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For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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What’s
Birthday Spectacle Draws Gandhi Admirers Israel Sees
News Opening
Business & Finance
To Target
 Tesla’s global deliveries
Tehran
rebounded in the third quar-
ter, reversing earlier declines Crushing blows to
that had stoked concerns Hamas, Hezbollah
about the company’s ability
to grow its car business. A1 remove proxy cover
 Major U.S. stock indexes for Iranian regime
closed near flat, with the
BY YAROSLAV TROFIMOV
S&P 500, Dow and Nasdaq
rising 0.01%, 0.09% and
DUBAI—With two of Iran’s
0.08%, respectively. B10
most powerful proxies—Hez-
 Humana warned that a bollah and Hamas—fighting
steep drop in the federal for their lives, Tehran has lost
government’s quality ratings a central pillar of its deter-
of its Medicare plans could rence strategy, giving Israel an
hit its results in 2026. B1 opening to strike what it sees
as its most dangerous foe.
 The Saudi oil minister said
On Tuesday, Iran unleashed
crude prices could fall to as
one of the biggest ballistic-mis-
low as $50 a barrel if OPEC+
sile barrages in the history of
members don’t stick to
warfare, aimed at targets across
agreed-on production limits,
Israel. It said it was retaliating
JAGADEESH NV/SEPA/SHUTTERSTOCK

delegates to the cartel said. B1

for Israel’s killing of the two
 OpenAI raised funds in a militant groups’ leaders, Hassan
round that nearly doubled its Nasrallah of Hezbollah and Is-
valuation to $157 billion, a to- mail Haniyeh of Hamas.
tal that puts it on par with the Israel has promised a force-
market caps of publicly traded ful response. Prime Minister

.
giants like Goldman Sachs. B1 Benjamin Netanyahu of Israel
said Tehran had made “a great

ly
 JPMorgan plans to open
LEGACY: A child attired like Mahatma Gandhi, the nonviolent leader known as the father of the Indian nation, participated in error and will pay for it.”
nearly 100 new branches in
a celebration in Bangalore on Wednesday for the 155th anniversary of Gandhi’s birth, an annual national holiday. When and how Israel will
low-income areas around
strike back remains unclear—
the U.S., including in inner
cities and rural towns. B1 on as is the question of whether

Musk Quietly Poured Millions

it would choose to target Teh-
 LVMH has a 10-year spon- ran’s nuclear program.
sorship deal with Formula Ironically, it was the threat
One that will put the luxury of reprisals by Hezbollah and,
us ,

group’s brands front and to a lesser extent, Hamas, that

l

center of the international

Into GOP Causes Since 2022 was supposed to help dissuade

e
al a

motor-racing circuit. B1 Israel from any direct attack

on Iran. Now, however, Israel’s
 Levi Strauss cut its reve-
success in degrading the two
ci on

nue outlook for the year and

Elon Musk’s financial sup- reported, show how Musk, who money funded a series of ad- Miller, a senior aide in militant organizations, both
is again exploring the poten-
port for Republican causes has seemed to undergo a rapid po- vertising campaigns by a Trump’s White House, was an considered terrorist groups by
tial sale of Dockers, the lat-
been much more extensive litical transformation this year, group called Citizens for San- architect of the previous ad- the U.S., has set the stage for
est move by CEO Michelle
and started earlier than previ- was a major force in funding ity, according to people famil- ministration’s restrictive im- a potentially bigger hit.
Gass to center the company
Republican initiatives and can- iar with his involvement and migration policies and a lead- “Hezbollah and Hamas are
er s

on its namesake brand. B3

By Dana Mattioli, didates well before starting a tax filings for the group. ing backer of its socially paralyzed temporarily and Iran
 Korea Zinc teamed up with Joe Palazzolo and super political-action commit- The bulk of the ads ran in conservative initiatives. is exposed,” former Prime
m er

Bain Capital to thwart what Khadeeja Safdar tee in support of former Presi- battleground states days be- The following year, Musk Minister Naftali Bennett of Is-
the smelting company called a dent Donald Trump. fore the midterm elections gave $10 million in support of rael said. “Right now, they’re
hostile takeover by South Ko- ously known. They also make him one of and attacked Democrats on DeSantis as he ran for presi- naked, they don’t have the
rean investment firm MBK. B6 The Tesla CEO quietly gave the biggest donors to conserva- controversial issues such as dent, people familiar with his ability to protect themselves.
tens of millions of dollars to tive causes, which in combina- medical care for transgender donation said. Israel has the greatest oppor-
m rp

World-Wide groups with ties to Trump tion with his large social-media children and illegal immigra- The money was routed Please turn to page A6
aide Stephen Miller and sup- following makes him one of the tion. through a group called Faith-
porters of Florida Gov. Ron most influential figures in U.S. Citizens for Sanity was in- ful & Strong Policies, accord-  Iran’s attack inflicted
 With two of Iran’s most DeSantis’s presidential bid, ac- politics. His track record thus corporated in Delaware in ing to the people familiar with minimal damage................ A6
powerful proxies, Hezbollah cording to people familiar far in backing winners, how- June 2022, with salaried em- Please turn to page A4  Eight soldiers killed in
co Fo

and Hamas, fighting for their with the matter. ever, is mixed at best. ployees from Miller’s non- south Lebanon fighting... A6
lives, Tehran has lost a central The financial contributions, In the fall of 2022, more profit legal group listed as its  Filing lays out Trump’s  Israeli response will set
pillar of its deterrence strat- which haven’t previously been than $50 million of Musk’s directors and officers. acts in Jan. 6 case............ A3 course...................................... A7
egy, giving Israel an opening
to strike what it sees as its

Tesla’s INSIDE Disaster Threatens

most dangerous foe. A1, A7
 An Israeli assessment of
the damage caused by Iran’s

Deliveries Asheville’s Success

missile barrage a day earlier
indicated mostly minor dam-
age to civilian infrastructure
in the country’s center and
to a few military bases. A6 Rebounded
n-

 Eight soldiers were killed in

the first casualties of Israel’s
In Third
CHRISTIAN MONTERROSA/BLOOMBERG NEWS

ground campaign in Lebanon,

Mountain mecca’s residents are left
the Israeli military said, as wondering how to rebuild the economy
no

troops there engaged in close

fighting with Hezbollah. A6 Quarter BY RACHEL WOLFE
AND VALERIE BAUERLEIN
Now another unexpected
phenomenon has thrown off
JESSICA FOLEY FOR WSJ

 Special counsel Jack Smith,

its status as one of America’s
seeking to kick-start the pros-
BY BECKY PETERSON ASHEVILLE, N.C.—This city most desirable mountain
ecution of Trump on election-
has been booming for a de- meccas. Floodwaters and
interference charges, laid out a
Tesla’s global deliveries re- cade, drawing new residents heavy wind from Hurricane
road map for allegations that
bounded in the third quarter, with its beautiful views, artsy Helene destroyed the arts
the former president “resorted
reversing from earlier declines vibe and mild weather. The district, decimated historic
to crimes” to stay in power af-
ter losing the 2020 election. A3
this year that had stoked con- PERSONAL JOURNAL BUSINESS & FINANCE pandemic brought new possi- Biltmore Village and trapped
cerns on Wall Street about the Not everyone will be a The 78-year-old union bilities for remote work and some people, including retir-
 Tesla CEO Elon Musk company’s ability to grow its supercharged population ees, in their own homes. Af-
quietly poured tens of mil- car business.
winner in Southwest’s chief leading the strike growth. Craft breweries, vin- ter nearly a week, there is
lions of dollars into Republi- The world’s most-valuable plan to shake up its by dockworkers at U.S. tage stores and other small still no running water, scant
can causes far earlier than automaker delivered a total of seating. A9 seaports. B1 businesses flourished, adding power and spotty cell service.
previously known. A1 462,890 vehicles during the to Asheville’s appeal. Please turn to page A8
July-to-September period,
 The official who would re-
roughly in line with analysts’ ex-
place New York Mayor Eric
Adams if he resigns took polit-
pectations. The result was a 6.4%
increase over the third quarter
A Mystery Mansion, a Family Feud Fashion Industry Faces
ical donations from a business-
man accused of orchestrating
of last year, when its sales were
And a Locked-Away Klimt
illegal donations to Adams. A2
 Gurbir Grewal, who over-
affected by factory upgrades,
which paused production.
The company’s quarterly
i i i Sales Slide, Upheaval
saw a period of stepped-up sales were in part lifted by Sumptuous Palais Stoclet closed to visitors
enforcement against Wall strong performance in China BY CHAVIE LIEBER faces a sales downturn.
Street and the cryptocur- and financing deals offered years ago, but a new law aims to allow access The fashion industry is in
rency industry, is leaving the during the period to counter The fashion industry was trouble. And Slimane’s exit
SEC, the agency said. A3 the impact of high interest BY DANIEL MICHAELS Adolphe Stoclet, an industrial already reeling when the an- marks the latest in a flurry of
rates globally. magnate who around 1910 built nouncement arrived on high-profile departures. One
 Ukraine pulled troops out
The total for the first nine BRUSSELS—As university a sumptuous mansion deco- Wednesday: Hedi Slimane, the of the biggest and most cov-
of the eastern coal-mining
months is still trailing last professor David Lo Buglio toiled rated with multicolor marble creative director of the French eted design jobs in fashion, at
town of Vuhledar, as mounting
year’s performance, putting in his office, poring over and an original Gustav Klimt luxury giant LVMH’s Celine, Chanel, has been vacant since
Russian assaults put severe
pressure on Tesla to deliver an building archives, men- frieze enveloping the dining was leaving. the summer.
strain on its battlefront. A16
even higher number of vehi- acing demands to stop room. Lo Buglio and his Slimane, 56 years old, trans- As brands have increased
cles in the fourth quarter to work kept arriving. The team were violating the formed Celine during his nearly the prices of luxury goods,
CONTENTS Markets........................... B10 beat results in 2023. architect’s transgres- family’s privacy and intel- seven-year tenure, scrapping spending has cooled, including
Arts in Review..... A11 Opinion................ A13-15
Business & Finance B2,6 Personal Journal A9-10
Tesla’s stock finished sion: creating a digital lectual property rights, the minimalist look his prede- in the Chinese market that has
Business News....... B3 Sports.......................... A12 Wednesday’s trading down model of a local mansion. the lawyers said. cessor had popularized in favor long fueled sales. Companies
Crossword................ A12 Technology................ B4 3.5%, following the deliveries “I was watching the Never mind that no- of a 1960s rock aesthetic. The looking to lure back customers
Equities......................... B7 U.S. News.............. A2-5 release. The automaker’s unopened letters from body has lived in the brand was already big when he are tapping big design talent
Heard on Street... B11 World News... A6-7,16
shares have bounced back in lawyers piling up,” said Palais Stoclet for a gen- got there, and the changes to reinvigorate their offerings.
recent months, after tumbling Denis Derycke, Lo Bug- eration. Even though all were risky. But somehow, he The economic pressures
> in the first part of 2024 due to lio’s fellow design labo- Klimt’s of Lo Buglio’s work was made it even bigger. and accompanying leadership
declining sales. The stock is ratory coordinator at the ‘Embrace’ based on public records, Now, everyone in fashion changes have created a sense
now up 0.2% this year as of state-funded Free Uni- Stoclet’s heirs sued to wants to know where he’s of upheaval in an industry
Wednesday’s close. versity of Brussels. block the government-spon- headed. After all, plenty of that hopes customers are fo-
s 2024 Dow Jones & Company, Inc.
The company plans to re- The missives came from at- sored project. brands could use all the help cused on the latest runway
All Rights Reserved Please turn to page A2 torneys for descendants of Please turn to page A9 they can get as the industry Please turn to page A4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Thursday, October 3, 2024 * * THE WALL STREET JOURNAL.

U.S. NEWS
Adams Donor Gave to NYC Public Advocate
Jumaane Williams, helped to resolve a stop-work March. With that schedule, a paign for public advocate. On
order that the city Buildings verdict would come before the the same day, two employees
next in line for mayor, Department had imposed on deadline for Adams to be cer- at Mansurov’s company,
got $5,000 for his one of Mansurov’s building tified for the ballot for the United Elite Group, donated a
projects, according to the in- mayoral primary, the lawyer total of $2,900 to Williams.
re-election campaign dictment. Additionally, re- said. The prosecution asked The public advocate’s cam-
cords show Mansurov donated for a trial in May. paign also collected an addi-
BY JAMES FANELLI $1,000 to Adams’s re-election U.S. District Judge Dale Ho tional $750 in public funds for
campaign last year. said he would set a trial date the three donations as part of
New York City Public Advo- Mansurov is referred to at a later hearing but ac- a city program that matches
cate Jumaane Williams, the only as Businessman-4 in the knowledged that the timing contributions up to a certain
elected official who would re- Adams indictment and hasn’t was a concern for Adams and amount, records show.
place Mayor Eric Adams if he been charged with wrongdo- the public. “I’m going to do In March, Williams co-
resigns, accepted political con- ing. He didn’t respond to re- my best to keep the case mov- hosted a Ramadan Iftar event
tributions from a businessman quests for comment. State and ing forward,” he said. with the Silk Road Founda-
who is accused of orchestrat- city campaign-finance records Williams was elected public tion, a nonprofit in which
ing illegal donations to Adams. show he has donated only to advocate in 2019. The seat Mansurov serves as the execu-
Earlier this year, Williams’s the campaigns of Adams and comes with few powers but tive director. The foundation’s
re-election campaign received Williams. serves as a watchdog who can mission is to provide support
CRAIG RUTTLE/PRESS POOL

a total of $5,000 in donations A spokesman for Williams raise concerns about city and services to Central Asian
from Brooklyn construction said the public advocate met problems. Under the city char- migrants, according to its
contractor Tolib Mansurov Mansurov as part of his en- ter, if the mayor steps down or website.
and two of his company’s em- gagement with the Uzbek is removed, Williams would The public advocate per-
ployees, city campaign-finance community. become acting mayor until an sonally thanked Mansurov in a
records show. “We were unaware of his election could be held. Wil- speech at the event, which
A federal indictment un- donations to the mayor and New York Public Advocate Jumaane Williams in 2022. liams has called the Adams in- took place in the lobby of a
sealed last week against Ad- have no specific reason to be- dictment a painful time for the state courthouse in lower
ams alleges Mansurov illegally lieve the contribution to the indicted. Prosecutors allege he ing investigation was moving city and questioned whether Manhattan. The public advo-
reimbursed four of his employ- public advocate was improper, funneled illegal donations into quickly but he couldn’t specify the mayor can lead effectively cate later posted about the
ees who each donated $2,000 but the campaign will closely his campaign coffers. Adams when it would conclude. while fighting the charges. event on social-media plat-
to Adams’s 2021 mayoral cam- review the donation to ensure also accepted tens of thou- The mayor has pleaded not Mansurov, the Brooklyn form X and linked to a video
paign. Mansurov, who also di- both ethical and legal compli- sands of dollars in free travel, guilty to the charges. He has contractor, donated to Wil- of the celebration on his of-
rectly contributed $2,000 to ance,” the spokesman said. hotel stays and other benefits called the allegations lies and liams when he ran for gover- fice’s YouTube channel.
the mayor’s 2021 campaign, A spokesman for the Man- from Turkish nationals with- launched an aggressive push nor in the Democratic primary A spokesman for Williams
later received favors from Ad- hattan U.S. attorney’s office, out properly disclosing the to have the bribery charge dis- two years ago. Records show said the Ramadan Iftar is an
ams, prosecutors said. which brought the case against perks, they said. missed. Some fellow Demo- he made two contributions to annual event that the public
The contractor, an Uzbek Adams, declined to comment. At a court hearing Wednes- crats and political rivals have Williams’s gubernatorial cam- advocate’s office has held
American, got help from Ad- Adams, a Democrat, was day, a prosecutor said that urged him to resign; the mayor paign totaling $10,000. Wil- since 2022 to uplift the holy
ams and his assistants in ar- charged last week with brib- Adams could face additional has said he won’t step down. liams lost the primary in June month in the Muslim commu-
ranging events celebrating the ery, fraud and campaign-fi- charges and that more defen- A lawyer for Adams pushed 2022 to Gov. Kathy Hochul. nity. Silk Road helped provide

.
national heritage of his ethnic nance violations. He is the dants would likely be charged for a quick trial, asking the In January of this year, supplies for a meal to serve to
community, according to pros- first sitting New York City in connection with the alleged court Wednesday that the pro- Mansurov donated $2,100 to attending constituents, the

ly
ecutors. The mayor also mayor in modern times to be schemes. He said the continu- ceedings be completed by Williams’s re-election cam- spokesman said.

U.S.WATCH on Tesla Logs market value to as high as $30

trillion.
On Oct. 10, Tesla is sched-
company sells only the top-end
versions of the electric pickup,
which start at about $100,000.

Increase in uled to unveil a prototype of a

fully autonomous robotaxi—a
That approach has limited the
vehicle’s customer base.
us ,

model that Musk has talked Investors hope Musk will

Deliveries
l

about for years—and provide reveal plans for a long-antici-

e
al a

more details about a forthcom- pated $25,000 model this

ing ride-hailing service. month.
The company has said it Musk has also said the com-
ci on

Continued from Page One plans to spend $10 billion on pany aims to increase its
port third-quarter earnings on artificial-intelligence research global deliveries this year, top-
Oct. 23. this year across projects that ping the 1.81 million vehicles it
The electric-vehicle pioneer include its Dojo supercom- sold in 2023. For the first
has struggled with a pullback puter and development of its three quarters of this year,
er s

in demand for its models, Optimus humanoid robot. Tesla has delivered a total of
some of which haven’t been Such investments are 1,293,656 vehicles.
m er

fully redesigned in years. largely funded by Tesla’s car To put it ahead of last
Competition also is stiffen- business, which in recent year’s delivery results, it
ing in the EV space, with rival quarters has faced several would have to sell about
automakers releasing a bar- challenges. More broadly, de- 515,000 vehicles in the fourth
rage of new battery-powered mand for electric vehicles has quarter, much higher than the
m rp

offerings, many of which are slumped in the U.S., after a 485,000 deliveries that ana-
already selling with steep dis- sharp uptick in sales during lysts project.
counts as unsold inventory has the pandemic. While Tesla is still the top
stacked up. Tesla also is facing tougher EV seller in the U.S., its mar-
U.S. auto sales overall fell competition in China, where ket share has slipped in recent
co Fo

slightly in the third quarter as homegrown rivals, such as years. The company accounted
elevated sticker prices and af- BYD, have tightened their grip for nearly 44% of all electric
fordability challenges weighed on the country’s electric-vehi- vehicles sold in the U.S. in Au-
on consumer demand. cle market. gust, compared with around
On Wednesday, Jeep maker Tesla started delivering its 50% of sales during the same
Stellantis reported a 20% drop newest model, the Cybertruck, period a year prior, according
in its U.S. sales, a much in late 2023. Currently, the to Motor Intelligence data.
MARK THIESSEN/ASSOCIATED PRESS

steeper decline than the

broader industry, while Ford Tesla vehicle deliveries, Share price, past three days
Motor posted a 1% rise in quarterly 3Q 2024 Wednesday
quarterly results. 462,890 vehicles $249.02
500,000 $265
Tesla’s year got off to a dif- +6.4%* –3.5%
ficult start. In the first quar-
n-

ter, it posted its first year-

400,000 260
over-year decline in deliveries
SKY SPECTACLE: Northern lights appeared over the Chugach Mountains Wednesday in Alaska. since 2020. Its performance
continued to slide in the sec-
300,000 255
no

LOS ANGELES CALIFORNIA, OREGON MARYLAND ond quarter, with the auto-
maker reporting a 6.5% drop in
Doctor Tied to Actor Dam Removal Settlement on Police global deliveries for the first
200,000 250
Perry Pleads Guilty Project Finished Hiring Is Approved half of 2024.
A San Diego doctor charged The largest dam removal Maryland officials approved As Tesla’s sales have fal-
in connection with Matthew project in U.S. history was a $2.75 million settlement tered, Chief Executive Elon 100,000 245
Perry’s fatal overdose pleaded completed Wednesday, mark- Wednesday to resolve a federal Musk has sought to refocus in-
guilty Wednesday to conspir- ing a major victory for tribes investigation into discrimina- vestor attention on the com-
ing to distribute the surgical in the region who fought for tory hiring practices affecting pany’s big bets in robotics and 0 240
anesthetic ketamine. decades to free hundreds of Black and female applicants to artificial intelligence, technol-
Dr. Mark Chavez, 54, en- miles of the Klamath River the Maryland State Police. ogies he has claimed could one 2019 ’20 ’21 ’22 ’23 ’24 Mon. Tues. Wed.
tered the plea in federal court near the California-Oregon The settlement, approved day boost the automaker’s *Change from a year earlier Sources: the company (deliveries); FactSet (share price)
in Los Angeles, becoming the border. by the Maryland Board of
third person to admit guilt in Through protests, testi- Public Works, will include
the aftermath of the “Friends”
star’s death last year.
mony and lawsuits, local
tribes showcased the envi-
changes to the ways appli-
cants are tested.
CORRECTIONS  AMPLIFICATIONS
Prosecutors offered lesser ronmental devastation due to Gov. Wes Moore, a Demo-
charges to Chavez and two the four towering hydroelec- crat who chairs the three- The S&P 500 rose 49% year federal prison term after of top banks in LSEG rank-
others in exchange for their tric dams, especially to member board, said the fed- from the end of 2022 through pleading guilty to embezzling ings across M&A, equity cap-
cooperation as they go after salmon, which are culturally eral investigation began in Tuesday. In some editions from the Jacksonville Jaguars. ital markets, debt capital
two targets they deem more and spiritually significant to 2022 before he took office Wednesday, a Business & Fi- A Business & Finance article markets and loans was la-
responsible for the overdose tribes in the region. last year. “Over the past 19 nance article about Charles on Wednesday about Patel’s beled incorrectly in one in-
death: another doctor and an PacifiCorp built the dams months, we have worked in Schwab said the S&P 500 rose lawsuit against FanDuel incor- stance as Dealogic’s rankings
alleged dealer that they say to generate electricity be- complete partnership with the more than 19% over that pe- rectly said he is serving a 6½- within the Third-Quarter
was known as “ketamine tween 1918 and 1962. But the Department of Justice to riod. month federal prison term. Markets Digest in Wednes-
queen” of Los Angeles. structures halted the natural bring this matter to a close day’s Business & Finance
His lawyer Matthew Bin- flow of the waterway that and also to establish a plan Amit Patel is serving a 6½- The “Who’s No. 1?” table section.
ninger said after Chavez’s first was once known as the third- forward that will ensure that
court appearance on Aug. 30 largest salmon-producing river this will not happen again,” Readers can alert The Wall Street Journal to any errors in news articles
that he is “incredibly remorse- on the West Coast, disrupting Moore said. by emailing [email protected] or by calling 888-410-2667.
ful” and is “trying to do every- the life cycle of the region’s The Justice Department al-
thing in his power to right the salmon. At the same time, the leged that the state police
wrong that happened here.” dams only produced a fraction used a written test that dis- THE WALL STREET JOURNAL
Chavez admitted in his plea of PacifiCorp’s energy at full criminated against Black can- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
agreement that he obtained capacity—enough to power didates and a physical fitness
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
ketamine from his former about 70,000 homes. They test that discriminated
clinic and from a wholesale also didn’t provide irrigation, against female applicants. Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices.
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Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right
Perry was found dead by River Renewal Corporation. Col. Roland Butler, superin- not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
his assistant on Oct. 28, 2023. Since the dams were tendent of the Maryland Letters to the Editor: Fax: 212-416-2891; email: [email protected]
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Thursday, October 3, 2024 | A3

U.S. NEWS

Filing Lays Out In Flood-Ravaged Southeast, Cleanup Begins

Trump’s Acts
In Jan. 6 Case
BY C. RYAN BARBER still the president pushed fraud
AND SADIE GURMAN claims and urged the Georgia
attorney general to look at them
Special counsel Jack Smith, again “because we’re running
seeking to kick-start the fed- out of time,” the filing says.
eral prosecution of Donald On the day of Trump’s call
Trump on election-interference with the state attorney gen-
charges, laid out a 165-page eral, his campaign staff ac-
road map for allegations that knowledged that the fraud
the former president “resorted claim involving State Farm
to crimes” to remain in power Arena was baseless, the coun-
after losing the 2020 election. sel’s brief says. And they
The filing, unsealed emailed one another about the
Wednesday in a Washington, fact that television networks
D.C., trial court, amounted to a might decline to run campaign
defense of the case even after advertisements promoting it.
a recent Supreme Court ruling “When our research and
that conferred broad immu- campaign legal team can’t
nity on presidents for official back up any of the claims
acts at the core of their con- made by our Elite Strike Force

ONATHAN DRAKE/REUTERS
stitutional powers. Smith’s Legal Team, you can see why
team asserts that Trump’s we’re 0-32 on our cases,” one
“scheme was fundamentally a campaign adviser wrote, ac-
private one,” leaving him open cording to Smith’s brief. “I’ll
for prosecution. obviously hustle to help on all
The Republican presidential fronts, but it’s tough to own
nominee has pleaded not any of this when it’s all just HUGE TASK: Sabra English salvaged important papers on Wednesday from her father’s home, which was badly flooded
guilty and accused Smith of conspiracy s— beamed down when powerful storm Helene hit, in Barnardsville, N.C. The death toll from the hurricane has surpassed 180.
ignoring the high court. A from the mothership.”
Trump campaign spokesman, Trump’s Twitter post on

SEC Enforcement Head Who Took On

Steven Cheung, called the Jan. 6 attacking Vice President
court filing “falsehood-ridden“ Mike Pence for refusing to

.
and part of “a partisan, Un- block President Biden’s win
constitutional Witch Hunt that spurred Capitol rioters to

ly
should be dismissed entirely.”
The counsel’s filing includes
details about Trump’s conduct
attributed to his aides.
threaten Pence, prosecutors
said. An aide rushed into
Trump’s dining room to inform
him that Pence had been taken onWall Street and Crypto Will Leave Post
Flying aboard Marine One to a secure location, hoping
after Election Day, Trump told that Trump would take action BY DYLAN TOKAR plished public servant, Gurbir ing giant that came under fire
his family that “it doesn’t to ensure the vice president’s Grewal, came to the SEC to lead for serving U.S. customers
matter if you won or lost the safety. Trump instead only Gurbir Grewal, who oversaw the Division of Enforcement for without complying with rules
us ,

election. You still have to fight looked at the aide and said, a stepped-up period of enforce- the last three years,” SEC Chair for businesses that transmit
l

like hell,” according to a White “So what?” according to evi- ment against Wall Street and Gary Gensler said. money or offer securities. It has
e
al a

House aide who overheard the dence cited in Smith’s filing. the fast-growing cryptocur- One area of focus under Gre- continued to pursue its securi-
remarks on the Prosecutors rency industry, is departing the wal was Wall Street’s record- ties-law claims, long after fed-
president’s he- said that ex- U.S. Securities and Exchange keeping practices. The SEC has eral prosecutors last year
ci on

licopter, the change further Commission, the agency said levied billions of dollars in fines struck a deal under which Bi-
counsel said. The alleged plot revealed “the Wednesday. against institutions ranging nance pleaded guilty to anti-
The aide, to overturn the private nature Grewal, a former New Jersey from the U.S.’s biggest banks to money-laundering violations,
ALYSSA SCHUKAR FOR WSJ

identified as an of his desperate attorney general, was little- private-equity firms, credit-rat- paid $4.3 billion in fines, and
assistant to the election ‘was conduct as a known on Wall Street when he ings firms and smaller Wall agreed to have its founder,
er s

president and candidate, was appointed in 2021 to serve Street players. Changpeng Zhao, step down.
director of Oval
fundamentally a rather than a as director of the agency’s en- The actions targeted trad- The SEC has also brought
private one.’
m er

Office opera- President.” forcement division. There, he ers’ use of messaging apps actions against a range of other
tions, “hap- Many people became known for advocating such as WhatsApp and iMes- cryptocurrency firms, including
pened to over- in Trump’s or- for bigger fines against securi- Gurbir Grewal sage. Securities laws require Coinbase, the largest U.S. ex-
hear this bit tried to per- ties-law violators and for taking firms to preserve and monitor change, and Ripple Labs, issuer
comment, but wasn’t partici- suade him that he had lost a tough stance on cryptocur- smaller ones, he said. their employees’ written com- of the digital coin XRP.
m rp

pating in the conversation,” and that his baseless claims of rency, which he cast as a new Under Grewal, the SEC munications. Failing to oversee Gensler’s aggressive stance
prosecutors said. fraud wouldn’t hold up in form of the same activity the brought more than 2,400 en- the growing use of so-called on cryptocurrency has made
“The statement is plainly court, according to the filing. SEC had regulated for decades. forcement actions and imposed off-channel communications him a pariah of the industry,
private,” prosecutors wrote, in In one newly disclosed conver- “The technology is actually over $20 billion in fines and methods by traders under- which has accused the SEC un-
defense of using such evidence sation, one of Trump’s lawyers beside the point. We have to disgorgement, the SEC said. It mined the SEC’s own oversight, der his leadership of quashing
co Fo

at trial. “It was exclusively told him there was no way regulate markets and protect also barred more than 340 peo- regulators said. innovation and inappropriately
about the election and the de- those arguments would pre- investors based on current real- ple from Wall Street, and Grewal was also tasked with using the nation’s securities
fendant’s determination, as a vail. Trump said, “The details ities and existing risks,” Grewal awarded more than $1 billion to implementing the position that laws in the absence of bespoke
candidate, to remain in power don’t matter,” the filing says. said at a law school symposium whistleblowers. his boss, Gensler, took on regu- regulation. In speeches, Grewal
whether he won or lost.” Around the same time, Pence in July. Grewal will depart the SEC lating the cryptocurrency in- has defended his boss’s ap-
In December 2020, Trump said he “softly suggested” that Grewal frequently said he on Oct. 11. The division’s deputy dustry, which has experienced proach. “It often seems critics
amplified a false claim that Trump “recognize that the pro- sought to restore trust in Wall director, Sanjay Wadhwa, will both booms and intense turmoil are upset because we’re not giv-
election workers at the State cess is over” even if he was un- Street and in the government. serve as acting director, the under the SEC chair’s watch. ing crypto a pass from the appli-
Farm Arena in Atlanta had willing to concede. He encour- Past enforcement efforts didn’t SEC said Wednesday. Grewal U.S. securities laws can be ap- cation of well-established regu-
committed misconduct by aged Trump instead to run effectively deter wrongdoing plans to enter private practice, plied to regulate the sale and lations and precedents,” he said
counting “suitcases” of fraudu- again in 2024, the filing says. and led many Americans to feel a person familiar with the mat- exchange of cryptocurrencies in in 2022 at an SEC conference.
lent votes. The claim was dis- “I don’t know,” Trump re- that regulators and law enforc- ter said. many cases, Gensler has argued. —Dave Michaels
proved publicly and directly to plied, according to the filing. ers didn’t punish big firms with “We have been incredibly The SEC in 2023 sued Bi- and Mengqi Sun
n-

Trump, prosecutors said. But “2024 is so far off.” the same force they applied to fortunate that such an accom- nance, the cryptocurrency trad- contributed to this article.

Colleges See the Virtues of Interim Leadership

no

BY MELISSA KORN from 6.5 years in 2016 and 8.5

years in 2006.
A slew of college-president Unlike companies, univer-
jobs are held by temporary sity boards generally can’t
leaders this fall. It is partly by unilaterally tap a successor
design. ahead of time, or right after a
The leaders of Columbia hasty departure. A shared gov-
University, Cornell University, ernance model means faculty,
the University of Pennsylvania staff and students expect to
and more than three dozen provide input, a process that
other schools around the coun- often takes months.
try currently have the “in- “Interims are like going to
terim” qualifier attached to the junior prom with a friend,”
STEVEN SENNE/ASSOCIATED PRESS

their titles. said Richard Chait, professor

It is a sign of the tumultu- emeritus of education at the
ous state of American higher Harvard Graduate School of
education, where student pro- Education. “It’s pretty safe,
tests, donor discontent, politi- it’s predictable, there’s not go-
cal scrutiny and distrust from ing to be much drama. And it
the general public have left buys time to scan the field for
presidents with a thankless— senior prom.”
and very insecure—job. These Harvard is one of a number of colleges that have named Meanwhile, schools are
interim presidents are being interim presidents, though it later removed the interim title. keeping interims on for longer.
tasked with calming stormy Board leaders say they can’t
campuses and priming the For interim presidents, the thinking,” said Kirschner, who halt major initiatives like new
school to attract top-notch temporary job can lead to a had worked in the private sec- research centers, rebalancing
candidates for the official role permanent leadership posi- tor and as dean of CUNY’s Ma- budgets or grappling with
down the line. tion—at that school, or else- caulay Honors College. changes to student-athlete CORNE EARCLIPS
They have popped up in the where. Others simply go back College presidents, under compensation. Plus a longer
corporate realm, too, includ- to their old job after the tem- mounting pressure from nu- timeline can embolden interim 22K “VIRGIN” GOLD, $23,500
ing recently at craft chain porary position. merous constituents, don’t last leaders to really dig in. ALSO AVAILABLE IN DIAMOND AND PLATINUM, $81,500
Joann, BP and Petco Health When Ann Kirschner was as long as they used to. Clau- Harvard appointed Alan
and Wellness. interim president of the City dine Gay led Harvard Univer- Garber interim president in
School trustees say they are University of New York’s sity for six months. Minouche January, then stripped the in-
leery about committing too Hunter College from July 2023 Shafik was president of Colum- terim title in August—while
.
s re se rv ed

quickly to long-term leaders, until this past August, she saw bia for 13 months before also declaring he would rap up
particularly in light of the po- it as a capstone to her career. abruptly resigning in August. his term at the end of the
litical upheaval of the past The fact that she wasn’t try- Liz Magill lasted about 18 2026-2027 school year.
Al l rig ht

school year. Interim presidents ing to prove herself for another months at Penn. The move underscored “our
also hold appeal because they top job meant she wasn’t College presidents had been belief that this is a time not MODERN, BEFORE THE WORLD WAS
on , LLC.

aren’t necessarily gunning for scared of pushing for a culture in their positions for an aver- merely for steady stewardship
the job on a permanent basis, change among administrators. age of 5.9 years in 2022, ac- but for active, engaged leader-
745 FIFTH AVENUE, SUITE 1210, NYC
©B el pe rr

say search-firm executives and “College presidents find cording to a survey conducted ship,” Penny Pritzker, senior
trustees. That frees them up to themselves in a self-protective by the American Council on fellow of the Harvard Corpora- 212 702 9040 • BELPERRON.COM
make difficult or unpopular de- crouch,” she said. “That’s not a Education, a higher-education tion, the school’s top governing
cisions, like cutting budgets. position for the best creative industry group. That is down body, said at the time.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Thursday, October 3, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Musk Gave ern border to prevent waves

of immigration, and the travel
ban from seven predomi-

Millions to nantly Muslim countries.

GOP Causes
DeSantis bond
Trump was not Musk’s
first choice for presidential
candidate. In 2023, Musk be-
Continued from Page One came interested in supporting

FROM TOP: PABLO MARTINEZ MONSIVAIS/ASSOCIATED PRESS, CHERYL SENTER FOR WSJ
the matter. Musk’s contribu- DeSantis’s presidential bid.
tion to DeSantis’s presidential That spring, technology in-
efforts hasn’t previously been vestor David Sacks brokered
reported. an introduction of the Florida
More than half of the governor and Musk, following
money ended up in the coffers a fundraiser at his home, ac-
of a pro-DeSantis political-ac- cording to people familiar
tion committee called Never with the meeting.
Back Down. DeSantis dropped During the late evening
out of the race in January. meeting, Musk and DeSantis
Representatives for Musk found common ground on
and DeSantis didn’t immedi- their stances against diver-
ately respond to requests for sity, equity and inclusion ini-
comment. tiatives, which conflicted
Republican consultants and with their view of a meritoc-
lawyers helped keep Musk’s racy. Both the governor and
fingerprints off the transac- the billionaire shared an
tions. He used a limited-liabil- “anti-woke” mentality, and
ity company to send money to Musk told DeSantis he was
groups that are known for the interested in backing him fi-
section of Internal Revenue Stephen Miller, left, and Elon Musk, second from right, at a White House event for business leaders in 2017, above; Florida nancially, with a major con-
Service code they fall under: Gov. Ron DeSantis in June 2023 at a New Hampshire campaign event during his presidential run, below. tribution, the people said.
501(c)(4). Sometimes called In June, Musk followed
“social welfare organiza- In an interview with psy- Musk became a donor, ac- through with contributions
tions,” or “dark money” chologist Jordan Peterson cording to its 2022 tax filing. totalling $10 million to Faith-
groups, they are exempt from earlier this year, Musk said It collected more than $53 ful & Strong Policies, accord-
disclosing donors and can he signed documents approv- million that year, nearly five ing to the people familiar
raise unlimited amounts of ing puberty blockers for his times as much as it raised in with the matter, which made
money from people and com- child, then a minor, during 2021. BAF sent $43 million of Musk one DeSantis’s largest
panies. the pandemic without fully its treasure to Citizens for financial backers.
They are required to report understanding the ramifica- Sanity, the 2022 filing shows. More than half of Musk’s
grants they make, allowing tions. It was Musk’s money, accord- contribution was later trans-
The Wall Street Journal to “And so, I lost my son, es- ing to the people familiar ferred to a DeSantis super-
track money through a series sentially,” he said. “So I with the matter. political-action committee
of such groups that people fa- vowed to destroy the woke An offshoot of BAF called called Never Back Down, ac-
miliar with the matter said mind virus after that, and Freedom’s Future Fund, cording to the people familiar

.
was Musk’s. When discussing we’re making some progress.” formed in Delaware in Janu- with the matter. Never Back
Musk’s contributions to Citi- Musk’s daughter has said ary 2022, raised another $34 Down received $5.5 million

ly
zens for Sanity, people in- on her Threads account that million that year, according from Faithful & Strong Poli-
volved in the transactions of- she has no regrets about to corporate and tax filings. cies in two installments in
ten communicated on the transitioning. “I absolutely The group sent about $28 June 2023, Federal Election
encrypted messaging app Sig-
nal, one of those people said.
Musk’s track record in poli-
tics so far is spotty. The Jour-
knew what I was getting into
and medical transitioning
helped stop any further irre-
versible damage that male
on million to Citizens for Sanity,
before dissolving in December
2022, Delaware corporate
documents show.
Commission records show.
The contributions were in
part secured by Peck, the Re-
publican political consultant
nal recently reported that the puberty could cause,” she Citizens for Sanity spent and DeSantis’ former cam-
us ,

billionaire secretly invested said in a July post. nearly all of its cash in a mat- paign manager.
l

hundreds of thousands of dol- She has described Musk as ter of months on advertise- This spring, Musk went all
e
al a

lars into attack ads targeting an absentee father who ments that aired around the in on support for Trump. In
the liberal district attorney in mocked her femininity and 2022 midterm elections. They prior years, Musk had criti-
Austin, Texas, who easily won queerness. “I want to make accused Democrats of pro- cized Trump saying he
ci on

his primary in March despite one thing absolutely clear,” moting sex-reassignment sur- “doesn’t seem to have the
Musk’s efforts to unseat him. she said. “I disowned him, Miller has billed as the an- from two other groups that geries for children and por- sort of character that reflects
DeSantis exited the presiden- not the other way around.” swer to the American Civil don’t have to disclose donors: trayed illegal immigrants as well on the United States” in
tial race before the first pri- Liberties Union, has also filed Building America’s Future causing crime waves and 2016, and that Trump should
mary, misreading Trump’s du- complaints against companies and Freedom’s Future Fund, draining economic resources. “hang up his hat & sail into
er s

rability. And most of the ads ACLU answer challenging diversity initia- both linked to Republican Some ads targeted specific the sunset” in 2022.
placed by Citizens for Sanity Miller’s American First Le- tives and against school dis- consultants Phil Cox and Gen- Democratic elected officials Even as he was contem-
m er

aired in battleground states in gal has made common cause tricts over transgender poli- erra Peck, according to peo- such as President Biden, Sen. plating forming a super polit-
the run-up to bad midterm with Musk. The group has ac- cies. ple familiar with the matter. Mark Kelly (D., Ariz.) and ical action committee to re-
elections for Republicans. cused the Federal Trade Com- Citizens for Sanity, where Musk’s donation to the Sen. Raphael Warnock (D., elect the former president, he
mission of partisan retalia- Musk’s money landed, was group was routed through an- Ga.). Others showed images told confidantes that he
tion against Musk and made up of em- other group of other Democratic officials wasn’t a giant Trump fan. But
m rp

‘I lost my son’ Twitter after he acquired the ployees of called Building such as Former House in an April meeting at his
For Musk, transgender is- social-media company, which America First America’s Fu- Speaker Nancy Pelosi (D., Ca- Austin apartment, Musk said
sues are deeply personal. His he has since renamed X. Legal. The The Tesla CEO is ture, according lif.) and Senate Majority he believed Trump would be
transgender daughter publicly The legal group filed ethics group’s 2022 one of the most to people fa- Leader Chuck Schumer (D., stronger on combating crime
cut ties with him in April and inspector general com- tax filing lists miliar with the N.Y.) as being complicit in the and government spending,
influential
co Fo

2022, months before he sent plaints against the FTC and its president as matter. BAF policies the ads attacked. two areas he cared about, ac-
money to Miller’s group. sued the agency last year for Gene Hamilton, had been a pro- Musk, who has said he his- cording to one person famil-
Then 18 years old, she said records about its efforts to who is the ex-
figures in U.S. business group, torically voted for Democratic iar with the meeting.
in a California court petition collect information from the ecutive direc- politics. supporting leaders until more recently, In May, Musk launched the
to change her name that she social media site that ramped tor of America protections for has identified undocumented America PAC with a goal of
no longer wished to be related up once Musk took over the First Legal. The companies immigration as one of his ma- turning out 800,000 low-pro-
to Musk “in any way, shape or company. The lawsuit is on- group’s secre- against corona- jor concerns with the trajec- pensity voters for Trump in
form.” going. tary and treasurer also are virus-related lawsuits and op- tory of the country in private several swing states. Musk
People close to Musk said Miller founded America employees of America First posing tax increases. In 2020, meetings, according to people told some initial donors that
his estrangement from his First Legal in 2021 to chal- Legal. the group listed Peck as its in attendance. Miller helped he would fund the majority of
daughter, which he blames on lenge Biden administration The group raised more president and raised set the agenda for much of the group’s expenditures.
“woke” indoctrination, led to initiatives at odds with than $90 million in the sec- $300,000. Trump’s first-term immigra- —Rebecca Ballhaus and
his political awakening as a Trump-era priorities. The ond half of 2022, tax filings BAF replaced its board of tion policy, which focused on Andrea Fuller contributed to
n-

Republican. nonprofit legal group, which show, the bulk of it coming directors around the time building a wall on the South- this article.

Designers’ minimalist power dressing. after the designer died in ously the creative director of
no

Coming from Saint Laurent, 2010, stepped down from the Polo Ralph Lauren, and had
Slimane was known for a radi- brand in 2023 and was ap- worked as Celine’s design di-

Exits Hit cally different style: slim-fit

denim, leather jackets and
sexy miniskirts.
pointed creative director at
Givenchy in September. Haider
Ackermann, a French designer
rector with Philo.
“Michael’s vision, creative
talent, together with his genu-

Fashion Against some expectations,

Slimane made Celine an even
bigger business. It launched
whose fans include Timothée
Chalamet, was appointed cre-
ative director at Tom Ford, re-
ine nature and strong connec-
tion to Celine’s heritage make
him a natural choice to con-
menswear and beauty under placing Peter Hawkings, who tinue to build a long-lasting
Continued from Page One his leadership, and LVMH’s exited the role after less than success for the Maison,”
fashions, not the fashion la- profits soared. Though the a year. Neither designer has Séverine Merle, CEO of Celine,
bels’ balance sheets. luxury conglomerate doesn’t debuted a collection yet. said in a statement.
Amid the industry’s efforts break out earnings by brand, But luxury’s biggest brand Luxury’s musical chairs
to enliven the look of sagging HSBC estimated that Celine’s in creative limbo is undeniably have extended to the C-suite,
luxury brands, Valentino, sales totaled €2.6 billion in Chanel. Privately held by Alain too. In July, after revenue
owned by Mayhoola for Invest- 2023, or about $2.8 billion at and Gérard Wertheimer dropped more than 20%, Bur-
ments, a holding company current exchange, making it through Chanel Limited, the berry replaced CEO Jonathan
owned by the Qatari royal LVMH’s third-biggest fashion company has lacked a lead de- Akeroyd with Joshua Schul-
family, and Kering, hired Ales- brand, after Louis Vuitton signer since June, when Vir- man, who was previously CEO
sandro Michele. The renowned and Dior. ginie Viard at Michael Kors and Coach. In
Italian designer brought “Under his stepped down. September, Dior hired Bene-
whimsy to Gucci and helped to creative and ar- She had been detta Petruzzo, the CEO of
more than double its sales in tistic direction, One of the most picked by the Prada sister label Miu Miu, as
his first few years. Michele Celine has ex- coveted design late Karl Lager- its managing director.
joined Valentino as its creative perienced ex- feld to succeed The downturn hasn’t hit
director in March, replacing ceptional jobs, at Chanel, him as artistic every brand. Prada, Hermès
veteran designer Pierpaolo growth and es- director. Cha- and Brunello Cucinelli re-
Piccioli. His first runway col- tablished itself
has been vacant nel’s spring ported sales growth in July.
lection for Valentino, shown in as an iconic since summer. 2025 collection, But Burberry, Hugo Boss and
Paris over the weekend, had French couture shown in Paris Cartier owner Richemont all
echoes of the ruffled dresses house,” Celine on Oct. 1, was took a hit. LVMH also reported
and retro prints he once pa- said in a state- designed by a slowing sales in July.
raded down Gucci’s runway. ment on Wednesday. collective team of designers. Some labels, such as Bur-
Gucci, meanwhile, has seen Though creative appoint- Among the many industry berry, have lowered prices to
a sales downturn. During the ments can help revive a brand, heavyweights whose names appeal to more middle-class
second quarter of 2024, reve- they aren’t a guaranteed bul- have been floated to fill Vi- shoppers, while others are in-
nue at the brand was down by wark against market head- ard’s seat is Slimane, who just troducing smaller styles at
20%. The brand tapped Sabato winds. High interest rates, in- revealed a very Chanel-like fi- more affordable prices.
De Sarno, a little-known de- flation and a cool-down from nal Celine collection of pleated A fresh creative vision
signer who’d previously consumers in China have led skirts, houndstooth suiting could help reinvigorate de-
worked at Valentino, to lead to shrinking profits. and branded accessories dur- mand, said Bernstein luxury
its creative in January 2023. But a creative shift tends to ing Paris Fashion Week. A rep- analyst Luca Solca. “Luxury is
When Slimane was hired at be a brand’s first line of de- resentative for Chanel de- mostly about product. And
Celine in 2018, he was consid- fense. Two of fashion’s biggest clined to comment. product comes from creativ-
ered a controversial choice for names have recently been Taking over for Slimane at ity,” Solca said. “Having fresh
the LVMH brand. His prede- brought into houses that have Celine in early 2025 is Michael ideas in the creative depart-
Based on 2023
cessor, Phoebe Philo, had been struggling. Rider, a 42-year-old American ment should be very important
proprietary survey earned a devoted fan base of Sarah Burton, who took designer, the brand announced in boosting desirability and ul-
professional women for her over for Alexander McQueen Wednesday. Rider was previ- timately revenue growth.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Thursday, October 3, 2024 | A5

U.S. NEWS

Vance’s Pitch
Is Made Easier
With No Trump
BY MOLLY BALL But the collegiality was a
departure for Vance, who has
Without Donald Trump leaned into the attack-dog role
there as an easy target, Demo- and been rewarded with the
crats’ argument is much lowest popularity of any vice-
harder to make. presidential nominee in the
That was the most obvious modern era. Rather than in-
conclusion from Tuesday’s veigh against the left, he made
vice-presidential debate be- a swing-voter-friendly pitch
tween Republican for the stable leadership and

ADAM GRAY/REUTERS
ANALYSIS JD Vance and Dem- healthy families that he said a
ocrat Tim Walz. second Trump administration
With deftness, discipline and would bring. “Honestly, Tim, I
finesse, Vance, the Ohio sena- think you’ve got a tough job
tor, prosecuted the case here,” Vance said. “You’ve got
against the current adminis- to pretend that Donald Trump A watch party in New York for Tuesday’s vice-presidential debate between JD Vance and Tim Walz.
tration while calling back to a didn’t deliver lower inflation,
not-always-recognizable vision which, of course, he did. And out power in the Southern then pivoted to argue that the violence, the importance of few who lived through it would
of Trump’s term in office—and then you’ve simultaneously got states ravaged by Hurricane current Democratic adminis- building more housing, the un- recognize.
his exit from it—as a time of to defend Kamala Harris’s Helene, while a nascent dock- tration—which he termed the affordability of child care. Even Walz’s strongest moment
comparative peace and pros- atrocious economic record.” workers’ strike threatened to “Kamala Harris administra- on the contentious issue of came near the end, when he
perity. It was an undercard face-off snarl the economy. tion”—had failed to solve it but abortion, Vance conceded that brought up the Jan. 6, 2021,
Walz, the Minnesota gover- with unusually high stakes. Walz said the chaos over- that Trump’s policies would. Republicans have lost voters’ riot, “the first time in Ameri-
nor, seemed nervous and Though running-mate debates seas showed a need for steady “Some of it, I’ll be honest trust, and both men said can history that a president or
struggled to make clear argu- are rarely decisive, this year’s leadership, not the “fickle” with you, it even sounds pretty women should have options. anyone tried to overturn a fair
ments in defense of his ticket- election is so close in so many governance of Trump, whose good,” Vance said of Harris’s But Walz drew the line at election and the peaceful
mate, Vice President Kamala states that anything could tip pullout from the Iran nuclear proposals. “Here’s what you Vance’s contention that differ- transfer of power.” When
Harris. the balance. Given the reserva- deal he said had destabilized won’t hear, is that Kamala Har- ent states should make differ- Vance tried to draw a parallel
The battle of the Midwest- tions undecided voters have the Mideast. ris has already ent policies: “How can we as a with Democrats’ blaming Rus-
ern dads was largely a friendly about both tickets—polls show Vance blamed done it. Because nation say that your life and sian collusion for handing the
and substantive affair, with the Trump is widely seen as er- the current ad- she’s been the your rights, as basic as the 2016 election to Trump, Walz
candidates treating each other ratic, while Harris remains ministration, The debate was vice president right to control your own body, pressed him to answer

.
respectfully and saving their something of an unknown saying despite an undercard for 3½ years, is determined on geography?” whether Trump lost the 2020
harshest attacks for the re- quantity—the understudies his reputation she had the op- election.

ly
spective nominees for presi- had an opportunity to fill in for chaos, “Don- face-off with portunity to en- “Tim, I’m focused on the fu-
dent. “I believe Sen. Vance the gaps. And with no further ald Trump actu- act all of these Straining credulity ture,” Vance said.
wants to solve this,” Walz said debates scheduled, this could ally delivered
unusually great policies.” Some of Vance’s descrip- “That is a damning non-an-
in an answer on immigration.
“But by standing with Donald
Trump and not working to-
gether to find a solution…we
be the last time the two cam-
paigns engage each other di-
rectly—the last word the two
campaigns will exchange be-
on stability in the
world, and he
did it by estab-
lishing effective
high stakes. Walz didn’t
have much of a
response.
times he de-
At
tions of Trump strained credu-
lity. He tried to claim that
Trump had “salvaged Obama-
care” when in fact as president
swer,” Walz replied.
But overall Vance proved a
glib and effective messenger,
and his seeming ease at mak-
dehumanize and villainize fore the election is over. deterrence.” fended the Biden administra- he tried and failed to repeal ing the case for an imaginary
us ,

other human beings.” Both candidates seemed to tion’s record; at others he ar- the Affordable Care Act. His version of Trump highlighted
l

The cordial tone was per- agree on the need for solutions gued Trump was to blame. attempt to elucidate Trump’s how successful a candidate
e
Stressful backdrop
al a

haps to be expected from Walz, to climate change. But while Walz also couldn’t explain hav- recent statement that tariff without Trump’s temperamen-
who has carved a persona as a The debate unfolded against Walz attacked Trump for call- ing falsely claimed to have policy would alleviate the high tal liabilities might be. “I’m go-
regular small-town guy since a backdrop of domestic and in- ing global warming a “hoax,” been in Hong Kong during the cost of child care was hardly ing to thank Sen. Vance,” Walz
ci on

his surprise ascension to the ternational calamity that high- Vance argued that increased 1989 Tiananmen Square pro- more convincing than Trump’s said. “I think this is the con-
national stage. His flustered lighted the election’s impor- American energy production tests, chalking it up to being a original rambling answer. “He versation [voters] want to
demeanor and difficulty ex- tance. Iran fired a barrage of and less trade with China “knucklehead at times.” did his job, which is govern in hear, and I think there’s a lot
plaining his biographical mis- ballistic missiles at Israel in a would make for a cleaner The candidates found many a bipartisan way and get re- of agreement.” Alas, in the
statements were perhaps in significant escalation of the re- world. In a pattern that be- areas of agreement in princi- sults, not just complain about current campaign, it isn’t the
er s

keeping with a politician gion’s widening conflict. Mean- came familiar as the night ple: on the need to bring back problems, but actually solve conversation the candidates
whose plain-spokenness is while, hundreds of thousands wore on, he agreed with his ri- U.S. manufacturing, the need them,” Vance said—a descrip- for president are actually hav-
m er

meant to be part of his charm. were still stranded and with- val’s diagnosis of the problem, for bipartisan solutions to gun tion of the Trump presidency ing.

Walz Vows to ‘Be Clearer’

PROTECT
m rp

Following His Misstatements

co Fo

PRESERVE
BY JOHN MCCORMICK first reported by Minnesota
Public Radio and APM Re-
Minnesota Gov. Tim Walz ports, suggested inaccuracies
said Wednesday that “I need in his claims of being in Hong
to be clearer” after a series of Kong for a teaching position
misstatements and exaggera- in 1989 during the Tiananmen
tions about his experiences Square pro-democracy pro-
STEPHEN MATUREN/GETTY IMAGES

and biography have created a tests in Beijing.

distraction for Democrats News stories at the time
weeks before the election. placed him in his home state
The vice-presidential nomi- of Nebraska and planning to
n-

nee suffered his worst mo- travel to Asia in August 1989,

ment in Tuesday’s debate with two months after the protests

BUMPERTOPPER™
Republican VP nominee Ohio in China. The Nebraska arti-
Sen. JD Vance when he tried cles were discovered by the
no

to explain years of repeated Minnesota Gov. Tim Walz conservative Washington Free
false statements about being Beacon.
in Hong Kong during the Ti- curacies by presenting himself “I got there that summer
ananmen Square protests in as an everyday guy, despite and misspoke,” Walz said,
China. Walz also has gotten more than a decade in Con- when pressed by the modera-
into trouble for past claims in- gress and being elected state- tors. “I was in Hong Kong and
cluding about his National wide twice. “I speak like ev- China during the democracy
Guard retirement rank and a erybody else speaks,” he said protests, went in, and from
2018 comment about “weap- during brief comments to re- that I learned a lot.”
ons of war that I carried in porters in Pennsylvania. “I On Wednesday, Walz
war” when he was never de- need to be clearer, I will tell sought to further clarify his
ployed in a combat zone. you that.” history with Asian travel. “I
Such exaggerations are A person familiar with have my dates wrong,” he told
known in Minnesota as “fish Walz’s speaking history said reporters in Pennsylvania. “I
tales”—embellishments often the governor’s gaffes aren’t was in Hong Kong and China
with a basis in fact—and they necessarily nefarious or em- in 1989. That move from Hong
generally haven’t hurt Walz bellishing in nature and are Kong into China, it was pro-
within the friendlier confines more a result of his casual found for me. That was the
of state-level politics. But on speaking style. summer of democracy.”
the national stage they can be Walz, 60 years old, isn’t A campaign spokesperson
damaging. Those involving alone among politicians mak- said: “As the governor has
Walz reveal the growing pains ing exaggerations. President said, he sometimes mis-
he has experienced since his Biden has a history of telling speaks. He speaks like a nor-
selection as Vice President anecdotes that don’t match mal person and speaks pas-
Kamala Harris’s running the historical record. Former sionately about issues he SILLPROTECTOR
mate. President Donald Trump cares deeply about including
“The national spotlight was makes claims in nearly every democracy and stopping gun
sure to expose Walz’s weak- public appearance that don’t violence in our schools.”
ness of exaggerating or being align with the facts. And Last month, there were also
Your rear bumper can get scuffed over time — decreasing your resale
less than honest,” said Blois Vance has repeatedly made revisions to how Walz de- value when it’s time to trade in. BumperTopper defends against damage
Olson, a nonpartisan political unfounded claims of Haitian scribed the form of fertility
analyst who publishes a immigrants eating pets in treatment he and his wife, from loading and unloading cargo. It’s impact resistant and covers
newsletter on Minnesota poli- Springfield, Ohio. Gwen, used to help conceive small blemishes. Pair with SillProtector for even more protection at your
tics and has known Walz While Walz is expected to their two children. The gover-
since 2006. do some national media inter- nor had previously claimed his vehicle’s entry points.
Olson said Walz and his views in the coming days, he family had used in vitro fertil-
team have prevented media mostly has been shielded from ization, or IVF.
interviews that are likely to questions from national re- That wasn’t correct. Gwen
yield follow-up questions or porters on the campaign trail. Walz subsequently said she
challenges. “The rule of thumb The same is largely true for used intrauterine insemina-
for Minnesota media and ob- Harris and Biden, when he tion, or IUI, which wouldn’t be
servers is just because he says was still expected to be the affected by an IVF ban that Auto. Home. Pet. Find Your Fit. 1-800-441-6287
it convincingly it doesn’t Democratic nominee. has been debated because it
mean it’s true,” he said. “It’s On the debate stage, Walz doesn’t create embryos. The
his Achilles’ heel, and at some was forced to acknowledge he Harris-Walz campaign said at
point he can’t keep running had made inaccurate state- the time that the governor’s
the same way.” ments about his Asian travel past statements used “com- Made in USA © 2024 MacNeil IP LLC
On Wednesday, Walz as a younger man. monly understood shorthand
sought to play down any inac- News stories this week, for fertility treatments.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Thursday, October 3, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS
Iran’s Attack Inflicted Minimal Damage
Israeli military says LEBANON
Reported explosions
it intercepted most located from GOLAN
video footage HEIGHTS
of the missiles, but
several got through
BY DOV LIEBER AND RORY JONES

TEL AVIV—An initial Israeli Mediterranean Sea Damage caused to houses

assessment Wednesday of the in Hod Hasharon
damage from roughly 180 mis-
siles fired a day earlier by Iran WEST
BANK
indicated largely minor dam- Tel Aviv
age to dozens of houses and
other civilian infrastructure in
the country’s densely popu-
lated center and to a few mili-
ARIEL SCHALIT/ASSOCIATED PRESS

tary bases. The aerial attack An explosion was seen

has escalated a yearlong con- near a school in Gedera
flict in the Middle East. GAZA
Israel said its air defenses
ISRAEL
intercepted most of the mis-
siles alongside a coalition of JORDAN
U.S.-led allies, including the EGYPT Nevatim base
U.K., but several projectiles
penetrated the country’s A missile blast damaged roughly 100 houses in Hod Hasharon, a town north of Tel Aviv. Note: Approximate locations Source: staff reports
vaunted aerial-defense system.
A missile hit a road outside Iran also targeted several base and other locations, say- and ready to launch counter- program, and he said, “The conflict is underlining how
the headquarters of Israel’s for- Israeli military bases in the ing it didn’t want to give in- strikes against Iran. No planes answer is no.” much this tips in Israel’s fa-
eign intelligence service, Mos- attack, hitting the Nevatim formation to Iran that would were damaged by the missiles, “All seven of us agree that vor,” said Lina Khatib, an as-
sad, near Tel Aviv, and a pro- base in the Negev Desert, help it understand the effec- said an Israeli security official. they have a right to respond sociate fellow at Chatham
jectile exploded near a school causing minor damage, ac- tiveness of its barrage. Prime Minister Benjamin but they should respond in pro- House, a think tank in London.
in a town in central Israel, cording to U.S. officials. Vid- Iran’s attack caused limited Netanyahu said Israel would portion,” he said, adding that “But Iran is also calibrating its
causing extensive damage to eos online showed missiles damage across the country, respond to Iran’s attack, call- he probably would speak with response to Israel in an at-
the building and a large crater raining down near the base, the Israeli military chief, Herzi ing it “a big mistake.” Netanyahu “relatively soon.” tempt at saving face while
outside, according to videos on- with some visibly exploding. Halevi, said later Wednesday. The White House said Despite the widespread as- avoiding provoking an Israeli
line and the Israeli military. A Two fallen Iranian missiles Israel’s air-defense systems Wednesday that President Bi- sault, health authorities in Is- attack on Iran’s vital re-
missile blast damaged roughly also were located in an area and the diligence of civilians, den had spoken with leaders rael reported no deaths and sources.”
100 houses in Hod Hasharon, a near the Dead Sea, not far who heeded demands to stay of other countries in the minor injuries. A Palestinian The U.S. had warned that

.
town north of Tel Aviv, the mu- from the city of Dimona, in shelters, saved lives, he said Group of Seven about coordi- from the Israeli-controlled Iran was preparing to launch a
nicipality said. Photos showed where Israel’s nuclear facilities while speaking at the Tel Nof nating a response to Iran’s at- West Bank town of Jericho ballistic-missile attack against

ly
windows and doors blown in are. It wasn’t clear if they air base in the central Israel. tack on Israel, which it said was killed after being struck Israel, following weeks of Is-
and cars smashed. were shot down or fell in those The base, which was tar- would include new sanctions. by shrapnel. raeli airstrikes inside Lebanon
“This was a very powerful areas without interception. geted in the attack, is func- Biden was asked by reporters “There has always been a that have killed senior offi-
impact with a huge risk of
claiming human lives,” the
municipality said.
Israel’s military declined to
comment Wednesday on the
damage to the Nevatim air
on
tioning normally, Halevi said.
Earlier, the military said its
air force is fully operational
whether the U.S. would sup-
port Israeli strikes against
sites linked to Iran’s nuclear
huge technological and mili-
tary imbalance between Iran
and Israel and the ongoing
cials in Hezbollah—a militia
backed by Iran—including
leader Hassan Nasrallah.
us ,

Eight Soldiers Killed in

l
e
al a

South Lebanon Fighting

ci on

BY JARED MALSIN Lebanon. The deaths point to killed in the strike, according
er s

AND STEPHEN KALIN the dangers of Israel’s land op- to Lebanon’s health ministry.
eration in Lebanon, where it The Israeli military also re-
m er

BEIRUT—Eight soldiers were faces Hezbollah on terrain leased a notice warning resi-
killed in the first casualties of where the militants twice dents of Beirut’s southern
Israel’s ground campaign in fought the Israeli military to a suburbs to stay away from
Lebanon, the Israeli military standstill in recent decades. Is- certain locations that it said
said Wednesday, as it sent ad- rael also is fighting in the Gaza were linked to the Hezbollah
m rp

ditional troops to bolster forces Strip, where the military says militant group and that it said
engaged in close fighting with 346 Israeli soldiers have been it would be targeting soon.
the militant group Hezbollah. killed since the war started after The mounting death toll
MANU BRABO FOR WSJ

Hezbollah said for the first the Hamas-led Oct. 7 attacks. has intensified the stress on
time Wednesday that it was At least 1,030 people were institutions in Lebanon, a
co Fo

fighting Israeli forces inside killed in Lebanon in Septem- country that is in the grip of
Lebanon. Hezbollah spokes- ber after Israel intensified its an economic crisis and has
man Mohammed Afif said attacks, according to the Leba- few resources to cope with the
fighters were resisting the Is- nese health ministry. The min- conflict. The war has strained A Lebanese man stands amid the rubble of a building in Beirut that was hit by Israeli forces.
raeli offensive. “We’re stand- istry said 46 people were hospitals, authorities say.
ing fast,” he said. “This is the killed in airstrikes Wednesday. The move to put Israeli ballistic missile attack on Is- brigades, will join the opera- 1,200 and set off the Gaza war.
start of a long battle.” Overnight, the Israeli mili- troops on the ground followed rael on Tuesday, in part in re- tion, which began Monday. Israel is under pressure to sup-
Israel launched its ground tary said that it had con- weeks of intelligence opera- taliation for Nasrallah’s killing. The formal move across the press the attacks so residents
operation in Lebanon this week ducted a precision strike in tions, targeted killings of Hez- Israel’s military said it is in- border followed months of se- evacuated from the north can
aiming to roll back Hezbollah Beirut, the capital of Lebanon, bollah leaders including top creasing the number of troops cret raids in Lebanon by Israeli return to their homes.
from its northern border. and witnesses said there were official Hassan Nasrallah, carrying out raids on Hezbol- troops. Hezbollah began firing Afif said the group’s mili-
The Israeli military on strikes on two different apart- raids and heavy bombing. lah targets in southern Leba- rockets across the border tary capabilities, including
Wednesday named eight sol- ments on the same floor of a The violence continued to non. The 36th Division, as well shortly after Oct. 7 Hamas at- command and control, remained
n-

diers who died in combat in building. Six people were spread, with Iran launching a as two armored and infantry tacks on Israel, which killed intact.

Damage uty commander of Iran’s Is-

no

lamic Revolutionary Guard

Corps, Abbas Nilforoushan.

To Proxies Iran’s ambassador to Beirut

was injured days earlier, when
Israel triggered explosions in
ABEDIN TAHERKENAREH/EPA/SHUTTERSTOCK

Hurts Iran pagers used by Hezbollah.

The Sept. 27 assassination
of Nasrallah presented Iran
with two choices. One was to
Continued from Page One just sit it out—a course that
tunity in 50 years to change would have meant a major
the face of the Middle East.” loss of face with Iran’s other
Hamas has been eviscer- proxies.
ated as a fighting force by a The decision it made—to
nearly yearlong Israeli cam- launch Tuesday’s missile
Delivering Secure, Lifetime paign in Gaza, prompted by
the militant group’s Oct. 7 at-
A woman in Tehran on Wednesday held an image of slain
Hezbollah leader Hassan Nasrallah during an anti-Israeli rally.
strike on Tel Aviv and Israeli
air bases—means Iran is now

Income and Tax Benefits tack on southern Israel that

authorities said killed around portionate” Israeli re- ground forces started push-
facing potentially devastating
blows to its own military or
1,200 people. Tens of thou- sponse, saying he wouldn’t sup- ing across the border to dis- civilian infrastructure, open-
sands of Palestinians have port any strike on nuclear sites mantle Hezbollah fortifica- ing an escalation spiral
SAMPLE Age 90 14.4% been killed by the Israeli mili-
tary in Gaza since then.
in Iran, which has been stock-
piling uranium enriched to near
tions in southern Lebanon.
There were no initial re-
against a more powerful foe.
The recent blows dealt to
ANNUITY RATES Age 85 11.4% And Hezbollah, which for
much of the past year has
weapons-grade levels.
Bennett is among those call-
ports of widespread dam-
age to vital installations and
Iran and its allies have in-
stilled a spirit of giddiness
FOR INDIVIDUALS* Age 80 9.4% pelted northern Israel with
projectiles from its vast arsenal
ing on Israeli leaders to look to
deliver a devas-
no Israeli civilians died in
Tuesday’s Ira-
among some Israeli officials
and policymakers, creating a
RATES VALID THROUGH
OCTOBER 31, 2024 Age 75 8.2% of Iranian-supplied rockets and
missiles, is in disarray after a
tating blow to
Iran by target-
Tehran faces
nian attack. Is-
rael said no air-
temptation not just to revamp
Lebanon’s political makeup,
7.3%
*Pomona Plan annuity rates are not
series of Israeli blows that ing its nuclear craft were but maybe even to spur re-
available in all states.
Age 70 have decapitated its leadership facilities, its oil potentially damaged at its gime change within Iran—
and destroyed a significant industry and its air bases tar- which maintained good rela-
part of its weapons stockpile. leadership. devastating geted by Iran. tions with Israel before the
AAA Bond Ratings | Endowment over $2.8 Billion Large-scale Israeli retalia- “Iran has not Such an out- 1979 Islamic revolution.
80+ Years of Stability and Success tion for Tuesday’s attack learned a sim-
blows to its own come could Nadim Houry, executive di-
would be a stark difference ple lesson— infrastructure. suggest a more- rector of the Arab Reform Ini-
Call us to explore your options
p from its response after a sim- those who at- tailored retalia- tiative think-tank, warned of
ilar Iranian salvo in April, tack the State tion that would the risks of such overreach.
(800) 761-9899 For even hig
when almost all the Iranian
missiles and drones were shot
of Israel pay a
heavy price,” Defense Minister
likely focus on
Iran’s air defense and missile
“The danger right now is
the temptation of thinking
rates, consi her down, with the help of the Yoav Gallant of Israel warned. batteries, said Michael ‘This is a historical moment,
550 N. College Ave. d
a deferreder U.S., Western allies and Arab Iran unleashed its ballistic Knights, a senior fellow at the let’s remake the Middle
Claremont, CA 91711 annuit y. partners. missiles—which are much Washington Institute for Near East,’ ” Houry said. “It’s some-
At the time, Netanyahu re- harder to intercept than the East Policy. thing that has tended in the
pomonaplan.pomona.edu luctantly acquiesced to Presi- cruise missiles and the drones Hezbollah is far more inti- past to be a foolish and ex-
dent Biden’s urge to “take the that made up much of April’s mately linked to Tehran than tremely tragic endeavor, one
FIND A RATE CALCULATOR ON OUR WEBSITE! win” and refrain from major attack—after Israel killed Hamas. In fact, the airstrike that becomes more compli-
military action. Biden much of Hezbollah’s senior that killed Nasrallah in south- cated and tragic with each
on Wednesday called for a “pro- leadership and as Israeli ern Beirut also killed the dep- round.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Thursday, October 3, 2024 | A7

WORLD NEWS

Israeli Response Will Set Course BOE Warns

Instability
U.S. wants measured
reaction to Iran strike, Threatens
but has limited ability
to pressure its ally Markets
BY MICHAEL R. GORDON BY PAUL HANNON
AND SUNE ENGEL RASMUSSEN
Financial markets remain
As Israel weighs how to re- vulnerable to a sharp correc-
spond to Tehran’s latest mis- tion, the Bank of England
sile barrage, it could take a warned Wednesday as a twice-
page from its previous play- yearly survey found that geopo-
book when, after days of de- litical developments are seen as
liberation, its military targeted the greatest threat to stability.
a single Iranian military site. The BOE’s Financial Policy
Few expect Israel’s re- Committee has warned that
sponse to be as narrow this valuations of many financial
time, posing a fresh test as assets, particularly equities,
the Biden administration are “stretched” and could fall
seeks to avoid a new spiral of sharply in response to eco-
escalation. nomic or geopolitical shocks.
“The U.S. already lacks suf- In a survey conducted in
ficient diplomatic leverage to late July and early August, the
compel a cease-fire in Gaza BOE found that 93% of the 55
and Lebanon,” said Jonathan banks and other financial ser-
AMIR COHEN/REUTERS

Panikoff, a former U.S. intelli- vices firms that responded

gence officer now with the At- placed geopolitical risk as the
lantic Council, a Washington- leading threat to the stability
based think tank. of the financial system. That
Now that Iran has launched was the highest proportion in
more than 180 ballistic mis- People examined apparent remains of a ballistic missile in the desert on Wednesday after an attack by Iran on Israel. the history of the survey,
siles at Israel, which appears which goes back to 2008.
determined to carry out a ro- with Hezbollah. Israel’s recent An Israeli attack against without igniting the full-fledged for the idea that restraint However, BOE policymakers
bust response, “The challenge air and ground offensive Iran’s nuclear facilities or oil in- regional war it has sought to would not help to avoid a big- were concerned that those
of avoiding a regional war is against Hezbollah, and its out- frastructure, some analysts avoid for four decades. ger confrontation anyway.” perceptions of risk didn’t ap-
at its most difficult point size missile force, has greatly said, would greatly raise the The presence on Israel’s In planning its attack, Teh- pear to be reflected in the
since Oct. 7,” Panikoff added. diminished its capabilities. stakes. border of Hezbollah, a U.S.- ran has had to reckon with pricing of financial assets.
So far, the Biden adminis- One contingency Israel Such an airstrike could pro- designated terrorist organiza- how deeply Israeli intelligence Oil prices rose and equity
tration has been trying to needs to game out is Iran’s re- voke Tehran to launch a larger tion, has widely been seen as has penetrated Iranian secu- prices fell Tuesday as Iran

.
damp Israel’s ardor to hit back sponse. Tehran has said its missile barrage, orchestrate ter- Iran’s primary insurance pol- rity and that of some of its re- launched at least 180 ballistic
too forcefully by emphasizing Tuesday missile barrage was rorist attacks against Israeli in- icy against an Israeli attack at gional allies. That could ex- missiles at Israel, which appears

ly
that Iran’s missile attack was retaliation for the killing of terests abroad and step up its its nuclear facilities or its plain why Iran’s barrage determined to carry out a ro-
once again thwarted by Israeli Hassan Nasrallah, the Hezbol- nuclear program, hastening leadership in Tehran. wasn’t accompanied by missile bust response, opening the way
and U.S. missile defenses lah leader, and has threatened Iran’s path to a bomb. Now, with Hezbollah reel- or drone attacks by the to a new spiral of escalation.
While acknowledging Iran’s
missile barrage represented “a
significant escalation,” na-
tional-security adviser Jake
“crushing attacks” if Israel
strikes back.
After Iran’s
missile and
on “Israel will seek to reinforce
the idea that its
technological
superiority and
ing from a devastating Israeli
military campaign,
sought to find a way to show
Iran

it was still serious about pro-

Houthis, Hamas, Hezbollah or
Iraqi militias, which would
have required advance coordi-
nation and potentially tipped
The BOE said some concen-
trated trades added to the vul-
nerability of the financial sys-
tem to shocks. In its Sept. 19
Sullivan emphasized that it drone attack in ‘This was military skill al- tecting its “axis of resistance” off Israel’s spies. meeting, the FPC noted that
us ,

“appears to have been de- April left Israel revenge. Plain low it to strike without inviting retaliation Afshon Ostovar, an expert hedge funds have built net
l

feated and ineffective.” virtually un- any target in that could jeopardize its own on Iran’s military at the Naval short positions in U.S. Trea-
e
and simple…Iran
al a

The Biden administration scathed, Presi- Iran,” said Nor- security, analysts said. Postgraduate School in Monte- surys futures of $1 trillion, a
has vowed that the U.S. will dent Biden man Roule, who “Iran’s leadership has in- rey, Calif., questioned whether record high.
ensure that Iran faces “severe pressed Netan-
has played itself served as the creasingly been facing a lose- Iran’s attack served much of a The FPC worried that a
ci on

consequences” regardless of yahu to limit its into a corner.’ top U.S. intelli- lose proposition: Watch its al- purpose beyond the “faint sudden unwinding of those po-
how Israel responds—a step retaliation. gence officer on lies and interests severely hope” that it might deter Is- sitions could disrupt the mar-
U.S. officials have yet to spell Israel ap- Iran from 2008 weakened and do nothing, or rael from attacking Iranian ket for U.S. government bonds,
out but which some analysts peared to listen to 2017. But Is- retaliate, as it now has, and forces and its regional allies. which is the cornerstone of
said could mean stepped-up and targeted the radar for an rael is likely to avoid striking roll the dice on the conse- “This was revenge. Plain the global financial system.
er s

sanctions enforcement. S-300 antimissile system near targets that could spark a full- quences,” said Ali Vaez, direc- and simple,” he said. “Iran has “It was important for fi-
Yet none of that appears Isfahan that was protecting a scale war with Iran, Roule said. tor of the Iran Project at the played itself into a corner.” nancial institutions to be pre-
m er

likely to stay Israel’s hand—a nearby airfield and was “A war with Iran would re- International Crisis Group. —Shayndi Raice pared for…severe but plausible
point Prime Minister Benja- thought by military analysts quire the political, economic Having watched Israel pum- contributed to this article. stresses,” the BOE said.
min Netanyahu underscored to be part of the defense for and military support, if not mel Hezbollah, Tehran might The BOE also highlighted
on Tuesday when he declared the Natanz nuclear facility. participation by the United have opted for a “calculated the threat posed by high levels
that Iran had “made a big Israel’s response isn’t ex- States,” he added. “Israel no provocation” rather than Watch a Video of government debt around
m rp

mistake” and “will pay for it.” pected to be as constrained doubt recognizes that Wash- standing down, said Walter Scan this code the world in the wake of the
Unlike with Iran’s prior mis- this time, though some former ington has no interest in en- Posch, a senior researcher with to see how Iran’s Covid-19 pandemic and the
sile attack, Israel doesn’t need officials expect it to show gaging in such a conflict. “ the National Defense Academy attack on Israel surge in energy and food
to fear that a strike against some restraint in taking mili- Iran, for its part, was looking in Vienna. “In the end, deci- could lead to a prices that followed Russia’s
Iran would spark a major clash tary action against Iran. for a way to lash out at its foe sion makers in Tehran settled wider conflict. invasion of Ukraine.
co Fo

China’s Patriotic Rhetoric Takes Increasingly Violent Turn

BY WENXIN FAN

China’s Communist Party Some Try to Defuse the Hate

has for years stoked patrio-
tism in the state media and In the days after the had all but disappeared
the country’s classrooms, driv- death of the Japanese 10- from the Chinese internet,
n-

ing nationalist fervor that at year-old, a letter that ap- a result only possible with
times spun out of control. peared to be from the an order from China’s in-
Now, three stabbing at- boy’s father began to circu- ternet regulator.
tacks in four months that tar- late online. He and his wife, A week after the stab-
no

geted Japanese and Americans who is Chinese, refused to bing, a group of Chinese
have exposed a dark side of that hold grudges, it said. activists launched a memo-
campaign, what many in China Their son, it said, loved rial campaign for the Japa-
describe as “hate education.” to draw, was passionate nese boy, calling on people
In one of the past year’s vi- about insects, and had “a worldwide to take a stand.
ral videos, a desk-pounding heart more tender than Posters, circulating in Chi-
schoolteacher lectures to her anyone else’s.” The letter nese, Japanese and English
students about China’s “blood was spread quickly across on Instagram and other
feud” with Japan, admonishing many of China’s social-me- overseas platforms, said,
them to never forget the atroci- dia platforms, shared by “Say No to Hate Crime.”
DAVID KIRTON/REUTERS

ties conducted by the Japanese readers who described it The organizers also
army in World War II. State as an antidote to toxic na- asked people to do some-
media praised her, and other tionalism. thing the boy enjoyed:
teachers reposted her video. Within days, the letter Draw an insect.
Recent rancor aimed at for-
eign rivals has been tolerated A woman placed flowers outside Shenzhen Japanese School after a boy was stabbed to death.
and in some cases promoted
by Chinese authorities in Chen Bi and Zhao Hong wrote else,” he said in a newly re- Shortly after, at a middle- woman and her child at a slowed, and many of the most
schools and social media— on their personal blog leased speech to a national edu- school play in the northern school-bus stop in Suzhou, a prominent social-media voices
where censors can suppress on WeChat, China’s ubiquitous cation conference six years ago. Chinese city of Zaozhuang, city in eastern China with a promoting extreme nationalism
unwelcome views and allow social-media platform. “If his- In recent years, China has students drew applause when large Japanese population. The remain untouched.
others to flourish. That ap- tory is remembered through revised textbooks used in they re-enacted the 2022 as- two were injured; the bus at- One commentator, an offi-
proach runs counter to Bei- hate, what follows will be schools across the country to sassination of former Japanese tendant, a Chinese woman, cial “propaganda ambassador”
jing’s mission to restore global more killings and harm.” support Xi’s leadership and Prime Minister Shinzo Abe fought the man and was killed. of Guangdong province, com-
connections that helped power Their commentary was re- his emphasis on national secu- and unfurled a banner criticiz- A few weeks earlier, four in- pared the Shenzhen attack to a
economic growth in the past. moved from online platforms rity, alongside sustained ing the Fukushima water re- structors affiliated with an 1937 incident that triggered
“Hate is inside China’s edu- after many readers reposted it. themes such as placing support leases, state media reported. American college were stabbed the second Sino-Japanese
cation” in schools, media and The Cyberspace Administra- for the Communist Party at the Local education authorities by a Chinese man while walk- war—suggesting Japan was
patriotic movies, said Wang tion of China didn’t respond to heart of Chinese patriotism. later said the performance ing in a park in Jilin, a north- using the attack as an excuse
Ke, a retired Kobe University a request for comment. Lessons in Chinese schools wasn’t “entirely appropriate,” ern Chinese city. China’s For- to inflame conflict with China.
professor who has studied na- “China does not teach its reinforce official positions on but that the students should eign Ministry said the incident The commentator, Gu Yan
tionalism in China and modern people to hate Japan,” Chinese topics such as border conflicts be tolerated for their mistakes wouldn’t affect “the normal Mu Chan, later echoed the of-
Japan. “The Communist Party Foreign Ministry spokesman Lin with India and Beijing’s pro- because of their age. development of people-to-peo- ficial media argument, saying
has been licking historical Jian said several days after the claimed sovereignty in the Public debate on China’s in- ple and cultural exchanges be- the killing was a result of anti-
wounds, consciously not let- 10-year-old’s death. “We believe South China Sea. ternet wavered between those tween China and the U.S.” China attitudes in Japan,
ting it heal.” that to learn from history is not Revised textbooks also re- who said that the students Chinese authorities have re- which she said had never
Public pleas for compassion for perpetuating hatred but for tain themes about China’s war were righteous in expressing vealed little about the attack- come clean of its historic sin.
have been routinely stifled. Af- avoiding the tragedy of war with the U.S. on the Korean anti-Japanese attitudes and ers in the three stabbing at- The growth of hateful con-
ter the stabbing death of a 10- from repeating itself.” Peninsula and heroic tales of those who expressed concern tacks, which they described as tent online in China has accel-
year-old Japanese boy on his Textbooks in China have fighting the Japanese. that an act of political violence isolated incidents. erated, experts said, in part
way to school in the southern long highlighted Japanese war- The recent outburst of anti- was being taken too lightly. Following the killing in Shen- because of platforms’ techno-
Chinese city of Shenzhen—on time atrocities and portrayed Japan sentiment intensified In the months that followed, zhen of the 10-year-old boy, logical limitations, but also be-
the Sept. 18 anniversary of the U.S. as its ideological rival. last year after Beijing vilified Japanese schools in China Japanese officials requested cause moderators can be re-
Japan’s 1931 invasion of Man- As pronounced by leader Xi Tokyo for releasing water from emerged as a target on social that China remove extreme luctant to remove content that
churia—two Beijing law pro- Jinping, vigilance against the the Fukushima Daiichi nuclear media, a message that turned anti-Japan content from the in- draws audience traffic.
fessors posted a warning West is a necessity. China’s ad- power plant into the Pacific deadly this year. The stabbing ternet. Most Chinese platforms “The platforms aren’t inno-
against the spread of hatred. versaries “have put more effort Ocean, though the releases had in September was preceded in had started to do that after the cent,” a former content man-
“Do not indulge in violence into winning the hearts of our been approved by the Interna- June by an attack by a Chinese stabbing in Suzhou in June, but ager of a Chinese video-shar-
in the name of patriotism,” youngsters than in anything tional Atomic Energy Agency. man with a knife on a Japanese anti-Japan content never ing site said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Thursday, October 3, 2024 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

Asheville’s
Economic
Disaster
Continued from Page One
Residents are left wonder-
ing whether the local economy
can rebuild and continue to
thrive. Almost half of small
businesses never reopen after
a disaster, according to the
Federal Emergency Manage-
ment Agency.
On Tuesday, Megan Parker
and Erin Stefanacci crossed six
sets of train tracks on foot to
assess the damage to their 6-
month-old Flow at Foundy
yoga studio. They did their
best to sidestep the stray vinyl
records and Honduran cigars
that had been flooded out of
nearby shops. There were no
buildings left intact in the arts
district, a former industrial
park that stretches several
blocks along the French Broad
River.
When they reached the stu-
dio, Parker began to cry. They
had moved furniture and
equipment to their second-
floor loft when the rain
started, but the water went up Above, an aerial view of the damage to the Biltmore Village area of Asheville, N.C., on Tuesday. Middle right, artist Spencer Beals was in a studio when
to the roof. A wine barrel from water started seeping through the floor. Below right, workers attempted to repair an electrical pole in the River Arts District.
the winery several blocks away
was lodged in the rafters, Asheville, N.C., sits in a valley along the French Broad River, which is fed from the mountains
alongside a yoga mat. An en- and creeks throughout the area.
tire tree trunk had been
washed through the front The front edge of the massive
E P AT H
door. Hurricane Helene reached
CAN E HELEN
HURRI

.
“What do you try to save? the Asheville area on Wednesday,
Sept. 25—before its eye made Brevard
Nothing is left,” said Stefa-

ly
Hendersonville
landfall in Florida—kicking off 1
nacci, 37. They had invested 2
$120,000 in the studio and heavy rains.
completed the three months’ Black Mountain Biltmore Village
worth of renovations them-
selves. They opted against
flood insurance after receiving
a quote for $6,000 a year, fig-
Total rainfall since Sept. 24
on Asheville 3
Canton

uring the worst-case scenario 0 inches 25

us ,

would be replacing drywall

l

from a few feet of water.

e
al a

“We made what we thought N

was a data-driven decision,” Hot Springs
said Parker, 32. “We thought
ci on

we’d be able to afford to re- 1 On Friday, Sept. 27, with the 2 As the river's water funneled 3 Water levels reached a peak
place the damage.” heart of the storm approaching down into the valley and merged at 5:30 p.m. Friday in Asheville
after two days of steady rain, with creeks and other runoff from and Biltmore Village.
the water level in the upper the mountains, the water level The overtopped river caused
‘Wouldn’t expect it’ reaches of the river hit a record near Hendersonville soared past widespread flooding and damage
er s

Helene has killed at least height of more than 15 feet. its own record on Friday. throughout the city.
149 people across six states in
Friday, 6:45 p.m.
m er

the Southeastern U.S. Western 30 feet Friday, 5:30 p.m.

North Carolina, where the lat- 30.3 ft.
24.7 ft.
est death toll is more than 40 25
and rescue crews are still Friday, 11:45 a.m. Previous record
20 15.6 ft. Previous record
searching for the missing, bore
m rp

the worst of the storm. The fe- 15 Previous record

rocity and speed of the devas-
tation came as a surprise to 10
the many who had moved here
expressly because it seemed to
ANGELA OWENS/WSJ (4)

5
co Fo

be a respite from extreme

weather in other parts of the 0
nation. Sept. 24 Oct.1 Sept. 24 Oct.1 Sept. 24 Oct.1
“This is what you see in Sources: NOAA; USGS; European Space Agency
Florida,” said Al Plasterek, 77, CARL CHURCHILL, TAYLOR UMLAUF and JOSH ULICK, print design by CAMILLE BRESSANGE/WSJ
a retired medical transcrip-
tionist who had moved from Tourism represents 15% of Many of the artists and the business from her kitchen she said. “I think we all are.“ were filled with debris; there
Florida in search of a lower local employment in the metro workers who fuel the regional to a 14,000-square-foot space She had thought of Ashe- was a car overturned in a
cost of living and milder area. Visitors spent $3 billion economy had been priced out in nearby Black Mountain, ville as immune to extreme friend’s backyard, and it didn’t
weather. “You wouldn’t expect last year in Buncombe County, of the city proper, living in where she employs six full- weather. “I think that’s part of even belong to her friend.
it here.” where the city of Asheville is outer ring towns like Black time and has millions of dol- what drew so many people “Living in Charleston, I’ve
The scale of the wreckage located, according to the Mountain and Swannanoa. Al- lars in annual revenue. here during the pandemic,” seen many a hurricane and
suggests that it might be “one county’s Tourism Development fredo Ruiz and Sonia Rojas Like a lot of small-business she said. “I don’t know what tropical storm and the devas-
n-

of the worst flooding disasters Authority. rode out the storm in the owners, she beefed up inven- happens now.” tation of natural disasters,”
in United States history,” ac- The Biltmore estate, an beauty salon they own, Corte tory during the pandemic to she said. “But this was some-
cording to Jonathan Porter, 8,000-acre property boasting & Cut. They watched a neigh- guard against supply-chain thing out of a horror movie.”
chief meteorologist at Accu- the nation’s largest private bor’s house float an entire city challenges—in her case, ac- ‘A horror movie’ Spencer Beals, a watercolor
no

Weather. residence and the most visited block. The road across the quiring caps and bottles. On Many of the thousands of artist-in-residence at Founda-
“Heartbreaking doesn’t winery, is closed, with at least street collapsed off the side of Friday, the warehouse flooded, retirees in the Asheville area tion Studios, was at the studio
even describe it,” said Jordan a week’s worth of reservations the mountain. destroying an estimated hun- have been out of touch with on Thursday night during the
Moodie, the gallery manager at canceled at its signature hotel. The couple, who moved to dreds of thousands of dollars’ far-flung family members for storm. He lives in his van, so
Foundation Studios, an 8,000- Tickets to tour the estate dur- the area from Mexico 30 years worth of inventory and equip- days. Jessica Munday, a 52- he parked at the top of the hill
square-foot space in the River ing the Christmas season in ago, have three sons who were ment. Her liability insurance year-old marketing executive that morning and skate-
Arts District where just a week November and December, born here. “We’ve never, never doesn’t cover flood damage. in suburban Charleston, S.C., boarded in to help protect the
ago, around 100 artists sold when it’s bedecked for the hol- seen something like this, never Her staff has spent the past was so worried about her par- artwork should the worst hap-
their work. Now it is rubble, idays, were already on sale for thought something like this four days going through every ents that she packed her car pen. He was there all day
strewn with shredded can- $125 to $425 though the Bilt- would happen here,” said Al- box and separating out what’s with supplies and drove five Thursday working on a collab-
vases. “It’s beyond anything I more website. It has no time- fredo Ruiz, 52. been damaged. They haven’t hours up the mountain on Sat- oration with an environmental
could have imagined in my line yet for reopening. Emma Allen, 41, moved shipped any products since the urday after calls to them failed nonprofit for an event to pro-
wildest nightmares.” The Asheville region encom- back home to Asheville from storm and don’t know when to go through. tect endangered red wolves.
passes dozens of small towns, New York City in 2017 after they will be able to. “I have never ever seen That night, he set watch
many of which were com- starting skin-care company Ev- “I’m really just coming to anything like what I saw,” she alarms to wake himself every
Superlative city pletely devastated. eryday Oil, and has graduated terms with how bad this is,” said. The lakes and rivers hour. By 8 a.m., the water had
The greater Asheville area started creeping up the foun-
has racked up all manner of dation. Beals started chucking
superlatives in recent years: artwork on top of any available
best U.S. city for beer lovers; raised surface. By 9, water was
highest ratio of people moving seeping through the floor. He
in compared with those mov- started to panic when, at first,
ing out; top-five retirement he couldn’t push open the door
destination. James Beard against two feet of water.
Award-winning restaurants sat After getting the door open,
a stone’s throw from the brew- he waded through chest-deep
pub for Wicked Weed Brewing, water to the train tracks,
a craft-beer darling snapped dodging trash cans and tree
up by Ab InBev in 2017. branches. His paintings, thou-
This year, wages had risen sands of dollars worth of
7%, compared with 3.8% state- prints and art supplies, and his
wide. New residential permits sketchbook are all gone.
rose 66% in July from a year “I just lost my whole cre-
earlier, according to a report ative practice. I lost all my
prepared by the Asheville Area original work,” the 25-year-old
Chamber of Commerce and said. With one exception: He
Western Carolina University. kayaked back through 8 feet of
This weekend would typi- standing water the next night
cally kick off peak leaf season, to rescue the wolf painting.
with phalanxes of Harley-Da- He spoke of the devastation
vidson Road Kings and Fat throughout the town.
Boys winding their way along “There’s just a lot of crying.
the Blue Ridge Parkway, fol- It’s all small businesses down
lowed by minivans headed to there,” he said. “Every single
one of a dozen national and one that’s flooded, that’s their
state parks. Now parts of the life, and it was beautiful, and
parkway are impassable and it’s so sad to stand up on the
most hotels and Airbnbs are hill overlooking it and watch it
shut down. Jenny Ferrell cried as she hugged Jordan Moodie, a gallery manager, in Asheville’s River Arts District. all float away.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, October 3, 2024 | A9

CARRY ON
DAWN
GILBERTSON

G
Dallas
ive Southwest Airlines
credit. The lighthearted
airline that cracks in-
flight jokes can make
even the most dramatic
changes seem like a win
for all travelers.
The airline paraded people
through a shiny new Boeing 737
MAX 8 decked out with rows of
cushy extra-legroom and “pre-
ferred” seat sections, in-seat
power and bigger overhead bins at
its investor day last week. The
goal: To hype its switch to as-
signed seats late next year after
decades of open seating. A com-
pany TikTok gushed that the air-
line was in its “glow up” era.
Make no mistake, though: Not
everyone wins in this makeover.
Southwest is on a desperate
hunt for new revenue. Longtime
fans and the new customers it
hopes to attract will pay for the
upgrades one way or another.
Southwest executives said “mone-
tize” 11 times during their presen-
tations Thursday. “Premium” came
up 34 times.
You may be wondering: Haven’t
all of Southwest’s major competi-
tors carved up their cabins for
years? You’re right. But Southwest
has long prided itself on being

.
egalitarian.
That ends when assigned seats

ly
Not Everyone Will Be a Winner
are sold beginning late next year
for travel beginning in 2026. Fliers
will still be able to check two bags
free, but a good number of seats on
In Southwest Seating Shake-Up
will be subject to those dreaded
seat fees—and not just those with
extra legroom.
I’ve flown Southwest since they
us ,

used those reusable plastic board-

l

ing passes now in the Smithso-

e
Expect skeptics to give the carrier a look, some longtime loyalists to grumble and prices to rise
al a

nian, and have covered them al-

most as long. Southwest didn’t
reveal every detail of its transfor-
ci on

mation, including just how much cept to say Wanna Get Away ticket bags rank a close third in the top seats today. sional golfer Scott McCartney, calls
extra you’ll pay for a better seat. holders would get assigned seats three reasons travelers pick South- That’s a convenient response. it a chance to improve your lie.
The airline did spill enough, only at check-in. west, after schedule and price, ex- Wanna Get Away passengers will
though, to spark some hot takes. ecutives say. just get the leftovers in the back Cheaters: Anyone who has flown
Travelers who shun Southwest of the plane, possibly middle seats, Southwest more than a couple of
er s

THE WINNERS today: The Never Southwest camp THE LOSERS while everyone else gets to pick a times knows the airline’s pre-
Frequent fliers: Southwest’s top is a big one due to the lack of as- Travelers who buy Southwest’s seat in advance, for a price or in- boarding lines are out of control.
m er

frequent fliers, who have the air- signed seats. (The airline says its cheapest tickets: Southwest’s cluded in their ticket. (There were 20 early boarders on
line’s A-list Preferred status, will research found 86% of other air- Wanna Get Away fares won’t come And you can bet Southwest will one of my recent flights.) Travel-
get the extra legroom seats and lines’ customers want assigned with advanced seat selection. A follow its competitors in trying to ers request early boarding so they
preferred seats free at booking seats.) seat will get assigned during on- scare travelers, overtly or not, into can get a better pick of seats.
(when available). Additional perks The addition of as- line check-in. This is buying a higher-priced ticket so Southwest didn’t publicly ad-
m rp

are possible, too. They already re- signed seats gives a standard restriction you can pick a seat. mit that it’s an issue until it an-
ceive free priority boarding, Wi-Fi these travelers an- on major airlines’ ba- Anyone who has bought a basic nounced the shift to assigned
and alcoholic beverages. A-list other airline option. The end of sic economy tickets economy or budget airline ticket seats. Watterson told employees in
Preferred members—along with And many are already open seating and a staple of bud- knows you have to practically sign a video last month that there’s
the lower-tier A-list members—to- used to paying seat get carriers like a consent form saying you under- been an “explosion of abuse.”
seems likely to
co Fo

day get to board right after the A fees for extra legroom Spirit and Frontier. stand the restrictions. Watterson Those preboarding lines should
boarding group even if they have a or a quicker exit from Southwest execu- says Southwest doesn’t plan to shrink when the first flights with
lousy boarding number. the plane.
please some, tives insist there’s no “blast” terms and conditions of assigned seats take off.
Regular A-list members will be but irk others. comparison because the Wanna Get Away tickets. There is no longer incentive for
able to book preferred seats for Heavy packers: passengers buying the passengers who don’t need extra
free at booking and can book ex- Southwest says it cheapest tickets will Passengers who like to play seat time to board early.
tra-legroom seats for free if any studied keeping or still get two free roulette: Southwest’s open seating
LM OTERO/ASSOCIATED PRESS

are available within 48 hours of changing its two-bags-fly-free pol- checked bags, pay no change fees, induces anxiety, no doubt. The air- Seat savers: It’s no secret passen-
departure. icy, but its research found that earn frequent-flier points and line says 80% of its passengers gers have saved money and infuri-
Southwest didn’t spell out it would lose a net $300 million in more. Chief Operating Officer An- want assigned seats. But that ated fellow travelers by saving
which seat perks would come with revenue despite collecting $1 billion drew Watterson doubles down by means 20% like the thrill of the seats for family members or
its four main ticket types—Wanna to $1.5 billion in additional bag fee saying Southwest isn’t taking any- hunt, the chance to pick their seat friends with a later boarding posi-
Get Away, Wanna Get Away Plus, revenue. Why? Some customers thing away from these passengers and seatmates. My predecessor, tion. With assigned seats, that op-
n-

Anytime and Business Select—ex- would bolt for other airlines. Free because they don’t get assigned Middle Seat columnist and occa- tion goes away.
no

to donate it to the state while others kitchen lighting and a bathroom door, A new tool should help Belgium The Stoclet project followed a simi-
A Mansion, want to profit from it, officials said.
Family members remain mum. At-
among other elements. Officials say
the house is in good condition overall.
pry open the mansion’s iron gates: A
law passed earlier this year requires
lar reconstruction that Derycke, Lo
Buglio and their team released in 2019
tempts to contact them directly and Its white-marble facade, however, all Unesco-listed structures to open of an art nouveau civic center that
Family Feud through others proved fruitless.
Since Anny’s death, the family has
needs a cleaning after decades of rain
dripping over copper in the building’s
for state-funded visits during a few
days annually.
was demolished in 1965, the House of
the People. Officials from Urban.Brus-

And a Klimt forbidden almost anyone from enter-

ing the palace, aside from workers
and a few experts. Benoît Cerexhe,
ornate metal trim tinted much of it
green.
Under Belgian rules, any facility
A handful of Brussels buildings are
on Unesco’s register. All but the Palais
Stoclet already allow some access. Ac-
sels in 2020 asked Lo Buglio to create
one of the Stoclet mansion.
“I thought great, I’ll finally have a
mayor of the mansion’s district since drawing more than chance to go inside,” he recalled.
Continued from Page One 2013, said he has received no response €500,000 over a “They said: No, no, no. Do it like the
“It really shocked us,” said Ans to his invitations to meet the family. five-year period House of the People.”
Persoons, a Brussels politician leading He has never set foot in his quarter’s must open its doors His team would get no access to
the push for more public admiration most famous structure. to limited public the building and couldn’t even fly a
of the landmark, which is listed by Particularly galling to authorities is viewing, at the gov- drone over it. They had to work from
Unesco as a World Heritage site. that the family bars access despite re- ernment’s expense. archives and public records as if it no
When Stoclet’s last immediate heir, ceiving more than €1 million in public The Stoclet family longer existed, he was told. Reams of
daughter-in-law Anny, lived in the money to maintain the delicate monu- keeps its use of documentation, including original
mansion late last century, she hosted ment since its Unesco designation in subsidies below the plans and century-old contracts for
concerts in its dark-marbled music 2009. Funding has helped restore threshold, said materials, are in the public domain.
room. A coterie of Brussels elite and stones and metalwork on a balcony, Persoons. Still, the family objected. Its law-
FROM LEFT: ANS PERSOONS/OFFICE OF SECRETARY OF STATE; FINE ART IMAGES/HERITAGE IMAGES/GETTY IMAGES

art lovers could experience yers barraged Lo Buglio with de-

the property, dreamed up by mands to stop work. City officials told
Viennese architect Josef Hoff- Brussels politician Ans him to continue, under their legal pro-
mann as a Gesamtkunstwerk, Persoons outside the tection. Despite that, he sweated.
or “total work of art,” filled Palais Stoclet. Above, an “What if one of the sources we
with pricey collectibles. image used by Klimt in used wasn’t in the public domain?” Lo
“It was very warm,” said the Stoclet frieze. Buglio feared. Accidentally including
Isabelle Leroy, an expert on a detail obtained outside the archives,
national cultural heritage at tion on the law is pending following from some private source, could scup-
Urban.Brussels, the city’s elections and protracted talks on per the project, he worried.
preservation office. She first forming a new government. His attempts to seek input from
visited the home in 1983, The man who would be responsible the family fell flat, he said. Ultimately
while in school, and recalls it for managing eventual public access the two sides’ lawyers struck a deal
as “sensual,” adorned with hopes the law will yield an amicable allowing the digital video to proceed.
luxurious carpets and as- compromise. The government doesn’t And in the end, the public fight had
sorted artworks. Among them want to be seen as forcing open a pri- an upside.
was a medieval Madonna and vate home, said Thierry Wauters, Di- “Thanks to this, we got amazing
Child now at the Metropolitan rector of Cultural Heritage at Ur- media coverage,” even before the
Museum of Art in New York. ban.Brussels. video’s debut last year, said Derycke.
Since Anny’s death in 2002, Meanwhile, the public is already “We cannot thank them enough.”
the next generation of descen- getting a virtual peek inside. Lo Bug- Whenever access is ultimately al-
dants—seven heirs with eight lio’s team finished its digital recon- lowed, Persoons said the mansion will
legal representatives, accord- struction last year and showed it in be a hot ticket, following the public
ing to city officials—has bick- one of the city’s main museums fight and the video.
ered over what to do with the through April. It is now on view in a “I would love to see it,” she said.
faded showpiece. Some want city-center gallery. “And not only me.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Thursday, October 3, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Childless People’s Estates Stun Heirs

BY TALI ARBEL

C
harities, distant relatives
and even pets are benefit-
ing from surprise inheri-
tances. They can thank
people without children.
Not having children is
becoming more common, both
among millennials and older peo-
ple. A July Pew Research Center
analysis found that 20% of U.S.
adults age 50 and older hadn’t had
children.
And many of these people
don’t have wills. An AARP survey
found half of childless people age
50-plus who live alone have a will,
compared with 57% of others that
age. Those without wills have less
control over what happens to

Bequests benefit
charities, distant
relatives and pets.

their money, which often ends up

in the hands of people who don’t
expect it.
This phenomenon of a surprise
inheritance is common enough that
it has a name: the laughing heir.
“All they do is get the money
and go, ‘Ah ha ha, look at that,’ ”
said Michael Ettinger, an estate
lawyer in New York.

.
Kelley Gilpin McKeig, a 64-
year-old healthcare-industry con- to make sure what she has doesn’t money and support for a comfort-

ly
sultant in Ridgefield, Wash., re- go to “just anybody down the line, able old age, because clients with-
ceived a phone call several years or cousins I don’t care about.” out children can’t call on them for
ago saying her cousin Nick help.
Caldwell left behind money in a
savings account. They hadn’t been
in touch for 20 years.
“I thought it was a scam,” she
Who inherits
There are trillions of dollars at
stake as baby boomers age.
Most people leave their money
on “I hope there is something left
to leave,” said Stephanie Maxfield,
a 43-year-old therapist in south-
ern Colorado. “But if there isn’t, I
said. “Nobody else in our family to spouses and children when they think that’s OK too.”
us ,

had heard that he had passed.” die. A 2021 analysis of Federal Re- She said she would like to leave
l

She hunted down his death cer- serve survey data found that 82% something to her partner’s nieces
e
al a

tificate and a news article and of heirs’ inheritances came from and nephews and animal shelters
learned he had died about a year parents. and domestic-violence shelters.
and a half before in a workplace People with no children say they Her best friend is a beneficiary.
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accident. want to leave a greater share of Stephanie Maxfield, left, and Kirsten Tompkins would both like to leave Choosing an estate executor
Caldwell, who was in his 50s, their estates to charity, friends and something to nieces and nephews . and who would handle money and
had died without a will. His estate extended family, according to re- health decisions on your behalf
was split among cousins and an search by two Yale law professors can be difficult when you don’t
uncle. It took about two years for that surveyed 9,000 U.S. adults. a half-dozen close friends. She set average, more than triple the in- have children, financial advisers
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the money to be distributed be- Rebecca Fornwalt, a 33-year- aside $15,000 for the care of each tended amount of those with de- say. Using a promised inheritance
cause of the paperwork and court old writer, created a trust after of her two dogs. scendants. as a reward for taking care of you
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approval involved. Gilpin McKeig’s landing a book deal. While her Susan Lassiter-Lyons, a finan- The Jewish Community Foun- when you are older isn’t a good CLOCKWISE FROM TOP: PARKER ESHELMAN/WSJ, ISTOCK; KIRSTEN TOMPKINS; KIM MARQUEZ PHOTOGRAPHY
share was $2,300. heirs are her parents, her backup cial coach in Florence, Ariz., said dation of Los Angeles, which man- solution, said Jay Zigmont, an in-
Afterward, she updated her will heirs include her sister and about one childless client is leaving ages $1.3 billion of assets, a few vestment adviser focused on child-
equal interests in her home to her years ago added an “heirless do- less people. “Unfortunately, it is
two nephews. Another is leaving nors” section to its website that relatively common to see family
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Unclaimed funds from deceased people’s estates her home to a man she has been profiles donors and talks about members who are in the will de-
friends with for a long time. building a legacy. cide to opt for cheaper medical
NEW YORK CALIFORNIA
“She broke his heart years ago “Fifteen years ago, we never care (or similar decisions) in or-
and she feels guilted into leaving talked about child-free donors at der to protect what they will be
$40 million $8 million him property,” Lassiter-Lyons said. all,” said Lew Groner, the founda- inheriting,” he said in an email.
co Fo

A client who is a former escort tion’s vice president for marketing. Kirsten Tompkins, who is from
estranged from her family is leav- In the absence of a will, heirs Birmingham, U.K., and works in
30 6 ing her estate to two friends and are determined by state law. As- consulting, along with her hus-
to charity. sets can wind up in the state’s band divided their estate among
Lassiter-Lyons, who doesn’t hands. In New York, for example, their dozen nieces and nephews.
20 4 have children, set up a trust for $240 million in unclaimed funds Choosing heirs was the easy
her two dogs should she and her over the past 10 years has arrived part. What is hard is figuring out
wife die. The pet guardian, her from estates of the deceased, not who to ask for help as she and her
wife’s sister, would live in their including real estate, according to husband get older, she said.
10 2
house while taking care of the the state comptroller’s office. In “A lot of us are at an age where
dogs. When the dogs die, she in- California, it is $54.3 million. we are playing that role for our
herits the house. parents,” the 50-year-old said, re-
0 0
In the Yale study, people with- Hard questions ferring to tasks such as providing
FY2015 ’20 ’24 FY2015
n-

’20 ’24 out descendants—children or Financial advisers say a far bigger tech support and taking parents to
Note: Doesn’t include real estate; for fiscal years ending on March 31 for New York and June 30 for California. grandchildren—intended to give concern than who gets what is medical appointments. “Who is
Sources: Office of the New York State Comptroller; California State Controller’s Office 10% of their estates to charity, on making sure there is enough going to do that for us?”
no

CPA Shortage Spurs

“It’s been on my mind since I en- the framework as early as February, Separate paths
tered college as a freshman,” Pierre- which would guide state boards and As the national accountancy groups
Louis said. “I want my CPA license. legislators on law changes, said Sue rally for support and feedback from

Look at License Rule

How will I afford this?” Coffey, chief executive of public ac- the states, states such as California,
counting at the AICPA. Minnesota, Arkansas and South
A potential new path If state legislatures vote to pass Carolina are moving ahead with dif-
Some audit firms began turning a new CPA law, the accountancy ferent plans.
away or offshoring work as the ac- board would implement it by grant- The California Board of Accoun-
BY MARK MAURER counting license less expensive. counting shortage became acute, ing licenses and regulating those tancy is drafting legislative proposals

S
Defenders of the 150-hour rule and companies such as Advance who have them. that would allow work experience to
tates are considering allowing say it’s a purposeful hurdle for meet- Auto Parts and Tupperware Brands “There’s a high likelihood that we replace school credits as a CPA re-
prospective accountants to by- ing a standard needed to service cli- said they failed to file financial re- will see change because of so much quirement, but potentially without
pass a fifth year of school, one ents around the U.S. Florida was the ports on time due in part to insuffi- work being done in the background, the need for testing on competen-
of the barriers to entry contributing first state to adopt the requirement cient accounting personnel. frankly, for a year or two to get to cies. The board is seeking a senator
to the shortage of workers in the in 1983, with all other states follow- National accounting groups re- this point and to try to bring people or Assembly member to introduce
field. ing suit over the next two decades. viewed the cost and time of educa- to a place that’s as converged as the proposals in early 2025.
Under a proposal by two national Under the new proposal, candi- tion for CPA candidates, and in Sep- possible,” said Jen Cryder, CEO of The AICPA is aligned with the
accounting groups, CPA candidates dates could become a CPA by dem- tember, the American Institute of the Pennsylvania Institute of CPAs. California board on their aims, such
can use an additional year of work onstrating skills in areas such as CPAs, an advocacy group, and the Her organization plans to advo- as creating greater accessibility
experience instead of schoolwork to ethical behavior, critical thinking, au- National Association of State Boards cate for the state licensing law to while increasing the number of ac-
show professional and technical dit services, tax engagements and of Accountancy, which represents 55 be re-evaluated in January, but it countants, Coffey said. But the or-
skills. That is on top of a bachelor’s financial reporting based on an ad- U.S. boards, issued this proposal. hasn’t decided yet which changes to ganization wants as much uniformity
degree, a passing grade on the quali- ditional year of work experience. The groups are aiming to finalize make, Cryder said. as possible across states, she said.
fying exam and one year of work. Candidates would be required to Minnesota accountants, who
Companies, audit firms, profes- exhibit all seven professional compe- have struggled to loosen the state’s
sional groups and some state tencies and at least one of the three mandate, hope a similar version of
boards have been looking for ways technical competencies, which would a previously stalled bill will be intro-
to make the profession more ap- be verified by at least one evaluator duced when a new legislative ses-
pealing to students as fewer stu- in their organization, the groups said. sion starts in January.
dents graduate with an accounting Supervisors already sign off on CPA The earlier bill, introduced in Feb-
degree and more workers quit for candidates’ work experience, but ruary 2023, initially faced staunch
higher paying, less stressful jobs. that process appears more intensive opposition from national CPA
Many prospective accountants under the proposal. The public has groups that said it would lower the
say they are daunted by the barrier until December to provide feedback. bar. It would have allowed licensure
to entry, including 150 college credit Students are scrutinizing the for those who passed the CPA
hours, which requires a master’s de- proposal. Martha Pierre-Louis, a exam and earned a bachelor’s de-
gree or additional college credits, to sophomore at Loyola University Chi- gree in accounting and two years of
become a certified public accoun- cago, said the proposed alternative work experience.
tant. After all that, graduates say to the 150-hour rule would save her “The mere fact that we have this
the entry-level salaries for account- in cost and anxiety. She would have new framework out here seems to
ing are generally lower than compa- to take out more loans on top of be an acknowledgment that it is not
rable tech and banking roles. her existing debts to pay roughly going to be lowering the bar,” said
The associations’ suggested alter- $25,000 for a fifth year of school to Boz Bostrom, board chair at the Min-
native to the 150-hour requirement get a master’s. A new option could nesota Society of Certified Public Ac-
ISTOCK

could make the path to a state ac- help remove that burden. countants.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Thursday, October 3, 2024 | A10A

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10B | Thursday, October 3, 2024 NY / NE THE WALL STREET JOURNAL.

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MORAL INJURY IS A WAR INSIDE

No one should fight alone
n-

Imagine a soldier who takes a life in the line of duty. No matter how much good he does,
he believes he’s a bad person. He hates himself, hurts himself. He’s one of the many who
no

struggle with Moral Injury. At Volunteers of America, we can help him find peace.

Learn more at VOA.ORG

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, October 3, 2024 | A11

ARTS IN REVIEW
BY MICHAEL J. LEWIS

P
New York
aul Rudolph (1918-1997)
studied architecture under
Walter Gropius at Harvard
but he learned just as much
during World War II, su-
pervising the building of
ships at the Brooklyn Navy Yard.
His hard-earned experience with in-
novative materials and construction
techniques is abundantly on display
in “Materialized Space: The Archi-
tecture of Paul Rudolph,” at the
Metropolitan Museum of Art. Orga-
nized by Abraham Thomas, the
Met’s curator of modern architec-
ture, design and decorative arts, it
is the first major exhibition of the
architect’s work. With some 38 of
his drawings, four models, and
three items of lucite furniture he
designed, as well as an array of ob-
jects Rudolph collected, contempo-
rary publications featuring his
buildings, and much else besides, it
offers an unusually textured experi-
ence for a show of this kind.
“Materialized Space” is a neces-
sary corrective to the public image
of Rudolph, whose name has un-
fairly become synonymous with
Brutalism. To be sure, he designed
more than his share of brooding
concrete behemoths, such as Bos-
ton’s Government Service Center.
But he was also one of architec-
ture’s most prominent statesmen,
someone who thought seriously
about the pressing issues of his
time, including housing, transporta-
tion and urban renewal. And as
chairman of Yale’s Department of
Architecture, he taught some of the
luminaries of the next generation.
EXHIBITION REVIEW

.
Rudolph did not begin as a Bru-
talist. He was a founding member

ly
of the Sarasota School, the small
group of Florida architects who cre-
ated a lyrical modernism open to
nature and adapted to the state’s
climate. The earliest object here is
Looking Beyond Brutalism on
his delicate perspective drawing of A show on Paul Rudolph offers a new view of the architect known for his hulking concrete buildings
the “Cocoon House,” so called be-
cause its curved and inverted roof exhibition is devoted to the big pub-
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was constructed of the same vinyl- lic projects by which Rudolph is

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based compound used to mothball best known, and which dominated

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ships—i.e., to protect their metal his practice. In addition to the Gov-

parts from rusting under a water- ernment Service Center they in-
proof cocoon. (On the day I visited clude the Burroughs-Wellcome
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the exhibition, alas, Rudolph’s Company Headquarters in the Re-

Sanderling Beach Club was de- search Triangle Park of North Caro-
stroyed by Hurricane Helene.) lina and the Shoreline Apartments
But the Sarasota interval is in Buffalo, N.Y., one of the first af-
treated cursorily. The bulk of the fordable housing projects conceived
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Drawing of the Lower Manhattan Expressway project, top; the Boston Government Service Center circa 1969,
above; model for the Sino Tower in Hong Kong, left; drawing of Yale’s Art and Architecture Building, below.

as a megastructure, a colossus of him famous. It is an exquisitely among the finest examples of archi-
n-

conjoined multiple building units. composed and carefully inked tectural draftsmanship we have.
All three have been demolished or cross-section, behind which a one- But every corner of the exhibi-
seriously altered, as part of the col- point perspective plunges you deep tion offers surprises. We learn that
lective shudder of disgust at Brutal- into the space of a building. (Or a while Rudolph’s star waned in
no

ism that came about with the ad- ship, perhaps? It can’t be an acci- America, he found considerable
vent of Postmodernism in the 1970s. dent that Rudolph’s drawings sug- work in Asia. We see, among oth-
Perhaps the finest was Ru- gest tubes of space, like the cross- ers, projects for a college in Bangla-
dolph’s Art and Architecture Build- sections of the ships he built during desh, a corporate tower in Jakarta,
ing at Yale, which survived the Bru- the war.) Not since Piranesi’s “Car- and a mixed-use skyscraper in
talist purge, and which is ceri,” his moody etchings of imagi- Singapore. There is a remarkable
represented by two dazzling draw- nary prisons, has architectural model for his Sino Tower in Hong
ings. Most buildings carry their ba- space been used so dramatically as Kong, its intricate craftsmanship ri-
sic division of rooms upward into a vehicle of personal expression. valing the drawings in quality.
each succeeding story. But Rudolph The exhibition wisely focuses on A few discrete objects remind us
liked to break his floors into dis- the drawings, letting us experience that Rudolph was not a paper ar-
crete shelves of space, arranging the architect’s mind and hand at chitect but lived in a physical
them at various levels as if they work without the stumbling block world. There are samples of rugged
were so many floating platforms, of Brutalist concrete. There are no concrete as well as a section of
giving you oblique views up and preliminary sketches in the show; wooden formwork from the A&A
down. Such buildings make sense you experience Rudolph’s work in building, in which its concrete was
only through their cross-sections, all its stringent perfectionism, as he poured prior to being violently
CLOCKWISE FROM TOP: LIBRARY OF CONGRESS; BOSTON GLOBE/GETTY IMAGES; YALE UNIVERSITY; EILEEN TRAVELL/LIBRARY OF CONGRESS

and here Rudolph developed the would have wanted. The mechanical hammer-bashed just before it had
distinctive drawing type that made precision of the draftsmanship is completely dried. More lighthearted
uncanny, as if a watchmaker had is a set of ventilation fins for a
stumbled into an architect’s office. small engine, unmistakably shaped
There is a web of ruled lines, mod- like a human face emerging from a
eled in depth with hatched and web of deeply scored parallel
cross-hatched lines, each with its lines—a found self-portrait?
own weight and thickness. We Postmodernists may have dis-
sense the obsessive perfectionism dained Rudolph but, we learn, film-
that we normally associate with makers loved him for his spatial in-
“outsider artists,” where absorbing ventiveness. A video screen displays
repetitive labor is not onerous but excerpts of films shot in Rudolph
its own reward. But then we come interiors, of which there are a sur-
across a passage of background foli- prising number. His own New York
age, sketched and stippled with apartment served as a townhouse
consummate delicacy, and realize of “The Royal Tenenbaums,” where
that Rudolph was no slave to the its gleeful verticality is exploited for
straight edge. maximum cinematic effect.
The stars of the exhibition are You walk away with a smile, re-
two drawings of the Lower Manhat- lieved that the Brutalist albatross
tan Expressway project, the ill-fated that has hung round Rudolph’s neck
plan of 1967 that would have inte- for half a century has finally been
grated an expressway, mass transit, lifted.
pedestrian pathways, and skyscrap-
ers into a leviathan of a megastruc- Materialized Space:
ture. The drawings are staggering, The Architecture of Paul Rudolph
depicting the crosstown viaduct as if The Met Fifth Avenue, through
excavated by some colossal burrow- March 16, 2025
ing animal, which instead of mounds
of earth had tossed up a line of Mr. Lewis teaches architectural his-
apartment houses. Whatever one tory at Williams and reviews archi-
thinks of the idea, the drawings are tecture for the Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Thursday, October 3, 2024 THE WALL STREET JOURNAL.

SPORTS
BY JARED DIAMOND
Baseball Got Faster. all-time record that is up a full 2
mph from 10 years ago.

T
here’s little doubt at this point Batters have responded by
that the advent of the pitch swinging for the fences: There were
clock has made Major League
Baseball a more entertaining prod-
uct. Forcing players to stop stand-
Did the Game Get Better? 5,453 home runs, fewer than last
year, but still 238 more than two
seasons ago.
ing around and scratching them- The pitch clock has sped up the sport but batting averages are the To MLB, none of this was totally
selves has reduced the average time unexpected. The pitch clock was
of games to their lowest levels lowest they have been in decades and strikeouts continue to soar designed to fix the plodding pace of
since the early 1980s, a period the action, not to address the un-
when three times as many derlying factors that led to
people watched the World the issue in the first place.
Series as they do today. While the pitch clock
But two years following was a radical innovation for
the most dramatic rule a sport as tethered to tradi-
changes MLB has imple- tion as baseball, it actually
mented in generations, it’s was a relatively conserva-
also clear that the full tive path forward. It was
story isn’t quite that sim- certain to quell the fans’
ple. With the playoffs be- loudest complaint—that
ginning this week, a games were too slow—with-
deeper look at what hap- out truly impacting the core
pened on the field in 2024 of the game. Other sports
reveals that while the have been far more aggres-
sport is speedier, on a fun- sive in rewriting their rule-
damental level it hasn’t books in the name of
changed much at all. achieving the league’s de-
Batting averages are at sired outcome.
their lowest point in de- The next phase would be
cades. Strikeouts have con- far more seismic. MLB has
tinued to soar. The role of been reluctant to take that
the starting pitcher, once kind of direct action to alter
seen as baseball’s leading the way teams play, not
character, has been further wanting to appear gim-
diminished into something micky or as an obstruction
that better resembles a to teams discovering new
cameo appearance. inefficiencies to exploit.
Instead of rewriting an That, officials have con-
obviously flawed script, it’s cluded, wouldn’t be a
as if the changes intro- worthwhile trade off for a
duced to baseball merely couple extra points of bat-
pushed fast forward on the ting average. But if the situ-
same boring movie. ation deteriorates further,
For fans, that might be MLB might be left with no
enough. Overall attendance choice.

.
this season topped 71 mil- New York Yankees slugger Aaron Judge swings and misses. Strikeouts have continued to soar this season. One idea under early
lion for the first time since 2017. consideration would be to mandate

ly
National television ratings have all of the ways we track fan en- the more tactical strategies that of a good hitter. Now the .300 bat- that starters, with limited excep-
also ticked up, fueled by captivating gagement,” MLB commissioner Rob once defined baseball. For hitters, ter is practically an endangered tions, pitch for at least six innings.
superstars on popular teams like Manfred said. the result was an influx of home species. Just seven qualified players This would almost certainly lead to
the Los Angeles Dodgers’ Shohei
Ohtani and the New York Yankees’
Aaron Judge. MLB’s internal re-
search has shown that shaving a
on
At the heart of everything MLB
is considering is the mission of re-
turning baseball to a game that
looks and feels more like the one it
runs at the expense of contact. For
pitchers, it was previously unimagi-
nable velocity and movement that
has given rise to the interminable
finished 2024 at .300 or better.
That’s the second-fewest of any
season since 1900, only trailing the
“Year of the Pitcher,” 1968.
lower velocities, as pitchers would
have to conserve energy, which
would in turn lead to more balls in
play. The average start this year
nearly a half-hour of dead air off of used to be, when the sport was at bullpen carousel that brings games Manfred said earlier this season was about five innings.
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games has been popular. the forefront of American culture. to a halt. that low batting averages are “not Such a move would be unprece-
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In other words, baseball is no The explosion of data analytics and The pitch clock, as successful as necessarily a good thing if you’re dented and certain to inspire fero-
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longer in crisis, as it was a few technology in the past 20 years has it has been, hasn’t done much to re- looking for action in the game.” cious initial pushback from players
years ago. Inside MLB, however, led to a completely new under- verse those trends. The collective Maybe it isn’t a surprise batters and fans. It also is nowhere near a

PAMELA SMITH/ASSOCIATED PRESS

questions still remain about standing of how the game should batting average in 2024 sank to are having trouble picking up hits. reality.
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whether the current solution is an be played and how to construct a .243, which is the second lowest They’re having a difficult enough So for now, MLB is happy with
antidote—or a Band-Aid that will roster. since 1969, the year MLB lowered time just putting the bat on the ball what it does have: a postseason
eventually require an even more in- What became evident is that the pitcher’s mound in an effort to at all. A whopping 22.6% of plate where the games might have tons
vasive remedy. “smarter” didn’t necessarily mean generate more offense. This season appearances ended with a strikeout of strikeouts and not a lot of hits—
“The increased enthusiasm “better.” The pursuit of power— barely beat out the .243 mark from this season, slightly above the but at least they’ll be over before
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baseball fans of all ages have shown both at the plate and on the 2022. 22.4% mark from 2022. The average midnight. For baseball, that counts
the last two seasons is evident in mound—came to supersede some of Hitting .300 used to be the sign fastball traveled at 94.2 mph, an as a massive improvement.
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The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 26 Jared of Michael Jordan’s Racing Team
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“Dallas Buyers
14

17
15

18
16

19
Club”
27 Steak
specification
Files Lawsuit Against Nascar
31 Loft fill BY LOUISE RADNOFSKY cuits and racetracks, anti- gave teams hours to individ-
20 21 22 23 24
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32 German competitive agreements that ually agree to agreements or

city on the ONE OF NASCAR’S most restrict the availability of risk not being able to race in
25 26 27
Danube high-profile teams has filed racetracks that are suitable 2025, prompting most teams
an antitrust lawsuit against for premier stock car racing, to sign.
28 29 33 It’s taken
the organization and its monopoly rules regarding Front Row Sports and
lying down
chief executive Jim France, the exclusive use of special- 23XI Racing didn’t sign and
30 31 32 33 34 Gretchen of seeking to upend the way ized “Next Gen” cars, and want a preliminary injunc-
“Manchester the stock-car series operates non-compete restrictions tion to allow them to race in
34 35 36 37 38 39 40 41 by the Sea” amid a dispute over reve- that prevent premier stock 2025, as well as treble dam-
42 43 44 45
35 “___ Maria” nue-sharing. car racing teams competing ages for the anticompetitive
36 Glass The 23XI Racing team is in the Cup Series from also terms of their current agree-
46 47 48 49 50 51 marbles co-owned by Michael
39 Victor Jordan, part-owned by
n-

52 53 54 55 Vasarely, the driver Denny Ham-

notably lin, and fields Bubba
56 57 58 59 60 61 Wallace, the only Black
40 Catering driver in Nascar’s Cup
vessel
no

62 63 64 Series. Their suit, filed

41 Mauna ___ Wednesday morning in
65 66 43 Negative federal court in North
conjunction Carolina along with the
67 68 69 70 44 Derisive Front Row Motorsports
snicker team, accuses Nascar
of exploiting its power
47 Guesses
THE COMBATIVE TYPE | By Andrew Colin Kirk 48 Big oaf
over teams.
“By blocking the
Across 30 1950s 65 Lonely dryer 8 Weapon 50 Components formation or growth of
1 Julia Child’s heartthrob survivor choice for of some any competing premier
Oeufs en who came out 66 Jerusalem- Colonel chains stock car racing series,
Gelée, e.g. as gay in 2005 based body Mustard 51 Still life Nascar has been able to
6 Cuttlefish 34 City with 120 9 Fast food staples force the teams to ac-
defense nicknamed members hack made 53 Misfit cept take-it-or-leave-it
9 Sirs’ “The Heart of 67 Jct. by combining character in economic conditions in
counterparts Georgia” components Hotcakes order to compete at the
“Toy Story 4”
37 Copying 68 Your, before and Yogurt highest level of stock
14 With 54 Sen. Angus
Parfait car racing in the
16-Across, 38 Where 69 Praise for a King’s United States,” the suit
flighty sort table tennis queen 10 Sigh from affiliation argues.
15 Starter debuted as an 70 Supplier of the soothed 55 Ungainly Nascar didn’t imme-
starter? Olympic sport traveler’s 11 Bavaria- diately respond to a re-
56 Heath bar’s
16 See 14-Across 42 Egg cells checks, in based kin quest for comment.
17 “Twilight” 43 Calypso, e.g. brief sportswear 57 Watch over The teams are being
writer 45 Debate Down brand represented by Jeffrey
60 Tilling tools
Stephenie position 1 Tingling 12 Hero’s Kessler, the sports law-
61 Mlle., yer who helped bring
18 “Didn’t need 46 “Come on!” sensation collection across the
to know that,” triggered by free agency to the NFL
49 Nation south 13 Hold back Pyrenees
in brief whispering, and represented some Michael Jordan’s 23XI Racing team filed a lawsuit against Nascar.
of los Pirineos 22 Choir voice 63 Stuttgart of the plaintiffs whose
19 Scold 52 Luke initially abbreviation shout antitrust claim against
20 Kylo ___ Skywalker’s 2 Risks a ticket the NCAA has put the asso- participating in races out- ment, which dates back to
23 “Right away, 64 De Armas of
(“The Last X-wing, e.g. 3 Parking chief!” ciation on the brink of a deal side of Nascar’s circuit.” 2016.
“Blonde”
Jedi” 56 Real bargain garage that would end its century- The consequence, the The suit comes as the
character) 58 Words with instruction Previous Puzzle’s Solution old stance that college ath- teams say, is that they’re de- biggest and most powerful
21 Employs as dare or tear 4 Contents M G R S A R D O R G A Y letes are amateurs. nied a fair share of the sports leagues in the coun-
A R E A G O A P E T O T E The suit says that the sport’s revenue, depressing try are under unprecedented
24 Current 59 Some are of some C A L F H O C K E D R O S A
stopper buckets A D I E U C A R D H I D E R France family—who founded, drivers’ earnings and mak- scrutiny from U.S. antitrust
solemn
25 Discount 5 Sky shade U S C M O O R E O C E A N run and own Nascar—have ing some teams economi- enforcers. The Justice De-
62 Abusive G A P T H E Y created an illegal monopsony cally unfeasible to operate. partment has eyed the NBA,
chain with online poster, 6 National A T T U N E A T A C L U E position for themselves, The suit says that teams NCAA, MLB, FIFA and U.S.
nearly 20,000 and a literal leader? H A R E A N D C A N D L I N G
where they are the dominant started to try to band to- Soccer, and was investigat-
LOGAN RIELY/GETTY IMAGES

locations interpretation 7 Disclaimer A X E S O O H K O E N I G

S A N G I O S buyer of services in the mar- gether to hammer out their ing the PGA Tour’s response
28 “Wicked!” of 14-/16-, 25-, on a Chinese C T E AM T A P E D C H I ket, making them able to next charter agreement with to the upstart LIV Golf cir-
29 Euchre 30- and restaurant H U B B Y C O L E A A R O N gouge sellers. Nascar, but that Nascar cuit before expanding its at-
declaration 52-Across menu I D O L H O T A N D C O L D They have done this, the stopped talking to the joint tention to any deal for LIV’s
L O N E I T A L O T A L E
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. D R Y T H R E W S T Y X suit alleges, through “acqui- negotiating committee in Saudi backers to buy a stake
sition of other racing cir- March, and in September in the Tour.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, October 3, 2024 | A13

OPINION
More Vance-Walz, Please BOOKSHELF | By Michael S. Roth

Yes, we need
to have a sec-
the sword of Damocles over
what I thought were the de-
a young woman named Am-
ber Thurman . . .”
better of a job at earning the
American people’s trust back
The Pits
Of Ponar
ond debate— bate’s two most interesting I’m going to go out on a on this issue where they
between JD moments, which is to say the limb here and try to read frankly just don’t trust us.”
Vance and issues that neither Mr. Walz Mr. Walz’s mind on abortion. He went on to suggest creat-
Tim Walz. De- nor Mr. Vance would talk Elsewhere in the debate, ing more economic and per-
monstrably, a about—respectively, whether during a discussion on the sonal options for women with
WONDER
stage where there should be any restric- housing shortage, Mr. Walz, unplanned pregnancies—“pro-
LAND
the two vice- tions on abortion and Mr. who is a Lutheran, said, family in the fullest sense of
No Road Leading Back
By Daniel
presidential Trump’s denial that he lost “And when I think of a the word.” By Chris Heath
Henninger
candidates the 2020 election. house, I’m thinking of The Democrats’ valoriza- Schocken, 640 pages, $40

I
are debating In opinion polls, Ms. Harris Christmas services after tion of terminating pregnan-
is the only venue where one holds a double-digit lead over midnight Mass, where you cies is off-putting, and Mr. n the forest region of Ponar, outside of what is now the
is likely to encounter any- Mr. Trump on which candi- go with your family.” Vance’s better-options com- Lithuanian capital of Vilnius, Lithuanian volunteers
thing of substance in the date would best handle the ments offered Republicans a marched more than 70,000 men, women and children,
2024 presidential campaign. abortion issue. Given that this way to talk about the subject. mostly Jews, to the edge of large pits that had been dug in
Recall the two earlier de- complex subject has been re- The vice-presidential Mr. Trump should take it, but the woods. Men carrying suitcases, women carrying
bates. In the first, President duced to four words—the if he won’t, down-ticket GOP children, families holding hands and lonely individuals
Biden opened by self-de- “right to an abortion”—not nominees shocked the candidates should. trembling with fear. As the prisoners stood at the edge of
structing, and by evening’s much is likely to change be- nation by being civil Mr. Vance’s denial mo- the pits, they were shot, their bodies falling into what
end he and Donald Trump fore the election. Some sub- ment arrived with the inevi- became mass graves. Some of the youngest children were
were arguing over their golf urban women will base their and reasonable. table question about Mr. beaten to death so as not to waste bullets. The victims’
skills. vote for Ms. Harris on this is- Trump’s assertions that he belongings, clothes, even their teeth—if they had gold fill-
Before the Trump-Harris sue alone. won the 2020 election. It is ings—were taken, to be traded or sold in town. As the song
debate, it was reported that Despite that, it has become What a delightful image. an immovable Trump obses- laments, everyone knew there was a road to Ponar, but
Kamala Harris would try to impossible not to notice that It’s hard to imagine that a sion but also a reason some there was no road back.
goad Mr. Trump into intem- senior Democrats simply man who carries that memory swing-state voters remain “Every time I thought I’d finally grasped the full horror of
perance. True to promise, the won’t talk about restrictions would in the privacy of his undecided. what happened at Ponar, there was always more,” Chris
vice president began by back- on abortion. own thoughts favor no-re- Another limb: JD Vance Heath, an author and journalist, writes in “No Road Leading
ing up a garbage truck of in- Mr. Trump pressed Ms. striction abortion, and that’s knows Mr. Trump narrowly Back: An Improbable Escape
sults and unloading them on Harris on the question of notwithstanding that as Min- lost that election, and in a From the Nazis and the Tan-
the former president, who— third-trimester abortions, nesota’s governor he presided better world he would have gled Way We Tell the Story of
as this column has noted—el- however rare, and she de- over passage of one of the na- said that Tuesday night. But the Holocaust.”
evated the art of political in- flected it. In Tuesday eve- tion’s least restrictive abor- if he had, his irrepressible Most of the murders took
sult in the 2015 Republican ning’s debate, Mr. Vance tion laws—no 24-hour wait running mate would have place in the summer of 1941. A
primaries and has sustained asked Mr. Walz the same period, no parental notifica- cracked back, driving a wedge year or so later, the Nazis
it. This week, he called Mr. question, and CBS modera- tion for minors. between the two that would decided that it would be too
Walz “a moron.” tor Nora O’Donnell twice One may say that Mr. Walz have been publicized daily by easy for their enemies to find
Vance-Walz may not have asked the governor to ad- ought to have the courage of Harris-Walz and the media this massive proof of their
been the Lincoln-Douglas de- dress the matter of restric- his moral convictions and be until Nov. 5. This isn’t party genocidal war. And so they
bates, but it likely reassured tions. Three times he de- willing to express some mini- dogma, however, and most sought to permanently dispose
many voters there are still clined to discuss it. mal degree of qualification. down-ticket GOP candidates of the buried bodies and eradi-

.
people in American politics Ms. O’Donnell (the second But politics couldn’t care less should feel free to admit the cate the evidence. Scores of
willing to speak seriously in time): “Governor, would you about your personal convic- 2020 election train is long Jews were spared immediate

ly
public about important mat- like to respond and also an- tions. Unrestricted abortion is gone. death and given the almost un-
ters. But make no mistake: swer the question about re- the Democrats’ dogma, and The silver lining here is imaginable task of digging up tens
However impressive, this de- strictions?” none of them in public will that both Messrs. Vance and of thousands of bodies, then burning them and grinding up
bate won’t decide the elec-
tion. The top of the ticket,
however flawed, is the set-in-
stone choice.
Mr. Walz: “Yeah. Well, the
question got asked, and Don-
ald Trump made the accusa-
tion that wasn’t true about
on
divert from that absolutist
position. Why not is a good
and troubling question.
Sen. Vance tried to open
Walz, polar opposites, some-
how concluded that, above
all, they should come across
as reasonable. If only for two
the bones until no traces were left. Sometimes they exhumed
their friends, sometimes even family members.
One might say the brutality of the work defies description,
but Mr. Heath describes it again and again. The men working
Indeed, heads of these im- Minnesota. Well, let me tell the door to a conversation on hours in our age of unreason, in the burial pits, we are told, dug with their bare hands or
us ,

perfect tickets—Mr. Trump you about this idea that the subject, admitting Repub- it was progress. with rudimentary tools that tore the corpses apart. They
l

and Ms. Harris—loomed like there’s diverse states. There’s licans have “to do so much Write [email protected]. built pyres for burning the bodies. The Jews given this task
e
al a

knew that they would stay alive only as long as they contin-
ued to dig and burn, burn and dig. “Humans can tolerate and

Butterflies Get a Vote in the 2024 Election bear situations that are far beyond anything we could ever
ci on

have imagined we could,” Mr. Heath writes. As one of the

survivors put it: “After three days, we got used to the job.”
By Karl Rove points on abortion, Obama- long as they directly affect Biden-Harris administration’s But, another added, “we are all dead here.” Not quite all, it

T
Care and Jan. 6. Though Mr. voters. Even shifts limited to handling of the growing Mid- turned out. A dozen or so managed to escape Ponar by dig-
uesday night’s debate Vance refused to answer when pockets of voters in battle- dle East crisis? Mostly nomi- ging a tunnel and making their way into the forest to join the
er s

between JD Vance and asked if Mr. Trump lost in grounds could alter the whole nal Democrats, these voters partisans fighting the Germans. One returned to Vilnius to
Tim Walz was surpris- 2020, the senator clearly won election. are unlikely to back Mr. find his family.
m er

ing, given the ugly nature of the debate. For example, what happens Trump: He’s more pro-Israel Mr. Heath traces how the escapees lived and endured
America’s politics. It was sub- Will Tuesday’s debate bend in North Carolina and Georgia than Ms. Harris. But they and how they (and others) later described the horrors of
stantive, respectful and the contest in one direction or if voters conclude that the Bi- could stay home. And what if Ponar. A few of the survivors settled in Israel, and most
marked by numerous notes of the other? Probably not. Vice den-Harris administration is other battleground voters, in- managed to construct lives that seemed normal enough.
agreement and bipartisanship. presidential debates hardly mishandling the Hurricane cluding those who are pro-Is- Some would be interviewed on film or would offer testi-
m rp

It ended with visible cordial- ever do, and this year the Helene recovery? rael, decide the administra- mony for Holocaust archives, even though they guarded
ity as both men smiled, shook electorate is so polarized, The hurricane may have an tion is bungling the issue? their wartime experiences from their families. They spoke
hands and introduced their opinions so locked in, it’s effect no matter what the ad- In the campaign’s five re- of washing their hands obsessively, or of still smelling the
wives as they came onto the hard to imagine that the de- ministration’s response. The maining weeks, there could be decomposing flesh long after the war. Motke Zeidel re-
stage. bate changes perceptions or storm hit hard three North multiple October surprises. If turned to the pits for a documentary with great reluctance.
co Fo

Mr. Vance won the night by how anyone votes. Three Carolina congressional dis- they touch voters personally, “I’m still not free of Ponar. I see it every day. Ponar comes
coming across as a much dif- post-debate flash polls called tricts in the far west of that these events are likely to have to visit me every night.”
ferent person from the one state and five of the northern- a bigger effect than Tuesday’s Yet Ponar was not like Auschwitz or the other killing fac-
we’ve seen campaigning. most Georgia districts, which vice-presidential debate. tories that became cultural symbols of extermination during
Rather than a combative cul- In a race this close, are among the most Republi- Many questions remain to World War II. The pits in the forest were horrific in a differ-
ture warrior, he was warm, can areas of these battle- bedevil election watchers. Is ent way, because the killings were so personal. Folks in the
upbeat, empathetic and agree- small events in key grounds. Many voters there polling accurate? Is one side’s neighborhood couldn’t avoid it. Herders would report seeing
able. He was a happy cam- states could decide have been displaced, their strength hidden by inaccurate their grazing cows licking the soil—no, it was a dead body. A
paigner—the anti-Trump. homes and communities shat- models or shy supporters? dog came home with body parts in its mouth.
Mr. Vance continually re- the outcome. tered. How many will be un- Will political gravity cause
turned to the strongest able to return home before undecided voters to break one
ground for the Trump cam- Election Day? way or the other? Does enthu- The Nazis feared their enemies would find proof
paign: substantive policy on it a draw. If there is an effect The East Coast longshore- siasm among one party’s key of their genocidal war. They sought to dispose of
n-

the economy, inflation and the from the debate, it might be man’s strike could be a prob- voter groups cause turnout to
border. He undercut Kamala that Mr. Vance improves his lem for Ms. Harris. What if rise or fall? the buried bodies and eradicate the evidence.
Harris by asking why she rather low standing with the residents of Savannah and Mathematician Edward
hasn’t already implemented public: In a Sept. 16 Fox poll Philadelphia conclude their lo- Lorenz observed that the flap-
no

the ideas she’s now touting. his numbers were 38% favor- cal economies are being bat- ping of a butterfly’s wings But the capacity for avoidance can be powerful, and Mr.
He summed up the evening in able, 50% unfavorable. tered because Mr. Biden won’t might ultimately cause a tor- Heath shines a light on subsequent efforts to erase the mem-
his closing by attacking her Still, there’s no shortage of order strikers back to work nado. In a similar way, small ory of those mass killings. In Lithuania, despite the fact that
for “broken leadership.” potential race-shaking events while the union negotiates? changes in key states could the perpetrators of the Ponar massacre were Lithuanian citi-
While Mr. Vance confi- in the news. Since Ms. Harris Will North Carolina Repub- decide this election. We may zens, the official response moved from outright denial of
dently looked into the camera secured the Democratic nomi- lican gubernatorial candidate not even recognize it’s hap- responsibility to entirely blaming the Nazis or the Soviets,
or at his opponent, an anxious nation, the presidential con- Mark Robinson’s porn scandal pening until we’re looking in who had occupied the country. Historians and chroniclers of
Mr. Walz often peered down test has been remarkably sta- depress GOP turnout in the retrospect. Such is the state the period, too, have failed to do justice to Ponar. Some
at his podium while scribbling ble. On Sept. 1, the Tar Heel State? Will Republi- of our deeply polarized, simply got things wrong; for others, it was a minor event,
endless notes. He talked too FiveThirtyEight average of can Senate hopeful Kari closely divided nation. little more than a “flicker glimpsed in the corner” of the
fast, at times was defensive, national polls had it at 47.8% Lake’s faltering campaign 20th century.
sometimes looked bewildered Harris, 44.7% Trump. On drag down Mr. Trump in Ari- Mr. Rove helped organize But what can it possibly mean to do justice to such hor-
and mangled sentences (like Wednesday, just over a month zona, which he narrowly lost the political-action committee rors? This is Mr. Heath’s recurring question. He seeks not
saying he was “friends with later, it was 48.5% Harris, in 2020? American Crossroads and is “just to tell a story but . . . trace a long spiral of ways in
school shooters”). Mr. Walz 45.9% Trump. In a contest How will the roughly author of “The Triumph of which stories can be told, or not told.” As a writer, he recog-
found his footing in the de- this tight, small events can 200,000 Arab-American vot- William McKinley” (Simon & nizes the messiness of this, saying that we should not just
bate’s second half, scoring have big consequences, as ers in Michigan react to the Schuster, 2015). see through the fog of history but look at the fog itself. He
chronicles distortions, from intentional erasure of Jewish suf-
fering to the plight of “too many terrible stories of fighting

My Wife Apologizes for My Politics for the same oxygen” of attention.

Be that as it may, the book could have used a stricter edi-
tor. Pages and pages about false leads in the research or
By Lou Weiss target. People want to shame to apologize for her husband’s up my political opinions with about the failures of other writers and filmmakers to get the

I
me into voting their way. behavior on the night of ___.” unsolicited mention of my facts straight should have been cut. Mr. Heath seems so wor-
f, like me, you find your- This serves only to dial up She fills in the date with a medical condition. “My doctor ried about either leaving things out or getting things wrong
self in a politically mixed my wife’s anxiety to 11. pen. Lately she has been hand- says I should be careful not to that he floods the reader with information that distracts
marriage, being out in the She employs her second ing out so many of these that let myself get too stressed,” I from the point he is trying make. There are dozens of pages
world with your spouse can line of attack as we’re park- she’s taken to carrying a date say. Most people will respect on how the director Claude Lanzmann distorted testimonies
bring its share of difficulties. ing the car. “Just don’t be stamp in her purse. this and opt to skip the argu- in his film “Shoah” (1985) or on the squabbles between a
This is especially true in an yourself,” she says. I do my People get a good laugh ment. Hartford archaeologist and his Lithuanian colleagues. Mr.
election year. best, but I usually can’t make from the cards. That usually When they don’t, there’s al- Heath clearly learned much in the course of his work, but he
As an undecided voter on takes some heat out of the ways the nuclear option. I didn’t need to share it all with his readers.
the center-right, I’m the ideo- situation. Usually. It didn’t happened on this beaut while Yet I closed this book with great respect for this author’s
logical odd man out in our She can defuse an help that time I defended Bibi I was talking about the Su- commitment to the remembrance of the men who survived
crowd. Most of our friends argument with a card Netanyahu, but when people preme Court with my friend Ponar—the men who found a road back—and the exploration
mainline MSNBC. My wife has storm out mid-dinner it Ira. I mentioned an upcoming of the many often-problematic ways this historical event has
developed several coping expressing her regret. means more leftovers. Cleveland Clinic consultation been recounted. At a time when self-styled radicals call Holo-
strategies over our 50 years When I’m out and about about my ticker. Ira’s anger caust survivors “settler-colonialists” and Hitler apologists get
as a couple. without my wife’s patient about my opposition to court to spew nonsense about Nazi administrators being over-
Usually, when we’re get- it more than half an hour as companionship, I’ve had to packing instantly morphed whelmed by capturing too many prisoners of war, a detailed
ting dressed for a party or someone else. When the act figure out a few techniques of into deep concern. “Now Ira,” account of what happened in Ponar and how we remember it
dinner, her first line of at- falls apart—“Dan brought up my own. My go-to is some I said. “Do you want to be is an act of deep piety. To borrow the words of Rachel Marg-
tack—or self-defense—is to school choice, not me!”—she sage wisdom from my child- right about Chuck Schumer or olis, a Lithuanian Holocaust survivor, Mr. Heath “is placing a
ask: “Can’t you just lie?” But tries something else. hood friend Ronnie, a physi- do you want to be responsible stone, a big stone, marking the spot where those Jews died.”
for better or worse, I’m a The “apology card” is an cian. He told me that at our for a ruptured aneurysm in The reader is disturbed. And grateful.
terrible liar. idea lifted from the clever age it’s not, “Is something my ascendant aorta?”
The truth is that I haven’t wife of a friendly Reform wrong?” but rather “What’s Mr. Roth is the president of Wesleyan University and the
decided whom I’m voting rabbi. It’s a business-size card wrong?” Mr. Weiss is a carpet sales- author of “Memory, Trauma, and History: Essays on Living With
against yet. This makes me a that reads: “Amy Weiss wishes With this in mind, I follow man in Pittsburgh. the Past” and, most recently, “The Student: A Short History.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Thursday, October 3, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Vance Sells Trump Better Than Trump To Save Campus Speech, Fire Administrators

T
he political cliche is that vice-presiden- and domestic manufacturing are the key to “What Happened to Free Speech?” Manning, the former dean of Har-
tial debates don’t matter to the ultimate prosperity. Mr. Vance suggested that this was (Inside View, Sept. 30), asks Andy vard Law School widely known for
Kessler. As he notes, the Foundation his robust defense of free speech
election result. But even if that turns crucial to the success of the Trump economy,
for Individual Rights and Expression and academic freedom.
out to be true about Tuesday’s but his policy history is (FIRE), which I co-founded in 1999, My wish and prediction is that
debate between Tim Walz and The VP candidates wrong. The reason for the recently released its annual College Harvard won’t suffer poor rankings
JD Vance, Americans were at were both better than burst of growth and rising in- Free Speech Rankings in which my in the next FIRE survey. One method
least able to watch a substan- comes was the 2017 tax re- alma mater, Harvard, came in dead I hope Messrs. Garber and Manning
tive debate that came closer to their running mates. form and deregulation. The last. Mr. Kessler is also correct to will adopt to reverse Harvard’s woe-
revealing the election choice tariffs that began in 2018 de- note that campus censorship is me- ful trajectory will be to fire some
than anything their running tracted from growth, as eco- tastasizing throughout our nation. 90% of its mid- and low-level admin-
mates have offered. nomic studies have shown. Readers should take heart, however, istrators who have established a
Mr. Vance in particular helped the ticket and As for Mr. Walz, he’s a government man. at the counterrevolution. Recently, the campus culture of bureaucratic cen-
himself. The sarcastic candidate of “childless When he speaks of “investment,” he always presidents of Harvard, Columbia and sorship, with “hate speech” codes
the University of Pennsylvania were and kangaroo courts to enforce
cat ladies” fame was nowhere in sight. The Ohio means more spending. And it’s too bad Mr.
excoriated, and two were fired, for them. This would have the incidental
Senator was respectful, well prepared, articu- Vance didn’t nail the Biden-Harris spending as their failure to defend free speech and effect of substantially lowering the
late, and relentless in reminding voters about the main cause of inflation. hence liberal education in their con- outrageous annual cost of attending
the flaws of what he called “the Kamala Harris The debate was hosted by a pair of CBS an- gressional testimony. Harvard, now approaching $100,000,
Administration.” This is a case Donald Trump chors, and their choice of topics predictably fo- Disruptive demonstrations against reducing the need for government
was unable to make in his debate, or for that cused on the priorities of Democrats: child care, Israel for defending against a sur- funding of a vast loan program that
matter anywhere in the weeks since President healthcare, abortion, gun control, climate prise attack by terrorists were pun- saddles students with decades of re-
Biden left the race. change, democracy and Jan. 6. They did ask ished, thereby helping clarify the payments.
Mr. Walz was likable and avuncular, though about immigration, but not about energy or the line between free speech and riots. I sense that the tide is about to
he sometimes seemed frenetic and overstuffed electric-vehicle mandate that is emerging as a At Harvard, replacing president turn against the practice, noted by
with too many facts and prepared attack lines. sleeper issue in Michigan. Claudine Gay (also discovered to Mr. Kessler, of “free speech for me
have engaged in plagiarism), was but not for thee.”
On presence and command, Mr. Vance won the Just once in an election debate before we former provost Alan Garber, ably as- HARVEY A. SILVERGLATE
debate going away. die, we’d like to hear moderators ask a question sisted by the new provost, John Cambridge, Mass.
The Senator was especially effective in sand- that showed they read something outside their
ing down the sharper edges of GOP policies that mainstream media bubble.
Democrats and the press portray as cruel. He i i i
addressed abortion policy by conceding that the It was especially disappointing that they
voters of Ohio had chosen to pass a policy he asked only a single question on foreign policy
Big Tax Increases Are Hiding on the Margins
opposed, but in a democracy that is what you given that the men could become Commander- Your editorial “Trump Repeals His 244,000. This number, however, is ex-
have to accept. He also conceded that Republi- in-Chief. Nothing on China, nothing on the Own Tax Reform” (Sept. 20) dis- pected to grow to 7.22 million if
cans had to do more to win back the trust of Ukraine war, or the decline of America’s mili- cusses the former president’s vow to those provisions expire.
restore the deduction for state and Vice President Kamala Harris has
Americans on the issue. tary deterrent.
local taxes (SALT). For background, said she won’t raise taxes for anyone
Mr. Walz offered the restoration of Roe v. They did ask about the current war in the the Tax Cuts and Jobs Act lowered making under $400,000, but she
Wade in a national law as the only possible an- Middle East and whether the candidates would

.
marginal rates but also capped SALT hasn’t said what she will do about
swer. And he seems not to understand what the support an Israeli attack on Iran’s nuclear pro- deductions at $10,000. On the face of the alternative minimum tax. Even if

ly
Minnesota law he signed actually says about gram. Mr. Walz ducked and pivoted to cite Mr. it, removing the cap on SALT deduc- she doesn’t raise marginal rates un-
what doctors can do with a late-term fetus who Trump’s first-term advisers who say he can’t tions would appear to benefit taxpay- der this income level, if the Tax Cuts
survives an abortion attempt. The law allows be trusted as Commander-in-Chief. ers in high-tax states. But an impor- and Jobs Act’s alternative minimum
abortion at any stage in pregnancy if a doctor
approves.
on
Mr. Vance got the better of the rebuttal by
saying that, no matter his tweets and tempera-
The press will focus on Mr. Vance’s refusal ment, Mr. Trump understands effective deter-
tant element of the tax code seems to
be overlooked in many discussions
about SALT and marginal rates—
namely, the alternative minimum tax.
tax provisions expire, many house-
holds earning less than $400,000 in
high-tax states may still see their
taxes go up because of the alternative
to say if Mr. Trump lost the 2020 election, and rence and showing strength to adversaries. Mr.
Prior to the Trump tax cuts, high- minimum tax, regardless of what hap-
us ,

we wish he had. Holding on to the 2020 Trum- Vance said it is Israel’s choice about how to re-
income taxpayers in high-tax states pens with SALT.
l

pian fiction is a political loser and for many vot- spond to Iran’s missile attack and the U.S. effectively were already subject to a Before voters get too excited about
e
ers a deal-breaker. Mr. Vance tried to turn the should support Israel if it does. That answer
al a

SALT cap because SALT isn’t deduct- any new proposals, they should de-
tables by saying the greater threat to democ- will resonate in Tehran and elsewhere more ible under the alternative minimum mand specificity from both candi-
racy is Democratic “censorship.” He would have than Mr. Walz’s equivocation. tax. The Tax Cuts and Jobs Act re- dates on how their tax plans would
ci on

done better to stress the overt Democratic Since we’re not hearing this from either of duced the number of taxpayers sub- affect the alternative minimum tax.
threat, endorsed by Ms. Harris, to the indepen- the presidential candidates, we’re glad Mr. ject to the alternative minimum tax HOWARD STRASBERG
dence of the Supreme Court. Vance sent that message. Coping with world from around five million to around San Diego
Neither candidate was all that good on the disorder may be the most important challenge
economy, as both men seem to think that tariffs the next President faces.
er s

Who Is Paying for Antisemitism at Harvard?

Biden Protects Iran’s Nuclear Program
m er

I had been a university professor Harvard isn’t the only university to

and department chair before retiring, receive massive funds from Arab na-

W
lastly at Embry-Riddle Aeronautical tions—according to the U.S. Educa-
ell, that was fast. Iran fired 181 ballis- lapse of U.S. deterrence on Mr. Biden’s watch. University—a good school with highly tion Department, from 1981 to Febru-
tic missiles on Israel Tuesday, and a Enemies rely on him to come to their defense by motivated students. At one of my uni- ary of 2024, American colleges and
m rp

day later President Biden was al- restraining allies from responding to aggression. versity’s commencements, the stu- universities have received nearly $55
ready telling Israel what it Mr. Biden didn’t even wait to dent valedictorian compared his billion from foreign sources. Since
shouldn’t do in response. He is already telling keep Iran guessing. graduating classmates to those of a 9/11, most of the funding has been
Asked Wednesday if he’d sup- Israel the targets it can’t What happened to the “se- noted protest college down the road. from Arab states seeking to improve
port an Israeli strike on Iran’s vere consequences” for Iran He drew cheers when he said the fun- their image in the U.S.
co Fo

hit in self-defense. damental difference was that “we had The Education Department re-
nuclear facilities, the President the Administration promised
already found ourselves when we ported concern that foreign money
said “The answer is no.” Tuesday? On Wednesday Mr. came here to learn; they’re still buys influence over teaching and re-
He also hauled in the lead- Biden mentioned new sanc- searching.” search. Amid a 477% increase in anti-
ers of the G-7 democracies to add to the pre- tions, but he won’t even enforce the oil sanctions Regarding Dara Horn’s op-ed “Har- semitic and extreme anti-Israel inci-
emptive pressure on Prime Minister Benjamin already on the books. vard’s Antisemitism Begins in the dents on campus in 2024, according
Netanyahu. “We will be discussing with the Is- The question is why Mr. Biden wants to deter Classroom” (Sept. 28): The place for to the ADL, isn’t it time to know ex-
raelis what they are going to do. All seven of us Israel, rather than Iran. Perhaps he fears further Harvard’s students isn’t in a protest actly who gives to colleges and uni-
agree that they have a right to respond but they military exchanges before the U.S. election, but colony camped out on the campus versities, how these academic institu-
should respond in proportion,” he told reporters that leaves control over a decision to escalate in promenade; it’s in the classrooms— tions spend the money and how it
after a G-7 conference call. “We are giving them the hands of the enemy. That thinking hasn’t provided they can find some intellec- affects Jewish students?
advice. I will talk to Bibi relatively soon.” stopped attacks by Iran and its proxies. Israel tual honesty there. EM. PROF. ELISE L. LEV
COL. ART SABOSKI, USAF (RET.) Rutgers University
This is extraordinary. Even before he talks has made its biggest military and strategic gains
n-

Prescott Valley, Ariz. The Villages, Fla.

with Mr. Netanyahu, the President engages in when it has ignored such U.S. advice, as it has
public lobbying aimed at blocking a sovereign by attacking Hezbollah in Lebanon. “This is academic malpractice at
state and American ally from deciding on its own All evidence suggests that Iran continues to the price of $80,000 a year,” writes Ambulance Chasing and AI
what is the best response to a direct military at- move closer to building a nuclear weapon it could
no

Ms. Horn. She quotes a Harvard stu-

Under Ketan Ramakrishnan’s pre-
tack on its territory. Iran attacked Israel for the deliver on ballistic missiles. If that happens, the dent: “The last place you will have a
ferred means of regulating artificial
second time in six months, but Mr. Biden tells world becomes far more dangerous and Israel far free, interesting discussion is a Har-
intelligence (“Tort Law Is the Best
Iran’s Ayatollah Ali Khamenei that the U.S. will more vulnerable. If Mr. Biden won’t take this op- vard classroom.” Ms. Horn also notes
Way to Regulate AI,” op-ed, Sept. 25),
help the regime protect its most prized and portunity to destroy Iran’s nuclear program, the that Harvard received billions of dol-
“bioterrorist attacks or other griev-
threatening military asset. least he can do is not stop Israel from doing the lars from Middle Eastern regimes
ous harm” are prerequisites to ac-
that consider Jews to be villains and
This is the thinking that has led to the col- job for its own self-preservation. tion. As Prof. Ramakrishnan con-
consider federally designated terror-
cedes, tort law purports to
ist organizations to be heroes.
compensate the damaged after the
Bentley Drivers of the World, Unite! damage has already occurred.
Sadly, the only ones truly com-

I
It’s a Bird, It’s a Plane. No, pensated are the tort lawyers.
f you haven’t heard of Harold Daggett, by anteed income of tens of thousands of dollars
all means you should. He’s the head of the regardless of whether they work. Some local It’s a Boeing MV-22 Osprey Wouldn’t the wiser, more humane
course be to regulate before a catas-
International Longshoremen’s Association union chiefs make hundreds of thousands of “U.S. Prioritizes Supply Lines to
trophe? If he knows, as he claims,
(ILA) who has shut down a dollars for doing nothing. Stem a Pacific Vulnerability” (World
that a company has already “re-
good chunk of American com- Meet the union boss Most U.S. workers no doubt News, Sept. 26) brings welcome at-
leased a powerful new artificial-in-
merce by leading his workers wish they could get paid for tention to the pressing need for U.S.
on strike and closing East and
making $900,000 who not working. forces to improve logistics and opera-
telligence model this month that
modestly but meaningfully increases
tions in the Indo-Pacific region in the
Gulf Coast ports. shut down U.S. ports. But look who’s locking face of the growing aggression from
the risk of catastrophic bioterror-
Mr. Daggett could have arms with the Bentley-driving ism,” why wait for catastrophe?
China.
been a character from the proletariat. None other than That’s rather coldblooded, as if one
Having commanded a carrier strike
1950s movie classic “On the Waterfront.” While President Biden. “Now is not the time for ocean is after the contingency fee.
group, I can attest that the impor-
CHRISTOPHER C. SPENCER
presenting himself as a man of the people, the carriers to refuse to negotiate a fair wage for tance of tilt-rotor Ospreys in the
Richmond, Va.
union chief made more than $900,000 last year. these essential workers while raking in record Indo-Pacific can’t be overstated. The
The New York Times reported in 2017 that he profits,” Mr. Biden said Tuesday. Is the 50% area in which U.S. forces must oper-
owned a 76-foot yacht and rode around in a wage increase over six years that port employ- ate is vast. We need range, capacity
Bentley luxury car. ers have offered the union not fair? and speed to resupply widely distrib- Pepper ...
uted forces. Only the Osprey has the
Mr. Daggett’s union has a stranglehold on the Donald Trump was hardly better. “American
combination of speed and range, with
And Salt
ports, and as you can read nearby he intends workers should be able to negotiate for better
a small landing footprint, to make THE WALL STREET JOURNAL
to use it. “I will cripple you,” he said in an inter- wages, especially since the shipping companies possible distributed operations in the
view last month, referring to the ports and the are mostly foreign flag vessels,” the Republican Indo-Pacific. It can operate to and
U.S. economy. He means it. declared. The reason most ocean carriers are from ships and shore, including unim-
The Justice Department has brought civil foreign is because union work rules have ren- proved landing areas.
and criminal charges against Mr. Daggett for dered the U.S. shipbuilding and shipping indus- Sometimes a weapons platform
conspiring with mob bosses. While he won both tries uncompetitive globally. transforms entire concepts of opera-
cases, the ILA’s port stranglehold is a racket. Mr. Trump could be blaming Mr. Biden for tion. The Osprey is one of those un-
Workers earn $39 an hour, often for doing little. refusing to invoke the Taft-Hartley Act to end sung examples.
This is one reason U.S. ports rank among the the strike with an 80-day cooling off period. REAR ADM. JOSEPH KILKENNY, USN (RET.)
Jacksonville, Fla.
least efficient in the world. Mr. Daggett is de- That’s what George W. Bush did to end a West
manding $69 an hour. In 2010 he said long- Coast work stoppage in 2002.
Letters intended for publication should
shoremen should make more than $400,000. One reason Congress passed Taft-Hartley in be emailed to [email protected]. Please
Some now do with overtime. 1947 was to reduce the extortionary power that include your city, state and telephone
Containerization and automation have re- union chiefs held over the American economy. number. All letters are subject to
duced port jobs, but the union’s contract enti- Mr. Daggett wants to return to those days, and editing, and unpublished letters cannot “Do you ever fantasize about having
be acknowledged.
tles longshoremen to what is effectively a guar- Mr. Biden wants to help him. someone else to irritate you?”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, October 3, 2024 | A15

OPINION

Factories 6 More Years of ‘Punxsutawney Bob’?

Aren’t the By Kyle Peterson state’s two big cities. A Washington

Future Post poll last month showed Mr.

W
Upper Darby, Pa. McCormick running ahead of Mr.
ho’s to blame for the Trump by 3 points in the Philly sub-
$12 Philly cheesesteak urbs, while trailing Mr. Trump by 6
By Martin Eichenbaum that used to cost points across 19 counties in Western

P
$9.75? That’s what Pennsylvania, excluding Allegheny
oliticians of all stripes promise Dave McCormick, (Pittsburgh).
to restore manufacturing to its Pennsylvania’s GOP nominee for Sen- To compare, the last Republican
historic role as a source of ate, wants voters to ponder as they to win a Senate seat in Pennsylvania
good jobs for Americans. They blame go to the polls Nov. 5. Asked about was Pat Toomey, re-elected in 2016.
trading partners like China, Germany inflation last week at a business Mr. Trump carried the state that
and Mexico for unfairly stealing roundtable in this Philadelphia sub- year by 44,292 votes. Mr. Toomey’s
those jobs. They blame corporations urb, Mr. McCormick argued it was margin was 86,690. He outperformed
for outsourcing those jobs. They “very predictable,” after Democrats Mr. Trump’s vote share by 5.6 points

ASSOCIATED PRESS 92)

blame unions for hampering manu- spent trillions of dollars while also in the Philly suburbs, while lagging
facturing companies’ growth. Demo- constraining fossil-fuel development. Mr. Trump by 4.1 points in those 19
crats blame Republicans. Republi- “Those policies,” he said, “have hurt western counties. That math gets
cans blame Democrats. Voters pine working families the most.” more difficult as the metro suburbs
for a golden age in our immediate Sen. Bob Casey, the Democratic turn away from the MAGA GOP, even
rearview mirror when most Ameri- incumbent, has a different theory. Sen. Bob Casey (D., Pa.) and Republican challenger Dave McCormick. as Republicans are closing the state’s
cans had high-paying, stable manu- “You see it with all kinds of food and overall voter-registration gap.
facturing jobs. grocery stores, people paying more, West Point; earned a Bronze Star in harness maker.” His mom, he said, This time Mr. Casey is the incum-
The facts tell a different story. and these big corporations are the Gulf War; took a doctorate from was born in Punxsutawney, though bent, and his name also happens to
According to the Bureau of Labor laughing all the way to the bank,” Princeton; became CEO of FreeMar- its most famous resident is Phil the be an iconic Pennsylvania brand al-
Statistics, manufacturing’s share of Mr. Casey recently told an audience, kets, a business-software firm in groundhog. “Punxsutawney reminds most on par with Wawa. He’s a Sen-
nonfarm employment declined from with Sen. Elizabeth Warren by his Pittsburgh; served the George W. me of my opponent, Punxsutawney ate three-termer (2007-present), af-
roughly 32% in 1947 to approxi- side. In campaign videos, he inveighs Bush administration in various roles, Bob,” Mr. McCormick added. “We ter stints as state treasurer (2005-
mately 8% at the end of 2023. Yes, against what he calls “greedflation” including Treasury undersecretary; only see him once every six years, 07) and auditor general (1997-05).
there was a slight increase in the and “shrinkflation.” His Senate office and became CEO of the hedge fund right? He pops his head up, he starts His father, Bob Casey Sr., was gover-
rate of decline around 2001, when issued a report this summer criticiz- Bridgewater Associates. to act like he’s been doing—he hasn’t nor (1987-95) and auditor general
China entered the World Trade Or- ing Netflix, Hulu, Disney+ and other been doing anything!” (1969-77). Many Pennsylvanians are
ganization. But you have to stare digital-media services for steadily in- This was at the first of two Trump used to filling in ovals for Bob Casey.
pretty hard to see the effect. In any creasing their prices, which he said Pennsylvania’s Democratic rallies in Western Pennsylvania in a Some surely still recall Casey Sr. as
event, that effect is trivial com- was “streamflation.” single week. Mr. Trump has another an antiabortion Catholic Democrat,
pared to the long, slow, inexorable Mr. McCormick, sensing a come- Sen. Casey leads the polls, one this Saturday in Butler, where in who was kept offstage at his party’s
decline in the importance of manu- dic opening, is now telling voters to but Dave McCormick is July he was nearly assassinated. 1992 presidential convention, shortly
facturing as a source of U.S. jobs. check out bobflation.com to see how “This is a race between strength and after the Supreme Court’s ruling in
prices of some classic Pennsylvania putting up a real fight. weakness,” Mr. McCormick told the Planned Parenthood v. Casey.
items have jumped in recent years, crowd in Indiana, after Mr. Trump Three decades later, Kamala Har-
America has grown many including for that Philly cheesesteak, invited him on stage. “I was standing ris is saying that if Democrats win in
as well as for a 6-inch hoagie from Democrats have portrayed him as there at Butler, 15 feet away. I saw November, they should override the
times more prosperous as

.
the Wawa convenience chain. “Bob a wealthy carpetbagger who kept a you get shot. I saw you go down. And Senate’s 60-vote filibuster rule and
manufacturing has been Casey has no sense of how the econ- home in Connecticut and hadn’t I saw you come up with your fist and use a simple majority to pass a per-

ly
omy works,” Mr. McCormick said at voted in Pennsylvania for 15 years, say, ‘Fight, fight, fight!’ And that’s missive national abortion law. Sen.
declining for decades. another suburban campaign stop. until he decided to run for the Sen- why we’re going to win.” Casey agrees. “The 60-vote rule has
“That’s why he thinks the problem is ate in 2022. That year Mr. McCor- The two days after the Indiana been an impediment to progress on

Has the decline in manufacturing

been the catastrophe portrayed by
various politicians? Hardly. Infla-
other things.”
on
greedflation, shrinkflation or these

But if Mr. Casey has the worse of

the argument on inflation, he enjoys
mick narrowly lost the Republican
primary to TV personality Mehmet
Oz, who then lost to John Fetterman.
Questions about Mr. Oz’s Pennsylva-
rally Mr. McCormick spent working
the suburban collar counties around
Philadelphia, including at an event
featuring Georgia Gov. Brian Kemp,
a whole host of fronts,” he told CNN,
including “women’s rights,” “voting
rights,” “workers’ rights,” and “mea-
sures to reduce gun violence.”
tion-adjusted gross domestic prod- other advantages, including an 18- nia residency were an issue, and Mr. no favorite of Mr. Trump’s. “Presi- So far the filibuster hasn’t been a
us ,

uct per capita increased from year incumbency in a state where Fetterman launched a cheeky peti- dent Trump is an asset,” Mr. McCor- big topic for these two candidates,
l

around $15,000 in 1947 to about registered Democrats outnumber Re- tion to get him inducted into the mick said in an interview. “He’s been but perhaps it’ll come up when they
e
al a

$66,000 in 2023. Real per capita dis- publicans, 44% to 40%. At the mo- New Jersey Hall of Fame. That said, a huge energizer for voters in Penn- debate on Thursday, or in TV ads go-
posable income rose by a similar ment, he’s 4 to 5 points ahead, ac- undecided voters also had other rea- sylvania. But I’m running my own ing after the incumbent’s reputation
rate. So it isn’t true that our pros- cording to recent polling averages. sons to be skeptical of Mr. Oz, and race.” One point of disagreement: as a moderate. Mr. Casey “is a 98.6%
ci on

perity depends on having most peo- Yet Mr. Casey won his past three Mr. McCormick’s Pennsylvania roots Mr. Trump now wants to “restore” vote for Biden-Harris,” Mr. McCor-
ple work in the manufacturing sec- races by 13 points, 9 points, and 17 are less easily scoffed at. the federal deduction for state and mick said. “That is why Pennsylvania
tor—quite the opposite. Technology points. Mr. McCormick’s ceiling ap- At a rally with Donald Trump in local taxes, which his own 2017 law should be deeply afraid, because he
has dramatically raised labor pro- pears to be rising, and the advertis- the borough of Indiana last week, limited to $10,000. Mr. McCormick is too weak and too liberal to stand
ductivity in manufacturing. Auto- ing will only get heavier. Mr. McCormick rattled off the towns would keep that SALT cap. up to a Democratic Party that is go-
er s

makers here and abroad need far For a GOP challenger, Mr. McCor- where he was raised, baling hay and The trick for Mr. McCormick is to ing off the deep end.”
fewer employees now than they did mick has an enviable résumé. He at- trimming Christmas trees, where galvanize rural Republicans who
m er

in 2000 to make better cars than tended a public high school in North- “my pop-pop had a drugstore,” and love Mr. Trump, while also getting Mr. Peterson is a member of the
they used to. That’s a powerful force eastern Pennsylvania; went on to where “my great-grandfather was a reachable voters in and around the Journal’s editorial board.
reducing employment in the auto
sector—and the same is true in
many other industries.
Soviet Antisemitism at California’s Claremont Colleges
m rp

Per capita income couldn’t have

risen so dramatically if most of the
workers who left manufacturing By Lenny Fukshansky This persistent antisemitism only to Jewish applicants on en- cent of the doctors’ plot, implying

M
landed up working in fast-food res- sometimes sparked nationwide pan- trance exams became so infamous that the U.S. and Israel purposefully
taurants. Americans moved from y family and I emigrated ics. Authorities began the doctors’ that some of them were collected as used Covid-19 to commit a eugenics-
co Fo

manufacturing to other types of jobs from the Soviet Union to the plot in the early 1950s, a state-spon- examples of exceptionally difficult based genocide against Palestinians,
in which their labor is needed and U.S. when I was 17. I love sored campaign that accused a group brain-teasers—an excellent way to minorities and disabled people. The
their level of productivity allows America for the many freedoms and of mostly Jewish physicians of con- challenge and educate yourself but a pamphlet warns that “Zionists and
their employers to compete. Finan- opportunities it has given me, espe- spiring to murder prominent Soviet discriminatory and unfair way of eugenicists rely on you to be poorly
cial services, medicine, biotech and cially the liberty to express my opin- politicians. Many of the campaign’s evaluating only one undesirable informed to fall for their simplified,
higher education are all examples of ions and compete on an equal basis. slogans referred to the threat of Zi- group of applicants. decontextualized, revisionist, racist
industries that have grown dramati- I treasure citizenship in a country onism and targeted doctors with I thought I’d left all this behind and ableist takes.”
cally over time and powered our that has been blessedly free of anti- Jewish surnames. Soviet authorities when I moved to the states. Then One wonders whether the docu-
prosperity. The icing on the cake is semitism, where my status as a Jew called M.S. Vovsi, one of the victims came Oct. 7, 2023, and the attendant ment would have been any different
that banking and software are huge has never limited me. in the publicized trial, “the leader of responses on college campuses. had Soviet propagandists written it.
U.S. exports. That ideal, however, has become Zionists embedded into Soviet medi- It reports that “Zionist propaganda
Change does inflict cost on some less clear in the past year. At the cine.” Others referred to the plot as follows a parallel playbook of capi-
people. I started my career teaching Claremont Colleges, where I teach, a Zionist conspiracy. Today’s ‘anti-Zionism’ is talistic distraction”—a line reminis-
n-

at Carnegie Mellon University in anti-Israel activists insist that we As we now know, this was simply cent of the Great Soviet Encyclope-
Pittsburgh. There was real suffering shouldn’t conflate antisemitism with the first step in Stalin’s plan to elimi- hard to differentiate from dia, which held that Zionism was
when manufacturing declined in that anti-Zionism. My experience suggests nate and deport the majority of Rus- the communist slogans I spread by the “Jewish population of
area. Retraining a 45-year-old steel the two are closely related. Although sian Jews to the Jewish Autonomous capitalist countries.” The brochure is
heard in my youth.
no

worker to become a biotech engineer antisemitism went through many Republic in Siberia. Only his death in also littered with references I recall
is hard. Proponents of free markets transformations between the birth of 1953 averted the catastrophe and al- from my youth, including talk of the
sometimes forget that there are real the Soviet Union in 1917 to its demise lowed my generation of Jews to be predations of the “ruling class” and
political consequences of ignoring in 1991, there was one near-constant: born. Much like Soviet officials, today’s ac- suffering of “exhausted workers.”
the human cost of change. anti-Zionism. During my childhood, Soviet anti- tivists insist that anti-Zionism bears More generally, today’s anti-Zionist
The right answer to the challenge That ideology always colored the semitic rhetoric continued to be no connection to antisemitism—yet activists refer to each other as “com-
of change involves at least three ini- biases Soviet Jews confronted. Vladi- framed in anti-Zionist terms. When many of their slogans sound pain- rades” fighting for the “revolution.”
tiatives. First, the government must mir Lenin referred to Zionism as I was 11, a special state committee fully familiar. “Jews, go back to your Every criticism of Israel needn’t
materially help the people who are “bourgeois nationalism,” an ideology produced a report alleging a crimi- Israel!” has been replaced by “Jews, be antisemitic, but nearly all the
affected and help them find jobs in anathema to communist revolution- nal alliance between Nazism and Zi- go back to Poland!” Many people, antisemitism I have encountered,
which they can take pride. Second, aries. That prejudice subsided briefly onism. This anti-Zionist propaganda then and now, consider the word “Zi- here and in the U.S.S.R., has been
parents and educators must provide when Soviet officials thought the from above stirred anti-Jewish feel- onist” to be derogatory. mixed with anti-Zionism. As the late
children with the skills they need to new state of Israel might become a ings from below. I remember a Some old antisemitic tropes have Rabbi Jonathan Sacks observed, Jew
thrive in a constantly changing member of the communist bloc. schoolmate telling me that “Hitler been picked up, dusted off and sold hatred mutates throughout the ages,
world. Third, politicians must re- When it didn’t, Stalin returned to should have burnt all of you Jews.” as anti-Zionist. At the Claremont Col- and anti-Zionism is simply its most
move unnecessary regulations and Lenin’s playbook. It also wasn’t uncommon to hear leges club fair this fall, the Associ- recent incarnation.
other barriers to growth in emerging The Great Soviet Encyclopedia, slogans like “Jews, go back to your ated Students of Pomona College— Soviet communism is dead, merci-
sectors of the economy. the main Russian language encyclo- Israel!” the school’s student government— fully, yet some of its dark legacies
The wrong answer is to pine for a pedia in the 20th century, described While Israel was a source of pride had on its table booklets titled “Mask endure in the nation that defeated it.
mythical golden age that never ex- Zionism as a form of racism and co- for Russian Jews, we were punished Up, We Need You: Palestinian Soli- As a Jew who grew up in that night-
isted. Pittsburgh is now a thriving lonialism. Linking Zionism to classic for its successes. Strict quotas, darity, Covid-19, and the Struggle for marish regime, I hope America, my
center of education, research and antisemitic stereotypes, it alleged which limited the number of Jewish Liberation.” The group said it neither adopted home, will find a way to see
health services. It didn’t get there by that the “International Zionist Or- students accepted at top universities, produced nor intentionally distrib- and reject so much anti-Zionism for
trying to bring back the 1950s. ganization owns major financial picked up after Israel’s victory in the uted the booklet—but others, like the the blatant antisemitism it is.
funds, partly through Jewish monop- Six Day War in 1967, when anti-Zion- “7C Staff for Justice in Palestine,”
Mr. Eichenbaum is an economics olists and partly collected by Jewish ist feeling was running high in the were less shy and even promoted it Mr. Fukshansky is a professor of
professor at Northwestern University. mandatory charities.” U.S.S.R. In my field, mathematics, on its Instagram page. The text mathematics at Claremont McKenna
the use of “killer questions” given pushes a conspiracy theory, reminis- College.

Notable & Quotable: ‘I Will Cripple You’

PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Lachlan Murdoch
Executive Chairman, News Corp
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp From a “candid conversation” week, malls start closing down. They work for 90 days. That’s a cooling-
Emma Tucker Almar Latour with International Longshoremen’s can’t get the goods from China. They off period. Do you think when I go
Editor in Chief Chief Executive Officer and Publisher Association President Harold J. Dag- can’t sell clothes. They can’t do this. back for 90 days those men are go-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: gett posted on YouTube Sept. 5: Everything in the United States ing to go to work on that pier? It’s
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, comes on a ship. They go out of going to cost them money, the com-
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
These people today don’t know business. Construction workers get pany’s money, to pay their salaries.
Taneth Evans, Associate Editor; Brent Jones, Compliance Officer; Dianne DeSevo, Chief People what a strike is. When my men hit laid off because the materials aren’t Well, they went from 30 moves an
Culture, Training & Outreach; Alex Martin, Print Officer; Jared DiPalma, Chief Financial Officer; the streets from Maine to Texas, ev- coming in, the steel’s not coming in, hour, maybe to eight. They’re going
& Writing; Michael W. Miller, Features & Artem Fishman, Chief Technology Officer;
ery single port a lockdown, you the lumber’s not coming in. They to be like this [clasps neck]. Who’s
Weekend; Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, know what’s going to happen? I’ll lose their job. Everybody’s hating going to win here in the long run?
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, Chief tell you. the longshoreman now, because now You’re better off sitting down and
Communications Officer; Josh Stinchcomb, EVP & First week, be all over the news they realize how important our jobs let’s get a contract, and let’s move
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
every night. Boom, boom. Second are. Now I have the president on with this world. And in today’s
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
week, guys who sell cars can’t sell screaming at me. “I’m putting a world, I’ll cripple you. I will cripple
1211 Avenue of the Americas, New York, N.Y., 10036 cars because the cars ain’t coming in Taft-Hartley on you.” Go ahead. Taft- you, and you have no idea what that
Telephone 1-800-DOWJONES off the ships. They get laid off. Third Hartley means I have to go back to means. Nobody does.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Thursday, October 3, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

400 miles

Ballistic
300
RA
DA
RD
200 ET
EC
TIO
N

100 A hypersonic missile can

in 14.6 minutes and can travel 1,800 miles
evade most air defens
es.
Cruise

Note: The approximate speed and trajectory, in pink, of a hypersonic glide vehicle weapon, which is
boosted into the air and then glides at high speeds to its target, compared with a non-hypersonic
cruise missile and a ballistic missile.
Sources: Congressional Budget Office; Department of Defense
PETER CHAMPELLI, JUANJE GÓMEZ/WSJ

Russia Puts
Scientists

ANTON VAGANOV/REUTERS
In Crosshairs Russian physicist Anatoly Maslov was sentenced to 14 years in prison on treason charges earlier this year.

At least a dozen who nothing leaks out.” foreign colleagues and at-
The fear in the Russian sci- tended overseas conferences—
studied hypersonics entific community now is that An International Door Closes and didn’t necessarily have a
have been arrested anyone who worked on the direct role in the developing
technology that could be used Attending international which began in 2000, Rus- speed phenomena. Russian the weapons applications of
on spying allegations in hypersonic weapons could conferences, coordinating sian scientists participated institutes were obligated to the new technology.
be picked up and held for with foreign colleagues and in many international proj- participate in this project. “It’s the scientists who do
BY ANN M. SIMMONS years before facing a treason sharing knowledge was en- ects. While serving as prime Now that collaboration the fundamental research who
trial. For some, the idea of couraged following the de- minister between 2008 and has come back to haunt the are being detained,” said
Think of Russia’s most dan- pursuing related research is mise of the Soviet Union 2012, Putin signed an scientists. Russia’s Federal Yevgeny Smirnov, a lawyer

.
gerous jobs and the role of too risky now—potentially and the era of glasnost, or agreement with several Security Service is now in- who represented three ac-
research scientist doesn’t im- stunting Moscow’s progress cused scientists—two of

ly
openness, that developed in countries, including the U.S., vestigating “which scientists
mediately spring to mind. Coal just as it gains an edge over Russia under former Soviet Australia, New Zealand and can be imprisoned,” said whom died following their de-
miner, maybe. Or a deep-sea the West. leader Mikhail Gorbachev. European nations, to partic- Yevgeny Smirnov, a lawyer tention. “They do not know
diver on the Barents Sea oil Hypersonic missiles are one In the early years of ipate in a global project to who represented three ac- what armaments are, they
rigs. The same kinds of jobs
that are dangerous anywhere.
But over the past six years,
at least a dozen scientists,
of President Vladimir Putin’s
pet projects and are one of the
few areas in which Russia can
claim to lead the world.
on Vladimir Putin’s presidency, study fundamental high- cused scientists. have never developed missiles.
But yes, their research can be
applied to hypersonics.”
The arrests come when the
many of whom conducted re- Because of their speed— years. who helped design them. after Putin gave an address to government is already on edge
us ,

search in the field of high- they can travel at more than The Kremlin has acknowl- At least six researchers the country’s Federal Assem- over any perceived threat and
l

speed aerodynamics or hyper- five times the speed of edged using the superfast have been detained since Rus- bly in 2018, where he first un- has imposed strict limits on
e
al a

sonics, have been arrested. sound—they can be launched weapons against Ukraine. That sia invaded Ukraine in Febru- veiled hypersonic nuclear what Russians can say and do,
Some of the arrests were on from great distances and includes the 3M22 Zircon hy- ary 2022, including three weapons he said were capable especially since the start of
suspicion of handing over sci- evade most air defenses. They personic missile, which Mos- working in aerodynamic sci- of penetrating U.S. missile de- the war in Ukraine. Increas-
ci on

entific data to Moscow’s ri- can carry conventional or nu- cow says can travel up to nine ence at the Khristianovich In- fenses, using digital anima- ingly, authorities are using
vals. The latest was sentenced clear warheads and are ma- times the speed of sound with stitute of Theoretical and Ap- tions to reinforce his point. treason and espionage laws to
to 15 years in prison. neuverable and can strike tar- at least a 660-pound warhead, plied Mechanics in Siberia. Some analysts suggested target critics and stifle dis-
Several had been detained gets quickly, before the enemy making Russia’s bombardment That added to concern across there was an element of the- sent.
after participating in research can prepare or even know of its smaller neighbor more the scientific community that, ater behind the detentions in “The bar for the state’s tol-
er s

with other countries, with the they are coming. lethal than ever. Ukraine in Putin’s Russia, what you that they help buttress the erance for anything contrary
approval of the Russian state. The U.S. hasn’t deployed claims to have had success know can be as dangerous as idea that Russia had achieved to what it demands and speci-
m er

Some had been working on any similar weapons. Both shooting down earlier hyper- what you do with it. a significant technological ad- fies has become much lower,”
projects related to the defense Russia and China have, and sonic weapons, such as the “It gradually built up over vantage. Davidis said.
sector. Others were involved while European nations are Kinzhal air-launched ballistic many years, but naturally But the range of those de- For scientists caught up in
with basic scientific studies. developing hypersonic and su- missile. But Russia dismisses gained a particularly wide tained speaks to the growing the detention wave, it is terri-
“Spy mania reigns in Russia personic weapons, they are a that claim and appears set to reach after the start of the paranoia in the Kremlin over fying, Smirnov said.
m rp

right now, a sort of besieged long way from catching up continue work on developing full-scale war,” Davidis said. how to safeguard these ad- “The fear is that you can’t
fortress concept,” said Sergei with Moscow and Beijing, ex- ever-faster weapons. Kremlin spokesman Dmitry vances. communicate with foreigners,
Davidis, who heads the politi- perts say. The notion that any kind of Peskov told journalists this Most of the scientists ar- you can’t go to conferences,
cal prisoners support program Putin is anxious to keep information relating to these year that he couldn’t comment rested are older academics you can’t develop in this re-
at Nobel Peace Prize-winning Russia ahead of the pack, es- missiles could make its way on the arrests because of the who have had distinguished spect,” he said. “This really
co Fo

Russian human-rights group pecially now that relations into the open worries Putin, involvement of Russia’s secu- careers. They have worked for has had a very strong chilling
Memorial. “There is such hy- with the West have reached a some analysts say, and the im- rity services and their serious prestigious Russian institu- effect among scientists.”
per-security on the part of the nadir and the war in Ukraine mediate target of the arrests nature. tions, been co-authors of pa- —Kate Vtorygina
state, hyper-concern that could last for several more appears to be the scientists This wave of arrests began pers on aerodynamics with contributed to this article.

WORLD WATCH
Ukraine Leaves Town
In East as Russia Gains
n-

BY JANE LYTVYNENKO Ukrainian front line permit Ukrainian forces to

Ukrainian forces in Russia strike Russia with long-range
no

KYIV, Ukraine—Ukraine on Russian forces in Ukraine and missiles provided by the U.S.
Wednesday said it pulled Kursk region and its allies.
troops out of the eastern coal- Vuhledar had been a major
mining town of Vuhledar, as RUSSIA
irritant for Russia earlier in
its front comes under severe Sumy the war, when Ukraine used
strain from mounting Russian its control of the city to shell
assaults. Kharkiv critical Russian military-sup-
The town, once home to ply lines. Russia launched
UKRAINE
over 10,000 residents, had be- wasteful, head-on armored as-
CHALINEE THIRASUPA/REUTERS

come a defense bastion for Dnipro

Chasiv Yar saults on the city, which
Ukraine. Pokrovsk Ukraine initially repelled. But
But Russia had all but sur- Russian pressure finally won
Vuhledar
rounded it and in recent days out in recent weeks as it over-
Mariupol
pounded it with massive glide whelmed Ukrainian units with
Melitopol
bombs that Ukraine lacks the 50 miles glide bombs and mass infantry
means to counter. Sea of Azov 50 km assaults.
GRIEVING: Relatives attend the funeral of young students who were killed when a bus they The loss of the stronghold, Note: As of Oct. 1 Ukrainian military com-
were taking on a school field trip became engulfed in flames in Thailand earlier this week. which Russia has assaulted re- Source: Institute for the Study of War and mand on that part of the front
lentlessly for two years, is a AEI’ C iti l Th t P j t said its forces had been ex-
RUSSIA HAITI TAIWAN sign of the growing pressure tion last week in the U.S., hausted as Russia launched
on Ukraine’s main, eastern where he was seeking to per- attacks from several sides and
Trail Begins for Council Members Thousands Evacuate front. Analysts from the Insti- suade Washington and its al- threatened to encircle the city.
Navalny Journalists Face Bribery Claims Ahead of Typhoon tute for the Study of War in lies to increase support. The Commanders said they with-
Four Russian journalists An anti-corruption agency An approaching typhoon Washington said Russia’s cap- Biden administration has also drew to protect troops and
went on trial in Moscow on in Haiti on Wednesday ac- bringing strong winds and ture of Vuhledar is unlikely to declined to approve Zelensky’s equipment, which will be used
Wednesday after being ac- cused three members of the torrential rain to Taiwan facilitate a broader advance, main immediate request to on other parts of the front.
cused of working for an anti- country’s transitional presi- killed two people and injured as the city wasn’t on a logisti-
corruption group founded by dential council of bribery in a dozens in the past few days, cal route and lies about 20
the late Russian opposition scathing report that threat- and forced thousands to miles from the main Russian
politician Alexei Navalny, ens to destabilize the coun- evacuate from low-lying or offensive effort toward the
which was designated by au- try’s fragile political stability. mountainous areas. transport hub of Pokrovsk.
thorities as an extremist or- Smith Augustin, Emmanuel At least 70 people were in- But the loss of the city
ganization in 2021. Vertilaire and Louis Gérald jured and two people died be- shows how Ukraine is facing
Antonina Favorskaya, Ar- Gilles are accused of demand- cause of weather conditions an increasingly bleak picture
tyom Kriger, Sergey Karelin ing more than $750,000 from attributed to Typhoon Kra- after 2½ years of war. Russia
and Konstantin Gabov were the director of the govern- thon, Taiwan’s National Fire is a few miles from Pokrovsk
arrested this year and ment-owned National Bank of Agency said Wednesday. and piling pressure on two
charged with involvement Credit to secure his job, said The typhoon, packing max- other eastern cities, Chasiv
with an extremist group, a the Unit for Combating Cor- imum sustained winds of 108 Yar and Toretsk, which are on
criminal offense punishable ruption in its report. mph and gusts of 130 mph, relatively high ground.
by up to six years in prison. The three council members was expected to make land- Ukrainian troops are out-
numbered and outgunned,
YEVHEN TITOV/REUTERS

All four deny the charges. and the former bank director, fall early Thursday on Tai-
The trial, which is being Raoul Pascal Pierre-Louis, all wan’s densely populated west with little prospect of signifi-
held behind closed doors, is face criminal charges of brib- coast, according to the Cen- cant relief given constrained
the latest step in the Krem- ery and corruption, said the tral Weather Administration. weapons deliveries from the
lin’s crackdown on dissent anti-corruption unit. None of The strongest winds are ex- West and issues recruiting
since its 2022 full-scale inva- them could be reached for pected in the island’s south- and training more troops.
sion of Ukraine. comment. west region. President Volodymyr Zel- A view of apartment buildings damaged by a Russian
—Associated Press —Associated Press —Associated Press ensky received a tepid recep- military strike in Vuhledar, eastern Ukraine, last October.
 BUSINESS & FINANCE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

© 2024 Dow Jones & Company. All Rights Reserved. * * * * * * THE WALL STREET JOURNAL. Thursday, October 3, 2024 | B1
S&P 5709.54 À 0.01% S&P FIN À 0.10% S&P IT À 0.59% DJ TRANS g 0.82% WSJ $ IDX À 0.46% 2–YR. TREAS. yield 3.636% NIKKEI (Midday) 38657.04 À 2.24% See more at WSJ.com/Markets

Humana Warns on Medicare Rating JPMorgan

Plans More
Humana share price,
year to date
Stock slides over
10% as health
based on preliminary 2025
Medicare Advantage ratings
data from the Centers for Medi-
able to alleviate it.
The company’s shares fell
more than 20% in morning
business, long seen as a main
source of growth and profit for
insurers, has become riskier
Branches in
$450

400
insurer says 2026
payments to be hurt
care and Medicaid Services,
down from 94% this year.
The quality ratings, on a
trading before partly recover-
ing. The stock closed at $246.49,
down $32.96 or 11.79%, losing
and more challenging.
As Medicare and other gov-
ernment programs have be-
Poor Areas
scale of one to five stars, are nearly $4 billion in market cap. come an ever-larger share of
BY ANNA WILDE MATHEWS tied to bonuses paid to insurers. Humana said it is appealing the insurance business, deci- BY ALEXANDER SAEEDY
350 AND COLIN KELLAHER The downgrade could have a the CMS decisions and would sions by agencies and Congress
huge revenue impact in 2026, work to mitigate their im- can have outsize impacts on the Jamie Dimon has a plan to
Humana warned that a steep with analysts suggesting a pact. The company said its companies’ results. In one sign help some of the poorest people
300
drop in the federal govern- range of figures, from less than “commitment to quality is un- of the volatility this dynamic in America: build more Chase
ment’s quality ratings of its $2 billion to far higher. wavering,” and the fall in the can bring, shares of Humana branches in their towns and cit-
250 Wednesday Medicare plans could hit its re- “The scale of the drop is a ratings was largely driven by and rival UnitedHealth ies.
$246.49 sults in 2026. shock,” said Sarah James, an narrow misses on key measure- Group fell after the presiden- JPMorgan Chase is working
–11.8% The health insurer said it has analyst with Cantor Fitzgerald, ments that weigh heavily in the Please turn to page B2 on opening nearly 100 new
200 about 25% of its members cur- who projected the shift in stars federal quality analysis. branches in low-income areas
Jan. 2024 June Oct. rently enrolled in plans rated could affect nearly $3 billion in The announcement is the lat-  Heard on the Street: Cigna around the country, including
Source: FactSet four stars and above for 2025 2026 revenue if Humana isn’t est sign of how the Medicare deal seems more likely. B11 America’s inner cities and rural
towns where banks have been
shrinking their footprint for

OpenAI years.
Some of these community
centers come with the usual fix-

Valuation ings—teller windows, ATMs,

and bankers’ offices—but also
have spaces where the bank will

Nearly host small businesses and fi-

nancial literacy workshops,
open to the public. After pilot-

Doubles to ing the model five years ago,

JPMorgan is now expanding it
nationwide.

.
$157 Billion “This is not just ‘do-good-
ing,’ this is business,” Dimon,

ly
the JPMorgan chief executive,
said. “We measured these
OpenAI has raised $6.6 bil- branches by number of custom-
lion in new funding, capping a
complex fundraising process
that involved negotiations with
multiple tech giants and large
on ers, deposits, investments, and
the model works.”
The bank is also hiring 75
new community managers to
private investors at the same work at some of these
us ,

time it has been experiencing branches. Hired locally, the

l

disruptive internal turmoil. managers aren’t supposed to

e
al a

sell or market Chase products.

Instead, they are meant to part-
JESSICA FOLEY FOR WSJ

By Deepa
Seetharaman, Tom ner with community organiza-
ci on

Dotan and Berber Jin tions and help teach residents

on best practices to increase
Investors are valuing the their wealth and build trust in
startup behind ChatGPT at the Chase brand.
$157 billion, a total that puts it ‘We’re going to show these greedy bastards you can’t survive without us!’ Harold Daggett shouted to members’ cheers. “What we’re doing is a com-
er s

on par with the market capital- prehensive approach to lifting a

Profane 78-Year-Old Leads Strike

izations of publicly traded community economically,” said
m er

household names such as Gold- Diedra Porché, head of commu-

man Sachs, Uber Technolo- nity and business development
gies and AT&T. at JPMorgan Chase.

By Dockworkers at U.S. Seaports

OpenAI was last valued at Banks are required by law to
$86 billion early this year, when serve and lend to low-income
m rp

employees sold existing shares. communities. But they have

The funding round is one of been scaling back their pres-
the largest ever for a private ence as they have consolidated,
company, save for the $10 billion BY PAUL BERGER profanities and warnings about world’s largest ocean shipping ers around the world behind closing thousands of branches
OpenAI itself raised from Micro- the threats automation poses companies based in Europe and his goal of halting automation in predominantly poor areas
co Fo

soft in January 2023. Earlier Harold Daggett stood in to workers. Asia that saw profits surge as in its tracks and establishing over the last 15 years. Studies
this year, Elon Musk’s AI startup front of the closed gates at the The midnight rally show- the Covid-19 pandemic and longshore labor as a formidable have shown that cuts banks
xAI raised $6 billion. Port of New York and New Jer- cased the pugnacious leader- more recent supply-chain dis- partner in global trade. have made to mortgage lending
Investors in the new round sey just after midnight Tuesday ship style of the 78-year-old ruptions boosted demand and “People are going to sit up since the 2008 financial crisis
will have the right to withdraw and delivered a battle cry to chief of the International Long- prices for their services. and realize how important have disproportionately re-
their money if OpenAI doesn’t hundreds of members of his shoremen’s Association. In his Daggett, who has the broad longshoremen jobs are,” Dag- duced lending to nonwhite
complete its planned conver- union that represents port fourth term as president, Dag- shoulders of a former dock- gett said in an interview at the Americans.
sion to a for-profit company workers from Maine to Texas. gett is leading the union into worker and a raspy voice that rally. “They won’t be able to JPMorgan says it wants to
within two years. “We’re going to show these its most militant stance yet af- comes from years of shouting sell cars. They won’t be able to invest in bricks-and-mortar
Currently it is a charitable greedy bastards you can’t sur- ter decades of combative, bare- at labor rallies, is now throw- stock malls. They won’t be able branches across the country,
nonprofit with a for-profit divi- vive without us!” Daggett knuckles contract battles with ing himself behind an effort to to do anything in this country and it has been building hun-
sion through which investors shouted to cheers from the ocean carriers. win a historic increase in pay without my f—ing people. And dreds of branches in recent
can buy a share of its future crowd in a speech filled with Daggett’s targets are the and an effort to get dockwork- Please turn to page B2 Please turn to page B2
n-

profit.
The round was led by ven-
ture-capital firm Thrive Capital,
which is putting $1.25 billion
Saudi Minister Sees
no

into the company, according to

people familiar with the matter.
Microsoft is investing a little
less than $1 billion.
Please turn to page B2
Oil Falling to $50 if
 Khosla predicts AI-led
deflation................................. B4 Cartel Curbs Defied
INSIDE The Saudi oil minister has
said prices could drop to as
low as $50 per barrel if so-
Brent crude-oil futures price
$82 a barrel

called cheaters within OPEC+

80
don’t stick to agreed-upon
HASAN BRATIC/DEFODI/ZUMA PRESS

production limits, according to

delegates in the cartel. 78
Wednesday
By Benoit Faucon, 76 $73.90
Summer Said
and Anna Hirtenstein 74

The remarks were inter- 72

preted by other producers as a The luxury giant inked a 10-year deal with F1, following its sponsorship of the Paris Olympics.
BUSINESS NEWS veiled threat from the king- 70
Levi Strauss cut its dom that it is willing to
revenue outlook and
said it is considering a
launch a price war to keep its
market share if other coun-
tries don’t abide by the
68
Aug. 2024
Most active contract
Sept. Oct.
LVMH Expands Sports Reach
Dockers sale. B3 group’s agreements, they said.
Key members of an alliance
made of the Organization of
Source: FactSet

ries about supply disruptions.

With Formula One Sponsorship
the Petroleum Exporting There are fears in the West
Countries and its allies, to- that a wider war could choke BY NICK KOSTOV around athletes’ necks. or uniforms, but LVMH has a
gether known as OPEC+, oil exports from the Gulf that AND JOSHUA ROBINSON Now LVMH has its next tar- plethora of brands to flood the
agreed on Wednesday to ease pass through the Strait of get in sports. Starting next zone. The watch brand TAG
production curbs in December. Hormuz, which borders Iran, PARIS—For just over a year, the company led by luxury Heuer will replace Rolex as the
Those plans, which were previ- and push prices higher. month this summer, the LVMH titan Bernard Arnault will leap sport’s official timekeeper.
ously agreed upon, were con- But geopolitical tensions luxury empire turned the Paris on the global resurgence of For- Louis Vuitton will move into
AMTRAK

firmed in an online meeting. have persisted for months Olympics and Paralympics into mula One with a 10-year spon- every trophy presentation by
Benchmark oil prices rose without meaningful effect on one long exercise in product sorship deal that will put LVMH manufacturing cases for the
Wednesday, with the most ac- oil prices, and the declines placement. brands front and center of mo- hardware. And when the driv-
TRANSPORTATION tively traded contract for have been frustrating for As the roughly €150 million tor racing’s premier traveling ers spray Champagne from the
Amtrak seeks to boost Brent adding 1.9% to just un- Saudi officials in part because sponsor of the Games, the com- circus. podium, it will no longer be an
der $75 a barrel. The global other cartel members have pany made sure it was every- What sets the agreement Italian sparkling wine—they
ridership by pitching crude benchmark has climbed Please turn to page B10 where, from an eye-popping apart from a typical sponsor- will be draining bottles of Moët
comfort and for the past three trading ses- cameo of Louis Vuitton trunks ship is its sheer scale. Compa- & Chandon.
hospitality. B6 sions, gaining as conflict in  Dow closes up slightly as in the Opening Ceremony to the nies typically sponsor one facet “The Olympics really started
the Middle East spurred wor- crude prices rise.............. B10 Chaumet-manufactured medals of a sport, such as timekeeping Please turn to page B2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Thursday, October 3, 2024 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Humana..................................B1,B11 S
OpenAI
AMC Entertainment............B6
Anheuser-Busch InBev.....A8
Apple.................................................B2
J
JD Sports Fashion.................B3
JPMorgan Chase.....................B1
Shell................................................B10
SoftBank........................................B2
SolarWinds..................................B4
Value Hits
AT&T...................................................B1
B
BYD....................................................A2
Juniper Networks..................B4
K
Korea Zinc....................................B6
Southwest Airlines...............A9
Stellantis........................................A2
T
$157 Billion
C Tesla...................................................A1
L Continued from page B1
Campari...........................................B3 Tiger Global Management
Levi Strauss................................B3 ............................................................... B2 New investors include To-
Cigna................................................B11
Conagra Brands.......................B3
Liberty Media............................B2 Torc Robotics.............................B4 kyo-based conglomerate Soft-
CVS Health.........................B2,B11 LVMH Moët Hennessy TotalEnergies..........................B10 Bank, which is putting in
Louis Vuitton...................A1,B1
U around $500 million, and AI
D
M chip maker Nvidia, which is in-
Diageo..............................................B3 Uber Technologies.........B1,B4
Macy’s..............................................B3 vesting about $100 million, one
E UnitedHealth...............................B1
Microsoft........................................B1 of the people familiar with the
Equinor.........................................B10 V matter said.
N

CFOTO/DDP/ZUMA PRESS
F Vimeo...............................................B4 Investment firm Tiger
Netflix...............................................B2
Ford Motor..................................A2 W Global Management is putting
Nike...........................................B3,B11
in $350 million. Cathie Wood’s
G Nvidia................................................B2
Walgreens...................................B11
Walmart........................................B11 Ark Investment Management
Goldman Sachs.........................B1 O Wyndham Hotels & and Altimeter Capital are each
H OpenAI..............................................B1 Resorts........................................B6 putting in about $250 million,
which is the minimum amount Chip maker Nvidia is among the major investors in a funding round that raised $6.6 billion.
required to review OpenAI’s fi-
INDEX TO PEOPLE nancial documents.
Other investors include
gence, which was co-founded
by OpenAI’s former chief scien-
investment round critical. Ope-
nAI is expected to lose around
base that used to be made up
primarily of researchers. The
Khosla Ventures, Fidelity Man- tist, Ilya Sutskever; and xAI. $5 billion this year on revenue company recently hired its first
A G Musk, Elon.....................A1,A2,B1 agement and Research Company Before starting xAI, Musk was of $3.7 billion, a person with chief financial officer, Sarah
Adam, Larry.............................B10 Gaas, Michelle...........................B3 P and MGX, a United Arab Emir- an OpenAI co-founder and its knowledge of its financial data Friar, who helped lead the
Arnault, Bernard......................B1 H Porché, Diedra............................B1 ates state-backed company cre- first major source of funding. confirmed. It is projecting rev- fundraising process.
Arnault, Frédéric.....................B2 Hamlisch, Eliot.........................B6 S ated this year to invest in AI. In addition to those start- enue will grow to $11.6 billion This shift—along with per-
C Hansen, Ole..............................B10 Apple was in talks to invest ups, OpenAI is also up against in 2025. sonal disputes among OpenAI
Schultz, Regis............................B3
Chamberlain, Richard..........B3 Hill, Elliott...................................B11 Simon, Justin...........................B11
in OpenAI, but those discus- tech giants such as Google and Developing new AI models is executives—has sparked ten-
Cheung, Frances...................B10 Holz, Jared..................................B11 Singh, Harmit............................B3
sions fell apart, The Wall Street Meta Platforms that are mak- hugely expensive, as is operat- sions within the company. Nu-
Choi, Yun B..................................B6 Hunter, Richard........................B3 Slimane, Hedi.............................A1 Journal previously reported. It ing huge investments in AI. ing them. In addition, competi- merous top executives and re-
Chui, Michael.............................B4 J Sullivan, Joseph.......................B4 would have been a rare strate- OpenAI remains the best- tion for the most talented AI re- searchers have left this year,
Connolly, Sean...........................B3 Sutskever, Ilya...........................B2 gic investment for the iPhone known company in the burgeon- searchers has driven their including multiple co-founders
James, Sarah..............................B1
U maker, which is already joining ing AI market, thanks to the salaries into the millions. and, just last week, Chief Tech-
D K with OpenAI on its new Apple breakout success of ChatGPT, The New York Times re- nology Officer Mira Murati.
Dhar, Manjari.............................B3 Ungashick, Charlie.................B4
Kakolowski, Nick.....................B4 Intelligence product. which has 250 million weekly ac- ported earlier on OpenAI’s fi-
Dimon, Jamie..............................B1 Khosla, Vinod.............................B4 V OpenAI told investors in the tive users and 11 million paying nancial data.
Donahoe, John........................B11 Kim, Michael ByungJu......B6 Villa, Julka....................................B3 new round that it doesn’t want subscribers, according to a OpenAI has been putting Listen to a Podcast
F King, Nichol.................................B2 W them to put money into its big- knowledgeable person. Around out new products for consum- Scan this code
Fantacchiotti, Matteo.........B3 M Wan, Michael..........................B10 gest private competitors. Those one million business customers ers and businesses at a rapid for a podcast on

.
Fowler, Summer......................B4 Martano, Steve........................B4 Watterson, Andrew..............A9 include Anthropic, which was pay to use its technology. pace this year. It has also been the big changes
founded by several ex-OpenAI But the company is far from adding people with business that are tearing

ly
Friar, Sarah..................................B2 Mundy, Edward........................B3 Wong, Christopher.............B10
Friend, Matthew....................B11 Murati, Mira................................B2 Wood, Cathie..............................B2 employees; Safe Superintelli- profitable, which made the new experience to an employee OpenAI apart.

Humana their coverage next year.

The exact impact of the qual-
ity rating hit on Humana’s prof-
on LVMH in Austin, Texas, to three by
adding two glitzy Grands Prix
in Miami and Las Vegas.
was watching as it decided to
ramp up its involvement in F1.
The length of the deal also
matter said was worth just un-
der €100 million, equivalent to
about $110 million, a year.

Shares Skid its is unclear, but analysts said

the drop is almost certain to Speeds Into “We’re still at the beginning
of the journey in the U.S.,” Fré-
means that LVMH will have a
hand in shaping the image of
LVMH’s earliest forays into
sports were more discreet, tar-
us ,

hurt the company’s effort to déric Arnault said. “There’s a the sport long after “Drive to geting the country-club set
l

On Warning bolster its margins.

F1 Racing very young audience. I think Survive” ends its run. through sports such as sailing.
e
al a

Humana has said it aims to that’s reassuring. And that’s The deal comes despite the But the company now sees
return to margins of at least what also convinced us. Ten wider downturn in the luxury mainstream athletes as a way
3% in 2027, after the run of years ago, it was an aging audi- industry as aspirational con- to reach a broader array of cus-
ci on

Continued from page B1 high costs this year damaged Continued from page B1 ence.” sumers have cut back spending tomers.
tial campaign debate. them, and the company said a new dynamic,” said Frédéric Above all, the lesson was on products such as watches, When it signed French bas-
Medicare results have Wednesday there is now more Arnault, CEO of LVMH that the stars of F1 weren’t the jewelry and Champagne. But ketball star Victor Wemban-
weighed on the shares of Hu- risk to that goal. Watches. Arnault, 29, is the teams or the finely engineered LVMH, which owns a stable of yama in February, it announced
mana rival CVS Health because Cantor Fitzgerald’s James fourth of the luxury tycoon’s cars anymore—they were the some 75 brands, sees F1 and its their partnership with a gigan-
er s

of struggles at its Aetna unit. said Humana’s Medicare plan five children, who all have drivers. This club of 20 dare- global reach as a vehicle for tic billboard in San Antonio,
Humana, which reported margins for this year are management roles in the com- devils with Hollywood smiles maintaining the upscale image where he plays for the Spurs.
m er

$106.4 billion in revenue last roughly break-even. pany. and preternatural skill were of its brands while speaking to LVMH’s internal strategy has
year, is especially vulnerable to Humana said it believes LVMH had considered a sim- precisely the pitchmen F1 a broader audience. long been to let its brands run
government moves. there might be potential errors ilar plan a decade ago, accord- needed to blur the line between Neither LVMH nor F1 dis- independently, sometimes as
Its insurance business is in some of the federal agency’s ing to a person familiar with sports and entertainment. closed the terms of the deal, competitors. Sponsorship deals
nearly all Medicare Advan- calculations, fueling its efforts the matter, before deciding the That is precisely what LVMH which people familiar with the are negotiated by the brands
m rp

tage, the private version of the to appeal. CMS is expected to fit wasn’t quite right. But since themselves. It wasn’t until
federal program for the el- formally release its 2025 star- then, F1 has undergone one of Paris 2024 that LVMH negoti-
derly and disabled. rating details next week. the most stunning makeovers ated an overall sponsorship
The company has in the Humana also said it is ex- in sports. Acquired by Liberty agreement that involved a
past suggested that its close ploring all available options to Media in 2017, the series’ popu- whole slew of its brands sign-
co Fo

focus on the Medicare busi- mitigate the 2026 revenue larity has exploded, in part ing the same agreement.
ness is a strength, as Medicare headwind related to the 2025 through the Netflix series Once the Olympics rolled
Advantage is growing as more star ratings if its challenges are “Drive to Survive.” around, the LVMH machine was
seniors choose the plans. Hu- unsuccessful. It added that it Not only did it draw in more in full swing. It even went
mana’s own stock has been doesn’t expect the issue to af- women and a new kind of sup- where few sponsors had gone
hurt already this year after fect its financial results or out- porter—younger and in tune before with a cameo in the
unexpectedly high medical look for 2024 or 2025. with social media—it also Opening Ceremony, which fea-
DENIS BALIBOUSE/REUTERS

costs hit its results. In the past, Medicare insur- opened up previously untapped tured a hooded figure popping
The newest reported falloff ers have been able to ease markets for F1. into a Louis Vuitton workshop
in the quality ratings could much of the effect of these None was more important for a close-up of the brand’s
also affect Humana’s 2025 quality-rating declines, often than the U.S., which also hap- monogrammed trunk. In an-
Medicare enrollment, James half or more of the revenue pens to be one of LVMH’s larg- other scene, the luggage was
said, because the lower-qual- hit, by shifting membership est markets. In three years, F1 wheeled through the Cheval
n-

ity scores will display to se- between different plans and went from having just one Frédéric Arnault, CEO of LVMH Watches, cited Formula One’s Blanc Hotel, which is also
niors shopping this fall for other moves. American race on the calendar, relatively young viewership as a draw for the luxury giant. owned by LVMH.
no

Docks Daggett’s hope is that by

choking off trade—from U.S.
exports of grain to imports of
contract. The ILA recently un-
veiled a statue of him outside
the union’s headquarters in
the U.S. Navy in Vietnam before
getting his first job on the
docks as a mechanic in 1967. He
JPMorgan shaw district of Los Angeles.
Nichol King, JPMorgan’s first
community manager, said being

Veteran raw materials and finished

goods—he can force ocean
shipping companies to agree to
New Jersey.
In speeches and video inter-
views over the past year, Dag-
rose through union ranks to in
1998 become president of the
mechanics local at Port New-
Expands in on the ground helps banks to
build trust with lower-income
communities, where a propor-

Leads Strike a big pay raise.

Daggett has made wage de-
mands a precondition to open
gett has reminisced about the
ILA’s last coastwide strike, in
1977, and about his own part in
ark.
Daggett’s work at the union
has sometimes attracted the
Poor Areas tionally higher percentage of
people don’t use bank accounts.
She said that managers try to
contract talks on other thorny that strike when he traveled to attention of authorities, who meet people where they already
Continued from page B1 issues such as the use of auto- the West Coast to stop diverted have previously accused him of Continued from page B1 spend time in their communi-
it’s about time they start real- mation on the docks. ships from being unloaded mob ties, claims he has denied. years, although many of those ties and let them know Chase
izing it.” He is gunning for a 77% pay there. In 2005, he stood trial in have been built in more afflu- can be their bank.
At the expiration of the last increase over six years, which Daggett has warned that if Brooklyn on wire and mail ent neighborhoods. With the “Folks from the community
six-year contract at 12:01 a.m. would raise the base hourly the Biden administration in- fraud charges alongside an- push into low-income neigh- would look at Chase as the bank
ET Tuesday, he led tens of rate for dockworkers to $69 vokes a federal law to force other ILA official and an al- borhoods, the bank says it is for the rich,” she said. “I’ve
thousands of dockworkers in from $39. Port employers and workers back to the docks, his leged mobster, accused of offering an alternative to watched over the past five
picket lines behind the ILA’s ocean shipping companies ini- workers will deliberately slow steering union benefits con- high-fee services such as years how the sentiment has
first coastwide strike in almost tially offered almost 40%. Un- operations. “In today’s world, tracts to firms that paid kick- check cashers and payday changed.”
50 years. der pressure from the White I’ll cripple you,” he said. backs to organized crime. lenders. At a recent event in Harlem,
Unions have been flexing House on Monday, they in- Daggett’s members work at Witnesses testified that Data from Chase’s first com- King hosted Ebro Darden, one
their collective muscle since creased their offer to 50%. ports from Maine to Texas, in- Daggett was elevated through munity center branch in New of the most popular radio show
the pandemic. They have ral- Daggett said it isn’t enough cluding cargo terminals in the ILA by the mob because he York’s Harlem show that cus- hosts in New York City, to dis-
lied healthcare, aerospace and and that the strike will con- Deep South states where orga- was an associate of the Geno- tomers opened more checking cuss how people can improve
auto workers to push for better tinue until employers meet his nized labor has been in steep vese crime family. Daggett re- accounts there versus any other their finances through budget-
pay and conditions after work- demands. retreat for decades. A native of counted in testimony being branch in the neighborhood be- ing and basic savings plans.
ers helped companies through Shipping industry officials Queens, he projects the aura held at gunpoint by a mobster, tween 2019 and 2023. Four Around three dozen audi-
a global health emergency and believe Daggett is hoping to ce- and colorful history of New according to media reports at years after the expanded ence members discussed how to
watched as soaring inflation ment his legacy with this last York-area docks. He served in the time. He said he was terri- branch opened in 2019, personal reckon with the mistrust still
ate into paychecks. fied of the crime families and savings balances there had associated with banks, which
Each strike or walkout went out of his way to avoid grown by 73%, according to JP- historically discriminated
threat has carried risks for them. Morgan. against nonwhite Americans.
American consumers and busi- The three defendants were Dimon said that even these Darden said that his great-
nesses. Few sectors of the acquitted. Lawrence Ricci, the lower-margin services are help- grandfather was a sharecropper
workforce hold such a grip on defendant alleged to be a Geno- ing contribute to the company’s in Oklahoma who lost most of
the U.S. economy as dock- vese crime family member, bottom line. his savings in an uninsured
workers. went missing during the trial “We did not know if they bank that failed during the
Almost everything Ameri- and was later found dead in the were going to work,” he said. 1800s. His grandparents put
cans eat, wear and use, from T- trunk of a car outside the Huck “If they didn’t work, we their money in the mattress in-
shirts to food to sofas and vehi- Finn Diner in Union, N.J. wouldn’t do them.” stead.
cles, is imported via Daggett was first elected The bank has been expand- He said poorer Americans
containership. About 60% of head of the union in 2011. ing the community center should start putting their
JESSICA FOLEY FOR WSJ

containerized trade moves Last year, according to U.S. model since the Harlem location money in federally insured
through the East Coast and Labor Department filings, he debuted. It opened one in the banks to build wealth.
Gulf Coast ports where Dag- earned $728,694 as head of the South Bronx earlier this year “Rising tides float all boats,”
gett’s dockworkers last year ILA and a further $173,040 as and is opening one on Wednes- Darden said. “If we’re making
unloaded about $588 billion of president emeritus of the me- day in Brooklyn. There are oth- money, they’re making money.”
imports, according to S&P Dock workers gather in a tailgate in the employee parking chanics local chapter at Port ers in New Orleans, the south “I couldn’t have said it bet-
Global Market Intelligence. lot adjacent to the before they go on strike. Newark. side of Chicago and the Cren- ter,” King replied.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Thursday, October 3, 2024 | B3

BUSINESS NEWS

Levi Strauss Cuts Revenue Outlook for Year

Company explores footwear business in Europe, ers, highly dependent on de-
while focusing more on its partment stores like Macy’s,
sale of Dockers; Levi’s brand, whose 5% comes as the company looks
stock falls sharply in growth in the latest quarter to address the areas where it
was offset by declines else- has underperformed, Finance
aftermarket trades where. Chief Harmit Singh said.
The company has Levi had explored a sale of
BY SABELA OJEA launched a marketing cam- Dockers in the past. In 2004,
paign around the storied the company had signed a

CRISTINA ARIAS/COVER/GETTY IMAGES

Levi Strauss cut its reve- denim brand with the pop deal to sell the brand to a pri-
nue outlook for the year and star Beyoncé and is also roll- vate equity firm for around
is again exploring the poten- ing out more new products. $800 million, The Wall Street
tial sale of Dockers, the latest Overall, Levi posted slight Journal reported at the time,
move by Chief Executive Mi- sales growth for the fiscal but later called the sale off.
chelle Gass to center the com- third quarter ended Aug. 25 Regarding its outlook, Levi
pany on its namesake brand. to $1.52 billion. That fell short said it now expects fiscal
Shares dropped 9.8% to of Wall Street expectations of 2024 revenue to rise about
$19.99 in postmarket trading. $1.55 billion, according to 1%, down from a prior outlook
Through Wednesday’s close FactSet. Levi Strauss is considering selling the Dockers brand. A Dockers store in Madrid. for growth of 1% to 3%. Wall
the stock is up 27% this year, The company said whole- Street forecasts full-year rev-
and 57% in the past 12 sale revenue fell 6%, while its $757 million. In Europe and or 5 cents a share, compared cents a share, ahead of the 31 enue growth of 2.3%.
months. direct-to-consumer business Asia, revenue rose 6% and with $9.6 million, or 2 cents a cents expected by analysts. The company backed its
Since taking the job in Jan- posted a sales increase of 0.4%, respectively. share, for the same period a The decision to evaluate adjusted profit outlook for
uary, Gass has exited its Deni- 10%. Revenue in its core Profit, meanwhile, more year earlier. strategic alternatives for the the year of $1.17 to $1.27 a
zen fashion line and closed a Americas market fell 1% to than doubled to $20.7 million, Adjusted earnings were 33 casual fashion brand of Dock- share.

Spirits Maker Campari Group Aims Conagra Gets Boost

From Deals on Pot Pies
To Boost Winter Appeal for Aperol BY JESSE NEWMAN Conagra shares, past month
$34
BY KATIE DEIGHTON Conagra Brands is pushing Wednesday
pot pies as it battles weaker $30.08
Almost all alcohol brands demand. –8.1%
grapple with seasonality, or the Chief Executive Sean Con- 33
idea that some drinks are best nolly said that discounts and

.
suited for warming up in cold end-aisle displays in grocery
weather and others for cooling stores are bearing fruit as

ly
32
off in the sunshine. consumers search for conve-
Now Davide Campari-Milano, nience again after a period of
which trades as Campari cooking from scratch and eat-
Group, is trying to “deseasonal-
ize” Aperol, its distinctively or-
ange, bitter aperitif from North-
ern Italy typically mixed with
on ing leftovers. Promotions
helped the company’s single-
serve frozen-meal business,
which includes the Marie Cal-
31

30
prosecco and soda to make a lender’s, Banquet and Healthy
us ,

cooling, summertime spritz. Choice brands. Connolly said

l

Campari Group’s strategy in- pot pies offer protein and

e
al a

cludes plans to host a concert nourishment at good value. 29

series in the Alps during the “We sold a lot of pot pies in Sept. 4 Oct. 1
coming ski season and to boost quarter one,” Connolly said in
ci on

marketing spending across bars an interview. Source: FactSet

TOBY MELVILLE/REUTERS

in ski resorts in the U.S. and Eu- Despite the boost from
rope. It will also continue Ap- some items, the food maker on vegetables after some shop-
erol’s partnerships with events Wednesday posted quarterly pers traded down to canned
such as Coachella, the spring- profits and sales that were vegetables earlier in the year.
er s

time music festival in Califor- lower than Wall Street ex- To boost snack sales, Con-
nia. pected, sending shares down nolly said Conagra has leaned
m er

“In winter, the brand is able The strategy includes plans to host a concert series in the Alps during the coming ski season. 8%. on tactics like changing pack-
to bring a festive atmosphere Overall sales in the latest aging and sizes while charging
suggesting spontaneous gather- stay in their office and at home strategy appears to be working: Over time, orange-and-white quarter fell 4%. The company more per ounce. Conagra is
ings and bringing consumers and they drink very little,” Mat- Aperol is still growing in Italy, Aperol-branded umbrellas begin has launched other new prod- selling smaller sizes of its
into a summer vibe,” said Julka teo Fantacchiotti told analysts its oldest and most established to pop up in beer gardens dur- ucts and run ads to entice Slim Jim meat snacks, for ex-
m rp

Villa, Campari Group’s global in August, when he was Cam- market, in part thanks to ing summer months, followed consumers back to its frozen ample.
head of marketing. pari Group’s chief executive of- colder-weather spritz drinkers, by Aperol-operated vans rolling
The push, well under way in ficer. Mundy said. in to provide pop-up drinks sta-
Aperol’s most established Euro- Fantacchiotti resigned from Aperol in 2023 unseated tions. Eventually, the brand
pean markets but just gathering the role in September, just Jägermeister for the first time starts sponsoring live events,
co Fo

steam in the U.S., is taking on months after taking it, citing as the top-performing bitters such as summer music festivals
new importance after a particu- personal reasons. brand globally by volume, and sports tournaments.
larly rocky summer for the Campari Group recently cau- climbing from 5.8 million nine- Only then—years later—does
brand. tioned investors liter cases sold Campari Group extend its Ap-
Aperol sales have climbed about soft mar- in 2019 to 9.6 erol marketing to winter drink-

$780M
every year since Campari Group kets, distribu- million in 2023, ers. So far it has run advertising
ANDREW KELLY/REUTERS

bought the drink in 2003, in- tion challenges according to in- and branded pop-up bars at re-
creasing 23% in 2023 from the and increased dustry publica- sorts in the Alps and winter
prior year to about €700 mil- price competi- tion The Spirits sports destinations elsewhere in
lion, equivalent to $780 million. tion in its core Aperol sales were Business. Europe, and more recently on
The liqueur comprised 24% of markets. Summer re- the slopes in California, Mon-
the company’s sales last year, Aperol in
this much in 2023, a mains the bed- tana and Wyoming.
up from 4% in 2004. particular tends 23% increase from rock of Aperol’s Other alcohol companies Despite the boost from some items, the food maker posted
the prior year
n-

But Aperol’s growth slowed to over-index in marketing strat- market different drinks at dif- quarterly results that were lower than Wall Street expected.
in the most recent quarter to bars compared egy. In new mar- ferent times of the year to cover
5% from its more typical dou- with at-home kets, Aperol sales. Diageo, for example,
ble-digit gains, partly due to sales, and is makes its entry pushes Baileys cream liqueur
no

dreary weather stymieing spritz popular in markets, such as in the warmer months via bars, during the holidays and Pimm’s
culture in bars across Italy, Western Europe, with unpre- training bartenders to make the gin-based fruit cups during the
320 P A, N Y , NY 10022-6839
France and the U.K. dictable summer weather that perfect Aperol spritz, which summer.
“Especially places like Italy— can deter people from ordering Campari Group says is best But Campari Group thinks
Notice of Nomination of Directors
where you could see some peo- cocktails, said Edward Mundy, served in a balloon-shaped, Aperol—served in its icy
ple will start probably already beverages analyst at investment stemmed glass. spritzed form—can forge popu- In accordance with Section 4210 of the Insurance Law of
at lunchtime, but definitely bank Jefferies. On-premises advertising larity through all seasons with- the State of New York and Regulation 14-A of the Insurance
midafternoon to be out in the Campari Group declined to aims to drive home the drink’s out adapting to beverage Regulations of the State of New York, notice is hereby
terraces and bars, drinking Ap- break out Aperol’s sales by sea- bright orange color and evoke trends, local tastes or tempera- given that the Board of Directors of Mutual of America
erol spritz—if it’s raining, they son, but the deseasonalization summers on a piazza in Venice. tures, said Villa. Life Insurance Company has nominated the following
named persons as candidates for election as Directors in
the class designated to serve until the election in 2028 or

U.S. Expansion Boosts JD Sports Fashion Sales until their respective successors have been duly elected.
Maurine A. Haver
Founder and Chief Executive Officer
Haver Analytics, Inc.
BY ANDREA FIGUERAS Aug. 3, up 6.8% year over year JD Sports Fashion first-half allows it to adapt to changes
New York, New York
at constant currency. revenue in industry trends.
JD Sports Fashion re- Footwear continued to “The results show how Ellen Ochoa, Ph.D.
£5 billion £5.03B Astronaut and Director (Retired)
ported an increase in revenue trade better than apparel, the JD’s multibrand offer is able
and adjusted profit for its fis- company said on Wednesday. to offset Nike weakness,” RBC NASA Johnson Space Center
cal first half, benefiting from Apparel sales were held back 4
Capital Markets analysts Houston, Texas
a growing presence in the by adverse weather, particu- Richard Chamberlain and Roger B. Porter, Ph.D.
U.S. that the company aims to larly in the U.K. and Europe, Manjari Dhar said in a re- IBM Professor of Business and Government
keep expanding. where the spring and summer 3 search note. Harvard University
The U.K. sneaker and fash- season was wetter than aver- For its fiscal year ending Cambridge, Massachusetts
ion retailer recently com- age, it said. February 2025, the company
pleted its $1 billion-plus ac- The promotional environ- 2 confirmed its guidance of ad- Paula A. Price
quisition of Hibbett, ment remained stable, with justed pretax profit in the Former Executive, Chief Financial Officer and Advisor
bolstering its U.S. footprint, no reductions or increases 1 range of £955 million to New York, New York
and Chief Executive Regis from last year, the chief exec- £1.035 billion. It forecast cur- A certificate of nomination of the above candidates has
Schultz said the company is utive said. rency headwinds would lead been duly filed with the New York State Department of
well-positioned to continue to Pretax profit fell 64% to 0 to a hit of £20 million in the Financial Services.
boost its share of the world’s £126.3 million, which JD 2019 ’20 ’21 ’22 ’23 ’24 second half.
largest sportswear market. Sports attributed to higher Note: Latest data are for the six-month period North America is now JD The election of Directors of Mutual of America Life
JD Sports Fashion doesn’t exceptional charges it booked ended Aug. 3; £1 = $1.33 Sports’ largest region by sales Insurance Company will be held at the Home Office,
expect any significant im- after the Hibbett acquisition. Source: the company and, after completion of the 320 Park Avenue, New York, New York, on Thursday,
pacts from U.S. port strikes Shares fell 6.1% in Europe Hibbett acquisition in July, it April 24, 2025, from 10:00 a.m. to 4:00 p.m. Policyholders
taking place across the East Wednesday. million, according to consen- is expected to represent whose policies or contracts are in force on the date of the
Coast, as most of the com- When excluding one-off sus estimates provided by the around 40% of pro forma an- election and have been in force at least one year prior
pany’s products come from items, adjusted pretax company. nualized revenue. thereto are entitled to vote in person or by mail, by proxy
the western part of the coun- profit—a company-preferred The update came a day af- “Perhaps the most exciting or by ballot.
try, Schultz said in a call with metric—grew to £405.6 mil- ter Nike, a major JD Sports and obvious opportunity in Nicholas S. Curabba
analysts after results. lion from £397.8 million in the partner, withdrew its annual the medium term is JD’s Senior Vice President,
Growth in North America same period last year. guidance and reported a drop growing brand presence in Associate General Counsel
and Europe helped the group The results were ahead of in sales. However, analysts the major U.S. market,” said and Corporate Secretary
report revenue of 5.03 billion analysts’ expectations of ad- said JD Sports benefited from Richard J. Hunter, head of
pounds, or about $6.68 bil- justed pretax profit of £384 a strategy that gives it expo- markets at Interactive Inves- October 3, 2024
lion, for the six months ended million and revenue of £4.995 sure to multiple brands and tor, in a market comment.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Thursday, October 3, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Vimeo Names New

Marketing Chief
In Business Shift
BY KATIE DEIGHTON Its thesis is that more or-
ganizations will create more
Video-hosting company Vi- videos—for employee training
meo has named Charlie Un- or company updates, for ex-
gashick as its chief marketing ample—as artificial intelli-
officer as it positions itself as gence makes it faster and
a reliable platform for profes- cheaper to do so. Vimeo itself
sionals and corporations. offers AI-powered tools such
Ungashick, who has held as language translation that
the role of interim chief mar- can clone the original

DAVID PAUL MORRIS/BLOOMBERG NEWS

keting officer since the begin- speaker’s voice and a recap-
ning of the year, previously video generator.
was CMO at tech companies Vimeo sales increased 2%
including human-resources year-over-year in its most re-
software provider Workhuman cent quarter, driven primarily
and software-testing company by a 55% growth in its enter-
Applause. prise business, the company
Vimeo has gone through said in August.
several rounds of soul-search- Ungashick said he plans to
ing in its 20-year history, dur- measure his marketing team’s Compensation varies widely depending on industry and the size of a company as well as how it approaches cybersecurity.
ing which it morphed from a performance more by revenue

Cyber Executives’ Pay Increases

YouTube-like site for hosting results than the current met-
funny clips into a high-defini- rics emphasizing campaign re-
tion content host, a would-be sults such as click-through
Netflix competitor and a tool rates. He is also preparing a
for online content creation. marketing push in interna-
“Vimeo is like your cool
cousin who went to L.A. and is
thriving, making movies or
something, but you hadn’t
heard from her in a while,”
tional markets such as Brazil
and Japan, where Vimeo has
been growing organically, and
reassessing how Vimeo spends
its advertising budget now
Amid Rise in Hacks, Scrutiny
Ungashick said. “One of the that it has officially entered BY CATHERINE STUPP compensation went up “an ex- Average pay for corporate directors and officers insur-
biggest challenges still exists its private video era. pected amount” this year. Em- chief information security ance for cyber executives “just
a little bit today: ‘Who is Vi- “I found a heavy reliance Cybersecurity executives ployees at the startup, based officers in the U.S. wasn’t really on the radar all
meo?’ ” on paid media to promote new now earn an average of in Blacksburg, Va., are getting that much before the SEC
$575,000

.
Vimeo’s leadership is now features, but those features $565,000, reflecting a moder- merit raises, but not as big as rules,” he said.
steering away from consumer themselves were not necessar- ate increase at a time when public companies pay, she Companies also are starting

ly
video, an arena with high ily what users were looking cyber threats are growing and said. 550,000 to spend slightly more on cy-
clout but even higher competi- for,” Ungashick said. “And we regulatory pressure is adding Average merit increases ber programs after two years
525,000
tion, and toward the less sexy were promoting things, but stress to the role. were 6.4% of compensation of belt-tightening.
but potentially lucrative world
of hosting videos for video
professionals, businesses and
other organizations.
not in a way that could really
tell the market a whole new
story around some of our in-
novations.”
on Corporate chief information
security officers are on the
hook for defending their com-
panies against cyberattacks,
this year, according to the sur-
vey.
Changing employers or
pressing for a counterbid
500,000

475,000
Martano said he expects
more companies will look to
hire CISOs in the coming
months. Inflation and macro-
as well as handling breach re- when a competing job is in economic uncertainty appear
us ,

450,000
sponse, participating in regu- hand has gotten CISOs bigger likely to ease, and an uptick in
l

latory inquiries and, at times, jumps in pay: 31%, the survey hiring will boost salaries.
e
425,000
al a

supplying information during said. While CISOs on average are

litigation. Pay is rising as the The job market for cyberse- getting paid more, compensa-
400,000
job evolves, but not at the curity executives has been tion varies widely depending
ci on

pace of change. slow for the last year or so, 2021 ’22 ’23 ’24 on industry and the size of a
“The scope of the role and but started to pick up this Source: IANS and Artico Search company as well as how it ap-
the demands of the CISO are summer, said Steve Martano, proaches cybersecurity.
increasing at a much faster an Artico partner and IANS three years’ probation last Median compensation for
rate than the rewards and faculty member. year over criminal obstruction CISOs was $403,000, with the
er s

compensation,” said Nick Ka- Eleven percent of CISOs charges relating to a 2016 data top 25% earning between
kolowski, senior research di- changed employers this year, breach. $620,000 and more than $10
m er

rector at cybersecurity firm compared with 12% in 2023 Expanding regulatory re- million, the survey said. CISOs
IANS. and 21% in 2022. quirements add another layer in certain industries such as
Average compensation for The high-pressure job is of scrutiny. New SEC rules the technology sector earn the
cyber leaders in the U.S. in taking a toll on security lead- took effect last year requiring most, with average compensa-
2024 is $565,000, according to ers. Cybersecurity executives public companies to disclose tion at tech companies at
m rp

a survey from IANS and re- are now occasionally named in potential material effects of $721,000.
cruiting company Artico litigation, which wasn’t the cyberattacks. “There is a lot of The large gap reflects the
Search published Wednesday. case a few years ago. pressure,” Fowler said. different roles CISOs perform,
Last year, average CISO com- The Securities and Ex- Forty percent of cybersecu- Martano said. Some spend all
RICK BERN

pensation was $550,000, and change Commission sued soft- rity executives said they are day discussing corporate risks,
co Fo

it was $495,000 in 2022. The ware company SolarWinds covered by their companies’ while others are technical ex-
Charlie Ungashick has been video-hosting company Vimeo’s survey polled 755 security ex- and its security chief last year. directors’ and officers’ liabil- perts who work in the weeds
interim CMO. He’s preparing an international marketing push. ecutives between April and A federal judge dismissed part ity insurance, the survey said. on security projects. “It could
August. of the lawsuit in July. Joseph The figure is likely higher be somebody who’s reporting
Summer Fowler, CISO at Sullivan, the former chief se- than in previous years, but the to a CEO, or it could be some-
ADVERTISEMENT autonomous trucking com- curity officer at Uber Tech- question wasn’t included in body who’s buried four levels

The Marketplace
pany Torc Robotics, said her nologies, was sentenced to past surveys, Kakolowski said. down,” he said.

To advertise: 800-366-3975 or WSJ.com/classifieds

NOTICE OF SALE Tech Pioneer Predicts AI-Led Deflation

n-

NOTICE OF PUBLIC SALE • Property to be Sold 75 57643LMW3 MABS 2005-NC2 M7 2,500,000.00

Public Sale No. 1: Tuesday, October 8th, 2024 10:00 76 57643LMX1 MABS 2005-NC2 M8 8,576,000.00 BY STEVEN ROSENBUSH and even accelerate, eventu- and deeper social services. But ployees’ time in a pre-genera-
a.m. EDT. The Asset Type for Lot 1 is Scratch & Dent. 77 57643LNP7 MABS 2006-NC1 M8 5,517,000.00
The Asset Type for Lot 2 is Subprime.The Asset Type 78 59020UG66 MLMI 2005-AR1 B3 6,082,000.00 ally dispelling much of the there will be enough economic tive-AI study.
for Lots 3-120 is Zero Factor - RMBS. 79 59020U3N3 MLMI 2006-HE1 B2A 6,251,000.00 MENLO PARK, Calif.—At a doubt and fear that surrounds abundance to support it. That potential won’t neces-
Lot # CUSIP Issue Original Face 80 59020U3Q6 MLMI 2006-HE1 B3A 4,579,000.00
no

1 576436CQ0 MASD 2005-3 M2 3,000,000.00 81 59020U2S3 MLMI 2006-SL1 B2 5,624,000.00 time of widespread concerns the technology today. Over a 25- or a 50-year pe- sarily be fully realized soon,
2 03072ST47 AMSI 2005-R10 M7 7,084,000.00 82 59020U4K8 MLMI 2006-WMC1 B3 5,000,000.00
83 61744CVA1 MSAC 2005-HE5 B3 5,366,000.00
about the safety, efficacy and About 80% of the work in- riod, GDP growth has the po- though, given the effort it takes
3 00764MHL4 AABST 2005-5 B1 5,000,000.00
4 04542BQJ4 ABFC 2005-OPT1 M9 3,714,000.00 84 61744CWU6 MSAC 2005-HE7 B3 5,000,000.00 economics of AI, venture capi- volved in 80% of jobs across tential to climb to 5%. During to integrate new technology
5 04542BPQ9 ABFC 2005-WMC1 M12 5,000,000.00
6 04541GXJ6 ABSHE 2006-HE3 M6 4,500,000.00
85 61744CXU5 MSAC 2006-WMC1 B1 4,286,000.00
86 617451DY2 MSC 2006-HE1 B1 4,000,000.00
tal pioneer Vinod Khosla is still the economy can be automated the second quarter of this year, and the need for that work to
7 004421SV6 ACE 2005-HE6 M9 8,124,000.00 87 617451EN5 MSC 2006-NC2 B1 7,000,000.00 all in. over time, according to Khosla. by comparison, the economy make economic sense and pass
8 004421VA8 ACE 2006-NC1 M7 2,000,000.00 88 65535VTY4 NAA 2006-S1 B1 1,502,000.00
9 03072SV93 AMSI 2005-R11 M9 3,500,000.00 89 64352VNT4 NCHET 2005-B M9 9,000,000.00
Yes, artificial intelligence “So 64% of all jobs can be done grew at an annualized rate of regulatory scrutiny. Perhaps
10 040104PN5 ARSI 2005-W3 M11 5,600,000.00 90 64352VPH8 NCHET 2005-C M9 6,654,000.00 will become capable of replac- by an AI,” he said. 2.8%. “We will have in that ex- 30% of today’s work hours
11 040104QB0 ARSI 2005-W4 M8 5,625,000.00 91 66987XHG3 NHEL 2005-3 M10 750,000.00
12 040104QW4 ARSI 2005-W5 M7 10,000,000.00 92 65536HCF3 NHELI 2006-FM1 M8 5,500,000.00 ing a good deal of human labor, For him, the bigger question cess GDP growth lots of room might be automated by 2030,
13 040104RP8 ARSI 2006-W1 M7 8,000,000.00 93 65536HCY2 NHELI 2006-HE1 M7 10,653,000.00 Khosla said in an interview, but is whether humans get in the to take care of the people who according to McKinsey Global
14 040104SZ5 ARSI 2006-W3 M7 5,734,000.00 94 68389FKJ2 OOMLT 2005-5 M11 5,447,000.00
15 07386HWX5 BALTA 2005-8 1B1 7,236,000.00 95 68389FLB8 OOMLT 2006-1 M11 9,625,000.00 that will push down the price way. will be adversely affected eco- Institute Partner Michael Chui,
16 0738793A4 BSABS 2005-AQ2 M6 8,947,000.00 96 68389FKZ6 OOMLT 2006-1 M9 6,000,000.00 of healthcare, education and AI will be very deflationary, nomically,” he said. an author of the report.
17 07387UHY0 BSABS 2006-HE3 M7 3,694,000.00 97 71085PCZ4 PCHLT 2005-3 M9 3,500,000.00
18 07388AAL8 BSABS 2006-HE4 M7 2,000,000.00 98 71085PDR1 PCHLT 2005-4 M10 5,600,000.00 other services. Many current for example, if we choose to let “If medical services are a lot And that is only one possi-
19 07387UFM8 BSABS 2006-IM1 M7 8,452,000.00 99 71085PDQ3 PCHLT 2005-4 M9 2,701,000.00 forms of work will even be it happen, Khosla said. “Tech- cheaper, if education services ble scenario, Chui said. There
20 144531EP1 CARR 2005-FRE1 M9 5,530,000.00 100 73316PKM1 POPLR 2006-B M4 2,367,000.00
21 144531FU9 CARR 2006-OPT1 M7 5,000,000.00 101 81375WFP6 SABR 2005-FR4 B4 4,000,000.00 eliminated, but society will be nology makes a set of things are near free, if eldercare be- are historical examples of tech-
22 144531FV7 CARR 2006-OPT1 M8 3,000,000.00 102 81375WGA8 SABR 2005-FR5 B4
103 81375WKH8 SABR 2006-WM1 B1 3,104,000.00
4,125,000.00 able to create a more robust possible. Policy often allows it comes substantially cheaper— nological innovation driving
23 17307G2E7 CMLTI 2006-WMC1 M10 5,625,000.00
24 126670ER5 CWL 2005-12 M7 500,000.00 104 785778LJ8 SACO 2005-8 B1 500,000.00 safety net than is possible to- to happen or not happen.” and today eldercare is a liabil- the creation of new kinds of
25 126670LX4
26 126670KX5
CWL 2005-14 B
CWL 2005-AB4 B
7,000,000.00
5,000,000.00
105 785778MV0 SACO 2005-9 B2
106 785778MA6 SACO 2005-WM3 B1 7,802,000.00
3,327,000.00 day. Economy- ity that’s jobs and work alongside auto-
27 126670WJ3 CWL 2006-3 M7 5,700,000.00 107 86358EB96 SAIL 2006-1 M8 2,487,000.00 “Most expertise in the wide deflation, looming for so mation of existing occupations,
28 30246QBL6 FBRSI 2005-3 M9 8,190,000.00 108 86359DTX5 SASC 2005-S6 M7 7,323,000.00
world, whether you’re talking or falling prices, many nations but that outcome can’t be
29 362341YL7 FFML 2005-FF11 M6 3,401,000.00
30 32027NYE5 FFML 2005-FF12 B3 8,000,000.00
109 81879MAP4 SGMS 2005-OPT1 M11 2,520,000.00
110 83611MKN7 SVHE 2005-4 M9 4,000,000.00 about structural engineers, on- typically re- ‘Most expertise around the taken for granted. “It requires
31 32027NUS8 FFML 2005-FF7 M7 3,069,000.00 111 83611MHA9 SVHE 2005-OPT3 M7 9,000,000.00
32 362341QW2 FFML 2005-FF8 B2 639,000.00 112 83611MLU0 SVHE 2006-OPT1 M10 4,000,000.00 cologists, mental-health thera- flects stalled or in the world ... world at a level a lot of work and a lot of
33 362341QX0 FFML 2005-FF8 B3 3,553,000.00 113 83611MMF2 SVHE 2006-OPT1 M7 1,000,000.00 pists or primary care doctors, deeply de- that people ha- reskilling and upskilling and all
34 32027NXK2 FFML 2005-FFH4 M7 10,000,000.00
35 362334BC7 FFML 2006-FF3 M7 2,500,000.00
114 83611MMW5 SVHE 2006-OPT2 M10 2,500,000.00
115 83611MPR3 SVHE 2006-OPT3 M7 10,000,000.00 or journalists and teachers, pressed de- will be near-free ven’t accounted kinds of labor mobility,” he
36 32027NZU8 FFML 2006-FFH1 M8 2,500,000.00 116 881561N26 TMTS 2006-1 1B2 500,000.00 that expertise will be near-free mand. Such de- for—the social said.
37 35729PMP2 FHLT 2005-D M9 5,000,000.00 117 881561N42 TMTS 2006-1 1B4 2,363,000.00
for all of us to access,” Khosla flation has been
for all of us safety net is Darker fears about AI also
38 35729PNN6 FHLT 2005-E B1 5,000,000.00 118 881561K29 TMTS 2006-1 2B4 3,500,000.00
39 35729PNM8
40 35729PPH7
FHLT 2005-E M9
FHLT 2006-1 M6
5,000,000.00
6,160,000.00
119 881561U93
120 8815612P8
TMTS 2006-3 1M9
TMTS 2006-5 1M7
2,850,000.00
2,575,000.00
said at Khosla Ventures’ offices linked to up- to access.’ much easier to have some validity, Khosla
41 35729PQF0 FHLT 2006-2 M7 7,272,000.00 Dock Street Capital Management LLC, on behalf of Wells Fargo
on Sand Hill Road in Silicon heavals includ- construct,” said says. Possible rogue AIs could
42 32113JBZ7 FNLC 2005-3 M6 5,812,000.00 Bank, National Association, in its capacity as trustee (the Valley. ing the Great Khosla, a Demo- cause harm, he said, but there
43 367910BC9 GEWMC 2005-2 B2 4,000,000.00 “Trustee”), will be conducting a public sale of certain collateral
44 362341PH6 GSAA 2005-11 B3 3,051,000.00 pledged to the Trustee. The Collateral (as defined herein) will be Khosla, 69, is worth listen- Depression in cratic donor. will be other AIs to fight them
45 362341E70
46 3623416A2
GSAA 2005-15 B1
GSAA 2006-2 B2
1,000,000.00
2,271,000.00
offered and sold by the Trustee without recourse,representations, ing to at a freighted moment the U.S. and the economic col- In his view of the future, if so. “We’ll have to manage the
or covenants, express or implied, being made by the Trustee with
47 362334GZ1 GSAA 2006-5 B1 1,000,000.00 respect to the Collateral (except as to title to the Collateral) or with for the development of AI, lapse of early 1930s Germany. people’s main preoccupation risks,” he said.
48 362341D22 GSAMP 2005-AHL2 M5 6,415,000.00 respect to any other information then in the Trustee’s possession, partly because of his record as But AI in the coming years may shift from earning a living Khosla has made a life out
49 362341M30 GSAMP 2005-WMC3 M6 3,296,000.00 includingwithoutlimitationanyofferingcircularorotherfinancial
50 362334PT5 GSAMP 2006-FM1 B1 5,000,000.00 information. Location of Sales. The sales will be held at 575-B a driving force in technology has the potential to spur not to finding meaning. AI and ro- of incubating ideas that seem
51 362341N96 GSR 2005-HEL1 M4 7,000,000.00 Riverside Avenue,Westport,CT 06880. Additional Information.
52 362341P29 GSR 2005-HEL1 M5 2,511,000.00 Please be advised that the sale of each security listed above may since he co-founded Sun Micro- only deflation but abundance, bots would take on menial la- improbable, at least at first,
53 40430HDP0 HASC 2006-OPT1 M10 5,255,000.00 be made only to the best bidder who is also a qualified bidder systems in 1982. He joined ven- according to Khosla, by simul- bor, leaving humans freer to from online grocery delivery
54 40430HEK0 HASC 2006-OPT2 M10 5,465,000.00 and may be subject to a reserve level. For additional information,
55 40430HEJ3 HASC 2006-OPT2 M9 5,000,000.00 including with respect to qualified bidder status, and to obtain ture-capital firm Kleiner Per- taneously fueling the creation explore with the support of a and mobile payments to solid-
56 40430HFU7 HASC 2006-OPT3 M7 5,000,000.00 copies of an Investor Representation and Confidentiality
Agreement, contact David Crowle or Jeffrey Holtman by email
kins in 1986, where his of many more goods and ser- comprehensive social safety state lithium batteries, 3-D-
57 437084RG3 HEAT 2005-9 B1 3,750,000.00
58 437084SG2 HEAT 2006-1 B2 5,000,000.00 at [email protected] or jholtman@dockstreetcap. investments returned over $10 vices. net. printed buildings, low-cost so-
com, respectively, by phone at (212) 457-8258, by facsimile at
59 437084TV8 HEAT 2006-2 B2 3,200,000.00
(212) 457-8269 or by mail addressed to 575-B Riverside Avenue, billion to the firm. His $3 mil- He views the next 10 years Khosla isn’t alone in his out- lar energy, liquid biopsies and
60 437084VB9 HEAT 2006-3 B2 3,500,000.00
61 437084VX1 HEAT 2006-4 M7 11,100,000.00 Westport,CT 06880.Disclaimer.TheTrustee is authorized at such lion investment in Juniper Net- as a transition period in which look, of course—at least ele- nuclear fusion.
sale, if the Trustee deems it advisable or is required by applicable
62 2254W0LP8 HEMT 2005-HF1 M7 2,540,000.00 law to do so:(i) to restrict the prospective bidders on or purchasers works earned $7 billion for the world’s political and social ments of it. “I like to say most people in-
63 225470X81 HEMT 2006-2 1M7 2,500,000.00
64 45071KCU6 IXIS 2005-HE4 B1 6,000,000.00
of any of the above identified securities (the“Collateral”) to be sold
to those who will represent and agree that they are purchasing
Kleiner. structures won’t seem all that Existing generative AI and vest to increase the probability
65 45071KCW2 IXIS 2005-HE4 B3 2,000,000.00
66 46626LCK4 JPMAC 2005-FRE1 M8 5,037,000.00
for their own account for investment and not with a view to the Khosla also invested in different. AI will be seen as a other technologies have the po- of success, but at the cost of
distribution or resale of any of such assets, (ii) to verify that each
67 46626LHH6 JPMAC 2006-FRE2 M7 5,377,000.00 certificate for each security to be sold that has not been registered OpenAI in 2018, well before boost for efficiency and pro- tential to automate work that minor innovation and reducing
68 46626LJY7 JPMAC 2006-NC1 M8 5,701,000.00 under the Securities Act of 1933 bears a legend substantially to the launch of its groundbreak- ductivity. After that, as the mid absorbs 60% to 70% of employ- the consequences of success.
69 542514QG2 LBMLT 2005-WL3 B1 5,600,000.00 the effect that such security has not been registered under the
70 542514UE2 LBMLT 2006-2 M10 2,500,000.00 Securities Act of 1933,as amended,and may not be disposed of in ing ChatGPT app in November stages of AI-driven automation ees’ time today, consulting gi- We don’t mind the 90% chance
71 542514RF3 LBMLT 2006-WL1 M10 4,600,000.00 violation of the provisions of said Act,(iii) to disclaim and to refuse
72 542514RE6 LBMLT 2006-WL1 M9 4,500,000.00 togiveanywarranty(otherthanastotitle),and(iv)toimposesuch
2022. He expects the pace of take a toll on more than 25% of ant McKinsey said in a June of a project failing if there’s a
73 542514SL9 LBMLT 2006-WL2 M7 5,000,000.00 other limitations or conditions in connection with any such sale as innovation—there and at other today’s jobs, governments will 2023 report, raising its esti- 10% chance of changing the
74 542514TD6 LBMLT 2006-WL3 M7 5,000,000.00 theTrusteedeemsnecessaryoradvisable.
AI companies—to continue need to provide much broader mate from roughly half of em- world,” said Khosla.
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B6 | Thursday, October 3, 2024 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Korea Zinc Gets Help to Stop Takeover

BY KWANWOO JUN aims to frustrate a “hostile back, if needed, in order to
merger and acquisition” bid stop the MBK-led takeover at-
Korea Zinc teamed up with by MBK Partners, a home- tempt.
U.S. private-equity firm Bain grown private-equity firm MBK, one of Asia’s largest
Capital to thwart what it calls backed by Korea Zinc share- private-equity firms with
a hostile takeover by South holder Young Poong, accord- more than $30 billion in as-
Korean investment company ing to the statement. sets under management, is
MBK Partners. Korea Zinc, led by Yun B. seeking to amass a controlling
The world’s largest zinc Choi, chairman and grandson stake of up to 47.7% of Korea
smelter said in a statement on of the co-founder, plans to buy Zinc, including Young Poong’s
Wednesday that it will buy back shares at 830,000 won 33% stake, with a tender offer
back shares valued at 2.663 apiece, 11% higher than MBK’s valued at around $1.70 billion
trillion won, equivalent to raised offer of 750,000 won. in total.
$2.01 billion, for cancellation, Shares of the Seoul nonfer- Michael ByungJu Kim of
while partner Bain Capital will rous-metal producer ended MBK, which owns a handful of

JEAN CHUNG/BLOOMBERG NEWS

separately buy around 430 bil- 3.6% higher at 713,000 won on Chinese companies and has a
lion won of shares from the Wednesday as the fight over small contingent of Chinese
market for a 2.5% stake. management control intensi- investors, has pledged to not
The planned stock repur- fied. MBK declined to com- sell Korea Zinc to the Chinese,
chase by Korea Zinc, which ment on the Korea Zinc-Bain as the takeover bid stoked lo-
will run for 20 days from Fri- Capital alliance. cal fears that the smelter
day to secure an additional Korea Zinc said it could could one day fall into China’s
15.5% stake in the company, spend more on the share buy- hands. Korea Zinc is teaming with Bain to block what the zinc smelter calls a hostile takeover.

Amtrak Revamps Marketing Approach With Focus on Comfort

BY KATIE DEIGHTON Amtrak’s annual ridership previously the chief marketing 2023, up from $41 million the not an easy marketing fix for misconception of what train
35 million officer of cinema chain AMC previous year, according to its that,” Jeans-Gail said, adding travel is, and more, ‘I just
Amtrak on Tuesday began a Entertainment Holdings and a annual audit. that although improvements don’t think about it and ha-
multiyear marketing campaign loyalty program and sales ex- By comparison, U.S. air- may be coming down the line, ven’t tried it because I’m so
30
as the national passenger rail- 28.6M ecutive at Wyndham Hotels & lines collectively shelled out the core experience of travel- used to the other way’,” he
road tries to capitalize on a Resorts. around $643 million to adver- ing by train is too often said.
new infusion of cash and the 25 Amtrak, according to Ham- tise in 2023, according to esti- marred by delays and break- In addition to the infra-
improvements it says will lisch, wants to be seen less as mates from ad data firm Me- downs. structure and app upgrades at
come with it. 20 a train company and more as a diaRadar. “It’s a hard sell sometimes,” Amtrak, customer-facing staff
The first “Retrain Travel” hotel on wheels. Amtrak served 28.6 million he said. are going through hospitality
ads, which will appear pre- 15 In one of the new commer- passengers in fiscal 2023, up Awareness of the Amtrak training, according to Ham-

.
dominantly online and cials, the beeping horns of from 22.9 million in fiscal brand is high—83% of the pop- lisch.
around transit hubs, follow a cars in traffic bleed into slide- 2022, and is on track to serve ulation have heard of it—but The new focus on hospital-

ly
10
track familiar from previous show-style clips of rail passen- a record level of passengers in the percentage of those who ity has also changed what the
campaigns, subtly and some- gers looking out at magnifi- 2024. say they are considering be- company looks for when hiring
5
times not-so-subtly compar- cent vistas, playing cards and But Amtrak’s problem isn’t coming a customer is far lower new staff, he said.
ing rail travel with flying and
driving.
But they comprise the
most-significant shift in Am-
0
FY2010 '15 ’20
Note: Fiscal year ends in September.
on
’23
working on their laptops as
they travel.
Some digital ads and post-
ers take a dig at air travel:
demand but supply, according
to some industry commenta-
tors.
Sleeper accommodations on
at 23%, according to data-in-
telligence firm Morning Con-
sult.
Many believe traveling by
Nowadays, air travel com-
plaints to the Department of
Transportation are skyrocket-
ing, and traffic is gumming up
trak’s marketing strategy since “Never ride in the middle seat the increasingly popular long- train to be painfully slow and cities that previously didn’t
us ,

Source: the company

2021’s $1 trillion infrastructure because there aren’t any,” distance services often sell out unreliable, and delays and can- have congestion problems.
l

law, which granted the rail- ence, from its app to on-board reads one. months in advance, and much cellations can result in some “I’m not of the belief that
e
al a

road $22 billion in direct aid. hospitality, according to Eliot Amtrak declined to disclose of the country remains under- folks actively shunning train all of a sudden, overnight, ev-
Amtrak has since been in the Hamlisch, who joined Amtrak the cost of the campaign, served by rail, said Sean travel. erybody’s going to fall in love
process of refurbishing its sta- about a year ago and heads which the company hopes will Jeans-Gail, vice president of But others simply don’t with passenger rail and be-
ci on

tions and upgrading its trains marketing strategy as its chief increase people’s willingness policy and government affairs consider it out of habit, Ham- come converts,” Hamlisch said.
as well as fixing the tunnels commercial officer. to consider train travel and of the Rail Passengers Associa- lisch said, citing Amtrak’s lat- He added: “But for all the
and tracks needed to keep the “There’s a significant shift win back lapsed previous pas- tion, which advocates for train est market research, and need folks that haven’t tried it be-
system reliable. across the travel and leisure sengers. travel. to be shown what a train fore that don’t know what the
The ads also complement entertainment space to think- The company spent $43 “The biggest constraints on journey in 2024 might look experience is like, this will
er s

Amtrak’s ramped-up invest- ing more like hotel companies million on advertising for the a lot of this is just capacity, like. show them what they can ex-
ment in its customer experi- do,” said Hamlisch, who was fiscal year ended in September pure and simple, and there’s “It’s actually less about a pect.”
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THE WALL STREET JOURNAL. * * Thursday, October 3, 2024 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
42196.52 s 39.55, or 0.09% Trailing P/E ratio 26.24 23.99 5709.54 s 0.79, or 0.01% Trailing P/E ratio * 24.15 20.14 17925.12 s 14.76, or 0.08% Trailing P/E ratio *† 32.06 29.55
High, low, open and close for each P/E estimate * 20.89 18.32 High, low, open and close for each P/E estimate * 23.65 19.43 High, low, open and close for each P/E estimate *† 3.27 26.15
trading day of the past three months. Dividend yield 2.04 2.19 trading day of the past three months. Dividend yield * 1.27 1.68 trading day of the past three months. Dividend yield *† 0.79 0.89
All-time high 42330.15, 09/30/24 All-time high 5762.48, 09/30/24 All-time high: 18647.45, 07/10/24

Current divisor 0.15221633137872

42300 5700 18500

41500 5600 18000

40700 5500 17500

39900 5400 17000

Session high
65-day moving average
DOWN UP
16500
t

Session open Close 39100 5300

65-day moving average
Close Open
t

65-day moving average 38300 5200 16000

Session low
Bars measure the point change from session's open
37500 5100 15500
June July Aug. Sept. July Aug. Sept. 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 Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 887,483,898 13,799,272
Industrial Average 42259.52 41968.79 42196.52 39.55 0.09 42330.15 32417.59 27.4 12.0 7.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 456,610,095 8,285,789
Transportation Avg 16097.71 15940.72 15972.20 -131.66 -0.82 16331.72 13556.07 8.5 0.5 3.9 Most-active issues in late trading Decl. volume* 412,111,212 5,062,409
Utility Average 1065.91 1057.45 1064.84 -0.32 -0.03 1065.16 790.23 34.1 20.8 6.9 Volume After Hours Issues traded 2,851 304
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 56608.13 56159.26 56507.54 11.07 0.02 57046.41 40847.04 33.2 18.2 7.7 Advances 1,283 152
iShares China LC ETF FXI 27,593.6 35.45 -0.03 -0.08 35.62 35.43
Barron's 400 1223.51 1215.12 1219.30 0.24 0.02 1227.21 907.97 29.5 13.7 6.3 Declines 1,475 132
NVIDIA NVDA 18,971.3 120.15 1.30 1.09 128.78 116.85
Unchanged 93 20
Nasdaq Stock Market AT&T T 5,799.2 22.21 0.02 0.07 22.21 22.19 New highs 150 6
Nasdaq Composite 17978.57 17767.79 17925.12 14.76 0.08 18647.45 12595.61 35.4 19.4 7.2 AMTD Digital ADR HKD 4,976.7 5.22 1.31 33.50 5.97 3.83 New lows 27 4
Nasdaq-100 19876.70 19630.91 19802.58 29.28 0.15 20675.38 14109.57 34.0 17.7 10.2 SPDR S&P 500 ETF Trust SPY 3,959.1 569.72 0.86 0.15 571.52 567.48 Closing Arms† 0.64 0.64
Unity Software U 3,838.5 21.07 0.03 0.14 22.66 20.92 Block trades* 4,757 156
S&P

.
Apellis Pharmaceuticals APLS 3,660.9 28.36 -0.12 -0.42 28.81 28.36
500 Index 5719.63 5674.00 5709.54 0.79 0.01 5762.48 4117.37 33.9 19.7 9.4 Nasdaq NYSE Arca

ly
Roblox RBLX 3,341.7 43.34 -0.05 -0.12 43.40 43.21
MidCap 400 3109.05 3080.37 3097.18 2.48 0.08 3124.92 2326.82 26.9 11.3 4.9 Total volume*5,489,044,853 395,769,119
SmallCap 600 1407.98 1394.82 1396.28 -6.07 -0.43 1435.83 1068.80 24.7 5.9 0.9 Percentage gainers… Adv. volume*3,351,847,824 244,371,347
AMTD Digital ADR HKD 4,976.7 5.22 1.31 33.50 5.97 3.83 Decl. volume*1,979,661,748 145,209,498
Other Indexes
Russell 2000
NYSE Composite
Value Line
2204.51 2184.74
19506.25 19403.84 19481.79
618.53 614.08
2195.00

616.37
-2.03
7.86
-0.67
-0.09

-0.11
0.04
on 2263.67 1636.94
19516.44 14675.78
622.54 498.09
27.0
29.3
17.4
8.3
15.6
3.8
-0.7
6.1
-2.0
BioAtla
LexinFintech ADR
Clearwater Analytics
BCAB
LX
CWAN
81.1
72.1
158.9
2.22
3.47
26.12
0.19
0.17
1.20
9.33
5.15
4.82
2.24
3.47
26.12
2.03
3.29
24.92
Issues traded
Advances
Declines
Unchanged
4,302
1,989
2,161
152
2,015
946
1,017
52
NYSE Arca Biotech 5926.71 5865.39 5924.14 1.32 0.02 5949.95 4544.40 19.7 9.3 1.5
Trupanion TRUP 57.7 42.80 1.71 4.16 43.03 41.09
New highs 122 127
us ,

NYSE Arca Pharma 1077.04 1068.17 1074.11 -2.93 -0.27 1140.17 845.32 22.9 18.0 13.2 ...And losers New lows 137 12
l

KBW Bank 113.38 111.85 112.24 -0.02 -0.02 115.93 71.71 49.4 16.9 -5.6 1,999.9 19.03 -2.03 21.25 18.80 Closing Arms† 0.54 0.68
e
Levi Strauss LEVI -9.64
al a

PHLX§ Gold/Silver 163.14 160.39 161.48 0.20 0.13 167.37 102.94 56.3 28.5 10.9 Allegion ALLE 182.5 138.55 -7.29 -5.00 145.84 138.55 Block trades* 42,046 2,323
PHLX§ Oil Service 79.80 77.94 78.74 0.17 0.22 96.64 72.67 -10.9 -6.1 10.5 Ocular Therapeutix OCUL 281.5 8.87 -0.44 -4.73 9.31 8.87 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 5151.03 5008.11 5099.20 74.26 1.48 5904.54 3185.18 48.9 22.1 16.1 Masimo MASI 211.6 131.35 -4.19 -3.09 135.99 131.35 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 20.36 18.58 18.90 -0.36 -1.87 38.57 11.86 1.7 51.8 -3.7 Honda Motor ADR HMC 147.2 31.50 -0.83 -2.57 32.35 31.50 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World MSCI ACWI 845.51 –0.36 –0.04 16.3 Wheeler Real Est Invt Tr WHLR 13.39 6.66 98.96 1125.00 2.90 -98.4 American Rebel Holdings AREB 3.93 -3.59 -47.72 9.27 1.90 -32.9
MSCI ACWI ex-USA 352.06 –0.52 –0.15 11.2 Agora ADR API 4.94 2.19 79.64 6.43 1.65 100.0 Eagle Pharmaceuticals EGRX 2.14 -1.42 -39.89 14.78 1.80 -85.2
MSCI World 3685.92 –7.58 –0.21 16.3 Youdao ADR DAO 5.95 1.63 37.73 5.97 2.86 46.9 Aditxt ADTX 2.70 -1.74 -39.24 564.00 2.60 -99.4
MSCI Emerging Markets 1187.97 15.38 1.31 16.0 StandardAero SARO 32.75 8.75 36.46 33.01 24.00 ... Baird Medical Invt Hldgs BDMD 6.00 -3.24 -35.06 13.52 5.41 -43.6
m rp

Americas MSCI AC Americas 2149.69 0.56 0.03 18.5 QuantaSing Group ADR QSG 3.85 0.88 29.63 4.48 1.41 75.0 Windtree Therapeutics WINT 1.44 -0.63 -30.43 27.00 1.31 -92.0
Canada S&P/TSX Comp 24001.55 –32.44 –0.13 14.5 UP Fintech Holding ADR TIGR 8.06 1.83 29.37 8.63 3.10 65.5 ZenaTech ZENA 6.35 -2.45 -27.84 11.00 6.08 ...
Latin Amer. MSCI EM Latin America 2252.71 18.99 0.85 –15.4 Fangdd Network Group DUO 4.38 0.99 29.20 4.67 0.32 491.9 Bone Biologics BBLG 1.52 -0.56 -26.92 10.56 0.80 -67.0
Brazil Bovespa 133514.94 1019.78 0.77 –0.5 Clover Health Invts CLOV 3.59 0.81 29.14 3.82 0.61 241.9 Golden Sun Hlth Tech GSUN 5.12 -1.64 -24.26 11.20 2.21 -30.8
Chile S&P IPSA 3462.36 –30.75 –0.88 –0.1 Soligenix SNGX 4.87 1.07 28.16 32.00 1.83 -47.1 Direxion China Bear 3X YANG 2.85 -0.79 -21.70 19.16 2.85 -76.6
co Fo

Mexico S&P/BMV IPC 52199.66 –277.64 –0.53 –9.0 Joby Aviation JOBY 6.14 1.34 27.92 7.69 4.50 -1.8 Jowell Global JWEL 2.01 -0.53 -21.06 5.36 1.00 -60.4
EMEA STOXX Europe 600 521.14 0.26 0.05 8.8 Beachbody BODI 6.79 1.39 25.74 19.45 5.14 -61.2 Brainstorm Cell Therap BCLI 2.64 -0.61 -18.77 11.89 2.01 -7.4
Eurozone Euro STOXX 512.57 0.16 0.03 8.1 Xinyuan Real Estate ADR XIN 6.23 1.27 25.60 7.05 1.92 114.8 ZW Data Action Techs CNET 2.72 -0.58 -17.58 5.04 1.61 -20.9
Belgium Bel-20 4311.09 –16.47 –0.38 16.3 Solowin Holdings SWIN 3.34 0.66 24.63 72.55 1.84 23.7 Knightscope KSCP 6.11 -1.09 -15.14 49.95 4.89 -83.8
Denmark OMX Copenhagen 20 2472.37 –24.88 –1.00 8.3 Kingsoft Cloud ADR KC 3.92 0.73 22.88 5.80 2.02 -16.4 Fenbo Holdings FEBO 5.10 -0.89 -14.86 17.68 1.99 ...
0.05 0.5 AMTD Digital ADR HKD 3.91 0.71 22.19 6.18 2.61 -29.0 Mullen Automotive MULN 2.75 -0.47 -14.60 4889.00 2.64 -99.9
France CAC 40 7577.59 3.52
Germany DAX 19164.75 –48.39 –0.25 14.4
Israel Tel Aviv 2093.48 … Closed 12.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33675.26 –95.82 –0.28 11.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 916.86 6.73 0.74 16.5
Norway Oslo Bors All-Share 1664.95 20.24 1.23 9.6 Kaixin Holdings KXIN 653,645 4756.7 0.34 171.51 3.55 0.06 iSh Climt Conscious USCL 1,353 15365 68.00 -0.01 68.56 48.39
South Africa FTSE/JSE All-Share 87115.22 495.83 0.57 13.3 iShares China LC ETF FXI 216,569 451.4 35.48 7.19 35.55 20.86 Xtrkrs MSCI USA Climt Act USCA 3,130 7569 35.80 0.06 36.07 25.48
n-

NVIDIA NVDA 210,808 -35.0 118.85 1.58 140.76 39.23 VanEck ChiNext ETF CNXT 554 7451 34.11 8.67 38.74 19.65
Spain IBEX 35 11609.76 –63.74 –0.55 14.9
0.12 Direxion China Bear 3X YANG 160,410 1384.0 2.85 -21.70 19.16 2.85 ProSh Ult FTSE China 50 FXP 515 6284 15.23 -14.29 51.19 15.17
Sweden OMX Stockholm 1009.85 1.17 11.8
ProSh UltraPro Shrt QQQ SQQQ 151,762 -11.6 7.67 -0.65 23.34 7.12 UP Fintech Holding ADR TIGR 72,979 4476 8.06 29.37 8.63 3.10
Switzerland Swiss Market 12122.09 35.43 0.29 8.8
Turkey BIST 100 9012.87 –338.35 –3.62 20.7 NIO ADR NIO 134,175 135.3 7.21 2.56 9.57 3.61 First Trust TCW EM Debt EFIX 260 4356 16.50 -1.18 17.67 14.47
no

U.K. FTSE 100 8290.86 14.21 0.17 7.2 MMTec MTC 106,042 5018.5 0.77 63.69 12.90 0.24 AllianzIM US LC Bf20 Oct OCTT 275 3821 37.33 0.08 37.66 30.74
5.6 Tellurian TELL 101,454 129.4 0.98 0.78 1.07 0.36 NYLI MacKay ESG Core Plus ESGB 195 2835 21.72 0.14 21.91 19.46
U.K. FTSE 250 20783.78 –130.92 –0.63
Krane CSI China Internet KWEB 96,269 380.4 38.38 6.43 38.70 22.68 US Treasury 20 Year Bd UTWY 479 2474 47.47 -0.60 48.80 41.55
Asia-Pacific MSCI AC Asia Pacific 195.81 –0.03 –0.01 15.6
iCoreConnect ICCT 95,195 56768.9 0.56 60.00 3.80 0.33 NYLI Merger Arbitrage ETF MNA 968 2435 32.95 0.21 33.06 30.36
Australia S&P/ASX 200 8198.20 –10.73 –0.13 8.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3336.50 … Closed 12.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 22443.73 1310.05 6.20 31.7
Closed 16.6
Scan this code
India BSE Sensex 84266.29 …
Japan NIKKEI 225 37808.76 –843.21 –2.18 13.0 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3584.67 3.71 0.10 10.6 track most-active stocks,
South Korea KOSPI 2561.69 –31.58 –1.22 –3.5 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22390.39 … Closed 24.9 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1451.40 –13.26 –0.91 2.5
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004054 24665 1.6
CREDIT MARKETS Argentina peso .0010970.4653 20.0 Europe
Brazil real .1837 5.4422 12.2 Czech Rep. koruna .04359 22.941 2.5
Canada dollar .7405 1.3504 1.9 Denmark krone .1481 6.7528 –0.3
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001097 911.25 4.1 Euro area euro 1.1045 .9054 –0.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000239 4185.30 8.0 Hungary forint .002760 362.27 4.4
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007388 135.36 –0.5
A consumer rate against its 5-year CDs Mexico peso .0515 19.4123 14.4 Norway krone .0944 10.5931 4.1
benchmark over the past year 6.00% Uruguay peso .02387 41.8950 7.3 Poland zloty .2572 3.8875 –1.2
Bankrate.com avg†: 2.86% 12% Asia-Pacific Sweden krona .0974 10.2636 1.6
One year ago 1.1767 .8498
America First FCU 3.85% t 5.00 Australiadollar .6884 1.4526 –1.0
Switzerland franc 1.0
5.00% Riverdale, UT 801-627-0900 6 Euro Turkey lira .0292 34.2182 16.1
.1421 7.0389
t
s China yuan –1.0
Federal-funds target rate 4.00 Ukraine hryvnia .0242 41.3500 8.4
Sallie Mae Bank 3.85% Hong Kong dollar .1288 7.7627 –0.6
4.00 0 UK pound 1.3266 .7538 –4.0
t
3.00 India rupee .01191 83.934 0.9
Salt Lake City, UT 877-346-2756 Middle East/Africa
Tradeweb FTSE Indonesia rupiah .0000654 15302 –0.6
3.00 Connexus Credit Union 3.91% 2.00 –6 s Japan yen .006828 146.46 3.9 Bahrain dinar 2.6528 .3770 ...
Wednesday Close s
t Wausau, WI 800-845-5025 WSJ Dollar Index Yen Kazakhstan tenge .002068 483.45 6.2 Egypt pound .0207 48.3796 56.4
Five-year CD yields 2.00 Amerant Bank 4.00% 1.00 –12 Macau pataca .1250 8.0000 –0.7 Israel shekel .2643 3.7840 5.0
Malaysia ringgit .2396 4.1735 –9.2 Kuwait dinar 3.2676 .3060 –0.4
Coral Gables, FL 305-629-1707 1 3 6 1 2 3 5 7 10 20 30 2023 2024
1.00 New Zealand dollar .6262 1.5969 0.9 Oman sul rial 2.5974 .3850 0.01
Marcus by Goldman Sachs 4.00% month(s) years
O N D J F M A M J J A SO Pakistan rupee .00360 277.700 –1.2 Qatar rial .2743 3.646 0.1
New York, NY 855-730-7283 maturity Philippines peso .0178 56.170 1.4 Saudi Arabia riyal .2664 3.7534 0.1
2023 2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7740 1.2920 –2.1 South Africa rand .0576 17.3731 –5.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007547 1325.08 2.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033912 294.88 –9.0
WSJ Dollar Index 96.39
Close Net Chg % Chg YTD%Chg
0.44 0.46
Federal-funds rate target 4.75-5.00 4.75-5.00 4.75 l 5.50 4.75 Taiwan dollar .03129 31.956 4.1 0.58
Yield (%) 52-Week Total Return (%) Thailand baht .03042 32.870 –4.4 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.00 8.00 8.00 l 8.50 4.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.05 4.84 4.82 l 5.40 5.00
Money market, annual yield 0.43 0.44 0.41 l 0.64 0.36
U.S. Treasury, Bloomberg 2265.150 3.750 3.730 5.120 3.630 10.365 –1.866 Commodities
Wednesday 52-Week YTD
Five-year CD, annual yield 2.86 2.86 2.77 l 2.88 2.42 U.S. Treasury Long, Bloomberg 3332.620 4.180 4.190 5.280 3.990 17.120 –8.597 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 6.89 6.80 6.69 l 8.28 3.67 Aggregate, Bloomberg 2160.290 4.220 4.200 5.740 4.100 12.446 –1.448
15-year mortgage, fixed† 6.16 6.17 6.02 l 7.42 3.66
DJ Commodity 1025.55 3.31 0.32 1079.94 934.97 5.52 7.07
Fixed-Rate MBS, Bloomberg 2137.260 4.500 4.510 6.050 4.340 13.523 –1.204
Jumbo mortgages, $766,550-plus† 6.98 6.88 6.78 l 8.33 3.73 FTSE/CC CRB Index 287.13 0.76 0.27 300.23 258.09 4.25 8.83
High Yield 100, ICE BofA 3799.868 6.255 6.323 9.101 6.208 17.002 3.239
Five-year adj mortgage (ARM)† 5.91 5.89 5.88 l 7.16 3.02 Crude oil, $ per barrel 70.10 0.27 0.39 89.37 65.75 -16.77 -2.16
Muni Master, ICE BofA 602.297 3.077 3.137 4.311 3.038 10.225 0.238
New-car loan, 48-month 7.18 7.18 7.18 l 7.94 3.46 Natural gas, $/MMBtu 2.886 -0.010 -0.35 3.575 1.575 -2.57 14.80
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 917.623 7.108 7.175 n.a. n.a. 20.341 –0.055
banks.† Excludes closing costs. Gold, $ per troy oz. 2647.10 -20.20 -0.76 2669.90 1816.60 45.57 28.35
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Thursday, October 3, 2024 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, October 2, 2024
Metal & Petroleum Futures March'25 6,000 6,196 5,931 5,984 –2 46,518 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Contract Open Coffee (ICE-US)-37,500 lbs.; cents per lb. from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Open High hi lo Low Settle Chg interest Dec 265.50 267.50 255.75 256.50 –7.65 96,185 Wednesday Wednesday Wednesday
March'25 263.65 265.35 254.05 254.75 –7.40 62,732 Copper,Comex spot 4.5960 Wheat,No.2 soft red,St.Louis-u 5.5775
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Energy
Oct 4.5765 4.6055 4.5685 4.5960 0.0605 2,210 Iron Ore, 62% Fe CFR China-s *108.0 Wheat - Hard - KC (USDA) $ per bu-u n.a.
March 23.00 23.17 22.46 22.68 –.29 369,295 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 82.150 Steel, HRC USA, FOB Midwest Mill-s *730.0 Wheat,No.1soft white,Portld,OR-u 5.9750
Dec 4.5735 4.6670 4.5565 4.6490 0.0600 137,787
May 21.45 21.56 20.96 21.15 –.30 142,734 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900
Gold (CMX)-100 troy oz.; $ per troy oz. Battery/EV metals
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. BMI Lithium Carbonate, EXW China, =99.2%-v,w 10800 Food
Oct 2650.60 2657.20 2640.00 2647.10 –20.20 1,335 Metals
Nov 37.60 37.60 37.60 37.60 … 709
Nov 2671.10 2672.80 2653.30 2658.10 –20.40 1,370 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9925 Beef,carcass equiv. index
Cotton (ICE-US)-50,000 lbs.; cents per lb. BMI Cobalt sulphate, EXW China, >20.5% -v,w 3861
Dec 2684.60 2684.80 2662.10 2669.70 –20.60 456,676 Oct 73.16 73.16 73.16 73.16 .16 10
Gold, per troy oz choice 1-3,600-900 lbs.-u 284.54
Feb'25 2706.20 2710.20 2684.70 2692.00 –20.50 36,880 Engelhard industrial 2655.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3825 select 1-3,600-900 lbs.-u 269.06
Dec 73.00 73.70 72.42 73.40 .31 123,971
April 2724.00 2728.20 2703.60 2710.40 –20.40 21,108 Handy & Harman base 2660.95 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 460 Broilers, National comp wtd. avg.-u,w 1.2830
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
June 2737.80 2746.80 2722.80 2728.80 –20.60 10,464 Handy & Harman fabricated 2953.66 Fibers and Textiles Butter,AA Chicago-d 2.6800
Nov 468.10 469.50 458.70 465.95 –5.50 6,692
Palladium (NYM) - 50 troy oz.; $ per troy oz. LBMA Gold Price AM *2648.85 Cheddar cheese,bbl,Chicago-d 215.25
Jan'25 457.30 459.10 450.00 456.50 –4.35 2,142
Oct 1041.00 1049.50 1041.00 1016.40 22.80 4 LBMA Gold Price PM *2667.55 Burlap,10-oz,40-inch NY yd-n,w 0.8475 Cheddar cheese,blk,Chicago-d 202.75
Dec 1003.00 1025.00 996.50 1018.70 23.40 18,118
Krugerrand,wholesale-e 2760.28 Cotton,1 1/16 std lw-mdMphs-u 0.6690 Milk,Nonfat dry,Chicago lb.-d 135.50
Interest Rate Futures Maple Leaf-e 2786.83 Cotlook 'A' Index-t *85.25 Coffee,Brazilian,Comp-y 2.6451
Platinum (NYM)-50 troy oz.; $ per troy oz.
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% American Eagle-e 2786.83 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.8746
Oct 977.60 988.40 988.40 1004.40 16.00 75
Dec 134-130 134-180 132-090 133-020 –1-06.0 1,716,907 Mexican peso-e 3208.07 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.0450
Jan'25 1002.90 1025.80 996.20 1016.80 15.80 67,606
March'25 133-150 134-170 132-180 133-070 –1-10.0 6 Austria crown-e 2604.57 Flour,hard winter KC-p 17.10
Silver (CMX)-5,000 troy oz.; $ per troy oz. Austria phil-e 2786.83 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.95
Oct 31.055 31.700 31.055 31.628 0.183 55 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Silver, troy oz. Bran,wheat middlings, KC-u,w 93 Hogs,Iowa-So. Minnesota-u 83.62
Dec 31.705 32.590 31.260 31.920 0.178 125,384 Dec 125-040 125-090 123-200 124-090 –23.0 1,752,004
Engelhard industrial 31.9400 Corn,No. 2 yellow,Cent IL-bp,u 3.9500 Pork bellies,12-14 lb MidUS-u 1.5670
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'25 125-140 125-170 124-000 124-210 –23.0 649
Handy & Harman base 31.7180 Corn gluten feed,Midwest-u,w 113.7 Pork loins,13-19 lb MidUS-u 1.1419
Nov 70.80 72.49 69.87 70.10 0.27 305,581 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Steers,Tex.-Okla. Choice-u n.a.
Dec 114-240 114-260 114-070 114-135 –8.5 4,968,320
Handy & Harman fabricated 39.6480 Corn gluten meal,Midwest-u,w 422.7
Dec 70.30 71.95 69.45 69.69 0.30 252,323 LBMA spot price *£23.5300 Steers,feeder,Okla. City-u,w 269.25
March'25 115-020 115-045 114-190 114-250 –9.0 1,120 Cottonseed meal-u,w 323
Jan'25 69.83 71.50 69.12 69.36 0.31 165,942 (U.S.$ equivalent) *31.3550
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Hominy feed,Cent IL-u,w 108
March 69.41 70.88 68.62 68.86 0.24 106,968 Coins,wholesale $1,000 face-a 24017 Meat-bonemeal,50% pro Mnpls-u,w 328 Fats and Oils
June 68.89 70.29 68.16 68.38 0.18 162,934 Dec 110-052 110-067 109-272 109-312 –4.5 6,381,426
Other metals Oats,No.2 milling,Mnpls-u 4.1975 Degummed corn oil, crude wtd. avg.-u,w n.a.
Dec 68.13 69.31 67.38 67.58 0.11 140,137 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
LBMA Platinum Price PM *990.0 Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h 0.4450
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 104-064 104-071 104-031 104-044 –1.4 4,465,481
LBMA Palladium Price PM *1003.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Nov 2.2000 2.2548 2.1765 2.1821 .0079 132,063 March'25 104-195 104-196 104-165 104-160 –3.6 11
Platinum,Engelhard industrial 1013.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 350.20 Soybean oil,crude;Centl IL-u,w 0.4390
Dec 2.2120 2.2664 2.1909 2.1964 .0095 86,882 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Palladium,Engelhard industrial 1033.0 Soybeans,No.1 yllw IL-bp,u 10.1200 Tallow,bleach;Chicago-h 0.4625
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 95.1800 95.1800 95.1750 95.1800 .0025 740,654 Aluminum, LME, $ per metric ton *2635.0 Wheat,Spring14%-pro Mnpls-u 9.1900 Tallow,edible,Chicago-u n.a.
Nov 1.9933 2.0290 1.9612 1.9859 .0193 127,344 Nov 95.4500 95.4500 95.4350 95.4400 –.0050 487,263
Dec 1.9652 2.0021 1.9371 1.9583 .0169 69,462 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Aug 95.0125 95.0150 95.0125 95.0125 –.0025 7,230 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;
Dec 95.9800 95.9850 95.9500 95.9650 –.0100 1,379,574 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
Nov 2.898 3.000 2.870 2.886 –.010 301,700 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 10/1
Dec 3.288 3.378 3.272 3.297 .009 137,896 Source: Dow Jones Market Data
Jan'25 3.541 3.630 3.527 3.553 .013 187,227 Currency Futures
Feb 3.429 3.511 3.408 3.434 .009 94,416 Japanese Yen (CME)-¥12,500,000; $ per 100¥
March 3.138 3.208 3.123 3.149 .009 161,125
April 2.994 3.048 2.974 3.002 .007 87,235
Oct
Dec
.6978
.7033
.6979
.7041
.6836
.6892
.6845 –.0128 806
.6901 –.0128 193,432
Bonds | wsj.com/market-data/bonds/benchmarks
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures Oct .7417 .7424 .7405 .7406 –.0012 212 Tracking Bond Benchmarks
Corn (CBT)-5,000 bu.; cents per bu. Dec .7427 .7437 .7416 .7418 –.0012 213,079
British Pound (CME)-£62,500; $ per £ Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 428.50 434.25 428.50 432.50 3.50 763,499
March'25 445.75 452.25 445.75 450.00 3.50 314,175 Oct 1.3282 1.3305 1.3247 1.3262 –.0023 393 highs and lows for different types of bonds
Oats (CBT)-5,000 bu.; cents per bu. Dec 1.3278 1.3304 1.3244 1.3260 –.0023 255,696 Total Total
Dec 385.25 392.00 378.00 389.75 1.75 3,250 Swiss Franc (CME)-CHF 125,000; $ per CHF return YTD total Yield (%) return YTD total Yield (%)
March'25 384.25 387.50 378.00 387.25 2.50 602 Dec 1.1915 1.1934 1.1851 1.1865 –.0046 61,808 close return (%) Index Latest Low High close return (%) Index Latest Low High
Soybeans (CBT)-5,000 bu.; cents per bu. March'25 1.2012 1.2039 1.1963 1.1972 –.0046 238
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Nov 1055.00 1063.75 1042.50 1056.00 –1.25 383,722 Australian Dollar (CME)-AUD 100,000; $ per AUD
Jan'25 1073.00 1082.00 1061.25 1074.25 –1.25 162,652 Oct .6887 .6917 .6878 .6883 –.0012 561
2160.29 4.5 U.S. Aggregate 4.220 4.100 5.740 2137.26 4.7 Mortgage-Backed 4.500 4.340 6.050
Soybean Meal (CBT)-100 tons; $ per ton. Dec .6887 .6922 .6881 .6887 –.0011 199,398
Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Corporate Indexes Bloomberg Fixed Income Indices 2098.73 4.1 Ginnie Mae (GNMA) 4.610 4.460 6.020
Oct 352.20 352.20 335.00 341.40 –8.60 1,534
347.00 349.90 332.00 340.40 –7.10 255,973 Oct .05102 .05154 .05084 .05137 .00047 24 1261.99 4.8 Fannie mae (FNMA) 4.480 4.310 6.050
Dec 3297.13 5.5 U.S. Corporate 4.700 4.640 6.430
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec .05039 .05111 .05028 .05085 .00047 141,547
Euro (CME)-€125,000; $ per € 3173.72 5.8 Intermediate 4.460 4.400 6.350 1940.32 4.9 Freddie Mac (FHLMC) 4.320 4.150 6.190

.
Oct 43.95 44.05 43.43 43.72 .81 520
Dec 42.91 44.28 42.80 43.64 .73 250,320 Oct 1.1075 1.1088 1.1039 1.1044 –.0033 2,261
602.30 2.4 Muni Master 3.077 3.038 4.311

ly
Dec 1.1104 1.1116 1.1066 1.1072 –.0033 654,366 4420.49 4.7 Long term 5.170 5.070 6.600
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Nov 15.24 15.28 15.01 15.17 –.14 7,599 631.98 4.4 Double-A-rated 4.340 4.260 5.760 424.99 1.5 7-12 year 2.858 2.721 4.097
Jan'25 15.36 15.47 15.20 15.34 –.15 1,370 Index Futures
Wheat (CBT)-5,000 bu.; cents per bu. 895.05 5.8 Triple-B-rated 4.920 4.850 6.700 488.45 2.6 12-22 year 3.476 3.388 4.742
Mini DJ Industrial Average (CBT)-$5 x index
Dec 596.25 617.25
March'25 618.00 638.75
Wheat (KC)-5,000 bu.; cents per bu.
Dec 598.00 622.50
March'25 612.75 637.25
596.25
617.00

595.25
610.25
615.25
637.25

619.25
634.25
16.25 217,196
17.75 86,607

21.00 145,391
20.75 56,266
Dec
March'25
on
42456
42731
Mini S&P 500 (CME)-$50 x index
Dec 5760.25 5773.25
March'25 5813.00 5824.25
42581
42894

5724.00 5760.25
5776.00 5812.25
42285
42613
42510
42835
31
34
89,317

0.50 2,067,742
1.00 12,096
244
High Yield Bonds ICE BofA
567.87
577.43
8.0 High Yield Constrained 6.995 6.975 9.560
13.9 Triple-C-rated 11.494 11.445 15.455
466.70 3.9
Global Government J.P. Morgan†
556.12 2.3
22-plus year 3.966 3.959 5.274

Global Government 3.100 2.950 3.810

Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index 3799.87 7.3 High Yield 100 6.255 6.208 9.101 828.65 3.2 Canada 3.050 2.910 4.210
us ,

Oct 246.150 249.800 246.150 249.725 3.575 8,333

Nov 244.425 248.700 244.425 248.550 3.875 20,104
Dec 3117.50 3136.10 3100.70 3123.50 2.40 32,200 494.75 8.4 Global High Yield Constrained 6.823 6.812 9.440 363.94 2.1 EMU§ 2.837 2.669 3.785
l

March'25 … 3157.10 3131.10 3147.60 2.40 n.a.

Cattle-Live (CME)-40,000 lbs.; cents per lb. 369.64 6.8 Europe High Yield Constrained 5.745 5.739 8.022 661.16 0.1 France 2.960 2.540 3.620
Mini Nasdaq 100 (CME)-$20 x index
e
al a

Oct 184.375 187.500 184.375 187.425 2.950 30,429

Dec 19975.25 20090.25 19833.50 20009.75 34.75 233,269 U.S Agency Bloomberg Fixed Income Indices 473.59 1.3 Germany 2.200 2.020 3.010
Dec 185.025 187.850 185.025 187.700 2.525 139,518
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'25 20140.00 20291.25 20037.50 20214.00 36.50 829
Mini Russell 2000 (CME)-$50 x index 1862.44 4.3 U.S Agency 4.020 3.960 5.390 274.40 -1.6 Japan 1.310 0.960 1.490
83.850 84.750 83.725 84.675 1.175 31,513
ci on

Oct
Dec 2216.00 2226.50 2197.10 2214.90 –3.00 451,237
Dec 74.700 76.800 74.600 76.750 2.150 122,177 1645.18 4.3 10-20 years 3.980 3.920 5.370 515.06 1.2 Netherlands 2.470 2.260 3.300
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. March'25 2230.50 2244.10 2215.80 2232.80 –3.00 321
Nov 521.00 532.50 520.00 531.00 9.00 7,022 Mini Russell 1000 (CME)-$50 x index 3635.14 5.1 20-plus years 4.450 4.240 5.740 807.33 -0.6 U.K. 4.300 3.790 4.880
Jan'25 540.00 550.50 540.00 550.50 9.50 1,420 Dec 3144.20 3150.60 3127.80 3146.20 2.20 6,096
U.S. Dollar Index (ICE-US)-$1,000 x index 2878.41 5.4 Yankee 4.450 4.380 6.110 917.62 8.1 Emerging Markets ** 7.108 n.a. n.a.
Milk (CME)-200,000 lbs., cents per lb.
Oct 23.09 23.20 22.95 22.97 –.13 4,747 Dec 101.01 101.44 100.89 101.43 .49 25,941 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
March'25 100.67 101.15 100.67 101.15 .47 380
er s

Nov 22.63 22.79 22.29 22.31 –.30 5,725 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec 7,081 7,332 6,926 7,064 25 62,663 Source: FactSet
Global Government Bonds: Mapping Yields
m er

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

Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Inventories, imports and demand for the week ended September 27. Current figures are in thousands of 3.500 U.S. 2 3.636 s l 3.619 3.926 5.110
barrels or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural- 3.875 10 3.783 s l 3.742 3.910 4.682
gas import and demand data are available monthly only. 0.500 Australia 2 3.578 t l 3.682 3.735 4.096 6.7 -101.6
-6.7
Inventories, 000s barrels Imports, 000s barrels per day 3.750 10 3.941 t l 3.994 4.022 4.498 15.3 25.7 -18.9
2.500 France 2 2.267 s l 2.253 2.660 3.531 -137.8 -136.2 -158.1
co Fo

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 3.000 10 2.873 s l 2.826 3.045 3.472 -91.5 -91.1 -121.5
Crude oil and 2.700 Germany 2 2.040 s l 2.030 2.425 3.232 -160.5 -158.5 -188.0
petroleum prod 1,267,077 ... 1,268 1,272 1,274 1,286 8,217 ... 7,861 8,228 8,222 8,021 2.600 10 2.098 s l 2.041 2.342 2.927 -169.1 -169.6 -176.0
Crude oil 3.100 Italy 2 2.516 s l 2.488 2.928 4.037 -112.9 -112.8 -107.5
excluding SPR 416,931 -500 413 414 417 443 6,628 ... 6,456 6,215 6,568 5,993
3.850 10 3.438 s l 3.379 3.706 4.813 -35.0 -35.8 12.6
Gasoline 221,202 ... 220 227 221 222 540 ... 746 919 599 576
Finished gasoline 17,127 -300 16 17 16 19 89 ... 36 195 57 63 0.400 Japan 2 0.366 t l 0.385 0.375 0.060 -327.9 -323.0 -505.2
Reformulated 19 ... 0 0 0 0 0 ... 0 0 0 0 1.100 10 0.820 t l 0.853 0.912 0.776 -296.9 -288.4 -391.1
Conventional 17,108 ... 16 17 16 19 89 ... 36 195 57 63
2.800 Spain 2 2.358 s l 2.320 2.691 3.630 -128.7 -129.5 -148.2
Blend. components 204,076 ... 204 210 205 203 451 ... 709 724 542 513
3.450 10 2.909 s l 2.834 3.147 3.993 -87.9 -90.3 -69.4
Natural gas (bcf) 3,492 ... 3 3 3 4 ... ... ... ... ... …
4.125 U.K. 2 4.013 s l 3.953 3.751 4.737 36.8 33.8 -37.5
Kerosene-type
4.250 10 4.025 s l 3.944 4.034 4.569 23.7 20.7 -11.8
n-

jet fuel 45,643 ... 46 43 47 40 95 ... 3 160 61 135

Distillates 121,637 -1,500 123 119 124 128 194 ... 102 85 159 149 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
Heating oil 6,445 ... 7 8 7 9 0 ... 3 0 3 0
Diesel
Residual fuel oil
115,192
24,533
...
...
116
25
111
28
117
25
60
30
194
187
...
...
100
48
85
73
156
107
149
185
Corporate Debt
no

Other oils 315,848 ... 320 318 319 311 487 ... 404 705 632 884 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Net crude, petroleum
products, incl. SPR 1,649,630 ... 1,650 1,623 1,655 1,818 -2,829 ... -2,798 -3,272 -2,653 -736 Investment-grade spreads that tightened the most…
Spread*, in basis points
Weekly Demand, 000s barrels per day Natural gas storage Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Expected Previous Year 4-week 5-year Citigroup C 4.450 4.29 Sept. 29, ’27 75 –10 86
Billions of cubic feet; weekly totals
Current change week ago avg avg Brighthouse Financial Global Funding* … 5.550 4.55 April 9, ’27 101 –8 115
Jackson National Life Global Funding … 5.550 4.41 July 2, ’27 86 –8 89
Total petroleum
4250 Ovintiv OVV 7.375 5.10 Nov. 1, ’31 132 –8 137
product 19,847 ... 21,386 19,157 20,102 19,845
Natural gas,
Eversource Energy* ES 5.000 4.13 Jan. 1, ’27 59 –7 68
Finished lower 48 states 3250
t National Australia Bank … 5.087 3.90 June 11, ’27 35 –7 n.a.
motor gasoline 8,521 ... 9,205 8,014 8,745 8,795
2250 UnitedHealth UNH 4.750 4.95 July 15, ’45 76 –7 79
Kerosene-type
t
jet fuel 1,927 ... 1,678 1,708 1,710 1,427
Five-year average 1250
…And spreads that widened the most
Distillates 3,638 ... 4,022 3,815 3,754 4,103 for each week 5
Banco Bilbao Vizcaya Argentaria … 5.381 4.41 March 13, ’29 85 84
Residual fuel oil 375 ... 435 348 294 293 250 Target TGT 6.500 4.74 Oct. 15, ’37 95 5 n.a.
Propane/propylene 879 ... 1,332 724 910 ... O N D J F M A M J J A S Koninklijke Philips … 5.000 5.32 March 15, ’42 113 4 108
Other oils 4,507 ... 4,715 4,547 4,690 ... 2023 2024
Bank of America BAC 4.750 5.08 April 21, ’45 88 3 86
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 Toronto–Dominion Bank TD 5.156 4.16 Jan. 10, ’28 59 3 62
Ally Financial ALLY 8.000 5.71 Nov. 1, ’31 192 2 193
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Bank of Nova Scotia BNS 5.650 4.69 Feb. 1, ’34 91 2 92
Closing Chg YTD Coca–Cola KO 2.125 3.84 Sept. 6, ’29 30 2 n.a.
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)

Closing Chg YTD SchwabUS LC SCHX 67.28 0.07 19.3 High-yield issues with the biggest price increases…
Wednesday, October 2, 2024 SchwabUS LC Grw SCHG 102.84 0.14 24.0
ETF Symbol Price (%) (%) Bond Price as % of face value
Closing Chg YTD SPDR S&PMdCpTr MDY 565.47 0.08 11.4 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ETF Symbol Price (%) (%) iShMSCIEAFEValue EFV 57.02 –0.23 9.4 SPDR S&P Div SDY 141.47 –0.30 13.2
CnsmrDiscSel XLY 197.87 –0.85 10.7 iShNatlMuniBd MUB 108.65 –0.05 0.2 TechSelectSector XLK 221.89 0.74 15.3 Transocean RIG 7.500 8.99 April 15, ’31 92.750 0.71 94.938
DimenUSCoreEq2 DFAC 33.99 –0.06 16.3 iSh1-5YIGCpBd IGSB 52.54 –0.02 2.5 VanEckSemicon SMH 242.32 1.44 38.6
EnSelSectorSPDR XLE 90.72 1.02 8.2 iSh1-3YTreaBd SHY 82.91 –0.02 1.1 VangdSC Val VBR 198.37 –0.31 10.2 Sealed Air Corporation* SEE 6.875 5.56 July 15, ’33 109.062 0.31 108.982
45.13 0.11 20.0 iShRussMC IWR 87.60 0.03 12.7 VangdExtMkt VXF 179.96 0.08 9.5
FinSelSectorSPDR XLF
iShRuss1000 IWB 311.79 0.05 18.9 VangdDivApp VIG 196.95 0.01 15.6 Venture Global Calcasieu Pass … 4.125 5.26 Aug. 15, ’31 93.550 0.30 93.500
HealthCrSelSect XLV 152.90 –0.20 12.1
iShRuss1000Grw IWF 370.52 0.08 22.2 VangdFTSEAWxUS VEU 63.13 0.43 12.5
IndSelSectorSPDR XLI 135.26 –0.18 18.7
189.04 –0.01 14.4 Ziff Davis ZD 3.625 5.08 March 1, ’28 95.494 0.19 n.a.
iShRuss1000Val IWD VangdFTSEDevMk VEA 52.35 –0.17 9.3
InvscNasd100 QQQM 198.36 0.15 17.7
iShRuss2000 IWM 217.59 –0.14 8.4 VangdFTSE EM VWO 49.21 2.07 19.7
InvscQQQI QQQ 481.95 0.14 17.7
iShS&P500Grw IVW 94.58 0.18 25.9 VangdFTSE Europe VGK 70.09 –0.31 8.7 Occidental Petroleum OXY 7.500 4.99 May 1, ’31 113.928 0.16 114.664
InvscS&P500EW RSP 178.02 –0.11 12.8
iShBitcoin IBIT 34.24 –2.53 ...
iShS&P500Value IVE 196.32 –0.17 12.9 VangdGrowth VUG 379.20 0.11 22.0 DISH DBS … 5.875 11.05 Nov. 15, ’24 99.375 0.13 98.189
iShSelectDiv DVY 134.03 –0.43 14.3 VangdHiDiv VYM 128.03 0.09 14.7
iShBrdUSDHYCpBd USHY 37.45 0.05 3.0
iSh7-10YTreaBd IEF 97.91 –0.29 1.6 VangdInfoTech VGT 575.38 0.63 18.9 Prime Security Services Borrower ... 5.750 5.47 April 15, ’26 100.411 0.01 100.250
iShCoreDivGrowth DGRO 62.52 0.03 16.2
iShShortTreaBd SHV 110.20 ... 0.1 VangdIntermBd BIV 78.24 –0.17 2.4
iShCoreMSCIEAFE IEFA 77.25 –0.22 9.8 iSh20+YTreaBd TLT 97.66 –0.84 –1.2 VangdIntrCorpBd VCIT 83.67 –0.12 2.9
iShCoreMSCIEM IEMG 58.76 1.73 16.2 iShUSTech IYW 149.05 0.61 21.4 VangdIntermTrea VGIT 60.30 –0.17 1.7 …And with the biggest price decreases
iShCoreMSCITotInt IXUS 72.61 0.33 11.8 iShUSTreasuryBd GOVT 23.39 –0.26 1.5 VangdLC VV 260.98 0.01 19.6
iShCoreS&P500 IVV 571.60 0.04 19.7 iSh0-3MTreaBd SGOV 100.33 ... 0.1 VangdMegaGrwth MGK 317.13 0.06 22.2 DISH DBS … 7.750 17.84 July 1, ’26 85.375 –1.88 74.500
iShCoreS&P MC IJH 61.88 0.08 11.6 JPM EqPrem JEPI 59.19 0.14 7.7 VangdMC 262.43 –0.00 12.8
iShCoreS&P SC IJR 114.92 –0.46 6.2
VO
Occidental Petroleum OXY 6.200 5.76 March 15, ’40 104.437 –0.46 105.420
JPM UltShIncm JPST 50.53 0.02 0.6 VangdRealEst VNQ 96.45 –0.35 9.2
iShCoreS&PTotUS ITOT 124.51 0.02 18.3 57.75 11.1 –0.42
iShCoreS&PUSGrw IUSG 130.24 0.22 25.1
PacerUSCashCows COWZ –0.02 VangdRuss1000Grw VONG 95.38 0.12 22.3 Teva Pharmaceutical Finance Netherlands III … 4.100 6.29 Oct. 1, ’46 74.125 74.500
ProShUltPrQQQ TQQQ 69.68 0.37 37.4 VangdS&P500ETF VOO 522.83 0.02 19.7
iShCoreS&PUSVal IUSV 94.98 –0.18 12.6 SPDRBbg1-3MTB BIL 91.47 0.01 0.1 VangdST Bond BSV 78.56 –0.03 2.0 Bausch Health … 11.000 13.43 Sept. 30, ’28 92.688 –0.31 92.438
iShCoreTotUSDBd IUSB 47.01 –0.19 2.0 SPDR DJIA Tr DIA 421.91 0.10 12.0 VangdSTCpBd VCSH 79.26 –0.01 2.4
iShCoreUSAggBd AGG 101.02 –0.21 1.8 SPDR Gold GLD 245.66 0.02 28.5 VangdShortTrea VGSH 58.86 –0.03 0.9 Rakuten … 9.750 7.30 April 15, ’29 109.313 –0.31 109.219
iShEdgeMSCIMinUSA USMV 90.98 –0.19 16.6 SPDRPtfDevxUS SPDW 37.26 –0.24 9.6 VangdSC VB 234.80 0.00 10.1
iShEdgeMSCIUSAQual QUAL 178.44 0.17 21.3 SPDRS&P500Value SPYV 52.65 –0.11 12.9 VangdTaxExemptBd VTEB 51.11 –0.06 0.1 Paramount Global PARA 7.875 5.95 July 30, ’30 109.347 –0.30 109.953
iShGoldTr IAU 50.22 0.02 28.7 SPDRPtfS&P500 66.90 0.03 19.7 VangdTotalBd 74.97 –0.19 1.9
iShiBoxx$IGCpBd LQD 112.86 –0.22 2.0
SPLG BND
ADT Security … 4.875 5.53 July 15, ’32 95.875 –0.25 95.449
SPDRS&P500Growth SPYG 81.86 0.15 25.8 VangdTotIntlBd BNDX 50.30 –0.26 1.9
iShMBS MBB 95.68 –0.14 1.7 SPDR S&P 500 SPY 568.86 0.04 19.7 VangdTotIntlStk VXUS 64.80 0.36 11.8
iShMSCIACWI ACWI 119.07 0.24 17.0 SchwabIntEquity SCHF 40.81 –0.15 10.4 VangdTotalStk VTI 280.64 0.02 18.3 *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.
iShMSCI EAFE EFA 82.84 –0.20 9.9 SchwabUS BrdMkt SCHB 65.90 0.03 18.4 VangdTotWrldStk VT 119.12 0.15 15.8 Note: Data are for the most active issue of bonds with maturities of two years or more
iSh MSCI EM EEM 47.10 1.97 17.1 SchwabUS Div SCHD 84.54 0.07 11.0 VangdValue VTV 174.03 –0.07 16.4 Source: MarketAxess
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THE WALL STREET JOURNAL. * * Thursday, October 3, 2024 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Gaming&Leisure GLPI 51.15 0.01 Kroger KR 56.09 -0.62 NVIDIA NVDA 118.85 1.85 Sea SE 95.30 -2.19 Target TGT 150.40 -1.80 ValeroEnergy VLO 135.68 -1.79
Stock Market listed securities. Prices are consolidated from trades reported by various Gap GAP 20.77 -0.31 LatamAirlines LTM 25.37 -0.61 Seagate STX 108.56 0.74 TechnipFMC FTI 27.08 -0.49 Vaxcyte PCVX 114.25 -1.29
market centers, including securities exchanges, Finra, electronic communications
networks and other broker-dealers. The list comprises the 1,000 largest companies Garmin GRMN 172.05 -0.68 LKQ LKQ 39.37 -0.62 O P Q Sempra SRE 83.38 -0.54 TeckResourcesB TECK 52.38 0.50 VeevaSystems VEEV 207.52 -0.10
based on market capitalization. Gartner IT 507.28 6.05 LPL Financial LPLA 231.07 1.22 OGE Energy OGE 41.22 ServiceIntl SCI 77.37 -0.95 TeledyneTech TDY 443.17 3.69 Ventas VTR 63.24 -0.65
0.12
GenDigital GEN 27.00 -0.19 L3HarrisTech LHX 244.66 -0.63 ONEOK ServiceNow NOW 880.41 13.23 Teleflex TFX 243.93 -1.20 Veralto VLTO 111.28 1.25
Underlined quotations are those stocks with large changes in volume compared OKE 93.40 1.12
Generac GNRC 161.96 3.79 Labcorp LH 219.00 -0.20 ON Semi SharkNinja SN 107.57 -0.37 Ericsson ERIC 7.49 0.13 VeriSign VRSN 187.76 0.62
with the issue’s average trading volume. ON 71.51 0.46
GeneralDynamics GD 303.92 -1.41 LamResearch LRCX 814.09 16.71 O'ReillyAuto ORLY 1154.92 Shell SHEL 67.82 0.95 TelefonicaBras VIV 10.25 0.04 VeriskAnalytics VRSK 267.96 -0.66
Boldfaced quotations highlight those issues whose price changed by 5% or more if -7.07
73.30 -1.32 LAMR 131.50 -0.28 OccidentalPetrol OXY 53.44 Telefonica 4.76 -0.07 45.05 -0.16
0.19 SherwinWilliams SHW 378.16 -2.42
GeneralMills GIS LamarAdv TEF Verizon VZ
their previous closing price was $2 or higher. GeneralMotors GM 44.82 -0.06 LambWeston LW 66.58 1.67 Okta Shift4Paymts FOUR 88.91 0.65 TelekmIndonesia TLK 19.15 -0.67 VertexPharm VRTX 462.14 -7.62
OKTA 72.39 -0.19
Footnotes: t Genmab GMAB 23.69 -0.46 LasVegasSands LVS 51.82 -0.01 OldDomFreight ODFL 193.50 ShinhanFin SHG 42.26 0.55 TempurSealy TPX 54.06 -0.55 Vertiv VRT 102.28 4.66
-1.25
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four GenuineParts GPC 138.77 -0.88 LegendBiotech LEGN 48.68 1.20 OldRepublic ORI 35.33 SHOP 79.10 0.65 TempusAI TEM 51.25 -1.82 Viatris VTRS 11.47 -0.02
quarters. -0.14 Shopify
GileadSciences GILD 84.74 0.80 s LDOS 165.20 0.19 OmegaHealthcare OHI 40.05 Tenaris TS 32.39 0.09 VIK 35.04 0.54
Leidos -0.34 SimonProperty SPG 168.54 -1.01 Viking
Stock tables reflect composite regular trading as of 4 p.m. ET and GitLab GTLB 50.23 0.55 Lennar B LEN.B 172.78 -0.87 Omnicom SimpsonMfg SSD 191.62 0.73 TencentMusic TME 13.73 0.98 VinFastAuto VFS 3.77 0.07
OMC 102.04 -0.65
changes in the official closing prices from 4 p.m. ET the previous day. GlobalPayments GPN 97.66 -2.76 LEN 187.11 -1.19 OnHolding TenetHealthcare THC 161.81 -1.06 VIPS 17.30 0.72
Lennar A ONON 49.21 -0.14 SkechersUSA SKX 66.32 -0.63 Vipshop
GlobalFoundries GFS 39.88 1.32 LennoxIntl 592.09 -4.54 OntoInnovation ONTO 209.59 SWKS 97.36 1.93 Teradyne TER 131.44 2.45 Visa 277.00 -0.60
LII 9.02 Skyworks V
Globant GLOB 200.37 3.95 s LeonardoDRS DRS 29.70 ... OpenText AOS 88.03 -0.91 Tesla TSLA 249.02 -9.00 s Vistra VST 125.37 2.82
OTEX 32.88 0.06 SmithAO
Wednesday, October 2, 2024 Net Net GlobeLife GL 105.20 1.49 LeviStrauss LEVI 21.06 -0.62 Oracle Smith&Nephew SNN 30.33 -0.51 TetraTech TTEK 46.88 -0.16 Vodafone VOD 9.74 -0.21
ORCL 167.71 0.55
Net Stock Sym Close Chg Stock Sym Close Chg GlobusMedical GMED 69.98 -0.42 29.90 1.30 Orange SJM 119.13 -2.08 TevaPharm TEVA 17.46 -0.21 VornadoRealty VNO 39.31 0.02
LiAuto LI ORAN 11.21 -0.22 Smucker
Stock Sym Close Chg GoDaddy GDDY 154.95 1.79 LibertyBroadbandC LBRDK 79.24 0.16 Orix SmurfitWestrock SW 47.83 -0.94 TexasInstruments TXN 203.43 1.83 VulcanMatls VMC 240.46 -7.03
Bio-RadLab A BIO 342.62 4.93 IX 115.30 -1.33
TexasPacLand TPL 930.01 15.67
A B C t Biogen BIIB 188.74 -2.06 D E F GoldFields GFI 16.06 -0.29 LibertyBroadbandA LBRDA 78.61 0.09 OtisWorldwide OTIS 104.81 1.04 Snap SNAP 10.88 0.46
TexasRoadhouse TXRH 178.23 1.01 W X Y Z
GoldmanSachs GS 491.99 1.82 s LibertyLiveA LLYVA 50.78 0.76 Ovintiv OVV 41.26 0.93 Snap-On SNA 291.02 3.03
BioMarinPharm BMRN 69.66 -0.44 DTE Energy DTE 128.70 ... Textron TXT 86.98 -0.47
Grab GRAB 3.77 -0.02 LibertyFormOne C FWONK 77.00 0.87 OwensCorning OC 172.51 -2.03 Snowflake SNOW 109.65 -0.58
AAON AAON 107.32 0.72 BioNTech BNTX 119.00 -0.93 WEC Energy WEC 96.26 -0.49
Danaher DHR 273.91 -0.65 GGG 86.72 0.30 ThermoFisher TMO 612.72 -0.22
LibertyFormOne A FWONA 70.86 0.49 PDD 7.07 SOQUIMICH SQM 41.51 0.09
Graco PDD 152.71
AECOM ACM 101.97 -0.40 Birkenstock BIRK 47.45 -0.52 WEX WEX 205.90 -3.47
Darden DRI 162.70 -1.42 Grainger GWW 1038.13 -1.77 s LibertyLiveC LLYVK 52.51 0.94 PG&E SoFiTech SOFI 7.79 0.16 ThomsonReuters TRI 170.54 0.64
AES AES 19.89 -0.35 s BlackRock BLK 957.25 23.23 PCG 19.91 0.08 W.P.Carey WPC 61.08 -0.24
Datadog DDOG 116.22 2.24 GraphicPkg GPK 29.00 -0.74 LLY 891.07 6.59 PNC Finl SOLV 67.63 0.33 3M MMM 135.43 -1.63
s Aflac AFL 114.23 1.41 Blackstone BX 152.21 0.36
EliLilly PNC 179.40 -0.49 Solventum WPP WPP 51.22 -0.55
DaVita DVA 159.11 -3.64 GpoAeroportuar PAC 172.52 -0.68 LincolnElectric LECO 192.08 2.39 POSCO SONY 94.95 -1.85 Toast TOST 27.43 -1.13
AGNC Invt AGNC 10.30 0.03 BlockHR HRB 62.85 -0.22 PKX 69.80 -0.18 Sony Wabtec WAB 181.22 -0.23
Dayforce DAY 61.76 0.96 GpoAeroportSur ASR 273.62 -5.50 LIN 475.84 0.82 PPG Ind s 91.59 0.71 TollBros TOL 153.03 -1.72
Ansys ANSS 317.45 4.40 Block SQ 65.06 -0.88
Linde PPG 130.68 -0.06 Southern SO
Walmart WMT 80.43 -0.84
DeckersOutdoor DECK 157.66 2.04 GpoFinGalicia GGAL 41.94 -0.47 t Lineage LINE 75.92 -0.81 PPL SoCopper SCCO 117.33 0.25 TopBuild BLD 402.98 -3.95
APA APA 25.76 0.10 BlueOwlCapital OWL 19.70 0.19 PPL 33.06 -0.17 WarnerBrosA WBD 7.97 -0.19
Deere DE 416.49 0.05 GWRE 180.36 -0.63 Toro TTC 87.03 0.98
LithiaMotors LAD 307.19 -10.08 PTC 1.94 SouthwestAir LUV 29.57 -0.31
Guidewire PTC 177.91
ASE Tech ASX 9.67 0.08 Boeing BA 152.89 -1.33 TorontoDomBk TD 63.14 -0.40
WarnerMusic WMG 31.33 -0.06
DellTechC DELL 113.46 0.30 HCA Healthcare HCA 403.85 -1.60 s LiveNationEnt LYV 111.53 0.92 Paccar SPOT 374.75 -0.65
ASML ASML 832.19 9.84 Booking BKNG 4125.01 24.02 PCAR 97.92 -0.13 Spotify WasteConnections WCN 177.55 -0.24
DeltaAir DAL 48.40 -1.56 HDFC Bank HDB 62.32 -0.07 3.02 -0.04 PackagingCpAm PKG 212.81 TotalEnergies TTE 67.28 1.60
AT&T T 22.19 0.06 BoozAllen BAH 161.31 -2.08
LloydsBanking LYG -2.48 SproutsFarmers SFM 110.69 -0.28
WasteMgt WM 207.32 -0.61
DescartesSystems DSGX 101.68 -0.26 DINO 44.85 0.60 LockheedMartin LMT 603.20 -2.66 PalantirTech PLTR 37.49 ToyotaMotor TM 180.50 2.44
1.03 StanleyBlackDck SWK 109.25 -0.11
HF Sinclair
ATI ATI 65.59 -0.37 BorgWarner BWA 35.42 -0.07 s TractorSupply TSCO 298.07 2.93 Waters WAT 355.05 -3.28
DeutscheBank DB 16.99 0.04 HP HPQ 35.18 0.42 Loews 78.62 -0.68 PaloAltoNtwks PANW 332.13 STN 80.35 -0.12
AbbottLabs ABT 113.64 0.08 BostonSci BSX 84.49 0.35
L 2.84 Stantec Watsco WSO 492.05 -3.65
DevonEnergy DVN 40.50 0.74 HSBC HSBC 45.05 0.46 LogitechIntl LOGI 86.54 -0.07 PanAmerSilver PAAS 21.54 SBUX 96.50 -0.93 TradeDesk TTD 108.71 -0.01
AbbVie ABBV 196.82 -0.14 BrightHorizons BFAM 138.19 0.04 -0.01 Starbucks s WellsFargo WFC 55.30 -0.09
DexCom DXCM 67.10 1.10 H World HTHT 41.46 2.60 Lowe's LOW 271.86 -0.78 ParkerHannifin PH 627.50 StateStreet STT 85.99 -0.66 Tradeweb TW 126.79 1.94
Accenture ACN 356.29 4.31 BristolMyers BMY 53.76 0.86 -2.64 Welltower WELL 127.03 -0.55
Diageo DEO 139.24 -0.65 HLN 10.54 -0.15 LULU 260.53 -5.92 s Parsons TraneTech TT 387.85 1.22
AcuityBrands AYI 300.20 0.85 BritishAmTob BTI 35.97 -0.48
Haleon lululemon PSN 105.49 0.69 SteelDynamics STLD 127.60 -1.63
s WescoIntl WCC 167.47 1.00
DiamondbkEner FANG 181.29 3.77 Halliburton HAL 29.87 -0.06 LyondellBasell LYB 95.28 -0.53 s Paychex t Stellantis STLA 13.63 -0.08 TransDigm TDG 1442.53 6.57
Adobe ADBE 505.81 3.01 BrixmorProp BRX 27.44 -0.15 PAYX 140.76 -0.03
TransUnion TRU 105.90 2.47 s WestFraserTimber WFG 98.69 0.67
Dick's DKS 205.25 -0.15 HamiltonLane HLNE 168.43 0.43 STE 234.73 -1.05
PaycomSoftware PAYC 166.73 0.42 Steris WestPharmSvcs WST 299.81 0.01
AdvDrainageSys WMS 156.08 0.08 Broadcom AVGO 170.66 3.19 DigitalRealty DLR 159.60 -0.67 s HartfordFinl HIG 117.58 -0.38 M N Paylocity PCTY 167.20 4.33 s StifelFinancial SF 94.41 1.01 Travelers TRV 235.06 -0.06
WestAllianceBcp WAL 83.02 -0.73
AdvMicroDevices AMD 159.78 0.03 BroadridgeFinl BR 213.75 -0.94 DiscoverFinSvcs DFS 137.32 0.92 Trimble TRMB 62.48 1.69
Hasbro HAS 72.36 -0.53 PYPL 77.44 -0.03 STMicroelec STM 28.84 -0.06
Aegon AEG 6.21 -0.01 s BrookfieldAsset BAM 47.76 0.19 M&T Bank MTB 173.22 0.50 PayPal s Trip.com TCOM 66.92 4.41 WesternDigital WDC 66.52 -0.24
Disney DIS 94.15 0.10 HealthpeakProp DOC 22.34 -0.33 Stryker SYK 355.11 -2.16
AerCap AER 93.06 -0.57 Brookfield BN 52.95 -0.13 MGM Resorts MGM 39.62 1.00 Pearson PSO 13.51 -0.07
TruistFinl TFC 41.77 0.05 WesternMidstrm WES 38.47 -0.04
DocuSign DOCU 62.33 0.91 HEI 265.63 3.35
AffirmA AFRM 39.05 0.57 BrookfieldInfr BIP 34.28 -0.21
Heico
MPLX MPLX 44.74 0.06 s PembinaPipeline PBA 42.29 0.35 SumitomoMits SMFG 12.54 -0.16
Westlake WLK 147.38 -1.75
DollarGeneral DG 81.77 -2.70 HEI.A 205.61 1.62 Twilio TWLO 66.39 2.66
AgilentTechs A 146.54 -0.02 BrookfieldRenew BEPC 32.20 -0.53
Heico A
MSCI MSCI 590.37 14.62 PenskeAuto PAG 158.08 -3.96 SummitTherap SMMT 19.54 -0.56
Weyerhaeuser WY 33.62 -0.08
DollarTree DLTR 69.49 -0.95 HenrySchein HSIC 71.21 -0.73 TylerTech TYL 584.11 5.47
AgnicoEagleMines AEM 81.60 -0.25 BrookWealth BNT 52.64 -0.64 MagnaIntl MGA 41.29 0.32 Pentair PNR 95.00 -1.81 SunComms SUI 133.15 -0.59
WheatonPrecMtls WPM 61.64 0.45
DominionEner D 58.36 0.12 Hershey HSY 193.41 1.60 57.90 -0.12 TysonFoods TSN 59.21 -0.55
AirProducts APD 290.00 -1.43 Brown&Brown BRO 105.04 0.03 MakeMyTrip MMYT 86.91 -4.76 PepsiCo PEP 169.55 -1.83 SunLifeFinancial SLF s Williams WMB 47.64 1.28
Domino's DPZ 423.20 -7.46 Hess HES 140.34 1.38 38.67 0.17 UBS Group UBS 30.98 0.17
Airbnb ABNB 126.18 0.71 Brown-Forman A BF.A 46.97 -0.73 ManhattanAssoc MANH 277.36 2.61 PerformanceFood PFGC 78.56 0.40 SuncorEnergy SU Williams-Sonoma WSM 152.52 1.48
Donaldson DCI 73.48 0.31 HessMidstream HESM 35.89 0.52 SUN 53.21 -0.56 UDR UDR 45.11 0.21
AkamaiTech AKAM 100.78 0.96 Brown-Forman B BF.B 48.33 -0.41 ManulifeFinl MFC 29.68 0.16 PermianRscs PR 14.01 0.20 Sunoco UFP Inds UFPI 130.00 -0.94 WillisTowers WTW 295.41 -5.17
DoorDash DASH 143.58 1.65 HewlettPackard HPE 20.50 0.55 SuperMicroComp SMCI 42.00 1.45
AlamosGold AGI 20.14 -0.06 Bruker BRKR 67.46 0.70 Maplebear CART 39.45 -1.00 PetroleoBrasil PBR 14.95 0.17 U-Haul N UHAL/B 70.91 -0.99 Wingstop WING 422.95 2.06
Dover DOV 190.27 -0.14 Hilton HLT 231.46 1.63 0.21 Suzano SUZ 10.11 0.02
Albemarle ALB 94.07 -0.25 BuildersFirst BLDR 195.22 0.38 MarathonOil MRO 27.97 0.33 PetroleoBrasilA PBR.A 13.76 U-Haul UHAL 78.40 0.31 Wipro WIT 6.49 -0.09
Dow DOW 54.68 0.14 Hologic HOLX 79.77 -0.79 PFE 28.61 -0.06 SynchronyFinl SYF 49.58 0.57
Albertsons ACI 18.56 ... BungeGlobal BG 96.95 -0.73 MarathonPetrol MPC 165.38 -0.44 Pfizer UL Solutions ULS 49.23 0.07 Wix.com WIX 160.09 2.60
Doximity DOCS 43.49 0.29 s HomeDepot HD 411.26 2.21 -0.99 Synopsys SNPS 496.82 1.26
Alcoa AA 39.17 -0.01 BurlingtonStrs BURL 261.22 1.61 Markel MKL 1562.37 -10.35 PhilipMorris PM 119.60 US Foods USFD 61.51 -0.04 WoodsideEnergy WDS 17.90 0.07
DrReddy'sLab RDY 79.29 -0.36 HondaMotor HMC 32.33 0.46 PSX 134.47 1.48 Sysco SYY 77.38 -0.36
Alcon ALC 99.13 0.01 s CACI Intl CACI 505.75 0.13 MarketAxess MKTX 254.92 -0.93 Phillips66 UWM UWMC 8.07 -0.26 Woodward WWD 171.45 2.11
DraftKings DKNG 37.67 -0.58 Honeywell HON 203.88 -2.19
Marriott MAR 248.82 2.74 s Pilgrim'sPride PPC 47.86 -0.26 WooriFinl WF 35.39 -0.01
s
AlexandriaRlEst ARE 116.24 -0.87 CAVA CAVA 122.92 0.49 Dropbox DBX 25.12 0.07 HormelFoods HRL 31.54 -0.12
Marsh&McLen MMC 223.09 0.30 PinnacleWest PNW 89.83 -0.68
T U V Uber UBER 72.87 -1.37
Workday WDAY 237.15 -3.51
Alibaba BABA 115.25 2.51 s CBRE Group CBRE 124.99 1.24 DukeEnergy DUK 116.68 0.46 s Ubiquiti UI 228.24 4.64
DR Horton DHI 190.56 -2.16 PINS 33.21 0.45 s TC Energy
AlignTech ALGN 238.06 -7.29 CDW CDW 219.35 1.54 MartinMarietta MLM 521.05 -13.93 Pinterest TRP 44.03 -4.34 UltaBeauty ULTA 373.88 -5.25 WynnResorts WYNN 102.04 2.59
Duolingo DUOL 285.42 4.76 HostHotels HST 17.57 0.02
Allegion ALLE 145.84 0.87 s CF Industries CF 88.15 0.94 MarvellTech MRVL 72.04 1.73 PlainsAllAmPipe PAA 17.34 -0.17 TD Synnex SNX 116.63 0.08 Unilever UL 64.14 -0.50 XP XP 17.97 -0.06
DuPont DD 88.05 0.13 HoulihanLokey HLI 158.81 -0.78 PlainsGP PAGP 18.47 -0.07 TE Connectivity TEL 146.60
AlliantEnergy LNT 60.59 -0.43 CGI A GIB 115.13 0.81 Masco MAS 83.26 -0.56 -0.86 UnionPacific UNP 243.35 -2.20 XPO XPO 107.45 1.08
Dynatrace DT 52.37 0.25 s HowmetAerospace HWM 101.29 0.37 POOL 372.77 -2.84 Telus
s AllisonTransm ALSN 97.27 -0.19 CH Robinson CHRW 108.40 -1.40 MasTec MTZ 125.13 2.95 Pool TU 16.65 -0.13 UnitedAirlines UAL 55.74 -0.39 XcelEnergy XEL 65.15 -0.17
EMCOR EME 429.89 1.61 Hubbell HUBB 427.70 0.41 PRI 266.16 0.45 TFI Intl
Allstate ALL 190.22 0.34 s CME Group CME 223.57 -1.71 Mastercard MA 495.57 -0.81 Primerica TFII 135.35 0.08 UnitedMicro UMC 8.29 ... XPeng XPEV 13.34 0.49
ENI E 31.35 0.58 HubSpot HUBS 514.56 -12.10 PrincipalFinl PFG 85.08 -0.06 TIM
AllyFinancial ALLY 34.54 -0.17 CMS Energy CMS 71.25 0.20 MatchGroup MTCH 37.45 -0.08 TIMB 17.19 0.17 UPS B UPS 133.01 -0.26 Xylem XYL 134.38 -0.01
EOG Rscs EOG 128.33 1.37 t Humana HUM 246.49 -32.96
AlnylamPharm ALNY 271.55 -4.51 CNA Fin CNA 48.56 -0.55 McCormickVtg MKC.V 81.68 -2.70 ProcoreTech PCOR 59.30 0.23 TJX TJX 116.45 -0.19 UnitedRentals URI 796.03 -10.76 YPF YPF 21.69 0.02
EPAM Systems EPAM 196.00 -0.38 JBHunt JBHT 168.14 -1.46
Alphabet C GOOG 167.31 -1.11 CNH Indl CNH 11.08 -0.02 McCormick MKC 82.04 -2.05 Procter&Gamble PG 171.92 -1.12 TKO TKO 124.08 1.82 US Bancorp USB 44.25 -0.21 Yum!Brands YUM 139.54 0.30
EQT EQT 36.77 0.52 HuntingtonBcshs HBAN 14.21 -0.11
Alphabet A GOOGL 165.86 -1.13 CRH CRH 89.52 -1.32 McDonald's MCD 303.76 0.78 Progressive PGR 254.43 0.16 s T-MobileUS TMUS 208.08 1.98 US Steel X 34.60 -0.40 YumChina YUMC 51.01 3.66
EagleMaterials EXP 281.54 -2.33 HuntingIngalls HII 261.52 -3.13

.
Altria MO 50.59 -0.34 McKesson MCK 488.78 -9.70 Prologis PLD 124.18 -0.43 TPG TPG 58.47 0.16 UnitedTherap UTHR 352.47 -5.36 s ZTO Express ZTO 26.96 1.56
CSX CSX 34.17 -0.35 EastWestBncp EWBC 80.61 0.57 HyattHotels H 150.61 1.11
Amazon.com AMZN 184.76 -0.37 CVS Health CVS 62.24 0.70 Medpace MEDP 336.88 3.43 PrudentialFinl PRU 118.95 -0.41 T.RowePrice TROW 107.34 0.23 UnitedHealth UNH 592.31 9.01 ZebraTech ZBRA 368.68 4.38

ly
EastGroup EGP 181.42 -1.80 ICICI Bank IBN 29.62 -0.25 PUK 18.99 0.51 TaiwanSemi TSM 175.80
Ambev ABEV 2.56 0.06 Medtronic MDT 89.12 -0.88 Prudential 3.73 UnitySoftware U 21.04 -0.55 Zillow C Z 63.56 -1.09
CadenceDesign CDNS 267.01 3.69 EastmanChem EMN 110.15 -0.48 IdexxLab IDXX 485.97 -9.45
Amcor AMCR 11.23 -0.09 MercadoLibre MELI 1970.72 -95.40 s PublicServiceEnt PEG 91.03 0.30 TakeTwoSoftware TTWO 151.37 0.89 UnivDisplay OLED 207.58 4.21 Zillow A ZG 61.64 -1.07
CaesarsEnt CZR 42.95 2.15 Eaton ETN 327.99 0.41 ING Groep ING 17.57 -0.16
Amdocs DOX 88.03 0.65 Merck MRK 112.08 -2.66 PublicStorage PSA 355.30 -4.76 TakedaPharm TAK 14.32 0.04 UniversalHealthB UHS 224.00 -0.66 ZimmerBiomet ZBH 105.69 -1.65
CamdenProperty CPT 122.32 -0.28 s eBay EBAY 65.20 -0.63 IQVIA IQV 231.76 0.39
AmerSports AS 16.57 0.13 MetaPlatforms META 572.81 -3.66 PulteGroup PHM 143.30 -1.31 TalenEnergy TLN 175.93 -3.08 s UnumGroup UNM 59.54 0.66 Zoetis ZTS 192.46 -1.96
Cameco CCJ 49.44 0.80 Ecolab ECL 253.97 0.42 ITT ITT 148.10 0.24
Ameren AEE 87.40 -0.10 MetLife MET 81.79 0.01 PureStorage PSTG 49.92 1.15 Tapestry TPR 45.82 -0.49 VICI Prop VICI 32.77 ... ZoomVideo ZM 67.61 -1.03
CampbellSoup CPB 47.86 -0.50
AmericaMovil AMX 16.24 0.02
AEP AEP 101.81 -0.41
AmerExpress AXP 270.92 2.32
AmericanFin AFG 134.84 -0.50
AmHomes4Rent AMH 38.13 0.03
CIBC CM 60.90 0.46
CanNtlRlwy CNI 115.95 -1.17
CanadianNatRscs CNQ 34.68 -0.10
CdnPacKC CP 83.46 -0.72
CapitalOne COF 146.52 -0.28
Ecopetrol
EdisonIntl
EC
EIX
EdwardsLife EW 65.15
ElbitSystems ESLT 202.32
ElectronicArts EA 143.20
ElevanceHealth ELV 505.16
on
9.01
87.48
-0.02
-0.25
0.05
0.02
0.95
-6.10
IcahnEnterprises IEP
Icon
IDEX
13.42 0.08
ICLR 294.39 9.88
IEX 211.32 -1.21
IllinoisToolWks ITW 261.89 0.54
Illumina
ImperialOil
ILMN 139.02 10.04
IMO 73.93 0.34
Mettler-Toledo MTD 1498.12 20.48 Qiagen
MicrochipTech MCHP 78.22 0.73 Qorvo
MicronTech MU
Microsoft
99.85 -0.46 Qualcomm
MSFT 417.13 -3.56
MicroStrategy MSTR 164.64 1.95
QuantaServices
QuestDiag
QGEN 44.35
QRVO 102.15
QCOM 168.32
PWR 299.09
DGX 154.86
-0.56 TargaResources TRGP 153.24
2.37
2.54
3.04
0.91
IPO Scorecard
2.66 Vale

Performance of IPOs, most-recent listed first

VALE 11.78 0.06 Zscaler ZS 169.69 2.70

AIG AIG 72.45 -0.27 MidAmApt MAA 156.96 -0.85

CardinalHealth CAH 110.21 -0.12 EmersonElec EMR 110.47 1.21 Incyte INCY 67.63 -0.43 R S
us ,

AmerTowerREIT AMT 231.88 -0.19 MitsubishiUFJ MUFG 10.07 -0.13 % Chg From % Chg From
s Carlisle CSL 445.36 -3.04 s Enbridge ENB 41.06 -0.08 Informatica INFA 24.06 0.08 Wed's
AmerWaterWorks AWK 146.10 0.43 MizuhoFin MFG 4.11 -0.09 RBC Bearings RBC 297.66 -4.55 Company SYMBOL Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
l

Carlyle CG 43.24 0.04 EncompassHealth EHC 95.09 -0.65 Infosys INFY 22.32 -0.07
AmericoldRealty COLD 27.27 -0.51 Mobileye MBLY 13.28 -0.16 RB Global RBA 80.01 -0.03 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
CarMax KMX 75.43 -2.74 s Endeavor EDR 28.72 0.32 IngersollRand IR 99.94 1.94
e
s Ameriprise AMP 480.34 7.20 Moderna MRNA 63.16 -0.77 RELX RELX 47.29 -0.05
al a

Carnival CCL 17.71 -0.31 EnergyTransfer ET 16.05 -0.05 Ingredion INGR 135.98 -0.05 MohawkInds MHK 159.49 ... s RPM
FrontView REIT 18.72 –1.5 ... BioAge Labs 19.73 9.6 7.8
Ametek AME 168.20 -0.90 RPM 127.65 7.56
Carnival CUK 15.97 -0.32 EnphaseEnergy ENPH 108.26 -2.94 Insmed INSM 73.02 0.14 MolinaHealthcare MOH 331.80 -10.11 s RTX
FVR Oct. 2/$19.00 BIOA Sept. 26/$18.00
Amgen AMGN 319.73 -0.59 RTX 124.04 -0.35
CarpenterTech CRS 157.91 -0.08 EnsignGroup ENSG 145.34 0.16 Insulet PODD 232.63 -1.93
Amphenol APH 62.14 -1.48 MolsonCoorsB TAP 56.33 -1.02 RalphLauren RL 193.12 0.89 StandardAero 32.75 36.5 ... BKV 18.16 0.9 0.9
CarrierGlobal CARR 80.54 1.19 ENTG 112.92 3.20
ci on

Entegris Intel INTC 22.39 -0.30

AnalogDevices ADI 227.73 4.06 monday.com MNDY 271.34 2.20 RaymondJames RJF 123.84 0.84 SARO Oct. 2/$24.00 BKV Sept. 26/$18.00
Carvana CVNA 176.95 1.15 Entergy ETR 132.73 -0.22 s InteractiveBrkrs IBKR 142.62 4.35
AngloGoldAsh AU 26.95 -0.22 Mondelez MDLZ 72.28 -0.71 RealtyIncome O 62.42 -0.58
CaseysGenStores CASY 370.17 -7.30 EnterpriseProd EPD 29.47 0.16 ICE ICE 160.92 -0.22 Wellchange Holdings 4.11 2.8 ... Guardian Pharmacy Services 17.37 24.1 8.6
AB InBev BUD 66.28 -0.27 MongoDB MDB 254.38 -3.25 Reddit RDDT 67.78 1.81
Catalent CTLT 60.45 0.22 Equifax EFX 293.33 3.07 InterContHtls IHG 109.31 0.17 WCT Oct. 2/$4.00 GRDN Sept. 26/$14.00
AnnalyCap NLY 19.59 -0.06 MonolithicPower MPWR 918.90 27.09 RegalRexnord RRX 164.61 0.89
Caterpillar CAT 394.05 1.66 Equinix EQIX 886.60 3.60 IBM IBM 219.73 0.38 HomesToLife 4.02 0.5 ... Innovation Beverage 1.97 –50.8 –32.5
AnteroResources AR 29.23 0.57 MonsterBev MNST 50.94 -0.65 RegencyCtrs REG 71.05 -1.12
Celanese CE 134.87 -0.14 Equinor EQNR 26.59 0.60 IntlFlavors IFF 103.00 -0.12 HTLM Oct. 1/$4.00 IBG Sept. 26/$4.00
Aon AON 348.72 0.22 Moody's MCO 470.19 -1.21 RegenPharm REGN 1040.27 -6.64
Cemex CX 5.91 ... Equitable EQH 41.95 0.24 IntlPaper IP 48.11 -1.10
MorganStanley MS 104.52 0.10 RegionsFinl RF
APi Group APG 32.47 0.10 22.56 0.02 ZLK Industrial 5.17 3.4 3.4 Legacy Education 4.65 16.3 15.7
Cencora COR 221.64 -2.59 EquityLife ELS 69.50 -0.67 Interpublic IPG 31.07 -0.15
Morningstar MORN 318.61 2.11 ReinsGrp
s ApolloGlblMgmt APO 132.70 0.69
er s

RGA 217.63 0.59 ZJK Sept. 30/$5.00 LGCY Sept. 26/$4.00

CenovusEnergy CVE 17.22 0.06 EquityResdntl EQR 73.86 -0.02 Intuit INTU 607.28 1.00 Mosaic MOS 27.10 0.05 Reliance
AppFolio APPF 226.92 -5.28 RS 285.93 -4.03
Centene CNC 72.62 -1.32 ErieIndemnity ERIE 541.43 2.16 IntuitiveSurgical ISRG 486.62 1.86 MotorolaSol MSI 449.50 0.42 RenaissanceRe RNR 275.30
Apple AAPL 226.78 0.57 1.00 Sources: Dow Jones Market Data; FactSet
CenterPointEner CNP 30.05 0.16 EssentialUtil WTRG 38.72 0.39 InvitatHomes INVH 34.38 -0.31 MuellerIndustries MLI 72.21 -0.77 RentokilInit
AppliedIndlTechs AIT 222.15 -1.28 RTO 24.50 -0.21
m er

CentraisElBras EBR 7.26 0.02 EssexProp ESS 293.04 0.33 IronMountain IRM 119.40 1.16 MurphyUSA MUSA 483.22 -13.21 Repligen
ApplMaterials AMAT 201.15 3.95 RGEN 143.23 -2.51
CharlesRiverLabs CRL 192.90 -1.18 EsteeLauder EL 97.12 -0.12 ItauUnibanco ITUB 6.57 0.05 NICE NICE 166.18 1.47 RepublicSvcs RSG 200.09
AppLovin APP 131.36 0.71 -0.61
Aptargroup ATR 158.75 -1.22
CharterComms CHTR 329.24 0.29
CheckPoint CHKP 191.19 2.20
EvercoreA
Everest
EVR 248.78
EG 396.40
-2.22
0.18 J K L NIO
NNN REIT
NIO 7.21 0.18 ResMed RMD 238.86
NNN 48.41 -0.18 RestaurantBrands QSR 72.41
0.11 Borrowing Benchmarks
Aptiv APTV 70.05 -0.47 -0.08
Aramark ARMK 38.24 0.10
Chemed CHE 592.99 0.20 Evergy EVRG 61.27 -0.37 s JD.com JD 44.80 1.87 s NRG Energy NRG 92.49 -0.16 Revvity RVTY 125.08 0.64
wsj.com/market-data/bonds/benchmarks
CheniereEnergy LNG 184.51 3.21 EversourceEner ES 66.68 -1.05
ArcelorMittal MT 25.82 -0.40 JPMorganChase JPM 207.29 0.25 NVR NVR 9732.63-159.67 RexfordIndlRealty REXR 48.92 -0.53
m rp

CheniereEnerPtrs CQP 49.06 0.06 ExactSciences EXAS 66.90 -1.14

ArchCapital ACGL 113.74 0.23
ADM ADM 58.79 -0.73
Chevron CVX 150.95 1.25 Exelon EXC 40.95 0.18
Jabil
JackHenry
JBL 118.97
JKHY 179.55
-0.19 NXP Semicon NXPI 235.36 3.14 RioTinto
-0.15 Nasdaq NDAQ 72.99 -0.06 Rivian
RIO 70.82
RIVN 10.64
-0.34
0.20
Money Rates October 2, 2024
Chewy CHWY 28.83 -0.53 ExpandEnergy EXE 83.24 1.78 s JacobsSolns J 135.08 3.01 Natera NTRA 131.11 3.92 Robinhood
AresMgmt ARES 158.05 1.74 HOOD 22.63 0.30
argenx ARGX 550.00 2.72
Chipotle CMG 57.68 0.51 Expedia EXPE 147.76 1.29
JamesHardie JHX 38.34 -0.29 NationalGrid NGG 68.78 -1.27 Roblox RBLX 43.39 -0.14
Key annual interest rates paid to borrow or lend money in U.S. and
ChordEnergy CHRD 130.87 0.28 ExpeditorsIntl EXPD 125.69 -2.57
AristaNetworks ANET 389.62 7.77
ExtraSpaceSt EXR 177.23 -1.05
JefferiesFinl JEF 62.34 0.49 NatWest NWG 8.93 -0.20 RocketCos. RKT 18.85 -0.42 international markets. Rates below are a guide to general levels but
Chubb CB 291.33 -0.79 J&J JNJ 161.17 -0.82 NetApp NTAP 123.02 1.71 Rockwell ROK 266.28 1.02
Arm ARM 137.03 0.95 don’t always represent actual transactions.
ChunghwaTel CHT 39.17 -0.13 ExxonMobil XOM 121.52 1.59
JohnsonControls JCI 76.57 -0.24 NetEase NTES 104.26 7.62 RogersComm B RCI
AscendisPharma ASND 146.29 -0.31 39.16 -0.22
Church&Dwight CHD 103.26 -1.22 F5 FFIV 219.64 1.13
JonesLang JLL 268.04 1.60 Netflix NFLX 711.09 4.96 RoivantSciences ROIV 11.28
AspenTech AZPN 234.55 0.41 -0.09
co Fo

ChurchillDowns CHDN 136.43 0.50 FMC FMC 65.43 -0.24 Week —52-WEEK—
Assurant AIZ 199.66 0.44
s Ciena s FTAI Aviation FTAI 134.62 2.97
JuniperNetworks JNPR 38.90 0.02 Neurocrine NBIX 113.95 -0.20 Roku ROKU 74.18 -0.16 Inflation Latest ago High Low
AsteraLabs ALAB 50.54 -0.14 CIEN 66.02 4.57 KB Financial KB 61.54 0.42 NewOrientalEduc EDU 78.44 1.25 Rollins ROL 50.37 -0.14
Cigna CI 340.71 -7.38 FTI Consulting FCN 225.93 -2.88 Aug. index Chg From (%)
AstraZeneca AZN 79.58 0.91 KBR KBR 66.01 0.26 NYTimes A NYT 55.51 0.30 RoperTech ROP 551.37 3.10
Atlassian TEAM 160.24 -1.18 CincinnatiFinl CINF 136.70 -0.58 Fabrinet FN 234.03 4.27 s KE Holdings BEKE 24.57 1.19 Newmont NEM 54.00 -0.14 RossStores ROST 147.73 -0.46
level July '24 Aug. '23 Other short-term rates
Cintas CTAS 205.30 1.44 FactSet FDS 457.01 2.03
AtmosEnergy ATO 139.12 0.14 KKR KKR 132.22 2.35 NewsCorp B NWS 27.55 -0.22 RoyalBkCanada RY 122.89 -0.91
AuroraInnov AUR 5.44 -0.11 CiscoSystems CSCO 52.62 0.28 FairIsaac FICO 1938.16 22.47
KLA KLAC 777.36 23.67 NewsCorp A NWSA 26.19 -0.22 RoyalCaribbean RCL 174.96 1.73
U.S. consumer price index Week 52-Week
62.03 0.22 Fastenal FAST 71.38 0.29 Latest ago high low
Autodesk ADSK 270.17 2.70 Citigroup C Kanzhun BZ 18.39 0.35 NextEraEnergy NEE 85.43 0.16 RoyalGold RGLD 141.92 0.07 All items 314.796 0.08 2.5
CitizensFin CFG 40.05 0.13 FederalRealty FRT 111.16 -2.25
s ADP ADP 283.55 3.47 Kaspi.kz KSPI 108.38 4.76 Nike NKE 83.10 -6.03 RoyaltyPharma RPRX 28.24 -0.14 Core 320.017 0.25 3.2
AutoZone AZO 3083.43 -89.55 CleanHarbors CLH 242.62 1.67 FedEx FDX 266.93 -2.63
Kellanova K 80.59 -0.06 NiSource NI 34.68 -0.15 s RyanSpecialty RYAN 69.13 0.93
Call money
CLX 164.70 -0.62 FergusonEnts FERG 195.89 -3.62
Avalonbay AVB 223.10 0.91 Clorox Kenvue KVUE 22.63 -0.15 Nokia NOK 4.39 0.04 Ryanair RYAAY 43.01 -1.34 International rates 6.75 6.75 7.25 6.75
Cloudflare NET 79.34 1.23 Ferrari RACE 457.16 1.30
KeurigDrPepper KDP 37.02 -0.17 Nomura NMR 5.29 -0.03 SAP
Avangrid AGR 35.77 0.04 SAP 224.63 -1.18
Coca-Cola KO 71.01 -0.70 Ferrovial FER 42.57 -0.36
KEY 16.21 -0.03 Nordson NDSN 260.59 -0.24 S&P Global SPGI 514.71 Commercial paper (AA financial)
Avantor AVTR 25.54 0.12 KeyCorp 2.49 Week 52-Week
CocaColaCon COKE 1295.02 -13.55 FidNatlFinl FNF 61.08 -0.12
KeysightTech KEYS 155.69 0.98 NorfolkSouthern NSC 247.03 -1.11 SBA Comm SBAC 241.97
AveryDennison AVY 216.52 -3.30 -0.67 Latest ago High Low 90 days n.a. n.a. 5.53 4.62
Coca-ColaEuro CCEP 77.84 0.41 FidNatlInfo FIS 83.46 -0.21
AxaltaCoating AXTA 35.96 0.32 KimberlyClark KMB 141.76 -0.65 NorthernTrust NTRS 88.40 -0.32 SEI Investments SEIC 69.49 0.13
CognizantTech CTSH 76.76 0.67 FifthThirdBncp FITB 41.98 0.12
s AxonEnterprise AXON 404.51 5.29
FirstCitizBcshA FCNCA 1827.23 8.45
KimcoRealty KIM 22.96 -0.12 NorthropGrum NOC 538.87 -5.01 SK Telecom SKM 23.38 -0.25 Prime rates Secured Overnight Financing Rate
BCE BCE 34.44 -0.39 Coherent COHR 91.46 2.66 s KinderMorgan KMI 22.94 0.35 NorwegCruise NCLH 19.86 -0.05 SS&C Tech SSNC 73.55 -0.06
CoinbaseGlbl COIN 164.47 -0.54 FirstHorizon FHN 15.06 0.14 U.S. 8.00 8.00 8.50 8.00 5.05 4.84 5.40 4.82
BHP Group BHP 62.43 0.04 KinrossGold KGC 9.77 0.24 Novartis NVS 114.47 -0.08 Saia SAIA 430.14 -3.54
ColgatePalm CL 102.06 -0.27 FirstSolar FSLR 234.44 -6.22
BJ'sWholesale BJ 83.95 -0.53 KinsaleCapital KNSL 476.12 -0.12 NovoNordisk NVO 116.48 -1.53 Salesforce CRM 279.48 8.61 Canada 6.45 6.45 7.20 6.45 Value 52-Week
n-

Comcast A CMCSA 41.30 -0.09 FirstEnergy FE 44.05 -0.46 KVYO 34.74 -0.74 NuHoldings NU 13.22 -0.21 Samsara
BP BP 32.37 0.28 Klaviyo IOT 45.65 -1.09 Japan 1.625 1.625 1.625 1.475 Latest Traded High Low
ComfortSystems FIX 397.51 7.93 FirstService FSV 180.91 -1.40
s BWX Tech BWXT 113.28 1.63 Knight-Swift KNX 52.02 -0.72 Nucor NUE 151.45 -1.26 Sanofi SNY 56.25 -1.06
SABESP SBS 16.58 0.08 s Fiserv FI 182.45 1.14 DTCC GCF Repo Index
BXP BXP 80.14 0.46 Philips PHG 32.46 -0.21 Nutanix NTNX 58.69 2.23 SareptaTherap SRPT 122.52 0.19 Policy Rates
ConagraBrands CAG 30.08 -2.64 Flex FLEX 32.67 -0.05 KoreaElecPwr KEP 7.57 -0.15 Nutrien NTR 49.83 0.53 Schlumberger SLB 43.94 0.80
Baidu BIDU 115.13 4.85 Treasury 4.963 75.690 5.504 4.857
BakerHughes BKR 37.22 0.47 ConocoPhillips COP 110.36 0.99 Floor&Decor FND 120.77 -0.51 KraftHeinz KHC 34.37 -0.80 nVentElectric NVT 68.12 -0.69 SchwabC SCHW 63.35 -0.56 Euro zone 3.65 3.65 4.50 3.65
Fluor FLR 47.62 0.70 MBS 5.036 65.400 5.689 4.887
BALL 66.49 -1.12 ConEd ED 104.45 -0.70 Switzerland 1.50 1.75 2.25 1.50
no

Ball
ConstBrands A STZ 255.67 -2.01 FlutterEnt FLUT 232.66 -3.25
BBVA BBVA 10.20 -0.08
t
Britain 5.00 5.00 5.25 5.00 Weekly survey
ConstellationEner CEG 265.38 -0.23 FomentoEconMex FMX 98.32 -1.29
BancoBradesco BBDO 2.44 0.04 Australia 4.35 4.35 4.35 4.10
BancodeChile BCH 24.38 -0.65
BancSanBrasil BSBR 5.35 0.10
Cooper
Copart
COO 107.80 -0.56
CPRT 52.65 0.17
FordMotor
Fortinet
F 10.48
FTNT 77.59
-0.27
1.10 Dividend Changes Latest Week ago Year ago

s Fortis FTS 45.81 0.20 Overnight repurchase Freddie Mac

BcoSantChile BSAC 19.85 -0.50 Core&Main CNM 43.78 -0.09
CorebridgeFin CRBG 28.28 -0.32 Fortive FTV 77.65 0.05 Amount Payable / U.S. 4.93 4.88 5.48 4.85
BancoSantander SAN 4.89 0.07
FortuneBrands FBIN 87.62 -1.03 Company Symbol Yld % New/Old Frq Record
30-year fixed 6.08 6.09 7.31
BanColombia CIB 31.30 0.09 Corning GLW 44.91 0.37 15-year fixed 5.16 5.15 6.72
BankofAmerica BAC 39.23 0.01 Corpay CPAY 316.65 1.80 FoxA FOXA 41.99 -0.33 U.S. government rates
FoxB FOX 38.67 -0.33 Increased Notes on data:
BankMontreal BMO 91.04 -0.21 Corteva CTVA 58.64 0.65
CoStar CSGP 75.11 0.46 Franco-Nevada FNV 124.71 -0.39 American Financial Group AFG 2.4 .80 /.71 Q Oct25 /Oct15 Discount
BankNY Mellon BK 70.95 -0.16 U.S. prime rate is the base rate on corporate
BankNovaScotia BNS 53.20 -0.51 Costco COST 878.53 1.15 FranklinRscs BEN 19.87 0.16 5.00 5.00 5.50 5.00 loans posted by at least 70% of the 10 largest
FreeportMcM FCX 50.82 0.44 Stocks
Barclays BCS 11.79 0.02 CoterraEnergy CTRA 24.48 0.33 U.S. banks, and is effective September 19, 2024.
FreseniusMedCare FMS 21.14 -0.11 Cemtrex CETX 1:60 /Oct03 Federal funds Other prime rates aren’t directly comparable;
BarrickGold GOLD 20.18 -0.12 Coty COTY 9.09 -0.08
CPNG 24.19 -0.24 FrontierComms FYBR 35.45 0.07 Effective rate 4.8300 4.8300 5.3400 4.8300 lending practices vary widely by location;
BaxterIntl BAX 35.97 -0.94 Coupang
s FullTruck YMM 9.79 0.49
Foreign Discount rate is effective September 19, 2024.
BectonDicknsn BDX 239.76 -1.91 Crane CR 156.60 1.58
Costamare CMRE 2.9 .115 Q Nov06 /Oct21 High 5.0500 5.0500 5.6500 5.0500 Secured Overnight Financing Rate is as of
s BeiGene BGNE 233.60 2.62 Credicorp BAP 180.80 -2.10 Low 4.8000
BellRing BRBR 60.38 -1.23 Crocs CROX 140.80 -0.83
G H I Costamare Pfd. B CMREpB 7.3 .47656 Q Oct15 /Oct11 4.8200 5.3300 4.8000 October 1, 2024. DTCC GCF Repo Index is
Costamare Pfd. C CMREpC 7.9 .53125 Q Oct15 /Oct11
Bid 4.8200 4.8300 5.3300 4.8200 Depository Trust & Clearing Corp.'s weighted
BentleySystems BSY 49.89 0.11 CrowdStrike CRWD 280.24 5.09 GE Aerospace GE 186.44 0.14 Offer 4.8300 4.8600 5.3600 4.8300 average for overnight trades in applicable
Berkley WRB 57.63 0.37 CrownCastle CCI 115.78 -3.33 GE HealthCare GEHC 91.04 -0.63 Costamare Pfd. D CMREpD 8.1 .54688 Q Oct15 /Oct11 CUSIPs. Value traded is in billions of U.S. dollars.
BerkHathwy A BRK.A 685000 ... Crown Holdings CCK 94.17 -1.63 GE Vernova GEV 252.29 -4.24 Treasury bill auction Federal-funds rates are Tullett Prebon rates as
Note: Dividend yields as of 3:30 p.m. ET
BerkHathwy B BRK.B 456.67 -0.74 CubeSmart CUBE 52.39 -0.64 GFLEnvironmental GFL 39.56 -0.16 Sources: FactSet; Dow Jones Market Data of 5:30 p.m. ET.
BestBuy BBY 99.71 -1.64 Cummins CMI 325.05 -1.23 GSK GSK 39.45 -0.85
4 weeks 4.700 4.700 5.325 4.700
Sources: Federal Reserve; Bureau of Labor
s Bilibili BILI 29.66 2.93 s Curtiss-Wright CW 338.51 1.60 Gallagher AJG 285.91 -0.39 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 13 weeks 4.500 4.540 5.345 4.500 Statistics; DTCC; FactSet;
Bio-Techne TECH 77.43 -0.74 CyberArkSoftware CYBR 274.36 -5.34 GameStop GME 21.49 -0.48 spin-off. 26 weeks 4.215 4.270 5.340 4.215 Tullett Prebon Information, Ltd.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
InterDigital IDCC 145.48 1.5 ReadyCapNts2026 RCB 24.62 ... WillisLease WLFC 149.54 3.1 CommVehicle CVGI 3.02 3.3 KlothoNeuroscience KLTO 0.51 -18.4 SOBR Safe SOBR 5.40 -13.2
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American IperionX IPX 23.75 3.6 RexfordIndPfdB REXRpB 24.57 0.7 XFinancial XYF 8.59 -8.8 Concentra CON 21.27 -1.1 KyvernaTherap KYTX 4.53 ... SWPGrowth&Incm SWP 24.80 0.2
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Iteris ITI 7.18 0.1 RexfordIndPfdC REXRpC 24.53 -0.2 XOMARoyaltyPfdB XOMAO 25.87 0.2 ConduitPharm CDT 0.10 -10.4 LQR House LQR 0.41 -17.4 SageTherap SAGE 6.80 0.3
session. % CHG-Daily percentage change from the previous trading session. JD.com JD 46.64 4.4 RithmCapPfdA RITMpA 25.75 0.5 XinyuanRealEst XIN 7.05 25.6 CumulusMedia CMLS 1.26 -1.6 Lavoro LVRO 3.61 4.4 Scholastic SCHL 27.35 -7.0
JacksonFinl JXN 93.00 1.4 RyanSpecialty RYAN 69.53 1.4 Xunlei XNET 2.22 17.8 CustomTruck CTOS 3.20 2.4 LeddarTech LDTC 0.26 -0.1 Schrodinger SDGR 17.15 0.2
Wednesday, October 2, 2024 JacobsSolns J 135.58 2.3 Sharecare SHCR 1.43 ... YirenDigital YRD 9.20 10.8 CyclacelPharm CYCC 0.93 -2.1 LexeoTherap LXEO 8.39 -0.2 SciSparc SPRC 0.22 -2.0
Jiayin JFIN 8.58 2.9 Sohu.com SOHU 16.65 6.1 Youdao DAO 5.97 37.7 DLH Holdings DLHC 9.00 -1.3 Lineage LINE 75.89 -1.1 Scorpius SCPX 0.69 3.1
52-Wk % 52-Wk % 52-Wk % KE Holdings BEKE 26.04 5.1 Southern SO 91.82 0.8 ZTO Express ZTO 27.05 6.1 DigitalBrands DBGI 0.26 -4.0 LinkageGlobal LGCB 0.29 -16.4 SendasDistrib ASAI 6.55 -0.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg KinderMorgan KMI 22.99 1.5 SpringValleyII A SVII 11.30 0.1 ZurnElkayWater ZWS 36.33 1.3 DirectDigital DRCT 1.88 -2.5 LiveWireWt LVWR.WS 0.09 -1.6 ShattuckLabs STTK 1.18 -34.9
KraneCnAlpha KCAI 30.98 5.2 StandardAero SARO 33.01 36.5 DixieGroup DXYN 0.45 -22.3 LogicMark LGMK 0.12 -15.8 Shutterstock SSTK 32.02 -2.0
BlackRock BLK 957.28 2.5 eBay EBAY 66.23 -1.0
Highs BrandywineRealty BDN 5.72 1.6 Electromed ELMD 22.23 5.0
KratosDefense KTOS
LearnCWInvtA LCW
25.51
12.91
2.1
-7.8
StepStone
StifelFinancial
STEP
SF
59.06
94.56
1.5
1.1
Lows EaglePharm
EdibleGarden
EGRX
EDBL
1.80 -39.9 LucasGC
0.20 -9.6 LyraTherap
LGCL
LYRA
0.97
0.24
-6.1
-5.4
Silvaco
SiriusXM
SVCO
SIRI
12.65
22.50
-5.2
4.3
BrighthousePfdD BHFAM 18.79 0.3 Enbridge ENB 41.35 -0.2 Aditxt ADTX 2.60 -39.2 EditasMedicine EDIT
AAMissionAcqn AAM.U 10.04 0.2 Leidos LDOS 166.01 0.1 Stride LRN 88.02 0.2 3.18 -1.5 MatinasBioPharma MTNB 3.06 -10.0 SoundThinking SSTI 10.88 -2.6
BrighthouseFinlPfC BHFAN 21.36 0.4 Endeavor EDR 28.80 1.1 AdvanceAuto AAP 37.08 -1.6 1847Holdings
Aflac AFL 114.32 1.2 LeonardoDRS DRS 30.19 ... StudioCity MSC 9.30 11.5 EFSH 1.42 -15.0 MatthewsIntl MATW 22.28 -1.9 Sprinklr CXM 7.19 -0.3
BrinkerIntl EAT 79.99 1.3 Enerflex EFXT 6.41 5.5 agilon health AGL 3.04 -2.5 Energous
AI Transportation AITR 10.50 0.1 EntergyNOLA Bds ENJ 24.59 3.1
LexinFintech LX 4.70 -4.3 TC Energy TRP 44.73 -9.0 WATT 0.54 -1.8 MDxHealth MDXH 1.95 -1.2 Stellantis STLA 13.61 -0.6
BrookfieldAsset BAM 48.15 0.4 Agriforce AGRI 0.05 -3.8 enVVenoMed
Agora API 6.43 79.6 EurekaAcqnA EURK 10.07 0.2 LibertyGlobalC LBTYK 22.14 1.3 T-MobileUS TMUS 208.36 1.0 NVNO 3.06 ... Mondee MOND 1.21 -0.8 SterlingBancorp SBT 4.41 -1.6
BrookfieldBRP Nts BEPH 17.96 0.4 Akanda AKAN 1.02 -3.6 Expion360
Airgain AIRG 8.50 5.9 Euroseas ESEA 50.40 2.7 LibertyLiveC LLYVK 52.89 1.8 TPG RE FinPfdC TRTXpC 19.40 0.8 XPON 0.04 -5.1 MontroseEnvl MEG 21.17 -5.5 Stoneridge SRI 10.27 0.5
BrookfldBRP7.25Nt BEPJ 25.85 ...
LibertyLiveA LLYVA Tecnoglass TGLS AllarityTherap ALLR 1.68 -2.8 FGI Industries Wt FGIWW
AlgonquinNt2079 AQNB 25.82 -0.2 ExcelerateEner EE 23.05 2.1 51.20 1.5 70.21 1.1 0.07 -26.7 MullenAuto MULN 2.64 -14.6 StranWt SWAGW 0.01 -23.7
BrookfldBRP4.875Nt BEPI 19.01 0.8
LiveNationEnt LYV TractorSupply TSCO Allient ALNT 17.87 0.9 FennecPharm FENC
Alibaba BABA 116.57 2.2 FTAI Aviation FTAI 135.40 2.3 112.00 0.8 298.36 1.0 4.58 -4.1 Mynd.ai MYND 0.61 -7.3 SummitStateBk SSBI 7.76 -3.8
BrookfieldFinNts BNJ 17.99 -0.7 LongboardPharm LBPH Tradeweb TW Alphatec ATEC 5.08 -0.4 FirstWatchRest FWRG
AllisonTransm ALSN 98.03 -0.2 FangddNetwork DUO 4.67 29.2 43.15 -1.8 127.26 1.6 13.99 -2.8 NRX Pharm NRXP 1.56 -1.2 T2Biosystems TTOO 1.79 1.1
BrookfieldFinNts BNH 19.30 -1.2 ManhattanBridge LOAN TransDigm TDG Alumis ALMS 10.30 -2.5 FocusImpact FIACU 9.62 -8.8 Nature'sMiracle NMHI
AmerFinDeb2060 AFGD 25.58 -0.1 FinVolution FINV 6.84 7.1 5.69 -0.1 1451.32 0.5 0.13 -6.7 TrawsPharma TRAW 5.13 2.2
BrookfieldNts2081 BIPH 19.85 -1.9 Marcus MCS Trip.com TCOM AmerCarMart CRMT 40.25 -0.3 FomentoEconMex FMX 97.90 -1.3 NeuroBoPharm NRBO TurnstoneBiologics TSBX
Ameriprise AMP 482.23 1.5 Fiserv FI 182.56 0.6 16.17 6.2 67.02 7.1 2.56 -8.2 0.51 -4.8
AnteroMidstream AM 15.58 2.2
BrookfieldNts2084 BIPJ 25.64 -0.7 MerchantsBncpPfdC MBINN 24.25 0.6 TutorPerini TPC 27.44 2.9 ApellisPharm APLS 26.69 2.7 ForgeGlobal FRGE 1.16 -5.6 NewHorizAircraft HOVR 0.24 -35.5 22ndCentury XXII 0.17 -7.2
CACI Intl CACI 508.95 ... FivePoint FPH 4.39 5.1
ApolloGlblMgmt APO 135.29 0.5 Mesoblast MESO 8.97 5.9 UPFintech TIGR 8.63 29.4 ApolloComRlEst ARI 8.82 ... ForresterRes FORR 16.13 -2.6 908Devices MASS 3.36 -0.3 Vaccinex VCNX 2.95 -8.0
FlagShipAcqn FSHP 10.04 0.1
ApolloGlbPfdA APOpA 73.07 1.0 CBRE Group CBRE 125.43 1.0 NRG Energy NRG 93.46 -0.2 Ubiquiti UI 229.24 2.1 AquaMetals AQMS 0.16 -2.9 FreightTech FRGT 1.45 7.1 NotableLabs NTBL 0.39 -3.2 Valneva VALN 5.68 -1.0
Fortis FTS 46.06 0.4
Argan AGX 103.66 2.5 CF Industries CF 89.64 1.1 NexPointPfdA NREFpA 24.51 1.0 Unifirst UNF 200.07 3.2 AshfordHosp AHT 0.69 1.6 FrontViewREIT FVR 18.25 -1.5 NuCana NCNA 1.89 -1.9 VastRenewables VSTE 0.89 -4.2
FrontViewREIT FVR 19.21 -1.5
ArmourResPfdC ARRpC 22.99 -0.4 CLPS CLPS 1.50 3.5 NiuTech NIU 2.83 10.8 UnitedNatFoods UNFI 23.15 -3.9 Auddia AUUD 0.55 1.4 FuelCell FCEL 0.36 -4.5 NuZee NUZE 0.38 -6.6 VerbTech VERB 0.04 -2.8
FullTruck YMM 10.00 5.3
AthenePfdD ATHpD 19.96 1.1 CME Group CME 225.95 -0.8 OFSCapNts2028 OFSSH 22.57 0.6 UnumGroup UNM 59.83 1.1 authID AUID 5.36 3.8 FusionFuelGreen HTOO 0.46 -6.7 OmegaTherap OMGA 1.07 -9.2 VerricaPharm VRCA 1.04 -19.0
Futu FUTU 127.33 4.9
AtlasNts2027 ATCOL 25.34 -0.2 CNX Resources CNX 33.31 1.2 OFSCreditPfdC OCCIO 24.89 1.0 VEON VEON 32.69 0.9 BKV BKV 17.91 0.5 GameSquare GAME 0.66 1.1 OncternalTherap ONCT 1.20 ... ViaSat VSAT 11.29 -1.3
GDS Holdings GDS 23.81 2.7
AtourLifestyle ATAT 27.65 6.2 CapCleanEn CCEC 20.14 0.2 OceanFirstPfdA OCFCP 25.39 0.6 VNET VNET 4.50 2.6 BairdMedInvt BDMD 5.41 -35.1 GeneticTech GENE 0.67 1.4 OptimizeRx OPRX 6.84 5.4 VisionMarineTech VMAR 0.53 -4.0
GabelliDivPfdK GDVpK 21.42 -0.2
ATRenew RERE 3.19 2.5 Carlisle CSL 451.82 -0.7 Opthea OPT 4.91 -0.5 Vertex VERX 41.19 4.8 Beachbody BODI 5.14 25.7 Genmab GMAB 23.24 -1.9 PSQ PSQH 2.25 -0.9 VividSeatsWt SEATW 0.24 -17.2
GalaxyPayroll GLXG 7.90 7.5
Autohome ATHM 34.70 2.9 CarlyleNts2061 CGABL 20.85 0.9 GeneDx WGS 45.81 5.8 PacGE pfB PCGpB 23.00 0.1 VictoryCapital VCTR 56.91 1.7 Beyond BYON 8.91 0.7 GlycoMimetics GLYC 0.15 -7.1 PineappleEner PEGY 0.11 -8.1 VivoPowerIntl VVPR 0.73 -3.1
ADP ADP 283.76 1.2 CentrusEnergy LEU 65.44 7.5 GlbNetLeasePfdA GNLpA 23.49 -1.3 Parsons PSN 105.81 0.7 ViomiTech VIOT 1.94 -9.9 Biogen BIIB 188.05 -1.1 Gogo GOGO 6.36 -5.7 PinstripesWt PNST.WS 0.01 -48.0 Volcon VLCN 0.86 -2.4
AvidityBio RNA 49.41 -2.9 CheesecakeFct CAKE 41.80 1.2 GlbNetLeasePfdB GNLpB 24.21 -0.9 Paychex PAYX 142.04 ... ViridianTherap VRDN 24.68 2.7 BioLineRX BLRX 0.50 -3.1 GreenwaveTech GWAV 0.37 -4.8 PliantTherap PLRX 10.22 3.4 VoyagerAcqnWt VACHW 0.07 -6.3
AxonEnterprise AXON 406.00 1.3 ChinaAutoSys CAAS 4.97 1.7 GolarLNG GLNG 38.99 1.5 PembinaPipeline PBA 42.42 0.8 Vistra VST 127.57 2.3 Bionomics BNOX 0.30 -16.4 Gritstone GRTS 0.18 -6.3 PredictiveOncology POAI 0.73 -6.7 Wallbox WBX 1.06 -5.1
BIPBermudaNts BIPI 20.16 -1.2 Ciena CIEN 66.30 7.4 GoldenstoneRt GDSTR 0.26 36.8 PetIQ PETQ 30.85 0.2 VornadoPfdO VNOpO 16.69 -0.1 BioraTherap BIOR 0.47 0.7 Hookipa HOOK 3.91 ... PrimeMedicine PRME 3.28 -0.6 Wellchange WCT 3.70 2.8
BWX Tech BWXT 113.56 1.5 ColliersIntl CIGI 154.11 0.8 GreatLakesDredge GLDD 11.78 5.8 Pheton PTHL 6.45 19.3 VoxRoyalty VOXR 3.08 1.3 BloomZ BLMZ 0.69 -4.0 HaoxiHlthTech HAO 0.29 -11.5 ProficientAuto PAL 13.20 -2.2 WestrockCoffee WEST 6.08 -0.5
Babcock&WilcxNt26 BWSN 23.85 0.3 Comstock CHCI 10.24 1.0 GreenBrickPfdA GRBKpA 25.00 -1.5 Pilgrim'sPride PPC 49.07 -0.5 VoyaFinancial VOYA 79.82 1.2 bluebirdbio BLUE 0.45 3.5 HerambaElec PITA 1.23 -16.3 REGENXBIO RGNX 9.90 -2.8 WillametteValley WVVI 3.31 2.6
BadgerMeter BMI 220.77 0.9 CorMedix CRMD 8.44 2.1 HartfordFinl HIG 119.06 -0.3 PowellIndustries POWL 233.00 1.4 Wellchange WCT 4.58 2.8 BoltProjects BSLK 0.77 0.6 HubCyberSecurityWt HUBCZ 0.00 ... ReadyCapital RC 7.37 -0.8 WindtreeTherap WINT 1.31 -30.4
BairdMedInvtWt BDMDW 0.17 -14.3 Corts PECO KTH KTH 29.15 0.7 Hawkins HWKN 130.20 0.8 Pro-Dex PDEX 34.04 -1.9 WellsFargoPfdAY WFCpY 25.09 0.6 Braze BRZE 31.71 -1.0 Humana HUM 213.31 -11.8 RekorSystems REKR 1.01 -1.7 XTI Aerospace XTIA 0.18 -0.7
BankHawaiiPfdA BOHpA 18.90 0.8 Cullen/FrostPfdB CFRpB 22.08 1.0 HelloGroup MOMO 8.19 -1.0 PublicServiceEnt PEG 91.20 0.3 WestFraserTimber WFG 98.82 0.7 CelsiusHldg CELH 30.33 -2.4 INNOVATE VATE 3.25 -2.3 Renalytix RNLX 0.18 -10.3 Xos XOS 4.43 -0.2
Baozun BZUN 3.99 7.7 Curtiss-Wright CW 341.18 0.5 HomeDepot HD 411.46 0.5 QifuTechnology QFIN 33.20 7.5 WheelerREITPfdD WHLRD 22.44 4.3 Cemtrex CETX 0.09 -5.9 InglesMarkets IMKTA 65.54 -4.6 ReShapeLife RSLS 4.91 4.8 YXT.COM YXT 2.50 -8.7
BeiGene BGNE 238.80 1.1 DT Midstream DTM 81.54 3.3 HowmetAerospace HWM 102.13 0.4 RLI RLI 158.97 -0.1 Wiley A WLY 50.40 3.2 ChijetMotor CJET 1.77 -7.1 IntelliaTherap NTLA 18.53 -3.4 ResourcesConnect RGP 8.31 -11.8 ZJK Industrial ZJK 4.60 3.4
BelFuse A BELFA 104.97 1.2 Dingdong DDL 4.03 3.7 IdahoStratRscs IDR 17.25 0.8 RPM RPM 129.92 6.3 Willdan WLDN 42.08 2.6 CitiusPharm CTXR 0.43 0.3 JBDI JBDI 0.90 -4.9 Roadzen RDZN 0.91 5.0 ZoozPower ZOOZ 1.66 9.8
Bilibili BILI 31.77 11.0 Ducommun DCO 67.04 1.6 InteractiveBrkrs IBKR 142.80 3.1 RTX RTX 125.53 -0.3 Williams WMB 47.66 2.8 ClearwaterPaper CLW 26.62 -4.2 Jet.AI JTAI 0.08 2.5 SES AI SES 0.57 -0.5 ZapataComputing ZPTA 0.22 -1.0
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Thursday, October 3, 2024 * ** THE WALL STREET JOURNAL.

MARKETS
STOCK SPOTLIGHT
Dow Industrials Close Up Slightly, Humana Baidu, PDD

Price of Crude Increases Further

Shares of the health- American depositary receipts
insurance company tumbled for major Chinese companies
11.8%, extending Tuesday’s climbed on continuing
selloff, amid intensifying optimism that fresh
worries over its Medicare economic stimulus by Beijing
Markets calmed down on Index performance on Wednesday Treasury note edged higher Advantage program. will reignite growth. Baidu
Wednesday as investors’ focus after the release. Now, all eyes ADRs rose 4.4% while PDD’s
0.4%
turned at least temporarily will be on the monthly jobs Nike gained 4.9%.
back to the U.S. economy from data this Friday. The stock slid 6.8% after the
an increasingly volatile con- 0.2 sportswear company notched Conagra Brands
flict in the Middle East. a fall of nearly 30% in The frozen-food maker’s
The prospect of widening Elsewhere: quarterly profit and withdrew quarterly results missed
hostilities between Israel and 0  Brent crude futures, the in- full-year guidance. expectations. Shares fell 8.1%.
Iran on Tues- ternational oil benchmark, were
WEDNESDAY’S day sent up roughly 0.5% to $73.90. Tesla
MARKETS stocks lower –0.2 Shares dropped 3.5% despite THURSDAY'S EVENTS:
and oil prices  Benchmark U.S. Treasury the electric-vehicle maker Jobless claims are expected
higher. While oil prices kept Dow Jones Industrial Average yields rose to 3.783%. reporting its deliveries at 8:30 a.m. ET, ahead of
rising Wednesday, moves in –0.4 Nasdaq Composite
—Angus Berwick rebounded last quarter. Friday’s big readout on the
major indexes were relatively and Gunjan Banerji labor market.
S&P 500
muted. Joby Aviation
Stocks edged higher. All –0.6 Shares of the company Updates on factory orders
three major indexes added AUCTION RESULTS developing an electric air taxi and economic conditions
Here are the results of Wednesday's Treasury
0.1% or less, with the Dow Five-minute intervals auction. All bids are awarded at a single price at the surged 28% after Toyota in the services sector
market-clearing yield. Rates are determined by the
Jones Industrial Average up –0.8 difference between that price and the face value. Motor said it would add to will also hit.
40 points. 10 a.m. 11 noon 1 p.m. 2 3 4 its stake in the company with
17-WEEK BILLS
Investors received a bit of $216,185,173,300
a $500 million investment.
EXPECTED EARNINGS:
Applications
good economic news this Source: FactSet Accepted bids $64,199,149,000
morning. ADP data showed " noncompetitively $510,916,500 Deutsche Lufthansa Constellation Brands is
" foreign noncompetitively $0
the U.S. private sector added To some investors, the re- are going to see a soft land- Auction price (rate) 98.542250 Shares skidded 4% in expected to report results
143,000 jobs in September, cent data is a sign that con- ing,” said Larry Adam, chief (4.410%) Germany after the airline before the market opens. The
Coupon equivalent 4.537%
ending five straight months of cerns about an imminent investment officer at Ray- Bids at clearing yield accepted 55.02%
said it would avoid Iranian, beer, wine and spirits
slowdown and beating econo- downturn are overblown. mond James. Cusip number 912797NF0 Iraqi and Jordanian airspace manufacturer’s brands
mists’ forecasts. “We still believe that we The yield on the 10-year The bills, dated Oct. 8, 2024, mature on Feb. 4, 2025. after Iran’s attack on Israel. include Modelo and Pacifico.

Saudi Sees compensate for their produc- Some cartel members that
tion above quotas over the signed on to the cuts have
summer. The cartel said these pumped more barrels than Asian Markets Feel Chill Amid
Prospect of three countries said they had they promised, rendering the
been respecting their commit- supply curbs less effective. In
ments in September. addition to Iraq and Kazakh- Tensions in the Middle East
$50 Oil “If they manage to get this stan, Russia also produced

.
cheating under control, there’s more than its quota this year
a small chance this won’t im- through July, according to BY FABIANA NEGRIN OCHOA

ly
pact prices too much. But Aug. 8 data from S&P Global.
Continued from page B1 that’s a big if,” said Ole Han- Despite rising geopolitical Asian stock markets were
flouted plans to limit produc- sen, head of commodity strat- tensions, prices are languishing mostly lower after Iran
tion for much of this year.
During a conference call
last week, Prince Abdulaziz
bin Salman, the oil minister of
on
egy at Saxo Bank. “This is below $75 a barrel—their low-
based on the assumption that est level in nine months—
the countries that are over- largely due to slowing eco-
producing would cut back and nomic growth. Saudi Arabia
launched a barrage of missiles
at Israel overnight, as inves-
tors watched to see how the
Middle East conflict develops.
OPEC kingmaker Saudi Arabia, I’m still skeptical.” needs prices at $85 per barrel Sentiment was weighed
us ,

warned fellow producers Oil prices have been on a to help fund its economic down by losses on Wall Street
l

prices could drop to $50 a bar- downward slope in recent transformation, analysts say. on Tuesday, but Asian markets
e
al a

rel if they don’t comply with months, with major bench- The weak prices forced were supported by hopes that
agreed production cuts, ac- marks losing around 16% last OPEC+ members to delay a pro- the Iran-Israel conflict would
EUGENE HOSHIKO/AP

cording to OPEC delegates who quarter. This comes despite the duction increase for two have minimal impact.
ci on

attended the call. They said he OPEC+ coalition’s efforts to sta- months following a virtual “From Asia’s perspective,
singled out Iraq, which over- bilize markets meeting last the main transmission mecha-
produced by 400,000 barrels a through produc- month until De- nism from geopolitical ten-

16%
day in August, according to tion cuts. The cember. The sions is through oil prices,”
data provider S&P Global Rat- group put for- group had origi- Michael Wan, senior currency The Japanese stock market led the losers in the region.
er s

ings, and Kazakhstan, whose ward multiple nally agreed in analyst at MUFG Bank, said in
output is set to rise with the extensions to June to start a research report. He added Asian stock-market FTSE Straits Times/ 0.1%
m er

return of the 720,000-barrels- these curbs and The decrease in easing volun- that Asia’s direct trade link- indexes performance Singapore
per-day Tengiz field. yet prices tary cuts in Oc- ages with the Middle East are on Wednesday SET/
The Saudi message was dropped further.
major oil-price tober. modest, though India is more –0.9
Thailand
“there is no point in adding The group’s benchmarks in the The kingdom exposed in terms of export de- FTSE Bursa/
more barrels if there isn’t production cuts last quarter has shown in mand from the Middle East. –1.0
m rp

Malaysia
room for them in the market,” mean their the past it can The Japanese stock market JSX Composite/
said a delegate who attended. share of the oil open up the led the losers in the region, –1.0
Indonesia
“Some better shut up and re- market has spigots if it with the Nikkei Stock Average
Kospi Composite/
spect their commitments to- shrunk. This year it reached feels other producers are tak- falling about 1.9% on Wednes- –1.2
South Korea
ward OPEC+.” 48%, down from 50% in 2023 ing advantage of its efforts to day, while headline stock in-
Nikkei 225/
co Fo

The Saudi oil ministry and 51% in 2022, data from the defend oil prices. dexes in South Korea, Malaysia, –2.2
Japan
didn’t respond to a request for International Energy Agency Saudi Arabia initiated a Thailand and Indonesia lost less
comment. showed. Competition is set to price war on oil with Russia in than 1% and rose slightly in Source: FactSet
After the online publication heat up further next year. March 2020. The kingdom’s Singapore. Markets in China
of this article, OPEC posted a Planned production increases decision to pump to record and India were closed for holi- ces Cheung and Christopher the dollar, the Swiss franc, the
tweet saying it was “wholly in the U.S., Guyana and Brazil levels amid the Covid pan- days. Wong said in a note. yen and gold.
inaccurate and misleading.” are expected to add over 1 mil- demic facilitated a 65% quar- The dollar picked up on the The OCBC strategists cau- Hong Kong’s stock market
In a press release earlier on lion barrels a day to global oil terly fall in the price of oil to Mideast tensions. “Gold, bonds, tioned that a widespread con- returned from its holiday on
Wednesday, OPEC said the al- supply. Brazil joined the OPEC+ 17-year lows, with some prices and oil have reacted more while flict involving more parties Tuesday and powered 6%
liance had discussed plans for group this year but said it won’t in the U.S. turning negative the equity, FX responses appear could fuel risk-aversion flows higher, buoyed by Beijing’s
Kazakhstan, Russia and Iraq to participate in the output cuts. for the first time ever. milder,” OCBC strategists Fran- that would benefit the likes of measures to help the economy.
n-

U.S. Records Surprise Add TotalEnergies Increases Its Production Target

To Its Crude-Oil Stockpiles BY CHRISTIAN MOESS LAURSEN alongside Shell and Norway’s
no

stream portfolio. TotalEnergies said its guid-

This year, the oil-and-gas Equinor, has been highlighted ance is on the assumption of
BY KIRK MALTAIS to 412.5 million barrels. TotalEnergies slightly producer has launched six ma- by some as an exception to reasonable market conditions,
Gasoline stocks climbed 1.1 raised its target for annual oil jor projects, which are set to this. which Jefferies analysts saw
Inventories of crude oil in million barrels to 221.2 mil- and gas production, and stuck drive growth through the de- TotalEnergies, Europe’s sec- as a slight disappointment for
the U.S. rose for the week lion, while distillate fuel oil to its shareholder return pol- cade, it said. The most recent, ond-largest integrated oil com- investors who were hoping for
ended Sept. 27, counter to an- stocks fell 1.3 million barrels icy at a time when most Euro- a $10 billion investment in an pany by market value, backed a full commitment to $8 billion
alyst forecasts of those stocks to 121.6 million. pean majors look likely to pull offshore field in Suriname, got its guidance, as it plans to pay in buybacks next year, the ana-
dropping. Analysts had forecast gaso- back on their lofty buyback the go-ahead on Tuesday. out $8 billion in share buy- lysts said in a note.
In its weekly report re- line inventories to fall 300,000 pledges. TotalEnergies previously backs in 2024 and continue a In addition to the produc-
leased Wednesday, the Energy barrels, while projecting dis- The French energy major planned to grow its oil-and-gas rate of $2 billion a quarter tion target, it outlined a goal
Information Administration tillate fuels to move down 1.5 said on Wednesday in a strat- production by 2% to 3% a year. next year. for overall energy output,
said crude oil stocks excluding million barrels. egy update that it plans to The recent fall in oil prices RBC Capital Markets ana- which includes electricity and
the Strategic Petroleum Re- Refinery capacity use for grow its oil-and-gas produc- due to mounting demand con- lysts said in a note ahead of bioenergy alongside hydrocar-
serve rose 3.9 million barrels the week fell 87.6%, down tion by around 3% annually be- cerns has raised doubts that Wednesday’s update that any bons, of 4% growth a year
to 416.9 million. Analysts sur- from 90.9% reported last tween 2024 and 2030, driven European oil majors can sus- confirmation on maintaining through the decade, while at
veyed by The Wall Street week. Surveyed analysts had mostly by its output of lique- tain their shareholder-return distributions in a lower price the same time drastically low-
Journal this week had forecast forecast capacity to fall by 1.1 fied natural gas, through a promises, according to ana- scenario would be seen as a ering its emissions from its
stocks to fall 500,000 barrels percentage points. low-cost, low-emission up- lysts. However, TotalEnergies, positive by the market. operations, it said.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
GlexUSIdxInstPre 16.06 +0.07 14.1 Puritn 26.92 ... 16.5 LgCpGwth 75.70 +0.04 NA R2030 26.91 ... 12.4 MuLtdAdml 10.96 ... 3.1 Welltn 46.11 +0.02 13.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GrowthCompanyK6 28.56 +0.10 27.2 SAIUSMinVolIndFd 22.35 -0.01 19.7 JPMorgan R Class Putnam Funds Class A MuShtAdml 15.85 ... 3.0 WndsrII 48.81 -0.06 14.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s IntlIdxInstPrem 52.98 -0.01 12.3 SAIUSQtyIdx 21.50 +0.04 22.4 CoreBond 10.55 -0.02 NA PutLargCap p 37.16 -0.05 21.4 PrmcpAdml r 180.27 +0.33 15.3 VANGUARD INDEX FDS
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- LgCpGwId InstPre 36.24 +0.02 22.8 SrsBlChGroRetail 17.99 +0.05 26.0 CorePlusBd 7.43 -0.01 NA Putnam Funds Class Y RealEstatAdml 136.56 -0.60 12.4 ExtndIstPl 336.83 +0.19 10.4
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MidCpInxInstPrem 34.09 ... 13.9 SrsEmrgMkt 20.61 +0.37 18.9 Lord Abbett I PutLargCap 37.16 -0.06 21.6 SmCapAdml 112.49 -0.03 11.2 IdxIntl 20.82 +0.06 13.5
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SAIUSLgCpIndxFd 23.59 ... 20.9 SrsGlobal 15.80 +0.07 14.1 ShtDurInc p 3.90 ... 5.3 Schwab Funds SmGthAdml 93.29 +0.29 10.3 MdCpGrAdml 104.30 +0.31 10.9
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not SeriesBondFd 9.24 -0.02 4.7 SrsGroCoRetail 24.63 +0.08 26.5 Metropolitan West 1000 Inv r 122.94 +0.04 NA STBondAdml 10.30 -0.01 4.5 MdCpVlAdml 86.39 -0.16 16.9
tracked. NS-Fund didn’t exist at start of period. SeriesOverseas 14.85 +0.01 14.5 SrsIntlGrw 19.10 -0.01 11.5 TotRetBdI 9.34 -0.02 4.9 S&P Sel 88.40 +0.02 NA STIGradeAdml 10.47 ... 5.6 SmValAdml 85.21 -0.24 11.8
SerLTTreBdIdx 5.86 -0.05 2.7 SrsIntlVal 13.46 +0.01 15.3 TRBdPlan 8.76 -0.02 5.0 TSM Sel r 96.74 +0.03 NA STIPSIxAdm 24.61 ... 5.0 TotBd2 9.75 -0.02 4.5
SmCpIdxInstPrem 27.38 -0.03 9.5 TotalBond 9.79 -0.02 5.5 MFS Funds TIAA/CREF Funds TotBdAdml 9.88 -0.02 4.5 TotIntlInstIdx r 139.25 +0.38 13.6
Wednesday, October 2, 2024 TMktIdxInstPrem 157.13 +0.04 19.5 Fidelity SAI IIE 37.17 +0.09 12.8 BdIdxInst 9.88 -0.03 4.7 TotIntBdIdxAdm 20.12 -0.04 3.7 TotItlInstPlId r 139.28 +0.37 13.6
Net YTD Net YTD Net YTD TotalMarketIndex 19.88 +0.01 19.6 TotalBd 9.27 -0.02 5.7 MFS Funds Class I EqIdxInst NA ... NA TotIntlAdmIdx r 34.82 +0.09 13.6 TotSt 136.57 +0.03 19.4
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TtlIntIdxInstPr 14.94 +0.06 13.6 U.S.TreBdIdx 8.99 -0.03 3.9 GrowthI 213.85 +0.20 24.5 IntlEqIdxInst 24.54 -0.02 NA TotStAdml 136.59 +0.03 19.5 VANGUARD INSTL FDS
USBdIdxInstPrem 10.64 -0.03 4.6 Fidelity Selects ValueI 54.20 +0.01 15.4 LrgCpGrIdxInst 63.69 +0.04 22.9 TxMCapAdml 293.06 +0.06 19.6 BalInst 49.59 -0.03 13.5
AB Funds Artisan Funds US CoreEq1 42.43 +0.01 18.8 Fidelity Advisor I Semiconductors r 33.03 +0.48 36.2 Natixis Funds VANGUARD ADMIRAL DevMktsIndInst 16.87 -0.02 11.3
MuniIncmShares 11.51 ... 6.8 IntlVal Inst 52.04 -0.06 NA US CoreEq2 37.95 ... 18.0 Total Bd TxMIn r 16.84 -0.03 11.3
9.77 -0.02 5.3 Tech 34.97 +0.26 22.7 LSGrowthY 28.24 -0.05 21.6 500Adml 526.87 +0.10 20.9
USGroAdml 179.37 +0.06 22.3 DevMktsInxInst 26.36 -0.04 11.3
AB Funds - ADV Baird Funds US Small 48.09 -0.10 9.3 Fidelity Freedom First Eagle Funds Northern Funds BalAdml 49.58 -0.04 13.5 ExtndInst 136.49 +0.08 10.4
LgCpGrAdv 111.10 +0.17 19.7 AggBdInst 10.07 -0.02 5.0 US SmCpVal 47.77 -0.16 7.5 FF2030 ValAdml 67.88 -0.04 18.5
18.54 +0.01 12.4 GlbA 74.58 ... 18.2 StkIdx 58.65 +0.01 20.9 CAITAdml 11.57 ... 3.0 GrwthInst 195.17 +0.21 22.4
American Century Inv CorBdInst 10.41 -0.02 5.3 US TgdVal 33.60 -0.09 6.5 Freedom2030 K 18.53 WdsrllAdml 86.60 -0.10 14.8
+0.01 12.5 Franklin A1 Old Westbury Fds CapOpAdml r 204.38 +0.57 14.0 InPrSeIn 9.65 -0.01 5.4
Ultra 90.21 +0.22 21.1 BlackRock Funds USLgVa 50.47 -0.01 15.0 Freedom2035 K 16.46 LrgCpStr WellsIAdml 63.92 -0.07 8.7
+0.02 14.0 IncomeA1 2.44 -0.01 9.7 20.74 +0.01 NA DivAppIdxAdm 53.44 -0.01 17.1 InstIdx 469.83 +0.09 20.9
American Funds Cl A HiYldBd Inst 7.22 -0.01 8.2 Dodge & Cox EMAdmr WelltnAdml 79.61 +0.04 13.3
Freedom2040 K 12.11 +0.02 15.9 FrankTemp/Frank Adv Parnassus Fds 40.68 +0.55 19.9 InstPlus 469.82 +0.09 20.9
AmcpA 44.14 +0.07 18.0 BlackRock Funds III Balanced 108.98 -0.21 11.2 Idx2030InsPre 21.12 ... 11.9 IncomeAdv 2.42 ... 9.9 ParnEqFd 64.43 -0.01 17.2 EqIncAdml 95.44 +0.04 15.6 WndsrAdml 79.46 -0.14 10.9
InstTStPlus 97.26 +0.03 19.5
AMutlA 59.13 +0.03 17.3 iShS&P500IdxK 668.79 +0.13 20.9 GblStock 16.86 -0.01 13.0 Idx2035InsPre 24.30 +0.01 13.3 FrankTemp/Franklin A PGIM Funds Cl Z ExplrAdml 113.48 +0.11 9.9 VANGUARD FDS MidCpInst 71.81 +0.02 14.1
BalA 36.25 +0.02 14.4 BlackRock Funds Inst Income 12.96 -0.03 5.9 Idx2040InsPre 25.52 +0.02 15.1 DynaTech A 163.83 +0.61 22.5 TotalReturnBond NA ... NA ExtndAdml 136.50 +0.08 10.4 DivdGro 41.53 -0.14 13.7 MidCpIstPl 354.17 +0.12 14.1
BondA 11.63 -0.03 4.5 StratIncOpptyIns 9.65 -0.01 6.0 Intl Stk 55.82 +0.15 13.5 Idx2045InsPre 26.82 +0.04 15.9 Growth A 144.26 +0.18 17.6 PIMCO Fds Instl GroIncAdml 108.69 +0.10 21.1 IntlVal 45.02 +0.19 11.5 RealEstaInstl 21.14 -0.09 12.4
CapIBA 73.52 -0.01 13.2 TotRet 10.19 -0.02 5.3 Stock 272.02 -0.84 15.3 Idx2050InsPre 26.86 +0.03 15.8 RisDv A 99.25 -0.10 12.7 AllAsset NA ... NA GrwthAdml 195.16 +0.22 22.4 LifeGro 46.98 +0.03 14.5 SmCapInst 112.48 -0.04 11.2
CapWGrA 68.74 +0.11 15.7 Calamos Funds DoubleLine Funds Fidelity Invest Guggenheim Funds Tru TotRt 8.85 -0.01 NA HlthCareAdml r 95.28 -0.36 11.2 LifeMod 33.69 ... 11.9 SmCapIstPl 324.66 -0.10 11.2
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GwthA 77.08 +0.06 22.0 CausewayInst 21.77 -0.11 11.3 EdgewoodGrInst 50.54 +0.16 15.5 BluChpGr K6 33.61 +0.11 25.9 CapApInst 117.08 +0.06 21.3 PIMCO Funds I2 InfTechIdx 294.71 +2.02 19.5 TgtRe2020 29.38 -0.01 9.3 TotBdInst 9.88 -0.02 4.5
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IncoA 25.94 -0.01 13.0 Dimensional Fds Fidelity CpInc 10.18 +0.01 9.4 JHF III DispVal IncomeFd 10.79 -0.02 6.5 ITIGradeAdml 8.92 -0.02 6.4 TgtRe2035 25.05 +0.01 13.2 TotIntBdIdxInst 30.19 -0.07 3.8
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SmCpA 69.95 -0.19 5.6 IntSmCo 21.04 -0.09 11.2 FidSer5 8.00 -0.02 5.6 Magin 15.01 +0.02 25.7 JPMorgan I Class Growth 104.82 -0.01 21.1 MuHYAdml 10.94 ... 5.1 TgtRe2060 52.92 +0.05 15.8 VsycamoreFnd 52.29 -0.05 13.7
TxExA 12.65 -0.01 3.6 IntSmVa 23.70 -0.08 14.1 FidSerInt 8.88 -0.03 3.1 NASDAQ 228.29 +0.21 20.1 CoreBond 10.53 -0.02 NA LgCapGow I 81.02 +0.06 23.2 MuIntAdml 13.84 ... 3.0 TgtRet2055 57.43 +0.05 15.8 WCM Focus Funds
WshA 64.20 +0.08 18.6 LgCo 37.87 ... 20.9 FidSerToMarket 18.71 +0.01 19.5 OTC 20.21 +0.03 22.9 EqInc 25.98 +0.02 NA MidCap 108.61 -0.07 8.6 MuLTAdml 11.10 -0.01 3.6 TgtRetInc 13.82 -0.01 8.2 WCMFocIntlGrwIns 26.24 ... 15.3
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THE WALL STREET JOURNAL. Thursday, October 3, 2024 | B11

HEARD STREETFINANCIAL ANALYSIS & COMMENTARY

ON
THE

Nike Needs Time

To Get Off
The Sidelines
Apparel giant’s new CEO might have to lower
expectations further before starting a turnaround

SHADY ALASSAR/SOPA IMAGES/ZUMA PRESS

It is never easy for a top per- on Wednesday following its Tuesday
former like Nike to lower the bar, earnings call after market close, as
but it will be much easier to do so the company made it clear that its
with a new leader. turnaround might be more painful
The apparel giant on Tuesday than investors thought.
had some bad numbers to report. For one thing, Nike said it ex-
Revenue declined 10% in its quar- pects revenue to drop 8% to 10% in
ter ended Aug. 31 compared with a the current quarter, worse than the
year earlier, in line with its guid- 6.7% decline Wall Street was ex-
ance and Wall Street expectations pecting. The company withdrew The company warned it expects revenue to fall 8% to 10% in the current quarter, worse than analyst estimates.
polled by Visible Alpha. That full fiscal-year guidance, a move
marks the worst quarterly drop implying that its annual revenue Share-price performance, year to date ners are having mixed effects. Or- might not get to hear from the
since the initial pandemic shock of decline might be worse than the 5% der books for the coming spring new leader until next year.
100%
2020. But cost cuts, including lay- drop that analysts were penciling season were roughly flat compared When Hill officially joins, he will
offs, helped the company achieve in. That number would have al- On with the prior year, lighter than have the chance to perhaps lower
better-than-expected earnings re- ready made it Nike’s worst annual 75 Nike had hoped. Upstart brands the bar even further. When Adidas’s
sults. Net income was down 28%, performance since 1999. During the such as Hoka and On have made current CEO, Bjørn Gulden, joined in
much better than the 47% drop call, Friend made it clear that concerted efforts to fill the shelves early 2023, he called that year a “re-
50
analysts had expected. Nike’s deliberate pullback from key that Nike left bare over the past set year” and lowered expectations.
The company is in something of franchises—Air Force 1, Air Jordan few years; it is clear that re-estab- After a year of no revenue growth

.
limbo right now, with Chief Execu- 1 and Dunk—will continue to weigh 25 lishing dominant status with those on a currency-neutral basis, Adidas
tive Officer John Donahoe set to on its top line for the rest of its fis- retail partners won’t be easy. returned to healthy growth in the

ly
step down soon. Donahoe didn’t cal year, which ends May 2025. Adidas Investors don’t have much to go first two quarters of 2024. Adidas
0
speak during the company’s earn- Not that there weren’t any bright on just yet, except that Hill seems shares have appreciated about 90%
ings call Tuesday after the market spots. In its Greater China market, Nike
to be universally liked by Nike em- since Gulden took over.
close; Chief Financial Officer Mat-
thew Friend led the call instead. El-
liott Hill, a well-liked, 32-year Nike
veteran, is set to return to the com-
revenue fell just 3% on a constant-
currency basis, better than the 7%
decline Wall Street expected. That
speaks to the brand’s enduring
on –25

–50
ployees and that he has experience
dealing with retail partners. On
the call, Friend said employees’ re-
sponse to his appointment has
Today, Nike’s shares are trading
at 27.8 times forward earnings,
about 11% lower than its five-year
average and 24% cheaper than its
pany and start in the CEO role on strength in the region, contrasting Jan. 2024 Oct. been “tremendous.” He added that closest competitor, Adidas.
us ,

Oct. 14. Nike’s shares have re- with bearish commentary from ma- Source: FactSet Hill played an important role in While a lot of bad news is already
l

bounded by about 2.6% since the jor Chinese sports retailers. And turning around Nike’s North baked into Nike’s stock, tempted in-
e
al a

company announced his appoint- consumers globally are responding cator for product launches to come, America business in 2010. The vestors might want to wait until a
ment, though they are still down to innovation: Sales of newer foot- they aren’t yet big enough to offset market, however, won’t get a clear clear treatment plan emerges. After
about 23% year to date. wear products rose by a double- weakness in Nike’s classic sneakers. read on his strategy for a while. all, its latest call highlighted just
ci on

Despite the better-than-expected digit percentage last quarter. While The brand’s efforts to cozy up Nike postponed its November in- how deep Nike’s injuries are.
bottom line, Nike shares shed 6.8% this development is a positive indi- to its once-neglected retail part- vestor day, which means investors —Jinjoo Lee

A CVS Breakup Is No Easy Fix for Its Woes

er s

Humana Could
m er

Plunge Into
In recent years, CVS Health has
sought to transform itself from a Cigna’s Arms
m rp

retail pharmacy chain to a health

conglomerate combining every-
thing from the doctor to the in- When Cigna considered a tie-up
surer under one roof. It might still with Humana last year, Humana
have a shot at building a health was worth about $60 billion. That
co Fo

juggernaut, but perhaps without made it a sizable target for Cigna,

the well-known pharmacy that whose market value was then
brought everything together. about $80 billion. Cigna eventually
CVS is considering a breakup and walked away after shareholders
other strategic alternatives as pres- balked at the deal.
sure from investors builds on man- Now, a merger is looking a lot
agement in the midst of disappoint- more palatable. Cigna, which is fo-
ing earnings results and a depressed cused on the commercial insur-
stock. Over the past five years, its ance market and has therefore
stock is basically unchanged, com- avoided headwinds in the Medi-
pared with a near-doubling of the care business, has seen its stock
S&P 500. On Monday, the hedge continue to gain, as Humana has
fund Glenview Capital Management struggled. Cigna is now worth
n-

met with CVS to discuss ways to im- nearly $100 billion, while Hu-
prove operations, The Wall Street mana’s market capitalization has
Journal reported. sunk to about $30 billion.
Separating the pieces would be Humana shares were down
no

complicated because it would risk 11.8% Wednesday, due to recent

taking away certain benefits that changes to the government’s qual-
JOE RAEDLE/GETTY IMAGES

the units enjoy from being inte- ity ratings that could eat into the
grated. What to do with the phar- company’s bonus payments. The
macy-benefit-management busi- insurer warned that fewer of its
ness Caremark would be the most- plans would be rated four stars or
difficult question because it is above, hitting profits in 2026. Its
complementary to both the insur- stock had already been under
ance and the pharmacy sides. For Splitting up CVS would risk taking away certain benefits that the units enjoy from being integrated. pressure due to higher-than-ex-
that reason, it is far from clear pected Medicare costs.
that a breakup will actually hap- Share-price and index performance over the past five years requires careful execution and ex- No one is betting on a quick re-
pen. CVS shares fell 2.1% on Tues- pertise. “If you put a V-8 engine in turn to deal talks. But with many
100%
day after news that a breakup was your car, it doesn’t automatically investors throwing in the towel on
being considered. They recovered S&P 500
0 make it a Ferrari,” says Justin Si- Humana, the combination is again
1.1% Wednesday. mon, a portfolio manager at the being contemplated, at least on
75
If the company does pursue a healthcare hedge fund Jasper Cap- Wall Street.
split, a key advantage would be fo- ital Management. “You need to Investors “believe this is a possi-
cus and simplicity. What a breakup fine-tune ways to drive synergies ble outcome, but doubt a move will
50
would look like hasn’t been out- between owning doctors and an take place until the dust settles a bit
lined, but it is safe to assume that insurer.” more for Humana specifically,” said
CVS Health
the goal would be to separate the A breakup, however messy, Mizuho strategist Jared Holz.
25
structurally challenged retail phar- would allow the company to sepa- Presidential elections will be
macy stores from the more-profit- rate the intractable problem of front and center for the companies
able insurance business, Aetna. how to fix the retail pharmacy involved. Republican administra-
0
While Aetna’s Medicare business from the more appealing, but still tions are typically more lax than
has been struggling lately, its per- challenging, job of building a verti- Democrats on private Medicare
formance could improve as some cally integrated health company. plans, which they see as preferable
–25
near-term cost drivers subside. The architects of the breakup to traditional government-run
The retail chain, on the other 2020 ’21 ’22 ’23 ’24 could look to clean up the insur- Medicare.
hand, would be harder to turn Source: FactSet ance business by leaving a lot of Additionally, if Donald Trump
around, as evidenced by the bank- debt with the retail pharmacy en- were to win, he would likely ditch
ruptcy of Rite Aid, the struggles of could be hurt by federal govern- after finding out how challenging tity, Simon argues. That would Biden trustbuster Lina Khan, the
Walgreens Boots Alliance, and ment quality ratings, still fetches a it is to make money in clinics. leave the other company looking a Federal Trade Commission chair-
pharmacy closures across the multiple of 13 times. In recent years, CVS tried to lot more like Walgreens, a troubled woman who has taken a tough
country. Aetna might not be quite as at- grow beyond its roots by attempt- company in its own right. But the stance on mergers between large
If Aetna were to break off along tractive as Cigna or Humana right ing to chart a course similar to argument is that the sum of two companies.
with the PBM business, it would now, but the point is that standing that of UnitedHealth Group, the separate entities would lead to Last year, there was concern that
end up looking similar to Cigna alone would untether it from the large healthcare organization with more value being created for in- a Humana-Cigna deal could face an-
Group, an insurer with a large problems in the pharmacy space. thousands of doctors, a pharmacy- vestors than what the integrated titrust pushback. But even if Demo-
PBM. Since the Cigna-like company The bigger question is whether benefit-manager business and an CVS has been able to deliver. crats retain control of the White
would be more focused, without a vertically integrated health com- insurance arm. CVS acquired There isn’t a straightforward an- House, Cigna could try to make the
the financial headwinds attached pany really needs a retailer that Aetna for nearly $70 billion in swer for CVS. It could yet find a argument that a combination with
to the retail pharmacy, it could ar- sells such items as foot cream and 2018. More recently it acquired way to extract value from its dispa- Humana would make it a more for-
guably fetch a better multiple from potato chips. Synergies between Oak Street Health, a primary-care rate businesses while they stay to- midable rival to UnitedHealth, the
investors. Cigna’s forward price/ pharmacies and other healthcare doctor chain, for $10.6 billion, and gether. But after so many years of industry’s largest insurer.
earnings multiple is 11, compared services might not be as great as Signify Health, a home-care pro- struggles, it is clear that something There is no quick balm for Hu-
with 8.7 for CVS. Humana, which some had hoped. Walmart and vider, for $8 billion. significant needs to happen to give mana’s pain, but, in the longer term,
plunged 11.8% on Wednesday after Walgreens have both been pulling The strategy of bringing to- the company a new direction. Cigna could try to come to the res-
warning that its 2026 payments back from primary care recently gether insurance and medical care —David Wainer cue. —David Wainer
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B12 | Thursday, October 3, 2024 THE WALL STREET JOURNAL.

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