DPZ	301.30	-9.52
Donaldson	DCI	86.33	-0.73
Dash	DASH	196.76	-1.50
Dover	DOV	188.36	-0.61
Dow	DOW	30.08	0.23
DrReddy'Slab	RDY	11.68	0.13
DraftKings	DKNG	24.33	-0.31
DukeEnergy	DUK	117.76	-0.01
DuPont	DU	127.57	-0.47
Dynatrace	DT	55.19	0.02
EMCOR	EME	739.46	3.94
ENI	E	55.30	-1.36
EOG Rscs	EOG	144.93	-8.81
EQT	EQT	50.41	-2.71
EastWestBncp	EWBC	126.18	-2.55
EastGroup	EGP	197.87	-0.71
Eaton	ETN	397.80	5.40
eBay	EBAY	109.17	1.14
EchoStar	ECHO	93.46	1.36
Ecolab	ECL	274.08	-0.52
Ecopetrol	EC	17.46	-0.80
EdisonIntl	EIX	54.81	0.25
EdwardsLife	EW	89.28	3.54
ElancoAnimal	ELAN	22.86	-0.14
ElbitSystems	ESLT	738.16	6.41
EldoradoGold	EGO	40.57	0.36
ElevanceHealth	ELV	412.56	-4.98
Embraer	EMBR	74.01	-0.07
Emera	EMA	48.89	0.45
EmersonElec	EMR	145.83	-1.17
Enbridge	ENB	48.36	...
EncompassHealth	ENC	123.91	1.91
EnergyTransfer	ET	21.11	-0.22
EnlightRenewableE	ENLT	71.59	2.04
EnsignGroup	ENSG	177.85	5.10
Entegris	ENTG	130.20	0.56
Entergy	ETR	102.32	-0.60
EnterpriseProd	EPD	38.09	-0.72
Equifax	EFX	163.80	-3.28
Equinix	EQIX	1016.16	9.18
Equinor	EQNR	44.20	-1.55
EquinoxGold	EQX	11.58	-0.28
Equitable	EQH	53.88	-0.09
EquityLife	ELS	60.88	-0.41
EniEndemnity	ERIE	245.58	-5.03
EssentialUtil	WTRG	41.37	-0.11
EssexProp	ESS	271.34	-4.71
EsteeLauder	EL	95.60	-0.65
EvercoreA	EVR	261.83	-8.99
Everest	EG	377.77	-1.78
Evergy	EVRG	80.39	0.19
Everpure	P	97.61	0.64
EversourceEner	ES	67.86	0.65

GE Aerospace GE	312.90	5.85
GE Healthcare GEHC	63.49	-0.58
GE Vernova GEV	925.09	42.28
GFL Environmental GFL	41.07	-1.11
GSK GSK	50.29	0.28
Gallagher AJG	243.78	-4.26
GameStop GME	21.98	0.54
Gaming&Leisure GLPI	40.35	-0.27
Garmin GRMN	276.93	-2.04
Gartner IT	191.57	-4.05
GenDigital GEN	30.65	-0.58
Generac GNRC	175.11	0.08
GeneralDynamics GD	360.00	1.40
GeneralMills GIS	36.81	0.23
GeneralMotors GM	84.29	-1.08
Genmab GMAB	34.40	0.25
GenuineParts GPC	130.52	-0.49
Gerdau GGB	4.99	-0.07
GileadSciences GILD	147.68	1.38
Glaukos GKOS	163.47	-8.21
GlobalPayments GPN	86.49	-2.49
GlobalFoundries GFS	43.03	0.28
Globalstar GSAT	81.90	0.07
GlobeLife GL	172.98	-0.31
GlobusMedical GMD	75.26	0.57
GoDaddy GDDY	99.09	-3.29
GoldFields GFI	41.96	-0.95
GoldmanSachs GS	937.98	-36.89
Grab GRAB	2.87	-0.04
Graco GGG	76.28	-0.56
Grainger GWW	1258.26	-11.27
GAP PAC	201.70	-1.08
GrupoCibest CIB	98.32	-2.35
GuardantHealth GH	174.90	-0.75
Guidewire GWRE	146.73	-2.15
HCA Healthcare HCA	430.43	7.39
HDFC Bank HDB	22.38	-0.20
HF Sinclair DINO	113.97	1.72
HP HPQ	32.70	-1.12
HSBC HSBC	100.84	-1.38
H World HTHT	42.72	-0.62
Haleon HLN	9.21	-0.03
Halliburton HAL	34.51	-1.16
HalozymeTherap HALO	108.44	2.19
HarmonyGold HMY	19.22	-0.32
HartfordIns HIG	134.94	-1.09
Hasbro HAS	89.30	-0.91
HealthpeakProp DOC	20.35	0.19
HeclaMining HL	17.99	-0.69
Heico HEI	299.43	2.58
HeicoA HELA	222.37	-0.08
HenrySchein HSIC	86.77	-0.75
Hershey HSY	170.79	0.37
HewlettPackard HPE	56.68	0.80
Hilton HLT	305.63	-2.16
HomeDepot HD	302.47	-3.01
HondaMotor HMC	32.11	-0.10
HoneywellAONA	164.18	5.69
Honeywell HON	207.66	4.22
HormelFoods HRL	20.78	-0.01
DR Horton DHI	138.32	-1.88
HostHotels HST	21.76	-0.37
HoulihanLokeyi HLI	130.34	-3.39
Howmet Aerospace HWM	227.73	3.06
Hubbell HUBB	439.07	0.54
HubSpot HUBS	236.46	-5.50
HubdayMinerals HBM	25.26	0.02
Humana HUM	384.72	-11.90
JBHunt JBHT	236.73	-36.27
HuntingtonBcshs HBA	15.82	-0.93
HuntingIngalls HII	278.09	-1.37
Hut8 HUT	89.82	2.73
HyattHotels H	158.65	-1.54
ICICI Bank IBN	28.15	-0.25
IDEX IEX	221.50	-1.34
IdexxLab IDXX	513.62	2.89
IES Holdings IESC	325.02	13.61
ING Groep ING	36.36	-0.42
INNIO INIO	18.71	0.92
Invesco IVZ	30.08	-0.70
IQVIA IQV	268.82	-0.85
IREN IREN	42.62	1.04
ITT ITT	194.50	-3.49
IamGold IG	19.48	-0.16
IcahnEnterprises IEP	6.96	-0.02
Icon ICLR	173.94	1.49
IllinoisToolWks ITW	267.33	-1.27
Illumina LIMN	228.93	6.64
ImperialOil IMO	130.30	-5.05
Incyte INCY	124.75	3.01
Infosys INFY	11.08	-0.24
IngersollRand IR	71.44	-0.47
Insmed INSM	122.58	2.66
Insulet PODD	140.60	1.36
Intel INTC	101.05	3.91
InteractiveBrkrs IBKR	86.74	-2.06
ICE ICE	154.10	-2.28

AUCTION RESULTS

Here are the results of Wednesday's Treasury auction. 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.

Applications Accepted bids "noncompetitively "foreign noncompetitively Auction price (rate)

17-WEEK BILLS

Coupon equivalent
Bids at clearing yield accepted
Cusip number

\$201,892,022,000 \$78,117,957,000 \$553,112,600

98.667861 (4.030%) 4.141% 23.62% 912797WQ6

The bills, dated Sept. 22, 2026, mature on Jan. 19, 2027.

New Highs and Lows

BIGGEST 1,000 STOCKS

Stock	Sym	Close	Net Chg
InterContHtls	IHG	153.76	0.36
IBM	IBM	237.49	-10.88
IntlFlavors	IFF	84.40	0.16
IntlPaper	IP	34.06	0.07
Intuit	INTU	318.13	-11.14
IntuitiveSurgical	ISRG	382.29	5.13
InvitatHomes	INVH	27.21	-0.43
IonQ	IONQ	36.84	-0.21
IronMountain	IRM	112.15	0.11
ItauUnibanco	ITUB	8.29	0.03

JKL

JBS	JBS	12.22	-0.06
JD.com	JD	26.90	-0.19
JPMorganChase	JPM	348.92	-3.57
Jabil	JBL	297.24	1.19
JackHenry	JKHY	158.98	4.91
JacksonFinl	JXN	137.10	-1.11
JacobsSolns	J	143.49	-1.42
JamesHardie	JHX	26.84	-0.22
JanusLiving	JAN	30.55	-1.04
JazzPharm	JAZZ	243.59	2.76
JefferiesFinl	JEF	47.35	-1.48
JFrog	FROG	92.62	-2.18
J&J	JNJ	267.28	0.08
JohnsonControls	JCI	140.47	2.18
JonesLang	JLL	340.18	-0.86
KB Financial	KB	128.00	-1.59
KE Holdings	BEKE	15.97	-0.24
KKR	KKR	96.84	-3.16
KLA	KLAC	167.36	-0.66
KT	KT	19.45	-0.39
Kaspi.kz	KSPI	97.75	-1.01
Kenvue	KVUE	17.83	-0.09
KeurigDrPepper	KDP	31.80	0.31
KeyCorp	KEY	20.72	-0.98
KeysightTech	KEYS	322.04	8.68
KimberlyClark	KMB	98.10	-0.58
KimcoRealty	KIM	22.59	-0.40
KinderMorgan	KMI	30.73	-0.04
KinrossGold	KGC	27.82	-0.22
Knight-Swift	KNX	65.78	-2.71
Philips	PHG	24.73	-0.17
KoreaElecPwr	KEP	11.22	-0.22
KraftHeinz	KHC	24.73	...
Kroger	KR	61.14	-1.11
KrystalBiotech	KRYS	336.67	-0.01
KymeraTherap	KYMR	116.33	3.18
LatamAirlines	LTM	50.07	-0.33
LPL Financial	LPLA	333.04	-8.70
L3HarrisTech	LHX	250.74	1.08
Labcorp	HL	324.51	0.54
LamResearch	LRCK	269.23	-1.64
LamarAdv	LAMR	147.53	-0.29
LasVegasSands	LVS	41.06	-0.21
LatticeSemi	LSCC	106.32	-0.17
Leidos	LDOS	129.35	0.11
Lennar A	LEN	78.36	-1.71
Lennar B	LENB	76.83	-1.74
LennoxIntl	LII	361.04	-1.15
LeonardoDRS	DRS	37.09	0.22
LiAuto	LI	12.03	0.27
LibertyFormOne	FWONK	95.36	0.36
LibertyFormOne	FWONA	87.18	0.23
LifeTime	LTH	40.73	-0.74
Eli Lilly	LLY	1137.82	1.71
LincolnElectric	LECO	255.30	1.62
Linde	LIN	462.09	-0.87
Littelfuse	LFUS	396.02	0.35
LiveNationEnt	LYV	171.13	0.89
LloydsBanking	LYG	5.88	...
LockheedMartin	LMT	537.25	3.79
Loews	L	108.79	-0.42
LogitechIntl	LOGI	99.53	-1.61
Lowe's	LOW	194.10	-0.51
lululemon	LULU	95.98	-2.39
Lumentum	LITE	919.40	80.44
LyondellBasell	LYB	64.90	-0.53

Macom Tech	MTSI	251.75	11.73
M&T Bank	MTB	226.01	-9.36
MGM Resorts	MGM	38.39	-0.83
MKS	MKSI	235.28	3.78
MPLX	MPLX	57.93	-0.49
MSCI	MSCI	540.61	-3.99
MadisonAirSolns	MAIR	23.48	-0.42
MSG Sports	MSGS	393.82	0.55
MadrigalPharm	MDGL	529.09	5.83
Magnalntl	MGA	63.74	0.32
MagnulcCrm	MICC	18.80	-0.38
ManhattanAssoc	MANH	212.03	2.41
ManulifeFinl	MFC	43.70	-0.17
Maplebear	CART	46.85	0.04
MarathonPetrol	MPC	413.92	3.08
Markel	MKL	1787.65	-4.33
Marriott	MAR	334.97	-2.27
Marsh	MRSH	176.76	-3.00
MartinMarietta	MLM	496.76	-10.05
MarvellTech	MRVL	229.71	8.01
Masco	MAS	68.28	-0.60
MasTec	MTZ	225.62	2.92
Mastercard	MA	567.75	-5.52
MatchGroup	MTCH	43.58	-0.82
McCormickVtg	MKCV	52.40	0.55
McCormick	MKC	50.06	0.20
McDonald's	MCD	248.56	-4.22
McKesson	MCK	887.29	-12.27
Medline	MDLN	32.99	0.88
Medpace	MEDP	616.44	-4.04
Medtronic	MDT	92.60	-1.15
MercadoLibre	MELI	11839.71	10.77
Merck	MRK	144.91	1.12
MetaPlatforms	META	673.31	3.07
MetLife	MET	97.23	-0.99
Mettler-Toledo	MTD	1378.69	48.29
MicrochipTech	MCHP	69.59	-1.90
MicronTech	MU	926.55	-1.05
Microsoft	MSFT	490.30	-6.82
MidAmApt	MAA	121.90	-2.59
MillicomIntl	TIGO	95.55	-0.27
MitsubishiUFJ	MUFG	23.18	-0.53
MizuhoFin	MFG	10.93	-0.22
Moderna	MRNA	145.62	1.85
ModineMfg	MOD	181.18	2.31
MolinaHealthcare	MOH	202.22	-4.77
Mondelez	MDLZ	62.36	0.26
MongoDB	MDB	376.34	-1.33
MonolithicPower	MPWR	1147.61	5.15
MonsterBev	MNST	44.57	-0.06
Moody's	MCO	465.30	-1.86
Moog A	MOGA	359.70	3.00
MorganStanley	MS	202.42	-3.86
MotorolaSol	MSI	460.53	-7.40
MuellerInds	MLI	60.54	0.01
MurphyUSA	MUSA	513.27	-13.05
NIO	NIO	3.58	-0.02
NRG Energy	NRG	107.38	1.39
NVR	NVR	6186.43	-71.02
NXP Semicon	NXPI	218.98	-6.36
Nasdaq	NDAQ	88.76	-0.47
Natera	NTRA	345.34	-5.44
NationalGrid	NGG	76.03	1.10
NatWest	NWG	18.62	...
Nebius	NBIS	209.37	2.00
NetApp	NTAP	191.49	1.56
NetEase	NTES	117.79	-1.70

M N

Stock	Sym Close	Net Chg
Netflix	NFLX	76.41 - 1.49
Neurocrine	NBIX	149.50 - 0.52
NYTimes A	NYT	72.41 0.70
Newmont	NEM	121.76 - 2.43
NewsCorp A	NWSA	30.19 - 0.24
NewsCorp B	NWS	33.44 - 0.34
NextEraEnergy	NEE	80.37 - 0.70
Nextpower	NXT	78.03 - 1.76
Nike	NKE	35.78 - 0.44
NiSource	NI	40.66 0.07
Nokia	NOK	10.14 0.30
Nomura	NMR	10.45 - 0.16
Nordson	NDSN	309.02 - 0.23
NorfolkSouthern	NSC	317.00 - 3.22
NorthernTrust	NTRS	176.64 - 2.10
NorthropGrum	NOC	530.78 - 0.47
Nova	NVMI	339.25 4.17
Novartis	NVS	138.70 0.08
NovoNordisk	NVO	41.71 - 0.82
NuHoldings	NU	13.81 - 0.38
Nucor	NUE	260.68 1.86
Nutanix	NTNX	68.70 0.71
Nutrien	NTR	77.68 - 1.04
nVentElectric	NVT	147.65 0.85
NVIDIA	NVDA	213.90 1.73

O P Q

Stock	Sym Close	Net Chg
Qualcomm	QCOM 184.84	-2.96
QuantaServices	PWR 619.28	5.93
Quantinuum	QNT 52.01	3.36
QuestDiag	DGX 247.08	...

R S

OPEnergy	OGE	46.01	0.30
ONEOK	OKE	92.70	-2.02
ON Semi	ON	66.60	-6.60
O'ReillyAuto	ORLY	83.68	-1.48
OccidentalPetrol	OXY	59.36	-4.16
Okta	OKTA	188.12	-2.33
OldDomFreight	ODFL	174.36	-6.60
OldNatlBncp	ONB	25.31	-0.50
OldRepublic	ORI	40.90	-0.16
OmegaHealthcare	OHI	46.91	-0.22
Omnicom	OMC	79.33	-0.52
OntInnovation	ONTO	243.64	-0.52
Oracle	ORCL	143.16	2.81
Orix	IX	39.59	-0.10
OscarHealth	OSCR	32.34	-0.10
OtisWorldwide	OTIS	69.25	0.75
Ovintiv	OVV	62.77	-4.20
OwensCorning	OC	126.59	-2.08
PDD	PDD	78.76	0.68
PG&E	PCG	13.35	0.20
PNC Finl	PNC	231.49	-9.29
POSCO	PKX	59.19	-1.91
PPG Ind	PPG	104.98	0.09
PPL	PPL	33.41	0.18
PTC	PTC	131.16	-1.59
Paccar	PCAR	118.22	-4.24
PackagingCpAm	PKG	231.45	0.24
PalantirTech	PLTR	174.34	1.78
PaloAltolntwks	PANW	375.65	0.56
PanAmerSilver	PAAS	47.56	-0.86
ParamountSyzance	PSKY	11.14	0.13
ParkerHannifin	PH	918.75	-6.25
Paychex	PAYX	116.72	-1.58
PaycomSoftware	PAYC	227.59	0.83
PayPal	PYPL	52.71	-1.10
PayPay	PAYP	17.65	-0.17
Pearson	PSO	15.91	-0.09
PembinaPipeline	PBA	47.10	-0.17
PenskeAuto	PAG	214.15	-1.96
Pentair	PNR	56.46	-0.12
Penumbra	PEN	318.40	-0.03
PepsiCo	PEP	134.34	-1.16
PerformanceFood	PFGC	91.06	2.09
PermianRscs	PR	22.95	-1.38
PershingSquare	PS	41.01	2.01
PetroleoBrasil	PBR	20.91	-0.86
PetroleoBrasilA	PBRLA	18.89	-0.68
Pfizer	PFE	27.46	-0.09
PhilipMorris	PM	191.71	-2.40
Phillips66	PSX	264.63	-0.30
PinnacleFinPtrs	PNFP	96.07	-3.27
PinnacleWest	PNW	94.99	0.09
Pinterest	PINS	18.65	-0.11
PlainsAllAmPipe	PAA	25.42	-0.35
PlainsGP	PAGP	27.68	-0.16
Popular	BPOP	160.96	-3.94
Primerica	PRI	291.91	-1.10
PrincipalFinl	PFG	116.64	-1.73
Procter&Gamble	PG	147.02	0.35
Progressive	PGR	216.99	-4.32
Prologis	PLD	133.74	-1.03
ProtagonistTherap	PTGX	142.84	-0.56
PrudentialFinl	PRU	117.04	-2.27
Prudential	PUK	26.26	-0.22
PSEG	PEG	70.39	-0.03
PublicStorage	PSA	294.68	-2.00
PulteGroup	PHM	117.55	-1.92
QXO	QXO	11.27	-0.17
QnityElec	Q	114.86	0.27
Qorvo	QRVO	113.97	-4.09

Stock	Sym Close	Net Chg
Southern	SO	86.23
SoCopper	SCCO	189.88
SouthStateBk	SSB	103.86
SouthwestAir	LUV	39.15
SpaceX	SPCX	150.88
Spotify	SPOT	547.43
StanleyBkS	SWK	89.05
Starbucks	SBUX	97.34
StateStreet	STT	182.90
SteelDynamics	STLD	238.23
Stellantis	STLA	4.92
Steris	STE	209.90
SterlingInfr	STRL	482.67
StifelFinancial	SF	75.58
STMicroelec	STM	48.06
Strategy	MSTR	126.18
Stryker	SYK	284.76
SumitomoMits	SMFG	26.29
SummitTherap	SMMT	17.30
SunComms	SUI	114.89
SunLifeFinancial	SLF	80.27
SunbeltRents	SUNB	72.35
SuncorEnergy	SU	68.95
Sunoco	SUN	78.92
SuperMicroComp	SMCI	36.85
Suzano	SUZ	9.10
Symbotic	SYM	43.11
SynchronyFinl	SYF	74.88
Synopsys	SNPS	378.47
Sysco	SYY	78.71

RBS Bearings RBC	487.14	3.43
RB Global	RBA	84.29 - 1.82
RELX	RELX	34.27 0.05
RPM	RPM	99.78 - 0.82
RTX	RTX	196.83 1.33
RalphLauren RL	338.36	3.13
Rambus	RMBS	81.41 - 1.70
RangeResources RRC	38.85	-3.05
RaymondJames RJF	164.57	-4.18
RealtyIncome O	57.15	-1.56
Reddit	RDDT	157.60 - 2.03
RegalRexnord RRX	149.20	-3.25
RegencyCtrs REG	73.26	-0.79
RegenPharm REGN	774.61	0.50
RegionsFinl RF	28.47	-1.21
ReinsGrp RGA	248.09	-0.27
Reliance RS	394.30	2.30
RenaissanceRe RNR	328.43	-0.27
Rentokillmit RTO	21.90	-0.27
Repligen RGEN	172.91	-1.82
RepublicSvcs RSG	219.80	-3.24
ResMed RMD	228.25	-1.19
RestaurantBrands QSR	74.95	-0.54
RevolutionMed RVMD	195.92	-8.94
Revity	RVTY	145.73 5.54
RioTinto RIO	95.79	-1.47
Rivian RIVN	15.23	-0.31
Robinhood HOOD	104.42	-6.03
Roblox RBLX	47.43	-2.81
RocketCos.RKT	12.95	-0.24
RocketLab RIKL	63.70	0.15
Rockwell ROK	414.92	-2.08
RogersComm B RCI	35.90	0.06
RoivantSciences ROIV	39.57	0.07
Roku ROKU	155.12	-1.50
Rollins ROL	33.53	-0.24
RoperTech ROP	375.82	-8.12
RossStores ROST	224.80	-1.46
RoyalBkCanada ROY	22.29	-1.94
RoyalCaribbean RCL	253.92	4.62
RoyalGold RGLD	245.51	-5.65
RoyaltyPharma RPRX	58.47	...
Rubrik RBRK	104.98	1.43
RyanSpecialty RYAN	40.29	1.09
Ryanair RYAY	52.63	0.68
RyderSystem R	237.96	-3.20
SAP SAP	213.20	-2.47
S&P Global SPGI	406.76	-5.76
SBA Comm SBAC	180.02	-3.12
SEI Investments SEIC	104.57	-1.25
SK hynix SKHY	174.87	0.04
SK Telecom SKM	35.35	-0.24
SLB SLB	52.30	-1.90
SM Energy SM	38.16	-3.13
SS&C Tech SNSC	80.55	-0.74
Saia SAIA	343.53	-10.27
SailPoint SAIL	20.36	0.38
Salesforce CRM	250.54	-5.11
Samsara IOT	40.66	-0.99
Sandisk SNDK	1519.77	-10.93
Sanmina SANM	195.75	4.14
Sanofi SNY	42.59	0.19
Sasol SSL	14.29	-0.82
SchwabCSCHW	105.16	-2.63
Sea SE	103.50	0.85
Seagate STX	783.18	11.37
Sempra SRE	81.70	0.50
Semtech SMTC	167.55	16.64
ServiceIntl SCI	80.69	-0.51
ServiceNow NOW	139.82	-2.08
SharkJinja SN	170.68	3.59
Shell SHEL	95.70	-3.25
SherwinWilliams SHW	321.46	-1.76
ShinhanFin SHG	81.55	-1.08
Shopify SHOP	129.96	0.10
SimonProperty SPG	202.94	-1.16
SiriusXM SIRI	28.56	-0.96
SiTime SITM	548.90	-1.49
Skyworks SWKS	85.59	-4.41
Smith&Nephew SNN	27.80	-0.21
Smucker SJM	123.56	1.86
SmurfitWestrock SW	44.58	0.87
Snap SNAP	5.72	-0.11
Snap-On SNA	372.98	-1.84
Snowflake SNOW	331.02	8.04
SOQUIMICH SOQ	68.68	-0.61
SoFiTech SOFI	16.84	-0.23
Solstice&Matls SOLS	58.48	1.32
Solventum SOLV	88.83	-1.23
Somnigroup SGI	64.21	-1.16
Sony SONY	23.73	-0.19

T	U	V
TC Energy	TRP	61.21	0.12
TD Synnex	SNX	260.50	-1.98
TE Connectivity	TEL	202.20	0.78
Telus	TU	8.88	-0.20
Ternium	TX	56.98	-0.27
TFI Intl	TFII	126.10	-7.19
TIM	TIMB	19.06	0.03
TJX	TJX	122.84	-1.76
TKO	TKO	192.43	2.30
T-MobileUS	TMUS	176.26	-4.21
TPG	TPG	46.55	-0.85
T.RowePrice	TROW	102.40	-1.83
TTM Tech	TTMI	114.00	1.54
TaiwanSemi	TSM	417.72	5.08
Take-TwoSftw	TTWO	211.81	-0.10
TakedaPharm	TAK	18.64	-0.06
TalenEnergy	TLN	287.60	5.45
Tapestry	TPR	117.94	0.83
TargaResources	TRGP	284.77	-0.91
Target	TGT	154.68	0.28
TechnipFMC	FTI	72.78	-2.19
TeckResources2	TECK	64.25	-0.40
TeledyneTech	TDY	601.10	2.59
Ericsson	ERIC	10.03	-0.01
TelefonicaBras	VIV	11.86	-0.03
TelekomIndns	TLK	14.66	-0.37
TempusAI	TEM	69.97	1.12
10xGenomics	TXG	72.68	-1.71
Tenaris	TS	56.30	-0.34

Stock	Sym	Close	Net Chg
TencentMusic	TME	7.82	-0.07
TenetHealthcare	THC	265.78	4.93
Teradyne	TER	341.15	8.30
Tesla	TSLA	358.08	1.50
TetraTech	TTEK	36.47	-0.25
TevaPharminds	TEVA	38.53	-0.72
TexasInstruments	TXN	260.67	-2.76
TexasPacLand TPL		348.57	-23.06
TexasRoadhouse	TXRH	170.07	0.39
Textron	TXT	80.71	-0.01
ThermoFisher	TMO	648.43	7.04
ThomsonReuters	TRI	101.31	-1.30
3M	MMM	162.65	-2.02
Toast	TOST	31.12	-0.72
TollBros	TOL	132.64	-1.56
TorontoDomBk TD		120.60	-0.87
TotalEnergies	TTE	90.84	-2.28
TowerSemi	TSEM	202.20	7.08
ToyotaMotor	TM	192.21	-3.26
TractorSupply	TSCO	32.78	-0.25
Tradeweb	TW	102.37	0.82
TraneTech	TT	421.68	-1.05
TransDigm	TDG	1080.11	-4.89
TransUnion	TRU	74.66	-2.36
Travelers	TRV	378.92	0.95
Trimble	TRMB	57.32	-1.48
Trip.com	TCOM	40.43	1.18
TruistFinl	TFC	48.44	-2.02
Twilio	TWLO	238.88	-3.28
TwistBiosci	TWST	143.07	4.97
TylerTech	TYL	346.44	-6.69
TysonFoods	TSN	52.12	-0.43
UBS Group	UBS	50.42	-1.07
UDR	UDR	34.40	-0.51
U-Haul	UHAL	63.32	0.16
U-Haul N	UALAB	55.93	-0.06
UL Solutions	ULS	64.15	-0.61
UMB Fin	UMBFG	134.20	-3.26
US Foods	USFD	92.51	0.50
Uber	UBER	70.97	-0.46
Ubiquiti	UI	570.37	7.62
UltaBeauty	ULTA	530.52	-13.80
Unilever	UL	62.44
UnionPacific	UNP	280.92	-3.07
UnitedAirlines	UAL	106.30	-0.62
UnitedMicro	UMC	22.53	0.92
UPS B	UPS	98.77	-3.58
UnitedRentals	URI	1006.25	17.12
US Bancorp	USB	59.73	-2.49
UnitedTherap	UTHR	498.48	-1.87
UnitedHealth	UNH	375.26	-0.67
UnitySoftware A		42.13	-0.88
UniversalHealth B		181.21	4.36
UnumGroup	UNM	94.82	-1.06
VICI Prop	VICI	24.53	-0.23
Vale	VALE	14.13	-0.34
ValeroEnergy VLO		403.28	6.24
Valmontinds	VMI	475.35	1.69
VeevaSystems	VEEV	264.90	-1.72
Ventas	VTR	88.21	-0.35
VentureGlobal VG		14.65	-0.64
Veralto	VLTO	95.75	0.27

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.

Dividend Changes

Stock	Sym	Close	Net Chg
VeriSign	VRSN	298.46	1.20
VeriskAnalytics	VRSK	181.75	1.67
Verizon	VZ	49.76	-1.69
VertexPharm	VRTX	513.26	-1.37
Vertiv	VRT	239.41	4.80
ViaSat	VSAT	70.95	0.34
Viatris	VTRS	17.02	0.37
Viking	VIK	85.38	0.33
ViperEnergy	VNOM	43.19	-2.77
Visa	V	370.93	-4.69
Vistra	VST	140.39	-1.14
VivmarkResidential	VMRK	62.99	-2.64
Vodafone	VOD	17.46	-0.22
VoyaFinancial	VOYA	100.28	-2.16
VulcanMatls	VMC	244.30	-4.90

Company	Symbol	Yld %	Amount New/Old	Frq	Payable/ Record
Increased
Equity Bancshares	EQBK	1.6	.22/18	Q	Oct15/Sep30
JPMorgan Chase	JPM	1.7	1.65/1.50	Q	Oct31/Oct06
Microsoft	MSFT	0.7	.98/.91	Q	Dec10/Nov19
Reduced
Granite Point Mtg Trust	GPMT	23.1	.01/.05	Q	Oct15/Oct01
Initial
Charter Comms Pfd. A	CHTRP	7.6	.4375		Oct15/Sep30
Stocks
Intercont (Cayman)	NCT		1:25		/Sep17
Jaguar Health	JAGX		1:15		/Sep17
Megan Holdings	MGN		1:30		/Sep17
Foreign
Seapeak 8.5% Pfd. B	SEALpB	8.3	.5313	Q	Oct15/Sep30
Seapeak 9% Pfd. A	SEALpA	8.7	.5625	Q	Oct15/Sep30
Note: Dividend yields as of 3:30 p.m. ET

W	X	Z
1 WEC Energy	WEC	103.38 - 0.13
W.P.Carey	WPC	66.59 - 1.73
Wabtec	WAB	276.37 - 1.75
Walmart	WMT	107.50 - 0.59
WarnerBrosA	WBD	28.07 - 0.04
WarnerMusic	WMG	28.30 - 0.75
WasteConnections	WCN	156.50 - 2.97
WasteMgt	WM	214.00 - 3.25
Waters	WAT	418.64 - 1.55
Watsco	WSO	304.20 - 1.54
WattsWater	WTS	348.78 - 1.69
Wayfair	W	103.24 - 0.45
WellsFargo	WFC	87.05 - 2.67
Welltower	WELL	234.50 - 1.74
Wescoln't	WCC	335.32 - 0.86
WestPharmSvcs	WST	362.01 - 2.99
WesternDigital	WDC	416.97 - 5.01
WesternMidstrm	WES	46.90 - 0.32
Weyerhaeuser	WY	21.81 - 0.48
WheatonPrecMts	WPM	146.73 - 3.29
Williams	WMB	70.90 - 0.73
Williams-Sonoma	WSM	218.20 - 3.27
WillisTowers	WTW	312.91 - 9.06
WintrustFinl	WTFC	148.24 - 3.23
Vipro	WIT	1.68 - 0.01
Visa	VIS	11.18 - 0.07
WoodsideEnergy	WDS	23.07 - 0.91
Woodward	WWD	318.45 - 1.05
WooriFinl	WF	78.26 - 1.22
Workday	WDAY	187.76 - 2.91
XP	XP	19.74 - 0.23
XPO	XPO	174.41 - 3.83
XceEnergy	XEL	72.21 - 0.22
XPeng	XPEV	10.34 - 0.11
Xylem	XYL	107.27 - 0.23
YPF	YPF	54.65 - 2.96
Yum!Brands	YUM	137.96 - 2.81
YumChina	YUMC	41.36 - 0.33
ZTO Express	ZTO	20.21 - 0.21
ZebraTech	ZBRA	341.18 - 1.55
ZimmerBiomet	ZBH	96.78 - 1.63
ZionsBancorp	ZION	65.47 - 2.52
Zoetis	ZTS	73.00 - 0.43
ZoomComms	ZM	91.94 - 1.13
Zscaler	ZS	191.58 - 2.31

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

Money Rates

Wednesday, September 16, 2026
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

	Aug.index level	Chg From (%)
		July '26	Aug. '25
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	4.35	4.35	4.35	3.60

International rates

Overnight repurchase
U.S.	3.65	3.64	4.40	3.49

	Latest	Weekago	-52-Week-High	Low
Prime rates
U.S.	6.75	6.75	7.50	6.75
Canada	4.45	4.45	4.95	4.45
Japan	2.375	2.375	2.375	1.875
Policy Rates
Euro zone	2.65	2.40	2.65	2.15
Switzerland	0.25	0.25	0.50	0.25

U.S. government rates
Discount
	3.75	3.75	4.50	3.75
Federal funds
Effective rate	3.6400	3.6400	4.3300	3.6300
High	3.7000	3.7000	4.5500	3.7000
Low	3.5500	3.5500	4.3200	3.5500
Bid	3.6300	3.6300	4.3200	3.6100
Offer	3.6400	3.6400	4.3300	3.6300

Notes on data:

Treasury bill auction
4 weeks	3.775	3.700	4.080	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 December 11, 2025. Other prime rates aren't directly comparable; lending practices vary widely by location; Discount rate is effective December 11, 2025. Secured Overnight Financing Rate is as of September 15, 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.

September 16, 2026

	Latest	Week ago	-52-WEEK-High	Low
13 weeks	3.970	3.800	3.970	3.540
26 weeks	4.060	3.890	4.060	3.475

Other short-term rates
	Latest	Weekago	-52-Week-highlow
Call money
	5.50	5.50	6.25 5.50

Commercial paper (AA financial) 90 days n.a. 3.81 4.06 3.57

DTCC GCF Repo Index

Treasury	3.652	65.190	4.431	3.504
MBS	3.665	100.608	4.444	3.517

Weekly survey
	Latest	Week ago	Year ago
Freddie Mac
30-year fixed	6.76	6.71	6.35
15-year fixed	6.09	6.04	5.50

Stock	Sym	52-WkHi/Lo	%Chg
Highs
ACPHoldingsAcqnWt	ACGOW	0.44	33.3
AdaptiveBiotech	ADPT	28.72	3.7
AlgonquinNt2079	AQN B	26.40	0.5
AlphaTauMed	DRTS	15.20	1.1
AmSavingsBkN.A	ASBH	17.45	6.3
ArmadaAcqnllWt	XRPNW	1.30	-5.7
AtegritySpecns	ASIC	29.00	-1.3
AtriCure	ATRC	57.25	1.6
AveannaHealth	AVAH	14.71	-0.3
BRC Nts 2026	RILYN	25.23	...
BUUU	BUUU	47.84	5.5
BW LPG	BWLP	26.30	0.1
BlackSpadeAcqnlll	BIULU	10.31
BlossomHill	BLSM	27.11	18.4
BoldEagleAcqnA	BEAG	11.11	1.2
C&F Fin	CFFI	97.07	-1.5
CMB.TECH	CMBT	19.97	0.5
CVR Energy	CVI	53.93	1.7
CaliforniaBncp	BCAL	22.41	-2.1
Calumet	CLMT	59.08	0.8
CareDx	CDNA	54.49	1.7
CeriBell	CBLL	25.63	-2.2
Concentra	CON	36.71	2.1
CorebridgeFin	CRBG	35.42	0.2
CrowdStrike	CRWD	245.19	-0.5
CrownReservel	CRAC	10.22	0.2
DHI Group	DHX	5.19	1.2
DHT	DHT	23.46	...
DailyJournal	JDCO	692.50	-1.8
Danaos	DAC	160.53	-0.3
DelekUS	DK	80.15	1.3
DellTechC	DELL	576.75	3.6
DivrsHlthcrNts42	DHCN1	18.16	-0.3
DorianLPG	LPG	59.17	1.8
Dynatrace	DT	55.76	...
EagleFinlSvcS	EFSI	48.17	-1.8
EliteExpress	ETS	2.25	9.0
EnerTransSpec	ETSS	9.97	-0.1
FB Bancorp	FBLA	16.20	1.1
F5	FFIV	435.45	-1.7
FidelityD&D	FDBC	56.90	-3.5
Fortinet	FTNT	174.61	-0.3
Frontline	FRO	54.69	4.0
GreeneCnty	GCBC	36.33	-2.0
GuardantHealth	GH	179.39	-0.4
GrahamPharm	GRMN	48.31	-3.1
HF Sinclair	DINO	114.79	1.5
Hafnia	HAFN	9.84	2.4
Hagerty	HGTY	14.17	-0.9
Harte-Hanks	HHS	4.65	2.5
HighviewMerger	HVM C	10.27	0.1
HingeHealth	HNGE	95.62	1.5
Hongli	HLP	2.12	13.7
IQVIA	IQV	273.56	-0.3
Illumina	ILMN	236.00	3.0
InsightEnt	NSIT	167.95	2.8
IntiSeaways	INSW	111.94	1.5
IovanceBiotherap	IOVA	9.93	5.4
JacksonAcqnIIA	JACS	10.79	0.3
&GrowthIntl	KFII	10.66	...

Stock	Sym	52-Wk Hi/Lo	% Chg
KolibriGblEnergy	KGEI	6.94	-0.4
LTC Properties	LTC	43.60	-0.9
LandmarkBncp	LARK	34.60	-2.3
LeapFrogAcqn	VAC	10.08	-0.1
MarathonPetrol	MEL	419.39	0.7
Materialise	MTLS	7.74	0.5
MediciNova	MNOV	2.62	24.8
MercantileBank	MBWM	62.95	-2.0
NMF Acqn	NMF	10.39	...
Natera	NTRA	357.15	-1.6
Navigator	NVGS	24.92	-0.3
NaviosMaritime	NMM	93.70	-0.3
Neogen	NEOG	12.91	2.4
NordicAmTankers	NAT	8.13	1.8
NutexHealth	NUTX	224.28	0.9
OceanLightRt	OCLTR	0.34	5.3
OkeaniEducTankers	ECD	87.11	2.4
OrchestraBioMed	OBIO	6.28	-0.5
PCConnection	CNXN	88.35	2.3
PalomaAcqnl	PALO	10.08	0.8
Phillips'6	PSX	26.29	-0.1
RepublicDigA	RDAG	10.45	0.2
Revvity	RVTY	147.50	4.0
RushEnt B	RUSHB	54.85	0.3
SFL	SFL	13.74	1.8
Sabre	SABR	2.35	11.0
Schrodinger	SDGR	24.39	2.9
ScorpioTankers	STNG	87.60	-0.1
Sildenafil	SLDE	26.75	-3.1
SouthernCrossl	NCO	9.92	...
Sunoco	SUN	80.22	-1.3
Teekay	TK	14.67	1.4
TeekayTankers	TNK	103.03	1.4
10xGenomics	TXG	77.87	-2.3
TevaPharmInds	TEVA	39.52	-1.8
ThermoFisher	TIMO	653.40	1.1
Torm	TRMD	37.22	4.8
TrustcoBank	TRST	59.28	-2.9
TenetHealth	TEN	2.93	2.3
UnitedMaritime	USEA	3.20	-2.9
ValeroEnergy	VLO	407.27	1.6
VeraBradley	VRA	4.54	-1.7
VinceHolding	VNCE	8.84	2.1
WestCoast Community	WCCB	59.95	0.2
X3Acqn	XCBE	10.02	...
ZiffDavis	ZD	60.11	-0.8

Stock	Sym	52-Wk Hi/Lo	% Chg
Alset	AEI	0.96	-10.6
Amaze	AMZE	0.13	-2.5
AmeriCoastalns	ACIX	9.06	0.4
AmeriStratinvt	NYC	5.64	-3.3
Amrise	AMRX	38.20	-2.5
AnfieldEnergy	AEC	3.53	-2.4
ApolloD-MgtREIT	AOMR	7.94	-1.0
AnnovisBio	ANVS	1.04	-7.1
Aon	AON	298.48	-1.3
ApartmtInv	AIV	2.25	-1.7
ApimedxPharm	APUS	1.51	-2.4
Aptiv	APTV	42.99	-0.9
ArborRealty	ABR	4.50	...
ArborRealtyPfdI	ABRpD	15.20	-0.6
ArborRealtyPfdE	ABpRE	15.15	-0.9
ArchCapitalPfdF	ACGLO	18.10	-0.5
Ardelyx	ARDX	3.34	-0.3
ArrayDigNts2069	IZD	18.00	-1.1
ArrayTech	ARRY	4.11	-4.1
ArteloBiosci	ARTL	3.45	-29.8
AscentagePharma	AAPG	15.40	-3.8
AssdBancPfdE	ASbPE	19.32	-1.1
AthenePfdB	ATHB	17.78	-0.9
Atlassian	ATCH	0.16	-10.4
AtriumTherap	NA	9.50	-5.8
AutoZone	AZO	2849.04	-0.4
BWX Tech	BWXT	144.33	-0.7
Baidu	BIDU	88.23	-2.0
BancroftFdPfdA	BCPVa	19.25	-0.7
BankOZKpFda	OZKAP	15.17	0.1
BankofAmPfdGG	BACpB	22.91	-0.9
BankofAmPfdHH	BACpK	22.58	-1.4
Banzintl	PARA	0.95	-3.3
BarfreshFood	BRFH	1.12	-5.1
BaselMedical	BMGL	3.90	-23.2
BeyondAir	XAIR	3.06	-1.6
BicycleTherap	BCYC	3.61	-0.8
Bilibili	BILI	14.89	-3.6
BungeX	BLU	1.01	-1.2
BorgRestorative	BRTX	2.55	-3.4
BlackTitan	BTTC	0.34	-1.9
BlueayiDay	BJDX	0.80	-4.1
BootBarn	BOOT	122.46	-4.4
BraemarHtls	BHR	1.79	-3.2
Brewa	SLMT	3.06	-5.8
BridgeBioOncology	BBDT	4.71	-2.5
BridgerAerospace	BAER	0.99	-1.8
BrightSpire	BRSP	4.26	-3.2
Brookfield	BN	36.67	-0.3
BrookWealth	BNT	36.73	-0.4
Build-A-Bear	BBW	25.53	2.4
CDT Equity	CDT	0.19	-2.5
ChS Pfd	CHSP	26.15	0.5
ChS PfdB4	CHSCL	25.00	0.6
ChS PfdB3	CHSCM	23.96	-0.1
CMS Energy	CMS	65.67	0.1
CRH	CRH	85.91	-1.1
C3is	CISL	1.20	-0.8
CalidBiotherap	CLDI	1.16	...
CanadianSolar	CSIQ	11.10	-7.4
Carlyle	CG	39.16	-3.4
CarlyleNts2061	CGABL	15.63	-0.1
CarriageSvcs	CSV	31.73	-1.0

Lows

AcresCmdRIty	ACR	13.25	-0.9
Adtran	ADTN	6.96	0.1
AGM	AGMH	0.48	-16.7
AMRRsscsAcqn	AMACU	9.92	-0.1
ARKRestaurants	ARKR	4.50	-5.5
ARS Pharm	SPRY	4.13	-2.0
abrdIncmPfdA	ACPpA	18.55	-1.5
AethlonMedical	AEMD	1.41	-2.7
AffiliatedNts61	MGRD	14.34	0.6
AgreeRealty	ADC	67.93	-2.2
AlaunosTherap	TCRT	1.28	-9.2
Algorythm	RIME	0.18	-10.3
AlignmentHlthcr	ALHC	8.52	-16.0
AlphaModusA	AMOD	1.83	-7.1

Stock	Sym	52-Wk Hi/Lo	% Chg
Cellectis	CLLS	1.25	-14.6
CellyaniBiotech	HKPD	0.10	4.9
CentrusEnergy	LEU	135.85	-2.2
Cerenome	CNSY	2.00	-3.8
CharterusOncology	CSRER	4.87	-1.0
ChangeAgents	CHGA	1.80	-6.1
CheetahNetSupply	CTNT	0.04	-32.5
ChengheAcqnllWt	CHECW	0.08	-18.3
Chimeralnyt	CIM	10.84	0.3
ClarosMtg	CMTG	1.43	-3.4
ClearmindMed	CMND	0.79	-6.8
Cloudstructure	CSAI	3.01	-1.8
Co-Diagnostics	CODX	0.93	-17.5
CogentComm	CCOI	8.59	-6.2
CollectiveAcqnllWt	CAHW	0.15	-1.2
CostamarePfdD	CMRpD	26.15	-0.1
Couching	CHNG	14.89	-1.6
CrownReserveRt	CRACR	0.10	-5.8
Cullen/FrostPfdB	CFRPB	15.87	-1.0
Cuprina	CUPR	1.45	-45.4
Curis	CRIS	1.07	-0.9
CXApp	CXAI	2.39	-4.7
DDC Enterprise	DDC	0.21	-0.3
DaqoNewEnergy	DQ	11.17	0.4
DataStorage	DTST	2.82	-0.3
DataasealtTech	DTSS	0.53	-7.6
Dave&Buster's	PLAY	6.45
DigitalCurtX	DCLX	0.26	-8.4
DigitalRealtyPfL	DLRpJ	18.41	-0.3
DirectDigital	DRCT	1.61	-17.3
DisciplinedGrthRt	DGACr	0.12	-7.7
DragonflyEnergy	DFLI	0.80	-0.5
Dreamland	TDIC	1.87	-5.8
DukeEnergyUn	DUKU	49.00	0.4
DutchBros	BROS	41.17	-1.5
DyadicInt	DYAI	0.34	-5.9
E-Power	EPOW	0.26	0.2
ESAB	ESAB	66.18	-1.1
eHealth	EHTH	0.85	-3.7
Enbridge	ENBDW	0.26	-3.4
ElicioTherap	ELTX	1.71	-11.1
ElongPower	ELPW	2.54	-4.7
EmpireStateReal60	OGCP	4.07	-0.7
EmpireStateRealty	ESRT	4.04	-3.3
Enhanced	ENHA	1.40	-6.5
EnInex	ENLV	0.79	-8.1
Enovix	ENVX	2.85	-2.0
EntFinlSvsPfdA	EFSCP	17.17	-2.4
enVenenoMed	NVNO	7.01	-2.9
EquitablePfdA	EQHpA	17.68	-1.3
EshaIago	EHGO	0.86	-11.0
EssentSpredig	EPER	26.69	-1.6
EverHoldings	EVEX	1.99	-6.1
EvercoreA	EVR	258.61	-3.3
Evommune	EVMM	9.30	-6.2
Exscaselabs	XLAB	2.86	-1.7
EyePoint	EYPT	3.42	-5.7
FedAgmrItMpgFidG	AGMpgF	17.09	-1.0
FedExFreight	FDXF	120.84	-4.1
FergusonEnts	FERG	213.14	-0.4
FidNatIFnl	FNF	42.32	-0.2
FidNatInfo	FIS	36.67	-1.3
FilanaTherap	FLNA	0.76	-1.8
FlevanceAm	FOA	14.52	-1.6
FingerMotion	FNGR	0.13	-1.9
FinWiseBancorp	FINW	12.73	0.9
FirstCitizensPfdA	FCNCP	19.05	-1.2
ForemostCleanEner	FMST	0.73	-4.4
Founder	FGL	4.09	-2.7
FranklinStProp	FSP	0.33	-1.6
FullHouse	FLL	1.71	-7.1
Fusemachines	FUSE	0.50	-3.8
GD Culture	GDC	1.27	0.8

Stock	Sym	52-Wk Hi/Lo	% Chg
GMEXRobotics	GMEX	0.38	-4.2
GP-ActIIIAcqnWt	GPATW	0.11	-25.3
GabelliDivPfdH	GDVpH	20.60	-0.9
GabelliDivPfdK	GDVpK	16.53	-0.3
GabelliEquityPfdK	GABpK	18.73	0.2
GabelliEqPfdH	GABpH	18.65	-0.5
GameYourGame	GYGY	0.88	-7.5
Gaxos.ai	GXAI	0.59	-3.5
GeniusGroup	GNS	0.14	-0.4
Genprex	GNPX	3.26	3.0
GeospaceTech	GEOS	4.95	-1.8
GeoVaxLabs	GOVX	0.40	-3.2
GettyImages	GETY	0.21	0.8
GlucoTrack	GCTK	2.18	-1.1
Goodyear	GT	5.14	-1.7
Grab	GRAB	2.85	-1.4
GrabAGun	PEW	2.06	-1.9
GranitePointMtg	GPMT	0.84	-3.9
GreenlandMines	GRML	2.96	-3.7
THAeWaveTech	GWAV	1.22	-12.4
ASUR	ASR	246.72	...
GrupoTelevisa	TV	2.18	-2.7
Huhutech	HUUH	3.71	9.1
HangFengTech	FOFO	1.72	-7.0
HawaiianElec	HE	10.07	0.2
HealthnTechA	HIT	0.85	-4.0
HealthtrTraction	HCTI	0.68	-2.8
HiltonGrandVac	HGV	36.60	-2.1
HitechGlobal	HKIT	2.33	5.8
HuachenAlPkg	HCAI	0.49	-1.1
HubCyberSecurity	HUBC	5.76	-4.7
Hyperfine	HYPR	0.77	-7.0
THAxAcqnlllWt	ITHAW	0.12	-0.7
iSVerticals	IIIV	14.26	-0.4
IZEA	IZEA	2.61	-0.4
IceCureMedical	ICCM	2.02	0.5
Imunon	IMNN	1.38	0.7
IndigoAcqnRt	INACR	0.08	-11.0
Inventure	INV	0.67	-4.7
Inogen	INGN	5.10	-1.3
InspiredEnt	INSE	4.77	-2.0
Intelllicheck	IDN	2.35	-2.1
InvescoMtg	IVR	6.38	-1.1
IonisPharm	IONS	44.66	-5.1
Iridex	IRIX	0.61	-4.0
IrisAcqnllWt	IRALWS	0.13	-28.9
iSpecimen	ISPC	1.37	3.0
JerseyMike's	JIME	19.73	-3.3
JianzHiEduc	JZ	0.67	-0.7
Jiayin	JFIN	1.42	2.9
JinkoSolar	JKS	9.99	-4.0
JobyAviation	JOBY	5.93	-0.8
KLXEnergySvcsRt	KLXER	0.01	-12.7
KNOREX	KNRX	0.30	-3.1
KaileraTherap	KLRA	12.47	-5.6
KandiTech	KNDI	0.56	-0.1
KarmanLineUn	XTERU	9.90	-0.1
Kestrel	KG	5.86	-3.8
KestreIGr6.625-46	MHLA	9.45	-0.5
Knightscore	KEP	1.15	-5.7
LoreaElecPwr	KEP	11.11	-1.9
CuraSushiUSA	KRUS	35.03	-0.3
LenzTherap	LENZ	4.12	-2.1
LQR House	YHC	1.22	-4.7
LaRosa	LRHC	2.41	-7.9
LasVegasSands	LVS	40.85	-0.5
Lazard	LAZ	35.73	-5.2
LendingTree	TREE	26.18	-0.9
Leslie's	LESL	0.41	14.4
LexariaBioscience	LEXX	2.80	-3.6
LexinFintech	LX	0.78	0.8
LiftoffMobile	LFTO	17.15	-3.7

Stock	Sym	52-Wk Hi/Lo	% Chg
Lightbridge	LTBR	6.33	-2.1
LionGroup	LHGL	5.68	-20.5
loanDepot	LDI	0.68	-3.8
LocafyWt	LCFYW	1.01	1.4
Lowe's	LOW	193.35	-0.3
LyellImmuno	LYEL	10.46	-1.2
MediromHlthr	MRM	0.79	-5.2
MinisoGroup	MNSO	8.76	-0.2
MaidenNts43	MHNC	10.75	-0.6
MalibuBoats	MBUU	23.11	-3.7
MasterBrand	HBC	6.55	-5.0
Monderson's	MKD	247.78	-1.7
MedicalProp	MPT	3.39	-4.2
MegaMatrix	MPU	3.21	-14.0
MelcoResorts	MLCO	4.56	-1.7
MercerIntl	MERC	0.35	-3.9
Merlin	MRLN	2.11	-27.5
MesabiTrust	MSB	19.75	-3.3
MetalsRoyalty	TMCR	4.65	-0.8
MicroVision	MVIS	1.41	6.5
MidCapFin	MFIC	8.97	0.1
MilestonePharm	NIST	0.88	-4.2
MuellerWater	MWA	22.60	-0.3
MustangBio	MBIO	0.47	-0.7
NuanceHealthTrends	NHTC	1.38	-7.7
NauticusRobot	KITT	0.60	3.0
NeighborhoodIntel	NXH	3.26	-1.5
NeOnTech	NTHI	2.96	-9.7
NetLeaseOffice	NLOP	10.63	-1.9
NeumoraTherap	NMRA	0.76	-7.0
NeuroOneMed	NMTC	1.38	-3.4
NewAmstPharma	NAMS	21.02	0.1
NewGenVf	NIVF	0.71	-6.6
NewHoldInvtlll	NHIC	9.40	-3.6
NexeraTech	NEXR	1.37	-10.7
NexGel	NXGL	0.24	-11.7
NextElevRIe5PtfdA	NXRT	12.21	-1.7
NextPointResidentl	NXRT	21.21	-1.7
NextEraEnUn	NEEV	44.50	-0.4
NextNRG	NXXT	1.05	0.9
Nike	NKE	35.76	-1.2
NikiBioSolutions	NIKI	4.65	-5.9
NioCorpDevts	NB	3.41	-1.7
NioCorpDevelopWt	NOBW	0.80	-31.0
Nixxy	NIXX	0.30	-5.6
NoahHoldings	NOAH	7.97	-1.5
NorthernTrpFdE	NTRS0	17.70	0.8
NuRAWillness	NUR	0.95	-8.9
OFA Group	OFAL	0.52	-5.3
O'f Glass	OI	6.67	-0.4
OIO Wt	OIOWW	0.03	-0.3
OceanPwrTech	OPTT	1.75	-11.2
Ocugen	OCGN	0.97	0.5
OculisWt	OCSAW	2.71	4.3
Oculis	OCS	9.65	-1.6
Offerpad	OPAD	3.45	-2.5
OkyoPharma	OKYO	1.28	-0.7
OlenoxInds	OLOX	0.69	-4.4
L-800-FLOWERS	FLWS	2.71	-11.6
Onfolio	ONFO	0.77	1.0
OpendoorTech	OPEN	2.53	-2.3
OpendorWtZ	OPENZ	0.66	-0.6
OpendoWtK	OPENW	0.11	-16.4
OrchIsland	ORC	5.96	-0.7
Organogenesis	ORGO	1.38	-4.8
OrmatTech	ORA	0.62	0.8
OurBond	OBAI	0.26	-9.0
PacGE pfE	PCGpE	17.02	-1.3
PacGE pfG	PCGpG	16.27	-2.9
PapaJohn's	PZZA	19.99	-2.6
ParkHaBio	BYAH	2.04	-13.5
Pasqal	PSQL	7.00	-4.1
Patrialnvtx	PAX	9.97	-1.8

Stock	Sym	52-WkHi/Lo	%Chg
PatrickIndustries	PATK	69.91	-0.6
PennantParkNts3t	PFLA	24.66	-1.0
PennyMacFin	PFSI	65.03	-3.1
PennyMacMtg	PMT	8.84	-1.1
Peraso	PRSO	0.46	-1.4
PerellaWeinberg	PWP	12.52	-4.9
PhathomPharm	PHAT	7.66	-5.8
Pluri	PLUR	1.10	-2.9
PolestarAuto	PSNY	6.89	-0.3
ProCorp Culture	COPD	3.08	-0.8
Portillo's	PTLO	3.72	-3.6
PowerCompute	PWCM	0.83	-5.3
PrairieOperating	PROP	0.38	-2.4
ProfDiversity	IPDN	2.96	-8.1
ProficientAuto	PAL	4.67	-1.9
Profusa	PFSA	1.70	-2.7
PropanoBiopharma	PPCB	0.63	-22.6
PSEG	PEG	70.05	...
PublicStoragePfJ	PSApJ	16.70	0.1
PublicStoragePfK	PSApK	16.54	0.1
PublicStoragePfdS	PSApS	14.43	...
Pulsenmore	PLSM	2.26	...
PurpleInnovation	PRPI	2.25	-11.2
QT Imaging	QTI	0.47	0.8
OXO	OXO	11.14	-1.5
OXD Prf B	OXPbB	35.42	-0.7
Qfin	QFIN	8.00	1.6
QumulusAI	QMLS	5.06	-2.3
RMGMLSportsRT	SHOTR	0.12	-11.1
RailVision	RVSN	3.50	-6.6
RainEnhTech	RAIN	0.66	-7.1
RamacoRscsB	METCB	5.06	-2.9
RapidMicro	RPID	1.11	-3.5
RealMessenger	RMSG	0.25	-1.6
RedHillBio	RDHL	0.54	-4.4
RentokillIntl	RTO	21.85	-1.2
ResearchFrontiers	REFR	0.24	-1.8
RibonAcqnA	RIBE	6.91	-6.2
RibbonComms	RBBN	1.55	-10.1
RichSparkle	ANPA	2.15	-6.6
Rollins	ROL	33.53	-0.7
SLR Invt	SLRC	11.97	-0.3
SLScience	SLBT	1.74	-5.2
SU Group	SUGP	0.45	-24.6
SaulCentersPfdD	BFSpD	19.81	-1.2
SaulCentersPfdE	BFSpE	19.95	-2.8

Stock	Sym	52-WkHi/Lo	%Chg
Scinailmmun	SCNI	1.43	-1.3
SenesTech	SNES	0.82	-4.6
SeresTherap	MCRB	4.18	-8.5
ServeRobotics	SERV	4.17	-0.9
Shutterstock	SSTK	4.80	1.4
SilexionTherap	SLXN	0.32	...
SiloPharma	SILO	1.63	-9.3
SingularityFut	SGLY	1.16	-6.8
SixFlags	FUN	12.26	-2.8
SmartLogisticsGlbA	SLGB	0.30	4.2
SmithfieldFds	SPD	19.87	-0.6
SnowRothschild	ISNRU	9.94	-0.1
Sono	SSM	1.63	-4.0
SoulpowerAcqnRt	SOULR	0.99	-5.4
SoundHoundAI W	SOUW	0.90	-12.5
StandardAero	SARO	22.83	-0.6
StarfightersSpace	FIET	1.85	-5.6
StarwoodProp	STWD	14.89	-1.4
Stellantis	STLA	4.88	-3.7
Stem	STEM	4.44	-3.5
Stewards	SWRD	1.46	-6.7
Streamex	STEX	0.57	5.0
StudioCity	MSC	1.29	-7.9
Sunrun	RUN	8.19	-1.5
SuperHilntl	HDL	11.61	-3.7
SurFairMobility	SRFM	0.46	6.1
Telus	TU	8.85	-2.2
TJX	TJX	122.78	-1.4
TTEC	TTEC	1.18	-4.7
TerraPropNts2029	PTYS	14.82	-1.1
TerrestaleEner	INSR	4.14	-0.7
TesseraDefense	HLSQ	0.71	-25.6
ThorIndustries	THO	68.78	-2.2
ThreUp	TDUP	2.44	-4.5
3ENetworkTech	MASK	0.90	-7.2
TianIntl	CIT	2.26	7.5
TitanAmerica	TTAM	13.70	-1.7
TizianaLife	TLSA	0.76	-9.6
TopWealth	TWG	0.34	-4.1
TransCodeTherap	RNAZ	1.58	5.0
TransDigim	TDG	1071.25	-0.5
Tri-Cont Pfd	TYP	40.95	-0.3
Turbogen	TRBG	3.61	-12.8
Turkcellletism	TKC	4.82	-5.0
TwelveSeasill Rt	TWLR	0.08	-6.9

IPO Scorecard

Performance of IPOs, most-recent listed first

Company SYMBOLIPO date/Offer price	Wed'sclose ($)	% Chg FromOfferprice	1st-dayclose
American Savings BankASBH Sept. 16/$16.00	17.00	6.3	...
Three Lions AcquisitionTLACU Sept. 1/$10.00	10.00	...	0.5
Inflection Point Acquisition VIIIPHXU Aug. 28/$10.00	10.10	1.0	-0.0
Rainier AcquisitionRNAQU Aug. 27/$10.00	10.24	2.4	0.8
JATT III AcquisitionJTTT Aug. 26/$10.00	10.95	9.5	-4.4

Stock	Sym	52-WkHi/Lo	%Chg
22ndCentury	XXII	1.67	-4.2
UL Solutions	ULS	64.13	-0.9
uCloudlink	UCL	0.31	-5.7
UltragenyxPharm	RARE	12.73	-1.5
UnivDisplay	OLED	75.49	-1.4
UpstreamBio	UPB	5.27	-2.7
VCIGlobal	VCIG	1.61	-0.6
VICI Prop	VICI	24.43	-0.9
VidaGlobal	VIDA	1.75	...
ValionBio	BIO	2.05	-1.4
Valvoline	VVV	27.08	-4.0
VelocityFinl	VEL	16.47	-3.2
Venu	VENU	1.67	-1.7
VicorePharma	VCRE	10.16	-0.5
VinciCompass	VINP	9.13	-0.6
ViraxBiolabs	VRAX	2.45	-3.9
VirTra	VTSI	2.87	-0.3
VirtusCvllPfdA	NCZpA	19.03	0.9
VisionSysAI	VSA	2.53	-7.8
VisionWave	WAV	0.36	-29.2
Vivakor	VIVK	0.60	-6.6
VividSeats	SEAT	4.26	-3.6
VivosTherap	VVOS	0.16	-1.5
VivoSimLabs	VVIS	0.28	-3.8
VallonRX	VNRX	0.27	...
VulcanMatls	VMC	242.50	-2.0
WEC Energy	WEC	102.86	-0.1
WaldencastWt	WALDW	0.01	-13.9
Walker&Dunlop	WD	38.36	-2.1
Weibo	WB	6.48	-1.7
WetourRobotics	WETO	1.75	-8.5
WheelerREIT	WHLR	0.32	9.1
WheelsUp	UP	3.14	-4.0
WhirlpoolPfdA	WHRpA	29.34	-1.7
Whirlpool	WHR	32.26	-1.8
WillametteValley	WVVI	1.82	-0.5
Worksport	WSP	0.42	-3.5
WynnResorts	WYNN	84.00	-2.9
XIAO-I	AIXI	1.98	-10.6
XeneticBiosci	XBIO	1.87	-48.7
XponentialFit	XPOF	3.62	-1.6
YouxinTechnology	YAA5	1.24	-9.4
ZetaNetwork	ZNB	1.32	-0.8
ZhibaoTech	ZBAO	0.08	6.3
ZoneFrontierB	ZONE	0.12	7.5
Zumiez	ZUMZ	13.24	-1.8

Company SYMBOLIPO date/Offer price	Wed'sclose ($)	% Chg From
		Offerprice	1st-dayclose
Southern Cross Acquisition II SCATU Aug. 26/$10.00	10.03	0.3	0.3
Advasa Hldgs ADBT Aug. 25/$10.00	0.12	-98.8	-98.1
First Breach FBDT Aug. 20/$8.00	0.86	-89.3	-79.3
Lyntris LYNX Aug. 19/$17.50	13.67	-21.9	-8.9
Karman Line Acquisition XTERU Aug. 18/$10.00	9.90	-1.0	-0.4

Exxon, Hamm Eye Venezuela

Continued from page B1

JOHN CHACÓN/AFP/GETTY IMAGES
Abandoned oil wells in the country's Lake Maracaibo.

racas this year to negotiate a possible deal following President Trump's push for American oil producers to revitalize the Latin American country's run-down oil sector.

The company has inched closer together to a deal with Venezuelan officials over time and was expected to continue those talks at the G20 Energy Abundance Ministerial in Houston this week, one of the other people said.

Trump, Secretary of State Marco Rubio and others have tried to refocus the global energy industry in the Western Hemisphere, prodding companies to pour \$100 billion in Venezuela to bolster its depressed crude production and ship the oil to U.S. refineries.

Exxon's chief rival, Chevron, this month signed a deal to invest \$7 billion in Venezuela over five years through its joint ventures there, aiming to double its output to 600,000 barrels a day.

Also on Wednesday, Hamm's company, Continental Resources, signed a preliminary deal to explore an undeveloped oil field in the state of Anzoátegui.

Hamm is one of Trump's closest allies in the oil patch; he high-fived the president as votes rolled in on election night in 2024.

Hamm and Continental CEO Doug Lawler, who said he had traveled to Venezuela twice this year, signed a non-binding memorandum of understanding with Petróleos de Venezuela at the G-20 Energy Abundance Ministerial in Houston.

Continental, which is the largest oil producer in North Dakota's Bakken Shale, said it hoped to sign a production-sharing agreement with Venezuela in the coming weeks. "We talk about the [U.S. shale] energy renaissance," Hamm said. "I think this can also be the energy renaissance that's necessary in Venezuela."

Hamm said he thinks the influx of U.S. companies directed by Trump's administration into Venezuela could push the country's oil production beyond 3 million barrels a day, its previous peak from decades ago.

Lawler said it was unclear how much Continental would invest in Venezuela, but noted the company would have to deploy “a significant amount of capital” into new wells and infrastructure such as pipelines after decades of inactivity in the region.

The deals potentially mark a win for Trump. His administration is trying to shore up oil-supply lines in the Western Hemisphere as fallout from the Iran war and subsequent conflicts in the Middle East have closed off some of the global oil market's most vital arteries.

Venezuela says it has the world's largest oil reserves, and it produces the type of oil that U.S. Gulf Coast refineries prefer using to make gasoline, diesel and jet fuel.

Several large oil-and-gas companies have hesitated to commit capital to Venezuela, wary of financial and legal problems that could arise in making yearslong investments in a country with a track record of nationalizing private companies' assets.

During a televised White House meeting with Trump in January, Exxon CEO Darren Woods and others expressed caution.

At the time, Woods said Venezuela appeared to be “uninvestable” without significant changes to the country’s commercial frameworks, legal sys-

Crude-Oil Stockpiles Fell For the Third Straight Week

U.S. crude-oil inventories fell for a third consecutive week while gasoline and distillate stocks saw increases, according to data

COMMODITIES the U.S. Energy Information Administration.

Commercial crude-oil stocks excluding the Strategic Petroleum Reserve fell by 640,000 barrels to 423.4 million barrels in the week ended Sept. 11 and were 1% above the five-year average for the time of year, the EIA said. The withdrawal was less than the 1.4 million barrel drop seen in a Wall Street Journal analyst survey.

Oil stored in the SPR fell by 403,000 barrels to 285 million barrels. Oil stocks at Cushing, Okla., the Nymex

tem and hydrocarbon laws.

Venezuela has since overhauled oil-related regulations, including allowing for lower tax rates on oil production.

In a news release Wednesday, Continental cited the country's recent changes to delivery hub, were down by 342,000 barrels.

The EIA estimated U.S. crude-oil production at 13.9 million barrels a day, practically unchanged from the previous week. Crude-oil imports rose by 234,000 barrels a day to 7.1 million barrels a day, and exports rose by 1.4 million barrels a day to 4.8 million barrels a day.

Refineries ran at 96.8% of capacity, down from 97.8% the week before, with crude input to refineries falling by 256,000 barrels a day to 17.3 million barrels a day. Refinery runs were forecast to have fallen by 0.6 of a percentage point.

Gasoline inventories increased by 794,000 barrels to 207.7 million barrels. —Anthony Harrup

regulatory and legal framework as one of the reasons it was able to move forward with a deal.

“You know, this means a great deal to them,” Hamm said. “This is a new day, new era.”

Mutual Funds

Data provided by LSEG

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.

Fund	NAV	Net Chg	YTD %Ret
AB Funds
MunilnmtShares	10.65	-0.01	-1.2
American Century Inv
Ultra	96.68	...	2.7
American Funds CI A
AmcpA	44.22	-0.08	3.6
AMutlA	63.14	-0.60	7.3
BalA	39.88	-0.17	7.3
BondA	10.91	...	-1.9
CapIBA	82.02	-0.35	8.5
CapWGrA	80.65	-0.15	13.9
EupacA	63.47	-0.05	11.0
FdlnvA	100.45	-0.60	11.5
GwthA	86.33	-0.14	7.3
ICAA	67.31	-0.28	8.5
IncoA	27.57	-0.20	7.6
N PerA	74.23	-0.02	5.1
NEcoA	83.88	+0.02	15.5
NwWrldA	106.10	-0.01	13.8
SmCpA	80.56	+0.20	9.9
WshA	66.35	-0.74	6.7
Artisan Funds

Wednesday, September 16, 2026
D	Fund	NAV	Net Chg	YTD %Ret
1	IntlVal Inst	59.07	-0.19	10.7
2	Baird Funds
3	AggBdInst	9.55	...	-1.3
4	CorBdInst	9.91	...	-1.2
5	IntBdInst	10.21	...	-0.7
6	ShtTBdInst	9.40	-0.01	0.9
7	BlackRock Funds
8	HiYBlk	7.03	...	1.9
9	HiYldBd Inst	7.03	...	2.0
10	BlackRock Funds III
11	EnS&P500ldxK883.53	...	...	11.7
12	BlackRock Funds Inst
13	StratIncOpptyIns	9.55	...	1.1
14	Calamos Funds
15	MktNeutl	16.23	+0.01	4.2
16	CausewayInst
17	CausewayInst	24.94	+0.04	6.1
18	Columbia Class A
19	SelgComulinfoA239.76	+0.14	53.0
20	Columbia Class I
21	Divlncom I	39.99	-0.39	11.2
22	Dimensional Fds

Fund	NAV	Net Chg	YTD %Ret
EmgMktVa	44.93	-0.03	21.7
EmMktCorEq	34.10	+0.01	18.2
IntlCoreEq	22.62	-0.09	12.9
IntlVal	33.13	-0.23	17.4
IntSmCo	28.00	-0.06	10.7
IntSmVa	35.57	-0.06	16.5
LgCo	50.18	-0.22	11.2
US CoreEq1	55.38	-0.34	12.3
US CoreEq2	49.45	-0.31	12.4
US Small	59.67	-0.30	14.7
US SmCpVal	61.40	-0.70	19.9
US TgdVal	43.14	-0.47	17.6
USLgVa	66.98	-0.85	19.9
Dodge & Cox
Balanced	13.85	-0.09	4.6
Income	12.37	...	-1.7
Intl Stk	18.23	-0.04	10.8
Stock	17.65	-0.20	8.2
DoubleLine Funds
TotRetBdl	8.48	-0.01	-1.9
Fidelity

Fund	NAV	Net Chg	YTD %Ret	Fund	NAV	Net Chg	YTD %Ret
500IdxInstPrem262.99	-1.17	11.2		Fidelity Invest
Contrafund K6	37.30	...	9.6	Balanc	34.97	-0.08	9.7
EmgMktldxInstPre	16.61	-0.02	21.4	BluCh	285.18	+1.13	14.3
ExtMktldxInstPre113.26	-0.39	12.5		BluChpGr K6	47.09	+0.21	12.5
FidSer5	7.30	-0.03	-2.3	Contra	26.76	+0.02	10.3
FidSerInt	8.26	+0.02	-1.2	ContraK	26.89	+0.02	10.3
FidSerToMarket	24.69	-0.11	11.4	Cplnc	11.13	...	6.3
FIDZroLgCplx	27.08	-0.12	11.0	GroCo	58.01	+0.09	21.3
GlexUSIdxInstPre	21.32	-0.07	14.3	InvGrBd	9.75	...	-1.4
GrowthCompanyK6	45.19	+0.07	22.1	LowP	42.27	-0.27	13.2
IntldxInstPrem	67.52	-0.26	11.1	Magin	14.95	-0.01	2.1
LgCpGwld InstPre	47.31	+0.03	2.3	NASDAQ	330.94	-0.03	12.2
LgCpVldxInstPrem	25.00	-0.23	20.8	OTC	26.32	+0.09	25.5
MidCplnInstPrem	41.75	-0.27	13.1	Puritn	28.01	-0.05	8.4
SAUSLgCplnxd Fd	28.14	-0.12	11.2	SAILTTreBdldx	6.24	+0.01	-4.4
SeriesBondFd	8.75	...	-1.5	SAIUSMinVolInFd	24.72	-0.21	8.4
SeriesOverseas	15.55	-0.03	4.2	SAIUSQtyldx	24.85	-0.14	10.0
SerLTTRbldlx	5.02	...	-4.2	Srs1000ValldRet	22.02	-0.20	20.9
SmCplnInstPrem	35.90	-0.14	16.2	SrsBIChGroRetail	24.34	+0.10	15.4
TMktldxInstPrem207.98	-0.90	-11.4	11.4	SrsEmrgMkt	30.82	-0.05	25.0
TotalMarketIndex	26.35	-0.11	11.5	SrsGlobal	20.91	-0.07	14.3
TtlIntldxInstPr	19.72	-0.06	13.9	SrsGroCoRetail	33.31	+0.06	22.2
USBdldxInstPrem	10.13	...	-1.5	SrsIntlGrw	20.03	-0.02	4.8
Fidelity Advisor				SrsIntlVal	17.20	-0.09	10.3
TotBdFdCIZ	9.25	...	-1.3	TotalBond	9.26	-0.01	-1.3
Fidelity Advisor I				Fidelity SAI
GrOppl	261.45	+1.12	11.8	FidSaiCndlnxFnd	15.91	-0.12	11.7
Fidelity Freedom				FidSainfltnxFnd	9.86	-0.03	-0.7
Freedom2040K6	14.24	-0.05	11.2	IntiValldx	14.98	-0.07	19.0
Idx2030InsPre	23.96	-0.05	6.4	TotalBd	8.77	...	-1.3
Idx2035InsPre	28.49	-0.08	7.4	Fidelity Selects
Idx2040InsPre	31.48	-0.09	9.6	Semiconductors r	57.84	+0.40	45.8
Idx2045InsPre	34.15	-0.12	10.9	Tech	54.45	+0.17	35.9
Idx2050InsPre	34.35	-0.12	11.2	Fidelity Strategic A

Fund	NAV	Net Chg	YTD %Ret
StratAdEmrMrt	NA	...	NA
First Eagle Funds
GlbA	88.08	-0.66	9.5
Franklin A1
IncomeA1	2.54	-0.01	5.7
FrankTemp/Frank Adv
IncomeAdv	2.51	-0.01	5.9
FrankTemp/Franklin A
DynaTech A	198.43	+0.66	6.5
Growth A	142.39	-0.41	5.8
RisDv A	94.85	-0.60	5.3
Guggenheim Funds Tru
TotRtnB#fDlInst	NA	...	NA
Harbor Funds
CapApInst	123.93	-0.05	6.3
JHF III DispVal
DispValMCI	30.89	-0.33	12.4
John Hancock
BondR6	13.10	...	-1.3
JPMorgan I Class
CoreBond	9.98	...	-1.5
EqInc	28.27	-0.34	15.3
LgCpGwth	83.12	-0.03	1.6
JPMorgan R Class
CoreBond	10.00	...	-1.4
CorePlusBd	7.02	...	-0.8
Lord Abbett I
ShtDurInc p	3.79	-0.01	0.9
Metropolitan West
TotRetBdl	NA	...	NA
MFS Funds
IIE	43.19	-0.03	6.4
MFS Funds Class I
Valuei	53.74	-0.66	7.7
Natixis Funds

Fund	NAV	Net Chg	YTD %Ret
LSGrowthY	32.92	-0.16	-0.9
Northern Funds
Stkldx	75.35	-0.34	11.2
Old Westbury Fds
LrgCpStr	NA	...	NA
PGIM Funds CI Z
TotalReturnBond	NA	...	NA
PIMCO Fds Instl
IntlBdUSD	NA	...	NA
TotRt	NA	...	NA
PIMCO Funds A
IncomeFd	NA	...	NA
PIMCO Funds I2
Income	NA	...	NA
PIMCO Funds Instl
IncomeFd	NA	...	NA
Price Funds
BlChip	208.87	-0.09	-0.7
LgCapGow I	86.94	+0.05	2.3
Putnam Funds Class A
PutLargCap p	44.59	-0.37	14.1
Putnam Funds Class Y
PutLargCap	44.62	-0.37	14.3
Schwab Funds
1000 Inv r	16.20	-0.07	11.3
FunUSLgInst r	38.03	-0.36	18.6
Intl Sel r	31.88	-0.15	11.0
S&P Sel	19.50	-0.09	11.2
TSM Sel r	18.25	-0.08	11.3
Strategic Adviser
StratAdCorlnFnd	NA	...	NA
StratAdFolCoreS	8.91	...	-1.0
StratAdFidEmr	18.79	-0.03	23.7
StratAdFidUS	21.62	-0.10	14.1

Fund	NAV	Net Chg	YTD %Ret
StratAdIntlFnd	NA	...	NA
StratAdMunBond	NA	...	NA
StratAdvFdIntl	16.40	-0.05	11.0
TIAA/CREF Funds
EqIdxInst	52.18	-0.23	11.3
IntlEqIdxInst	30.91	-0.15	11.0
LrgCpGrIdxInst	77.87	+0.05	2.5
VANGUARD ADMIRAL
500Adml	698.46	-3.11	11.2
BalAdml	53.99	-0.15	6.3
CAITAdml	11.11	-0.01	-1.7
CapOpAdml r260.93	-0.66	20.3
DivAppldxAdm	63.95	-0.50	8.1
EMAdmr	49.18	-0.03	10.4
EqIncAdml	NA	...	NA
ExplrAdml	118.82	-0.15	11.4
ExtndAdml	177.71	-0.62	12.7
GroIncAdml	NA	...	NA
GrwthAdml	268.88	-0.01	7.3
HlthCareAdml r	87.42	-0.13	5.6
HYCorAdml r	5.39	...	1.2
InfProAd	22.39	-0.07	-0.9
InfTechIdx	487.03	+0.48	26.5
IntlGrAdml	121.30	-0.54	6.4
ITBondAdml	9.99	-0.01	-2.5
ITIGradeAdml	8.44	...	-2.0
LarCapAd	175.60	-0.73	11.1
MidCpAdml	394.07	-2.38	10.4
MuHYAdml	10.21	-0.01	-1.1
MulIntAdml	13.24	-0.01	-1.7
MuLTAdml	10.35	-0.01	-1.9
MuLtdAdml	10.81	...	0.5
MuShtAdml	15.76	...	1.4
PrmcPAdml r223.13	-0.70	20.7
RealEstatAdml132.47	-0.91	7.7

Fund	NAV	Net Chg	YTD %Ret
SmCapAdml	138.49	-0.82	12.8
SmGthAdml	117.76	-0.32	11.2
STIGradeAdml	10.21	-0.01	0.4
STIPSlxAdml	24.76	-0.06	1.2
TotBdAdml	9.36	...	-1.4
TotIntlBkIdxAdml	18.80	+0.03	-1.1
TotIntlAdmIdx r	45.81	-0.15	13.6
TotStAdml	180.70	-0.79	11.4
TxMCapAdml	388.38	-1.69	11.0
TxMln r	22.88	-0.10	14.8
USGroAdml	195.51	+0.27	0.2
ValAdml	86.05	-0.83	16.7
WdsrlAdml	92.75	-1.07	12.1
WellslAdml	61.84	-0.21	2.2
WelltnAdml	80.27	-0.12	5.2
WndsrAdml	82.59	-0.87	12.4
VANGUARD FDS
DivdGro	31.37	-0.22	3.3
LifeGro	NA	...	NA
LifeMod	NA	...	NA
PrmpcCor	45.29	-0.22	22.3
STAR	NA	...	NA
TgtRe2020	NA	...	NA
TgtRe2025	NA	...	NA
TgtRe2030	NA	...	NA
TgtRe2035	NA	...	NA
TgtRe2040	NA	...	NA
TgtRe2045	NA	...	NA
TgtRe2050	NA	...	NA
TgtRe2060	NA	...	NA
TgtRet2055	NA	...	NA
TgtRetInc	NA	...	NA
Welltn	46.48	-0.07	5.1
VANGUARD INDEX FDS

DOW JONES RISK & COMPLIANCE

Fund	NAV	Net Chg	YTD %Ret
ExtndlstPI	438.54	-1.53	12.7
IdxIntl	27.38	-0.09	13.6
MdCpGrAdml1242.62	-0.02	4.0
MdCpVIAdml104.50	-1.08	14.9
SmValAdml	102.62	-0.85	13.9
TotBd2	9.22	-0.01	-1.6
TotIntInstldx	183.20	-0.60	13.6
TotItlnstPld	183.24	-0.61	13.6
TotSt	180.66	-0.79	11.4
VANGUARD INSTL FDS
DevMktsIndInst	22.92	-0.10	14.9
DevMktsInInst	35.82	-0.15	14.8
ExtndInst	177.71	-0.61	12.7
FTScinst	52.07	-0.22	11.0
GrwthInst	268.90	-0.01	7.3
InPrSeln	9.12	-0.03	-0.9
Instldx	605.85	-2.70	11.2
InstPlus	605.85	-2.70	11.2
InstSTPlus	124.53	-0.55	11.4
MidCplnst	87.06	-0.52	10.4
MidCplSTPI	429.35	-2.59	10.4
MngSrSTlShMkt339.03	-1.49	11.4
MngSrtITlStck$355.85	-1.56	11.4
SmCapInst	138.49	-0.82	12.8
SmCaplstPI	399.73	-2.38	12.8
STIGradelnst	10.21	-0.01	0.4
STIPSlxins	24.78	-0.06	1.3
TotBdlnst	9.36	...	-1.4
TotBdlnst2	9.22	-0.01	-1.5
TotBdlnstPI	9.36	...	-1.4
TotIntBdlxlnst	28.21	+0.04	-1.0
TotStInst	180.73	-0.79	11.4
ValueInst	86.05	-0.83	16.7
WCM Focus Funds
WCMFcctIntGrws	27.27	+0.05	9.6

Continuous monitoring for a faster-moving risk landscape.

RiskCenter Advanced Screening and Monitoring combines best-in-class Dow Jones risk data with advanced machine learning to help compliance teams detect relevant risk faster and reduce noise.

Screen against sanctions, PEPs, adverse media and more in one scalable platform designed to improve efficiency, including reducing average alert closure time by 75%.

Scan here to speak to an expert

Rare-Disease Biotechs Are Back in Favor

____

With the FDA's hard-liners gone, investors willing to take the risk are rushing into bets

Betting on biotech is always a gamble. But in the first year of the Trump administration, few corners were dicier than rare-disease drugmakers.

These companies often test drugs in tiny patient groups, sometimes without the usual features of large trials, such as placebo controls. In the second Trump administration, they suddenly found themselves facing Food and Drug Administration officials skeptical of approving drugs on such limited evidence. Rare-disease shares plunged.

Source: FactSet

Now, with many of those officials gone, the opportunity is back for investors willing to stomach the risk. Under acting FDA Commissioner Kyle Diamantas, the agency has walked back several high-profile decisions. For instance, the new leadership approved Replimune's melanoma treatment on its third try—a case that had become a flashpoint under the previous FDA and drew White House involvement.

The shift has already given rare-disease stocks a much-needed lift. Replimune and uniQure, among others, have surged as the FDA softened its stance on their drugs. The question for investors is how to bet on the shift from here.

In risky therapeutic areas, the cleanest part of the trade is often the run-up to approval, when the main question is simply whether the FDA will say yes. In Wall Street lingo, approval “de-risks” the drug from being an experiment. But after that, new ques-

tions emerge: Will insurers pay for treatments that can cost millions of dollars? Will it prove safe and effective enough for patients to take the risk? That perhaps explains why Replimune's stock soared in August after FDA approval but has since given back some of the gains.

Biotech uniQure sits right at that preapproval moment. The company is developing a one-time gene therapy for Huntington's disease that aims to slow the progression of the devastating neurodegenerative disorder. After releasing positive data in the fall of 2025, its stock quadrupled. Then came the reversal. FDA officials said the trial design their predecessors had accepted would no longer suffice for accelerated

approval. They questioned results drawn from a comparison with a historical database rather than a placebo group and pushed uniQure toward a lengthy randomized trial before refiling for approval. The stock cratered.

Then in June, the FDA's new leadership flipped again, agreeing to let uniQure file for approval, and the company did that earlier this month. The stock more than doubled over the past six months but remains well below last year's high. By the end of this month, uniQure is expected to present four-year data from the clinical trial.

The FDA's approval decision will rest on the three-year results already released, explains Joseph Thome, an analyst at TD Cowen.

But, he says, the four-year data will still be closely scrutinized by investors and regulators. The earlier results suggested that a high dose of the therapy slowed disease progression by 75% compared with a historical database of patients. If that rate of slowing disease progression improves or stays relatively stable at four years, it would point to a durable effect, strengthening the case for the gene therapy, which is infused into the brain through a hole in the skull.

Thome says the odds of accelerated approval are “skewing positive,” in part because the FDA is going back to its “old body language.” At a market capitalization of about \$3 billion, uniQure still isn’t priced for success. Huntington's affects an estimated 40,000 people in the U.S., and there are currently no approved treatments shown to slow the disease. A one-time gene therapy, at the prices such treatments command, could make even a relatively small share of that population worth billions of dollars in annual sales.

But more flexibility at the FDA is no guarantee of success. Take Regenxbio: In June, the FDA reversed its rejection of the company's gene therapy for a rare inherited disorder, clearing the way for a resubmission and sending the stock higher. Then in August, the shares plunged after the agency placed the therapy on clinical hold when spinal scans turned up abnormalities in some trial participants.

More broadly, willingness to expedite drugs to desperate patients doesn't mean standards have been lowered, explains Ipsita Smolinski, a healthcare policy consultant. It shows the FDA has grown “more willing to separate approval now from proven clinical benefit later.” The accelerated approval pathway still requires a drug approved on an interim measure of benefit to be studied in a more rigorous confirmatory trial, a step uniQure will still have to take.

Which is why the bet here isn't that uniQure's therapy works. That question might not be settled for years, if a confirmatory trial ever fully settles it. The bet is that the FDA is once again willing to let patients—and investors—take that risk before all the evidence is in. David Wairner

-David Wainer

An AI Slowdown Has to Happen Regardless of Safety

Are investors dying to invest in a technology that might literally kill them?

After an Anthropic employee put the chances of AI doing that at more than 10%, economist Owen Lamont quipped that it was “like Robert Oppenheimer doing an IPO for the Manhattan Project in 1945.”

Factoring human extinction into stock values is silly, so let's hope for the best and just stick to stocks. The market reaction Mon-day to a proposed slowdown by industry leaders for safety reasons was telling.

Shares of hyperscalers Microsoft, Alphabet and Meta all jumped on an otherwise awful day for tech. Worst-hit were companies providing chips, power or infrastructure to hundreds of planned data centers.

It may have been an overdue reality check. Trees can grow to to bump up against them.

Share price change Sept. 14 after AI slowdown proposed

Source: FactSet
the sky on analyst spreadsheets, but the physical world has limits. Hyperscalers' plans were starting

Take power needs. Data centers are set to reach 12% of total U.S. electricity demand by 2030, according to Rystad Energy. That's the equivalent of between 30 and 60 nuclear plants of additional capacity. Politicians facing a public backlash have gone from doling out tax breaks to opposing the facilities in a matter of months.

And maybe it's a moot point: Supplying all the copper to wire them would have led to a $25\%$ shortfall of supply for the vital metal by 2040, according to S&P Global. A major new copper mine takes 15 to 20 years to get up and running.

Paying for data centers is starting to create strains too. After exhausting their own mighty cash flows, hyperscalers have gone on a borrowing binge that's starting to worry credit investors.

In just one year, their share of the leading investment grade bond index grew by 78%, according to Capital Group.

Making enough profit to justify the biggest infrastructure splurge ever is a tall order ahead of An-

thropic and OpenAI's hotly anticipated IPOs. With open source competition rising and token prices falling, Ryan Kelley, chief investment officer at Hennessy Funds, is among those having doubts.

"How is all this going to be monetized?"

One hopes that the safety concerns from AI researchers are overblown. They certainly seem sincere, but some investors suspected ulterior motives when

CEOs were so quick to consider tapping the brakes.

12%

Amount of electricity demand data centers are expected to reach by 2030 in the U.S.

Might it be a form of collusion, trimming cash needs while charging more—sort of like a technological OPEC? Or maybe CEOs just realized investment plans were

unrealistic, needing too much of the world's energy and savings to be feasible, much less profitable?

The fact that the companies committing their shareholders' cash rallied on the news suggests that investors were already nervous about more than

just safety. That could be bad news for the companies selling the picks and shovels of this gold rush.

-Spencer Jakab

Stock Spotlight

Coinbase Global, Strategy Shares of the

cryptocurrency companies edged down after the Senate failed to pass the Clarity Act, a sweeping crypto bill that would have helped usher digital assets

into the mainstream financial system. Coinbase closed down 4.4% on the Nasdaq, while Strategy ended the day down 3.8%.

Intel

The chipmaker's shares posted a $4 \%$ gain, as AI-linked stocks began to recover from their battering earlier in the week.

Reliance Worldwide Shares of the Australia- listed plumbing-supplies manufacturer jumped 3.5% after Brookfield Asset Management agreed to acquire it in an all-cash deal.

Reckitt Benckiser The maker of Mucinex and Lysol is doubling down on U.S. product development

and manufacturing to respond more quickly to shifts in consumer demand.

Reckitt's shares crept 0.2% lower in London trading.

Frasers Group Hugo Boss appointed the chief executive of U.K. retailer Frasers Group, which has a near-majority ownership of the German apparel company, as the next chairman of its supervisory board. Shares of Frasers declined 2.6%.

J.B. Hunt Transport Services Shares of J.B. Hunt dropped 13% on after its CFO said that the trucking company's third-quarter earnings will fall around 5% to 10% sequentially because of elevated driver-related costs, the rapid rise in fuel prices and higher claims as medical costs outpace general inflation. CFO Brad Delco spoke at a Morgan Stanley conference on Tuesday.

Papa John's

CEO Todd Penegor said the pizza chain aims to boost

quality and improve consumers' perception of it as a good value. Penegor said at an investor event

that the company's turnaround is taking longer than he would like. Shares

closed down 2.6%.*

MONEY & INVESTING

10-Year Treasury Settles Above 5%

Number of consecutive trading days the U.S. 10-year yield closed above 5%

Note: Dates note the first day the 10-year yield settled above 5%. Source: Tradeweb FTSE Closes

The 10-year Treasury yield has settled above 5% for the first time since 2007.

Many investors are proba-

THURSDAY'S EVENTS:

◆ Central banks: Bank of England interest-rate decision Bank of Japan interest-rate decision

◆ Economic data: Housing starts, pending home sales index, jobless claims,

bly wondering if it can stay above that level, and if so, for how long.

If recent history is any guide, the answer is: not that long. The past eight times the Treasury yield closed above 5%, it went back down below that level in less than two months, according to Dow Jones Market Data.

The average number of trading days it stayed above 5% was 12.

All those stretches occurred in 2006 and 2007.

Longer periods of 10-year yields staying above 5% happened in 2002, 2001 and 1999-2000.

Before September 1998, the 10-year yield was above 5% for more than two decades.

-Shradha Dinesh

foreign central bank holdings, federal discount

window borrowings, Philadelphia Fed business outlook survey, EIA weekly natural-gas storage report

EARNINGS EXPECTED: Innate Pharma

Goldman Stays Cautious On Increases

"The Fed has signaled it does not at this stage envisage an aggressive tightening cycle," said Kay Haigh, global head of fixed income and liquidity solutions at Goldman Sachs Asset Management,

referring to how the majority of FOMC members penciled in just one more increase this year after Wednesday's quarter-point rise announcement.

"One more hike this year in December is our base case, although this remains contingent on upcoming CPI reports and the path of energy prices," Haigh said.

-Jack Pitcher

On This Day in Market History

On this day in 1926, the first warning was issued for a major hurricane that hit Miami, killing hundreds of people. A similar storm today would cause hundreds of billions of dollars in property damage, according to insurers.