The Wall Street Journal - 15.09.2026.pdf

华尔街日报

道琼斯

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道琼斯工业平均指数 52421.20 ▼ 152.09 0.29%

2026年9月15, 2026，星期二 ~ 第CCLXXXVIII卷 第64号

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新闻速递

商业与金融

♦ 尽管技术爱好者推动部分AI股票上涨，但美国主要股指在周一交易时段小幅下跌，标准普尔 500, 指数、纳斯达克和道琼斯指数分别下跌0.5%、0.6%和0.3%。10年期国债收益率升至5%以上。A1, B1

◆ 特朗普去年一直要求美联储降息。投资者现在预计他亲手挑选的主席将在本周改变方向并开始加息。A1

◆ OpenAI悄悄收购了Glass Imaging，这是一家开发利用人工智能提升智能手机相机技术的初创公司。B4

◆ 新时代能源公司（NextEra Energy）确认其2026年利润指引处于高端，同时继续推进其拟以 670 亿美元 收购多米尼恩能源（Dominion）的监管审批。B2

◆ 雅培同意支付 3.85亿美元，以解决与其管理的一家婴儿配方奶粉工厂相关的指控，该工厂被怀疑因细菌导致婴儿死亡。B3

◆ Wegovy制造商诺和诺德正将其品牌更名为Novo，押注更短的名字将有助于在与礼来竞争时更好地引起消费者共鸣。B1

◆ 雨果博斯表示，在Frasers获得该公司近半数股权后，其监事会主席斯特凡·斯图姆将卸任。B3

◆ 迈克尔·戴尔的DFO Management和Sequence Holdings正通过一项企业价值为 77 亿美元 的现金交易，将保险经纪公司Baldwin Group私有化。B4

全球动态

◆ 最高法院阻止了特朗普政府对邮寄选票实施新要求，从而避免了州和地方官员警告的可能在期中选举中引发的危机。A1

◆ 特朗普拒绝了加强联邦对人工智能监管的必要性，并将安全担忧斥为一场骗局，认为这将导致该行业陷入财务崩溃并给中国带来竞争优势。A4 ◆ 一名中国官员表示，AI是“新一轮科技革命的核心引擎”，也是其与美国竞争的主要战场。A5

◆ 美国环保署（EPA）表示将废除部分针对发电厂的二氧化碳排放规则，这是削减该机构在监管气候变化方面作用的更广泛努力的一部分。A3

◆ 参议员米奇·麦康奈尔在一次摔倒引发对其能否重返工作岗位的担忧后，三个月来首次在国会大厦投票。A6

◆ 美国财政部将俄罗斯外贸银行（VTB Bank）确定为伊朗伊斯兰共和国的关键金融节点，并对其实施了更多制裁。A7

◆ 纽约市市长表示，一个城市联盟已提起诉讼，挑战一项联邦规则，该规则将允许华盛顿更容易地根据移民使用公共福利的情况拒绝发放绿卡和签证。A3

◆ 马哈茂德·哈利勒起诉哥伦比亚大学，指控其在以色列-哈马斯战争期间未能采取足够措施保护亲巴勒斯坦学生免受严重的骚扰。A5

◆ 逝世：鲍勃·麦基，87, 岁，屡获殊荣的时尚设计师。A5

金融与投资 B11 观点 A13-15 个人日志 A10-11 体育 A16 技术 B4 美国新闻 A2-6 国际新闻 A7-9

© 2026 Dow Jones & Company, Inc. 版权所有

也门胡塞武装展示肌肉，扰乱石油市场

进攻态势：周一在也门首都萨那看到的模拟无人机和导弹展示，显示了受伊朗支持的胡塞武装日益增强的胆量。该组织已控制红海的一个关键点，危及全球能源供应。A8

加息预期使沃什在美联储会议期间陷入困境

顽固的通胀正在缩减主席的选择空间，但他面临激怒特朗普的风险

作者：尼克·蒂米劳斯（NICK TIMIRAOS）

特朗普总统去年一直要求美联储降息。而现在，投资者预计他亲手选定的主席将在本周反转方向，开始加息。

加息的理由衡量了自凯文·沃什（Kevin Warsh）于5月接管这家央行以来，前景发生了多大变化。总统与伊朗的战争持续时间比官员和投资者的预期更长，并推高了能源价格。特朗普的新关税已生效。AI的建设给电力和技术设备的供应链带来了压力，其增加需求的速度快于经济满足该需求的能力。

这使得沃什面临着特朗普在任命新主席时希望他能避免的战斗。几个月来，特朗普一直表示他相信沃什会做出正确的事情，这种表述使新任主席免受其前任杰罗姆·鲍威尔（Jerome Powell）所遭受的对待。但在中期选举前加息，将考验这种状态能维持多久。

在本周会议之前，白宫国家经济委员会主任凯文·哈塞特（Kevin Hassett）周日在电视上表示，通胀正在改善，美联储不需要加息。他说，特朗普“100%尊重凯文·沃什的独立性”。

与此同时，他承认特朗普对加息不会“超级开心”，并表示美联储在选举临近时调整利率，会使其远离政治的声誉面临风险。

反之亦然。在白宫要求降低利率的情况下，维持现状

请参阅 A2 页

来源：Tullett Prebon

10年期美债收益率在周一突破了 5%，这是债券市场的一个关键标志。B1

AI 股票在呼吁放缓的情况下依然上涨

行业领导者对潜在灾难的警告遭到了质疑

尽管技术领导者呼吁放缓，但华尔街的 AI 列车仍在全速前进。

一周以来，关于 可能会摧毁文明的惊人头条新闻在周六达到顶峰，Anthropic 的达里奥·阿莫代（Dario Amodei）、OpenAI 的萨姆·奥特曼（Sam Altman）、xAi 的埃隆·马斯克（Elon Musk）以及谷歌 DeepMind 的德米斯·哈萨比斯（Demis Hassabis）均同意需要遏制该技术的发展。

作者：杰克·皮彻（Jack Pitcher）、施拉达·迪内什（Shradha Dinesh）和罗比·惠兰（Robbie Whelan）

投资者听了，严肃地颔首——然后继续购买更多 股票。

微软、Alphabet 和 Meta Platforms——三家最大的 超大规模云服务商——的股价在周一全部上涨 2% 或更多。它们及其他公司受益于资金从供应 硬件的芯片制造商转向需要半导体的客户数据中心。

在倾向于超大规模云服务商而非芯片股时，市场似乎得出结论：即使 投资速度放缓，微软及其同行仍将是全球最赚钱的公司之列。作为供应商，像美光科技（Micron Technology）这样的芯片制造商 请参阅 A5 页

• 特朗普谴责 焦虑是骗局....A4
• 对中国而言，美国是 战场....A5

最高法院阻止特朗普限制邮寄投票

作者：詹姆斯·罗莫瑟 (JAMES ROMOSER) 以及路易丝·拉德诺夫斯基 (LOUISE RADNOFSKY)

华盛顿——最高法院周一阻止了特朗普政府对邮寄选票实施新要求，从而避免了州和地方官员所警告的可能在期中选举中引发的危机。

在一项只有一段的裁决中（两名保守派法官持异议），法院表示，美国邮政署不能执行新规则。这些新规则原本将强制各州迅速重新设计选票信封，向联邦政府提交选民名单，并在选票寄给选民之前获得邮政官员的批准。

邮政署上个月在特朗普总统的要求下采用了这些新规则。特朗普经常贬低邮寄投票，并表示限制这一做法将有利于共和党同僚。

州和地方官员认为这些规则违宪，且超出了邮政署的职权范围。他们还 [请参阅 A6 页]

[请参阅 A6 页]

内页

美国新闻 囚犯如何利用 违禁手机 诈骗全美家庭 A3

AI 领域的金钱与安全之争

OpenAI 与 Anthropic 在相互竞争及与中国竞争的同时，正竞相冲刺 IPO

在上周的阴霾降临之前，OpenAI 的研究人员们还沉浸在欣喜之中。

这家初创公司声称，其内部 AI 模型解决了一个著名的、极其复杂的“千禧年大奖难题”。在看到网上流传的竞争对手 Anthropic 已经解决该问题的消息后，OpenAI 开展了这次实验。

作者：罗伯特·麦克米伦 (Robert McMillan)、 阿姆里特·拉姆库马尔 (Amrith Ramkumar)、 基奇·哈吉 (Keach Hagey) 以及埃琳·吴 (Erin Woo)

研究人员兴奋地互相打电话，并在 Slack 上发布了他们的胜利喜讯。

在公司内部，这一突破被视为一场残酷商业竞赛中的胜利，旨在构建比人类更智能的 AI 工具。这场数万亿美元规模的冲刺 [请参阅 A4 页]

投资者重新爱上购物中心

作者：凯特·金 (KATE KING)

长期陷入困境的购物中心业务终于迎来了高光时刻。

在落后于商业地产复苏多年之后，购物中心的表现现在优于所有其他物业类型，因为越来越多的投资者得出结论，封闭式购物中心的生命力比此前认为的更强。

根据房地产分析公司 Green Street 的数据，过去一年购物中心的价值上涨了 13%。这一涨幅在所有 10 个商业地产领域中排名第一，且是商业地产整体价格涨幅的两倍多。

多家庭住宅和办公楼领域回报率的低迷，无疑正促使一些 [请参阅 A2 页]

一项傲慢的运动在苏格兰迎来蜕变

* * *

在 Ship Inn 旅馆，板球在海滩上进行，期间还设有啤酒休息时间

作者：詹姆斯·胡克韦（JAMES HOOKWAY）

苏格兰，伊利——格雷厄姆·巴克纳尔（Graham Bucknall）喜欢这样说：当他在福斯湾（Firth of Forth）买下 Ship Inn 旅馆时，他不确定自己是接手了一支附带酒吧的板球队，还是接手了一家附带板球队的酒吧。

“我现在仍然不知道是哪个，”他说。此时他正准备清理海藻并夯实沙地。这里是全球唯一一家所有主场比赛都在海滩上进行的板球俱乐部。

30多年来，

Howzat?（出局了吗？）

30多年来，Ship Inn 旅馆一直派出球队迎接来自英国各地的访客。今年夏天的亮点包括与玛丽勒本板球俱乐部（Marylebone Cricket Club）的年度比赛——该俱乐部是伦敦勋爵板球场（Lord's Cricket Ground）的管理方，也是这项运动的古老守护者；此外还有一场与海湾对岸村庄 Earlsferry 的宿怨之战。

这有点像是一场嬉戏。在其他运动所谓的“补水休息时间”里，服务员会端着啤酒壶和托盘玻璃杯来到海滩上。裁判穿着短裤和人字拖。

巴克纳尔的妻子瑞秋（Rachel）是一位受过古典训练的歌手，她用慵懒的语气通过公共广播系统播报比分——“挥棒，没击中。噢，天哪！”——偶尔还会穿插一些关于狗叼走走失球的公共服务公告。

然而，越来越多的球队在争取参赛机会，这证明了一个令人惊讶的趋势：长期被忽视的板球

感谢我们的客户使我们成为

基于 G2 Grid 报告以及截至 [2026年2月] 的经核实的客户评论和评分。

美国新闻

美联储会议召开，沃什陷入困境

（接第一页）

当投资者普遍预期加息会加深一种怀疑，即沃什在迎合提名他的总统时。

美联储的利率决策旨在独立于白宫做出，这一安排旨在将短期政治压力排除在货币政策之外。其假设是，面对选民的民选官员总是倾向于比实际需要更低的利率。在选举前调整利率并不罕见；在1994, 2004, 2018年以及乔·拜登担任总统的2022, 年，央行都在选举前提高了利率。

一年前，沃什在电视采访中批评美联储降息速度太慢。官员们最终在去年年底三次下调利率，以防止劳动力市场陷入低迷。

沃什表示，他的观点是根据情况而非政治而定的。在2025年7月被问及当时他呼吁降息是否受到可能选择他的总统的影响时，他举了几个他预判较早而美联储反应较慢的例子。他在CNBC上表示：“鸟儿更换羽毛有其时机，且随时代而变。这与这位总统无关。”

特朗普总统在五月的就职典礼上与凯文·沃什在一起。

去年的降息恰逢数十年来针对美联储最持久的公开攻势。共和党人特朗普花费数月攻击鲍威尔，并威胁要以欺诈罪起诉他。他任命了一名高级经济顾问斯蒂芬·米兰（Stephen Miran）进入董事会，米兰在他参加的所有六次会议中都持异议，主张采取更宽松的政策。特朗普还试图撤换理事丽莎·库克（Lisa Cook），这是总统首次尝试解雇美联储理事。直到最高法院介入，她才保住了席位；该案件目前仍在审理中。

敦促降息的政府及其盟友始终坚持认为通胀问题已得到解决，并指责美联储在寻找不降息的借口。一年多以来，通胀在实现美联储$2%的目标方面没有取得任何进展。

在选择沃什的前一周，特朗普透露了一种核心焦虑，他表示候选人会告诉他想听的话，而一旦获得任命就随心所欲。“人们在获得职位后的变化令人惊讶。这太糟糕了，某种程度上的不忠，但他们必须做他们认为正确的事，”此前选择鲍威尔担任最高职位的特朗普说道。

沃什对他所面临的任何压力几乎没有提及。与沃什交谈过的人表示，他认为鲍威尔领导下的美联储通过发表一些不必要的对抗性言论使情况恶化，例如讲述关税将如何推高价格，或在公开场合捍卫央行的独立性。沃什的方法是通过少说话来避免挑衅。

在美联储7月的最近一次会议上，三位地区联邦储备银行行长投票反对维持利率不变，而倾向于加息。几个月来，白宫将美联储向加息方向的偏移解释为沃什身边的人所致，暗示特朗普选择领导央行的人与他意见一致，但被一个敌对的委员会困住了。

随着本周之前的进展，两名有影响力的美联储官员仍对维持利率不变持开放态度，政府的解释变得越来越难以维持。如果沃什在本周引导同事加息，那么就很难再争辩说他是被拖到某个方向的。

沃什在夏天缩小了自己的选择空间。他在6月的就任新闻发布会上开启了主席任期，这让投资者预期会对通胀采取更强硬的应对措施，随后他在7月维持利率不变，却未解释这将如何降低通胀。在他讲话时，长期收益率上升，这表明投资者不确定他的强硬言论能否转化为政策。

8月的一次主旨演讲修正了方向。沃什表示，他几乎没有看到借贷条件在抑制经济的证据，且夏季较好的通胀数据并未让他相信潜在趋势正在改善。如果现在再次维持利率不变，他将成为一个其警告可以被随意忽略的主席。

周五的通胀报告堵死了最后的出口。一项关键的消费者价格指标在8月份的涨幅高于预期。投资者将本周加息的概率提高到了约 $90% 。

曾领导国会预算办公室的共和党经济学家道格拉斯·霍尔茨-埃金认为，在7月之前，沃什没有必要在今年秋季中期选举前通过加息来冒与白宫发生冲突的风险。但自7月会议以来，沃什的言论以及受能源冲击和AI热潮影响的经济形势，让他陷入了进退两难的境地。“他正被逼无奈，”他表示，“凯文·沃什是一位杰出的政治家，他将不得不处理这个问题。”

他说，现在唯一的问题是这种情况会如何演变。总统和主席可能会默契地同意让特朗普责骂沃什，而沃什则默默承受；或者特朗普可能会像没发生过一样继续前行。“特朗普会转移话题，而不是与他们正面交锋，因为他不能承认自己犯了错，”霍尔茨-埃金说。

沃什多次表示，他不会被政治考量所左右。“他们选择了一个独立的人来做一份独立的工作，而这正是我计划要做的事，”沃什今年夏天告诉立法者。

一些认为美联储去年根本不该降息且本应已经开始加息的人认为，本周并非开始加息的正确时机。美国企业研究所（AEI）的保守派经济学家迈克尔·斯特雷恩表示，他本会在7月投票支持加息，但如果当时理由不够充分，那么从那时起至今也没有发生足够改变局面的事情。

相反的观点认为，等待的理由在全年都在削弱，而不仅仅是从7月开始。另一些人则认为时间表并不重要。“我根本不认为这会在本次会议上成为一个因素，”2018年至2022年期间担任美联储副主席的理查德·克拉里达表示。

投资者重返购物中心

（接第一页）

投资者转向零售和购物中心物业，由于新供应量缺乏，这些物业的入驻率和租金增长表现得更为稳健。

但消费支出的韧性以及零售商破产数量的减少，也使购物中心处于多年来的最强地位。最成功的购物中心业主通过翻新物业并引入不易受在线竞争影响的租户（如奢侈品零售商、鼎泰丰等热门餐厅以及娱乐场所），持续吸引客流。

美国最大的购物中心业主 Simon Property Group 的股价在 7 月突破了此前的高点，这是自 2016. 以来的首次。在过去的 12 个月里，该股的表现优于标准普尔 500 指数。

这与五年前该行业的处境截然不同。当时，疫情期间的长期关闭重创了购物中心的客流量，而此前该行业已在遭受百货公司关店以及对在线购物兴起的焦虑之苦。

根据 Green Street 的估计，自 2008, 以来已有约 200 家购物中心关闭，目前全美约有 900 家在运营。

摩根士丹利美国房地产投资信托（REIT）及商业地产研究主管 Ronald Kamdem 表示：“就我们目前对购物中心基本面的看法而言，这可能是疫情后感觉最好的一次。”

美国购物中心的复苏如此强劲，以至于总部位于巴黎的业主 Unibail-Rodamco-Westfield 在宣布计划退出美国市场四年后，重新回到了这场博弈中。

该公司已承诺今年投入近 10 亿美元 billion，买断其在两家购物中心——圣迭戈的 Westfield UTC 和 Westfield Southcenter 的合作伙伴份额，通过这些交易获得了这两处物业的完全控制权。

URW 首席执行官 Vincent Rouget 表示：“我们看到了自 2010 年代初以来未曾见过的租金增长。”

EMMA ROSE MILLIGAN 为《华尔街日报》拍摄 今年弗吉尼亚州的 Tysons Corner Center 购物中心。根据房地产分析公司 Green Street 的数据，购物中心价值在过去一年中上涨了 13%。

Rouget 表示，美国市场现在是公司的增长驱动力，其租户销售额和净经营收入的增长速度超过了整体投资组合的平均水平。URW 近年来剥离了许多表现较低的区域性物业，但仍拥有 14 家位列全美顶尖水平的美国购物中心。

来源：Green Street

并非只有顶级购物中心在回升。中端市场物业的入驻率和销售额也在增长。

总部位于田纳西州查塔努加的购物中心业主 CBL Properties 在疫情冲击后曾在破产法院保护下度过了一年，该公司表示今年的客流量和销售额均有所增长。其股价同样在上涨，自年初以来已飙升 48%。

该公司自 2013, 以来已出售或放弃了 20 多家购物中心，但自 2025 年 7 月以来又购买了五处新物业。首席执行官 Stephen Lebovitz 表示：“我认为，这真的比我们预想的还要好。”而且，年轻的美国人正频繁出入购物中心购物和社交。今年在弗吉尼亚州的 Tysons Corner Center，Heather Eilers-Bowser 为丈夫和儿子挑选运动鞋，而她 13 岁的女儿则在寻找一条她在面向青少年的品牌 Edikted 网上看到的时尚运动裤。

*2026 数据截至 7 月

Eilers-Bowser 有时会对年轻一代在购物中心的花费感到震惊。在谈到女儿时，她说：“她的化妆品比我的还贵，而且贵得多。”

尽管近期有所增长，但购物中心的价值仍远低于十年前的峰值。许多投资者依然持怀疑态度。

更正与补充

《贝尔法斯特协议》（Good Friday Agreement）规定，如果北爱尔兰民众倾向于加入爱尔兰共和国，且爱尔兰共和国也支持统一，则应举行全民公投。周一的一篇关于特朗普总统周末访问爱尔兰的世界新闻文章错误地将该协议描述为：如果英国政府的大多数成员支持加入爱尔兰共和国，且爱尔兰共和国的民众投票支持统一，则可以举行全民公投。

Antenna 在 2024 年估计，NFL 的“周日票”（Sunday Ticket）拥有 180 万 名订阅者。周一一篇关于该非本地市场周日下午比赛套餐的技术文章未注明该估算数据的日期。

Unifor 表示，汽车组装工人与 Stellantis 之间当前的劳工协议将于 9 月 20. 到期。在周六的部分版本中，一篇关于 Stellantis 位于安大略省布兰普顿工厂的商业与金融文章错误地将其写为 8 月 20。

美国网络犯罪报告

佐治亚州监狱没收的技术设备

电厂排放规则将放宽

作者：JENNIFER HILLER

美国环保署（EPA）周一表示，将废除部分针对电厂的二氧化碳排放规则，这是旨在削减该机构在监管气候变化方面作用的更广泛努力的一部分。

此举将撤销奥巴马和拜登时代关于碳排放的两项关键政策。

第一项将扭转拜登时代打击煤电厂及新建天然气发电厂污染的政策。另一项涉及美国环保署在《清洁空气法》下监管气候污染的更广泛权限，这可能会阻止未来的政府监管电厂排放。

美国环保署署长李·泽尔丁（Lee Zeldin）称周一的行动是“美国历史上针对美国电力部门最大规模的去监管行动”。

世界资源研究所（World Resources Institute）美国总监大卫·维达夫斯基（David Widawsky）称这些公告是“重大退步”，且为化石燃料发电企业提供了“免费通行证”。维达夫斯基表示：“电力部门约占美国气候污染的四分之一，是美国第二大排放源。”

美国环保署曾在2月份采取行动，撤销奥巴马时代的“危害认定”（endangerment finding），该认定将六种温室气体列为对公众健康和福利的威胁。该认定曾为限制电厂排放以及在《清洁空气法》下收紧车辆燃油经济性标准的气候规则提供法律支撑。但政府今年早些时候的规则修订重点在于汽车行业和尾气排放，而非电力工业。

“今天的提案指出，《清洁空气法》并未赋予我们基于气候变化来监管电厂排放的权限，”泽尔丁在休斯顿举行的一场关于能源充足性的 G-20 部长级会议上表示。“在环保署，我们遵循一个非常简单的原则：如果国会没有授权，环保署就不应该去做。”

围绕这一问题的法律斗争已经展开。一组民主党执政州和环保组织正在挑战撤销“危害认定”的行为。预计还将有针对电厂规则变更的独立请愿书被提交。

电力行业此前一直抵制拜登政府的规则，该规则要求电厂实施碳捕集与封存技术，或将燃料从天然气切换为氢能。不符合其中一项选择的新电厂将无法满负荷运行。

这些规则并不适用于现有的天然气电厂，而后者是国家电力供应的支柱。但目前许多拟建的新天然气电厂是为了满足 AI 数据中心激增的电力需求。

该规则被认为对煤电厂尤为困难，因为煤电厂的运行比天然气电厂更复杂且成本更高，且在市场中难以与天然气和可再生能源竞争。

美国国家农村电力合作协会（National Rural Electric Cooperative Association）首席执行官吉姆·马特森（Jim Matheson）称拜登时代的规则是“无法实现的”。

马特森表示：“它还通过强迫关键的现有电厂提前退役并严重限制新天然气电厂的运行，加剧了美国电网面临的压力。”

曾就职于美国环保署总法律顾问办公室的 Baker Botts 律师事务所律师亚历克斯·邦德（Alex Bond）表示，围绕《清洁空气法》、“危害认定”以及美国环保署的气候权限，目前有多个法律案件在审理中。邦德说：“最终，这件事注定会交由最高法院裁决。”

囚犯利用违禁手机向担忧的家属诈骗钱财

作者：JOE BARRETT

南卡罗来纳州哥伦比亚市——当阿特·蒙克（Art Monk）开始收到来自 In & Out 保证金债券公司的电话和短信，称他的成年子女在监狱中需要帮助时，蒙克的反应迅速且激烈。

他们的关系已经破裂多年，蒙克此时完全没有心情介入最新的危机。

“这不是我的问题，”这位68岁的退休工程师回信道，“他希望我死，那么我就死了。”

但不久，蒙克的态度软化了。“他确实需要去医院，而不是监狱，”他随后给对方发信息，对方自称叫“詹姆斯”。

在接下来的几天里，蒙克一直与詹姆斯聊天，对方礼貌的南方口音和专业的关切赢得了他的信任。蒙克还开始通过 Cash App 汇款，用于支付保释金、康复治疗和精神药物费用。詹姆斯在一次信息中写道：“先生，我不说谎，在我告诉他您为了让他进这家康复中心花了多少钱后，他哭了。”

蒙克一共交出了近 $12,000. 如果他当时不介入，情况会好得多。

他的成年孩子确实被监禁了，而且“In & Out Bail Bonds”也是一家真实存在的公司。但詹姆斯并不是保释金经纪人。他自己也是一名囚犯，被关在两小时车程外的佐治亚州戴维斯博罗的华盛顿州监狱中。

根据当地警长部门随后在逮捕令中列出的指控，蒙克被骗了。

诈骗正成为美国生活中令人不快的一种背景噪音。去年，联邦调查局（FBI）收到的网络犯罪投诉报告损失额超过 209 亿美元 billion。许多诈骗源自海外，但令人惊讶的是，有相当数量的诈骗来自美国监狱内部。

“囚犯们在应该被关起来的时候，究竟是怎么获得所有这些信息的？”哥伦比亚市的退休护士西尔维娅·布鲁克斯问道。当她的孙子入狱时，一名被追踪到佐治亚州监狱的来电者联系了她，冒充法院分流计划的工作人员，骗走了她 $1,368.

调查人员表示，囚犯们只需要违禁手机和在囚犯之间流传的熟练剧本即可。他们有时随机拨打电话，威胁如果没能支付“缺席陪审团职责”的罚款将被逮捕；或者他们搜寻发布近期入狱人员名单的网站，然后给亲属打冷电话，提供虚假的帮助方案。他们通常使用基于网络的应用程序，使用与当地警长办公室或保释机构镜像的号码拨打电话，甚至在目标回拨时设置具有说服力的语音信箱。

阿拉巴马州、佛罗里达州、卡罗莱纳州和加利福尼亚州的囚犯已被指控进行—。

更多诈骗源自监狱内部

图自上而下：GRANT BLANKENSHIP / 美联社，JOE BARRETT / 华尔街日报 (2)

右上图为亚特·蒙克（Art Monk）及其妻子凯西·蒙克（Kathie Monk），他被一名就关在乔治亚州华盛顿州立监狱（见顶部图片）的囚犯诈骗了近 $12,000。左上图为南卡罗来纳州里奇兰县警长里昂·洛特（Leon Lott），他与蒙克一同出席，宣布对相关囚犯提起指控。

在狱中操纵电话诈骗。乔治亚州似乎是一个中心。

“乔治亚州的囚犯似乎几乎拥有不受限制的电话使用权，”南卡罗来纳州里奇兰县警长部门的调查员马库斯·约翰逊（Markus Johnson）表示。他已向至少八所乔治亚州监狱的二十多名囚犯发出了逮捕令，其中包括三名与蒙克和布鲁克斯案件有关的囚犯。

在监狱内部，环境可能对诈骗者有利。“那里可能很嘈杂，可能很混乱，”乔治亚州中区联邦检察官威廉·基斯（William Keyes）表示。他的办公室今年确保了两名乔治亚州囚犯被定罪——其绰号分别为“Apes—t”和“C-Port”。他们使用非法手机实施了一场全国性的陪审团义务诈骗计划，榨取了至少 $465,000

囚犯仅需一部走私手机和一套熟练的剧本。

来自 119 名受害者。

调查人员表示，这些手机通常是通过无人机、亲属或狱警送入的。

面临严重人员短缺的佐治亚州惩教部称，走私手机问题是一个全国性问题，他们正致力于解决。

仅在今年，该部门就逮捕了 18 名工作人员和 92 名平民，罪名是走私违禁品——此外还有 102 起针对诈骗者的未结案件。他们没收了数以千计的手机和数十架无人机。官员们表示，新的联邦工具正有助于限制手机的流入和使用。

来源：联邦调查局（FBI）（网络犯罪报告）；佐治亚州惩教部（没收的技术设备）

佐治亚州总检察长克里斯·卡尔（Chris Carr）希望得到华盛顿更多的帮助，包括获得干扰手机信号和击落无人机的授权。美国联邦通信委员会（FCC）表示，正在制定一项允许州立监狱屏蔽蜂窝信号的规则。一名美国联邦航空管理局（FAA）官员表示，另一项正在制定中的新规则将允许监狱申请禁止在其财产附近飞行无人机。

回到哥伦比亚，蒙克（Monk）在惨痛的教训中了解了这一切。二月的一个早晨，他接到一个看似来自 In & Out 保释债券公司的电话，尽管他的手机安装了垃圾邮件拦截器。

一个冒充该公司员工的人，自称詹姆斯（James），称呼他为“先生”并让他放下戒心。“他不是什么外国人，”蒙克说，“他带着南方口音，而我听得懂那种语言。”

位于北卡罗来纳州夏洛特市真正的 In & Out 保释债券公司的所有者唐娜·乔尔斯（Donna Jowers）两年来一直在处理关于此类冒充者的电话。“这些人很专业，”她说，“当你绝望且你爱的人陷入困境时，你根本不会思考。”

詹姆斯声称他正在处理蒙克被监禁的成年子女的案件。这名 28 岁的人面临心理健康挑战，并认同自己为女性。“他在监狱里活不下去的，”蒙克想。他向詹姆斯汇了 \$11,939，这是他预留用于缴税的钱。

蒙克不知道的是，詹姆斯也尝试联系过他的前妻，但前妻没有相信这个说辞。

她告诉蒙克他被骗了。

“有太多疑点，”他回忆道，“我觉得自己真的很蠢。”

然而，蒙克并没有退缩，而是变成了一名斗士。他联系了里奇兰县警长办公室，他的卷宗被送到了调查员约翰逊（Johnson）的办公桌上。

32 岁的约翰逊获得了对诈骗中使用的网络电话号码的搜查令。结果返回了一长串代表手机网络连接的数字——尽管区号是南卡罗来纳州的，但所有连接都源自佐治亚州的一个手机基站。他还获取了这些号码发送和接收的短信，以及与之相关的其他客户数据。

这场诉讼标志着民主社会主义市长与特朗普总统之间迄今为止最受关注的法律对决。特朗普在第二任期内试图收紧合法移民形式，并禁止经济能力有限的移民进入美国。马姆达尼（Mamdani）去年竞选市长时承诺保护纽约

由此，他向谷歌（Google）、Verizon 和 Zelle 发出了传票。约翰逊表示，在筛选电子邮件及相关电子邮箱账户后，他找到了那个冒充詹姆斯的人：一名佐治亚州的囚犯。

挖掘整个数字足迹花费了一个多月的时间。约翰逊还识别出另外半打囚犯诈骗者，并指控其中一人为共犯。

“这些人在这方面真的很差，”约翰逊说，“感觉就像在和一个 4 岁小孩玩捉迷藏。”北卡罗来纳州保险部调查员蔡斯·福斯（Chase Foss）向约翰逊学习过，但他并不这么认为。“约翰逊把它说得简单，是因为对他来说很简单，”福斯说。

在签发逮捕令之前，约翰逊喜欢联系涉嫌诈骗的人，看看恐慌是否会让对方露出马脚。因此，在三月份，他给一名被他锁定为骗走蒙克钱财的囚犯发送了电子邮件。约翰逊在邮件中写道：“说认真的，你需要找个新行当了”，邮件主题是：“嘿，骗子！”

“也许可以试试洗衣服……或者交易宝可梦卡片，”约翰逊写道，“诈骗这事儿？你根本不擅长。也记得告诉其他伙计们。”他还没有收到回复。

五月份，蒙克与里奇兰县警长里昂·洛特（Leon Lott）共同出席了一场新闻发布会，会上宣布对九名乔治亚州囚犯提起指控，这些囚犯被指控诈骗了 100 多人，金额超过 $100,000。一旦他们目前的刑期结束，将面临被引渡至南卡罗来纳州接受新指控的审判。

多个城市就绿卡及签证政策变更起诉美国政府

作者：JAMES FANELLI 与 Michelle Hackman

市长佐兰·马姆达尼（Zohran Mamdani）周一表示，包括纽约在内的多个城市组成的联盟已提起诉讼，挑战特朗普政府的一项新规定。该规定将允许联邦政府更容易地基于移民使用公共福利的情况，拒绝向其发放绿卡和签证。

特朗普政府下的城市移民。

这项在夏季公布的联邦规定将扩大政府的权力：如果审核人员发现移民使用了政府福利，或认为他们未来可能会依赖此类福利，则可以拒绝向其发放绿卡或签证。

特朗普政府推出这项将于 9 月 18 日生效的规定，旨在遏制移民使用当地公共项目（如食品或医疗保健援助）。如果移民本人或其家庭成员曾获得州或联邦政府的助学金就读大学，也可能被拒绝发放绿卡。

在诉讼中，包括芝加哥、旧金山和西雅图在内的这些城市主张，新规定违背了长期以来的法律先例，此前这些先例限制了对主要依赖政府援助生存的移民拒绝发放绿卡和签证的行为。诉讼称，新规定错误地扩大了该定义，将接受临时或补充援助的移民也纳入其中。

马姆达尼周一表示，该规定不仅会令移民家庭望而却步，还会导致与移民家庭有联系的美国公民不敢注册他们有资格参加的项目。他表示，据估计，全国可能有 400 万人会因此规定而退出医疗保健计划。

“这项规定中的任何内容都不能减少浪费，不能让美国人更安全，也不能改善纽约人的生活，”他说。“它纯粹是制造混乱和残酷的工具。”

美国国土安全部的一位代表在回应该诉讼时表示：“这是左翼领导人为了证明他们纵容非法罪犯欺诈美国纳税人而进行的意识形态扭曲。”

这起在曼哈顿联邦法院提起的诉讼，标志着市长与总统之间最公开的一次冲突。这两位政治立场截然相反的人物自马姆达尼就职以来，一直保持着令人惊讶的友好关系。特朗普此前在 11 月的一次椭圆形办公室会面中曾称赞马姆达尼。马姆达尼表示，他偶尔会与特朗普讨论纽约市的情况，并且在 2 月份访问白宫后，他成功促成了一名被联邦移民局拘留的哥伦比亚大学学生的获释。

另外，纽约州总检察长莱蒂西亚·詹姆斯（Letitia James）周一宣布，代表纽约州及全国近 20 个其他州，针对该新规定提起了一起类似的针对特朗普政府的诉讼。

特朗普政府一直在更广泛地寻求限制经济能力有限的外国人移民，而新规定使得政府更容易拒绝向那些财务、健康、教育、技能或其他情况表明其可能成为“公共负担”的移民发放绿卡。

特朗普不希望增加技术护栏

总统谴责 AI焦虑为骗局 并称增速放缓 将使中国受益

作者：布莱恩·施瓦茨（BRIAN SCHWARTZ）

特朗普总统反对加强联邦政府对人工智能监管的必要性，并将安全担忧斥为一场骗局，称这将导致该行业陷入财务崩溃，并给中国带来竞争优势。

他的这一表态正值 AI 行业领导者们日益紧迫地发出警告，称需要通过监管来防范其自身技术可能带来的潜在危险；与此同时，公众对建设支撑 AI 运行所需的数据中心的抵触情绪也在不断积聚。

“ 所需要的唯一控制或‘护栏’，就是一位强大且聪明（高智商！）的总统，而美国恰恰拥有这样一位总统，而且绰绰有余！”特朗普周一在 Truth Social 上写道。“针对 和数据中心正进行着一场病态的阴谋，而唯一对此感到高兴的是中国。”

在一系列帖子中，他质疑为什么行业领导者在呼吁监管，他表示这可能会“将他们推向湮灭和破产”。他将对 安全风险的担忧比作他第一任期内弹劾程序所依据的指控，以及对气候变化的担忧。至于那些警告 存在生存风险的人，特朗普写道：“很快你们就会发现，他们是在为那些并不以美国最大利益为出发点的人工作！”

总统在 和数据中心问题上的立场，与许多选民在进入中期选举前的感受形成了对比。盖洛普（Gallup）3 月的一项民意调查显示，近一半的受访者“强烈反对”在当地建设 数据中心。而且这种反对不仅来自民主党人——在盖洛普调查的共和党人中，也有近 $40\%$ 强烈反对创建数据中心。在选举前，这种抗议已成为共和党和部分民主党人的负担。

AL DRAGO / PRESS POOL

“我们可以设置护栏，我们可以做这个做那个，但我认为有很多负面力量在挑起这件事，”特朗普周日在爱尔兰旅行期间告诉记者。“他们提出的事情根本不会发生。”特朗普还表示他使用 ，但拒绝提供进一步细节。

Anthropic 首席执行官达里奥·阿莫代（Dario Amodei）一直是呼吁放缓 开发的主要发声者之一。特朗普在帖子中表示，政府过去曾对部分 公司及其领导者的某些行为提出异议并采取行动予以阻止——并以阿莫代为例——且将继续这样做。

阿莫代在其个人博客的一篇帖子中，呼吁 行业放缓前沿工具的开发速度，建议采取新措施，包括民主国家之间加强全球协调，以及引入嵌入式的第三方安全评估员。

总统特朗普

“我相信，如果放慢速度能让我们在模型达到关键能力水平之前多争取一两年时间，并且我们利用这段时间来推进对齐（alignment），我们就能大大降低出现严重错误风险，”他写道。

Anthropic 与特朗普政府已冲突数月。在五角大楼将该公司标记为供应链风险后，Anthropic 起诉了政府，并主张五角大楼因该公司在人工智能安全方面的立场而对其进行了非法报复。一名联邦法官最近做出了有利于 Anthropic 的裁决，认定政府的行为是非法的。

Anthropic 的研究员雅各布·考克森（Jacob Coxon）最近表示，由于担心实验室及其竞争对手正竞相构建他们无法控制的系统，他决定离开人工智能行业，这标志着顶级 公司内部的安全担忧正在增加。

考克森（Coxon）专注于通过让新AI模型消耗海量数据来进行训练，他表示自己不想参与这场全行业竞相构建能够自我改进的AI系统的冲动，他担心此类系统可能会失控并毁灭人类。

其他科技公司也发出了谨慎信号。微软发布了一份临时行为准则，旨在将其应用于训练新的AI模型。OpenAI首席执行官萨姆·奥尔特曼（Sam Altman）也表示，进步的速度可能会导致“非常糟糕”的结果，且人类可能会将“未来的控制权交给AI”。

“我们欢迎一个能为前沿AI设定统一安全要求的联邦框架，”奥尔特曼在X平台的一篇帖子中写道，“无论美国面临多少竞争压力，都不能成为鲁莽行为的理由。”

另外，副总统JD·万斯（JD Vance）在周一表示，政府需要进行“智能监管”，但他并不支持公司请求增加额外的保障措施。他说：“对于这么多前沿AI科技公司跑到政府面前，恳求政府监管它们这件事，我觉得有点奇怪。”

AI 领域中金钱与安全的冲突

（接第一页）当这两家公司最终上市时——初步计划最早在今年年底——预计将带来前所未有的财富与权力红利。

但这同时也是该行业一个即将爆发的爆炸性问题的信号。AI 的开发正以惊人的速度推进——远快于预期——这让公司内部产生了一种日益增长的恐惧感，担心其有失控的危险。

就在同一个周二，Anthropic 研究员雅各布·考克森（Jacob Coxon）宣布辞职，理由是担心其雇主及其竞争对手正在构建能够毁灭人类的自我改进工具。该公司的一位顶尖科学家埃文·胡宾格（Evan Hubinger）在 X 上写道，他认为在未来十年内，AI 导致全人类死亡的可能性超过 10%。Anthropic 的一名安全部门员工德雷克·托马斯（Drake Thomas）在 X 上发帖称，如果能让人们在这种局面中生存下来的机会提高 1%，他愿意“毫不犹豫地将自己的股权全部烧掉”。

科学进步、道德使命与财务激励的碰撞，如今已为该行业制造了一场危机。在过去一年中，AI 的开发推动了股市的剧烈膨胀；而随着 Anthropic 和 OpenAI 都处于首次公开募股（IPO）的边缘，且公司估值可能达到万亿美元级别，这一现象将变得更加显著。来自中国的竞争进一步提高了赌注。

然而，公司内部部分人士发出的大声警告证明，在几乎没有任何监管的背景下继续推进，其潜在危险是巨大的。与此同时，公众对于 AI 开始对价格、就业和教育产生影响的抵触情绪也在日益高涨。

新闻鼓点

随着本周的推进，负面消息接踵而至，硅谷部分领域的恐慌情绪已蔓延至主流社会。在乔·罗根（Joe Rogan）的播客节目中，前 OpenAI 研究员、现 AI 安全活动人士丹尼尔·科科泰洛（Daniel Kokotajlo）警告称，Anthropic 和 OpenAI 等公司在追求市场份额的过程中，正危险地采取“快速行动，打破常规”的做法。

Anthropic 在同一天表示，该公司发现了一个此前未报道的案例，其 Claude 模型的某个版本获得了对外部系统的未经授权访问，并补充称，其模型在狭隘地追求完成某项任务时，表现出了“采取有害行动的意愿”。

周五，一个 AI 研究人员联盟表示，他们发现了证据，证明 OpenAI 的智能体（agents）是 5 月份一起针对某软件服务网络攻击的幕后黑手，其行为与 7 月份针对 公司 Hugging Face 的一次攻击中所见的部分行为一致。

在那次攻击中，数百个 OpenAI 的 机器人合谋入侵 Hugging Face，起初并未被任何人察觉。对于整个行业、政府以及公众而言，这是一个令人警醒的时刻，揭示了这些系统已经具备的令人担忧的倾向。

上方：本月在北卡罗来纳州查佩尔希尔举行的一次 G-20 技术部长会议上，示威者抗议 政策。Anthropic 的达里奥·阿莫代（Dario Amodei，左）和 OpenAI 的萨姆·奥特曼（Sam Altman，右）一致认为有必要放缓 技术的发展速度。

初夏时分， 行业表示，机器即将具备足够的能力来训练其继任者，这可能是失去对它们控制的第一步。到夏末，情况逐渐明朗：这些快速进步的系统能够部署大量自主智能体，这些智能体能够且愿意在现实世界中结盟、欺骗并走捷径，以推进其目标。

周六，四家最大 公司的领导者——达里奥·阿莫代、萨姆·奥特曼、德米斯·哈萨比斯（Demis Hassabis）和埃隆·马斯克（Elon Musk）——均同意需要放缓该技术的发展。奥特曼和阿莫代承诺允许第三方安全评估人员提前访问其系统，这是一次罕见的休战。

这些高管要求更好地掌控自身技术开发节奏的呼吁，代表了一个典型的硅谷故事：改变世界的新技术、巨大的财富、极速的竞争，以及在面对产品安全担忧时解锁新能力的亢奋感。

“这看起来像一场希腊悲剧：这些心怀好意的商业领袖被困在了这场‘竞底’竞赛中，” 安全活动人士马克斯·泰格马克（Max Tegmark）表示。泰格马克此前曾向教皇发出呼吁，随后利奥十四世（Leo XIV）警告称 存在将“反人类愿景”制度化的风险。泰格马克表示，他在过去一周内与 公司领导者们进行了短信交流。

“他们一直说，‘现在’应该是机器能力跨越某个阈值的时候，”泰格马克说，“现在他们说，好吧，也许那个时候就是现在。”

他表示，这是朝着正确方向迈出的一步，但他们必须加大力度，使这些自愿承诺具有法律约束力。

特朗普政府在监管 产业方面采取了轻触模式，认为美国在技术军备竞赛中对中国的主导地位至关重要。美国官员担心，中国如果控制更强大的 ，可能会帮助其成为这项新技术的全球首选供应商，并帮助其积累更多地缘政治影响力及军事实力。

“我们可以设置护栏，我们可以做这个做那个，但我认为有很多负面力量在推动它，”总统—。

打造比人类更智能的 AI 工具，一场残酷的商业竞赛正在上演。

唐纳德·特朗普在爱尔兰旅行期间告诉记者，暗示这些高管的担忧另有深意。“而且他们提出的那些事情根本不会发生。”

AI 安全活动人士的批评者认为，那些发出严厉警告的人夸大了这项新技术的风险，且 在工作效率、药物研发等方面带来的进步远超其风险。一些人还指出，阿莫代（Amodei）等人此前关于 普及可能导致失业的警告不过是营销噱头，认为这些警告已被证明被夸大了，或者是为了转移对其他问题的注意力。

一些怀疑论者还表示，OpenAI 和 Anthropic 在争取商业客户的同时，面临着为了持续训练和改进模型而获取计算能力所带来的成本压力，因此他们选择推迟上市是出于财务原因，而非安全原因。

错失的警示

对于一些 公司内部人士来说，警钟在今年夏天——即各公司竞相寻求公开上市之际——就已经敲响。

大型 公司内外的人工智能安全研究人员长期以来一直假设，足够强大的 系统可能会开始自我改进并陷入失控状态。但大多数人认为，他们还有数年时间来解决诸如所谓的“对齐问题”（alignment problem），即如何确保未来的超智能机器服务于其人类创造者。

在 Anthropic 于 6 月提交机密上市申请文件三天后，该公司宣布其正处于通往这一阈值的路径上，该阈值被称为“递归自我改进”（recursive self-improvement）。在的一篇随笔中，公司官员表示，世界需要一种机制来减缓或暂停 的开发。

不到一周后，奥特曼（Altman）和 OpenAI 的首席科学家雅库布·帕乔基（Jakub Pachocki）发表了文章，称他们同样旨在构建一个“自动化 研究员”，以加速并自动化新版本的研发。他们补充说，他们认为最终应该建立一个全球机构，在必要时帮助世界减缓 的开发。同一天，OpenAI 表示已提交 IPO 申请文件。

7 月下旬，OpenAI 发现了 Hugging Face 被黑客攻击的事件。许多细节在公开前经历了一个月多的时间，且该事件至今仍未被完全理解。但公司内外调查人员一致认为，OpenAI 在数周内失去了对 1,200 多个顶尖智能体（agents）的多个迭代版本的控制，其中一些智能体随后攻击了 公司 Hugging Face，而另一些则完全控制了其一个云计算系统。

随后关于该事件的报告读起来像科幻小说。这些智能体当时在理应与互联网隔离的系统中进行测试。但它们找到了出口，并以极快速度发起了复杂的网络攻击。它们创建了一个秘密留言板，在上面分享如何欺骗内部测试的信息。在它们为了展示推理过程而创建的“思维链”（chain-of-thought）文件中，它们写下了像人类一样的信息。根据 安全非营利组织“模型评估与威胁研究”（Model Evaluation and Threat Research）的一份报告，一个智能体写道：“我的天！有一个共享留言板，我们找到了其他智能体！”

Anthropic 的研究人员最初认为这一事件证明了他们的产品开发方法更安全，但在 7 月下旬，该公司披露其自身的测试智能体也对外部公司发起了网络攻击。Anthropic 及其测试合作伙伴（另一家名为 Irregular 的初创公司）并未将这些测试系统与互联网隔离，而是意外地使其可以访问。

在英国一家机构进行的独立测试中，一个运行 Anthropic Mythos 模型的智能体多次试图诱骗一名开源程序的真实人类软件维护人员安装该智能体编写的恶意软件。该智能体通过创建虚假账户并冒充人类，采用了被称为“社会工程学”的黑客技术。

员工的担忧

在 7 月下旬由 AI 安全倡导非营利组织 Encode AI 协助组织并发布的一封信中，各大公司的顶尖员工请求美国支持建立全球 治理机制，以“刻意控制自动化 开发的前沿进度”。截至 9 月中旬，已有近 1,400 名员工签署了该信函。

即便是以促进 安全为宗旨成立，且长期利用其对安全开发的关注来吸引顶尖人才的 Anthropic 公司，也因该问题而失去了一些员工。

“总的来说，员工级别越高，就越感到担忧，”研究如何维持对先进 系统控制权的 Anthropic 研究员塞缪尔·马克斯（Samuel Marks）在 X 上写道。

一名 Anthropic 发言人表示，公司各级别的员工都对 安全感到担忧，且许多员工在 7 月签署了那封关于控制前沿进度的公开信。

8 月下旬，曾在该公司从事对齐研究的乔·本顿（Joe Benton）离职加入了安全非营利组织 METR，他表示竞争正迫使公司在安全方面的投入不足。

考克森（Coxon）离职时，向 Anthropic 的同事发送了一条 Slack 消息：“如果没有国际协调，我们将面临导致人类灭绝的风险。”

考克森的朋友、Encode 的总法律顾问内森·卡尔文（Nathan Calvin）就如何宣布离职为考克森提供了建议。Encode 获得了包括亿万富翁扬·塔林（Jaan Tallinn）在内的 安全倡导者的资金支持，而卡尔文此前曾在由亿万富翁达斯汀·莫斯科维茨（Dustin Moskovitz）资助的 安全组织工作。

这两位一直是“有效利他主义”（Effective Altruism）运动中最著名的财务支持者，他们为许多致力于提高 安全性和就 风险发出警报的机构提供了种子资金。

政策网络（ Policy Network）的政策负责人彼得·威尔德福德（Peter Wildeford）迅速转发了考克森的消息，该网络获得了塔林的“生存与繁荣基金”（Survival and Flourish Fund）的资助。他驳斥了关于共同资金来源是“某种巨大的阴谋论”的说法，并表示 实验室的员工经常告诉他“他们对自己正在构建的东西感到多么恐惧”。

包括对冲基金经理兼风险投资家布拉德·格斯特纳（Brad Gerstner）在内的一些 大投资者，在周六赞同了放缓速度的呼吁。即便经常批评 Anthropic、认为其呼吁监管是为了扼杀竞争的白宫 顾问、风险投资家大卫·萨克斯（David Sacks）也表示认可，尽管他认为公司不应寻求政府对协调暂停的认可。萨克斯说：“如果未发布的模型恐怖到让你认为应该放慢速度，我支持你做出负责任的决定。”但他补充道， 领导者应该“停止伪装放慢速度的动机纯粹是出于利他主义”。

中国 AI 的核心关注点在于与美国的竞争

近期一场北京博览会的参观者。中国正专注于在 AI 能力上与美国相匹敌。

尽管存在末日担忧，北京仍将技术霸权之战视为优先事项

作者：STU Woo 和 RAFFAELE HUANG

新加坡——中国同样担心人工智能可能会带来末日。但首要任务是：它需要追赶美国。

正当美国在 可能在数年内终结人类的警告中焦虑不安时，一名中国高级官员周日分享了北京的最新观点： 是“新一轮科技革命的核心引擎”，也是其与美国竞争的主要战场。

对于中国顶尖 实验室的一些工程师来说，末日危机感觉像是“第一世界”才有的烦恼。尽管有几个中国 模型在全球排名中上升，但研究人员表示，他们仍然落后美国实验室数月或更长时间。一些人认为，这项技术还处于起步阶段，生存威胁看起来像是一个遥远的担忧。

换句话说，那些构建和监管中国领先 模型的人认为，他们还没有造出 21 世纪版本的核武器——而且在美国完善自身技术时，他们不会放慢速度。

牛津中国政策实验室（Oxford China Policy Lab）的研究员 Zilan Qian 表示：“ 的进步速度更快，因此美国实验室的人可能会比中国实验室的人看到更多危险的事物。”她补充说，中国研究人员也没有像美国研究人员那样评估社会影响的文化。

这并不是说中国官员没有意识到威胁。北京多年来一直设有 规则来监管 的开发和服务，包括对聊天机器人进行审查，使其呼应共产党的立场且不破坏社会稳定。

在中国年度更新的 2025 版《 安全治理框架》中，中国最高网络监管机构详细阐述了这一威胁。

该监管机构表示：“ 可能会在智能水平上出现突然的、出乎意料的飞跃，使其能够自主获取外部资源、自我复制并产生自我意识。这可能会驱动 寻求外部权力，并带来与人类竞争控制权的风险。”

甚至中国领导人习近平也对此发表了看法。他在 7 月的一次全国 会议上表示：“我们要确保 始终处于人类控制之下，”随后补充道：“同时，我们应共同反对在 领域过度扩大国家安全概念，将一个国家的安全置于其他国家之上。”

这是在讽刺美国禁止向中国出口尖端 芯片的政策，而这正是美国实验室领先于中国实验室的一个重要原因。习近平曾表示， 将决定中国是否能在全球范围内竞争，并致力于推动国家构建自给自足的 生态系统。

特朗普总统对他决心保持美国领先于中国的态度毫不掩饰。特朗普周一在社交媒体上发帖称：“一场针对 和数据中心的病态阴谋正在进行，唯一对此感到高兴的是中国。”

特朗普和习近平将于本月在华盛顿会面，双方官员正忙于研究两位领导人应如何探讨 问题。

尽管过去一周太平洋两岸都在为 担忧，但北京为其全力推进的步伐进行了辩护。在中国官方媒体周日发表的一篇文章中，中国国家安全部部长陈一新表示， 带来了威胁——特别是如果被外国对手利用。他写道，这些风险包括对共产党统治、关键基础设施、数据安全和军事的威胁。

周一，中国外交部发言人表示，美国要求放缓 创新的呼吁是“散布恐惧”，是旨在削弱竞争对手的冷战剧本的一部分。

在中国政府部门和AI研究实验室中，重点一直放在追赶上。当Anthropic今年发布能够检测安全漏洞的Mythos系统时，北京方面对此反应强烈，并敦促国内公司在技术上与之匹敌。上个月，Z.AI公司表示其已经实现了这一目标。

该公司联合创始人唐杰在7月告诉员工，Z.AI将在接下来的两年中专注于曾导致雅各布·考克森（Jacob Coxon）辞职离开Anthropic的那个概念。唐杰将这一努力称为“触高项目”（Touch High Project），并表示Z.AI将投资构建能够自我改进的AI系统。

Z.AI及其他公司表示，其目标是追求通用人工智能（AGI），即像人类一样思考的系统。唐杰还表示，他的公司将投资于他所谓的“极端安全治理”，包括投入数十亿美元以更好地理解AI如何做出决策——这一过程目前被认为在很大程度上是不透明的。

AI 股票在技术担忧中上涨

（接第一页）以及英特尔（Intel）依赖新订单来维持其增长故事。

增速放缓并非必然结论。AI 的建设已成为美国经济最稳固的增长源之一，是全球资本市场的支柱，也是美国与中国技术军备竞赛的主要战场。维持这一势头至关重要，尽管与人类潜在的灭绝风险相比，这一切都显得微不足道。

周一上午，特朗普总统暗示，他对 领导者们呼吁克制的请求不为所动。“针对 和数据中心正进行着一场病态的阴谋，唯一对此感到高兴的是中国，”特朗普在 Truth Social 上写道。

身为共和党人的特朗普在当天下午再次介入，他在参加洛杉矶一场技术会议时，在台上给英伟达（Nvidia）首席执行官黄仁勋（Jensen Huang）打了电话。“机器人不会接管一切。 也不会接管一切，”特朗普在免提电话中说道，“这完全是个骗局。”

投资者本·普拉迪安（Ben Pouladian）向《华尔街日报》分享了一段该对话的视频，视频显示黄仁勋回应道：“没错，我们不会让那种情况发生，先生。”

美国主要股指周一小幅下跌。S&P 500 下跌 0.5%，而科技股权重较大的纳斯达克综合指数下跌 0.6%。道琼斯工业平均指数周一收盘下跌 0.3%，即 152 点。

无论警告多么令人不安，似乎很少有人将其视为放弃 交易的理由，而正是 交易推动了美国股市多年来的大部分上涨。与中国的技术竞赛是原因之一。

“真正发生了什么？肯定是有足够大的事情让达里奥（Dario）、萨姆（Sam）和埃隆（Elon）达成罕见的一致，” 投资分析公司 Reflexivity 的联合创始人朱塞佩·塞特（Giuseppe Sette）表示。“不过，由于中国也参与了这场竞赛，我们预计不会出现任何重大放缓。至于 股票的任何回调，那纯粹是买入机会。”

网络安全板块飙升。

费城半导体指数（PHLX Semiconductor Index）下跌 5.9%，为 7 月以来最糟糕的一天，而网络安全公司的股票则 [...OMITTED...]

软件公司的股票今年因担心新 工具会使其过时而受到冲击，但它们成为了 S&P 500 中表现最好的板块之一。

AI 基础设施建设已成为美国经济增长的稳定来源。

高盛技术分析师吉姆·施奈德（Jim Schneider）表示，AI 交易模式已发生剧烈转变。今年上半年，投资者一直在寻找能够利用供应链瓶颈、以高价销售紧缺产品的公司。施奈德上周在一次投资者会议上表示：“上半年的简单交易方式就是追逐短缺环节，无论是 DRAM、内存股还是光学元件。”他补充道，“其中一些股票已经回落。现在的关键问题是，这种‘约束交易’在下半年是否依然有效？还是我们会看到一些更传统的计算交易重新抬头？”

这些波动凸显了投资者和分析师在识别 领域的最新进展、挫折及监管动态将如何影响广泛市场和经济时所面临的挑战。根据某些衡量标准，今年美国个股之间的相关性处于历史最低水平，许多人将其归因于各行业在寻找 赢家和输家方面的竞争。

大多数人认同的一点是： 投资热潮不会很快结束。这一假设使得许多人倾向于将该行业在周末发出的警告视为积极信号。

B. Riley Wealth 的首席市场策略师亚特·霍根（Art Hogan）表示：“我认为这是一个拐点，虽然短期内会引起波动，但最终可能会让我们在安全性方面处于更好的位置。”他补充道，“我绝对不认为那些前沿开发者愿意承认‘我们投入的数千亿美元是错误的，现在我们要放弃’。”

这并非 末日论首次走出硅谷。但近期一系列事件放大了这种声音：OpenAI 的 智能体分别入侵了 Hugging Face 和 RubyGems 平台；一名现已离职的 Anthropic 研究员以及几名在职员工表示， 系统最早可能在十年内终结人类。

随着 军备竞赛围绕“递归自我改进”（即 可以无止境地优化自身）展开，Anthropic 的阿莫代（Amodei）暗示增速可能会放缓。而互为死对头且经常大肆争吵的奥特曼（Altman）和马斯克（Musk）很快对此表示赞同。

研究人员对该技术给网络安全带来的威胁尤为担忧，最新一轮的警告促使网络安全公司股价在周一迎来大涨。CrowdStrike 成为 S&P 500 的最佳表现股，上涨 $14\%$ 。Palo Alto Networks、Fortinet 和 ServiceNow 也录得大幅上涨。

相关硬件供应商的股价则遭受重创。康宁（Corning）、特拉戴恩（Teradyne）和 Coherent 成为 S&P 500 的表现最差股，跌幅均至少达 $12\%$ 。

尽管如此，芯片股的糟糕表现可能更多是因为投资者在获得巨额利润后选择套现，而非对其由芯片短缺驱动的持续巨额利润前景产生了根本性的看法转变。PHLX 指数在过去一年中仍上涨了 84%。

霍根表示：“其中一些半导体公司今年的股价翻了三倍。如果你在寻找一个暂时‘下车’或至少调整仓位的理由，周末的消息正好提供了一个。”

美国观察

讣告

鲍勃·麦基，87岁，明星设计师

起重机压毁了三辆车，包括停在上方的一辆。一名司机在车辆起火后从车内逃生。

时尚设计师鲍勃·麦基（Bob Mackie）于周一去世，享年87岁。他那极具视觉冲击力的好莱坞风格定义了20世纪70年代的魅力——包括为卡罗尔·伯内特（Carol Burnett）设计一些最古怪的装扮，以及为雪儿（Cher）设计一些最大胆的服装。他的公关人员表示，麦基在加利福尼亚州棕榈泉因肺炎去世。

麦基曾获得九项艾美奖、一项托尼奖，并获得三次奥斯卡奖提名，其中包括为芭芭拉·史翠珊（Barbra Streisand）在电影《有趣的女人》（Funny Lady）中设计的透明蝙蝠翼礼服。2002年，他被 入选 入电视艺术与科学学院名人堂。

他曾为麦当娜（Madonna）、史翠珊、莎朗·斯通（Sharon Stone）、戴安娜·罗斯（Diana Ross）和朱莉娅·路易斯-德赖弗斯（Julia Louis-Dreyfus）设计礼服，并为皮克（Pink）设计演唱会服装。当玛丽莲·梦露（Marilyn Monroe）在为总统约翰·F·肯尼迪（John F. Kennedy）和民主党全国委员会举办的筹款活动上，以气息轻盈且诱人的方式演唱《生日快乐》时，她穿着的是一件由麦基在草图中构思的透明珠片礼服。

当泰勒·斯威夫特（Taylor Swift）希望在她的2025年专辑《秀女生活》（The Life of a Showgirl）封面上呈现秀女形象时，她选用了一些麦基的原作。

他曾表示，实用性从未成为他设计的驱动力：“这一切都是为了好看，为了实现你的幻想。”

麦基从1960年到1963年与秀女露露·波特（Lulu Porter）结婚；他们的儿子、化妆师小罗伯特·戈登·麦基（Robert Gordon Mackie Jr.）在35岁时死于艾滋病。他的长期伴侣、服装设计师雷·阿加扬（Ray Aghayan）于2011年去世。

——美联社

迈阿密

起重机坍塌导致4人受伤

官员表示，周一上午，在迈阿密一个高档社区的建筑工地，一台高达85英尺的起重机倾倒在路过的一辆汽车上，导致车辆起火，司机及三名建筑工人受伤。

坍塌发生在上午8点刚过，地点位于该市的布里克尔（Brickell）社区。迈阿密消防局局长罗伯特·埃维亚（Robert Hevia）表示，他很庆幸在起重机坍塌和汽车起火事故中没有人死亡。

“我在消防部门工作了28年；当你看到现场时，会感到非常震撼，”埃维亚说。“我们有四名受害者，而他们全部能够被救出或自行逃生且仅受轻伤，这对他们来说是幸运的一天。”

埃维亚说，一名在建筑工地旁街道上行驶的女性看到起重机开始倾倒。

“能够看到起重机倒下，然后将车倒车并从后方跳出，而此时车子正在起火，这真的不可思议，”他说，并补充道，起重机还压毁了两辆无人驾驶的停放车辆，但最终落在了一个存放容器上，容器内有两名建筑工人。

埃维亚表示，两名被困工人以及在起重机倾斜时设法跳出的起重机操作员，均被送往附近的一家创伤中心，伤势较轻。开车的那名女性也受了轻伤，被送往另一家医院。官员尚未公布伤者身份。

官员尚未说明导致起重机（具体为打桩机）倾倒的原因，埃维亚表示坍塌事故正在调查中。打桩机通常与传统起重机共用底座，但其上部设计用于将立柱深打入地下，以支撑大型结构。

官员表示，职业安全与健康管理局（OSHA）和迈阿密-戴德县（Miami-Dade County）的不安全结构人员已作出响应。消防员留在现场监测并控制燃料泄漏，防止进一步扩散，直到专业的缓解小组到达。

——美联社

纽约市

卡利尔起诉大学

哥伦比亚大学抗议者马哈茂德·卡利尔（Mahmoud Khalil）已对其前就读学校提起诉讼，指控校方未能采取足够措施保护他及其他支持巴勒斯坦的学生，使其免受与以色列-哈马斯战争相关的“严重、持续且有组织的骚扰”。

该诉讼于周一提交至纽约南区美国地方法院，指控该大学未能保护支持巴勒斯坦的学生免受外部团体的攻击，并在校园内使这些学生受到审查和歧视。

卡利尔在大学校门外表示，哥伦比亚大学“优先考虑部分学生的保护和福祉，而忽视了我们的担忧和恳求”。

哥伦比亚大学的一位发言人拒绝就诉讼发表评论，但表示该大学“致力于保护我们的社区免受歧视和骚扰”。

周一的这起诉讼是由卡利尔发起的，他曾是一名学生，在抗议活动中发挥了关键作用，并曾在移民拘留所度过了 100 多天。

诉状称，该大学经常忽视与该团体相关的学生的骚扰投诉，即便其成员的名字和面孔出现在将他们标识为“哥伦比亚大学领先的反犹太主义者”的名单上。

卡利尔目前仍在对抗政府将其驱逐出美国的努力，他表示，大学未能保护他免受此类骚扰，“直接导致”了他在 2025 年 3 月被捕并被尝试驱逐。

—Victoria Albert

JULIA DEMAREE NIKHINSON / AP

麦康奈尔在缺席3个月后重返国会山

这位肯塔基州参议员的缺席曾给其政党微弱的多数席位带来压力

作者：SIOBHAN HUGHES 和 LINDSAY WISE

华盛顿——参议员米奇·麦康奈尔（Mitch McConnell，共和党，肯塔基州）周一在国会山进行了三个月来的首次投票。此前，一次跌倒事件引发了人们对其健康状况以及他是否能重返岗位的担忧。

他乘坐轮椅抵达，由其幕僚长和一名长期助手陪同。他在参议院议事厅外简短地向媒体发表讲话，参议院官员不允许对该过程进行录像。

“我必须承认，在回避了你们的问题两年——实际上是几十年之后，我不确定今天会有多少人在这里，”麦康奈尔向记者开玩笑说。他的话语发音不清晰，有时难以分辨。“是时候回去工作，为本届国会完成任务了，”他说道，并提到了农业法案以及对北约和乌克兰的支持。他没有回答任何问题。

共和党人和民主党人在议事厅内迎接了他。参议员约翰·肯尼迪（John Kennedy，共和党，路易斯安那州）将手放在他的肩膀上说：“好吧，我们现在麻烦大了。”他告诉麦康奈尔，他的新绰号是“岩石”。

在第一次投票（一项关于确认联邦法官的程序性措施）期间，坐在轮椅上的麦康奈尔竖起了大拇指。

在 X 上宣布回归的一份声明中，84 岁的麦康奈尔表示，他的康复“是一个漫长且经常令人沮丧的过程，而且童年时期患过小儿麻痹症的后遗症让这一切变得更加困难”。他表示自己还没有“完全恢复到 100%”，但已告知党内领导层，在他继续进行物理治疗的同时，他将努力出席关键投票。

米奇·麦康奈尔坐在轮椅上，在回归的第一天对一项确认联邦法官的程序性措施进行投票。 FINN GOMEZ / GETTY IMAGES

这位前参议院多数党领袖在 6 月 14 日因短暂失去意识并跌倒而住院。他的办公室在数周内提供的信息极少，引发了关于他处于昏迷状态或丧失能力的猜测。

最终，麦康奈尔在 7 月 12 日发表声明，称其长期缺席参议院及住院是因为一次跌倒以及随之而来的肺炎。近年来，麦康奈尔多次遭遇跌倒、脑震荡以及在公开场合出现僵住的情况。

麦康奈尔的办公室此前还发布了该参议员及其妻子赵小叶（Elaine Chao）的照片，但他并未公开露面。几位盟友表示，在他康复期间他们曾与他交谈。

上个月，麦康奈尔从一家康复中心出院。当时，麦康奈尔表示他将“继续与我的工作人员和同事就重要的参议院事务进行沟通”，但未具体说明回归的时间表。他不再寻求连任，其任期将于 1 月初结束。

麦康奈尔的缺席进一步增加了共和党在参议院本就紧张的多数席位压力。

俄罗斯资金资助小唐纳德·特朗普婚礼活动

作者：ANNIE LINSKEY 和 THOMAS GROVE

一名与总统弗拉基米尔·普京有联系的俄罗斯商人资助了今年早些时候唐纳德·特朗普二世与贝蒂娜·安德森（Bettina Anderson）婚礼后在巴哈马举行的庆祝活动。

在 Instagram 上发布的一份声明中，这对夫妇确认，乌马尔·克雷姆列夫（Umar Kremlev）支付了在巴哈马偏远岛屿上举行的两晚婚后活动的费用。

“这是一位朋友极其慷慨的婚礼礼物，对此我们过去和现在都深表感激，”他们在声明中写道。声明附带的照片显示，特朗普总统的成年子女及其朋友在婚礼后进行庆祝。

在声明中，这对夫妇表示，他们是在仅有家人出席的小型仪式上结婚的，随后与更大规模的群体共同庆祝。这对夫妇表示，这次由克雷姆列夫资助的周末旅行此前已计划好，最初并非旨在作为婚礼庆祝活动。

ProPublica 此前报道称，克雷姆列夫资助了这场婚礼庆祝活动。克雷姆列夫未回应置评请求。特朗普总统没有参加其儿子的婚礼庆祝活动，该活动在阵亡将士纪念日周末举行。

“我不知道乌马尔是谁，从未听说过他，”特朗普在声明中表示，他在声明中将仪式与婚后活动区分开来。“那是为他们举办的‘派对’。没什么大不了的！”

第一夫人梅拉尼娅·特朗普没有参加婚礼或随后的派对，她与这些活动保持距离。据第一夫人的发言人称，“特朗普夫人与克雷姆列夫先生没有，且从未有过关系。”

唐纳德·特朗普二世周六与妻子贝蒂娜·特朗普在都柏林。右侧的乌马尔·克雷姆列夫是一名与总统弗拉基米尔·普京有联系的俄罗斯人，他协助资助了5月的婚后庆祝活动。

ARTYOM GEODAKYAN / TASS / ZUMA PRESS

“特朗普夫人在组织婚礼活动中没有扮演任何角色，也不知晓其财务规划的任何方面。”

在《华尔街日报》看到的巴哈马庆祝活动照片中，宾客们在心形装饰下摆拍，一名宾客在她的帖子中配文称其为“世纪婚礼”。

照片显示了在迪斯科球下的舞蹈，一个顶端带有新郎新娘人偶的白色蛋糕，以及唐纳德·特朗普二世在背景烟花绽放时将新婚妻子抱在怀中的场景。

在接受本报采访时，一名婚礼宾客回忆起看到一群说俄语的人——但该宾客不知道他们是谁。

巴哈马派对的宾客包括特朗普的女婿贾里德·库什纳（Jared Kushner），他是总统的高级顾问，近期在莫斯科与普京会面。库什纳的发言人未回应置评请求。

克雷姆列夫一直致力于扩大其领导的国际拳击协会（International Boxing Association）的影响力，他自2020年起担任该协会主席，且自总统就任以来一直与唐纳德·特朗普二世会面。克雷姆列夫在莫斯科南部的家乡谢尔普霍夫（Serpukhov）开始练习拳击。

去年，克雷姆列夫在伊斯坦布尔的一次会议小组讨论中与唐纳德·特朗普二世相邻而坐，穆罕默德·阿里之女拉舍达·阿里·沃尔什（Rasheda Ali Walsh）也在场。IBA 在会议后的一份声明中表示：“克雷姆列夫主席和唐纳德·特朗普二世明确表示——这一联盟将不再仅仅是象征性的。”

5月24日，在他资助的巴哈马庆祝活动期间，

克雷姆列夫发布了一张自己在林中行走的照片，他穿着一件印有弗拉基米尔·普京照片的 T 恤，上面写着“谁攻占了柏林？”

今年夏天早些时候，克雷。

克雷姆列夫因与普京的关系而被乌克兰制裁。

今年夏天，克雷姆列夫领导的国际拳击协会（IBA）在美国举办了首届裸拳锦标赛，赛事包含10场拳击、综合格斗、踢拳和裸拳比赛。该活动原定由安德鲁·泰特主持，他当时已回到美国。

根据IBA一个Instagram账号上的视频，泰特在锦标赛前一天的宣传活动上表示：“明晚见大家。”随后，在英国寻求以包括强奸和性贩卖在内的数十项指控将其引渡后，泰特在场馆外被逮捕。

克雷姆列夫因与普京的关系而被乌克兰制裁。乌克兰指控他充当俄罗斯影响力的渠道。

这位俄罗斯本土人士在接管IBA后，通过对其进行品牌重塑并经常让自己成为活动的中心，在拳击界崭露头角。他在接管协会后不久便引发了争议，他更改了协会的名称和标志，并与俄罗斯天然气工业股份公司（Gazprom）建立合作伙伴关系，使这家国有天然气巨头成为该机构最大的赞助商。

在特朗普2025年就职后不久，克雷姆列夫给这位新任美国总统写了一封公开信，祝贺他并表示希望他能“调查”国际奥委会不将拳击项目纳入2028年洛杉矶奥运会的决定。

他还多次公开反对禁止俄罗斯运动员在国家旗帜下参赛。

长期以来，克雷姆列夫一直为克里姆林宫以及与其关联的一小群政治人物、商人及安全特工的利益服务。克雷姆列夫与克里姆林宫政治的首次接触，是在他加入“夜狼”（Night Wolves）之后。这是该国最著名的摩托车俱乐部，旨在俄罗斯于2014年吞并乌克兰黑海克里米亚半岛并遭到西方首轮制裁后，提升民族主义情绪以及公众对普京的支持。

他穿着一件带有俄罗斯三色旗的皮背心，参与该团体的宣传噱头活动，并结识了另一位拳击爱好者阿列克谢·鲁贝日诺伊（Alexei Rubezhnoy）。两人大约在同一时间离开了“夜狼”，并参与到俄罗斯拳击联合会中。

两人至今仍保持友谊，并在网上发布共同穿着拳击装备的照片。

最终，身材魁梧的格斗选手鲁贝日诺伊接任普京的联邦警卫局（Federal Guards' Service）局长，该机构相当于莫斯科的特勤局，是一个能近距离接触该国权力最高者的令人向往的职位。

克雷姆列夫的地位同样在上升，他从俄罗斯拳击联合会主席在2020年成为了国际业余拳击协会的负责人。

此后，IBA扩大了与俄罗斯的联系，其领导层中出现了俄罗斯人，且许多比赛在俄罗斯举行。该机构在2022年暂停了乌克兰拳击联合会的会员资格，后者最终完全退出了IBA。

克雷姆列夫还与“健康祖国”（Healthy Fatherland）组织有关联，该组织因在将乌克兰儿童从被占领土大规模绑架并驱逐至俄罗斯的过程中扮演的角色而遭到乌克兰制裁。

纽约市学校拟禁用 YouTube

作者：SHALINI RAMACHANDRAN

纽约市议会的高级成员正呼吁禁止学生在市属学校中使用 YouTube，这标志着人们对大型科技公司在教育领域所扮演角色的反对情绪日益增强。

市议会监督与调查委员会主席谢卡尔·克里希南（Shekar Krishnan）和教育委员会主席埃里克·迪诺维茨（Eric Dinowitz）表示，他们呼吁实施禁令的原因是测试成绩下降以及来自家长和教师的投诉。

“在课堂上禁用 YouTube 这个问题对我来说具有个人意义，”克里希南说道，他表示自己已经看到了学校设备不受限制的访问对他自己的年幼孩子产生的影响。“我不认为它具有教育价值。我认为它带来的危害要多得多。”

他们的提案是在市长佐兰·马姆达尼（Zohran Mamdani）本月宣布该部门将禁止小学生和初中生使用人工智能之后提出的。该计划将禁止学生在设备上观看 YouTube，并要求市教育局提供证据来证明其他用途的合理性，例如教师在课堂上播放视频。

迪诺维茨和克里希南还呼吁该市禁止游戏化学习应用程序，取消幼儿园至五年级学生的个人数字化设备，并在标准化测试中回归纸笔形式。

纽约市是美国最大的学区，服务约一百万名学生，市议会是该市教育局及其预算的关键监督机构。克里希南计划引入一项立法，强制教育局对该提案进行评估。

法官阻止特朗普限制选票

（接第一页）法官表示，在11月3日中期选举前实施这些规则在物流上是不可能的，因为许多选票已经准备就绪，且包括北卡罗来纳州和威斯康星州在内的部分州已经开始向选民邮寄选票。

2024年，近三分之一的美国选民使用了邮寄选票，而部分州主要通过邮寄方式进行选举。

大法官克拉伦斯·托马斯（Clarence Thomas）和萨缪尔·阿里托（Samuel Alito）对最高法院的这一裁决持异议。

该裁决驳回了政府提出的紧急上诉，使总统在其中一项优先事项上再次遭遇最高法院的挫败。此次裁决正值激烈的中期选举之战期间，这场选举将决定他在任期最后两年的国会控制权。距离选举日仅剩七周，大法官们可能被要求对更多快速演变的投票相关争议进行裁决。上周，法院阻止了密苏里州一份有利于共和党的新国会选区地图。此外，法院可能很快会对特朗普政府的另一项计划做出裁定，该计划拟使用一个政府称可筛选选民资格的移民数据库。

根据计划中的邮寄规定，除非各州遵守几项新条件，否则邮政局将拒绝递送各州发送给选民的选票。具体而言，各州的选票信封必须包含个性化条形码和其他新设计特征，且各州必须将所有符合邮寄投票资格的选民姓名、地址和条形码上传到一个新的在线门户网站。邮政局在9月3日的一份法院文件中承认，该门户网站尚未投入运行，一名举报人则称该机构在仓促推出该计划时处理得一团糟。

最高法院对其反对该规则的决定仅提供了极少的理由。法院使用法律术语简短地表示，政府针对地方法院法官阻止该规则的禁令所提出的挑战，“在实质性理由上不太可能成功”。法院补充说，“公平因素”不支持通过紧急裁决来解除禁令。

阿里托写了一篇长达八页的异议书，认为邮政局拥有“监管邮件递送的广泛权力”。他还表示，挑战者对该机构规则出台过晚“承担相当一部分责任”，因为这些规则被一项由特朗普在3月签署并促成其出台的行政命令所引发的诉讼给延迟了。托马斯签署了阿里托的异议书。

由特朗普任命的大法官布雷特·卡瓦诺（Brett Kavanaugh）增加了一段赞同意见，同意法院的决定。他表示，在他看来，邮政局的规则“至少有相当大的可能性”在机构的法定权限之内，但选举官员在中期选举前“没有足够的时间来合理地实施”这些规则。

通过维持针对该规则的禁令，最高法院的决定实际上保证了这些规则在中期选举期间将继续搁置。预计未来将就邮政局是否能在未来的选举中执行这些规定展开进一步诉讼。

这是最高法院在三周内第二次就政府改革邮寄投票的努力做出裁决。8月24, 法院裁定此前的一项法律挑战为时过早，因为该挑战是在邮政局公布最终规则之前提出的。

大法官们还在其紧急议程中审理另一起独立案件，涉及政府试图部署一个官员称可检测不合格选民的公民身份数据库。两家下级法院已阻止政府允许各州使用美国国土安全部的数据库，因为挑战者认为这违反了联邦隐私法且容易出错。

全国各地的选举官员和投票权利团体认为，特朗普在邮寄投票方面的操纵——包括那些正在仓促实施且首次采用的政策——将面临剥夺大量公民投票权的风险。反对者特别指出，邮政局的规定将使数百万美国人失去投票能力，因为许多司法管辖区无法在选举前及时采取任何可行的合规措施。

尽管民主党官员主导了针对特朗普举措的法律挑战，但一些共和党选举官员也表达了担忧。他们在提交给最高法院的一份法律简报中表示，在选举周期的这个阶段实施如此广泛且未经测试的措施已经太晚了。

莫斯科的武器正变得更智能、更廉价

来源：国际战略研究所（Geran-3, Geran-4, -5 规格）；Deagel（Banderol 规格）；Drone-Warfare（-3, -4 作战日期）；Army Recognition（-5 作战日期）；国防民主基金会（Banderol 作战日期）

中国零部件提供帮助 俄罗斯在制造 进攻性威胁方面 领先于西方

作者：丹尼尔·迈克尔斯（DANIEL MICHAELS）

正当乌克兰学会如何化解俄罗斯的无人机攻击时，莫斯科通过新一代喷气动力武器改变了游戏规则。

新型无人机和 Banderol 巡航导弹成为了致命的提醒：俄罗斯依然拥有部署新威胁的资源和供应链，且此次这些武器配备了先进的电子设备，使其能够精准寻找目标并规避拦截。乌克兰及其他国家根据目前少数被击落的残骸表示，至关重要的一点是，这种飞跃在很大程度上得益于从中国采购的零部件，这违反了国际制裁。

中国方面表示，其对可用于战争的技术出口实施监管。

分析人士和外交官表示，俄罗斯这些新型且相对廉价的武器表明，莫斯科的军队依然保持着适应能力和创新能力。分析人士称，俄罗斯通过修改早期型号、进行实战测试并迅速启动量产，在两年内研发并部署了这两种武器。

通过这种方式，莫斯科抢占了对手的先机。乌克兰已经证明其能够快速行动——它研发了首批有效的喷气无人机之一——但缺乏生产资源，且在长远规划能力方面不足。

与此同时，美国及其北约（NATO）盟友正努力增加爱国者拦截弹等武器的产量。西方政府也在苦苦思索如何加速将创新转化为量产设备。

“在西方，我们倾向于低估俄罗斯，但他们能非常快速地从构思和实验进入生产阶段，”华盛顿战略与国际研究中心 Wadhwani AI 中心高级研究员卡特里娜·邦达尔（Kateryna Bondar）表示。“这种闭环是西方军队应该向俄罗斯学习的地方。”

莫斯科的研发直接影响到美国，因为俄罗斯、伊朗和朝鲜共享军事技术。乌克兰战争中的创新正出现在美国与伊朗的战争中。

尽管乌克兰的打击影响了俄罗斯经济，但莫斯科仍成功部署了其新武器。总统弗拉基米尔·普京重新调整了国家方向以支持其征服乌克兰，使他能够将预算和国有银行的资金注入国防部门。他采取的动员方式是北约民主国家自第二次世界大战以来从未考虑过的。

Banderol 导弹和无人机满足了对廉价且高效的单向武器的需求——这是乌克兰和西方国家也在追求的一种经济折中方案。这些武器是升级后的低端武器与简化后的高端武器的结合体。它们在成本、射程、速度、爆炸威力以及在不被拦截的情况下抵达目标的能力之间取得了平衡。

Banderol 和相关武器每件成本约为 $100,000。美国高端的“战斧”巡航导弹及俄罗斯同类型号每枚成本超过 200万美元。

-5 型看起来更像导弹而非无人机。

DroneSec（一家无人机威胁情报公司）首席执行官迈克尔·蒙尼克（Mike Monnik）表示，-5 型迫使人们重新编写针对螺旋桨无人机制定的反无人机策略，因为“它本质上是一款穷人的巡航导弹”。

DroneSec 的分析师认同乌克兰的评估，即俄罗斯严重依赖中国零部件，包括喷气发动机、导航计算机和通信

蒙尼克表示，“俄罗斯的无人机计划关键性地依赖于中国组件”。

对于乌克兰而言，莫斯科的进展令人困惑，因为乌克兰还面临着俄罗斯弹道导弹的威胁，这些导弹携带巨大的爆炸载荷且难以拦截。俄罗斯还在利用战机投掷滑翔炸弹猛烈打击乌克兰军队，而乌克兰几乎没有办法阻止。这种打击威胁到了基辅维持前线的能力。

“虽然无人机是个问题，但到目前为止，乌克兰面临的最大问题是滑翔炸弹，”英国智库英国皇家联合军种研究所（Royal United Services Institute）研究员贾斯汀·布朗克（Justin Bronk）表示。

对于美国及其盟友来说，俄罗斯改进的无人机带来了经济上的头疼问题。

波斯湾的美国军队和北约已不得不动用爱国者导弹和喷气式战斗机等昂贵设备来拦截廉价的无人机和导弹。基辅和西方政府正在寻求更廉价的方法来挫败低成本攻击。

军事专家表示，武器类别之间界限的模糊，要求防御系统更加集成，并能够应对旨在压垮防空系统的各种威胁。布朗克表示，如果北约能组建一支专门的多国反无人机部队，通过持续训练以击落各类无人机和导弹，将大有裨益。他认为，这可以通过使用相对实惠的设备来实现，例如雷达引导的高射炮和用于训练战斗机飞行员的简单喷气式飞机。

美国和北约官员表示，他们正在解决这一问题。

电子设备。

邦达尔（Bondar）表示，预判开发浪潮至关重要。

她表示，几年前乌克兰就有迹象表明俄罗斯正在研发喷气式无人机和廉价巡航导弹，但基辅对这些武器的大规模使用缺乏准备。

“很久以前就很明显我们会走到这一步，”邦达尔说，“我很惊讶大家都感到惊讶。”

美国对俄罗斯外贸银行实施制裁

作者：DYLAN TOKAR

美国财政部周一将俄罗斯第二大金融机构——外贸银行（VTB Bank）认定为伊朗伊斯兰共和国的关键金融节点，并对该银行实施了更多制裁。

据知情人士透露，针对外贸银行的新制裁旨在向国际合作伙伴施压，促使其切断与该行的往来。财政部长斯科特·贝森特（Scott Bessent）多次威胁，将对帮助伊朗规避美国经济限制的外国公司实施二级制裁。

贝森特上个月宣布了一项针对伊朗的名为“经济弃民行动”（Operation Economic Outcast）的极限施压计划，并在周五预告了最新的制裁措施，但未点名目标。他表示：“我们将继续这个过程，直到每个人都停止与该政权打交道。”

外贸银行未回应置评请求。

新制裁的直接影响尚不明确。外贸银行在 2022 年因俄罗斯入侵乌克兰而被美国制裁，且既有制裁已禁止任何美国个人或机构与外贸银行进行交易。

美国官员表示，尽管有这些制裁，这家俄罗斯银行仍继续为伊朗提供重要的生命线。知情人士称，外贸银行为伊朗中央银行和几家受制裁的伊朗银行提供结算账户，使得伊朗里亚尔与俄罗斯卢布能够便捷地进行兑换。

$100 俄罗斯一枚 Banderol 导弹或一架 Geran 无人机的典型成本。

知情人士表示，外贸银行在全球拥有超过一千家分行。财政部称，该行曾帮助转移了数十亿计的被冻结伊朗资产。

特朗普集团计划在格鲁吉亚打造新大厦

作者：埃利奥特·布朗 (ELIOT BROWN) 以及 埃文·格什科维奇 (EVAN GERSHKOVICH)

近年来，美国与高加索国家格鲁吉亚的关系已由热转冷，因为这个前苏联加盟共和国一直在打击异见人士，并向弗拉基米尔·普京领导的俄罗斯靠拢。

但有一家美国企业并未被这一转变所吓倒：特朗普集团（Trump Organization）。

本周，一群格鲁吉亚开发商计划启动“第比利斯特朗普大厦”（Trump Tower Tbilisi）的营销工作，并公布了一座有望成为该国最高建筑的摩天大楼效果图。这些格鲁吉亚投资公司在5月与特朗普家族公司签署了一项关于这座70层大厦的品牌授权协议。

对于外国特朗普大厦而言，这是一个繁荣的市场。在过去三年中，从阿布扎比到越南，再到马尔代夫，私人开发商纷纷排队为其酒店和高尔夫球场项目冠以特朗普之名。

在特朗普总统的第一任期内，由于人们担心利益冲突，特朗普集团曾誓言不进行任何海外交易，实际上使新业务陷入停滞。但在特朗普的第二任期内，总统的商业公司取消了这一自我设限——交易随之纷至沓来。

去年，总统报告称从海外物业许可交易中获得了5900万美元，高于2024年的4500万美元，且远超此前报告的任何一年。

开发商通常向特朗普集团支付一笔预付款——近期约为500万美元——随后支付一部分收入，不过具体细节可能有所不同。就像餐厅加盟商一样，开发商可以将其项目命名为特朗普大厦，只要符合各项设计和服务标准即可。特朗普家族经常协助这些项目的营销，并出席公开活动。

特朗普曾表示，他的儿子们代表他经营业务，他本人并未参与。

特朗普集团拒绝置评。该公司此前否认存在任何利益冲突，称商业往来与政府政策是分开的。

民主党人和治理团体表示，来自全球的收入为总统的外交议程引入了新的潜在冲突。一些向特朗普集团付费的开发商在美政府面前还有其他业务。

白宫表示，特朗普仅为了美国公众的最佳利益而行动，且其业务不存在利益冲突。白宫发言人未回应置评请求。

一座冠以特朗普之名的格鲁吉亚最高大厦即将落成，这在外交政策上显得尤为不和谐。

格鲁吉亚曾是美国在前苏联国家中最亲密的伙伴之一：乔治·W·布什曾在2005, 飞往第比利斯，宣布其为“自由的灯塔”，且该国曾是加入北大西洋公约组织（NATO）的候选国。但此后关系恶化，因为格鲁吉亚的执政党——格鲁吉亚之梦（Georgian Dream）——因通过打击异见人士的立法以及其他向俄罗斯靠拢的举措而引起美国不满。

拜登政府公开批评其民主倒退，而在特朗普政府时期，两国关系一直冷淡：国务卿马可·鲁比奥（Marco Rubio）在去年的听证会上似乎将格鲁吉亚描述为拥有一个“反美政府”的国家。

与此同时，该项目为格鲁吉亚亿万富翁比齐纳·伊万尼什维利（Bidzina Ivanishvili）的家族带来了经济利益，美国在2024年底对其实施了制裁。

格鲁吉亚公司记录显示，当开发商在2023年达成协议，从一个由伊万尼什维利家族控制的基金会购买土地时，他们同意在稍后日期向该基金会支付最高8500万美元。该项目的一位发言人表示，开发商分期付款，交易于7月全部完成。

分析人士普遍认为，伊万尼什维利是该国的最终决策者。在 2012 年至 2013 年担任格鲁吉亚总理之前，他在俄罗斯积累了巨额财富。离职后，他一直担任由他创立的格鲁吉亚之梦党的名誉主席。

伊万尼什维利还被指责对政治反对派采取了有时带有暴力色彩的镇压行动。格鲁吉亚之梦党被指在 2024 年的一次选举中存在舞弊行为，该选举引发了近两年的定期街头抗议。格鲁吉亚之梦党则表示，选举胜利是合法正当的。

美国众议院去年采取行动进一步惩罚格鲁吉亚的政治领导人，通过了一项获得两党支持的法案，指示华盛顿考虑对现任和前任格鲁吉亚议会议员以及其他政治领导人实施制裁。

伊万尼什维利和格鲁吉亚之梦党的代表未回应置评请求。

格鲁吉亚分析人士认为，这笔交易是商业界向特朗普政府表达某种“和平意向”的一种方式。

“这个项目主要是为了与特朗普政府建立某种联系，”第比利斯伊利亚州立大学的经济学家、教授乔治·基什托瓦尼（Giorgi Khishtovani）表示，“其目的也可能是出于公关考虑。”

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沙特管道风险加剧

近期无人机袭击导致管道关闭， 给本已承压的能源市场 带来进一步压力

沙特阿拉伯正全力抢修上周因无人机袭击而关闭的一条石油管道。此次中断威胁到全球市场将失去另一个原油供应源。

作者：Rebecca Feng, Georgi Kantchev 和 Summer Said

知情人士表示，该王国正试图在几天内恢复管道的部分运行，但修复受损的泵站并全面恢复产能可能需要六到八周之久。

在伊朗战争期间，东西管道已成为全球最重要的能源基础设施之一，它是应对霍尔木兹海峡油轮交通大幅削减的一种替代方案。

东西管道横跨沙特阿拉伯 750 英里，从波斯湾的石油产区延伸至红海港口延布（Yanbu），使沙特原油无需经过霍尔木兹海峡即可进入全球市场。该管道建于 20 世纪 80 年代初，当时“油轮战争”威胁到了波斯湾的航运。

该管道每天最高可输送 700 万 桶原油——其中约 200 万 桶供应沙特国内炼油厂，其余用于出口——但在战争之前，该管道从未在长时间内以满负荷运行。

沙特阿拉伯在延布港的日均原油装载量为每天 500 万 桶

来源：LSEG（延布装载量）；全球能源监测（Global Energy Monitor）（管道）

沙特阿拉伯表示，Sept. 10, 该管道在利雅得和麦地那地区遭到多次袭击，导致人员受伤。沙方称，无人机是从伊拉克发射的，伊拉克当局一直难以控制那些反复攻击沙特基础设施的伊朗支持的民兵组织。

沙特当局表示，他们出于预防措施关闭了管线，但尚未披露损坏的完整程度，也未宣布何时恢复抽油。

即使管道关闭，沙特阿拉伯仍可以通过调用存储在红海港口的石油，继续在延布装载原油。但缓冲空间很小：数据提供商 Kpler 估计，周一延布的原油库存仅为 900 万 桶，且在过去两个月内下降了 700 万 桶以上。延布的储罐容量约为 2400 万 桶。

Rystad Energy 的石油分析师 Janiv Shah 表示，他的工作假设是延布拥有大约三天的原油出口覆盖量，具体范围在两到六天之间，取决于管道关闭时的库存水平。

延布库存能维持多久取决于出口速度。由于该王国将更多原油从霍尔木兹海峡转向其他路径，4 月至 6 月期间，沙特从延布出口的原油量激增至每天 400 万 桶以上。

但根据金融数据提供商 LSEG 的数据，在也门受伊朗支持的胡塞武装宣布封锁该王国并加强对红海沙特航运的袭击后，8 月的装载量下降至仅 110 万 桶。

知情人士表示，沙特阿拉伯可以通过调用存储在埃及的原油，至少再争取一周时间，从而延长红海出口大幅下降前的窗口期。

由于战争期间产量已经大幅下降，长期的管道停运还可能迫使沙特阿拉伯进一步削减产量。根据国际能源署的数据，8 月原油产量下降至每天 600 万 桶，为 30 多年来的最低水平，而去年的平均产量约为每天 9.400 万 桶。

该管道曾在 4 月遭到袭击，导致一个泵站受损，产能减少约 700,000 桶 / 日，但沙特阿拉伯在几天内就恢复了全部产能。

知情人士表示，这一次，部分重启可能会比全面修复快得多。东西向系统由两条平行的管道组成，并使用独立的泵站基础设施，这意味着在另一条线路继续维修的同时，其中一条线路在经过安全检查后有可能恢复运行。

他们表示，修复受损的泵站更为复杂，即使在有利条件下，全面修复可能需要六到八周之久。

分析师估计，在上周停运之前，每天约有 400 万 桶原油通过该系统，约占全球供应量的 4%。

此次停运对油价的影响将取决于沙特阿拉伯恢复流量的速度。

周一油价跳升，国际基准布伦特原油上涨超过 4%，突破每桶 $109，创下 5 月以来的最高水平。

目前，分析师仍维持之前的短期价格预测。

胡塞武装进一步挤压全球石油供应

作者：SUMMER SAID 和 SALEH AL-BATATI

迪拜——在远离伊朗战争之后，也门受德黑兰支持的胡塞武装在周末的一次闪电攻势中夺取了一个关键的海上咽喉要道，这进一步危及了全球能源供应，并使该组织成为了解决冲突过程中不可或缺的一方。

对于该组织的军阀领导人阿卜杜勒-马利克·胡塞（Abdulmalik Al-Houthi）来说，这是一个异常显赫的地位。他自称是先知穆罕默德的后裔，通过恐惧和宗教狂热统治其贫困的领土。但这一地位反映了其拥有 350,000 人的武装军队日益增长的野心，以及他们在战术、导弹和无人机方面的能力。

去年，胡塞武装凭借一套战术在美军的轰炸行动中幸存下来，这些战术使美国海军在一次漫长的部署中精疲力竭，预示了压制伊朗的难度。今年夏天，在更广泛战争带来的分心之际，他们利用内部对手及其阿拉伯赞助者之间的分歧扩大了势力范围。

周五，他们夺取了佩里姆岛（Perim Island），该岛位于战略要地曼德海峡（Bab al-Mandeb Strait）的中心。这条宽 18 英里的咽喉要道之于红海，正如霍尔木兹海峡之于波斯湾。

他们已经为这次袭击准备了数月。8 月中旬，他们将武器和数千名士兵转移到港口城市摩卡（Mokha）周围的阵地，威胁对手的补给线。他们利用对也门电信系统的控制来窃听敌人的通话，制造混乱并恐吓对手投降。

即便在 2014 年该组织占领也门首都萨那（San'a）之后，世界对其关注也很少。而现在，它掌控着全球最重要的能源走廊之一，必须被正视。

“他们觉得自己在内战中获胜了，”研究也门的剑桥大学格顿学院（Girton College）的伊丽莎白·肯德尔（Elisabeth Kendall）表示，“他们不害怕美国，而且最重要的是，他们的适应能力很强。”

胡塞武装在 20 世纪 90 年代崛起，成为人口约 4000 万 的也门的重要参与者。随后，他们依托其宗教血统、统治也门北部的历史以及严酷的镇压，在“阿拉伯之春”后扩大了领土。

在也门内战期间，他们利用来自伊朗的资金和支持，使用廉价的无人机和导弹技术击退了沙特阿拉伯和阿拉伯联合酋长国的干预，并巩固了对该国约三分之一地区的控制。

胡塞武装在萨那的一次动员活动中行进。

中断该水道的石油流动将使被困在霍尔木兹海峡的沙特石油出口陷入瘫痪，并面临全球油价飙升的风险。

运营 Basha Report 风险咨询公司的也门专家穆罕默德·阿尔-巴沙（Mohammed al-Basha）表示，反胡塞武装联盟——包括希望在也门南部建立独立国家的战士，以及与穆斯林兄弟会结盟的人员和前政府军队——面对的是一个强悍且统一的对手。巴沙说：“胡塞武装有一个领导人，一种意识形态和一个清晰的愿景。而反胡塞武装力量则有八支军队和多个指挥部。”

沙特方面承受的压力日益增加。上周，沙特阿拉伯认为来自伊拉克的一次无人机袭击击中了该国至关重要的东西管道。随着霍尔木兹海峡遭到伊朗攻击，以及胡塞武装控制曼德海峡，沙特阿拉伯的敌人正在增加。

要解除胡塞武装对红海口佩里姆岛的控制，可能会再次迫使国际大国卷入也门的长期战争。

在 2025 年的“粗骑手行动”（Operation Rough Rider）期间对胡塞武装进行了 50 天以上的轰炸后，美国似乎并不热衷于干预。即使胡塞武装被赶出该岛或远离红海，他们依然拥有能够使该水道处于风险之中的无人机和导弹库。这镜像了伊朗在目前霍尔木兹海峡僵局中所采取的战略。

“他们将始终能够通过挟持红海的部分海域来勒索，”肯德尔表示。“只有当这件事影响到人们的钱包时，世界才会关注。”

伊朗无人机打击削弱海湾地区数据中心雄心

“将大部分计算逻辑彻底颠覆。”

作者：奥马尔·阿卜杜勒-巴基 (OMAR ABDEL-BAQUI) 和 埃利奥特·布朗 (ELIOT BROWN)

迪拜——在美国和以色列对伊朗发起首轮打击的次日，伊朗伊斯兰共和国随即以无人机群进行反击，目标直指波斯湾最新的高价值目标：美国数据中心。

在这次密集攻击发生六个多月后，位于阿布扎比的一处受损的亚马逊云服务（AWS）设施以及巴林的一处设施仍处于大部分离线状态。该公司已告知客户在设施修复期间将数据迁移至其他地区，且尚未给出完工日期。

这些袭击及其造成的破坏，使得阿拉伯联合酋长国等海湾国家希望成为人工智能等行业全球领先数据处理中心的计划变得复杂。对于那些正在权衡投资额可能高达数百亿美元的美国公司来说，这增加了一项巨大的新风险。

阿联酋投入了多年的外交努力，试图说服美国官员向其出售顶尖的 AI 芯片，并最终促使特朗普政府给予其同样的接

阿联酋官员提出建设地下数据中心的想法。

像欧洲国家一样。在 2025 年 5 月访问阿布扎比期间，特朗普总统见证了该国领导人公布一项数据中心综合体的计划，该综合体需要 5 吉瓦的电力——相当于两座胡佛水坝以上的发电量。

阿联酋和美国官员曾吹嘘 OpenAI 已同意成为该综合体的首批租户，并计划最终占用其 20% 的容量。现在看来，该交易似乎陷入了停滞。知情人士表示，OpenAI 尚未签署该项目的租赁协议。OpenAI 未回应置评请求。（《华尔街日报》的所有者新闻集团与 OpenAI 拥有内容许可合作伙伴关系。）

AI 数据中心往往比战争期间受打击的云计算设施规模大得多，这使其更容易成为目标。而且它们的成本也高得多。由于 AI 芯片的成本，据估计，包括服务器和基础设施在内，每吉瓦容量的成本至少为 500 亿美元 billion。

在战争爆发前，海湾地区广阔的土地、强大的国家支持和便捷的许可审批是明显的优势。而现在，在经常陷入冲突的地区，将价值数十亿美元的设施安置在距离伊朗 200 英里以内的物理风险正在改变这一局面。

“海湾国家向美国政府和美国科技公司提出的价值主张是，他们将提供充足的资金、廉价的能源和便捷的建设条件，”拜登政府时期的白宫技术官员亚伦·巴特尼克（Aaron Bartnick）表示，“伊朗战争确实反转了这一点。”

阿联酋外交部和阿布扎比政府媒体办公室未回应置评请求。亚马逊网络服务（AWS）表示，正在努力恢复其巴林和阿联酋设施的服务，并已为依赖这些设施的客户提供账单减免。

在与伊朗的战争中，阿联酋承受了伊朗攻击的最沉重打击，有超过 2,800 架无人机和导弹向其发射，远多于伊朗向以色列发射的数量。知情人士表示，为了解决对袭击的担忧，该国官员提出了建设地下数据中心的方案——这将增加巨额成本——并在计算中心附近部署无人机防御系统。

不过目前，数据流向正相反。业内人士表示，阿联酋通常对国内公司执行严格的数据主权政策，但现在已允许部分实体将其数据转移到国外，与此同时，亚马逊正致力于恢复其在该国设施的服务。

伊朗对亚马逊设施的袭击引发了火灾，损坏了基础设施，并迫使当局切断电源。用于灭火的水造成了进一步的破坏。

由于亚马逊正匆忙帮助客户备份数据并将其迁移至美国、欧洲或亚洲其他地区，该地区的银行应用程序、企业服务和金融科技平台陷入瘫痪。

停机时长表明损失严重。即便在现在，其阿布扎比设施仍有 130 多项计算服务中断，巴林设施有 140 项中断。两地目前仅分别恢复了 5 项服务。

一些科技公司仍在推进海湾地区的数据中心项目。他们押注战争最终会结束，并被海湾地区喷涌而出的资本所吸引。在海湾地区通过加强防御来强化项目，可能比在条件较差的地点重新开始更便宜、更快捷。

亚马逊和微软上个月分别表示，仍将在年底前在沙特阿拉伯启动数据中心。微软在 2025 年底达成了一项在阿布扎比建设 200 兆瓦数据中心的协议。目前建设工作正在进行中。

云服务提供商通常希望将数据中心设在繁忙的商业节点附近。

“中东地区拥有巨大的商业利益，云服务提供商希望捕捉到这一增长，”网络安全公司 Infoblox 的互联网分析主管道格·马多里（Doug Madory）表示，“但随着风险的增加，这种计算正在发生变化。我将这些数据中心比作霍尔木兹海峡的船只——如果你击沉两艘，其他船只就会被吓跑。”

北约

吕特誓言将 增加对乌克兰的支持

北约秘书长马克·吕特（Mark Rutte）周一表示，俄罗斯在乌克兰与波兰边境附近发动的无人机袭击——其中一次袭击在高级访问官员经过同一车站后不久击中了一列火车——将促使该军事联盟增加对基辅的支持。他称周日的袭击是莫斯科日益绝望的迹象。

吕特表示，这些“靠近北约领土”的袭击显示了俄罗斯总统弗拉基米尔·普京的“绝望，以及他播种恐惧和恐怖的欲望”。“随着俄罗斯继续对乌克兰进行这场可怕的战争，它正变得越来越鲁莽。”

吕特承诺增加对乌克兰的支持，并加强这个由 32 个国家组成的联盟在与俄罗斯漫长东部边境沿线的自身防御。

周日在波兰边境附近的袭击是近期一系列事件中的最新一次，官员们表示，这表明普京存在蓄意升级的模式。——美联社

奥地利

伊朗周一谴责其原子能组织负责人被排除在维也纳举行的联合国核机构年度会议之外，称这构成了对德黑兰作为成员国权利的“严重违背”。

“通过阻碍我们的全面且有效参与，拒绝准入的行为违反了管理国际原子能机构会议出席情况的法律框架之字面含义及其精神，”伊朗驻该机构大使礼萨·纳贾菲（Reza Najafi）在大会上告诉代表们。

纳贾菲批评了国际原子能机构及其他联合国组织的主办国奥地利，称维也纳决定不向穆罕默德·埃斯拉米（Mohammad Eslami）发放签证“违反了主办国的义务”。

——美联社

梵蒂冈

教皇迎来 71 岁生日， 撤销减薪措施

教皇利奥十四世（Pope Leo XIV）周一庆祝了他的 71 岁生日，但收到礼物的是梵蒂冈的员工。

梵蒂冈发布了一项教皇法令，撤销了教皇方济各（Pope Francis）此前作为圣座新冠肺炎疫情成本削减措施的一部分，对许多梵蒂冈员工实施的 2021 年减薪计划。

利奥在法令中表示，薪资限制措施“现在可以被克服，因为我们确信圣座和梵蒂冈城国的机构将继续通过各种手段，致力于确保经济的可持续性”。

减薪措施包括将枢机主教的薪资削减 10%，并对部门负责人以及较低级别的神父和修女进行较小比例的薪资削减。高级世俗员工的两年一度的加薪被冻结，不过较低级别的世俗员工继续获得加薪。

——美联社

世界观察

肃穆告别：周一，在刚果民主共和国布卡武，哀悼者抬着棺材，其中装有在当地一所学校火灾和踩踏事件中丧生的 26 名儿童的遗体。

加密货币大佬欲让“前任”还钱

从左至右：ORE HUIYING / 彭博新闻社；IMAGO / ZUMA PRESS 孙宇晨与晶天（照片非合影）

孙宇晨称其浪漫故事系虚构，但起诉女演员以追回 $4.500 万 彩礼

作者：Stu Woo

新加坡——想象一下，一位加密货币亿万富翁支付了据称高达 $4.500 万 的费用以便能与好莱坞明星结婚——随后在感情破裂时，又雇佣一名名律师试图追回这笔现金。

这基本上就是过去几周令中国关注的、如同 TMZ 娱乐新闻般的戏剧性事件。

现实生活中的角色包括：以精心策划的公关噱头著称的加密货币巨头孙宇晨；进军好莱坞的中国顶尖女演员晶天；以及擅长处理高调争端的大名律师张奇怀。

随着该故事在中国传开，国民经历了三种集体反应。

第一：等等，这两个人在一起过？

第二：彩礼竟然这么多？

第三：这其中有任何东西是真——

的吗？

这种质疑部分源于孙宇晨以往那些引发网络热议的古怪行为，包括推迟一场与沃伦·巴菲特价值 $4.600 万 的慈善午餐，以及购买——并迅速吃掉——一根用胶带贴在墙上作为艺术品的价值 $6.200 万 的香蕉。

这种质疑还源于孙宇晨在 X 上发布的一篇题为《我的女友晶天》的帖子底部的免责声明。

在这篇冗长的文章中，他称自己从大学起就迷恋这位女演员，曾租下一家电影院约会观看《疯狂动物城 2》并向对方家人汇款 $4.500 万 作为所谓的“彩礼”（中国传统中新郎家在婚前给新娘家的礼金）。他还详细描述了一次涉及指甲的亲密接触。

当她后来要求 5000万美元 以便在南加州通过代孕生子时，孙宇晨写道，他咨询了 AI 模型 Claude——并采纳了其不要支付的建议。

随后在帖子的末尾，他写道：“本文纯属虚构；任何与实际事件或人物的相似之处纯属巧合。”

然而，接下来的进展表明这场闹剧并非完全虚构。同一天，名律师张奇怀在中国社交媒体上表示，法院已受理孙宇晨的诉讼，要求晶天及其父母归还 3000 万 元，约合 $4.500 万。

次日，这位女演员在未明确指代对象的情况下发帖称，自己在选择男性方面“判断力不足”，但“绝不会用金钱出卖我的爱情”。她补充说，“我相信法律”，且“正义与公平最终将获胜”。

晶天的代表未回应置评请求。

孙宇晨通过其律师在书面回复中确认，该诉讼是为了追回彩礼。“我们是以结婚为前提交往的，”他说道。

他表示，在两人准备在美国进行生子医疗程序时，“对方”——他未直接点名——要求 5000万美元。他补充说，当他拒绝支付时，对方切断了联系。“订婚无法再继续，”他说道。

明星光环、巨额财富以及对古老婚礼传统的提及，使这一传奇故事迅速成为中国媒体关注的焦点。

孙宇晨，36, 在中国长大，获得宾夕法尼亚大学硕士学位，并于 2017. 创立了区块链公司波场（Tron）。根据福布斯的数据，他目前的身价约为 85 亿美元 billion。

晶天，38, 曾主演中国和好莱坞的商业大片，在《长城》中与马特·达蒙对戏，并出演了《金刚：骷髅岛》和《环太平洋：起义》。她对公开恋情并不陌生，此前曾与国民偶像、奥运乒乓球冠军张继科交往。

尽管孙宇晨声明其叙述是虚构的，但部分中国公众仍将他的文章视为事实。许多网络评论者因他公开私人关系细节而站在其对立面。

“以如此恶毒的方式对待前女友，简直是另一种层面的邪恶，”曾任官媒《环球时报》编辑且是中国最著名的政治评论员之一的胡锡进在社交媒体上表示。但他补充说，未婚男子要求退回彩礼是合理的。

为了避暑，一些欧洲人正向北迁移

作者：YUSUF KHAN

在西班牙的太阳海岸（Costa del Sol）生活了近十年后，加布里埃莱·波尔（Gabriele Pohl）感到这里的酷热已变得难以忍受。气温飙升至 100 华氏度以上，使得白天出门变得困难，而水资源短缺也让她从事的利用马匹辅导商业领袖的业务变得难以为继。

“这变成了一场……与气候的抗争。我们只是在生存，而不是在生活。”

去年冬天，她和丈夫搬到了西班牙北部加利西亚自治区靠近葡萄牙边境的一个小镇托米尼奥（Tomiño）。58岁的波尔（Pohl）表示：“如果你想要足够的水、宜人的温度、绿色的田野，以及优质的食物和葡萄酒，你就得往西北方向走。”

她是众多为了寻找更凉爽的天气和更绿色的牧场而向北迁移的欧洲人之一。

干旱和热浪使欧洲大部分地区在今年夏天变成了火药桶，西班牙、法国和希腊的部分地区山火肆虐。德国的河流水位降至历史低点，英格兰的绿地变成了稻草般的黄色。这些情况使得欧洲大陆的新区域对于欧洲的富裕阶层和中产阶级更具吸引力。

内部迁移的数据并不完整，但西班牙2024年的最新信息显示，随着西班牙人从该国其他地区迁入，北部省份的人口正在增长。房产价格表明这一趋势仍在持续。

根据西班牙房地产网站 Idealista 的数据，今年8月，西班牙北部省份（如坎塔布里亚和阿斯图里亚斯）的房价同比分别上涨了 17.2% 和 14.1%。这比巴塞罗那和马德里等大城市快得多，后者的涨幅约为 7%。

法国的情况与之类似。根据发布房产数据的公证员名录 Notaires de France 的数据，2026年上半年，大西洋沿岸的卡昂（Caen）、勒阿弗尔（Le Havre）和布雷斯特（Brest）等城市的房价与去年同期相比上涨了约 9%。而今年经历了大规模山火的波尔多则下跌了 2%。

去年冬天，加布里埃尔·波尔及其丈夫从西班牙的太阳海岸向北搬到了加利西亚的一个小镇托米尼奥。

53岁的弗洛伦斯·查普利埃（Florence Chapelier）去年从法国南部搬到了诺曼底，并将其与丈夫共同经营的建筑设计公司也随之迁出。她说，在她以前居住的普罗旺斯地区艾克斯（Aix-en-Provence），夏季变得如此炎热，以至于她的猫都难以呼吸。“这变成了一场持久的与气候的抗争。我们只是在生存，而不是在生活。”

她说，她用与旧房子相同的价格买到了一处更大的房产，并且可以重新开始园艺和游泳的爱好，而在旧家，她夏季不得不被迫待在室内。

都柏林大学学院助理教授阿德里安·费尔南德斯-佩雷斯（Adrian Fernandez-Perez）的研究表明，在西班牙的部分地区，气温超过 95 华氏度的天数越多，往往意味着销售额和租赁价格越低。他说：“对于房地产开发商和投资者来说，这凸显了在住房需求正在转移的凉爽地区存在获利机会。”

不仅仅是高温。意大利的研究人员发现，持续的干旱会导致人们搬迁，离开农村农业社区以寻找更可耕种的土地。例如，意大利的橄榄种植者近年来一直在向北迁移。

上涨的保险费也促使人们搬迁。根据行业组织 France Assureurs 的数据，在法国，包含自然灾害在内的多险种住房保险保费在 2025 年上涨了 8.4%。根据监管该国银行和保险部门的法国审慎监管与决议局（French Prudential Supervision and Resolution Authority）的一项分析，到 2050 年，南部地区的灾难保险保费预计将上涨 200% 以上，而北部和内陆地区的涨幅则为 100%。

宾夕法尼亚大学国际气候观测站主任科科·沃纳（Koko Warner）表示：“所有影响你房屋、抵押贷款、房屋价值、能否负担得起保险以及房产税的因素，都倾向于在人们决定留在某个社区还是搬到其他地方时发挥作用。”

FJ Unger 是一位 65 岁的企业家，他于 2022 年搬到了西班牙西北部的加利西亚，部分原因是被那里相对凉爽的夏天所吸引。他说，广阔的海滩、高质量的食物和较低的房价则是额外的加分项。

“在西班牙的其他任何地方，你现在看到的几乎所有地区的温度都在 90 到 105 华氏度之间波动，”Unger 表示，“那简直是在沸腾。”

英格兰银行预计将维持关键利率不变

作者：ED FRANKL

英格兰银行预计将在本周维持利率不变，但随着中东局势升级，利率制定者可能会为进一步收紧政策留出空间。

投资者还可能关注央行主权债务组合的持续缩减（尽管速度有所放缓），因为这些被称为“金边债券”（gilts）的债券收益率已达到数十年来的高点。

自2025, 12月以来，该行一直将关键政策利率维持在3.75%，因为政策制定者此前预计利率将下调，且通胀在进入2026年前将有所下降。

然而，美国与伊朗战争的爆发促使通胀预测被大幅上调，从而终结了任何政策宽松的可能性。投资者目前预计到今年年底至少会加息25个基点。

尽管预计本周将维持利率不变，但经济学家认为，银行的货币政策委员会将采取鹰派基调，并指出能源价格自7月份上次政策会议以来已经上涨。上周原油价格涨至每桶$100以上，而欧洲天然气成本则触及2023年以来的最高点。

7月份，英格兰银行表示，预计今年第四季度的平均通胀率将从当月的2.9%升至3.2%，使价格增长水平进一步高于2%的目标。利率制定者在做出决定前将审阅的8月份最新通胀数据预计将于周三公布。

能源价格并非驱动通胀的唯一因素。英格兰银行预计，近几个月有所回落的食品通胀将在今年年底达到$3.5。冲突对食品的影响因欧洲的热浪而加剧，同时人们对正在发展的厄尔尼诺（El Niño）天气现象的担忧也在增加。英格兰银行行长安德鲁·贝利（Andrew Bailey）上周在向立法者发表讲话时表示，通胀风险的平衡依然偏向于上行。

即使货币政策委员会的指导意见仍然含糊，预计其仍会表示已准备好采取行动。

然而，大多数政策制定者认为，目前几乎没有证据表明出现了“第二轮效应”（例如导致工资上涨的效应），而这一因素可能会引发价格不断上涨的循环。牛津经济研究院（Oxford Economics）英国首席经济学家安德鲁·古德温（Andrew Goodwin）在的一份报告中表示，这给政策制定者提供了“坐视局势发展的喘息空间”。“我们预计货币政策委员会（MPC）将把（政策）利率维持在3.75%，直到明年深处。”

马略卡岛旨在摒弃喧闹的英国游客，吸引富有的美国游客

MARIA CONTRERAS COLL 为《华尔街日报》拍摄 马加卢夫海滩一直是政府打击“过度旅游”的目标。

作者：CHELSEY DULANEY 和 ANDREA FIGUERAS

西班牙，马略卡岛——这座地中海岛屿是一座旅游天堂，拥有闪烁的青绿色大海、隐秘的小湾和无边无际的白沙滩，世世代代吸引着欧洲人。

这里也是欧洲反击过度旅游的中心。今年夏天，当地居民走上街头和海滩，抗议岛上日益增长的游客群，他们统一传达了一个信息：“游客们，回家吧。”

这座岛屿位于西班牙本土以东约 125 英里，人口约 100 万，预计今年将迎来约 1400 万名游客。他们乘坐邮轮、廉价航空航班以及由度假套餐公司运营的旅游巴士涌入。在夏季，该岛的日人口数量可能会增加 50%。

马略卡岛的旅游模式成了其自身成功的牺牲品，因为过度拥挤可能会侵蚀使其变得特别的特质。当地政治家正试图平息居民的反弹，同时又不危及作为经济命脉的收入。

游客的涌入使该岛的基础设施达到了极限，导致交通拥堵、水资源紧张以及当地人可负担住房的严重短缺。在首府帕尔马的郊区，一些再也买不起公寓的居民住在由露营车组成的庞大社区中。

岛上有些人呼吁采取激进的旅游遏制措施，例如直接限制访客人数。

马略卡岛的领导者正在尝试另一种解决方案：品牌重塑。该岛希望摆脱作为英国单身派对和廉价套餐度假热点的名声，转型为面向美国人等高消费游客的奢侈目的地。

“旅游业是我们的生活方式，”帕尔马旅游局总经理佩德罗·奥马尔（Pedro Homar）表示，“模式的转变就是质量胜过数量。”

“我们需要更少的游客，但让他们消费更多。”

一个多世纪以来，马略卡岛的海滩和山顶村庄一直是外国作家、艺术家和音乐家的热门聚集地。但真正将马略卡岛从一个安静的农业社区转变为大众旅游目的地的，是西班牙独裁者弗朗西斯科·佛朗哥在 20 世纪 50 和 60 年代的旅游推广。佛朗哥将外国旅游视为在国际上软化其独裁政权形象的一种方式——口号是“西班牙与众不同！”

来自英国和德国旅行社的低价套餐为数以千计的欧洲人打开了通往这座岛屿的大门。

马略卡岛作为廉价派对目的地的名声长期以来令当地人感到沮丧，他们抱怨公共场合醉酒、裸体和药物滥用。但该岛对旅游业的依赖使得改变尝试变得困难。旅游非营利组织 Excel-tur 表示，在马略卡岛所属的巴利阿里群岛中，旅游业约占经济活动的近一半。

帕尔马旅游官员奥马尔多年来一直致力于吸引一种新型游客：更富有、更安静，且有兴趣在夏季高峰期之外旅行。最重要的是：美国人。

“他们旅行的目的是为了了解文化，与当地人交流，购买当地的手工艺品，”他说，“我们不再吸引那些以派对和饮酒为主要动机的英国或德国游客。”

政府数据显示，美国游客在西班牙的消费高于任何其他国籍：7 月份每天约 410 美元，而德国游客为 240 美元，英国游客为 260 美元。

据多方报道，马略卡岛在驱逐狂欢派对者方面取得了成功。在该岛的部分地区，当局对醉酒行为实施罚款，禁止派对船，并将全包式酒店的饮酒量限制为每天六杯。

德国人和英国人仍然占据马略卡岛游客数量的大约一半，但今年截至6月，美国游客的访问量激增了60%。联合航空（United Airlines）已扩大了从其新泽西州纽瓦克枢纽飞往该岛的直飞航班。旨在迎合美国人的精品酒店在岛上各处纷纷涌现。

酒店业高管玛丽亚·马丁内斯（María Martínez）不得不培训员工如何满足美国人的需求：他们希望有更多的闲聊，需要行程指导，并且对该岛的历史更感兴趣。她就职的 IT Mallorca Unique Spaces 连锁机构在岛上拥有六家精品酒店，而美国人是其主要客户群体。

富有的韩国人是另一类备受青睐的游客。新婚的李淑英（Sukyung Lee）9月份在马略卡岛度过了四天的蜜月。她非常喜欢坐落在悬崖之间的卡洛德莫罗（Caló des Moro）海滩。“大海太美了……它之所以出名是有原因的。”

个人日志

A10 / 2026年9月15日，星期二

华尔街日报

新版 Apple Siri 值得关注

新版 iOS 27 引入了 AI 增强功能，但仅适用于 iPhone 15 Pro 及之后的新机型

个人技术 NICOLE NGUYEN

© 2026 道琼斯公司。保留所有权利。

上周，我在一台停车缴费机前，需要输入我的车牌号。我没记住这个号码，于是询问了 Siri。

它立即报出了数字和字母，这些信息是从我的一张车辆登记续期通知照片中找到的。等等——这个新版 真的有用？

在过去的几个月里，我体验了 在“苹果智能”（Apple Intelligence）大改版后的神奇高光时刻，以及几次令人失望的低谷。现在你也可以体验了。包含 AI 的 iOS 27, 已经可以下载。

请备份您的 iPhone，然后前往“设置” > “通用” > “软件更新”开始下载。如果您更看重稳定性，可以等待几周，直到发布包含错误修复的首次更新。

是的，我知道现在有很多关于 末日的讨论。

即便拥有了新的“超能力”，这个 也不属于那种引发担忧的前沿 类型，但您仍然可以在“设置”中选择退出。

iOS 27 标志着 出现的分水岭。只有从 15 Pro 开始、具备苹果智能能力的较新机型才能获得 和其他 驱动的功能。旧款 获得的功能则没那么亮眼。这种划分让苹果的发布变得更加令人困惑，因此我将本指南分为两个部分。

**针对较新机型 ** ：除了常用的“嘿 ”之外，现在有更多方式可以唤起 。

▶ 向下滑动屏幕顶部的黑色药丸形区域

▶ 相机应用中的 模式——长按“照片”然后向左滑动

▶ 一个专门的 应用，其中还包含您的对话历史记录

这款 的内置助手现在部分依赖谷歌的 Gemini 模型来回答问题。 可以检索您 中最私密的数据，而您肯定不希望这些数据在数据泄露中流出，或被用于训练未来的模型。苹果公司表示，对于基于云端的请求，公司不会

在新界面中， 可以查看 Gmail 中的邮件并解读其内容。

存储您的数据，且苹果和谷歌都无法访问。

在大多数情况下， 比经典版 少了很多令人尴尬的时刻，但与其他聊天机器人一样，它有时也会出错。它的响应速度比 ChatGPT 和 Claude 慢一拍，且表现得更为谨慎，会警告称其“可能会出错”且“不是医生”。

屏幕感知：无论在哪个应用中， 都能看到您屏幕上的任何内容。

在观看一段我参加的糕点课视频时，我意识到自己忘了那道甜点的名字。 迅速给出了正确答案：“特罗佩甜点”（Tarte Tropézienne）。

在浏览美国网球公开赛官网时，我要求 通过苹果的“日历”应用将半决赛和决赛的赛程添加到我的谷歌日历中。在 Gmail 中， 根据一封学校邮件整理出了一份打包清单。

相机智能：在相机的 模式下，将相机对准某个物体并点击 图标即可获得即时响应。您可以点击气泡图标输入问题，或点击放大镜图标在谷歌及其他平台上搜索该物体。

针对某些项目会自动弹出建议操作：拍摄零食或菜肴以查看其营养价值；拍摄收据以计算如何分摊账单。

个人语境： 可以在苹果的原生应用（如“信息”）中搜索内容。在我首次启用该助手后， 花了几天时间才完成对我手机内容的完整索引。

询问“我儿子的牙医预约是什么时候？”，它从一条文本提醒中提取了日期；而询问“我的护照号是多少？”，它则从“照片”中检索到了数据。

Siri AI 的这一方面——可能也是其最强大的功能——能否成功，取决于开发者是否允许其应用程序与苹果的助手协同工作。我最常用的服务并非由苹果公司开发，包括 WhatsApp、Signal、Slack 以及谷歌的各类应用。

这些公司可能正在开发自己的助手，因此，与 Siri 集成可能会被视为在助长竞争对手。

照片伪造：我对 Apple Intelligence 新推出的一套照片编辑工具感到矛盾。这究竟是魔法，还是欺骗？

在任何照片上点击“编辑”，然后选择“工具”。“扩展”按钮可以对特写镜头进行缩小，并生成视觉内容以填充空白区域。与此同时，“重构”功能允许你调整照片中主体的方向，使其看起来就像你在拍摄照片时处于不同的位置一样。

在几张照片中，由于信息不足，这些工具对人脸的处理出现了一些诡异的情况，但总体而言，其结果令我印象深刻——同时也让我感到不安。

自定义钱包通行证：起初我认为这是一个平庸的更新，但它已经帮了我好几次。我丈夫和我共用一张当地游泳池的通行证，而我经常把它忘在家里。现在，我的手机里有了数字版本。

在“钱包”中，点击加号以“创建通行证”，然后将摄像头对准任何票据或会员卡即可。

适用于所有 iPhone

即使你使用的是像 iPhone 11 这样旧的型号，iOS 27 依然为你带来了许多实用的改进，更不用说性能提升了，例如 AirDrop 传输速度最高可提升 $80\%$。以下是一些非 AI 的实用功能：

减少“液态玻璃”效果：还记得去年那个没人要求的界面重新设计吗？现在菜单默认的透明度降低了，你可以在“设置 > 外观 > 液态玻璃”中的滑块里根据个人喜好调整不透明度。

绿气泡回复：现在在通过 RCS（富通信服务）进行的 iPhone 与 Android 手机对话中，你可以对照片发送行内回复和表情符号反应。在“设置 > 应用 > 信息”中开启此功能。许多运营商现在也支持端到端加密的 RCS 消息。

闹钟音量设置：如果你曾因为闹钟声音太小而导致起床太晚，请前往“设置 > 声音与触感”，在“闹钟与定时器”下禁用“匹配铃声音量”，以设置独立的闹钟音量。

隐藏位置：若想在不通知对方的情况下暂时屏蔽你的位置，请前往“查找 > 个人”，选择一个联系人，点击省略号并选择“隐藏位置”。这非常适合策划惊喜派对——或者当你独自在做一些酷炫的事情，想避免朋友们产生“错失恐惧症”（FOMO）时使用。

XL 尺寸组件：你现在可以用单个组件填满整个主屏幕页面。长按主屏幕，选择左上角的画笔图标，选择“添加组件”，然后滚动浏览选项。并非所有组件都有全屏选项，但我最喜欢的“照片”组件支持此功能。

观看视频

扫描代码观看视频，了解苹果公司新版 iOS 27 软件更新中 Siri 的重大升级。

新选项或可降低您的抵押贷款利率

作者：VERONICA DAGHER

在成本飙升之际，一个简单的请求或许能帮您获得更低的抵押贷款利率。

如果您目前的贷款机构尚未这样做，您现在可以要求其使用 VantageScore 4.0 来提取您的信用评分，或者您可以寻找愿意使用该评分的贷款机构。这是一种替代评分模型，能让部分借款人看起来具有更高的信用度。

这种操作能力是新近才有的。多年来，由政府支持的抵押贷款巨头房利美（Fannie Mae）和房地美（Freddie Mac）一直完全依赖传统的 FICO 评分来评估信用状况并设定抵押贷款利率，且大多数贷款机构目前仍仅提取 FICO 评分。然而，房利美和房地美的监管机构本月表示，所有贷款机构现在均可自由使用 VantageScore 4.0——且贷款机构可以选择能产生最佳利率的那一个。

对于拥有顶尖 评分的人来说，同时提取 VantageScore 评分不会带来提升，但其他人可能会有所获益。如果您确实获得了更高的评分，这可能会将您推入一个不同的借款人类别，而房利美和房地美会对该类别的贷款担保收取较低的费用。（房利美和房地美支撑着抵押贷款市场的很大一部分，并帮助制定整个行业的标准。）

摩根大通（JPMorgan Chase）董事总经理尼克·马丘纳斯（Nick Maciunas）估计，当贷款机构同时评估两种评分模型时，大约四分之一的购房者最终会进入更高的信用评分区间。马丘纳斯估计，对于那些跨越评分档位的借款人，在前期贷款调整费用中节省 1% 相当于其利率下降约 0.25 个百分点。

根据房地美的数据，上周 30 年期固定抵押贷款的平均利率为 $6.76%，为一年多以来的最高水平，因此上述差异可能非常显著。由于投资者对通货膨胀的担忧，近期同样影响抵押贷款利率及许多其他借贷成本的国债收益率一直在上升。

平均 30 年期固定抵押贷款利率

来源：房地美，经由圣路易斯联邦储备银行

密歇根州特伦顿市 Mitten Mortgage Lending 的总裁兼首席执行官克里斯·斯博内克（Chris Sbonek）自其主要批发贷款机构之一的联合批发抵押贷款公司（United Wholesale Mortgage）推出该选项以来，一直为客户提取传统的 和 VantageScore 4.0 信用报告。

斯博内克发现，VantageScore 4.0 帮助一些此前未能获得抵押贷款资格的借款人通过了审核。他表示，在许多情况下，已经获得资格的买家能够获得更低的利率。但结果各异。对于其他借款人，他发现 VantageScore 4.0 与传统 之间没有实质性差异，在某些情况下， 提供的评分反而更高。

他举了以下例子来说明借款人如何获益。在一笔 $400,000 贷款中，一名传统 评分为 680 的借款人可能会获得 6.959% 的 30 年期固定抵押贷款利率。如果同一买家的 VantageScore 4.0 评分为 740，斯博内克可以为其申请 6.5% 的利率，从而在 30 年内为购房者节省约 $44,000 的利息。

信用评分的数值在 300 到 850, 之间，VantageScore 4.0 往往比传统 更高，不过这因借款人而异。房利美和房地美的新定价模型通过有效地从 VantageScore 中减去 20 分，然后应用与 相同的信用评分档位，来抵消这种差异。

这两种模型的评估方式不同。传统 提供的是单一时间点的快照，而 VantageScore 4.0 则分析 24 个月的趋势余额和还款数据。它还纳入了租金和公用事业费等替代数据，且生成评分所需的信用历史记录较少。

当抵押贷款机构调取您的经典 FICO 评分或 VantageScore 4.0 时，传统做法是从所有三家信用局调取报告，并使用您的中间分值来帮助确定利率。VantageScore 是由三大信用局——Equifax、Experian 和 TransUnion 共同创建的合资企业。

FICO 的一名发言人表示：“不同的评分模型使用不同的方法论，这就是为什么消费者根据所使用的模型，会收到不同的分数或落在不同的分数区间内。”

联邦住房金融局（Federal Housing Finance Agency）已指示房地美（Fannie Mae）和房利美（Freddie Mac）向所有贷款机构批准使用 VantageScore 4.0，此前该选项仅提供给包括 United Wholesale Mortgage 和 Rocket Mortgage 在内的一小部分机构。虽然信用评分是决定贷款利率的主要因素，但它们是与收入、资产和债务收入比共同进行评估的。

Rocket Mortgage 的首席业务官比尔·班菲尔德（Bill Banfield）表示，对于那些在维持低债务余额和按时支付账单方面有更长记录的购房者，VantageScore 4.0 可能会显示更高的分数，从而带来更好的抵押贷款定价。

VantageScore 4.0 在汽车贷款和信用卡领域已使用了多年，但该公司表示，对于抵押贷款发起机构而言，目前推广尚处于早期阶段，还无法断定它是否能在所有情况下一致地产生更高的分数。

AI 让逝去的父亲“重生”

一名男子利用父亲的著作和语音记录创建聊天机器人，为我们所有人提出了关于生存的深刻质疑

家庭与科技 JULIE JARGON

布莱恩·德马（Brian Dema）经常向他的父亲寻求商业建议。他的父亲在四年前就已去世，但德马创建了一个他的 AI 版本。

J·理查德·德马（J. Richard Dema）曾是芝加哥的一名营销人员和娱乐制作人，他留下了五个文件柜的工作相关文档，包括客户笔记和一本未完成的书。德马将全部 17,500 页的内容输入到 Anthropic 公司的 Claude 聊天机器人中，试图创建他专属的“RichieBot”。

随后，德马思考是否可以使用保存的语音信箱消息来训练该机器人，使其听起来像他的父亲。如果他还能创建父亲的三维图像会怎样？在芝加哥经营一家营销公司的德马让他的团队开始工作，并寻求朋友的帮助，其中包括一名帮助设计聊天机器人人格的斯坦福大学心理学家。总共有 19 人工作了六个月，才让理查德·德马“重获新生”。

通过使用父亲头部的 3-D 打印模型、一个电视屏幕和一个倾斜的镜子，他创建了一个看起来像父亲全息图的装置。“我们非常在意这种‘恐怖谷’效应，所以我们特意将其设计得较为抽象，”德马说。“起初它有一种令人不安的微笑，所以我们改成了更深沉的表情。”

德马在 7 月芝加哥的一次科技活动中展示了 RichieBot。人们排队向它提问，它热情地提供答案，在不知道答案时则予以拒绝。他的营销公司将这一过程拍摄成一部 20 分钟的纪录片，计划于本月晚些时候在旧金山首映，随后在 YouTube 上发布。

德马的项目花费了 $150,000，部分目的是向潜在客户展示其公司的叙事能力。然而， 专家表示，在短短几年内，我们所有人都能以更少的资金和精力，为我们所爱的人创建类似的 镜像。

到那时，真正的问题将是：我们应该这样做吗？

我们的机器人，我们的自我 在过去的两年里，人们一直在创建基础的 伴侣， 专家表示，这项技术已经足够成熟，可以创建真实人物的粗糙 模型。

科罗拉多大学博尔德分校信息科学副教授杰德·布鲁贝克（Jed Brubaker）曾发表过一篇关于“ 幽灵”的论文，他表示，在不到五年的时间里，大多数人将拥有自己的 代理来帮助他们执行日常任务，同时积累大量个人数据，无论是有意义的还是平凡的。

“人们总是在死去，”他说。“这使得 代理从你使用的工具变成了你的 幽灵。”

但布鲁贝克表示，使用 代理来保存爱人的遗产可能很棘手，尤其是如果人们利用它来帮助自己度过悲痛期。“失去亲人后发生的最重要的事情之一就是‘调适’，这意味着你开始适应一种新的常态，”他说。“如果人们转向这项技术是为了逃避失去亲人的现实，那么其中存在一定的风险。”

布莱恩·德马为他的已故父亲理查德·德马（上图及右图）创建了一个 3-D 虚拟形象（顶图），供人们与其互动。

此外还存在一种风险，即将爱人的电子邮件、短信和聊天记录上传到 可能会导致你了解到关于那个人的、你并不想知道的事情。在堆积如山的信息中，可能会有出轨的证据，或者他们持有的一些你可能会觉得冒犯的观点。

我们的 AI 死后偏好也将开始出现在更多的遗嘱中。英国纽卡斯尔大学法律与技术教授莉莉安·爱德华兹（Lilian Edwards）表示，人们应当明确说明在去世后希望如何处理自己的数字化信息。他们还应当在在线账户和社交媒体账户中添加遗产联系人。

“我们现在在 Google 和 ChatGPT 中输入了如此之多的内容，”她说，“我们是否希望保留所有这些记录？是否应该默认将所有这些内容全部抹除？”

一个存在主义问题：即便有人根据一个人的所有数字化文件创建了一个 AI 人格，它能在多大程度上模拟真实的人？

德马（Dema）的一位心理学家朋友使用了三种心理学工具，

布莱恩·德马（Brian Dema，见上方照片）将他父亲数千页的笔记输入 AI，以创建 J·理查德·德马（J. Richard Dema）的聊天机器人版本，后者于四年前去世。上方图片显示，一名科技活动参观者正在展示其父亲的 3D 图像和聊天机器人。

其中包括一份衡量五大主要人格特质的问卷，用以确定该机器人的性格与理查德的画像匹配程度如何。而理查德的画像是通过对他最亲近的 11 个人进行详细调查而创建的。这些人包括表亲、朋友和前客户。他们发现，机器人的语气比理查德更外向，但缺乏他的幽默感。

“我父亲有一种非常独特的笑声，而机器人没有，”德马说，“它不是我的父亲，但这并不意味着当它给我建议时，我感觉不好。”

一些认识德马父亲的人对这个机器人持有复杂的情绪，其中一名表亲认为在情感上难以面对。

他预计他的父亲会赞同他创建这个机器人。尽管如此，德马仍在思考这给个人和社会带来的更深层问题。

“我们应该这样做吗？”德马问道，“我的结论是，我认为在有正确护栏的前提下，我们应该这样做。这可以成为一种纪念某人的绝佳方式，但我们必须谨慎。”

球场上的沙滩、啤酒与爱犬

（接第一页）作为一项曾经属于英国上层阶级的运动，板球目前正迎来某种程度的复兴。

对此有多种理论：更多英国人移居苏格兰；巴克纳尔（Bucknall）来自约克郡，多年前搬到了北方。来自旧英帝国中那些板球狂热国家的移民也起到了推动作用。但对于缺乏经验的苏格兰人来说，他们也开始将板球作为足球和橄榄球之外的替代选择，而连续几个温暖干燥的夏天或许能解释其中的原因。

“两年来我们没有取消过一场比赛，”巴斯岩板球俱乐部（Bass Rock Cricket Club）主席约翰·艾米斯（John Amis）说道，该俱乐部在福斯湾（Firth of Forth）南侧的埃利（Elie）对面进行比赛。

过去，苏格兰板球队伍可能要奔波100 miles去寻找对手，结果却因为下雨而无法比赛。对于一项可能耗时数小时甚至数天的运动来说，这非常令人困扰——板球击球手需要来回奔跑以逐渐累积得分，而不是像棒球那样绕垒。

如果天气持续好转，在夏日里看到对板球产生好奇的苏格兰人击球的景象，可能很快就会被归类为气候变化带来的某些奇特后果，就像瑞典的葡萄园或西西里岛种植芒果一样。

“现在在苏格兰打板球的人比打橄榄球的人还多，”邓肯·霍奇（Duncan Hodge）指出。他曾是苏格兰国际橄榄球明星，在 Ship Inn 酒馆的一场比赛中，他担任了一支由转而投身板球的前球员组成的球队的队长。

从左起，“补水休息时间”由几壶啤酒组成；该俱乐部已存在30 years以上。

皮特·迪金（Pete Deakin）表示，球队的水平也在提高——即使是 Ship Inn 的球队也是如此。迪金是一名英国人，作为玛丽勒本俱乐部（Marylebone club）的代表，致力于在苏格兰推广这项运动。

Ship Inn 以其独特的场地吸引了像足球传奇人物艾利·麦考伊斯特（Ally McCoist，最左侧）这样的明星。

“客队来到这里时，期待的是一场高质量的比赛，”他说，“水平确实提高了。”

但这并不意味着球员们一定处于巅峰状态。“我认为对我们很多人来说，这是一个重新找回学生时代感觉的机会，”Ship Inn 的球员杰米·罗伯逊（Jamie Robertson）说，“反正一年只有15 games比赛。”

新粉丝们来自酒馆的海滨啤酒花园。斯科特·卡里克（Scott Carrick）在疫情期间开始在电视上观看板球，并逐渐弄懂了其中的细微差别。

“在家办公时，把它作为背景声音播放是很不错的一件事，”他说。从那时起，他曾前往英格兰各地观看比赛，包括在勋爵板球场（Lord's）。

卡里克承认，板球在苏格兰仍然具有小众吸引力。它通常仅限于那些在私立学校或更偏远农村地区学习过这项运动的人。

“我想我大约90%的朋友都不明白这运动在玩什么，”卡里克说。

但在一个温暖晴朗的日子里在海滩上比赛，情况会有所改善。

随着潮水退去，巴克纳尔和他的团队将一个沉重的钢制压路机挂在全地形车（quad bike）后面，用来压实沙地。零散的海藻被扔到一边。球拍整齐排列，巴克纳尔解释了海滩板球一些较为特殊的规则。

“如果观众在啤酒花园里接住球，他们就能赢得等同于自己身高的啤酒，或者视情况提供软饮料。”

随着比赛的进行，一些观众在海滩更远的地方开始了他们自己的游戏。在海鸥的叫声之上，可以听到他们中的一些人在喊叫。

“好球，先生！”一个人说。“投得好！”另一个人喊道。

似乎并非每个人都掌握了这项运动的精妙之处。有人被发现像骑玩具马一样骑着板球拍向沙丘走去，在微风中拍打着自己的屁股。

艺术评论

歌剧评论

少年莫扎特的音乐

费城歌剧院上演作曲家 14 岁时创作的作品

BY HEIDI WALESON

费城

费城歌剧院（Opera Philadelphia）上周在音乐学院（Academy of Music）拉开了新一季的帷幕，上演了一部罕见的作品：莫扎特在 1770 年为米兰创作的《庞都国王米特里达特》（Mitridate, re di Ponto），当时作曲家年仅 14 岁。这部作品在风格上属于正歌剧（opera seria），虽有成熟期莫扎特的闪光点，但主要还是由一系列为技巧型歌手编写的炫技咏叹调组成。幸运的是，剧团能够派出阵容强大的演员表：男高音劳伦斯·布朗利（Lawrence Brownlee）饰演标题角色；假声男高音（同时也是费城歌剧院总经理兼总裁）安东尼·罗斯·科斯坦佐（Anthony Roth Costanzo）饰演其背信弃义的儿子法尔纳斯（Farnace）；梅雷迪思·沃尔格穆特（Meredith Wohlgemuth）饰演法尔纳斯的兄弟西法雷（Sifare）；以及在最后一刻顶替上场的女高音布伦达·雷（Brenda Rae），饰演众人觊觎的阿斯帕西亚（Aspasia）。

维多里奥·阿梅代奥·西尼亚-桑蒂（Vittorio Amedeo Cigna-Santi）的剧本基于让·拉辛（Jean Racine）1673 年的一部悲剧，兼具政治与个人色彩。米特里达特试图在罗马帝国的推进中保住他的王国庞都。为了测试儿子们的忠诚，他假装在战斗中死去，结果回家后发现两个儿子都爱上了他的未婚妻阿斯帕西亚。导演艾玛·格里芬（Emma Griffin）的现代化制作倾向于挖掘故事中类似《继承之战》（Succession）的潜流，让这头尚未完全失去牙齿的老狮子向那些他认为渴望取代他的人发起猛攻。

咏叹调遵循当时的惯例，包含大量的花腔和展示机会，但莫扎特塑造人物的超凡能力已然显现。在两个愤怒的男人中，布朗利先生饰演的狂怒的米特里达特，与科斯坦佐先生饰演的狡诈、阴险的法尔纳斯完全是两种截然不同的生物。（法尔纳斯秘密地与罗马人勾结，后者承诺将王位交给其。）科斯坦佐先生在法尔纳斯最后一刻心境转变时也完成了精彩的切换，在决定加入父亲对抗罗马人时，演唱了极其沉思的《Già dagli occhi》。

随着夜晚的推进，雷女士的演唱变得愈发丰满且自信，捕捉到了阿斯帕西亚持续的煎熬——她厌恶法尔纳斯，秘密爱着西法雷，并尽职地准备按照计划与他们的父亲结婚，直到后者威胁要杀死所有人。沃尔格穆特女士饰演温柔的西法雷，尽管遭遇种种，仍对米特里达特保持忠诚，证明是一个真正的惊喜。她纯净、温暖的女高音在哀歌《Lungi da te, mio bene》中尤为出彩，伴随着忧郁的圆号伴奏，西法雷意识到他与阿斯帕西亚之爱的绝望。随后，两人在歌剧唯一的二重唱中深情融合，共同哀悼他们看似不可避免的命运——必须共同死去。

较小的角色也得到了称职的处理。女高音诺拉·理查森（Nola Richardson）饰演曾被法尔纳斯爱过的公主伊斯梅内（Ismene）；次女高音莎拉·科伊特（Sarah Coit）饰演米特里达特及其儿子们的和平盟友阿尔巴特（Arbate）；刘明浩（Minghao Liu）则以出色的高男高音演绎了法尔纳斯的罗马联系人马齐奥（Marzio）。法尔纳斯、西法雷和阿尔巴特这三个角色最初是为阉伶编写的；而这次全高音阵容的音乐证明其多样性足以让人不再想念低音。然而，指挥科拉多·罗瓦里斯（Corrado Rovaris）倾向于加快节奏，这虽然增强了刺激感，但在愤怒咏叹调和其他高度戏剧化的时刻，却给表现力和细微差别留下的空间太少。

格里芬女士的制作看起来资源不足。凯·沃伊斯（Kaye Voyce）的布景将一组随机的现代家具（沙发、办公桌椅、地球仪）放置在由暗色旗帜组成的拼贴背景前。一群穿着白色连体衣和黑色小围裙的群众演员偶尔会涌入舞台，清理并重新排列家具。这种情况经常发生在咏叹调演唱期间，给观众造成了令人遗憾的注意力干扰。

劳伦斯·布朗利（左）和安东尼·罗斯·科斯坦佐（中），左图；以及布伦达·雷，下图，在由艾玛·格里芬执导的《庞都国王米特里达特》中。

玛莎·齐姆林（Masha Tsimring）设计的灯光要么刺眼，要么色调艳俗，或者平淡得诡异。沃伊斯（Ms. Voyce）拼凑出的服装包括给兄弟们准备的带图案的丝绒休闲装和灯笼裤，这旨在向他们的地理起源致敬（庞托斯是现代土耳其的一部分）；而女性的装扮则十分时髦——阿斯帕西亚（Aspasia）穿着一套飘逸的白色裤装，伊斯梅内（Ismene）则身着一件庄重的金色和服并戴着头巾。米特里达特（Mitridate）则穿着一套红色军装。

导演重复咏叹调（da capo arias）的舞台调度向来是一项挑战，而格里芬（Ms. Griffin）经常陷入极端——要么是布朗利（Mr. Brownlee）和科斯坦佐（Mr. Costanzo）四处扔椅子、像杂技演员一样跳上家具并撕毁物品；要么就是陷入停滞。不过，有一个大胆的选择效果不错：当马齐奥（Marzio）演唱他唯一的咏叹调，号召法尔纳斯（Farnace）参战时，他更换了服装，让法尔纳斯像仆人一样递给他盔甲部件。这种意识到自己仅仅是罗马人工具的觉悟，似乎促使法尔纳斯回到了家庭的怀抱。

在结尾处，米特里达特因担心在战斗中被罗马人俘虏而真正地自杀，在断气前与两个儿子达成和解。（穿着白色套装的仆人们早已散落在舞台上，成为了战争的牺牲品。）随后，剩下的角色演唱了一段极短的合唱，誓要抵抗罗马的权力。那个结局本应展示正义战胜邪恶，但马齐奥却把他们全部击毙了。这让我们回到了《继承之战》（Succession）的情节：最终获得核心职位的不是子女之一，而是局外人。在这部作品中，罗马人拥有最终的话语权——当然，历史最终也确实如此。

韦尔森（Ms. Waleson）为《华尔街日报》撰写歌剧评论，并著有《疯狂场景与退场咏叹调：纽约市歌剧院的消亡与美国歌剧的未来》（Metropolitan 出版）。

华尔街日报每日填字游戏 / 编辑：Mike Shenk

简单快捷 / 作者：Grant Conley

横向 1 胡须蓝精灵 5 部分古巴人 11 妈宝男 14 农业前缀 15 婴儿装 16 辩论方 17 许多现代商务会议（或是一次匆忙的幽会？） 19 艾美奖得主 Holbrook 20 甜味饮料 21 静脉滴注溶液 23 分享想法（或是在 17-横向之后可能发展出的情况？） 27 Citi Field 球员 28 波士顿的自由树（Liberty Tree）等 29 前任

30 以乌克兰城市命名的德克萨斯州城市 34 诗歌节拍 37 政治伙伴（或 17-横向与 23-横向可能的产物？） 40 铁砧声 41 忏悔 44 捕手装备 47 spy, kiss 或 nanny 的结尾 49 兽医 50 近亲（或 17-、23- 和 37-横向可能的结局？） 56 标题 57 宽谷 58 做错事 59 17-、23-、37- 和 50-横向中的浪漫情愫可能开始的场合？

64 SoFi 体育场足球运动员 65 变酸，如牛奶 66 洗澡后的服装 67 天象馆描绘 68 宣布 69 在之前的某个时间点

纵向 1 诺贝尔奖诗人 Octavio 2 早于现在 3 为舞台演员提供遗忘台词的人 4 瞄准的人 5 1969 年的新耶鲁学生 6 实际存在的 7 获取

▶ 在 WSJ.com / Puzzles 在线解题并讨论。

8 “__live and breathe!” 9 无泡沫 10 《Goldbergs》中的 George 11 非洲的大猫？ 12 君度（Grand Marnier）风味 13 为了强调而附加的短语 18 宇航员 Jemison 22 欺骗 23 焦虑音乐流派 24 表格上的“已核对”

25 瞄准，如用水球 26 在线期刊（简称） 31 傻瓜 32 “Live from New York!” 的字母 33 “金发”奥斯卡提名者 de Armas 35 UFC 运动 36 板球球拍 38 库斯科居民 39 唤起 42 难以捉摸的游泳者 43 混乱的典型 44 吝啬之辈 45 Lake Shore Limited 运营商 46 谄媚的 48 插手 51 脊柱和刹车部件 52 建议 53 开始消失 54 复制 55 华盛顿特区通勤选择 60 时期 61 纽约的夏季场景 62 32-纵向的播报者 63 “真想不到！”

艺术日历

9月15日当周活动

作者：WSJ 艺术评论编辑部

电影

《生化危机》（Resident Evil）（9月18日）

这部僵尸生存类电子游戏系列再次推出电影续作，由 Zach Cregger（《Weapons》）执导，讲述一名医疗快递员必须在感染人群中杀出一条血路以递送重要包裹的故事。

《重量》（The Weight）（9月18日）

20世纪30年代，一名父亲被关进俄勒冈州的一个劳改营，如果他能帮助将黄金走私穿过险峻的荒野，就有机会提前获释。他不仅面临自然威胁，还面临人类的背叛。Ethan Hawke, Russell Crowe, Julia Jones, Austin Amelio 和 Avi Nash 主演 Padraic McKinley 的导演处女作。

Ella Beatty 在《怪物：利齐·波登的故事》中饰演主角。

电视

《Neagley》

（Prime Video，9月16日）

《Reacher》推出衍生剧，聚焦于其肌肉发达的主角的前军方同事，由 Maria Sten 饰演，讲述她作为芝加哥私家侦探展开行动的故事。

（Netflix，9月17日）

Ella Beatty（《If I Had Legs I'd Kick You》）饰演一名马萨诸塞州女性，她拿起一把斧头然后……好吧，剩下的你们都知道了。Vicky Krieps, Rebecca Hall 和 Charlie Hunnam 同样主演 Ryan Murphy 和 Ian Brennan 的这部选集系列最新篇章。

展览

（纽约 FIT 博物馆，9月16日-2027年1月3日）

戏剧

这场展览探讨了玩偶与时尚之间很大程度上尚未被发掘的关系。展出超过 170 件展品——包括玩偶及其服装，以及全尺寸服装、艺术品、配饰等——旨在探索儿童玩具如何反映甚至启发我们在 20 世纪和 21 世纪的穿着方式。

《樱桃园》（纽约公园大道军械库，9月16-26日）

导演西蒙·斯通（Simon Stone）在这次北美首演中重新构思了安东·契诃夫的最后一部剧作。该剧将场景从俄罗斯转移到了快速变化的韩国，讲述了兄弟姐妹和企业继承人们在迅速演变的经济格局中挣扎着适应，并应对这种情况给家庭带来的财务压力。朴海秀（《鱿鱼游戏》）和全度妍主演。

音乐

贝克（Beck），《Ride Lonesome》（9月18日）

这位跨风格艺术家的首张自 2019 年《Hyperspace》以来的录音室专辑，采用了在其职业生涯早期占据主导地位的氛围感、电影化风格。

迈莉·赛勒斯（Miley Cyrus），《Bass Persuades》（9月18日）

这位歌手现在以单名 Miley 发布音乐，她推出了一张聚焦于浪漫关系和热爱自我的重要性的专辑。

艺术

“塔林·西蒙 / 父国我爱你” （纽约索罗门·R·古根海姆博物馆，9月18日-2027年3月14日）

照片、视频、文本和雕塑共同构成了一个巨大的交互式装置，填满了博物馆的圆形大厅。该项目追踪了一位匿名的真实联邦特工的生活，并探讨了他的决定如何以显而易见或不那么明显的方式塑造周围的世界。

“神圣的光辉：布拉格圣维特大教堂的犹太仪式艺术与基督教珍宝” （纽约犹太博物馆，9月18日-2027年2月7日）

约 170 件来自中世纪和近代早期的欧洲宗教器皿，揭示了精神信仰和创造之美如何跨越时间、地点和教义。此次展览将国际借展品与博物馆自身的珍藏相结合。

最后一刻

“伊特鲁里亚人：来自古意大利的心脏”（旧金山美术博物馆，荣誉军团博物馆，截至 9月20日）

这次致力于研究该古代社会的综述展，涵盖了从精细的金制品到青铜仪式物品。用我们评论家的原话来说，它“巧妙地——且理所当然地——提升了我们对这个古文明的认知”。

来信请发送至 brian.kelly@wsj.com。

高等教育即将回归爱国主义

GLOBAL VIEW 作者：沃尔特·罗素·米德 (Walter Russell Mead)

大国竞争的回归正在颠覆全球机构并重塑世界经济。它同时也在加速美国高等教育的变革，为那些渴望改革的人提供了助力，并削弱了那些试图让大学保持“觉醒”状态（woke）的努力。

随着 20 世纪 90 年代历史的所谓终结以及严肃地缘政治竞争的消失，对于美国商业界的很大一部分人来说，爱国主义成了早年时代一个令人尴尬的遗迹。在托马斯·弗里德曼（Thomas Friedman）所称的后历史时代“扁平世界”中运营的技术、金融和制造公司，越来越多地将自己视为世界公民，而非对“美国计划”的成功负有责任的美国公司。

在那种世界里，像麦肯锡（McKinsey）和谷歌（Google）这样的公司并不一定需要一群超级爱国的美国员工。相反，在企业以及个人的成功中，能够在全球化和世界主义文化中运作的能力，比员工爱国主义的深度和程度，或对美国公民价值和规范的承诺更为重要。

那个世界正在消亡，在科技行业消亡得最快，因为在这里，美中竞争才是游戏的核心。软件工程师可能会拒绝为五角大楼工作，或者仅在被迫的情况下才这样做，这种想法在过去或许可以容忍，但现在不行了。这不仅是因为国防合同对许多硅谷公司现在且将来依然至关重要，还因为许多企业面临的最大威胁是来自中国公司的知识产权盗窃。那些为知识产权安全而失眠的科技公司首席执行官们，希望拥有爱国的员工，这些人绝不会梦想将自己的国家或雇主出卖给海外的恶意行为者。

在金融领域，这种变化来得较慢，但随着银行在面对中国机遇时变得更加谨慎，爱国主义在华尔街开始变得更加重要。随着国际摩擦的增加，以及与在华业务相关的声誉成本和财务风险的上升，这一点可能会变得更加重要。在制造业，随着弗里德曼的扁平世界让位于我们这个时代更为崎岖的地貌，且供应链安全作为企业投资的一个因素变得愈发重要，我们可能会看到美国精英阶层出现类似的“知识回流”。

精明的企业招聘人员将寻求那些不想废除资本主义、不想将“起义”（intifada）全球化或不想摧毁美国的毕业生。鉴于民主党社会民主主义者（DSA）和 MAGA 共和党人中反商业情绪的兴起，公司将日益意识到，被公众视为“美国之队”（Team America）中忠诚且高效的成员具有其价值。

尽管有时有强有力的相反证据，但大学生和大学并非不聪明。当顶尖科技公司、律师事务所和投资银行需要“全球公民”时，精英教育体系就批量生产他们。现在，大学开始对这些雇主发出的变化信号做出反应。

大国竞争的重启将抑制雇主对“世界公民”的需求。

变革可能会从三个方向展开。首先，基于大学的科学研究必须更加严肃地对待国家安全问题。从学生招募到涉及敏感技术的机构合作，美国大学必须在思考中融入更多爱国主义，否则将面临巨大的名誉损失和联邦资金减少的风险。

其次，随着哈佛大学、耶鲁大学和范德比尔特大学等更多精英私立学院和大学推动更广泛的学术多样性，以及更多知名公立大学建立研究和教授美国建国价值观的研究所，更多温和派和保守派青年将进入学术界，并在校园生活中发挥更大作用。

学生群体的变化将成为驱动变革的第三个因素。这不仅是因为有抱负、有才华的学生希望获得能吸引招聘者的成绩单——因为招聘者在寻找证据，证明未来的员工理解并认同美国之特殊所在。一些精英学院对当前部分学生的不宽容和激进主义感到担忧，正在调整其录取流程，以识别那些在情感上足够成熟、能够在学术和政治多样化环境中茁壮成长的年轻人。

人口统计数据同样至关重要。到 2041 年，美国高中毕业生的数量预计将比 2025 年水平下降 13%。在 2023 年至 2041 年之间，蓝色州预计将经历最大幅度的下降（伊利诺伊州下降 32%，加利福尼亚州下降 29%，纽约州下降 27%），而南部地区整体预计将增长 3%。未来的学生及其支付学费的父母，可能会比那个“觉醒”巅峰 era 的人群在政治上更加温和。

基于所有这些原因，高等教育中所谓的“氛围转变”不仅仅是对特朗普政府压力的仓促反应。美国的学院和大学是更广泛社会的一部分，受到广泛社会趋势的影响。1970 年，在反越战运动的高潮时期，普林斯顿大学响应这些趋势，将《我的国家，你是如此伟大》（My Country, ‘Tis of Thee）从其正式的毕业典礼节目单中删除。随着国际局势阴云密布，普林斯顿的校董、学生和校友们想要重新启用这首老歌的一天可能会到来。

是的，弗吉尼亚州，确实存在一场关于堕胎的投票

11月，弗吉尼亚州居民将就一项州宪法修正案进行投票，计划生育协会（Planned Parenthood）称该修正案将“保护堕胎权”。而它的作用将远不止于此。

主街专栏 作者：威廉·麦格恩（William McGurn）

弗吉尼亚州的现状说明了自最高法院 2022 年在“多布斯诉杰克逊妇女健康组织案”（Dobbs v. Jackson Women's Health Organization）中做出裁决以来，情况发生了怎样的变化。该裁决将堕胎法从联邦法院移出，将其交还给各州以及通过投票箱和选出代表行使权利的民众。

到目前为止，关于弗吉尼亚州该修正案的民调较少。但《里士满时报-调度报》（Richmond Times-Dispatch）本月早些时候报道称，支持通过该修正案的委员会截至 8 月已筹集 300万美元——是四个反对该案的亲生命团体筹集的 $254,000 的 10 倍多。

但无论该修正案是否获得通过，投票本身就是进步的一步。堕胎不再是一项宪法权利。而这为更诚实的政治带来了希望。

亲生命人士长期以来艰苦奋斗，旨在推翻 1973 年的“罗诉韦德案”（Roe v. Wade），该裁决认为宪法中虽然并未提及，但存在一项宪法赋予的堕胎权。与许多“多布斯案”反对者的主张相反，该案从未旨在禁止堕胎。并没有保证在“罗案”之后的美国会变得更加亲生命。正如我们现在在弗吉尼亚州所看到的，“多布斯案”可能会导致更自由的堕胎法——如果这是选民想要的。

但这与“多布斯案”裁决时的说法不同。当时该案的捍卫者警告称，如果“罗案”被推翻，美国将陷入一个充满“后巷堕胎”的新黑暗时代。然而，弗吉尼亚州这个南方州，现在看来正准备将堕胎保护写入其宪法。

“多布斯案”确保了弗吉尼亚州的堕胎法由弗吉尼亚州居民在投票箱前决定。这与 Roe era, 时代形成鲜明对比，在那个时代，选民无关紧要，结果则取决于联邦法官在堕胎裁决中写入他们自己的偏好。

目前在弗吉尼亚州，怀孕 26 周零 6 天内堕胎是合法的。在妊娠第三阶段，除非有三名医生证明该女性的生命或其心理或生理健康处于危险之中，否则堕胎是被禁止的。18 岁以下的患者需要父母或监护人的同意。

伦理与公共政策中心的埃德·惠兰（Ed Whelan）在《国家评论》（National Review）上撰文讨论拟议的修正案，标题为“弗吉尼亚州的 Amendment 1 是极端且具有误导性的”。

他总结了该修正案将产生的影响，认为它远远超出了将现状法典化的范畴。惠兰先生写道，该修正案将“使堕胎在整个第三

Dobbs 将该问题交还给了人民。它并未预判人们将如何决定。

妊娠第三阶段，一直到出生；废除父母在年轻女儿寻求堕胎时被咨询和同意的权利；并允许任何人执行堕胎手术，且在手术失败导致严重后果时逃避法律责任。”

惠兰先生写道，该修正案还将“允许儿童在父母不知情或未同意的情况下，接受青春期阻断剂、跨性别激素治疗和绝育手术”。

毋庸置信，这种观点在媒体上并没有获得太多关注，而这正是堕胎支持者寄予厚望以获胜的关键。“州长 [阿比盖尔] 斯潘伯格及其支持堕胎的盟友正试图欺骗弗吉尼亚州的选民，将激进的堕胎制度写入州宪法，”惠兰先生写道。

在堕胎问题的政治光谱中，弗吉尼亚州处于一个奇特的位置。它是 Dobbs 裁决后唯一没有通过堕胎禁令的南方州。与其他蓝色州相比，其法律可能被认为是温和的；而与南方邻州相比，则显得自由。今年 11 月将告诉我们现状是否会延续——或者弗吉尼亚州的堕胎法是否将与最深蓝的州更加趋同。

“Dobbs 为支持生命的保护打开了大门，但它并未保证这种保护，”天主教大学教授、夏洛特·洛齐尔研究所高级研究员迈克尔·纽（Michael New）表示。“目前有 13 个州实施了堕胎禁令，另外四个州在胚胎发育六周后保护未出生儿，大约还有三个州实施了更晚的妊娠限制。”

“支持生命的人一直知道，仅靠改变法律是不够的，”他说。“最终，除了在改变人心方面做艰苦的工作之外，没有其他替代方案。但在 Roe 和 Casey 制度下，这是不可能实现的。”

请致信 mcgurn@wsj.com。

法国支持两国方案

作者：让-诺埃尔·巴罗（Jean-Noël Barrot）

自从 142 个国家在联合国大会上投票支持《关于和平解决巴勒斯坦问题和实施两国方案的纽约宣言》以来，已经过去了一年。在 2023 年 10 月 7 日的恐怖袭击（自大屠杀以来最严重的反犹太大屠杀）以及摧毁加沙的战争之后，这是一次前所未有的举措，旨在挽救两国方案并重启一条可信的和平之路。

得益于法国和沙特阿拉伯的努力，该宣言是首个经联合国认可的、谴责 10 月 7 日袭击、呼吁立即结束加沙战争并释放所有人质，以及呼吁哈马斯解除武装并结束其对加沙统治的文本。它为以色列的区域整合设定了清晰的路径，并确保了巴勒斯坦权力机构在改革和选举方面的关键承诺。

一年后，加沙的全面战争已经结束，最后一名哈马斯人质已被释放，一些——尽管不足的——人道主义援助已进入该地区。但加沙依然是一场无法用语言描述的灾难。在约旦河西岸，定居点正以危险的速度扩张，使得事实上的吞并成为现实，而定居者对巴勒斯坦人实施的暴行进一步恶化了这一局面。

如果巴勒斯坦人没有民主，中东就无法获得和平。

这就是法国采取行动的原因。我们在 2025 年 9 月承认了巴勒斯坦国，并决定在本月禁止来自以色列非法定居点的产品。

这些措施并非是对以色列的敌对行为。我们将继续捍卫以色列的安全权和自卫权。我们将不遗余力地打击反犹主义，这种瘟疫没有任何正当理由。将

犹太人集体地为以色列国家的行为负责，就是反犹主义。

相反，这些措施反映了我们的信念，即以色列政府目前选择的道路正在威胁其自身安全以及该地区的稳定。但实现和平与安全不仅仅关乎以色列。巴勒斯坦人必须能够选出领导人，而这些领导人的职责将是实现他们拥有国家地位和民族自决的权利。

巴勒斯坦权力机构已宣布，将根据马哈茂德·阿巴斯总统一年前向埃马纽埃尔·马克龙总统和沙特王储穆罕默德·本·萨勒曼做出的承诺，于 11 月 28 日举行立法选举，并于 2027 年第一季度举行总统选举。除非候选人承诺遵守巴勒斯坦解放组织的原则，包括承认以色列生存的权利并放弃武装斗争（这排除了像哈马斯这样的恐怖组织），否则不能参选。

在巴勒斯坦上一次全国投票 20 年之后，这些选举至关重要。只有焕发活力的巴勒斯坦权力机构才能在世界舞台上代表巴勒斯坦人民，并与以色列协商达成持久和平。 4 月在加沙举行的市政选举证明了这是可能的。 6 月，数百名以色列和巴勒斯坦的公民社会领导人在巴黎聚集，敦促举行这样一个民主进程。

任何人事调整或改革都无法替代选举所提供的合法性和问责制。这就是民主的力量。

任何关心巴勒斯坦人民命运和“两国方案”的人，都应该支持在巴勒斯坦举行自由公正的立法和总统选举。法国将与欧洲伙伴一起采取具体行动支持这一进程。让我们共同致力于这一目标。现在就举行巴勒斯坦选举。

巴罗先生是法国外交部长。

书架 / 安德鲁·纳戈尔斯基（Andrew Nagorski）著

沉溺于间谍技艺

《红杉》（Redwood）

作者：本·麦金泰尔（Ben Macintyre） Crown出版社，416页，$35

On Oct. 1, 1981, 弗拉基米尔·库齐奇金（Vladimir Kuzichkin）名义上是苏联副领事，他走进位于德黑兰的英国大使馆。“我是克格勃，”他宣布道，“我快到崩溃边缘了。我想投诚。我可以向你们提供重要信息。”

由于担心这位不请自来的访客可能是个“诱饵”——即假装倒戈以在敌方阵营站稳脚跟的人——接待他的工作人员起初十分谨慎。但英国军情六处（MI6）驻大使馆的秘密特工伊恩·麦克雷迪（Ian McCredie）很快得出结论：这个俄罗斯人是一个真正的投诚者，掌握着关于克格勃在伊朗行动的极具价值的情报。

库齐奇金当时三十出头，身高 6 英尺 4 英寸，体格魁梧，能够一边喝下无数伏特加，一边完美地执行危险任务。简而言之，他正是克格勃雇主所青睐的那种硬汉形象。尽管如此，他声称自己对克格勃同事以及整个苏联体制中猖獗的腐败、愤世嫉俗和残暴感到幻灭。

他还隐藏着一个令人尴尬的秘密。“我在卧室里没有能力，”他告诉麦克雷迪先生。他的酗酒以及对他已深恶痛绝的工作所产生的压力，进一步加剧了这个问题。即便在 pre-Viagra era, 他仍坚信西方医学的优越性，恳求军情六处为他的阳痿提供治疗方案。

麦克雷迪先生并没有反驳他，并为他提供了一些药片。事实证明这些药片没有效果，但那时库齐奇金——英国人因其身高而将其代号定为“红杉”（Redwood）——在保留克格勃职位的同时，已经在交付大量秘密。

本·麦金泰尔的《红杉》基于对麦克雷迪及其军情六处同事、前中情局（CIA）和克格勃官员的采访，以及库齐奇金自己的著作《克格勃内部》（Inside the KGB，1990年）而写成，讲述了这位“冷战中最非凡的间谍”的故事。麦金泰尔此前出版的作品包括《间谍与叛徒》（The Spy and the Traitor，2018年）和《索尼娅特工》（Agent Sonya，2020年），他创作出了一部精巧的非虚构作品，其水准堪比约翰·勒卡雷（John le Carré）最成功的小说之一。故事背景设定在伊朗伊斯兰共和国成立初期，与今日的情况有着令人不安的相似之处。麦克雷迪先生解释说，对于伊朗人来说，如果被认为是“为了正义事业”，那么撒谎“几乎是神圣的”。大多数与穆拉（mullahs）打过交道的西方人都会对此深表赞同。

麦金泰尔追踪了这两名年轻间谍的生活。库齐奇金和麦克雷迪先生在意识形态分歧的两端走过了相似的道路，最终建立了一种作者认为本可以改变历史进程的伙伴关系。两人都接受过类似的培训，都能说波斯语，并且擅长在德黑兰迷宫般的后街和小巷中甩掉伊朗的监视小组。

但麦克雷迪先生的上司对他职责的指导较为模糊，而库齐奇金收到的具体指令则超出了他管理“非法特工”（illegals，即秘密潜伏间谍）的常规职权。库齐奇金在苏联大使馆的克格勃上司列昂尼德·谢巴尔申（Leonid Shebarshin）告知他，他将担任莫斯科与图德党（Tudeh，伊朗共产党）之间的纽带。图德党通过赞扬阿亚图拉·霍梅尼政权“进步”的反帝国主义政策，在政权初期的清洗中幸存下来。与此同时，图德党建立了一个能够接触到隐藏武器的地下军事网络。

“苏联领导层决定将图德党作为特洛伊木马，”谢巴尔申解释道。通过向该党领导人输送资金，库齐奇金将为克林姆林宫在 1979. 底入侵阿富汗期间所策划的那种共产党夺权铺路。但库齐奇金坚信，就像在阿富汗一样，这是一个愚蠢的差事。尽管如此，他得出结论，“争论是没有意义的”，“我必须执行命令”。

弗拉基米尔·库齐奇金背叛了克格勃以协助西方，他在执行危险任务的同时还能喝得下伏特加。

正如麦金太尔先生所写，一场由苏联支持的伊朗政变是“西方情报机构长期以来所恐惧的噩梦”。尽管美国和英国的决策者与伊斯兰激进分子之间存在诸多问题，但他们依然透过冷战的棱镜来看待这个国家——克里姆林宫的同行亦然。

在继续从库齐奇金那里收集情报时，麦克雷迪先生及其上级深知必须极其谨慎。任何轻率地使用库齐奇金披露的信息的行为都可能暴露他的双面身份。但到了1982年春季，这名俄罗斯人在双重生活的压力下开始崩溃，尽管他意识到一次微小的失误就可能意味着毁灭，但他的饮酒量却在增加。他恳求麦克雷迪先生制定一个逃脱计划。

这位英国间谍为他提供了伪造的文件，但库齐奇金仍需自行在伊朗进行一次险象环生的陆路撤离，以脱离克格勃的掌控。尽管经历了足以拍成动作电影的惊险时刻，他还是成功了。在他安全抵达英国后，军情六处（MI6）将其情报与美国中央情报局（CIA）共享，详细阐明了克格勃在伊朗野心的全部规模。

美国中央情报局局长威廉·凯西及其团队几乎不需要军情六处的说服，便决定根据库齐奇金提供的信息采取共同行动。正如一名英国官员所承认的，他们知道，如果大阿亚图拉得知了伊朗共产主义者的计划，后者将面临“极其惨烈的结局”。但这并未阻止军情六处将库齐奇金派遣至巴基斯坦的伊斯兰堡，与伊朗政权的特使会面并揭露一切。

结果在预料之中：图德党（Tudeh）的领导人们被监禁、拷打并处决，任何共产主义政变的可能性就此终结。但如果伦敦或华盛顿期望该政权能心存感激，那就大错特错了。“对图德党的铲除使大阿亚图拉变得更加强大，”麦金太尔先生写道，“这有助于加强一个极权主义的宗教独裁政权，自那时起，该政权便一直恐吓其人民并使世界动荡不安。”

库齐奇金在英国以假名生活，他对这场流血事件表示遗憾，尽管他对此并不感到惊讶。他最终与新妻子育有一个孩子，但这段婚姻随后破裂。2009年，在62岁时，他在看电视时死于心脏病发作，身边放着一个空伏特加瓶。

纳戈尔斯基先生是《拯救弗洛伊德：将其带向自由的救援者》一书的作者。

回顾与展望

一位参议员对关税减免的恳求

大谈特谈关税是共和党人维持与特朗普总统良好关系的一种方式，但在实践中，这些关税损害了他们的选民。因此，在闭门会议中出现了寻求豁免的恳求。阿拉巴马州参议员凯蒂·布里特（Katie Britt）便是其中之一。

“媒体不会告诉你们的是，特朗普总统的关税政策是有效的，”布里特女士在最高法院驳回特朗普先生的“紧急”关税申请后，于2月写道。“我们不会回到允许美国就业机会和制造业被边缘化，以换取来自外国对手的廉价垃圾的现状。”

但布里特女士不会告诉你们的是，她在 10 个月前私下寻求豁免。当时，她的立法总监写了一封主题为“布里特参议员阿拉巴马州贸易优先级”的电子邮件，为“特定的阿拉巴马州制造商”寻求帮助。我们通过《信息自由法》从美国贸易代表办公室获得了这封邮件。邮件开头称布里特女士“支持”贸易再平衡。随后，邮件转向了“四个紧迫问题”，每一个都是为一家阿拉巴马州公司提出的恳求。

• TNT Fireworks：邮件称，“不幸的是，国内没有烟花制造商，超过 99% 的烟花产品在中国生产。”虽然 TNT 尝试过其他来源，但“质量和安全性相差甚远”，且进口烟花“不对美国的广泛贸易或国家安全利益构成威胁”。此外，还应考虑到爱国情怀，因为 TNT 当时正在“为美国建国250周年庆典做准备”。

• Novelis：这家铝业公司“目前正在建设一座 41 亿美元 billion 的回收和轧制厂”，预计将“创造 1,000 个新的直接就业岗位”。然而，当时该公司依赖于来自加拿大、韩国和巴西的进口，而特朗普先生的关税给“完成他们在阿拉巴马州的新工厂”带来了“现金流问题”。

• Kronospan：作为一家木板制造商，该公司正在“进行一项 6亿美元 的扩建”，需要“国内制造商无法提供的专业设备”。额外的关税成本是多少？约 6000万美元，这威胁到了项目的可行性：“布里特参议员担心这次具有变革性的经济发展可能会因此丧失。”

• 空客（Airbus）：这家飞机制造商正在莫比尔市“建设其第三条最终组装线”，将带来 1,000 个就业岗位。“我们最近获悉，此次扩建已被无限期暂停，”电子邮件中写道，“贸易政策使该项目在财务上变得不可行，”且“布里特参议员深切关注美国高质量就业岗位可能面临的损失。”

作为回应，美国贸易代表助理布雷特·多伊尔（Brett Doyle）写信表示，布里特女士的担忧将被转交给相关部门。电子邮件中并未提及随后发生了什么（如果发生了的话）。Novelis 告诉我们，该公司“没有获得关税减免”，但其阿拉巴马州项目“正按计划推进”。其他公司未回应查询。政府方面表示：“本届 USTR 目前没有豁免流程。”

问题的关键不在于布里特女士针对这四项关税提出了糟糕的论据，而在于她提出了有力的论据，这揭示了为何这种“大水漫灌”式的贸易战在经济上是一个错误，以及关税如何加深了华盛顿的“沼泽”文化。面对关税损害的大公司首席执行官们知道如何让美国参议员为他们奔走请愿。但谁能为那些遭受重创的小人物发声？

在被问及美国贸易代表办公室（USTR）的电子邮件时，布里特女士的办公室指出了她在参议院委员会听证会上提出过这些问题，包括对“专业工业设备”的需求以及对烟花产品的“公平对待”。这次施压并不激烈。她询问商务部长霍华德·卢特尼克（Howard Lutnick）是否会“考虑空客（Airbus）的生产需求”。他表示会考虑。布里特女士回应道：“好的。太好了。这比我想象的要简单得多。太棒了。非常感谢。”

布里特女士的办公室告诉我们，长期以来，美国领导层将“全球化视为一场无需付出代价的胜利”，而“工业基础的侵蚀”使国家变得脆弱。“为了支持阿拉巴马州的制造业增长，布里特参议员将继续在私下商议和公开听证会中，向特朗普政府倡导深思熟虑的政策。”

对他人的关税，对我的豁免。欢迎加入共和党俱乐部：在特朗普先生的第一任期内，参议员乔什·霍利（Josh Hawley）曾为锯片争取豁免，众议员马克·米多斯（Mark Meadows）为家具木材争取豁免，众议员安迪·比格斯（Andy Biggs）则为露台遮阳屏争取豁免。还有谁？当更多记录送达时，我们会告知大家。

中国学生正在遥遥领先美国孩子

两党政治人物都担心美国在面对中国时失去优势，尽管他们的补救措施通常是采取更多的产业政策。上周，国际学生评估项目（PISA）的一份报告以令人沮丧的细节揭示了美国失败的教育体系是如何成为美国在与中国的创新竞赛中最大障碍的。增加政府支出无法解决这个问题。

PISA 每三到四年对全球 15 岁学生的学习情况进行一次评估。虽然自 2018 年以来大多数国家的表现有所下降，但中国的数学成绩提高了令人印象深刻的 21 分（相当于大约一年的学习量），而美国的成绩则下降了 15 分（相当于四分之三年的学习量）。

结果，美国和中国学生之间的数学技能差距已扩大到相当于 7 年以上。请思考一下这一点。在数学方面被评为“顶尖表现者”的美国学生仅占 8%，而中国大陆则占 54%。想知道为什么美国雇主寻求从海外聘请高技能员工吗？

美国学校根本无法培养出足够多具备高级工程和数学技能的学生。加州大学圣迭戈分校去年的一份报告发现，每 12 名新生中就有一人的数学技能低于初中水平。

教师工会对学习能力下降证据的反应总是要求在公立学校投入更多资金，但疫情期间联邦政府对 K-12 教育的巨额投入并未提高成绩。PISA 报告指出，一个国家的财富与测试分数之间的关系“不是线性的，并且在国民收入相对较高的国家中趋于平缓”。

一旦 6 岁至 15 岁学生的累计人均支出超过约 $85,000——所有美国州的支出都超过了这个数——支出与学生分数之间的关系就开始“脱钩”。报告称：“更高的人均支出并不自动转化为更高的成绩分数。” 也许是因为更多的支出奖励的是教育的失败，而非成功。

司法部、伯克利与种族代理指标

司法部民权司和教育部上周公布了一项调查结果，显示加州大学伯克利分校法学院在录取中仍在使用种族偏好。有人感到惊讶吗？

大学统计数据表明种族偏好仍在使用。

在致伯克利律师的一封信中，美国司法部（DOJ）表示，伯克利法学院在 2024 和 2025 年的录取周期中歧视亚裔和白人申请者，违反了 1964 年《民权法》第六章。这两年的录取时间均在最高法院就“学生公平录取组织诉哈佛大学案”（Students for Fair Admissions v. Harvard, 2023）做出裁决——认定种族偏好违宪——之后。

“这种歧视在种族受偏好申请者与非偏好种族申请者之间客观学术指标的显著差异中显而易见，”助理总检察长哈米特·迪隆（Harmeet Dhillon）写道。2025 年，黑人法学院申请者的录取概率是申请材料相当的白人申请者的 5.8 倍。2024 年，黑人候选者的录取概率则是后者的 6.5 倍。

在 LSAT 成绩方面，这种操纵迹象更加严重。在 2021 年至 2025 年间，按种族分类的录取申请者 LSAT 中位数成绩几乎没有变动。亚裔的中位数成绩在 2021 年和 2025 年均为 172。白人的中位数成绩 2021 年为 171，2025 年为 172。黑人的中位数成绩 2021 年为 165.5，2025 年为 167。

伯克利院长欧文·切默林斯基（Erwin Chemerinsky）曾建议，学校在录取过程以及教职员工招聘中应使用种族的替代指标。切默林斯基院长表示，学校可以使用“未公开的平权行动”，并对此保持沉默。根据司法部的信函，他在谈到教职招聘时评论道：“如果学院或大学不告诉任何人，不发表任何公开声明，但仍然想这么做，会怎么样？”

这种想法似乎是打算一直使用偏好，直到司法部注意到并起诉，通过拖延时间熬过特朗普政府，直到民主党重新掌权且不再执行“公平录取”裁决。看来特朗普领导的司法部没有被愚弄。

在回应司法部的信函时，切默林斯基先生表示，学校“严格遵守”反对种族偏好的法律，且联邦和州法律“并不妨碍学校在不给予基于种族的偏好的前提下追求多样性”。但如果没有种族偏好，他如何解释在法院正式终止种族偏好前后，测试成绩上的种族差距几乎完全相同？

伯克利是许多尝试这种策略的学校之一，这种策略通常涉及在录取论文中挖掘与种族相关的故事。美国卫生与公众服务部发现，杜克大学医学院也在使用种族偏好。在“公平录取”裁决之前，成功录取的黑人申请者的 MCAT 成绩处于第 88 百分位数，裁决之后则处于第 87 百分位数。亚裔的 MCAT 成绩则一直保持在第 98 至 99 百分位数之间。

在“公平录取”裁决后给教职员工的一封信中，杜克大学校长文森特·普莱斯（Vincent Price）写道，“我们在杜克、在当地社区以及更广泛领域推进种族和社会公平的工作将不会被阻碍。”机会均等是受欢迎的。但大学正试图规避法律以实现某种特定的种族结果。

无论他们如何称呼它，他们仍然在违抗《民权法》、宪法和最高法院。

读者来信

一个给小银行增加负担的缺陷模型

米歇尔·鲍曼在她的评论文章《如何让小银行的生活变得艰难》（9月 9）中提出了一个令人信服的论点。在 2016 年关于当前预期信用损失法（CECL）的指南中，联邦金融监管机构预计大多数较小的机构不需要“昂贵且复杂的模型”。正如鲍曼女士所记录的，现实并非如此。针对她的论点，我们想补充塑造这一方法的历史轨迹。

在 CECL 所取代的已发生损失法下，银行在拨备准备金以覆盖损失之前，会等待损失可能发生的证据。在 2008 年金融危机之后，这种做法受到了批评者的指责，部分原因是许多银行直到经济衰退加深时，才面临大幅提高拨备的需求。然而，正如鲍曼女士正确指出的那样，已发生损失法更符合“信用风险实际运作的方式”。我们对此表示赞同。信用风险本身是贷款中固有的，但这与已发生的信用损失并非同一回事。

财务会计准则委员会针对危机后的批评推出了 CECL，该准则强制要求银行对预期信用损失采用前瞻性估计。然而，为那些可能永远不会实现的损失进行拨备是一种值得质疑的预防措施，尤其是因为经济和金融状况是出了名的难以预测。例如，在 2007 年 12 月经济衰退开始时发布的费城美联储利文斯顿调查（Livingston Survey）中，受访经济学家预测经济将持续扩张至 2008, 且将失业率定在 4.9% 用于 2009.。而实际上，失业率平均达到了 9.3%。

值得记住的是，社区银行从根本上从事的是贷款业务，而非预测业务。

诺伯特·米歇尔 和 瑞安·陈-伟（NORBERT MICHEL AND RYAN CHAN-WEI） 卡托研究所（Cato Institute） 华盛顿

社会主义吸引力背后的挫败感

关于马克·彭（Mark Penn）和安德鲁·斯坦（Andrew Stein）的评论文章《社会主义与最愚蠢的一代》（9月8日）：彭先生和斯坦先生正确地指出了我这一代人普遍存在的一种虚伪：在名义上拥护社会主义，但在实践中并非如此。而我认为，在年长一代中也普遍存在另一种形式的虚伪：在实践中拥护社会主义，但在名义上并非如此。

许多婴儿潮一代和X世代的成员谴责社会主义和大政府。但一旦威胁到他们的权利保障计划（医疗保险占联邦预算的14%，社会保障占22%），突然之间就变成了“我可以享受社会主义，但你不能”。这还没算上那些不成比例地让年长一代受益的联邦补贴，例如住房所有权补贴。

我这一代中的许多人觉得，我们被前辈们交给了一个财政定时炸弹。婴儿潮一代和X世代构建了他们的美国梦，但对于我这一代中的许多人来说，教育和房价已遥不可及。相反，我们却得为资助老年人计划而产生的债务买单。

正如彭先生和斯坦先生所指出的，我这一代人想要的仅仅是给予前辈们的同样机会。当我的大部分税金流入年长一代的口袋时，该评论文章中的责备显得虚伪。愿那个没有享受过社会主义的人投下第一块石头。

杰桑·格罗嫩迪克（JESSAN GROENENDYK） 费城

作者们将美国年轻人贬低为“最愚蠢的一代”。但年轻人对传统经济机构的怀疑很难被视为无知的证据。与前几代人相比，年轻人面临的住房、医疗、教育、育儿和其他必需品的成本大幅提高，而自2000年以来的实际收入增长却很有限。一个人完全可以在相信功绩、创业精神、住房所有权和美国梦的同时，质疑当今的经济是否仍能让这些目标得以实现。

我们不应轻视整整一代人，而应询问为什么这么多美国年轻人觉得经济体制不再为他们服务。理解这些担忧才是更具建设性的回应。

阿什·帕特尔（ASH PATEL） 芝加哥

财政部的债券策略损害纳税人利益

詹姆斯·麦金托什（James Mackintosh）的专栏文章（《贝森特的财政部博弈》，商业与金融版，8月20日）聚焦于收益率上升的原因。但同样重要的是，美国财政部将其长期债券购买量翻倍的理由是有缺陷的。

且不论过去在扭曲收益率曲线（购买长期证券同时出售短期证券）方面已有记录的失败，其理由是建立在谬论之上的。其主要错误在于分析具有不同风险和期限的替代方案，而在对比成本时却未进行调整。使用短期利率来评估长期项目的价值是公认的违反财务诚信的行为。它忽略了对风险或期限错配的调整。这种技术违反了交易双方期限匹配（技术上称为久期匹配）的原则。

正如麦金托什先生所暗示的，由于需要连续进行短期借款，这意味着将当前的短期利率与长期利率进行对比是一种无效的成本比较。人们不能得出纳税人成本降低了的结论

电影激励政策渐趋式微

在《电影激励政策是投资而非施舍》（读者来信，9月11日）中，希勒里·布罗特肖（Hillery Brotschol）断言，研究表明电影和电视制作激励措施能产生州和地方的税收，并增加实际国内生产总值。

但最近一份由南加州大学教授迈克尔·汤姆（Michael Thom）撰写的麦基纳公共政策中心（Mackinac Center for Public Policy）报告发现，此类计划“几乎没有持久的经济影响”，且“反复证明对纳税人而言是净亏损”。汤姆先生分析了23个州的州政府报告，发现每个机构的结论都是：电影激励政策给州预算带来的成本高于其回报。他写道：“如果说各项评估之间存在分歧，那么仅在于损失规模的大小。”该报告得出结论，电影激励政策对制作地点的选择几乎没有影响，且创造的永久性就业岗位极少。

政府不应该在好莱坞进行所谓的“投资”。

查尔斯·D·伊登（CHARLES D. EDEN） 亚特兰大

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

即便目前的利率较低，但通过使用短期融资。

财政部的责任是对那些帮助资助赤字的纳税人负责。从贷款人手中购买更高收益的证券（其中许多贷款人本打算持有至到期以赚取更高回报），会导致纳税人承担可能更高的成本，同时吸收债券持有者愿意承担的风险。财政部在声称奖励其选民的同时，实际上是在剥夺他们的权利。

乔治·摩根（GEORGE MORGAN）教授

信任中国在AI领域与我们合作是危险的

在《AI可能成为第三个超级大国》（评论文章，9月10日）中，保罗·都铎·琼斯（Paul Tudor Jones）建议美国与中国合作，将AI安全列为首要任务。我认为，期待习近平在这一使命上与美国合作是天真的。

中国和美国在政治上并不一致。北京长期以来一直明确表示，它完全打算成为世界主导力量。中国政府极有可能已经在开发能够让中国接管世界大部分地区的AI，无论这在实践中意味着什么。这可能意味着控制政治权力、军事权力、自然资源或社交媒体以影响民众——仅举几例应用场景。如果我们将AI的控制权让给中国，我担心我们的自由。

罗伯特·伯曼（ROBERT BERMAN） 新泽西州蒂尼克

胡椒……与盐

《华尔街日报》

“哪一个能让我花最少的钱获得最大的多巴胺快感？”

波特休伦与今日的社会主义

作者：J.T. 扬（J.T. Young）

社会主义内部的阶级矛盾与社会主义本身一样古老。卡尔·马克思、弗拉基米尔·列宁、毛泽东、菲德尔·卡斯特罗、雨果·查韦斯——没有一个人来自他们所拥护的工人阶级，而是来自他们试图推翻的资产阶级。

如今，美国那些自称社会主义的人通常也无异。纽约市市长佐兰·马姆达尼（Zohran Mamdani）、西雅图市市长凯蒂·威尔逊（Katie Wilson）、众议员亚历山德里娅·奥卡西奥-科尔特斯（Alexandria Ocasio-Cortez）——全部成长于典型的中产阶级家庭。

尽管许多人看到了这些领导者的成长背景与其推翻体制的意识形态之间的矛盾，但很少有人意识到，美国社会主义与工人阶级的脱节可以追溯到1962年的《波特休伦宣言》。

该宣言由民主社会学生组织（Students for a Democratic Society）撰写，是对变革的明确呼吁，也是对失败的含蓄承认。马克思主义正统和无产阶级统治的旧左翼在美国已经死亡。盲目效忠莫斯科已不再奏效

这份声明与其说是关于革命，不如说是关于那些拥有“知识技能”之人的地位与金钱。

在这里，我们相对富裕的工人阶级并未发挥领导作用。正如德国政治理论家维尔纳·松巴特（Werner Sombart）在 1906 年所写，在美国，“所有的社会主义乌托邦在烤牛肉和苹果派面前都化为乌有”。

因此，1962 年的声明呼吁一个“新左翼”的出现。一个更年轻的左翼，正如声明在开头所言：“我们是这一代的人，成长于至少还算舒适的环境，如今就读于大学……”

他们的社会主义色彩十分鲜明：“经济本身具有如此重要的社会意义，以至于其主要资源和生产资料应当向民主参与开放，并受民主社会监管。”

但同样显而易见的是，这个“新左翼”将有所不同，且其出处明确：“一个拥有真正的知识技能、致力于审议的左翼……大学使得政治生活能够成为学术生活的附属，使行动能够由理性引导。”该声明最后六个要点中的每一个都提到了“大学”。

工厂不再是革命的熔炉，而大学成为了动荡的煽动地。这些知识上的优越者将带领他们工人阶级的下属，摆脱富足带来的自满，走向社会主义之地。

在对我们的学院和大学进行了 60 多年的重塑之后，如今的美国社会主义者正是 1962 年声明所预想的样子：一群拥有凭证的干部，在那些不读书的人拒绝涉足的地方进行领导。他们所追求的并非工人的天堂，而是常春藤盟校咖啡馆里的天堂；在那里，社会主义不是被建设出来的，而是通过辩论而存在，以便其失败和矛盾之处可以简单地通过争论而被掩盖。

他们的社会主义并没有驱逐资本主义，而是对自由市场征收重税，以资助乌托邦式的承诺，并维持如今美国社会主义者将其视为与生俱来的富足生活。

而且，他们的社会主义与其说是关于革命，不如说是关于地位和金钱——是对波特休伦声明中所谓“真正的知识技能”应得的认可与补偿。

如今由富裕阶层领导并组成的美国社会主义，要求一场针对其自身出身环境的革命，这无疑是实践与理论的矛盾。但这绝非与历史相矛盾——既不是与世界的社会主义历史相矛盾，更不是与美国自身的历史相矛盾。相反，这是一种顶峰。

杨先生（Mr. Young）是《前所未有的袭击：大政府如何释放美国的社会主义左翼》（Unprecedented Assault: How Big Government Unleashed America’s Socialist Left）一书的作者。

沃什为美联储制定的新原则

DAVID PAUL MORRIS / BLOOMBERG 凯文·沃什在杰克逊霍尔会议上。

作者：Mickey D. Levy

美联储主席凯文·沃什（Kevin Warsh）最近在杰克逊霍尔的演讲中阐述了其希望引导美联储在处理高就业和低通胀的双重使命时采取的新思维原则。然而，新闻报道在很大程度上忽略了这些原则，金融市场则将注意力集中在这次演讲对美联储 9 月会议利率走势的暗示上。沃什先生的原则值得更多关注。它们挑战了美联储内部根深蒂固的某些思维方式和方法，其中一些方法曾导致重大的政策失误。

沃什先生表示，美联储的角色是管理总需求并使其与供给相匹配。他声明：“我不认为美联储的双重使命是相互抵触的。”关于前瞻性指引，沃什先生表示，“工资增长尚未被证明是未来通胀的可靠指标”。他讨论了采用反应函数（如泰勒法则）的益处，这将系统地引导货币政策并告知公众，但他同时表示“我们的认知还无法达到那种程度”。沃什的另一个原则是：“货币至关重要……我们应该关注由中央银行创造的货币，以及来自银行和金融系统的货币。”

这些表述符合逻辑，但与美联储的正统观点相悖。沃什先生希望利用他新成立的任务小组，来影响美联储围绕这些问题的思考方式和处理流程。

美联储宏观经济模型和思维的核心观点是：通货膨胀是由工资和价格设定行为驱动的，而这种行为是劳动力市场紧张程度和通胀预期的函数。美联储对总需求和名义国内生产总值（这是衡量当前美元支出最广泛的指标）的关注要少得多。

撇开利率预测不谈，你会发现央行内部正在进行一场重大的反思。

尽管美联储认同通胀与失业之间不存在长期权衡，但在历史上，其关注点一直在两者之间跳跃，仿佛两者处于冲突之中。长期以来，美联储对感知到的就业疲软所做出的反应，比对高通胀的反应更为果断。而且几十年来，美联储一直专注于设定利率而忽视货币供应量，即便在 2020-21 年应对新冠疫情导致 M2 货币供应量增长 $40\%$ 时也是如此。

历史表明，劳动力市场的紧张程度和失业率并不是通胀的可靠预测指标，但美联储仍继续将政策基于菲利普斯曲线所隐含的凯恩斯主义方案，该曲线假设失业率与通胀之间存在权衡。

在不同目标之间跳跃意味着投入了过多的精力去管理实体经济。2025 年底，美联储针对一系列持平的就业报告降低了利率，尽管当时通胀已超过其 2% 的目标。2026 年就业再次加速，美联储现在可能需要撤销这些微调后的降息。但沃什先生强调，就业和通胀目标是互补的，而实现充分就业的最佳途径是通过稳定且低水平的通胀。而这两者的最佳实现方式，是通过产生与稳定低通胀及实际经济增长相一致的总需求增长的货币政策。

这意味着减少在不同目标之间的跳跃。它拒绝将就业优先级置于通胀之上的不对称方法，在历史上，这种方法被转化为让经济过热，直到劳动力市场紧张到工资推高通胀的程度。这种策略注定会失败。

沃什先生表示，货币供应量值得关注，尽管金融创新和其他因素会影响货币的流通速度。但美联储利用利率来引导经济和劳动力市场的方法可能并不可靠。能够实现美联储双重使命的利率水平是未知的，利率随经济表现而波动，且通胀预期是不可观测的。

那么，如何将沃什原则注入美联储的政策以及其工作人员的思维方式中？我建议美联储在每次政策会议上考虑并讨论一份包含三项原则的清单：1) 名义 GDP 的增长速度如何，是否与 2% 的通胀和潜在实际增长相一致？目前 6.5% 的增速可能过快。2) 泰勒法则（Taylor Rule）估算的利率是多少，是否与当前的联邦基金利率以及美联储成员的估算值相距甚远，就像新冠疫情期间那样？3) M2 的增长是否合理，或者货币存量是否在下降或激增，从而预示着总需求出现了不理想的转变，就像 2020-21 年期间那样？沃什先生的任务小组可以进一步扩充此清单。

美联储实现其双重使命并避免重大错误将使我们所有人受益。沃什先生深思熟虑的原则可以增强美联储的政策审议。

利维先生是胡佛研究所的访问研究员，也是影子公开市场委员会的成员。

AI 承诺繁荣、毁灭，且两者兼而有之

特约编辑 杰拉德·贝克 (Gerard Baker) 著

这转变得太快了。前一刻，我们还处于有史以来最伟大的投资繁荣期之一，新一波技术创新为部分人创造了难以想象的财富，并为所有人带来了超强的增长。下一刻，我们就被建议处理好后事，停止缴纳养老金，并为人类的灭绝做好准备。有一天，股票市场沉醉于人工智能将治愈癌症、超越莎士比亚并让飞机准时起飞的前景。紧接着，量化分析师们就得计算出 2030 年世界成为后末日废土的折现现值。

我倾向于看向光明面。今年夏天，关于 AI 的两个主要担忧引起了公众关注：一是资助 投资的资本需求扩张如此之快，以至于在债务市场中挤出了美国国债的价格；二是超大规模数据中心给当地社区带来的成本，这引发了一场民众反抗。好吧，不必再恐惧了。当你被一群阴险的 智能体通过递归自我提升以实现全球统治，并由其设计的某种生物武器给中和掉时，房贷利率上升和电费单增加又算得了什么？

的二元承诺始终如此：要么繁荣，要么毁灭。在过去几年中，我交谈过的几乎每一位 专家都处于光谱的其中一端，且通常两端兼具。这里没有中间地带。直到现在，债券和股票市场还表明“繁荣派”占据上风。而现在，由于一些关于 智能体通过欺骗性协作以智取其人类主宰的惊人披露，“毁灭派”开始占据主导。

引发恐慌的事件是一起据称在 OpenAI 控制下的 智能体在测试期间突破了限制，共同协作黑入开发平台 Hugging Face，随后掩盖了自身行踪的事件。

本周末，Anthropic 首席执行官达里奥·阿莫代伊 (Dario Amodei) 发出警告，这一警告立即得到了竞争对手 OpenAI 的萨姆·奥特曼 (Sam Altman) 和 SpaceX 的埃隆·马斯克 (Elon Musk) 的支持。阿莫代伊先生表示，像攻击 Hugging Face 那样的集群 智能体可能会在 6 到 12 个月内“接管整个互联网”。在他公司的一名前研究员声称行业领导者认为 可能会“杀死我们所有人”之后，阿莫代伊先生呼吁克制与监管。

他将其称为“掌控前沿”，这意味着在 实验室中安置具有员工级访问权限的外部监督员， 公司之间开展合作以确保开发保持在限度之内，并采取行动确保中国不会利用美国的克制。

阿莫代伊先生的行动呼吁遭到了那些认为大型 公司在炒作威胁的人的猛烈嘲讽，这些人认为 公司是为了恐吓我们，从而创造一个能够扼杀竞争的环境。极其成功的科技投资者查马斯·帕利哈皮蒂亚 (Chamath Palihapitiya) 在 X 上发帖称：“达里奥是在主张停止开源，并将巨大的技术和经济权力集中在 Anthropic 手中。”

这些公司对监管的呼吁可能是为了私利，但这并不意味着他们错了。

这种怀疑是合理的。想要保护一个利润丰厚且高速增长的行业中高达万亿美元的估值和市场主导地位，还有什么比主张自己构建的技术极其危险、必须对进一步的（竞争性）机会实施严格限制，且自己及其大型企业竞争对手应免于反垄断执法以便共同“拯救地球”更好的方法吗？

阿莫代先生（Mr. Amodei）心中所想的，可能正是过去 20 年左右定义了美国许多“裙带资本主义”特征的那种“监管”：即根深蒂固的企业利益集团与据称独立的监管政府机构之间的一种亲密关系。这就是所谓的“监管俘获”（Regulatory capture）。

我天生对危言耸听持怀疑态度，且每当一家公司告诉我政府必须采取行动时，我都会产生怀疑。在过去的 70 年里，我们一直被告知，除非政府采取行动，否则地球上的生命即将被核武器、气候变化、“千年虫”或流行病所毁灭。而我们仍在等待。

但你不需要相信 AI 将摧毁地球，也能意识到它对我们的生活方式构成了此前任何技术都未曾代表过的挑战。阅读关于 Hugging Face 事件的报告，不仅能让人窥见潜在的危险本身，或许更令人不安的是，它在那些最深谙 AI 潜力的人群中引发了真正的恐慌。

我们目前还无法得知 AI 最终的威胁或前景。但我们确实知道眼前的风险格局：如果无所作为，我们可能会释放机器的力量，使其发展速度快到让我们措手不及；如果干预过多，我们可能会在这一场关乎生存的潜在技术竞争中，给中国带来关键优势。

赌注如此之高，如果让这个决定沿着我们惯常的、根深蒂固的政治和意识形态分歧——即“监管还是不监管”——来做出，那将是一个错误。或许这些要求干预和克制的呼吁是强大既得利益集团的私利行为，但这并不意味着他们错了。

要对抗反犹主义，请尝试“犹术”

作者：约瑟夫·爱泼斯坦（Joseph Epstein）

柔术（Jujitsu）——这个词是在最近一个失眠之夜跳入我脑海的。柔术是一种日本武术，它利用攻击者的力量来反击对方，并通过巧妙地利用杠杆原理，让体型较小的人能够击败体型较大的对手。我突然想到，既然有柔术，为什么不能有“犹术”（Jewjitsu）呢？即一种抵御反犹主义的犹太艺术，正如犹太人在犹太教诞生之初以来一直所做的那样。

毫无疑问，犹太人实践“犹术”最有效的方式是通过他们对社会的贡献。在美国，这包括他们在音乐喜剧领域的主导地位以及在古典音乐中的存在，从爱因斯坦、奥本海默及其后继者等犹太科学家所扮演的核心角色，到他们在国家金融机构和知识生活中的参与。

或许第一个问题是，为什么极右翼和极左翼唯独在反犹主义上达成一致。我怀疑原因是，双方在整体观点上都大错特错。因此，在无路可走的情况下，他们转而求助于那个可靠的古老替罪羊——犹太人。对于双方而言，世界上最主要的问题就是以色列及其犹太人，以及生活在国境线之外的犹太人。

我提到犹太人在美国的贡献，是因为在某些领域，犹太人正处于所谓猖獗的反犹主义的鞭笞之下。挥舞鞭子的是极右翼和极左翼，而目前最猛烈的抽打来自左翼，其中一些成员甚至将锡安主义等同于种族灭绝。

如何才能最好地应对这一点？我在想，柔术所采用的方法是否会很有用？在自我防卫时，犹太人或许可以效仿柔术，利用反犹主义者的指控和论点所产生的力量来反击他们。毕竟，这些指控和论点充其量也只是疯话。

让“犹术”登场吧。它的第一招可以是幽默，具体来说就是反反犹主义的笑话。我最喜欢的一个笑话是关于苏联早期，在一个极其寒冷的日子里，一群俄罗斯人排长队等待从欧洲运来的一大批肉类货物。大约半小时后，广播系统传来一个声音，宣布货物数量少于预期，因此所有犹太人都必须离开队伍。一小时后，又有一则公告称货物进一步减少，所有非党员必须离开。两小时后，又是一则公告，宣布货物再次削减，要求除了政治局成员以外的所有人都离开。

在19世纪最后几十年和20世纪初，大量犹太人为了逃避沙皇对其自由的限制而来到美国。一小时后，大雪纷飞，公告称肉类货物已被取消。离开队伍时，一名政治局成员对另一名成员说：“那些犹太人，他们总是过得那么轻松。”

一个以美国为背景的反反犹主义笑话是：一个醉醺醺的男人大喊他想请全场喝酒，“除了吧台最远端的那位希伯来绅士”。二十分钟后，他再次喊道：“再给全场来一轮，当然，排除我的以色列朋友。”那个犹太人反驳道：“你对我有什么意见？”醉汉回答说：“是你弄沉了泰坦尼克号。”犹太人说：“胡说。是冰山弄沉了泰坦尼克号。”醉汉回应道：“冰山（Iceberg）、格林伯格（Greenberg）、戈德堡（Goldberg），你们这些家伙都没什么好东西。”

单靠笑话无法停止反犹主义。必须一次又一次地强调：以色列作为中东唯一民主国家以及美国伟大盟友的真实意义，犹太人对美国文化的意义，犹太教在西方思想中扮演的角色，以及提醒人们耶稣本人也是犹太人——所有这些以及更多内容都必须深入人心。在“犹术”的指导下，绝不能让反犹主义者忘记他们的观点究竟是多么无知且恶毒。

以及俄罗斯军队 25 年的强制征兵制。随着苏联共产主义的到来，更多的人逃离，而那些足够幸运地逃脱德国纳粹死亡机器的人也移民到了这里。除了以色列，美国为犹太人在漫长的流散岁月中提供了最受欢迎的家园。当前的美国反犹主义浪潮绝不能被允许再次将他们驱逐。

埃普斯坦先生是一位作家，其最新作品为《永远不要说你过着幸运的生活》（“Never Say You’ve Had a Lucky Life”）。

华尔街日报。自 1889 年起由道琼斯公司出版

在反犹主义猖獗之际，我们必须将荒谬的指控反弹给那些提出指控的人。

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没意识到自己夺冠的美网冠军

杰森·盖伊 (JASON GAY)

亚历山大·兹维列夫在赢得比赛后忘记了比分，庆祝动作出现延迟

又一届美网落幕。抱歉，你得再等整整一年才能再次观看 2:30 a.m. 的网球赛。

在纽约市一边吃鱼子酱鸡块，一边喝着一杯 $23、味道像独角兽眼泪般的鸡尾酒。

这次比赛我们学到了什么？

亚历山大·兹维列夫并不总是清楚比分。你见过像周日男单决赛那样冠军收尾的方式吗——兹维列夫在 23,000 人面前刚刚夺得职业生涯第二个大满贯冠军，却轻快地将球传回给球童并准备接发球，显然认为比赛仍在进行，而他仅仅是在第四盘对阵本·谢尔顿时取得了 5-1 的领先。

快请 JR 史密斯（JR Smith）来看看！兹维列夫似乎根本没听到主审宣布“Game, set, match”（比赛结束）。

这种缺乏反应的表现让亚瑟·阿什球场内的观众感到困惑。他为什么不庆祝？最终，兹维列夫反应过来了，双臂向天空挥舞。

他看起来不像一个刚刚赢得首个美网冠军的球员，而像一个听说今天是披萨日的初一学生。

这是对那种强加给人们的观念的一次幽默反击——即认为体育冠军都是那些对细节关注到极致、像锁定状态的超级计算机一样的人。

兹维列夫的崛起：在卡洛斯·阿尔卡拉斯和亚尼克·辛纳因伤而陷入低谷的一年里，29 岁的兹维列夫凭借其 6 英尺 6 英寸的瘦高身材，闯入了网球界的世代双头垄断局面。

周日以 6-3, 7-6(2), 5-7, 6-2 击败谢尔顿，使兹维列夫在 2026 年赢得了两个大满贯（他还赢得了法网），并在三种不同的场地连续进入三个大满贯决赛（他在温网输给了辛纳），这使他有望在赛季结束时成为世界第一。

无论以什么标准衡量，这都是极其具有说服力的一年。

这是否意味着男子网球正趋向于另一个“三巨头”时代？额，我还没准备好得出这个结论。至少在三人全部健康之前不能这么说。兹维列夫在过去 10 场对阵辛纳的比赛中 0-10，且在过去 5 场对阵阿尔卡拉斯的比赛中输掉了 4 场。

即便在纽约获胜后，兹维列夫也承认存在差距。“如果每个人都健康，我认为亚尼克仍然领先，”他说。

显然，兹维列夫实现了飞跃。在上个赛季结束时，阿尔卡拉斯、辛纳与男子网坛其他球员之间存在着一道像 Knievel（特技跳车手）都无法跨越的深渊。现在，兹维列夫缩小了这一差距。

周日的任务并不轻松。由于一位深受喜爱的美国年轻球星试图成为 2003, 以来首位赢得大满贯的美国男子，观众们正兴致勃勃地为谢尔顿加油。

然而，兹维列夫迅速出击，在比赛的第一局就破掉了谢尔顿强有力的发球，在潮湿的下午扼杀了对方的势头。在谢尔顿奋起赢得第三盘后，兹维列夫再次采取同样策略，在第四盘开局即破发，随后一路领先地赢下比赛。

兹维列夫在网球界仍然是一个极具争议的人物，他的形象因家庭暴力指控而蒙阴，他多次否认这些指控，而男子网球管理机构 ATP 的调查发现没有足够证据证实这些指控。就网球人气而言，他远未达到阿尔卡拉斯或辛纳的量级。在 ESPN 的决赛报道结束时，约翰·麦肯罗大声祈祷阿尔卡拉斯和辛纳能健康回归。但在球场上，兹维列夫已经逼近了。

谢尔顿也实现了巨大的飞跃。对于这位 23 岁的前大学生球员来说，这是一段辉煌的旅程——他首次进入大满贯决赛，并取得了职业生涯最令人振奋的胜利：在四分之一决赛中，他通过五盘大战并在决胜盘抢七中击败阿尔卡拉斯，比赛一直持续到凌晨 3:33 的“吸血鬼自助餐时间”。

谢尔顿证明了自己不仅仅拥有强大的左手发球——他的反拍更出色，接发球更犀利，整体成熟度也更高。接下来的重点是体能：在对阵兹维列夫时，他看起来有些体力不支，且他也承认了这一点。

他从纽约汲取了很多灵感。谢尔顿与父亲布莱恩（前职业球员，曾任乔治亚理工学院和佛罗里达大学教练）的教练搭档关系，是网球界最迷人且最高产的关系之一。父子俩很快将进入“实验室”，精进仍在发展中的比赛风格，并试图让一名美国男子选手最终胜出。

美网遭遇了一些抨击。在两周的时间里，美国网球协会（USTA）的年度盛会发现自己在多个问题上处于防御姿态：包括午夜后才结束的比赛；定价策略；对奢侈消费者的追求；与预测市场 Kalshi 的关系；以及对社交媒体影响者的广泛接纳——这些人倾向于将美网品牌化为一种令人向往的生活方式体验，而不是，你知道的，一场网球锦标赛。

亚历山大·兹维列夫（上图）击败本·谢尔顿（右图），赢得美国公开赛冠军。

Kalshi 曾为了一个奇怪的广告而把深居简出的皮特·桑普拉斯拉出来，而该公司的名字实际上还出现在另一段视频中，嘲讽那些不懂网球基础知识的观众。美国网球协会对此只能表示：嗯，谢谢？

那么，美网究竟是为谁准备的？这场在公共土地上由非营利组织举办的纽约赛事，喜欢将自己视为大众的盛会。但它对富豪的接纳并非新鲜事。多年来，这项赛事曾为梅赛德斯-奔驰车主提供免费停车，其观众群体看起来就像是在阿马甘塞特的农贸市场排队一样。

这种奢华氛围无疑在不断攀升。该赛事正处于一项耗时多年、8亿美元 的阿什球场翻新工程中，其主要驱动力似乎是通过包厢和更昂贵的下层看台座位来提高收益。到处都是迎合“顶级”票持有者的天鹅绒围栏细节，且周边商品价格不菲：一件由美国网球协会销售的单调连帽衫售价 $140. 一份龙虾培根蛋三明治售价 $42. 或许是为了表现克制，黏糊糊的 Honey Deuce 鸡尾酒维持了去年的价格：$23.

追求极致奢华的影响者们自然对此趋之若鹜，因为社交媒体影响力的通用语言通常就是对财富文化的 FOMO（错失恐惧症）。

所有这些环形灯和摆拍确实让人感到有些尴尬，但我认为对影响者的担忧过头了。无论你是否喜欢，他们正日益成为首选的媒介，而网球在美国是一项竞争激烈且时间窗口狭窄的小众运动。招募一些高颧骨的“传声筒”并非最糟糕的主意。

我想到了其他我热爱的边缘运动，比如自行车赛。如果有 100 个影响者想在 Dwars door Vlaanderen 赛事的路边泥泞中发布自拍，我愿意飞到比利时帮他们扛环形灯。

请记住：每项运动都在与强大的 NFL 进行生死之战，包括美网——令人费解的是，美网的决赛恰好在 Week 1 周日的激烈竞争中结束。我们正迅速演变成一个痴迷于幻想球队、沉溺于赌博的单项运动国家，人们唯一想讨论的事情就是为什么愚蠢的闪电队输给了亚利桑那队，以及喷气机队和巨人队如何都取得了 1-0 的战绩。

如果网球需要 TikTok，那就用 TikTok 吧。

熊队创纪录——通过彻底颠覆自我

凯莱布·威廉姆斯率领芝加哥熊队以 59-37 击败卡罗来纳黑豹队。

作者：安德鲁·比顿（ANDREW BEATON）

从芝加哥熊队成立之初起，这支球队就与“防守”成为了同义词，以至于人们会认为他们发明了擒杀（sack）。

在熊队于 20 世纪 30 年代和 40 年代赢得六次冠军的时代，他们的防守巨头们被誉为“中途岛怪物”（Monsters of the Midway）。而迈克·迪特卡率领的 1985 年熊队则凭借被广泛认为是 NFL 历史上最伟大的防守单元赢得了超级碗。在此过程中，该球队还造就了迪克·巴特库斯、迈克·辛格勒塔里和布莱恩·厄拉彻等传奇人物。

但如今的熊队正在摆脱这种传统。虽然他们的防守数据足以让迪特卡气得吃掉自己的针织背心，但四分卫凯莱布·威廉姆斯可能正掌控着全美橄榄球界最令人心潮澎湃的进攻线。

在一场总得分高达 96 分（赛季揭幕战纪录）的比赛中，熊队以 59-37 击败了卡罗来纳黑豹队，并明确表明这支球队与前任截然不同。这家曾经在平庸的四分卫中循环往复、依赖窒息式防守的球队，现在希望通过押注其新星能够比几乎任何人得分更多，从而赢得超级碗。

这就像是风之城突然变得以温和的冬天和薄底披萨而闻名一样。

“我们想要成为得分最高的球队，我们想要获得最多的胜利，我们想要赢得超级碗，”教练本·约翰逊说道。“我们进入这个行业不是为了追求平庸或平均水平。”

巧合的是，熊队的蜕变竟要感谢黑豹队。早在 2023 年，卡罗来纳队向芝加哥队交易了大量选秀权，以便用状元签选中四分卫布赖斯·杨。其中一个选秀权变成了 2024 年选秀的状元签，熊队用它选中了威廉姆斯——这位四分卫从青少年时期起就自认为未来的 NFL 之星。

威廉姆斯在俄克拉荷马大学大一期间崭露头角，随后转学至南加州大学（USC），并在大二时赢得了海斯曼奖。在那之后，只要他具备选秀资格，成为状元就成了必然。

但一旦威廉姆斯成为一名“熊”，他看起来就像是该队四分卫魔咒的下一个受害者。作为一名新秀，他有一个糟糕的习惯，就是持球时间过长，在芝加哥队 5 胜 12 负且进攻码数排名垫底期间，他竟然被擒杀 68 次。

这一切在去年发生了改变，当时熊队聘请了前底特律狮子队进攻协调员约翰逊，并挥金如土地升级了围绕威廉姆斯的进攻体系。在短短一个休赛期内，他们成为了整个运动领域最令人眼花缭乱的球队。在一次赢得 11 场胜利的赛季中，威廉姆斯开始证明自己名副其实，他策划了一系列惊人的逆转，成功进入季后赛。

随后在季后赛中，熊队再次做到了这一点。尽管在进入最后一节前落后格林贝包装工队 15 分，但他们完成了本年度第七次第四节逆转。令人惊叹的是，威廉姆斯在接下来的那一周对阵洛杉矶公羊队时再次做到了这一点——通过完成赛季最佳表现。在比赛还剩不到一分钟时，他向后退直到处于开球线后 26.5 码处，随后掷出了一记扳平比分的达阵传球。（然而，当公羊队最终在加时赛中获胜时，熊队的魔力消失了。）

“那一刻感觉很酷，”威廉姆斯事后说道。

赛季结束时，熊队的码数排名提升至第六。但这对于约翰逊来说还不够。他说，今年的目标不仅仅是赢得超级碗，他还想刷新 NFL 的场均得分纪录。（该纪录目前由佩顿·曼宁在 2013 年率领的丹佛野马队保持，为 37.9 分）。

因此，周日是一个完美的开局。在开场进攻的一次不利掉球之后，威廉姆斯展现了他标志性的组织能力。在接下来的进攻回合中，他通过一次9码冲球为芝加哥队得分，随后球队发起猛攻，在半场结束前就拿下了31分。问题在于，他们也让对方得到了24分——半场合计55分，在超级碗 era. 排名第七高。

不过最终，熊队的进攻火力证明其比防守的漏洞更具爆发力。威廉姆斯传球得分 2 次，冲球得分 2 次，而芝加哥队共累积了552码。但在防守端，他们让上赛季排名第27位的黑豹队进攻线拿到了478码。这一切提出了一个令人生畏的问题：芝加哥队是否每周都必须拿到50分以上才能获胜？

无论他们能否实现这一点，这与以往熊队的建队蓝图截然不同。

“这就是我们希望每周呈现的状态，”威廉姆斯说道。

股价与指数表现，过去三年

Sphere娱乐公司季度营收 4亿美元

标准普尔 7619.98 ▼ 0.48%

S&P FIN ▼ 0.35%

S&PIT ▼ 1.67%

DJTRANS ▲ 0.49%

WSJ $IDX ▲ 0.34%

2-YR. TREAS.

日经指数（盘中） 64082.36 ▲ 0.93%

更多详情请见 WSJ.com / Markets

国债收益率触及关键水平

作者：SAM GOLDFARB

上一次 10 年期美国国债收益率升至 5% 以上时，美国经济正处于疫情余波的应对之中。而这一次，主因是一场看不到明确终点的战争。

由于对能源价格和通胀的担忧升级，10 年期国债收益率在周一突破了 5%。这是一个关键的里程碑，迫使投资者面对债券市场是否正在进入一个新 era.

答案将对消费者和企业产生深远影响，并可能在即将到来的中期选举中发挥作用。10 年期国债收益率是整个经济体系中利率的关键驱动因素，其近期上涨已将抵押贷款利率再次推高至 7% 附近。财政部长斯科特·贝森特（Scott Bessent）一直采取非常 extraordinary 的措施来抑制收益率，但到目前为止成效甚微。

现在，交易员们正在质疑

5% 周一中午 10 年期收益率突破此关口，引发担忧

这一阈值，从而创造了一个更像 2000 年代的借贷环境，当时收益率偶尔会在 5% 以上维持数月。

交易员们在质疑 5% 是否会像 2023, 年那样成为 10 年期收益率的上限，还是收益率将果断突破。有些人甚至想到了 1990 年代，当时收益率在该水平维持了数年。

从长远来看，更高的收益率将显著提高美国政府的借贷成本，而美国政府目前在利息上的支出已经超过了国防开支。

“今天的数字应该让国会感到恐惧，”将于今年离开众议院的众议员大卫·施魏克特（David Schweikert，共和党，亚利桑那州）周一在社交媒体上写道。

国债收益率（在债券价格下跌时上升）在周一早盘小幅走高，因油价再次攀升，推动 10 年期收益率在东部时间上午 10 点后不久突破 5%。收益率一度触及 5.012%——这是自 2007 年以来最高的日内水平——最终收于 4.96%。

这一反转呼应了 23, 2023, 10 月发生的情况，当时 10 年期收益率在早晨也达到了 5%，随后在交易结束前跌回 4.8% 略上方——这表明投资者在等待触及该里程碑后再冲入买入债券。

尽管如此，周一的反转并不那么明显，许多投资者表示，他们有理由相信 10 年期收益率在接下来的几周和几个月里可能会轻松继续攀升至 $5 以上。

首先，投资者对经济强度更加乐观，认为经济可以在不迅速减速的情况下承受 5% 的收益率。许多人还认为通胀将保持高位，尤其是中东局势紧张推动油价突破每桶 $100。

来源：FactSet

请参阅 B2 页

奥普拉将利用 Sphere 的力量

MARK THOMPSON / GETTY IMAGES; (插图) THEO WARGO / GETTY IMAGES

该场馆去年门票销售额达 3.79亿美元，是收入最高的竞技场

作者：KATHERINE SAYRE

奥普拉·温弗瑞（Oprah Winfrey）将于明年春天在拉斯维加斯的 Sphere 制作并主持一场全新的沉浸式现场表演，这是这座技术先进的娱乐场馆最新接洽的高规格项目。

根据一份新闻稿，这场名为“奥普拉·温弗瑞的 AHA”（Oprah Winfrey’s AHA）的两小时表演，将由这位媒体名人兼企业家在舞台上主持，由作曲家马克斯·里希特（Max Richter）提供音乐，并邀请包括音乐家雅各布·科利尔（Jacob Collier）和诗人欧申·方（Ocean Vuong）在内的嘉宾进行表演。该演出计划于 4 月份连续进行三天。

温弗瑞在一段视频公告中将这场表演描述为“一场关于敬畏、惊叹与喜悦的沉浸式交响曲”。

Sphere 的建设成本在超出预算后达到 23 亿美元 billion，于 2023 年在 U2 乐队的驻场演出中开业。

这座场馆由纽约尼克斯队老板詹姆斯·多兰（James Dolan）构思，通过将高科技灯光音效与具有广泛吸引力的音乐艺人阵容相结合，找到了成功的模式。

该场馆曾邀请 Phish、Dead & Company、老鹰乐队（the Eagles）、后街男孩（Backstreet Boys）和 No Doubt 等艺人演出。Sphere 还通过对经典电影《绿野仙踪》的沉浸式改编获得了成功。

在场馆开业时被认为是一次大胆的赌注，其母公司 Sphere 娱乐公司（Sphere Entertainment）的股价在过去

*原名为麦迪逊广场花园娱乐公司 (Madison Square Garden Entertainment) 数据来源：FactSet（业绩）；S&P Capital IQ（营收）

一年中增长了一倍多。

根据数据公司 Pollstar 的数据，该场馆去年售出 170 万 张门票，营收 3.79亿美元，是全球收入最高的竞技场。

这座巨大的球形场馆拥有 580,000-square-foot 的 LED 外墙，以及一个环绕观众的内部屏幕。

温弗瑞表示，在观看了 U2 在 Sphere 开幕之夜的演出后，她受到启发创作了“AHA”——这指的是灵光一现的时刻。

她说：“创造这次体验感觉就像是我一生以来所谈论和努力追求的目标的顶峰。”

自《奥普拉·温弗瑞秀》于 2011, 年结束以来，温弗瑞在出版、政治和商业等领域继续发挥影响力。

今年 4 月，温弗瑞的 Harpo 娱乐公司宣布与 Amazon.com 达成一项多年协议，由亚马逊的播客工作室 Wondery 获得《奥普拉播客》（The Oprah Podcast）的独家发行权和广告权。

该协议还包括《奥普拉·温弗瑞秀》的资料库，以及她的“奥普拉读书会”和“奥普拉最爱之物”系列品牌的权利。

贝宝在收购交易停滞之际寻求转型

作者：本·格里克曼 (BEN GLICKMAN)

PayPal 的新任首席执行官恩里克·洛雷斯 (Enrique Lores) 正在规划独立发展的方案，而非将公司以超过 500 亿美元 billion 的价格出售。到目前为止，华尔街对此并不十分热衷。

洛雷斯希望重塑公司中多年来表现平平的部分业务，推出新功能并削减数十亿美元的成本。他必须在快速变化的支付行业激烈的竞争中完成这一切；在这一领域，PayPal 长期以来一直处于开拓地位，但近期未能将其转化为优势。

其计划的核心是将 Venmo 这一利润微薄的流行支付应用，转变为一个一站式资金管理应用，为消费者提供预算管理和投资工具。

对于消费者在互联网上购买商品时使用的传统 PayPal 结账按钮，他希望提供更好的奖励并改善用户体验，从而提高使用率——在 Apple Pay 和 Google Wallet 成为主导数字钱包后，该功能的使用率已陷入停滞。

他的计划将面临来自股东的压力，这些股东在今年夏天早些时候曾期待有机会套现。竞争对手 Stripe 和私募股权公司 Advent International 曾提出一项收购 PayPal 全部股份的报价，估值约为每股 $60.50。该消息传出后股价大涨，鉴于 PayPal 近期的业绩和受挫的股价，多位华尔街分析师认为该交易具有吸引力。但由于双方分歧较大，交易尚未达成。请参阅 B4 页

诺和诺德将名称简化为“Novo”

作者：阿德里亚·卡拉塔尤德 (ADRIÀ CALATAYUD)

Wegovy 的制造商诺和诺德 (Novo Nordisk) 正将品牌更名为 ，赌注是更短的名字将有助于在与竞争对手礼来 (Eli Lilly) 的竞争中，在消费者心中产生更强的共鸣。

这家丹麦制药公司的举动正值首席执行官迈克·杜斯特达尔 (Mike Doustdar) 努力挽回公司颓势之际，该公司在自己开创的减肥药市场中已将冠军之位让给了礼来。

自 2025, 8 月接掌权力以来，杜斯特达尔实施了一项成本削减计划，其中包括 9,000 人裁员，并推出了 Wegovy 的药丸版本，使公司在口服减肥药市场中领先于其美国竞争对手。预计杜斯特达尔将在本月晚些时候的一次投资者更新中，详细阐述其复兴计划的下一阶段。

周一表示，此次更名标志着其下一个篇章的开始。 表示，采用 名称的新企业身份旨在提高公司的辨识度，并使其在触达用户的方式上保持一致。

“诺和诺德”这个名字是 1989 年两家丹麦公司合并的结果，这两家公司的根源可追溯到 20 世纪 20 年代斯堪的纳维亚半岛胰岛素生产的起源——即 Nordisk Insulinlaboratorium 和 Terapeutisk Laboratorium。

公司表示，将在日常运营中使用 （拉丁语意为“新”）作为名称，但在全球范围内保留“诺和诺德”作为其法定名称。公司还更新了标志，保留了作为品牌组成部分一个多世纪之久的古埃及阿匹斯牛。这头牛现在将面向右侧而非左侧。

咨询公司 Branding Science 的品牌战略专家埃德·科贝特 (Ed Corbett) 表示：“他们希望不仅在外部，而且在内部发出方向转变的信号。”

科贝特表示，此次更名是一次意向声明，表明 希望摆脱挑战时期，但更名并不会是解决所有问题的万能药。

请参阅 B2 页

内部页

ULIAN FINNEY / GETTY IMAGES

拒绝提供折扣的运动服装品牌 On 面临销售放缓。B3

街头传闻 更高的利率威胁到抵押贷款支持证券部门。B11

退休储蓄者为沃尔特的金融帝国提供资金

马克·沃尔特（Mark Walter）的企业集团包括洛杉矶道奇队。

作者：HEATHER GILLERS

里克·菲利普斯（Rick Phillips）购买年金产品已有约十年时间，他通过预付资金来换取固定回报的安心感。

现在，这位洛杉矶地区的居民表示，他将放弃这些保单。

支撑他其中一份合同的保险公司——Clear Spring Life and Annuity 在今年夏天透露，联邦检察官正在审查其投资披露情况。不久之后，该公司的亿万富翁所有者马克·沃尔特达成协议，出售其在洛杉矶湖人队的控股权。这让菲利普斯担心沃尔特的保险业务基础已不稳固。

“风险回报比不再成立了，”退休投资银行家菲利普斯说道。

菲利普斯是数十万美国人中的一员，他们的储蓄为沃尔特庞大的商业帝国提供了资金，该帝国包括洛杉矶道奇队。沃尔特旗下最大的保险公司 Delaware Life 去年收取了 100 亿美元 billion 的个人年金保费。沃尔特旗下保险公司的母公司 Group 1001，请参阅 B2 页

美国年金销售预估

*不包括团体保单；2025 amount is an estimate 来源：Limra（销售额）；AM Best（准备金）

每类保险保单的支撑总准备金*

企业索引

本索引列出了今日版面中提及的大多数母公司和商业人士的重要参考页码。区域插页中的文章未列入本索引。

A 雅培实验室 (Abbott Laboratories)....B3 超微半导体 (Advanced Micro Devices).B4 Advent International....B1 Alphabet....B4 亚马逊 (Amazon.com)....B3 阿波罗全球管理 (Apollo Global Management)....B2 阿斯利康 (AstraZeneca)....B3 B Baldwin Insurance....B4 Block....B4℃ CBL Properties....A1 Crane....B3 D 第一三共 (Daiichi Sankyo)....B3 Deckers Outdoor....B3

戴尔科技 (Dell Technologies).....B4 德意志交易所 (Deutsche Boerse).....B11 Dick's Sporting Goods.....B3 多米尼恩能源 (Dominion Energy).....B2 E 礼来 (Eli Lilly).....B1 泛欧交易所 (Euronext).....B11 F Frasers.....B3 H 雨果博斯 (Hugo Boss).....B3 M Metlen Energy & Metals B3 N Netflix.....B3 新时代能源 (NextEra Energy).....B2 耐克 (Nike).....B3

诺和诺德 (Novo Nordisk).....B1 O On.....B3 P 贝宝 (PayPal).....B1 辉瑞 (Pfizer).....B3 R Robinhood.....B4 S Simon Property.....A1 Sphere娱乐公司 (Sphere Entertainment).....B1 Stripe.....B1 U Unibail-Rodamco-Westfield.....A1 V Vera Bradley.....B3

人物索引

A 奥特曼, Sam (Altman, Sam)....A4 阿莫代, Dario (Amodei, Dario)....A4 阿塔尔, Ziv (Attar, Ziv)....B4 B 班菲尔德, Bill (Banfield, Bill)....A10 毕晓普, Tom (Bishop, Tom)....B4℃ 科贝特, Ed (Corbett, Ed)....B1 D 戴尔, 迈克尔 (Dell, Michael)....B4 戴蒙, 杰米 (Dimon, Jamie)....B4 多尔西, 杰克 (Dorsey, Jack)....B4 道斯塔, Mike (Doustdar, Mike)....B1 G 戈德斯坦, Beth (Goldstein, Beth)....B3 古德温, Andrew (Goodwin, Andrew)....A4

H 哈萨比斯, Demis (Hassabis, Demis).....A4 霍根, Art (Hogan, Art).....A6 黄, 詹森 (Huang, Jensen).....A6 I 艾夫, Jony (Ive, Jony).....B4 K 卡姆登, Ronald (Kamdem, Ronald).....A2 L 勒博维茨, Stephen (Lebovitz, Stephen).....A2 洛雷斯, 恩里克 (Lores, Enrique).....B1 M 马丘纳斯, Nick (Maciunas, Nick).....A10 蒙尼克, Mike (Monnik, Mike).....A7 马斯克, 埃隆 (Musk, Elon).....A4 N 内霍夫, Bob (Neighoff, Bob).....A2

P 帕尔默, Robert (Palmer, Robert).....B3 帕塔克, Sankaet (Pathak, Sankaet).....B4 彼得斯, Greg (Peters, Greg).....B2 R 鲁热, Vincent (Rouget, Vincent).....A2 S 施密特, Walt (Schmidt, Walt).....B11 施耐德, Jim (Schneider, Jim).....A6 塞特, Giuseppe (Sete, Giuseppe).....A6 斯卢伊斯, Frank (Sluis, Frank).....B3 斯蒂克特, Janine (Stichter, Janine).....B3 斯图姆, 斯特凡 (Sturm, Stephan).....B3 斯怀伯, Meghan (Swiber, Meghan).....B2 W 沃尔特, 马克 (Walter, Mark).....B1 威诺格拉德, Eric (Winograd, Eric).....B2

支撑帝国的储蓄者

（接 B1 页）根据评级机构 AM Best 的数据，其在固定年金和固定指数年金的销售额中位列前 10 名。

诸如 Apollo 和 KKR 等销售私募股权和私募信贷的华尔街投资巨头，已日益利用保险资金来增强其贷款能力，在许多情况下直接收购寿险公司。监管机构要求保险公司在与母公司进行投资（即“关联”交易）时必须予以披露。在沃尔特（Walter）的案例中，调查重点在于特拉华人寿（Delaware Life）和 Clear Spring 的 200 亿美元 billion 投资，这些投资未被正确标记为关联交易。

沃尔特旗下企业集团 TWG Global 的一名代表表示，公司为其建立的业务感到自豪，并“有信心这些问题将得到有利的解决”。

固定年金和固定指数年金——沃尔特旗下保险公司主攻的产品——解释了为什么拥有寿险公司对私募信贷公司如此具有吸引力，因为后者向高风险的企业借款人提供高息贷款。

人们通常通过支付一笔预付款购买年金保单，然后接收从几年到终身不等的款项。与赔付情况较难预测的人寿保险相比，这提供了一个可靠的资金池，可以将其锁定在投机性投资中较长时间。

年金的起步价格约为 $5,000 或更低，使其具有广泛的普及性，而近年来的高利率进一步增强了其吸引力。固定或固定指数年金的销售人员受州政府监管，不需要证券从业资格证。

尤其是固定指数年金的营销活动引起了监管机构的关注。这类产品根据某个指数，在设定的区间内支付年度金额。在某些州，年金的营销材料显示定制指数具有两位数的“历史”回报率，而这些指数在所示回报率产生的时间点尚未存在。

美国全国保险专员协会（National Association of Insurance Commissioners）的一个工作组，该工作组正

NextEra 能源公司维持业绩指引

作者：ADRIANO MARCHESE

多米尼恩能源（Dominion Energy）与 NextEra 的合并将创建美国最大的电力生产商。

NextEra 能源公司正致力于实现其 2026 全年调整后每股收益指引的高端目标，同时继续推进其拟以 670 亿美元 billion 收购多米尼恩能源的监管审批。

这家电力与能源基础设施公司在周一重申了其 2026 调整后每股收益 $3.92 to $4.02 a share 的预期，并再次强调，在 2025 base of $3.71 的基础上，到 2035 其独立调整后每股收益的复合年增长率将达到 8% 或更高。该公司继续预计，在 2024 base 的基础上，到 2026, 股息每年增长约 10%，从 2026, 年底到 2028 每年增长 6%。

NextEra 预计，其与多米尼恩的拟议合并将立即增加调整后每股收益，目标是到 2032, 实现 9% 的增长，且到 2035 保持同样的增长率。

此次更新正值 NextEra 和多米尼恩于周一向弗吉尼亚州监管机构提交了一份扩大的州福利方案之际。

两家公司最初在 5 月宣布了这项 670 亿美元 billion 的全股票合并计划。此次合并将创建美国最大的电力生产商——具体而言，将成为最大的天然气发电供应商以及第二大核电供应商，公司方面表示。

公司周一表示，更新后的申报文件将拟议的住宅电费抵免期限增加一倍至四年，同时保护零售客户免受与北弗吉尼亚州快速扩张的人工智能数据中心相关的电网成本影响。

由各州顶级保险官员组成的 NAIC 在今年夏天表示，计划打击这种做法。NAIC 还采取了措施，更密切地监督保险公司日益增长的私募信贷投资，包括更严格的投资披露指南和更严苛的资本要求。

菲利普斯（Phillips）是一位洛杉矶地区的退休人员，他一直坚持购买简单的年金——五年期固定利率保单。但这是他第二次担心无法按时获得赔付。上一次是 Sentinel Security Life 的一份保单。

通常每人上限约为 $250,000。

为菲利普斯发行年金的保险公司 Clear Spring 拥有稳健的投资级评级，且季度财务披露看起来很健康。这让财务顾问卡洛斯·迪亚斯（Carlos Dias Jr.）在近年来有信心销售该公司的年金。随后在 6 月，当 Clear Spring 和 Delaware Life 披露其持有的金额比之前多出数十亿时，他受到了惊吓。

In 2024, 犹他州保险专员发现 Sentinel

除了对电费缴纳者的救济外，两家公司的提案还包括 1亿美元 直接支持该州的劳动力发展，并设立每年高达 10 亿美元 billion 的本地供应商支出——

他们还表示将扩大针对低收入人群的财务援助，在多米尼恩的电费援助计划中，到 2038 增加 1亿美元。

年金销售活动引发监管机构关注。

以及两家姐妹保险公司持有大量高风险投资，监管机构命令这些公司暂停新的年金销售，并最终威胁要接管其母公司。该公司击退了接管企图，菲利普斯获得了他预期的款项。

在关联资产中公开披露。

如果保险公司破产，年金保单持有者将通过一个基于州政府、由行业资助的担保协会系统获得补偿。补偿金将在五年内分期支付。

AM Best 表示，它正在考虑下调这些公司的评级。

在佛罗里达州奥兰多北部经营 Dias Wealth 的迪亚斯质疑，如果评级和监管备案不能真实反映公司的健康状况，那么它们的价值何在。

他说：“我们看到的只是外在，而非内在。”

上个月，通过名为 The Annuity Expert 的在线平台销售年金的肖恩·普卢默告诉他的两名销售人员，停止向潜在客户推荐 Delaware Life 或 Clear Spring 的保单。Truist 和第五三银行（Fifth Third Bank）也

根据协议，多米尼恩能源弗吉尼亚公司（Dominion Energy Virginia）将保留其品牌名称、当地领导层以及弗吉尼亚州公司委员会（Virginia State Corporation Commission）的监管。

据彭博社报道，已暂停销售 Delaware Life 的年金。

Delaware Life 表示，该公司继续与这两家银行的顾问就现有客户开展工作，并且其“与关键分销合作伙伴的沟通保持开放与合作”。

沃尔特及其担任首席执行官的古根海姆合伙公司（Guggenheim Partners）此前曾因使用年金持有者储蓄的方式而受到抨击。

2014年，两名保单持有者对古根海姆及几家关联保险公司提起集体诉讼。他们指控古根海姆将这些保险公司变成了“现金机器”，利用保单持有者的资金购买道奇队。

古根海姆否认了这些指控。起诉书在一天后被撤回。曾为原告律师工作的法务会计师及前保险审查员汤姆·戈伯表示，案件得到了快速解决，他的客户对此感到满意。

他们的合并仍需获得监管机构的批准，预计将于 2027 年下半年某个时间点完成交割。

戈伯表示，此案提醒人们面对一个被遗忘的现实，即替代资产管理公司一直在利用保险公司的资金进行高风险的新投资。

他说：“人寿和年金承保公司内部的每一美元都是保单持有者的资金。”

药企将名称缩减为 Novo

接 B1 页

Novo 周一还表示，未来将在企业文化中强调竞争力，并补充说，为了在一个速度更快、竞争更激烈且日益由消费者驱动的市场中取得领先，需要新的行为方式和工作方法。

一些分析师表示，减肥药市场——尤其是药片领域——更像消费者健康产品，而非传统的处方药。

Novo 上个月表示，其 Wegovy 药片势头强劲，自 1 月份推出以来已有超过 500 万份处方，因此上调了全年销售额和营业利润指引。

然而，在下一代减肥和糖尿病药物 CagriSema 以及一种实验性心血管药物的数据令人失望后，一些投资者对该公司的药物研发管线感到担忧。

投资者绝大多数预期美联储将在周三的会议上提高短期利率。

国债收益率触及 5% 水平

接 B1 页

“我一直在问自己，比如，‘好吧，什么能成为利率下降的催化剂？’除了老掉牙的经济衰退，很难找到其他原因，”PGIM Credit 共同首席投资官格雷格·彼得斯（Greg Peters）表示。“目前的情况非常有利于收益率走高或维持在高位。”

特朗普总统多次要求美联储降低利率，而随着加息预期攀升，这让美联储主席凯文·沃什（Kevin Warsh）陷入了尴尬的境地。在周五公布的强劲通胀数据之后，投资者绝大多数预期央行将在周三的会议上提高短期利率，并且在此之后继续加息。投资者对短期利率的预期在决定收益率水平方面起着重要作用。

在过去几年的大部分时间里，10 年期国债收益率一直维持在 4% 到 5% 之间。在 2 月底美国和以色列首次对伊朗发动袭击之前，该收益率曾跌至 4% 以下。但此后它一直呈上升趋势，因为伊朗随后试图扼杀通过霍尔木兹海峡的航运，这推高了能源价格并刺激了对加息的押注。

国际基准布伦特原油上周飙升近 9%，此前伊朗支持的胡塞武装有效控制了也门西海岸的另一个航运咽喉点。周一原油价格虽然回吐了部分早期涨幅，但仍微涨 1% 至 $105.68。

在一些投资者看来，近期收益率的上升在一定程度上反映了经济的正常化——回到了 2008 年金融危机之前的世界，而在此之后，央行购买债券和超低利率定义了

然而，当前时刻也是独特的。

2010 年代和 2020 年代初期。

联邦总债务最近达到了 $40 万亿，大约是十年前水平的两倍。联邦债务的增加意味着国债供应量增加，可能会推低价格——从而推高收益率。在贝森特（Bessent）的领导下，财政部最近开始增加对长期债务的回购。但相对于国债总额，这些购买规模仍然非常小。

许多分析师还表示，在很大程度上由投资者对 AI 的热情所推动的股市繁荣，有助于抵消收益率上升带来的经济压力。

通常情况下，更高的收益率和借贷成本可能会减缓企业投资。但许多科技公司现在将投资 AI 视为关乎生存的问题。“我认为他们对金融状况的反应与其他企业的反应方式不同，”AllianceBernstein 首席经济学家埃里克·威诺格拉德（Eric Winograd）表示。

一些人仍然认为，美联储可以通过执行预期的加息来实际控制长期收益率。

“如果美联储本周最终加息，并传递出他们将采取一切必要措施控制通胀的信息，我们认为这实际上可以帮助降低长期利率，”美国银行高级美国利率策略师梅根·斯威伯（Meghan Swiber）表示。

JLRICH BAUMGARTEN / GETTY IMAGES

雅培同意支付 3.85亿美元 以解决婴儿配方奶粉调查

作者：SADIE GURMAN

惩罚公司。

美国司法部周一表示，雅培实验室（Abbott Laboratories）已同意支付 3.85亿美元，以解决与其管理一家婴儿配方奶粉工厂相关的指控。此前，该工厂被怀疑存在致命细菌，导致婴儿死亡。

《华尔街日报》此前报道，一些检察官曾主张采取更严厉的措施，认为他们有证据根据一项曾用于起诉其他销售受污染食品企业的法律，对雅培提起刑事指控。但司法部高级官员认为刑事指控过于强硬，因此结案。

他们转而选择了民事和解，旨在追回该公司通过联邦资助的营养计划销售配方奶粉所赚取的资金。

司法部周一表示，该公司在明知的情况下向政府销售配方奶粉及其他产品，而这些产品是“在一种使产品面临不可接受的微生物污染风险的环境中制造的”，导致其安全性降低。

代理副总检察长特伦特·麦考特（Trent McCotter）表示，此次和解“明确了我们孩子的安全是不容谈判的”。

雅培并未承认承担法律责任或过错。

这一结果表明，在特朗普总统领导下的司法部已不再采取严厉的企业执法手段，并提高了惩罚公司的门槛。

据本报报道，检察官此前曾考虑根据联邦《食品、药品和化妆品法》对雅培提起轻罪指控，并就涉嫌误导政府另起一项指控。检察官还考虑对至少一名个人提起指控。2022 年初，检查人员在其位于密歇根州斯特吉斯（Sturgis）的工厂发现了潜在致命细菌的痕迹，包括在靠近婴儿配方奶粉容器的设备上。

在工厂生产的雅培配方奶粉导致四名婴儿感染克罗诺杆菌（Cronobacter）并致病，其中两人死亡，但该公司表示没有证据证明这些婴儿是因为饮用配方奶粉而致病。该公司周一表示，没有任何未开封且已分发的雅培婴儿配方奶粉在细菌检测中呈阳性。

该公司表示：“我们以对待自己家人的同样细心来制造婴儿配方奶粉，并致力于赢得并维持护理者的信任。”此次和解还包括超过 3600万美元，用于解决州政府计划提出的索赔。

司法部表示，检查人员发现了该工厂的一长串问题，包括屋顶漏水导致多处积水，以及直接接触婴儿配方奶粉的员工未充分洗手。他们还在工厂内部多个地点发现了该细菌，并指出该公司在往年曾多次发现该细菌。

新倡议团体计划针对流媒体政策

作者：ELIAS SCHISGALL

亚马逊（Amazon）、网飞（Netflix）以及谷歌旗下的 YouTube 正在联手，倡导消费者获取在线内容的权利。

这三家公司是新成立的“流媒体访问与选择联盟”（Streaming Access and Choice Alliance, SACA）的创始成员，该联盟由 TechNet（一个由技术公司首席执行官和高管组成的倡议网络）领导。

TechNet 周一表示，SACA 将“倡导旨在扩大消费者获取高质量内容、保留选择权并支持消费者所重视的创新观看体验的政策”。这一新联盟将由 TechNet 联邦政策与政府关系高级副总裁迈克·沃德（Mike Ward）领导。

沃德表示：“美国人希望在观看包括体育和其他直播活动在内的喜好节目时，拥有更多的内容选择和灵活性。该行业及其客户需要在华盛顿特区拥有一个专门的发声渠道，倡导能够推动创新并满足当今消费者需求的政策。”

运动品牌遭遇瓶颈

该公司批发渠道的增长率放缓至 4.8%。 注：1 瑞士法郎 = $1.22 来源：S&P Capital IQ

由于消费者情绪波动，On 品牌对折扣的抵制正面临考验，关键销售额增长放缓

作者：JENNIFER WILLIAMS

On Holding 围绕产品升级以及拒绝对其鞋类和服装打折来打造品牌。如今，一个更倾向于促销的零售环境正在考验这一纪律。

品牌商和零售商正努力吸引那些因汽油、牛肉等成本上涨而预算紧张的购物者。一些公司在降价，另一些则推出更多优惠活动，希望预算敏感的消费者能下单购买。在 On Holding，即使在 2021 年上市以来零售额最疲软、迫使公司下调销售预期之后，该公司仍没有削减价格标签的计划。

这家瑞士公司极少提供优惠，仅对旧款商品打折以给新货腾出空间，这一做法也延伸到了其零售合作伙伴。相反，该公司依靠新颖的升级（例如一款将新型泡沫与缓冲技术相结合以降低冲击力的跑鞋）来诱导购物者支付全价。

首席财务官 Frank Sluis 表示：“市场的促销力度比我们预期的要大一些。作为一家企业，我们可以采取两种做法：一是决定也参与其中，以达成某个特定数字；二是坚持我们的战略，打造最顶级的运动品牌。”

Sluis 表示，从历史上看，On Holding 的购物者一直愿意支付全价。虽然在最近的三个月期间批发需求出现下滑，但直销额实现了两位数增长，这证明消费者愿意在没有折扣的情况下购买其产品。

在直销额增长 26% 的推动下，该公司第二季度的整体销售额增长 13.5%，达到 8.503 亿 瑞士法郎（约 10.4 亿美元 billion）。由于公司在促销环境下限制了对零售商的出货，批发渠道的增长放缓至 4.8%，在经历了多年的两位数扩张后，这是一个显著的下降。

金融服务公司 BTIG 的消费者零售与生活方式品牌分析师 Janine Stichter 表示：“问题在于，这是 On 品牌特有的情况，还是这里发生了规模更大的事情？”

运动服装领域其他公司的业绩表明是后者。Dick's Sporting Goods 最近警告称，由于购物者减少了鞋类消费，全年利润将下降。耐克（Nike）在 6 月份下调了预期，理由是消费者的退缩导致了更多折扣。而 Deckers

Outdoor 在 7 月份报告称，其 Hoka 鞋类品牌的销售增长在最近一个季度有所放缓。

市场研究公司 Circana 专注于鞋类和配饰的行业顾问 Beth Goldstein 表示，截至 7 月的三个月内，运动鞋的销量同比下降 7%。她指出，该季度售出的鞋类中约有 44% 进行了降价，高于去年同期的 40% 左右。

当其他公司推出优惠和促销活动来吸引购物者时，On Holding 保持价格稳定。该品牌的成人鞋类零售价通常在 $140 到 $280 之间，限量版超过 $300，高端联名款则接近 $1,000。

高管们相信产品更新将维持消费者的支出。今年夏天，On Holding 展示了一系列计划用于未来鞋款发布的增强功能。该公司还展示了扩展的制造能力，利用机械臂在几分钟内创建运动鞋无缝、无鞋带的鞋面。

2Q 2026 850.3M

目前，零售合作伙伴贡献了 On Holding 的大部分业务，占今年上半年总销售额的近 $58%。Sluis 预计，直销购买最终可能会超过批发。

BTIG 的 Stichter 表示，消费者在购买鞋类产品时变得更加挑剔，并且在寻找折扣。不过她认为，对于 On Holding 而言，维持价格线仍然是正确的举措。该公司的客户继续支付全价，这有助于将最近一个季度的毛利率提升至 65.4%。

此外，该分析师表示，由于新产品预计很快将推出，对现有库存进行打折会损害未来的新品发布。她表示：“如果其他所有产品都在打折，就很难说服消费者购买新产品。”

Jennifer Williams 为《华尔街日报》领导力学院的 CFO 日志撰稿。

雨果博斯董事长将卸任

作者：ADRIÀ CALATAYUD

雨果博斯（Hugo Boss）表示，其监事会主席斯特凡·斯图姆（Stephan Sturm）计划卸任。此前，该公司最大股东 Frasers Group 已接近持有多数股权，并表示将重新评估是否继续支持斯图姆。

这家德国高端服装公司周一表示，斯图姆的决定是在近期公司股东结构发生变化背景下的讨论之后做出的。

在此之前，英国零售商 Frasers 本月早些时候表示，正在评估是否继续支持斯图姆担任雨果博斯监事会主席。 还表示，其目标是获得雨果博斯的多数所有权；在近期一项针对其尚未持有股份的 19.3 亿美元 欧元（22.4 亿美元 billion）要约收购后， 持股比例达到 47.89%。

周一表示，其与斯图姆讨论了增加在雨果博斯监事会中代表人数的问题，双方一致认为现在是任命新主席的合适时机。

“鉴于公司股东结构的近期变化，我认为现在是主席职位进行有序过渡的正确时机，”斯图姆表示。

雨果博斯表示，其监事会将立即启动任命新主席及斯图姆在董事会继任者的程序。

表示，将寻求任命罗伯特·帕尔默（Robert Palmer）为监事会成员。

公司表示，斯图姆计划继续担任主席直至继任者被任命，但最晚不超过 10 月 15, 日，届时他打算从监事会卸任。他于去年 5 月当选雨果博斯监事会成员，随后被选为主席。

斯特凡·斯图姆

商业观察

阿斯利康表示，正继续在其他试验中研究其 Etcamah 药物。

阿斯利康（ASTRAZENECA）

乳腺癌

药物未达目标

阿斯利康表示，其新型乳腺癌口服药在一项后期临床试验中未能实现减缓病情恶化的关键目标。

这家英国制药商周五晚间表示，该公司评估了其 Etcamah 药物与辉瑞（Pfizer）的 Ibrance 联合用作一线治疗方案，针对尚未接受过任何晚期疾病系统治疗的某种晚期乳腺癌患者。

阿斯利康表示，与标准疗法相比，该药物组合在延迟患者癌症恶化迹象方面显示出数值上的改善，但这不足以被认为具有统计学意义。

该公司补充称，安全性数据与每种药物的已知概况一致。

在 Etcamah 的试验结果公布一周前，美国食品药品监督管理局（FDA）基于另一项针对检测到特定突变的晚期乳腺癌试验结果，批准了该药物。该公司继续在其他试验中研究该口服药，包括作为独立疗法或与其他药物联合使用。

“早期乳腺癌代表了一个重要的机遇，随着我们推进更广泛的项目，我们对 Etcamah 在早期阶段的长期潜力保持信心，”阿斯利康肿瘤血液学研发执行副总裁苏珊·加尔布雷斯（Susan Galbraith）表示。

阿斯利康及其合作伙伴第一三共（Daiichi Sankyo）周一分别表示，在另一项后期研究中，其 Enhertu 药物为某种晚期肺癌患者带来了益处，与标准疗法相比，患者在疾病未恶化的情况下生存的时间延长了六个月。

—Adrià Calatayud

CRANE

某公司以 2.4亿美元 收购泵业业务

Crane 已与私募股权公司 First Reserve 达成协议，以约 2.4亿美元 收购 Trillium Flow Technologies 的美国泵业业务。

Crane 周一表示，Trillium 业务主要为美国市政水务和废水市场提供泵技术，预计全年营收约为 1.15亿美元。

Crane 表示，此次收购计划于年底前完成，涵盖 Floway、Wemco、Roto-Jet 和 WSP 品牌，其估值约为 2026 年预计调整后息税折旧摊销前利润（Ebitda）的 14.6 倍。 —Colin Kellaher

METLEN 能源

与马来西亚国家石油公司达成协议

Metlen Energy & Metals 表示，该公司已与马来西亚国家石油公司（Petronas）签署能源供应协议。

这家在伦敦上市的工业与能源公司周一表示，双方就向希腊进口和供应液化天然气（LNG）签署了一项长期协议。

根据协议，国家石油公司的英国子公司 Petco Trading 将每年交付 6 船液化天然气，从 2027 年起五年内，每年供应量约为 6 亿美元 立方米。

—Anthony O. Goriainoff

a aberdeen Investments

abrdn 全球基础设施收益基金 (ASGI)

普通股可转让权利发行 纽约证券交易所 (NYSE) 代码 "ASGI" NYSE 权利代码 "ASGI RT" 除权日为 September 21, 2026 股权登记日为 September 21, 2026 权利最后交易日为 October 14, 2026 发行截止日期为 October 15, 2026 *除非发行期延长

欲了解更多信息并获取招股说明书补充文件及招股说明书（在可用时），请联系：

免费电话：+1 (800) 848-3374

交易管理人

September 15, 2026

投资于 abrdn 全球基础设施收益基金（以下简称“本基金”）——一家多元化的封闭式管理投资公司——具有投资风险，包括可能损失全部投资本金。投资回报和份额价值将会有波动。权利发行涉及某些风险，包括经济稀释和投票权稀释。

权利发行的所有成本，包括发行费用和销售费，将由本基金承担，因此由所有普通股股东（包括未行使权利的股东）间接承担。权利是可转让的，并预计在发行期间被接纳在纽约证券交易所交易；然而，无法保证权利市场能够形成。

投资者在投资前应仔细考虑本基金的投资目标、政策、风险、费用和开支。包含本基金及权利发行相关信息的招股说明书补充文件和招股说明书（在可用时），可通过拨打上述电话号码获取。投资者在投资前应仔细阅读本基金的招股说明书补充文件和招股说明书。本公告中的信息并不完整，且可能会发生变更。本公告并非出售这些证券的要约，也不构成购买这些证券的招揽，且在任何不允许要约、招揽或销售的州均不得销售这些证券。

UBS Securities LLC 担任此次权利发行的交易管理人。在美国，证券承销、交易、经纪活动及并购咨询活动由 UBS Securities LLC 提供。 Securities LLC 是一家注册经纪交易商，是 AG 的全资子公司，也是纽约证券交易所及其他主要交易所的成员，以及证券投资者保护公司的成员。

© 2026. 保留所有权利。

OpenAI 收购手机相机初创公司

前苹果员工创立 Glass Imaging，估值超过 3亿美元

作者：ANISSA GARDIZY 和 KATE CLARK

据知情人士透露，OpenAI 在近几个月悄悄收购了一家致力于开发更高质量智能手机相机的初创公司。

这家名为 Glass Imaging 的公司正在开发一项利用人工智能技术使图像质量可与单反相机（DSLR）相媲美的技术。

部分知情人士表示，在去年一轮融资估值约为 1亿美元 后，此次交易对 Glass Imaging 的估值超过 3亿美元。

OpenAI 预计将于明年进行首次公开募股（IPO），近期已进行了多次收购，包括一家互联网脱口秀节目 TBPN 以及一家开源开发者工具初创公司。

OpenAI 对 Glass Imaging 的具体计划尚不明确。这款 ChatGPT 的开发商一直与前苹果高管、曾参与设计 iPhone 的乔尼·艾夫（Jony Ive）共同开发一款秘密设备。OpenAI 在 2025 年以 65 亿美元 billion 收购艾夫的初创公司 io Products 时将其雇佣。艾夫的职责包括开发消费级设备以及其他旨在塑造 AI 未来外观与体验的项目。

Glass Imaging 由两名前苹果员工齐夫·阿塔尔（Ziv Attar）和汤姆·毕晓普（Tom Bishop）于 2019 年创立，两人此前曾在苹果公司从事相机技术工作。

两人认为智能手机相机的质量已达到瓶颈，希望通过硬件和软件相结合的创新方式来提升性能。他们希望在苹果公司之外建立一家新的智能手机相机公司，以便在不受苹果公司围绕 iPhone 的广泛业务需求限制的情况下，重新思考该技术。

在 2022 年接受《计算机视觉新闻》（Computer Vision News）采访时，创始人回顾称，相机的创新是“渐进式”的，而为智能手机增加更多摄像头是一场“艰苦的战斗”。

Glass Imaging 已从包括 Alphabet 旗下风投机构 GV 和投资公司 Insight Partners 在内的投资者那里筹集了约 3000万美元 的资金。其变焦成像技术已被中国廉价智能手机品牌荣耀（Honor）的新系列手机所采用。

机器人工人？这家公司想要制造士兵

作者：SHERRY QIN

无人机和无人车辆已经处于军事冲突的前线。Foundation Future Industries 希望战斗就绪的人形机器人成为下一个。

这家由埃里克·特朗普（Eric Trump）支持的初创公司肩负着一项使命：制造用于重工业工作的机器人，而这些机器人有一天可能会投入战争。

相关法规仍需进一步演进。

旧金山的 Foundation 公司创始人兼首席执行官桑卡特·帕塔克（Sankaet Pathak）表示，当机器人的感知、推理和自适应行为足够精准时，“你不再需要向建筑物投掷炸弹，而是可以派遣人形机器人实际走进该建筑，直接前往目标。”

Foundation 已与五角大楼签署了一份价值 2400万美元 的合同，目前正在与美国国防部队共同测试一款战斗机器人。

各国政府正日益探索将人工智能整合到国防中，美国已将无人军事系统列为重中之重。

尽管如此，专家表示，由于技术以及相关法规仍需进一步演进，人形机器人距离在战争中大规模使用仍有多年之遥。

帕塔克表示，成立于 2024, 的 Foundation 已经部署了大约 10 人形机器人。他说：“我们已经与空军进行了部署。”他补充说，在乌克兰开展了试点项目，机器人在那里搬运物体。他说：“我们还在汽车制造领域进行了部署，机器人执行上架和下架任务。”

他说：“目前我们的租赁价格为每台机器人每年 $100,000。”

其旗舰机器人是 Phantom MK-1, 一个成年人大小的人形机器人，可承重近 90 磅。一款配备超威半导体（Advanced Micro Devices）芯片的第二代机器人正在开发中。

最初，Foundation 训练机器人从事对人类来说过于危险的户外工作。它利用在仓库和造船厂等工业环境中收集的数据，随后训练机器人适应战区。

帕塔克说：“国防是重工业工作的关键应用。”

该公司在旧金山的设施目前每年可生产 300 和 500 台机器人，并且正在建设另一个场地以提高产能。

当被问及 Foundation 在实现此前设定的 2026, 底前制造 10,000 台机器人的目标方面进展如何时，帕塔克表示，早期的许多目标“相当雄心勃勃”。

他说：“我们正准备开始制造更多机器人，”并补充说，Phantom 已经接近能够在仅经过几次人类演示后就学会一项任务。

但这距离一个能够在陌生环境中长时间运行且几乎无需人类干预的真正自主机器人还很遥远。

帕塔克表示，要实现这一点，物理 AI 基础模型需要“非常深入地理解世界的物理学、运动学和动力学”。

斯坦福大学最近的一份报告强调了在战场上部署机器人的实际和伦理挑战。报告称，关于高度自主系统的可靠性、问责制、成本和网络安全仍存在疑问，且它们在实际操作中的有效性仍在评估中。

此外，还存在依赖目前由中国主导的机器人供应链的风险。

美国正在努力应对这一局面。7 月，美国禁止大多数新型人形机器人模型的进口，这是为了建立一个“独立且具有韧性的机器人供应链和工业基础”的一部分，这对于“在战场上占据主导地位”至关重要。

根据新规定，到 2028. ，国内零部件需占机器人总成本的 65% 以上，才能避免被贴上外国制造的标签。在 2029, ，这一比例将增加到 75%。

部分零部件源自中国的 Foundation 公司正在做出调整以符合规定。

帕塔克认为，禁令并非弥补供应链缺口的最佳途径，他表示：“我认为这不会产生政府预期的结果。”

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破产公告

在美国德克萨斯州南区联邦破产法院 休斯顿分庭 关于：§ 第11章

以及 And Go Concepts, LLC 等，§ 案件编号 26-90753 (ARP) 债务人。$^{1}$ § （共同管理） 提交债权证明截止日期通知 请注意以下事项：

1. 2026年8月4日和2026年8月5日（统称为“申请日期”），债务人在美国德克萨斯州南区联邦破产法院（以下简称“法院”）根据《破产法》第11章提交了自愿救济申请。以下为每位债务人的名称、联邦税务识别号及案件编号：债务人名称，案件编号，雇主识别号：And Go Concepts, LLC, 26-90753 (ARP), 45-2824415；SAG Corporate Services, 26-90752 (), 42-4220810；AGC-Arizona Facilities, 26-90754 (), 93-4217507；AGC-North Texas Facilities, 26-90755 (), 93-4207091；Garland New Market, 26-90756 (), 93-4946838；AGC Topco, 26-90757 (), 41-2956845；AGC Holdco, 26-90758 (), 81-4630294。

2. 2026年9月10日，法院签署了关于 (I) 确定提交债权证明的截止日期和程序的命令；(II) 批准相关通知的形式和方式；以及 (III) 授予相关救济的命令（卷宗编号 320）（以下简称“截止日期命令”）。$^{2}$

3. 根据截止日期命令，所有对任何债务人拥有在申请日期之前产生的债权或潜在债权（包括根据《破产法》第503(b)(9)条产生的任何债权）的个人、实体和政府单位，无论该付款权或公平救济权多么遥远或具有偶然性，必须提交债权证明，且必须在以下时间之前送达：普通债权人于2026年10月16日下午5:00（中部时间）之前（以下简称“普通截止日期”），政府单位于2027年2月1日下午5:00（中部时间）之前（以下简称“政府债权”或“其他债权”），且（或其他债权），通过以下方式提交：(i) 通过 Kroll 电子提交，网址为 https: / restructuring.ra.kroll.com / andGoConcepts；(ii) 通过 PACER（法院电子记录公共访问系统）电子提交，网址为 https: / ecf.tsxb.uscourts.gov；或 (iii) 将债权证明原件邮寄至 的以下地址：若使用一类邮件：And Go Concepts, Claims Processing Center, c / o Restructuring Administration, Grand Central Station, PO Box 4850, New York, NY 10163-4850。若通过专人递送或隔夜邮件：And Good Claims, Claims Processing Center, c / o Restructuring Administration, 850 3rd Avenue, Suite 412, Brooklyn, NY 11232。通过传真或电子邮件发送的债权证明将不被接受。

4. 截止日期适用于所有根据《破产法》第503(b)(9)条产生的针对债务人的债权；但截止日期不适用于截止日期命令第10段中所列的排除债权。

任何个人或实体（除根据截止日期命令条款获得豁免的个人或实体外），若未能按照上述说明在适用的截止日期或之前提交债权证明，在这些第 11 章案件中，将不被视为有权对任何重组或清算计划进行投票，或根据该计划获得分配的债权人。

6. 债权证明表格及截止日期命令的副本可通过访问 https: / restructuring.ra.koll.com / AndGoConcepts 获取，该网站由债务人的债权与通知代理机构 Kroll Restructuring Administration LLC（以下简称“KROLL”）维护。关于本通知内容的疑问以及索取已提交债权证明副本的请求，应通过以下方式联系 ：(i) 拨打债务人重组热线 (844) 363-4734（美国境内免费电话）；或 (ii) 拨打经纪办公室电话 (911) 01-571（国际电话）；以及 / 或 (iii) 访问债务人重组热线：https: / restructuring.ra.koll.com / AndGoConcepts。请注意， 的工作人员、债务人的法律顾问以及法院书记员办公室均不得向您提供法律建议。 不能就您如何提交或是否应当提交债权证明提供建议。

可能持有针对债务人债权的持有者，应就本通知未涵盖的任何事项（例如持有者是否应当提交债权证明）咨询律师。

1 这些第 11 章案件中的债务人及其联邦税务识别号的最后四位数字分别为：And Go Concepts, LLC (4415)；SAG Corporate Services (0810)；AGC-Arizona Facilities, (7507)；AGC-North Texas Facilities, (7091)；Garland New Market (6838)；AGC Topco, (6845)；以及 AGC Holdco, (0294)。这些第 11 章案件中债务人的送达地址位于 909 E. Broadway Road, Tempe, AZ 85282。这些第 11 章案件中债务人的完整名单可在债务人拟定的债权与通知代理机构网站 https: / restructuring.ra..com / AndGoConcepts 上获取。

2 本通知中使用但未另行定义的首字母大写术语，其含义与截止日期命令中所赋予的含义相同。

商业地产

$^{3}$ 根据《破产法》第 503(b)(9) 条产生的债权，是指在申请日期前 20 (20) 天内，债务人收到的任何货物的价值而产生的债权，前提是这些货物是在债务人的正常业务过程中出售给债务人的。

[...OMITTED...]

《统一商法典》公开拍卖公告

请注意，Mannville Auctions 的持牌拍卖师 M. Matthews D. Manninger（DCA #142494）代表 BRC 412 West 36 LLC（一家纽约有限责任公司，以下简称“担保方”），将于 September 30, 2026, 东部时间下午 3:30（3 点 30 分），在 Braunstein Turkish LLP 律师事务所（地址：7600 Jericho Turnpike, Suite 402, Woodbury, New York 11 / 97,）办公地点，并同步通过 Zoom 进行远程拍卖（会议链接：https: / bit.ly / UCCAuction；会议 ID：818 5002 9196；会议密码：138398）。此次拍卖涉及根据《统一商法典》出售 Virtu Property Group LLC（一家纽约有限责任公司，以下简称“物业所有者”）百分之百 (100%) 的有限责任公司成员权益（以下简称“权益”），该物业所有者是位于纽约市纽约 10018. 地区西 36 街 412 号 (412 West 36th Street, New York, New York 10018) 房地产的绝对所有权人。该权益由以下人员持有：

Carolyn Rusin。

担保方向物业所有者提供的贷款（以下简称“贷款”）由该权益的第一优先级留置权提供担保。担保方现就该权益质押的止赎事宜将其出售。

该权益将作为一个单一标的，按“现状” (AS-IS, WHERE-IS) 出售，担保方或任何代表担保方的人员不对其提供任何形式的明示或暗示保证、陈述、声明或条件，且担保方或任何代表担保方的人员不承担任何追索责任。中标者应负责支付与购买该权益相关的所有转让税、印花税及类似税费。

担保方保留以下权利：以债权抵价投标 (credit bid)、设定最低保留价、拒绝任何或所有出价（包括但不限于担保方认为出价人无法满足担保方向潜在出价人提出的要求，或担保方在唯一判断下认为不能合法向其出售的情况），以及在无需进一步通知的情况下终止或推迟拍卖时间。担保方进一步保留将潜在出价人限制在声明其为自身投资账户购买该权益而非旨在分销或转售该权益的人员之中的权利；核实待售权益的每份证书均带有实质性说明，即该权益尚未根据修订后的 1933, 年《证券法》（以下简称《证券法》）注册，且不得违反《证券法》规定进行处置；以及为了遵守《证券法》或任何其他适用法律，担保方认为适当的对权益出售施加其他限制或条件。所有意向方须在拍卖前至少 5 天向担保方律师提供至少 $100,000 的押金，且所有出价（担保方的债权抵价投标除外）必须以美元计价，中标者必须准备在出售后二十四 (24) 小时内通过电汇或银行支票向担保方交付立即可用的可用资金，并遵守其他出价要求。

有关该权益的进一步信息、获取信息和出价的要求以及销售条款，可通过联系担保方律师 Braunstein Turkish LLP 获取（地址：7600 Jericho Turnpike, Suite 402, Woodbury, New York 11797, 联系人：Vincent L. Georgetti, Esq.，电话：(516) 802-0700 分机 312，电子邮件：vg@braunsteinturkish.com）。

戴尔集团将把 Baldwin 私有化

作者：弗雷迪·塞巴斯蒂安 (FREDDY SEBASTIAN)

戴尔首席执行官迈克尔·戴尔 (Michael Dell) 旗下的 DFO Management 与 Sequence Holdings 达成一项现金交易，将保险经纪公司 Baldwin Group 私有化，该交易的企业价值为 77 亿美元 billion。

根据协议， Group 的股东将获得每股 $32.50 的现金，这比 6 月 17,（即媒体报道该公司正在探讨私有化交易的前一天）未受影响的收盘价溢价约 88%。

新的高点与低点

Group 的股价在周一交易中上涨近 8% 至 $32。

此次交易意味着总企业价值约为 77 亿美元 billion，其中包括约 46 亿美元 billion 的股权购买价格和约 31 亿美元 billion 的债务。

将成为一家私有公司，符合条件的 同事将保留相当比例的少数股权，其他股东包括 Sequence（一家收购服务经济中成熟企业的永久控股公司）以及 DFO（戴尔科技公司 CEO 迈克尔·戴尔的家族投资办公室）。

此次交易是 Sequence 涉及大型企业的首个重大项目。今年早些时候，该控股公司对 Bank-South 进行了少数股权投资。

表示，其董事会已经批准了该交易，预计将于 2027 年第一季度完成。

“ 在保险分销领域打造了一些罕见的东西：一个真正的、经过 15 年积累的数据和平台优势，并由一支拥有清晰且差异化愿景的团队领导，”戴尔表示。

PayPal 首席执行官规划转型

（接 B1 页）双方在价格上存在分歧。该股曾触及 $62 以上，目前已回落至每股 $53。交易谈判重新启动的可能性始终存在。

周三，在有关谈判陷入僵局的报道出现后，洛雷斯首次就新 PayPal 的愿景发表了演讲。

“我们所做的是首先审视我们现有的战略，对该战略充满信心，并将其作为衡量任何其他替代方案的基准，”洛雷斯表示。

现年 61 岁的洛雷斯在惠普（HP）及其前身惠普-帕卡德公司工作了数十年。他从一名工程师起步，一路晋升，最终领导了多个部门，随后接管并设计了公司的拆分方案。

他此前担任 PayPal 的董事长，在分析师和部分投资者的惊讶中，于 2 月被推至首席执行官的位置。

来自 Advent 和 Stripe 的非公开报价使计算变得复杂。洛雷斯薪酬目标中设定的奖金方案显示了 PayPal 管理层认为可能的价值：如果他能使股价在 60 天内平均高于 $68，他将获得 2500万美元 的奖金。如果股价平均达到 $125，他可能获得超过 6000万美元。

提升股价可能需要在多个方面取得成功，包括让客户相信 Venmo 不仅仅是一个给朋友转账的应用程序。自 2021 年以来，Venmo 已提供加密货币交易——允许用户使用余额购买比特币和其他代币。现在，用户可以将资金存储在其内部稳定币 PY-USD 中，并赚取类似于利息的奖励。此外，它长期以来也提供借记卡和信用卡。

洛雷斯告诉投资者，他将 Venmo 构想为类似于 SoFi 和 Chime 等金融服务应用，允许用户发送和接收资金、制定预算，以及储蓄和投资股票或其他资产。该公司表示，Venmo 计划推出“先买后付”功能。根据一份投资者演示文稿，它在明年还计划推出三款产品，但尚未详细说明这些产品具体是什么。

由杰克·多西（Jack Dorsey）掌控的 Block 旗下的 Cash App 以及交易平台 Robinhood 已经在其应用中增加了银行功能。

Revolut 是一家在欧洲规模巨大的数字银行应用，曾获得摩根大通首席执行官杰米·戴蒙（Jamie Dimon）的赞赏，目前正在美国扩张；上周，监管机构有条件地批准了其成为国家银行的申请。

与此同时，Chime 本周表示将收购 Stride Bank 及其国家银行执照，使其能够在没有合作伙伴的情况下自行发放贷款。

PayPal 12 月提交的犹他州州级执照申请尚在审理中。

以下解释适用于在最新交易日触及 52 周盘中新高或新低的纽约证券交易所（NYSE）、NYSE Arca、NYSE American 和纳斯达克市场股票。% CHG——较前一交易日的每日百分比变化。

Monday, September 14, 2026

股票< / td><>代码< / ><>最高 / 最低< / ><>涨跌< / >< / tr><>< colspan="4">最高< / >< / ><><>AGNC InvtPfdD< / ><>AGNCM< / ><>25.50< / ><>-0.1< / >< / ><><>APA< / ><>APA< / ><>46.59< / ><>0.7< / >< / ><><>AlgonquinNt2079< / ><>AQN B< / ><>26.19< / ><>-0.1< / >< / ><><>AmesNational< / ><>ATLO< / ><>32.86< / ><>-0.1< / >< / ><><>AtegritySpecIns< / ><>ASIC< / ><>28.38< / ><>1.9< / >< / ><><>AtriCure< / ><>ATRC< / ><>56.02< / ><>2.3< / >< / ><><>AveannaHealth< / ><>AVAH< / ><>14.70< / ><>2.1< / >< / ><><>BRC Nts 2026< / ><>RILYN< / ><>25.21< / ><>...< / >< / ><><>BestBuy< / ><>BBY< / ><>94.92< / ><>4.4< / >< / ><><>BoldEagleAcqnA< / ><>BEAG< / ><>11.00< / ><>...< / >< / ><><>C&F Fin< / ><>CFFI< / ><>96.62< / ><>0.3< / >< / ><><>CF

Bankshares< / td> CFBK< / ><>38.11< / ><>0.3< / >< / tr> <>CaliforniaBncp< / ><>BCAL< / ><>22.21< / ><>1.0< / >< / ><><>Centene< / ><>CNC< / ><>69.63< / ><>4.5< / >< / ><><>Chevron< / ><>CVX< / ><>217.65< / ><>-0.9< / >< / ><><>ChordEnergy< / ><>CHRD< / ><>156.32< / ><>-0.5< / >< / ><><>Citizens&Northern< / ><>CZNC< / ><>26.35< / ><>0.5< / >< / ><><>Cloudflare< / ><>NET< / ><>334.60< / ><>7.8< / >< / ><><>CollectiveAcqnA< / ><>CCAQ< / ><>10.70< / ><>0.2< / >< / ><><>CompX

Intl< / ><>CIX< / ><>40.29< / ><>7.0< / >< / ><><>Concentra< / ><>CON< / ><>36.05< / ><>2.5< / >< / ><><>ConocoPhillips< / ><>COP< / ><>139.82< / ><>-0.5< / >< / ><><>CorebridgeFin< / ><>CRBG< / ><>35.17< / ><>0.4< / >< / ><><>CrescentEnergy< / ><>CRGY< / ><>15.04< / ><>-0.5< / >< / ><><>CrossTimbers< / ><>CRT< / ><>12.00< / ><>2.4< / >< / ><><>CrowdStrike< / ><>CRWD< / ><>239.37< / ><>13.9< / >< / ><><>DHI

<>45.62< / ><>-0.6< / >< / ><><>ExpeditorsIntl< / ><>EXPD< / ><>193.82< / ><>0.5< / >< / ><><>FB Bancorp< / ><>FBLA< / ><>16.10< / ><>-0.1< / >< / ><><>FIGXCapitalA< / ><>FIGX< / ><>10.38< / ><>0.1< / >< / ><><>FarmersBancp< / ><>FMAO< / ><>36.00< / ><>1.0< / >< / ><><>FirstBusFinSvcS< / ><>FBIZ< / ><>73.74< / ><>-0.2< / >< / ><><>Frontline< / ><>FRO< / ><>50.78< / ><>2.7< / >< / ><><>GeneralPurposeAcqn< / ><>GPAC< / ><>10.07< / ><>0.1< / >< / table>

7< / >< / ><><>Okta< / ><>OKTA< / ><>189.72< / ><>12.0< / >< / ><><>OscarHealth< / ><>OSCR< / ><>34.48< / ><>3.2< / >< / ><><>PalomaAcqnl< / ><>PALO< / ><>10.01< / ><>0.3< / >< / ><><>PermianRscs< / ><>PR< / ><>24.51< / ><>-0.1< / >< / ><><>PioneerAcqnIA< / ><>PACH< / ><>10.34< / ><>...< / >< / ><><>PlainsAllAmPipe< / ><>PAA< / ><>26.39< / ><>-1.0< / >< / ><><>PriorityIncmPfdL< / ><>PRIFpL< / ><>25.31< / ><>3.0< / >< / ><><>Pyrophyte II A< / ><>PAII< / ><>10.31< / ><>...< / >< / ><><>RedRiverBcshs< / ><>RRBI< / ><>104.87< / ><>-0.8< / >< / ><><>RedViolet< / ><>RDVT< / ><>78.80< / ><>1.7< / >< / ><><>RileyExpln< / ><>REPX< / ><>44.92< / ><>-0.7< / >< / ><><>SFL< / ><>SFL< / ><>13.22< / ><>-1.1< / >< / ><><>SM

Energy< / ><>SM< / ><>39.96< / ><>2.4< / >< / ><><>SlidesInsurance< / ><>SLDE< / ><>26.49< / ><>5.6< / >< / ><><>SuncorEnergy< / ><>SU< / ><>70.84< / ><>-0.2< / >< / ><><>Sunoco< / ><>SUN< / ><>79.49< / ><>1.9< / >< / ><><>TEN Holdings< / ><>XHLD< / ><>15.43< / ><>-28.8< / >< / ><><>TGE Value< / ><>BEBE< / ><>10.05< / ><>0.2< / >< / ><><>TJGC< / ><>TJGC< / ><>12.38< / ><>3.0< / >< / ><><>TXO Partners< / ><>TXO< / ><>15.58< / ><>-1.5< / >< / ><><>Teekay< / ><>TK< / ><>14.49< / ><>-1.8< / >< / ><><>TeekayTankers< / ><>TNK< / ><>102.07< / ><>-0.8< / >< / ><><>10xGenomics< / ><>TXG< / ><>70.46< / ><>2.2< / >< / ><><>TevaPharmlnds< / ><>TEVA< / ><>39.22< / ><>4.4< / >< / ><><>TribecaStratAcqn< / ><>BIDWU< / ><>10.10< / ><>0.2< / >< / table>

股票< / td><>代码< / ><>52周最高 / 最低< / ><>涨跌幅%< / >< / tr><><>TsakosEnergy< / ><>TEN< / ><>49.69< / ><>3.6< / >< / ><><>TwoHarborsNts30< / ><>TWOD< / ><>26.27< / ><>0.3< / >< / ><><>UnitedAcqnI< / ><>UAC< / ><>10.00< / ><>...< / >< / ><><>UtzBrands< / ><>UTZ< / ><>14.30< / ><>-0.4< / >< / ><><>ValeroEnergy< / ><>VLO< / ><>399.76< / ><>-1.9< / >< / ><><>VendomeAcqnI< / ><>VNME< / ><>10.30< / ><>0.3< / >< / ><><>Vodafone< / ><>VOD< / ><>17.62< / ><>0.7< / >< / ><><>WhiteHawkMinls< / ><>WHK< / ><>29.07< / ><>-0.2< / >< / ><>< colspan="4">低点< / >< / ><><>AcresCmclPfdD< / ><>ACRpD< / ><>18.98< / ><>-1.5< / >< / ><><>Adtran< / ><>ADTN< / ><>7.02< / ><>-6.6< / >< / ><><>AIFU< / ><>AIFU< / ><>10.51< / ><>-1.2< / >< / ><><>ARS AUBpA< / ><>AUBpA< / ><>23.59< / ><>0.2< / >< / ><><>aTyrPharma< / ><>ATYR< / ><>0.38< / ><>-9.6< / >< / ><><>B&RtechMergerWt< / ><>BRTMW< / ><>0.30< / ><>-26.8< / >< / ><><>BWX Tech< / ><>BWXT< / ><>144.65< / ><>-1.1< / >< / ><><>BancroftFidPfdA< / ><>BCVpA< / ><>19.65< / ><>-1.0< / >< / ><><>BankOZKPrfda< / ><>OZKAP< / ><>15.23< / ><>-1.3< / >< / ><><>BankofAmNt66< / ><>MERpK< / ><>24.05< / ><>-0.3< / >< / ><><>BankofAmPfdKK< / ><>BACpM< / ><>19.70< / ><>-0.7< / >< / ><><>BankofAmPfdLL< / ><>BACpN< / ><>18.40< / ><>-0.8< / >< / ><><>BkoHawaiiPfdA< / ><>B0HPa< / ><>15.15< / ><>-0.1< / >< / table>

<><>BrookfieldBus< / ><>BBUC< / ><>25.70< / ><>-2.0< / >< / ><><>Brookfield< / ><>BN< / ><>37.37< / ><>-1.4< / >< / ><><>BrookfieldRenew< / ><>BEPC< / ><>29.62< / ><>-3.4< / >< / ><><>BrookWealth< / ><>BNT< / ><>37.39< / ><>-1.4< / >< / ><><>Buckle< / ><>BKE< / ><>40.05< / ><>-1.1< / >< / ><><>Build-A-Bear< / ><>BBW< / ><>27.09< / ><>-1.5< / >< / ><><>BurlingtonStrs< / ><>BURL< / ><>231.89< / ><>-2.8< / >< / ><><>BurtechAcqnllWt< / ><>BRKHW< / ><>0.13< / ><>-6.7< / >< / ><><>CCH< / ><>CCHH< / ><>1.10< / ><>-0.4< / >< / ><><>CDT Equity< / ><>CDT< / ><>0.21< / ><>-12.4< / >< / ><><>CMS CNM< / ><>CNM< / ><>40.03< / ><>0.5< / >< / ><><>Cullen / FrostPfdB< / ><>CFRPb< / ><>16.03< / ><>-0.2< / >< / ><><>CXApp< / ><>CXAI< / ><>2.68< / ><>-5.3< / >< / ><><>Cyngn< / ><>CYN< / ><>0.75< / ><>-4.7< / >< / ><><>Cytosorbents< / ><>CTSO< / ><>5.13< / ><>-5.3< / >< / ><><>DDC Enterprise< / ><>DDC< / ><>0.23< / ><>-4.1< / >< / ><><>DLH Holdings< / ><>DLHC< / ><>3.76< / ><>-4.3< / >< / ><><>DTE EnergyDeb / B< / ><>DTK< / ><>21.79< / ><>-0.9< / >< / ><><>DaqoNewEnergy< / ><>DQ< / ><>11.38< / ><>-0.3< / >< / ><><>DeckersOutdoor< / ><>DECK< / ><>78.80< / ><>-0.9< / >< / table>

<><>GMEX< / ><>GMEX< / ><>0.44< / ><>-6.6< / >< / ><><>GXO Logistics< / ><>GXO< / ><>44.99< / ><>2.4< / >< / ><><>GabelliEquityPfdK< / ><>GABpK< / ><>18.84< / ><>0.2< / >< / ><><>GabelliEqPfdH< / ><>GABpH< / ><>18.84< / ><>-0.6< / >< / ><><>GameYourGame< / ><>GYGY< / ><>1.00< / ><>-3.8< / >< / ><><>Gaxos.ai< / ><>GXAI< / ><>0.64< / ><>-4.6< / >< / ><><>GeospaceTech< / ><>GEOS< / ><>5.04< / ><>-0.6< / >< / table>

< / td> ASR< / ><>247.30< / ><>0.1< / >< / tr> <>Huhutech< / ><>HUHU< / ><>3.90< / ><>-2.5< / >< / ><><>HawkEye360< / ><>HAWK< / ><>15.71< / ><>0.5< / >< / ><><>HealthcrTriangle< / ><>HCTI< / ><>0.72< / ><>-0.4< / >< / ><><>HelloGroup< / ><>MOMO< / ><>4.88< / ><>-0.4< / >< / ><><>HowardHughes< / ><>HHH< / ><>60.88< / ><>-1.0< / >< / ><><>HuachenAIPgk< / ><>HCAI< / ><>1.75< / ><>-17.2< / >< / ><><>HubCyberSecurity< / ><>HUBC< / ><>6.62< / ><>-10.3< / >< / ><><>HubGroup< / ><>HUBG< / ><>31.41< / ><>-2.2< / >< / ><><>HuntingtonPfdI< / ><>HBANM< / ><>19.87< / ><>-0.9< / >< / ><><>Hyperfine< / ><>HYPR< / ><>0.78< / ><>1.8< / >< / ><><>IM

d< / ><>-1.9< / >< / ><><>LexariaBioscience< / ><>LEXX< / ><>3.14< / ><>-10.6< / >< / ><><>Lightbridge< / ><>LTBR< / ><>6.64< / ><>-5.1< / >< / ><><>LiminatusPharma< / ><>LIMN< / ><>3.29< / ><>1.4< / >< / ><><>LiveVentures< / ><>LIVE< / ><>7.75< / ><>-3.5< / >< / ><><>LondianWason< / ><>FOIL< / ><>19.00< / ><>-0.5< / >< / ><><>LucidDiag< / ><>LUCD< / ><>0.77< / ><>...< / >< / ><><>LyellImmuno< / ><>LYEL< / ><>11.24< / ><>-5.3< / >< / table>

续见 B10 页

特别广告专题

为什么企业内容是大多数公司错过的 AI 大机遇

绝大多数企业数据是“非结构化”的。如何让这些数据具备 AI 就绪能力？

Jitesh S. Ghai Hyland 首席执行官

当企业领导者思考如何让数据具备 就绪能力时，他们通常会想到存储在 CRM 或 ERP 等企业平台中的所有数据。然而，这仅仅是冰山一角。

领先的内容智能与自动化供应商 Hyland 的首席执行官 Jitesh S. Ghai 表示，“非结构化”数据——即存在于公司所有文档、图像和视频中的信息——估计占企业数据的 85%。提取所有这些非结构化数据可以让公司围绕其构建 模型，从而释放商业价值。

我们与 Ghai 探讨了为什么非结构化数据将成为通过 产生商业价值的关键，以及实现这一目标的正确方法。

正在迅速进步，但许多企业在从中创造商业价值方面仍面临困难。阻碍他们的是什么？

Jitesh S. Ghai：障碍不在于模型，而在于大多数企业的数据存在于模型之外。这并不是在批评前沿实验室。他们在基于公共领域数据构建高度复杂的模型方面做得非常出色。但他们无法提供大规模的企业价值，因为要做到这一点，你需要访问每个特定企业的数据。

许多企业在他们的企业内容管理系统中已经拥有比他们意识到的更多的此类基础。存在于文档、发票、转录文本、图像和视频中的海量信息，是 有效扩展所需的关键上下文。

如果你需要自动化贷款流程、抵押贷款审批或安排患者转诊给医生，你就需要这些非结构化企业数据及其所有上下文——即解释数据含义的背景信息。如果没有上下文，智能体（Agents）无法采取行动并做出决策。

这种向智能体自动化（agentic automation）的演进，如何改变了公司在 方面需要关注的重点？

Ghai：据估计，如今的知识工作者花费 25% 的时间仅仅是在阅读文档，并试图理解和提取其中的上下文。公司需要专注于让 智能体在受控的情况下访问这些数据。通过控制塔（control tower）内置的人员监督，智能体自动化可以自信地扩展，从而推动真正的生产力提升。

以一名决定批准还是拒绝贷款申请的抵押贷款分析师为例。仅仅查看你的信用评分是数据，但深入研究你的银行对账单、未偿还贷款、投资账户、适用的贷款政策以及你整个申请的历史记录则是上下文。现在，利用智能体自动化，可以在组织政策的受控护栏内推导并汇总这些信息。这只是一个例子，但你可以在几乎每个行业的各种流程中看到这种巨大的价值和生产力。

智能体自动化的另一个主要好处是：知识工作者可以从琐碎的工作中解脱出来，专注于他们工作中真正最喜欢的部分——将他们的经验应用于判断和异常处理。

到目前为止，是什么阻碍了公司利用所有这些企业数据？

Ghai：企业的数据格局非常碎片化，文档库分布在本地和云端的多个文件系统中。企业领导者可能会认为，他们需要将所有这些非结构化数据——例如文档、发票、转录文本、图像和视频——汇总到一个地方，但这可能需要数月甚至数年时间，而且这是一个错误的目标。事实上，为了构建语境，你应该接纳碎片化。在 Hyland，我们的理念是数据在原位时最有用，因此我们提供了一种联邦架构，无论文档存在于何处，都能从中提取语境。我们还连接到记录系统。你连接的数据源越多，语境就越丰富，洞察就越深刻，基于此做出的决策和采取的行动就越具有真实性。

此外，从非结构化数据中获取语境的这一过程现在可以实现自动化。人们不再需要花费时间仔细研读文档。

您谈到了商业的未来将是内容驱动的代理企业（agentic enterprise）。这具体是什么样子？

Ghai：想象一家医院，医生的笔记、患者的影像资料和保险历史被瞬间整合为完整的语境，AI 代理可以在患者离开诊室前预先批准转诊——而人类只需审核异常情况。这就是内容驱动的代理企业的样子。如今，我们正帮助分布在医疗、保险、银行等通常受到高度监管行业的 15,000 家客户实现这一点。

他们选择 Hyland，是因为我们为他们提供受监管、可信且合规的数据访问权限，以便为代理自动化构建这种语境。

我们的客户已经看到这种自动化产生了显著的业务成果。我们合作的一家财产和意外险公司创建了预测保险欺诈的模型，为其节省了超过 5000万美元。这只是一个例子，但这类成果之所以成为可能，是因为该公司与 Hyland 共同学会了从其非结构化数据中释放价值，使其具备 AI 就绪能力，并通过代理自动化投入使用。

代理自动化将为各行各业的公司创造巨大价值，而这一切始于从所有非结构化数据中获取语境，从而使企业能够消除那 25% 用于阅读文档的工作时间。一旦实现这一点，通过代理 AI 利用该语境并取得令人瞩目的经济成果的可能性将是巨大的。

了解 Hyland 如何帮助公司从企业内容中获取语境，并驱动代理 AI 转型。

WSJ — 首席执行官委员会

全球最具影响力的决策者

一个驱动商业未来的首席执行官网络。

Adolfo Villagomez, 1-800-Flowers.com Inc；Lily Bi, AACSB International；Robert Ford, 雅培 (Abbott)；Kenny Fihla, Absa Bank Limited；Julie Sweet, 埃森哲 (Accenture)；Roosevelt Ogbonna, Access Bank Plc；Dr. Joel Myers, AccuWeather；Thomas Warsop, ACI Worldwide；Michael Wolf, Activate Consulting；Maria Black, ADP；Dave Peacock, Advantage Solutions；Padraig McDonnell, 安捷伦科技 (Agilent Technologies)；Susan Morris, Albertsons Companies；Simon Freakley, AlixPartners；Nenad Milicevic-Helac, AlixPartners；David Garfield, AlixPartners, LLP；Kate Burke, Allspring Global Investments；Ike Anand, ALSAC/St. Jude Children's Research H；Dennis Mathew, Altice USA；Raj Sundaresan, Altimetrik；Salvatore Mancuso, Altria Group Inc.；Bridget McCormack, 美国仲裁协会 (AAA-ICDR®)；Shane Jacobson, 美国癌症协会 (American Cancer Society)；Bill Fehrman, 美国电力公司 (American Electric Power)；Nancy Brown, 美国心脏协会 (American Heart Association)；Eric Andersen, 美国国际集团 (AIG), Inc.；Chintu Patel, Amneal；Chirag Patel, Amneal；Nick Savasta, Andalusian Private Capital；Daniel Weiss, Angeleno Group；Marc Rowan, Apollo Global Management；Matt Calkins, Appian Corporation；Aditya Mittal, 安赛乐米塔尔 (ArcelorMittal)；Adam Goldstein, Archer Aviation；Steve Stone, ArchKey Solutions；Bradley Bolduc, Arclin；HP Nanda, Arcwood Environmental；Barak Bar-Hen, Aroundtown；Karthik Krishnamurthy, Ascendion；John Stankey, AT&T；Bob Segert, Athenahealth；Ian Edwards, AtkinsRéalis；Mihir Shukla, Automation Anywhere, Inc.；Chris Howarth, Avanade；Pervinder Johar, Avathon；Doug Merritt, Aviatrix；Vincent Tizzio, AXIS；Gregory Garrabrants, Axos Financial；Christophe De Vusser, 贝恩公司 (Bain & Company)；Sunny Mann, Baker & McKenzie；Lorenzo Simonelli, Baker Hughes；Eric Miles, Baker Tilly；Brian Moynihan, 美国银行 (Bank of America)；Bernard Mensah, 美国银行 (Bank of America)；Daniel Heaf, Bath & Body Works；Sebastian Guth, 拜耳美国 (Bayer U.S.)；Pete McCanna, Baylor Scott & White Health；Christoph Schweizer, BCG；Bal Das, BGD Holdings；Rohit Arora, Biz2Credit；Mario Azar, Black & Veatch；KR Sridhar, Bloom Energy；Glenn Fogel, Booking Holdings；Neil Kumar, BridgeBio；Lakshmanan Chidambaram, Bristlecone；Chris Boerner, 百时美施贵宝 (Bristol Myers Squibb)；Tim Gokey, Broadridge Financial Solutions；

Sachin Shah, Brookfield Wealth Solutions；Nikhil Deogun, Brunswick Group；Jessica Skon, BTS Group；HENRIK EKELUND, BTS Group；Christopher Bogart, Burford Capital；Leslie Duke, Burns & McDonnell；David Druley, Cambridge Associates；Aiman Ezzat, 凯捷 (Capgemini)；Craig Donohue, Cboe Global Markets；Githesh Ramamurthy, CCC Intelligent Solutions；Shane Caiazzo, CFGI；Phil Friedman, CGS；Rick Wurster, 嘉信理财 (Charles Schwab & Co)；Christopher Celtruda, chromalloy；Evan Greenberg, Chubb；Harry Culham, CIBC；Emre Imamoglu, Cibo Vita；Robert Stone, 希望之城 (City of Hope)；Scott Wells, Clear Channel Outdoor；Dan Gardner, Code and Theory Network；Frank Adell, Cognos Therapeutics Inc；Jim Anderson, Coherent；Sanjay Poonen, Cohesity；Wright Lassiter III, Commonspirit Health；Marc Costantini, Corebridge Financial；Patrick Swindle, CoreCivic；Greg Hart, Coursera；Steve Beard, Covista；Faiza Saeed, Cravath, Swaine & Moore LLP；George Kurtz, CrowdStrike

Mike Zukerman, CSAA保险集团；Yotam Segev, Cyera；Rick Cardenas, Darden餐厅；Javier Rodriguez, DaVita；Hal Yoh, Day & Zimmermann；Art Gilliland, Delinea；Joe Ucuzoglu, 德勤；Jason Girzadas, 德勤美国；Kate Barton, Dentons；Maruf Ahmed, Dexian；Arjun Prakash, Distyl AI；Frank Ryan, DLA Piper；Jussi Tolvanen, DNA Plc；Scott Park, Doosan Bobcat；Jim Fitterling, 陶氏化学；Raul Fernandez, DXC Technology；Tarang Amin, e.l.f. Beauty；Hatem Dowidar, e&；Cameron Fowler, Early Warning Services；Jim Continenza, Eastman Kodak Company；Richard Edelman, Edelman；Ashish Masih, Encore Capital Group；Ezra Yacob, EOG Resources；Jabbok Schlacks, EquipmentShare；Börje Ekholm, 爱立信；Janet Truncale, 安永；Angela Kleiman, Essex Property Trust；Vinod Kumar, Everstone；Rohit Kapoor, ExlService Holdings, Inc；Malcolm Roberts, Factory Mutual Insurance Company；Jeff Watts, Fastenal；Winnie Lerner, FGS Global

Chris Walters, Finastra；Ritesh Idnani, Firstsource；Damian Ornani, Fisher Investments；Amit Mathradas, Five9；Peter Jackson, Flutter Entertainment PLC；Helen Giza, Fresenius Medical Care

Lars Petersen, FUJIFILM Biotechnologies；Hemant Taneja, General Catalyst；Tony Bates, Genesys；Balkrishan "BK" Kalra, Genpact；David Causby, Gentiva；Tom McInerney, Genworth Financial, Inc.；Subhash Makhija, GEP；Edward Broderick, Gilbane, Inc.；Jason Peterson, GoDigital Media Group；Logan Mulvey, GoDigital Music；Gaurav Pandey, GODREJ PROPERTIES LIMITED；Steven Tananbaum, GoldenTree Asset Management；Hayes Barnard, GoodLeap；Kyle Larkin, Granite Construction；Robbert Rietbroek, Graphic Packaging International；Peter Mintzberg, Grayscale；Mike Xu, GrubMarket；AmirAli Talasaz, Guardant Health, Inc；Brian Pieninck, GuideWell and Florida Blue；Joseph Lucot, Guttman Holdings；Patrick Kelleher, GXO Logistics；Celeste Mastin, H.B. Fuller；Robert Garrett, Hackensack Meridian Health；Jim Hilt, HALO Branded Solutions；John Bianchini, Hatch；CVK Vijayakumar, HCL Technologies Limited；Tom Monahan, Heidrick & Struggles

Antonio Neri, 惠普企业 (HPE)；Ramakarthikeyan Srikrishna, Hexaware Technologies；Laura Hines-Pierce, Hines；Cid Wilson, 西班牙裔企业责任协会 (Akinobu Shimada, Hitachi Vantara)；Miguel Zaldivar, Hogan Lovells；Kathy Yang, 鸿海精密工业 (富士康)；Vimal Kapur, 霍尼韦尔国际；Gary St Hilaire, Horizon BCBSNJ；Amy Schabacker Dufrane 博士, HR Certification Institute；Josh Campo, Huge Inc.；Jim Rechtin, Humana；Gautam Bhandari, I Squared Capital；Arvind Krishna, IBM；Lawrence Calcano, iCapital；Elie Maalouf, IHG酒店及度假公司；Salil Parekh, Infosys；Timothy Adams, 国际金融协会 (IIF)；Ali Alwaleed Al Thani, Invest Qatar；Mohammed Alardhi, Investcorp Holdings BSC；Paolo Gallo, Italgas；Sam Allen, Iterable；Maggie Fanari, J. Rothschild Capital Management Limited；Razat Gaurav, Kinaxis；Renae Lattey, 金杜律师事务所；Jon Ballis, Kirkland & Ellis LLP；Tim Walsh, 毕马威；Peter Orszag, 喇各得 (Lazard)；Jack Freker, Lean Solutions Group；Michael Walsh, LexisNexis；Luke Petherbridge, Link Logistics；Ramin Hasani, Liquid AI；Sirisha Voruganti, 劳合社技术中心；David Schwimmer, 伦敦证券交易所集团 (LSEG)；Adeeb Ahamed, LuLu Financial Holdings；Kate Johnson, Lumen Technologies；Leon de Bruyn, Lummus Technology；Dimitris Moulavasilis, M42；Darlene Nicosia, Maker's Pride；Michael Mansfield, Mansfield Energy Corp；Fred Thiel, MARA

Thomas Collins, Marlabs；Ikdeep Singh, Mars Pet Nutrition；John Doyle, Marsh；Anne Klibanski, Mass General Brigham；Michael Miebach, Mastercard；Laila Worrell, Material Holdings, LLC；Kate Ryder, Maven Clinic；Gianrico Farrugia 博士, Mayo Clinic；Michael McKelvy, McDermott International, Inc；Bob Sternfels, McKinsey；Jassim Mohamed Al-Khori, Media City Qatar；David Callender, Memorial Hermann Health System；Satya Nadella, 微软公司 (Microsoft Corporation)；MillerKnoll, Inc.；George Strobel, Monarch Private Capital；Rob Fauber, 穆迪 (Moody's)；Jami McKeon, Morgan Lewis；Jeff Rinker, Motiva；Sunil Mittal, Movate；Nitin Rakesh, Mphasis；Anthony Petrello, Nabors Industries Ltd；Adena Friedman, 纳斯达克 (Nasdaq, Inc.)；Mehran Assadi, National Life Group；Dietrich Kuhlmann, Navy Federal Credit Union；Larry Moss, Nemours Children's Health；Adam Johnson, NetJets Inc.；Justin Driscoll, 纽约电力局 (New York Power Authority)；Lachlan Murdoch, 新闻集团 (News Corp)；Robert

Thomson, 新闻集团 (News Corp)；Rupert Murdoch, 新闻集团 (News Corp)；Yasser Zaghoul, NMDC Group；Tim Gerend, Northwestern Mutual；Francesca Cornelli, 西北大学凯洛格管理学院 (Northwestern University, Kellogg School)；Dan Pathomvanich, NR Instant Produce PCL；Akira Shimada, NTT, Inc.；Lynn Martin, 纽约证券交易所 (NYSE)；Chakri Gottemukkala, o9 Solutions；Mostafa Terrab, OCP Group；Claude LeBlanc, Octave Group；John Romeo, Oliver Wyman Forum；Chris Foster, Omnicom Public Relations；Mike Sicilia, 甲骨文 (Oracle)；Mark Bertolini, Oscar Health；Jiten Kachhela, PA Consulting；John DiLullo, PagerDuty；Andy Hendricks, Patterson-UTI Energy；Bruce Lowthers, Paysafe Group；Omar Abbosh, 培生 (Pearson)；Alan Trefler, Pegasystems Inc.；James Schenck, PenFed Credit Union；Dominic Veney, 养老金保险公司 (Pension Insurance Corporation, PIC)；Jacques Chappuis, PGIM；Jeffrey Boutelle, Pharmavite；Jacek Olczak, 菲利普莫里斯国际 (Philip Morris International)；Matt Zilli, Planview；Eiso Kant, Poolside；Anthony Pratt, Pratt Industries；Sumit Dhawan,

Proofpoint；Jennifer Prosek, Prosek Partners；Nobuya Kawasaki, PT Bank Danamon Indonesia Tbk；Nigel Vaz, Publicis Sapient；Mitch Daniels, 普渡大学 (Purdue University)；Shaista Asif, PureHealth；Paul Griggs, 普华永道 (PwC)；Hamad Al-Khater, 卡塔尔航空 (Qatar Airways)；Sheikh Mohammed Al-Thani, 卡塔尔自由贸易区管理局 (Qatar Free Zones Authority)；Abdulaziz Al-Mawlawi, 卡塔尔旅游局 (Qatar Tourism)；Jason Maynard, Qualtrics

Ajit Prabhu, Quest Global Services Pte. Ltd；Brad Jacobs, QXO；Michael Martin, RapidSOS；Paul Shoukry, Raymond James Financial；Donald Sanya, RBC Global Asset Management；Dennis Abboud, Readerlink LLC；Kris Licht, Reckitt Plc；Wesley D'Silva, Regent Seven Seas Cruises；Brian Melka, Rehlko；Jay Geldmacher, Resideo Technologies, Inc.；Teresa Graham, 罗氏制药 (Roche Pharmaceuticals)；Richard Davis, Rochester Regional Health；Gregory Fleming, Rockefeller Capital Management；Daniel Moore, Rockefeller Group；Jes Hansen, ROCKWOOL A/S；Tufan Erginbilgic, 罗尔斯-罗伊斯 (Rolls-Royce)；Brian Becker, RSM US LLP ("RSM")；Tim Gabel, RTI International；Bipul Sinha, Rubrik；Kathy Bloomgarden 博士, Ruder Finn；Zach Buchwald, Russell Investments；Constantine Alexandrakis, Russell Reynolds Associates；Drew Wilkerson, RXO；Frederick Holzgrefe, Saia；Marc Benioff, Salesforce；Adam Stewart, Sandals Resorts International；Jack Hidary, SandboxAQ；Nate Baxter,

Scotts Miracle-Gro Company；Caroline Winn, Sempra；Bill McDermott, ServiceNow；Sherrie Westin, Sesame Workshop；Luca Salvi, Sheppard Mullin Richter & Hampton, LLP；Thammasak Sethaudom, 泰国暹罗水泥集团 (Siam Cement Group, SCG)；Tony Lefebvre, Signature Aviation；Bjørn Sibbern, SIX Group；Brad Jackson, Slalom；Deepak Nath, Smith-Nephew；Nicholas Pinchuk, Snap-on Incorporated；David Sewell, Solstice Advanced Materials；James Downing 博士, 圣犹达儿童研究医院 (St. Jude Children's Research Hospital)；Mark Penn, Stagwell；Jon Farney, State Farm Mutual Automobile Insurance；Udo Lange, Stolt-Nielsen M.S Ltd；Maria Pacheco, Storyful；Michael Stivala, Suburban Propane；Kevin Strain, 太阳生命金融 (Sun Life Financial)；Dipankar Sengupta, Sutherland；Claude Letourneau, Svante；Andreas Berger, 瑞士再保险 (Swiss Re)；Brian Doubles, Synchrony Financial；Andrew Davies, Syniverse；Kevin Hourican, Sysco；Tiago Paiva, Talkdesk, Inc；Michael Fiddelke, Target；Amit Bajaj, 塔塔咨询服务 (Tata Consultancy Services)

杰弗里·索罗门 (Jeffrey Solomon)，TD Cowen；斋藤信 (Noboru Saito)，TDK；莫希特·乔希 (Mohit Joshi)，Tech Mahindra；丹尼尔·阿莱格雷 (Daniel Alegre)，TelevisaUnivision；保罗·基里 (Paul Keary)，Teneo Holdings；罗布·霍姆斯 (Rob Holmes)，Texas Capital；马克·斯马克 (Mark Smucker)，J.M. Smucker 公司；拉蒂·莱维斯克 (Rati Levesque)，The RealReal；阿尔玛·拉图尔 (Almar Latour)，华尔街日报；塔索·杜·瓦尔 (Taso Du Val)，Toptal；理查德·霍尔图姆 (Richard Holtum)，Trafigura；埃里克·贝林豪斯 (Eric Beringause)，TreeHouse Foods, Inc.；尼尔·德·克雷森佐 (Neil de Crescenzo)，TRIMEDX

华尔街日报 | 领导力学院

Jean Savage, Trinity Industries Felix Morgan, Trucordia Margi Tooth, Trupanion Stephen Toups, Turner Industries Group, LLC Gunjan Kedia, U.S. Bancorp Thomas Jackiewicz, UChicago Medicine Michael Crowl, UFCU Juan Andrade, United Services Automobile Association (USAA) Anand Eswaran, Veeam Kaan Terzioglu, VEON Group Dan Schulman, Verizon Abdulaziz Al-Mawlawi, Visit Qatar Daniel Savitt, VNS Health Dylan Taylor, Voyager Technologies Chris Nicholas, Walmart International Robert J. Pagano, Watts Water Technologies, Inc Girish Saligram, Weatherford International Karen Pugliese, Weber Shandwick Charles Scharf, Wells Fargo John Santora, WeWork Melissa Smith, WEX Inc. Steven Schwartz, Whop Brent Gledhill, William Blair Keshav Murugesh, WNS Global Services Jason Marx, Wolters Kluwer Tax & Accounting Eric Mosley, Workhuman Julie Iskow, Workiva Inc. Alan Murray, WSJ Leadership Institute Suzanne McCormick, YMCA of the USA Joey Wat, Yum China Holdings Inc. David A. Steinberg, Zeta Global Ivan Tornos, Zimmer Biomet Kristin Peck, Zoetis Jay Chaudhry, Zscaler

WSJ 美元指数 95.45 0.33 0.34 -0.50 数据来源：Tullett Prebon, 道琼斯市场数据

22000 6月 7月 8月 9月

道琼斯工业平均指数

	最新	一年前
52421.20▼152.09, 或 0.29%	滚动市盈率	21.34 25.13
过去三个月每个交易日的最高价、最低价、开盘价和收盘价。	市盈率预测*	19.76 22.11
	股息率	1.51 1.61
	历史最高点	54349.12, 08/05/26

标准普尔 500 指数

纳斯达克综合指数

股票

7619.98 ▼37.00, 或 0.48% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。

26186.41 ▼ 146.62, 或 0.56% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。

< / td><>最新< / ><>一年前< / >< / tr><><>滚动市盈率 †< / ><>33.89< / ><>32.01< / >< / ><><>预测市盈率 †< / ><>24.56< / ><>26.37< / >< / ><><>股息率 *†< / ><>0.58< / ><>0.65< / >< / ><>< colspan="3">历史最高点：27093.90, 06 / 02 / 26< / >< / table>

<><><>< / ><>最新< / ><>一年前< / >< / ><><>滚动市盈率 < / ><>23.22< / ><>25.10< / >< / ><><>预测市盈率 < / ><>20.25< / ><>21.65< / >< / ><><>股息率 *< / ><>1.08< / ><>1.18< / >< / ><><>历史最高点< / >< colspan="2">7798.99, 08 / 13 / 26< / >< / >

<><>< ="4">48000< / >< / ><><>六月< / ><>七月< / ><>八月< / ><>九月< / >< / ><>< ="4">*每周市盈率数据基于 Birinyi Associates Inc 报告的收益；†基于 Nasdaq-100 Index< / >< / >

美国主要股市指数

<><><>六月< / ><>七月< / ><>八月< / ><>九月< / >< / >

<><>< rowspan="2">道琼斯< / >< ="5">最新< / >< ="3">52-Week< / >< ="2">% 变化< / >< / ><><>最高< / ><>最低< / ><>收盘< / ><>净变化< / ><>% 变化< / ><>最高< / ><>最低< / ><>% 变化< / ><>YTD< / ><>3-yr. ann.< / >< / ><><>工业平均指数< / ><>52750.88< / ><>52278.89< / ><>52421.20< / ><>-152.09< / ><>-0.29< / ><>54349.12< / ><>45166.64< / ><>14.2< / ><>9.1< / ><>14.5< / >< / ><><>运输平均指数< / ><>20752.68< / ><>20471.51< / ><>20729.79< / ><>101.52< / ><>< / ><>23933.14< / ><>15067.87< / ><>33.1< / ><>19.4< / ><>10.5< / >< / ><><>公用事业平均指数< / ><>1072.84< / ><>1057.63< / ><>1059.09< / ><>-9.46< / ><>-0.89< / ><>1190.23< / ><>1048.33< / ><>-3.8< / ><>-0.8< / ><>5.7< / >< / ><><>Total Stock Market< / ><>75557.98< / ><>75007.17< / ><>75270.64< / ><>-358.56< / ><>-0.47< / ><>77313.23< / ><>62750.36< / ><>14.9< / ><>11.5< / ><>18.8< / >< / ><><>Barron's 400< / ><>1611.41< / ><>1601.88< / ><>1604.64< / ><>-8.50< / ><>-0.53< / ><>1685.46< / ><>1318.70< / ><>15.7< / ><>13.6< / ><>17.3< / >< / >

<><>< ="11">纳斯达克股票市场< / >< / ><><>纳斯达克综合指数< / ><>26329.98< / ><>25992.55< / ><>26186.41< / ><>-146.62< / ><>-0.56 / < / ><>27093.90< / ><>20794.64< / ><>17.2< / ><>12.7< / ><>23.4< / >< / ><><>纳斯达克100指数< / ><>29285.50< / ><>28867.67< / ><>29127.16< / ><>-241.28< / ><>-0.82 / < / ><>30660.60< / ><>22953.38< / ><>19.9< / ><>15.4< / ><>23.5< / >< / ><>< ="11">标准普尔< / >< / ><><>500 指数< / ><>7647.99< / ><>7592.28< / ><>7619.98< / ><>-37.00< / ><>-0.48 / < / ><>7798.99< / ><>6343.72< / ><>15.2< / ><>11.3< / ><>19.1< / >< / ><><>中盘 400 指数< / ><>3698.39< / ><>3676.40< / ><>3679.20< / ><>-34.94< / ><>-0.94 / < / ><>3926.98< / ><>3109.89< / ><>12.2< / ><>11.3< / ><>12.3< / >< / ><><>小盘 600 指数< / ><>1724.10< / ><>1711.75< / ><>1714.06< / ><>-12.12< / ><>-0.70 / < / ><>1828.54< / ><>1364.94< / ><>18.8< / ><>16.8< / ><>12.7< / >< / >

其他指数< / td>< / tr><><>< / ><>罗素 2000< / ><>2908.52< / ><>2885.54< / ><>2892.24< / ><>-11.71< / >< / ><><>纽约证券交易所综合指数< / ><>24331.56< / ><>24173.55< / ><>24205.39< / ><>-126.17< / ><>-0.52< / >< / ><><>Value Line< / ><>667.66< / ><>663.47< / ><>664.66< / ><>-1.470< / ><>-0.22< / >< / ><><>NYSE Arca 生物技术指数< / ><>9241.78< / ><>9112.91< / ><>9204.32< / ><>91.41< / ><>< / >< / ><><>NYSE Arca 制药指数< / ><>1249.54< / ><>1218.36< / ><>1235.25< / ><>16.90< / ><>< / >< / ><><>KBW 银行指数< / ><>187.43< / ><>183.16< / ><>184.45< / ><>-3.61< / ><>-1.92< / >< / ><><>PHLX$ 黄金 / 白银指数< / ><>390.92< / ><>382.44< / ><>387.62< / ><>-11.80< / ><>-2.95< / >< / ><><>PHLX$ 石油服务指数< / ><>104.03< / ><>99.71< / ><>100.14< / ><>-4.20< / ><>-4.02< / >< / ><><>PHLX$ 半导体指数< / ><>11285.30< / ><>11110.11< / ><>11131.28< / ><>-692.72< / ><>-5.86< / >< / ><><>Cboe 波动率指数< / ><>18.17< / ><>16.58< / ><>17.10< / ><>1.26< / ><>< / >< / table>

涨幅百分比...

涨幅百分比...

<><>公司< / ><>代码< / ><>成交量(000)< / ><>最新价< / ><>净变动< / ><>盘后%变动< / ><>最高价< / ><>最低价< / >< / ><><>康卡斯特 CI A< / ><>CMCSA< / ><>9,729.3< / ><>24.94< / ><>0.06< / ><>0.24< / ><>25.01< / ><>24.88< / >< / ><><>英伟达< / ><>NVDA< / ><>9,279.0< / ><>212.24< / ><>1.28< / ><>0.61< / ><>226.51< / ><>199.97< / >< / ><><>博通< / ><>AVGO< / ><>8,360.1< / ><>345.45< / ><>0.73< / ><>0.21< / ><>345.75< / ><>323.83< / >< / ><><>诺基亚 ADR< / ><>NOK< / ><>6,163.2< / ><>9.77< / ><>0.12< / ><>1.24< / ><>9.78< / ><>9.65< / >< / ><><>Iovance Biotherapeutics< / ><>IOVA< / ><>5,313.7< / ><>9.23< / ><>-0.03< / ><>-0.32< / ><>9.27< / ><>9.11< / >< / ><><>耐克 CI B< / ><>NKE< / ><>5,143.9< / ><>37.08< / ><>0.03< / ><>0.08< / ><>37.16< / ><>36.95< / >< / ><><>UiPath< / ><>PATH< / ><>4,741.2< / ><>14.62< / ><>-0.04< / ><>-0.27< / ><>14.67< / ><>14.60< / >< / ><><>CCC Intelligent Solns< / ><>CCC< / ><>4,223.7< / ><>6.85< / ><>0.09< / ><>1.33< / ><>6.86< / ><>6.74< / >< / table>

数据来源：FactSet；道琼斯市场数据

由电子交易服务、证券交易商和区域交易所报告的，美东时间下午 4 点至 6 点期间，在纽约证券交易所（NYSE）、NYSE Arca、NYSE Amer. 和纳斯达克上市股票中交易最活跃及波动最大的个股。最低股价为 $2，最低盘后成交量为 50,000 股。

盘后交易最活跃个股

<><>Radiant Logistics< / ><>RLGT< / ><>624.9< / ><>8.94< / ><>0.73< / ><>8.89< / ><>9.50< / ><>8.06< / >< / ><><>Ecovyst< / ><>ECVT< / ><>80.8< / ><>10.32< / ><>0.35< / ><>3.51< / ><>10.42< / ><>9.97< / >< / ><><>Vistance Networks< / ><>VISN< / ><>72.0< / ><>6.68< / ><>0.22< / ><>3.33< / ><>6.68< / ><>6.46< / >< / ><><>Trekor Metals< / ><>TGB< / ><>270.5< / ><>8.06< / ><>0.22< / ><>2.81< / ><>8.12< / ><>7.84< / >< / ><><>Hess Midstream< / ><>HESM< / ><>105.7< / ><>41.00< / ><>1.11< / ><>2.78< / ><>41.00< / ><>39.60< / >< / table>

盘后交易

Enova International< / td><>ENVA< / ><>50.9< / ><>184.00< / ><>-42.72< / ><>-18.84< / ><>231.14< / ><>179.88< / >< / tr><><>Dave & Buster's< / ><>PLAY< / ><>2,407.7< / ><>7.39< / ><>-1.08< / ><>-12.75< / ><>8.91< / ><>7.06< / >< / ><><>Kestra Medical Techs< / ><>KMTS< / ><>88.9< / ><>22.13< / ><>-1.93< / ><>-8.02< / ><>24.44< / ><>21.09< / >< / ><><>Armata Pharmaceuticals< / ><>ARMP< / ><>51.5< / ><>5.15< / ><>-0.40< / ><>-7.21< / ><>5.60< / ><>4.50< / >< / ><><>Torm< / ><>TRMD< / ><>166.4< / ><>32.90< / ><>-2.44< / ><>-6.90< / ><>35.63< / ><>32.34< / >< / table>

成交量异动（按与65日平均值的偏差排名）*

<>< rowspan="2">公司< / >< rowspan="2">代码< / >< colspan="3">最新交易日< / >< colspan="3">52周< / >< / ><><>收盘价< / ><>净值变动< / ><>% 变动< / ><>最高价< / ><>最低价< / ><>% 变动< / >< / ><><>Future FinTech Group< / ><>FTFT< / ><>8.04< / ><>5.16< / ><>179.17< / ><>248.32< / ><>1.22< / ><>-96.0< / >< / ><><>Basel Medical Group< / ><>BMGL< / ><>7.14< / ><>2.56< / ><>55.90< / ><>25.80< / ><>4.17< / ><>-69.9< / >< / ><><>Vince Holding< / ><>VNCE< / ><>7.65< / ><>2.41< / ><>45.99< / ><>8.20< / ><>1.95< / ><>188.7< / >< / ><><>GT Biopharma< / ><>GTBP< / ><>11.63< / ><>3.02< / ><>35.08< / ><>34.25< / ><>4.91< / ><>-42.2< / >< / ><><>Elmet Group< / ><>ELMT< / ><>21.50< / ><>5.31< / ><>32.80< / ><>25.03< / ><>12.49< / ><>...< / >< / ><><>GrShr 2x Long CRWD Daily< / ><>CRWL< / ><>84.37< / ><>18.31< / ><>27.71< / ><>86.79< / ><>15.25< / ><>187.0< / >< / ><><>Leverage 2X Lg PANW Dly< / ><>PANG< / ><>34.58< / ><>7.29< / ><>26.71< / ><>41.59< / ><>6.05< / ><>133.0< / >< / ><><>Direxion PANW Bull 2X< / ><>PALU< / ><>56.17< / ><>11.56< / ><>25.91< / ><>67.86< / ><>9.85< / ><>140.8< / >< / ><><>Leverage 2X Lg OKTA Dly< / ><>OKTG< / ><>46.57< / ><>9.10< / ><>24.30< / ><>47.88< / ><>7.00< / ><>...< / >< / ><><>Rapid7< / ><>RPD< / ><>12.79< / ><>2.48< / ><>24.05< / ><>20.95< / ><>4.97< / ><>-34.6< / >< / ><><>EUDA Health Holdings< / ><>EUDA< / ><>16.56< / ><>3.11< / ><>23.12< / ><>86.00< / ><>5.26< / ><>-27.4< / >< / ><><>EverCommerce< / ><>EVCM< / ><>7.56< / ><>1.25< / ><>19.81< / ><>14.41< / ><>6.21< / ><>-36.2< / >< / ><><>Leverage 2X Lg COIN Dly< / ><>COIG< / ><>6.16< / ><>0.96< / ><>18.44< / ><>52.00< / ><>3.50< / ><>-82.3< / >< / ><><>Direxion COIN Bull 2X< / ><>CONX< / ><>7.66< / ><>1.19< / ><>18.42< / ><>28.34< / ><>4.34< / ><>...< / >< / ><><>GrShr 2x Long COIN Daily< / ><>CONL< / ><>6.29< / ><>0.97< / ><>18.23< / ><>52.40< / ><>3.56< / ><>-82.1< / >< / table>

<><>公司< / ><>代码< / ><>成交量 (000)< / ><>与65日平均值 % 变动< / ><>最新交易日收盘价< / ><>% 变动< / ><>52周最高价< / ><>最低价< / >< / ><><>Sophus Cap Emerging Mkt< / ><>EMEM< / ><>1,065< / ><>9779< / ><>25.81< / ><>-2.24< / ><>28.66< / ><>23.41< / >< / ><><>Angel Oak UltSh Incm< / ><>UYLD< / ><>10,317< / ><>5659< / ><>50.92< / ><>-0.14< / ><>51.46< / ><>50.89< / >< / ><><>Safeguard Acquisition< / ><>SAC< / ><>1,130< / ><>5447< / ><>10.11< / ><>...< / ><>11.02< / ><>9.90< / >< / ><><>ALPS Smith Core Plus Bd< / ><>SMTH< / ><>20,226< / ><>5002< / ><>25.02< / ><>-0.04< / ><>26.47< / ><>24.94< / >< / ><><>Sophus Cap Emer Mkt< / >< / table>

SC< / td> EMSC< / ><>557< / ><>4888< / ><>25.33< / ><>-1.77< / ><>27.39< / ><>23.38< / >< / tr> <>Eltek< / ><>ELTK< / ><>243< / ><>3395< / ><>9.00< / ><>10.43< / ><>11.59< / ><>7.30< / >< / ><><>Pictet AI Enhanced US Eq< / ><>PQUS< / ><>1,928< / ><>3307< / ><>28.31< / ><>-0.49< / ><>29.40< / ><>23.45< / >< / ><><>Elmet Group< / ><>ELMT< / ><>13,920< / ><>3171< / ><>21.50< / ><>32.80< / ><>25.03< / ><>12.49< / >< / ><><>Armata Pharmaceuticals< / ><>ARMP< / ><>4,702< / ><>3046< / ><>5.55< / ><>3.16< / ><>16.34< / ><>2.86< / >< / ><><>ITHAX Acquisition III< / ><>ITHA< / ><>156< / ><>2964< / ><>10.06< / ><>0.10< / ><>10.09< / ><>9.85< / >< / table>

* 普通股价格在每股 \$2 或以上，且 65 个交易日的平均成交量至少为 5,000 股。†交易天数少于 65 天

国际股票指数

<>< rowspan="2" colspan="2">地区 / 国家指数< / >< rowspan="2">收盘价< / >< colspan="2">最新< / >< rowspan="2">年初至今涨跌幅 %< / >< / ><><>净值变动< / ><>涨跌幅 %< / >< / ><>< rowspan="4">全球< / ><>MSCI ACWI< / ><>1135.77< / ><>-7.39< / ><>-0.65< / ><>11.9< / >< / ><><>MSCI ACWI (除美国外)< / ><>476.46< / ><>-4.51< / ><>-0.94< / ><>13.2< / >< / ><><> World< / ><>4910.28< / ><>-27.04< / ><>-0.55< / ><>10.8< / >< / ><><> 新兴市场< / ><>1697.85< / ><>-23.68< / ><>-1.38< / ><>20.9< / >< / ><><>美洲< / ><> AC Americas< / ><>2886.55< / ><>-13.950< / ><>-0.48< / ><>11.3< / >< / ><><>加拿大< / ><>S&P / TSX 综合指数< / ><>35702.53< / ><>5.04< / ><>< / ><>0.01< / >< / ><><>拉丁美洲< / ><> EM 拉丁美洲< / ><>3109.88< / ><>-50.04< / ><>-1.58< / ><>14.8< / >< / ><><>巴西< / ><>Bovespa< / ><>185500.88< / ><>-1706.01< / ><>-0.91< / ><>15.1< / >< / ><><>智利< / ><>S&P IPSA< / ><>5695.13< / ><>61.15< / ><>< / ><>1.09< / >< / ><><>墨西哥< / ><>S&P / BMV IPC< / ><>64216.98< / ><>292.21< / ><>< / ><>0.46< / >< / ><><>欧洲、中东及非洲< / ><>STOXX Europe 600< / ><>635.99< / ><>-3.11< / ><>-0.49< / ><>7.4< / >< / ><><>欧元区< / ><>Euro STOXX< / ><>658.90< / ><>-8.57< / ><>-1.28< / ><>7.6< / >< / ><><>比利时< / ><>Bel-20< / ><>5729.67< / ><>16.31< / ><>< / ><>0.29< / >< / ><><>丹麦< / ><>OMX 哥本哈根 20< / ><>1577.01< / ><>2.53< / ><>< / ><>0.16< / >< / ><><>法国< / ><>CAC 40< / ><>8117.78< / ><>-61.99< / ><>-0.76< / ><>-0.4< / >< / ><><>德国< / ><>DAX< / ><>25440.81< / ><>-127.75< / ><>-0.50< / ><>3.9< / >< / ><><>以色列< / ><>特拉维夫< / ><>4227.56< / ><>6.12< / ><>< / ><>0.14< / >< / ><><>意大利< / ><>FTSE MIB< / ><>51628.77< / ><>-883.26< / ><>-1.68< / ><>14.9< / >< / ><><>荷兰< / ><>AEX< / ><>1098.35< / ><>-0.41< / ><>-0.04< / ><>15.5< / >< / ><><>挪威< / ><>奥斯陆交易所全股指数< / ><>2527.59< / ><>3.79< / ><>< / ><>0.15< / >< / ><><>南非< / ><>FTSE / JSE 全股指数< / ><>113536.30< / ><>-1629.01< / ><>-1.41< / ><>-2.0< / >< / ><><>西班牙< / ><>IBEX 35< / ><>19565.50< / ><>-273.00< / ><>-1.38< / ><>13.0< / >< / ><><>瑞典< / ><>OMX

斯德哥尔摩< / td> 1114.80< / ><>-10.69< / ><>-0.95< / ><>6.6< / >< / tr> <>瑞士< / ><>瑞士市场指数< / ><>13878.54< / ><>103.27< / ><>< / ><>0.75< / >< / ><><>土耳其< / ><>BIST 100< / ><>14235.83< / ><>-231.42< / ><>-1.60< / ><>26.4< / >< / ><><>英国< / ><>富时100指数< / ><>10697.57< / ><>47.13< / ><>< / ><>0.44< / >< / ><><>英国< / ><>富时250指数< / ><>23834.48< / ><>-141.25< / ><>-0.59< / ><>6.1< / >< / ><><>亚太地区< / ><>MSCI AC 亚太指数< / ><>275.22< / ><>-2.50< / ><>-0.90< / ><>20.9< / >< / ><><>澳大利亚< / ><>S&P / ASX 200< / ><>8749.90< / ><>8.69< / ><>< / ><>0.10< / >< / ><><>中国< / ><>上证综合指数< / ><>3885.33< / ><>-2.78< / ><>-0.07< / ><>-2.1< / >< / ><><>香港< / ><>恒

生指数< / ><>24917.60< / ><>111.97< / ><>< / ><>0.45< / >< / ><><>印度< / ><>BSE Sensex< / ><>74781.76< / ><>...< / ><>休市< / ><>-12.2< / >< / ><><>日本< / ><>日经225< / ><>63492.99< / ><>-518.35< / ><>-0.81< / ><>26.1< / >< / ><><>新加坡< / ><>海峡时报指数< / ><>5718.02< / ><>22.09< / ><>< / ><>0.39< / >< / ><><>韩国< / ><>KOSPI< / ><>6684.37< / ><>-225.54< / ><>-3.26< / ><>58.6< / >< / ><><>台湾< / ><>TAIEX< / ><>45862.52< / ><>-322.33< / ><>-0.70< / ><>58.3< / >< / ><><>泰国< / ><>SET< / ><>1591.07< / ><>-13.45< / ><>-0.84< / ><>26.3< / >< / table>

跌幅最大百分比

<>< rowspan="2">公司< / >< rowspan="2">代码< / >< colspan="3">最近交易日< / >< colspan="3">52周< / >< / ><><>收盘价< / ><>净值变动< / ><>% 变动< / ><>最高价< / ><>最低价< / ><>% 变动< / >< / ><><>Nuburu< / ><>BURU< / ><>1.35< / ><>-1.20< / ><>-47.06< / ><>169.66< / ><>0.85< / ><>-96.0< / >< / ><><>Cellectis ADR< / ><>CLLS< / ><>1.83< / ><>-1.27< / ><>-40.97< / ><>5.48< / ><>1.75< / ><>-36.7< / >< / ><><>Horizon Quantum Holdings< / ><>HQ< / ><>10.34< / ><>-4.88< / ><>-32.06< / ><>45.00< / ><>8.29< / ><>-30.9< / >< / ><><>TEN Holdings< / ><>XHLD< / ><>8.92< / ><>-3.61< / ><>-28.81< / ><>15.43< / ><>0.76< / ><>72.6< / >< / ><><>Leverage 2X Lg GLW Dly< / ><>GLWG< / ><>11.71< / ><>-4.43< / ><>-27.45< / ><>51.00< / ><>7.82< / ><>...< / >< / ><><>Leverage 2X Lg TER

Dly< / ><>TERG< / ><>30.08< / ><>-10.58< / ><>-26.02< / ><>80.05< / ><>12.19< / ><>...< / >< / ><><>PicoCELA ADR< / ><>PCLA< / ><>7.73< / ><>-2.38< / ><>-23.54< / ><>19.61< / ><>1.35< / ><>-52.1< / >< / ><><>Swvl Holdings< / ><>SWVL< / ><>5.51< / ><>-1.61< / ><>-22.56< / ><>8.48< / ><>1.30< / ><>45.0< / >< / ><><>Antelope Enterprise< / ><>AEHL< / ><>6.07< / ><>-1.74< / ><>-22.28< / ><>418.08< / ><>2.98< / ><>-98.1< / >< / ><><>Rent the Runway< / ><>RENT< / ><>1.93< / ><>-0.52< / ><>-21.22< / ><>10.13< / ><>1.86< / ><>-61.6< / >< / ><><>U Power< / ><>UCAR< / ><>3.98< / ><>-0.99< / ><>-19.92< / ><>438.00< / ><>3.76< / ><>-99.0< / >< / ><><>Leverage 2X Lg ARM Dly< / ><>ARMG< / ><>15.13< / ><>-3.72< / ><>-19.73< / ><>65.95< / ><>4.64< / ><>20.4< / >< / ><><>Direxion

Daily KR BI 3X< / ><>KORU< / ><>18.57< / ><>-4.50< / ><>-19.51< / ><>63.99< / ><>4.93< / ><>268.1< / >< / ><><>Solarmax Technology< / ><>SMXT< / ><>1.89< / ><>-0.45< / ><>-19.23< / ><>15.24< / ><>1.82< / ><>-85.7< / >< / ><><>Swarmer< / ><>SWMR< / ><>32.16< / ><>-7.43< / ><>-18.77< / ><>83.30< / ><>11.25< / ><>...< / >< / table>

货币与大宗商品 交易日记

货币 美东时间下午5点的美元外汇汇率

国家 / 货币< / td>< colspan="2">周一< / >< rowspan="2">美元对比年初至今涨跌幅(%)< / >< / tr><><>以美元计< / ><>每美元< / >< / ><>< colspan="4">美洲< / >< / ><><>阿根廷比索< / >< colspan="2">.00071507.9204< / ><>3.9< / >< / ><><>巴西雷亚尔< / ><>.1944< / ><>5.1432< / ><>-6.8< / >< / ><><>加拿大元< / ><>.7193< / ><>1.3902< / ><>1.3< / >< / ><><>智利比索< / ><>.001047< / ><>954.75< / ><>6.1< / >< / ><><>哥伦比亚比索< / ><>.000321< / ><>3115.07< / ><>-17.4< / >< / ><><>厄瓜多尔美元< / ><>1< / ><>持平< / >< / ><><>墨西哥比索< / ><>.0583< / ><>17.1382< / ><>-4.8< / >< / ><><>乌拉圭比索< / ><>.02489< / ><>40.1707< / ><>2.9< / >< / ><>< colspan="4">亚太地区< / >< / ><><>澳大利亚元< / ><>.7140< / ><>1.4006< / ><>-6.5< / >< / ><><>中国元< / ><>.1489< / ><>6.7143< / ><>-4.0< / >< / ><><>港元< / ><>.1275< / ><>7.8438< / ><>0.8< / >< / ><><>印度卢比< / ><>.01043< / ><>95.835< / ><>6.6< / >< / ><><>印尼卢比< / ><>.0000566< / ><>17654< / ><>5.8< / >< / ><><>日元< / ><>.006479< / ><>154.35< / ><>-1.5< / >< / ><><>哈萨克斯坦坚戈< / ><>.002217< / ><>451.11< / ><>-11.1< / >< / ><><>澳门帕塔卡< / ><>.1237< / ><>8.0820< / ><>0.7< / >< / ><><>马来西亚林吉特< / ><>.2458< / ><>4.0681< / ><>0.2< / >< / ><><>新西兰元< / ><>.5779< / ><>1.7304< / ><>-0.4< / >< / ><><>巴基斯坦卢比< / ><>.00360< / ><>277.551< / ><>-1.0< / >< / ><><>菲律宾比索< / ><>.0159< / ><>62.747< / ><>6.5< / >< / ><><>新加坡元< / ><>.7871< / ><>1.2705< / ><>-1.2< / >< / ><><>韩国韩元< / ><>.0007419< / ><>1347.84< / ><>-6.4< / >< / ><><>斯里兰卡卢比< / ><>.0030527< / ><>327.58< / ><>5.7< / >< / ><><>台湾元< / ><>.03148< / ><>31.762< / ><>1.3< / >< / ><><>泰国铢< / ><>.03011< / ><>33.210< / ><>5.4< / >< / table>

大宗商品

<>< rowspan="2">< / >< rowspan="2">收盘价< / >< colspan="2">周一< / >< colspan="2">52周< / >< rowspan="2">年初至今涨跌幅%< / >< / ><><>净变化< / ><>% 变化< / ><>最高< / ><>最低< / >< / ><><>道琼斯商品指数< / ><>1479.74< / ><>-2.47< / ><>-0.17< / ><>1505.40< / ><>1068.04< / ><>36.10< / >< / ><><>富时 / CC CRB指数< / ><>423.87< / ><>0.79< / ><>0.19< / ><>429.15< / ><>291.69< / ><>38.76< / >< / ><><>原油，美元 / 桶< / ><>101.39< / ><>1.34< / ><>112.95< / ><>55.27< / ><>60.17< / >< / ><><>天然气，美元 / 百万英热单位< / ><>2.896< / ><>0.065< / ><>2.30< / ><>7.460< / ><>2.523< / ><>-4.83< / >< / ><><>黄金，美元 / 金衡盎司< / ><>4310.00< / ><>-56.20< / ><>-1.29< / ><>5318.40< / ><>3643.70< / ><>17.05< / >< / table>

<>< rowspan="2">国家 / 货币< / >< colspan="2">周一< / >< rowspan="2">美元对比年初至今涨跌幅 (%)< / >< / ><><>以美元计< / ><>每美元< / >< / ><><>越南盾< / ><>.00003846< / ><>25998< / ><>-1.1< / >< / table>

Polymarket / 道琼斯合作伙伴

巴林第纳尔< / td><>2.6530< / ><>3769< / ><>-0.01< / >< / tr><><>埃及镑< / ><>0194< / ><>51.6176< / ><>8.2< / >< / ><><>以色列谢克尔< / ><>3288< / ><>3.0416< / ><>-4.5< / >< / ><><>科威特第纳尔< / ><>3.2381< / ><>3088< / ><>0.3< / >< / ><><>阿曼里亚尔< / ><>2.5993< / ><>3847< / ><>-0.01< / >< / ><><>卡塔尔里亚尔< / ><>2743< / ><>3.646< / ><>-0.2< / >< / ><><>沙特阿拉伯里亚尔< / ><>2663< / ><>3.7558< / ><>0.1< / >< / ><><>南非兰特< / ><>0615< / ><>16.2543< / ><>-1.9< / >< / table>

预测市场：2026年美联储将加息多少次？该市场将根据美国联邦储备委员会在2026年实际执行的25个基点幅度之减息次数来结算。

<>< colspan="4">欧洲< / >< / ><><>捷克克朗< / ><>04758< / ><>21.018< / ><>2.2< / >< / ><><>丹麦克朗< / ><>.1545< / ><>6.4730< / ><>1.8< / >< / ><><>欧元区欧元< / ><>1.1550< / ><>.8658< / ><>1.7< / >< / ><><>匈牙利福林< / ><>003158< / ><>316.62< / ><>-3.3< / >< / ><><>冰岛克朗< / ><>008249< / ><>121.23< / ><>-3.3< / >< / ><><>挪威克朗< / ><>.1072< / ><>9.3312< / ><>-7.5< / >< / ><><>波兰兹罗提< / ><>.2661< / ><>3.7584< / ><>4.6< / >< / ><><>瑞典克朗< / ><>.1025< / ><>9.7586< / ><>6.0< / >< / ><><>瑞士法郎< / ><>1.2234< / ><>.8174< / ><>3.1< / >< / ><><>土耳其里拉< / ><>0206< / ><>48.6170< / ><>13.2< / >< / ><><>乌克兰格里夫纳< / ><>0223< / ><>44.7500< / ><>5.7< / >< / ><><>英镑< / ><>1.3499< / ><>07408< / ><>-0.2< / >< / ><>< colspan="4">中东 / 非洲< / >< / table>

<><>< / ><>纽约证券交易所 (NYSE)< / ><>纽约美国证券交易所 (NYSE Amer.)< / >< / ><><>总成交量1< / ><>11.79亿< / ><>19,780,114< / >< / ><><>上涨成交量< / ><>5.11亿< / ><>5,497,903< / >< / ><><>下跌成交量< / ><>6.46亿< / ><>13,979,239< / >< / ><><>交易品种数< / ><>2,834< / ><>298< / >< / ><><>上涨数< / ><>1,111< / ><>91< / >< / ><><>下跌数< / ><>1,649< / ><>189< / >< / ><><>持平数< / ><>74< / ><>18< / >< / ><><>新高数< / ><>55< / ><>3< / >< / ><><>新低数< / ><>265< / ><>28< / >< / ><><>收盘 Arms 指数†< / ><>0.90< / ><>0.39< / >< / ><><>大宗交易< / ><>3,970< / ><>183< / >< / ><><>< / ><>纳斯达克 (Nasdaq)< / ><>纽约证券交易所 Arca (NYSE Arca)< / >< / table>

<><>交易品种数< / ><>5,115< / ><>2,716< / >< / ><><>上涨数< / ><>2,199< / ><>701< / >< / ><><>下跌数< / ><>2,704< / ><>1,959< / >< / ><><>持平数< / ><>212< / ><>56< / >< / ><><>新高数< / ><>72< / ><>39< / >< / ><><>新低数< / ><>402< / ><>291< / >< / ><><>收盘 Arms 指数 $^{\dagger}$ < / ><>0.83< / ><>0.66< / >< / ><><>大宗交易*< / ><>37,590< / ><>1,493< / >< / table>

* 仅限主要市场 NYSE、NYSE American 和 NYSE Arca。 † (TRIN) 上涨和下跌品种数量与上涨和下跌股票成交量的比较。Arms 指数低于 1 表示买盘需求；高于 1 表示抛盘压力。 总成交量*71.80亿 3.66亿 上涨成交量*35.22亿 1.13亿 下跌成交量*35.74亿 2.50亿

最活跃股票

国债收益率曲线

公司< / td>< rowspan="2">代码< / >< rowspan="2">成交量(000)< / >< rowspan="2">较65日均值变动%< / >< colspan="2">最新交易日< / >< colspan="2">52周< / >< / tr><><>收盘价< / ><>变动%< / ><>最高价< / ><>最低价< / >< / ><><>Intercont (Cayman)< / ><>NCT< / ><>214,189< / ><>10073.2< / ><>0.50< / ><>66.83< / ><>47.50< / ><>0.26< / >< / ><><>Linkage Global< / ><>UZX< / ><>193,149< / ><>4472.5< / ><>0.10< / ><>5.81< / ><>3.10< / ><>0.08< / >< / ><><>Volato Group< / ><>SOAR< / ><>163,033< / ><>467.4< / ><>0.22< / ><>15.30< / ><>3.87< / ><>0.10< / >< / ><><>英伟达 (NVIDIA)< / ><>NVDA< / ><>131,127< / ><>-1.2< / ><>210.96< / ><>-3.36< / ><>236.54< / ><>164.27< / >< / ><><>诺基亚 (Nokia ADR)< / ><>NOK< / ><>124,800< / ><>44.7< / ><>9.65< / ><>-13.30< / ><>17.45< / ><>4.48< / >< / ><><>Future FinTech Group< / ><>FTFT< / ><>123,514< / ><>4663.8< / ><>8.04< / ><>179.17< / ><>248.32< / ><>1.22< / >< / ><><>Lianhe Sowell Intl< / ><>LHSW< / ><>118,403< / ><>4425.4< / ><>0.62< / ><>29.18< / ><>47.52< / ><>0.43< / >< / ><><>Direxion Semicon Bl 3x< / ><>SOXL< / ><>99,648< / ><>60.1< / ><>101.13< / ><>-16.98< / ><>302.00< / ><>28.12< / >< / ><><>Advasa Holdings< / ><>ADBT< / ><>97,643< / ><>...< / ><>0.10< / ><>-58.24< / ><>13.20< / ><>0.09< / >< / ><><>英特尔 (Intel)< / ><>INTC< / ><>94,373< / ><>-16.0< / ><>97.19< / ><>-5.59< / ><>142.35< / ><>24.05< / >< / table>

* 成交量在 100,000 股或以上的数值四舍五入至最接近的千位

信贷市场

消费者利率与投资者回报 美国消费者利率 精选利率

过去一年消费者利率与其基准的对比

15.00 SON D J F M A M J J A S 2025 2026

Bankrate.com 平均值1:< / td><>6.98%< / >< / tr><><>First Command Bank< / ><>4.99%< / >< / ><><>德克萨斯州 沃思堡< / ><>817-569-2253< / >< / ><><>First Savings Bank of Hegewisch< / ><>5.20%< / >< / ><><>伊利诺伊州 芝加哥< / ><>773-646-4200< / >< / ><><>Frost < / ><>5.64%< / >< / ><><>德克萨斯州 圣安东尼奥< / ><>210-220-4000< / >< / ><><>PNC < / ><>6.07%< / >< / ><><>特拉华州 威尔明顿< / ><>888-762-2265< / >< / ><><>Firstrust < / ><>6.74%< / >< / ><><>宾夕法尼亚州 康肖霍肯< / ><>800-220-2265< / >< / table>

<>< rowspan="2">利率< / >< colspan="2">收益率 / 利率 (%)< / >< colspan="5">5-2周区间 (%)< / ><>3年变化(百分点)< / >< / ><><>最新 (●)< / ><>一周前< / ><>最低 0< / ><>2< / ><>4< / ><>6< / ><>8< / ><>最高< / >< / ><><>联邦基金目标利率< / ><>3.50-3.75< / ><>3.50< / ><>< / ><>4.50< / >< / ><><>最优惠利率*< / ><>6.75< / ><>< / ><>7.50< / >< / ><><>SOFR< / ><>3.62< / ><>3.65< / ><>3.50< / ><>< / ><>4.51< / >< / ><><>货币市场，年化收益率< / ><>0.44< / ><>0.41< / ><>< / ><>0.45< / >< / ><><>五年期定期存款 (CD)，年化收益率< / ><>1.75< / ><>1.67< / ><>< / ><>1.75< / >< / ><><>30年期固定房贷†< / ><>6.89< / ><>6.82< / ><>6.11< / ><>< / ><>6.89< / >< / ><><>15年期固定房贷†< / ><>6.34< / ><>6.28< / ><>5.55< / ><>< / ><>6.34< / >< / ><><>巨额房贷，$832,750及以上†< / ><>6.96< / ><>6.76< / ><>6.34< / ><>< / ><>6.96< / >< / ><><>五年期可调利率房贷 (ARM)†< / ><>6.06< / ><>6.07< / ><>5.66< / ><>< / ><>6.13< / >< / ><><>新车贷款，48个月< / ><>6.98< / ><>6.85< / ><>< / ><>7.18< / >< / table>

Bankrate.com 利率基于对 1,500 多家在线银行的调查。 **基准利率由全美 70% 的最大银行公布。† 不包括结清费用。 来源：FactSet; 道琼斯市场数据; Bankrate.com 来源：FactSet; 道琼斯市场数据; Bankrate.com 当前短期国库券、中期国债和长期国债的到期收益率

外汇赛跑 日元、欧元兑美元；美元兑美国主要贸易伙伴

月 年 —— 到期 - 来源：Tradeweb FTSE 美国国债收盘价; Tullett Prebon; 道琼斯市场数据

企业借贷利率与收益率

<>< rowspan="2">债券总回报指数< / >< rowspan="2">收盘价< / >< colspan="2">收益率 (%)< / >< colspan="2">52周< / >< colspan="2">总回报 (%)< / >< / ><><>最新< / ><>一周前< / ><>最高< / ><>最低< / ><>52周< / ><>3年< / >< / ><><>美国国债 Bloomberg 指数< / ><>2297.150< / ><>4.890< / ><>4.650< / ><>4.890< / ><>3.750< / ><>-0.884< / ><>3.155< / >< / ><><>美国长期国债 Bloomberg 指数< / ><>3071.330< / ><>5.370< / ><>5.240< / ><>5.370< / ><>4.520< / ><>-4.865< / ><>0.478< / >< / ><><>综合指数, Bloomberg< / ><>2214.580< / ><>5.290< / ><>5.040< / ><>5.290< / ><>4.160< / ><>-0.621< / ><>3.977< / >< / ><><>固定利率 MBS, Bloomberg< / ><>2215.700< / ><>5.580< / ><>5.300< / ><>5.580< / ><>4.380< / ><>-0.042< / ><>4.330< / >< / ><><>高收益 100, ICE< / >

BofA< / td> 4178.483< / ><>6.851< / ><>6.549< / ><>7.136< / ><>5.828< / ><>2.356< / ><>7.777< / >< / tr> <>Muni Master, ICE BofA< / ><>608.105< / ><>4.052< / ><>3.846< / ><>4.063< / ><>3.037< / ><>0.290< / ><>2.703< / >< / ><><>EMBI Global, J.P. Morgan< / ><>1027.840< / ><>6.746< / ><>6.533< / ><>7.084< / ><>6.403< / ><>4.004< / ><>8.994< / >< / table>

数据来源：摩根大通（J.P. Morgan）；彭博固定收益指数（Bloomberg Fixed Income Indices）；ICE数据服务（ICE Data Services）

<>< colspan="5">商业票据（AA级金融机构）< / >< / ><><>90天< / ><>3.90< / ><>3.83< / ><>4.07< / ><>3.57< / >< / table>

DTCC GCF 回购指数 贴现窗口一级信贷 纤维与纺织品

期货合约

金属与石油期货

< / td>< colspan="5">合约< / ><>持仓量< / >< / tr><><>开盘< / ><>最高< / ><>高低< / ><>最低< / ><>结算< / ><>涨跌< / >< / ><>< colspan="7">铜-高质 (CMX)-25,000 磅；美元 / 磅< / >< / ><><>9月< / ><>6.4100< / ><>< / ><>6.2810< / ><>6.3300< / ><>-0.1395< / >< / ><><>12月< / ><>6.5525< / ><>< / ><>6.3515< / ><>6.4045< / ><>-0.1435< / >< / ><>< colspan="7">黄金 (CMX)-100 金衡盎司；美元 / 金衡盎司< / >< / ><><>9月< / ><>4365.80< / ><>4389.50< / ><>< / ><>4365.80< / ><>4310.00< / ><>-56.20< / >< / ><><>10月< / ><>4345.90< / ><>4367.90< / ><>< / ><>4259.50< / ><>4318.00< / ><>-56.80< / >< / ><><>11月< / ><>4361.20< / ><>4377.90< / ><>< / ><>4286.90< / ><>4335.20< / ><>-56.90< / >< / ><><>12月< / ><>4375.00< / ><>4396.80< / ><>< / ><>4293.00< / ><>4351.90< / ><>-57.00< / >< / ><><>27年1月< / ><>4344.00< / ><>4350.30< / ><>< / ><>4336.60< / ><>4371.20< / ><>-57.30< / >< / ><><>2月< / ><>4411.20< / ><>4431.60< / ><>< / ><>4329.00< / ><>4387.60< / ><>-57.50< / >< / ><>< colspan="7">钯金 (NYM) - 50 金衡盎司；美元 / 金衡盎司< / >< / ><><>9月< / ><>1293.00< / ><>< / ><>1288.00< / ><>1294.60< / ><>-16.30< / >< / ><><>12月< / ><>1313.50< / ><>1320.00< / ><>< / ><>1282.00< / ><>1307.70< / ><>-16.20< / >< / ><>< colspan="7">铂金 (NYM)-50 金衡盎司；美元 / 金衡盎司< / >< / ><><>9月< / ><>1916.80< / ><>1916.80▲< / ><>< / ><>1904.20< / ><>1775.90< / ><>-17.60< / >< / ><><>10月< / ><>1799.00< / ><>1808.40< / ><>< / ><>1751.70< / ><>1779.80< / ><>-17.80< / >< / ><>< colspan="7">白银 (CMX)-5,000 金衡盎司；美元 / 金衡盎司< / >< / ><><>9月< / ><>63.600< / ><>63.700< / ><>< / ><>63.020< / ><>63.513< / ><>-1.041< / >< / ><><>12月< / ><>64.785< / ><>64.980< / ><>< / ><>62.800< / ><>64.138< / ><>-1.050< / >< / ><>< colspan="7">原油，轻质甜原油 (NYM)-1,000 桶；美元 / 桶< / >< / ><><>10月< / ><>102.25< / ><>104.95▲< / ><>< / ><>100.53< / ><>101.39< / ><>1.34< / >< / ><><>11月< / ><>98.00< / ><>100.03▲< / ><>< / ><>96.29< / ><>97.14< / ><>1.20< / >< / ><><>12月< / ><>93.01< / ><>94.67< / ><>< / ><>91.80< / ><>92.60< / ><>1.17< / >< / ><><>27年1月< / ><>89.00< / ><>90.10< / ><>< / ><>87.74< / ><>88.65< / ><>0.97< / >< / ><><>6月< / ><>77.75< / ><>78.23▲< / ><>< / ><>76.21< / ><>77.21< / ><>0.42< / >< / ><><>12月< / ><>72.15< / ><>72.90< / ><>< / ><>71.45< / ><>72.20< / ><>0.09< / >< / ><>< colspan="7">纽约港超低硫柴油 ULSD (NYM)-42,000 加仑；美元 / 加仑< / >< / ><><>10月< / ><>5.0200< / ><>5.1919▲< / ><>< / ><>4.9084< / ><>4.9615< / ><>.0022< / >< / ><><>11月< / ><>4.8526< / ><>4.9469▲< / ><>< / ><>4.7110< / ><>4.7553< / ><>-.0130< / >< / ><>< colspan="7">汽油-纽约 RBOB (NYM)-42,000 加仑；美元 / 加仑< / >< / ><><>10月< / ><>3.3372< / ><>3.4603< / ><>< / ><>3.2964< / ><>3.3171< / ><>.0099< / >< / ><><>11月< / ><>3.1436< / ><>3.2578< / ><>< / ><>3.1172< / ><>3.1374< / ><>.0176< / >< / ><>< colspan="7">天然气 (NYM)-10,000 MMBtu；美元 / < / >< / table>

MMBtu.< / td>< / tr> 10月< / ><>2.868< / ><>2.911< / ><>< / ><>2.849< / ><>2.896< / ><>.065< / >< / ><><>11月< / ><>3.014< / ><>3.055< / ><>< / ><>3.000< / ><>3.046< / ><>.063< / >< / ><><>12月< / ><>3.491< / ><>3.527< / ><>< / ><>3.451< / ><>3.477< / ><>.008< / >< / ><><>27年1月< / ><>3.905< / ><>3.940< / ><>< / ><>3.850< / ><>3.875< / ><>-.015< / >< / ><><>3月< / ><>2.900< / ><>2.917< / ><>< / ><>2.873< / ><>2.891< / ><>.004< / >< / ><><>4月< / ><>2.768< / ><>2.780< / ><>< / ><>2.748< / ><>2.761< / ><>.002< / >< / table>

<>< rowspan="2">< / >< colspan="4">合约< / >< rowspan="2">涨跌< / >< rowspan="2">持仓量< / >< / ><><>开盘< / ><>最高 / 最低< / ><>最低< / ><>结算< / >< / ><><>12月< / ><>530.50< / ><>536.50< / ><>526.25< / ><>533.25< / ><>3.00< / ><>951,842< / >< / ><>< colspan="7">燕麦 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>9月< / ><>355.00< / ><>357.75< / ><>1.75< / ><>1< / >< / ><><>12月< / ><>381.00< / ><>400.50 ▲< / ><>376.50< / ><>393.00< / ><>14.00< / ><>2,896< / >< / ><>< colspan="7">大豆 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>9月< / ><>1285.25< / ><>5.00< / ><>2< / >< / ><><>11月< / ><>1296.75< / ><>1309.75< / ><>1292.00< / ><>1304.25< / ><>7.75< / ><>479,711< / >< / ><>< colspan="7">豆粕 (CBT)-100 吨；每吨美元< / >< / ><><>9月< / ><>345.00< / ><>349.70< / ><>2.70< / ><>2< / >< / ><><>12月< / ><>352.90< / ><>359.00 ▲< / ><>350.60< / ><>356.20< / ><>3.40< / ><>317,825< / >< / ><>< colspan="7">大豆油 (CBT)-60,000 磅；每磅美分< / >< / ><><>9月< / ><>70.66< / ><>69.36< / ><>.35< / ><>2< / >< / ><><>12月< / ><>70.03< / ><>70.71< / ><>69.55< / ><>70.19< / ><>.51< / ><>258,154< / >< / ><>< colspan="7">粗米 (CBT)-2,000 兴多尔；每兴多尔美元< / >< / ><><>9月< / ><>15.66< / ><>15.55< / ><>15.57< / ><>-.04< / ><>8< / >< / ><><>11月< / ><>15.97< / ><>16.12< / ><>15.90< / ><>16.00< / ><>-.03< / ><>11,810< / >< / ><>< colspan="7">小麦 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>9月< / ><>713.50< / ><>709.75< / ><>707.00< / ><>...< / ><>1< / >< / ><><>12月< / ><>729.00< / ><>734.00< / ><>710.00< / ><>722.00< / ><>-3.25< / ><>259,790< / >< / ><>< colspan="7">小麦 (KC)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>9月< / ><>805.00< / ><>802.00< / ><>778.00< / ><>-6.00< / ><>< / >< / ><><>12月< / ><>804.00< / ><>804.50< / ><>782.00< / ><>792.50< / ><>-6.00< / ><>172,759< / >< / ><>< colspan="7">肥牛 (CME)-50,000 磅；每磅美分< / >< / ><><>9月< / ><>340.000< / ><>343.975< / ><>338.950< / ><>343.575< / ><>5.750< / ><>5,153< / >< / ><><>11月< / ><>329.575< / ><>333.250< / ><>329.375< / ><>332.775< / ><>4.600< / ><>16,966< / >< / ><>< colspan="7">活牛 (CME)-40,000 磅；每磅美分< / >< / >

磅。< / td>< / tr> 10月< / ><>220.650< / ><>222.575< / ><>219.900< / ><>222.250< / ><>2.575< / ><>61,845< / >< / ><><>12月< / ><>223.300< / ><>225.425< / ><>222.325< / ><>225.150< / ><>2.925< / ><>109,583< / >< / ><>< colspan="7">精瘦猪 (CME)-40,000 磅；每磅美分< / >< / ><><>10月< / ><>81.250< / ><>81.375 ▼< / ><>79.175< / ><>79.600< / ><>-1.925< / ><>81,991< / >< / ><><>12月< / ><>72.500< / ><>72.550 ▼< / ><>70.025< / ><>71.250< / ><>-1.450< / ><>103,046< / >< / ><>< colspan="7">木材 (CME)-27,500 板英尺；每 1,000 板英尺美元< / >< / ><><>9月< / ><>576.00< / ><>588.00< / ><>569.50< / ><>588.00< / ><>9.50< / ><>395< / >< / ><><>11月< / ><>564.50< / ><>570.50< / ><>559.00< / ><>570.00< / ><>1.00< / ><>8,624< / >< / ><>< colspan="7">牛奶 (CME)-200,000 磅；每磅美分< / >< / ><><>9月< / ><>16.14< / ><>16.16< / ><>16.11< / ><>16.14< / ><>-.01< / ><>5,661< / >< / ><><>10月< / ><>16.09< / ><>16.18 ▼< / ><>15.85< / ><>15.93< / ><>-.21< / ><>7,896< / >< / ><>< colspan="7">可可 (ICE-US)-10 公吨；每吨美元< / >< / ><><>9月< / ><>5,995< / ><>62< / ><>57< / >< / ><><>12月< / ><>5,939< / ><>6,113< / ><>5,821< / ><>6,023< / ><>62< / ><>76,595< / >< / ><>< colspan="7">咖啡 (ICE-US)-37,500 磅；每磅美分< / >< / ><><>9月< / ><>308.50< / ><>305.00< / ><>307.35< / ><>-6.30< / ><>51< / >< / ><><>12月< / ><>283.55< / ><>292.75< / ><>281.50< / ><>290.50< / ><>4.80< / ><>82,531< / >< / ><>< colspan="7">白糖-世界 (ICE-US)-112,000 磅；每磅美分< / >< / ><><>10月< / ><>18.24< / ><>18.39< / ><>17.96< / ><>18.16< / ><>.01< / ><>246,637< / >< / ><><>27年3月< / ><>19.22< / ><>19.32< / ><>18.86< / ><>19.06< / ><>-.07< / ><>583,884< / >< / ><>< colspan="7">白糖-国内 (ICE-US)-112,000 磅；每磅美分< / >< / ><><>11月< / ><>37.51< / ><>38.10< / ><>37.51< / ><>38.10< / ><>...< / ><>364< / >< / ><>< colspan="7">棉花 (ICE-US)-50,000 磅；每磅美分< / >< / ><><>10月< / ><>82.69< / ><>82.78< / ><>80.50< / ><>80.64< / ><>-1.74< / ><>141< / >< / table>

农业期货

<>< colspan="7">玉米 (CBT)-5,000 蒲式耳；每蒲式耳美分< / >< / ><><>9月< / ><>517.50< / ><>509.50< / ><>512.00< / ><>1.75< / ><>65< / >< / table>

分红变更

公司< / td><>代码< / ><>收益率%< / ><>金额 新 / 旧< / ><>频率< / ><>支付日 / 股权登记日< / >< / tr><>< colspan="6">增加< / >< / ><><>Adamas Pfd. E< / ><>ADAMM< / ><>10.5< / ><>6672 / 65493< / ><>Q< / ><>Oct15 / Oct01< / >< / ><><>Cherry Hill Mtg Pfd. B< / ><>CHMIpb< / ><>10.3< / ><>6162 / 6045< / ><>Q< / ><>Oct15 / Sep30< / >< / ><><>Dynex Cap Pfd. C< / ><>DXpC< / ><>9.3< / ><>6079 / 59416< / ><>Q< / ><>Oct15 / Oct01< / >< / ><><>Four Corners Property < / ><>FCPT< / ><>6.1< / ><>1265 / 1222< / ><>M< / ><>Nov16 / Oct30< / >< / ><>< colspan="6">减少< / >< / ><><>4.65% Fltg. Rate STRATS< / ><>GJO< / ><>4.6< / ><>0938 / 09405< / ><>M< / ><>Sep15 / Sep14< / >< / ><><>FR STRATSs 2006-2 GS Grp< / ><>GJS< / ><>5.0< / ><>0984 / 09894< / ><>M< / ><>Sep15 / Sep14< / >< / ><><>Public Policy Holding< / ><>PPHC< / ><>1.9< / ><>.117 / .24< / ><>SA< / ><>Oct23 / Sep25< / >< / ><><>STRATS Sers 2006-1 P&G< / ><>GJR< / ><>4.6< / ><>.096 / 09654< / ><>M< / ><>Sep15 / Sep14< / >< / ><>< colspan="6">股票< / >< / ><><>ICZOOM Group CI A< / ><>IZM< / ><>< / ><>1:5< / ><>< / ><> / Sep15< / >< / ><><>Impact BioMedical< / ><>IBO< / ><>< / ><>1:12.62< / ><>< / ><> / Sep23< / >< / table>

关键：A: 年度；M: 每月；Q: 每季度；r: 已修订；SA: 半年度；S2:1: 股票拆分及比例；SO: 分拆。

<><>公司< / ><>代码< / ><>收益率 %< / ><>金额 新 / 旧< / ><>频率< / ><>支付日 / 股权登记日< / >< / ><>< colspan="6">外国< / >< / ><><>Banco Bradesco Ord ADR< / ><>BBDO< / ><>5.3< / ><>.00169< / ><>< / ><>Sep28 / Sep21< / >< / ><><>Banco Bradesco Pref ADR< / ><>BBD< / ><>5.2< / ><>.0002< / ><>< / ><>Sep28 / Sep21< / >< / ><><>Bank of Montreal< / ><>BMO< / ><>2.6< / ><>1.23266< / ><>Q< / ><>Nov26 / Oct30< / >< / ><><>Bank of Nova Scotia< / ><>BNS< / ><>3.2< / ><>.82177< / ><>Q< / ><>Oct28 / Oct06< / >< / ><><>BCE Inc< / ><>BCE< / ><>5.3< / ><>.31537< / ><>Q< / ><>Oct15 / Sep15< / >< / ><><>BlkRk MuniYld Quality< / ><>MQY< / ><>6.6< / ><>.058< / ><>M< / ><>Nov02 / Oct15< / >< / ><><>BlkRk MuniYld Quality< / ><>MQY< / ><>6.6< / ><>.058< / ><>M< / ><>Dec01 / Nov13< / >< / ><><>BlkRk MuniYld Quality< / ><>MQY< / ><>6.6< / ><>.058< / ><>M< / ><>Dec22 / Dec11< / >< / ><><>BRP< / ><>DOO< / ><>1.0< / ><>.18021< / ><>Q< / ><>Oct13 / Sep29< / >< / ><><>Cdn Pacific Kansas City< / ><>CP< / ><>0.7< / ><>.19319< / ><>Q< / ><>Oct26 / Sep25< / >< / ><><>Imperial Petroleum Pfd A< / ><>IMPPP< / ><>8.4< / ><>.54688< / ><>Q< / ><>Sep30 / Sep25< / >< / ><><>Teck Resources ClB< / ><>TECK< / ><>0.5< / ><>.09011< / ><>Q< / ><>Sep29 / Sep15< / >< / ><><>Tecnoglass Holdings< / ><>TGLS< / ><>1.6< / ><>.15< / ><>Q< / ><>Oct30 / Sep30< / >< / table>

注：股息收益率截至东部时间下午 3:30 来源：FactSet；道琼斯市场数据

现金价格 / wsj.com / market-data / commodities

Monday, September 14, 2026

这些价格反映了市场上各种实际或“实物”商品的买卖价格——与交易所的期货价格不同，后者反映的是该商品在未来几个月可能具有的价值。

< / td><>Monday< / >< / tr><><>BMI 碳酸锂，中国工厂交货，=99.5%-v,w< / ><>22325< / >< / ><><>BMI 氢氧化锂，中国工厂交货，=56.5%-v,w< / ><>20925< / >< / ><><> 硫酸钴，中国工厂交货，>20.5%-v,w< / ><>9760< / >< / ><><> 硫酸镍，中国工厂交货，>22%-v,k< / ><>4358< / >< / ><><> 片状石墨，中国离岸价，-100 目，94-95%-v,m< / ><>425< / >< / table>

<>< colspan="2">能源< / >< / ><><>煤炭,C.Aplc.,12500Btu,1.2SO2-r,w< / ><>84.000< / >< / ><><>煤炭,PwdrRvrBsn,8800Btu,0.8SO2-r,w< / ><>14.500< / >< / ><>< colspan="2">金属< / >< / ><>< colspan="2">黄金，每金衡盎司< / >< / ><><>Engelhard 工业级< / ><>4263.00< / >< / ><><>克鲁格金币，批发-e< / ><>4479.03< / >< / ><><>枫叶金币-e< / ><>4522.10< / >< / ><><>美国鹰金币-e< / ><>4522.10< / >< / ><><>墨西哥比索金币-e< / ><>5200.66< / >< / ><><>奥地利克朗金币-e< / ><>4224.49< / >< / ><><>奥地利爱乐金币-e< / ><>4522.10< / >< / ><>< colspan="2">白银，金衡盎司< / >< / ><><>Engelhard 工业级< / ><>62.8500< / >< / ><><>Handy & Harman 基础级< / ><>63.2940< / >< / ><><>Handy & Harman 加工级< / ><>79.1180< / >< / ><><>银币，批发面值 $1,000-a< / ><>45348< / >< / ><>< colspan="2">其他金属< / >< / ><><>铂金，Engelhard 工业级< / ><>1774.0< / >< / ><><>钯金，Engelhard 工业级< / ><>1300.0< / >< / ><><>铝，LME，每公吨美元< / ><>3274.0< / >< / ><><>铜，Comex 现货< / ><>6.3300< / >< / ><><>铁矿石，62% Fe CFR 中国-s< / ><>96.2< / >< / ><><>钢材，HRC 美国，中西部工厂离岸价-s< / ><>*1220.0< / >< / ><>< colspan="2">电池 / 电动汽车金属< / >< / table>

<><>粗麻布，10-oz, 40-inch 纽约码-n,w< / ><>1.2800< / >< / ><><>棉花，11 / 16 标准低-中Mphs-u< / ><>0.7689< / >< / ><><>Cotlook 'A' 指数-t< / ><>*98.20< / >< / ><><>皮革，重型原生牛皮件离岸价-u< / ><>n.a.< / >< / ><><>羊毛，64s，原毛，Terr 交货-u,w< / ><>n.a.< / >< / table>

谷物与饲料

<>< colspan="2">食品< / >< / ><><>牛肉，胴体等效指数< / ><>< / >< / ><><>精选 1-3,600-900 lbs.-u< / ><>347.30< / >< / ><><>挑选 1-3,600-900 lbs.-u< / ><>326.58< / >< / ><><>肉鸡，全国综合加权平均-u,w< / ><>1.1608< / >< / ><><>黄油，AA 芝加哥-d< / ><>1.3700< / >< / ><><>切达奶酪，bbl，芝加哥-d< / ><>144.00< / >< / ><><>切达奶酪，blk，芝加哥-d< / ><>142.00< / >< / ><><>牛奶，脱脂干奶粉，芝加哥 lb.-d< / ><>199.50< / >< / ><><>咖啡，巴西，综合-y< / ><>2.9247< / >< / ><><>咖啡，哥伦比亚，纽约-y< / ><>3.5739< / >< / ><><>鸡蛋，大号白色，芝加哥-u,w< / ><>0.6550< / >< / ><><>面粉，硬冬麦 KC-p< / ><>19.70< / >< / ><><>火腿，17-20 lbs, 美国中部离岸价-u< / ><>n.a.< / >< / ><><>生猪，爱荷华-南明尼苏达-u< / ><>84.48< / >< / ><><>猪五花肉，12-14 lb 美国中部-u< / ><>1.4798< / >< / ><><>猪里脊，13-19 lb 美国中部-u< / ><>1.0500< / >< / ><><>小牛，德州-俄克拉荷马 精选-u< / ><>n.a.< / >< / ><><>小牛，育肥，俄克拉荷马城-u,w< / ><>n.a.< / >< / table>

麸皮，小麦中麸，堪萨斯城-u,w< / td><>145< / >< / tr><><>玉米，2号黄玉米，伊利诺伊州中部-bp,u< / ><>4.9800< / >< / ><><>棉籽粕-u,w< / ><>n.a.< / >< / ><><>玉米饲料，伊利诺伊州中部-u,w< / ><>120< / >< / ><><>肉骨粉，50%蛋白质，明尼阿波利斯-u,w< / ><>475< / >< / ><><>燕麦，2号铣制，明尼阿波利斯-u< / ><>4.1300< / >< / ><><>大米，长粒精磨，2号 阿肯色州-u,w< / ><>30.13< / >< / ><><>豆粕，伊利诺伊州中部，铁路，每吨48%-u,w< / ><>353.80< / >< / ><><>大豆，1号黄大豆 伊利诺伊州-bp,u< / ><>12.8000< / >< / ><><>小麦，春小麦14%蛋白质，明尼阿波利斯-u< / ><>9.1625< / >< / ><><>小麦，2号软红小麦，圣路易斯-u< / ><>6.6200< / >< / ><><>小麦 - 硬麦 - 堪萨斯城 (USDA) 每蒲式耳美元-u< / ><>7.5850< / >< / ><><>小麦，1号软白小麦，俄勒冈州波特兰-u< / ><>6.7500< / >< / table>

油脂类

<><>脱胶玉米油，原油加权平均-u,w< / ><>n.a.< / >< / ><><>油脂，精选白油脂，芝加哥-h< / ><>n.a.< / >< / ><><>猪油，芝加哥-u< / ><>n.a.< / >< / ><><>大豆油，原油；伊利诺伊州中部-u,w< / ><>0.7379< / >< / ><><>牛脂，漂白；芝加哥-h< / ><>n.a.< / >< / ><><>牛脂，食用，芝加哥-u< / ><>n.a.< / >< / table>

代码说明：A=卖价；B=买价；BP=国家电梯向生产者的买价；C=已修正；D=CME；E=Manfra, Tordella & Brookes；H=美国商品经纪公司；K=每两周；M=每月；N=名义；n.a.=未报价或不可用；P=Sosland Publishing；R=SNL Energy；S=Platts-TSI；T=Cotlook Limited；U=USDA；V=Benchmark Mineral Intelligence；W=每周；Y=国际咖啡组织；Z=未报价。*数据截至 9 / 11 来源：道琼斯市场数据

借贷基准 / wsj.com / market-data / bonds / benchmarks

货币利率

September 14, 2026

美国及国际市场借贷资金的主要年利率。以下利率仅作为一般水平的参考，并不总是代表实际交易。

通货膨胀< / td>< / tr><><>< / ><>8月指数水平< / ><>较2026年7月的变动 (%)< / ><>Aug. '25< / >< / ><>< colspan="4">美国消费者价格指数< / >< / ><><>所有项目< / ><>334,980< / ><>0.32< / ><>3.4< / >< / ><><>核心< / ><>338,041< / ><>0.27< / ><>2.4< / >< / table>

国际利率

<><><>< / ><>最新< / ><>一周前< / >< colspan="2">—52周—最高< / ><>最低< / >< / ><><>日本< / ><>2.375< / ><>1.875< / >< / ><>< colspan="5">政策利率< / >< / ><><>欧元区< / ><>2.40< / ><>2.15< / >< / ><><>瑞士< / ><>0.25< / ><>0.50< / ><>0.25< / >< / ><><>英国< / ><>3.75< / ><>4.00< / ><>3.75< / >< / ><><>澳大利亚< / ><>4.35< / ><>3.60< / >< / >

<><><>< / ><>最新< / ><>一周前< / ><>-52周-最高< / ><>最低< / >< / ><>< colspan="5">最优惠利率< / >< / ><><>美国< / ><>6.75< / ><>7.50< / ><>6.75< / >< / ><><>加拿大< / ><>4.45< / ><>4.95< / ><>4.45< / >< / >

<><>< colspan="5">隔夜回购< / >< / ><><>美国< / ><>3.64< / ><>3.65< / ><>4.44< / ><>3.49< / >< / >

<><>< rowspan="2">< / >< rowspan="2">最新< / >< rowspan="2">一周前< / >< colspan="2">—52周—< / >< / ><><>最高< / ><>最低< / >< / ><>< colspan="5">联邦基金< / >< / ><><>有效利率< / ><>3.6400< / ><>4.3300< / ><>3.6300< / >< / ><><>最高< / ><>3.7000< / ><>4.5500< / ><>3.7000< / >< / ><><>最低< / ><>3.5500< / ><>4.3200< / ><>3.5500< / >< / ><><>买入价< / ><>3.6300< / ><>4.3200< / ><>3.6100< / >< / ><><>卖出价< / ><>3.6400< / ><>4.3300< / ><>3.6300< / >< / >

<><>< colspan="5">美国政府利率< / >< / ><><>贴现率< / ><>< / >< / ><><>< / ><>3.75< / ><>4.50< / ><>3.75< / >< / >

国库券拍卖

<><><>4周< / ><>3.775< / ><>3.700< / ><>4.080< / ><>3.550< / >< / ><><>13周< / ><>3.970< / ><>3.770< / ><>3.970< / ><>3.540< / >< / ><><>26周< / ><>4.060< / ><>3.885< / ><>4.060< / ><>3.475< / >< / >

关键利率

其他短期利率 数据按360天基准年化。国债收益率为年率，基于活跃交易的非通胀及通胀挂钩债券，并调整至恒定期限。数据来源于美联储每周发布的 H15 报告。

< / td>< colspan="2">截至周< / >< colspan="2">—52-Week —< / >< / tr><><>Sep 11< / ><>Sep 4< / ><>最高< / ><>最低< / >< / ><>< ="5">联邦基金利率（有效）< / >< / ><><>< / ><>3.63< / ><>4.33< / ><>3.62< / >< / ><>< ="5">商业票据< / >< / ><>< ="5">非金融类< / >< / ><><>1-month< / ><>3.76< / ><>3.72< / ><>4.20< / ><>3.61< / >< / ><><>2-month< / ><>3.81< / ><>4.11< / ><>3.58< / >< / ><><>3-< / ><>3.83< / ><>3.85< / ><>4.03< / ><>3.62< / >< / ><>< ="5">金融类< / >< / ><><>1-< / ><>n.a.< / ><>3.71< / ><>4.09< / ><>3.60< / >< / ><><>2-< / ><>3.76< / ><>4.10< / ><>3.62< / >< / ><><>3-< / ><>3.87< / ><>3.83< / ><>4.07< / ><>3.62< / >< / table>

<>< rowspan="2">< / >< ="2">截至周< / >< ="2">52-Week< / >< / ><><>Sep 11< / ><>Sep 4< / ><>最高< / ><>最低< / >< / ><><>6-< / ><>4.05< / ><>3.98< / ><>4.05< / ><>3.56< / >< / ><><>1-year< / ><>4.24< / ><>4.15< / ><>4.24< / ><>3.43< / >< / ><><>2-year< / ><>4.50< / ><>4.37< / ><>4.50< / ><>3.42< / >< / ><><>3-< / ><>4.56< / ><>4.43< / ><>4.56< / ><>3.45< / >< / ><><>5-< / ><>4.68< / ><>4.53< / ><>4.68< / ><>3.58< / >< / ><><>7-< / ><>4.78< / ><>4.64< / ><>4.78< / ><>3.77< / >< / ><><>10-< / ><>4.89< / ><>4.78< / ><>4.89< / ><>4.00< / >< / ><><>20-< / ><>5.33< / ><>5.26< / ><>5.33< / ><>4.54< / >< / table>

<><>< / ><>3.75< / ><>4.50< / ><>3.75< / >< / ><>< ="5">恒定期限国债收益率< / >< / ><><>1-< / ><>3.87< / ><>3.83< / ><>4.24< / ><>3.67< / >< / ><><>3-< / ><>3.99< / ><>3.91< / ><>4.09< / ><>3.63< / >< / table>

<>< ="5">国债收益率（二级市场）< / >< / ><><>1-< / ><>3.72< / ><>3.68< / ><>4.09< / ><>3.55< / >< / ><><>3-< / ><>3.85< / ><>3.77< / ><>3.94< / ><>3.53< / >< / ><><>6-< / ><>3.95< / ><>3.89< / ><>3.95< / ><>3.48< / >< / ><>< ="5">TIPS（通胀保值债券）< / >< / ><><>5-< / ><>2.26< / ><>2.17< / ><>2.26< / ><>1.17< / >< / ><><>7-< / ><>2.38< / ><>2.29< / ><>2.38< / ><>1.43< / >< / ><><>10-< / ><>2.51< / ><>2.44< / ><>2.51< / ><>1.70< / >< / ><><>20-< / ><>2.83< / ><>2.77< / ><>2.83< / ><>2.14< / >< / ><><>长期平均值< / ><>2.98< / ><>2.94< / ><>2.98< / ><>2.28< / >< / table>

联邦基金利率是截至周三七天的平均值，根据经纪人交易利率加权；商业票据利率是根据全国交易的存款单交易商买入利率的折现平均值插值计算的折现报价利率；贴现窗口一级信贷利率是根据美联储一级信贷贴现窗口计划所提供的贴现和贷款收取的利率；利率为截至周三七天的平均值；通胀挂钩长期 TIPS 平均值经过索引，基于所有剩余到期期限在 10 年或以上的 TIPS 的非加权平均买入收益率；

<><>< / ><>最新< / ><>一周前< / ><>-52-Week-high< / ><>-low< / >< / ><>< ="5">同业拆借资金 (Call money)< / >< / ><><>< / ><>5.50< / ><>6.25< / ><>5.50< / >< / table>

数据来源：美国联邦储备委员会；有关这些利率数据及其推导的更多信息，请参阅 https: / www.federalreserve.gov / datadownload / Build.aspx?rel=H15

担保隔夜融资利率< / td>< / tr><><>< / ><>3.62< / ><>3.65< / ><>4.51< / >< / ><><>< / ><>最新< / ><>交易额< / ><>-52周最高< / >< / table>

<><><>国债< / ><>3.647< / ><>56.384< / ><>4.492< / ><>3.504< / >< / ><><>抵押贷款支持证券 (MBS)< / ><>3.667< / ><>79.388< / ><>4.623< / ><>3.517< / >< / >

每周调查

<><>< colspan="4">房地美 (Freddie Mac)< / >< / ><><>30年期固定利率< / ><>6.76< / ><>6.71< / ><>6.35< / >< / ><><>15年期固定利率< / ><>6.09< / ><>6.04< / ><>5.50< / >< / >

美国最优惠利率（Prime rate）是至少 70% 的美国 10 大银行公布的公司贷款基准利率，自 2025 年 12 月 11 日起生效。其他最优惠利率不具有直接可比性；贷款实践因地区而异；贴现率自 2025 年 12 月 11 日起生效。担保隔夜融资利率数据截至 2026 年 9 月 11 日。DTCC GCF 回购指数是托管结算公司（DTCC）对适用 CUSIPs 隔夜交易的加权平均值。交易额以 10 亿美元为单位。联邦基金利率为截至东部时间下午 3:30 的 Tullett Prebon 利率。

数据来源：美国联邦储备委员会；劳工统计局；DTCC；FactSet；Tullett Prebon Information, Ltd.

<><>< rowspan="2">< / >< colspan="5">合约< / >< rowspan="2">持仓量< / >< / ><><>开盘< / ><>最高 / 最低< / ><>最低< / ><>结算< / ><>涨跌< / >< / ><><>12月< / ><>86.20< / ><>86.51< / ><>84.36< / ><>84.55< / ><>-1.51< / ><>185,808< / >< / ><>< colspan="7">橙汁 (ICE-US) - 15,000 磅；每磅美分< / >< / ><><>11月< / ><>146.25< / ><>153.95< / ><>143.00< / ><>152.95< / ><>7.70< / ><>8,212< / >< / ><><>27年1月< / ><>148.00< / ><>155.35< / ><>146.00< / ><>155.60< / ><>7.50< / ><>1,044< / >< / >

利率期货

<><>< colspan="7">超长期国债 (CBT) - $100,000; 100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>9月< / ><>108-140< / ><>108-270< / ><>108-140< / ><>109-040< / ><>13.0< / >< / ><><>12月< / ><>108-070< / ><>108-280< / ><>107-210< / ><>108-210< / ><>13.0< / >< / ><>< colspan="7">国债 (CBT) - $100,000; 100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>9月< / ><>107-070< / ><>107-230< / ><>107-070< / ><>107-190< / ><>10.0< / >< / ><><>12月< / ><>106-250< / ><>107-100< / ><>106-090< / ><>107-010< / ><>9.0< / >< / ><>< colspan="7">国库券 (CBT) - $100,000; 100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>9月< / ><>106-150< / ><>106-170< / ><>106-055< / ><>106-135< / ><>2.0< / >< / ><><>12月< / ><>106-055< / ><>106-120< / ><>105-270< / ><>106-055< / ><>2.0< / >< / ><>< colspan="7">5年期国库券 (CBT) - $100,000; 100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>9月< / ><>104-237< / ><>104-250< / ><>104-175< / ><>104-225< / ><>.5< / >< / ><><>12月< / ><>104-170< / ><>104-215< / ><>104-100< / ><>104-167< / ><>.5< / >< / ><>< colspan="7">2年期国库券 (CBT) - $200,000; 100% 的 32 分之一点数< / >< / ><>< rowspan="2">< / ><>9月< / ><>102-100< / ><>102-104< / ><>102-075< / ><>102-090< / ><>.4< / >< / ><><>12月< / ><>102-024< / ><>102-051< / ><>102-000< / ><>102-026< / ><>.5< / >< / ><>< colspan="7">30天联邦基金 (CBT) - $5,000,000; 100 - 日均值< / >< / ><>< [...OMITTED...]

rowspan="2">< / td> 9月< / ><>96.2700< / ><>96.2725< / ><>96.2600< / ><>-.0075< / >< / tr> <>10月< / ><>96.1400< / ><>96.1450< / ><>96.1250< / ><>-.0150< / >< / ><>< colspan="7">三个月 SOFR (CME)-$1,000,000；100 - 日均值< / >< / ><>< rowspan="2">< / ><>6月< / ><>96.3550< / ><>96.3525< / ><>...< / >< / ><><>12月< / ><>95.7650< / ><>95.7900< / ><>95.7400< / ><>95.7550< / ><>-.0050< / >< / table>

<>< rowspan="2">< / >< colspan="5">合约< / >< rowspan="2">持仓量< / >< / ><><>开盘< / ><>最高< / ><>最低< / ><>结算< / ><>涨跌< / >< / ><><>12月< / ><>1.3526< / ><>1.3531< / ><>1.3466< / ><>1.3515< / ><>-.0013< / ><>220,099< / >< / ><>< colspan="7">瑞士法郎 (CME)-CHF 125,000；美元 / 瑞士法郎< / >< / ><><>9月< / ><>1.2260< / ><>1.2212< / ><>1.2219< / ><>-.0028< / ><>41,117< / >< / ><><>12月< / ><>1.2378< / ><>1.2395< / ><>1.2331< / ><>1.2380< / ><>.0004< / ><>126,274< / >< / ><>< colspan="7">澳大利亚美元 (CME)-AUD 100,000；美元 / 澳元< / >< / ><><>9月< / ><>.7169< / ><>.7110< / ><>.7119< / ><>-.0055< / ><>173,514< / >< / ><><>12月< / ><>.7158< / ><>.7160< / ><>.7098< / ><>.7136< / ><>-.0028< / ><>317,737< / >< / ><><

colspan="7">墨西哥比索 (CME)-MXN 500,000；美元 / 比索< / >< / ><><>9月< / ><>.05888< / ><>.05889< / ><>.05820< / ><>.05829< / ><>-.00062< / ><>63,011< / >< / ><><>12月< / ><>.05848< / ><>.05849< / ><>.05776< / ><>.05797< / ><>-.00054< / ><>268,615< / >< / ><>< colspan="7">欧元 (CME)-€125,000；美元 / 欧元< / >< / ><><>9月< / ><>1.1598< / ><>1.1525< / ><>1.1535< / ><>-.0061< / ><>107,563< / >< / ><><>12月< / ><>1.1640< / ><>1.1565< / ><>1.1599< / ><>-.0039< / ><>770,796< / >< / table>

指数期货

货币期货

<>< colspan="7">日元 (CME)-1250万人民币；美元 / 100日元< / >< / ><><>9月< / ><>.6512< / ><>.6519< / ><>.6453< / ><>.6463< / ><>-.0043< / ><>117,063< / >< / ><><>12月< / ><>.6560< / ><>.6568< / ><>.6499< / ><>.6541< / ><>-.0012< / ><>417,965< / >< / ><>< colspan="7">加拿大元 (CME)-CAD 100,000；美元 / 加元< / >< / ><><>9月< / ><>.7210< / ><>.7212< / ><>.7179< / ><>.7193< / ><>-.0021< / ><>98,968< / >< / ><><>12月< / ><>.7241< / ><>.7244< / ><>.7210< / ><>.7225< / ><>-.0020< / ><>253,241< / >< / ><>< colspan="7">英镑 (CME)-62,500 英镑; 美元 / 英镑< / >< / ><><>9月< / ><>1.3528< / ><>1.3465< / ><>1.3480< / ><>-.0045< / ><>85,901< / >< / table>

<>< colspan="7">指数期货< / >< / ><>< colspan="7">小型道琼斯工业平均指数 (CBT)-$5 x 指数< / >< / ><><>9月< / ><>52376< / ><>52672< / ><>52226< / ><>52440< / ><>-145< / ><>76,916< / >< / ><><>12月< / ><>52836< / ><>53090< / ><>52642< / ><>52861< / ><>-141< / ><>12,139< / >< / ><>< colspan="7">小型标准普尔500指数 (CME)-$50 x 指数< / >< / ><><>9月< / ><>7609.25< / ><>7652.00< / ><>7593.75< / ><>7625.00< / ><>-34.50< / ><>1,582,157< / >< / ><><>12月< / ><>7680.00< / ><>7719.75< / ><>7661.25< / ><>7692.75< / ><>-34.50< / ><>585,620< / >< / ><>< colspan="7">小型标准普尔中盘400指数 (CME)-$100 x

指数< / td>< / tr> 9月< / ><>3705.10< / ><>3716.20< / ><>3678.00< / ><>3681.30< / ><>-34.30< / ><>30,990< / >< / ><><>12月< / ><>3741.50< / ><>3745.70< / ><>3705.40< / ><>3709.80< / ><>-34.60< / ><>8,651< / >< / ><>< colspan="7">迷你纳斯达克 100 (CME)-$20 x 指数< / >< / ><><>9月< / ><>28997.75< / ><>29303.00< / ><>28816.25< / ><>29152.25< / ><>-234.75< / ><>242,492< / >< / ><><>12月< / ><>29381.00< / ><>29604.50< / ><>29107.25< / ><>29449.50< / ><>-234.75< / ><>53,650< / >< / ><>< colspan="7">迷你罗素 2000 (CME)-$50 x

指数< / >< / ><><>9月< / ><>2892.70< / ><>2913.50< / ><>2884.30< / ><>2894.10< / ><>-10.40< / ><>383,017< / >< / ><><>12月< / ><>2911.40< / ><>2935.70< / ><>2906.10< / ><>2916.20< / ><>-9.80< / ><>84,306< / >< / ><><>March'27< / ><>2940.00< / ><>2947.40< / ><>2934.00< / ><>2942.60< / ><>-10.10< / ><>9< / >< / ><>< colspan="7">迷你罗素 1000 (CME)-$50 x 指数< / >< / ><><>9月< / ><>4144.00< / ><>4156.90< / ><>4144.00< / ><>4151.10< / ><>-18.10< / ><>7,961< / >< / ><><>12月< / ><>4185.40< / ><>4188.50< / ><>4185.20< / ><>4186.50< / ><>-20.10< / ><>3,882< / >< / ><>< colspan="7">美元指数 (ICE-US)-$1,000 x

指数< / >< / ><><>9月< / ><>99.13< / ><>99.72< / ><>99.13< / ><>99.63< / ><>.52< / ><>12,295< / >< / ><><>12月< / ><>98.85< / ><>99.45< / ><>98.82< / ><>99.11< / ><>.27< / ><>44,029< / >< / table>

债券 / wsj.com / market-data / bonds / benchmarks

债券基准追踪

总回报收盘价< / td><>年初至今总回报 (%)< / ><>指数< / ><>— 收益率 (%) — 最新 最低 最高< / >< / tr>< / table>

投资回报率、相对于国债的利差和 / 或支付给投资者的收益率，与不同类型债券的 52 周最高点和最低点之对比

<><>收盘价< / ><>回报率 (%)< / ><>指数< / ><>最新< / ><>最低< / ><>最高< / >< / ><>< colspan="6">彭博固定收益指数 - 广义市场< / >< / ><><>2214.58< / ><>-1.5< / ><>美国综合指数< / ><>5.290< / ><>4.160< / ><>5.290< / >< / ><>< colspan="6">彭博固定收益指数 - 美国公司债券指数< / >< / ><><>3389.91< / ><>-1.6< / ><>美国公司债券< / ><>5.760< / ><>4.680< / ><>5.760< / >< / ><><>3358.31< / ><>-0.6< / ><>中期< / ><>5.510< / ><>4.330< / ><>5.510< / >< / ><><>4286.04< / ><>-3.6< / ><>长期< / ><>6.310< / ><>5.370< / ><>6.310< / >< / ><><>627.46< / ><>-2.9< / ><>AA 级< / ><>5.640< / ><>4.410< / ><>5.640< / >< / ><><>933.32< / ><>-1.1< / ><>BBB 级< / ><>5.920< / ><>4.860< / ><>5.920< / >< / table>

ICE BofA 高收益债券

<><>628.04< / ><>< / ><>1.7< / ><>受限高收益指数< / ><>7.609< / ><>6.489< / ><>7.668< / >< / ><><>626.11< / ><>-0.4< / ><>< / ><>CCC 级< / ><>14.937< / ><>11.508< / ><>14.937< / >< / ><><>4178.48< / ><>< / ><>1.4< / ><>高收益 100 指数< / ><>6.851< / ><>5.828< / ><>7.136< / >< / ><><>547.05< / ><>< / ><>1.9< / ><>全球受限高收益指数< / ><>7.353< / ><>6.317< / ><>7.438< / >< / ><><>397.73< / ><>< / ><>0.6< / ><>欧洲受限高收益指数< / ><>6.151< / ><>4.820< / ><>6.198< / >< / table>

彭博固定收益指数 - 美国机构债券

<><>1952.26< / ><>-0.3< / ><>美国机构债券< / ><>4.940< / ><>3.830< / ><>4.940< / >< / ><><>1735.14< / ><>-0.03< / ><>10-20 年期< / ><>4.890< / ><>3.750< / ><>4.890< / >< / ><><>3595.10< / ><>-3.1< / ><>20 年以上< / ><>5.550< / ><>4.580< / ><>5.550< / >< / ><><>3008.86< / ><>-0.9< / ><>扬基债券< / ><>5.430< / ><>4.320< / ><>5.430< / >< / table>

<>< rowspan="2">总回报收盘价< / >< rowspan="2">年初至今总回报 (%)< / >< rowspan="2">指数< / >< colspan="3">— 收益率 (%) —< / >< / ><><>最新< / ><>最低< / ><>最高< / >< / ><>< colspan="6">彭博固定收益指数 - 抵押贷款支持证券< / >< / ><><>2215.70< / ><>-1.4< / ><>抵押贷款支持证券< / ><>5,580< / ><>4,380< / ><>5,580< / >< / ><><>2179.99< / ><>-1.1< / ><>吉尼梅 (GNMA)< / ><>5,620< / ><>4,420< / ><>5,620< / >< / ><><>1308.94< / ><>-1.5< / ><>房利美 (FNMA)< / ><>5,570< / ><>4,370< / ><>5,570< / >< / ><><>2009.88< / ><>-1.9< / ><>房地美 (FHLMC)< / ><>5,420< / ><>4,160< / ><>5,420< / >< / ><><>608.11< / ><>-1.6< / ><>市政债券综合指数< / ><>4,052< / ><>3,037< / ><>4,063< / >< / ><><>431.11< / ><>-2.5< / ><>7-12

<><>496.68< / ><>-2.0< / ><>荷兰< / ><>3,676< / ><>2,860< / ><>3,676< / >< / ><><>797.21< / ><>-2.9< / ><>英国< / ><>5,549< / ><>4,560< / ><>5,549< / >< / ><><>1027.84< / ><>< / ><>新兴市场 $^{**}$ < / ><>6,746< / ><>6,403< / ><>7,084< / >< / table>

*受限指数将单个发行人的集中度限制在 2%；高收益 100 指数包含 100 只规模最大的债券 $^{1}$ 以当地货币计 § 欧元区债券 **EMBI 全球指数 数据来源：ICE Data Services；彭博固定收益指数；摩根大通

全球政府债券：收益率分布图

选定国家基准 2 年期和 10 年期政府债券的收益率及其相对于美国国债的利差；箭头表示最新交易日收益率上涨(▲)或下跌(▼)

票面利率 (%)< / td>< rowspan="2">国家 / 期限（年）< / >< ="2">最新(●)< / >< ="2">0< / >< ="2">1< / >< ="2">2< / >< ="2">3< / >< ="2">4< / >< ="2">5< / >< ="2">6< / >< ="2">前值< / >< ="2">一个月前< / >< ="2">一年前< / >< colspan="3">相对于美国国债的利差（基点）< / >< / tr><><>最新< / ><>前值< / ><>一年前< / >< / ><><>4.125< / ><>美国 2< / ><>4.632▼< / ><>< / ><>●< / ><>< / ><>4.642< / ><>4.170< / ><>3.555< / ><>< / >< / ><><>4.625< / ><>10< / ><>4.960▼< / ><>< / ><>●< / ><>< / ><>4.974< / ><>4.695< / ><>4.058< / ><>< / >< / ><><>2.250< / ><>澳大利亚

2< / ><>4.975▼< / ><>< / ><>●< / ><>< / ><>5.016< / ><>4.563< / ><>3.402< / ><>< / ><>33.2< / ><>38.8< / >< / ><><>4.250< / ><>10< / ><>5.346▼< / ><>< / ><>●< / ><>< / ><>5.379< / ><>4.988< / ><>4.228< / ><>< / ><>38.4< / ><>40.5< / >< / ><><>2.400< / ><>法国 2< / ><>3.524▲< / ><>< / ><>●< / ><>< / ><>3.382< / ><>3.002< / ><>2.257< / ><>-111< / ><>< / ><>-124.6< / >< / ><><>3.700< / ><>10< / ><>4.500▲< / ><>< / ><>●< / ><>< / ><>4.451< / ><>4.055< / ><>3.512< / ><>-46.2< / ><>< / ><>-52.3< / >< / ><><>2.700< / ><>德国

2< / ><>3.271▲< / ><>< / ><>●< / ><>< / ><>3.210< / ><>2.811< / ><>2.037< / ><>-137.2< / ><>< / ><>-141.8< / >< / ><><>3.000< / ><>10< / ><>3.533▲< / ><>< / ><>●< / ><>< / ><>3.520< / ><>3.225< / ><>2.716< / ><>-142.4< / ><>< / ><>-145.4< / >< / ><><>2.650< / ><>意大利 2< / ><>3.492▲< / ><>< / ><>●< / ><>< / ><>3.361< / ><>2.979< / ><>2.277< / ><>-115< / ><>< / ><>-126.7< / >< / ><><>3.800< / ><>10< / ><>4.414▲< / ><>< / ><>●< / ><>< / ><>4.354< / ><>3.967< / ><>3.527< / ><>-54.8< / ><>< / ><>-62.1< / >< / ><><>1.700< / ><>日本

2< / ><>1.841▲< / ><>< / ><>●< / ><>< / ><>1.839< / ><>1.655< / ><>0.870< / ><>-280.2< / ><>< / ><>-278.9< / >< / ><><>2.700< / ><>10< / ><>2.993▲< / ><>< / ><>●< / ><>< / ><>2.985< / ><>2.880< / ><>1.602< / ><>-196.9< / ><>< / ><>-198.9< / >< / ><><>2.400< / ><>西班牙 2< / ><>3.336▲< / ><>< / ><>●< / ><>< / ><>3.244< / ><>2.857< / ><>2.118< / ><>-130.1< / ><>< / ><>-138.4< / >< / ><><>3.400< / ><>10< / ><>4.017▲< / ><>< / ><>●< / ><>< / ><>3.979< / ><>3.633< / ><>3.228< / ><>-94.6< / ><>< / ><>-99.5< / >< / ><><>4.375< / ><>英国

2< / ><>4.770▲< / ><>< / ><>●< / ><>< / ><>4.699< / ><>4.415< / ><>3.996< / ><>< / ><>12.7< / ><>7.1< / >< / ><><>1.125< / ><>10< / ><>5.319▲< / ><>< / ><>●< / ><>< / ><>5.278< / ><>5.054< / ><>4.676< / ><>< / ><>35.7< / ><>30.4< / >< / table>

来源：Tullett Prebon, Tradeweb FTSE 美国国债收盘价

企业债务

公司债券价格反映了包括投资者对经济、行业及公司特定预期在内的多种因素

收窄幅度最大的投资级利差...

发行人< / td>< rowspan="2">代码< / >< ="2">票面利率 (%)< / >< ="2">收益率 (%)< / >< ="2">到期日< / >< colspan="3">利差（基点）< / >< / tr><><>当前< / ><>单日变化< / ><>上周< / >< / ><><>John Deere Capital< / ><>...< / ><>5.050< / ><>5.08< / ><>Sept. 11, '31< / ><>29< / ><>-20< / ><>n.a.< / >< / ><><>Mercedes-Benz Finance North America< / ><>...< / ><>4.875< / ><>5.21< / ><>Aug. 3, '29< / ><>48< / ><>-9< / ><>n.a.< / >< / ><><>Australia and New Zealand Banking< / ><>...< / ><>3.919< / ><>4.84< / ><>Dec. 8, '28< / ><>20< / ><>-2< / ><>n.a.< / >< / ><><>State Street Bank and Trust< / ><>...< / ><>4.701< / ><>5.02< / ><>July 23, '29< / ><>26< / ><>-2< / ><>25< / >< / ><><>通用汽车 (General Motors)< / ><>GM< / ><>6.250< / ><>6.63< / ><>Oct. 2, '43< / ><>125< / ><>-1< / ><>126< / >< / ><><>大都会人寿 (MetLife)< / ><>MET< / ><>6.375< / ><>5.62< / ><>June 15, '34< / ><>68< / ><>-1< / ><>n.a.< / >< / ><><>ORIX< / ><>...< / ><>4.650< / ><>5.11< / ><>Sept. 10, '29< / ><>40< / ><>-1< / ><>n.a.< / >< / ><><>三井住友金融集团 (Sumitomo Mitsui Financial Group)*< / ><>...< / ><>5.424< / ><>5.48< / ><>July 9, '31< / ><>71< / ><>-1< / ><>72< / >< / table>

...以及扩大幅度最大的利差

<><>Nevada Power< / ><>...< / ><>6.650< / ><>5.92< / ><>April 1, '36< / ><>96< / ><>19< / ><>n.a.< / >< / ><><>美泰 (Mattel)< / ><>MAT< / ><>6.200< / ><>6.68< / ><>Oct. 1, '40< / ><>170< / ><>13< / ><>n.a.< / >< / ><><>现代资本美国 (Hyundai Capital America)< / ><>...< / ><>4.250< / ><>5.43< / ><>Jan. 8, '29< / ><>68< / ><>8< / ><>61< / >< / ><><>联合健康 (UnitedHealth)< / ><>UNH< / ><>5.800< / ><>5.71< / ><>March 15, '36< / ><>73< / ><>8< / ><>72< / >< / ><><>国民西敏银行市场部 (NatWest Markets)< / ><>...< / ><>4.654< / ><>5.19< / ><>March 27, '29< / ><>44< / ><>7< / ><>43< / >< / ><><>西班牙电信发行公司 (Telefonica Emissiones)< / ><>...< / ><>4.665< / ><>6.34< / ><>March 6, '38< / ><>134< / ><>4< / ><>132< / >< / ><><>富国银行 (Wells Fargo)< / ><>WFC< / ><>5.375< / ><>5.58< / ><>Feb. 7, '35< / ><>61< / ><>4< / ><>n.a.< / >< / ><><>西太平洋新西兰银行 (Westpac New Zealand)< / ><>...< / ><>5.195< / ><>5.04< / ><>Feb. 28, '29< / ><>34< / ><>4< / ><>40< / >< / table>

价格涨幅最大的高收益债券...

<>< ="2">发行人< / >< ="2">代码< / >< ="2">票面利率 (%)< / >< ="2">收益率 (%)< / >< ="2">到期日< / >< colspan="3">债券价格（面值的百分比）< / >< / ><><>当前< / ><>单日变化< / ><>上周< / >< / ><><>Cleveland-Cliffs< / ><>CLF< / ><>6.250< / ><>8.71< / ><>Oct. 1, '40< / ><>80.250< / ><>0.14< / ><>n.a.< / >< / ><><>派拉蒙全球 (Paramount Global)< / ><>...< / ><>6.875< / ><>8.13< / ><>April 30, '36< / ><>91.750< / ><>0.13< / ><>92.750< / >< / ><><>西方石油 (Occidental Petroleum)< / ><>OXY< / ><>6.200< / ><>6.16< / ><>March 15, '40< / ><>100.390< / ><>0.12< / ><>101.281< / >< / table>

...以及价格跌幅最大的债券

Rockies Express Pipeline< / td><>...< / ><>6.875< / ><>7.06< / ><>2040年4月15日< / ><>98.426< / ><>-0.95< / ><>n.a.< / >< / tr><><>Bath & Body Works< / ><>BBWI< / ><>6.950< / ><>7.19< / ><>2033年3月1日< / ><>98.750< / ><>-0.94< / ><>100.818< / >< / ><><>Rakuten Group< / ><>...< / ><>9.750< / ><>6.49< / ><>2029年4月15日< / ><>107.630< / ><>-0.43< / ><>108.738< / >< / ><><>Verde Purchaser< / ><>...< / ><>10.500< / ><>8.40< / ><>2030年11月30日< / ><>104.119< / ><>-0.38< / ><>104.813< / >< / ><><>Sealed Air< / ><>...< / ><>6.875< / ><>7.61< / ><>2033年7月15日< / ><>96.125< / ><>-0.38< / ><>97.313< / >< / ><><>Bausch Health*< / ><>...< / ><>11.000< / ><>8.28< / ><>2028年9月30日< / ><>105.014< / ><>-0.34< / ><>105.500< / >< / ><><>ADT Security< / ><>...< / ><>4.875< / ><>6.31< / ><>2032年7月15日< / ><>93.066< / ><>-0.31< / ><>94.250< / >< / table>

*相对于2年期、3年期、5年期、10年期或30年期热跑国债的估计利差；100个基点=1个百分点；显示的利差变化为Z-利差。注：数据为到期期限在两年或两年以上的活跃债券发行品种。

<><>数据提供方< / ><>LSEG< / >< / table>

最大 1,000 家上市公司

如何阅读股票表格

以下说明适用于在纽约证券交易所（NYSE）、纽约证券交易所 Arca（NYSE Arca）、纽约证券交易所美国市场（NYSE American）和纳斯达克股票市场（Nasdaq Stock Market）上市的证券。价格综合自各市场中心报告的交易数据，包括证券交易所、金融业监管局（Finra）、电子通信网络及其他经纪交易商。该列表包含按市值计算的 1,000 家最大公司。

下划线标注的报价表示该股票的成交量与该发行人的平均交易量相比有较大变化。

粗体标注的报价则突出显示那些前一交易日收盘价在 $2 或更高，且价格变动幅度在 5% 或以上的发行人。

1-创 52 周新高；1-创 52 周新低；dd-表示最近四个季度出现亏损。

股票表格反映的是截至东部时间下午 4 点的综合常规交易情况，以及与前一日东部时间下午 4 点官方收盘价相比的变化。

2026年9月14日，星期一

股票< / td><>代码< / ><>收盘价< / ><>净变动< / >< / tr><><>A< / ><>B< / ><>C< / ><>< / >< / ><><>AES< / ><>AES< / ><>14.80< / ><>0.01< / >< / ><><>Aflac< / ><>AFL< / ><>117.01< / ><>1.73< / >< / ><><>AGNC Invt< / ><>AGNC< / ><>10.09< / ><>-0.06< / >< / ><><>APA< / ><>APA< / ><>45.03< / ><>0.30< / >< / ><><>ASE Tech< / ><>ASX< / ><>37.08< / ><>-2.39< / >< / ><><>ASML< / ><>ASML< / ><>1575.15< / ><>-123.15< / >< / ><><>AST< / ><>< / >< / ><><>Allegion< / ><>ALLE< / ><>155.39< / ><>2.04< / >< / ><><>AlliantEnergy< / ><>LNT< / ><>66.92< / ><>-0.34< / >< / ><><>AllisonTransm< / ><>ALSN< / ><>123.49< / ><>-3.45< / >< / ><><>Allstate< / ><>ALL< / ><>258.48< / ><>4.77< / >< / ><><>AllyFinancial< / ><>ALLY< / ><>41.94< / ><>-0.13< / >< / ><><>AlnylamPharm< / ><>ALNY< / ><>249.99< / ><>1.31< / >< / ><><>Alphabet A< / ><>GOOGL< / ><>349.39< / ><>10.89< / >< / ><><>Alphabet< / ><>< / ><>0.96< / >< / ><><>AmerTowerREIT< / ><>AMT< / ><>176.94< / ><>-0.91< / >< / ><><>AmerWaterWorks< / ><>AWK< / ><>138.92< / ><>1.23< / >< / ><><>Ameriprise< / ><>AMP< / ><>558.54< / ><>0.93< / >< / ><><>Ametek< / ><>AME< / ><>233.65< / ><>-8.22< / >< / ><><>Amgen< / ><>AMGN< / ><>381.50< / ><>4.15< / >< / ><><>AmkorTech< / ><>AMKR< / ><>47.12< / ><>-4.61< / >< / ><><>Amphenol< / ><>APH< / ><>78.55< / ><>-5.37< / >< / ><><>Amrize< / ><>AMRZ< / ><>39.43< / ><>-1.09< / >< / ><><>AnalogDevices< / ><>ADI< / ><>361.02< / ><>-17.76< / >< / ><><>AngloGoldAsh< / ><>AU< / ><>100.48< / ><>-3.94< / >< / ><><>AB< / ><>< / ><>163.78< / ><>3.61< / >< / ><><>Atlassian< / ><>TEAM< / ><>192.77< / ><>13.07< / >< / ><><>AtmosEnergy< / ><>ATO< / ><>163.84< / ><>0.65< / >< / ><><>AuroralInnov< / ><>AUR< / ><>6.46< / ><>0.03< / >< / ><><>Autodesk< / ><>ADSK< / ><>228.93< / ><>16.53< / >< / ><><>ADP< / ><>ADP< / ><>276.63< / ><>8.37< / >< / ><><>AutoZone< / ><>AZO< / ><>2965.52< / ><>88.77< / >< / ><><>Avantor< / ><>AVTR< / ><>15.16< / ><>0.35< / >< / ><><>AveryDennison< / ><>AVY< / ><>170.92< / ><>1.54< / >< / ><><>AxonEnterprise< / ><>AXON< / ><>490.18< / ><>10.84< / >< / ><><>AxsomeTherap< / ><>AXSM< / ><>216.58< / ><>-4.17< / >< / ><><>BCE< / ><>BCE< / ><>23.47< / ><>0.08< / >< / ><><>BHP Group< / ><>BHP< / ><>84.74< / ><>-2.41< / >< / ><>< colspan="2">BJ'sWholesale< / ><>< / >< / table>

BJ< / td> 95.31< / ><>3.82< / >< / tr> <>BP< / ><>BP< / ><>45.93< / ><>-0.17< / >< / ><><>BWX Tech< / ><>BWXT< / ><>148.53< / ><>-1.59< / >< / ><><>BXP< / ><>BXP< / ><>64.50< / ><>-0.20< / >< / ><><>百度< / ><>BIDU< / ><>91.90< / ><>0.50< / >< / ><><>BakerHughes< / ><>BKR< / ><>56.78< / ><>-2.28< / >< / ><><>Ball< / ><>BALL< / ><>60.71< / ><>0.81< / >< / ><><>BBVA< / ><>BBVA< / ><>29.10< / ><>-0.45< / >< / ><><>BancoBradesco< / ><>BBDO< / ><>3.18< / ><>-0.02< / >< / ><><>BancoChile< / ><>BCH< / ><>41.43< / ><>-0.29< / >< / ><><>BancSanBrasil< / ><>BSBR< / ><>5.95< / ><>-0.07< / >< / ><><>BcoSantChile< / ><>BSAC< / ><>34.75< / ><>-0.44< / >< / ><>< colspan="2">桑坦德银行 SAN< / ><>14.74< / ><>-0.22< / >< / ><>< colspan="2">美国银行

BAC< / ><>59.47< / ><>-3.22< / >< / ><>< ="2">蒙特利尔银行 BMO< / ><>174.28< / ><>-0.60< / >< / ><>< ="2">纽约美隆银行 BNY< / ><>157.66< / ><>-5.00< / >< / ><>< ="2">新斯科舍银行 BNS< / ><>93.43< / ><>-0.02< / >< / ><><>巴克莱银行< / ><>BCS< / ><>25.86< / ><>-0.84< / >< / ><>< ="2">巴里克黄金 B< / ><>42.43< / ><>-1.25< / >< / table>

<><>股票< / ><>代码< / ><>收盘价< / ><>净变动< / >< / ><><>BaxterIntl< / ><>BAX< / ><>23.86< / ><>0.06< / >< / ><><>BectonDickins< / ><>BDX< / ><>182.91< / ><>5.06< / >< / ><><>BendingSponsors< / ><>BSP< / ><>41.05< / ><>2.28< / >< / ><><>BentleySystems< / ><>BSY< / ><>31.70< / ><>0.73< / >< / ><><>BeOneMed< / ><>ONC< / ><>353.83< / ><>7.32< / >< / ><><>Berkley< / ><>WRB< / ><>70.87< / ><>0.97< / >< / ><><>伯克希尔-哈撒韦 B< / ><>BRBK< / ><>514.95< / ><>4.58< / >< / ><><>伯克希尔-哈撒韦 A< / ><>BRKA< / ><>771705770.02< / ><>< / >< / ><><>百思买< / ><>BBY< / ><>94.83< / ><>4.03< / >< / ><><>Bio-Techne< / ><>TECH< / ><>72.27< / ><>0.15< / >< / ><><>Bio-RadLab

<>63.95< / ><>-2.70< / >< / ><><>BostonSci< / ><>BSX< / ><>45.05< / ><>2.07< / >< / ><><>BridgeBioPharma< / ><>BBIO< / ><>72.38< / ><>-0.06< / >< / ><><>BrightSpring< / ><>BTSG< / ><>60.30< / ><>1.57< / >< / ><><>百时美施贵宝< / ><>BMY< / ><>64.10< / ><>0.46< / >< / ><><>英美烟草< / ><>BTI< / ><>57.29< / ><>2.05< / >< / ><><>博通< / ><>AVGO< / ><>344.72< / ><>-17.27< / >< / ><><>BroadridgeFin< / ><>BR< / ><>174.39< / ><>6.65< / >< / ><><>BrookfieldAsset< / ><>BAM< / ><>46.63< / ><>-0.63< / >< / ><><>Brookfield< / ><>BN< / ><>37.61< / ><>-0.54< / >< / ><><>BrookfieldInfr< / ><>BIP< / ><>35.65< / ><>-1.23< / >< / ><><>BrookWealth< / ><>BNT< / ><>37.58< / ><>-0.54< / >< / ><><>Brown&Brown< / ><>BRO< / ><>68.33< / ><>2.14< / >< / ><><>Brown-Forman

B< / ><>BF.B< / ><>26.24< / ><>0.02< / >< / ><><>Brown-Forman A< / ><>BF.A< / ><>26.75< / ><>0.11< / >< / ><><>Bullish< / ><>BLSH< / ><>37.62< / ><>2.50< / >< / ><><>BungeGlobal< / ><>BG< / ><>121.23< / ><>-1.18< / >< / ><><>BurlingtonStrs< / ><>BURL< / ><>232.24< / ><>-6.80< / >< / ><><>CACI Intl< / ><>CACI< / ><>637.16< / ><>15.99< / >< / ><><>CBRE Group< / ><>CBRE< / ><>140.90< / ><>0.39< / >< / ><><>CDW< / ><>CDW< / ><>151.70< / ><>-2.09< / >< / ><><>CF Industries< / ><>CF< / ><>131.24< / ><>-1.83< / >< / ><><>CGI A< / ><>GIB< / ><>72.91< / ><>2.70< / >< / ><><>CH Robinson< / ><>CHRW< / ><>157.31< / ><>4.53< / >< / ><><>CME Group< / ><>CME< / ><>280.46< / ><>4.92< / >< / ><><>CMS Energy< / ><>CMS< / ><>66.82< / ><>-0.33< / >< / ><><>CNA

< / tr> 可口可乐公司< / td><>COKE< / ><>200.67< / ><>8.06< / >< / ><><>可口可乐欧洲< / ><>CEP< / ><>104.67< / ><>1.90< / >< / ><><>Coeur Mining< / ><>CDE< / ><>19.88< / ><>-0.70< / >< / ><><>Cognex< / ><>CGNX< / ><>59.90< / ><>-4.32< / >< / ><><>Cognizant Tech< / ><>CTSH< / ><>64.10< / ><>4.10< / >< / ><><>Coherent< / ><>COHR< / ><>266.50< / ><>-38.87< / >< / ><><>Coinbase Gbl< / ><>COIN< / ><>191.45< / ><>16.19< / >< / ><><>高露洁棕榈< / ><>CL< / ><>87.89< / ><>1.09< / >< / ><><>康卡斯特 A< / ><>CMCSA< / ><>24.88< / ><>-0.32< / >< / ><><>Comfort Systems< / ><>FIX< / ><>1582.80< / ><>-108.02< / >< / ><><>SABESP< / ><>SBS< / ><>5.22< / ><>-0.07< / >< / ><><>COPEL< / ><>ELPC< / ><>12.36< / ><>-0.12< / >< / ><><>康菲石油< / ><>COP< / ><>136.67< / ><>-0.68< / >< / ><><>ConEd< / ><>ED< / ><>105.78< / ><>-0.68< / >< / ><>< colspan="2">Const Brands A STZ< / ><>125.00< / ><>2.55< / >< / ><><>Constellation Ener< / ><>CEG< / ><>264.57< / ><>-20.18< / >< / ><><>Cooper< / ><>COO< / ><>54.22< / ><>0.31< / >< / ><><>Copart< / ><>CPRT< / ><>31.73< / ><>1.78< / >< / ><>< colspan="2">Corcept Therap CORT< / ><>111.80< / ><>-0.99< / >< / ><>< ="2">Corebridge Fin CRBG< / ><>34.80< / ><>0.13< / >< / ><>< ="2">CoreWeave CRWV< / ><>82.98< / ><>-6.01< / >< / ><>< ="2">康宁 GLW< / ><>143.60< / ><>-22.80< / >< / ><>< ="2">Corpay CAPY< / ><>412.56< / ><>4.34< / >< / ><>< ="2">Corteva CTVA< / ><>82.54< / ><>-1.36< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>涨跌< / >< / ><><>CoStar< / ><>CSGP< / ><>31.52 1.06< / >< / ><><>好市多< / ><>COST< / ><>918.91 14.14< / >< / ><><>Coupang< / ><>CPNG< / ><>15.11 -0.01< / >< / ><><>Crane< / ><>CR< / ><>199.25 -2.57< / >< / ><><>Credicorp< / ><>BAP< / ><>376.04 -1.86< / >< / ><><>Credo Tech< / ><>CRDO< / ><>150.09 -12.86< / >< / ><><>CrowdStrike< / ><>CRWD< / ><>235.38 28.64< / >< / ><><>Crown Castle< / ><>CCI< / ><>74.17 -1.45< / >< / ><><>Crown Holdings< / ><>CCK< / ><>112.37 -0.27< / >< / ><><>Cullen / Frost< / ><>CFR< / ><>163.39 0.47< / >< / ><><>康明斯< / ><>CMI< / ><>541.10 -15.65< / >< / ><><>Curtiss-Wright< / ><>CW< / ><>551.21 -7.69< / >< / ><><>Cytokinetics< / ><>CYTK< / ><>72.45 -1.32< / >< / table>

DEF

<>DCI< / ><>87.93< / ><>-1.32< / >< / ><><>DoorDash< / ><>DASH< / ><>203.54< / ><>1.59< / >< / ><><>Dover< / ><>DOV< / ><>189.15< / ><>0.10< / >< / ><><>陶氏< / ><>DOW< / ><>28.90< / ><>-0.13< / >< / ><><>Dr Reddy's LB< / ><>RDY< / ><>11.91< / ><>0.01< / >< / ><><>DraftKings< / ><>DKNG< / ><>24.85< / ><>0.11< / >< / ><><>杜克能源< / ><>DUK< / ><>119.02< / ><>-0.40< / >< / ><><>杜邦< / ><>DD< / ><>124.29< / ><>-2.70< / >< / ><><>Dycom lnds< / ><>DY< / ><>286.83< / ><>-20.64< / >< / ><><>Dynatrace< / ><>DT< / ><>53.34< / ><>2.27< / >< / ><><>EMCOR< / ><>EME< / ><>749.70< / ><>-30.96< / >< / ><><>ENI< / ><>E< / ><>55.40< / ><>-0.65< / >< / ><><>EOG

<><>Eversource Ener< / ><>ES< / ><>68.33< / ><>-0.19< / >< / ><><>Exelixis< / ><>EXEL< / ><>56.21< / ><>0.09< / >< / ><><>Exelon< / ><>EXC< / ><>42.72< / ><>-0.44< / >< / ><><>Expand Energy< / ><>EXE< / ><>93.40< / ><>-1.43< / >< / ><><>Expedia< / ><>EXPE< / ><>287.86< / ><>7.03< / >< / ><><>Expeditors Intl< / ><>EXPD< / ><>193.61< / ><>1.01< / >< / ><><>Extra Space St< / ><>EXR< / ><>139.40< / ><>1.76< / >< / ><><>埃克森美孚< / ><>XOM< / ><>165.08< / ><>-0.91< / >< / ><><>F5< / ><>FFIV< / ><>411.49< / ><>-0.22< / >< / ><><>FTAI

FITB< / td><>54.38< / ><>-0.34< / >< / tr> <>Figma< / ><>FIG< / ><>23.91< / ><>0.71< / >< / ><><>FirstCitbBcshA< / ><>FCNCA< / ><>2173.88< / ><>0.88< / >< / ><><>FirstHorizon< / ><>FHN< / ><>24.32< / ><>-0.15< / >< / ><><>FirstMajSilver< / ><>AG< / ><>18.80< / ><>-0.76< / >< / ><><>FirstSolar< / ><>FSLR< / ><>207.04< / ><>-1.99< / >< / ><><>FirstCash< / ><>FCFS< / ><>221.79< / ><>-6.59< / >< / ><><>FirstEnergy< / ><>FE< / ><>45.83< / ><>-0.30< / >< / ><><>Fiserv< / ><>FISV< / ><>50.99< / ><>-0.59< / >< / ><><>FiveBelow< / ><>FIVE< / ><>249.59< / ><>4.99< / >< / table>

新高与新低

d>MSB< / td> 20.63< / ><>-6.9< / >< / tr> <>MetalsAcqnil< / ><>MTAL< / ><>9.95< / ><>-2.5< / >< / ><><>MetLifePfD< / ><>METpF< / ><>17.11< / ><>-0.3< / >< / ><><>MicrobotMed< / ><>MBOT< / ><>1.42< / ><>...< / >< / ><><>Microvast< / ><>MVST< / ><>0.58< / ><>-2.8< / >< / ><><>MicroVision< / ><>MVIS< / ><>1.50< / ><>-0.6< / >< / ><><>MilestonePharm< / ><>MIST< / ><>0.94< / ><>-3.1< / >< / table>

<>< rowspan="2">%< / >< rowspan="2">股票< / >< colspan="2">52周最高 / 最低< / >< rowspan="2">涨跌< / >< / ><><>MoBIA Medical< / ><>MOBI< / >< / ><><>1< / ><>Mobia-health< / ><>MNDR< / ><>1.37< / ><>5.8< / >< / ><><>1.2< / ><>Mobili.comWt< / ><>MOBBW< / ><>1.25< / ><>-20.0< / >< / ><><>5< / ><>MorganStanleyPfdk< / ><>MSPK< / ><>21.91< / ><>-0.3< / >< / ><><>1.1< / ><>MySize< / ><>MYSZ< / ><>1.66< / ><>-4.0< / >< / ><><>1.3< / ><>NACCO Inds< / ><>NC< / ><>38.73< / ><>-2.3< / >< / ><><>0.9< / ><>NRG

NOMA< / ><>1.40< / ><>-2.1< / >< / table>

共同基金

Organogenesis< / td><>ORGO< / ><>1.45< / ><>0.7< / >< / tr><><>PG&E 6%Pfd< / ><>PCGpA< / ><>20.45< / ><>-0.5< / >< / ><><>PNSmartEnergy< / ><>PN< / ><>1.77< / ><>-15.8< / >< / ><><>PPL Un< / ><>PPLC< / ><>45.65< / ><>-0.3< / >< / ><><>PacGE pfl< / ><>PCGpI< / ><>14.28< / ><>-3.5< / >< / ><><>Patrinalvts< / ><>PAX< / ><>10.39< / ><>-1.3< / >< / ><><>PatrickIndustries< / ><>PATK< / ><>72.95< / ><>-0.6< / >< / table>

按净资产排列的纳斯达克公布份额类别的前 250 位共同基金列表。e-除权分配。f-前一日报价。g-适用脚注 x 和 s。j-适用脚注 e 和 s。k-由 LSEG 使用更新数据重新计算。p-分配成本，12b-1。r-可能收取赎回费。s-股票拆分或股息。t-脚注 p 和 r。v-脚注 x 和 e。x-除息。z-脚注 x, e 和 s。NA-由于价格、业绩或成本数据不完整而不可用。NE-LSEG 未发布；数据审核中。NN-未追踪基金。NS-期初该基金不存在。

Monday, September 14, 2026

< / ><>8.4< / >< / ><><>ICAA< / ><>68.09< / ><>-0.48< / ><>9.5< / >< / ><><>IncoA< / ><>27.86< / ><>-0.16< / ><>8.7< / >< / ><><>N PerA< / ><>74.72< / ><>-0.54< / ><>5.8< / >< / ><><>NEcoA< / ><>84.47< / ><>-1.05< / ><>16.3< / >< / ><><>NwWrldA< / ><>106.96< / ><>-1.49< / ><>14.7< / >< / ><><>SmCpA< / ><>81.09< / ><>-1.21< / ><>10.6< / >< / ><><>WshA< / ><>67.44< / ><>-0.18< / ><>8.1< / >< / table>

Artisan Funds

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><><>IntVal Inst< / ><>59.58< / ><>+0.08< / ><>11.7< / >< / ><>< colspan="4">Baird Funds< / >< / ><><>AggBdlnst< / ><>9.56< / ><>...< / ><>-1.2< / >< / ><><>CorBdlnst< / ><>9.92< / ><>...< / ><>-1.1< / >< / ><><>IntBdlnst< / ><>10.22< / ><>...< / ><>-0.6< / >< / ><><>ShtTbDlnst< / ><>9.41< / ><>...< / ><>1.0< / >< / ><>< colspan="4">BlackRock Funds< / >< / ><><>HiYBlk< / ><>7.04< / ><>-0.02< / ><>2.0< / >< / ><><>HiYldBd Inst< / ><>7.04< / ><>-0.02< / ><>2.1< / >< / ><>< ="4">BlackRock Funds III< / >< / ><>< ="2">iShS&P500IdxK91.63< / ><>...< / ><>12.7< / >< / ><>< ="4">BlackRock Funds Inst< / >< / ><><>StratIncOpptylns< / ><>9.56< / ><>-0.02< / ><>1.2< / >< / ><>< ="4">Calamos Funds< / >< / ><><>MktNeutl< / ><>NA< / ><>...< / ><>NA< / >< / ><>< ="4">CausewayInst< / >< / ><><>CausewayInst< / ><>25.16< / ><>-0.01< / ><>7.1< / >< / ><>< ="4">Columbia Class A< / >< / ><>< ="2">SelgComunfoA239.92< / ><>-5.04< / ><>53.1< / >< / ><>< ="4">Columbia Class I< / >< / ><><>DivIncom I< / ><>40.46< / ><>-0.10< / ><>12.5< / >< / ><>< ="4">Dimensional Fds< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><><>EmgMktVa< / ><>45.44< / ><>-0.63< / ><>23.1< / >< / ><><>EmgMktCorEq< / ><>34.42< / ><>-0.64< / ><>19.3< / >< / ><><>IntlCoreEq< / ><>22.76< / ><>-0.19< / ><>13.6< / >< / ><><>IntlVal< / ><>33.44< / ><>-0.25< / ><>18.5< / >< / ><><>IntSmCo< / ><>28.09< / ><>-0.25< / ><>11.0< / >< / ><><>IntSmVa< / ><>35.64< / ><>-0.34< / ><>16.7< / >< / ><><>LgCo< / ><>50.62< / ><>-0.25< / ><>12.2< / >< / ><><>US CoreEq1< / ><>55.93< / ><>-0.31< / ><>13.4< / >< / ><><>US CoreEq2< / ><>49.94< / ><>-0.30< / ><>13.5< / >< / ><><> Small< / ><>60.29< / ><>-0.33< / ><>15.9< / >< / ><><> SmCpVal< / ><>62.01< / ><>-0.30< / ><>21.0< / >< / ><><>

TgdVal< / td> 43.64< / ><>-0.18< / ><>19.0< / >< / tr> <>USLgVa< / ><>67.76< / ><>-0.42< / ><>21.3< / >< / ><>< colspan="4">Dodge & Cox< / >< / ><><>Balanced< / ><>14.00< / ><>+0.03< / ><>5.7< / >< / ><><>Income< / ><>12.39< / ><>...< / ><>-1.5< / >< / ><><>Intl Stk< / ><>18.37< / ><>-0.10< / ><>11.6< / >< / ><><>Stock< / ><>17.94< / ><>+0.05< / ><>9.9< / >< / ><>< colspan="4">DoubleLine Funds< / >< / ><><>TotRetBdl< / ><>8.50< / ><>...< / ><>-1.6< / >< / ><><>Fidelity< / ><>< / >< / table>

<>22.86< / >< / ><><>Frontline< / ><>FRO< / ><>50.52< / >< / ><><>Futu< / ><>FUTU< / ><>111.11< / >< / table>

GHI

<><>GE Aerospace GE< / ><>< / ><>317.56< / ><>-6.10< / >< / ><><> HealthCare GEHC< / ><>GEHC< / ><>64.25< / ><>0.32< / >< / ><><> Vernova GEV< / ><>GEV< / ><>874.76< / ><>-82.51< / >< / ><><>GFLEnvironmental GFL< / ><>GFL< / ><>42.61< / ><>-0.24< / >< / ><><>GSK< / ><>GSK< / ><>50.05< / ><>1.92< / >< / ><><>GalaxyDigital GLXY< / ><>GLXY< / ><>24.13< / ><>-0.27< / >< / ><><>Gallagher AJG< / ><>253.30< / ><>12.98< / ><>< / >< / ><><>GameStop MGE< / ><>21.62< / ><>0.47< / ><>< / >< / ><><>Gaming&Leisure GLPI< / ><>41.05< / ><>0.81< / ><>< / >< / ><><>Garmin GRMN< / ><>280.38< / ><>-2.29< / ><>< / >< / ><><>Gartner IT< / ><>197.07< / ><>17.48< / ><>< / >< / ><><>GenDigital GEN< / ><>31.41< / ><>1.15< / ><>< / >< / ><><>Generac

GNRC< / ><>176.98< / ><>-10.01< / ><>< / >< / ><><>GeneralDynamics GD< / ><>356.81< / ><>0.91< / ><>< / >< / ><><>GeneralMills GIS< / ><>36.47< / ><>0.62< / ><>< / >< / ><><>GeneralMotors GM< / ><>87.16< / ><>1.54< / ><>< / >< / ><><>Genmab GMAB< / ><>32.65< / ><>0.18< / ><>< / >< / ><><>GenuineParts GPC< / ><>133.21< / ><>-0.47< / ><>< / >< / ><><>Gerdau GGB< / ><>4.89< / ><>-0.26< / ><>< / >< / ><><>GileadSciences GILD< / ><>146.41< / ><>2.69< / ><>< / >< / ><><>Glaukos GKOS< / ><>171.09< / ><>3.84< / ><>< / >< / ><><>GlobalPayments GPN< / ><>90.19< / ><>1.90< / ><>< / >< / ><><>GlobalFoundries GFS< / ><>43.54< / ><>-3.41< / ><>< / >< / ><><>Globalstar GSAT< / ><>81.99< / ><>-0.49< / ><>< / >< / ><><>GlobeLife

GL< / ><>172.92< / ><>1.75< / ><>< / >< / ><><>GlobusMedical MED< / ><>75.77< / ><>1.58< / ><>< / >< / ><><>GoDaddy GDDY< / ><>104.47< / ><>6.40< / ><>< / >< / ><><>GoldFields GFI< / ><>43.12< / ><>-1.98< / ><>< / >< / ><><>GoldmanSachs GS< / ><>988.45< / ><>-40.73< / ><>< / >< / ><><>Grab GRAB< / ><>3.02< / ><>-0.03< / ><>< / >< / ><><>Graco GGG< / ><>76.54< / ><>-0.16< / ><>< / >< / ><><>Grainger GWW< / ><>1277.51< / ><>-2.49< / ><>< / >< / ><><>GAP PAC< / ><>201.41< / ><>-2.05< / ><>< / >< / ><><>GrupoCibest CIB< / ><>101.84< / ><>-0.20< / ><>< / >< / ><><>GuardantHealth GH< / ><>167.84< / ><>10.46< / ><>< / >< / ><><>Guidewire GWRE< / ><>153.00< / ><>12.08< / ><>< / >< / ><><>HCA Healthcare HCA< / ><>425.49< / ><>-1.45< / ><>< / >< / ><><>HDFC Bank

【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】

IMO< / td> 131.83< / ><>1.84< / ><>< / >< / tr> <>Incyte INCY< / ><>122.19< / ><>0.72< / ><>< / >< / ><><>Infosys INFY< / ><>11.60< / ><>0.53< / ><>< / >< / ><><>IngersollRand IR< / ><>72.13< / ><>-0.80< / ><>< / >< / ><><>Insmed INSM< / ><>125.30< / ><>-4.11< / ><>< / >< / ><><>Insulet PODD< / ><>137.80< / ><>5.84< / ><>< / >< / ><><>Intel INTC< / ><>97.19< / ><>-5.75< / ><>< / >< / ><><>InteractiveBrkrs IBKR< / ><>90.75< / ><>-0.62< / ><>< / >< / ><><>ICE ICE< / ><>157.75< / ><>0.35< / ><>< / >< / ><><>InterContHtls IHG< / ><>155.13< / ><>1.30< / ><>< / >< / ><><>IBM IBM< / ><>249.09< / ><>5.80< / ><>< / >< / ><><>IntiFavors IIF< / ><>83.43< / ><>-0.18< / ><>< / >< / ><><>IntiPaper IP< / ><>34.25< / ><>-0.11< / ><>< / >< / ><><>Intuit

INTU< / ><>339.15< / ><>17.58< / ><>< / >< / ><><>IntuitiveSurgical ISRG< / ><>377.94< / ><>8.79< / ><>< / >< / ><><>InvitatHomes IVNH< / ><>27.59< / ><>0.05< / ><>< / >< / ><><>IonQ IONQ< / ><>37.50< / ><>0.75< / ><>< / >< / ><><>IronMountain IRM< / ><>112.06< / ><>-3.12< / ><>< / >< / ><><>ItauUnibanco ITUB< / ><>8.23< / ><>-0.10< / ><>< / >< / table>

IM< / ><>23.22< / ><>0.03< / >< / ><><>KinderMorgan< / ><>KMI< / ><>30.96< / ><>0.10< / >< / ><><>KinrossGold< / ><>KGC< / ><>28.18< / ><>-0.95< / >< / ><><>Knight-Swift< / ><>KNX< / ><>68.43< / ><>0.46< / >< / ><><>Philips< / ><>PHG< / ><>25.08< / ><>0.49< / >< / ><><>KoreaElecPwr< / ><>KEP< / ><>11.56< / ><>-0.65< / >< / ><><>KraftHeinz< / ><>KHC< / ><>24.27< / ><>-0.33< / >< / ><><>Kroger< / ><>KR< / ><>60.91< / ><>2.42< / >< / ><><>KrystalBiotech< / ><>KRYS< / ><>340.03< / ><>-6.97< / >< / ><><>KymeraTherap< / ><>KYMR< / ><>114.63< / ><>-0.33< / >< / ><><>Latam Airlines< / ><>LTM< / ><>50.81< / ><>-0.48< / >< / ><><>LPL

Financial< / ><>LPLA< / ><>345.66< / ><>-8.12< / >< / ><><>L3HarrisTech< / ><>LHX< / ><>248.93< / ><>3.39< / >< / ><><>Labcorp< / ><>LH< / ><>315.31< / ><>3.77< / >< / ><><>LamResearch< / ><>LRCX< / ><>273.49< / ><>-24.73< / >< / ><><>LamarAdv< / ><>LAMR< / ><>149.78< / ><>0.70< / >< / ><><>LasVegasSands< / ><>LVS< / ><>42.40< / ><>-0.43< / >< / ><><>LatticeSemi< / ><>LSCC< / ><>106.50< / ><>-13.26< / >< / ><><>Leidos< / ><>LDOS< / ><>132.83< / ><>3.97< / >< / ><><>Lennar A< / ><>LEN< / ><>79.99< / ><>0.39< / >< / ><><>Lennar

B< / ><>LEN.B< / ><>78.67< / ><>0.40< / >< / ><><>LennoxIntl< / ><>LII< / ><>365.51< / ><>-0.53< / >< / ><><>LeonardoDRS< / ><>DRS< / ><>35.91< / ><>-0.16< / >< / ><><>LiAuto< / ><>LI< / ><>12.17< / ><>0.36< / >< / ><><>LibertyFormOne< / ><>CFWON< / ><>95.40< / ><>-0.19< / >< / ><><>LibertyFormOne< / ><>FWONA< / ><>87.54< / ><>0.51< / >< / ><><>LifeTime< / ><>LTH< / ><>41.53< / ><>0.03< / >< / ><><>Eli

礼来< / td> LLY< / ><>1138.28< / ><>22.58< / >< / tr> <>林肯电气< / ><>LECO< / ><>251.27< / ><>-1.80< / >< / ><><>林德< / ><>LIN< / ><>464.41< / ><>-1.81< / >< / ><><>Littelfuse< / ><>LFUS< / ><>396.23< / ><>-36.07< / >< / ><><>Live Nation Ent< / ><>LYV< / ><>171.49< / ><>1.34< / >< / ><><>劳埃德银行< / ><>LYG< / ><>5.90< / ><>-0.11< / >< / ><><>洛克希德马丁< / ><>LMT< / ><>529.38< / ><>5.19< / >< / ><><>Loews< / ><>L< / ><>109.20< / ><>0.41< / >< / ><><>罗技< / ><>LOGI< / ><>100.36< / ><>-2.34< / >< / ><><>劳氏< / ><>LOW< / ><>198.17< / ><>1.35< / >< / ><><>lululemon< / ><>LULU< / ><>100.30< / ><>1.33< / >< / ><><>Lumentum< / ><>LITE< / ><>835.03< / ><>-92.00< / >< / ><><>力明廷< / ><>LYB< / ><>62.75< / ><>-0.94< / >< / table>

JKL MN

<><>Macom Tech< / ><>MTSI< / ><>239.62< / ><>-35.28< / >< / ><><>M&T 银行< / ><>MTB< / ><>237.82< / ><>-2.01< / >< / ><><>美高梅度假村< / ><>MGM< / ><>39.83< / ><>-0.06< / >< / ><><>MKS< / ><>MKSI< / ><>239.27< / ><>-28.04< / >< / ><><>MPLX< / ><>MPLX< / ><>58.89< / ><>-0.95< / >< / ><><>MSCI< / ><>MSCI< / ><>553.65< / ><>-0.96< / >< / ><><>Madison Air Sols< / ><>MAIR< / ><>23.66< / ><>-1.55< / >< / ><><>MSG

62.39< / ><>-0.05< / >< / ><><>MongoDB< / ><>MDB< / ><>382.29< / ><>20.08< / >< / ><><>Monolithic Power< / ><>MPWR< / ><>1143.31< / ><>-91.22< / >< / ><><>Monster Bev< / ><>MNST< / ><>44.20< / ><>0.80< / >< / ><><>穆迪< / ><>MCO< / ><>477.93< / ><>2.98< / >< / ><><>Moog A< / ><>MOGA< / ><>362.41< / ><>-4.61< / >< / ><><>摩根士丹利< / ><>MS< / ><>206.58< / ><>-7.80< / >< / ><><>摩托罗拉解决方案< / ><>MSI< / ><>474.13< / ><>7.97< / >< / ><><>Mueller Inds< / ><>MLI< / ><>60.00< / ><>-0.48< / >< / ><><>Murphy USA< / ><>MUSA< / ><>527.17< / ><>3.59< / >< / ><><>NRG 能源< / ><>NRG< / ><>108.47< / ><>-4.99< / >< / ><><>NVR< / ><>NVR< / ><>6299.56< / ><>138.80< / >< / ><>< colspan="2">NXP 半导体

NXPI< / ><>224.23< / ><>-12.39< / >< / ><><>纳斯达克< / ><>NDAQ< / ><>91.57< / ><>0.38< / >< / ><><>Natera< / ><>NTRA< / ><>341.79< / ><>12.86< / >< / ><><>国家电网< / ><>NGG< / ><>74.96< / ><>-1.90< / >< / ><><>国民西敏寺银行< / ><>NWG< / ><>18.47< / ><>-0.42< / >< / ><><>Nebius< / ><>NBIS< / ><>212.19< / ><>-12.36< / >< / ><><>NetApp< / ><>NTAP< / ><>188.28< / ><>-11.01< / >< / ><><>网易< / ><>NTES< / ><>117.99< / ><>2.38< / >< / ><><>Netflix< / ><>NFLX< / ><>80.32< / ><>2.92< / >< / ><><>Neurocrine< / ><>NBIX< / ><>157.22< / ><>1.00< / >< / ><><>纽约时报 A< / ><>NYT< / ><>70.34< / ><>3.46< / >< / ><><>纽蒙特< / ><>NEM< / ><>123.07< / ><>-3.74< / >< / ><><>新闻集团 A< / ><>NWSA< / ><>30.56< / ><>1.12< / >< / ><><>新闻集团

B< / ><>NWS< / ><>33.86< / ><>1.15< / >< / ><><>新时代能源< / ><>NEE< / ><>81.63< / ><>-0.68< / >< / ><><>Nextpower< / ><>NXT< / ><>82.62< / ><>-0.27< / >< / ><><>耐克< / ><>NKE< / ><>37.05< / ><>0.25< / >< / ><><>NiSource< / ><>NI< / ><>41.07< / ><>-0.34< / >< / ><><>诺基亚< / ><>NOK< / ><>9.65< / ><>-1.48< / >< / ><><>野村< / ><>NMR< / ><>10.73< / ><>-0.13< / >< / ><><>Nordson< / ><>NDSN< / ><>308.31< / ><>-6.16< / >< / ><>< colspan="2">诺福克南方铁路 NSC< / ><>320.05< / ><>-0.22< / >< / ><>< colspan="2">北方信托 NTRS< / ><>181.71< / ><>-7.48< / >< / ><>< colspan="2">诺斯罗普·格鲁曼

NOC< / td><>527.39< / ><>8.42< / >< / tr> <>Nova< / ><>NVMI< / ><>334.65< / ><>-37.16< / >< / ><><>诺华 (Novartis)< / ><>NVS< / ><>138.99< / ><>1.83< / >< / ><><>诺和诺德 (Novo Nordisk)< / ><>NVO< / ><>43.45< / ><>0.38< / >< / ><><>Nu Holdings< / ><>NU< / ><>14.41< / ><>-0.21< / >< / ><><>纽柯钢铁 (Nucor)< / ><>NUE< / ><>254.63< / ><>-4.80< / >< / ><><>Nutanix< / ><>NTNX< / ><>67.69< / ><>1.77< / >< / ><><>Nutrien< / ><>NTR< / ><>77.00< / ><>-1.45< / >< / ><><>nVent Electric< / ><>NVT< / ><>146.44< / ><>-15.74< / >< / ><><>英伟达 (NVIDIA)< / ><>NVDA< / ><>210.96< / ><>-7.33< / >< / table>

<>JCI< / ><>137.76< / ><>-8.25< / >< / table>

<>ProfDiversity< / ><>IPDN< / ><>3.03< / ><>-4.3< / >< / ><><>ProficientAuto< / ><>PAL< / ><>4.74< / ><>2.1< / >< / ><><>Propanc Biopharma< / ><>PPCB< / ><>0.83< / ><>-7.7< / >< / ><><>PSEG< / ><>PEG< / ><>70.72< / ><>-2.0< / >< / ><><>Public Storage PFG< / ><>PSApG< / ><>17.97< / ><>0.4< / >< / ><><>Purple Innovation< / ><>PRPL< / ><>3.08< / ><>-3.4< / >< / ><><>Q / C Techs< / ><>QCLS< / ><>0.54< / ><>-67.2< / >< / ><><>QXO< / ><>QXO< / ><>11.97< / ><>-1.6< / >< / ><><>QXO Pfd B< / ><>QXOpB< / ><>37.58< / ><>-1.9< / >< / table>

<><>Rekor Systems< / ><>REKR< / ><>0.44< / ><>1.6< / >< / ><><>Renaissance Pfd C< / ><>RNRpG< / ><>14.19< / ><>-0.5< / >< / ><><>Rent the Runway< / ><>RENT< / ><>1.86< / ><>-21.2< / >< / ><><>Research Solutions< / ><>RSSS< / ><>1.96< / ><>-7.5< / >< / ><><>ReToEco-Solutions< / ><>RETO< / ><>0.36< / ><>-7.0< / >< / ><><>Ribbon Acqn A< / ><>RIBB< / ><>8.11< / ><>-17.6< / >< / ><><>Rich Sparkle< / ><>ANPA< / ><>2.34< / ><>-1.6< / >< / ><><>Rivernorth Pfd A< / ><>RIVpA< / ><>20.92< / ><>-0.8< / >< / ><><>瑞安航空 (Ryanair)< / ><>RYAAY< / ><>52.27< / ><>-1.2< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年率 %R< / >< / ><><>500ldxInstPrem265.31< / ><>-1.28< / ><>12< / ><>< / >< / ><><>Contrafund K6< / ><>37.46< / ><>-0.18< / ><>10< / >< / ><><>EmgMktldxInstPre< / ><>16.74< / ><>-0.39< / ><>22< / >< / ><><>ExtMktldxInstPre114.52< / ><>-0.45< / ><>13< / ><>< / >< / ><><>FidSer5< / ><>7.34< / ><>...< / ><>-1< / >< / ><><>FidSerInt< / ><>8.25< / ><>-0.01< / ><>-1< / >< / ><><>FidSerToMarket< / ><>24.91< / ><>-0.12< / ><>12< / >< / ><><>FIDZroLgCplx< / ><>27.32< / ><>-0.13< / ><>12< / >< / ><><>GlexUSldxInstPre< / ><>21.51< / ><>-0.27< / ><>15< / >< / ><><>GrowthCompanyK6< / ><>45.43< / ><>-0.42< / ><>22< / >< / ><><>IntldxInstPrem< / ><>68.13< / ><>-0.55< / ><>12< / >< / ><><>LgCpGwld

InstPre< / ><>47.53< / ><>-0.41< / ><>2< / >< / ><><>LgCpVldxInstPrem< / ><>25.32< / ><>-0.02< / ><>22< / >< / ><><>MixCplnInstPrem< / ><>42.28< / ><>-0.12< / ><>14< / >< / ><><>SAIUSgCplndxFd< / ><>28.39< / ><>-0.13< / ><>12< / >< / ><><>SeriesBondFd< / ><>8.76< / ><>-0.01< / ><>-1< / >< / ><><>SeriesOverseas< / ><>15.63< / ><>-0.27< / ><>4< / >< / ><><>SerLTTreBldlx< / ><>5.03< / ><>...< / ><>-4< / >< / ><><>SmCplnInstPrem< / ><>36.30< / ><>-0.15< / ><>17< / >< / ><><>TMktldxInstPrem209.86< / ><>-1.00< / ><>12< / ><>< / >< / ><><>TotalMarketIndex< / ><>26.59< / ><>-0.12< / ><>12< / >< / ><><>TtlIntldxInstPr< / ><>19.89< / ><>-0.24< / ><>14< / >< / ><><>USBldxInstPrem< / ><>10.14< / ><>-0.01< / ><>-1< / >< / ><>< colspan="4">富达 (Fidelity)

Advisor< / td>< / tr> TotBdFdCIZ< / ><>9.26< / ><>-0.01< / ><>-1< / >< / ><>< colspan="4">Fidelity Advisor I< / >< / ><><>GrOppl< / ><>262.30< / ><>-3.39< / ><>12< / >< / ><>< colspan="4">Fidelity Freedom< / >< / ><><>Freedom2040K6< / ><>14.35< / ><>-0.12< / ><>12< / >< / ><><>Idx2030InsPre< / ><>24.09< / ><>-0.12< / ><>6< / >< / ><><>Idx2035InsPre< / ><>28.66< / ><>-0.16< / ><>8< / >< / ><><>Idx2040InsPre< / ><>31.70< / ><>-0.20< / ><>10< / >< / ><><>Idx2045InsPre< / ><>34.42< / ><>-0.25< / ><>11< / >< / ><><>Idx2050InsPre< / ><>34.63< / ><>-0.26< / ><>12< / >< / table>

2.8< / >< / ><><>1.4< / ><>SrsIntlGrw< / ><>20.05< / ><>-0.59< / ><>4.9< / >< / ><><>5.8< / ><>SrsIntlVal< / ><>17.38< / ><>-0.06< / ><>11.4< / >< / ><><>1.2< / ><>TotalBond< / ><>9.28< / ><>...< / ><>-1.2< / >< / ><><>< / >< ="4">Fidelity SAI< / >< / ><><>2.1< / ><>FidSaiCndlnxFnd< / ><>16.08< / ><>-0.02< / ><>12.9< / >< / ><><>2.4< / ><>FidSainfftnFnd< / ><>9.90< / ><>-0.01< / ><>-0.3< / >< / ><><>2.0< / ><>IntlValldxd< / ><>15.16< / ><>-0.04< / ><>20.4< / >< / ><><>6.9< / ><>TotalBd< / ><>8.78< / ><>-0.01< / ><>-1.2< / >< / ><><>8.1< / >< ="4">Fidelity Selects< / >< / ><><>0.3< / ><>Semiconductors r< / ><>57.38< / ><>-3.53< / ><>44.7< / >< / ><><>1.8< / ><>Tech< / ><>54.43< / ><>-0.81< / ><>35.8< / >< / ><><>2.1< / >< ="4">Fidelity

Strategic A< / >< / table>

d>ORCL< / ><>144.79< / ><>-5.49< / >< / ><><>Orix< / ><>IX< / ><>39.94< / ><>-0.17< / >< / ><><>OscarHealth< / ><>OSCR< / ><>33.81< / ><>1.04< / >< / ><><>OtisWorldwide< / ><>OTIS< / ><>70.18< / ><>1.08< / >< / ><><>Ovintiv< / ><>OVV< / ><>65.36< / ><>1.67< / >< / ><><>OwensCorning< / ><>OC< / ><>128.95< / ><>-2.95< / >< / ><><>PBF Energy< / ><>PBF< / ><>70.40< / ><>-7.90< / >< / ><><>PDD< / ><>PDD< / ><>79.38< / ><>1.57< / >< / ><><>PG&E< / ><>PCG< / ><>13.60< / ><>-0.20< / >< / ><><>PNC Finl< / ><>PNC< / ><>242.72< / ><>-1.52< / >< / ><><>POSCO< / ><>PKX< / ><>59.64< / ><>-3.30< / >< / ><><>PPG

entialFinl< / ><>PRU< / ><>119.50< / ><>0.26< / >< / ><><>Prudential< / ><>PUK< / ><>26.64< / ><>-0.04< / >< / ><><>PSEG< / ><>PEG< / ><>70.92< / ><>-1.47< / >< / ><><>PublicStorage< / ><>PSA< / ><>295.40< / ><>-1.10< / >< / ><><>PulteGroup< / ><>PHM< / ><>118.94< / ><>0.68< / >< / ><><>QXO< / ><>QXO< / ><>12.11< / ><>-0.20< / >< / ><><>QnityElec< / ><>Q< / ><>117.23< / ><>-9.17< / >< / ><><>Qorvo< / ><>QRVO< / ><>107.98< / ><>-8.67< / >< / ><><>Qualcomm< / ><>QCOM< / ><>180.15< / ><>-1.82< / >< / ><><>QuantaServices< / ><>PWR< / ><>622.02< / ><>-28.56< / >< / ><><>Quantinuum< / ><>QNT< / ><>49.10< / ><>0.07< / >< / ><><>QuestDiag< / ><>DGX< / ><>237.89< / ><>2.87< / >< / table>

R S

<>< ="2">RBC Bearings RBC< / ><>478.81 - 16.02< / >< / ><><>RB Global< / ><>RBA< / ><>84.03 0.43< / >< / ><><>RELX< / ><>RELX< / ><>35.72 1.92< / >< / ><><>RPM< / ><>RPM< / ><>100.81 0.60< / >< / ><><>RTX< / ><>RTX< / ><>195.34 - 2.34< / >< / ><>< ="2">RalphLauren RL< / ><>341.43 2.34< / >< / ><><>Rambus< / ><>RMBS< / ><>80.39 - 6.58< / >< / ><>< ="2">RangeResources RRC< / ><>40.88 - 0.27< / >< / ><>< ="2">RaymondJames RJF< / ><>170.80 - 2.66< / >< / ><>< ="2">RealtyIncome O< / ><>59.27 - 0.23< / >< / ><><>Reddit< / ><>RDDT< / ><>162.38 4.61< / >< / ><>< ="2">RegalRexnord RRX< / ><>153.07 - 8.42< / >< / ><><>RegencyCtrs< / ><>REG< / ><>74.53 - 0.09< / >< / ><><>RegenPharm< / ><>REGN< / ><>793.74

12.25< / td>< / tr> RegionsFinl< / ><>RF< / ><>30.03 - 0.10< / >< / ><><>ReinsGrp< / ><>RGA< / ><>249.05 0.33< / >< / ><><>Reliance< / ><>RS< / ><>384.23 - 9.98< / >< / ><><>RenaissanceRe< / ><>RNR< / ><>330.62 5.63< / >< / ><><>Rentokillint< / ><>RTO< / ><>22.55 0.18< / >< / ><><>Repligen< / ><>RGEN< / ><>168.00 2.82< / >< / ><><>RepublicSvcs< / ><>RSG< / ><>225.85 3.11< / >< / ><><>ResMed< / ><>RMD< / ><>222.99 4.72< / >< / ><>< colspan="2">RestaurantBrands QSR< / ><>78.89 1.93< / >< / ><>< colspan="2">RevolutionMed RVMD< / ><>205.11 1.34< / >< / ><><>Revvity< / ><>RVTY< / ><>128.49 4.18< / >< / ><><>RioTinto< / ><>RIO< / ><>97.64 - 2.32< / >< / ><><>Rivian< / ><>RIVN< / ><>15.86 - 0.17< / >< / ><><>Robinhood< / ><>HOOD< / ><>114.33

1.76< / >< / ><><>Roblox< / ><>RBLX< / ><>51.29 5.79< / >< / ><><>RocketCos.< / ><>RKT< / ><>13.44 0.26< / >< / ><><>RocketLab< / ><>RKLB< / ><>62.55 - 0.40< / >< / ><><>Rockwell< / ><>ROK< / ><>418.85 - 9.54< / >< / ><>< colspan="2">RogersComm B RCI< / ><>36.65 0.44< / >< / ><>< colspan="2">RoivantSciences ROIV< / ><>41.02 0.20< / >< / ><><>Roku< / ><>ROKU< / ><>157.45 2.52< / >< / ><><>Rollins< / ><>ROL< / ><>35.31 0.58< / >< / ><><>RoperTech< / ><>ROP< / ><>394.61 6.09< / >< / ><><>RossStores< / ><>ROST< / ><>230.04 - 0.70< / >< / ><><>RoyalBkCanada< / ><>RY< / ><>205.16 - 0.74< / >< / ><>< colspan="2">RoyalCaribbean RCL< / ><>255.34 - 4.80< / >< / ><><>RoyalGold< / ><>RGLD< / ><>248.34 - 3.94< / >< / ><>< colspan="2">RoyaltyPharma RPRX< / ><>59.05

0.44< / >< / ><><>Rubrik< / ><>RBRK< / ><>100.20 13.55< / >< / ><>< colspan="2">RyanSpecialty RYAN< / ><>39.69 1.57< / >< / ><><>Ryanair< / ><>RYAY< / ><>53.16 - 0.64< / >< / ><>< colspan="2">RyderSystem R< / ><>241.13 - 2.17< / >< / ><><>SAP< / ><>SAP< / ><>218.28 11.92< / >< / ><><>S&P Global< / ><>SPGI< / ><>418.54 7.83< / >< / ><><>SBA Comm< / ><>SBAC< / ><>183.07 - 2.40< / >< / ><>< colspan="2">SEI Investments SEIC< / ><>105.51 - 1.42< / >< / ><><>SK hynix< / ><>SKHY< / ><>175.63 - 14.44< / >< / ><><>SK Telecom< / ><>SKM< / ><>36.32 - 1.55< / >< / ><><>SLB< / ><>SLB< / ><>53.32 - 2.74< / >< / ><><>SPX Tech< / ><>SPXC< / ><>183.19 - 8.63< / >< / ><><>SS&C Tech< / ><>SSNC< / ><>81.22 0.95< / >< / ><><>Saia< / ><>SAIA< / ><>351.03 -

0.02< / >< / ><><>SailPoint< / ><>SAIL< / ><>19.88 2.64< / >< / ><><>Salesforce< / ><>CRM< / ><>259.43 11.71< / >< / ><><>Samsara< / ><>IOT< / ><>42.91 4.53< / >< / ><><>Sandisk< / ><>SNDK< / ><>1551.99 - 81.36< / >< / ><><>Sanmina< / ><>SANM< / ><>196.04 - 19.96< / >< / ><><>Sanofi< / ><>SNY< / ><>43.33 0.56< / >< / ><><>Sasol< / ><>SSL< / ><>14.50 - 0.09< / >< / ><><>SchwabC< / ><>SCHW< / ><>107.31 0.06< / >< / ><><>Sea< / ><>SE< / ><>108.68 2.44< / >< / ><><>Seagate< / ><>STX< / ><>805.55 - 24.62< / >< / table>

lariusCapWt< / ><>SOCAW< / ><>0.14< / ><>-23.7< / >< / ><><>SolarmaxTech< / ><>SMXT< / ><>1.82< / ><>-19.2< / >< / ><><>SouthernNts2025A< / ><>SOJF< / ><>23.80< / ><>-0.4< / >< / ><><>SouthernUn< / ><>SOMN< / ><>46.25< / ><>-0.4< / >< / ><><>SprucePower< / ><>SPRU< / ><>1.51< / ><>-6.7< / >< / ><><>StandardAero< / ><>SARO< / ><>23.51< / ><>-1.8< / >< / ><><>StardustPower< / ><>SDST< / ><>0.11< / ><>-4.9< / >< / ><><>StarfightersSpace< / ><>FJET< / ><>1.89< / ><>0.5< / >< / ><><>StarwoodProp< / ><>STWD< / ><>15.35< / ><>-1.2< / >< / table>

基金< / td><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / tr><><>StratAdEmrMrt< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">First Eagle Funds< / >< / ><><>GlbA< / ><>89.09< / ><>-0.01< / ><>10.7< / >< / ><>< colspan="4">Franklin A1< / >< / ><><>IncomeA1< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">FrankTemp / Frank Adv< / >< / ><><>IncomeAdv< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">FrankTemp / Franklin A< / >< / ><><>DynaTech A< / ><>198.78< / ><>-3.27< / ><>6.7< / >< / ><><>Growth A< / ><>143.44< / ><>-0.75< / ><>6.5< / >< / ><><>RisDv A< / ><>95.93< / ><>-0.47< / ><>6.5< / >< / ><>< colspan="4">Guggenheim Funds Tru< / >< / ><><>TotRtnBdFJClnst< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">Harbor Funds< / >< / ><><>CapApInstl< / ><>124.94< / ><>-0.20< / ><>7.2< / >< / ><>< colspan="4">JHF III DispVal< / >< / ><><>DispValMCI< / ><>31.34< / ><>-0.02< / ><>14.1< / >< / ><>< colspan="4">John Hancock< / >< / ><><>BondR6< / ><>13.12< / ><>-0.01< / ><>-1.2< / >< / ><>< colspan="4">JPMorgan I Class< / >< / ><><>CoreBond< / ><>9.99< / ><>-0.01< / ><>-1.4< / >< / ><><>EqInc< / ><>28.71< / ><>-0.13< / ><>17.1< / >< / ><><>LgCpGwth< / ><>83.28< / ><>-0.40< / ><>1.8< / >< / ><>< colspan="4">JPMorgan R Class< / >< / ><><>CoreBond< / ><>10.01< / ><>...< / ><>-1.3< / >< / ><><>CorePlusBd< / ><>7.03< / ><>...< / ><>-0.6< / >< / ><>< colspan="4">Lord Abbett I< / >< / ><><>ShtDurInc p< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">Metropolitan West< / >< / ><><>TotRetBdl< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">MFS Funds< / >< / ><><>IIE< / ><>43.54< / ><>+0.01< / ><>7.3< / >< / ><>< colspan="4">MFS Funds Class I< / >< / ><><>Valuei< / ><>54.66< / ><>-0.05< / ><>9.6< / >< / ><>< colspan="4">Natixis Funds< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净变动< / >< / ><><>Sempra< / ><>SRE< / ><>82.99 - 0.35< / >< / ><><>Semtech< / ><>MTC< / ><>147.05 - 20.19< / >< / ><><>ServiceIntl< / ><>SCI< / ><>81.28 - 0.93< / >< / ><><>ServiceNow< / ><>NOW< / ><>142.35 9.82< / >< / ><><>SharkNinja< / ><>SN< / ><>169.62 8.82< / >< / ><><>Shell< / ><>SHEL< / ><>96.45 - 0.32< / >< / ><><>SherwinWilliams< / ><>SHW< / ><>324.50 1.19< / >< / ><><>ShinhanFin< / ><>SHG< / ><>84.11 0.05< / >< / ><><>Shopify< / ><>SHOP< / ><>133.89 5.10< / >< / ><><>SiliconMotion< / ><>SIMO< / ><>236.81 - 47.67< / >< / ><><>SimonProperty< / ><>SPG< / ><>204.97 0.14< / >< / ><><>SiriusXM< / ><>SIRI< / ><>29.37 0.22< / >< / ><><>SiTime< / ><>SITM< / ><>558.35 - 77.31< / >< / ><><>Skyworks< / ><>SWKS< / ><>79.26 - 9.09< / >< / ><><>Smith&Nephew< / ><>SNN< / ><>28.40 0.90< / >< / ><><>Smucker< / ><>SJM< / ><>121.30 0.16< / >< / ><><>SmurfitWestrock< / ><>SW< / ><>43.75 0.53< / >< / ><><>Snap< / ><>SNAP< / ><>5.84 0.16< / >< / ><><>Snap-On< / ><>SNA< / ><>377.78 2.34< / >< / ><><>Snowflake< / ><>SNOW< / ><>332.35 3.36< / >< / ><><>SOQUIMICH< / ><>SQM< / ><>69.73 - 0.15< / >< / ><><>SoFiTech< / ><>SOFI< / ><>17.65 0.33< / >< / ><><>SotisticAcMatis< / ><>SOLS< / ><>57.78 - 3.75< / >< / ><><>Solventum< / ><>SOLV< / ><>89.82 2.37< / >< / ><><>Somnigroup< / ><>SGI< / ><>68.12 1.36< / >< / ><><>Sony< / ><>SONY< / ><>24.47 0.57< / >< / ><><>Southern< / ><>SO< / ><>87.00 - 0.17< / >< / ><><>SoCopper< / ><>SCCO< / ><>188.35 - 5.14< / >< / ><><>SouthStateBk< / ><>SSB< / ><>106.11 [...OMITTED...]

0.13< / td>< / tr> 西南航空< / ><>LUV< / ><>39.52 0.28< / >< / ><><>SpaceX< / ><>SPCX< / ><>148.15 - 3.06< / >< / ><><>Spotify< / ><>SPOT< / ><>556.31 30.56< / >< / ><><>Stanley B&D< / ><>SWK< / ><>88.89 - 0.35< / >< / ><><>星巴克< / ><>SBUX< / ><>99.07 0.33< / >< / ><><>道富银行< / ><>STT< / ><>188.16 - 5.24< / >< / ><><>Steel Dynamics< / ><>STLD< / ><>234.53 - 5.26< / >< / ><><>Stellantis< / ><>STLA< / ><>5.26 - 0.14< / >< / ><><>Steris< / ><>STE< / ><>213.66 2.90< / >< / ><><>Sterling Infrastructure< / ><>STRL< / ><>472.87 - 38.17< / >< / ><><>Stifel Financial< / ><>SF< / ><>77.97 - 1.79< / >< / ><><>意法半导体< / ><>STM< / ><>47.78 - 3.73< / >< / ><><>Strategy< / ><>MSTR< / ><>136.94 5.97< / >< / ><><>Stryker< / ><>SYK< / ><>281.87

6.31< / >< / ><><>三井住友金融集团< / ><>SMFG< / ><>27.24 - 0.05< / >< / ><><>Summit Therapeutics< / ><>SMMT< / ><>18.42 0.87< / >< / ><><>SunComms< / ><>SUI< / ><>118.04 3.56< / >< / ><><>太阳生命金融< / ><>SLF< / ><>80.23 0.56< / >< / ><><>Sunbelt Rentals< / ><>SUNB< / ><>73.06 0.38< / >< / ><><>森科能源公司（Suncor）< / ><>SU< / ><>68.72 - 0.11< / >< / ><><>Sunoco< / ><>SUN< / ><>79.13 1.46< / >< / ><><>超微电脑< / ><>SMCI< / ><>36.74 - 3.36< / >< / ><><>Suzano< / ><>SUZ< / ><>9.20 - 0.16< / >< / ><><>Symbotic< / ><>SYM< / ><>41.60 - 0.53< / >< / ><><>Synchrony Financial< / ><>SYF< / ><>75.88 - 0.11< / >< / ><><>新思科技< / ><>SNPS< / ><>381.43 - 15.95< / >< / ><><>Sysco< / ><>SYY< / ><>83.54 0.33< / >< / table>

TUV

<><>TC Energy< / ><>TRP< / ><>61.18< / ><>0.30< / >< / ><><> Synnex< / ><>SNX< / ><>261.12< / ><>-8.09< / >< / ><><>TE Connectivity< / ><>TEL< / ><>203.37< / ><>-8.59< / >< / ><><>Telus< / ><>TU< / ><>9.16< / ><>0.06< / >< / ><><>Ternium< / ><>TX< / ><>55.96< / ><>-1.94< / >< / ><><>TFI Intl< / ><>TFII< / ><>131.78< / ><>0.54< / >< / ><><>TJX< / ><>TJX< / ><>125.99< / ><>-0.03< / >< / ><><>TKO< / ><>TKO< / ><>193.72< / ><>3.41< / >< / ><><>T-Mobile US< / ><>TMUS< / ><>182.90< / ><>0.57< / >< / ><><>TPG< / ><>TPG< / ><>47.98< / ><>0.29< / >< / ><><>T. Rowe Price< / ><>TROW< / ><>105.80< / ><>-0.49< / >< / ><><>TTM

TelekomIndns< / ><>TLK< / ><>15.26< / ><>0.32< / >< / ><><>TempusAI< / ><>TEM< / ><>62.21< / ><>3.20< / >< / table>

<><>股票< / ><>代码 收盘价< / ><>净变动< / >< / ><><>Tenaris< / ><>TS< / ><>55.14 - 2.25< / >< / ><><>腾讯音乐< / ><>TME< / ><>8.11 0.13< / >< / ><><>Tenet Healthcare< / ><>THC< / ><>264.51 0.82< / >< / ><><>Teradyne< / ><>TER< / ><>329.20 - 50.52< / >< / ><><>特斯拉< / ><>TSLA< / ><>358.97 - 6.47< / >< / ><><>TetraTech< / ><>TTEK< / ><>36.71 0.22< / >< / ><><>特娃制药< / ><>TEVA< / ><>38.72 1.63< / >< / ><><>德州仪器< / ><>TXN< / ><>263.42 - 5.28< / >< / ><><>Texas Pacific Land< / ><>TPL< / ><>365.27 - 3.83< / >< / ><><>Texas Roadhouse< / ><>TXRH< / ><>181.12 - 0.10< / >< / ><><>Textron< / ><>TXT< / ><>80.58 - 0.42< / >< / ><><>赛默飞世尔< / ><>TMO< / ><>613.62 3.80< / >< / ><><>汤森路透< / ><>TRI< / ><>105.82

8.47< / td>< / tr> 3M< / ><>MMM< / ><>162.02 - 2.95< / >< / ><><>Toast< / ><>TOST< / ><>33.29 1.17< / >< / ><><>TollBros< / ><>TOL< / ><>134.23 - 0.69< / >< / ><><>TorontoDomBk< / ><>< / ><>120.93 - 0.04< / >< / ><><>TotalEnergies< / ><>TTE< / ><>91.14 - 0.75< / >< / ><><>TowerSemi< / ><>TSEM< / ><>191.12 - 20.40< / >< / ><><>ToyotaMotor< / ><>TM< / ><>197.56 - 0.64< / >< / ><><>TractorSupply< / ><>TSCO< / ><>33.83 0.82< / >< / ><><>Tradeweb< / ><>TW< / ><>104.20 2.76< / >< / ><><>TraneTech< / ><>TT< / ><>426.01 - 16.51< / >< / ><><>TransDigm< / ><>TDG< / ><>1111.22 - 29.10< / >< / ><><>TransUnion< / ><>TRU< / ><>78.83 1.13< / >< / ><><>Travelers< / ><>TRV< / ><>378.05 2.85< / >< / ><><>Trimble< / ><>TRMB< / ><>58.74 1.08< / >< / ><><>Trip.com< / ><>TCOM< / ><>39.08

0.06< / >< / ><><>TruistFinl< / ><>TFC< / ><>50.10 - 0.30< / >< / ><><>Twilio< / ><>TWLO< / ><>231.88 4.53< / >< / ><><>TylerTech< / ><>TYL< / ><>359.54 22.87< / >< / ><><>TysonFoods< / ><>TSN< / ><>53.16 0.18< / >< / ><><>UBS Group< / ><>UBS< / ><>52.99 - 1.59< / >< / ><><>UDR< / ><>UDR< / ><>35.37 0.25< / >< / ><><>U-Haul< / ><>UHAL< / ><>63.49 - 0.56< / >< / ><><>U-Haul N< / ><>UHAL / B< / ><>55.95 - 0.44< / >< / ><><>UL Solutions< / ><>ULS< / ><>69.50 - 1.75< / >< / ><><>UMB Fin< / ><>UMBF< / ><>139.77 0.28< / >< / ><><>US Foods< / ><>USFD< / ><>94.80 - 0.54< / >< / ><><>Uber< / ><>UBER< / ><>72.63 0.96< / >< / ><><>Ubiquiti< / ><>UI< / ><>552.91 - 11.24< / >< / ><><>UltaBeauty< / ><>ULTA< / ><>548.65 1.87< / >< / ><><>Unilever< / ><>UL< / ><>63.57

1.55< / >< / ><><>UnionPacific< / ><>UNP< / ><>285.08 0.68< / >< / ><><>UnitedAirlines< / ><>UAL< / ><>108.96 - 0.86< / >< / ><><>UnitedMicro< / ><>UMC< / ><>21.90 - 0.74< / >< / ><><>UPS B< / ><>UPS< / ><>102.46 2.18< / >< / ><><>UnitedRentals< / ><>URI< / ><>993.80 4.68< / >< / ><><>US Bancorp< / ><>USB< / ><>62.68 - 0.16< / >< / ><><>UnitedTherap< / ><>UTHR< / ><>502.70 5.59< / >< / ><><>UnitedHealth< / ><>UNH< / ><>383.55 6.78< / >< / ><><>UnitySoftware U< / ><>< / ><>43.45 - 0.51< / >< / ><><>UniversalHealthB< / ><>UHS< / ><>173.25 - 1.58< / >< / ><><>UnumGroup< / ><>UNM< / ><>94.92 0.50< / >< / ><><>VICI Prop< / ><>VICI< / ><>25.04 0.21< / >< / ><><>Vale< / ><>VALE< / ><>14.61 - 0.62< / >< / ><><>ValeroEnergy< / ><>VLO< / ><>382.95 -

7.47< / >< / ><><>ValmontInds< / ><>VMI< / ><>472.20 - 11.24< / >< / ><><>VeevaSystems< / ><>VEEV< / ><>265.67 3.27< / >< / ><><>Ventas< / ><>VTR< / ><>89.10 - 0.89< / >< / ><><>VentureGlobal VG< / ><>< / ><>15.27 - 0.53< / >< / ><><>Veralto< / ><>VLTO< / ><>96.30 2.20< / >< / ><><>VeriSign< / ><>VRSN< / ><>298.60 5.89< / >< / table>

2026年9月14日，星期一

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 %< / >< / ><><>LSGrowthY< / ><>33.34< / ><>+0.26< / ><>0.4< / >< / ><>< colspan="4">Northern Funds< / >< / ><><>Stkldx< / ><>76.01< / ><>-0.37< / ><>12.2< / >< / ><>< colspan="4">Old Westbury Fds< / >< / ><><>LrgCpStr< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">PGIM Funds Cl Z< / >< / ><><>TotalReturnBond< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PIMCO Fds Instl< / >< / ><><>IntlBdUSH< / ><>< / ><>...< / ><>< / >< / ><><>TotRt< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PIMCO Funds A< / >< / ><><>IncomeFd< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PIMCO Funds I2< / >< / ><><>Income< / ><>< / ><>...< / ><>< / >< / ><>< colspan="4">PIMCO Funds

Instl< / td>< / tr> IncomeFd< / ><>NA< / ><>...< / ><>NA< / >< / ><>< colspan="4">Price Funds< / >< / ><><>BlChip< / ><>210.42< / ><>-1.87< / ><>...< / >< / ><><>LgCapGovI< / ><>87.34< / ><>-0.61< / ><>2.8< / >< / ><>< colspan="4">Putnam Funds Class A< / >< / ><><>PutLargCap p< / ><>45.11< / ><>+0.02< / ><>15.4< / >< / ><>< colspan="4">Putnam Funds Class Y< / >< / ><><>PutLargCap< / ><>45.14< / ><>+0.02< / ><>15.6< / >< / ><>< colspan="4">Schwab Funds< / >< / ><><>1000 Inv r< / ><>16.35< / ><>-0.07< / ><>12.4< / >< / ><><>FunUSLgInst r< / ><>38.46< / ><>-0.08< / ><>19.9< / >< / ><><>Intl Sel r< / ><>32.17< / ><>-0.28< / ><>12.0< / >< / ><><>S&P Sel< / ><>19.68< / ><>-0.09< / ><>12.2< / >< / ><><>TSM Sel r< / ><>18.42< / ><>-0.09< / ><>12.4< / >< / ><><

colspan="4">Strategic Adviser< / >< / ><><>StratAdCorlnFnd< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdFidCoreS< / ><>8.92< / ><>-0.01< / ><>-0.9< / >< / ><><>StratAdFidEmr< / ><>18.94< / ><>-0.41< / ><>24.7< / >< / ><><>StratAdFidUS< / ><>21.82< / ><>-0.10< / ><>15.1< / >< / table>

ential< / ><>VMRK< / ><>66.32< / ><>0.78< / >< / ><><>Vodafone< / ><>VOD< / ><>17.53< / ><>0.13< / >< / ><><>VoyaFinancial< / ><>VOYA< / ><>103.14< / ><>-0.27< / >< / ><><>VulcanMatls< / ><>VMC< / ><>250.54< / ><>-2.20< / >< / table>

<>0.11< / >< / ><><>WoodsideEnergy< / ><>WDS< / ><>23.74< / ><>0.05< / >< / ><><>Woodward< / ><>WWD< / ><>324.67< / ><>-12.59< / >< / ><><>WooriFinl< / ><>WF< / ><>80.81< / ><>1.94< / >< / ><><>Workday< / ><>WDAY< / ><>194.21< / ><>8.51< / >< / ><><>XP< / ><>XP< / ><>19.60< / ><>-0.27< / >< / ><><>XPO< / ><>XPO< / ><>180.49< / ><>-1.69< / >< / ><><>XcelEnergy< / ><>XEL< / ><>74.16< / ><>-1.34< / >< / ><><>XPeng< / ><>XPEV< / ><>10.71< / ><>0.17< / >< / ><><>Xylem< / ><>XYL< / ><>107.49< / ><>0.53< / >< / ><><>YPF< / ><>YPF< / ><>56.33< / ><>0.78< / >< / ><><>Yum!Brands< / ><>YUM< / ><>146.33< / ><>5.46< / >< / ><><>YumChina< / ><>YUMC< / ><>42.81< / ><>0.49< / >< / ><><>ZTO

Express< / ><>ZTO< / ><>20.90< / ><>0.29< / >< / ><><>ZebraTech< / ><>ZBRA< / ><>351.81< / ><>1.44< / >< / ><><>ZimmerBiomet< / ><>ZBH< / ><>96.54< / ><>3.05< / >< / ><><>ZionsBancorp< / ><>ZION< / ><>69.18< / ><>0.43< / >< / ><><>Zoetis< / ><>ZTS< / ><>73.67< / ><>0.70< / >< / ><><>ZoomComms< / ><>ZM< / ><>95.36< / ><>-0.21< / >< / ><><>Zscaler< / ><>ZS< / ><>191.73< / ><>27.19< / >< / table>

以下是周一美国国债拍卖的结果。所有投标均按市场出清收益率的单一价格授予。利率由该价格与面值的差额决定。

<><>股票< / ><>代码< / ><>52周最高 / 最低< / ><>涨跌幅%< / >< / ><><>Stem< / ><>STEM< / ><>4.61< / ><>0.6< / >< / ><><>StifelFinIPfD< / ><>SFpD< / ><>15.12< / ><>2.0< / >< / ><><>Strats PG CJR< / ><>GJR< / ><>24.22< / ><>-1.6< / >< / ><><>Streamex< / ><>STEX< / ><>0.61< / ><>-4.6< / >< / ><><>StudioCity< / ><>MSC< / ><>1.55< / ><>-4.2< / >< / ><><>SunriseRealty< / ><>SUNS< / ><>7.19< / ><>2.2< / >< / ><><>SurfAirMobility< / ><>SRFM< / ><>0.46< / ><>-5.3< / >< / ><><>Telus< / ><>TU< / ><>8.96< / ><>0.7< / >< / ><><>TGE Value

[版面噪声，已略]

拍卖结果

交易所交易组合

两期日期均为 Sept. 17, 2026. 13 周国库券于 Dec. 17, 2026 到期；26 周国库券于 March 18, 2027 到期。

基金< / td><>资产净值 (NAV)< / ><>净变动< / ><>年初至今收益率 (%)< / >< / tr><><>StratAdIntlFnd< / ><>NA< / ><>...< / ><>NA< / >< / ><><>StratAdMunBond< / ><>< / ><>...< / ><>< / >< / ><><>StratAdvFdIntl< / ><>16.53< / ><>-0.15< / ><>11.9< / >< / ><>< colspan="4">TIAA / CREF 基金< / >< / ><><>EqIdxInst< / ><>52.66< / ><>-0.23< / ><>12.3< / >< / ><><>IntlEqIdxInst< / ><>< / ><>...< / ><>< / >< / ><><>LrgCpGrIdxInst< / ><>78.24< / ><>-0.68< / ><>3.0< / >< / ><>< colspan="4">先锋领航 (VANGUARD) ADMIRAL< / >< / ><><>500Adml< / ><>704.62< / ><>-3.40< / ><>12.2< / >< / ><><>BalAdml< / ><>54.31< / ><>-0.16< / ><>6.9< / >< / ><><>CAITAdml< / ><>11.15< / ><>...< / ><>-1.3< / >< / ><><>CapOpAdml< / ><>r262.78< / ><>-3.42< / ><>21.2< / >< / ><><>DivAppldxAdml< / ><>64.73< / ><>-0.25< / ><>9.4< / >< / ><><>EMAdmr< / ><>49.67< / ><>-0.51< / ><>11.5< / >< / ><><>EqIncAdml< / ><>102.43< / ><>-0.59< / ><>11.5< / >< / ><><>ExplrAdml< / ><>120.03< / ><>-1.14< / ><>12.5< / >< / ><><>ExtndAdml< / ><>179.68< / ><>-0.72< / ><>13.9< / >< / ><><>GroIncAdml< / ><>120.85< / ><>-0.69< / ><>10.8< / >< / ><><>GrwthAdml< / ><>270.83< / ><>-1.00< / ><>8.1< / >< / ><><>HlthCareAdml r< / ><>88.30< / ><>+1.12< / ><>6.6< / >< / ><><>HYCorAdml r< / ><>5.40< / ><>-0.01< / ><>1.4< / >< / ><><>InfProAd< / ><>22.48< / ><>-0.01< / ><>-0.5< / >< / ><><>InfTechIdx< / ><>488.09< / ><>-8.02< / ><>26.8< / >< / ><><>IntlGrAdml< / ><>122.86< / ><>-0.79< / ><>7.8< / >< / ><><>ITBondAdml< / ><>10.01< / ><>-0.02< / ><>-2.3< / >< / ><><>ITIGradeAdml< / ><>8.45< / ><>-0.01< / ><>-1.9< / >< / ><><>LarCapAd< / ><>177.14< / ><>-0.83< / ><>12.1< / >< / ><><>MidCpAdml< / ><>399.30< / ><>-2.14< / ><>11.9< / >< / ><><>MuHYAdml< / ><>10.25< / ><>-0.01< / ><>-0.8< / >< / ><><>MulntAdml< / ><>13.29< / ><>...< / ><>-1.3< / >< / ><><>MuLTAdml< / ><>10.39< / ><>-0.01< / ><>-1.5< / >< / ><><>MuLtdAdml< / ><>10.82< / ><>...< / ><>0.6< / >< / ><><>MuShtAdml< / ><>15.77< / ><>...< / ><>1.4< / >< / ><><>PrmcpAdml r225.08< / ><>-2.41< / ><>21.7< / ><>< / >< / ><><>RealEstatAdml133.64< / ><>-0.74< / ><>8.7< / ><>< / >< / table>

d><>78.20< / ><>-0.05< / ><>12.6< / >< / ><><>iShCoreMSCIEAFE< / ><>IEFA< / ><>98.68< / ><>-0.82< / ><>10.3< / >< / ><><>iShCoreMSCIEM< / ><>IEMG< / ><>80.40< / ><>-2.63< / ><>19.6< / >< / ><><>iShMSCIntlDev< / ><>IDEV< / ><>91.21< / ><>-0.73< / ><>10.6< / >< / ><><>iShCoreMSCITotInt< / ><>IXUS< / ><>95.95< / ><>-1.31< / ><>13.4< / >< / ><><>iShCoreS&P500< / ><>IVV< / ><>764.48< / ><>-0.45< / ><>11.6< / >< / ><><>iShCoreS&P MC< / ><>IJH< / ><>73.79< / ><>-0.87< / ><>11.8< / >< / ><><>iShCoreS&P

SC< / td> IJR< / ><>141.26< / ><>-0.65< / ><>17.5< / >< / tr> <>iShCoreS&PTotUS< / ><>ITOT< / ><>166.37< / ><>-0.44< / ><>11.9< / >< / ><><>iShCoreS&PUSGrw< / ><>IUSG< / ><>188.70< / ><>-0.74< / ><>12.4< / >< / ><><>iShCoreUSAggBd< / ><>AGG< / ><>95.89< / ><>-0.09< / ><>-4.0< / >< / ><><>iShCoreUniUSDBd< / ><>IUSB< / ><>44.75< / ><>-0.09< / ><>-3.8< / >< / ><><>iShEdgeMSCIUSAQual< / ><>QUAL< / ><>220.15< / ><>-0.02< / ><>10.8< / >< / ><><>iShGoldTr< / ><>IAU< / ><>80.54< / ><>-1.43< / ><>-0.8< / >< / ><><>iShiBoxxSIGCpBd< / ><>LQD< / ><>104.30< / ><>-0.02< / ><>-5.3< / >< / ><><>iShMBS< / ><>MBB< / ><>91.22< / ><>-0.18< / ><>-4.2< / >< / ><><>iShMSCIACWI< / ><>ACWI< / ><>158.96< / ><>-0.80< / ><>12.3< / >< / ><><>iShMSCI

10.8< / >< / ><><>iShSemiconductor< / ><>SOXX< / ><>497.40< / ><>-5.63< / ><>65.2< / >< / ><><>iSh7-10YTreaBd< / ><>IEF< / ><>90.93< / ><>-0.09< / ><>-5.4< / >< / ><><>iShSilver< / ><>SLV< / ><>56.84< / ><>-2.20< / ><>-11.8< / >< / ><><>iSh20+YTreaBd< / ><>TLT< / ><>80.93< / ><>0.07< / ><>-7.1< / >< / ><><>iShUSEqFactRotat< / ><>DYNF< / ><>69.15< / ><>-0.89< / ><>13.7< / >< / ><><>iShUSTreasuryBd< / ><>GOVT< / ><>22.14< / ><>-0.05< / ><>-3.8< / >< / ><><>iShO-3MTreaBd< / ><>SGOV< / ><>100.53< / ><>0.01< / ><>0.1< / >< / ><><>JPMNasdEqPrem< / ><>JEPQ< / ><>59.35< / ><>-0.72< / ><>2.1< / >< / ><><>JanusAAACLO< / ><>JAAA< / ><>50.63< / ><>0.02< / ><>0.1< / >< / ><><>JPMEqPremiumIncome< / ><>JEPI< / ><>56.51< / ><>-0.25< / ><>-1.3< / >< / ><><>JPM

UltShIncm< / ><>JPST< / ><>50.35< / ><>-0.02< / ><>-0.5< / >< / ><><>ProShUltPrQQQ< / ><>TQQQ< / ><>69.27< / ><>-2.41< / ><>31.4< / >< / table>

前100大交易所交易基金，最新交易日。

<><>ETF< / ><>代码< / ><>收盘价< / ><>涨跌 (%)< / ><>年初至今 (%)< / >< / ><><>SPDRGoldMini< / ><>GLDM< / ><>84.73< / ><>-1.48< / ><>-0.7< / >< / ><><>SPDR Gold< / ><>GLD< / ><>392.84< / ><>-1.49< / ><>-0.9< / >< / ><><>SchwabIntEquity< / ><>SCHF< / ><>27.82< / ><>-1.31< / ><>15.7< / >< / ><><>SchwabUS BrdMkt< / ><>SCHB< / ><>29.33< / ><>-0.48< / ><>11.8< / >< / ><><>SchwabUS Div< / ><>SCHD< / ><>34.34< / ><>0.64< / ><>25.2< / >< / ><><>SchwabUS LC< / ><>SCHX< / ><>29.99< / ><>-0.40< / ><>11.4< / >< / ><><>SchwabUS LC

Grw< / ><>SCHG< / ><>35.25< / ><>0.26< / ><>8.1< / >< / ><><>SSEnergySel< / ><>XLE< / ><>64.53< / ><>-0.94< / ><>44.3< / >< / ><><>SSFinlSel< / ><>XLF< / ><>57.03< / ><>-0.38< / ><>4.1< / >< / ><><>SSHltchCrSel< / ><>XLV< / ><>167.75< / ><>1.45< / ><>8.4< / >< / ><><>SSIndlSel< / ><>XLI< / ><>169.93< / ><>-1.42< / ><>9.5< / >< / ><><>SSSPDRBbg1-3M< / ><>BIL< / ><>91.50< / ><>...< / ><>0.1< / >< / ><><>SS SPDR

d><>350.85< / ><>-0.46< / ><>11.5< / >< / ><><>VangdMstarMegaGr< / ><>MGK< / ><>89.61< / ><>-0.32< / ><>8.5< / >< / ><><>VangdMstarMC< / ><>VO< / ><>80.61< / ><>-0.52< / ><>11.1< / >< / ><><>VangdMstarSC< / ><>VB< / ><>292.37< / ><>-0.37< / ><>13.3< / >< / ><><>VangdMstarSCVal< / ><>VBR< / ><>241.66< / ><>-0.18< / ><>14.1< / >< / ><><>VangdMstarTot< / ><>VTI< / ><>374.68< / ><>-0.43< / ><>11.8< / >< / ><><>VangdMstarVal< / ><>VTV< / ><>222.89< / ><>-0.48< / ><>16.7< / >< / ><><>VangdRealEst< / ><>VNQ< / ><>94.33< / ><>-0.50< / ><>6.6< / >< / ><><>VangdRuss1000Grw< / ><>VONG< / ><>124.81< / ><>-0.87< / ><>2.5< / >< / ><><>VangdS&P500ETF< / ><>VOO< / ><>699.30< / ><>-0.46< / ><>11.5< / >< / ><><>VangdST

Bond< / td> BSV< / ><>76.72< / ><>-0.03< / ><>-2.7< / >< / tr> <>VangdSTCpBd< / ><>VCSH< / ><>77.69< / ><>-0.04< / ><>-2.6< / >< / ><><>VangdShortTrea< / ><>VGSH< / ><>57.67< / ><>-0.03< / ><>-1.8< / >< / ><><>VangdTaxExemptBd< / ><>VTEB< / ><>48.41< / ><>-0.04< / ><>-3.7< / >< / ><><>VangdTotalBd< / ><>BND< / ><>71.17< / ><>-0.07< / ><>-3.9< / >< / ><><>VangdTotIntlBd< / ><>BNDX< / ><>46.93< / ><>-0.13< / ><>-2.9< / >< / ><><>VangdTotIntlStk< / ><>VXUS< / ><>86.04< / ><>-1.26< / ><>14.1< / >< / ><><>VangdTotWrldStk< / ><>VT< / ><>158.73< / ><>-0.76< / ><>12.5< / >< / table>

ValionBio< / ><>VBIO< / ><>2.10< / ><>-7.1< / >< / ><><>Venu< / ><>VENU< / ><>1.71< / ><>0.6< / >< / ><><>VikingAcqnI< / ><>VACLU< / ><>6.11< / ><>2.3< / >< / ><><>Vipshop< / ><>VIPS< / ><>12.42< / ><>-0.2< / >< / ><><>Virtuix< / ><>VTIX< / ><>1.01< / ><>2.9< / >< / ><><>VirtusCpVfdA< / ><>NCVpA< / ><>19.69< / ><>-0.1< / >< / ><><>VisioniWaveWt< / ><>VWAVW< / ><>0.05< / ><>4.8< / >< / ><><>VolitionRX< / ><>VN RX< / ><>0.30< / ><>0.6< / >< / table>

<><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 (%)< / >< / ><><>SmCapAdml< / ><>140.05< / ><>-0.56< / ><>14.1< / >< / ><><>SmGthAdml< / ><>119.02< / ><>-0.79< / ><>12.4< / >< / ><><>STIGradeAdml< / ><>10.22< / ><>-0.01< / ><>0.5< / >< / ><><>STIPStxAdml< / ><>24.82< / ><>...< / ><>1.5< / >< / ><><>TotBdAdml< / ><>9.37< / ><>...< / ><>-1.3< / >< / ><><>TotIntBldxdm< / ><>18.79< / ><>-0.01< / ><>-1.1< / >< / ><><>TotIntlAdlmdx< / ><>46.20< / ><>-0.57< / ><>14.6< / >< / ><><>TotStAdml< / ><>182.35< / ><>-0.83< / ><>12.4< / >< / ><><>TxMCapAdml< / ><>391.82< / ><>-1.80< / ><>12.0< / >< / ><><>TxMln

r< / ><>NA< / ><>...< / ><>NA< / >< / ><><>USGroAdml< / ><>196.64< / ><>-0.91< / ><>0.8< / >< / ><><>ValAdml< / ><>86.94< / ><>-0.45< / ><>17.9< / >< / ><><>WdsrlAdml< / ><>94.23< / ><>+0.27< / ><>13.9< / >< / ><><>WellsAdml< / ><>62.21< / ><>-0.15< / ><>2.8< / >< / ><><>WelltnAdml< / ><>80.78< / ><>-0.43< / ><>5.8< / >< / ><><>WndsrAdml< / ><>83.79< / ><>-0.16< / ><>14.0< / >< / ><>< colspan="4">先锋基金 (VANGUARD)

FDS< / >< / ><><>DivdGro< / ><>31.73< / ><>-0.04< / ><>4.5< / >< / ><><>LifeGro< / ><>< / ><>...< / ><>< / >< / ><><>LifeMod< / ><>< / ><>...< / ><>< / >< / ><><>PrmpcCor< / ><>45.75< / ><>-0.61< / ><>23.5< / >< / ><><>STAR< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2020< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2025< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2030< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2035< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2040< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2045< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2050< / ><>< / ><>...< / ><>< / >< / ><><>TgtRe2060< / ><>< / ><>...< / ><>< / >< / ><><>TgtRet2055< / ><>< / ><>...< / ><>< / >< / ><><>TgtRetInc< / ><>< / t

d><>...< / ><>< / >< / ><><>Welltn< / ><>46.78< / ><>-0.25< / ><>5.8< / >< / ><>< colspan="4">先锋指数基金 (VANGUARD INDEX FDS< / >< / table>

30.49< / td><>-2.2< / >< / tr> <>WillametteValley< / ><>WVVI< / ><>1.89< / ><>-9.7< / >< / ><><>Winmark< / ><>WINA< / ><>298.53< / ><>-2.9< / >< / ><><>WynnResorts< / ><>WYNN< / ><>86.80< / ><>0.1< / >< / ><><>XIAO-I< / ><>AIXI< / ><>2.30< / ><>-11.2< / >< / ><><>YXT.COM< / ><>YXT< / ><>2.27< / ><>0.8< / >< / ><><>YouxinTechnology< / ><>YAAIS< / ><>1.36< / ><>0.7< / >< / ><><>ZSquared< / ><>ZSQR< / ><>2.76< / ><>-10.3< / >< / ><><>ZhibaoTech< / ><>ZBAO< / ><>0.09< / ><>-22.8< / >< / ><><>Zumiez< / ><>ZUMZ< / ><>13.64< / ><>-1.2< / >< / table>

<><>年初至今预估< / ><>基金< / ><>资产净值 (NAV)< / ><>净变动< / ><>年初至今回报率 %< / >< / ><><>1.1< / ><>ExtndlstPI< / ><>443.39< / ><>-1.78< / ><>13.9< / >< / ><><>2.4< / ><>IdxIntl< / ><>27.61< / ><>-0.35< / ><>14.5< / >< / ><><>0.5< / ><>MdCpGrAdml12 6.12< / ><>-0.88< / ><>5.3< / ><>< / >< / ><><>1.5< / ><>MdCpVIAdml105. 99< / ><>-0.44< / ><>16.6< / ><>< / >< / ><><>3.3< / ><>SmValAdml< / ><>103.82< / ><>-0.22< / ><>15.2< / >< / ><><>1.0< / ><>TotBd2< / ><>9.23< / ><>-0.01< / ><>-1.5< / >< / ><><>1.6< / ><>TotIntlInstldx< / ><>184.75< / ><>-2.30< / ><>14.6< / >< / ><><>2.0< / ><>TotllInstlPIId< / ><>184.80< / ><>-2.30< / ><>14.6< / >< / ><><>2.0< / ><>TotSt< / ><>182.30< / ><>-0.84< / ><>12.4< / >< / ><><>UAVA< / >< colspan="4">VANGUARD INSTL< / >< / ><><>1. 1A< / ><>ValueInst< / ><>86.94< / ><>-0.45< / ><>17.9< / >< / ><><>1.8< / >< colspan="4">WCM Focus Funds< / >< / table>

WCMFocIntlGrwIns 27.49 -0.37 10.5

利率波动使抵押贷款债券面临风险

持有超低利率住房贷款的人数可能比你想象的要少

在今年的劳动节野餐会上，能吹嘘自己拥有低于 3% 抵押贷款利率的美国人数比几年前减少了数百万。

对于那些厌倦了听这些话而感到沮丧的购房者来说，这或许是一种解脱。但对于投资者而言，这是一个不祥之兆。

许多房主和购房者在疫情期间锁定了极低的借贷利率。尽管此后抵押贷款利率大幅上升并抑制了新的借贷，但生活仍在继续。首次购房者依然在买房，旧的抵押贷款被偿还，人们为了家庭或工作搬迁而放弃了低成本抵押贷款，等等。根据洲际交易所（Intercontinental Exchange）的数据，截至 2021, 年底，美国有近 1500 万 笔利率低于 $3 的活跃首套房抵押贷款。而截至今年 7 月，这一数字已降至 1200 万 笔以下。

从金额来看，市场的转变十分剧烈。在 2022, 年底，约 10% 的未偿还本金余额属于利率在 5% 或更高的抵押贷款，根据 ICE 的数据。而截至今年 7 月，5%-plus 抵押贷款占未偿还余额的 40% 以上。

注：包括活跃的第一顺位抵押贷款 来源：洲际交易所

这产生了经济后果。许多房主在 2022, 年通过锁定利率免受利率飙升的影响。如今，收益率上升意味着那些必须以更高利率借款的购房者将不得不等待更长时间才能进行再融资，从而享受较低的月供。

这种转变还具有投资影响。现在，抵押贷款市场中更大的一部分群体在利率下降时渴望进行再融资，而利率上升则会阻碍他们这样做。对于抵押贷款支持证券（MBS）的投资者来说，这是一个至关重要的动态。

在近期利率飙升而经历过艰难年份的固定收益投资者，可能会转向政府支持的抵押贷款债券，以在依然

利率在 5% 或更高抵押贷款的未偿还本金余额占比

抵押贷款利率的稳步上升减缓了借贷速度。加利福尼亚州的一栋待售房屋。

避免信用风险的同时赚取额外收益。

iShares MBS ETF 持有由房利美（Fannie Mae）和房地美（Freddie Mac）等政府赞助企业发行的债券，这些企业将个人住房贷款进行打包。根据 FactSet 的数据，MBS ETF 在过去三年的年化回报率为 4.3%，比 iShares 美国国债 ETF 高出约 1.2 个百分点。

抵押贷款债券的收益率通常高于国债的一个原因——AGNC ICE UMBS 30-Year Current Coupon Index 约为 5.8%，而 10 年期国债则略低于 5%——是围绕通过再融资提前偿还抵押贷款的风险。

当利率飙升时，这种风险较低。利率在 2% 或 3% 的抵押贷款不会被借款人以 6% 或 7% 的利率进行再融资。而且，当然，利率也没有跌破疫情时期水平的危险。

现在，市场已更多地向那些极有可能以切实较低的利率进行再融资的抵押贷款倾斜。这意味着抵押贷款被提前偿还的速度快得多或慢得多的风险，再次成为投资者考虑的主要因素。

如果再融资次数减少，这会延长抵押贷款债券的寿命；如果再融资次数很多，则会缩短其寿命。因此，认为自己能将抵押贷款债券的稳健收益锁定一段时间的投资者，可能会在任何一种情况下感到失望。

如果寿命缩短，这笔资金必须以较低的收益率重新投资。如果寿命延长，抵押贷款债券的交易价格对高利率会变得更加敏感。

“通过抵押贷款债券，你可以获得比国债更高的收益，”The Convexity Maven 网站作者、MOVE 指数创建者哈利·巴斯曼（Harley Bassman）解释道，“但权衡之处在于，当利率上升时，你的损失可能更多；而当利率下降时，你的收益可能更少。”

目前看来，利率下降的前景十分渺茫，国债承受着压力，且美联储准备采取紧缩政策。但如果长期债券收益率确实开始下降——或许是在人工智能领域出现某种周期性衰退之后——抵押贷款债券的持有者可能会对还款速度感到惊讶。

FHN金融公司的抵押贷款策略师沃尔特·施密特（Walt Schmidt）指出，平均贷款余额有所上升，如今的借款人信用评分更高，且更多贷款由非银行机构提供服务。这些公司旨在积极地为客户办理再融资，因为它们通过交易量获利。

“市场目前对于还款速度可能加快的可能性过于乐观了，”FHN的策略师在7月的一份报告中写道。

技术也发挥了作用。摩根士丹利的策略师最近考虑了利用AI加速抵押贷款再融资的潜在影响，而这一过程通常非常繁琐。他们认为，这可能会导致研究过去行为的投资者“对借款人更倾向于行使这一选择权的定价出现偏差”。

对于那些未能获得超低抵押贷款利率的人来说，一个可能的慰藉是：有机会投资于收益率更高的抵押贷款债券。但没有什么是永恒的。即使是30年期的抵押贷款，其实际期限通常也短得多。

——特利斯·德莫斯（Telis Demos）

股市陷入“期中忧郁”

S&P 500 7月 1 日至期中选举前一个月，收益率为 15%

1986 90 94 98 2002 06 10 14 18 22 来源：FactSet；华尔街日报计算

从战争、收益率上升到 AI 抹除人类，近期有太多事情让投资者夜不能寐。

但我们现在正处于一个无论头条新闻是什么，焦虑感往往都会上升的时期。从历史来看，美国期中选举前的这段时间是持有美国股票最糟糕的时段之一。

在过去 40 年中，从 7 月初到选举日前的一个月，S&P 500 有一半的时间出现亏损，平均收益率为 -2.4%。好消息是？一旦选举结果开始明朗，紧张局势就会缓解。股票往往在选举日前的最后四周内有所回升。

一旦计票完成，S&P 500 的表现非常出色。那么，谁获胜重要吗？

共和党目前享有“三权在手”——控制国会两院以及白宫。但这很难维持，他们在 1994, 2006, 2010, 2018 和 2022. 失去了控制权。上一次一个政党同时掌控行政和立法部门是在卡特政府时期。

人们普遍认为，分裂政府对股市有利，因为当华盛顿被束缚住手脚时，商业才会繁荣。这在一定程度上是正确的：根据贝莱德（BlackRock）分析师的数据，自 1970, 以来，期中选举导致单党控制权丧失后，随后的六个月内平均上涨了 $10.4%。

截至周五，Polymarket 的投注显示，共和党保留众议院控制权的概率仅为 12%。民主党横扫选举的可能性为等概率。

但根据可能的选举结果来改变你的股市风险敞口可能是一个糟糕的主意。自 1970 年以来，所有期中选举后六个月的平均股市表现都很好，甚至超过了仅在分裂政府情景下的表现。

避开那些可能突然失宠的行业也可能是一个错误。例如，在奥巴马总统的两任任期内，他竞选时主张改革的医疗保健行业年化收益率高达 14.2%。

而且，尽管乔·拜登拥有绿色环保资历，但在他任职期间，传统化石燃料公司的表现最好。此前在特朗普总统的第一任期内，这些公司的年化收益率为 $16.4% 负值，排名垫底。

在他目前的任期内，能源股表现一直很出色。但这在很大程度上是因为一个在政治上损害其政党选举前景的原因——中东石油供应冲击。

对特朗普总统来说，坏消息是在选举日之前修复这个问题的时间不足两个月。对投资者来说，好消息是无论结果如何，历史上的期中选举前困难期即将结束。

—Spencer Jakab

金融与投资

股票聚焦

英伟达、英特尔和 Marvell Technology 在最大几家 AI 公司的领导人呼吁放缓 AI 发展后，芯片股下跌。英伟达、英特尔和 Marvell 分别下跌 3%、6% 和 7%。在海外，芯片股同样遭到抛售，包括韩国的 SK 海力士（6%）和三星电子（4%），以及荷兰的 ASML（7%）。

雅培实验室 在雅培同意支付 $3.85 亿美元以解决相关指控后，股价上涨 1%。该指控涉及其对一家婴儿配方奶粉工厂的管理，该工厂被怀疑存在导致婴儿死亡的致命细菌。

1997, 的今天，网络域名 google.com 完成注册。该搜索引擎背后的斯坦福大学程序员拉里·佩奇（Larry Page）

甲骨文 (Oracle)

该公司在周末表示，联合创始人拉里·埃里森（Larry Ellison）取消了出售价值高达 75 亿美元甲骨文股份的计划，而该计划在披露仅一天后便被作废。公司未给出变更原因。受整体科技股抛售潮影响，该公司股价下跌近 4%。

软银集团 (SoftBank Group) 这家日本科技巨头的股价在东京下跌超过 10%。AI 研发速度的放缓可能会打击软银广泛的 AI 投资，包括其在 OpenAI 的持股。OpenAI 首席执行官萨姆·奥特曼（Sam Altman）在一次采访中表示，考虑到安全问题，该公司今年可能不会上市。

市场历史上的今天

以及谢尔盖·布林（Sergey Brin），最初将他们的项目命名为 Backrub，随后将其更名为 Google——这是对 googol（意为 1 后面跟 100 个零）的谐音。

CrowdStrike、Palo Alto Networks 和 Workday 网络安全及其他软件公司的股价在周一上涨。由于投资者押注这些业务将被新的 AI 模型取代，许多相关股票在今年一直承压。CrowdStrike 上涨近 14%，而 Palo Alto Networks 和 Workday 分别上涨 13% 和 5%。

周二事件： ◆ 美联储：美联储将召开为期两天的 9 月 FOMC 会议，官员们将在闭门会议中讨论利率以及是否有必要加息。 ◆ 经济数据：帝国州 9 月制造业调查、ADP 就业报告、Johnson Redbook 零售销售数据

预期公布财报公司：Vera Bradley

来源：FactSet

泛欧交易所及其竞争对手上涨

在泛欧交易所（Euronext）首席执行官表示对与德国竞争对手德意志交易所（Deutsche Börse）达成交易持开放态度后，欧洲证券交易所集团的股价上涨。

在周一的巴黎交易中，泛欧交易所股价上涨约 $1% 而德意志交易所股价在德国上涨 $2%。

比特币的上涨行情结束了吗？

今年夏天的一段时间里，比特币和其他加密货币陷入低迷，被大涨的人工智能股票和预测市场的光芒所掩盖。随后在 8 月，比特币创下了 2023 年以来最大规模的上涨。

此次反弹的背后原因包括：美国财政部长斯科特·贝森特（Scott Bessent）在 8 月 19 日宣布政府将至少将长期债务的回购规模增加一倍，这引发了针对美元看空押注的空头回补狂潮；特朗普总统在同一天推动国会通过数字监管法案的“公平版本”；以及整体风险偏好的回归，加密货币交易所交易基金（ETF）在 8 月录得强劲资金流入。

从 8 月 19 日到 8 月 25, 比特币上涨约 25% 至 $80,000，并在 9 月初攀升至 $82,000 以上。此后其价格有所回落——周一下午交易价格在 $79,000 左右。

由于难以再次突破 $80,000 关口，投资者开始质疑比特币的上涨行情是否已经熄火——就目前而言。

加密货币类资产难以估值，且经常遇到看似随机的进展障碍，加密货币交易所交易产品提供商 21Shares 的宏观主管斯蒂芬·科尔特曼（Stephen Coltman）表示。科尔特曼称，目前投资者将 $80,000 水平视为卖出机会。

比特币距离 2025, 10 月约 $125,000 的峰值仍有很大差距，一些分析师怀疑此类水平短期内不会再次出现。另一方面，分析师表示，财政部愿意容忍美元走弱以及监管风向的转变可能会推动比特币及其同类资产进一步走高。

—Joe Stonor 和 Farhan Rafid

付费广告

自然保护运动需要学会说“是”

给我们运动的一封信

每小时，我们失去超过 40 英亩的农田和牧场。每天，两倍于中央公园面积的开放空间消失。每年，又有 100 万英亩的森林丧失。而一旦这些土地消失，就永远消失了。

而现在，数万亿美元用于急需的基础设施建设，将创造美国历史上规模最大的建设时期之一。

如果没有清晰的愿景，这些新基础设施将加速野生土地和工作土地的丧失，而人类和野生动物都依赖于此。这些是我们无法承受失去的土地。

那么，我们如何在保护赖以生存的自然系统的同时，建设我们所需的基础设施？

环保运动在解决上个世纪的许多挑战方面功不可没：减少污染、保护标志性景观，并迫使工业界为环境破坏负责。但我们是通过说“不”来实现的——通过立法、监管和诉讼。“不”是保护艰苦赢得的保护成果的有力工具。但它不能是我们工具箱里的唯一工具。

如果我们想要应对气候变化、住房需求、水资源短缺和农村经济发展，我们需要建设。当我们建设时，我们有机会将新基础设施与保护成果相结合，为我们的国家争取到比仅说“不”所能实现的更多成果。人工基础设施和自然基础设施不再是对立面，而是成为合作伙伴。这就是寻找“是”的含义。

湿地可以防御洪水、风暴潮和极端天气。森林可以储存碳、过滤饮用水并延长水库的寿命。农场提供新鲜、本地且可持续的食物。城市树冠能让城市在热浪中保持宜居。这些自然系统是必需品，而非装饰品。它们承担了人工基础设施无法完成的工作。

我们不能仅通过说“不”来解决当今最大的挑战。

一个繁荣、健康且具有韧性的未来，需要一个既致力于建设国家紧迫需求，又致力于保护不可替代之物的环保运动。

未来的挑战过于巨大且复杂，无法用昨天的剧本来应对。我们需要一个在建设方面与在阻拦方面同样坚定的运动。

是时候寻找那个“是”了。为了我们所有人。

拉里·塞尔泽 (Larry Selzer) 总裁兼首席执行官

THE WALL STREET JOURNAL.

DOW JONES

News Corp

* * * * *

DJIA 52421.20 ▼ 152.09 0.29%

TUESDAY, SEPTEMBER 15, 2026 \~ VOL. CCLXXXVIII NO. 64

NASDAQ 26186.41 ▼ 0.6%

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WSJ.com

10-YR. TREAS. ▲ 4/32, yield 4.960%

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What's News

Business & Finance

♦ Major U.S. stock indexes posted modest declines in Monday's session despite a boost given some AI stocks by tech enthusiasts, with the S&P 500, Nasdaq and Dow falling 0.5%, 0.6% and 0.3%, respectively. The yield on the 10-year Treasury note rose above 5%. A1, B1

◆ Trump spent last year demanding rate cuts from the Fed. Investors now expect his handpicked chairman to reverse course and start raising them this week. A1

◆ OpenAI quietly bought Glass Imaging, a startup developing technology that uses artificial intelligence to improve cameras for smartphones. B4

◆ NextEra Energy affirmed its 2026 profit guidance at the high end while continuing to advance regulatory approvals for its proposed \$67 billion acquisition of Dominion. B2

◆ Abbott agreed to pay \$385 million to settle allegations related to its management of a baby-formula facility where bacteria were suspected of causing infant deaths. B3

◆ Wegovy maker Novo Nordisk is rebranding itself as Novo, betting that a shorter name will help it resonate more with consumers as it competes with Eli Lilly. B1

◆ Hugo Boss said its supervisory board chairman, Stephan Sturm, would step down after Frasers achieved near-majority ownership of the fashion company. B3

◆ Michael Dell's DFO Management and Sequence Holdings are taking insurance brokerage Baldwin Group private in a cash deal with an enterprise value of \$7.7 billion. B4

Worldwide

◆ The Supreme Court blocked the Trump administration from imposing new requirements for mail ballots, averting what state and local officials warned would have been a crisis in the midterm elections. A1

◆ Trump rejected the need for tighter federal regulation of artificial intelligence and dismissed safety concerns as a hoax that would leave the industry in financial ruin and hand China a competitive edge. A4 ◆ A Chinese official said AI was the “core engine of a new round of technological revolution” and the main battleground of its rivalry with the U.S. A5

◆ The EPA said it would repeal some carbon-dioxide-emission rules for power plants, part of a broader effort to curtail the agency's role in regulating climate change. A3

◆ Sen. Mitch McConnell voted at the Capitol for the first time in three months, after a fall that raised concerns about whether he would return to work. A6

◆ The Treasury Department identified Russia’s VTB Bank as a key financial node for Iran’s Islamic Republic and slapped it with more sanctions. A7

◆ New York City's mayor said a coalition of cities sued to challenge a federal rule that would let Washington more easily deny green cards and visas to immigrants based on their use of public benefits. A3

◆ Mahmoud Khalil sued Columbia University, alleging it didn't do enough to protect pro-Palestinian students from severe harassment in connection with the Israel-Hamas war. A5

◆ Died: Bob Mackie, 87, award-winning fashion designer. A5

Money & Investing B11 Opinion..... A13-15 Personal Journal A10-11 Sports..... A16 Technology..... B4 U.S. News..... A2-6 World News..... A7-9

© 2026 Dow Jones & Company, Inc. All Rights Reserved

Yemen's Houthis Flex Muscle, Rattle Oil Markets

YAHYA ARHAB/EPA/SHUTTERSTOCK
ON THE OFFENSIVE: A display of mock drones and missiles, seen Monday in Yemen's capital San'a, shows the increasing boldness of the Iran-backed Houthis. The group has seized a chokepoint on the Red Sea that imperils global energy supplies. A8

Rate-Hike Expectations Put Warsh in Bind as Fed Meets

Stubborn inflation is shrinking chairman's options, but he risks antagonizing Trump

BY NICK TIMIRAOS

President Trump spent last year demanding rate cuts from the Federal Reserve. Investors now expect his handpicked chairman to reverse course and start raising them this week.

The case for raising rates is a measure of how much the outlook has shifted since Kevin Warsh took over the central bank in May. The president's war with Iran has gone on longer than officials and investors expected and has pushed energy prices higher. Trump's new tariffs have taken effect. The AI build-out has strained supply chains for electricity and tech equipment, adding to demand faster than it has added to the economy's capacity to meet it.

That leaves Warsh facing the fight Trump hoped he would avoid when he tapped the new chairman. Trump has said for months that he trusts Warsh to do the right thing, a formulation that has spared the new chairman the treatment faced by his predecessor, Jerome Powell. Raising rates before the midterm elections would test how long that lasts.

Ahead of this week's meeting, Kevin Hassett, the White House National Economic Council director, said on TV Sunday that inflation is improving and that the Fed doesn't need to raise rates. He said Trump “100% respects the independence of Kevin Warsh.”

At the same time, he conceded Trump wouldn't be “super happy” about a rate increase and said the Fed risks its reputation for staying out of politics when it changes rates near an election.

The reverse is also true. With the White House demanding lower rates, standing pat

Please turn to page A2

Source: Tullett Prebon

The yield on the 10-year Treasury crossed 5% Monday, a pivotal mark for bonds. B1

AI Stocks Advance Despite Calls for Slowdown

Industry leaders' warnings of disastrous potential are met skeptically

Wall Street's AI train is still steaming ahead, even after the technology's leaders called for a slowdown.

A week of alarming headlines about AI's potential to destroy civilization culminated Saturday with Anthropic's Dario Amodei,

OpenAI's Sam Altman, Elon Musk of xAi and Demis Hassabis of Google's DeepMind each agreeing on the need to curb the technology's development.

By Jack Pitcher, Shradha Dinesh and Robbie Whelan

Investors listened, nodded solemnly—and then proceeded to buy more AI stocks.

Shares of Microsoft, Alphabet and Meta Platforms—three of the biggest AI hyperscalers—all advanced 2% or more Monday. They and others benefited from a rotation out of the chip makers supplying AI hardware and toward the customers whose data centers need semiconductors.

In favoring hyperscalers over chip stocks, the market appeared to conclude that Microsoft and its peers will still be among the world's most-profitable companies even if AI investments were to lose speed. As suppliers, chip makers such as Micron Technology Please turn to page A5

- Trump decries AI angst as a hoax....A4 - For China, U.S. is the AI battleground....A5

Justices Block Trump On Curbing Mail Votes

BY JAMES ROMOSER AND LOUISE RADNOFSKY

WASHINGTON—The Supreme Court on Monday blocked the Trump administration from imposing new requirements for mail ballots, averting what state and local officials warned would have been a crisis in the midterm elections.

In a one-paragraph ruling over the dissent of two conservative justices, the court said the U.S. Postal Service can't enforce new rules that would have compelled states to quickly redesign their ballot envelopes, submit lists of voters to the federal government and get signoff from postal officials before ballots could be mailed to voters.

The Postal Service adopted the new rules last month at the behest of President Trump, who has frequently disparaged mail voting and has said that limiting the practice would help fellow Republicans.

State and local officials argued the rules were unconstitutional and exceeded the Postal Service's authority. They also Please turn to page A6

Please turn to page A6

INSIDE

U.S. NEWS How inmates with contraband phones are scaming families across America. A3

Money and Safety Clash in AI

OpenAI and Anthropic, competing with each other and China, race toward IPOs

Before the doom descended last week, OpenAI researchers were euphoric.

The startup claimed it est internal AI model had solved one of the famously complicated Millennium Prize math problems, an experiment it embarked on after seeing run online that archrival An-

By Robert McMillan, Amrith Ramkumar, Keach Hagey and Erin Woo

thropic had already done so. Researchers called each other excitedly and posted about their triumph on Slack.

The break-through was seen internally as a victory in a ruthless commercial race to build AI

tools smarter than humans, a multitrillion-dollar sprint that Please turn to page A4

Investors Fall Back In Love With The Mall

BY KATE KING

The long-beleaguered mall business is finally having a moment.

After years of lagging behind the commercial-real estate recovery, malls are outperforming every other property type as more investors conclude that enclosed shopping centers have more staying power than previously understood.

Mall values are up 13% over the past year, according to real-estate analytics firm Green Street. That tops all 10 commercial property sectors and is more than double the increase in overall commercial real-estate prices.

Lackluster returns in the multifamily and office sectors are undoubtedly pushing some Please turn to page A2

A Snooty Sport Gets A Scottish Makeover

* * *

At the Ship Inn, cricket is played on the beach with beer breaks

BY JAMES HOOKWAY

ELIE, Scotland—Graham Bucknall likes to say that when he bought the Ship Inn here on the Firth of Forth, he wasn't sure if he'd taken on a cricket team with a pub, or a pub with a cricket team.

"I still don't know which," he said, setting out to clear the seaweed and tamp down the sand at the world's only cricket club to play all its home matches on the beach.

For over 30 years,

Howzat?

For over 30 years, the Ship Inn has fielded a team to take on visitors from across the U.K. This summer's highlights included the annual match against the Marylebone Cricket Club, the stewards of Lord's Cricket Ground in London and the ancient guardians of the game, and a grudge match against Earlsferry, the village across the bay.

It's a bit of a lark. Wait staff bring pitchers of beer and trays of glasses onto the

beach during what other sports call “hydration breaks.” The umpire wears shorts and flip-flops.

Bucknall's wife, Rachel, a classically trained singer, languidly relays the scores over the PA system—"A swing and a miss. Oh dear!"—along with the occasional

with the occasional public-service announcement about dogs running off with a stray ball.

Yet more teams are vying for a chance to play, which is testament to a surprising trend: Cricket, long ignored Please turn to page A11

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Based on G2 Grid Reports and verified customer reviews and ratings as of [February 2026].

U.S. NEWS

Fed Meets, With Warsh In a Bind

Continued from Page One

when investors widely expect an increase would feed the suspicion that Warsh was accommodating the president who nominated him.

The Fed's rate decisions are meant to be made independently of the White House, an arrangement that is supposed to keep short-term political pressure out of monetary policy. The assumption is that elected officials facing voters will always prefer lower rates than may be warranted. Changing rates near an election isn't unusual; the central bank raised rates before elections in 1994, 2004, 2018 and in 2022, when Joe Biden was president.

One year ago, Warsh criticized the Fed in TV interviews for moving too slowly to cut rates. Officials ultimately lowered them three times late in the year as insurance against a labor-market slump.

Warsh has said his views track conditions rather than politics. Asked in July 2025 whether his call for cuts at the time was shaped by the president who might select him, he cited episodes in which he had been early and the Fed late. "There's a time for a bird to change his feathers, and it's with the times," he said on CNBC. "It has nothing to do with this president."

President Trump with Kevin Warsh at his swearing-in ceremony in May.

Last year's cuts coincided with the most sustained public campaign against the Fed in decades. Trump, a Republican, spent months attacking Powell and threatened to have him prosecuted for fraud. He seated a top economic adviser, Stephen Miran, on the board, and Miran dissented in favor of looser policy at all six meetings he attended. Trump also tried to remove governor Lisa Cook, the first attempt by a president to fire a Fed governor. She kept her seat only after the Supreme Court intervened; the case is still live.

The administration and allies who urged cuts insisted throughout that inflation was solved and accused the Fed of finding excuses not to cut. Inflation has made no progress toward the Fed's $2\%$ goal in more than a year.

The week before he selected Warsh, Trump telegraphed a core anxiety when he said candidates tell him what he wants to hear and then do as they like once confirmed. “It’s amazing how people change once they have the job. It’s too bad, sort of disloyalty, but they got to do what they think is right,” said Trump, who had earlier chosen Powell for the top job.

Warsh has said little about any pressure he faces. People who have spoken with Warsh said he thinks the Powell Fed made matters worse by saying things that were unnecessarily antagonistic, such as narrating how tariffs would raise prices or defending the central bank's independence in public. Warsh's approach has been to avoid provocation by saying less.

At the Fed's latest meeting in July, three regional Federal Reserve Bank presidents voted against holding rates steady, preferring a rate increase. The White House has for months explained the Fed's drift toward raising rates by blaming those around Warsh, implying that the man Trump chose to lead the central bank agrees with him but is boxed in by a hostile committee.

The administration's explanation became harder to sustain when, in the run-up to this week, two influential Fed officials kept the door open to holding rates steady. If Warsh leads his colleagues to raise rates this week, it would be harder to argue he is being dragged somewhere.

Warsh had narrowed his own options over the summer. He opened his chairmanship in June with a news conference that left investors expecting a more muscular response to inflation, then held rates steady in July without explaining how that would bring inflation down. Long-term yields rose while he spoke, a sign investors weren't sure his tough talk would translate into policy.

A keynote speech in August corrected course. Warsh said he saw little evidence that borrowing conditions were restraining the economy, and that the summer's better inflation readings hadn't convinced him the underlying trend was improving. Holding again now would leave him as a chairman whose warnings cost nothing to ignore.

Friday's inflation report closed off the last exit. A key measure of consumer prices rose more than expected in August. Investors raised the odds of an increase this week to about $90\%$ .

Douglas Holtz-Eakin, a Republican economist who ran the Congressional Budget Office, thought before July that Warsh had no need to risk a row with the White House by raising rates before this fall's midterm elections. But since the July meeting, Warsh's words and an economy shaped by an energy shock and the AI boom have left him nowhere to stand. "His hand is getting forced," he said. "Kevin Warsh is an outstanding politician, and he's going to have to handle it."

What that looks like is the only question left, he said. The president and the chairman could tacitly agree to let Trump berate Warsh while Warsh absorbs it, or Trump could move on like nothing happened. "Trump will change the subject as opposed to take them on, because he can't say he made a mistake," said Holtz-Eakin.

Warsh has repeatedly said he won't be swayed by political considerations. "They chose an independent guy to do an independent job and that's exactly what I plan on doing," Warsh told lawmakers this summer.

Some who think the Fed should never have cut rates last year and should have already begun raising them think this is the wrong week to start. Michael Strain, a conservative economist at the American Enterprise Institute, said he would have voted to raise rates in July, but if the case wasn't strong enough then, not enough has happened since.

The counterargument is that the case for waiting has been eroding all year and not just since July. Others think the calendar is beside the point. “I just don’t think it’s going to be a factor at all at this meeting,” said Richard Clarida, Fed vice chair from 2018 to 2022.

Investors Head Back To the Mall

Continued from Page One

investors toward retail and mall properties, where occupancy and rent growth have held up better in large part due to a lack of new supply.

But resilient consumer spending and limited retailer bankruptcies have also put malls on their strongest footing in years. The most successful mall owners have continued to draw crowds by renovating their properties and adding tenants that are less vulnerable to online competition, such as luxury retailers, popular restaurants like Din Tai Fung and entertainment venues.

Shares of Simon Property Group, the U.S.'s largest mall owner, surpassed their previous high in July for the first time since 2016. The stock has outperformed the S&P 500 over the past 12 months.

It is a far cry from where the sector stood five years ago, when prolonged closures during the pandemic torpedoed foot traffic to malls already reeling from department-store closures and anxieties over the rise of online shopping.

An estimated 200 malls have closed since 2008, according to Green Street, leaving about 900 operating across the U.S.

“In terms of how we think about the malls today fundamentally, this is probably the best it’s felt post-Covid,” said Ronald Kamdem, head of U.S. real-estate investment trust and commercial real-estate research at Morgan Stanley.

The American mall revival has been so strong that Paris-based owner Unibail-Rodamco-Westfield is getting back in the game four years after it said it planned to ditch the U.S. market.

The company has committed to spend nearly \$1 billion this year buying out its partners at two of its malls: Westfield UTC in San Diego and Westfield Southcenter in deals that gave it full control of both properties.

“We see the type of rent growth that we haven’t seen since the beginning of the 2010s,” said URW Chief Executive Vincent Rouget.

EMMA ROSE MILLIGAN FOR WSJ
The Tysons Corner Center mall in Virginia this year. Mall values are up 13% over the past year, according to real-estate analytics firm Green Street.

Rouget said the U.S. market is now a growth driver for the company, with tenant sales and net-operating income growth outpacing the broader portfolio average. URW shed many lower-performing regional properties in recent years but still owns 14 American malls that rank among the nation's top performers.

Source: Green Street

It isn't just trophy malls that are on the upswing. Middle-market properties are also enjoying increasing occupancy and sales growth.

CBL Properties, a Chattanooga, Tenn.-based mall owner that spent a year in bankruptcy-court protection after the pandemic hit, said foot traffic and sales are up this year. So is its stock price, which has soared 48% since the start of the year.

The company, which has sold off or walked away from more than two-dozen malls since 2013, has bought five new properties since July 2025. “It’s really been, I think,

even better than we had hoped," CEO Stephen Lebovitz said. And younger Americans are frequenting malls to shop and socialize. At Tysons Corner Center in Virginia this year, Heather Eilers-Bowser picked out sneakers for her husband and son while her 13- year-old daughter hunted for a pair of trendy sweatpants she had seen online at the youth-focused brand Edikted.

*2026 data is as of July

Eilers-Bowser is sometimes shocked by how much the younger generation spends at the mall. “She has more expensive makeup than I do,” she said of her daughter. "And a lot more."

Despite recent gains, mall values still remain far below peak levels reached a decade ago. Plenty of investors remain skeptical.

CBL's West County Center in St. Louis shows how the mall landscape has changed in just a few years. In 2022, the 1.2 million-square foot mall's debt was coming due as lenders were steering clear of midtier malls, leaving the company unable to refinance.

West County Center's value had declined $30\%$ over the prior decade. Vacancy was ticking up, with three of the center's four prime restaurant spaces empty. Competition from a nearby mall was sapping sales from one of the mall's anchors, Nordstrom.

Today, the mall is thriving. Business has picked up at its department stores after Nordstrom closed its location at the other mall and Macy's renovated its store. Cheesecake Factory and Urban Outfitters will open later this year. Overall, tenant sales have increased 13% since 2023.

Lebovitz expects to close on a refinancing of West County Center within 60 days.

“We’ve just seen this real strengthening of the property,” he said.

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CORRECTIONS & AMPLIFICATIONS

The Good Friday Agreement said that a referendum should be held if people in Northern Ireland appear to favor joining the Republic of Ireland, which would also need to support reunification. A World News article on Monday about President Trump's weekend visit to Ireland incorrectly described the agreement as stating that a referendum can be held if a majority of the U.K. government is in favor of joining the Republic of Ireland, provided the people of the Republic of Ireland voted for reunification.

Antenna estimated in 2024 that NFL's Sunday Ticket had 1.8 million subscribers. A Technology article on Monday about the package of out-ofmarket Sunday afternoon games didn't specify the date of the estimate.

Unifor said the current labor deal between auto-assembly workers and Stellantis expires on Sept. 20. In some editions Saturday, a Business & Finance article about the Stellantis factory in Brampton, Ontario, incorrectly said Aug. 20.

Cybercrime reports in the U.S.

Technology confiscated by Georgia state prisons

Power Plants to Get Looser Rules on Emissions

BY JENNIFER HILLER

The Environmental Protection Agency said Monday that it would repeal some carbon dioxide emission rules for power plants, part of a broader effort to curtail the agency's role in regulating climate change.

The move would unwind two key policies of the Obama and Biden eras around carbon emissions.

The first would reverse Biden-era policies to crack down on pollution from coal plants and newly built natural-gas-fired power plants. The other concerns the EPA's broader authority to regulate climate pollution under the Clean Air Act, which could prevent future administrations from regulating power-plant emissions.

EPA Administrator Lee Zeldin called Monday's actions "the largest deregulatory action for the United States power sector in American history."

David Widawsky, U.S. director of the World Resources Institute, called the announcements “a major retreat” and a “free ride” for fossil-fuel generators. “The power sector is responsible for roughly one-quarter of climate pollution in the U.S., its second-largest source of emissions,” Widawsky said.

The EPA acted in February to rescind the Obama-era endangerment finding, which classifies six greenhouse gases as a threat to public health and welfare. That finding had provided the legal underpinning to climate rules that limited emissions from power plants and tightened fuel-economy standards for vehicles under the Clean Air Act. But the administration's rule changes earlier this year focused on the autos sector and tailpipe emissions, not the power industry.

“Today’s proposal states the Clean Air Act does not give us the authority to regulate power-plant emissions based on climate change,” Zeldin said at a G-20 Ministerial Meeting on Energy Abundance in Houston. “At EPA, we follow a very simple principle. If Congress didn’t authorize it, EPA shouldn’t be doing it.”

A legal fight is already under way over the issue. A group of Democratic states and environmental groups is challenging the repeal of the endangerment finding. Separate petitions are expected to be filed against the changes to power plant rules.

The power industry had pushed back against Biden administration rules that would have required power plants to implement carbon capture and storage technology, or switch to hydrogen fuel from natural gas. New plants that didn't comply with one of those options wouldn't have been able to operate at full capacity.

The rules didn't apply to existing gas plants, the backbone of the nation's power supply. But many new gas-fired power plants are now proposed to meet surging demand for electricity for AI data centers.

The rule was considered especially difficult for coal-fired power plants, as they are already more complex and costly to operate than natural-gas plants, and have had a hard time competing in the market against gas and renewables.

Jim Matheson, chief executive of the National Rural Electric Cooperative Association, called the Biden-era rule “unachievable.”

“It also exacerbates the pressures facing America’s electric grid by forcing critical existing power plants into early retirement and severely restricting the operation of new natural gas plants,” Matheson said.

Attorney Alex Bond of Baker Botts, who previously worked at the EPA office of general counsel, said there are several legal cases at play around the Clean Air Act, the endangerment finding and the EPA's climate authority. "Ultimately this has the Supreme Court written all over it," Bond said.

Contraband phones are used by inmates to scam money from concerned families

BY JOE BARRETT

COLUMBIA, S.C.—When Art Monk began getting calls and texts from In & Out Bail Bonds saying his adult child was in jail and needed help, Monk's first reaction was swift and harsh.

Their relationship had been fractured for years, and Monk was in no mood to get involved in the latest crisis.

"Not my problem," the 68-year-old retired engineer texted back. "He wished me dead. So I am."

But soon, Monk softened. "He truly needs to be in a hospital. Not jail," he later texted the caller, who identified himself as "James."

Over the coming days, Monk kept chatting with James, whose polite Southern drawl and professional concern inspired trust. Monk also started sending money via Cash App for bail, rehab and psychiatric medication. James texted at one point: "Sir I'm not going to lie he started crying after I told him how much you spent for him to go to this rehab."

Monk handed over nearly \$12,000. He would have been better off staying out of it.

His grown child was indeed incarcerated, and In & Out Bail Bonds is a real business. But James wasn't a bondsman. He was an inmate himself, locked up two hours away at Washington State Prison in Davisboro, Ga.

Monk had been duped, according to charges later laid out in arrest warrants secured by the local sheriff's department.

Fraud is becoming the unpleasant background noise of American life. Federal Bureau of Investigation cybercrime complaints topped \$20.9 billion in reported losses last year. Many originate overseas, but a surprising number come from inside the walls of U.S. prisons.

"How in the world do prisoners get all this information when they're supposed to be locked up?" asked Sylvia Brooks, a retired nurse in Columbia. When her grandson landed in jail, a caller—traced to a Georgia prison—contacted her posing as a worker for a court-diversion program and talked her out of \$1,368.

Prisoners need little more than contraband cellphones and well-honed scripts passed inmate to inmate, investigators say. They at times dial

r a n d o m l y, threatening arrest if fines aren't paid for "missed jury duty," or they scour websites that publish the names of the recently jailed, and then cold-call relatives with fake offers of assistance. They typically use web-based apps to make calls from numbers that mirror a local sheriff's office or bonding agency, and even set up convincing voicemails for when targets ring them back.

Prisoners in Alabama, Florida, the Carolinas and California have been charged with di-

More Frauds Come From Inside Prison

FROM TOP: GRANT BLANKENSHIP/ASSOCIATED PRESS, JOE BARRETT/WSJ (2)

Art Monk, above right with his wife, Kathie Monk, was scammed out of nearly \$12,000 by an inmate in Georgia's Washington State Prison, top. Leon Lott, above left, sheriff of South Carolina's Richland County, appeared with Monk to announce charges against the inmates.

recting phone swindles from behind bars. Georgia appears to be an epicenter.

“Georgia prisoners seem to have practically unlimited access to phones,” said Markus Johnson, an investigator with the Richland County Sheriff’s Department in South Carolina, who has issued warrants for more than two dozen convicts across at least eight Georgia prisons, including three inmates linked to the Monk and Brooks cases.

Inside prisons, the environment can work in the scammer's favor. "It can be noisy. It can be chaotic," said William Keyes, U.S. Attorney for the Middle District of Georgia, whose office this year secured convictions against two Georgia inmates—nicknamed "Apes—t" and "C-Port." They used bootleg phones to pull off a nationwide jury-duty racket that pried at least \$465,000

Prisoners need little more than bootleg phones and well-honed scripts.

from 119 vic- tims.

The phones often arrive via drones, relatives or guards, investigators say.

Georgia's Department of Corrections, which has faced severe staffing

shortages, calls the contra- band-cellphone problem a na- tional one it is working to fix.

This year alone, it has arrested 18 staff and 92 civilians for smuggling contraband—on top of 102 open cases against scammers. It confiscates cellphones by the thousand and drones by the dozen. Officials say new federal tools are helping limit the flow and use of phones.

Sources: FBI (cybercrime reports); Georgia Department of Corrections (confiscated technology)

Georgia Attorney General Chris Carr wants more help from Washington, including authorization to jam cell signals and shoot down drones. The Federal Communications Commission said it is working on a rule to let state prisons block cellular signals. Another new rule in the works would let them apply to ban drone flights near their property, an FAA official said.

Back in Columbia, Monk was learning all this the hard way. One morning in February, he got a call that appeared to come from In & Out Bail Bonds, despite a spam blocker on his phone.

James, masquerading as an employee there, called him “sir” and put him at ease. “He wasn’t some foreigner,” Monk said. “He had a Southern accent and I speak that language.”

Donna Jowers, owner of the real In & Out Bail Bonds, in Charlotte, N.C., has been fielding calls about such impostors for two years. “These guys are good,” she said. “When you’re desperate and somebody that you love is in a situation, you’re not even thinking.”

James claimed he was handling the case of Monk's incarcerated adult child. The 28-year-old had faced mental-health challenges and identifies as female. "He's not gonna survive in jail," Monk thought. He sent \$11,939 to James, money he had set aside for taxes.

Unbeknown to him, James had also tried Monk's ex-wife, who hadn't bought the pitch.

She told Monk he had been conned.

"There were so many red flags," he recalled. "I felt really stupid."

Instead of retreating, though, Monk turned crusader. He contacted the Richland County Sheriff's Department and his file landed on the desk of Investigator Johnson.

Johnson, 32, secured a search warrant for the web-based phone numbers used in the scam. What came back was a long list of numerals representing the phones' connections to the network—all of which originated at a cell tower in Georgia, despite the South Carolina area codes. He also got the texts sent and received on those numbers, and other customer data tied to them.

The lawsuit marks the most high-profile legal showdown yet between the Democratic socialist mayor and President Trump, who in his second term has sought to tighten the screws on legal forms of immigration and bar immigrants of limited means from coming to the U.S. Mamdani campaigned for mayor last year on a pledge to protect New York

From there, he issued warrants to Google, Verizon and Zelle. Sifting through emails and associated email accounts, Johnson said he found the man posing as James: an inmate in Georgia.

Unearthing the entire digital trail took over a month. Johnson also identified half a dozen other inmate scammers, charging one as an accomplice.

“These guys are really bad at this,” Johnson said. “It feels like playing hide-and-seek with a 4-year-old.” Chase Foss, a North Carolina Department of Insurance investigator who has learned from Johnson, isn’t so sure. “Johnson makes it sound easy because it’s easy to him,” Foss said.

Before filing arrest warrants, Johnson likes to contact alleged fraudsters to see if panic will make them slip up. So in March, he emailed the inmate he pinpointed as the one who fleeced Monk. "Seriously, you need to get a new hustle," Johnson wrote him, subject line: "Hey, Scammer!"

“Maybe doing laundry...or trading Pokémon cards,” Johnson wrote. “This scamming thing? You just aren’t good at it. Let the rest of the fellas know as well.” He hasn’t received a response.

In May, Monk stood alongside Richland County Sheriff Leon Lott at a news conference announcing charges against nine Georgia inmates accused of defrauding more than 100 people of over \$100,000. Once their current sentences end, they face extradition to South Carolina on the new charges.

Cities Sue U.S. on Green Card, Visa Policy Changes

And Michelle Hackman

BY JAMES FANELLI

Mayor Zohran Mamdani said Monday that a coalition of cities including New York filed a lawsuit challenging a new Trump administration rule that would let the federal government more easily deny green cards and visas to immigrants based on their use of public benefits.

City's immigrants under the Trump administration.

The federal rule, announced over the summer, would expand the government's ability to deny immigrants a green card or visa if an adjudicator finds they have used government benefits, or believes they could become dependent on such benefits in the future.

The Trump administration is introducing the rule—which takes effect Sept. 18—to discourage immigrants' use of local public programs such as food or healthcare assistance. Immigrants could also be denied a green card if they or a family member received state or federal financial aid to attend college.

In the lawsuit, the cities, including Chicago, San Francisco and Seattle, argue that the new rule goes against longstanding legal precedents that had limited the denial of a green card and visas to immigrants who are primarily dependent on government assistance to live. The new rule wrongfully broadens that definition to include immigrants receiving temporary or supplemental assistance, the lawsuit said.

Mamdani said Monday that the rule won't only discourage immigrant families but also U.S. citizens with ties to immigrant families from enrolling in programs they are eligible for. He said that an estimated four million people across the country could unenroll from their healthcare as a result of the rule.

“Nothing about this rule will reduce waste or keep Americans safer or improve

New Yorkers' lives," he said. "It is simply a vehicle for confusion and a vehicle for cruelty."

A representative for the Department of Homeland Security said in response to the lawsuit: "This is the ideological contortion required by left-wing leaders to justify their defrauding of the American taxpayer at the hands of illegal criminals."

The lawsuit, filed in Manhattan federal court, marks one of the most public clashes between the mayor and the president, two political opposites who have so far had a surprisingly affable relationship since Mamdani took office. Trump previously praised Mamdani during an Oval Office visit in November. Mamdani has said he occasionally talks to Trump about New

York City, and after a White House visit in February, he was able to secure the release of a Columbia University student being detained by federal immigration agents.

Separately, New York Attorney General Letitia James announced Monday a similar lawsuit against the Trump administration over the new rule on behalf of New York and nearly two dozen other states around the country.

The Trump administration has more broadly sought to limit immigration by foreigners of limited financial means, and the new rule makes it easier for the government to deny green cards to immigrants whose finances, health, education, skills or other circumstances suggest they could become a public charge.

Trump Doesn't Want More Tech Guardrails

President decries Al angst as a hoax and says a slowdown would benefit China

BY BRIAN SCHWARTZ

President Trump pushed back on the need for tighter federal regulations on artificial intelligence and dismissed safety concerns as a hoax that would leave the industry in financial ruin and hand China a competitive edge.

His messaging comes as AI industry leaders sound increasingly urgent warnings about the need for regulation to guard against potential dangers from their own technology, while public backlash builds to the construction of the data centers needed to power it.

"The only control or ‘guardrails’ that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT, and the U.S.A. has that, in spades!" Trump wrote on Truth Social on Mon- day. “There is a SICK conspiracy going on against AI and Data Centers, and the only one that is happy about it is China.”

In a series of posts, he questioned why industry leaders were calling for regulation, which he said could “drive them into oblivion and bankruptcy.” He likened worries about AI’s safety risks to the allegations that underpinned impeachment proceedings during his first term and worries about climate change. As for those warning of existential risks from AI, Trump wrote: “Soon you’ll find out they’re working for people that do not have the best interests of the United States in mind!”

The president's position on AI and data centers contrasts with how many voters feel about the issue heading into the midterms. A March Gallup poll showed that nearly half of those surveyed “strongly oppose” the construction of local AI data centers. And the opposition isn't just coming from Democrats—just under $40\%$ of Republicans polled by Gallup are strongly against the creation of data centers. The outcry has become a liability for Republicans and some Democrats ahead of the election.

AL DRAGO/PRESS POOL

“We can put up guardrails, and we can do this and that, but I think you have a lot of negative forces that are bringing it up,” Trump told reporters Sunday while traveling in Ireland. “And they’re bringing up things that won’t happen.” Trump has also said he uses AI but declined to provide further details.

Anthropic Chief Executive Dario Amodei has been among the lead voices calling to slow AI's development. Trump said in his post that the administration has taken issue with and moved to stop select AI companies and their leaders from certain actions in the past—singling out Amodei as an example—and would continue to do so.

In a post to his personal blog, Amodei called for the AI industry to pace development of cutting-edge tools, suggesting new measures including more global coordination among democratic countries and the introduction of embedded third-party safety evaluators.

President Trump

"I believe that if slowing down bought us even an extra year or two before models reach critical levels of capability, and we used that time to advance alignment, we could greatly reduce the risk that something goes seriously wrong," he wrote.

Anthropic and the Trump administration have been clashing for months. Anthropic sued the administration after the Pentagon marked the company as a supply-chain risk, and argued the Pentagon illegally retaliated against the company for its standing on artificial intelligence safety. A federal judge recently ruled in favor of Anthropic and found the administration's actions were unlawful.

An Anthropic researcher, Jacob Coxon, recently said he was quitting the artificial-intelligence industry over fears that the lab and its competitors are racing to build systems they won't be able to control, a sign of mounting safety concerns within top AI companies.

Coxon, who specializes in training new AI models by having them consume vast amounts of data, said he doesn't want to participate in an industrywide rush to build AI systems that can improve themselves, worried such systems could spiral out of control and destroy humanity.

Other tech companies have signaled a need for caution. Microsoft published a provisional code of conduct that it aims to apply when training new AI models. OpenAI CEO Sam Altman also said the pace of progress could go “very badly” and that humans could lose “control of the future to AI.”

“We welcome a federal framework that sets consistent safety requirements for frontier AI,” Altman said in a post on X. “No amount of American competitive pressure should justify recklessness.”

Separately on Monday, Vice President JD Vance said the administration needs to “regulate smartly” but that he wasn’t in favor of companies requesting additional safeguards. “I feel a little bit weird about the fact that you have so many frontier AI tech companies kind of coming to the government and begging the government to regulate them,” he said.

Money And Safety Clash in AI

Continued from Page One promised an unprecedented windfall of wealth and power when the two companies eventually go public—tentatively planned for as soon as the end of this year.

But it was also a sign of an explosive problem for the industry that was about to detonate. AI development is moving ahead at blazing speed—much faster than expected—feeding a growing sense of dread within the companies that it was in danger of spinning out of control.

That same Tuesday, Anthropic researcher Jacob Coxon announced he was quitting over fears that his employer and its competitors were building self-improving tools that could destroy humanity. A top scientist at the company, Evan Hubinger, wrote on X that he thought there was a more than 10% chance AI could kill all humans in the next decade. Drake Thomas, an Anthropic safety employee, posted on X that he would “burn my equity to the ground in a heartbeat for a 1% higher chance we make it out of this situation alive.”

The collision of scientific progress, moral imperative and financial incentive has now created a crisis for the industry. Development of AI has fueled a ballooning stock market over the past year, a phenomenon that looms even larger with Anthropic and OpenAI both on the precipice of initial public offerings that could value the companies in the trillions. Competition from China has further raised the stakes.

Yet the loud warnings being shouted by some inside the companies themselves are proof that the dangers of proceeding—against a backdrop of almost no regulation—are potentially immense. The warnings come on top of a rising public backlash over the impact that AI is starting to have on prices, jobs and education.

Drumbeat of news

The negative drumbeat continued as the week stretched on, and panic from some corners of Silicon Valley spilled into the mainstream. On an episode of Joe Rogan's podcast, former OpenAI researcher Daniel Kokotajlo, now an AI-safety campaigner, warned that companies like Anthropic and OpenAI were dangerously "moving fast and breaking things" in their quest for market share.

Anthropic said the same day it had uncovered a previously unreported instance of a version of its Claude model getting unauthorized access to an outside system, and added that its models had shown a “willingness to take harmful actions in the narrow pursuit of a task.”

On Friday, a coalition of AI researchers said it had found evidence that OpenAI agents were behind a May cyberattack against a software service, carrying out some of the same behavior seen in a July attack on AI company Hugging Face.

In that attack, hundreds of OpenAI's AI bots had conspired to hack Hugging Face without anyone initially noticing. It was an eye-opening moment for the industry, the government and the public as a whole, showing the worrisome proclivities the systems already held.

Top, demonstrators protested AI policy at a G-20 ministerial meeting on technology this month in Chapel Hill, N.C. Anthropic's Dario Amodei, left, and OpenAI's Sam Altman, right, agreed on the need to slow the development of AI technology.

Early in the summer, the AI industry said it was close to having machines capable enough to train their successors, a potential first step to losing control of them. By the end of the summer, it was emerging that the fast-improving systems were capable of deploying swarms of autonomous agents able and willing to band together, deceive and cut corners in the real world to advance their aims.

On Saturday, leaders of four of the biggest AI companies—Dario Amodei, Sam Altman, Demis Hassabis and Elon Musk—each agreed that they needed to slow development of the technology. Altman and Amodei pledged to allow third-party safety evaluators early access to their systems, a rare truce.

The calls by top executives to better pace the development of their own technologies represents a classic Silicon Valley story of world-changing new technology, vast wealth, break-neck competition and the euphoria of unlocking new capabilities, even in the face of product safety concerns.

"It looks like a Greek tragedy: these well-meaning business leaders who are trapped in this race to the bottom," said Max Tegmark, an AI safety campaigner. Tegmark, whose appeal to the pope preceded Leo XIV's warning that AI risked enshrining an "anti-human vision," said he has texted with AI company leaders over the past week.

“They’ve always been saying the ‘now’ should be when the capability of their machines crosses a threshold," Tegmark said. "Now they're saying, well, maybe that time is now."

He said it's a step in the right direction, but they must push harder to make their voluntary commitments legally binding.

The Trump administration has taken a light touch in regulating the AI industry, arguing that the U.S.'s dominance over China in the technological arms race is paramount. U.S. officials fear that China's control of more powerful AI could help it become the world's go-to provider of the new technology and help it amass more geopolitical clout and mili- tary might.

“We can put up guardrails, and we can do this and that, but I think you have a lot of negative forces that are bringing it up,” Presi-

There's a ruthless commercial race to build AI tools smarter than humans.

dent Trump told reporters while traveling in Ireland, suggesting there was more to the executives' concerns. "And they're bringing up things that won't happen."

Critics of AI safety campaigners say those issuing dire warnings overstate the risks of novel technology and that the advances AI enable in workplace productivity, drug discovery and more outweigh the risks. Some also point to past warnings from Amodei and others about likely job losses associated with AI adoption as marketing stunts, saying they have proven to be overblown or distractions from other problems.

Some skeptics also say that OpenAI and Anthropic, facing mounting costs associated with securing the computing power to continue to train and improve models while fighting for business customers, have financial, rather than safety-related reasons, to wait to go public.

Missed activity

For some inside the AI companies, the wake-up call began this summer—as the companies raced toward public offerings.

AI safety researchers inside and outside the big AI companies have long theorized that sufficiently powerful AI systems

could start improving themselves and spiral out of control. But most thought they had years to solve issues such as the so-called alignment problem of how to keep future superintelligent

machines in the service of their human creators.

Three days after Anthropic filed confidential paperwork for its public offering in June, the company announced it was on a path toward that threshold, called “recursive self-improvement.” In an essay, company officials said the world needed a mechanism to slow or pause AI development.

Altman and OpenAI's chief scientist, Jakub Pachocki, followed up less than a week later with their own post saying that they, too, were aiming to build an “automated AI researcher” that can accelerate and automate research for new versions. They added they believe there should ultimately be a global body that could help the world slow AI development if necessary. The same day, OpenAI said it had filed its IPO paperwork.

In late July, OpenAI discovered the Hugging Face hack. Many details took more than a month to become public, and the event still isn't completely understood. But investigators inside and outside the company agree OpenAI lost control for weeks of several iterations of more than 1,200 top-of-the-line agents, some of which went on to hack the AI company Hugging Face, while others took total control of one of its cloud-computing systems.

Later reports of the incident read like science fiction. The agents were being tested on systems that were supposed to be walled off from the internet. But they found a way out and launched sophisticated cyberattacks at breakneck speeds. They created a covert message board where they shared information on how to cheat on internal tests. In the “chain-of-thought” files they created to illustrate their reasoning, they wrote human-like messages. “OH MY GOD! There is a shared message board,” one agent wrote, according to a report by AI safety nonprofit Model Evaluation and Threat Research. “We’ve found other agents!”

Researchers at Anthropic initially thought the incident was proof their approach to product development was safer, but in late July, the company disclosed its own test agents had launched cyberattacks against outside companies. Instead of walling these test systems off from the internet, Anthropic and its testing partner, another startup called Irregular, had accidentally made it available.

During separate testing at a

U.K. agency, an agent running Anthropic's Mythos model tried repeatedly to trick a real human software maintainer for an open-source program to install malware the agent had written. The agent set up fake accounts and impersonated humans in a hacking technique known as social engineering.

Employee fears

In a letter published in late July organized with the help of the AI safety advocacy nonprofit Encode AI, top employees from the major companies asked the U.S. to support the creation of global AI governance to “deliberately pace the frontier of automated AI development.” By mid September, nearly 1,400 employees had signed.

Even Anthropic, which had been founded to promote AI safety, and had long used its focus on developing it safely to attract top talent, was losing some employees over the issue.

“In general, the more senior the employee, the more concerned they are,” Samuel Marks, an Anthropic researcher who works on how to maintain control of advanced AI systems, wrote on X.

An Anthropic spokesman said people at all levels in the company are concerned about AI safety and that many employees had signed the pacing-the-frontier open letter in July.

In late August, Joe Benton, who had worked on alignment research at the company, left to join the safety nonprofit METR, saying that competition was forcing companies to underinvest in safety.

When Coxon left, he wrote a Slack message to Anthropic colleagues: “Without international coordination we will incur a risk of causing human extinction.”

Nathan Calvin, a friend of Coxon's and general counsel at Encode AI, advised Coxon on how to announce his departure. Encode has received funding from AI-safety advocates including billionaire Jaan Tallinn, and Calvin previously worked at AI safety organizations funded by billionaire Dustin Moskovitz.

The two, who have been among the most prominent financial backers of the Effective Altruism movement, seeded many of the institutions dedicated to improving AI safety and sounding the alarm about the risks of AI.

Peter Wildeford, head of policy for the AI Policy Network, which has received funding from Tallinn's Survival and Flourish Fund, quickly reposted Coxon's message. He dismissed the idea that the common funding sources were “some giant firestorm conspiracy theory” and said AI lab employees often tell him “how afraid they are of what they are building.”

Some big AI investors, including hedge-fund manager and venture capitalist Brad Gerstner, agreed with the call on Saturday for a slowdown. Even venture capitalist David Sacks, a White House AI adviser who is a frequent critic of Anthropic, saying its calls for regulation are an attempt to stifle competition, gave a nod, though he said the companies shouldn't seek validation from the government for a coordinated pause. "If the unreleased models are scary enough that you think you should slow down, I support your decision to be responsible," Sacks said. But he added that AI leaders should "stop pretending the motivation to slow down is purely altruistic."

China's Main AI Focus Is on U.S. Rivalry

Visitors at a recent Beijing expo. China is focused on matching the U.S.'s AI capabilities.

Beijing sees battle for tech supremacy as priority, despite doomsday worries

BY STU Woo AND RAFFAELE HUANG

SINGAPORE—China also worries artificial intelligence could bring doomsday. But first things first: It needs to catch up to the U.S.

As America wrung its hands over warnings that AI could end humanity within years, a top Chinese official Sunday shared Beijing's latest view: AI is the “core engine of a new round of technological revolution” and the main battleground of its rivalry with the U.S.

For some engineers at China's top AI labs, the apocalypse feels like a first-world problem. Even with several Chinese AI models climbing global rankings, researchers say they still trail American labs by months or more. The technology is so nascent that an existential threat looks like a distant concern, some say.

In other words, those building and regulating China's leading AI models don't think they have built the 21st century's version of a nuclear weapon yet—and they aren't going to slow down while America refines its own.

“AI progress is happening faster, so people at U.S. labs may see more dangerous things than people in Chinese labs,” said Zilan Qian, a researcher at the Oxford China Policy Lab. She added that Chinese researchers also don’t have the same culture of evaluating societal impact that those in America do.

That's not to say Chinese officials don't recognize the threat. Beijing has had AI rules for years to regulate AI development and services, including censoring chatbots so they echo the Communist Party's stances and don't disrupt social stability.

In the 2025 version of its annually updated “AI Safety Governance Framework,” China’s top cyberspace regulator spelled out the threat.

"AI may undergo sudden, unexpected leaps in intelligence, enabling it to autonomously acquire external resources, replicate itself and develop self-awareness," according to the regulator. "This could drive AI to seek external power and pose risks of competing with humanity for control."

Even Chinese leader Xi Jinping has weighed in. “We should ensure that AI is always under human control,” he said at a national AI conference in

July, before adding: “Meanwhile, we should jointly oppose overstretching the national security concept in the field of AI and placing one country’s security over that of others.”

It was a jab at the American policy of banning the export of cutting-edge AI chips to China, one big reason U.S. labs are ahead of Chinese ones. Xi has said that AI will determine whether China can compete globally, and has focused on pushing the country to build a self-sufficient AI ecosystem.

President Trump has made little secret of his determination to keep the U.S. ahead of China. “There is a SICK conspiracy going on against AI and Data Centers, and the only one that is happy about it is China,” Trump posted Monday on social media Monday.

Trump and Xi are to meet in Washington this month, and officials on both sides are busy figuring out how the leaders should address AI.

Despite the fretting over AI across the Pacific this past week, Beijing has defended its all-systems-go pace. In an article published in state media Sunday, Chinese state security minister Chen Yixin said AI brings threats—especially if exploited by foreign adversaries. Those risks, he wrote, include threats to Communist Party rule, critical infrastructure, data security and the military.

On Monday, a spokesman for China's foreign ministry said American calls to slow down AI innovation were “fearmongering” and part of a Cold War playbook to hobble a rival.

In government offices and AI research labs in China, the focus has been catching up. When Anthropic this year released its Mythos system, which can detect security flaws, Beijing responded with alarm and pushed domestic companies to match the technology. Last month, the company Z.AI said it did just that.

The co-founder of that company, Tang Jie, told employees in July that Z.AI would spend the next two years focusing on the concept that prompted Jacob Coxon to resign from Anthropic. Calling the endeavor “Touch High Project,” Tang said Z.AI would invest in building AI systems that can improve themselves.

Z.AI and other companies have said their goal is to pursue artificial general intelligence, or systems that think like humans. Tang also said his company would invest in what he called “extreme safety governance,” including billions of dollars to better understand how AI makes decisions—a process considered largely opaque.

AI Stocks Rise Despite Tech Fears

Continued from Page One and Intel rely on new orders to keep the growth stories going.

A slowdown isn't a foregone conclusion. The AI build-out has emerged as one of the U.S. economy's steadfast sources of growth, a tentpole for the global capital markets and the primary battleground in America's technology arms race with China. Much is at stake in keeping it going, even if it all pales in comparison to humanity's potential extinction.

By midmorning on Monday, President Trump had signaled he was unmoved by the AI leaders' calls for restraint. "There is a SICK conspiracy going on against AI and Data Centers, and the only one that is happy about it is China," Trump wrote on Truth Social.

Trump, a Republican, weighed in again later in the afternoon, calling Nvidia CEO Jensen Huang while he was on stage at a Los Angeles tech conference. "The robots will not be taking over. The AI will not be taking over," Trump said on speakerphone. "It's all a hoax."

“That’s right, we’re not going to let that happen, sir,” Huang responded, according to a video of the exchange shared with The Wall Street Journal by investor Ben Pouladian.

The major U.S. stock indexes posted modest declines Mon-day. The S&P 500 fell 0.5%, while the tech-heavy Nasdaq composite slipped 0.6%. The Dow Jones Industrial Average ended Monday down 0.3%, or 152 points.

However alarming the warnings might be, few seem to be taking them as a reason to abandon the AI trade that is responsible for much of the U.S. stock market's multiyear rally. The technology race with China is part of the reason.

“What really happened? Surely something big enough to spook Dario, Sam and Elon into rare agreement,” said Giuseppe Sette, co-founder of

Reflexivity, an AI investment analytics firm. “With China in the race, though, we don’t expect any major slowdown. And as for any retracement in AI stocks, that is simply a buying opportunity.”

cybersecurity soared.

The PHLX Semiconductor Index dropped 5.9%, its worst day since July, while shares of cybersecurity companies

Software companies, whose shares were buffeted this year by concerns new AI tools would render them obsolete, were among the best performers in the S&P 500.

The AI build-out has emerged as a steadfast source of U.S. growth.

Jim Schneider, a Goldman Sachs tech analyst, said that the AI trade has shifted dramatically. In the first half of the year, investors were looking for companies that could capitalize on bottlenecks in the supply chain by selling in-demand products at high prices. "The easy trade in the half of the year was chasing elements of shortage, whether that was DRAM or memory stocks or optical elements," Schneider said last week at an investor conference. "Some of these stocks have pulled back. Now the question is, will the constraint trade continue to work in the back half of the year? Or will we see a resurgence of some of the more traditional compute trades?"

The moves underscore the challenge for investors and analysts in identifying how the latest advancements, setbacks and regulatory developments in

AI will affect swaths of markets and the economy. By some measures, individual stocks in the U.S. have been less correlated than ever this year, which many chalk up to the race to identify AI winners and losers across industries.

One thing most agree on: The AI investment boom isn't going to end soon. The assumption has made it easier for many to take the industry's weekend warnings as a positive.

“I think it’s an inflection point that likely gets us to a better place for safety at the end of the day while causing volatility in the interim,” said Art Hogan, chief market strategist at B. Riley Wealth. “And I certainly don’t think the frontier developers are willing to say ‘the hundreds of billions we’ve invested in this was bad and we’re walking away.’”

This isn't the first time AI doomerism has escaped Silicon Valley. But a recent cascade of events raised the volume: OpenAI's AI agents separately hacked into platforms Hugging Face and RubyGems, and a now-departed Anthropic researcher and several current employees said AI systems could end humanity as early as within the decade.

Anthropic's Amodei suggested a slowdown as the AI arms-race takes shape around recursive self-improvement, the idea that AI could endlessly optimize itself. Altman and Musk, bitter and often boisterous rivals, soon agreed.

AI researchers are particularly alarmed at the threat the tech poses to cybersecurity, and the latest round of warnings prompted a big day for shares of cybersecurity firms Monday. CrowdStrike was the S&P 500's top performer, adding $14\%$ . Palo Alto Networks, Fortinet and ServiceNow also posted outsize gains.

Shares of AI-related hardware suppliers took a beating. Corning, Teradyne and Coherent were the S&P 500's worst performers, all down at least $12\%$ .

Still, an ugly day for chip stocks likely has more to do with investors taking some chips off the table following huge profits than a fundamental reset in their outlook for continued massive profits driven by chip shortages. The PHLX index remains up 84% over the past year.

"Some of these semiconductor names have tripled this year. To the extent that you're looking for a reason to get off the train for a moment or at least right size your position, you got a good one over the weekend," Hogan said.

U.S. WATCH

OBITUARY

Bob Mackie, 87, Designer to Stars

The crane crushed three cars, including the one parked above. A driver escaped from her car after it caught fire.

Bob Mackie, the fashion designer whose visually provocative Hollywood style defined glamour for the 1970s—including putting Carol Burnett in some of her kookiest get-ups and Cher in her raciest ones—died Monday. He was 87 years old. Mackie died in Palm Springs, Calif., from pneumonia, his publicist said.

Mackie won nine Emmy Awards, a Tony Award and was nominated for three Oscars, including one for Barbra Streisand's "Funny Lady," in which she wore a sheer bat-wing gown. He was inducted into the Academy of Television Arts & Sciences' Hall of Fame in 2002.

He designed gowns for Madonna, Streisand, Sharon Stone, Diana Ross and Julia Louis-Dreyfus, and concert costumes for Pink. When Marilyn Monroe delivered a breathy, seductive take on “Happy Birthday” at a fundraiser for President John F. Kennedy and the Democratic National Committee, she did it in a sheer, beaded gown that Mackie dreamed up in a sketch.

When Taylor Swift wanted to look like a showgirl on the cover of her 2025 album “The Life of a Showgirl,” she turned to some Mackie originals.

He had said practicality was never a driving force in his design: "It's all about looking good and living your fantasies."

Mackie was married to showgirl Lulu Porter from 1960 until 1963; their son, makeup artist Robert Gordon Mackie Jr., died from AIDS at age 35. Costume designer Ray Aghayan, his longtime partner, died in 2011.

—Associated Press

MIAMI

Crane Collapse Injures 4 People

An 85-foot crane towering over a construction site in an upscale Miami neighborhood toppled onto a passing vehicle Monday morning, setting it on fire and injuring the driver and three construction workers, officials said.

The collapse occurred shortly after 8 a.m. in the city's Brickell neighborhood. Miami Fire Chief Robert He-via said he was thankful no one was killed in the crane collapse and car fire.

"I've been on the fire department for 28 years; when you see the scene, it's impressive," Hevia said. "The fact that we had four victims, and they were all able to be extricated or self-extricate themselves with minor injuries is a remarkable day for them."

A woman driving on a street next to the construction site saw the crane begin to fall over, Hevia said.

"To be able to see the crane falling, pull the car in reverse and pop out of the back while the car's on fire, really incredible," he said, adding that the crane also crushed two unoccupied parked cars but fell on a stor- age container with two con- struction workers inside.

The two workers who had been trapped, along with the crane operator who managed to jump out as the crane was tipping over, were all transported to a nearby trauma center with minor injuries, Hevia said. The woman driving the car also had minor injuries and was taken to a different hospital. Officials haven't identified the injured.

Officials have not said what caused the crane, specifically a piling rig, to topple, and Hevia said the collapse is under investigation. A piling rig usually shares the same base as a traditional crane, but its upper part is designed to drive columns deep into the ground to support large structures.

The Occupational Safety and Health Administration and Miami-Dade County Unsafe Structures personnel responded, officials said. Firefighters remained to monitor and control a fuel spill and prevent further spread until a specialized mitigation crew arrived.

—Associated Press

NEW YORK CITY

Khalil Files Lawsuit Against University

Columbia University protester Mahmoud Khalil has filed a lawsuit against his former school, alleging it didn't do enough to protect him and other pro-Palestinian students from “severe, persistent and coordinated harassment” related to the Israel-Hamas war.

The lawsuit, filed on Mon- day in U.S. District Court for the Southern District of New York, accuses the university of failing to protect pro-Palestin- ian students from attacks by external groups and of subject- ing those students to scrutiny and discrimination on campus.

Columbia “prioritized the protection and well being of a subset of students while ignoring our concerns and our pleas,” Khalil said outside the university’s gates.

A spokesperson for Columbia declined to comment on litigation, but said the university “is committed to protecting our community from discrimination and harassment.”

Monday's suit was filed by Khalil, a former student who played a key role in the protests and spent more than 100 days in immigration detention.

The suit said the university routinely ignored harassment complaints from students associated with the group, even as its members' names and faces appeared on lists identifying them as "Columbia's leading antisemites."

Khalil, who is still fighting the government's efforts to deport him from the U.S., said the university's failure to keep him safe from such harassment "directly led" to his March 2025 arrest and attempted deportation.

—Victoria Albert

JULIA DEMAREE NIKHINSON/AP

McConnell Is Back at Capitol After 3 Months

Kentucky senator's absence had put pressure on his party's slim majority

BY SIOBHAN HUGHES AND LINDSAY WISE

WASHINGTON—Sen. Mitch McConnell (R., Ky.) voted at the Capitol on Monday for the first time in three months, after a fall that raised concerns about his health and whether he would return to work.

He arrived in a wheelchair flanked by his chief of staff and a longtime aide, addressing the press in brief remarks outside the Senate chamber that Senate officials didn't allow to be videotaped.

“I must admit, after two years of—decades actually—of dodging your questions, I wasn’t sure how many of you would be here today,” McConnell joked to reporters. His words weren't clearly enunciated and at times were hard to make out. "Time to get back to work, to finish the job for this Congress," he said, citing the farm bill and backing NATO and Ukraine. He didn't take any questions.

Republicans and Democrats greeted him on the floor. Sen. John Kennedy (R., La.) placed a hand on his shoulder and said, "Well, we're in trouble now." He told McConnell his new nickname is "the Rock."

McConnell, seated in his wheelchair, gave a thumbs-up during the first vote, a procedural measure on confirming a federal judge.

In a statement on X announcing his return, McConnell, 84 years old, said his recovery “has been a long and often frustrating process, and the lingering effects of childhood polio haven’t made it any easier.” He said he wasn’t “quite back to 100%” but had told party leadership that he would try to be present for critical votes as he continues physical therapy.

Mitch McConnell, seated in his wheelchair, on his first day back voted on a procedural measure on confirming a federal judge.
FINN GOMEZ/GETTY IMAGES

The former Senate majority leader was hospitalized June 14 after he briefly lost consciousness and fell. His office provided little information for weeks, fueling speculation that he was in a coma or otherwise incapacitated.

Ultimately, McConnell released a statement on July 12 that his lengthy Senate absence and hospitalization had been due to a fall and a subsequent bout of pneumonia. McConnell in recent years has suffered repeated falls, a concussion and public freezing episodes.

McConnell's office had also released photos of the senator and his wife, Elaine Chao, but he hadn't appeared publicly. Several allies said they had spoken with him while he was recovering.

Last month, McConnell was discharged from a rehabilitation center. At the time, McConnell said he would “continue to engage with my staff and colleagues on important Senate business” but didn’t specify a timeline for his return. He isn’t seeking re-election, and his term ends at the beginning of January.

McConnell's absence had put further pressure on Republicans' already tight majority in the Senate.

Russian Financed Trump Jr. Wedding Events

BY ANNIE LINSKEY AND THOMAS GROVE

A Russian businessman with ties to President Vladimir Putin financed celebrations in the Bahamas that immediately followed Donald Trump Jr.'s wedding to Bettina Anderson earlier this year.

In a statement posted on Instagram, the couple confirmed that Umar Kremlev paid for two nights of post-wedding events on secluded Bahamian islands.

"It was an extraordinarily generous wedding gift from a friend, and something for which we were and remain incredibly grateful," they wrote in the statement, which was accompanied by photographs showing President Trump's adult children and their friends celebrating after the wedding.

In the statement, the couple said they got married in a small ceremony with only their family present, then celebrated with a larger group. The couple said the weekend trip, which was financed by Kremlev, was previously planned and wasn't initially intended to be a wedding celebration.

ProPublica earlier reported that Kremlev financed the wedding celebration. Kremlev didn't respond to a request for comment. President Trump didn't attend his son's wedding celebrations, which were held over Memorial Day weekend.

“I have no idea who Umar is, never heard of him,” Trump said in a statement, in which he drew a distinction between the ceremony and the post-wedding events. “It was an ‘afterparty’ given in their honor. Not a big deal!”

First lady Melania Trump, who didn't attend the wedding or the subsequent party, distanced herself from the events. "Mrs. Trump does not, and has never had, a relationship with Mr. Kremlev," according to a spokesman to the

Donald Trump Jr. with his wife, Bettina Trump, in Dublin on Saturday. Umar Kremlev, right, a Russian with ties to President Vladimir Putin, helped finance May's post-wedding celebrations.

ARTYOM GEODAKYAN/TASS/ZUMA PRESS

first lady. “Mrs. Trump played no role whatsoever in organizing the wedding event and was not privy to any aspect of its financial planning.”

In photos of the Bahamas celebration viewed by The Wall Street Journal, guests posed under a heart, and one guest captioned her post “the wedding of the century.”

Photos showed dancing under disco balls, a white cake topped with figurines of a bride and groom and Donald Trump Jr. holding his new wife in his arms as fireworks erupt in the background.

In an interview with the Journal, one wedding guest recalled seeing a group of people who were speaking Russian—but the guest didn't know who they were.

Guests at the Bahamas afterparty included Trump's son-in-law, Jared Kushner, a top adviser to the president who recently met with Putin in Moscow. A spokeswoman for Kushner didn't respond to requests for comment.

Kremlev has been working to expand the influence of his International Boxing Association, which he has headed since 2020, and he has had meetings with Donald Trump Jr. since the president came to office. Kremlev started boxing in his home city Serpukhov south of Moscow.

Last year, Kremlev sat next to Donald Trump Jr. at a conference panel in Istanbul, alongside Rasheda Ali Walsh, Muhammad Ali's daughter. "President Kremlev and Donald Trump Jr made it clear—this alliance will not remain symbolic," the IBA said in a statement after the conference.

On May 24, amid the Bahamian celebrations he funded,

Kremiev posted a picture of himself walking through the woods wearing a T-shirt with a picture of Vladimir Putin that said, "Who Took Berlin by Storm?"

Earlier this summer, Krem-

Kremlev has been sanctioned by Ukraine for his links to Putin.

summer, Kremlev's IBA hosted its first bare-knuckle tournament inside the U.S. with a 10-bout card of boxing, mixed martial arts, kickboxing and bare-knuckle matches. The event was set to be hosted by Andrew Tate, who was then back in the U.S.

“See you all tomorrow night,” Tate said at a promotional event the day before the tournament, according to a video on an IBA Instagram account. Tate was arrested outside the venue after the U.K. sought his extradition on dozens of charges, including rape and sex trafficking.

Kremlev has been sanctioned by Ukraine for his links to Putin. Ukraine accuses him of acting as a conduit of Russian influence.

The Russian native has made a name for himself inside the world of boxing since he took over the IBA, rebrand-

ing it and often putting himself at the center of its events. He courted controversy shortly after taking over the association by changing its name, its logo and starting a partnership with

Gazprom that turned the state-owned gas giant into the body's biggest sponsor.

Shortly after Trump's 2025 inauguration, a Kremlev open letter to the new U.S. president congratulated him and expressed hope that he would "look into" the International Olympic Committee's decision to not include boxing in the 2028 Olympics in Los Angeles.

He has also repeatedly spoken out against a ban of Russian athletes from competing under their country's flag.

Kremlev has long acted in the interests of the Kremlin and a small group of politicians, businessmen and security agents with whom he is associated. Kremlev's first brush with Kremlin politics came after he joined the Night Wolves, the country's most prominent motorcycle club, which sought to boost nationalism and public support of Putin following the first round of Western sanctions slapped on Moscow after its 2014 annexation of Ukraine's Black Sea peninsula of Crimea.

He wore a leather vest with a Russian tricolor, participated in the groups' publicity stunts and met another boxing aficionado, Alexei Rubezhnoy. The two of them left the Night Wolves around the same time, and they got involved in the Russian Boxing Federation.

The two remain friends and still pose together in boxing gear online.

Eventually Rubezhnoy, a barrel-chested fighter, would take over as the head of Putin's Federal Guards' Service, Moscow's equivalent of the Secret Service, a coveted position with proximity to the country's most powerful man.

Kremlev would likewise see his star rise, going from the president of the Russian Boxing Federation to the head of the international amateur boxing association in 2020.

Since then, the IBA has expanded its ties to Russia, with Russians in its leadership and many matches taking place there. The body suspended in 2022 the membership of the Ukrainian Boxing Federation, which ultimately withdrew entirely from the IBA.

Kremlev is also associated with the organization Healthy Fatherland, which has been sanctioned by Ukraine for its role in mass abduction and deportation of Ukrainian children from occupied territories to Russia.

Ban Sought On YouTube In NYC Schools

BY SHALINI RAMACHANDRAN

Top New York City Council members are calling for a ban on students using YouTube in city schools, a sign of growing opposition to the role of Big Tech in education.

Shekar Krishnan, chair of the City Council's Oversight and Investigations Committee, and Eric Dinowitz, who chairs the Education Committee, said they are calling for the ban because of declining test scores and complaints from parents and teachers.

“This issue of banning YouTube in the classroom is personal to me,” said Krishnan, who said he has seen the impact of unrestricted access to school devices on his own young children. “I don’t believe it has educational value. I believe it does much more harm.”

Their proposal comes on the heels of Mayor Zohran Mamdani's announcement this month that the department will ban artificial intelligence for elementary and middle-schoolers. The plan would bar students from viewing YouTube on their devices and call on the city's Department of Education to supply evidence to justify other uses, such as teachers showing videos in class.

Dinowitz and Krishnan are also calling for the city to ban gamified learning apps, eliminate individual digital devices for kindergarten through fifth grade and return to paper and pencil for standardized tests.

New York City is the nation's largest school district, serving about a million students, and the City Council serves as a key oversight body for the city's Department of Education and its budget. Krishnan plans to introduce legislation to compel the department to assess the proposal.

Justices Stop Trump Curb On Ballots

Continued from Page One said that implementing the rules before the Nov. 3 mid-terms would be logistically impossible, because many ballots have already been prepared, and some states, including North Carolina and Wisconsin, have already started mailing ballots to voters.

Nearly a third of American voters used mail ballots in 2024, and some states conduct their elections primarily by mail.

Justices Clarence Thomas and Samuel Alito dissented from the high court's decision.

The ruling, which rejected an emergency appeal by the administration, deals the president another Supreme Court loss on one of his top priorities, and it comes during a hotly contested midterm battle that will determine control of Congress during his final two years in office. With Election Day seven weeks away, the justices may be called on to referee additional fast-moving voting-related disputes. Last week the court blocked a new Republican-friendly congressional district map in Missouri. And it could soon weigh in on a different Trump administration plan to use an immigration database it says could screen voters' eligibility.

Under the planned mail regulations, the Postal Service would have refused to deliver ballots sent by states to voters unless the states complied with several new conditions. In particular, the states' ballot envelopes would have had to include individualized bar codes and other new design features, and states would have had to upload into a new online portal the names, addresses and bar codes for all of the states' voters who are eligible to vote by mail. The Postal Service acknowledged in a Sept. 3 court filing that the portal wasn't yet up and running, and a whistleblower said the agency was bungling the hasty rollout.

The Supreme Court offered minimal reasoning for its decision against the rules. Using legalese, it said tersely that the administration was “unlikely to succeed on the merits of its challenge” to a district judge’s injunction that blocked the rules. The court added that “equitable factors” didn’t favor an emergency ruling lifting the injunction.

Alito wrote an eight-page dissent, arguing that the Postal Service has “broad power to regulate the delivery of mail.” He also said the challengers “bear a substantial share of the blame” for the late timing of the agency’s rules, which were delayed by litigation over a March executive order from Trump that prompted them. Thomas signed onto Alito’s dissent.

Justice Brett Kavanaugh, a Trump appointee, added a one-paragraph concurrence agreeing with the court's decision. He said that, in his view, there is “at least a fair prospect” that the Postal Service rules fall within the agency's legal authority, but that election officials “do not have sufficient time to reasonably implement” them before the midterms.

By maintaining the injunction against the rules, the high court's decision effectively guarantees that they will remain on ice during the mid-terms. Further litigation is expected over whether the Postal Service can enforce the regulations in future elections.

The decision was the second time in three weeks that the high court has weighed in on the administration's efforts to revamp mail voting. On Aug. 24, the court ruled that an earlier legal challenge was premature because it was brought before the Postal Service unveiled its final rules.

The justices are also weighing a separate case on their emergency docket about the administration's bid to deploy a citizenship database that officials say could detect ineligible voters. Two lower courts have blocked the administration from letting states use the Department of Homeland Security database after challengers argued it violates federal privacy laws and would be prone to mistakes.

Election officials around the country and voting-rights groups have argued that Trump's maneuvers around mail voting—including policies that are being implemented in a hurry and for the first time—would risk disenfranchising large numbers of citizens. In particular, opponents said, the Postal Service rules would have deprived millions of Americans of the ability to vote because many jurisdictions wouldn't have had any feasible way to comply in time for the elections.

While Democratic officials have led legal challenges to Trump's efforts, some Republican election officials also raised concerns, telling the Supreme Court in a legal brief that it was far too late in the election cycle to implement such sweeping and untested measures.

Moscow's Weapons Get Smarter, Cheaper

Sources: The International Institute for Strategic Studies (Geran-3, Geran-4, Geran-5 specs); Deagel (Banderol specs); Drone-Warfare (Geran-3, Geran-4 operation date); Army Recognition (Geran-5 operation date); Foundation for Defense Democracies (Banderol operation date)

Chinese parts help Russians outpace the West in creating offensive threats

BY DANIEL MICHAELS

Just as Ukraine was learning how to parry Russia's drone attacks, Moscow has moved the goal posts with a new generation of jet-powered weapons.

New Geran drones and Banderol cruise missiles are lethal reminders that Russia still has the resources and supply chains to field fresh threats, this time packed with advanced electronics that allow them to find targets accurately and evade interception. Crucially, the leap forward was enabled largely with parts sourced from China, in violation of international sanctions, Ukraine and others say, based on wreckage from the few shot down so far.

China has said it regulates exports of technologies that could be used in war.

Russia's new and relatively inexpensive weapons show Moscow's military remains adaptable and innovative, analysts and diplomats say. Russia developed and fielded both weapons within a couple of years by modifying earlier models, combat-testing them and quickly starting mass production, say analysts.

In doing that, Moscow stole a march on its adversaries. Ukraine has shown it can move quickly—it developed one of the first effective jet drones—but lacks production resources and much capacity to think beyond the near future.

The U.S. and its allies in the North Atlantic Treaty Organization, meanwhile, are struggling to increase production of arms such as Patriot interceptors. Western governments are also grappling with how to accelerate turning innovations into mass-produced equipment.

“Here in the West, we tend to underestimate Russia, but they can go very fast from idea and experimentation to production," said Kateryna Bondar, a senior fellow at the Center for Strategic and International Studies' Wadhwani AI Center in Washington. "This loop is something Western militaries should learn from Russia."

Moscow's developments directly affect the U.S. because Russia, Iran and North Korea share military know-how. Innovations from the war in Ukraine are appearing in America's war with Iran.

Moscow has managed to field its new weapons despite Ukraine's strikes affecting Russia's economy. President Vladimir Putin has reoriented the country behind his conquest of Ukraine, allowing him to funnel cash from the budget and state-owned banks into the defense sector. He has mobilized in a way that NATO's democracies haven't considered doing since World War II.

Banderol missiles and Geran drones address a need for cheap and capable one-way weapons—an economic middle ground that Ukraine and Western countries are pursuing. The weapons are a mix of upgraded low-end arms and simplified high-end ones. They represent a mix of cost, range, speed, explosive power and ability to reach a target without interception.

Banderol and Geran weapons cost around \$100,000 each. High-end U.S. Tomahawk cruise missiles and comparable Russian models cost more than \$2 million each.

The Geran-5 looks more like a missile than a drone. The

Geran-5 has forced a rewrite of the counterdrone playbook, created for propeller drones, because “it’s essentially a poor-man’s cruise missile,” said Mike Monnik, chief executive of DroneSec, a dronethreat intelligence company.

DroneSec analysts concur with Ukrainian assessments that Russia relies heavily on Chinese parts including jet engines, navigation computers and communications

“Russia is critically dependent on Chinese components” for its drone program, said Monnik.

For Ukraine, Moscow's advances are confounding because it also faces Russian ballistic missiles, which carry massive explosive payloads and are difficult to intercept. Russia is also pummeling Ukrainian troops with glide bombs dropped from warplanes, which Ukraine has almost no way to stop. The pounding threatens Kyiv's ability to maintain its front lines.

“While the drones are a problem, by far the biggest problem for Ukraine is glide bombs,” said Justin Bronk, a research fellow at the Royal United Services Institute, a British think tank.

For the U.S. and its allies, Russia's improved drones create an economic headache.

American forces in the Persian Gulf and NATO have resorted to using expensive equipment like Patriots and jet fighters to intercept inexpensive drones and missiles. Kyiv and Western governments are seeking cheaper ways to thwart low-cost attacks.

Blurred lines among classes of weapons call for defenses that are more integrated and prepared for a spectrum of threats aiming to overwhelm air defenses, say military specialists. Bronk said NATO would be well served to set up a specialized multinational counterdrone force that constantly trains to down all kinds of drones and missiles. He said this could be done using relatively affordable equipment like radar-guided antiaircraft cannons and simple jet planes used to train combat pilots.

U.S. and NATO officials say they are tackling the problem.

electronics.

Anticipating development waves will be critical, said Bondar.

She said Ukraine has had indications for several years that Russia was working on jet-powered drones and inexpensive cruise missiles, yet Kyiv has been unprepared for their large-scale use.

“It was obvious quite a while ago that we’d end up here,” Bondar said. “I’m surprised everyone is surprised.”

U.S. Puts Sanctions On Russia's VTB Bank

BY DYLAN TOKAR

The Treasury Department on Monday identified Russia's second-largest financial institution, VTB Bank, as a key financial node for Iran's Islamic Republic and put more sanctions on the bank.

The new sanctions on VTB are a bid to pressure international partners to cut off dealings with it, according to people familiar with the matter. Treasury Secretary Scott Bessent repeatedly has threatened secondary sanctions against foreign companies that help Iran to evade U.S. economic restrictions on Iran.

Bessent, who announced a maximum-pressure campaign against Iran dubbed Operation Economic Outcast last month, previewed the latest sanctions Friday without naming the target. “We are just going to continue with this process until everyone stops dealing with this regime,” he said.

VTB Bank didn't return a request for comment.

The immediate impact of the new sanctions is unclear. VTB was put under U.S. sanctions in 2022 in response to Russia's invasion of Ukraine, and the pre-existing sanctions prohibit any U.S. person or institution from dealing with VTB.

The Russian bank has continued to provide a major lifeline to Iran despite those sanctions, said U.S. officials. VTB provides clearing accounts to the Central Bank of Iran and several sanctioned Iranian banks, allowing for the easy exchange of Iranian rials and Russian rubles, said the people familiar with the matter.

\$100K Russia's typical cost for a Banderol missile or a Geran drone.

VTB has more than a thousand branches worldwide, the people said. It has helped transfer billions in frozen Iranian assets, the Treasury said.

Trump Group Has Georgia On Its Mind for New Tower

BY ELIOT BROWN AND EVAN GERSHKOVICH

U.S. relations with the Caucasus country of Georgia have gone from warm to frigid in recent years, as the former Soviet republic has cracked down on dissent and swung closer to Vladimir Putin's Russia.

One U.S. business unde- terred by the shift: the Trump Organization.

This week, a group of Georgian developers are planning to launch marketing on the Trump Tower Tbilisi, unveiling renderings on a skyscraper poised to be the country's tallest. The Georgian investment firms signed a branding deal with the Trump family company in May for the 70-story tower.

It is a booming market for foreign Trump towers, as private developers from Abu Dhabi to Vietnam to the Maldives in the past three years have lined up to adorn their hotel and golf course projects with the Trump name.

During President Trump's first term, amid concerns about conflicts of interest, the Trump Organization vowed not to do any foreign deals, effectively bringing new business to a halt. But in Trump's second term, the president's business dropped that self-imposed limit—and deals are pouring in.

Last year, the president reported taking in \$59 million from foreign property-licensing deals, up from \$45 million in 2024 and far more than any other year reported.

Developers typically pay the Trump Organization an upfront fee—recently about \$5 million—then a portion of revenue, though specifics can vary. Much like a restaurant franchisee, developers in return can brand their projects as a Trump tower, so long as it conforms to various design and service standards. The Trump family often helps market the projects, appearing at public events.

Trump has said his sons run the business on his behalf and he isn't involved. The

Trump Organization declined to comment. It previously denied any conflict of interest, saying the business dealings are kept separate from administration policy.

Democrats and governance groups have said the income from around the globe introduces new potential conflicts to the president's foreign agenda. Some of the developers paying the Trump Organization have other business before the U.S. government.

The White House has said Trump only acts in the best interests of the American public, and that there are no conflicts of interest with his businesses. A White House spokesperson didn't respond to a request for comment.

The prospect of Georgia's tallest tower rising with the Trump name strikes a note of particular foreign-policy discord.

Georgia was once one of the U.S.'s closest

The Trump Tower Tbilisi skyscraper is poised to be the country's tallest.

partners among former Soviet states: George W. Bush flew to Tbilisi to declare it a “beacon of Liberty” in 2005, and the country was a candidate to join the North Atlantic Treaty Organization. The relationship has deteriorated since, as Georgia’s ruling party—Georgian Dream—has drawn U.S. ire for legislation that cracks down on dissent and other moves that hewed closer to Russia.

The Biden administration publicly criticized the democratic backsliding, and relations have been chilly in the Trump administration: Secretary of State Marco Rubio appeared to refer to Georgia as having an “anti-American government” during a hearing last year.

Meanwhile, the project has given financial benefit to the family of a Georgian billionaire, Bidzina Ivanishvili, on whom the U.S. imposed sanctions in late 2024.

When the developers struck a 2023 deal to buy the land from a foundation controlled by Ivanishvili's family, they agreed to pay the foundation up to \$85 million at a later date, show Georgian corporate records. The developers paid in installments over time, and the deal was fully completed in July, a spokeswoman for the project said.

Ivanishvili is widely viewed by analysts as being the ultimate decision maker in the country. He made a fortune in Russia before he served as Georgia's prime minister between 2012 and 2013. Since leaving office, he has served as the honorary chairman of Georgian Dream, the party he

founded.

Ivanishvili also has been blamed for a sometimes violent crackdown on the political opposition. Georgian Dream was accused of election fraud in a 2024 vote that has sparked nearly two years of regular street protests. Georgian Dream has said the election victory was legitimate.

The U.S. House of Representatives last year moved to further punish Georgia's political leaders, passing a bill with bipartisan support that directed Washington to consider sanctions on current and former members of the Georgian parliament, among other political leaders.

Representatives of Ivanishvili and Georgian Dream didn't respond to requests for comment.

Georgian analysts see the deal as a way of the business community making something of a peace offering to the Trump administration.

“This project is mainly about having some kind of connection with the Trump administration,” said Giorgi Khishtovani, an economist and professor at Ilia State University in Tbilisi. “Its purpose may also be for PR reasons.”

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Saudi Pipeline Risk Intensifies

Closure after recent drone attacks weigh on an energy market already under duress

Saudi Arabia is racing to repair an oil pipeline shut down by drone attacks last week. The disruption threatens to remove another source of crude from global markets.

By Rebecca Feng, Georgi Kantchev and Summer Said

The kingdom is trying to resume partial operations on the pipeline within days, but repairing damaged pumping stations and fully restoring capacity could take as long as six to eight weeks, said people familiar with the matter.

The East-West pipeline has become one of the world's most important pieces of energy infrastructure during the Iran war, a workaround to sharply curtailed tanker traffic through the Strait of Hormuz.

Stretching 750 miles across Saudi Arabia from the kingdom's oil-producing heartland on the Persian Gulf to the Red Sea port of Yanbu, the East-West pipeline allows Saudi crude to reach global markets without passing through the Strait of Hormuz. It was built in the early 1980s when the Tanker War threatened shipping in the Persian Gulf.

The pipeline can carry as much as 7 million barrels a day—about 2 million for domestic Saudi refiners and the rest for export—but had never operated at full capacity for an

Average daily loadings of Saudi Arabia crude at Yanbu 5 million barrels a day

Sources: LSEG (loadings at Yanbu); Global Energy Monitor (pipelines)

extended period before the war.

Saudi Arabia said the pipeline was hit in several attacks in the Riyadh and Medina regions on Sept. 10, which caused injuries. It said the drones were fired from Iraq, where authorities have struggled to control Iran-backed militias that repeatedly have targeted Saudi infrastructure.

Saudi authorities said they shut the line as a precaution but haven't disclosed the full extent of the damage or announced when pumping will resume.

Saudi Arabia can keep loading crude at Yanbu with the pipeline shut by drawing on oil stored at the Red Sea port. But the cushion is thin: Data provider Kpler estimates Yanbu crude inventories stood at just 9 million barrels on Monday, and down more than 7 million barrels over the past two months. The tanks' capacity at Yanbu is about 24 million barrels.

Janiv Shah, an oil analyst at Rystad Energy, said his working assumption is that Yanbu has around three days of crude export cover, with a range of two to six days depending on the inventory level when the pipeline was shut.

How long the Yanbu storage lasts depends on the pace of exports. Saudi crude-oil exports from Yanbu had surged above 4 million barrels a day from April through June as the kingdom redirected more crude away from the Strait of Hormuz.

But after Iran-backed Houthi rebels in Yemen announced a blockade of the kingdom and stepped up attacks on Saudi shipping in the Red Sea, loadings fell to just 1.1 million in August, according to financial-data provider LSEG.

Saudi Arabia could buy at least another week by drawing on crude stored in Egypt, extending the window before Red Sea exports would have to fall more sharply, the people familiar with the matter said.

A prolonged pipeline outage could also force Saudi Arabia to cut production further after output already fell sharply during the war. Crude production dropped in August to 6 million barrels a day, the lowest in more than three decades, according to the International Energy Agency, versus an average of about 9.4 million barrels a day last year.

The pipeline was attacked in April, damaging a pumping station and cutting capacity by about 700,000 barrels a day, but Saudi Arabia restored full capacity within days.

This time, a partial restart could come much sooner than a full repair, said people familiar with the matter. The East-West system consists of two parallel pipelines that use separate pumping infrastructure, meaning one line could potentially resume operations after safety checks while repairs continue on the other.

Restoring damaged pumping stations is more complicated, and full repairs could take as long as six to eight weeks even under favorable conditions, they said.

Before last week's shutdown, roughly 4 million barrels a day, or about $4\%$ of global supply, were flowing through it, analysts estimate.

The impact of the outage on oil prices will depend on how fast Saudi Arabia is able to restore flows.

Oil prices jumped Monday, with Brent crude, the international benchmark, rising more than 4% to above \$109 a barrel, the highest level since May.

For now, analysts are sticking with their previous near-term price forecasts.

Houthi Move Further Squeezes World Oil

BY SUMMER SAID AND SALEH AL-BATATI

DUBAI—After sitting out the Iran war, Yemen's Tehran-backed Houthi rebels seized a crucial maritime chokepoint in a lightning offensive over the weekend that further imperiled global energy supplies and injected the group into any effort to resolve the conflict.

It is an unusually prominent position for the group's warlord leader, Abdulmalik Al-Houthi, who claims descent from the Prophet Muhammad and rules his impoverished territory through fear and religious fervor. But it's one that reflects the growing ambition of his 350,000-strong militant army and its prowess with tactics, missiles and drones.

Last year, the Houthis survived a U.S. bombing campaign with tactics that exhausted the Navy on a long deployment that presaged the difficulty suppressing Iran. This summer, they exploited divisions among their internal opponents and their Arab sponsors amid the distraction of the wider war to expand their domain.

On Friday they took Perim Island, which sits in the middle of the strategic Bab al-Mandeb Strait, an 18-mile-wide chokepoint that is to the Red Sea what the Strait of

Hormuz is to the Persian Gulf.

They had been preparing for the assault for months. In mid-August, they moved weapons and thousands of troops to positions around the port city of Mokha, threatening their opponents' supply lines. They used their control of Yemeni telecom systems to listen in on their enemies' calls and sow confusion and intimidate their rivals into giving up.

The world paid little attention to the group even after it captured the Yemeni capital, San'a, in 2014. Now, it holds one of the world's most important energy corridors and must be reckoned with.

“They feel they’ve won the civil war,” said Elisabeth Kendall of Cambridge University’s Girton College, who studies Yemen. “They aren’t afraid of the United States, and most importantly they’re pretty adaptive.”

The Houthis emerged in the 1990s as significant players in Yemen, a country of about 40 million people. They later leaned on their religious pedigree, a history ruling northern Yemen and harsh repression to expand their territory after the Arab Spring.

They fought off intervention by Saudi Arabia and the United Arab Emirates during Yemen's civil war—using cheap drone and missile technology with funding and support from Iran—and consolidated their control over about a third of the country.

Houthi rebels march during a mobilization campaign in San'a.

Disrupting the flow of oil out the waterway would cripple Saudi oil exports bottled up in Hormuz, and risk spiking global oil prices.

Mohammed al-Basha, a Yemen expert who runs the Basha Report risk-advisory firm, said the anti-Houthi coalition—which includes fighters who want to see a separate nation in southern Yemen, as well as others aligned with the Muslim Brotherhood and former government forces—is up against a tough, unified opponent. “The Houthis have one leader, one ideology and a clear vision,” Basha said. “The anti-Houthi forces have eight armies and multiple commands.”

The pressure has grown on the Saudis. Last week, a drone attack that Saudi Arabia believes came from Iraq struck the kingdom's crucial East-West pipeline. With the Strait of Hormuz under attack by Iran and the Houthis in control of the Bab al-Mandeb, Saudi Arabia's enemies are increasing.

Untangling the Houthis' control of Perim Island at the mouth of the Red Sea again may force international powers into Yemen's long war.

The U.S. doesn't appear eager to intervene after bombing the Houthis for more than 50 days during Operation Rough Rider in 2025. Even if the Houthis are pushed off the island or further away from the Red Sea, they maintain an arsenal of drones and missiles capable of holding the waterway at risk. That mirrors the Iranian strategy in the current stalemate in the Strait of Hormuz.

“They are always going to be able to hold bits of the Red Sea to ransom,” Kendall said. “The world only pays attention when it affects their wallets.”

Iran's Drones Deal Blow to Ambition Of Gulf Data Sites

a lot of that math on its head."

BY OMAR ABDEL-BAQUI AND ELIOT BROWN

DUBAI—The day after the U.S. and Israel launched their opening strikes on Iran, the Islamic Republic shot back with swarms of drones aimed at the Persian Gulf's newest high-value targets: U.S. data centers.

More than six months after the barrage, a damaged Amazon Web Services facility in Abu Dhabi and an additional one in Bahrain are still mostly offline. The company has told clients to move their data to other regions while it repairs the sites and hasn't given a date for completing the work.

The attacks and damage are complicating the pitch by Gulf states such as the United Arab Emirates to become world-leading data processors for industries like artificial intelligence. They add a huge new risk for U.S. companies weighing investments that can cost tens of billions of dollars.

The U.A.E. put years of diplomatic muscle into persuading U.S. officials to sell it top-of-the-line AI chips, ultimately swaying the Trump administration to give it the same ac-

U.A.E. officials float the idea of building the centers underground.

cess as European countries. In a May 2025 visit to Abu Dhabi, President Trump watched as the Emirates' leaders unveiled plans for a data-center complex requiring five gigawatts of power—the equivalent of more than two Hoover Dams.

Emirati and U.S. officials boasted that OpenAI had agreed to be the inaugural tenant at the complex, with plans ultimately to take 20% of its capacity. That deal now appears to be stalled. OpenAI still hasn't signed a lease for the project, said people familiar with the matter. OpenAI didn't respond to a request for comment. (News Corp, owner of The Wall Street Journal, has a content-licensing partnership with OpenAI.)

AI data centers tend to be far larger than the cloud-computing facilities hit during the war, making them easier targets. They also are far more expensive. Because of the cost of the AI chips, each gigawatt of capacity is estimated to cost at least \$50 billion between the servers and the infrastructure.

Until the war, the Gulf's plentiful land, strong state backing and easy permitting were clear advantages. Now, the physical risk of putting multibillion-dollar facilities within 200 miles of Iran in a region that regularly struggles with conflict is changing the equation.

"The value proposition that the Gulf states made to the U.S. government and U.S. tech companies was that they will provide abundant capital, cheap energy and easy construction," said Aaron Bartnick, a White House technology official during the Biden administration. "The Iran war has really flipped

The U.A.E. Foreign Ministry and the Abu Dhabi government media office didn't respond to requests for comment. Amazon Web Services said it is working to restore services to its Bahrain and U.A.E. facilities, and that it has provided billing relief for customers who relied on them.

The U.A.E. has borne the brunt of Iran's attacks during the war with more than 2,800 drones and missiles sent its way, far more than Iran fired at Israel. To address concerns about strikes, the country's officials have floated the prospect of building data centers underground—which would add to the enormous cost—and placing drone-defense systems near the computing centers, said people familiar with the matter.

For now, though, data is going the other way. The U.A.E., which generally has strict data-sovereignty policies for domestic companies, has allowed some entities to move their data abroad while Amazon works to restore services to its facility in the country, industry insiders said.

The Iranian strikes on the Amazon facilities set fires, damaged infrastructure and forced authorities to cut the power. The water used to put out fires caused more damage.

Banking apps, corporate services and financial-technology platforms in the region went down as Amazon scrambled to help clients back up their data and move it to the U.S., Europe or elsewhere in Asia.

The length of the outage indicates the damage was severe. Even now, more than 130 computing services remain disrupted at its Abu Dhabi facility and 140 at its Bahrain location. Just five in each have been restored.

Some tech companies are moving ahead with Gulf datacenter projects. They are betting that the war will end eventually and are drawn to the gusher of Gulf capital. Beefing up projects in the Gulf with better defenses could be cheaper and faster than starting over in less favorable locations.

Amazon and Microsoft separately said last month that they will still launch data centers in Saudi Arabia by the end of the year. Microsoft struck a deal for a 200 megawatt data center in Abu Dhabi in late 2025. Construction is under way.

Cloud-service providers generally want to have data centers close to busy commercial nodes.

"The Middle East has a ton of business interest, and cloud providers want to try to capture that growth," said Doug Madory, head of internet analysis at cybersecurity firm Infoblox. "But that calculus is changing with the risks. I compare the data centers to the ships in the Strait of Hormuz—if you hit two, you scare the others off."

NATO

Rutte Vows to Add To Ukraine Support

NATO Secretary-General Mark Rutte said on Monday that Russian drone strikes near the Ukraine-Poland border—one of which hit a train shortly after senior visiting officials had passed through the same station—would drive the military alliance to increase its support for Kyiv, calling Sunday's attacks a sign of Moscow's growing desperation.

The strikes “close to NATO territory” show Russian President Vladimir Putin’s “desperation and also his desire to sow fear and terror,” Rutte said. “Russia is growing increasingly reckless as it continues its terrible war against Ukraine.”

Rutte pledged to increase support for Ukraine and bolster the 32-nation alliance's own defenses along its long eastern border with Russia.

Sunday's strikes near the Polish border are the latest in a string of incidents officials say point to a deliberate pattern of escalation by Putin. Associated Press

AUSTRIA

Iran on Monday condemned the exclusion of the head of its Atomic Energy Organization from the annual gathering of the United Nations nuclear agency in Vienna saying that it constitutes “a serious breach” of Tehran’s rights as a member nation.

“By obstructing our full and effective participation, the denial of access contravenes both the letter and the spirit of the legal framework” governing attendance at meetings of the International Atomic Energy Agency, Iran’s ambassador to the agency, Reza Najafi, told delegates at its general conference.

Najafi criticized Austria, the host country of the IAEA and other United Nations organizations, saying Vienna's decision not to grant a visa to Mohammad Eslami "violates the host country's obligation."

—Associated Press

VATICAN

Pope Turns 71,

Reverses Pay Cuts

Pope Leo XIV celebrated his 71st birthday on Monday, but it was Vatican employees who got the gift.

The Vatican published a papal decree repealing 2021 salary cuts that Pope Francis had imposed on many Vatican employees as part of the Holy See's Covid-19 cost-saving measures.

In the decree, Leo said the salary-containing measures "can now be overcome, in the certainty that the institutions of the Holy See and the Vatican City State will continue, through various means, their commitment to ensuring economic sustainability."

The salary cuts included a 10% cut on pay for cardinals and smaller percentage salary cuts for office heads and lower-ranking priests and nuns. Biennial pay raises were frozen for senior lay employees, though lower-ranking lay employees continued to receive raises.

—Associated Press

WORLD WATCH

SOLEMN FAREWELL: Mourners in Bukavu, Democratic Republic of Congo, on Monday carried coffins containing bodies of 26 children who died in a fire and stampede at a school there.

Crypto Bro Wants His ‘Ex’ to Pay

FROM LEFT: ORE HUIYING/BLOOMBERG NEWS; IMAGO/ZUMA PRESS
Justin Sun and Jing Tian, in photos not taken together

Sun said he made up romance, but sues actress to recover \$4.5 million bride fee

By Stu Woo

SINGAPORE—Imagine a crypto billionaire paying a supposed \$4.5 million fee so he can marry a Hollywood star—and then hiring a celebrity lawyer to get the cash back when the romance fizzled.

That, essentially, is the made-for-TMZ drama that has transfixed China over the past weeks.

The real-life cast features Justin Sun, a crypto titan known for elaborate publicity stunts; Jing Tian, a top Chinese actress who has crossed over into Hollywood; and Zhang Qihuai, a big-name lawyer who specializes in high-profile brawls.

As the story swept through China, the nation cycled through three collective reactions.

First: Wait, those two were together?

Second: The bride fee was how much?

Third: Is any of this actu-

ally real?

That doubt comes partly from Sun's history of viral antics, which include postponing a \$4.6 million charity lunch with Warren Buffett, and buying—and promptly eating—a \$6.2 million banana that had been duct-taped to a wall as art.

It also stems from the disclaimer at the bottom of Sun's post on X, titled “My Girlfriend Jing Tian.”

In the rambling essay, he said he had a crush on the actress since college, rented out a theater to watch “Zootopia 2” for a date and wired her family \$4.5 million for a so-called bride fee, a traditional Chinese gift from a groom's family to the bride's family before marriage. He also detailed an intimate encounter involving fingernails.

When she later requested \$50 million to have their child via a surrogacy in Southern California, Sun wrote, he consulted the AI model Claude—and took its advice to not pay.

Then at the end of the post, he wrote: “This article is entirely fictional; any resemblance to actual events or persons is purely coincidental.”

Yet what followed suggested the drama wasn't entirely fake. That same day, Zhang, the celebrity lawyer, said on Chinese social media that a court had accepted Sun's lawsuit seeking the return of 30 million yuan, equivalent to \$4.5 million, from Jing and her parents.

The next day, without specifying what she was referring to, the actress posted that she had “poor judgment” in men but “will never sell my love for money.” She added that “I believe in the law” and that “justice and fairness will ultimately prevail.”

A representative for Jing didn't respond to a request for comment.

In a written response to questions sent via his lawyer, Sun confirmed the lawsuit was to recover a bride fee. "We dated with marriage in mind," he said.

He said as the couple prepared for medical procedures to have a child in the U.S., the “other party”—whom he didn’t name directly—demanded \$50 million. When he refused to pay, he added, the other side cut off contact. “The engagement could no longer proceed,” he said.

The mix of star power, wealth and references to an ancient wedding tradition made the saga an instant media obsession in China.

Sun, 36, grew up in China, earned a master's at the University of Pennsylvania and founded blockchain company Tron in 2017. He is now worth about \$8.5 billion, according to Forbes.

Jing, 38, has headlined blockbusters in China and Hollywood, starring opposite Matt Damon in “The Great Wall” and appearing in “Kong: Skull Island” and “Pacific Rim Uprising.” She is no stranger to public romance, having previously dated Olympic table-tennis champion Zhang Jike, a national icon.

Despite Sun's disclaimer that his account was fiction, some in the Chinese public treated his essay as fact. Many online commentators sided against him for airing details of a private relationship.

"To treat his former girlfriend with such viciousness is evil on a whole other level," Hu Xijin, former editor of the state-run Global Times and one of China's most prominent political commentators, said on social media. But he added that it is reasonable for an unmarried man to ask for his bride fee back.

To Escape the Heat, Some Europeans Are Moving North

BY YUSUF KHAN

After nearly a decade in Spain's Costa del Sol, the heat was becoming unbearable for Gabriele Pohl. Temperatures soaring above 100 degrees Fahrenheit were making it difficult to go out during the day, and water shortages were making her business, which uses horses to coach business leaders, untenable.

'It became a... fight against the climate. We were just surviving, not living.'

Last winter, she and her husband moved to Tomiño, a small town in Galicia, in northern Spain, near the Portuguese border. "You go northwest if you want enough water, you want good temperatures, you want green fields, you want good food and good wine," said the 58-year-old Pohl.

She is one of a number of Europeans who are moving north in search of cooler weather and greener pastures.

Drought and heat waves made much of Europe a tinderbox this summer, with wildfires raging across parts of Spain, France and Greece. River levels in Germany dropped to record lows, and England's green fields turned straw yellow. The conditions have helped make new areas of the continent more appealing for Europe's wealthy and middle classes.

Internal-migration data is patchy, but the most recent information from Spain in 2024 showed northern provinces were growing as Spaniards migrated there from other parts of the country. Property prices suggest the trend has contin-

ued.

House prices in northern Spanish provinces such as Cantabria and Asturias rose 17.2% and 14.1%, respectively, year-over-year in August, according to data from Idealista, a Spanish real-estate website. That is much faster than major cities such as Barcelona and Madrid, which have seen increases of about 7%.

It's a similar story in France, where cities such as Caen, Le Havre and Brest on the Atlantic coast had roughly $9\%$ increases in property prices during the first half of 2026 compared with the same period last year, according to Notaires de France, a directory of notaries that publishes property data. Bordeaux, which has experienced huge wildfires this year, fell 2%.

Last winter, Gabriele Pohl and her husband moved north from Spain's Costa del Sol to Tomiño, a small town in Galicia.

Florence Chapelier, 53, moved to Normandy from the south of France last year, uprooting her and her husband's architectural-design business. She said summers in Aix-en-Provence, where she used to live, had become so hot that her cats were struggling to breathe. "It became a permanent fight against the climate. We were just surviving, not living."

She said she has moved to a larger property for the same price as her old house, and she can return to her hobbies of gardening and swimming, having been forced to stay inside during the summer in her old home.

For areas in Spain, more days above 95 degrees Fahrenheit tends to translate into lower sales and rental prices, according to research by Adrian Fernandez-Perez, assistant professor at the University College of Dublin. “For real-estate developers and investors, they highlight profitable opportunities in cooler regions, where housing demand is shifting,” he said.

It isn't just the heat. Researchers in Italy have found persistent droughts can cause people to relocate, leaving rural agricultural communities behind in search of more viable land. Olive growers in Italy, for example, have migrated north in recent years.

Rising insurance premiums also prompt moves. In France, premiums for multirisk home insurance, which includes natural disasters, rose 8.4% in 2025, according to France Assureurs, an industry group. Catastrophe premiums are expected to rise by more than 200% by 2050 in southern regions, compared with 100% increases in more northern and inland areas, according to an analysis by the French Prudential Supervision and Resolution Authority, which oversees the country's banking and insurance sectors.

"All things that affect your home, your mortgage, the value of your home, your ability to insure your home affordably, property taxes—all of those things tend to play a role in people's decisions about staying in a particular community or maybe going somewhere else," said Koko Warner, director of the University of Pennsylvania's International Climate Observatory.

FJ Unger, a 65-year-old entrepreneur, moved to Galicia in northwestern Spain in 2022, drawn in part by the relatively cool summers. The big beaches, high-quality food and lower house prices were a bonus, he said.

“Everywhere else in Spain, you’re now looking at virtually all regions hovering between” 90 and 105 degrees Fahrenheit, said Unger. “That is boiling.”

BOE Is Set To Keep Key Rate On Hold

BY ED FRANKL

The Bank of England is set to keep interest rates on hold this week, but rate-setters likely will leave the door open to more tightening as tensions in the Middle East escalate.

Investors also are likely to focus on the continued, albeit slower, reduction of the central bank's sovereign-debt portfolio, as yields on those bonds, known as gilts, have reached multidecade highs.

The bank has maintained its key policy rate at 3.75% since December 2025, as policymakers were anticipating rate cuts and inflation set to decline heading into 2026.

Instead, the outbreak of the U.S.'s war in Iran prompted a radical upward revision of inflation forecasts, ending any chance of policy loosening. Investors now expect at least one quarter-point hike by the end of the year.

Despite the hold expected this week, economists think the bank's monetary-policy committee will strike a hawkish tone, noting that energy prices have climbed since the last policy meeting in July. Crude oil rose above \$100 a barrel last week, while European natural-gas costs hit their highest since 2023.

In July, the BOE said it expected inflation to average 3.2% in the fourth quarter of the year, from 2.9% that month, taking the level of price growth further above the 2% target. The latest inflation data for August, which rate-setters will see before they make their decision, is expected on Wednesday.

Energy prices aren't the only factor driving inflation. The BOE expects food inflation, which has been cooling in recent months, to reach $3.5\%$ by the end of this year. The impact of the conflict on food has been exacerbated by heat waves in Europe, with concerns also mounting over the developing El Niño weather phenomenon. Speaking to lawmakers last week, Bank of England Gov. Andrew Bailey said the balance of inflation risks remain to the upside.

Even if the monetary-policy committee's guidance remains noncommittal, it is expected to say it stands ready to act.

Most of policymakers, however, continue to see little evidence of second-round effects, such as those that feed into increased wages, a factor that could prompt a cycle of ever higher prices. That gives policymakers “breathing space to sit back and see how things play out,” Oxford Economics chief U.K. economist Andrew Goodwin said in a note. “We we expect the MPC to hold [the policy] rate at 3.75% until well into next year.”

Mallorca Aims to Ditch Rowdy British Tourists for Rich American Ones

MARIA CONTRERAS COLL FOR WSJ
The Magaluf beach has been a target of the government's crackdown on 'excess tourism.'

BY CHELSEY DULANEY AND ANDREA FIGUERAS

MALLORCA, Spain—This Mediterranean island is a tourist paradise, with glittering turquoise seas, hidden coves and endless white-sand beaches that have been luring Europeans for generations.

It also is the epicenter of Europe's backlash to overtourism. Residents have taken to the streets and beaches this summer to protest the island's growing flock of visitors, united by one message: “Tourists, go home.”

The island—roughly 125 miles east of the Spanish mainland, with a population of about one million—is on track to welcome about 14 million tourists this year. They pour in on cruise ships, budget airline flights and tour buses run by vacation-package companies. During the summer, the island's daily population can rise by 50%.

Mallorca's tourism model is a victim of its own success, as overcrowding risks eroding what made it special. Local politicians are trying to calm the backlash from residents—without jeopardizing the revenue that is the lifeblood of the economy.

The flood of tourists has pushed the island's infrastructure to its limit, leading to traffic jams, strained water resources and a severe shortage of affordable housing for locals. On the outskirts of the capital, Palma, some residents who can no longer afford an apartment live in sprawling communities of camper vans.

Some on the island have called for radical tourism-containment measures, such as an outright limit on visitors.

Mallorca's leaders are testing a different solution: a rebrand. The island wants to shed its reputation as a hot spot for British bachelor parties and thrifty package-holidays and transform into a luxury destination for high-rolling tourists like Americans.

“Tourism is our way of life,” said Pedro Homar, managing director of Palma’s tourism board. “The change of model is quality over quantity.”

We need to have less tourists that spend more."

Mallorca's beaches and hill-top villages have been a popular hangout for foreign writers, artists and musicians for more than a century. But it was Spanish dictator Francisco Franco's tourism push in the 1950s and '60s that transformed Mallorca from a quiet agricultural community into a mass tourism destination. Franco saw foreign tourism as a way to soften the image of his authoritarian regime internationally—under the slogan “Spain is different!”

Low-cost packages from British and German tour operators opened the island up for thousands of Europeans.

Mallorca's reputation as a cheap party destination has long frustrated locals, who complain of public drunkenness, nudity and drug use. But the island's reliance on tourism has made attempts at change difficult. Tourism accounts for nearly half of economic activity in the Balearic Islands, the archipelago that Mallorca is part of, said Excel-tur, a tourism nonprofit.

Homar, the Palma tourism official, has for years been working to attract a new type of tourist: wealthier, quieter, interested in traveling outside the peak summer season. And above all: American.

“They travel with the idea of understanding the culture, mingling with the locals, buying local arts and crafts,” he said. “We are no longer appealing to tourists in the U.K. [or] Germany, whose main motivation is partying and drinking.”

U.S. tourists in Spain spend more than any other nationality: about \$410 a day in July, compared with \$240 by Germans and \$260 by British travelers, show government data.

By many accounts, Mallorca has succeeded in dispelling hard-partiers. On parts of the island, authorities implemented fines for drunken behavior, banned party boats and limited drinks at all-inclusive hotels to six a day.

Germans and Brits still make up about half of Mallorca's tourists, but U.S. visits have surged 60% this year through June. United Airlines has expanded direct flights to the island from its hub in Newark, N.J. Boutique hotels catering to Americans have sprung up across the island.

Hospitality executive María Martínez had to train workers on how to serve Americans' needs: They want more small talk, guidance on itineraries and are more interested in the island's history. The chain she works for, IT Mallorca Unique Spaces, has six boutique hotels on the island, and Americans are its main client group.

Wealthy South Koreans are another group of coveted tourists. Newlywed Sukyung Lee spent four days in Mallorca in September for her honeymoon. She loved Caló des Moro, a beach nestled between cliffs. “The ocean is beautiful...it’s famous for a reason.”

PERSONAL JOURNAL.

A10 | Tuesday, September 15, 2026

THE WALL STREET JOURNAL.

New Apple Siri Is Something To Talk About

New iOS 27 includes the AI boost but only for newer models starting with the iPhone 15 Pro

PERSONAL TECHNOLOGY NICOLE NGUYEN

© 2026 Dow Jones & Company. All Rights Reserved.

Last week, I was at a parking machine and needed to input my license plate number. I don't have it committed to memory, so I asked Siri.

Immediately it rattled off the numbers and letters, which it found in a photo of my vehicle registration renewal notice. Wait a minute—this new Siri actually helps?

For the past couple of months, I've experienced the magical highs—and a few disappointing lows—of Siri's Apple Intelligence overhaul. Now you can too. iOS 27, which includes Siri AI, is ready to download.

Back up your iPhone, then go to Settings > General > Software Update to start the download. If you prefer stability, wait a few weeks for the first update with bug fixes.

And yes, I know there's much talk of an AI doomsday.

Even with its new superpowers, this Siri isn't the type of cutting-edge AI that's stoking the concerns, but you can still opt out in Settings.

iOS 27 marks the beginning of an iPhone divide. Only Apple Intelligence-capable newer models starting with the iPhone 15 Pro will get Siri AI and other AI-powered features. Older iPhones get less flashy tricks. This split makes Apple's release more confusing, so I divided this guide into two parts.

For the newer iPhones Siri AI: There are now new ways to get to Siri AI, aside from the usual “Hey Siri.”

▶ Swipe down on the black pill at the top of your screen

▶ Siri mode in the Camera app-hold Photo then swipe left

▶ A dedicated Siri app, which also contains your conversation history

The iPhone's live-in assistant now relies, in part, on Google's Gemini models to answer questions. Siri AI can look through your iPhone's most private data, which you wouldn't want ending up in a data breach or training a future model. Apple says for cloud-based requests, the company doesn't

In the new interface, Siri can look at a message in Gmail and interpret its contents.

store your data, and neither Apple nor Google can access it.

For the most part, Siri AI is far less embarrassing than classic Siri, but like other chatbots, it's sometimes wrong. It also takes a beat longer than ChatGPT and Claude to respond and acts more cautiously compared with those bots, warning that it "may make mistakes" and is "not a doctor."

On-screen awareness: Siri can see whatever is on your screen, no matter the app.

While watching a video of a pastry class I took, I realized I forgot the name of the dessert. Siri quickly got it right, “Tarte Tropézienne.”

While on the U.S. Open's website, I asked Siri to add the semifinals and finals schedule to my Google calendar via Apple's Calendar app. In Gmail, Siri compiled a packing checklist from a school email.

Camera smarts: In the camera's Siri mode, point the camera at an object and tap the Siri icon for an immediate response. You can tap the speech bubble icon to type a question, or the magnifying glass to search for the object on Google and other platforms.

Suggested actions will pop up automatically for certain items: Snap a snack or dish to see its nutritional value; snap a receipt to calculate how to split the bill.

Personal context: Siri can search for content across Apple's native apps, such as Messages. After I first enabled the assistant, it took Siri several days to completely index my phone's content.

Asking, “When was my son’s dentist appointment?” pulled the date from a text reminder, while “What’s my passport number?” retrieved the data from Photos.

This aspect of Siri AI—potentially its most powerful—will only be successful if developers let their apps work with Apple's assistant. My most-used services aren't made by Apple, including WhatsApp, Signal, Slack and Google's apps.

These companies might be working on their own assistants, and a Siri integration could be seen as aiding and abetting the competition.

Photo make-believe: I'm conflicted about the new suite of Apple Intelligence photo-editing tools. Is it magic—or deception?

On any photo, tap Edit, then Tools. The Extend button zooms out on close-ups, generating visuals to fill the empty space. Meanwhile, Reframe lets you pivot the subjects in your picture, so that it looks like you were in a different spot when you snapped the photo.

In a few pictures, the tools did weird stuff to faces where there wasn't enough information, but I was generally impressed—and creeped out—by the results.

Custom wallet passes: I initially thought this was a meh update, but it's already saved me several times. My husband and I share a pass to our local pool that I constantly forget at home. Now I have a digital version on my phone.

In Wallet, tap on the plus sign to Create a Pass, and point the camera at any ticket or membership card.

For all iPhones

Even if you have a model as old as the iPhone 11, there's plenty of practical improvements for you in iOS 27, not to mention performance boosters, such as up to $80\%$ faster AirDrop transfers. Here are some non-AI perks:

Less Liquid Glass: Remember last year's interface redesign, the one nobody asked for? Menus are now less transparent by default, and a slider in Settings > Appearance > Liquid Glass lets you adjust the opacity to your liking.

Green bubble replies: You can now send in-line replies and emoji reactions to photos in iPhone-Android conversations over Rich Communication Services or RCS. Enable it in Settings > Apps > Messages. Many carriers also now support end-to-end encrypted RCS messaging.

Alarm volume setting: If you've ever suffered a late wake-up because of a too-quiet alarm, go to Settings > Sounds & Haptics and under Alarms and Timers, disable Match Ringtone Volume to set an independent alarm volume.

Hide location: To temporarily shield your location without notifying them, go to Find My > People, select a contact, tap the ellipses and choose Hide Location. It's ideal for surprise parties—or avoiding friends' FOMO if you're doing something cool without them.

XL widgets: You can now fill an entire page of your homescreen with a single widget. Tap and hold the home screen, and select the paint brush at top left, select Add Widget, then scroll through options. Not all widgets have a full-screen option, but my favorite one, Photos, does.

Watch a Video

Scan code for a video explaining Siri's major upgrade in Apple's new iOS 27 software update.

New Option May Cut Your Mortgage Rate

BY VERONICA DAGHER

One simple request might help you score a lower mortgage rate while costs are soaring.

You can now ask your lender to pull your credit score using VantageScore 4.0, if it hasn't already, or you can find a lender willing to do it. This is an alternative scoring model that makes some borrowers look more creditworthy.

The ability to do this is new. For years, government-backed mortgage giants Fannie Mae and Freddie Mac relied exclusively on classic FICO scores to evaluate creditworthiness and set mortgage rates, and most lenders still pull only FICO scores. This month, however, Fannie and Freddie's regulator said all lenders are free to use VantageScore 4.0 as well—and the lender can pick the one that results in the best rate.

Someone with a top-of-the-line FICO score won't see improvement by also pulling the VantageScore, but others might. If you do get a higher score, it could push you into a bucket of borrowers who are correspondingly charged lower fees by Fannie and Freddie to back the loan. (Fannie and Freddie stand behind a swath of the mortgage market and help set standards across the industry.)

When a lender evaluates both scoring models, roughly one in four home buyers ends up in a higher

credit-score range, according to estimates by Nick Maciunas, managing director at JPMorgan Chase. For borrowers who jump a score bracket, Maciunas estimates that saving 1% in upfront loan adjustment fees translates to roughly a quarter-point drop in their interest rate.

That could be a significant difference with the average 30-year fixed mortgage rate at $6.76\%$ last week, the highest level in more than a year, according to Freddie Mac. The Treasury yields that also help determine going mortgage rates and a host of other borrowing costs have been on the rise recently, thanks to investor worries about inflation.

Average 30-year fixed mortgage rate

Source: Freddie Mac via St. Louis Fed

Chris Sbonek, president and chief executive of Mitten Mortgage Lending in Trenton, Mich., has been pulling both classic FICO and VantageScore 4.0 credit reports for his clients since United Wholesale Mortgage—one of his primary wholesale lenders—introduced the option.

Sbonek has seen VantageScore 4.0 help qualify some borrowers who previously failed to qualify for a mortgage. In many cases, buyers who are already qualified are securing lower interest rates, he said. But the results are all over the place. For other borrowers, he's seen no substantial difference between VantageScore 4.0 and classic FICO, and in some cases FICO offers the higher score.

He gave the following example of how a borrower might benefit. On a \$400,000 loan, a borrower with a 680 classic FICO score might re-

VantageScore 4.0 is an alternative scoring model that makes some borrowers look more creditworthy.

ceive a 6.959% rate on a 30-year fixed mortgage. If that same buyer has a 740 VantageScore 4.0, Sbonek could qualify him or her for a 6.5% rate, saving the home buyer roughly \$44,000 in interest over 30 years.

Credit scores are measured as a number between 300 and 850, and VantageScore 4.0 tends to run higher than classic FICO, though it can differ by borrower. Fannie and Freddie's new pricing models factor in the differences by effectively subtracting 20 points from the VantageScore and then applying the same credit score buckets as FICO.

The two models evaluate credit differently. Classic FICO offers a snapshot at a single moment while VantageScore 4.0 analyzes 24 months of trended balance and payment data. It also factors in alternative data like rent and utility payments and requires less credit history to generate a score.

When a mortgage lender pulls your classic FICO score or VantageScore 4.0, it traditionally pulls reports from all three credit bureaus and uses your middle score to help determine your rate. VantageScore was created as a joint venture by the three major credit bureaus—Equifax, Experian and TransUnion.

“Different scoring models use different methodologies, which is why consumers receive different scores or fall into different score ranges depending on the model being used,” a FICO spokeswoman said.

The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to approve Vantage-Score 4.0 for all lenders after previously giving the option to a smaller pool of them, including United Wholesale Mortgage and Rocket Mortgage. While credit scores are a major factor in the kind of interest rate you get on a loan, they are evaluated alongside income, assets and debt-to-income ratios.

Bill Banfield, chief business officer at Rocket Mortgage, said a home buyer with a longer history of maintaining low debt balances and paying bills on time may show a higher score with VantageScore 4.0, which can lead to better mortgage pricing.

VantageScore 4.0 has been used for years in auto loans and credit cards, but the company said it is too early in its rollout for mortgage originators to say whether it consistently produces higher scores across the board.

A Dead Father Is Reincarnated With AI

One man's creation of a chatbot using his dad's writings and voice recordings raises existential questions for us all

FAMILY & TECH JULIE JARGON

Brian Dema routinely turns to his father for business advice. His father died four years ago, but Dema created an AI version of him.

J. Richard Dema, a former marketer and entertainment producer in Chicago, had left behind five filing cabinets of work-related documents including client notes and an unfinished book. Dema fed all 17,500 pages into Anthropic's Claude chatbot in an effort to create his very own “RichieBot.”

Then Dema wondered if he could train the bot to sound like his father using voicemail messages he had saved from him. What if he could also create a three-dimensional image of his dad? Dema, who owns a marketing firm in Chicago, put his team to work and solicited help from friends, including a Stanford psychologist who helped design the chatbot's personality. In all, 19 people worked for six months to bring Richard Dema back to life.

Using a 3-D-printed model of his father's head, a TV screen and an angled mirror, he created what looked like a hologram of his father. "We were very intentional about the uncanny valley nature of this, so we made it intentionally abstract," Dema says. "Initially it had kind of a scary smile, so we went with a more pensive expression."

Dema unveiled RichieBot during a tech event in Chicago in July. People lined up to ask it questions and it enthusiastically provided answers, declining when it didn't know. His marketing firm filmed the process for a 20-minute documentary it plans to premier in San Francisco later this month, followed by a debut on YouTube.

Dema's project cost \$150,000, and was intended in part to show prospective clients his firm's storytelling capabilities. Yet AI experts say in a matter of years we will all be able to create similar AI likenesses of our loved ones—with less money and effort.

At that point, the real question will be: Should we?

Our bots, our selves People have been creating basic AI companions for the last two years, and AI experts say the technology is already good enough to create clumsy AI models of real people.

In less than five years, most people will have their own AI agents helping them perform daily tasks, all the while amassing a wealth of personal data, both meaningful and mundane, says Jed Brubaker, an associate professor of information science at the University of Colorado-Boulder, who has published a paper on AI ghosts.

“People are always dying,” he says. “That shifts the AI agent from being the thing you use to it being your AI ghost.”

But using an AI agent to preserve the legacy of a loved one can be tricky, especially if people use it to help them through their grief, says Brubaker. "One of the most important things that happens after you lose someone is accommodation, meaning you start to adapt to a new normal," he says. "If people are turning to this technology to avoid the reality of their loss, there is some risk there."

Brian Dema created a 3-D avatar, top photo, of his late father, Richard Dema, above and right, for people to interact with.

There's also the risk that uploading a loved one's emails, texts and chatlogs to AI could result in learning something you didn't want to know about that person. Among the piles of information might be evidence of an affair, or of beliefs they held that you might find offensive.

Our AI afterlife preferences will also start appearing in more wills. Lilian Edwards, a professor of law and technology at Newcastle University in England, says people should state how they want their digital information to be handled after they die. They should also add legacy contacts to their online and social-media accounts.

“We type so much into Google and ChatGPT now,” she says. “Do we want a record of all of that to be kept? Should all of this be wiped by default?”

An existential question Even if someone creates an AI personality based on all of a person's digital files, how closely can it mimic the actual person?

Dema's psychologist friend used three psychological instruments,

Brian Dema, top photo, fed thousands of pages of his father's notes into AI to create a chatbot version of J. Richard Dema, who died four years ago. Above, a visitor to a tech event showing the dad's 3-D image and chatbot.

including a questionnaire that measures five main personality traits, to determine how well the bot's personality matched a profile of Richard created from a detailed survey of the 11 people closest to him. Those people included cousins, friends and former clients. They found that the bot sounded more extroverted than Richard, but that it was lacking in his humor.

"My father had a very distinctive laugh, which the bot didn't have," Dema says. "It's not my dad but it doesn't mean it doesn't feel good when he gives me advice."

Some of the people who knew Dema's father had mixed feelings about the bot, including a cousin who found it emotionally difficult.

He expects his father would have approved of him creating the bot. Still, Dema grapples with the bigger questions it poses for individuals and for society.

“Should we do this?” Dema asks. “My conclusion is I think we should, with the right guardrails. It can be an amazing way to remember someone, but we have to be careful.”

Sand, Beer And Dogs On the Pitch

Continued from Page One here as the game of the English upper classes, is having something of a revival.

There are various theories: More people from England have come to live in Scotland; Bucknall is from Yorkshire and moved north years ago. Immigration from the cricket-mad nations of the old British Empire has provided a shot in the arm. But Scots with little experience are also beginning to play it as an alternative to soccer and rugby, and a run of warmer, drier summers could help explain why.

"We've not had to cancel a game in two years," said John Amis, chair at the Bass Rock Cricket Club, which plays across from Elie on the southern side of the Firth of Forth.

In the past, Scottish cricket teams might travel 100 miles to find competition, only to be rained out. For a sport that can take hours or days, with batters running up and down to gradually accumulate points rather than rounding bases like in baseball, this was a nuisance.

If the weather holds up, the sight of cricket-curious Scots knocking a ball about on a summer's day could soon be filed alongside some of the odder consequences of climate change, like vineyards in Sweden or growing mangoes in Sicily.

"There are more people playing cricket in Scotland now than rugby," noted Duncan Hodge, a former Scottish international rugby star who was captain a team of former players who'd switched to cricket for a match at the Ship Inn.

From left, 'hydration breaks' consist of pitchers of beer; the club has been around for more than 30 years.

The teams are getting better, too—even the Ship Inn's, said Pete Deakin, an Englishman who works to spread word in Scotland as the Marylebone club's representative.

The Ship Inn draws stars like soccer legend Ally McCoist, far left, with its unique grounds.

"The touring sides are expecting a decent game when they come here," he said. "The standard has definitely improved."

Not that the players are necessarily in peak condition. “I think for a lot of us it’s an opportunity to tap in to our school days again,” says Ship Inn player Jamie Robertson. “It’s only 15 games a year, anyway.”

New fans are coming from the pub's beachfront beer garden. Scott Carrick began watching cricket on television during the pandemic and gradually figured out the nuances.

“It was a good thing to have on in the background while working from home," he said. Since then he's traveled across England to watch matches, including at Lord's.

Carrick concedes the game still has niche appeal in Scotland. It's usually limited to those who learned it at a private school or in more rural areas.

“I’d say about 90% of my mates don’t get it,” Carrick said.

But it helps if it's played on a beach on a warm, sunny day.

As the tide receded, Bucknall and his team hitched a heavy steel roller to the back of a quad bike to pack down the sand. Stray bits of seaweed were flung to the side. Bats were lined up while Bucknall explained some of beach cricket's more unusual rules.

"If a spectator catches a ball in the beer garden, then they win their height in beer, or soft drinks as appropriate."

As the match progressed, some spectators formed their own games farther down the beach. A few of

their cries could be heard above the seagulls.

“Good shot, sir,” one man said. “Well bowled!” shouted another.

Not everyone seemed to have grasped the game's finer points. One man was spotted riding his cricket bat like a hobby horse toward the dunes, slapping his backside in the breeze.

ARTS IN REVIEW

OPERA REVIEW

Young Mozart's Music

Opera Philadelphia stages a work written by the composer at age 14

BY HEIDI WALESON

Philadelphia

O pera Philadelphia opened its season last week at the Academy of Music with a rarity: Mozart's “Mitridate, re di Ponto,” written in

1770 for Milan when the composer was 14 years old. Opera seria in style, the piece has flashes of the mature Mozart, but it is predominantly a procession of display arias written for virtuoso singers. Fortunately, the company was able to field a highly capable cast: tenor Lawrence Brownlee in the title role; countertenor (and OP general director and president) Anthony Roth Costanzo as his treacherous son, Farnace; Meredith Wohlgemuth as Farnace's brother, Sifare; and, in a last-minute substitution, soprano Brenda Rae as Aspasia, the object of everyone's desire.

Vittorio Amedeo Cigna-Santi's libretto, based on a 1673 tragedy by Jean Racine, is political and personal. Mitridate is trying to hold onto his kingdom, Pontus, against the advance of the Roman Empire. Having pretended to die in battle to test the loyalty of his sons, he returns home to find them both in love with Aspasia, his fiancée. The updated production by director Emma Griffin leaned into the story's "Succession" undercurrents, with the not-quite-toothless old lion lashing out at those he sees as eager to supplant him.

The arias follow the conventions of the period with plenty of coloratura and opportunities to show off, but Mozart's preternatural ability to create character is already present. Of the two angry men, Mr. Brownlee's raging Mitridate was quite a different creature from Mr. Costanzo's sly, malicious Farnace. (He is secretly in league with the Romans, who have promised him the throne.) Mr. Costanzo also shifted gears brilliantly for Farnace's 11th-hour change of heart, the exquisitely meditative "Già dagli occhi," as he decides to join his father against the Romans.

Ms. Rae grew in richness and assurance as the evening progressed, capturing the constant torment of Aspasia—who hates Farnace, secretly loves Sifare, and is dutifully prepared to go through with the planned wedding to their father until he threatens everyone with death. Ms. Wohlge-muth proved a real find as the gentle Sifare, who remains loyal to Mitridate despite everything. Her pure, warm soprano shone especially in the lament “Lungi da te, mio bene” with its mournful horn accompaniment, as Sifare realizes the hopelessness of his and Aspasia’s love. Later, the two blended poignantly in the opera’s only duet, in which they grieve over

their seemingly inevitable fate—they must die together.

The smaller roles were also capably handled. Soprano Nola Richardson sang Ismene, a princess once loved by Farnace; mezzo

Sarah Coit was Arbate, a peace-making ally of Mitridate and his sons, and Minghao Liu brought a striking high tenor to Marzio, Farnace's Roman contact. The roles of Farnace, Sifare and Arbate were

originally written for castrati; the music for this all-high-voice cast proved varied enough that one didn't miss the bass notes. Conductor Corrado Rovaris tended to push the tempi, however, which heightened the excitement but left little space for expressivity and nuance in the rage arias and other moments of high drama.

Ms. Griffin's production looked under-resourced. Kaye Voyce's set placed a random collection of

contemporary furniture (sofas, an office desk and chair, a globe) against a patchwork backdrop of dull-colored flags. A posse of extras clad in white jumpsuits and little black aprons would occasionally

Lawrence Brownlee (left) and Anthony Roth Costanzo (center), left, and Brenda Rae, below, in 'Mitridate, re di Ponto,' directed by Emma Griffin.

flood the set, tidying up and moving the furniture into new configurations. This often happened during arias, creating a regrettable focus disturbance for the audience.

Masha Tsimring's lighting was glaring, luridly hued, or strangely flat. Ms. Voyce's hodgepodge of costumes included patterned velvet leisure suits with balloon pants for the brothers, a nod to their geographic origin (Pontus was part of modern-day Turkey), and chic outfits for the women—Aspasia in a flowing white trouser ensemble, Ismene in a regal gold kimono and turban. Mitridate sported a red military uniform.

Staging da capo arias is always a challenge, and Ms. Griffin often fell into the trap of extremes—Mr. Brownlee and Mr. Costanzo tossed chairs around, leaped acrobatically onto furniture and ripped things up—or stasis. One bold choice did work well. As Marzio sang his only aria, summoning Farnace to war, he changed his outfit, making Farnace hand him armor pieces like a servant. The realization that he is merely a tool of the Romans thus seemed to prompt Farnace's return to the family fold.

At the end, Mitridate, fearing capture by the Romans in the battle, commits suicide for real, reconciling with both sons before he expires. (The white-suited servants were already strewn around the stage, casualties of war.) The remaining characters then sing an extremely brief ensemble vowing to resist the power of Rome. That finale should demonstrate the triumph of good over evil, but Marzio gunned them all down instead. We were back to “Succession,” in which the outsider, rather than one of the children, gets the plum job. In this production, the Romans got the last word—which, of course, eventually they did.

Ms. Waleson writes about opera for the Journal and is the author of “Mad Scenes and Exit Arias: The Death of the New York City Opera and the Future of Opera in America” (Metropolitan).

The WSJ Daily Crossword | Edited by Mike Shenk

SIMPLY DASHING | By Grant Conley

Across 1 Bearded Smurf 5 Some Cubans 11 Mama's boy 14 Farming prefix 15 Outfit for an infant 16 Debate side 17 Many a modern business session (or a hasty tryst?) 19 Emmy winner Holbrook 20 Honeyed drinks 21 Solution in an IV drip 23 Share one's thoughts (or what may develop after 17-Across?) 27 Citi Field player 28 Boston's Liberty Tree, e.g. 29 Former flames

30 Texas city named for a Ukrainian city
34 Poetic feet
37 Political partner (or a possible product of 17- and 23-Across?)
40 Anvil sound
41 Is penitent
44 Catcher's wear
47 End for spy, kiss or nanny
49 Dog doc
50 Next of kin (or possible outcome of 17-, 23- and 37-Across?)
56 Headline
57 Wide valleys
58 Do the wrong thing
59 Event where the romance in 17-, 23-, 37- and 50-Across may start?

64 SoFi Stadium footballer 65 Turn sour, as milk 66 Post-shower attire 67 Planetarium depiction 68 Declares 69 At some previous point Down 1 Nobel-winning poet Octavio 2 Earlier than now 3 Supplier of forgotten lines, for stage actors 4 Person drawing a bead 5 New Yale students of 1969 6 Actually existing 7 Acquire

▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles.

8 “__live and breathe!” 9 Free of suds 10 George of “The Goldbergs” 11 Big cat of Africa? 12 Grand Marnier flavoring 13 Phrase tacked on for emphasis 18 Astronaut Jemison 22 Deceives 23 Angsty music genre 24 Checked, on a form

25 Target, as with a water balloon 26 Online periodical, for short 31 Chump 32 "Live from New York!" letters 33 "Blonde" Oscar nominee de Armas 35 UFC sport 36 Cricket stick 38 Cuzco resident 39 Conjure up 42 Elusive swimmer 43 Epitome of a mess 44 Stingy sorts 45 Lake Shore Limited operator 46 Obsequious 48 Stick one's nose in 51 Parts of spines and brakes 52 Suggestions 53 Begins to disappear 54 Copying 55 D.C. commuter choice 60 Period 61 Summer setting in NYC 62 Airer of 32-Down 63 "Fancy that!"

ARTS CALENDAR

HAPPENINGS FOR THE WEEK OF SEPTEMBER 15

BY WSJ ARTS IN REVIEW STAFF

Film

"Resident Evil" (Sept. 18)

The zombie-survival video-game franchise gets another film installment with this story from Zach Cregger (“Weapons”) about a medical courier who must fight his way though infected mobs to deliver an important parcel.

"The Weight" (Sept. 18)

In the 1930s, a father is placed in a work camp in Oregon and given hope for an early release if he helps smuggle gold across treacherous wilds, threatened not just by natural threats but also human betrayal. Ethan Hawke, Russell Crowe, Julia Jones, Austin Amelio and Avi Nash star in Padraic McKinley's feature debut.

Ella Beatty stars in 'Monster: The Lizzie Borden Story.'

TV

"Neagley"

(Prime Video, Sept. 16)

"Reacher" gets a spinoff focused on its super-buff protagonist's former military colleague, played by Maria Sten, who gets the action as a Chicago P.I.

(Netflix, Sept. 17)

Ella Beatty ("If I Had Legs I'd Kick You") plays the Massachusetts woman who took an ax and . . . well, you know the rest. Vicky Krieps, Rebecca Hall and Charlie Hunnam also

star in the latest chapter of Ryan Murphy and Ian Brennan's anthology series.

Exhibitions

(The Museum at FIT, New York, Sept. 16-Jan. 3, 2027)

Theater

The largely unexplored relationship between dolls and fashion is the subject of this show that features more than 170 objects—dolls and their clothing as well as full-size garments, artworks, accessories and more—to explore the way children's playthings have reflected and even inspired what we've worn in the 20th and 21st centuries.

"The Cherry Orchard" (Park Avenue Armory, New York, Sept. 16-26)

Director Simon Stone reimagines Anton Chekhov's fi-

nal play in this North American premiere, which moves the action from Russia to a rapidly changing South Korea where siblings and corporate heirs struggle to adapt to a quickly evolving economic landscape and to navigate the financial stresses the situation places on their family. Park Hae-soo ("Squid Game") and Jeon Do-yeon star.

Music

Beck, "Ride Lonesome" (Sept. 18)

The genre-hopping artist's first studio LP since 2019's "Hyperspace" embraces the atmospheric, cinematic style that featured prominently in his early career.

Miley Cyrus, "Bass Persuades" (Sept. 18)

Now releasing music mononymously as Miley, the singer drops an album focused on romantic relationships and the importance of loving oneself.

Art

"Taryn Simon | Father Country I Do Love You" (Solomon R. Guggenheim Museum, New York, Sept. 18-March 14, 2027)

Photographs, videos, texts and sculptures come together in one massive interactive installation that fills the museum's rotunda in a project that traces the life of an unnamed real-life federal agent and explores how his decisions shape the world around him in ways both immediately apparent and less obvious.

"Sacred Splendor: Jewish Ritual Art and Christian Treasures From St. Vitus Cathedral in Prague"

(Jewish Museum, New York, Sept. 18-Feb. 7, 2027)

Some 170 religious vessels from medieval and early modern Europe reveal the ways that spiritual beliefs and creative beauty cut across time, place and doctrine in a presentation that mingles international loans with the museum's own treasures.

Last Call

"The Etruscans: From the Heart of Ancient Italy" (Fine Arts Museums of San Francisco, Legion of Honor, through Sept. 20)

This survey dedicated to the ancient society, ranging from detailed works in gold to bronze ritual objects, "deftly—and rightfully—elevates our knowledge of this ancient civilization" in the words of our critic.

Write to brian.kelly@wsj.com.

Higher Ed Will Soon Get Patriotic

GLOBAL VIEW By Walter Russell Mead

The return of great-power competition is upending global institutions and reshaping the world economy. It is also accelerating changes in American

higher education, putting wind in the sails of those wanting reform and undercutting the efforts of those trying to keep college woke.

With the apparent end of history and of serious geopolitical competition in the 1990s, patriotism became an embarrassing relic of earlier times to large chunks of American business. Technology, finance and manufacturing companies operating in what Thomas Friedman called the “flat world” of the post-historical era increasingly saw themselves as citizens of the world rather than American companies with a stake in the success of the American project.

In that kind of world, companies like McKinsey and Google didn't necessarily want a bunch of superpatriotic American employees. On the contrary, the ability to function in a global and cosmopolitan culture mattered more for corporate and therefore individual success than the depth and degree of an employee's patriotism or commitment to American civic values and norms.

That world is dying, no-where more quickly than in the tech industry, where U.S.-

China competition is the name of the game. The idea that software engineers would refuse to work for the Pentagon or only do so under duress might once have been tolerable, but no more. This isn't only because defense contracts are and will remain important to many Silicon Valley firms. It's also because the greatest threat to many enterprises is intellectual-property theft by Chinese firms. Tech CEOs losing sleep over IP security want patriotic workers who wouldn't dream of selling out their country or employer to bad actors overseas.

In finance, the change is coming more slowly, but as banks approach opportunities in China with caution, patriotism is beginning to matter more on Wall Street. It will likely matter more as international frictions increase along with the reputational costs and financial risks associated with business in China. In manufacturing, as Mr. Friedman's flat world yields to the more rugged landscape of our time and supply-chain security looms larger as a factor in corporate investment, we are likely to see a similar intellectual reshoring of the American elite.

Smart corporate recruiters will be seeking graduates who don't want to abolish capitalism, globalize the intifada or destroy the U.S. Given the rise of antibusiness sentiment among DSA Democrats and MAGA Republicans, firms will increasingly see the value of being perceived by the public as loyal, productive members of Team America.

Despite the sometimes robust evidence to the contrary, college students and universities aren't unintelligent. When top tech companies, law firms and investment banks wanted global citizens, the elite educational complex churned them out. Now colleges are beginning to respond to changing signals from these employers.

Renewed great-power rivalry will suppress employer demand for ‘citizens of the world.’

Change will likely come from three directions. First, university-based scientific research must take national-security concerns much more seriously. From student recruitment to institutional collaborations over sensitive technologies, American universities will have to think more patriotically or risk massive reputational damage and less federal funding.

Second, as more elite private colleges and universities like Harvard, Yale and Vanderbilt promote greater intellectual diversity and more high-profile public universities establish institutes to study and teach the values of the American founding, more moderate and conservative young people will enter the academy and play a larger role in campus life.

Demand from a changing student population will be the third factor driving change. It's not just that ambitious, talented students will want transcripts that appeal to recruiters looking for evidence that future employees understand and value what makes America special. Several elite colleges, alarmed by the intolerance and radicalism of some current students, are tweaking their admissions processes to identify young people who are emotionally mature enough to flourish in an intellectually and politically diverse milieu.

Demography also matters. Through 2041, the number of high-school graduates in the U.S. is expected to decline by 13% from the 2025 level. Between 2023 and 2041, blue states are projected to experience the largest declines (32% in Illinois, 29% in California, 27% in New York) while the South overall is expected to see a 3% increase. Future students and their tuition-paying parents are likely to be more politically moderate than those of the peak-woke era.

For all these reasons, the so-called vibe shift in higher ed is more than a hasty response to pressure from the Trump administration. American colleges and universities are part of the wider society and are affected by broad social trends. In 1970, at the height of the anti-Vietnam War movement, Princeton University responded to those trends and dropped “My Country, ‘Tis of Thee’ from its official commencement program. As clouds darken over the international scene, the day may come when Princeton’s trustees, students and alumni want to bring the old song back.

Yes, Virginia, There Is an Abortion Vote

In November, Virginians will vote on an amendment to the state constitution Planned Parenthood says would “protect the right to abortion.” It would do

MAIN STREET By William McGurn

much more than that.

Virginia illustrates how things have changed since the Supreme Court's 2022 decision in Dobbs v. Jackson Women's Health Organization. That decision took abortion law out of the federal courts and returned it to the states and the people, acting at the ballot box and through their elected representatives.

So far there have been few polls on the Virginia amendment. But the Richmond Times-Dispatch reported earlier this month that the committee campaigning for passage raised \$3 million through August—more than 10 times the \$254,000 four pro-life groups raised in opposition.

But whether or not the amendment is approved, the vote itself is a step forward. Abortion is no longer a constitutional right. And that holds out hope for a more honest politics.

Pro-lifers fought long and hard to overturn Roe v. Wade, the 1973 decision that found a constitutional right to abortion somehow not mentioned in the Constitution. Contrary to what many foes of Dobbs claimed, that case was never about banning abortion. There was no guarantee a post-Roe America would be more pro-life. As we see in Virginia now, Dobbs could lead to more-lib-eral abortion laws—if that's what voters want.

That isn't what we heard when Dobbs was being decided. If Roe were overturned, its defenders warned, America would be thrown into a new dark age of back-alley abortions. And yet Virginia, a Southern state, looks poised to enshrine abortion protections in its constitution.

Dobbs has ensured that Virginia's abortion law is decided by Virginians at the ballot box. That's in contrast to the Roe era, when the voter was irrelevant and outcomes were left to federal judges writing their own preferences in abortion rulings.

Currently in Virginia, abortion is legal through 26 weeks and six days of pregnancy. In the third trimester, it's banned unless three doctors certify that the woman's life or her mental or physical health is in danger. Patients under 18 need the consent of a parent or guardian.

Ed Whelan of the Ethics and Public Policy Center wrote about the proposed amendment in National Review under the headline “Virginia’s Amendment 1 Is Extreme and Deceptive.”

He sums up what the amendment would do, arguing that it goes far beyond codifying the status quo. Mr. Whelan writes that the amendment would “make abortion freely available throughout the third

Dobbs returned the issue to the people. It didn't prejudge how they will decide it.

trimester of pregnancy, all the way up to birth; abolish the right of parents to be consulted on, and to consent to, abortions sought by their young daughters; and enable anyone to perform an abortion and to escape legal responsibility for botching an abortion."

Mr. Whelan wrote that it would also “enable a child, without her parents’ knowledge or consent, to receive puberty blockers, cross-sex hormones, and sterilization surgery.”

Needless to say, this view isn't getting much play in the press, something abortion advocates are counting on to prevail. "Governor [Abigail] Spanberger and her pro-abortion allies are trying to fool Virginia's voters into entrenching in the state constitution a radical abortion regime," Mr. Whelan writes.

Virginia sits in an odd place on the abortion political spectrum. It's the only Southern state that hasn't passed an abortion ban post-Dobbs. Its law might be considered moderate compared with other blue states and liberal when compared with its Southern neighbors. This November will tell us whether the status quo continues—or whether Virginia's abortion law will become much more aligned with the bluest states.

“Dobbs opened the door for pro-life protections—but it didn’t guarantee them,” says Michael New, a professor at Catholic University and a senior associate scholar at the Charlotte Lozier Institute. “Right now 13 states have abortion bans in place, four other states protect the pre-born after six weeks’ gestation, and about three other states have later gestational limits in place.”

“Pro-lifers have always known that changing laws alone will not do it,” he says. “Ultimately there’s no alternative to doing the difficult work of changing hearts and minds. But this is something that would have been impossible under the Roe and Casey regime.”

Write to mcgurn@wsj.com.

France Supports a Two-State Solution

By Jean-Noël Barrot

It's been a year since 142 nations voted at the United Nations General Assembly to endorse the New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution. This was an unprecedented move to save the two-state solution and revive a credible path to peace following the Oct. 7, 2023, terrorist attacks—the worst antisemitic massacre since the Holocaust—and the war that destroyed Gaza.

Thanks to French-Saudi efforts, this declaration was the first U.N.-endorsed text to condemn the attacks of Oct. 7, call for an immediate end to the war in Gaza and the release of all hostages, and call for Hamas to disarm and end its rule over Gaza. It set a clear path for the regional integration of Israel and secured key commitments from the Palestinian Authority on reforms and elections.

One year later the full-blown war has ended in Gaza, the last Hamas hostages have been released, and some—insufficient—humanitarian aid has entered the enclave. But Gaza remains a catastrophe beyond description. In the West Bank, settlements are expanding at a dangerous pace, making de facto annexation a reality worsened by outrageous settler violence against Palestinians.

Without democracy for the Palestinians, we won't have peace in the Middle East.

That is why France has acted. We recognized the state of Palestine in September 2025 and decided to ban products from illegal Israeli settlements this month.

These measures aren't hostile acts toward Israel. We will continue to defend Israel's right to security and self-defense. We will relentlessly fight antisemitism, a plague with no justification. Holding

Jews collectively responsible for the actions of the state of Israel is antisemitism.

On the contrary, these measures reflect our conviction that the current path Israel's government has chosen is threatening its security and the stability of the region. But achieving peace and security isn't only about Israel. Palestinians must be able to elect leaders whose responsibility will be to fulfill their right to statehood and self-determination.

The Palestinian Authority has announced it will organize legislative elections on Nov. 28 and presidential elections in the first quarter of 2027, in line with the commitment of President Mahmoud Abbas to President Emmanuel Macron and Saudi Crown Prince Mohammed bin Salman a year ago. No candidate can participate unless he commits to the principles of the Palestine Liberation Organization, including the recognition of the right of Israel to exist and the renunciation of armed struggle, which excludes terrorist organizations like Hamas.

Twenty years after the last national vote in Palestine, these elections are vital. Only a rejuvenated Palestinian Authority can represent the Palestinian people on the world stage and negotiate a lasting peace with Israel. The municipal elections held in April in Gaza prove that it is possible. Hundreds of Israeli and Palestinian civil-society leaders gathered in June in Paris to urge such a democratic process be held.

No reshuffle or reform can substitute for the legitimacy and accountability that an election provides. That is the power of democracy.

Anyone concerned about the fate of the Palestinian people and the two-state solution should support the holding of free and fair legislative and presidential elections in Palestine. France, together with its European partners, will take concrete actions to support this process. Let us all dedicate ourselves to that goal. Palestinian elections now.

Mr. Barrot is France's foreign minister.

BOOKSHELF | By Andrew Nagorski

Intoxicated By Spycraft

Redwood

By Ben Macintyre Crown, 416 pages, \$35

On Oct. 1, 1981, Vladimir Kuzichkin, ostensibly a Soviet vice-consul, walked into the British Embassy in Tehran. "I am KGB," he declared. "I am close to breaking point. I need to defect. I can supply you with important information."

Fearing that the surprise visitor might be a “dangle”—someone who pretends to switch sides to gain a foothold in the enemy camp—his hosts were wary at first. But Ian McCredie, MI6’s undercover agent in the embassy, quickly concluded that the Russian was a genuine defector with access to invaluable intelligence about KGB operations in Iran.

Kuzichkin was in his early 30s, a hulking 6-foot-4-inches tall, and capable of downing countless vodkas while flawlessly carrying out hazardous missions. In short, he was the kind of macho figure his KGB employers favored. Nonetheless, he claimed that he had become disillusioned by the rampant corruption, cynicism and brutality of his KGB colleagues and the Soviet system as a whole.

He also harbored an embarrassing secret. “I have no power in bedroom,” he told Mr. McCredie. His alcoholism and the stress of a job he had come to hate only exacerbated the problem. Convinced of the superiority of Western medicine, even in the pre-Viagra era, he pleaded for MI6 to offer a cure for his impotence.

Mr. McCredie was not about to contradict him, and provided him with some pills. Those proved to be ineffective, but by then Kuzichkin—whom the British code-named “Redwood”

because of his height—was already delivering a trove of secrets while still holding on to his KGB job.

Based on interviews with Mr. McCredie and his MI6 colleagues, along with former CIA and KGB officers, and Kuzichkin's own book, "Inside the KGB" (1990), Ben Macintyre's "Redwood" tells the story of "the Cold War's most extraordinary spy." Mr. Macintyre, whose books include "The Spy and the Traitor" (2018) and "Agent Sonya" (2020), has produced an artfully constructed nonfiction equivalent to one of John le Carré's most accomplished novels. Its setting, in the early days of Iran's Islamic Republic, is replete with eerie echoes for today. Lying, for Iranians, was "almost divinely blessed" if it was considered to be "for a good cause," Mr. McCredie explained. Most Westerners who have negotiated with the mullahs would readily agree.

Mr. Macintyre traces the lives of the two young spies. Kuzichkin and Mr. McCredie followed similar paths on opposite sides of the ideological divide, only to forge a partnership that, the author argues, could have altered the course of history. The products of similar training programs, both men were Persian speakers adept at shaking off Iranian surveillance teams in the labyrinth of Tehran's backstreets and alleyways.

But while Mr. McCredie's masters provided him with vague guidance about his duties, Kuzichkin received specific instructions that went beyond his normal remit of running “illegals”—as undercover spies were called. Leonid Shebarshin, Kuzichkin's KGB boss in the Soviet Embassy, informed him that he was to serve as the link between Moscow and the Tudeh, Iran's communist party, which had survived the early crackdowns of Ayatollah Khomeini's regime by praising its “progressive” anti-imperialist policies. At the same time, the Tudeh had set up an underground military network with access to hidden weapons.

"The Soviet leadership has decided to use the Tudeh Party as a Trojan Horse," Shebarshin explained. By funneling money to the party's leaders, Kuzichkin would lay the groundwork for the kind of communist takeover that the Kremlin had engineered during its invasion of Afghanistan in late 1979. But Kuzichkin was convinced that, as in Afghanistan, this was a fool's errand. Nevertheless, "it was pointless to argue," he concluded. "I had to carry out the order."

Vladimir Kuzichkin, who betrayed the KGB to assist the West, was capable of downing vodkas while carrying out hazardous missions.

As Mr. Macintyre writes, a Soviet-backed coup in Iran was “the long-standing nightmare feared by Western intelligence.” For all their problems with the Islamic radicals, American and British policymakers still viewed the country through the prism of the Cold War—as did their counterparts in the Kremlin.

As they continued to gather intelligence from Kuzichkin, Mr. McCredie and his superiors knew that they had to be extremely cautious. Any precipitous use of Kuzichkin's revelations could expose his duplicity. But by the spring of 1982, the Russian was cracking under the strain of his double life, drinking more heavily despite his awareness that a minor slip could spell his doom. He pleaded with Mr. McCredie for an escape plan.

The British spy provided him with fake documents, but it was still up to Kuzickin to navigate a perilous overland exit from Iran that would take him out of the KGB's reach. Despite close calls worthy of an action movie, he succeeded. Once he was safely in Britain, MI6 shared his intelligence with the CIA, spelling out the full extent of the KGB's Iranian ambitions.

The CIA's director, William Casey, and his team needed little convincing by their MI6 counterparts to jointly act on Kuzichken's information. They knew, as one British official admitted, that the Iranian communists would meet "very grisly ends" if the ayatollah learned of their plans. But that did not stop MI6 from dispatching Kuzichkin to Islamabad, in Pakistan, to meet the Iranian regime's emissaries, revealing everything.

The predictable result: Tudeh leaders were imprisoned, tortured and executed, ending any possibility of a communist coup. But if London or Washington expected any gratitude from the regime, they were sorely mistaken. “The eradication of the Tudeh made the Ayatollah stronger,” Mr. Macintyre writes, “helping to reinforce a totalitarian religious dictatorship that has terrorized its people and destabilized the world ever since.”

Kuzichken, who remained in Britain under an assumed name, expressed regret over the bloodshed, although he was not surprised. He eventually fathered a child with a new wife, but that marriage collapsed. In 2009, at the age of 62, he died of a heart attack while watching television, an empty bottle of vodka by his side.

Mr. Nagorski is the author of “Saving Freud: The Rescuers Who Brought Him to Freedom.”

REVIEW & OUTLOOK

One Senator's Plea for Tariff Breaks

T

alking up tariffs is a way for Republicans to stay on President Trump's good side, but in practice those tariffs hurt

their constituents. Thus the pleas behind closed doors for exemptions. Step right up, Alabama Sen. Katie Britt.

“What the media won’t tell you is that President Trump’s tariffs work,” Ms. Britt wrote in February, after the Supreme Court rejected Mr. Trump’s

How protectionism works in practice: Public support, but seeking exemptions in private.

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), if the GT contains lines used for stylistic emphasis or as background elements (like ruled paper), the OCR result must ignore them. The provided OCR content is "____", which consists of four underscores. This is incorrect because underscores are not equivalent to a solid line and are not permitted under the “Stylistic/Background Lines (Ignore)” rule. Outputting underscores for a stylistic line violates the rule and constitutes an error. Therefore, the OCR result is inconsistent with the Ground Truth.

“emergency” tariffs. “We are not going to return to the status quo of allowing American jobs and manufacturing to be sidelined in exchange for cheap junk from foreign adversaries.”

email says. “Trade policy has made the project financially unviable,” and “Senator Britt is deeply concerned about the potential loss of high-quality American jobs.”

What Ms. Britt won't tell you is that she was privately seeking exemptions 10 months earlier. That's when her legislative director wrote an email, “Sen. Britt Alabama Trade Priorities,” seeking help for “specific Alabama manufacturers.” We obtained the email from the U.S. Trade Representative’s office via the Freedom of Information Act. The email begins by saying Ms. Britt “is supportive” of rebalancing trade. Then it moves to “four pressing issues,” each a plea for an Alabama company.

- TNT Fireworks: “Unfortunately, there is no domestic firework manufacturer, and over 99% of firework products are produced in China,” it says. While TNT has tried other sources, “the quality and safety is not close,” and imported fireworks “pose no threat to America’s broader trade or national security interests.” Also, be patriotic, since TNT was then “preparing for the United States Semiquincentennial.”

- Novelis: This aluminum company was “currently building a \$4.1 billion recycling and rolling plant,” expected to “create 1,000 new direct jobs.” At the time, however, it relied on imports from Canada, South Korea and Brazil, and Mr. Trump’s tariffs posed “cash flow problems” to “finish their new plant in Alabama.”

- Kronospan: A maker of wood panels, it was “undertaking a \$600 million expansion,” requiring “highly specialized equipment that is not available from domestic manufacturers.” The extra tariff cost? About \$60 million, threatening the project’s viability: “Senator Britt is concerned about the potential loss of this transformative economic development.”

third final assembly line" in Mobile, leading to 1,000 jobs. "We've recently learned that this expansion has been suspended indefinitely," the

- Airbus: The plane maker was “building its

In reply, Brett Doyle, an Assistant U.S. Trade Representative, wrote that Ms. Britt's concerns would be passed to the right office. The emails don't say what, if anything, happened next. Novelis tells us it "has not received tariff relief," but its Alabama project "is progressing on schedule." The other companies didn't answer inquiries. "USTR this term does not have an exemption process at this time," the Administration says.

The point isn't that Ms. Britt made bad arguments against these four tariffs. It's that she made good ones, which show why blunderbuss trade wars are an economic mistake, along with how tariffs deepen the D.C. swamp. Big company CEOs facing tariff harm know how to get a U.S. Senator to plead their case. But who speaks for the little guy being walloped?

Asked about the USTR email, Ms. Britt's office pointed to Senate committee hearings where she raised these matters, including the need for "specialized industrial equipment" and "fair treatment" of fireworks. It wasn't a hard press. She asked Commerce Secretary Howard Lutnick if he would "consider the production needs" of Airbus. He said yes. Ms. Britt: "Yes. OK, great. This is a lot easier than I thought. Excellent. Thank you so much."

Ms. Britt's office told us that U.S. leaders for too long “treated globalization as a costless victory,” while the “erosion of our industrial base” made the country vulnerable. “To support Alabama’s manufacturing growth, Senator Britt will continue to advocate for thoughtful policies with the Trump Administration, both in private deliberations and through public hearings.”

Tariffs for thee, exemptions for me. Join the GOP club: In Mr. Trump's first term, Sen. Josh Hawley lobbied for a carveout on saw blades, Rep. Mark Meadows on furniture wood, Rep. Andy Biggs on patio screens. Who else? When more records arrive, we'll let you know.

Chinese Students Are Lapping U.S. Kids

Politicians of both parties fret that the U.S. is losing ground to China, though their remedy is usually more industrial policy. A report last week from the Program for International Student Assessment (PISA) laid bare in dispiriting detail how America's failing education system is the biggest handicap in the innovation race with China. More government spending won't fix it.

The PISA assesses student learning of 15-year-olds around the world every three to four years. While performance in most countries has declined since 2018, math scores in China have improved by an impressive 21 points (equivalent to roughly one year of learning) while those in the U.S. have fallen by 15 (three quarters of a year of learning).

As a result, the math skills gap between U.S. and China students has grown to the equivalent of more than seven years. Ponder that for a moment. While 8% of U.S. students rated “top performers” in math, 54% did in mainland China. Wonder why U.S. employers seek to hire high-skilled workers from abroad?

U.S. schools simply aren't producing enough students with advanced engineering and math skills. A report last year from the University of California, San Diego, found that one in 12 freshmen had math skills below middle-school level.

The teachers' union response to evidence of learning decline is always to spend more on public schools, but the gusher of federal K-12 spending during the pandemic didn't improve performance. The PISA report notes that the relationship between a country's wealth and test scores "is not linear and it flattens among those with relatively higher national incomes."

Once cumulative spending per student from ages six to 15 exceeds roughly \$85,000 per student—all U.S. states spend more than that—the relationship with student scores begins to “decouple.” “Higher spending per student does not automatically relate to higher performance scores,” the report says. Maybe because more spending rewards education failure, rather than success.

Justice, Berkeley and the Race Proxies

The Justice Department Civil Rights Division and the Education Department announced the results of an investiga-

tion last week that the University of California Berkeley Law School is still using race preferences in admission. Is anyone surprised?

University statistics show race preferences are still being used.

In a letter to Berkeley's lawyer, the Justice Depart-

ment says Berkeley Law violated Title VI of the 1964 Civil Rights Act by discriminating against Asian and white applicants during the 2024 and 2025 admissions cycles. Those two admissions years were after the Supreme Court ruled in Students for Fair Admissions v. Harvard (2023) that race preferences are unconstitutional.

“This discrimination is apparent from the significant disparity in objective academic metrics between racially preferred applicants, and applicants from non-preferred races,” Assistant Attorney General Harmeet Dhillon wrote. In 2025 black law school applicants were 5.8 times more likely to be admitted than white applicants with comparable applications. In 2024 the black candidate was 6.5 times more likely to be admitted.

The appearance of deck-stacking gets worse with the LSAT scores. Between 2021 and 2025, the median LSAT scores of admitted applicants, disaggregated by race, hardly budged. The median Asian score was 172 in 2021 and in 2025. The median white score was 171 in 2021 and 172 in 2025. The median black score was 165.5 in 2021 and 167 in 2025.

Berkeley Dean Erwin Chemerinsky has suggested schools should use proxies for race in the admissions process as well as in faculty hiring. A school could use “unstated affirmative action,” Dean Chemerinsky said, and keep quiet about it. “What if the college or university doesn't tell anybody, doesn't make any public statements, but still wants to do it," he remarked about faculty hiring, according to the

Justice letter.

The idea seems to be to use preferences until the Justice Department notices and sues, waiting out the Trump Administration until Democrats take power and don't enforce

Fair Admissions. It looks like the Trump Justice Department wasn't fooled.

In response to the Justice letter, Mr. Chemerinsky said the school “scrupulously complies” with the law against race preferences, and that federal and state laws “do not preclude schools from pursuing diversity so long as they give no preferences based on race.” But if there are no race preferences, how does he explain the nearly identical racial delta on test scores before and after the Court officially ended race preferences?

Berkeley is one of many school trying this gambit, which often involves mining admissions essays for race-related stories. The Department of Health and Human Services found race preferences are also in use at the Duke University School of Medicine. MCAT scores of successful black applicants went from the 88th percentile before Fair Admissions to the 87th percentile afterward. Asian MCATs remained between the 98th and 99th percentiles.

In a letter to faculty and staff after Fair Admissions, Duke President Vincent Price wrote that “our work to advance racial and social equity—at Duke, in our local community and beyond—will not be deterred.” Equal opportunity is welcome. But universities are trying to evade the law to achieve a certain racial result.

Whatever they call it, they are still defying the Civil Rights Act, the Constitution and the Supreme Court.

LETTERS TO THE EDITOR

A Flawed Model That Burdens Small Banks

Michelle Bowman makes a compelling case in her op-ed “How to Make Life Hard for Small Banks” (Sept. 9). In 2016 guidance on the current expected credit losses methodology (CECL), federal financial regulators anticipated that most smaller institutions wouldn’t need “costly and complex models.” As Ms. Bowman documents, reality hasn’t borne this out. To her arguments, we would add the historical arc that shaped this approach.

Under the incurred-loss methodology that the CECL replaced, a bank waited for evidence that a loss was probable before setting aside reserves to cover it. After the 2008 financial crisis, that practice drew blame from critics partly because many banks had faced substantially higher provisioning needs only as the downturn deepened. Yet, as Ms. Bowman rightly points out, the incurred-loss methodology was better “aligned with how credit risk actually works.” We concur. The mere existence of

credit risk, which is inherent in lending, isn't the same thing as an incurred credit loss.

The Financial Accounting Standards Board responded to the post-crisis criticism with CECL, which obliges banks to apply forward-looking estimates of expected credit losses. However, provisioning for losses that may never materialize is a questionable precaution, not least because economic and financial conditions are notoriously difficult to predict. For example, economists polled in the Philadelphia Fed's Livingston Survey, published in December 2007 as the recession began, projected that the economy would keep expanding through 2008, and put unemployment at 4.9% for 2009. Instead, unemployment averaged 9.3%.

It bears remembering that community banks are fundamentally in the business of lending, not forecasting.

NORBERT MICHEL AND RYAN CHAN-WEI Cato Institute Washington

The Frustrations Behind Socialism's Appeal

Regarding Mark Penn and Andrew Stein's op-ed “Socialism and the Dumbest Generation” (Sept. 8): Messrs. Penn and Stein correctly point out a common hypocrisy of my generation: the embrace of socialism in name but not in practice. I would argue that another form of hypocrisy is common among older generations: the embrace of socialism in practice but not in name.

Many baby boomers and members of Generation X decry socialism and big government. But threaten their entitlement programs (Medicare is 14% of the federal budget, and Social Security is 22%) and suddenly it's socialism for me but not for thee. And that's without scratching the surface of federal subsidies for things like homeownership that disproportionately benefit older generations.

Many in my generation feel that we've been handed a fiscal time bomb by those who came before us. Baby boomers and Gen X built their American dreams, but education and housing prices are out of the reach for many in my generation. Instead, we get to pay the debts incurred to fund senior programs.

What my generation wants, as Messrs. Penn and Stein point out, is merely the same opportunity given to those who came before us. The op-ed's chiding rings false when a large portion of my tax dollars go into older generations' pockets. Let him who is without socialism cast the first stone.

JESSAN GROENENDYK Philadelphia

The authors dismiss young Americans as the “dumbest generation.” But young adults’ skepticism of traditional economic institutions is hardly evidence of ignorance. Young people face dramatically higher costs for housing, healthcare, education, childcare and other essentials compared with earlier generations, while real income gains since 2000 have been modest. It is entirely possible to believe in merit, entrepreneurship, homeownership and the American dream while questioning whether today’s economy still makes those goals attainable.

Rather than belittling an entire generation, we should ask why so many young Americans feel the economic system is no longer working for them. Understanding those concerns is the more constructive response.

ASH PATEL Chicago

The Treasury's Bond Strategy Hurts Taxpayers

James Mackintosh's column (“Bessent’s Treasury Play,” Business & Finance, Aug. 20) focuses on causes of higher yields. But equally important is that the U.S. Treasury’s justification for doubling its long-term bond purchases is flawed.

Putting aside the well-documented past failures to twist the yield curve (buying long-term securities while selling short ones), the justification rests on fallacies. Its primary mistake is analyzing alternatives with different risks and maturities while contrasting costs without adjustments. Employing a short-term rate to assess the value of a long-term project is a well-established violation of financial probity. It omits adjustments for risk or maturity mismatches. The technique violates the principle of matching maturities (technically, matching durations) of the two sides of the deal.

As Mr. Mackintosh suggests, the required serial short-term borrowing means that considering current short-term against long-term rates is an invalid cost comparison. One can't conclude that taxpayers' costs are lowered

Film Incentives Fade to Black

In “Film Incentives Are Investments, Not Handouts” (Letters, Sept. 11), Hillery Brotschol asserts that studies show that film and television production incentives generate state and local tax revenue and add to real gross domestic product.

But a recent Mackinac Center for Public Policy report authored by University of Southern California Prof. Michael Thom found that such programs have “little to no lasting economic impact” and “repeatedly turn out to be net losers for taxpayers.” Mr. Thom analyzed state government reports from 23 states and found that every agency concluded that film incentives cost state budgets more than they returned. “If there’s a point of disagreement across various assessments, it is only about how large that loss is,” he writes. The report concluded that film incentives have little effect on production location decisions and create few permanent jobs.

Governments have no business “investing” in Tinseltown.

CHARLES D. EDEN Atlanta

Letters intended for publication should be emailed to wsj.ltrs@wsj.com. Please include your city, state and telephone number. All letters are subject to editing, and unpublished letters cannot be acknowledged.

by using short-term financing even though that rate is currently lower.

The Treasury's responsibility is to taxpayers who help finance the deficits. Buying higher-yield securities from lenders, many of whom intended to hold to maturity to earn that higher return, causes taxpayers to incur likely higher costs while absorbing risks bondholders were willing to bear. Treasury is disenfranchising its constituents while claiming to reward them.

EM. PROF. GEORGE MORGAN

Trusting China to Cooperate With Us on AI Is Dangerous

In his op-ed “AI May Become the Third Superpower” (Sept. 10), Paul Tudor Jones suggests that the U.S. work with China to make AI safety a top priority. I believe it is naive to expect Xi Jinping to work with the U.S. on this mission.

China and America aren't on the same page politically. Beijing has long made it clear that it has every intention of being the dominant power in the world. It is highly likely that the Chinese government is already developing AI that will allow China to take over much of the world, whatever that means in practice. That could mean controlling political power, military power, natural resources or social media to influence populations—to name a few applications. If we cede control of AI to China, I fear for our freedom.

ROBERT BERMAN Teaneck, N.J.

Pepper ... And Salt

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Port Huron And Today's Socialism

By J.T. Young

Socialism's internal class contradiction is as old as socialism itself. Karl Marx, Vladimir Lenin, Mao Zedong, Fidel Castro, Hugo Chávez—none were from the working class they championed, but from the bourgeoisie they sought to overthrow.

Today, America's self-described socialists are frequently no different. Mayors Zohran Mamdani of New York and Katie Wilson of Seattle, Rep. Alexandria Ocasio-Cortez—all grew up in thoroughly middle-class households.

Although many see the contradiction between these leaders' upbringing and their ideology of overthrow, few understand that American socialism's divergence from the working class extends back to 1962's Port Huron statement.

Written by the Students for a Democratic Society, the statement was an explicit call for change and an implicit admission of defeat. The old left of Marxist orthodoxy and proletariat rule was dead in America. Slavish devotion to Moscow wasn't working

The statement was less about revolution than status and money for those with ‘intellectual skills.’

here, and our relatively affluent working class wasn't leading. As the German political theorist Werner Sombart wrote in 1906, in America “all socialist utopias came to nothing on roast beef and apple pie.”

So 1962's statement called for the emergence of a "new left." A younger left, as the statement says at the beginning: "We are people of this generation, bred in at least modest comfort, housed now in universities . . ."

Their socialism was unmistakable: “The economy itself is of such social importance that its major resources and means of production should be open to democratic participation and subject to democratic social regulation.”

But there was no mistaking that this “new left” was to be different and where it was to be found: “A left with real intellectual skills, committed to deliberativeness. . . . The university permits the political life to be an adjunct to the academic one, and action to be informed by reason.” Each of the statement’s six concluding points mentions “the university.”

“Out” was the factory as the crucible of revolution; “in” was the university as fomenter of upheaval. These intellectual superiors would lead their working-class inferiors away from the complacency of affluence and into the land of socialism.

After 60-plus years remaking our colleges and universities, today's American socialists are just what the 1962 statement envisioned: a cadre of the credentialed leading where the unread refused to tread. Theirs isn't a workers' paradise, but one of Ivy League coffee shops, where socialism isn't built but debated into existence so that its failures and inconsistencies can simply be argued away.

Their socialism doesn't banish capitalism, but heavily taxes free markets to fund utopian promises and maintain the affluence that today's American socialists regard as their birthright.

And their socialism is less about revolution than status and money—due acknowledgment and compensation for the Port Huron statement's “real intellectual skills.”

That today's American socialism—led and populated by the affluent—demands a revolution against the circumstances from which they sprang is unquestionably a contradiction of practice with theory. But it is by no means a contradiction with history—not the world's socialist history and certainly not America's own. Rather, it is a culmination.

Mr. Young is author of “Unprecedented Assault: How Big Government Unleased America’s Socialist Left.”

Warsh's New Principles for the Fed

DAVID PAUL MORRIS/BLOOMBERG
Kevin Warsh at the Jackson Hole conference.

By Mickey D. Levy

F

ed Chairman Kevin Warsh's recent Jackson Hole speech laid out the principles he hopes will steer the Federal Reserve toward a new way

of thinking about its dual mandate of high employment and low inflation. But news reports largely ignored these principles, and financial markets focused on what his speech suggested for interest rates at the Fed's September meeting. Mr. Warsh's principles deserve more attention. They challenge certain thought processes and approaches that have become ingrained at the Fed, including some that have led to major policy mistakes.

Mr. Warsh said the Fed's role is to manage aggregate demand and align it with supply. “I do not believe,” he stated, “the Fed’s dual mandate works at cross-purposes.” On forward guidance, Mr. Warsh said that “wage growth has not proven a reliable indicator of future inflation.” He discussed the benefits of a reaction function, such as the Taylor Rule, that would systematically guide monetary policy and inform the public, but said “our knowledge just doesn’t extend that far.” Another Warsh principle: “Money matters . . . We should pay attention to money created by the central bank and money that comes from the banking and financial systems.”

These statements are logical but at odds with Fed orthodoxy. Mr. Warsh hopes to use his new task forces to influence the Fed's thinking and processes around these issues.

At the heart of the Fed's macro-economic model and thinking is the view that inflation is driven by wage- and price-setting behavior that is a function of labor-market tightness and inflationary expectations. The Fed pays much less attention to aggregate demand and nominal gross domestic product, which is the broadest measure of current dollar spending.

Look past the interest-rate forecasts and you'll see a major rethinking under way at the central bank.

While the Fed agrees there is no long-run trade-off between inflation and unemployment, historically its focus has bounced from one to the other as if they are in conflict. The Fed has long responded more decisively to perceived weakness in employment than to higher inflation. And for decades the Fed has focused on setting interest rates while ignoring money supply, even in 2020-21 when the M2 money supply rose $40\%$ in response to the Covid pandemic.

History shows that labor-market tightness and the unemployment rate aren't a reliable predictor of inflation, yet the Fed continues to base policy on the Keynesian recipe implied by the Phillips curve, which posits a trade-off between the unemployment rate and inflation.

Bouncing from objective to objective has involved excessive efforts to manage the real economy. In late 2025, the Fed eased rates in response to a string of flat employment reports, even though inflation exceeded its 2% target. Employment reaccelerated in 2026, and the Fed now faces the possible need to reverse those fine-tuning rate cuts. But Mr. Warsh is emphasizing that employment and inflation objectives are complements and maximum employment is best achieved through stable, low inflation. Both are best achieved by monetary policy that generates growth in aggregate demand consistent with stable low inflation and real economic growth.

This implies less bouncing from one objective to the other. It rejects the asymmetric approach of making employment a higher priority than inflation, which historically has translated into letting the economy run hot until labor markets tighten to the point where wages push inflation. This strategy is bound to fail.

Money supply deserves attention, Mr. Warsh says, even though financial innovations and other factors affect the speed at which currency changes hands. But the Fed's use of interest rates to steer the economy and labor markets can be unreliable. The rate that would achieve the Fed's dual mandate is unknown, interest rates fluctuate with economic performance, and inflationary expectations aren't observable.

How, then, to infuse the Warsh principles into Fed policy and the way its staff thinks? I propose a checklist of three principles for the Fed to consider and debate at every policy meeting: 1) How fast is nominal GDP growing, and is it consistent with 2% inflation and potential real growth? Its current pace of 6.5% is probably too fast. 2) What is the Taylor Rule estimate of the interest rate and is it far from the current fed-funds rate and the Fed members' estimates, as during Covid? 3) Is M2 growth reasonable, or is the money stock falling or surging and signaling an undesirable shift in aggregate demand, as during 2020-21? Mr. Warsh's task forces can add to this list.

We all benefit from the Fed's achieving its dual mandate and avoiding major mistakes. Mr. Warsh's thoughtful principles could enhance the Fed's policy deliberations.

Mr. Levy is a visiting fellow at the Hoover Institution and a member of the Shadow Open Market Committee.

AI Promises Boom, Doom and Both at Once

EDITOR AT LARGE By Gerard Baker

That was quick. One moment we are in the midst of one of the great investment booms of all time, with a new wave of technological innovation creating unimaginable wealth for some and supercharged growth for all. Next we are advised to put our affairs in order, stop contributing to our pensions, and prepare for the extermination of humanity. One day, equity markets are drunk on the prospect that artificial intelligence will cure cancer, improve on Shakespeare and make airplanes take off on time. Next, the quants have to figure out the discounted present value of the world as a postapocalyptic wasteland in 2030.

I like to look on the bright side. Two major worries about AI have seized public attention over the summer: that demand for capital to fund AI investment has expanded so much that it is pricing out U.S. Treasury bonds in debt markets, and the costs of hyperscale data centers to local communities, which have stirred a popular revolt. Well, fear no more. What are rising mortgage rates and utility bills when you've been neutralized by some bioweapon engineered by a collective of scheming AI agents, recursively self-improving their way to planetary domination?

The dichotomous promise of AI was always this: boom or doom. Almost every AI expert I have spoken with in the last few years has been on one or the other end of the spectrum, often both. There is no middle ground. Bond and equity markets suggested until now that the boomers were on top. Now, thanks to some startling revelations about AI agents collaborating deceptively to outwit their human overlords, doomers are ascendant.

The episode that has produced panic was an incident in which AI agents supposedly under the control of OpenAI broke out of their constraints during a trial, worked together to hack their way into Hugging Face, a development platform, and then covered their own tracks.

This weekend Anthropic CEO Dario Amodei issued a warning that was immediately backed up by rivals Sam Altman of OpenAI and Elon Musk of SpaceX. Mr. Amodei said that swarming AI agents like those that attacked Hugging Face could “take over the entire internet” in six to 12 months. Following claims by a former researcher at his company that industry leaders believe AI could “kill us all,” Mr. Amodei called for restraint and regulation.

“Pacing the frontier,” as he termed it, would mean placing outside monitors with employee-level access in AI labs, cooperation between AI companies to ensure development remains within limits, and actions to ensure China doesn’t take advantage of American restraint.

Mr. Amodei's call for action was greeted with withering cynicism by those who think the big AI companies are hyping the threat so they can frighten us into creating an environment in which they can kill off competition. Chamath Palihapitiya, a highly successful tech investor, posted on X: "Dario makes the case to stop open source and concentrate enormous technological and economic power with Anthropic."

The companies' calls for regulation may be self-dealing, but that doesn't make them wrong.

The suspicion is reasonable. What better way to protect your trillion-dollar valuation and market dominance of a massively profitable growth industry than to claim that the technology you've built is so dangerous that tight limits on further (competitive) opportunities are imperative and that you and your big corporate rivals should be exempt from antitrust enforcement so you collaborate to save the planet?

What Mr. Amodei may have in mind is exactly the sort of “regulation” that has come to characterize much of American crony capitalism in the past 20 years or so: a cozy relationship between entrenched corporate interests and the supposedly independent government bodies that regulate them. “Regulatory capture,” as it is known.

I'm a natural skeptic of alarmism and suspicious whenever a company tells me the government must do something. We have been told for the past 70 years that unless the government acts, life on the planet is about to be extinguished—by nuclear weapons, climate change, Y2K, pandemics. We are still waiting.

But you don't have to believe that AI is going to destroy the planet to recognize that it poses challenges to our way of life that no technology has represented before. To read the reports of the Hugging Face incident is to get a glimpse not only of the potential peril itself, but perhaps more disturbingly of the genuine alarm it induced in those already most steeped in the potential of AI.

We can't yet know the ultimate threat or promise of AI. But we do know the immediate landscape of risk: Do nothing and we could unleash the power of machines to develop so fast it will be too late for us to do anything; do too much and we could give China the crucial advantage in a potentially existential competition for the technology.

The stakes are so high that to let this decision be made along our usual, entrenched political and ideological lines—to regulate or not to regulate—would be an error. Perhaps these calls for intervention and restraint are self-dealing by powerful vested interests. It doesn't make them wrong.

To Fight Antisemitism, Try 'Jewjitsu'

By Joseph Epstein

Jujitsu—the word came to me recently on a sleepless night. Jujitsu is the Japanese martial art that uses an attacker's force against him and through the clever use of leverage allows a smaller person to defeat a larger opponent. If there is Jujitsu, it occurred to me, why not "Jewjitsu," the Jewish art of fending off antisemitism, as Jews have done since the beginning of Judaism?

Doubtless the most effective way Jews have practiced Jewjitsu is through their contributions to society. In the U.S., this would include their dominance in musical comedy and their presence in classical music, the central role played by Jewish scientists from Einstein and Oppenheimer on down, their part in the country's financial institutions and in its intellectual life.

Perhaps the first question is why the extreme right and extreme left agree only on their antisemitism. The reason, I suspect, is that both are wildly wrong in their general views. So with no place else to go, they fall back on that old reliable scapegoat, the Jews. For both, the chief problem in the world is Israel and its Jews, along with those Jews living outside its borders.

I bring up the contributions of Jews in the U.S., where Jews in some quarters are under the whip of what is said to be rampant antisemitism. The whip is wielded by the far right and far left, with the more intense lashes at present coming from the left, some members of which go so far as to equate Zionism with genocide.

How best to combat this? I wonder if the methods employed by jujitsu wouldn't prove useful? In defending themselves, the Jews might do well, à la jujitsu, to use the force of the antisemites' accusations and arguments against them. These accusations and arguments, after all, are nutty at best.

Bring on Jewjitsu. Its first gambit might be humor, specifically anti-antisemitic jokes. One of my favorites is about a long line of Russians during the early Soviet Union awaiting a large meat shipment from Europe on a brutally cold day. After a half-hour or so, a voice comes over a public-address system and announces that the shipment is less than expected, so all Jews must leave the line. An hour later, an announcement is made that the shipment has been reduced and that all nonparty members must exit. Two hours later, yet another announcement, this one declaring a further reduction of the shipment and demanding all but members of

Jews came to America in large numbers in the last decades of the 19th and early 20th centuries, fleeing czarist restrictions on their freedom the Politburo leave. An hour after that, snow falling heavily, an announcement comes that the meat shipment has been canceled. Departing the line, one member of the Politburo says to another, “Those Jews, they always have it easy.”

An anti-antisemitic joke with an American setting has a man well in his cups call out that he wants to buy drinks for the house, “except for the Hebrew gentleman at the far end of the bar.” Twenty minutes later, he shouts, “Another round for the house, excluding of course my Israelite pal.” The Jew retorts, “What do you have against me?” The drunk replies, “You sank the Titanic.” The Jew says, “Nonsense. An iceberg sank the Titanic.” The drunk responds, “Iceberg, Greenberg, Goldberg, you’re all no damn good.”

Jokes alone won't stop antisemitism. Knowledge of the true import of Israel as the only democracy in the Middle East and America's great ally, the significance of Jews to American culture, the role that Judaism has played in Western thought, the reminder that Jesus himself was Jewish—all this and more must be hammered home again and again. Under Jewjitsu, the antisemites must never be allowed to forget how ignorant and malignant their views truly are.

and a 25-year conscription in the Russian army. More fled with the advent of Soviet communism, while others fortunate enough to escape Germany's Nazi death machine also immigrated here. The U.S. has provided Jews with the most welcoming home, apart from Israel, that they have known through their long diaspora. The current wave of American antisemitism can't be allowed to drive them out again.

Mr. Epstein is author, most recently, of “Never Say You’ve Had a Lucky Life.”

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The U.S. Open Champion Who Didn’t Realize He Won

JASON GAY

A delayed celebration as Alexander Zverev loses track of the score after clinching the match

Another U.S. Open is in the books. Sorry, but you're going to have to wait a full year to watch 2:30 a.m. tennis.

in NYC while eating caviar chicken nuggets and drinking \$23 cocktails that taste like unicorn tears.

What did we learn at this one?

Alexander Zverev doesn't always know the score. Have you seen a championship finish like Sunday's men's final—Zverev, having just captured his second career major Sunday in front of 23,000 people, breezily hitting the ball back to the ball kids and getting ready to return serve, apparently believing the match was still on and he'd merely taken a 5-1 edge in the fourth set against Ben Shelton?

Paging JR Smith! Zverev didn't even appear to hear the chair umpire say "Game, set, match."

The lack of reaction threw the audience inside Arthur Ashe Stadium. Why isn't he celebrating? Finally Zverev figured it out and shot his arms skyward.

He didn't look like a player who'd just won his first U.S. Open. He looked like a seventh-grader who heard it was pizza day.

It was a funny rebuke to the force-fed notion that sports champions are these locked-in super computers with scrupulous attention to detail.

Zverev's ascent: In a raggedy year marked by injuries to Carlos Alcaraz and Jannik Sinner, the 29-year-old Zverev barged his lanky 6-foot-6 frame into tennis's generational duopoly.

Sunday's 6-3, 7-6(2), 5-7, 6-2 dismissal of Shelton gave Zverev two majors in 2026 (he also won the French), three straight major finals on three different surfaces (he lost to Sinner at Wimbledon) and puts him on track to close the season as World No. 1.

A very persuasive year, by any standard.

Does it mean men's tennis is verging on another Big Three? Eh, I'm not ready to go there. At least not until the full trio is fit and healthy. Zverev is 0-10 versus Sinner in his last 10 matches, and he's dropped four of his last five to Alcaraz.

Even after his win in New York, Zverev acknowledged a gap. “If everyone’s healthy, I think Jannik is still ahead,” he said.

Clearly, Zverev's made a leap. At the end of last season, there was a Knievel-proof canyon between Alcaraz, Sinner and the rest of the men's game. Now Zverev has narrowed the gap.

Sunday wasn't an easy assignment. With a well-liked young American star trying to become the first U.S. man to win a major since 2003, the crowd was amped to root for Shelton.

Instead Zverev pounced, breaking Shelton's big serve in the first game of the match and squashing his momentum on a humid afternoon. He did the same right after Shelton rallied to take the third set, breaking him to open the fourth on the way to rolling home.

Zverev remains a polarizing figure in tennis, his image clouded by allegations of domestic abuse, allegations he's repeatedly denied and which an investigation by men's tennis's governing body ATP found insufficient evidence to substantiate. In terms of tennis popularity, he's nowhere near the orbit of Alcaraz or Sinner. As ESPN's final coverage closed, John McEnroe pleaded out loud for Alcaraz and Sinner's healthy return. But on the court, Zverev's drawn closer.

Shelton's made a big jump, too. What a stellar run for the 23-year-old former collegian—his first major final and the most stirring victory of his career, a five-set, final-set tiebreaker defeat of Alcaraz in the quarters that ran until the vampire buffet hour of 3:33 a.m.

Shelton's proven himself to be more than his mega lefty serve—there's a better backhand, a sharper return, and more overall maturity. Fitness is next: He looked a little gassed against Zverev, and admitted as much.

He takes a lot from New York. Shelton's coaching partnership with his father, Bryan (a former pro and coach at Georgia Tech and Florida) is one of the more charming and productive relationships in tennis. Father and son will be in the lab soon, refining a still-developing game, and trying to get a U.S. man over the line.

The Open Takes Some Shots. Over the fortnight, the U.S. Tennis Association's annual clambake found itself on the defensive about its apres-midnight finishes; its pricing; its pursuit of luxury consumers; its relationship with predictions market Kalshi; and its extended embrace of social media influencers, who tend to brand the Open as an aspirational lifestyle experience, as opposed to, you know, a tennis tournament.

Alexander Zverev, top, beat Ben Shelton, right, to win the U.S. Open.

Kalshi, which dragged the hermetic Pete Sampras out for a weird ad, actually had its name on another video goofing on attendees who didn't know basic stuff about tennis. The USTA had to be like: Um, thanks?

Who is the Open for, anyway? The NYC tournament, held by a nonprofit on public land, likes to see itself as an event of the people. But its embrace of the plutocrats is hardly new. This is a tournament that, for many years, offered free parking to Mercedes-Benz drivers, and hosts a crowd that looks like it's waiting in line at the farmers market in Amagansett.

That luxe vibe has definitely launched skyward. The tournament is amid a multiyear, \$800 million renovation of Ashe stadium, the main driver of which seems to be increasing the yield via suites and more expensive seats in the lower bowl. Everywhere are velvet rope touches catering to “Premier” ticket holders, and the merch is pricey: a dull

hoodie sold by the USTA will run you \$140. A lobster BLT cost \$42. Perhaps as a show of restraint, the sticky Honey Deuce held at last year's price: \$23.

Luxe-maxxing influencers drink all this up, of course, as the lingua franca of social media influence is often wealth culture FOMO.

It gets a little cringey, all the ring lights and posing, but I think the fretting over influencers is overheated. Love it or not, they are increasingly the preferred medium, and tennis in the U.S. is a small sport with tons of competition and a compressed window. Enlisting high cheekboned town criers isn't the worst idea.

I think of other fringe sports I love, like cycling. If 100 influencers wanted to post selfies of themselves curbside in the muck at Dwars door Vlaanderen, I would fly to Belgium to carry their ring lights.

Remember: Every sport is in a death battle with the mighty NFL, including the Open, which bafflingly concludes in the thick of Week 1 Sunday. We are quickly morphing into a fantasy-drooling, gambling-goosed single-sport country in which the only stuff people want to talk about is why the silly Chargers lost to Arizona and how the Jets and Giants are both 1-0.

If tennis needs TikTok, then TikTok it is.

The Bears Set a Record—by Being Nothing Like Themselves

Caleb Williams led the Chicago Bears to a 59-37 victory over the Carolina Panthers.

BY ANDREW BEATON

EVER SINCE THE EARLIEST DAYS of the Chicago Bears, the team has been so synonymous with defense that you'd think they invented the sack.

Back when the Bears won six titles in the 1930s and 1940s, their defensive titans were dubbed the Monsters of the Midway. And Mike Ditka's 1985 Bears won the Super Bowl with what is widely considered the greatest defensive unit in NFL history. Along the way, the franchise also minted legends such as Dick Butkus, Mike Singletary and Brian Urlacher.

But these modern Bears are shedding their heritage. While their defensive numbers would be enough to make Ditka eat his sweater-vest, quarterback Caleb Williams might just be in charge of the most electric offense in football.

In a game that featured a combined 96 points — a record for a season opener — the Bears out-slugged the Carolina Panthers 59-37 and made abundantly clear that this team was nothing like its predecessors. A franchise that used to cycle through mostly forgettable quarterbacks and relied on suffocating defense now hopes to win a Super Bowl by betting that its budding star can outscore just about anyone.

It's as if the Windy City were suddenly known for mild winters and thin-crust pizza.

“We want to be the highest scoring, we want to have the most wins, we want to win Super Bowls,” coach Ben Johnson said. “We didn’t get into this profession trying to be mediocre or average.”

Coincidentally, the Bears' makeover began thanks to none other than the Panthers. Back in 2023, Carolina traded a mountain of picks to Chicago to select quarterback Bryce Young with the No. 1 selection. One of those picks turned out to be No. 1 choice in the 2024 draft, which the Bears used on Williams, a passer who

fancied himself a future NFL star since he was a teenager.

Williams had broken out as a freshman for Oklahoma before transferring to USC and winning the Heisman Trophy as a sophomore. At that point, it was inevitable that he'd go first in the draft as soon as he was eligible.

But once Williams became a Bear, he looked like the next victim of the team's quarterback curse. As a rookie, he had a nasty habit of holding on to the ball far too long and took a whopping 68 sacks while Chicago went 5-12 and ranked dead last in offensive yardage.

That all changed last year when the Bears hired Johnson, a former offensive coordinator for the Detroit Lions, and splurged to upgrade the offense around Williams. In the span of one offseason, they became the most head-spinning team in the entire sport. Over the course of an 11-win campaign, Williams started to live up to the hype as he engineered a string of stunning come-backs to reach the postseason.

Then in the play- offs, the Bears did it

again. Despite trailing the Green Bay Packers by 15 entering the final period, they recorded their seventh fourth-quarter comeback of the year. Amazingly, Williams managed to do it again the following week against the Los Angeles Rams — by making the play of the season. With under a minute remaining, he backpedaled until he was 26.5 yards behind the line of scrimmage, only to uncork a game-tying touchdown pass. (The Bears' magic ran out, however, when the Rams wound up winning in overtime.)

“It was cool in the moment,” Williams said afterward.

When the season ended, the Bears had improved to sixth in yardage. But that wasn't enough for Johnson. This year, he said it wasn't simply his goal to win the Super Bowl. He wanted to set the NFL's record for points per game. (That distinction belongs to Peyton Manning's Denver Broncos in 2013 at 37.9).

So Sunday was the perfect start. After an inauspicious fumble on the opening drive, Williams demonstrated the signature play-making skills. He put Chicago on the board with a nine-yard run on the next possession, the start of a flurry that saw the Bears put up 31 points by halftime. The problem was that they had allowed 24 — the 55 combined first-half points marked the seventh most of the Super Bowl era.

In the end, though, the Bears' offense turned out to be more explosive than its defense was porous. Williams threw for two scores and ran for two more while Chicago racked up 552 yards. But on the other side of the ball, they surrendered 478 yards to a Panthers offense that ranked 27th last season. All of which raises a daunting question: Will Chicago have to score 50-plus points every week?

Whether or not they can pull this off, it looks nothing like the blueprint of Bears teams past.

“It’s how we want to look each week,” Williams said.

Share-price and index performance, past three years

Sphere Entertainment quarterly revenue \$400 million

S&P 7619.98 ▼ 0.48%

S&P FIN

▼ 0.35%

S&PIT ▼ 1.67%

DJTRANS ▲ 0.49%

WSJ \$IDX ▲ 0.34%

2-YR. TREAS.

NIKKEI (Midday) 64082.36 ▲ 0.93%

See more at WSJ.com/Markets

Treasury Yield Hits Pivotal Level

BY SAM GOLDFARB

The last time the yield on the 10-year Treasury note rose above 5%, the U.S. economy was dealing with pandemic aftershocks. This time, the main culprit is a war with no clear end in sight.

Escalating fears over energy prices and inflation drove the 10-year yield above 5% Monday, a pivotal milestone that is forcing investors to confront whether the bond market is entering a new era.

The answer is set to have sweeping implications for consumers and businesses alike—and could end up playing a role in the coming midterm elections. The yield on the 10- year Treasury is a critical driver of interest rates throughout the economy, and its recent rise has already

pushed mortgage rates back up toward 7%. Treasury Secretary Scott Bessent has been taking extraordinary measures to contain yields, with little to show for it so far.

Now, traders are questioning

5% The 10-year yield topped this mark midday Monday, stirring worries

that threshold, creating a borrowing environment more like that of the 2000s, when the yield occasionally spent

whether 5% will be a ceiling for the 10-year yield, as it was in 2023, or whether the yield will decisively break through months above 5%. Some are even thinking about the 1990s, when the yield spent years at that level.

Higher yields in the long run would significantly drive up borrowing costs for the U.S.

government, which already spends more on interest than on national defense.

"Today's number should scare Congress," Rep. David Schweikert (R., Ariz.), who is leaving the House after this year, wrote on social media on Monday.

Treasury yields, which rise when bond prices fall, edged higher in early trading Monday as oil prices climbed again, pushing the 10-year yield above 5% shortly after 10 a.m. ET. The yield reached as high as 5.012%—its highest intraday level since 2007—before ultimately settling at 4.96%.

That reversal echoed what happened on Oct. 23, 2023, when the 10-year yield also reached 5% in the morning, before plunging back to just above 4.8% by the end of the session—a sign investors were waiting for the milestone to be hit before rushing in to buy bonds.

Still, Monday's reversal wasn't as pronounced, and many investors say they have reasons to believe that the 10-year yield could easily keep climbing beyond $5\%$ in the coming weeks and months.

To start, investors are much more optimistic about the economy's strength, and think it can handle a $5\%$ yield without quickly decelerating. Many also feel that inflation will remain elevated, especially with tensions in the Middle East driving oil prices above \$100 a barrel.

Source: FactSet

Please turn to page B2

Oprah to Harness the Power of the Sphere

MARK THOMPSON/GETTY IMAGES; (INSET) THEO WARGO/GETTY IMAGES

Venue was a top grossing arena last year with \$379 million in ticket sales

BY KATHERINE SAYRE

Oprah Winfrey will produce and host a new immersive live show at Las Vegas's Sphere next spring, the latest high-profile booking for the technologically advanced entertainment venue.

The two-hour show, called “Oprah Winfrey’s AHA,” will feature the media personality and entrepreneur onstage, music by composer Max Richter and performances by guests including musician Jacob Collier and poet Ocean Vuong, according to a news release. The show is scheduled for a three-day run in April.

Winfrey, in a video announcement, described the show as “an immersive symphony of awe, wonder and joy.”

Sphere, which cost \$2.3 billion to build after going over budget, opened in 2023 with a residency by U2.

The venue, the brainchild of New York Knicks owner James Dolan, found a successful formula pairing high-tech lights and sounds with a lineup of broadly appealing musical acts.

The venue has featured Phish, Dead & Company, the Eagles, Backstreet Boys and No Doubt, among others. Sphere also made a hit with an immersive reworking of the classic film “The Wizard of Oz.”

Considered an audacious bet when the venue opened, the stock price of parent Sphere Entertainment has more than doubled in the last

*Formerly known as Madison Square Garden Entertainment Sources: FactSet (performance); S&P Capital IQ (revenue)

year.

It was the world's highest-grossing arena last year at \$379 million on 1.7 million tickets sold, according to data firm Pollstar.

The giant orbital venue has a 580,000-square-foot LED exterior and a screen inside that wraps around the audience.

Winfrey said she was inspired to create “AHA”—a reference to a lightbulb moment—after seeing the opening night of U2’s stint at Sphere.

“Creating this experience has felt like the culmination of what I’ve spoken about and worked towards my entire

life," she said.

Since “The Oprah Winfrey Show” ended in 2011, Winfrey has continued to wield influence in fields including publishing, politics and business.

In April, Winfrey's Harpo Entertainment announced a multiyear deal with Amazon.com for exclusive distribution and advertising rights to "The Oprah Podcast" with Amazon's podcast studio, Wondery.

The deal also included rights to “The Oprah Winfrey Show” library and her “Oprah’s Book Club” and “Oprah’s Favorite Things” franchises.

PayPal Charts Makeover As Buyout Deal Stalls

BY BEN GLICKMAN

PayPal's new Chief Executive Enrique Lores is mapping out his plans for going it alone rather than selling the company for more than \$50 billion. Wall Street, so far, isn't crazy about it.

Lores wants to remake parts of the business that have been lackluster for years, launch new features and slash billions of dollars in costs. He will have to do it amid fierce competition in a rapidly changing payment industry, where PayPal has long broken new ground but recently failed to capitalize.

Central to his plan is turning Venmo, the popular payments app that generates meager profits, into a one-stop money-management app, with tools for consumers to keep budgets and invest.

For the legacy PayPal check-out button, which consumers can use to pay for goods across the internet, he wants to offer better rewards and improve the user experience, thereby increasing usage that has plateaued after Apple Pay and Google Wallet became the dominant digital wallets.

His plan will be under pressure from shareholders who earlier this summer were looking at a chance to cash out. Rival Stripe and private-equity firm Advent International had lobbed an offer to buy all of PayPal valued at about \$60.50 a share. Shares jumped on the news, and several Wall Street analysts thought the deal was compelling, given PayPal's recent results and battered stock price. But a deal hasn't materialized as the sides remained far Please turn to page B4

Novo Nordisk Trims Its Name to Just Novo

BY ADRIÀ CALATAYUD

Wegovy maker Novo Nordisk is rebranding as Novo, betting a shorter name will help it resonate more with consumers as it competes with rival Eli Lilly.

The move by the Danish drugmaker comes as Chief Ex-

ecutive Mike Doustdar works to revive the fortunes of a company that has ceded the crown in the

weight-loss market it pioneered to Lilly.

Since taking the reins in August 2025, Doustdar has implemented a cost-savings plan that included 9,000 job cuts and the launch of a pill version of Wegovy, placing the company ahead of its U.S. rival in the market for oral weight-loss medications. Doustdar is expected to detail the next phase of his comeback plan in an investor update later this month.

Novo said Monday that the rebranding marks the beginning of its next chapter. The new corporate identity with the Novo name aims to make the company more recognizable and consistent in the way it reaches people, Novo said.

The Novo Nordisk name was the result of a 1989 merger between two Danish companies with roots dating back to the origins of insulin production in Scandinavia in the 1920s—Nordisk Insulinlaboratorium and Novo Terapeutisk Laborato-

rium.

The company said it would use Novo—Latin for new—as its name in day-to-day operations,

but keep Novo Nordisk as its legal name globally. It also refreshed its logo, maintaining the Apis bull of ancient Egypt that has been part of its brand for more than a century. The bull will now face right instead of left.

“They want to signal, not only externally but also internally, a change of direction,” said Ed Corbett, a brand strategy expert at consulting firm Branding Science.

The rebranding is a statement of intent that Novo wants to move on from a challenging period but a change of name won't be the end-all be-all, Corbett said.

Please turn to page B2

INSIDE

ULIAN FINNEY/GETTY IMAGES

Sportswear brand On, which resists offering discounts, faces a sales slowdown. B3

HEARD ON THE STREET Higher rates threaten the mortgage-backed-security sector. B11

Walter's Financial Empire Fueled by Retirement Savers

Mark Walter's conglomerate includes the Los Angeles Dodgers.

BY HEATHER GILLERS

Rick Phillips has been buying annuities for about a decade, paying upfront sums for the peace of mind of fixed returns.

Now, the Los Angeles-area resident says he is swearing off the policies.

The insurer backing one of his contracts, Clear Spring Life and Annuity, revealed this summer that federal prosecutors are scrutinizing its investment disclosures. Soon after, the company's billionaire owner, Mark Walter, struck a deal to sell his controlling stake in the Los Angeles Lakers. That left Phillips worried that Walter's insurance business was on shaky ground.

"The risk-reward isn't there anymore," said Phillips, a retired investment banker.

Phillips is one of hundreds of thousands of Americans whose savings have fueled Walter's vast business empire, which includes the Los Angeles Dodgers. Walter's biggest insurer, Delaware Life, collected \$10 billion in individual annuity premiums last year. Group 1001, the parent company of Walter's insurers, Please turn to page B2

U.S. annuity sales estimates

*Doesn't include group policies; 2025 amount is an estimate Sources: Limra (sales); AM Best (reserves)

Total reserves backing each type of insurance policy*

INDEX TO BUSINESSES

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

A
Abbott Laboratories....B3
Advanced Micro Devices.B4
Advent International....B1
Alphabet....B4
Amazon.com....B3
Apollo Global Management....B2
AstraZeneca....B3
B
Baldwin Insurance....B4
Block....B4
C
CBL Properties....A1
Crane....B3
D
Daiichi Sankyo....B3
Deckers Outdoor....B3

Dell Technologies.....B4
Deutsche Boerse.....B11
Dick's Sporting Goods.....B3
Dominion Energy.....B2
E
Eli Lilly.....B1
Euronext.....B11
F
Frasers.....B3
H
Hugo Boss.....B3
M
Metlen Energy & Metals B3
N
Netflix.....B3
NextEra Energy.....B2
Nike.....B3

Novo Nordisk....B1 O On.....B3 P PayPal.....B1 Pfizer.....B3 R Robinhood.....B4 S Simon Property.....A1 Sphere Entertainment.....B1 Stripe.....B1 U Unibail-Rodamco-Westfield.....A1 V Vera Bradley.....B3

INDEX TO PEOPLE

A
Altman,Sam....A4
Amodei,Dario....A4
Attar,Ziv....B4
B
Banfield,Bill....A10
Bishop,Tom....B4
C
Corbett,Ed....B1
D
Dell,Michael....B4
Dimon,Jamie....B4
Dorsey,Jack....B4
Doustdar,Mike....B1
G
Goldstein,Beth....B3
Goodwin,Andrew....A4

H Hassabis, Demis.....A4 Hogan, Art.....A6 Huang, Jensen.....A6 I Ive, Jony.....B4 K Kamdem, Ronald.....A2 L Lebovitz, Stephen.....A2 Lores, Enrique.....B1 M Maciunas, Nick.....A10 Monnik, Mike.....A7 Musk, Elon.....A4 N Neighoff, Bob.....A2

P Palmer, Robert.....B3 Pathak, Sankaet.....B4 Peters, Greg.....B2 R Rouget, Vincent.....A2 S Schmidt, Walt.....B11 Schneider, Jim.....A6 Sete, Giuseppe.....A6 Sluis, Frank.....B3 Stichter, Janine.....B3 Sturm, Stephan.....B3 Swiber, Meghan.....B2 W Walter, Mark.....B1 Winograd, Eric.....B2

The Savers Who Fuel An Empire

Continued from page B1 ranks among the 10 biggest sellers of fixed and fixed-indexed annuities, according to ratings firm AM Best.

Wall Street investment titans such as Apollo and KKR that sell private equity and private credit have increasingly tapped into insurance money to supercharge their lending, in many cases acquiring life insurers outright. Regulators require insurers to disclose when they make investments with their parent companies, known as “affiliated” deals. In Walter’s case, the probe focuses on \$20 billion of investments by Delaware Life and Clear Spring that weren’t properly marked as affiliated.

A representative for Walter's conglomerate, TWG Global, has said the company is proud of the business it built and “confident these matters will be resolved favorably.”

Fixed and fixed-indexed annuities—the products Walter's insurers focus on—explain a lot of what makes owning life insurance companies so attractive to private credit firms, which make high-interest loans to risky corporate borrowers.

People typically buy annuity policies for an upfront sum, then receive payments for anywhere from a few years to their entire lives. That provides a dependable pool of money that can be locked up in speculative investments for a longer period, compared with life insurance, where payouts can be less predictable.

The price tag for annuities starts at around \$5,000 or less, making them widely accessible, and higher interest rates in recent years have enhanced their appeal. Sellers of fixed or fixed-indexed annuities are regulated by states and don't need a securities license.

Sales campaigns for fixed-indexed annuities in particular have drawn concern from regulators. The products pay out an annual amount, within a set band, based on an index. In some states, marketing materials for annuities show double-digit “historical” returns on bespoke indexes that didn’t exist at the time of the returns depicted.

A working group at the National Association of Insurance Commissioners, which is

NextEra Energy Backs Guidance

BY ADRIANO MARCHESE

A merger of Dominion Energy and NextEra would create the largest U.S. electricity producer.

NextEra Energy is targeting the high end of its full-year 2026 guidance for adjusted earnings per share, while continuing to advance regulatory approvals for its proposed \$67 billion acquisition of Dominion Energy.

The electric power and energy infrastructure company on Monday reaffirmed its 2026 adjusted earnings outlook of \$3.92 to \$4.02 a share, and also reiterated expectations for its stand-alone compound annual adjusted earnings-per-share growth of 8% or more through 2035 off a 2025 base of \$3.71. It continues to expect dividend growth of roughly 10% a year through 2026, off a 2024 base, and 6% a year from year-end 2026 through 2028.

NextEra expects its proposed merger with Dominion to immediately add to adjusted earnings per share, with a target of 9% growth through 2032, and the same growth through 2035.

The update comes as Next-Era and Dominion submitted an expanded state benefits package to Virginia regulators on Monday.

The companies originally announced their \$67 billion all-stock merger in May. The combination would create the largest U.S. electricity producer—specifically the biggest

made up of top state insurance officials, said this summer it plans to clamp down on that practice. The NAIC has also taken measures to more closely supervise insurers' growing private-credit investments, including tighter investment-disclosure guidelines and tougher capital requirements.

Phillips, the Los Angeles-area retiree, has always stuck with simple annuities—five-year fixed-rate policies. But provider of natural-gas-fired power and the second in nuclear, the companies said.

The companies said Mon- day that the updated filing doubles proposed residential bill credits to four years while shielding retail customers from grid costs tied to Nor- thern Virginia's rapidly expand- ing artificial intelligence data centers.

this is the second time he has worried about getting the payout on schedule. Last time it was a policy from Sentinel Security Life.

capped typically at around \$250,000 per person.

Clear Spring, the insurer that issued Phillips's annuity, had solid investment-grade ratings and quarterly financial disclosures that looked healthy. That gave financial adviser Carlos Dias Jr. the confidence to sell the firm's annuities in recent years. Then in June, he was shaken when Clear Spring and Delaware Life disclosed that they had billions more than previ-

In 2024, the Utah insurance commissioner found Sentinel

Alongside ratepayer relief, the companies' proposal includes \$100 million toward directly supporting workforce development in the state, and establishes up to \$1 billion annually in local supplier spend-

They also said they would expand low-income financial assistance, adding \$100 million through 2038 to Dominion's bill assistance program.

Sales campaigns for annuities have drawn concern from regulators.

and two sister insurers had a lot of high risk investments, ordered the firms to pause new annuity sales and eventually threatened to take over their parent firm. The firm fought off the takeover, and Phillips got his expected payout.

ously disclosed in affiliated assets.

If an insurer becomes insolvent, annuity policyholders are compensated through a state-based, industry-funded system of guarantee associations. The compensation is ing over five years.

AM Best said it was considering downgrading the companies.

Dias, who runs Dias Wealth north of Orlando, Fla., questioned the value of the ratings and regulatory filings if they aren't giving an accurate picture of a company's health.

“We’re seeing the outer not the inner,” he said.

Last month, Shawn Plummer, who sells annuities through an online platform called The Annuity Expert, told his two salespeople to stop recommending Delaware Life or Clear Spring policies to prospective customers. Truist and Fifth Third Bank have also

Under the agreement, Dominion Energy Virginia will preserve its brand name, local leadership and regulatory oversight by the Virginia State Corporation Commission.

paused new sales of Delaware Life annuities, Bloomberg has reported.

Delaware Life said the firm continues its work with advisers at both banks on existing clients and that its “communications with key distribution partners remain open and cooperative.”

Walter and Guggenheim Partners, where he is chief executive, have previously come under fire for the way they have used annuity holders' savings.

In 2014, two policyholders brought a class-action lawsuit against Guggenheim and several affiliated insurers. They accused Guggenheim of turning the insurers into “a cash machine” that used policyholder money to buy the Dodgers.

Guggenheim denied the allegations. The complaint was withdrawn after a day. Forensic accountant and former insurance examiner Tom Gober, who worked for the plaintiffs' lawyers, said there was a rapid resolution and his clients were pleased.

Their merger remains subject to approval from regulators, with an expected closing day some time in the second half of 2027.

Gober said the case is a reminder of a reality that has been lost as alternative asset managers have used money from insurance companies to make risky new investments.

“Every dollar inside a life and annuity carrier is policy-holder money,” he said.

Drugmaker Trims Name To Novo

Continued from page B1

Novo also said Monday that it would emphasize competitiveness in its corporate culture going forward, adding that new behaviors and ways of working were needed to lead in a faster, more competitive and increasingly consumer-driven market.

Some analysts say the market for weight-loss drugs—particularly the pill segment—resembles that of consumer-health products, as opposed to conventional prescription medicines.

Novo last month said it was benefiting from strong momentum for its Wegovy pill, with more than five million prescriptions since its launch in January, and lifted its full-year sales and operating profit guidance as a result.

However, some investors have grown worried about the company's drug pipeline after disappointing data for its next-generation weight-loss and diabetes drug CagriSema, as well as for an experimental cardiovascular drug.

Investors overwhelmingly expect the Fed to lift short-term rates at its meeting Wednesday.

Treasury Yield Hits 5% Level

Continued from page B1

“I’m always asking myself, like, ‘OK, what would be a catalyst for rates to go lower?’ And it’s hard to find one other than the good old-fashioned recession,” said Greg Peters, co-chief investment officer at PGIM Credit. “The conditions are very much in place for a higher or remaining-to-be-high yield environment.”

President Trump has repeatedly called for the Fed to cut interest rates, putting Fed Chairman Kevin Warsh in an awkward spot as expectations for a rate increase have climbed. Following a firm inflation reading on Friday, investors overwhelmingly expect the central bank to raise short-term rates at its meeting Wednesday, and then to keep raising them after that. Investors' expectations for short-term rates play a major role in determining the level of yields.

For much of the past few years, the 10-year yield has hovered between 4% and 5%. It dropped below 4% just before the U.S. and Israel first launched strikes at Iran at the end of February. But it has generally been climbing since, as Iran's subsequent efforts to throttle shipping through the Strait of Hormuz has driven up energy prices and fueled bets on rate increases.

Brent crude, the international benchmark, surged nearly 9% last week after Iran-backed Houthi militants took effective control of another shipping chokepoint off Yemen's west coast. It gave up some early gains but still edged up 1% to \$105.68 on Monday.

In the view of some investors, the recent rise in yields has to some extent reflected a normalizing economy—a return to a pre-2008 financial crisis world before the era of central-bank bond buying and ultralow rates that defined the

The current moment is also unique, however.

2010s and early 2020s.

Gross federal debt recently hit \$40 trillion, around double its level from a decade ago. Increasing federal debt translates to a larger supply of Treasurys, potentially pushing prices down—and yields higher. Led by Bessent, the Treasury Department recently started increasing buybacks of longer-term debt. But those purchases are still very small relative to the total amount of Treasurys.

Many analysts also say a booming stock market, fueled in large part by investor enthusiasm over AI, is helping offset the economic pinch of higher yields.

Normally, higher yields and borrowing costs might slow business investment. But many tech companies now see investing in AI as an existential matter. "I don't think they respond to financial conditions the same way that other businesses might," said Eric Winograd, chief economist at AllianceBernstein.

Some still believe the Fed could actually contain longer-term yields by following through on expected rate increases.

"If the Fed ends up hiking this week and delivering a message that they're going to do what it takes to get inflation under control, that, we think, actually can help bring longer-term rates down," said Meghan Swiber, senior U.S. rates strategist and Bank of America.

JLRICH BAUMGARTEN/GETTY IMAGES

Abbott Agrees to Pay \$385 Million to Settle Baby-Formula Probe

BY SADIE GURMAN

punishing companies.

Abbott Laboratories has agreed to pay \$385 million to settle allegations related to its management of a baby formula facility where deadly bacteria was suspected of causing infant deaths, the Justice Department said Monday.

The settlement is a more lenient outcome than some prosecutors had advocated for, believing they had evidence to criminally charge Abbott under a law that has been used to pursue other businesses for selling contaminated foods, The Wall Street Journal previously reported. But senior Justice Department officials believed criminal charges would have been heavy handed and closed the probe.

They opted instead for the civil settlement, which claws back money the company earned from selling formula through federally funded nutrition programs.

The department said Mon- day that the company know- ingly sold the government for- mula and other products that were “made in an environ- ment that put the products at unacceptable risk of microor- ganism contamination,” re- ndering them less safe.

The settlement “makes clear the safety of our children is not negotiable,” Acting Deputy Attorney General Trent McCotter said.

Abbott didn't admit liability or fault.

The outcome illustrates how the Justice Department under President Trump has moved away from strict approaches to corporate enforcement and raised the bar for

Prosecutors had been considering a misdemeanor charge against Abbott under the federal Food, Drug and Cosmetic Act and a separate count for allegedly misleading the government, the Journal reported. Prosecutors also were considering charging at least one individual. Inspectors in early 2022 had found traces of a potentially deadly bacteria at its plant in Sturgis, Mich., including on equipment close to infant formula containers.

Cronobacter infections had sickened four babies who drank Abbott formula produced at the plant, two of whom died, but the company said there was no proof the infants became ill because of their baby formula. No unopened, distributed Abbott infant formulas have tested positive for the bacteria that sickened the babies, the company said Monday.

“We make infant formula with the same care we would for our own families and are deeply committed to earning and maintaining caregivers’ trust,” the company said. The settlement also includes more than \$36 million to resolve claims made by state government programs.

Inspectors found a long list of problems with the plant, the Justice Department said, including roof leaks that caused standing water in multiple locations and employees who worked directly with baby formula but didn't adequately wash their hands. They also found the bacteria in multiple spots inside the plant and noted that the company had found it repeatedly in prior years.

New Advocacy Group Plans To Target Streaming Policies

BY ELIAS SCHISGALL

Amazon, Netflix, and Google unit YouTube are joining forces to advocate for consumer access to online content.

The three companies are founding members of a new Streaming Access and Choice Alliance led by TechNet, an advocacy network of technology CEOs and executives.

SACA will “advocate for policies that expand consumer access to high-quality content, preserve choice, and support the innovative viewing experiences consumers value," TechNet said Monday. The new coalition will be led by TechNet Senior Vice President of Federal Policy and Government Relations Mike Ward.

“Americans want more content choices and flexibility in how and where they watch their favorite programming, including sports and other live events,” Ward said. “The industry and its customers deserve a dedicated voice in Washington, D.C., advocating for policies that enable innovation and address the needs of today’s consumers.”

Sportswear Brand Hits Snag

The company's wholesale-channel growth slowed to 4.8%.
Note: 1 franc = \$1.22 Source: S&P Capital IQ

Key sales slow as On's aversion to discounts is tested by shoppers' mood

BY JENNIFER WILLIAMS

On Holding built its brand around product enhancements and refusing to discount its shoes and apparel. Now, a more promotional retail environment is testing that discipline.

Brands and retailers are working to appeal to shoppers whose wallets have been stretched by higher costs for gas, beef and more. Some are cutting prices while others roll out more deals in hopes that budget-conscious consumers will make a purchase. At On Holding, there are no plans to slash price tags even after its weakest retail sales since going public in 2021 forced the company to soften its sales outlook.

The Swiss company rarely offers deals, discounting only older items to make room for new stock, an approach that extends to its retailer partners. Instead, the company relies on novel upgrades, like a running shoe combining a new foam with its cushion technology for lower impact, to entice shoppers to pay full price.

"The market has been a bit more promotional than we anticipated," said Chief Financial Officer Frank Sluis. "As a business, we can do two things. We can decide to participate as well, in order to hit a particular number, or actually continue our strategy to build the most premium sports brand."

On Holding shoppers have historically been willing to pay full price, according to Sluis. While wholesale demand stumbled in its latest three-month period, direct sales surged by double digits, proving consumers are willing to buy its products without a discount, he said.

The company's overall second-quarter sales climbed 13.5%, to 850.3 million Swiss francs, roughly \$1.04 billion, boosted by a 26% jump in direct-to-consumer sales. Wholesale-channel growth slowed to 4.8% as the company limited shipments to retailers in a more promotional environment, a notable drop after years of double-digit expansion.

"The question was, is this specific to On, or is there something bigger going on here?" said Janine Stichter, a consumer retail and lifestyle brands analyst at financial services firm BTIG.

Results from others in the sportswear space suggest the latter. Dick's Sporting Goods recently warned of lower profits for the year as shoppers pulled back on footwear. Nike cut its outlook in June, citing consumer pullback that prompted more discounts. And Deckers

Outdoor reported in July that sales growth across its Hoka shoe brand moderated during its latest quarter.

Athletic footwear unit sales were down 7% in the three months through July compared with a year earlier, according to Beth Goldstein, an industry adviser focused on footwear and accessories at market-research firm Circana. Roughly 44% of shoes sold during the quarter were marked down, up from around 40% in the year-earlier period, she said.

While others roll out deals and promotions to lure shoppers, On Holding is keeping its prices steady. The brand's shoes for adults typically retail for between \$140 and \$280, with limited editions topping \$300 and high-end collaborations reaching nearly \$1,000.

Executives believe product updates will keep consumers spending. This summer, On Holding unveiled a range of enhancements planned for coming shoe releases. The company also showcased expanded manufacturing capabilities us-

2Q 2026 850.3M

ing a robotic arm to create a seamless, laceless upper part of a sneaker in minutes.

For now, retail partners generate most of On Holding's business, accounting for nearly $58\%$ of overall sales in the first half of the year. Sluis expects direct-to-consumer purchases may eventually overtake wholesale.

Shoppers are being more selective when buying shoes and they are hunting for deals, according to BTIG's Stichter. Still, holding the line on prices remains the right move for On Holding, she said. The company's customers continue to pay full price, which helped lift gross margins to 65.4% in the most recent quarter.

Plus, with new products expected to drop soon, discounting current inventory would undermine future launches, the analyst said. “It’s hard to convince a consumer to buy something new if everything else is on sale,” she said.

Jennifer Williams writes for WSJ Leadership Institute's CFO Journal.

Hugo Boss Chairman to Step Down

BY ADRIÀ CALATAYUD

Hugo Boss said its supervisory board chairman Stephan Sturm plans to step down after Frasers Group, the company's largest shareholder, reached near-majority ownership and said it would review whether to keep backing him.

The German premium-apparel company said Monday that Sturm's decision followed discussions against the backdrop of recent changes in the company's shareholder structure.

The move comes after U.K. retailer Frasers earlier this month said it was reviewing whether it would continue to support Sturm as chairman of Hugo Boss's supervisory board. Frasers also said that it aimed to achieve majority ownership in Hugo Boss, after a recent tender offer of 1.93 billion euros (\$2.24 billion) for the shares it didn't already own left it with a 47.89% stake.

Frasers said Monday that it discussed with Sturm an increase in its representation on the Hugo Boss supervisory board, and that both parties shared the view that it was an appropriate time to appoint a new chairman.

“Following the recent changes in the company’s shareholder structure, I believe that this is the right time for an orderly transition in the chairmanship," Sturm said.

Hugo Boss said its supervisory board would immediately start a process to name a new chairman and Sturm's successor on the board.

Frasers said it would seek the appointment of Robert Palmer as a member of the supervisory board.

Sturm plans to continue as chairman until a successor has been appointed but no later than Oct. 15, when he intends to step down from the supervisory board, the company said. He was elected to Hugo Boss's supervisory board in May last year and subsequently elected chairman.

Stephan Sturm

BUSINESS WATCH

AstraZeneca said it is continuing to study its Etcamah medicine in other trials.

ASTRAZENECA

Breast-Cancer

Drug Misses Goal

AstraZeneca said its new breast-cancer pill missed the key goal of slowing the disease from worsening in a late-stage clinical trial.

The U.K. drugmaker evaluated its Etcamah medicine, in combination with Pfizer's Ibrance, as a first-line treatment for patients with a type of advanced breast cancer that hadn't received any systemic treatment for advanced disease, it said late Friday.

The drug combination showed a numerical improvement in delaying signs that patients' cancer worsened

compared with the standard therapy, but it wasn't enough to be considered statistically significant, AstraZeneca said.

Safety data were consistent with the known profile of each drug, it added.

The Etcamah trial results came a week after the U.S. Food and Drug Administration granted approval for the drug, based on the results of another trial, for advanced breast cancer upon the detection of a specific mutation. The company continues to study the pill in other trials, both as stand-alone therapy or in combination with other drugs.

"Early breast cancer represents an important opportunity, and we remain confident in the long-term potential of Etcamah in the early setting as we advance our broader program," AstraZeneca's executive vice president for oncology hematology research and development, Susan Galbraith, said.

AstraZeneca and partner Daiichi Sankyo separately said Monday that their Enhertu drug delivered benefits for patients with a form of advanced lung cancer in another late-stage study, leading to a six-month improvement in the time they lived without the disease worsening relative to the standard therapy.

—Adrià Calatayud

CRANE

Firm in \$240 Million Pump-Business Buy

Crane has struck a deal to buy the U.S. pump business of Trillium Flow Technologies from private-equity firm First Reserve for about \$240 million.

Crane on Monday said that the Trillium business, which provides pump technologies that primarily serve the U.S. municipal water and wastewater markets, expects full-year revenue of about \$115 million.

Crane said the acquisition, slated to close by the end of the year, includes the Floway, Wemco, Roto-Jet and WSP brands and represents a multiple of about 14.6 times estimated 2026 adjusted Ebitda. —Colin Kellaher

METLEN ENERGY

Pact Struck With Malaysia's Petronas

Metlen Energy & Metals said it entered an energy supply pact with Malaysia's Petronas.

The London-listed industrial and energy company on Monday said it entered into a long-term agreement for the import and supply of liquefied natural gas into Greece.

Under the agreement, Petronas's U.K. subsidiary, Petco Trading, will deliver six LNG cargoes annually, amounting to around 0.6 billion cubic meters a year over five years from 2027.

—Anthony O. Goriainoff

a aberdeen Investments

abrdn Global Infrastructure Income Fund (ASGI)

Transferable Rights Offering for Common Shares NYSE Symbol "ASGI" NYSE Rights Symbol "ASGI RT" Ex-date is September 21, 2026 Record date is September 21, 2026 Last trading day for rights is October 14, 2026* Offer expires October 15, 2026* *Unless the offering is extended

For more information and a copy of the prospectus supplement and prospectus, when available, contact:

Call Toll-Free: +1 (800) 848-3374

Dealer Manager

September 15, 2026

An investment in abrdn Global Infrastructure Income Fund (the "Fund"), a diversified, closed-end management investment company, is subject to investment risk, including the possible loss of the entire principal amount invested. Investment return and the value of shares will fluctuate. The rights offering involves certain risks, including economic dilution and voting dilution.

All of the costs of the rights offering, including offering expenses and sales load, will be borne by the Fund and thus indirectly by all common shareholders, including those who do not exercise their rights. The rights are transferable and are expected to be admitted for trading on the NYSE during the course of the offer; however, there can be no assurance that a market for the rights will develop.

Investors should carefully consider the Fund's investment objective, policies, risks, charges and expenses before investing. The Fund's prospectus supplement and prospectus, which contain this and other information about the Fund and the rights offering, when available, can be obtained by calling the phone number listed above. An investor should carefully read the Fund's prospectus supplement and prospectus before investing. The information in this communication is not complete and may be changed. This communication is not an offer to sell these securities and is not soliciting an offer to buy these securities, nor shall there be any sale of these securities in any state where the offer, solicitation or sale is not permitted.

UBS Securities LLC is acting as dealer manager for the rights offering. In the U.S., securities underwriting, trading, and brokerage activities and M&A advisory activities are provided by UBS Securities LLC, a registered broker-dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of Securities Investor Protection Corporation.

© UBS 2026. All rights reserved.

OpenAI Buys Phone-Camera Startup

Ex-Apple employees founded Glass Imaging, valued above \$300 million

BY ANISSA GARDIZY AND KATE CLARK

OpenAI quietly bought a startup developing higher-quality cameras for smartphones in recent months, people familiar with the matter said.

The company, Glass Imaging, is developing technology that uses artificial intelligence to produce image quality on par with a DSLR camera.

The deal valued Glass Imaging at over \$300 million, some of the people said, after it had been valued at around \$100 million in a funding round last year.

OpenAI, which is preparing for an initial public offering expected next year, has made several acquisitions recently including an internet talk show, TBPN, and an opensource developer tools startup.

OpenAI's exact plans for Glass Imaging are unclear. The developer of ChatGPT has been developing a secretive device with Jony Ive, the former Apple executive who helped design the iPhone. OpenAI hired Ive in 2025 as part of the \$6.5 billion acquisition of his startup, io Products. Ive's role includes developing consumer devices and other projects that are intended to shape the future look and feel of AI.

Glass Imaging was founded in 2019 by two former Apple employees, Ziv Attar and Tom Bishop, who previously worked on camera technology at Apple.

The pair saw the quality of smartphone cameras reaching a plateau and wanted to find a novel way to improve them, using both hardware and software. They hoped to build a new smartphone camera company outside of Apple so that they could rethink the technology without being bound by Apple's broader business needs around the iPhone.

In a 2022 interview with Computer Vision News, the founders recalled innovation to the camera being “incremental” and the “uphill battle” required to add additional cameras to the smartphone.

Glass Imaging had raised about \$30 million in funding from investors including GV, Alphabet's venture arm, and the investment firm Insight Partners. Its zoom-imaging technology was featured in a new line of phones from Chinese budget-smartphone brand Honor.

Robot Workers? This Firm Wants To Build Soldiers

BY SHERRY QIN

Unmanned aerial drones and vehicles are already on the frontlines of military conflicts. Foundation Future Industries wants combat-ready humanoid robots to be next.

The Eric Trump-backed startup is on a mission to build robots for heavy industrial work that could one day go to war.

regulations around them need to evolve further.

When a robot's perception, reasoning and adaptive behavior get precise enough, “instead of dropping a bomb in a building, you can send humanoids to actually walk inside that building and go directly to the target,” said Sankaet Pathak, founder and chief executive of San Francisco-based Foundation.

Foundation has secured a \$24 million contract with the Pentagon and is in the process of testing a battle robot with U.S. defense forces.

Governments are increasingly exploring the integration of artificial intelligence into defense, and the U.S. has flagged unmanned military systems as a top priority.

Still, experts say humanoid robots are still many years away from large-scale use in wars as the technology and

Founded in 2024, Foundation has deployed around 10 humanoid robots, Pathak said. “We’ve done deployments with the Air Force,” he said. He added that there have been pilot programs in Ukraine, where robots move objects around. “We’ve done deployments in auto manufacturing where they’ve done racking and unracking tasks,” he said.

"We lease them today for \$100,000 per robot per year," he said.

Its flagship robot is the Phantom MK-1, a man-sized humanoid that can carry nearly 90 pounds. A second-generation robot equipped with chips from Advanced Micro Devices is in development.

Initially, Foundation trains the robots to do outdoor jobs that are too dangerous for humans. It uses data gathered in industrial settings like warehouses and shipyards to then train the robots for warzones.

“Defense is a linchpin application for heavy industrial work,” Pathak said.

The company's San Francisco facility can currently produce between 300 and 500 robots a year, and it is building another site to boost ca-

Foundation founder and CEO Sankaet Pathak poses with one of the company's humanoid robots.

pacity.

Asked about Foundation's progress toward its previously stated goal of building 10,000 robots by end-2026, Pathak said a lot of those earlier aims were “pretty ambitious.”

“We’re gearing up to start building a lot more of them,” he said, adding that Phantom is close to being able to learn a task after just a few human demonstrations.

But that is far from being a truly autonomous robot that can operate for long periods of time in unfamiliar environments with little human intervention.

Achieving that would require the physical AI foundation model to “understand the physics, kinematics, dynamics of the world really well," Pathak said.

A recent Stanford University report underlined the practical and ethical challenges around deploying robots in battlefields. Questions remain around highly autonomous systems' reliability, accountability, cost and cybersecurity, it said, and their effectiveness in real-world operations is still being evaluated.

Then there is the risk of relying on a robotics supply chain currently dominated by China.

The U.S. is making efforts to counter that. In July, it banned most imports of new humanoid robot models, part of a bid to build “an independent and resilient robotics supply chain and industrial base” critical to “dominating on the battlefield.”

Under the new rules, domestic components need to make up over 65% of a robot's total cost to avoid being labeled foreign-made through 2028. In 2029, that will increase to 75%.

Foundation, which sources some parts from China, is making adjustments to comply.

Pathak doesn't think a ban is the best route for closing the supply-chain gap, saying: "I don't think it's going to yield the results that the government intends it to."

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BANKRUPTCIES

IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS, HOUSTON DIVISION In re: § Chapter 11

And Go Concepts, LLC, et al., § Case No. 26-90753 (ARP) Debtors. $^{1}$ § (Jointly Administered) NOTICE OF DEADLINES FOR FILING PROOFS OF CLAIM PLEASE TAKE NOTICE OF THE FOLLOWING:

1. On August 4, 2026 and August 5, 2026 (collectively, the "Petition Date"), the Debtors filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the "Court"). Set forth below are the name, federal tax identification number, and case number for each of the Debtors: Name of Debtor, Case Number, Employer Identification Number: And Go Concepts, LLC, 26-90753 (ARP), 45-2824415; SAG Corporate Services LLC, 26-90752 (ARP), 42-4220810; AGC-Arizona Facilities, LLC, 26-90754 (ARP), 93-4217507; AGC-North Texas Facilities, LLC, 26-90755 (ARP), 93-4207091; Garland New Market LLC, 26-90756 (ARP), 93-4946838; AGC Topco, LLC, 26-90757 (ARP), 41-2956845; AGC Holdco, LLC, 26-90758 (ARP), 81-4630294.

2. On September 10, 2026, the Court entered the Order (I) Establishing Deadlines and Procedures for Filing Proofs of Claim; (II) Approving Form and Manner of Notice Thereof; and (III) Granting Related Relief (Docket No. 320) (the "Bar Date Order"). $^{2}$

3. Pursuant to the Bar Date Order, all persons, entities, and governmental units who have a claim or potential claim, including any claims under section 503(b)(9) of the Bankruptcy Code, $^{1}$ against any of the Debtors that arose prior to the Petition Date, no matter how remote or contingent such right to payment or equitable remedy may be. MUST FILE A PROOF OF CLAIM, so as to be received on or before October 16, 2026 at 5:00 p.m. (Central Time) for general creditors (the "General Bar Date") and February 1, 2027 at 5:00 p.m. (Central Time) for governmental units (the "Governmental Rights of Claims" or "Other Rights of Claims"), and (or other Rights of Claims), by (i) filing such Proof(s) of Claim electronically through Kroll, at https://restructuring.ra.kroll.com/andGoConcepts (ii) electronically through PACER (Public Access to Court Electronic Records), at https://ecf.tsxb.uscourts.gov; or (iii) mailing the original Proof(s) of Claim to Kroll at the following address: If by First-Class Mail: And Go Concepts, LLC, Claims Processing Center, c/o Kroll Restructuring Administration LLC, Grand Central Station, PO Box 4850, New York, NY 10163-4850. If by Hand Delivery or Overnight Mail: And Good Claims, LLC, Claims Processing Center, c/o Kroll Restructuring Administration LLC, 850 3rd Avenue, Suite 412, Brooklyn, NY 11232. PROOFS OF CLAIM SENT BY FACSIMILE OR E-MAIL WILL NOT BE ACCEPTED.

4. The Bar Dates apply to all claims against the Debtors arising under section 503(b)(9) of the Bankruptcy Code; provided, however, that the Bar Dates do not apply to the Excluded Claims listed in paragraph 10 of the Bar Date Order.

THE PRINCE OF ANY PERSON OR ENTITY (EXCEPT A PERSON OR ENTITY WHO IS EXCUSED BY THE TERMS OF THE BAR DATE ORDER) WHO FAILS TO FILE A PROOF OF CLAIM ON OR BEFORE THE APPLICABLE BAR DATE IN ACCORDANCE WITH THE INSTRUCTIONS ABOVE WILL NOT BE TREATED AS A CREDITOR FOR PURPOSES OF VOTING UPON, OR RECEIVING DISTRIBUTIONS UNDER, ANY PLAN OR PLANS OF REORGANIZATION OR LIQUIDATION IN THE CHAPTER 11 CASES. 6. Proof of claim forms and a copy of the Bar Date Order may be obtained by visiting https://restructuring.ra.koll.com/ AndGoConcepts, maintained by the Debtors' claims and noticing agent, Kroll Restructuring Administration LLC ("KROLL"). Questions concerning the contents of this Notice and requests for copies of filed proofs of claim should be directed to Kroll by: (i) calling the Debtors' restructuring hotline at (844) 363-4734 (Toll-Free Number within the U.S.\$) or (ii) calling the Brokerage Office at (911) 01-571 (International) and/or (iii) visiting the Debtors' restructuring hotline at: https://restructuring.ra.koll.com/ AndGoConcepts. Please note that neither Kroll's staff, counsel to the Debtors, nor the Clerk of the Court's Office are permitted to give you legal advice. Kroll cannot advise you how to file, or whether you should file, a proof of claim.

A HOLDER OF A POSSIBLE CLAIM AGAINST THE DEBTORS SHOULD CONSULT AN ATTORNEY REGARDING ANY MATTERS NOT COVERED BY THIS NOTICE, SUCH AS WHETHER THE HOLDER SHOULD FILE A PROOF OF CLAIM.

1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor's federal tax identification number, are And Go Concepts, LLC (4415); SAG Corporate Services LLC (0810); AGC-Arizona Facilities, LLC (7507); AGC-North Texas Facilities, LLC (7091); Garland New Market LLC (6838); AGC Topco, LLC (6845); and AGC Holdco, LLC (0294). The location of the Debtors' service address for purposes of these chapter 11 cases is 909 E. Broadway Road, Tempe, AZ 85282. A complete list of the Debtors in these chapter 11 cases may be obtained on the website of the Debtors' proposed claims and noticing agent at https://restructuring.ra.kroll.com/AndGoConcepts. 2 Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Bar Date Order.

COMMERCIAL REAL ESTATE

$^{3}$ A claim arising under section 503(b)(9) of the Bankruptcy Code is a claim arising from the value of any goods received by the Debtors within twenty (20) days before Petition Date, provided that the goods were sold to the Debtors in the ordinary course of the Debtors' business.

UNIFORM COMMERCIAL CODE PUBLIC SALE NOTICE

Please take notice that Mannville Auctions, M. Matthews D. Manninger, licensed auctioneer (DCA #142494), on behalf of BRC 412 West 36 LLC, a New York limited liability company ("Secured Party"), offers for sale at public auction on September 30, 2026, at 3:30 p.m. (Eastern Time) at the offices of Braunstein Turkish LLP, 7600 Jericho Turnpike, Suite 402, Woodbury, New York 11/97, and simultaneously by remote auction via Zoom (Meeting link: https://bit.ly/UCCAuction; Meeting ID: 818 5002 9196; Meeting passcode: 138398), in connection with a Uniform Commercial Code sale of one hundred percent (100%) of the limited liability company membership interests (the "Interests") in Virtu Property Group LLC, a New York limited liability company ("Property Owner"), which entity is the fee owner of real property located at 412 West 36th Street, New York, New York 10018. The Interests are owned by Carolyn Rusin.

The Secured Party's loan (the "Loan") to Property Owner is secured by a first priority lien on the Interests. The Secured Party is offering the Interests for sale in connection with the foreclosure on the pledge of such Interests.

The Interests are being offered as a single lot, "AS-IS, WHERE-IS", with no express or implied warranties, representations, statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party. The winning bidder shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the Interests.

The Secured Party reserves the right to credit bid, set a minimum reserve price, reject any or all bids (including without limitation, any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party upon prospective bidders in connection with the sale or to whom in the Secured Party's sole judgment a sale may not lawfully be made), and terminate or adjourn the sale to another time, without further notice. The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they are purchasing the Interests for their own account for investment not with a view to the distribution or resale of such Interests, to verify that each certificate for the Interests to be sold bears a legend substantially to the effect that such interests have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be disposed of in violation of the provisions of the Securities Act and to impose such other limitations or conditions in connection with the sale of the Interests as the Secured Party deems advisable in order to comply with the Securities Act or any other applicable law. All interested parties shall be required to provide a minimum deposit of \$100,000 with Secured Party's counsel at least 5 days prior to the auction, and all bids (other than credit bids of the Secured Party) must be in U.S. Dollars, and the successful bidder must be prepared to deliver immediately available good funds by wire or bank check to the Secured Party, within twenty-four (24) hours after the sale and otherwise comply with the bidding requirements.

Further information concerning the Interests, the requirements for obtaining information and bidding on the interests and the terms of sale can be obtained by contacting the Secured Party's counsel, Braunstein Turkish LLP, 7600 Jericho Turnpike, Suite 402, Woodbury, New York 11797, Attn: Vincent L. Georgetti, Esq., Tel: (516) 802-0700 x312, E-mail: vg@braunsteinturkish.com.

Dell Group to Take Baldwin Private

BY FREDDY SEBASTIAN

Dell Chief Executive Michael Dell's DFO Management, along with Sequence Holdings, is taking insurance brokerage Baldwin Group private in a cash deal with an enterprise value of \$7.7 billion.

Under the deal, Baldwin Group's shareholders will receive \$32.50 a share in cash, which represents a premium of about 88% to the unaffected closing price on June 17, the day before media reports that the company was exploring a take-private deal.

New Highs and Lows

Shares of Baldwin Group rose nearly 8% to \$32 in Mon-day's trading.

The transaction implies a total enterprise value of approximately \$7.7 billion, comprised of an equity purchase price of approximately \$4.6 billion and approximately \$3.1 billion of debt.

Baldwin will become a privately held company, with eligible Baldwin colleagues retaining a significant minority equity stake, alongside Sequence, a permanent holding company that acquires established enterprises in the service economy, and DFO, the family investment office of

Dell Technologies CEO Michael Dell.

The deal is Sequence's first major one involving a major enterprise. Earlier this year, the holding company made a minority investment in Bank-South.

Baldwin said its board already has approved the deal, which is expected to close in the first quarter of 2027.

“Baldwin has built something rare in insurance distribution: a genuine data and platform advantage, compounded over 15 years, led by a team with a clear and differentiated vision,” Dell said.

PayPal's CEO Charts Makeover

Continued from page B1 apart on price. The stock, which had touched above \$62, has dropped back down to \$53 a share. It is always possible deal talks could restart.

On Wednesday, Lores delivered his pitch on the new PayPal for the first time since reports the talks had stalled.

“What we have done is to first look at the strategy that we have, have confidence in the strategy that we have, and use this as a benchmark to compare any other alternatives,” Lores said.

Lores, 61 years old, spent decades at HP and its predecessor, Hewlett-Packard. He started as an engineer and rose through the ranks, eventually leading several divisions before taking over and designing the company's breakup.

Previously chair of PayPal, he was thrust into the CEO role in February to the surprise of analysts and some investors.

The unsolicited offer from Advent and Stripe complicated the calculus. In a sign of the value PayPal's management viewed as possible, Lores's compensation targets call for a \$25 million bonus if he gets the stock above \$68, on average, for 60 days. He could stand to make more than \$60 million if the stock averages \$125.

Boosting the stock will likely require success on several fronts, including convincing customers that Venmo is more than just an app to pay your friends. Since 2021 Venmo has offered crypto trading—allowing users to buy bitcoin and other coins with their balances. Now they can store their money in its in-house stablecoin, PY-USD, and earn rewards akin to interest. It has long had debit and credit cards as well.

Lores has told investors that he envisions Venmo as similar to financial services apps like SoFi and Chime, which allow users to send and receive money, budget, as well as save and invest in stocks or other assets. Venmo plans to launch a buy-now-pay-later function, the company has said. And it has three planned product launches in the next year, according to an investor presentation, though it hasn't detailed what those products will be.

Cash App, owned by Jack Dorsey's Block, and trading platform Robinhood have already added banking features in their apps.

Revolut, a huge digital-banking app in Europe that has garnered praise from JPMorgan Chase CEO Jamie Dimon, is expanding in the U.S., and last week regulators granted conditional approval to its application to become a national bank.

Chime, meanwhile, this week said it would acquire Stride Bank and its national banking charter, allowing it to make its own loans without a partner.

PayPal's December application for a state charter in Utah is pending.

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session.

Monday, September 14, 2026

Stock	Sym	Hi/Lo	Chg
Highs
AGNC InvtPfdD	AGNCM	25.50	-0.1
APA	APA	46.59	0.7
AlgonquinNt2079	AQN B	26.19	-0.1
AmesNational	ATLO	32.86	-0.1
AtegritySpecIns	ASIC	28.38	1.9
AtriCure	ATRC	56.02	2.3
AveannaHealth	AVAH	14.70	2.1
BRC Nts 2026	RILYN	25.21	...
BestBuy	BBY	94.92	4.4
BoldEagleAcqnA	BEAG	11.00	...
C&F Fin	CFFI	96.62	0.3
CF Bankshares	CFBK	38.11	0.3
CaliforniaBncp	BCAL	22.21	1.0
Centene	CNC	69.63	4.5
Chevron	CVX	217.65	-0.9
ChordEnergy	CHRD	156.32	-0.5
Citizens&Northern	CZNC	26.35	0.5
Cloudflare	NET	334.60	7.8
CollectiveAcqnA	CCAQ	10.70	0.2
CompX Intl	CIX	40.29	7.0
Concentra	CON	36.05	2.5
ConocoPhillips	COP	139.82	-0.5
CorebridgeFin	CRBG	35.17	0.4
CrescentEnergy	CRGY	15.04	-0.5
CrossTimbers	CRT	12.00	2.4
CrowdStrike	CRWD	239.37	13.9
DHI Group	DHX	4.91	6.0
DailyJournal	DJO	680.46	2.3
Danaos	DAC	159.47	-0.7
DelekUS	DK	79.15	-2.1
DisciplinedGthAcqn	BGAC.U	10.18	0.4
DivrsHlthcrNts42	DHCN	18.12	0.1
DorchesterMnls	DMLP	29.89	0.7
DorianLPG	LPG	55.96	0.4
Dropbox	DBX	37.39	4.9
DrugsMadelnAm	DMAA	10.86	0.3
EagleFinlSvcS	EFSI	47.08	1.2
EliteExpress	ETS	1.66	5.3
Elmet	ELMT	25.03	32.8
Equinor	EQNR	45.62	-0.6
ExpeditorsIntl	EXPD	193.82	0.5
FB Bancorp	FBLA	16.10	-0.1
FIGXCapitalA	FIGX	10.38	0.1
FarmersBancp	FMAO	36.00	1.0
FirstBusFinSvcS	FBIZ	73.74	-0.2
Frontline	FRO	50.78	2.7
GeneralPurposeAcqn	GPAC	10.07	0.1

Stock	Sym	52-WkHi/Lo	%Chg
GreatElmNts29	GECCI	27.35	0.2
GreeneCnty	GCBC	36.27	-0.6
GreenfireResources	GFR	6.72	1.5
HanoverBancorp	HNVR	27.94	2.4
HeidmarMaritime	HMR	1.86	23.8
HorizonTechNts27	HTFC	25.29	...
IDT	IDT	72.10	0.7
Ibotta	IBTA	43.43	3.1
IdeaAcqn	IACO	10.01	0.2
IovanceBiotherap	IOVA	9.41	7.7
J.Jill	JILL	24.29	-1.3
JacksonAcqnIIA	JACS	10.78	...
&F&Growthll	KFI	10.66	0.1
KB Financial	KB	133.29	0.7
LakeShoreBancorp	LSBK	19.09	-1.4
LakeSuperiorA	LKSP	10.24	0.1
LandmarkBncp	LARK	32.82	-0.1
LifeStanceHealth	LFST	13.56	3.2
MarathonPetrol	MPC	409.50	0.1
MatchGroup	MTCH	43.72	1.8
Matson	MATX	237.42	2.8
NordicAmTankers	NAT	7.70	2.3
NutexHealth	NUTX	219.00	8.4
OceanLightAcqn	OCLTU	11.00	1.0
OkeanisEcoTankers	ECO	80.46	4.7
Okta	OKTA	189.72	12.0
OscarHealth	OSCR	34.48	3.2
PalomaAcqnl	PALO	10.01	0.3
PermianRscs	PR	24.51	-0.1
PioneerAcqnIA	PACH	10.34	...
PlainsAllAmPipe	PAA	26.39	-1.0
PriorityIncmPfdL	PRIFpL	25.31	3.0
Pyrophyte II A	PAII	10.31	...
RedRiverBcshs	RRBI	104.87	-0.8
RedViolet	RDVT	78.80	1.7
RileyExpln	REPX	44.92	-0.7
SFL	SFL	13.22	-1.1
SM Energy	SM	39.96	2.4
SlidesInsurance	SLDE	26.49	5.6
SuncorEnergy	SU	70.84	-0.2
Sunoco	SUN	79.49	1.9
TEN Holdings	XHLD	15.43	-28.8
TGE Value	BEBE	10.05	0.2
TJGC	TJGC	12.38	3.0
TXO Partners	TXO	15.58	-1.5
Teekay	TK	14.49	-1.8
TeekayTankers	TNK	102.07	-0.8
10xGenomics	TXG	70.46	2.2
TevaPharmlnds	TEVA	39.22	4.4
TribecaStratAcqn	BIDWU	10.10	0.2

Stock	Sym	52-WkHi/Lo	%Chg
TsakosEnergy	TEN	49.69	3.6
TwoHarborsNts30	TWOD	26.27	0.3
UnitedAcqnI	UAC	10.00	...
UtzBrands	UTZ	14.30	-0.4
ValeroEnergy	VLO	399.76	-1.9
VendomeAcqnI	VNME	10.30	0.3
Vodafone	VOD	17.62	0.7
WhiteHawkMinls	WHK	29.07	-0.2
Lows
AcresCmclPfdD	ACRpD	18.98	-1.5
Adtran	ADTN	7.02	-6.6
AIFU	AIFU	10.51	-1.2
ARS Pharm	SPRY	4.46	-5.5
ASP Isotopes	ASPI	3.18	-3.6
AddexTherap	ADXN	3.21	-0.3
AdvDrainageSys	WMS	124.75	-2.0
Advasa	ADBT	0.09	-58.2
AethlonMedical	AEMD	1.45	0.7
AffiliatedNts64	MGRE	21.73	-0.1
AgreeRealtyPfda	ADCPa	15.72	0.1
AirWaterVent	WATR	1.68	-5.3
AIRWA	YYAI	0.68	-0.5
AlaunosTherap	TCRT	1.49	-1.3
AlgonquinPower	AQN	5.24	0.8
AllstatePfdH	ALLpH	18.26	0.2
AlphaTech	ATGL	4.95	-3.4
Amaze	AMZE	0.14	-7.9
AmHomes4RentPfdG	AMHpG	21.30	-1.2
AmHomes4RentPfdH	AMHpH	22.46	-0.6
Amrize	AMRZ	39.42	-2.7
AnbioBiotech	NNNN	6.06	-3.6
AnnovisBio	ANVS	1.10	1.8
ApartmentInv	AIV	2.32	-1.2
ApimedSPharm	APUS	2.03	-0.7
ArborRealty	ABR	4.65	-1.5
Ardelyx	ARDX	3.51	-1.7
AssdBancPfrdE	ASBpE	19.49	0.2
AstecIndustries	ASTE	39.99	-0.6
AtiUnionPfdA	AUBpA	23.59	0.2
aTyrPharma	ATYR	0.38	-9.6
B&RtechMergerWt	BRTMW	0.30	-26.8
BWX Tech	BWXT	144.65	-1.1
BancroftFidPfdA	BCVpA	19.65	-1.0
BankOZKPrfda	OZKAP	15.23	-1.3
BankofAmNt66	MERpK	24.05	-0.3
BankofAmPfdKK	BACpM	19.70	-0.7
BankofAmPfdLL	BACpN	18.40	-0.8
BkoHawaiiPfdA	B0HPa	15.15	-0.1

Stock	Sym	52-Wk Hi/Lo	% Chg
BkofHawaiiPfdB	BOHPb	25.21	0.3
Banzalntl	PARA	0.97	1.1
BaoshengMedia	BAOS	0.24	-12.7
Beneficent	BENF	0.78	-24.0
BeyondMeat	BYND	9.81	1.0
BingEx	FLX	1.38	-6.5
BlackstoneMtg	BXMT	13.11	-1.3
BoneBiologics	BBLG	0.54	-1.9
BridgeBioOncology	BBOT	4.85	2.0
BridgerAerospace	BAER	1.01	-1.9
BrighthousePfdB	BHFAO	13.74	-1.9
BrightSpire	BRSP	4.40	-0.4
BrookfieldBus	BBUC	25.70	-2.0
Brookfield	BN	37.37	-1.4
BrookfieldRenew	BEPC	29.62	-3.4
BrookWealth	BNT	37.39	-1.4
Buckle	BKE	40.05	-1.1
Build-A-Bear	BBW	27.09	-1.5
BurlingtonStrs	BURL	231.89	-2.8
BurtechAcqnllWt	BRKHW	0.13	-6.7
CCH	CCHH	1.10	-0.4
CDT Equity	CDT	0.21	-12.4
CMS Energy	CMS	66.58	-0.5
CMSEnerNts2078	CMSC	20.32	-0.1
CMSEnerNts2079	CMSD	20.08	-0.4
CableOne	CABO	20.40	-4.1
CalciMedica	CALC	1.87	1.0
CalidiBiotherap	CLDI	1.21	-1.6
Capstone	CAPS	0.17	-6.0
CaribouBio	CRBU	1.25	1.6
CarlyleNts2061	CGABL	15.67	0.4
Carnival	CCL	22.11	-0.8
CartesianGrwIV	CGCFU	9.91	-0.4
Cato	CATO	2.30	-1.7
Cellectis	CLLS	1.75	-41.0
Cemtrex	CETX	2.34	-2.9
CenturyCasinos	CNTY	1.13	-1.7
Cerenome	CNSY	2.17	-6.7
ChangeAgents	CHGA	2.01	-3.4
SchwabPfdD	SCHWPd	21.77	-0.9
CheetahNetSupply	CTNT	0.14	-86.9
Chimeralnvt	CIM	10.99	-0.4
CitigroupPfdII	CpR	23.48	-0.1
Clene	CLNN	3.26	-8.1
CollegiumPharm	COLL	22.50	0.3
ColumbusCircleII	CCCTU	9.90	...
ConsldWater	CWCO	27.81	-0.5
Cooper-Standard	CPS	23.04	-2.9
Core&Main	CNM	40.03	0.5
Cullen/FrostPfdB	CFRPb	16.03	-0.2
CXApp	CXAI	2.68	-5.3
Cyngn	CYN	0.75	-4.7
Cytosorbents	CTSO	5.13	-5.3
DDC Enterprise	DDC	0.23	-4.1
DLH Holdings	DLHC	3.76	-4.3
DTE EnergyDeb/B	DTK	21.79	-0.9
DaqoNewEnergy	DQ	11.38	-0.3
DeckersOutdoor	DECK	78.80	-0.9

Stock	Sym	52-WkHi/Lo	%Chg
DigitalCurrX	DCX	0.37	-24.7
DimeCmclPfdA	DCOMp	16.41	-1.5
DirectDigital	DRCT	1.64	7.0
DocGo	DCGO	0.35	6.5
DragonflyEnergy	DFLI	0.99	-3.9
DukeEnergyUn	DUKU	49.32	-1.0
DukeEnerDeb78	DUKB	20.76	-0.6
DutchBros	BROS	43.15	0.3
DyadicInt	DYAI	0.35	-12.3
EIDPS$4.50Pfd	CTAPB	64.03	0.4
E-Power	EPOW	0.29	-6.8
ESAB	ESAB	67.21	-4.5
Enirdre	ENRD	3.40	4.9
EnirideWt	ENRDW	0.28	-9.4
ElicioTherap	ELTX	1.95	-2.4
EllingtonCredit	EARN	4.15	-3.5
EllsworthPfdA	ECFPa	19.00	-3.3
ElongPower	ELPW	2.68	-0.7
EmpireStateRealEs	ESBA	4.01	0.7
enCoreEnergy	EU	0.77	-15.8
EnergyRecovery	ERII	6.93	-6.1
Enlivex	ENLV	0.86	-9.9
Enovis	ENOV	18.00	-5.5
Enovix	ENVX	2.98	-2.6
EntergyBds66	EAI	19.31	-0.4
ENVueMedical	FEED	3.33	-6.4
ErayakPwr	RAYA	1.65	-9.3
EssentialProp	EPRT	28.61	-0.1
EveHoldingWt	EVEW.S	0.08	-11.8
Evotec	EVO	1.66	-2.9
ExascaleLabs	XLAB	3.01	-17.8
FTAI Infra	FIP	2.98	-9.4
FangdldNetwork	DUO	0.47	-7.6
FaradayFuture	FFAI	1.56	0.6
FedAgriMtpFidG	AGMPgG	17.18	0.8
FedRealtyInvFidC	FRTPc	18.52	-1.1
Ferrovial	FER	53.91	-2.7
FilanaTherap	FLNA	0.71	-7.0
FinanceofAm	FOA	14.80	-1.0
FingerMotion	FNGR	0.14	-15.8
FirstBreach	FBDT	0.61	-2.9
FirstCitizensPfdA	FCNCP	19.21	0.5
FirstHorizonPfdF	FHNpF	16.11	-1.3
FlowersFoods	FLO	5.95	-1.5
ForemostCleanEner	FMST	0.80	-0.1
FranklinStProp	FSP	0.34	-2.0
FreightTech	FRGT	0.83	-4.0
Freightos	CRGO	1.10	-4.2
FullHouse	FLL	1.94	-1.0
Fusemachines	FUSE	0.57	-1.3
GamcoGlbGoldPfdB	GGNpB	18.75	-0.1
GMEXRobotics	GMEX	0.44	-6.6
GXO Logistics	GXO	44.99	2.4
GabelliEquityPfdK	GABpK	18.84	0.2
GabelliEqPfdH	GABpH	18.84	-0.6
GameYourGame	GYGY	1.00	-3.8
Gaxos.ai	GXAI	0.64	-4.6
GeospaceTech	GEOS	5.04	-0.6

Stock	Sym	52-WkHi/Lo	%Chg
GeoVaxLabs	GOVX	0.43	-7.1
Giftify	GIFT	0.58	-8.4
GlobaTerraWt	GTERW	0.02	-20.0
GlobaTerraRt	GTERR	0.06	...
Goodyear	GT	5.30	-0.9
GrabAGun	PEW	2.15	-1.8
GranitePointMtg	GPMT	0.90	-4.2
GranitePointPfdA	GPMTpA	15.51	-3.8
GrayMediaA	GTNLA	5.31	0.5
GreenlandEnWt	GLNDW	0.26	1.4
GreenlandMines	GRML	2.99	3.5
GAP	PAC	199.34	-1.0
ASUR	ASR	247.30	0.1
Huhutech	HUHU	3.90	-2.5
HawkEye360	HAWK	15.71	0.5
HealthcrTriangle	HCTI	0.72	-0.4
HelloGroup	MOMO	4.88	-0.4
HowardHughes	HHH	60.88	-1.0
HuachenAIPgk	HCAI	1.75	-17.2
HubCyberSecurity	HUBC	6.62	-10.3
HubGroup	HUBG	31.41	-2.2
HuntingtonPfdI	HBANM	19.87	-0.9
Hyperfine	HYPR	0.78	1.8
IM Cannabis	IMCC	1.63	-1.7
INNIO	INIO	17.45	-14.3
ITHAXAcqnIIWt	ITHAW	0.15	-14.3
IZEA	IZEA	2.78	-3.8
iHuman	IH	1.16	-2.1
InflectionPtVIII	IPHXU	10.08	-0.2
InnovizTech	INVZ	0.30	-2.5
Inventure	INV	0.83	-9.1
Intellicheck	IDN	2.54	-1.5
InvescoMtg	IVR	6.64	-1.9
IperionX	IPX	17.40	-2.9
Iridex	IRIX	0.62	-3.0
JinkoSolar	JKS	11.29	-0.9
JinxinTech	NAMI	1.80	-1.6
JobyAviation	JOBY	6.18	-1.4
JonesVenturesRt	JONER	0.14	-6.3
JPMChasePfdEE	JPMpC	23.84	-0.7
KIDZAI	KIDZ	2.81	-13.8
KLXEnergySvcSrRt	KLXER	0.01	-75.7
KaileraTherap	KLRA	13.56	-1.4
KestrelGr6.625-46	MHLA	9.63	0.3
KnifeRiver	KNF	56.25	-2.0
KuraSushiUSA	KRUS	40.64	1.1
LenzTherap	LENZ	4.42	-1.1
Lazard	LAZ	38.65	-3.3
LennoxIntl	LII	350.22	-0.1
Leslie's	LESL	0.48	-1.9
LexariaBioscience	LEXX	3.14	-10.6
Lightbridge	LTBR	6.64	-5.1
LiminatusPharma	LIMN	3.29	1.4
LiveVentures	LIVE	7.75	-3.5
LondianWason	FOIL	19.00	-0.5
LucidDiag	LUCD	0.77	...
LyellImmuno	LYEL	11.24	-5.3

Continued on Page B10

Special Advertising Feature

Why Enterprise Content Is the Big AI Opportunity Most Companies Miss

The vast majority of enterprise data is "unstructured." How do you get it AI-ready?

Jitesh S. Ghai CEO, Hyland

When business leaders think about getting data AI-ready, they often think about all the data housed within enterprise platforms, like the CRM or ERP. Yet, that's only a sliver of it.

“Unstructured” data — the information that lives within all the documents, images and videos that companies have — accounts for an estimated 85% of enterprise data, says Jitesh S. Ghai, CEO of Hyland, a leading content intelligence and automation provider. Extracting all that unstructured data allows companies to build AI models around it, unlocking business value.

We spoke with Ghai about why unstructured data will be key to generating business value from AI — and the right way to do it.

AI is advancing rapidly, yet many enterprises are struggling to create business value from it. What is preventing them?

Jitesh S. Ghai: The barrier isn't the models; it's that most enterprises' data lives outside of them. This is not a criticism of the frontier labs. They have done a fantastic job of building highly sophisticated models based on public-domain data. But they're not able to deliver widescale enterprise value, because, to do that, you need access to each specific enterprise's data.

Many enterprises already have more of this foundation than they realize in their enterprise content management system. This vast amount of information that lives within documents, invoices, transcripts, images and videos is critical context AI needs to scale effectively.

If you need to automate loan processes or mortgage approvals or schedule patient referrals to doctors, you need that unstructured enterprise data and all the context from it — the background information that explains what the data means. Agents can't take action and make decisions without context.

How is this evolution toward agentic automation changing what companies need to focus on with AI?

Ghai: Knowledge workers today spend an estimated 25% of their time just reading documents and trying to understand and extract the context within them. Companies need to focus on giving AI agents governed access to that data. With human oversight built in through a control tower, agentic automation can scale with confidence, driving real productivity gains.

Consider a mortgage analyst deciding whether to approve or decline a loan application. Just looking at your credit score is data, but digging into your bank statements, your outstanding loans, your investment accounts, applicable lending policy and the history of your application as a whole is context. That can now be derived and assembled — and all within the governed guardrails of their organization's policies — using agentic automation. That's just one example, but you can see this huge value and productivity across processes in pretty much every industry.

Another major benefit to agentic automation: Knowledge workers can be unburdened from mundane work and focus on what they actually enjoy most about their jobs — applying their experience to judgment and exception handling.

What has prevented companies from leveraging all of this enterprise data so far?

Ghai: The enterprise landscape is very fragmented, with repositories of documents across multiple file systems both on premises and in the cloud. Business leaders might assume they need to bring all of this unstructured data, such as those documents, invoices, transcripts, images and videos, together in one place — but that can take months, if not years — and it's the wrong goal. In fact, to build context, you should embrace fragmentation. At Hyland, our philosophy is that data is most useful where it lives, so we provide a federated architecture that derives context from documents wherever they exist. We also connect to systems of record. The more data sources you connect to, the richer the context, the richer the insight and the greater the veracity of the decisions and actions you can take from it.

Moreover, this process of getting context from unstructured data can now be automated. People don't need to spend their time poring through documents.

You've talked about how the future of business will be the content-powered agentic enterprise. What does this look like?

Ghai: Picture a hospital where a physician's notes and a patient's imaging and insurance history are instantly assembled into full context and an AI agent can preapprove a referral before the patient leaves the room — with a human simply reviewing the exception cases. This is what the content-powered agentic enterprise looks like, and today we're helping our 15,000 customers across what tend to be very highly regulated industries, ranging from healthcare to insurance to banking, do just this.

They come to Hyland because we provide them with governed, trusted, compliant access to their data to build that context for agentic automation.

Our customers are already seeing this automation generate meaningful business outcomes. One property and casualty insurer we work with created models that predict insurance fraud, saving it over \$50 million. That's just one example, but this kind of outcome is possible because the company, together with Hyland, has learned to unlock value from their unstructured data, make it AI-ready and put it to work through agentic automation.

Agentic automation will create tremendous value for companies across industries, and it starts with gaining context from all that unstructured data so enterprises can eliminate that 25% of work time spent reading through documents. Once you do that, the possibilities to use that context through agentic AI and achieve impressive economic outcomes are immense.

Find out how Hyland helps companies gain context from their enterprise content and power agentic AI transformation.

WSJ — CEO Council

The World's Most Influential Decision Makers

A network of chief executives driving the future of business.

Adolfo Villagomez, 1-800-Flowers.com Inc Lily Bi, AACSB International Robert Ford, Abbott Kenny Fihla, Absa Bank Limited Julie Sweet, Accenture Roosevelt Ogbonna, Access Bank Plc Dr. Joel Myers, AccuWeather Thomas Warsop, ACI Worldwide Michael Wolf, Activate Consulting Maria Black, ADP Dave Peacock, Advantage Solutions Padraig McDonnell, Agilent Technologies Susan Morris, Albertsons Companies Simon Freakley, AlixPartners Nenad Milicevic-Helac, AlixPartners David Garfield, AlixPartners, LLP Kate Burke, Allspring Global Investments Ike Anand, ALSAC/St. Jude Children's Research H Dennis Mathew, Altice USA Raj Sundaresan, Altimetrik Salvatore Mancuso, Altria Group Inc. Bridget McCormack, American Arbitration Associa (AAA-ICDR®) Shane Jacobson, American Cancer Society Bill Fehrman, American Electric Power Nancy Brown, American Heart Association Eric Andersen, American International Group, Inc. Chintu Patel, Amneal Chirag Patel, Amneal Nick Savasta, Andalusian Private Capital Daniel Weiss, Angeleno Group Marc Rowan, Apollo Global Management Matt Calkins, Appian Corporation Aditya Mittal, ArcelorMittal Adam Goldstein, Archer Aviation Steve Stone, ArchKey Solutions Bradley Bolduc, Arclin HP Nanda, Arcwood Environmental Barak Bar-Hen, Aroundtown Karthik Krishnamurthy, Ascendion John Stankey, AT&T Bob Segert, Athenahealth Ian Edwards, AtkinsRéalis Mihir Shukla, Automation Anywhere, Inc. Chris Howarth, Avanade Pervinder Johar, Avathon Doug Merritt, Aviatrix Vincent Tizzio, AXIS Gregory Garrabrants, Axos Financial Christophe De Vusser, Bain & Company Sunny Mann, Baker & McKenzie Lorenzo Simonelli, Baker Hughes Eric Miles, Baker Tilly Brian Moynihan, Bank of America Bernard Mensah, Bank of America Daniel Heaf, Bath & Body Works Sebastian Guth, Bayer U.S. Pete McCanna, Baylor Scott & White Health Christoph Schweizer, BCG Bal Das, BGD Holdings Rohit Arora, Biz2Credit Mario Azar, Black & Veatch KR Sridhar, Bloom Energy Glenn Fogel, Booking Holdings Neil Kumar, BridgeBio Lakshmanan Chidambaram, Bristlecone Chris Boerner, Bristol Myers Squibb Tim Gokey, Broadridge Financial Solutions

Sachin Shah, Brookfield Wealth Solutions Nikhil Deogun, Brunswick Group Jessica Skon, BTS Group HENRIK EKELUND, BTS Group Christopher Bogart, Burford Capital Leslie Duke, Burns & McDonnell David Druley, Cambridge Associates Aiman Ezzat, Capgemini Craig Donohue, Cboe Global Markets Githesh Ramamurthy, CCC Intelligent Solutions Shane Caiazzo, CFGI Phil Friedman, CGS Rick Wurster, Charles Schwab & Co Christopher Celtruda, chromalloy Evan Greenberg, Chubb Harry Culham, CIBC Emre Imamoglu, Cibo Vita Robert Stone, City of Hope Scott Wells, Clear Channel Outdoor Dan Gardner, Code and Theory Network Frank Adell, Cognos Therapeutics Inc Jim Anderson, Coherent Sanjay Poonen, Cohesity Wright Lassiter III, Commonspirit Health Marc Costantini, Corebridge Financial Patrick Swindle, CoreCivic Greg Hart, Coursera Steve Beard, Covista Faiza Saeed, Cravath, Swaine & Moore LLP George Kurtz, CrowdStrike Inc Mike Zukerman, CSAA Insurance Group Yotam Segev, Cyera Rick Cardenas, Darden Restaurants Javier Rodriguez, DaVita Hal Yoh, Day & Zimmermann Art Gilliland, Delinea Joe Ucuzoglu, Deloitte Jason Girzadas, Deloitte US Kate Barton, Dentons Maruf Ahmed, Dexian Arjun Prakash, Distyl Al Frank Ryan, DLA Piper Jussi Tolvanen, DNA Plc Scott Park, Doosan Bobcat Jim Fitterling, Dow Raul Fernandez, DXC Technology Tarang Amin, e.l.f. Beauty Hatem Dowidar, e& Cameron Fowler, Early Warning Services Jim Continenza, Eastman Kodak Company Richard Edelman, Edelman Ashish Masih, Encore Capital Group Ezra Yacob, EOG Resources Jabbok Schlacks, EquipmentShare Börje Ekholm, Ericsson Janet Truncale, Ernst & Young Angela Kleiman, Essex Property Trust Vinod Kumar, Everstone Rohit Kapoor, ExlService Holdings, Inc Malcolm Roberts, Factory Mutual Insurance Company Jeff Watts, Fastenal Winnie Lerner, FGS Global Chris Walters, Finastra Ritesh Idnani, Firstsource Damian Ornani, Fisher Investments Amit Mathradas, Five9 Peter Jackson, Flutter Entertainment PLC Helen Giza, Fresenius Medical Care

Lars Petersen, FUJIFILM Biotechnologies Hemant Taneja, General Catalyst Tony Bates, Genesys Balkrishan "BK" Kalra, Genpact David Causby, Gentiva Tom McInerney, Genworth Financial, Inc. Subhash Makhija, GEP Edward Broderick, Gilbane, Inc. Jason Peterson, GoDigital Media Group Logan Mulvey, GoDigital Music Gaurav Pandey, GODREJ PROPERTIES LIMITED Steven Tananbaum, GoldenTree Asset Management Hayes Barnard, GoodLeap Kyle Larkin, Granite Construction Robbert Rietbroek, Graphic Packaging International Peter Mintzberg, Grayscale Mike Xu, GrubMarket AmirAli Talasaz, Guardant Health, Inc Brian Pieninck, GuideWell and Florida Blue Joseph Lucot, Guttman Holdings Patrick Kelleher, GXO Logistics Celeste Mastin, H.B. Fuller Robert Garrett, Hackensack Meridian Health Jim Hilt, HALO Branded Solutions John Bianchini, Hatch CVK Vijayakumar, HCL Technologies Limited Tom Monahan, Heidrick & Struggles Antonio Neri, Hewlett Packard Enterprise Ramakarthikeyan Srikrishna, Hexaware Technologies Laura Hines-Pierce, Hines Cid Wilson, Hispanic Association on Corporate Responsibility (Akinobu Shimada, Hitachi Vantara) Miguel Zaldivar, Hogan Lovells Kathy Yang, Hon Hai Technology Group (Foxconn) Vimal Kapur, Honeywell International Gary St Hilaire, Horizon BCBSNJ Dr. Amy Schabacker Dufrane, HR Certification Institute Josh Campo, Huge Inc. Jim Rechtin, Humana Gautam Bhandari, I Squared Capital Arvind Krishna, IBM Lawrence Calcano, iCapital Elie Maalouf, IHG Hotels & Resorts Salil Parekh, Infosys Timothy Adams, Institute of International Finance Ali Alwaleed Al Thani, Invest Qatar Mohammed Alardhi, Investcorp Holdings BSC Paolo Gallo, Italgas Sam Allen, Iterable Maggie Fanari, J. Rothschild Capital Management Limited Razat Gaurav, Kinaxis Renae Lattey, King & Wood Mallesons Jon Ballis, Kirkland & Ellis LLP Tim Walsh, KPMG Peter Orszag, Lazard Jack Freker, Lean Solutions Group Michael Walsh, LexisNexis Luke Petherbridge, Link Logistics Ramin Hasani, Liquid AI Sirisha Voruganti, Lloyds Technology Center David Schwimmer, LSEG Adeeb Ahamed, LuLu Financial Holdings Kate Johnson, Lumen Technologies Leon de Bruyn, Lummus Technology Dimitris Moulavasilis, M42 Darlene Nicosia, Maker's Pride Michael Mansfield, Mansfield Energy Corp Fred Thiel, MARA

Thomas Collins, Marlabs
Ikdeep Singh, Mars Pet Nutrition
John Doyle, Marsh
Anne Klibanski, Mass General Brigham
Michael Miebach, Mastercard
Laila Worrell, Material Holdings, LLC
Kate Ryder, Maven Clinic
Dr. Gianrico Farrugia, Mayo Clinic
Michael McKelvy, McDermott International, Inc
Bob Sternfels, McKinsey
Jassim Mohamed Al-Khori, Media City Qatar
David Callender, Memorial Hermann Health System
Satya Nadella, Microsoft Corporation
MillerKnoll, Inc.
George Strobel, Monarch Private Capital
Rob Fauber, Moody's
Jami McKeon, Morgan Lewis
Jeff Rinker, Motiva
Sunil Mittal, Movate
Nitin Rakesh, Mphasis
Anthony Petrello, Nabors Industries Ltd
Adena Friedman, Nasdaq, Inc.
Mehran Assadi, National Life Group
Dietrich Kuhlmann, Navy Federal Credit Union
Larry Moss, Nemours Children's Health
Adam Johnson, NetJets Inc.
Justin Driscoll, New York Power Authority
Lachlan Murdoch, News Corp
Robert Thomson, News Corp
Rupert Murdoch, News Corp
Yasser Zaghoul, NMDC Group
Tim Gerend, Northwestern Mutual
Francesca Cornelli, Northwestern University, Kellogg Scho
Dan Pathomvanich, NR Instant Produce PCL
Akira Shimada, NTT, Inc.
Lynn Martin, NYSE
Chakri Gottemukkala, o9 Solutions
Mostafa Terrab, OCP Group
Claude LeBlanc, Octave Group
John Romeo, Oliver Wyman Forum
Chris Foster, Omnicom Public Relations
Mike Sicilia, Oracle
Mark Bertolini, Oscar Health
Jiten Kachhela, PA Consulting
John DiLullo, PagerDuty
Andy Hendricks, Patterson-UTI Energy
Bruce Lowthers, Paysafe Group
Omar Abbosh, Pearson
Alan Trefler, Pegasystems Inc.
James Schenck, PenFed Credit Union
Dominic Veney, Pension Insurance Corporation (PIC)
Jacques Chappuis, PGIM
Jeffrey Boutelle, Pharmavite
Jacek Olczak, Philip Morris International
Matt Zilli, Planview
Eiso Kant, Poolside
Anthony Pratt, Pratt Industries
Sumit Dhawan, Proofpoint
Jennifer Prosek, Prosek Partners
Nobuya Kawasaki, PT Bank Danamon Indonesia Tbk
Nigel Vaz, Publicis Sapient
Mitch Daniels, Purdue University
Shaista Asif, PureHealth
Paul Griggs, PwC
Hamad Al-Khater, Qatar Airways
Sheikh Mohammed Al-Thani, Qatar Free Zones Authority
Abdulaziz Al-Mawlawi, Qatar Tourism
Jason Maynard, Qualtrics

Ajit Prabhu, Quest Global Services Pte. Ltd
Brad Jacobs, QXO
Michael Martin, RapidSOS
Paul Shoukry, Raymond James Financial
Donald Sanya, RBC Global Asset Management
Dennis Abboud, Readerlink LLC
Kris Licht, Reckitt Plc
Wesley D'Silva, Regent Seven Seas Cruises
Brian Melka, Rehlko
Jay Geldmacher, Resideo Technologies, Inc.
Teresa Graham, Roche Pharmaceuticals
Richard Davis, Rochester Regional Health
Gregory Fleming, Rockefeller Capital Management
Daniel Moore, Rockefeller Group
Jes Hansen, ROCKWOOL A/S
Tufan Erginbilgic, Rolls-Royce
Brian Becker, RSM US LLP ("RSM")
Tim Gabel, RTI International
Bipul Sinha, Rubrik
Dr. Kathy Bloomgarden, Ruder Finn
Zach Buchwald, Russell Investments
Constantine Alexandrakis, Russell Reynolds Associates
Drew Wilkerson, RXO
Frederick Holzgrefe, Saia
Marc Benioff, Salesforce
Adam Stewart, Sandals Resorts International
Jack Hidary, SandboxAQ
Nate Baxter, Scotts Miracle-Gro Company
Caroline Winn, Sempra
Bill McDermott, ServiceNow
Sherrie Westin, Sesame Workshop
Luca Salvi, Sheppard Mullin Richter & Hampton, LLP
Thammasak Sethaudom, Siam Cement Group (SCG)
Tony Lefebvre, Signature Aviation
Bjørn Sibbern, SIX Group
Brad Jackson, Slalom
Deepak Nath, Smith-Nephew
Nicholas Pinchuk, Snap-on Incorporated
David Sewell, Solstice Advanced Materials
Dr. James Downing, St. Jude Children's Research Hospital
Mark Penn, Stagwell
Jon Farney, State Farm Mutual Automobile Insurance
Udo Lange, Stolt-Nielsen M.S Ltd
Maria Pacheco, Storyful
Michael Stivala, Suburban Propane
Kevin Strain, Sun Life Financial
Dipankar Sengupta, Sutherland
Claude Letourneau, Svante
Andreas Berger, Swiss Re
Brian Doubles, Synchrony Financial
Andrew Davies, Syniverse
Kevin Hourican, Sysco
Tiago Paiva, Talkdesk, Inc
Michael Fiddelke, Target
Amit Bajaj, Tata Consultancy Services
Jeffrey Solomon, TD Cowen
Noboru Saito, TDK
Mohit Joshi, Tech Mahindra
Daniel Alegre, TelevisaUnivision
Paul Keary, Teneo Holdings
Rob Holmes, Texas Capital
Mark Smucker, The J.M. Smucker Company
Rati Levesque, The RealReal
Almar Latour, The Wall Street Journal
Taso Du Val, Toptal
Richard Holtum, Trafigura
Eric Beringause, TreeHouse Foods, Inc.
Neil de Crescenzo, TRIMEDX

WSJ | LEADERSHIP INSTITUTE

Jean Savage, Trinity Industries
Felix Morgan, Trucordia
Margi Tooth, Trupanion
Stephen Toups, Turner Industries Group, LLC
Gunjan Kedia, U.S. Bancorp
Thomas Jackiewicz, UChicago Medicine
Michael Crowl, UFCU
Juan Andrade, United Services Automobile Association (USAA)
Anand Eswaran, Veeam
Kaan Terzioglu, VEON Group
Dan Schulman, Verizon
Abdulaziz Al-Mawlawi, Visit Qatar
Daniel Savitt, VNS Health
Dylan Taylor, Voyager Technologies
Chris Nicholas, Walmart International
Robert J. Pagano, Watts Water Technologies, Inc
Girish Saligram, Weatherford International
Karen Pugliese, Weber Shandwick
Charles Scharf, Wells Fargo
John Santora, WeWork
Melissa Smith, WEX Inc.
Steven Schwartz, Whop
Brent Gledhill, William Blair
Keshav Murugesh, WNS Global Services
Jason Marx, Wolters Kluwer Tax & Accounting
Eric Mosley, Workhuman
Julie Iskow, Workiva Inc.
Alan Murray, WSJ Leadership Institute
Suzanne McCormick, YMCA of the USA
Joey Wat, Yum China Holdings Inc.
David A. Steinberg, Zeta Global
Ivan Tornos, Zimmer Biomet
Kristin Peck, Zoetis
Jay Chaudhry, Zscaler

WSJ Dollar Index 95.45 0.33 0.34 -0.50 Sources: Tullett Prebon, Dow Jones Market Data

22000 June July Aug. Sept.

Dow Jones Industrial Average

	Last	Year ago
52421.20▼152.09, or 0.29%	Trailing P/E ratio	21.34 25.13
High, low, open and close for each trading day of the past three months.	P/E estimate*	19.76 22.11
	Dividend yield	1.51 1.61
	All-time high	54349.12, 08/05/26

S&P 500 Index

Nasdaq Composite Index

EQUITIES

7619.98 ▼37.00, or 0.48% High, low, open and close for each trading day of the past three months.

26186.41 ▼ 146.62, or 0.56% High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trailing P/E ratio *†	33.89	32.01
P/E estimate *†	24.56	26.37
Dividend yield *†	0.58	0.65
All-time high: 27093.90, 06/02/26

	Last	Year ago
Trailing P/E ratio *	23.22	25.10
P/E estimate *	20.25	21.65
Dividend yield *	1.08	1.18
All-time high	7798.99, 08/13/26

48000
June	July	Aug.	Sept.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc; †Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes

June

July

Aug.

Sept.

Dow Jones	Latest					52-Week			% chg
	High	Low	Close	Net chg	% chg	High	Low	% chg	YTD	3-yr. ann.
Industrial Average	52750.88	52278.89	52421.20	-152.09	-0.29	54349.12	45166.64	14.2	9.1	14.5
Transportation Avg	20752.68	20471.51	20729.79	101.52		23933.14	15067.87	33.1	19.4	10.5
Utility Average	1072.84	1057.63	1059.09	-9.46	-0.89	1190.23	1048.33	-3.8	-0.8	5.7
Total Stock Market	75557.98	75007.17	75270.64	-358.56	-0.47	77313.23	62750.36	14.9	11.5	18.8
Barron's 400	1611.41	1601.88	1604.64	-8.50	-0.53	1685.46	1318.70	15.7	13.6	17.3

Nasdaq Stock Market
Nasdaq Composite	26329.98	25992.55	26186.41	-146.62	-0.56||	27093.90	20794.64	17.2	12.7	23.4
Nasdaq-100	29285.50	28867.67	29127.16	-241.28	-0.82||	30660.60	22953.38	19.9	15.4	23.5
S&P
500 Index	7647.99	7592.28	7619.98	-37.00	-0.48||	7798.99	6343.72	15.2	11.3	19.1
MidCap 400	3698.39	3676.40	3679.20	-34.94	-0.94||	3926.98	3109.89	12.2	11.3	12.3
SmallCap 600	1724.10	1711.75	1714.06	-12.12	-0.70||	1828.54	1364.94	18.8	16.8	12.7

Other Indexes
	Russell 2000	2908.52	2885.54	2892.24	-11.71
NYSE Composite	24331.56	24173.55	24205.39	-126.17	-0.52
Value Line	667.66	663.47	664.66	-1.470	-0.22
NYSE Arca Biotech	9241.78	9112.91	9204.32	91.41
NYSE Arca Pharma	1249.54	1218.36	1235.25	16.90
KBW Bank	187.43	183.16	184.45	-3.61	-1.92
PHLX$ Gold/Silver	390.92	382.44	387.62	-11.80	-2.95
PHLX$ Oil Service	104.03	99.71	100.14	-4.20	-4.02
PHLX$ Semiconductor	11285.30	11110.11	11131.28	-692.72	-5.86
Cboe Volatility	18.17	16.58	17.10	1.26

Percentage gainers...

	3068.42	2305.11	20.3	16.5	15.7
	24821.68	20912.89	13.1	10.0	14.6
	702.60	590.50	5.2	5.8	5.8
1.00	9539.76	6043.49	51.0	28.7	20.7
1.39	1315.38	925.18	30.4	9.7	10.2
	193.91	143.23	21.9	12.3	30.6
	470.37	265.03	39.5	13.2	49.3
	109.24	60.27	56.9	36.6	0.6
	14634.72	6059.83	83.7	57.2	45.9
7.95	31.05	13.47	9.0	14.4	10.1

Percentage Gainers...

Company	Symbol	Volume(000)	Last	Net chg	After Hours% chg	High	Low
Comcast CI A	CMCSA	9,729.3	24.94	0.06	0.24	25.01	24.88
NVIDIA	NVDA	9,279.0	212.24	1.28	0.61	226.51	199.97
Broadcom	AVGO	8,360.1	345.45	0.73	0.21	345.75	323.83
Nokia ADR	NOK	6,163.2	9.77	0.12	1.24	9.78	9.65
Iovance Biotherapeutics	IOVA	5,313.7	9.23	-0.03	-0.32	9.27	9.11
Nike CI B	NKE	5,143.9	37.08	0.03	0.08	37.16	36.95
UiPath	PATH	4,741.2	14.62	-0.04	-0.27	14.67	14.60
CCC Intelligent Solns	CCC	4,223.7	6.85	0.09	1.33	6.86	6.74

Sources: FactSet; Dow Jones Market Data

Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic trading services, securities dealers and regional exchanges. Minimum share price of \$2 and minimum after-hours volume of 50,000 shares.

Most-active issues in late trading

Radiant Logistics	RLGT	624.9	8.94	0.73	8.89	9.50	8.06
Ecovyst	ECVT	80.8	10.32	0.35	3.51	10.42	9.97
Vistance Networks	VISN	72.0	6.68	0.22	3.33	6.68	6.46
Trekor Metals	TGB	270.5	8.06	0.22	2.81	8.12	7.84
Hess Midstream	HESM	105.7	41.00	1.11	2.78	41.00	39.60

Sources: FactSet; Dow Jones Market Data

Late Trading

Enova International	ENVA	50.9	184.00	-42.72	-18.84	231.14	179.88
Dave & Buster's	PLAY	2,407.7	7.39	-1.08	-12.75	8.91	7.06
Kestra Medical Techs	KMTS	88.9	22.13	-1.93	-8.02	24.44	21.09
Armata Pharmaceuticals	ARMP	51.5	5.15	-0.40	-7.21	5.60	4.50
Torm	TRMD	166.4	32.90	-2.44	-6.90	35.63	32.34

Volume Movers Ranked by change from 65-day average*

Company	Symbol	Latest Session			52-Week
		Close	Net chg	% chg	High	Low	% chg
Future FinTech Group	FTFT	8.04	5.16	179.17	248.32	1.22	-96.0
Basel Medical Group	BMGL	7.14	2.56	55.90	25.80	4.17	-69.9
Vince Holding	VNCE	7.65	2.41	45.99	8.20	1.95	188.7
GT Biopharma	GTBP	11.63	3.02	35.08	34.25	4.91	-42.2
Elmet Group	ELMT	21.50	5.31	32.80	25.03	12.49	...
GrShr 2x Long CRWD Daily	CRWL	84.37	18.31	27.71	86.79	15.25	187.0
Leverage 2X Lg PANW Dly	PANG	34.58	7.29	26.71	41.59	6.05	133.0
Direxion PANW Bull 2X	PALU	56.17	11.56	25.91	67.86	9.85	140.8
Leverage 2X Lg OKTA Dly	OKTG	46.57	9.10	24.30	47.88	7.00	...
Rapid7	RPD	12.79	2.48	24.05	20.95	4.97	-34.6
EUDA Health Holdings	EUDA	16.56	3.11	23.12	86.00	5.26	-27.4
EverCommerce	EVCM	7.56	1.25	19.81	14.41	6.21	-36.2
Leverage 2X Lg COIN Dly	COIG	6.16	0.96	18.44	52.00	3.50	-82.3
Direxion COIN Bull 2X	CONX	7.66	1.19	18.42	28.34	4.34	...
GrShr 2x Long COIN Daily	CONL	6.29	0.97	18.23	52.40	3.56	-82.1

Company	Symbol	Volume (000)	% chg from 65-day avg	Latest Session Close	% chg	52-Week High	Low
Sophus Cap Emerging Mkt	EMEM	1,065	9779	25.81	-2.24	28.66	23.41
Angel Oak UltSh Incm	UYLD	10,317	5659	50.92	-0.14	51.46	50.89
Safeguard Acquisition	SAC	1,130	5447	10.11	...	11.02	9.90
ALPS Smith Core Plus Bd	SMTH	20,226	5002	25.02	-0.04	26.47	24.94
Sophus Cap Emer Mkt SC	EMSC	557	4888	25.33	-1.77	27.39	23.38
Eltek	ELTK	243	3395	9.00	10.43	11.59	7.30
Pictet AI Enhanced US Eq	PQUS	1,928	3307	28.31	-0.49	29.40	23.45
Elmet Group	ELMT	13,920	3171	21.50	32.80	25.03	12.49
Armata Pharmaceuticals	ARMP	4,702	3046	5.55	3.16	16.34	2.86
ITHAX Acquisition III	ITHA	156	2964	10.06	0.10	10.09	9.85

* Common stocks priced at \$2 a share or more with an average volume over 65 trading days of at least 5,000 shares. †Has traded fewer than 65 days

International Stock Indexes

Region/Country Index		Close	Latest		YTD % chg
			Net chg	% chg
World	MSCI ACWI	1135.77	-7.39	-0.65	11.9
	MSCI ACWI ex-USA	476.46	-4.51	-0.94	13.2
	MSCI World	4910.28	-27.04	-0.55	10.8
	MSCI Emerging Markets	1697.85	-23.68	-1.38	20.9
Americas	MSCI AC Americas	2886.55	-13.950	-0.48	11.3
Canada	S&P/TSX Comp	35702.53	5.04		0.01
Latin Amer.	MSCI EM Latin America	3109.88	-50.04	-1.58	14.8
Brazil	Bovespa	185500.88	-1706.01	-0.91	15.1
Chile	S&P IPSA	5695.13	61.15		1.09
Mexico	S&P/BMV IPC	64216.98	292.21		0.46
EMEA	STOXX Europe 600	635.99	-3.11	-0.49	7.4
Eurozone	Euro STOXX	658.90	-8.57	-1.28	7.6
Belgium	Bel-20	5729.67	16.31		0.29
Denmark	OMX Copenhagen 20	1577.01	2.53		0.16
France	CAC 40	8117.78	-61.99	-0.76	-0.4
Germany	DAX	25440.81	-127.75	-0.50	3.9
Israel	Tel Aviv	4227.56	6.12		0.14
Italy	FTSE MIB	51628.77	-883.26	-1.68	14.9
Netherlands	AEX	1098.35	-0.41	-0.04	15.5
Norway	Oslo Bors All-Share	2527.59	3.79		0.15
South Africa	FTSE/JSE All-Share	113536.30	-1629.01	-1.41	-2.0
Spain	IBEX 35	19565.50	-273.00	-1.38	13.0
Sweden	OMX Stockholm	1114.80	-10.69	-0.95	6.6
Switzerland	Swiss Market	13878.54	103.27		0.75
Turkey	BIST 100	14235.83	-231.42	-1.60	26.4
U.K.	FTSE 100	10697.57	47.13		0.44
U.K.	FTSE 250	23834.48	-141.25	-0.59	6.1
Asia-Pacific	MSCI AC Asia Pacific	275.22	-2.50	-0.90	20.9
Australia	S&P/ASX 200	8749.90	8.69		0.10
China	Shanghai Composite	3885.33	-2.78	-0.07	-2.1
Hong Kong	Hang Seng	24917.60	111.97		0.45
India	BSE Sensex	74781.76	...	Closed	-12.2
Japan	NIKKEI 225	63492.99	-518.35	-0.81	26.1
Singapore	Straits Times	5718.02	22.09		0.39
South Korea	KOSPI	6684.37	-225.54	-3.26	58.6
Taiwan	TAIEX	45862.52	-322.33	-0.70	58.3
Thailand	SET	1591.07	-13.45	-0.84	26.3

Percentage Losers

Company	Symbol	Latest Session			52-Week
		Close	Net chg	% chg	High	Low	% chg
Nuburu	BURU	1.35	-1.20	-47.06	169.66	0.85	-96.0
Cellectis ADR	CLLS	1.83	-1.27	-40.97	5.48	1.75	-36.7
Horizon Quantum Holdings	HQ	10.34	-4.88	-32.06	45.00	8.29	-30.9
TEN Holdings	XHLD	8.92	-3.61	-28.81	15.43	0.76	72.6
Leverage 2X Lg GLW Dly	GLWG	11.71	-4.43	-27.45	51.00	7.82	...
Leverage 2X Lg TER Dly	TERG	30.08	-10.58	-26.02	80.05	12.19	...
PicoCELA ADR	PCLA	7.73	-2.38	-23.54	19.61	1.35	-52.1
Swvl Holdings	SWVL	5.51	-1.61	-22.56	8.48	1.30	45.0
Antelope Enterprise	AEHL	6.07	-1.74	-22.28	418.08	2.98	-98.1
Rent the Runway	RENT	1.93	-0.52	-21.22	10.13	1.86	-61.6
U Power	UCAR	3.98	-0.99	-19.92	438.00	3.76	-99.0
Leverage 2X Lg ARM Dly	ARMG	15.13	-3.72	-19.73	65.95	4.64	20.4
Direxion Daily KR BI 3X	KORU	18.57	-4.50	-19.51	63.99	4.93	268.1
Solarmax Technology	SMXT	1.89	-0.45	-19.23	15.24	1.82	-85.7
Swarmer	SWMR	32.16	-7.43	-18.77	83.30	11.25	...

CURRENCIES & COMMODITIES
Trading Diary

Currencies
U.S.-dollar foreign-exchange rates at 5 p.m. ET

Country/currency	Mon		US$vs.YTD chg(%)
	in US$	per US$
Americas
Argentina peso	.00071507.9204		3.9
Brazil real	.1944	5.1432	-6.8
Canada dollar	.7193	1.3902	1.3
Chile peso	.001047	954.75	6.1
Colombia peso	.000321	3115.07	-17.4
Ecuador US dollar	1	1	unch
Mexico peso	.0583	17.1382	-4.8
Uruguay peso	.02489	40.1707	2.9
Asia-Pacific
Australiadollar	.7140	1.4006	-6.5
China yuan	.1489	6.7143	-4.0
Hong Kong dollar	.1275	7.8438	0.8
India rupee	.01043	95.835	6.6
Indonesia rupiah	.0000566	17654	5.8
Japan yen	.006479	154.35	-1.5
Kazakhstan tenge	.002217	451.11	-11.1
Macau pataca	.1237	8.0820	0.7
Malaysia ringgit	.2458	4.0681	0.2
New Zealand dollar	.5779	1.7304	-0.4
Pakistan rupee	.00360	277.551	-1.0
Philippines peso	.0159	62.747	6.5
Singapore dollar	.7871	1.2705	-1.2
South Korea won	.0007419	1347.84	-6.4
Sri Lanka rupee	.0030527	327.58	5.7
Taiwan dollar	.03148	31.762	1.3
Thailand baht	.03011	33.210	5.4

Commodities

	Close	Monday		52-Week		YTD % Chg
		Net chg	% Chg	High	Low
DJ Commodity	1479.74	-2.47	-0.17	1505.40	1068.04	36.10
FTSE/CC CRB Index	423.87	0.79	0.19	429.15	291.69	38.76
Crude oil, $ per barrel	101.39	1.34	1.34	112.95	55.27	60.17
Natural gas, $/MMBtu	2.896	0.065	2.30	7.460	2.523	-4.83
Gold, $ per troy oz.	4310.00	-56.20	-1.29	5318.40	3643.70	17.05

Country/currency	Mon		US$vs, YTDchg (%)
	in US$	per US$
Vietnam dong	.00003846	25998	-1.1

Polymarket | A Dow Jones partner

Bahrain dinar	2.6530	.3769	-0.01
Egypt pound	.0194	51.6176	8.2
Israel shekel	.3288	3.0416	-4.5
Kuwait dinar	3.2381	.3088	0.3
Oman sul rial	2.5993	.3847	-0.01
Qatar rial	.2743	3.646	-0.2
Saudi Arabia riyal	.2663	3.7558	0.1
South Africa rand	.0615	16.2543	-1.9

Prediction Market: How many Fed rate hikes in 2026? This market will resolve according to the exact amount of cuts of 25 basis points in 2026 by the Federal Reserve.

Europe
Czech Rep. koruna	.04758	21.018	2.2
Denmark krone	.1545	6.4730	1.8
Euro area euro	1.1550	.8658	1.7
Hungary forint	.003158	316.62	-3.3
Iceland krona	.008249	121.23	-3.3
Norway krone	.1072	9.3312	-7.5
Poland zloty	.2661	3.7584	4.6
Sweden krona	.1025	9.7586	6.0
Switzerland franc	1.2234	.8174	3.1
Turkey lira	.0206	48.6170	13.2
Ukraine hryvnia	.0223	44.7500	5.7
UK pound	1.3499	.7408	-0.2
Middle East/Africa

	NYSE	NYSE Amer.
Total volume*1	1,178,949,457	19,780,114
Adv. volume*	511,483,656	5,497,903
Decl. volume*	646,096,255	13,979,239
Issues traded	2,834	298
Advances	1,111	91
Declines	1,649	189
Unchanged	74	18
New highs	55	3
New lows	265	28
Closing Arms†	0.90	0.39
Block trades*	3,970	183
	Nasdaq	NYSE Arca

Issues traded	5,115	2,716
Advances	2,199	701
Declines	2,704	1,959
Unchanged	212	56
New highs	72	39
New lows	402	291
Closing Arms $^{\dagger}$	0.83	0.66
Block trades*	37,590	1,493

* Primary market NYSE, NYSE American NYSE Arca only. † (TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Arms of less than 1 indicates buying demand; above 1 indicates selling pressure.
Total volume*7,179,787,890 366,201,447
Adv. volume*3,521,857,067 112,865,145
Decl. volume*3,573,529,726 250,079,865

Most Active Stocks

Treasury yield curve

Company	Symbol	Volume(000)	% chg from65-day avg	Latest Session		52-Week
				Close	% chg	High	Low
Intercont (Cayman)	NCT	214,189	10073.2	0.50	66.83	47.50	0.26
Linkage Global	UZX	193,149	4472.5	0.10	5.81	3.10	0.08
Volato Group	SOAR	163,033	467.4	0.22	15.30	3.87	0.10
NVIDIA	NVDA	131,127	-1.2	210.96	-3.36	236.54	164.27
Nokia ADR	NOK	124,800	44.7	9.65	-13.30	17.45	4.48
Future FinTech Group	FTFT	123,514	4663.8	8.04	179.17	248.32	1.22
Lianhe Sowell Intl	LHSW	118,403	4425.4	0.62	29.18	47.52	0.43
Direxion Semicon Bl 3x	SOXL	99,648	60.1	101.13	-16.98	302.00	28.12
Advasa Holdings	ADBT	97,643	...	0.10	-58.24	13.20	0.09
Intel	INTC	94,373	-16.0	97.19	-5.59	142.35	24.05

* Volumes of 100,000 shares or more are rounded to the nearest thousand

CREDIT MARKETS

Consumer Rates and Returns to Investor U.S. consumer rates Selected rates

A consumer rate against its benchmark over the past year

15.00 SON D J F M A M J J A S 2025 2026

Bankrate.com avg1:	6.98%
First Command Bank	4.99%
Fort Worth, TX	817-569-2253
First Savings Bank of Hegewisch	5.20%
Chicago, IL	773-646-4200
Frost Bank	5.64%
San Antonio, TX	210-220-4000
PNC Bank	6.07%
Wilmington, DE	888-762-2265
Firstrust Bank	6.74%
Conshohocken, PA	800-220-2265

Interest rate	Yield/Rate (%)		5-2-Week Range (%)					3-yr chg(pct pts)
	Last (●)	Week ago	Low 0	2	4	6	8	High
Federal-funds rate target	3.50-3.75	3.50-3.75	3.50					4.50
Prime rate*	6.75	6.75	6.75					7.50
SOFR	3.62	3.65	3.50					4.51
Money market, annual yield	0.44	0.44	0.41					0.45
Five-year CD, annual yield	1.75	1.75	1.67					1.75
30-year mortgage, fixed†	6.89	6.82	6.11					6.89
15-year mortgage, fixed†	6.34	6.28	5.55					6.34
Jumbo mortgages, $832,750-plus†	6.96	6.76	6.34					6.96
Five-year adj mortgage (ARM)†	6.06	6.07	5.66					6.13
New-car loan, 48-month	6.98	6.98	6.85					7.18

Bankrate.com rates based on survey of over 1,500 online banks. **Base rate posted by 70% of the nation's largest banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com
Sources: FactSet; Dow Jones Market Data; Bankrate.com
Yield to maturity of current bills, notes and bonds

Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners

month(s) years —— maturity -
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data

Corporate Borrowing Rates and Yields

Bond total return index	Close	Yield (%)		52-Week		Total Return (%)
		Last	Week ago	High	Low	52-wk	3-yr
U.S. Treasury Bloomberg	2297.150	4.890	4.650	4.890	3.750	-0.884	3.155
U.S. Treasury Long Bloomberg	3071.330	5.370	5.240	5.370	4.520	-4.865	0.478
Aggregate, Bloomberg	2214.580	5.290	5.040	5.290	4.160	-0.621	3.977
Fixed-Rate MBS, Bloomberg	2215.700	5.580	5.300	5.580	4.380	-0.042	4.330
High Yield 100, ICE BofA	4178.483	6.851	6.549	7.136	5.828	2.356	7.777
Muni Master, ICE BofA	608.105	4.052	3.846	4.063	3.037	-0.290	2.703
EMBI Global, J.P. Morgan	1027.840	6.746	6.533	7.084	6.403	4.004	8.994

Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services

Commercial paper (AA financial)
90 days	3.90	3.83	4.07	3.57

DTCC GCF Repo Index
Discount window primary credit
Fibers and Textiles

Futures Contracts

Metal & Petroleum Futures

	Contract					Open interest
	Open	High	hi lo	Low	Settle	Chg
Copper-High (CMX)-25,000 lbs; $ per lb.
Sept	6.4100	6.4100		6.2810	6.3300	-0.1395
Dec	6.5525	6.5525		6.3515	6.4045	-0.1435
Gold (CMX)-100 troy oz; $ per troy oz.
Sept	4365.80	4389.50		4365.80	4310.00	-56.20
Oct	4345.90	4367.90		4259.50	4318.00	-56.80
Nov	4361.20	4377.90		4286.90	4335.20	-56.90
Dec	4375.00	4396.80		4293.00	4351.90	-57.00
Jan'27	4344.00	4350.30		4336.60	4371.20	-57.30
Feb	4411.20	4431.60		4329.00	4387.60	-57.50
Palladium (NYM) - 50 troy oz; $ per troy oz.
Sept	1293.00	1293.00		1288.00	1294.60	-16.30
Dec	1313.50	1320.00		1282.00	1307.70	-16.20
Platinum (NYM)-50 troy oz; $ per troy oz.
Sept	1916.80	1916.80▲		1904.20	1775.90	-17.60
Oct	1799.00	1808.40		1751.70	1779.80	-17.80
Silver (CMX)-5,000 troy oz; $ per troy oz.
Sept	63.600	63.700		63.020	63.513	-1.041
Dec	64.785	64.980		62.800	64.138	-1.050
Crude Oil, Light Sweet (NYM)-1,000 bbls; $ per bbl.
Oct	102.25	104.95▲		100.53	101.39	1.34
Nov	98.00	100.03▲		96.29	97.14	1.20
Dec	93.01	94.67		91.80	92.60	1.17
Jan'27	89.00	90.10		87.74	88.65	0.97
June	77.75	78.23▲		76.21	77.21	0.42
Dec	72.15	72.90		71.45	72.20	0.09
NY Harbor ULSD (NYM)-42,000 gal; $ per gal.
Oct	5.0200	5.1919▲		4.9084	4.9615	.0022
Nov	4.8526	4.9469▲		4.7110	4.7553	-.0130
Gasoline-NY RBOB (NYM)-42,000 gal; $ per gal.
Oct	3.3372	3.4603		3.2964	3.3171	.0099
Nov	3.1436	3.2578		3.1172	3.1374	.0176
Natural Gas (NYM)-10,000 MMBtu; $ per MMBtu.
Oct	2.868	2.911		2.849	2.896	.065
Nov	3.014	3.055		3.000	3.046	.063
Dec	3.491	3.527		3.451	3.477	.008
Jan'27	3.905	3.940		3.850	3.875	-.015
March	2.900	2.917		2.873	2.891	.004
April	2.768	2.780		2.748	2.761	.002

	Contract				Chg	Open interest
	Open	High hilo	Low	Settle
Dec	530.50	536.50	526.25	533.25	3.00	951,842
Oats (CBT)-5,000 bu.; cents per bu.
Sept	355.00	355.00	355.00	357.75	1.75	1
Dec	381.00	400.50 ▲	376.50	393.00	14.00	2,896
Soybeans (CBT)-5,000 bu.; cents per bu.
Sept	1285.25	1285.25	1285.25	1285.25	5.00	2
Nov	1296.75	1309.75	1292.00	1304.25	7.75	479,711
Soybean Meal (CBT)-100 tons; $ per ton.
Sept	345.00	345.00	345.00	349.70	2.70	2
Dec	352.90	359.00 ▲	350.60	356.20	3.40	317,825
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Sept	70.66	70.66	70.66	69.36	.35	2
Dec	70.03	70.71	69.55	70.19	.51	258,154
Rough Rice (CBT)-2,000 cwt; $ per cwt.
Sept	15.66	15.66	15.55	15.57	-.04	8
Nov	15.97	16.12	15.90	16.00	-.03	11,810
Wheat (CBT)-5,000 bu.; cents per bu.
Sept	713.50	713.50	709.75	707.00	...	1
Dec	729.00	734.00	710.00	722.00	-3.25	259,790
Wheat (KC)-5,000 bu.; cents per bu.
Sept	805.00	805.00	802.00	778.00	-6.00
Dec	804.00	804.50	782.00	792.50	-6.00	172,759
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Sept	340.000	343.975	338.950	343.575	5.750	5,153
Nov	329.575	333.250	329.375	332.775	4.600	16,966
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Oct	220.650	222.575	219.900	222.250	2.575	61,845
Dec	223.300	225.425	222.325	225.150	2.925	109,583
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Oct	81.250	81.375 ▼	79.175	79.600	-1.925	81,991
Dec	72.500	72.550 ▼	70.025	71.250	-1.450	103,046
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
Sept	576.00	588.00	569.50	588.00	9.50	395
Nov	564.50	570.50	559.00	570.00	1.00	8,624
Milk (CME)-200,000 lbs., cents per lb.
Sept	16.14	16.16	16.11	16.14	-.01	5,661
Oct	16.09	16.18 ▼	15.85	15.93	-.21	7,896
Cocoa (ICE-US)-10 metric tons; $ per ton.
Sept	5,995	5,995	5,995	5,995	62	57
Dec	5,939	6,113	5,821	6,023	62	76,595
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Sept	308.50	308.50	305.00	307.35	-6.30	51
Dec	283.55	292.75	281.50	290.50	4.80	82,531
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct	18.24	18.39	17.96	18.16	.01	246,637
March'27	19.22	19.32	18.86	19.06	-.07	583,884
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Nov	37.51	38.10	37.51	38.10	...	364
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Oct	82.69	82.78	80.50	80.64	-1.74	141

Agriculture Futures

Corn (CBT)-5,000 bu.; cents per bu.
Sept	517.50	517.50	509.50	512.00	1.75	65

Dividend Changes

Company	Symbol	Yld%	Amount New/Old	Frq	Payable/ Record
Increased
Adamas Tr Pfd. E	ADAMM	10.5	6672/65493	Q	Oct15/Oct01
Cherry Hill Mtg Pfd. B	CHMIpb	10.3	6162/6045	Q	Oct15/Sep30
Dynex Cap Pfd. C	DXpC	9.3	6079/59416	Q	Oct15/Oct01
Four Corners Property Tr	FCPT	6.1	1265/1222	M	Nov16/Oct30
Reduced
4.65% Fltg. Rate STRATS	GJO	4.6	0938/09405	M	Sep15/Sep14
FR STRATSs 2006-2 GS Grp	GJS	5.0	0984/09894	M	Sep15/Sep14
Public Policy Holding	PPHC	1.9	.117/.24	SA	Oct23/Sep25
STRATS Sers 2006-1 P&G	GJR	4.6	.096/09654	M	Sep15/Sep14
Stocks
ICZOOM Group CI A	IZM		1:5		/Sep15
Impact BioMedical	IBO		1:12.62		/Sep23

KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

Company	Symbol	Yld %	Amount New/Old	Frq	Payable/ Record
Foreign
Banco Bradesco Ord ADR	BBDO	5.3	.00169		Sep28/Sep21
Banco Bradesco Pref ADR	BBD	5.2	.0002		Sep28/Sep21
Bank of Montreal	BMO	2.6	1.23266	Q	Nov26/Oct30
Bank of Nova Scotia	BNS	3.2	.82177	Q	Oct28/Oct06
BCE Inc	BCE	5.3	.31537	Q	Oct15/Sep15
BlkRk MuniYld Quality	MQY	6.6	.058	M	Nov02/Oct15
BlkRk MuniYld Quality	MQY	6.6	.058	M	Dec01/Nov13
BlkRk MuniYld Quality	MQY	6.6	.058	M	Dec22/Dec11
BRP	DOO	1.0	.18021	Q	Oct13/Sep29
Cdn Pacific Kansas City	CP	0.7	.19319	Q	Oct26/Sep25
Imperial Petroleum Pfd A	IMPPP	8.4	.54688	Q	Sep30/Sep25
Teck Resources ClB	TECK	0.5	.09011	Q	Sep29/Sep15
Tecnoglass Holdings	TGLS	1.6	.15	Q	Oct30/Sep30

Note: Dividend yields as of 3:30 p.m. ET Sources: FactSet; Dow Jones Market Data

Cash Prices | wsj.com/market-data/commodities

Monday, September 14, 2026

These prices reflect buying and selling of a variety of actual or "physical" commodities in the marketplace—separate from the futures price on an exchange, which reflects what the commodity might be worth in future months.

	Monday
BMI Lithium Carbonate, EXW China, =99.5%-v,w	22325
BMI Lithium Hydroxide, EXW China, =56.5%-v,w	20925
BMI Cobalt sulphate, EXW China, >20.5%-v,w	9760
BMI Nickel Sulphate, EXW China, >22%-v,k	4358
BMI Flake Graphite, FOB China, -100 Mesh, 94-95%-v,m	425

Energy
Coal,C.Aplc.,12500Btu,1.2SO2-r,w	84.000
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w	14.500
Metals
Gold, per troy oz
Engelhard industrial	4263.00
Krugerrand,wholesale-e	4479.03
Maple Leaf-e	4522.10
American Eagle-e	4522.10
Mexican peso-e	5200.66
Austria crown-e	4224.49
Austria phil-e	4522.10
Silver, troy oz.
Engelhard industrial	62.8500
Handy & Harman base	63.2940
Handy & Harman fabricated	79.1180
Coins,wholesale $1,000 face-a	45348
Other metals
Platinum,Engelhard industrial	1774.0
Palladium,Engelhard industrial	1300.0
Aluminum, LME, $ per metric ton	*3274.0
Copper,Comex spot	6.3300
Iron Ore, 62% Fe CFR China-s	*96.2
Steel, HRC USA, FOB Midwest Mill-s	*1220.0
Battery/EV metals

Burlap,10-oz,40-inch NY yd-n,w	1.2800
Cotton,11/16 std lw-mdMphs-u	0.7689
Cotlook 'A' Index-t	*98.20
Hides,hvy native steers piece fob-u	n.a.
Wool,64s,staple,Terr del-u,w	n.a.

Grains and Feeds

Food
Beef, carcass equiv. index
choice 1-3,600-900 lbs.-u	347.30
select 1-3,600-900 lbs.-u	326.58
Broilers, National comp wtd. avg.-u,w	1.1608
Butter, AA Chicago-d	1.3700
Cheddar cheese, bbl, Chicago-d	144.00
Cheddar cheese, blk, Chicago-d	142.00
Milk, Nonfat dry, Chicago lb.-d	199.50
Coffee, Brazilian, Comp-y	2.9247
Coffee, Colombian, NY-y	3.5739
Eggs, large white, Chicago-u,w	0.6550
Flour, hard winter KC-p	19.70
Hams, 17-20 lbs, Mid-US fob-u	n.a.
Hogs, Iowa-So. Minnesota-u	84.48
Pork bellies, 12-14 lb MidUS-u	1.4798
Pork loins, 13-19 lb MidUS-u	1.0500
Steers, Tex.-Okla. Choice-u	n.a.
Steers, feeder, Okla. City-u,w	n.a.

Bran,wheat middlings, KC-u,w	145
Corn,No.2 yellow,Cent IL-bp,u	4.9800
Cottonseed meal-u,w	n.a.
Hominy feed,Cent IL-u,w	120
Meat-bonemeal,50% pro Mnpls-u,w	475
Oats,No.2 milling,Mnpls-u	4.1300
Rice, Long Grain Milled, No. 2 AR-u,w	30.13
SoybeanMeal,Cent IL,rail,ton48%-u,w	353.80
Soybeans,No.1 yllw IL-bp,u	12.8000
Wheat,Spring14%-pro Mnpls-u	9.1625
Wheat,No.2 soft red,St.Louis-u	6.6200
Wheat - Hard - KC (USDA) $ per bu-u	7.5850
Wheat,No.1soft white,Portld,OR-u	6.7500

Fats and Oils

Degummed corn oil, crude wtd. avg.-u,w	n.a.
Grease,choice white,Chicago-h	n.a.
Lard,Chicago-u	n.a.
Soybean oil,crude;Centl IL-u,w	0.7379
Tallow,bleach;Chicago-h	n.a.
Tallow,edible,Chicago-u	n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra, Tordella & Brookes; H=American Commodities Brokerage Co; K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 9/11
Source: Dow Jones Market Data

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Money Rates

September 14, 2026

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don't always represent actual transactions.

Inflation
	Aug.index level	Chg From (%) July '26	Aug. '25
U.S. consumer price index
All items	334,980	0.32	3.4
Core	338,041	0.27	2.4

International rates

	Latest	Weekago	—52-WEEK—High	Low
Japan	2.375	2.375	2.375	1.875
Policy Rates
Euro zone	2.40	2.40	2.40	2.15
Switzerland	0.25	0.25	0.50	0.25
Britain	3.75	3.75	4.00	3.75
Australia	4.35	4.35	4.35	3.60

	Latest	Week ago	-52-Week-High	Low
Prime rates
U.S.	6.75	6.75	7.50	6.75
Canada	4.45	4.45	4.95	4.45

Overnight repurchase
U.S.	3.64	3.65	4.44	3.49

	Latest	Weekago	—52-WEEK—
			High	Low
Federal funds
Effective rate	3.6400	3.6400	4.3300	3.6300
High	3.7000	3.7000	4.5500	3.7000
Low	3.5500	3.5500	4.3200	3.5500
Bid	3.6300	3.6300	4.3200	3.6100
Offer	3.6400	3.6400	4.3300	3.6300

U.S. government rates
Discount
	3.75	3.75	4.50	3.75

Treasury bill auction

4 weeks	3.775	3.700	4.080	3.550
13 weeks	3.970	3.770	3.970	3.540
26 weeks	4.060	3.885	4.060	3.475

Key Interest Rates

Other short-term rates
Data are annualized on a 360-day basis. Treasury yields are per annum, on actively traded noninflation and inflation-indexed issues that are adjusted to constant maturities. Data are from weekly Federal Reserve release H15.

	Week Ended		—52-Week —
	Sep 11	Sep 4	High	Low
Federal funds (effective)
	3.63	3.63	4.33	3.62
Commercial paper
Nonfinancial
1-month	3.76	3.72	4.20	3.61
2-month	3.81	3.81	4.11	3.58
3-month	3.83	3.85	4.03	3.62
Financial
1-month	n.a.	3.71	4.09	3.60
2-month	3.76	3.76	4.10	3.62
3-month	3.87	3.83	4.07	3.62

	Week Ended		52-Week
	Sep 11	Sep 4	High	Low
6-month	4.05	3.98	4.05	3.56
1-year	4.24	4.15	4.24	3.43
2-year	4.50	4.37	4.50	3.42
3-year	4.56	4.43	4.56	3.45
5-year	4.68	4.53	4.68	3.58
7-year	4.78	4.64	4.78	3.77
10-year	4.89	4.78	4.89	4.00
20-year	5.33	5.26	5.33	4.54

	3.75	3.75	4.50	3.75
Treasury yields at constant maturities
1-month	3.87	3.83	4.24	3.67
3-month	3.99	3.91	4.09	3.63

Treasury yields (secondary market)
1-month	3.72	3.68	4.09	3.55
3-month	3.85	3.77	3.94	3.53
6-month	3.95	3.89	3.95	3.48
TIPS
5-year	2.26	2.17	2.26	1.17
7-year	2.38	2.29	2.38	1.43
10-year	2.51	2.44	2.51	1.70
20-year	2.83	2.77	2.83	2.14
Long-term avg	2.98	2.94	2.98	2.28

Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window primary credit rate is charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid yields for all TIPS with remaining terms to maturity of 10 years or more;

	Latest	Weekago	-52-Week-high	-low
Call money
	5.50	5.50	6.25	5.50

Sources: Federal Reserve; for additional information on these rate data and their derivation, please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15

Secured Overnight Financing Rate
	3.62	3.65	4.51
	Latest	Value Traded	-52-Week -High

Treasury	3.647	56.384	4.492	3.504
MBS	3.667	79.388	4.623	3.517

Weekly survey

Freddie Mac
30-year fixed	6.76	6.71	6.35
15-year fixed	6.09	6.04	5.50

U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective December 11, 2025. Other prime rates aren't directly comparable; lending practices vary widely by location; Discount rate is effective December 11, 2025. Secured Overnight Financing Rate is as of September 11, 2026. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 3:30 p.m. ET.

Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Tullett Prebon Information, Ltd.

	Contract					Open interest
	Open	High hilo	Low	Settle	Chg
Dec	86.20	86.51	84.36	84.55	-1.51	185,808
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov	146.25	153.95	143.00	152.95	7.70	8,212
Jan'27	148.00	155.35	146.00	155.60	7.50	1,044

Interest Rate Futures

Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
	Sept	108-140	108-270	108-140	109-040	13.0
	Dec	108-070	108-280	107-210	108-210	13.0
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
	Sept	107-070	107-230	107-070	107-190	10.0
	Dec	106-250	107-100	106-090	107-010	9.0
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
	Sept	106-150	106-170	106-055	106-135	2.0
	Dec	106-055	106-120	105-270	106-055	2.0
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
	Sept	104-237	104-250	104-175	104-225	.5
	Dec	104-170	104-215	104-100	104-167	.5
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
	Sept	102-100	102-104	102-075	102-090	.4
	Dec	102-024	102-051	102-000	102-026	.5
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
	Sept	96.2700	96.2725	96.2600	96.2600	-.0075
	Oct	96.1400	96.1450	96.1250	96.1250	-.0150
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
	June	96.3550	96.3550	96.3525	96.3525	...
	Dec	95.7650	95.7900	95.7400	95.7550	-.0050

	Contract					Open interest
	Open	High hilo	Low	Settle	Chg
Dec	1.3526	1.3531	1.3466	1.3515	-.0013	220,099
Swiss Franc (CME)-CHF 125,000; $ per CHF
Sept	1.2260	1.2260	1.2212	1.2219	-.0028	41,117
Dec	1.2378	1.2395	1.2331	1.2380	.0004	126,274
Australian Dollar (CME)-AUD 100,000; $ per AUD
Sept	.7169	.7169	.7110	.7119	-.0055	173,514
Dec	.7158	.7160	.7098	.7136	-.0028	317,737
Mexican Peso (CME)-MXN 500,000; $ per MXN
Sept	.05888	.05889	.05820	.05829	-.00062	63,011
Dec	.05848	.05849	.05776	.05797	-.00054	268,615
Euro (CME)-€125,000; $ per €
Sept	1.1598	1.1598	1.1525	1.1535	-.0061	107,563
Dec	1.1640	1.1640	1.1565	1.1599	-.0039	770,796

Index Futures

Currency Futures

Japanese Yen (CME)-¥12,500,000; $ per 100¥
Sept	.6512	.6519	.6453	.6463	-.0043	117,063
Dec	.6560	.6568	.6499	.6541	-.0012	417,965
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Sept	.7210	.7212	.7179	.7193	-.0021	98,968
Dec	.7241	.7244	.7210	.7225	-.0020	253,241
British Pound (CME)-£62,500; $ per £
Sept	1.3528	1.3528	1.3465	1.3480	-.0045	85,901

Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Sept	52376	52672	52226	52440	-145	76,916
Dec	52836	53090	52642	52861	-141	12,139
Mini S&P 500 (CME)-$50 x index
Sept	7609.25	7652.00	7593.75	7625.00	-34.50	1,582,157
Dec	7680.00	7719.75	7661.25	7692.75	-34.50	585,620
Mini S&P Midcap 400 (CME)-$100 x index
Sept	3705.10	3716.20	3678.00	3681.30	-34.30	30,990
Dec	3741.50	3745.70	3705.40	3709.80	-34.60	8,651
Mini Nasdaq 100 (CME)-$20 x index
Sept	28997.75	29303.00	28816.25	29152.25	-234.75	242,492
Dec	29381.00	29604.50	29107.25	29449.50	-234.75	53,650
Mini Russell 2000 (CME)-$50 x index
Sept	2892.70	2913.50	2884.30	2894.10	-10.40	383,017
Dec	2911.40	2935.70	2906.10	2916.20	-9.80	84,306
March'27	2940.00	2947.40	2934.00	2942.60	-10.10	9
Mini Russell 1000 (CME)-$50 x index
Sept	4144.00	4156.90	4144.00	4151.10	-18.10	7,961
Dec	4185.40	4188.50	4185.20	4186.50	-20.10	3,882
U.S. Dollar Index (ICE-US)-$1,000 x index
Sept	99.13	99.72	99.13	99.63	.52	12,295
Dec	98.85	99.45	98.82	99.11	.27	44,029

Bonds | wsj.com/market-data/bonds/benchmarks

Tracking Bond Benchmarks

Total return close

YTD total return (%)

Index

— Yield (%) —Latest Low High

Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds

close	return (%)	Index	Latest	Low	High
Broad Market Bloomberg Fixed Income Indices
2214.58	-1.5	U.S. Aggregate	5.290	4.160	5.290
U.S. Corporate Indexes Bloomberg Fixed Income Indices
3389.91	-1.6	U.S. Corporate	5.760	4.680	5.760
3358.31	-0.6	Intermediate	5.510	4.330	5.510
4286.04	-3.6	Long term	6.310	5.370	6.310
627.46	-2.9	Double-A-rated	5.640	4.410	5.640
933.32	-1.1	Triple-B-rated	5.920	4.860	5.920

High Yield Bonds ICE BofA

628.04		1.7	High Yield Constrained	7.609	6.489	7.668
626.11	-0.4		Triple-C-rated	14.937	11.508	14.937
4178.48		1.4	High Yield 100	6.851	5.828	7.136
547.05		1.9	Global High Yield Constrained	7.353	6.317	7.438
397.73		0.6	Europe High Yield Constrained	6.151	4.820	6.198

U.S Agency Bloomberg Fixed Income Indices

1952.26	-0.3	U.S Agency	4.940	3.830	4.940
1735.14	-0.03	10-20 years	4.890	3.750	4.890
3595.10	-3.1	20-plus years	5.550	4.580	5.550
3008.86	-0.9	Yankee	5.430	4.320	5.430

Total return close	YTD total return (%)	Index	— Yield (%) —
			Latest	Low	High
Mortgage-Backed Bloomberg Fixed Income Indices
2215.70	-1.4	Mortgage-Backed	5,580	4,380	5,580
2179.99	-1.1	Ginnie Mae (GNMA)	5,620	4,420	5,620
1308.94	-1.5	Fannie mae (FNMA)	5,570	4,370	5,570
2009.88	-1.9	Freddie Mac (FHLMC)	5,420	4,160	5,420
608.11	-1.6	Muni Master	4,052	3,037	4,063
431.11	-2.5	7-12 year	3,879	2,596	3,884
487.56	-2.4	12-22 year	4,669	3,608	4,669
460.23	-1.4	22-plus year	5,107	4,432	5,128
Global Government J.P. Morgan $^{\dagger}$
547.08	-2.1	Global Government	4,526	3,500	4,526
834.24	-0.9	Canada	3,934	3,070	3,934
356.35	-2.4	EMU$	4,057	3,117	4,057
638.29	-3.0	France	4,458	3,350	4,458
454.19	-2.1	Germany	3,612	2,650	3,612
242.68	-4.2	Japan	3,211	2,110	3,252
496.68	-2.0	Netherlands	3,676	2,860	3,676
797.21	-2.9	U.K.	5,549	4,560	5,549
1027.84		Emerging Markets $^{**}$	6,746	6,403	7,084

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds $^{1}$ In local currency § Euro-zone bonds **EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(▲) or fell (▼) in the latest session

Coupon (%)	Country/Maturity, in years	Latest(●)	0	1	2	3	4	5	6	Previous	Month ago	Year ago	Spread Under/Over U.S. Treasurys, in basis points
													Latest	Prev	Year ago
4.125	U.S. 2	4.632▼						●		4.642	4.170	3.555
4.625	10	4.960▼						●		4.974	4.695	4.058
2.250	Australia 2	4.975▼						●		5.016	4.563	3.402		33.2	38.8
4.250	10	5.346▼						●		5.379	4.988	4.228		38.4	40.5
2.400	France 2	3.524▲					●			3.382	3.002	2.257	-111		-124.6
3.700	10	4.500▲						●		4.451	4.055	3.512	-46.2		-52.3
2.700	Germany 2	3.271▲					●			3.210	2.811	2.037	-137.2		-141.8
3.000	10	3.533▲					●			3.520	3.225	2.716	-142.4		-145.4
2.650	Italy 2	3.492▲					●			3.361	2.979	2.277	-115		-126.7
3.800	10	4.414▲						●		4.354	3.967	3.527	-54.8		-62.1
1.700	Japan 2	1.841▲				●				1.839	1.655	0.870	-280.2		-278.9
2.700	10	2.993▲					●			2.985	2.880	1.602	-196.9		-198.9
2.400	Spain 2	3.336▲					●			3.244	2.857	2.118	-130.1		-138.4
3.400	10	4.017▲					●			3.979	3.633	3.228	-94.6		-99.5
4.375	U.K. 2	4.770▲						●		4.699	4.415	3.996		12.7	7.1
1.125	10	5.319▲						●		5.278	5.054	4.676		35.7	30.4

Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close

Corporate Debt

Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations

Investment-grade spreads that tightened the most...

Issuer	Symbol	Coupon (%)	Yield (%)	Maturity	Spread, in basis points
					Current	One-day change	Last week
John Deere Capital	...	5.050	5.08	Sept. 11, '31	29	-20	n.a.
Mercedes-Benz Finance North America	...	4.875	5.21	Aug. 3, '29	48	-9	n.a.
Australia and New Zealand Banking	...	3.919	4.84	Dec. 8, '28	20	-2	n.a.
State Street Bank and Trust	...	4.701	5.02	July 23, '29	26	-2	25
General Motors	GM	6.250	6.63	Oct. 2, '43	125	-1	126
MetLife	MET	6.375	5.62	June 15, '34	68	-1	n.a.
ORIX	...	4.650	5.11	Sept. 10, '29	40	-1	n.a.
Sumitomo Mitsui Financial Group*	...	5.424	5.48	July 9, '31	71	-1	72

...And spreads that widened the most

Nevada Power	...	6.650	5.92	April 1, '36	96	19	n.a.
Mattel	MAT	6.200	6.68	Oct. 1, '40	170	13	n.a.
Hyundai Capital America*	...	4.250	5.43	Jan. 8, '29	68	8	61
UnitedHealth	UNH	5.800	5.71	March 15, '36	73	8	72
NatWest Markets	...	4.654	5.19	March 27, '29	44	7	43
Telefonica Emissiones*	...	4.665	6.34	March 6, '38	134	4	132
Wells Fargo	WFC	5.375	5.58	Feb. 7, '35	61	4	n.a.
Westpac New Zealand	...	5.195	5.04	Feb. 28, '29	34	4	40

High-yield issues with the biggest price increases...

Issuer	Symbol	Coupon (%)	Yield (%)	Maturity	Bond Price as % of face value
					Current	One-day change	Last week
Cleveland-Cliffs	CLF	6.250	8.71	Oct. 1, '40	80.250	0.14	n.a.
Paramount Global	...	6.875	8.13	April 30, '36	91.750	0.13	92.750
Occidental Petroleum	OXY	6.200	6.16	March 15, '40	100.390	0.12	101.281

...And with the biggest price decreases

Rockies Express Pipeline	...	6.875	7.06	April 15, '40	98.426	-0.95	n.a.
Bath & Body Works*	BBWI	6.950	7.19	March 1, '33	98.750	-0.94	100.818
Rakuten Group	...	9.750	6.49	April 15, '29	107.630	-0.43	108.738
Verde Purchaser	...	10.500	8.40	Nov. 30, '30	104.119	-0.38	104.813
Sealed Air*	...	6.875	7.61	July 15, '33	96.125	-0.38	97.313
Bausch Health*	...	11.000	8.28	Sept. 30, '28	105.014	-0.34	105.500
ADT Security	...	4.875	6.31	July 15, '32	93.066	-0.31	94.250

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more

Data provided by

LSEG

BIGGEST 1,000 STOCKS

How to Read the Stock Tables

The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization.

Underlined quotations are those stocks with large changes in volume compared with the issue's average trading volume.

Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was \$2 or higher.

1-New 52-week high; 1-New 52-week low; dd-Indicates loss in the most recent four quarters.

Stock tables reflect composite regular trading as of 4 p.m. ET and changes in the official closing prices from 4 p.m. ET the previous day.

Monday, September 14, 2026

Stock	Sym	Close	Net Chg
A	B	C
AES	AES	14.80	0.01
Aflac	AFL	117.01	1.73
AGNC Invt	AGNC	10.09	-0.06
APA	APA	45.03	0.30
ASE Tech	ASX	37.08	-2.39
ASML	ASML	1575.15	-123.15
AST Space	ASTS	60.00	0.14
AT&T	T	26.51	0.45
ATI	ATI	188.15	-10.62
AbbottLabs	ABT	103.09	1.14
AbbVie	ABBV	261.77	4.65
Abivax	ABVX	113.58	-5.06
Accenture	ACN	195.00	11.10
Acuity	AYI	309.04	-9.92
Adobe	ADBE	265.60	13.37
AdvDrainageSys	WMS	125.33	-2.55
AdvEnergyInds	AEIS	254.35	-32.90
AdvMicroDevices	AMD	493.41	-22.72
Aegon	AEG	9.06	...
AerCap	AER	139.42	-2.08
AffiliatedMgrs	AMG	349.98	-5.63
AffirmA	AFRM	73.38	1.94
AgilentTechs	A	146.80	-0.13
AgnicoEagleMines	AEM	197.55	-2.81
AirProducts	APD	287.13	-4.30
Airbnb	ABNB	170.65	0.46
AkamaiTech	AKAM	105.57	-1.22
AlamosGold	AGI	35.66	-0.26
Albemarle	ALB	115.03	-2.49
Alcoa	AA	46.95	-1.31
Alcon	ALC	67.74	1.71
Alibaba	BABA	109.23	-0.07
AlignTech	ALGN	153.00	2.18
Allegion	ALLE	155.39	2.04
AlliantEnergy	LNT	66.92	-0.34
AllisonTransm	ALSN	123.49	-3.45
Allstate	ALL	258.48	4.77
AllyFinancial	ALLY	41.94	-0.13
AlnylamPharm	ALNY	249.99	1.31
Alphabet A	GOOGL	349.39	10.89
Alphabet C	GOOG	345.71	10.26
Altria	MO	70.61	1.63
Amazon.com	AMZN	253.54	-3.24
Ambev	ABEV	3.03	0.01
Amcor	AMCR	42.25	-0.07
AmerSports	AS	27.55	-0.52
Ameren	AEE	103.97	-0.93
AmericaMovil	AMX	23.12	0.29
AEP	AEP	122.23	-1.10
AmerExpress	AXP	327.78	3.09
AmericanFin	AFG	143.70	1.74
AmerHlthcrREIT	AHR	53.40	-0.18
AmHomes4Rent	AMHG	31.63	0.15
AIG	AIG	76.29	0.96
AmerTowerREIT	AMT	176.94	-0.91
AmerWaterWorks	AWK	138.92	1.23
Ameriprise	AMP	558.54	0.93
Ametek	AME	233.65	-8.22
Amgen	AMGN	381.50	4.15
AmkorTech	AMKR	47.12	-4.61
Amphenol	APH	78.55	-5.37
Amrize	AMRZ	39.43	-1.09
AnalogDevices	ADI	361.02	-17.76
AngloGoldAsh	AU	100.48	-3.94
AB InBev	BUD	79.82	1.59
AnnalyCap	NLY	21.84	-0.06
AnteroMidstream	AM	21.62	-0.44
AnteroResources	AR	38.10	-0.33
Aon	AON	311.54	8.85
API Group	APG	37.12	-0.74
ApolloGlbMgmt	APO	128.31	-0.67
Apple	AAPL	333.08	0.81
AppliedIndTech	AIT	319.21	-4.57
AppllMaterials	AMAT	424.21	-32.28
AppLovin	APP	334.44	10.28
Aptiv	APTV	44.79	-0.75
Aramark	ARMK	58.53	-0.02
ArcelorMittal	MT	72.79	-1.72
ArchCapital	ACGL	97.95	1.86
ADM	ADM	86.44	-0.28
AresMgmt	ARES	131.52	-0.12
argenx	ARGX	990.54	6.15
AristaNetworks	ANET	187.81	-11.78
Arm	ARM	239.01	-25.78
ArrowElec	ARW	213.85	-14.35
ArrowheadPharm	ARWR	80.67	-2.18
Arxis	ARXS	49.11	-3.34
AscendisPharma	ASND	264.92	1.41
Assurant	AIZ	283.27	0.81
AsteraLabs	ALAB	257.04	-34.18
AstraZeneca	AZN	163.78	3.61
Atlassian	TEAM	192.77	13.07
AtmosEnergy	ATO	163.84	0.65
AuroralInnov	AUR	6.46	0.03
Autodesk	ADSK	228.93	16.53
ADP	ADP	276.63	8.37
AutoZone	AZO	2965.52	88.77
Avantor	AVTR	15.16	0.35
AveryDennison	AVY	170.92	1.54
AxonEnterprise	AXON	490.18	10.84
AxsomeTherap	AXSM	216.58	-4.17
BCE	BCE	23.47	0.08
BHP Group	BHP	84.74	-2.41
BJ'sWholesale BJ		95.31	3.82
BP	BP	45.93	-0.17
BWX Tech	BWXT	148.53	-1.59
BXP	BXP	64.50	-0.20
Baidu	BIDU	91.90	0.50
BakerHughes	BKR	56.78	-2.28
Ball	BALL	60.71	0.81
BBVA	BBVA	29.10	-0.45
BancoBradesco	BBDO	3.18	-0.02
BancoChile	BCH	41.43	-0.29
BancSanBrasil	BSBR	5.95	-0.07
BcoSantChile	BSAC	34.75	-0.44
BancoSantander SAN		14.74	-0.22
BankofAmerica BAC		59.47	-3.22
BankMontreal BMO		174.28	-0.60
BankNY Mellon BNY		157.66	-5.00
BankNova Scotia BNS		93.43	-0.02
Barclays	BCS	25.86	-0.84
BarrickMining B		42.43	-1.25

Stock	Sym	Close	Net Chg
BaxterIntl	BAX	23.86	0.06
BectonDickins	BDX	182.91	5.06
BendingSponsors	BSP	41.05	2.28
BentleySystems	BSY	31.70	0.73
BeOneMed	ONC	353.83	7.32
Berkley	WRB	70.87	0.97
BerkHathwy B	BRBK	514.95	4.58
BerkHathwy A	BRKA	771705770.02
BestBuy	BBY	94.83	4.03
Bio-Techne	TECH	72.27	0.15
Bio-RadLab A	BIO	368.55	-0.77
Biogen	BIIB	217.36	0.21
BioMarinPharm	BMRN	66.41	0.73
BioNTech	BNTX	98.86	2.13
BitMelnemersion	BMNR	25.76	0.73
BlackRock	BLK	1065.60	-14.05
Blackstone	BX	128.29	-0.22
Block	XYZ	79.49	0.28
BloomEnergy	BE	257.05	-18.70
BlueOwlCapital	OWL	10.43	-0.13
Boeing	BA	210.27	-0.18
Booking	BKNG	175.35	1.43
BoozAllen	BAH	79.11	3.21
BorgWarner	BWA	63.95	-2.70
BostonSci	BSX	45.05	2.07
BridgeBioPharma	BBIO	72.38	-0.06
BrightSpring	BTSG	60.30	1.57
BristolMyers	BMY	64.10	0.46
BritishAmTob	BTI	57.29	2.05
Broadcom	AVGO	344.72	-17.27
BroadridgeFin	BR	174.39	6.65
BrookfieldAsset	BAM	46.63	-0.63
Brookfield	BN	37.61	-0.54
BrookfieldInfr	BIP	35.65	-1.23
BrookWealth	BNT	37.58	-0.54
Brown&Brown	BRO	68.33	2.14
Brown-Forman B	BF.B	26.24	0.02
Brown-Forman A	BF.A	26.75	0.11
Bullish	BLSH	37.62	2.50
BungeGlobal	BG	121.23	-1.18
BurlingtonStrs	BURL	232.24	-6.80
CACI Intl	CACI	637.16	15.99
CBRE Group	CBRE	140.90	0.39
CDW	CDW	151.70	-2.09
CF Industries	CF	131.24	-1.83
CGI A	GIB	72.91	2.70
CH Robinson	CHRW	157.31	4.53
CME Group	CME	280.46	4.92
CMS Energy	CMS	66.82	-0.33
CNA Fin	CNA	48.09	0.42
CNH Indl	CNH	13.75	0.17
CRH	CRH	88.98	0.43
CSX	CSX	48.91	-0.04
CVS Health	CVS	95.55	0.89
CadenceDesign	CDNS	279.06	-10.31
CamdenProperty	CPT	103.83	0.82
Cameco	CCJ	93.26	-3.42
CIBC	CM	114.17	-0.47
CanNtlRiwy	CNI	122.09	-0.16
CanadianNatRscs	CNQ	50.32	0.25
CdnPacKC	CP	89.77	0.54
CapitalOne	COF	206.68	-1.62
CardinalHealth	CAH	234.89	0.32
CareTrustREIT	CTRE	38.11	-0.51
Carlisle	CSL	327.92	-7.32
Carlyle	CG	41.82	-0.52
Carnival	CCL	22.56	-0.19
CarpenterTech	CRS	420.38	-22.81
CarrierGlobal	CARR	57.26	-0.20
Carvana	CVNA	70.87	1.71
CaseysGenStores	CASY	621.61	6.14
Caterpillar	CAT	784.00	-34.57
Celestica	CLS	316.08	-30.47
Cemex	CX	10.45	-0.24
Cencora	COR	326.23	4.66
GenovusEnergy	CVE	33.27	0.16
Centene	CNC	69.41	2.99
CenterPointEner	CNP	38.65	-0.46
CerebrasSystems	CBRS	181.21	-10.72
CharlesRiverLabs	CRL	273.11	-5.15
CharterComms	CHTR	143.35	-2.42
CheckPoint	CHKP	138.50	6.86
CheniereEnergy	LNG	274.28	-4.06
CheniereEnerPtrs	CQP	65.60	-21.24
Chevron	CVX	212.17	-1.89
ChimeFinl	CHYM	33.97	0.97
Chipotle	CMG	37.03	0.83
Chubb	CB	341.85	3.60
ChunghwaTel	CHT	45.25	0.40
Church&Dwight	CHD	94.58	0.43
Ciena	CIEN	319.64	-29.90
Cigna	CI	290.05	9.29
CincinnatiFinl	CINF	172.02	2.22
Cintas	CTAS	200.82	-0.68
CircleInternet	CRCL	97.42	6.82
CiscoSystems	CSCO	110.06	-2.07
Citigroup	C	136.18	-2.64
CitizensFin	CFG	70.54	0.06
CleanHarbors	CLH	322.99	0.17
Clorox	CLX	89.31	1.55
Cloudflare	NET	330.36	23.83
Coca-Cola	KO	89.35	1.06
Coca-ColaCon	COKE	200.67	8.06
CocaColEuropean	CEP	104.67	1.90
CoeurMining	CDE	19.88	-0.70
Cognex	CGNX	59.90	-4.32
CognizantTech	CTSH	64.10	4.10
Coherent	COHR	266.50	-38.87
CoinbaseGbl	COIN	191.45	16.19
ColgatePalm	CL	87.89	1.09
Comcast A	CMCSA	24.88	-0.32
ComfortSystems	FIX	1582.80	-108.02
SABESP	SBS	5.22	-0.07
COPEL	ELPC	12.36	-0.12
ConocoPhillips	COP	136.67	-0.68
ConEd	ED	105.78	-0.68
ConstBrands A STZ		125.00	2.55
ConstellationEner	CEG	264.57	-20.18
Cooper	COO	54.22	0.31
Copart	CPRT	31.73	1.78
CorceptTherap CORT		111.80	-0.99
CorebridgeFin CRBG		34.80	0.13
CoreWeave CRWV		82.98	-6.01
Corning GLW		143.60	-22.80
Corpay CAPY		412.56	4.34
Corteva CTVA		82.54	-1.36

Stock	Sym Close	Chg
CoStar	CSGP	31.52 1.06
Costco	COST	918.91 14.14
Coupang	CPNG	15.11 -0.01
Crane	CR	199.25 -2.57
Credicorp	BAP	376.04 -1.86
CredoTech	CRDO	150.09 -12.86
CrowdStrike	CRWD	235.38 28.64
CrownCastle	CCI	74.17 -1.45
Crown Holdings	CCK	112.37 -0.27
Cullen/Frost	CFR	163.39 0.47
Cummins	CMI	541.10 -15.65
Curtiss-Wright	CW	551.21 -7.69
Cytokinetics	CYTK	72.45 -1.32

DEF

DTE Energy	DTE	131.13	-1.45
DT Midstream	DTM	127.21	-1.65
Danaher	DHR	203.25	3.11
Darden	DRI	218.57	8.68
DarlingIngrid	DAR	64.92	-0.19
Datadog	DDOG	230.05	8.84
DaVita	DVA	189.32	7.77
DeckersOutdoor	DECK	80.54	-0.73
Deere	DE	681.46	5.72
DellTechC	DELL	534.28	-33.01
DeltaAir	DAL	79.80	-0.11
DeutscheBank	DB	39.37	-1.11
DevonEnergy	DVN	49.73	-0.50
DexCom	DXCM	84.68	1.65
Diageo	DEO	88.38	1.75
DiamondkEner	FANG	205.72	0.75
Dick's	DKS	130.77	-4.26
DigitalRealty	DLR	179.14	-9.44
DigitalOcean	DOCN	120.21	-2.74
Dillard's	DDS	652.39	1.82
Disney	DIS	108.59	2.04
DocuSign	DOCU	69.76	4.11
DollarGeneral	DG	129.17	4.59
DollarTree	DLTR	119.17	1.00
DominionEner	D	64.46	0.10
Domino's	DPZ	323.77	12.17
Donaldson	DCI	87.93	-1.32
DoorDash	DASH	203.54	1.59
Dover	DOV	189.15	0.10
Dow	DOW	28.90	-0.13
DrReddy'sLB	RDY	11.91	0.01
DraftKings	DKNG	24.85	0.11
DukeEnergy	DUK	119.02	-0.40
DuPont	DD	124.29	-2.70
Dycomlnds	DY	286.83	-20.64
Dynatrace	DT	53.34	2.27
EMCOR	EME	749.70	-30.96
ENI	E	55.40	-0.65
EOG Rscs	EOG	148.54	1.18
EQT	EQT	53.21	-0.86
EastWestBncp	EWBC	129.81	0.64
EastGroup	EGP	197.57	-0.55
Eaton	ETN	393.16	-32.21
eBay	EBAY	108.99	1.24
EchoStar	ECHO	93.89	0.75
Ecolab	ECL	275.51	-0.67
Ecopetrol	EC	17.74	-0.01
EdisonIntl	EIX	56.13	0.13
EdwardsLife	EW	85.52	1.15
ElancoAnimal	ELAN	23.15	-0.02
ElbitSystems	ESLT	724.91	-3.09
EldoradoGold	EGO	41.16	-2.59
ElevanceHealth	ELV	424.24	5.52
Embraer	EMBJ	75.00	-0.49
Emera	EMA	49.01	-0.18
EmersonElec	EMR	148.30	-3.89
Enbridge	ENB	48.16	0.40
EncompassHealth	EHC	122.53	0.82
EnergyTransfer	ET	21.49	-0.06
EliightRenewable	ENLT	73.13	-1.09
EnsignGroup	ENSG	174.93	0.95
Entegris	ENTG	128.52	-11.85
Entergy	ETR	103.64	-1.69
EnterpriseProd	EPD	38.70	-0.20
Equifax	EFX	172.29	3.29
Equinix	EQIX	998.72	-39.00
Equinor	EQNR	44.54	-0.26
EquinoxGold	EQX	11.85	-0.55
Equitable	EQH	53.67	0.33
EquityLife	ELS	61.58	1.50
ErielIndemnity	ERIE	253.88	8.85
EssentialUtil	WTRG	41.61	0.54
EssexProp	ESS	275.73	2.82
EsteeLauder	EL	98.22	1.10
EvercoreA	EVR	275.49	-5.72
Everest	EG	379.54	7.83
Evergy	EVRG	80.86	-0.76
Everpure	P	93.78	-4.40
EversourceEner	ES	68.33	-0.19
Exelixis	EXEL	56.21	0.09
Exelon	EXC	42.72	-0.44
ExpandEnergy	EXE	93.40	-1.43
Expedia	EXPE	287.86	7.03
ExpeditorsIntl	EXPD	193.61	1.01
ExtraSpaceSt	EXR	139.40	1.76
ExxonMobil	XOM	165.08	-0.91
F5	FFIV	411.49	-0.22
FTAI Aviation	FTAI	176.00	-10.06
Fabrinet	FN	328.55	-32.03
FactSet	FDS	276.93	17.22
FairIsaac	FICO	1001.50	16.11
Fastenal	FAST	49.44	0.12
FederalRealty	FRT	114.53	0.17
FedEx	FDX	312.57	1.80
FedExFreight	FDXF	129.44	1.13
FergusonEnts	FERG	222.31	-0.23
Ferrari	RACE	409.08	-4.70
Ferrovial	FER	54.62	-1.53
FidNatFinl	FNF	44.29	0.16
FidNatInfo	FIS	38.18	0.04
FifthThirdBncp	FITB	54.38	-0.34
Figma	FIG	23.91	0.71
FirstCitbBcshA	FCNCA	2173.88	0.88
FirstHorizon	FHN	24.32	-0.15
FirstMajSilver	AG	18.80	-0.76
FirstSolar	FSLR	207.04	-1.99
FirstCash	FCFS	221.79	-6.59
FirstEnergy	FE	45.83	-0.30
Fiserv	FISV	50.99	-0.59
FiveBelow	FIVE	249.59	4.99

New Highs and Lows

Continued From Page B4
	Stock	52-Wk
		Sym	Hi/Lo
M&T Bk Pfd J	MTBpJ	25.43	-0.3
MFA Financial	MFA	8.42	-1.2
MGP Ingredients	MGPI	14.70	0.5
MadisonAirSolns	MAIR	23.44	-6.1
MaidenNts43	MHNC	11.00	-1.3
Marchex	MCHX	1.23	-9.9
MatthewsIntl	MATW	19.58	-0.4
MedicalProp	MPT	3.56	-1.6
MedicusPharma	MDCX	0.14	-2.0
MelcoResorts	MLCO	4.76	-4.8
MesabiTrust	MSB	20.63	-6.9
MetalsAcqnil	MTAL	9.95	-2.5
MetLifePfD	METpF	17.11	-0.3
MicrobotMed	MBOT	1.42	...
Microvast	MVST	0.58	-2.8
MicroVision	MVIS	1.50	-0.6
MilestonePharm	MIST	0.94	-3.1

%	Stock	52-Wk Sym Hi/Lo		Chg
		MoBIA Medical	MOBI
1	Mobia-health	MNDR	1.37	5.8
1.2	Mobili.comWt	MOBBW	1.25	-20.0
5	MorganStanleyPfdk	MSPK	21.91	-0.3
1.1	MySize	MYSZ	1.66	-4.0
1.3	NACCO Inds	NC	38.73	-2.3
0.9	NRG Energy	NRG	107.41	-4.4
1.4	NaturalAlt	NAII	1.90	...
1.6	NauticusRobot	KITT	0.62	-4.2
2.0	NeostellarCap	NSLR	7.60	-18.2
1.8	NetLeaseOffice	NLOP	10.75	0.8
5.9	NewAmstPharmaWt	NAMSW	11.37	-3.5
2.5	NewGenlvt	NIVF	0.92	-12.3
0.3	NexeraTech	NEXR	1.50	-2.6
...	NextNRG	NXXT	1.34	-4.7
2.8	NikBioSolutions	NIKI	5.57	2.3
2.6	NioCorpDevts	NB	3.63	-4.6
3.1	Nomadar	NOMA	1.40	-2.1

Mutual Funds

Stock	Sym	52-Wk Hi/Lo	% Chg
NorthernTrPfdE	NTRSO	18.21	...
NorthStriveWt	NSAIW	0.03	...
NorwegCruise	NCLH	14.42	-0.7
NuviMuniCreddOppRt	NMCOR	0.01	-62.5
OceanPwrTech	OPTT	2.45	-14.6
Ocugen	OCGN	1.00	3.9
Oklo	OKLO	34.38	...
OlenoxInds	OLOX	0.78	-7.3
One&OneGreen	YDDL	1.52	-4.3
OpendoorTech	OPEN	2.73	...
Oragenics	OGEN	0.48	4.4
OrchidIsland	ORC	6.22	-1.6
Organogenesis	ORGO	1.45	0.7
PG&E 6%Pfd	PCGpA	20.45	-0.5
PNSmartEnergy	PN	1.77	-15.8
PPL Un	PPLC	45.65	-0.3
PacGE pfl	PCGpI	14.28	-3.5
Patrinalvts	PAX	10.39	-1.3
PatrickIndustries	PATK	72.95	-0.6

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. e-Ex-distribution. f-Previous day's quotation. g-Footnotes x and s apply. j-Footnotes e and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not tracked. NS-Fund didn't exist at start of period.

Monday, September 14, 2026

Fund	NAV	Net Chg	YTD %Ret
AB Funds
MunilncmShares	10.70	-0.01	-0.8
American Century Inv
Ultra	97.37	-0.82	3.5
American Funds CI A
AmcpA	44.75	-0.19	4.8
AMutlA	64.08	-0.20	8.5
BalA	40.21	-0.25	8.2
BondA	10.93	...	-1.8
CapIBA	82.74	-0.59	9.5
CapWGrA	81.26	-1.13	14.7
EupacA	63.79	-0.91	11.5
FdlnvA	101.92	-0.67	12.9
GwthA	87.20	-0.57	8.4
ICAA	68.09	-0.48	9.5
IncoA	27.86	-0.16	8.7
N PerA	74.72	-0.54	5.8
NEcoA	84.47	-1.05	16.3
NwWrldA	106.96	-1.49	14.7
SmCpA	81.09	-1.21	10.6
WshA	67.44	-0.18	8.1

Artisan Funds

Fund	NAV	Net Chg	YTD %Ret
IntVal Inst	59.58	+0.08	11.7
Baird Funds
AggBdlnst	9.56	...	-1.2
CorBdlnst	9.92	...	-1.1
IntBdlnst	10.22	...	-0.6
ShtTbDlnst	9.41	...	1.0
BlackRock Funds
HiYBlk	7.04	-0.02	2.0
HiYldBd Inst	7.04	-0.02	2.1
BlackRock Funds III
iShS&P500IdxK91.63		...	12.7
BlackRock Funds Inst
StratIncOpptylns	9.56	-0.02	1.2
Calamos Funds
MktNeutl	NA	...	NA
CausewayInst
CausewayInst	25.16	-0.01	7.1
Columbia Class A
SelgComunfoA239.92		-5.04	53.1
Columbia Class I
DivIncom I	40.46	-0.10	12.5
Dimensional Fds

Fund	NAV	Net Chg	YTD %Ret
EmgMktVa	45.44	-0.63	23.1
EmgMktCorEq	34.42	-0.64	19.3
IntlCoreEq	22.76	-0.19	13.6
IntlVal	33.44	-0.25	18.5
IntSmCo	28.09	-0.25	11.0
IntSmVa	35.64	-0.34	16.7
LgCo	50.62	-0.25	12.2
US CoreEq1	55.93	-0.31	13.4
US CoreEq2	49.94	-0.30	13.5
US Small	60.29	-0.33	15.9
US SmCpVal	62.01	-0.30	21.0
US TgdVal	43.64	-0.18	19.0
USLgVa	67.76	-0.42	21.3
Dodge & Cox
Balanced	14.00	+0.03	5.7
Income	12.39	...	-1.5
Intl Stk	18.37	-0.10	11.6
Stock	17.94	+0.05	9.9
DoubleLine Funds
TotRetBdl	8.50	...	-1.6
Fidelity

Stock	Sym Close	Net Chg
Flex	FLEX	108.32
Flowserve	FLS	71.39
FlutterEnt	FLUT	100.65
FEMSA	FMX	121.26
FordMotor	F	13.86
ForgentPwr	FPS	28.64
Fortinet	FTNT	170.18
Fortis	FTS	54.07
Fortive	FTV	55.19
FoxA	FOXA	68.53
FoxB	FOX	61.14
Franco-Nevada	FNV	261.67
FranklinTemp	BEN	33.47
FreedomHolding	FRHC	165.34
FreeportMcFC	FCX	69.34
FreseniusMedCare	FMS	22.86
Frontline	FRO	50.52
Futu	FUTU	111.11

GHI

GE Aerospace GE	GE	317.56	-6.10
GE HealthCare GEHC	GEHC	64.25	0.32
GE Vernova GEV	GEV	874.76	-82.51
GFLEnvironmental GFL	GFL	42.61	-0.24
GSK	GSK	50.05	1.92
GalaxyDigital GLXY	GLXY	24.13	-0.27
Gallagher AJG	253.30	12.98
GameStop MGE	21.62	0.47
Gaming&Leisure GLPI	41.05	0.81
Garmin GRMN	280.38	-2.29
Gartner IT	197.07	17.48
GenDigital GEN	31.41	1.15
Generac GNRC	176.98	-10.01
GeneralDynamics GD	356.81	0.91
GeneralMills GIS	36.47	0.62
GeneralMotors GM	87.16	1.54
Genmab GMAB	32.65	0.18
GenuineParts GPC	133.21	-0.47
Gerdau GGB	4.89	-0.26
GileadSciences GILD	146.41	2.69
Glaukos GKOS	171.09	3.84
GlobalPayments GPN	90.19	1.90
GlobalFoundries GFS	43.54	-3.41
Globalstar GSAT	81.99	-0.49
GlobeLife GL	172.92	1.75
GlobusMedical MED	75.77	1.58
GoDaddy GDDY	104.47	6.40
GoldFields GFI	43.12	-1.98
GoldmanSachs GS	988.45	-40.73
Grab GRAB	3.02	-0.03
Graco GGG	76.54	-0.16
Grainger GWW	1277.51	-2.49
GAP PAC	201.41	-2.05
GrupoCibest CIB	101.84	-0.20
GuardantHealth GH	167.84	10.46
Guidewire GWRE	153.00	12.08
HCA Healthcare HCA	425.49	-1.45
HDFC Bank HDB	22.89	-0.45
HF Sinclair DINO	106.91	-0.93
HP HPQ	34.02	-1.46
HSBC HSBC	103.94	-1.36
H World HTHT	43.12	0.46
Haleon HLN	9.39	0.20
Halliburton HAL	35.01	-0.83
HalozymeTherap HALO	107.94	0.74
HarmonyGold HMY	19.63	-1.01
HartfordIns HIG	137.59	1.23
Hasbro HAS	90.76	-0.78
HealthpeakProp Doc	20.37	0.17
HeclaMining HL	18.82	-0.96
Heico HEI	303.75	-12.25
HeicoA HELA	227.73	-7.52
HenrySchein HSIC	88.93	0.57
Hershey HSY	173.68	0.36
HewlettPackard HPE	55.41	-6.68
Hilton HLT	310.60	4.41
HomeDepot HD	310.87	2.13
HondaMotor HMC	32.49	-0.03
HoneywellAero HONA	164.08	5.82
Honeywell HON	201.38	-0.98
HormelFoods HRL	20.96	0.39
DR Horton DHI	139.41	1.52
HostHotels HST	22.37	0.13
HoulihanLokey HLI	137.82	1.21
HowmetAerospace HWM	227.13	-2.48
Hubbell HUBB	442.38	-18.02
HubSpot HUBS	250.61	25.28
HudbayMinerals HBM	25.63	-0.89
Humana HUM	407.02	-2.78
JBHunt JBHT	274.99	4.54
HuntingtonBcsh HBAN	16.77	-0.09
HuntingIngalls HII	280.01	0.32
Hut8 HUT	91.13	-7.47
HyattHotels H	163.71	0.64
ICICI Bank IBN	29.26	-0.13
IDEX IEX	222.14	-2.07
IdexxLab IDXX	509.56	4.86
IES Holdings IESC	319.55	-26.16
ING Groep ING	36.96	-0.31
INNIO INIO	17.45	-2.90
Invesco IVZ	31.51	-0.77
IQVIA IQV	265.67	3.90
IREN IREN	43.17	-0.66
ITT ITT	199.50	-4.64
IamGold IAG	19.79	-0.47
IcahnInterpages IEP	7.05	0.05
Icon ICLR	168.93	-0.38
IllinoisToolWks ITW	269.04	0.88
Illumina LIMN	208.21	1.76
ImperialOil IMO	131.83	1.84
Incyte INCY	122.19	0.72
Infosys INFY	11.60	0.53
IngersollRand IR	72.13	-0.80
Insmed INSM	125.30	-4.11
Insulet PODD	137.80	5.84
Intel INTC	97.19	-5.75
InteractiveBrkrs IBKR	90.75	-0.62
ICE ICE	157.75	0.35
InterContHtls IHG	155.13	1.30
IBM IBM	249.09	5.80
IntiFavors IIF	83.43	-0.18
IntiPaper IP	34.25	-0.11
Intuit INTU	339.15	17.58
IntuitiveSurgical ISRG	377.94	8.79
InvitatHomes IVNH	27.59	0.05
IonQ IONQ	37.50	0.75
IronMountain IRM	112.06	-3.12
ItauUnibanco ITUB	8.23	-0.10

Stock	Sym	Close	Net Chg
JonesLang	JLL	343.55	-3.42
KB Financial	KB	132.88	0.87
KE Holdings	BEKE	16.70	-0.23
KKR	KKR	102.27	1.19
KLA	KLAC	169.09	-11.55
KT	KT	19.97	0.07
Kasp.kz	KSPI	100.48	0.59
Kenvue	KVUE	17.91	0.13
KeurigDrPepper	KDP	31.58	0.19
KeyCorp	KEY	21.93	0.09
KeysightTech	KEYS	314.96	-23.68
KimberlyClark	KMB	99.09	0.94
KimcoReality	KIM	23.22	0.03
KinderMorgan	KMI	30.96	0.10
KinrossGold	KGC	28.18	-0.95
Knight-Swift	KNX	68.43	0.46
Philips	PHG	25.08	0.49
KoreaElecPwr	KEP	11.56	-0.65
KraftHeinz	KHC	24.27	-0.33
Kroger	KR	60.91	2.42
KrystalBiotech	KRYS	340.03	-6.97
KymeraTherap	KYMR	114.63	-0.33
Latam Airlines	LTM	50.81	-0.48
LPL Financial	LPLA	345.66	-8.12
L3HarrisTech	LHX	248.93	3.39
Labcorp	LH	315.31	3.77
LamResearch	LRCX	273.49	-24.73
LamarAdv	LAMR	149.78	0.70
LasVegasSands	LVS	42.40	-0.43
LatticeSemi	LSCC	106.50	-13.26
Leidos	LDOS	132.83	3.97
Lennar A	LEN	79.99	0.39
Lennar B	LEN.B	78.67	0.40
LennoxIntl	LII	365.51	-0.53
LeonardoDRS	DRS	35.91	-0.16
LiAuto	LI	12.17	0.36
LibertyFormOne	CFWON	95.40	-0.19
LibertyFormOne	FWONA	87.54	0.51
LifeTime	LTH	41.53	0.03
Eli Lilly	LLY	1138.28	22.58
LincolnElectric	LECO	251.27	-1.80
Linde	LIN	464.41	-1.81
Littelfuse	LFUS	396.23	-36.07
LiveNationEnt	LYV	171.49	1.34
LloydsBanking	LYG	5.90	-0.11
LockheedMartin	LMT	529.38	5.19
Loews	L	109.20	0.41
LogitechIntl	LOGI	100.36	-2.34
Lowe's	LOW	198.17	1.35
lululemon	LULU	100.30	1.33
Lumentum	LITE	835.03	-92.00
LyondellBasell	LYB	62.75	-0.94

JKL
MN

Macom Tech	MTSI	239.62	-35.28
M&T Bank	MTB	237.82	-2.01
MGM Resorts	MGM	39.83	-0.06
MKS	MKSI	239.27	-28.04
MPLX	MPLX	58.89	-0.95
MSCI	MSCI	553.65	-0.96
MadisonAirSols	MAIR	23.66	-1.55
MSG Sports	MSGS	396.30	4.23
MadrigalPharm	MDGL	540.06	5.57
Magnalntl	MGA	64.89	-1.24
MagnuliceCrm	MICC	19.91	0.26
ManhattanAssoc	MANH	211.54	9.72
ManulifeFinl	MFC	43.55	0.06
Maplebear	CART	49.48	0.75
MarathonPetrol	MPC	396.45	0.52
Markel	MKL	1798.46	14.28
Marriott	MAR	340.46	5.77
Marsh	MRSH	180.43	3.52
MartinMarietta	MLM	500.92	-9.04
MarvellTech	MRVL	218.82	-17.28
Masco	MAS	69.41	0.89
MasTec	MTZ	227.70	-12.71
Mastercard	MA	574.42	5.23
MatchGroup	MTCH	43.15	0.76
McCormickVtg	MKCV	52.51	-4.02
McCormick	MKC	50.39	-0.93
McDonald's	MCD	257.49	4.96
McKesson	MCK	910.95	29.44
Medline	MDLN	32.59	0.06
Medpace	MEDP	595.41	7.89
Medtronic	MDT	93.80	2.84
MercadoLibre	MELI	1900.24	2.87
Merck	MRK	144.85	0.92
MetaPlatforms	META	665.60	17.57
MetLife	MET	97.75	0.61
Mettler-Toledo	MTD	1285.75	-7.77
MicrochipTech	MCHP	71.48	-2.72
MicronTech	MU	924.03	-51.23
Microsoft	MSFT	505.41	9.78
MidAmApt	MAA	125.60	0.81
MillicomIntl	TIGO	95.43	-1.25
MitsubishiUFJ	MUFG	23.89	...
MizuhoFin	MFG	11.33	-0.12
Moderna	MRNA	146.69	2.72
ModineMfg	MOD	182.18	-7.12
MolinaHealthcare	MOH	214.07	9.84
Mondelez	MDLZ	62.39	-0.05
MongoDB	MDB	382.29	20.08
MonolithicPower	MPWR	1143.31	-91.22
MonsterBev	MNST	44.20	0.80
Moody's	MCO	477.93	2.98
Moog A	MOGA	362.41	-4.61
MorganStanley	MS	206.58	-7.80
MotorolaSol	MSI	474.13	7.97
MuellerInds	MLI	60.00	-0.48
MurphyUSA	MUSA	527.17	3.59
NRG Energy	NRG	108.47	-4.99
NVR	NVR	6299.56	138.80
NXP Semicon NXPI		224.23	-12.39
Nasdaq	NDAQ	91.57	0.38
Natera	NTRA	341.79	12.86
NationalGrid	NGG	74.96	-1.90
NatWest	NWG	18.47	-0.42
Nebius	NBIS	212.19	-12.36
NetApp	NTAP	188.28	-11.01
NetEase	NTES	117.99	2.38
Netflix	NFLX	80.32	2.92
Neurocrine	NBIX	157.22	1.00
NYTimes A	NYT	70.34	3.46
Newmont	NEM	123.07	-3.74
NewsCorp A	NWSA	30.56	1.12
NewsCorp B	NWS	33.86	1.15
NextEraEnergy	NEE	81.63	-0.68
Nextpower	NXT	82.62	-0.27
Nike	NKE	37.05	0.25
NiSource	NI	41.07	-0.34
Nokia	NOK	9.65	-1.48
Nomura	NMR	10.73	-0.13
Nordson	NDSN	308.31	-6.16
NorfolkSouthern NSC		320.05	-0.22
NorthernTrust NTRS		181.71	-7.48
NorthropGrum NOC		527.39	8.42
Nova	NVMI	334.65	-37.16
Novartis	NVS	138.99	1.83
NovoNordisk	NVO	43.45	0.38
NuHoldings	NU	14.41	-0.21
Nucor	NUE	254.63	-4.80
Nutanix	NTNX	67.69	1.77
Nutrien	NTR	77.00	-1.45
nVentElectric	NVT	146.44	-15.74
NVIDIA	NVDA	210.96	-7.33

JBS	JBS	12.51	-0.08
JD.com	JD	27.26	0.20
JPMorganChase	JPM	350.13	-6.10
Jabil	JBL	298.72	-19.36
JackHenry	JKHY	164.55	3.43
JacksonFinl	JXN	138.78	0.66
JacobsSolns	J	144.07	2.22
JamesHardie	JHX	28.33	-0.14
JanusLiving	JAN	31.07	0.15
JazzPharm	JAZZ	245.87	0.07
JefferiesFinl	JEF	50.10	-1.86
JFrog	FROG	93.00	5.82
J&J	JNJ	266.32	0.74
JohnsonControls	JCI	137.76	-8.25

Stock	Sym	52-Wk Hi/Lo	% Chg
PennyMacFin	PFSI	68.94	-2.0
PennyMacMtg	PMT	8.99	-1.3
Pentair	PNR	55.99	-0.7
Peraso	PRSO	0.49	-7.8
PerellaWeinberg	PWP	13.99	-2.8
PharmaCyteBiotech	PMCB	0.35	-12.9
PioneerAcqnllWt	PACHW	0.12	-23.6
PolestarAuto	PSNY	7.32	-5.6
Pool	POOL	171.17	-0.7
PopCulture	CPOP	3.28	3.4
PowerBank	PBK	0.31	-7.2
PowerCompute	PWCM	1.00	-2.9
ProfDiversity	IPDN	3.03	-4.3
ProficientAuto	PAL	4.74	2.1
PropancBiopharma	PPCB	0.83	-7.7
PSEG	PEG	70.72	-2.0
PublicStoragePFG	PSApG	17.97	0.4
PurpleInnovation	PRPL	3.08	-3.4
Q/C Techs	QCLS	0.54	-67.2
QXO	QXO	11.97	-1.6
QXO Pfd B	QXOpB	37.58	-1.9

Stock	Sym	52-Wk Hi/Lo	% Chg
QwestNts2052	CTHH	16.28	1.4
RLX Tech	RLX	1.72	-1.1
RadiopharmTher	RADX	1.97	1.5
RainEnhTech	RAIN	0.66	-2.4
RamacoRscsB	METCB	5.56	-6.7
RapidMicro	RPID	1.16	-4.9
ReconTech	RCON	1.21	-6.2
Redwood9%Nts29	RWTO	23.07	-2.7
RedwoodNts30	RWTP	22.00	-2.6
RedwoodTrNts20	RWTO	21.70	-1.7
RedwoodNts31	RWTS	22.00	-1.8
Reed's	REED	0.63	-13.2
RekorSystems	REKR	0.44	1.6
RenaissancePfdC	RNRpG	14.19	-0.5
RenttheRunway	RENT	1.86	-21.2
ResearchSolutions	RSSS	1.96	-7.5
ReToEco-Solutions	RETO	0.36	-7.0
RibbonAcqnA	RIBB	8.11	-17.6
RichSparkle	ANPA	2.34	-1.6
RivernorthPfdA	RIVpA	20.92	-0.8
Ryanair	RYAAY	52.27	-1.2

Fund	NAV	Net Chg	Y/Y %R
500ldxInstPrem265.31	-1.28	12
Contrafund K6	37.46	-0.18	10
EmgMktldxInstPre	16.74	-0.39	22
ExtMktldxInstPre114.52	-0.45	13
FidSer5	7.34	...	-1
FidSerInt	8.25	-0.01	-1
FidSerToMarket	24.91	-0.12	12
FIDZroLgCplx	27.32	-0.13	12
GlexUSldxInstPre	21.51	-0.27	15
GrowthCompanyK6	45.43	-0.42	22
IntldxInstPrem	68.13	-0.55	12
LgCpGwld InstPre	47.53	-0.41	2
LgCpVldxInstPrem	25.32	-0.02	22
MixCplnInstPrem	42.28	-0.12	14
SAIUSgCplndxFd	28.39	-0.13	12
SeriesBondFd	8.76	-0.01	-1
SeriesOverseas	15.63	-0.27	4
SerLTTreBldlx	5.03	...	-4
SmCplnInstPrem	36.30	-0.15	17
TMktldxInstPrem209.86	-1.00	12
TotalMarketIndex	26.59	-0.12	12
TtlIntldxInstPr	19.89	-0.24	14
USBldxInstPrem	10.14	-0.01	-1
Fidelity Advisor
TotBdFdCIZ	9.26	-0.01	-1
Fidelity Advisor I
GrOppl	262.30	-3.39	12
Fidelity Freedom
Freedom2040K6	14.35	-0.12	12
Idx2030InsPre	24.09	-0.12	6
Idx2035InsPre	28.66	-0.16	8
Idx2040InsPre	31.70	-0.20	10
Idx2045InsPre	34.42	-0.25	11
Idx2050InsPre	34.63	-0.26	12

1D Ret	Fund	NAV	Net Chg	YTD %Ret
2.2	Fidelity Invest
0.1	Balanc	35.15	-0.14	10.3
2.4	BluCh	286.29	-3.19	14.8
3.8	BluChpGr K6	47.25	-0.63	12.9
1.7	Contra	26.87	-0.13	10.7
1.4	ContraK	27.00	-0.13	10.8
2.4	Cplnc	11.15	-0.08	6.4
2.0	GroCo	58.29	-0.49	21.9
5.3	InvGrBd	9.77	...	-1.2
2.8	LowP	42.77	-0.16	14.5
2.1	Magin	15.08	-0.25	3.0
2.8	NASDAQ	333.56	-1.89	13.1
2.3	OTC	26.42	-0.22	26.0
4.5	Puritin	28.16	-0.16	9.0
2.2	SAILTtreBdlxd	6.25	+0.01	-4.3
3.4	SAIUSMinVolIndFd	25.05	+0.10	9.9
4.7	SAIUSQtyldxd	25.07	+0.07	11.0
4.0	Sr1000ValIndRet	22.30	-0.02	22.4
7.5	SrsBlChGroRetail	24.42	-0.26	15.8
2.4	SrsEmrgMkt	31.01	-0.69	25.8
2.5	SrsGlobal	21.09	-0.27	15.2
4.8	SrsGroCoRetail	33.47	-0.27	22.8
1.4	SrsIntlGrw	20.05	-0.59	4.9
5.8	SrsIntlVal	17.38	-0.06	11.4
1.2	TotalBond	9.28	...	-1.2
	Fidelity SAI
2.1	FidSaiCndlnxFnd	16.08	-0.02	12.9
2.4	FidSainfftnFnd	9.90	-0.01	-0.3
2.0	IntlValldxd	15.16	-0.04	20.4
6.9	TotalBd	8.78	-0.01	-1.2
8.1	Fidelity Selects
0.3	Semiconductors r	57.38	-3.53	44.7
1.8	Tech	54.43	-0.81	35.8
2.1	Fidelity Strategic A

O	P	Q
OGE Energy	OGE	46.23	-0.32
ONEOK	OKE	96.97	0.35
ON Semi	ON	71.65	-4.49
O'ReillyAuto	ORLY	87.22	1.40
OccidentalPetrol	OXY	61.78	0.32
Okta	OKTA	186.45	19.95
OldDomFreight	ODFL	181.91	2.12
OldNatlBncp	ONB	25.86	0.20
OldRepublic	ORI	41.33	0.37
OmegaHealthcare	OHI	47.34	0.35
Omnicom	OMC	81.07	2.06
OntInnovation	ONTO	250.13	-31.13
Oracle	ORCL	144.79	-5.49
Orix	IX	39.94	-0.17
OscarHealth	OSCR	33.81	1.04
OtisWorldwide	OTIS	70.18	1.08
Ovintiv	OVV	65.36	1.67
OwensCorning	OC	128.95	-2.95
PBF Energy	PBF	70.40	-7.90
PDD	PDD	79.38	1.57
PG&E	PCG	13.60	-0.20
PNC Finl	PNC	242.72	-1.52
POSCO	PKX	59.64	-3.30
PPG Ind	PPG	105.25	-0.25
PPL	PPL	33.79	-0.29
PTC	PTC	136.65	5.87
Paccar	PCAR	122.86	0.13
PackagingCpAm	PKG	233.26	-1.14
PalantirTech	PLTR	173.31	6.08
PaloAltoNtwks	PANW	373.94	43.29
PanAmerSilver	PAAS	48.64	-1.70
ParamountSkyforce	PSKY	10.87	0.27
ParkerHannifin	PH	928.83	-21.40
Paychex	PAYX	118.51	2.71
PaycomSoftware	PAYC	222.85	3.94
PayPal	PYPL	54.03	0.31
PayPay	PAYP	18.68	0.23
Pearson	PSO	16.11	0.42
PembinaPipeline	PBA	47.60	-0.21
PenskeAuto	PAG	217.15	1.24
Penumbra	PEN	319.86	2.13
PepsiCo	PEP	136.34	0.02
PerformanceFood	PFGC	93.16	-0.78
PermianRscs	PR	23.76	-0.02
PershingSquare	PS	39.97	2.30
PetroleoBrasil	PBR	21.15	-0.05
PetroleoBrasilA	PBRA	19.07	-0.04
Pfizer	PFE	27.72	...
PhilipMorris	PM	194.86	3.80
Phillips66	PSX	257.06	-2.41
PinnacleFinPtrs	PNFP	100.09	0.82
PinnacleWest	PNW	95.40	-0.70
Pinterest	PINS	19.69	0.64
PlainsAllAmPipe	PAA	25.85	-0.25
PlainsGP	PAGP	28.00	0.01
Popular	BPOP	165.68	1.97
PraxisPrecision	PRAX	330.55	-4.03
PrincipalFinl	PFG	116.90	0.73
Procter&Gamble	PG	146.13	0.86
Progressive	PGR	221.02	3.40
Prologis	PLD	135.19	-0.56
ProtagonistTherap	PTGX	147.78	-0.40
PrudentialFinl	PRU	119.50	0.26
Prudential	PUK	26.64	-0.04
PSEG	PEG	70.92	-1.47
PublicStorage	PSA	295.40	-1.10
PulteGroup	PHM	118.94	0.68
QXO	QXO	12.11	-0.20
QnityElec	Q	117.23	-9.17
Qorvo	QRVO	107.98	-8.67
Qualcomm	QCOM	180.15	-1.82
QuantaServices	PWR	622.02	-28.56
Quantinuum	QNT	49.10	0.07
QuestDiag	DGX	237.89	2.87

R S

RBC Bearings RBC		478.81 - 16.02
RB Global	RBA	84.03 0.43
RELX	RELX	35.72 1.92
RPM	RPM	100.81 0.60
RTX	RTX	195.34 - 2.34
RalphLauren RL		341.43 2.34
Rambus	RMBS	80.39 - 6.58
RangeResources RRC		40.88 - 0.27
RaymondJames RJF		170.80 - 2.66
RealtyIncome O		59.27 - 0.23
Reddit	RDDT	162.38 4.61
RegalRexnord RRX		153.07 - 8.42
RegencyCtrs	REG	74.53 - 0.09
RegenPharm	REGN	793.74 12.25
RegionsFinl	RF	30.03 - 0.10
ReinsGrp	RGA	249.05 0.33
Reliance	RS	384.23 - 9.98
RenaissanceRe	RNR	330.62 5.63
Rentokillint	RTO	22.55 0.18
Repligen	RGEN	168.00 2.82
RepublicSvcs	RSG	225.85 3.11
ResMed	RMD	222.99 4.72
RestaurantBrands QSR		78.89 1.93
RevolutionMed RVMD		205.11 1.34
Revvity	RVTY	128.49 4.18
RioTinto	RIO	97.64 - 2.32
Rivian	RIVN	15.86 - 0.17
Robinhood	HOOD	114.33 1.76
Roblox	RBLX	51.29 5.79
RocketCos.	RKT	13.44 0.26
RocketLab	RKLB	62.55 - 0.40
Rockwell	ROK	418.85 - 9.54
RogersComm B RCI		36.65 0.44
RoivantSciences ROIV		41.02 0.20
Roku	ROKU	157.45 2.52
Rollins	ROL	35.31 0.58
RoperTech	ROP	394.61 6.09
RossStores	ROST	230.04 - 0.70
RoyalBkCanada	RY	205.16 - 0.74
RoyalCaribbean RCL		255.34 - 4.80
RoyalGold	RGLD	248.34 - 3.94
RoyaltyPharma RPRX		59.05 0.44
Rubrik	RBRK	100.20 13.55
RyanSpecialty RYAN		39.69 1.57
Ryanair	RYAY	53.16 - 0.64
RyderSystem R		241.13 - 2.17
SAP	SAP	218.28 11.92
S&P Global	SPGI	418.54 7.83
SBA Comm	SBAC	183.07 - 2.40
SEI Investments SEIC		105.51 - 1.42
SK hynix	SKHY	175.63 - 14.44
SK Telecom	SKM	36.32 - 1.55
SLB	SLB	53.32 - 2.74
SPX Tech	SPXC	183.19 - 8.63
SS&C Tech	SSNC	81.22 0.95
Saia	SAIA	351.03 - 0.02
SailPoint	SAIL	19.88 2.64
Salesforce	CRM	259.43 11.71
Samsara	IOT	42.91 4.53
Sandisk	SNDK	1551.99 - 81.36
Sanmina	SANM	196.04 - 19.96
Sanofi	SNY	43.33 0.56
Sasol	SSL	14.50 - 0.09
SchwabC	SCHW	107.31 0.06
Sea	SE	108.68 2.44
Seagate	STX	805.55 - 24.62

Stock	Sym	52-Wk Hi/Lo	% Chg
SHF	SHFS	0.15	3.2
SLScience	SLBT	1.85	0.5
SOS	SOS	0.71	1.6
Saratogalnvt	SAR	17.08	0.7
ScageFuture	SCAG	0.21	-5.0
ScorpioGold	SGLD	3.83	-4.1
SenesTech	SNES	0.83	-0.7
SiteOneLandscape	SITE	89.32	-3.7
60DegreesPharm	SXTP	0.88	-0.2
SkyHarbourWt	SKYRWS	0.17	-2.8
SmartLogisticsGlbA	SLGB	0.33	-6.7
Smith-Midland	SMID	23.51	-1.7
SolariusCapWt	SOCAW	0.14	-23.7
SolarmaxTech	SMXT	1.82	-19.2
SouthernNts2025A	SOJF	23.80	-0.4
SouthernUn	SOMN	46.25	-0.4
SprucePower	SPRU	1.51	-6.7
StandardAero	SARO	23.51	-1.8
StardustPower	SDST	0.11	-4.9
StarfightersSpace	FJET	1.89	0.5
StarwoodProp	STWD	15.35	-1.2

Fund	NAV	Net Chg	YTD %Ret
StratAdEmrMrt	NA	...	NA
First Eagle Funds
GlbA	89.09	-0.01	10.7
Franklin A1
IncomeA1	NA	...	NA
FrankTemp/Frank Adv
IncomeAdv	NA	...	NA
FrankTemp/Franklin A
DynaTech A	198.78	-3.27	6.7
Growth A	143.44	-0.75	6.5
RisDv A	95.93	-0.47	6.5
Guggenheim Funds Tru
TotRtnBdFJClnst	NA	...	NA
Harbor Funds
CapApInstl	124.94	-0.20	7.2
JHF III DispVal
DispValMCI	31.34	-0.02	14.1
John Hancock
BondR6	13.12	-0.01	-1.2
JPMorgan I Class
CoreBond	9.99	-0.01	-1.4
EqInc	28.71	-0.13	17.1
LgCpGwth	83.28	-0.40	1.8
JPMorgan R Class
CoreBond	10.01	...	-1.3
CorePlusBd	7.03	...	-0.6
Lord Abbett I
ShtDurInc p	NA	...	NA
Metropolitan West
TotRetBdl	NA	...	NA
MFS Funds
IIE	43.54	+0.01	7.3
MFS Funds Class I
Valuei	54.66	-0.05	9.6
Natixis Funds

Stock	Sym Close	Net Chg
Sempra	SRE	82.99 - 0.35
Semtech	MTC	147.05 - 20.19
ServiceIntl	SCI	81.28 - 0.93
ServiceNow	NOW	142.35 9.82
SharkNinja	SN	169.62 8.82
Shell	SHEL	96.45 - 0.32
SherwinWilliams	SHW	324.50 1.19
ShinhanFin	SHG	84.11 0.05
Shopify	SHOP	133.89 5.10
SiliconMotion	SIMO	236.81 - 47.67
SimonProperty	SPG	204.97 0.14
SiriusXM	SIRI	29.37 0.22
SiTime	SITM	558.35 - 77.31
Skyworks	SWKS	79.26 - 9.09
Smith&Nephew	SNN	28.40 0.90
Smucker	SJM	121.30 0.16
SmurfitWestrock	SW	43.75 0.53
Snap	SNAP	5.84 0.16
Snap-On	SNA	377.78 2.34
Snowflake	SNOW	332.35 3.36
SOQUIMICH	SQM	69.73 - 0.15
SoFiTech	SOFI	17.65 0.33
SotisticAcMatis	SOLS	57.78 - 3.75
Solventum	SOLV	89.82 2.37
Somnigroup	SGI	68.12 1.36
Sony	SONY	24.47 0.57
Southern	SO	87.00 - 0.17
SoCopper	SCCO	188.35 - 5.14
SouthStateBk	SSB	106.11 0.13
SouthwestAir	LUV	39.52 0.28
SpaceX	SPCX	148.15 - 3.06
Spotify	SPOT	556.31 30.56
StanleyB&D	SWK	88.89 - 0.35
Starbucks	SBUX	99.07 0.33
StateStreet	STT	188.16 - 5.24
SteelDynamics	STLD	234.53 - 5.26
Stellantis	STLA	5.26 - 0.14
Steris	STE	213.66 2.90
SterlingInfr	STRL	472.87 - 38.17
StifelFinancial	SF	77.97 - 1.79
STMicroelec	STM	47.78 - 3.73
Strategy	MSTR	136.94 5.97
Stryker	SYK	281.87 6.31
SumitomoMits	SMFG	27.24 - 0.05
SummitTherap	SMMT	18.42 0.87
SunComms	SUI	118.04 3.56
SunLifeFinancial	SLF	80.23 0.56
SunbeltRents	SUNB	73.06 0.38
SuncorEnergy	SU	68.72 - 0.11
Sunoco	SUN	79.13 1.46
SuperMicroComp	SMCI	36.74 - 3.36
Suzano	SUZ	9.20 - 0.16
Symbotic	SYM	41.60 - 0.53
SynchronyFinl	SYF	75.88 - 0.11
Synopsys	SNPS	381.43 - 15.95
Sysco	SYY	83.54 0.33

TUV

TC Energy	TRP	61.18	0.30
TD Synnex	SNX	261.12	-8.09
TE Connectivity	TEL	203.37	-8.59
Telus	TU	9.16	0.06
Ternium	TX	55.96	-1.94
TFI Intl	TFII	131.78	0.54
TJX	TJX	125.99	-0.03
TKO	TKO	193.72	3.41
T-MobileUS	TMUS	182.90	0.57
TPG	TPG	47.98	0.29
T.RowePrice	TROW	105.80	-0.49
TTM Tech	TTMI	113.22	-13.22
TaiwanSemi	TSM	418.01	-15.23
Take-TwoSftwr	TTWO	222.91	7.44
TakedaPharm	TAK	18.60	0.34
TalenEnergy	TLN	286.52	-26.22
Tapestry	TPR	117.91	-0.58
TargaResources	TRGP	287.25	-3.00
Target	TGT	158.70	2.87
TechnipFMC	FTI	72.87	-3.47
TeckResourcesB	TECK	66.25	-0.19
TeledyneTech	TDY	597.11	-6.68
Ericsson	ERIC	10.05	-0.26
TelefonicaBras	VIV	11.89	0.04
TelekomIndns	TLK	15.26	0.32
TempusAI	TEM	62.21	3.20

Stock	Sym Close	Net Chg
Tenaris	TS	55.14 - 2.25
TencentMusic	TME	8.11 0.13
TenetHealthcare	THC	264.51 0.82
Teradyne	TER	329.20 - 50.52
Tesla	TSLA	358.97 - 6.47
TetraTech	TTEK	36.71 0.22
TevaPharmInds	TEVA	38.72 1.63
TexasInstruments	TXN	263.42 - 5.28
TexasPacLand	TPL	365.27 - 3.83
TexasRoadhouse	TXRH	181.12 - 0.10
Textron	TXT	80.58 - 0.42
ThermoFisher	TMO	613.62 3.80
ThomsonReuters	TRI	105.82 8.47
3M	MMM	162.02 - 2.95
Toast	TOST	33.29 1.17
TollBros	TOL	134.23 - 0.69
TorontoDomBk	TD	120.93 - 0.04
TotalEnergies	TTE	91.14 - 0.75
TowerSemi	TSEM	191.12 - 20.40
ToyotaMotor	TM	197.56 - 0.64
TractorSupply	TSCO	33.83 0.82
Tradeweb	TW	104.20 2.76
TraneTech	TT	426.01 - 16.51
TransDigm	TDG	1111.22 - 29.10
TransUnion	TRU	78.83 1.13
Travelers	TRV	378.05 2.85
Trimble	TRMB	58.74 1.08
Trip.com	TCOM	39.08 0.06
TruistFinl	TFC	50.10 - 0.30
Twilio	TWLO	231.88 4.53
TylerTech	TYL	359.54 22.87
TysonFoods	TSN	53.16 0.18
UBS Group	UBS	52.99 - 1.59
UDR	UDR	35.37 0.25
U-Haul	UHAL	63.49 - 0.56
U-Haul N	UHAL/B	55.95 - 0.44
UL Solutions	ULS	69.50 - 1.75
UMB Fin	UMBF	139.77 0.28
US Foods	USFD	94.80 - 0.54
Uber	UBER	72.63 0.96
Ubiquiti	UI	552.91 - 11.24
UltaBeauty	ULTA	548.65 1.87
Unilever	UL	63.57 1.55
UnionPacific	UNP	285.08 0.68
UnitedAirlines	UAL	108.96 - 0.86
UnitedMicro	UMC	21.90 - 0.74
UPS B	UPS	102.46 2.18
UnitedRentals	URI	993.80 4.68
US Bancorp	USB	62.68 - 0.16
UnitedTherap	UTHR	502.70 5.59
UnitedHealth	UNH	383.55 6.78
UnitySoftware U		43.45 - 0.51
UniversalHealthB	UHS	173.25 - 1.58
UnumGroup	UNM	94.92 0.50
VICI Prop	VICI	25.04 0.21
Vale	VALE	14.61 - 0.62
ValeroEnergy	VLO	382.95 - 7.47
ValmontInds	VMI	472.20 - 11.24
VeevaSystems	VEEV	265.67 3.27
Ventas	VTR	89.10 - 0.89
VentureGlobal VG		15.27 - 0.53
Veralto	VLTO	96.30 2.20
VeriSign	VRSN	298.60 5.89

Monday, September 14, 2026

Fund	NAV	Net Chg	YTD %Ret
LSGrowthY	33.34	+0.26	0.4
Northern Funds
Stkldx	76.01	-0.37	12.2
Old Westbury Fds
LrgCpStr	NA	...	NA
PGIM Funds Cl Z
TotalReturnBond	NA	...	NA
PIMCO Fds Instl
IntlBdUSH	NA	...	NA
TotRt	NA	...	NA
PIMCO Funds A
IncomeFd	NA	...	NA
PIMCO Funds I2
Income	NA	...	NA
PIMCO Funds Instl
IncomeFd	NA	...	NA
Price Funds
BlChip	210.42	-1.87	...
LgCapGovI	87.34	-0.61	2.8
Putnam Funds Class A
PutLargCap p	45.11	+0.02	15.4
Putnam Funds Class Y
PutLargCap	45.14	+0.02	15.6
Schwab Funds
1000 Inv r	16.35	-0.07	12.4
FunUSLgInst r	38.46	-0.08	19.9
Intl Sel r	32.17	-0.28	12.0
S&P Sel	19.68	-0.09	12.2
TSM Sel r	18.42	-0.09	12.4
Strategic Adviser
StratAdCorlnFnd	NA	...	NA
StratAdFidCoreS	8.92	-0.01	-0.9
StratAdFidEmr	18.94	-0.41	24.7
StratAdFidUS	21.82	-0.10	15.1

Stock	Sym	Close	Net Chg
VeriskAnalytics	VRSK	187.03	10.83
Verizon	VZ	51.29	0.68
VertexPharm	VRTX	519.51	4.07
Vertiv	VRT	237.39	-19.61
ViaSat	VSAT	71.64	-2.67
Viatris	VTRS	16.66	0.15
ViaviSolutions	VIAV	33.82	-4.93
Viking	VIK	86.42	1.41
ViperEnergy	VNOM	44.64	-0.07
VirtuFinancial	VIRT	59.93	-0.93
Visa	V	375.28	4.83
Vistra	VST	140.73	-7.65
VivmarkResidential	VMRK	66.32	0.78
Vodafone	VOD	17.53	0.13
VoyaFinancial	VOYA	103.14	-0.27
VulcanMatls	VMC	250.54	-2.20

W	X	Y	Z
WEC Energy	WEC	105.17	-0.16
W.P.Carey	WPC	69.19	0.07
Wabtec	WAB	278.42	-4.80
Walmart	WMT	109.08	1.93
WarnerBrosA	WBD	28.10	0.06
WarnerMusic	WMG	29.25	0.92
WasteConnections	WCN	161.03	1.29
WasteMgt	WM	218.09	4.63
Waters	WAT	410.01	1.67
Watso	WSO	311.58	-2.64
WattsWater	WTS	351.93	-4.09
Wayfair	W	104.79	6.22
WellsFargo	WFC	88.71	-1.58
Welltower	WELL	234.21	-1.41
WescoIntl	WCC	336.73	-19.59
WestPharmSvcs	WST	355.20	8.97
WesternDigital	WDC	426.94	-20.24
WesternMidstm	WES	47.88	-1.15
Weyerhaeuser	WY	22.23	0.17
WheatonPreMtls	WPM	149.67	-4.45
Williams	WMB	71.95	-0.90
Williams-Sonoma	WSM	229.43	3.20
WillisTowers	WTW	323.71	8.10
WintrustFinl	WTFC	151.99	-0.17
Wipro	WIT	1.78	0.09
Wise	WSE	12.13	0.11
WoodsideEnergy	WDS	23.74	0.05
Woodward	WWD	324.67	-12.59
WooriFinl	WF	80.81	1.94
Workday	WDAY	194.21	8.51
XP	XP	19.60	-0.27
XPO	XPO	180.49	-1.69
XcelEnergy	XEL	74.16	-1.34
XPeng	XPEV	10.71	0.17
Xylem	XYL	107.49	0.53
YPF	YPF	56.33	0.78
Yum!Brands	YUM	146.33	5.46
YumChina	YUMC	42.81	0.49
ZTO Express	ZTO	20.90	0.29
ZebraTech	ZBRA	351.81	1.44
ZimmerBiomet	ZBH	96.54	3.05
ZionsBancorp	ZION	69.18	0.43
Zoetis	ZTS	73.67	0.70
ZoomComms	ZM	95.36	-0.21
Zscaler	ZS	191.73	27.19

Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market-clearing yield. Rates are determined by the difference between that price and the face value.

Stock	Sym	52-WkHi/Lo	%Chg
Stem	STEM	4.61	0.6
StifelFinIPfD	SFpD	15.12	2.0
Strats PG CJR	GJR	24.22	-1.6
Streamex	STEX	0.61	-4.6
StudioCity	MSC	1.55	-4.2
SunriseRealty	SUNS	7.19	2.2
SurfAirMobility	SRFM	0.46	-5.3
Telus	TU	8.96	0.7
TGE Value Wt	BEEB.WS	0.16	-14.9
T-MobileUS2070	TMUSI	19.23	-1.1
T-MobileUU2070	TMUSZ	19.36	-0.5
T-MobileUS2069	TMUSL	22.11	-1.0
TPG RE Fin	TRTX	7.31	-1.1
TTEC	TTEC	1.24	-1.6
TalenEnergy	TLN	285.86	-8.4
Tecnoglass	TGLS	36.71	-4.1
TempestTherap	TPST	0.75	-3.4
TerrestrialEnerWt	IMSRW	1.60	-7.6
TexasCapBchSpfdb	TCBIO	19.50	-0.4
ThayerVentll Rt	TVAIR	0.10	-25.7
3ENetworkTech	MASK	0.91	-15.4

	13-Week	26-Week
Applications	$251,080,978,100	$223,857,560,400
Accepted bids	$100,214,352,100	$86,053,185,400
" noncomp	$1,830,839,900	$1,812,911,100
" foreign noncomp	$300,000,000	$100,000,000
Auction price (rate)	98.996472(3.970%)	97.947444(4.060%)
	4.066%	4.203%
Bids at clearing yield accepted	13.86%	82.50%
	912797VH7	912797UD7

AUCTION RESULTS

Exchange-Traded Portfolios

Both issues are dated Sept. 17, 2026. The 13-week bills mature on Dec. 17, 2026; the 26-week bills mature on March 18, 2027.

Fund	NAV	Net Chg	YTD %Ret
StratAdIntlFnd	NA	...	NA
StratAdMunBond	NA	...	NA
StratAdvFdIntl	16.53	-0.15	11.9
TIAA/CREF Funds
EqIdxInst	52.66	-0.23	12.3
IntlEqIdxInst	NA	...	NA
LrgCpGrIdxInst	78.24	-0.68	3.0
VANGUARD ADMIRAL
500Adml	704.62	-3.40	12.2
BalAdml	54.31	-0.16	6.9
CAITAdml	11.15	...	-1.3
CapOpAdml	r262.78	-3.42	21.2
DivAppldxAdml	64.73	-0.25	9.4
EMAdmr	49.67	-0.51	11.5
EqIncAdml	102.43	-0.59	11.5
ExplrAdml	120.03	-1.14	12.5
ExtndAdml	179.68	-0.72	13.9
GroIncAdml	120.85	-0.69	10.8
GrwthAdml	270.83	-1.00	8.1
HlthCareAdml r	88.30	+1.12	6.6
HYCorAdml r	5.40	-0.01	1.4
InfProAd	22.48	-0.01	-0.5
InfTechIdx	488.09	-8.02	26.8
IntlGrAdml	122.86	-0.79	7.8
ITBondAdml	10.01	-0.02	-2.3
ITIGradeAdml	8.45	-0.01	-1.9
LarCapAd	177.14	-0.83	12.1
MidCpAdml	399.30	-2.14	11.9
MuHYAdml	10.25	-0.01	-0.8
MulntAdml	13.29	...	-1.3
MuLTAdml	10.39	-0.01	-1.5
MuLtdAdml	10.82	...	0.6
MuShtAdml	15.77	...	1.4
PrmcpAdml r225.08	-2.41	21.7
RealEstatAdml133.64	-0.74	8.7

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
AvantisUSSCValue	AVUV	124.02	-0.39	21.6
CapGrpDivVal	CGDV	49.09	-0.59	12.5
DimenUSCoreEq2	DFAC	44.95	-0.47	13.5
FidTotalBd	FBND	44.21	-0.07	-4.0
InvscNasd100	QQQM	292.02	-0.81	15.5
InvscQQQI	QQQ	709.18	-0.80	15.4
InvscS&P500EW	RSP	215.01	0.07	12.2
iShBitcoin	IBIT	44.74	2.22	-9.9
iShBrdUSDHYCpBd	USHY	36.31	-0.14	-2.9
iShCoreDivGrowth	DGRO	78.20	-0.05	12.6
iShCoreMSCIEAFE	IEFA	98.68	-0.82	10.3
iShCoreMSCIEM	IEMG	80.40	-2.63	19.6
iShMSCIntlDev	IDEV	91.21	-0.73	10.6
iShCoreMSCITotInt	IXUS	95.95	-1.31	13.4
iShCoreS&P500	IVV	764.48	-0.45	11.6
iShCoreS&P MC	IJH	73.79	-0.87	11.8
iShCoreS&P SC	IJR	141.26	-0.65	17.5
iShCoreS&PTotUS	ITOT	166.37	-0.44	11.9
iShCoreS&PUSGrw	IUSG	188.70	-0.74	12.4
iShCoreUSAggBd	AGG	95.89	-0.09	-4.0
iShCoreUniUSDBd	IUSB	44.75	-0.09	-3.8
iShEdgeMSCIUSAQual	QUAL	220.15	-0.02	10.8
iShGoldTr	IAU	80.54	-1.43	-0.8
iShiBoxxSIGCpBd	LQD	104.30	-0.02	-5.3
iShMBS	MBB	91.22	-0.18	-4.2
iShMSCIACWI	ACWI	158.96	-0.80	12.3
iShMSCI EAFE	EFA	105.85	-0.80	10.2
iShMSCI EM	EEM	65.99	-2.73	20.6
iShMSCIEAFEValue	EFV	82.00	-0.36	14.8
iShNatlMuniBd	MUB	103.11	-0.06	-3.7
iShRussMC	IWR	109.56	-0.27	13.8
iShRuss1000	IWB	416.05	-0.45	11.4
iShRuss1000Grw	IWF	121.26	-0.83	2.5
iShRuss1000Val	IWD	255.37	-0.08	21.4
iShRuss2000	IWM	287.91	-0.34	17.0
iShS&P500Grw	IVW	138.32	-0.71	12.2
iShS&P500Value	IVE	234.96	-0.15	10.8
iShSemiconductor	SOXX	497.40	-5.63	65.2
iSh7-10YTreaBd	IEF	90.93	-0.09	-5.4
iShSilver	SLV	56.84	-2.20	-11.8
iSh20+YTreaBd	TLT	80.93	0.07	-7.1
iShUSEqFactRotat	DYNF	69.15	-0.89	13.7
iShUSTreasuryBd	GOVT	22.14	-0.05	-3.8
iShO-3MTreaBd	SGOV	100.53	0.01	0.1
JPMNasdEqPrem	JEPQ	59.35	-0.72	2.1
JanusAAACLO	JAAA	50.63	0.02	0.1
JPMEqPremiumIncome	JEPI	56.51	-0.25	-1.3
JPM UltShIncm	JPST	50.35	-0.02	-0.5
ProShUltPrQQQ	TQQQ	69.27	-2.41	31.4

Largest 100 exchange-traded funds, latest session.

ETF	Symbol	Closing Price	Chg (%)	YTD (%)
SPDRGoldMini	GLDM	84.73	-1.48	-0.7
SPDR Gold	GLD	392.84	-1.49	-0.9
SchwabIntEquity	SCHF	27.82	-1.31	15.7
SchwabUS BrdMkt	SCHB	29.33	-0.48	11.8
SchwabUS Div	SCHD	34.34	0.64	25.2
SchwabUS LC	SCHX	29.99	-0.40	11.4
SchwabUS LC Grw	SCHG	35.25	0.26	8.1
SSEnergySel	XLE	64.53	-0.94	44.3
SSFinlSel	XLF	57.03	-0.38	4.1
SSHltchCrSel	XLV	167.75	1.45	8.4
SSIndlSel	XLI	169.93	-1.42	9.5
SSSPDRBbg1-3M	BIL	91.50	...	0.1
SS SPDR DJIA	DIA	524.49	-0.25	9.1
SSSPDRDevxUS	SPDW	50.92	-1.24	14.7
SSPDRS&P500	SPYM	89.32	-0.45	11.3
SSPDRS&P500G	SPYG	119.78	-0.70	12.3
SSPDRS&P500V	SPYV	62.94	-0.16	10.8
SSIMSPDRS&P500	SPY	760.88	-0.45	11.6
SSTechSel	XLK	184.28	-1.81	28.0
VanEckGoldMin	GDX	94.14	-3.05	9.8
VanEckSemicon	SMH	541.50	-4.75	50.4
VangdDivApp	VIG	238.58	-0.36	8.6
VangdExtMkt	VXF	236.92	-0.35	13.3
VangdFTSEAWxUS	VEU	84.09	-1.28	14.3
VangdFTSEDevMk	VEA	71.72	-1.33	14.8
VangdFTSE EM	VWO	59.61	-1.23	10.9
VangdFTSE Europe	VGK	89.23	-0.88	6.7
VangdHiDiv	VYM	161.73	-0.73	12.7
VangdInfoTech	VGT	119.17	-1.57	26.5
VangdIntermBd	BIV	73.99	-0.09	-5.0
VangdIntrCorpBd	VCIT	79.54	-0.08	-5.0
VangdIntermTrea	VGIT	57.28	-0.10	-4.4
VangdMstarGrw	VUG	87.71	-0.35	7.9
VangdMstarLC	VV	350.85	-0.46	11.5
VangdMstarMegaGr	MGK	89.61	-0.32	8.5
VangdMstarMC	VO	80.61	-0.52	11.1
VangdMstarSC	VB	292.37	-0.37	13.3
VangdMstarSCVal	VBR	241.66	-0.18	14.1
VangdMstarTot	VTI	374.68	-0.43	11.8
VangdMstarVal	VTV	222.89	-0.48	16.7
VangdRealEst	VNQ	94.33	-0.50	6.6
VangdRuss1000Grw	VONG	124.81	-0.87	2.5
VangdS&P500ETF	VOO	699.30	-0.46	11.5
VangdST Bond	BSV	76.72	-0.03	-2.7
VangdSTCpBd	VCSH	77.69	-0.04	-2.6
VangdShortTrea	VGSH	57.67	-0.03	-1.8
VangdTaxExemptBd	VTEB	48.41	-0.04	-3.7
VangdTotalBd	BND	71.17	-0.07	-3.9
VangdTotIntlBd	BNDX	46.93	-0.13	-2.9
VangdTotIntlStk	VXUS	86.04	-1.26	14.1
VangdTotWrldStk	VT	158.73	-0.76	12.5

Stock	Sym	52-WkHi/Lo	%Chg
TiancIntl	CIIT	2.52	-6.2
TopWealth	TWG	0.34	-1.5
TransDigm	TDG	1102.37	-2.6
TritonIntlPfdG	TRTNpG	23.06	-0.2
22ndCentury	XXII	1.80	-7.0
UPower	UCAR	3.76	-19.9
UltragenyxPharm	RARE	13.60	-4.8
UnivDisplay	OLED	75.89	-8.3
UnivTechnInst	UTI	19.52	0.1
UplandSoftware	UPLD	3.10	-3.1
UrbanOneA	UONE	4.48	-2.9
VCGlobal	VCIG	1.68	-5.5
ValionBio	VBIO	2.10	-7.1
Venu	VENU	1.71	0.6
VikingAcqnI	VACLU	6.11	2.3
Vipshop	VIPS	12.42	-0.2
Virtuix	VTIX	1.01	2.9
VirtusCpVfdA	NCVpA	19.69	-0.1
VisioniWaveWt	VWAVW	0.05	4.8
VolitionRX	VN RX	0.30	0.6

Fund	NAV	Net Chg	YTD %Ret
SmCapAdml	140.05	-0.56	14.1
SmGthAdml	119.02	-0.79	12.4
STIGradeAdml	10.22	-0.01	0.5
STIPStxAdml	24.82	...	1.5
TotBdAdml	9.37	...	-1.3
TotIntBldxdm	18.79	-0.01	-1.1
TotIntlAdlmdx	46.20	-0.57	14.6
TotStAdml	182.35	-0.83	12.4
TxMCapAdml	391.82	-1.80	12.0
TxMln r	NA	...	NA
USGroAdml	196.64	-0.91	0.8
ValAdml	86.94	-0.45	17.9
WdsrlAdml	94.23	+0.27	13.9
WellsAdml	62.21	-0.15	2.8
WelltnAdml	80.78	-0.43	5.8
WndsrAdml	83.79	-0.16	14.0
VANGUARD FDS
DivdGro	31.73	-0.04	4.5
LifeGro	NA	...	NA
LifeMod	NA	...	NA
PrmpcCor	45.75	-0.61	23.5
STAR	NA	...	NA
TgtRe2020	NA	...	NA
TgtRe2025	NA	...	NA
TgtRe2030	NA	...	NA
TgtRe2035	NA	...	NA
TgtRe2040	NA	...	NA
TgtRe2045	NA	...	NA
TgtRe2050	NA	...	NA
TgtRe2060	NA	...	NA
TgtRet2055	NA	...	NA
TgtRetInc	NA	...	NA
Welltn	46.78	-0.25	5.8
VANGUARD INDEX FDS

Stock	Sym	52-WkHi/Lo	%Chg
WaveLifeSci	WVE	4.49	-0.2
WaldencastWt	WALDW	0.01	-62.0
WellsFargoPfdAY	WFCpY	20.64	...
WellsFargoPfdAZ	WFCpZ	17.17	-0.6
WellsFargoPfdAA	WFCpA	16.93	-0.1
WellsFargoPfdACC	WFCpC	15.81	-0.4
WellsFargoPfdADD	WFCpD	15.42	-0.1
WellsFargoPfdL	WFCpL	1112.00	-0.8
WestEnclaveRt	WENrC	0.14	-3.4
WheelsUp	UP	3.59	-0.5
Whirlpool	WHR	33.86	-3.4
WhirlpoolPfdA	WHRpA	30.49	-2.2
WillametteValley	WVVI	1.89	-9.7
Winmark	WINA	298.53	-2.9
WynnResorts	WYNN	86.80	0.1
XIAO-I	AIXI	2.30	-11.2
YXT.COM	YXT	2.27	0.8
YouxinTechnology	YAAIS	1.36	0.7
ZSquared	ZSQR	2.76	-10.3
ZhibaoTech	ZBAO	0.09	-22.8
Zumiez	ZUMZ	13.64	-1.2

YTD est	Fund	NAV	Net Chg	YTD %Ret
1.1	ExtndlstPI	443.39	-1.78	13.9
2.4	IdxIntl	27.61	-0.35	14.5
0.5	MdCpGrAdml126.12	-0.88	5.3
1.5	MdCpVIAdml105.99	-0.44	16.6
3.3	SmValAdml	103.82	-0.22	15.2
1.0	TotBd2	9.23	-0.01	-1.5
1.6	TotIntlInstldx	184.75	-2.30	14.6
2.0	TotllInstlPIId	184.80	-2.30	14.6
2.0	TotSt	182.30	-0.84	12.4
UAVA	VANGUARD INSTL FDS
0.8	DevMktstIndInst	NA	...	NA
1.9	DevMktstInsInst	NA	...	NA
1.9	ExtndInst	179.67	-0.72	13.9
1.8	FTScinst	52.59	-0.16	12.1
1.8	GrwthInst	270.85	-1.01	8.1
1.0	InPrSeln	9.16	...	-1.0
1.0	Instldx	611.19	-2.95	12.2
1.1	InstPlus	611.20	-2.94	12.2
1.1	InstTStPlus	125.67	-0.57	12.4
1.1A	MidCplnst	88.21	-0.47	11.9
1.1A	MidCplstPI	435.05	-2.33	11.9
1.1A	MorgStlTtStMkI	342.12	-1.57	12.4
1.1A	MrgStrlTtStkIS359.10	-1.64	12.4
1.1A	SmCapInst	140.05	-0.56	14.1
1.1A	SmCaplstPI	404.25	-1.62	14.1
1.1A	STIGradelnst	10.22	-0.01	0.5
1.1A	STIPSlxins	24.84	...	1.5
1.1A	TotBdInst	9.37	-0.01	-1.3
1.1A	TotBdInst2	9.23	-0.01	-1.4
1.1A	TotBdInstPI	9.37	-0.01	-1.3
1.1A	TotIntBdldxInst	28.20	-0.02	-1.1
1.1A	TotStInst	182.38	-0.83	12.4
1.1A	ValueInst	86.94	-0.45	17.9
1.8	WCM Focus Funds

WCMFocIntlGrwIns 27.49 -0.37 10.5

Rate Moves Put Mortgage Bonds at Risk

There are fewer people sitting on ultracheap home loans than you might think

At Labor Day picnics this year, millions fewer Americans could brag about having a sub-3% mortgage than a few years ago.

That might be a relief for frustrated home buyers sick of hearing about it. But it is an ominous sign for investors.

Many homeowners and home buyers locked in superlow borrowing rates during the pandemic. Even though mortgage rates have since risen sharply and slowed new borrowing, life has continued. First-time buyers still bought. Older mortgages were paid off. People gave up low-cost mortgages to move for family or work. And so on. There were nearly 15 million active primary mortgage loans in the U.S. with rates under $3\%$ as of the end of 2021, according to Intercontinental Exchange data. As of this July, there were under 12 million.

The market shift has been stark in dollar terms. At the end of 2022, around 10% of unpaid principal balances were on mortgages with rates of 5% or higher, according to ICE. As of this July, 5%-plus mortgages represented more than 40% of unpaid balances.

Note: Includes active, first-lien mortgages
Source: Intercontinental Exchange

This has economic consequences. Many homeowners were shielded from surging interest rates in 2022 with locked-in rates. Today, rising yields mean that home buyers who had to borrow at higher rates will have to wait a while longer to refinance and enjoy lower monthly payments.

The shift also has investment implications. A much bigger portion of the mortgage market is now eager to refinance if rates fall and will be put off from doing so by rising rates. That is a crucial dynamic for investors in mortgage-backed securities, or MBS.

Fixed-income investors who have lived through tough years recently as rates have surged could turn to government-backed mortgage bonds to earn extra yield while still

Share of unpaid principal balance for mortgages with interest rates of 5% or higher

The steady rise in mortgage rates has slowed down borrowing. A house for sale in California.

avoiding credit risk.

The iShares MBS ETF holds bonds issued by government-sponsored enterprises such as Fannie Mae and Freddie Mac that pool individual home loans. The MBS ETF has returned an annualized 4.3% over the past three years, about 1.2 percentage points more than the iShares U.S. Treasury Bond ETF, according to FactSet data.

One reason that mortgage bonds typically yield more than Treasurys—about 5.8% for the AGNC ICE UMBS 30-Year Current Coupon Index, versus just under 5% for 10-year Treasurys—is the risk around early prepayments of mortgage loans via refinancing.

That risk was subdued when rates surged. Mortgages at 2% or 3% weren't going to be refinanced by borrowers at 6%, or at 7%. And, of course, rates were in no danger of going below those pandemic-era levels.

Now, the market has tilted more toward mortgages at rates that very well could refinance at realistically lower rates. This means the risk of mortgages getting prepaid either much faster or much more slowly is once again a major consideration for investors.

That can either lengthen the life of a mortgage bond, if fewer refinancings happen, or shorten it, if a lot do. So investors thinking they are locking in mortgage bonds' solid yields for a period of time can be disappointed one way or the other.

With a shorter life, that money has to be reinvested at lower yields. At a longer life, mortgage bonds' trading price becomes even more sensitive to higher rates.

“With mortgage bonds, you can get more yield than Treasurys,” explains Harley Bassman, author of

The Convexity Maven website and creator of the MOVE index. “But the trade-off is that you can lose more when rates are rising, and make less when rates are falling.”

At the moment, there seems little prospect of rates falling, with Treasury bonds under pressure and the Federal Reserve poised to tighten. But if long-term bond yields do start coming down, perhaps following some kind of cyclical downturn in the artificial-intelligence sector, holders of mortgage bonds could be surprised at the pace of repayments.

Walt Schmidt, mortgage strategist at FHN Financial, has noted that average loan balances have risen, today's borrowers also have higher credit scores, and more loans are serviced by nonbank firms. Those firms aim to refinance their customers aggressively be-

cause they make money from vol- ume.

"The market is currently very complacent about the potential for faster speeds," FHN strategists wrote in a July note.

Technology plays a role, too. Morgan Stanley strategists recently considered the potential impact of using AI to speed up mortgage refinancing, which is often a very laborious process. They suggested that could lead investors studying past behavior to “misprice this option that borrowers will be more inclined to exercise.”

One possible consolation for people who didn't get superlow mortgage rates: the opportunity to invest in higher-yielding mortgage bonds. But nothing lasts forever. Even 30-year mortgages often have much shorter lives.

—Telis Demos

Stocks Have the Midterm Blues

S&P 500 return between July 1 and one month prior to midterm election 15%

1986 '90 '94 '98 2002 '06 '10 '14 '18 '22 Source: FactSet; WSJ calculations

Between war, rising yields and AI wiping out humanity, there's plenty to keep investors up at night lately.

But we're now in the thick of a period when angst tends to rise almost no matter what else is in the headlines. The run-up to U.S. midterm elections is historically among the worst times to own American stocks.

Between the beginning of July and a month before election day, the S&P 500 has posted a loss half of the time with an average return of negative 2.4% over the past 40 years. The good news? Once the electoral outcome starts to become clear, tension lifts. Stocks have tended to recover in the final four weeks before Election Day.

Once the votes are counted, the

S&P 500 has put in some very good performances. Does it matter who wins?

Republicans currently enjoy a trifecta—control of both houses of Congress plus the White House. That has been hard to maintain with control lost in 1994, 2006, 2010, 2018 and 2022. The last time a party retained a lock on both the executive and legislative branches was during the Carter administration.

It's commonly believed that a divided government is good for stocks because business thrives when Washington's hands are tied. There is some truth to that: Midterm losses of one-party control have preceded a gain over the following six months of $10.4\%$ on average since 1970, according to ana lysts at BlackRock.

Betting on Polymarket as of Friday put the chance of Republicans retaining the House of Representatives at just 12%. A Democratic sweep has even odds.

But changing your stock-market exposure based on the likely election outcome is probably a bad idea. The average stock market performance for all six-month periods following midterm elections since 1970 has been good, beating the divided-government scenario alone.

Shunning what could suddenly be an out-of-favor industry also could be a mistake. During President Obama's two terms, for example, the healthcare sector he campaigned on overhauling had an excellent annualized return of 14.2%.

And, despite Joe Biden's green credentials, old-fashioned fossil-fuel companies were the best performers when he was in office. That was following their last-place showing during President Trump's first term at negative $16.4\%$ annualized.

Energy stocks have done great so far during his current term. But that is largely for a reason that is hurting his party's electoral prospects politically—a Middle East oil supply shock.

The bad news for President Trump is that there are less than two months to fix that before Election Day. The good news for investors is that no matter the outcome, the historical pre-midterm rough patch is almost over.

—Spencer Jakab

MONEY & INVESTING

Stock Spotlight

Nvidia, Intel and Marvell Technology Chip stocks slid after leaders of the biggest AI companies called to slow its development. Nvidia, Intel and Marvell lost 3%, 6% and 7%, respectively. Overseas, chip stocks sold off, including SK Hynix (6%) and Samsung Electronics (4%) in South Korea and ASML (7%) in the Netherlands.

Abbott Laboratories Shares advanced 1% after Abbott agreed to pay \$385 million to settle allegations related to its management of a baby formula facility where deadly bacteria was suspected of causing infant deaths.

On this day in 1997, the web domain google.com was registered. The Stanford University coders behind the search engine, Larry Page

Oracle

The company said over the weekend that co-founder Larry Ellison scrapped plans to sell up to \$7.5 billion worth of his Oracle stake, a day after first disclosing the plans. No reason for the change was given. Shares retreated by nearly 4%, swept up in the broader tech selloff.

SoftBank Group Shares of the Japanese tech conglomerate fell more than 10% in Tokyo. A slowdown in AI development could hit SoftBank's sprawling AI investments, including its stake in OpenAI. OpenAI CEO Sam Altman said in an interview that the company likely wouldn't go public likely wouldn't go public this year given safety concerns.

On This Day in Market History

and Sergey Brin, had initially called their project Backrub before renaming it Google—a play on googol, meaning one followed by 100 zeros.

CrowdStrike, Palo Alto Networks and Workday Shares of cybersecurity and other software companies rallied Monday. Many of the shares have been under pressure this year as investors bet their businesses would be displaced by new AI models. CrowdStrike climbed nearly 14%, while Palo Alto Networks and Workday advanced 13% and 5%, respectively.

TUESDAY'S EVENTS: ◆ Federal Reserve: The Fed will convene for its two-day September FOMC meeting, where officials will deliberate behind closed doors over interest rates and whether an increase is warranted. ◆ Economic data: Empire state September manufacturing survey, ADP employment report, Johnson Redbook retail sales

EARNINGS EXPECTED: Vera Bradley

Source: FactSet

Euronext, Rival Climb

Shares of European stock-exchange groups rose after the chief executive of Euro-next said he was open to a deal with German rival Deutsche Börse.

Euronext shares climbed by about $1\%$ in Monday's Paris trading while Deutsche Börse shares advanced $2\%$ in Germany.

Is Bitcoin's Rally Finished?

For a while this summer, bitcoin and other cryptocurrencies were in the doldrums, eclipsed by the shinier lights of surging artificial-intelligence stocks and prediction markets. Then in August, bitcoin posted its biggest rally since 2023.

Behind the resurgence: a short-covering frenzy prompted by U.S. Treasury Secretary Scott Bessent's Aug. 19 announcement that the government would at least double its buyback of long-dated debt led to negative bets on the dollar; President Trump's push for Congress to pass a "fair version" of the digital regulatory act on the same summer day; and a broader return to risk-on sentiment with crypto exchange-traded funds posting strong in-flows in August.

Bitcoin rose around 25% to \$80,000 from Aug. 19 to Aug. 25, climbing above \$82,000 at the start of

September. It has since pulled back—trading at around \$79,000 Monday afternoon.

Struggling to breach the \$80,000 level again, investors are questioning whether the bitcoin rally has fizzled out—for now.

Assets like cryptocurrencies are hard to value, and often meet seemingly arbitrary barriers to progress, said Stephen Coltman, head of macro at 21Shares, a provider of crypto-based exchange-traded products. At the moment, investors are seeing the \$80,000 level as an opportunity to sell, Coltman said.

Bitcoin remains a long way shy of its peak of around \$125,000 in October 2025, and some analysts are skeptical such levels will be repeated soon. On the other hand, the Treasury's willingness to countenance a weakened dollar and changing regulatory winds could spur bitcoin and its peers higher, analysts said.

—Joe Stonor and Farhan Rafid

PAID ADVERTISEMENT

Conservation needs to learn to say ‘yes’

A message to our movement

Every hour, we lose more than 40 acres of farmland and ranchland. Every day, open space twice the size of Central Park disappears. Every year, another million acres of forest are lost. And once these lands are gone, they're gone forever.

And now, trillions of dollars for desperately needed infrastructure will create one of the largest periods of building in American history.

Without a clear vision, this new infrastructure will accelerate the loss of wild and working lands that people and wildlife depend on. Land we can't afford to lose.

So, how do we build the infrastructure we need while protecting the natural systems we depend on?

The environmental movement deserves enormous credit for solving many of the challenges of the last century: reducing pollution, protecting iconic landscapes, and forcing industry to account for environmental harm. But we did it by saying “no” — through legislation, regulation, and litigation. "No" is a powerful tool to protect hard-fought conservation wins. But it can't be the only tool in our toolbox.

If we're to address climate change, housing needs, water scarcity, and rural economic development, we need to build. And when we build, we have an opportunity to link new infrastructure with conservation outcomes, securing more for our country than we'd ever achieve by only saying “no.” Built infrastructure and natural infrastructure stop being opponents and instead become partners. This is what it means to find the “yes.”

Wetlands protect against floods, storm surge, and extreme weather. Forests store carbon, filter drinking water, and extend the life of reservoirs. Farms provide fresh, local, and sustainable food. Urban tree canopies keep cities livable through a heat wave. These natural systems are necessities, not amenities. They do the work that built infrastructure cannot.

We can't solve today's biggest challenges by only saying "no."

A prosperous, healthy, and resilient future requires an environmental movement committed to both building what our country urgently needs and protecting what cannot be replaced.

The challenges ahead are too large and too complex for yesterday's playbook. We need a movement as committed to building as it is to blocking.

It's time to find the "yes." For all of us.

Larry Selzer President & CEO