The Wall Street Journal - 08.10.2026 — 2026-10-07

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THURSDAY, OCTOBER 8, 2026 \~ VOL. CCLXXXVIII NO. 84

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What's News

Business & Finance

◆ The yield on the 10-year Treasury note briefly touched a 24-year high before falling back and the S&P 500 and Nasdaq slipped from records, both shedding 0.2%. The Dow declined 0.7%. A1, B1

◆ Minutes of the Fed's last policy meeting suggest there will be a further interest-rate increase this year, but no urgency for action to be taken in October. A2

◆ France considered boosting its issuance of shorter-term debt as investors grow more hesitant to lend to the debt-laden country for longer periods. A7

◆ Three fired OpenAI employees called on the company to work with outside safety auditors and to preserve the ability to monitor increasingly sophisticated AI models. B1

◆ Canada’s Weston family reached a deal to buy U.K. pharmacy chain Boots from Sycamore Partners for \$8.9 billion, including debt. B3

◆ Crypto firm Ripple has emerged as a serious player in providing swap financing to leveraged exchange-traded funds. B1

◆ Samsung forecast quarterly operating profit exceeding \$80 billion for the first time, as the world's largest memory-chip maker continues to cash in on the AI boom. B3

◆ Shell expects to report that its refining margin hit a record in the third quarter, driven by volatility stemming from the conflict in the Middle East. B3

◆ Porsche plans to make its cars even more exclusive while continuing to cut costs and streamline operations. B2

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Worldwide

◆ A measles outbreak in Pennsylvania became the country's biggest since 1991 as declining vaccination rates make parts of the country vulnerable to infection. A3

◆ Tropical Storm Isaias formed in the warm waters off eastern Mexico and forecasters predicted that it would quickly strengthen into the first hurricane of the Atlantic season. A3

◆ A Tennessee judge ordered the state Department of Correction to preserve all evidence related to the botched execution of Christa Pike. A4

◆ Michigan Senate Republican nominee Mike Rogers broke with Trump over the trade war with Canada as he engages in a tight race against progressive Democrat Abdul El-Sayed. A4

◆ House Democratic leader Hakeem Jeffries said his party would move to reverse cuts to healthcare spending and bring down households' costs, expressing confidence Democrats would win control of the House. A5

Henri Kagan and Kenso Soai were awarded the 2026 Nobel Prize in Chemistry for breakthroughs that have helped advance the development of modern pharmaceuticals. A9

◆ The FlyDubai first officer who allegedly tried to bring down Flight 1073 to Tel Aviv told investigators that he had nearly carried out an attack this past summer before reconsidering. A8

◆ Attacks claimed by Houthi militants damaged two airports in Saudi Arabia, killing three people. A10

Markets Digest.... B6

Opinion..... A15-17

Personal Journal A11-12

Sports..... A14

Technology..... B4

U.S. News..... A2-5

World News..... A6-10

© 2026 Dow Jones & Company, Inc.

All Rights Reserved

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Israel Remembers the Victims of Oct. 7

PAINFUL MEMORIES: Israelis on Wednesday marked the third anniversary of the Hamas attack that left about 1,200 people dead. Benny and Maggy Solomon, whose daughter Hila was killed at the Nova music festival, attend a memorial at the site. A9

Tension, Turnover, Unmet Goals Bedevil Treasury Under Bessent

Midterms could turn on high prices and borrowing costs, pressuring secretary

WASHINGTON—Scott Bessent was fuming. President Trump had just asked his Treasury secretary to investigate allegations of fraud in Minnesota's Somali community—and Bessent thought one of his top deputies was dragging his feet.

During a January meeting at the Treasury Department, Bessent confronted John Hurley, the agency's undersecretary for terrorism and financial intelligence, yelling at him and unleashing profanities. Bessent shouted so loudly that staff working nearby could hear him, according to people with direct knowledge of the matter.

Weeks later, Bessent discussed with aides the idea of finding Hurley, who had been confirmed by the Senate for his position, a job outside the department, the people said. Hurley left to be U.S. ambassador to the Organization for Economic Cooperation and Development.

It was one of a string of high-level departures in the top ranks of the department at a moment when the Treasury secretary was staring down the biggest challenges of his career. Bessent's behavior was a factor—

By Brian Schwartz,

Josh Dawsey,

Philip Wegmann and

Gregory Zuckerman

and sometimes the most-important one—in the departure of multiple key officials, people familiar with the matter said.

Bessent has dressed down senior advisers and junior staffers alike over issues large and small, according to more than a dozen current and former Treasury officials.

But Trump has only pulled Bessent closer, empowering him to solve stubborn problems in the economy, including higher borrowing costs, intractable inflation pushed up by gas prices and government debt that is piling up quickly. At the same time, Bessent has been tasked with ending the war in Iran with a sweeping sanctions plan.

A senior administration official said the president's entire economic policy agenda is on the Treasury secretary's shoulders. "Scott cannot fail," the official said.

His backers say his hard-charging style gets results. But 20 months into his tenure at the department, Bessent is facing skepticism on Wall Street and an economy that could wreck Republican chances in November's midterm elections.

Please turn to page A10

Deliberate Crashes By Pilots Confound Airlines

FlyDubai incident spotlights industry's struggle with how to alleviate threat

BY ANDREW TANGEL

A pilot's suspected attempt to crash a Boeing 737 MAX bound for Israel shows how one of aviation's biggest safety threats is in the cockpit.

As commercial flying has gotten safer, the death toll from suspected intentional crashes increasingly stands out. At least 800 people worldwide have died since 2005 in airline crashes that have been suspected by U.S. government officials or confirmed to be intentionally caused by pilots, according to accident data.

Disasters that current and former U.S. officials believe resulted from deliberate pilot actions include a 2014 Malaysia Airlines flight that disappeared over the southern Indian Ocean, a 2022 China Eastern Airlines crash in southern China, and a 2025 Air India crash in western India. Local investigators of the crashes haven't reached the same conclusion as U.S. officials or released their final investigative findings.

One crash that is officially accepted as a deliberate act is a 2015 Germanwings crash in the French Alps.

Airlines, regulators and aerospace manufacturers have worked to stamp out deadly accidents resulting from overshooting runways, mistakenly flying into terrain or failures in aircraft structures.

Around the world, flying has increased 37% over the past two decades, according to aviation data firm Cirium. Meanwhile, the number of

Please turn to page A8

◆ FlyDubai pilot was poised to attack in July...... A8

OpenAI Is Close on Anthropic's Heels Amid Price War

BY ANGEL AU-YEUNG

Anthropic edged to the front of the AI race earlier this year with cutting-edge models and a coding tool that corporate America loved. By some measures, OpenAI is now hot on its heels.

Demand for Anthropic's Claude Code was so strong in the spring that the company faced frequent outages and a computing crunch.

But businesses grappling with mounting costs as more employees experimented with AI realized they didn't always need the most advanced options for most tasks. Companies, which now use a variety of models, increasingly turned to low-cost, open-weight models from China for some tasks. And some Claude users balked at guardrails the Anthropic put on its powerful Fable 5 model when it was released in early June.

OpenAI stoked the price war this summer with the release of its GPT-5.6 lineup—Sol, Terra and Luna—giving customers access to models with varying capabilities, including some that are less expensive to run. Its Codex coding product and other business tools are now gaining ground, and it has Please turn to page A4

◆ Fired OpenAI workers seek monitor of AI models..... B1

INSIDE

MICHAEL NAGLE/BLOOMBERG NEWS

SPORTS

Moneyball killed the

bunt. The Tampa Bay

Rays are bringing it

back. A14

BUSINESS & FINANCE

Wells Fargo faces federal probe over efforts to boost Black homeownership. B1

With in-flight internet improving, more fliers are taking work meetings and calling family

BY ALISON SIDER

Christopher Mosby was pleased to find Starlink Wi-Fi

The Latest Nuisance on Flights Is a Zoom Call at 30,000 Feet

Airlines flight from Chicago to Denver earlier this year. But 15 minutes into the trip, he heard the tell-tale sounds of a work call coming from seat 4A: agenda updates

awkward pauses and everyone's favorite: "Can you see my screen?"

The new era of in-flight connectivity is here, and with it, a new era of in-flight annoyance.

Fast, free internet is rolling

\* \* \*

loved one—in some cases, like Mosby's flight, defying crew instructions that calls of any sort are forbidden.

out on planes around the world, and travelers are finding it hard to resist the temptation to hop on a work Zoom or FaceTime a broad index has rumbled to new highs.

Altitude problem

Since January, the stock's valuation multiple, or the price that investors are willing to pay for each dollar of a company's earnings, has dropped significantly. It isn't alone. The S&P 500 has seen its multiple slide even as the

Higher Rates Erode Value of Tech Stocks

actually work from is great," said Mosby, who heads a cybersecurity company. "I just don't think the rest of the cabin needs to join your Teams meeting with you!"

"I travel a lot, so having a connection that is fast enough to

BY JACK PITCHER AND SAM GOLDFARB

Please turn to page A12

Wall Street is blaming rising rates.

Nvidia, the chip maker of the AI revolution, has played a starring role in the market's climb to record highs. But even its shares aren't commanding the premium they once did.

The 10-year Treasury yield, which touched a new 24-year high on Wednesday, just posted its steepest quarterly increase since 1994. Aside from the chilling effect higher borrowing costs have on debt-dependent industries like real es-

Please turn to page A5

◆ Fed minutes show no urgency for rate hike..... A2

◆ Surge in bond yields misses China..... B1

Influencers Urge Public: Don't Pay Medical Bills

BY PETER LOFTUS

Ian Howard was shocked to get a \$1,000 bill for a brief visit to the emergency room that determined he sprained his ankle in a fall last year. Instead of fighting the bill, he just didn't pay it.

"I went in for a sprained ankle. All's they did was look at it and say, the bitch is sprained" the 28-year-old yells in a rant on TikTok. "Y'all ain't never seeing that money!"

The 24-second video has racked up more than 3 million views on TikTok and more than 8,000 comments, including stories about other hefty bills that have gone unpaid.

The rancor against rising healthcare bills is exploding. Millions of people in the U.S.

are dropping Affordable Care Act plans after the end of subsidies, boosting the rolls of the uninsured. Even those with insurance are increasingly opting for high deductibles because costs for insurance premiums are so high. And coinsurance rules routinely require people to shell out even after they have hit their several-thousand-dollar deductibles.

Howard said he posted about his ER bill because “I feel like most people probably relate as far as hospitals trying to upcharge an insane amount.”

Unpaid bills are a real pain point for hospitals. Patient debt and the cost of charity care rose 16% in the first half of the year, versus the year-

Please turn to page A4

What Inflation Means for Midterms

The run-up in prices has cooled from four years ago, but voters are still paying more

BY OWEN TUCKER-SMITH

Four years ago, in the lead-up to the last midterm elections, prices were rising more than twice as quickly as they are now. President Trump has repeatedly reminded voters of the 2022 inflation rate, blaming high prices on his predecessor.

But Americans, weary from six years of quickly rising prices that have eaten away at their paychecks, might blame Republicans anyway as they head to the polls next month.

Inflation currently sits at about 3.4%, far lower than its recent peak in 2022, when it topped 9%. Yet that means prices are still rising, and on top of much bigger increases in previous years. All kinds of everyday goods are 30% more expensive than they were in 2020. The prices of new cars, child care, beef and paper towels have all soared.

Economists say that consumers generally focus more on the cumulative effect of years of steadily rising prices than on individual monthly metrics, and that it takes years for consumers to adjust to new price baselines. That helps explain why voters might be aggravated and still surprised when they see, for example, a \$5 price tag on a gallon of milk.

Prices for some items, like eggs, butter and cheese, have fallen in the past year.

But newer signs of pricing pressure have emerged: Gas prices have lurched higher in recent months. Mortgage rates' pushing past 7% and record home prices have shattered the playbook for buying a new home.

“Voters have become incredibly impatient and disconcerted” by inflation, said Stephen Weymouth, a professor at Georgetown University’s business school who has studied the impact of inflation on elections.

Consumer prices, August 2020-August 2026

Note: All prices are per pound except gasoline, which is per gallon, and soft drinks, which is per 12-ounce can when buying in bulk. The chicken price per pound is for whole, fresh chickens.

Source: Labor Department

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Slowing wage growth

During the past six years, prices have, on average, risen faster than wages.

A swath of the population simply didn't receive wage increases to match the pace of inflation, which has eroded Americans' purchasing power and likely contributed to an overall souring mood.

The trend has been pronounced recently: In both July and August, inflation outpaced average hourly wage growth.

Many employers have given raises that match inflation. But those raises don't necessarily lead to happier consumers.

When they give raises, bosses tend to tell staff that “you’ve done a great job at work and I’m rewarding you,” said Neale Mahoney, an economics professor at Stanford University. “So when you go to the grocery store and you see the price increase eroding away those wage gains, you see it as something being done to you.”

Consumer prices vs. wages, change from a year earlier

Cumulative inflation rates

Note: Wage growth based on average hourly earnings and inflation based on the consumer-price index.

Source: Labor Department

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Age of inflation

Overall prices, as measured by the consumer-price index, have risen almost 29% in the past six years. During the six years before that, prices crept up at a third of that pace.

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Big-ticket items

Wages vs. consumer prices, cumulative change since August 2020

Since the pandemic, prices have leapt in all corners of the economy: coffee, cleaning products, streaming services, hardware. A Hulu no-ads subscription jumped from around \$12 to more than \$20, and a New York City subway fare hit \$3. The U.S. Postal Service's "forever stamp" cost 55 cents in 2020. Now it costs 82 cents.

Inflation data usually doesn't include some of the expenses people care about most. U.S. out-of-pocket spending on healthcare per capita rose roughly $47\%$ between 2020 and 2026.

The cost of borrowing money also keeps climbing. Prices of housing, daycare and preschool, car maintenance and pet services have all grown more over the past six years than average hourly wages.

Source: WSJ analysis of Labor Department data

Meanwhile, Americans have found themselves saddled with ballooning debt, further blunting the impact of income growth. A recent report by Century Foundation, a progressive think tank, found that in recent years, more than half of workers' raises have gone toward debt payments.

......

Source: Labor Department

Messaging from both parties centers on prices

Inflation often punishes incumbents. In 2022 and 2024, high prices were the Democrats' Achilles' heel.

Now, a Republican president who made inflation a center of his political comeback is being asked to answer for the fact that on average, it costs around \$50,000 to buy a car and around \$60 to fill its gas tank.

It is easy for voters to connect the dots between Trump's policies and high prices, Weymouth said. Consumers watched the prices of goods like bananas rise after the onset of his reciprocal tariffs, Mahoney noted, and fall only slightly after those tariffs were rescinded.

In a recent Wall Street Journal poll, $60\%$ of respondents said Trump's policies had made the economy worse.

A White House spokeswoman said that the president had cut the cost of prescription drugs and added more than a million private-sector jobs to the economy.

"The Democrats and Joe Biden destroyed our economy and crushed American families, and President Trump is cleaning up the damage caused by their failed economic policies," she said.

Both parties are focusing on prices in their campaign messaging. But how inflation affects the midterms might depend on which kinds of voters are seeing the biggest financial strain. Energy prices, for example, often affect lower-income consumers, because they spend a bigger chunk of their paycheck on gas.

Consumer-price index, change from a year earlier

Difference in inflation rates experienced by the bottom 40% of earners vs. the top 20%

Data from the New York Fed, which estimates the inflation rates experienced by different socioeconomic

Strong spending, sinking confidence

Note: CPI data for October 2025 is unavailable. Core excludes food and energy prices. Sources: Labor Department (CPI YoY); Federal Reserve Bank of New York (difference in inflation)

groups, shows that this year's inflation has hit the bottom $40\%$ of earners significantly more than the top $20\%$ .

Republican lawmakers continue to stress that the inflation rate, while above the Fed's $2\%$ target, is much lower than it once was.

But “campaigning on ‘the rate of price increases has slowed down’ is a bad idea,” Weber said, “because that’s not how consumers think about prices.”

American consumers are spending big, and household spending has grown faster during the past 12 months as of August than it did last year. The S&P 500 is up 14% this year, and the unemployment rate is low.

So consumers might have a pretty good view of the economy—if it weren't for the stubborn inflation squeezing their disposable incomes.

their head from years ago.

While economists keep a close eye on the year-over-year inflation rate, consumers often compare prices they see at the store to benchmarks stuck in

Consumer-sentiment index

And many consumers, when recalling what they believe they paid for a product a year ago, think they paid less than they actually did, said Michael Weber, an economist at Purdue University. They also notice price increases much more than they notice price cuts, said Weber.

This might help explain why consumer sentiment dropped last month, according to the University of Michigan's survey; sentiment among Republicans has fallen 20% since the start of the year.

THE WALL STREET JOURNAL

Source: University of Michigan

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Fed Minutes Show Lack Of Urgency For October Rate Hike

BY MATT GROSSMAN

When Federal Reserve officials met to raise interest rates last month, most expected a further increase later this year, but minutes of the meeting, published Wednesday, didn't show that policymakers made an urgent case that such a follow-on move should come at the next meeting in October.

Officials were unanimous in backing the September rate increase to respond to persistent inflation. Many officials believed the rate increase was justified to address the risk that inflation will run above expectations, while some thought the current outlook for price increases was itself enough reason to raise rates, according to the minutes.

Most officials filed projections at the September meeting showing one more rate increase across the Fed's two remaining policy meetings this year, in October and December. A small handful penciled in increases at both meetings.

But the minutes of the meeting, released with the customary three-week delay, didn't reflect clear plans to bring rates higher again later this month—an outlook that accords with recent comments from key policymakers who have suggested a further rate increase can wait until December.

“Most participants assessed that another increase in the target range for the federal-funds rate would likely be appropriate by year end,” the minutes said. “Participants emphasized, however, that they approached each meeting with an open mind and decisions at future meetings would depend on incoming information.”

September's rate increase followed a frustrating summer for the Fed, when inflation defied many officials' hopes that it would cool on its own.

To shoppers, a bumpy rise in fuel costs sparked by the Iran war has been one of the most painful examples of ongoing price increases. But the Fed also ran short on patience with broader inflation trends, bolstered by the AI investment surge and the Trump administration's tariffs.

In a news conference following the September rate increase, the Fed's first in three years, Chairman Kevin Warsh said prices on too many types of products are rising faster than the central bank wants to see. "This summer's inflation readings do not tell me that underlying trends have meaningfully improved," he said.

Solid economic readings late last month, including an especially strong S&P Global survey of purchasing managers on Sept. 23, sparked initial bets in financial markets that the Fed could raise rates again at its next policy decision Oct. 28.

Those bets unwound last week after two top Fed leaders, New York Fed President John Williams and Fed Vice Chair Philip Jefferson, both signaled that while they expect the Fed to raise rates further, there's little urgency to act again in October. Many Fed watchers inferred that their comments reflected a broader consensus among officials that the Fed could wait until December to raise rates again.

Friday's cooler-than-expected September jobs report did nothing to jolt those expectations of an October pause.

Warsh's hesitance at his first two Fed news conferences, in June and July, to explain exactly how he planned to address elevated inflation concerned some investors, boosting pressure on the Fed to back its anti-inflation commitment with a September rate increase.

Having followed through with that rate hike, however, the Fed has likely earned from markets the breathing room to delay its next move until December, said Patrick Harker, a former president of the Philadelphia Fed now at the University of Pennsylvania.

CSU/CIRA & NOAA/REUTERS

BEN CLEETON FOR WSJ

Tropical Storm Isaias Takes Aim at Gulf Coast

Tropical Storm Isaias formed Wednesday in the warm waters off eastern Mexico and forecasters predicted it will quickly strengthen into the first hurricane of the Atlantic season before striking the U.S. Gulf Coast later in the week.

Communities in the potential path of Isaias moved quickly to prepare with landfall forecast as soon as Friday evening. Some Gulf oil wells paused production and an Alabama beach city canceled a weekend festival. Florida's governor declared a state of emergency for more than a third of the state's counties.

Isaias, seen at left in a still image from a time-lapse video Wednesday, could become a major Category 3 hurricane, with winds of 111 mph or stronger before it strikes land, said Michael Brennan, director of the U.S. National Hurricane Center. "We're expecting multiple dangerous, life-threatening impacts along portions of the northern Gulf Coast beginning Friday and continuing into the weekend," Brennan said Wednesday.

The storm was on track to tie or break a 121-year-old record as the latest arriving initial hurricane of the Atlantic season. According to the National Weather Service, the record dates to 1905, when the year's first Atlantic hurricane formed on Oct. 8.

The Atlantic hurricane season has been unusually quiet this year due to a strong El Niño, which disrupts storm formation over that ocean.

—Associated Press

Cornell Suit Reignites Debate Over Consent

The Chi Phi fraternity building at Cornell University

Sex-assault victims' advocates renew calls on state to close a legal loophole

BY JOSHUA CHAFFIN

The civil lawsuit a young woman recently filed against Cornell University and seven fraternity members, alleging sexual abuse two years ago, has jolted the nation.

The case of “Jane Doe” has also reignited America’s debate about sexual consent. At its center is a decadeslong legal fight over how to define and adjudicate it—often among young adults, like those at Cornell, in the murk of encounters accompanied by alcohol and drugs.

In New York, where Cornell is based, Gov. Kathy Hochul is demanding legislators close the so-called voluntary-intoxication loophole—a provision critics say lets perpetrators prey on individuals like Jane Doe without consequence if the victim knowingly drank or used drugs. "If someone is too intoxicated to consent, it should not matter whether they chose to use drugs or alcohol," Hochul told reporters. "Voluntary intoxication is not a license for sexual assault or gang rape. Period."

The debate over consent has raged for years, shaped by wider culture-war shifts: the rise of #MeToo, a backlash from critics concerned about overreach, and the competing world views of the Obama and Trump administrations.

Now, with the Cornell case and allegations of sexual assault amid a haze of ketamine, emotions have hit a fever pitch, particularly on social media.

Andrew Miltenberg, a lawyer representing one of the accused students, called the case “a significant inflection point” in the debate over consent. “How much of it can be legislated away? What it means in different settings? How to pull apart what are usually very gray-area cases?”

He also cautioned against a rush to judgment, saying: “The public has seen fragments of this case, not the full record. Yet allegations are already being treated as conclusions.”

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What the law says

New York's sexual-assault laws have evolved since the days when victims had to prove they had put up "utmost resistance." But some experts say a loophole remains. Under one section of the law, a person is guilty of rape if they have sex with someone who "is incapable of consent by reason of being mentally disabled or mentally incapacitated."

The law deems someone “mentally incapacitated” if they are temporarily incapable of controlling their conduct “owing to the influence of a narcotic or intoxicating substance administered to him without his consent.”

The catch is when the parties drank willingly—as is common in many campus assaults. In effect, say critics, those cases tend to crumble unless a prosecutor can prove beyond a reasonable doubt that a victim was unconscious—and, therefore, “physically helpless” and unable to communicate—not just stumbling drunk.

In upstate New York, Tompkins County District Attorney Matthew Van Houten referenced the law in a Sept. 28 statement that outlined why his office didn't bring charges after Jane Doe spoke to Cornell University police in November 2024. She had initially described her drug use and sexual conduct as “voluntary, conscious and consensual,” he said.

"The facts provided by Jane Doe's statement do not allege that she was either rendered incapable of controlling her own conduct or that any drug was administered to her without her consent," he stated.

Van Houten days later told media outlets he hadn't been aware that Jane Doe, in a transcript of her intake conversation with campus police, said she was raped.

Jane Manning, a former prosecutor who now leads the advocacy group Women's Equal Justice, acknowledges "gray areas when drunk sex is concerned," but argues that prosecutors too often lean on the New York law to discard victims' complaints without investigating further.

“He is accurately stating what New York law says,” she said of the D.A. “But he still should have looked closer.” The severity of what was being reported, Manning added, should have been a call for a deeper investigation that might have turned up additional facts.

Instead, the criminal avenue appeared closed until last month, when Jane Doe's lawyer, Thomas Giuffra, filed a civil lawsuit in New York Supreme Court alleging she was pressured into snorting ketamine with two of the defendants and then gang-raped. They also smoked marijuana and drank "Jamaican liquor," according to the suit.

Amid public outcry, the district attorney reopened the case, and Hochul has appointed Attorney General Letitia James as special prosecutor to head the criminal investigation.

Efforts to close the “voluntary intoxication” loophole aren't new. In 2018, years before Jane Doe stepped onto campus, then-Manhattan District Attorney Cyrus Vance wrote to Gov. Andrew Cuomo complaining about it. Cuomo, in turn, proposed closing the loophole in a 2020 address. Yet proposed legislation hasn't advanced, and opposition remains stubborn.

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Campus whiplash

On campuses, in particular, legal approaches to sexual misconduct have seesawed for more than a decade.

In 2011, the Obama administration told universities that they should apply Title IX, the federal law known for promoting gender equality in sports, to matters of sexual abuse and discrimination. “It was a landmark moment because it was guidance from the top,” said Katie McKay, a lawyer at C.A. Goldberg who specializes in Title IX cases.

Universities hired former prosecutors and victim advocates to handle a pile of Title IX complaints. Soon, the #Me-Too era would lessen the stigma of coming forward.

The Trump administration began to roll back those policies. Accused men began filing “John Doe” suits, alleging they were being expelled or suspended without due process. Universities, McKay said, had been forced to shoulder a legal burden they never wanted.

Cornell is bringing in Sally Yates, who was deputy attorney general in the Obama administration, to lead a review of the university's handling of Jane Doe's allegations, along with the school's policies on sexual misconduct, student discipline and Greek life.

In a video address over the weekend, Cornell President Michael Kotlikoff said: “We will also lend our full support to legislative efforts to change New York’s sexual assault laws.”

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The Texas model

Those seeking such change might consider Texas' solution. Last year, state lawmakers passed a bill closing an intoxication loophole.

The law was named for Summer Willis, who said she was raped in 2014 while a sophomore at the University of Texas after drinking a cup of punch at a fraternity party. She believes it was laced with drugs.

In an echo of the Cornell case—where Jane Doe's complaint included a screenshot of a chat fraternity members allegedly used to invite others to join in the rape—someone made light of the alleged assault in a private newsletter circulated among the fraternity members the Monday after the party. Willis didn't tell her parents or report the assault. She quit her sorority and ended up leaving school for a time.

The law that bears her name doesn't stop due process, she noted. Alleged victims must still prove beyond a reasonable doubt they were too impaired to consent—and that the accused should have known it. Two years ago, Willis came to New York to join the campaign for a similar measure. It failed. With the Cornell case, there might be another opportunity.

“People are surprised about this case,” said Willis, “because our moral idea of rape and our societal understanding of rape doesn’t match the definitions in the laws.”

Measles Outbreak in Pennsylvania Is Biggest in the U.S. in 35 Years

Measles cases in Pennsylvania, 2026

Measles cases in Pennsylvania by county, 2026

Source: Pennsylvania Department of Health

Note: As of Oct. 7

BY JENNIFER CALFAS

An accelerating measles outbreak in Pennsylvania is now the country's biggest since 1991—as declining vaccination rates have made parts of the country vulnerable to surges of a disease that was eliminated more than two decades ago.

The Pennsylvania Department of Health reported 1,066 confirmed cases of measles in the state since an outbreak began in April. State health officials said five people have so far died of the vaccine-preventable disease.

The records keep coming. Pennsylvania's infections surpassed the 997 recorded in a South Carolina outbreak that ended this year. There have been 40 measles outbreaks nationwide in 2026, compared with 16 in 2024, according to the Centers for Disease Control and Prevention.

“We’re living with measles as an ongoing public health threat to the United States,” said Jennifer Nuzzo, director of the Brown University Pandemic Center. “As long as measles continues to transmit in the country, it will find its way into these exquisitely vulnerable communities and cause massive outbreaks.”

For decades, the U.S. recorded as many as a few dozen or hundred measles cases each year. But historic outbreaks in Texas, Utah and South Carolina over the past nearly two years have fueled decades-high case counts. There have been more than 3,800 measles cases reported across the U.S. this year—another high not seen since the late 1980s and early 1990s when a surge of measles outbreaks sickened tens of thousands.

That surge prompted public-health officials to recommend people get two doses of the measles, mumps and rubella, or MMR, vaccine, which was introduced in the U.S. in the 1970s. Those vaccination efforts led to the country eliminating measles in 2000. Now the country is on the verge of losing that status after successive years of outbreaks.

It comes as the Trump administration has backed away from U.S. vaccine recommendations and has raised questions over their link to autism, a connection that scientists say is unfounded.

As the outbreak grows, doctors say they are seeing more patients with rare outcomes of the disease—things like severe pneumonia and encephalitis, a form of brain swelling that can lead to disabilities.

There have also been several cases of babies contracting the disease in utero or at birth, which is rare, said Dr. John Goldman, an infectious disease specialist at the University of Pittsburgh Medical Center in Harrisburg. In Pennsylvania, one newborn has died with the disease shortly after birth.

“We’re learning on the fly,” Goldman said. Public-health leaders expect measles to keep spreading until they reach herd immunity, meaning some 95% of people have either contracted the virus or been vaccinated.

U.S. NEWS

Rogers Splits With Trump on Tariffs

Republican Mike Rogers of Michigan is trying to distance himself from the Trump administration's economic agenda.

Republican candidate in Michigan calls for end to the U.S. trade fight with Canada

BY MAYA DAVIS

Michigan Senate Republican nominee Mike Rogers broke with President Trump Wednesday over the trade war with Canada, the latest step to distance himself from the administration's economic agenda in the tight battle against progressive Democrat Abdul El-Sayed.

“Here in Michigan, we know that Canada is not our enemy,” Rogers said in a new ad, which was released the day before the candidates’ first debate. “We need to end this tariff war. Now.”

Trump imposed a 50% tariff on roughly \$20 billion worth of Canadian goods this summer, which Rogers defended as necessary for Michigan manufacturing. In recent months, Rogers called for a quick end to the war in Iran and a one-year statewide moratorium on new data-center construction, both of which he had previously defended.

In the ad, Rogers, a former congressman who narrowly lost a run for Senate in 2024, pledged to work across the aisle to lower costs for Michigan families and said his opponent supports tax hikes that would do the opposite—a reference to El-Sayed's backing of Medicare for All.

El-Sayed has tied Rogers to the tariffs on the campaign trail, calling them “Trump and Mike Rogers’s tariffs.” During an August CNN interview, he said Rogers was “caught between knowing full well that these tariffs are bad for Michiganders" and staying in line with Trump.

The link has proved a vulnerability in the border state where roughly 36% of all Michigan exports go to Canada. A spokeswoman for Rogers said, "Mike's once again doing what he always does—the right thing for Michigan."

In a post on X, El-Sayed said Rogers cheered the tariff war “from the beginning and you’re flip-flopping now because your poll numbers are in free fall.”

Rogers has stopped short of criticizing the president directly as the candidate walks the line between keeping the GOP base and confronting high costs driving voter discontent with the party.

A September poll found 41% of state voters said their family finances had gotten worse over the past year, and 42% said their vote for Congress would be a vote against Trump.

Earlier this week, El-Sayed dared Trump to come to Michigan and stump for Rogers.

“Clearly, your candidate can't speak for himself. He doesn't have anything to say. Clearly, you are the answer," El-Sayed said in an interview with MSNow. Trump told reporters that day he planned to visit the state.

Rogers openly criticized Trump before successfully seeking his endorsement during his first Senate run in 2024. In 2021, Rogers wrote Trump was “more gangster than presidential,” and in 2022, he said Trump’s “time has passed.” Rogers later endorsed Trump for president in his 2024 run.

Michigan narrowly backed Trump in the most recent election, after voting for Joe Biden in 2020. Public polling for the Senate race has been consistently close. A recent poll by YouGov showed El-Sayed leading Rogers by one point.

Democrats need to hold the seat, left open by Democratic Sen. Gary Peters's retirement, to have a good shot at winning back the Senate. The contest is also a top target for Republicans looking to defend their 53-47 majority, and both parties are pouring tens of millions of dollars into the race.

OpenAI Is On Heels of Anthropic

Continued from Page One released additional iterations of its cost-efficient models.

An analysis from Open-Router, a startup that allows developers to access different models, found that among some 120,000 companies that use Anthropic and OpenAI tools, the share of spending was roughly even between the two AI giants in September. At the beginning of the year, Anthropic commanded three-quarters of that total. OpenRouter said its data largely represents spending by AI-native startups as well as some slightly older tech companies and large enterprises.

OpenAI, which said 2.5 million businesses now use its products, is narrowing the gap in the battle for business customers at a crucial time, as both model makers are planning initial public offerings. Anthropic is working toward an IPO as soon as November while OpenAI is likely to go public next year.

Both AI companies have sky-rocketing capital expenditures, and the coming months are critical in showing Wall Street they

Share of business spending on OpenAI and Anthropic models, weekly

Note: Spending by 120,000 companies on Anthropic and OpenAI models. Some companies in data set also use tools from other providers. OpenRouter says data largely represents spending by AI-native startups as well as some older tech companies and large enterprises. Chart data begins with the first Monday in January.

have sustainable businesses and revenue streams to back up trillion-plus dollar valuations.

David Zhu, co-founder and chief executive officer of AI sales platform startup Reevo, said his company's AI use is shifting away from Anthropic to OpenAI models for two reasons: cost and a desire to be less reliant on any one model maker. "The honeymoon phase of being tied to one model maker is gone," Zhu said. He said his preference could shift again. "Things change so quickly," Zhu said.

On Wednesday morning, a sea of people snaked around a downtown warehouse in San Francisco, waiting to get into the hottest event in town: the Claude Founder House, hosted by Anthropic. Founders and developers started lining up an hour before the start time. A day earlier, some people waited for three hours, only to be turned away because the networking event reached capacity. The large crowd drew comparisons on social media to lines outside the Coachella music festival.

Michael Szklarski, co-founder of videogaming startup ReadyM, who waited in line for Claude Founder House on Wednesday, said his company often needs the most cutting-edge models and prefers Anthropic's Fable 5.1 model. But he hoped to meet with Anthropic engineers to discuss, among other things, how to bring down the cost.

Ara Kharazian, an economist at finance startup Ramp, said he looked at data from his employer's 70,000 customers in mid-September and observed that businesses were spending more on OpenAI's models than Anthropic's for the first time since December. But the lead was short-lived. By the end of the week, Anthropic was back on top by a slim margin. Ramp said its data set skews toward high-growth, tech-forward companies of varying sizes, with some Fortune 500 companies included. Its data omits spending by individual developers.

Many founders and industry analysts point to OpenAI's June release of the GPT-5.6 models—designed with cost efficiency in mind—as a turning point.

Shortly after the models launched, OpenAI lowered the price of GPT-5.6 Luna by 80% and GPT-5.6 Terra by 20%.

"The GPT-5.6 opened up this new lane for OpenAI in a way that the Anthropic family of models doesn't really have," said Peter Walker, head of insights at OpenRouter, which is owned by fintech giant Stripe.

David Hsu, founder and CEO of software-development platform Retool, said that at the start of the year, his company moved back and forth between models from OpenAI and Anthropic. But the release of GPT-5.6 models was “the main catalyst” for why Retool mostly uses OpenAI models now, he said. “We want to find the cheapest models because our revenue goes up the cheaper the models are,” Hsu said.

Today, he estimates he spends about $20\%$ less using OpenAI's models than models from Anthropic.

Another factor in Hsu's shift was Anthropic's announcement that with Fable 5, it would keep data from users for 30 days for what it said were trust and safety purposes. That was a problem for companies in industries handling sensitive data—including Retool. Anthropic has since tried to address the issue with some customers by giving them control of the stored data.

“Pretty much all the contracts we’ve signed, the default is all data is deleted,” Hsu said. “But we could not attest to that if we had used Fable, so we just never used it.”

But any lead in AI is subject to change. In late September, Anthropic started releasing its new Claude 5.5 family of models. The benefits it touted: lower cost and better efficiency.

U.S. WATCH

TENNESSEE

TENNESSEE

Judge: Save Failed

Execution Evidence

A Tennessee judge ordered the state Department of Correction to preserve all evidence related to the botched execution of death-row inmate Christa Pike.

Judge l'Ashea Myles instructed the state Department of Correction to maintain "anything that was in the actual room" where the execution was supposed to take place last week.

Pike got two doses of pentobarbital, a sedative that at least 17 states use for capital punishment. The execution failed after the Tennessee Department of Correction couldn't properly administer the lethal drugs. She was rushed to a Nashville-area hospital where she was intubated and put on a ventilator, her lawyers said in a court filing.

"On Monday night, it was our understanding that Christa was brain dead and that life support would be removed the next day," said Randy Spivey, one of her lawyers. "But on Tuesday, to the shock of everyone, including me, including her team, including the medical team, Christa woke up and began talking."

Pike was sentenced to be executed last week for the 1995 murder of Colleen Slemmer. Her legal team has called on the governor to commute her death sentence.

John Ayers, assistant attorney general, on Wednesday said he couldn't say whether Pike would face a new execution order. "That's within the purview of the Tennessee Supreme Court," he said.

-Joseph De Avila

MINNESOTA

---

MINNESOTA Attack on Mall Thwarted, FBI Says

FBI agents thwarted a terror attack by a teenager on the Mall of America after monitoring him for nearly two years and ultimately supplying him with the assault rifle he planned to use, authorities said Wednesday.

The 18-year-old had been on the FBI's radar since December 2024, when he began trading messages with a confidential informant. A criminal complaint says he initially expressed an interest in traveling overseas to fight for the extremist group al-Shabab. As his plans to instead attack the mall solidified, it says, agents sold him an AK-47 and ammunition on Tuesday and arrested him on the spot.

"This was a radicalized young man who needed to be watched," U.S. Attorney Daniel Rosen said. Agents "were able to detect a threat, and disrupt it, before the defendant carried out his intention to kill, in his words, maybe 30 to 60 people," he said.

Sheikhdoon Abdullahi Mohamud appeared in a yellow jail uniform for his initial appearance Wednesday in federal court in St. Paul. He was represented by Siri Carlson McDowell, a federal public defender. Carlson McDowell and relatives of Mohamud declined to comment after the hearing.

—Associated Press

Influencers: Don't Pay Medical Tab

Continued from Page One ago period, according to Vizient's Kaufman Hall unit.

"As pressure from these trends mounts, hospitals may need to redesign their financial and operational strategies," the report said.

Social media is brimming with content from people like Howard who said they won't pay high bills and advise others to not pay them, or who share tips on how to cut their bills.

In the last three months, there have been more than 426,000 mentions across X, Bluesky, YouTube and Reddit of medical bills, advice not to pay them, tips on negotiating bills lower, and related topics, according to Sprout Social, a social-media intelligence firm. That is a 36,000% increase over the 1,163 mentions in the same period a year ago.

“Any kind of negative perception is always concerning,”

From left, Tiktokers Lina Huffman, Ian Howard and Lauren Meadows give medical-bill tips.

said Rick Gundling, a senior vice president with the Healthcare Finance Management Association, a professional organization for healthcare provider finance officials. “Hospitals would want to make sure patients and the community know they can have conversations with the hospital.”

A popular subgenre of the social-media posts are mothers discussing their birth bills. Influencer Lina Huffman posted a TikTok video that starts with the graphic: “PSA: DO NOT PAY THE HOSPITAL BILL UNTIL YOU’VE DONE THIS.”

Standing in front of a crib with her baby in a sling, she gives tips to families who have gotten bills for hospital deliveries. “They make it so complicated to confuse you but you’re going to be smarter than them,” Huffman says. She advises people to ask for itemized bills, look for errors and duplicated charges that can be corrected.

She also tells people to ask the hospital for discounts, including for paying in full over the phone: "I know this because I did this for my first baby, and this is my second, and I just got my \$1,500 bill to \$1,100. It only took me 10 minutes to do it." The video got about 274,000 views, and others she has posted on the topic have exceeded 1 million.

Huffman said some people responded saying they simply don't pay medical bills. "While I understand feeling overwhelmed by the cost, I believe it's better to address medical debt than ignore it," she said. "I wanted to share practical ways to reduce or negotiate medical bills for other moms."

Medical debt below \$500 no longer affects credit scores under voluntary policies adopted by credit-report agencies, and some states have enacted laws seeking to ban or restrict medical debt affecting credit scores.

Lauren Meadows, whose videos about motherhood have earned her 256,000 followers on TikTok, has posted several about medical debt she incurred from baby deliveries and hospital stays. In one, she said the hospital sent her bill to a debt collector five months after the birth. She called the collection agency, which told her she could get a 25% discount to satisfy the debt. “I guess the moral of the story is let your medical bills go to a debt collector, ‘cause then they’ll cut it down,” she said.

Andrew Gordon, who writes for the Marshall Allen Project newsletter, which offers tips on how people can reduce their healthcare expenses, said the social-media trend reflected the pent-up frustration with the existing system. "It's a desire to want to figure out and use the collective knowledge of the public to figure out how they can fight back," he said.

Erika Kullberg, a 36-year-old lawyer in New York, gained a big social-media following about five years ago when she began posting tips on TikTok about how to get a replacement for damaged Ni-kes or how to get paid by air-lines for lost luggage.

She began to get messages from her followers asking for tips on dealing with high medical bills. So she hired some billing experts to learn how patients could save and began posting tips. One follower told her that she was able to cut her hospital bills by nearly 50% as a result of what Kullberg had shared.

Her top tips include: When you get a bill, don't pay until you ask the hospital for an itemized bill. Scan it for mistakes and duplicate charges and ask the hospital to remove incorrect charges. Get an explanation of benefits from your insurer and make sure they are paying for what they are supposed to cover. And ask the hospital whether you are eligible for financial-assistance.

Kullberg uses props and costumes and plays all the roles in her videos. In one, she holds up a finger covered in red marker to look like blood, pretending to be a patient who asks how much stitches will cost, and is later shocked by the bill. She said she recently ordered a nurse's outfit for a future post.

Ohio Race Tests Republican Loyalty

JATE MANLEY FOR WSJ

Rep. Max Miller (R., Ohio), right, at a fall festival in Medina, Ohio, last month. He is running against Democrat Brian Poindexter.

Facing abuse claims, Rep. Miller gets GOP money and says he has Trump's backing

BY MAYA DAVIS

ASHLAND, Ohio—During the summer, GOP Rep. Max Miller's re-election hopes looked dim following domestic-violence allegations. Fellow Republicans—including the state's two senators—said he should drop out, and President Trump told him his prospects for winning weren't good.

But headed into the final stretch, Republican groups are now throwing millions of dollars behind Miller, as the GOP tries to salvage the seat amid a grim outlook in the midterms. Miller said Trump called last month to praise him after initial doubts, and he said he had a “really good” conversation recently with House Speaker Mike Johnson (R., La.). He said voters in his red-leaning constituency are aware of the allegations but are sticking with him.

"The people of our district know who I am," Miller said recently. "We're going to be OK."

---

Close race

Miller, 37, is locked in a down-to-the-wire contest with Democrat Brian Poindexter, an ironworker and former Brook Park city councilman who is endorsed by Sen. Bernie Sanders (I., Vt.) and several unions. Poindexter, 47, ran ads highlighting the allegations against Miller, and Miller launched his own ads about Poindexter's run-ins with the law.

Miller “is going to lose because of his character issues,” said Poindexter.

On the trail, Miller pushes his toddler in a wagon and pops nicotine pouches as he campaigns in his Clevelandarea district. Flanked by a body guard and, at times, several law-enforcement officers, Miller trumpets his conservatism to voters and points constituents to his district office in the same complex as a local courthouse—joking that it reminds him of his own court appearances.

He is also railing against GOP lawmakers who demanded that he drop out. After a meeting at an antiabortion pregnancy-care center in Ashland, he called Sen. Jon Husted (R., Ohio) “as entertaining as a two-by-four” and “as smart as a box of rocks.” Miller boasted, “My chances of winning are much better than his.”

Husted, who had said Miller should quit Congress over the allegations, didn't respond to a request for comment. He is in a tight fight to keep his seat against former Democratic Sen. Sherrod Brown.

Trump won Miller's district by 11 percentage points in 2024, but allegations and the Republican slump have put the seat in play. Republicans need to keep every seat they can if they have any hope of hanging onto their House majority amid signs Democrats have the upper hand. Johnson has called Miller's troubles a personal issue and didn't push him to leave the race.

Ex-wife Emily Moreno, the daughter of Ohio's other Republican senator, Bernie Moreno, has accused Miller in court filings and police reports of throwing boiling water at her, holding a gun to her head and other physical abuse. Moreno and Miller divorced in 2025, and the two share custody of their daughter, whose collarbone Moreno alleges was broken in Miller's care.

Bernie Moreno said his former son-in-law “is a danger to my daughter" and shouldn't be serving in Congress. The House Ethics Committee is investigating Miller, who has denied all allegations.

During the summer, Trump declined to withdraw his endorsement. But he told Miller, who was a White House aide in Trump's first term, that his prospects of winning weren't good. Trump also privately told some advisers that he thought Miller should step aside, according to a person with knowledge of his comments.

---

Trump factor

But that has changed, Miller said, saying the president is “incredibly supportive.” The White House didn’t respond to a request for comment.

Last month, the GOP leadership-aligned super PAC, Congressional Leadership Fund, committed about \$5 million to ads in the area, challenging a nearly \$6 million blitz by its Democratic counterpart. The National Republican Congressional Committee has also funded ads.

Poindexter initially said over the summer that he wanted to focus on working-class issues, not Miller's problems. But an ad released by his campaign last month featured a sheriff reading off allegations against Miller.

“I just want to make sure people have the facts,” Poin-dexter said recently in Berea, Ohio, after a campaign stop.

Poindexter spent a recent weekend introducing himself to attendees at a church lunch and rallying with a prominent Democrat, Rep. Jamie Raskin of Maryland. Poindexter, a former Republican and former truck driver, courted gas-station customers in a discussion about high prices.

Jeffries Lays Out Democrats' Priorities

BY KEN THOMAS

WASHINGTON—House Democratic Leader Hakeem Jeffries said Democrats would move swiftly to reverse Trump-era cuts to healthcare spending and bring down households' costs, expressing confidence that his party would win a majority during President Trump's final two years in office.

The New York Democrat, speaking with a group of reporters, laid out some of his key priorities Wednesday should his party win back control of the House in November's midterm elections.

Jeffries said he was “very confident” the party will win enough seats to regain a majority, while cautioning it “remains to be seen what that looks like in terms of the number of seats.”

Democrats need a net gain of three seats to win back the House, which would put Jeffries in a strong position to become the nation's first Black speaker. A large majority could give him more ability to keep Democrats' agenda on track.

Jeffries said a Democratic-led House would tackle Trump's sweeping 2025 tax-and-spending law that cut taxes and slashed more than \$1 trillion in healthcare spending. He said Democrats would be united around reversing cuts to Medicaid and restoring expired enhanced Affordable Care Act tax credits “right out of the gate.”

With high fuel prices and inflation leading concerns among voters, Jeffries said Democrats would push back against the White House's handling of the war in Iran. He also signaled plans to provide a check on the president's trade agenda.

Watch a Video: How the Socially Conservative Transformed Deep-Red Idaho

JOHN MCCOLGAN/WSJ

Scan this code to watch as WSJ national security reporter Robbie Gramer visits his home state, where a battle is under way over the future of the Republican Party ahead of the November midterm elections.

Pledge Sought to Accept Results of Midterms

BY LOUISE RADNOFSKY

WASHINGTON—Democrats and anti-Trump Republicans have grown increasingly anxious that the current GOP-controlled Congress could thwart the seating of Democrats in January. A bipartisan group of lawmakers is trying to take the tactic off the table.

Reps. Don Bacon, a Nebraska Republican, and Josh Gottheimer, a New Jersey Democrat, are seeking written pledges from their colleagues to accept the midterm election results. The effort follows months of claims by President Trump that some states' voting practices are vulnerable to fraud.

They are asking lawmakers to sign a public letter “opposing efforts to undermine free and fair elections or override the will of the voters, including any attempt to refuse or delay the seating of any Member-elect who presents a validly issued election certificate.”

The goal, they say, is to get enough signatories to head off any prospect that the current House of Representatives would even contemplate parliamentary maneuvers to block their successors from taking over.

"I was in the House chamber on January 6, when the doors were barricaded and members were forced to evacuate," said Gottheimer. "Given our experiences of late, I think it's worth taking this extra measure."

Bacon said this almost became an issue several years ago when some Democrats considered objections to an Iowa Republican after the state said she won her seat by six votes.

“We’ve seen before how this norm can come under strain,” said Bacon, who isn’t seeking re-election.

Republican Reps. Mike Lawler of New York and Brian Fitzpatrick of Pennsylvania have also signed the letter, their offices confirmed. That gives the effort a likely majority if all House Democrats throw their support behind it. Both men are in close re-election contests.

Trump's administration has engaged in a push to expand federal control over elections, setting up repeated clashes with states, which hold primary authority to run elections within their borders as they see fit.

The lawmakers' letter is addressed to House Speaker Mike Johnson (R., La.) and Minority Leader Hakeem Jeffries (D., N.Y.).

Jeffries recently told reporters: “We’re doing everything necessary to ensure that the results of the November 3rd election are brought to life when the new Congress is sworn in.”

Johnson's office didn't respond to requests for comment.

High Rates Undercut Tech Stocks

Continued from Page One

tate, a higher “risk-free rate” impacts how Wall Street values riskier assets. The enthusiasm for investing in an asset riskier than government debt wanes as yields rise, and stock prices tend to drop unless earnings expectations are growing enough to make up for it.

"The rise in interest rates has already had a huge impact on the stock market," said Bob Doll, chief investment officer at Crossmark Global Investments. "P/E ratios have fallen three turns. The impact is very direct, but hidden because earnings have been so phenomenal."

Since the S&P 500's previous closing high on Aug. 13, 18 of the 25 S&P 500 industry groups have dropped. Meanwhile, an equal-weighted version of the benchmark is down $5\%$ . Several industries, including banks and real estate, have slid more than $10\%$ .

The index's latest rally has relied on its largest subsets—software, technology and semiconductors. All three are bound together by investors' unbridled enthusiasm for AI and earnings projections that seem to grow by the day.

The S&P 500 is now trading at roughly 19.3 times its constituents' projected earnings over the next 12 months, down from 22.2 times at the beginning of the year. Valuations have dropped sharply since Treasury yields began to climb off the year's low, which came the day before the U.S. launched strikes on Iran.

Stellar corporate earnings and forecasts for next year have helped stocks tread water even though valuations have dropped.

"If I told you at the beginning of the year, 'We're going 100 basis points higher on the 10-year,' there's no way you would have landed on the outcome that we've had," said Alex Chaloff, chief investment officer at Bernstein Private Wealth Management. "But the reality is earnings have been fabulous."

Shares of Nvidia, with Jensen Huang as CEO, aren't commanding the premium they once did.

They will have to be even more fabulous for the market

Performance since previous S&P 500 record\*

\*Performance of select S&P 500 industry groups between Tuesday's record close and previous record on Aug. 13. Source: FactSet

to keep going up.

As the third quarter reporting season kicks into full swing next week with reports from JPMorgan Chase, Citigroup and other Wall Street heavyweights, the bar investors need companies to clear has gone higher.

“This is kind of finance 101,” said Mark Hackett, chief market strategist at Nationwide Investment Management. “Higher interest rates make stocks less valuable.”

On Wednesday, the S&P 500 and Nasdaq composite slipped from records, while the 10-year Treasury yield was volatile, surging above 5.36% before settling at 5.276% after an auction of new 10-year notes met with strong demand.

The market's heavy concentration in just a handful of multitrillion tech companies—a theme throughout the current bull market—has become even more extreme as stocks in other industries took a hit in recent months.

Microsoft, Nvidia, Apple and Meta Platforms alone contributed around 300 points to the S&P 500 during the third quarter, or more than three times the index's gain, while the other 496 companies collectively detracted 150 points, according to research from Citadel Securities.

Concentration is near all-time highs by several metrics. While that leaves the market vulnerable to a downturn in those companies, it is another reason why the index has withstood a chilling effect from higher rates.

"The stock market is not the economy, and increasingly, the S&P 500 is not the average stock," Citadel's Scott Rubner wrote to clients.

The Dow Jones Industrial Average, often viewed as a barometer for the economy, is down 4.2% in the past month, compared with a nearly 4% gain for the Nasdaq. Shares of Goldman Sachs, Boeing, Home Depot, Nike and McDonald's have all weighed on the index.

At Crossmark, Doll expects higher rates will continue to be a headwind for equity markets, especially for cyclical companies that are sensitive to the economy.

"If you have a little cash, that's OK because I don't think stocks are going straight up as they basically did until the past few months," he said.

Russian Attack Kills at Least 24 in Ukraine

Children are among dead, as Moscow exploits gaps in Kyiv's air defenses

BY ANASTASIIA MALENKO

KYIV, Ukraine—A large-scale Russian missile and drone attack killed at least 24 people across Ukraine early Wednesday, including four children.

The bombardment, part of Russia's nonstop campaign of airstrikes against Ukrainian cities, involved 70 missiles and 130 drones, pounding residential housing, energy infrastructure and businesses.

It was the second heavy attack on Ukraine's energy grid in recent days, and one of the deadliest barrages in weeks.

antimissile interceptors.

Russia is starting its winter campaign of strikes against Ukraine's energy infrastructure early this year, exploiting gaps in the country's air defenses, including a shortage of Patriot

Russian President Vladimir Putin, who turned 74 on Wednesday, is aiming to break Ukraine's economy and its society's will to keep up the war that began in February 2022.

Putin has rejected calls to stop fighting and freeze the front line from Ukraine and its Western allies, insisting on fulfilling his original war aims, which amount to dismantling and subjugating Ukraine.

As Russia's army struggles to advance on the battlefield, Moscow is escalating its air war against Ukraine's cities.

The town of Pryluky in northern Ukraine suffered the heaviest toll. A Russian cruise missile hit an apartment building there, killing 18 people, local officials said. Among the dead were an 8-year-old boy and three 1-year-olds, Ukrainian President Volodymyr Zelensky said on X.

Emergency services searched the rubble of collapsed floors of the five-story building on

Emergency-services workers on Wednesday tried to rescue residents from under debris after a Russian missile strike in Pryluky.

Wednesday, looking for survivors and carrying out bodies.

Zelensky called the attack on Pryluky “a birthday ‘gift’ to Putin” from the Russian army.

The assault killed an additional two people in the capital city of Kyiv, and four in Kremenchuk and near Oleksandriya, both in central Ukraine. In total, at least 98 people

VALENTYN OGIRENKO/REUTERS

were wounded nationwide.

Russia's Ministry of Defense said the attack targeted Ukrainian port infrastructure and military industries, including facilities connected to Ukrainian missile and drone producer Fire Point.

Zelensky said last week Ukraine used a ballistic missile made by Fire Point for the first time in combat, introducing a hard-to-stop weapon that Moscow uses regularly.

Ukraine's air force said it intercepted 44 of the 70 cruise or ballistic missiles and 117 of the 130 drones.

Ukraine's air defenses have struggled in recent weeks against Russia's new generation of jet-powered drones, which fly faster than older propeller-driven models. The drones and missiles that get through are doing mounting damage to Ukraine's cities and economy and claiming more civilian lives.

The United Nations said this week that it verified more than 15,000 civilians killed or wounded in Ukraine in the first eight months of 2026.

U.S. Forces in Okinawa Face Curfew and Ban on Alcohol

BY JUNKO FUKUTOME

TOKYO—The U.S. military in Okinawa said it would impose a monthlong curfew on serving personnel after a U.S. Marine was arrested on suspicion of the killing and robbery of a Japanese woman.

The incident has revived tensions over the U.S. military presence on the Japanese island, triggering small street protests and drawing a diplomatic rebuke from Tokyo.

In a letter dated Tuesday, Lt. Gen. Benjamin Watson, commander of the Third Marine Expeditionary Force in Okinawa, ordered all U.S. military activity halted for two days of on-base training in standards and discipline. Alcohol consumption is prohibited on or off base from Wednesday to Friday, the letter said. A nighttime curfew will be in place for a month, with all military personnel expected to return home by midnight.

“Serving in Okinawa comes with responsibility. We live, work and socialize alongside the people of Okinawa. Their home is our home,” Watson said in the letter, posted on the Third Marine Expeditionary Force’s account on X.

U.S. forces will cooperate with the Japanese authorities in their investigations, he said.

On Sunday, Okinawa police arrested 20-year-old Marine Devin Jacob Ballard, accusing him of robbing and killing 39- year-old Anna Yagi in a hotel room in central Naha, Okinawa's capital. Ballard has denied the allegations, police said. Ballard couldn't be reached for comment and it wasn't clear whether he had legal representation.

Okinawa is home to more than 30,000 U.S. military personnel. Resentment over their presence has been a feature of Okinawan life and politics for decades. Sporadic incidents of violence involving U.S. military personnel have stoked anger.

Okinawa Gov. Genta Koja lodged a formal protest over the alleged killing with Watson and U.S. Consul General in Okinawa Andrew Ou, on Monday.

"This case involves a 20-year-old Marine, quite a young person. I want to ask detailed questions about their initial training program and the management procedures in place for their assignments to Okinawa, and seek measures to prevent similar crimes," Koja said at a news conference on Sunday.

This is Koja's first week in office, after Okinawans voted him into office last month. His victory over a stalwart of the antiwar movement opposed to the U.S. presence on Okinawa suggested hostility to the U.S. presence on the island is fading as voters focus on pocketbook issues and Japan confronts new security challenges from China and Russia.

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Spanish Premier Pins Hopes On Woman's Eviction Ordeal

DAVID CANALES/SOPA IMAGES/ZUMA PRESS WIRE

Spanish Prime Minister Pedro Sánchez has championed the cause of María del Carmen Abascal, who died Wednesday.

EDUARDO PARRA/CONTACTO/ZUMA PRESS

Sánchez called vote after protests over fate of 87-year-old, who died this week

BY MARGHERITA STANCATI AND MARCOS GARCIA REY

If Spanish Prime Minister Pedro Sánchez still has a shot at staying in power, it is partly because of a woman known as Maricarmen who died on Wednesday.

Sánchez this week called snap elections following nationwide protests over the country's housing crisis. María del Carmen Abascal became the face of that crisis last month, when she was evicted from her flat in Madrid after a court order. Cameras rolled as she was carried away on a stretcher, prompting instant public outrage.

Spain's housing crisis had bubbled under the surface—with acute home shortages causing prices to skyrocket—but it was the Maricarmen incident that sparked the unrest. Now, her death is stoking that anger and mingling it with grief.

Maricarmen inherited her parents' rent controls, set decades ago under the military dictator Francisco Franco. An investment firm bought her building several years ago and increased the rent, which she could no longer afford. Following the public uproar, the firm agreed to let her return to the flat and pay a low rent.

Sánchez and his left-wing allies are gambling that a campaign that puts the housing crisis front and center can galvanize support for their bloc, which opinion polls show is heading for an ng electoral defeat.

It is a pathway in part inspired by New York City, where Mayor Zohran Mamdani's outsider campaign was an inspiration for one of Europe's most left-wing leaders.

“We will not allow more evictions like the one Maricarmen suffered,” Sánchez said on Tuesday, presenting emergency measures aimed at tackling the housing crisis. “It is a great challenge, one of the main challenges Spain will face in coming years,” he said.

Sánchez almost immediately commented on Maricarmen's death on social media, sending condolences not only to her family but also “a hug as well to everyone who feels this loss as their own today.”

The hard-right, nationalist Vox party shot back that Sanchez was capitalizing on her pain and death. "Without any scruples, they have used the suffering of an elderly person to stage a campaign that hides the Government's responsibility in the housing disaster," the party said on X.

Blame for a crisis often falls on the incumbent. But Sánchez is a political survivor who has gone against the European mainstream and governed from the left. His blunt, four-word stance on whether Spain should assist the U.S. in its military operations against Iran—“no a la guerra,” or no to war—helped lift his standing this year, just as polls were showing concerns over corruption and mass immigration eroding his popularity.

He is now one of the longestserving heads of government in the European Union—and the only prominent left-wing leader on a continent where right-wing parties are rising.

That includes Spain, where Sánchez's socialist party trails the main conservative People's Party by a wide margin. Polls show the most likely outcome of the Nov. 29 elections is a PP-led coalition government that for the first time includes the Vox party.

But Sánchez, who became prime minister in 2018, has defeated the odds before. He has also weathered crises that would have ended the careers of other leaders.

The housing crisis allows Sánchez and his allies to move the political conversation away from other issues.

"The elections, whenever they are, will be a referendum on housing in this country," Social Affairs Minister Pablo Bustinduy told Spanish media last week.

French Consider Boosting Near-Term Debt Sales

BY CHELSEY DULANEY AND STACY MEICHTRY

France is considering boosting issuance of shorter-term debt, as investors grow more hesitant to lend to the debt-laden country for longer periods.

In an interview, Finance Minister Roland Lescure said France would be “strategic” in issuing new debt while demand from investors has been rattled by the country’s deepening financial woes.

A monthslong selloff in French government bonds has accelerated in recent weeks, sending long-term borrowing costs toward their highest level since 2002. Investors are concerned that political paralysis is making it impossible for France to rein in public spending. Lescure on Tuesday pledged to force spending cuts through Parliament, but that hasn't quelled fears of a debt spiral.

Gap between 10- and two-year French government bond yields

France's yield curve, or the gap between its 2- and 10-year government-bond yields, has steepened to about 1.3 percentage points. The widening gap means that France's longer-term borrowing costs are rising faster than its shorter-term ones. The 10-year yield rose to $4.91\%$ on Wednesday, while its 2-year yield climbed to $3.61\%$ .

TOM NICHOI SON/GETTY IMAGES

Source: FactSet

Students protested school overcrowding in Paris Wednesday.

"The reasonable thing to do considering the value in the curve, which I see, would lead us to have a shorter maturity," Lescure said. "But it's at the margin. We're not traders."

Other countries including the U.S. and U.K. have also shifted to issuing more shorter-term debt in recent years. The U.S., under Treasury Secretary Scott Bessent, has also been buying back long-term bonds to bring down yields.

Analysts say structural changes in demand—such as a retreat by once-steady buyers like pension funds and foreign governments—are partly to blame for waning demand for longer-term debt. But investors have also started to demand more compensation for the risk of lending to some governments, particularly those with high debt levels.

France's government bonds have relatively long maturities, with an average life of $8^{1/2}$ years. That compares with about six years for U.S. government debt.

Lescure said a recent auction of 10-year bonds went smoothly, but demand for 30-year debt is “a bit trickier at the moment.”

Shifting to shorter-term debt carries risks. Governments' borrowing costs reset more frequently, so spikes in interest rates feed through to their interest bills faster.

The relationship between short- and long-term borrowing costs can reverse. Shorter-term debt more closely tracks central-bank rates. In the high-inflation period between 2022 and 2024, shorter-term borrowing costs surged above longer-term ones as central banks raised rates to contain inflation.

Some analysts have blamed the recent turmoil in French debt markets on the unwinding of hedge-fund bets that had grown popular in recent months. Lescure said “there was probably some unfolding of carry trades”—a reference to bets investors make on bonds using borrowed money.

Lescure said he doesn't believe there was a specific trigger for the selloff, though he added that adjustments investors often make around the end of the quarter could have played a role.

"It's no surprise that at the end of the quarter, there's spikes one way or another because people want to look good, people want to hedge their losses," Lescure said. "But we didn't feel there were net sellers."

France's Economy Stuck in Negative Loop

BY DON NICO FORBES

The French government desperately needs a return to strong growth if it is to contain its rapidly rising debts. But uncertainty about whether the country can fix its finances has itself started to weigh on economic activity.

France only narrowly avoided a recession in the second quarter, as activity stagnated after extreme heat hit agricultural output and the energy price shock from the war in Iran continued to squeeze households and businesses.

But uncertainty about the country's political and fiscal future also has contributed to a slowdown in what was once one of Europe's more reliable growth engines. French bond yields surged close to debt-crisis levels last week following a poorly-received budget, compounding unease among investors that political grid-lock could keep the country locked in a debt spiral.

France's troubles have been years in the making, said Holger Schmieding, chief economist at Berenberg. He noted that political uncertainty has remained a profound drag on the economy since President Emmanuel Macron called a snap parliamentary election in mid-2024, which split parliament and left successive governments struggling to pass budgets and pursue economic reforms.

The most visible economic casualty has been investment, as companies are delaying spending amid uncertainty over taxes, regulation and the direction of economic policy.

Business investment has effectively stagnated since 2024, after growing 4.5% in 2023, according to French statistics agency Insee. In the second quarter of 2026, investment fell 0.3%, after a 0.8% drop in the first three months of the year.

The Bank of France has said investment growth is expected to remain moderate as businesses remain stuck in a “wait-and-see” mode. A survey by Medef, France’s largest employer federation, showed that political uncertainty is a top concern for businesses.

Spy Crisis Puts German Agency In the Crosshairs

BY BERTRAND BENOIT

BERLIN—August Hanning, the former head of Germany's foreign spy service, once described the agency he ran as "the vegetarian of intelligence services" surrounded by more powerful, less rule-bound and carnivorous peers.

Hanning's arrest on suspicion of espionage and attempted treason this week is threatening to further defang the Federal Intelligence Service, or BND—just as it was on the cusp of finally gaining some of the spycraft capabilities deployed by its counterparts elsewhere in the West.

The timing of the affair is disastrous for Berlin, which wants to expand the BND's powers to counter threats from Russia and elsewhere after accusing Moscow of flying an armed drone into the Leipzig airport this summer. Western security officials say the can't make arrests at home or abroad. Many of these powers would remain out of its reach even after the overhaul.

The push to give the BND new powers mirrors other efforts to better prepare the country for what is seen as a growing threat from Moscow. Germany has been rapidly re-arming, aiming to eventually build the largest conventional military in Europe.

Tuesday's arrest has given fresh ammunition to those in the government's ranks who had been skeptical of expanding the BND's remit, a senior lawmaker for the governing coalition said. This means the bill may have to change quite substantially before it can be approved, the person said.

failed attack is part of a wider shadow war Moscow is increasingly waging in the open against Europe.

Marc Henrichmann, chairman of the intelligence oversight committee, said lawmakers would have to “discuss what individuals entrusted with classified information

---

The scandal has raised fresh doubts about the credibility of the BND.

“In the world of intelligence, this is as bad as things get,” said Roderich Kiesewetter, a conservative lawmaker and former member of Parliament's intelligence oversight committee. "The services need to be trusted by voters and by partners...that must now be restored as a matter of urgency."

The scandal has raised fresh doubts about the credibility of the agency and its ability to counter threats from Russia. German lawmakers have called on the government to tighten operational security at its intelligence agencies and repair trust with allies in the wake of Hanning's arrest.

Proposed legislation to beef up the agency's powers, which is awaiting parliamentary approval, would give the BND the ability to hit back in case of cyberattacks, pursue information more aggressively abroad and use force to protect its assets and infrastructure at home from threats such as drones.

should be allowed to do after their term of office ends."

That would mark a turning point for an agency whose remit is much narrower than that of its U.S., French, British or Israeli counterparts. Currently, the BND can only collect information. It can't conduct aggressive covert operations, such as cyberwarfare, sabotage, disinformation or targeted assassinations and

Hanning and his suspected accomplice were remanded in investigative custody by the Federal Court of Justice on Wednesday.

Prosecutors said they suspected Hanning, the BND president from 1998 to 2005, used illegally acquired classified information to make money in the private sector for more than a decade after leaving public service. Hanning launched a consulting business in 2010.

Hanning's lawyers didn't respond to a request for comment. The BND said on Tuesday it never compromised on internal security.

“We are in the crosshairs of Russia,” said Konstantin von Notz, a Green Party lawmaker who sits on the oversight committee. If ex-senior intelligence officers can operate their own consulting businesses without restriction, he added, “this opens a potential door for our enemies to try to penetrate.”

Von Notz said there was relatively broad agreement among lawmakers that the BND needed new powers but that the bill should now be used to plug the security loophole laid bare by the Hanning arrest.

A spokesman for the government said it was taking the accusations against Hanning and his alleged accomplice very seriously but that they shouldn't have an impact on the proposed overhaul of the BND.

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FlyDubai Pilot Was Poised to Attack in July

A previous employer barred Hamam al-Hammami from flying over concerns that he harbored extremist ideology.

Omani first officer had sought airlines, routes that would take him to Israel

BY SUMMER SAID

AND ANAT PELED

The FlyDubai first officer who allegedly tried to bring down Flight 1073 to Tel Aviv told investigators he had sought out airlines and routes that would take him to Israel, and had nearly carried out an attack this past summer before reconsidering, said people briefed on the investigation into the incident.

Hamam al-Hammami, an Omani national living in Dubai, joined the budget United Arab Emirates airline in February.

He had been barred from flying at previous employer Oman Air because of concerns that he harbored extremist ideology, and was turned down for a job at Moroccan flagship Royal Air Maroc, The

Wall Street Journal has re-

ported.

He then looked to join an airline that would fly to Israel, and sought to be put on Fly-Dubai's route between Dubai and Tel Aviv, the people briefed on the investigation said. Investigators also have access to Hammami's electronic devices, the people said.

Hammami sought to carry out a plan to incapacitate the captain and crash the plane into a target such as Ben Gurion Airport in Tel Aviv, and was prepared to carry out his plan on a previous flight on the route in July, the people said. Some of them said he held back because he cared about one of the crew members on the flight.

They also said Hammami told investigators that he was motivated to commit the attack because of the situation in the Gaza Strip.

Wednesday marked the third year since the Oct. 7, 2023, attack led by Hamas that left some 1,200 dead in Israel, took about 250 hostages and set off a war in Gaza. Palestinian health authorities say that conflict has killed more than 74,000 in the Palestinian enclave, without saying how many were combatants.

The early days of celebration in Israel over the heroism of the passengers has since shifted to concern about security holes that allowed Hammami to be in the cockpit and almost crash the plane.

The details about Hammami indicate that he had a sustained focus on Israel and had engaged in a degree of long-term planning ahead of the attack last week. They also add to the set of clues that authorities missed that could have prevented him from flying and working on such a sensitive route.

The Guardian previously reported Hammami's plan to carry out the attack in July.

The first officer repeatedly struck his captain with an onboard emergency ax and sent the plane into a dive that almost tore it apart before a group of passengers and crew took back control of the jet, say U.A.E and Israeli authorities, as well as passengers.

Omani authorities stopped Hammami from flying, placed him in a deradicalization program, and gave him a desk job after scrutinizing his online habits and determining that he showed too much interest in radical ideology. But they didn't flag their concerns more broadly.

The Journal has reported that FlyDubai didn't vet Hammami with Oman and only did a criminal background check before hiring him.

FlyDubai on Wednesday declined to discuss the matter while the probe continues.

Israel received a rundown of passengers and crew on the flight from FlyDubai in advance but didn't strike Hammami from the list.

Israel bars pilots from countries with which it doesn't have diplomatic relations, like Oman, which should have disqualified him from working the route.

The country's Ministry of Transportation, which is responsible for securing flights to Israel by foreign carriers, has said it doesn't vet those lists because it doesn't think it is responsible for clearing passengers and crew and didn't realize it could access Israel's database of that information, the Journal has reported.

More than 1,200 crew members from banned countries including Syria, Lebanon and Oman have flown into Israel since the start of the year, a person familiar with the matter said.

Deliberate Crashes Vex Airlines

Continued from Page One commercial aviation fatalities fell globally from 2005 to 2025 by 35%, according to accident data. The U.S. had a 15-year streak without a major fatal passenger airline crash before a midair collision last year near Ronald Reagan Washington National Airport.

Advances in training and modern airliners' technological safeguards can only do so much when screening for potential rogue pilots falls short, aviation security and safety experts said.

"The airplane's going to do what it's told," said John Cox, an aviation safety consultant and former pilot union official.

At Boeing, executives have privately discussed the threat of intentional crashes as a leading source of commercial aviation fatalities, according to people familiar with the matter. The company has considered the risk as its engineers design a next-generation airplane, some of the people said.

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'Hair on fire'

If a faulty cockpit system or mechanical problem had led to multiple fatal accidents, it would have set off widespread alarm to take drastic action, said Thomas Anthony, director of the aviation safety and security program at the University of Southern California.

“People would have been running around with their hair on fire,” he said.

Gauging the threat these rare but highly lethal cases pose has been hard to officially track. In some cases, a major hurdle has been a lack of official agreement on what caused the crashes.

Malaysian authorities issued a final report in 2018 into the Malaysia Airlines crash, saying they couldn't determine why the flight went off course and couldn't rule out a hijacker. A spokesman for Malaysia's transport ministry said he had no new information.

Chinese officials investigating the China Eastern accident haven't released a final report and didn't respond to requests for comment.

With the Air India incident, an Indian pilot group disputes the theory that pilot actions led to the crash. India's Aircraft Accident Investigation Bureau has said it is committed to an “objective and evidence-based investigation.”

Middle Eastern authorities have said the suspected rogue pilot on the FlyDubai flight on Sept. 30 held extremist views. Authorities identified him as Hamam al-Hammami and alleged that he attacked his captain with an emergency ax and attempted to down the airliner. Hammami told investigators he sought out airlines and routes that would take him to Israel and nearly carried out the attack in July, The Wall Street Journal reported.

Authorities are reviewing potential security failures that enabled Hammami to work the flight from Dubai to Tel Aviv.

An Air India flight crashed in 2025 in western India.

---

Fortified cockpit

A foundational principle in commercial aviation is that the pilots should have the ultimate authority over an airplane's operation.

But after the terrorist hijackings on Sept. 11, 2001, U.S. government and industry officials quickly sought tech-

nology to pre-

vent deliberate

attempts to

crash planes.

Then-President George W. Bush later that month vowed to pursue fixes like fortifying cockpit doors and “technology to enable

---

Pilot mental health got much attention after a Germanwings crash in 2015.

controllers to take over distressed aircraft and land it by remote control."

Remote landing systems never became a reality. Boeing in 2006 patented an “uninterruptible autopilot” that, once activated, couldn’t be overridden in the cockpit. Boeing said it never installed the system on a commercial aircraft.

The technologies presented too many issues for airliners at that time. For example, a remote-landing system risked being hacked. Pilots could also potentially disable that system from the cockpit.

\*For commercial flights with maximum take-off weight over 5,700kg

Note: Passengers data are through 2023. Deaths data are through 2025.

Sources: World Bank (passengers); ICAO ADREP (deaths)

Work on automated safeguards continued, and ground-collision avoidance systems ended up in fighter jets like the F-16 and F-35.

In recent years, Airbus developed plans to allow aircraft to rely on a single pilot at cruising altitude so other pilots could rest.

U.S. and European pilot groups and American regulators, as well as Boeing, met the Airbus plan with skepticism. Senior Boeing executives discussed the potential vulnerability of a rogue pilot being alone in the cockpit, according to people familiar with the discussions.

“That’s a huge risk,” said Mike Whitaker, who led the Federal Aviation Administration during the Biden administration. “That is the reason why the whole concept fails.”

Airbus said it supports a two-pilot cockpit and plans to use technology to make

flying safer.

Boeing has said its next new plane will be designed around having two pilots in the cockpit. And while Boeing plans to give pilots the final say over how the new plane flies, people familiar with the matter said, the aircraft's advanced computers are expected to accommodate new automated safeguards that could make it harder to accidentally crash—or do so intentionally.

Boeing declined to discuss intentional crashes. The company said it supports legislation focused on addressing pilot mental health, which has advanced in the U.S. Senate.

---

Under observation

Pilot mental health got much attention after the Germanwings crash in 2015. In that incident, the first officer locked his captain from the flight deck during a bathroom break and deliberately flew an Airbus A320 into a mountain, killing all 150 people on board.

A few weeks before the crash, he experienced an apparent psychosis, was recommended hospital treatment and was prescribed several medications. German privacy laws kept his doctor from alerting aviation authorities, who otherwise might have intervened, French authorities' report on the crash said.

The Germanwings tragedy fueled a push by regulators, industry officials and advocates to reduce barriers for pilots to seek mental health treatment. Airlines started peer support networks for pilots, and the European Union began requiring doctors to report pilots' severe mental health issues to authorities.

To prevent such scenarios, regulators and advocates said the key is to first reduce the stigma around mental health and reduce the threat of pilots' losing their income or license if they seek help.

The FAA said it is modernizing its approach to mental health, which critics have called outdated and punitive. Pilots now can fly while taking a greater number of psychiatric drugs, for example, and the agency has reduced the time pilots have to wait to resume flying after seeking treatment.

“We hope by making it faster more people will come forward and get the treatment that they need,” Dr. Susan Northrup, who as the FAA’s federal air surgeon oversees pilot medical certification, said in August.

Authorities probing last year's Air India calamity said in a court filing they were examining a range of factors including a “psychological autopsy and evaluation.” A draft final report was expected to be complete this month. The government entity overseeing the investigation didn't comment.

The case of FlyDubai has meanwhile exposed how even when a pilot is deemed unfit to fly, the system can fall short. Hammami, the first officer on Flight 1073, had been banned from flying two years earlier by his former employer, Oman Air, assigned to a deradicalization program and given a desk job.

He left the airline last year before re-emerging in February as a new recruit at the rapidly expanding Dubai carrier.

Suspected Iranian Drone Plot Exposes Security Gap in U.K.

BY MAX COLCHESTER

LONDON—A suspected Iranian plot to attack prized U.S. B-1 bombers housed at Britain's RAF Fairfield exposed an Achilles' heel in U.K. defenses: Its air bases are far from drone-proof.

Around a dozen B-1s were abruptly flown out of Fairfield after U.S. officials said they had intelligence that Iran was plotting to target them with drones and other devices. Fears rose after five men were arrested in the woods next to Fairfield last month on suspicion of plotting a terrorist attack.

“We had an idea that there might be a threat, so why would I leave them there?” President Trump said this week.

Whether Iran had the ability to pull off such an attack isn't clear, but the debacle shows how advances in technology and shifting shape of war are changing age-old tactics. A combination of archaic British laws and drone upgrades mean that aircraft that were once considered safely stored behind barbed-wire fences, thousands of miles from the conflict zone, are now vulnerable to opportunistic attack.

The U.K. isn't alone. Across the globe, military bases are being targeted as a soft underbelly. The Pentagon is re-evaluating its entire footprint in the Middle East after Iranian attacks against America's naval base in Bahrain—along with drone and missile hits to at least 20 U.S. sites across the region. The U.S.'s main air-war command center for the Middle East, located in Qatar, was largely destroyed.

The U.S. also uses bases in Germany, Italy and Spain that could be vulnerable, risking the Pentagon's hope of using Europe as a platform for military interventions elsewhere.

Recognizing the growing risks at home and abroad, the

OBY SHEPHEARD/REUTERS

U.S. Air Force recently said it was investing in new counter-drone systems and would train specialists to operate them.

Britain has some unique challenges. U.K. law allows only police and prison officers to jam or bring down a drone in a public space. So until a drone has entered the confines of a military base, military personnel alone can't halt it. Meanwhile, drones can now be built to use cellphone networks or fiber-optic cables to evade the traditional jamming of radio frequencies used by police.

"The Russians, and highly likely the Iranians, have identified that as a potent gap," says Mike Monnik, the chief executive of DroneSec, a company that tracks drone threats.

The five arrested men haven't been charged with a crime and are free on bail, but U.K. Prime Minister Andy Burnham has said there are indications Iran was involved.

The U.S. was in part concerned it risked becoming victim to the kind of plot that allowed Ukraine to claim it damaged 41 Russian warplanes—valued at \$7 billion—at four bases using drones that cost about \$2,000 each. That operation, called “Spiderweb,” saw Ukraine smuggle drones into Russia and launch them remotely at air bases deep in Russian territory. The resulting damage was both a military humiliation for Russia and a public-relations coup for Ukraine.

A U.S. bomber at the RAF Fairfield air base in Britain.

The 146-foot-long B-1 bombers parked at RAF Fairford made a uniquely attractive target. The U.S. only has around 45 of them, they cost several hundred million dollars each, and up until recently about a dozen of that fleet were sitting in the open at the air base, just northwest of London. They are too big to be easily stored in a hangar.

Fairford has now become the latest example of asymmetric warfare, where two sides square off with mismatched military power. A seemingly ham-handed attempt by five men—arrested in woods near the base with three vans and some barrels of fuel—resulted in the U.S. pulling its bombers several thousand miles further back from the front line in Iran.

"When we used to defend airfields, either you got bombed from a great distance or it was an insurgency coming through the wire," says Greg Bagwell, president of the U.K. Air & Space Power Association. "Now we have something in between the two."

The U.K. government says its bases are safe and it is in the process of changing the law so that military personnel guarding bases can track, jam and shoot down drones from afar. The U.K. has also said it would spend some £470 million, the equivalent of \$620 million, for extra base security.

Security officials are skeptical that Iran could execute a plan akin to “Spiderweb,” given that its record in the U.K. consists mostly of hiring local criminals to stab dissidents or set fire to Jewish targets. However, earlier this month Luke Pollard, a Ministry of Defense official, said not enough investment had gone into protecting British military bases from drones.

Israelis Mourn on the Third Anniversary of Hamas's Oct. 7 Attacks

CLOCKWISE FROM LEFT: OHAD ZWIGENBERG/AP; ARIEL SCHALIT/AP; AMMAR AWAD/REUTERS

Israelis nationwide reflected Wednesday on the day of terror that left about 1,200 people dead and saw 250 abducted. Left: Raz Zarfati, sister of Ron Zarfati, who was killed at the Nova music festival site mourns near Kibbutz Reim. Top: Dror Ashram, father of Sgt. Shay Ashram, pays his respects near Kibbutz Nahal Oz. Above: Members of a group of former hostages and victims' families calling for an independent inquiry into security failures gathered near Israel's parliament in Jerusalem.

The Americans Who Now Make Israel Home

Yocheved Ruttenberg became an Israeli citizen last year. This weekend, she plans to marry Sammy Yahoood, who made the same move from London three years ago.

After Hamas attacks, U.S. Jews increasingly seek citizenship, enlist in military

BY ANVEE BHUTANI

Yocheved Ruttenberg grew up in Baltimore, went by "Kim," and was selling roofing door-to-door in Texas when Hamas attacked Israel on Oct. 7, 2023, near where her brother was stationed on an Israeli military base. Soon after, she flew to Tel Aviv to see him on what was supposed to be a short visit.

But three days before her scheduled return flight to the U.S., Ruttenberg, 25, called her boss in Texas and quit.

She co-founded a nonprofit, Sword of Iron Volunteer Network, which has since routed tens of thousands of volunteers into the country. She became a citizen last year, and this weekend she will marry a man who made the same move from London three years ago. “I don’t speak Hebrew yet,” she said. “But I feel like it was always my home,” she said of Israel.

Ruttenberg is part of a small population of American Jews moving to Israel since the war began, against the tide of the many people leaving. Nearly 270,000 Israeli citizens left the country between 2023 and 2025, according to analysis by researchers at Tel Aviv University—the highest three-year emigration total on record. The figures run roughly 50% higher than the same time frame a decade ago, draining doctors, engineers and Ph.D.s in what some Israeli lawmakers have called a tsunami.

Countering that trend are young people who have spent the past three years doing the opposite: enlisting in the military, marrying and building lives in a country at war.

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Aliyah's call

Aliyah—Hebrew for “ascent”—is the term for Jewish immigration to Israel. Under the country’s Law of Return, any Jew or person with a single Jewish grandparent is generally entitled to Israeli citizenship.

Nefesh B'Nefesh, the nonprofit that facilitates North American aliyah, says it is on pace for one of its strongest years since its 2002 founding—more than 4,000 North Americans are expected in 2026, with an average age of 29. A spokesperson for the U.S. State Department said they can't track with certainty how many Americans are in Israel.

Myron Shneider said his mother gave him one rule when he flew from Boston to Israel on a Birthright trip in 2012 at age 19: Don't be an idiot and join the military. He didn't then, but a few years later, he joined a program called Mahal, which dates to Israel's 1948 founding and addressed a shortage of skilled military personnel. It allows young diaspora Jews to serve without becoming citizens first.

Shneider, 33, served 18 months, came home and built an ordinary American life. He had a going-away party on Oct. 6, 2023, before a move to Austin, Texas, for a new job.

By the next afternoon, the scale of the Hamas attacks and subsequent war was becoming clear. The months ahead would redefine the course of Shneider's life.

“I couldn’t sit on the sidelines,” he said. He pushed to get into a combat unit and made aliyah this time.

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Military service

The Israeli military told the country's parliament, the Knesset, in 2025 that it was short roughly 12,000 soldiers. But some Israeli analysts have also proposed formalizing and expanding Mahal to recruit more volunteers like Shneider.

Recruiting Americans for a foreign military sits in a legal gray area. U.S. law bars foreign armed forces from recruiting on American soil, but the statute is rarely enforced. Some groups describe their U.S.-based work as facilitating immigration or volunteerism, not recruitment.

Lior Yohanani, a sociologist at Tel Aviv University who studies diaspora military service, says the profile of recruits is shifting.

Before Oct. 7, volunteers from overseas were often directionless young adults, perhaps unsure of what to study or coming off a breakup. But today's arrivals skew more religious and ideologically driven, motivated by the war and rising antisemitism abroad.

American Jews have grown more divided on Israel since the Gaza war began. A recent Pew Research Center survey found that a majority have little or no confidence in Prime Minister Benjamin Netanyahu, and many new arrivals avoid the armed forces.

Sara Serfaty, 25, grew up in New York with Moroccan Jewish parents and spent years resisting the idea that Israel could be home.

A few years ago, she moved to Jerusalem for a master's in Middle Eastern studies and now works at a think tank in Tel Aviv. "From the outside, there is a lot of idealization," she said, particularly among people she calls "rah-rah Orthodox."

Julian Hirsch, 28, who is finishing a Ph.D. in archaeology at Hebrew University, made aliyah this year because his fieldwork doesn't exist anywhere else at comparable scale. "It's not a dream," he said. "It's just life."

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Education options

Israeli higher education has expanded in parallel. International undergraduate enrollment at Israeli research universities doubled between 2021-22 and 2023-24, according to a report from the Kohelet Policy Forum, a Jerusalem-based think tank. Several major research universities in Israel have opened or expanded English-language degree programs.

Older adults are making the shift, too. Eve Karlin was 38 when, last June, she quit her fitness job in Los Angeles to make aliyah. She had visited Israel before and considered retiring there, but Oct. 7 accelerated her timeline. “The feeling of me wanting to be in Israel just grew stronger,” she said.

She landed hours before the war with Iran began. Missile shrapnel later fell a block and a half from her apartment. "You can feel the building shake," she said. She says she still has no doubt she made the right call.

Karlin documents her new life on Instagram, bad dates and air-raid sirens alike. Several followers have also since made the journey, she says.

Even those who return to the U.S. often remain closely tied to Israel.

Yuval Padel, 22, came back to New York this year after two years of Israeli military service and started college at Touro University.

By Israel's Independence Day week in May, she found herself helping tour a group of Israeli reservists on a university campus for an event.

She has since taken a job in Manhattan with Friends of the Israel Defense Forces, organizing the same soldier events and logistics she had once navigated herself.

One day, she hopes to move back to raise a family.

Two Are Awarded Nobel Prize in Chemistry

Henri Kagan and Kenso Soai won the Nobel in chemistry for advancing the development of modern pharmaceuticals.

BY GARETH VIPERS AND CHAO DENG

Henri Kagan and Kenso Soai were awarded the 2026 Nobel Prize in Chemistry for breakthroughs that have helped advance the development of modern pharmaceuticals.

Kagan, of France's Université Paris-Sud, and Soai, who is based at Tokyo University of Science, will share the 12 million Swedish kronor, or roughly \$1.2 million, prize.

The pair's research relates to a concept called homochirality, which is the tendency of living systems to use just one of two possible mirror-image forms of a molecule. It is important for the synthesis of small molecules in drugs that can interact with amino acids and sugars in the body in powerful ways.

“Thanks to Henri Kagan and Kenso Soai, we now know how homochirality can emerge,” the Royal Swedish Academy of Sciences said Wednesday. “Their discoveries have been decisive for chemists who design reactions for the manufacture of pharmaceuticals.”

In 1986, Kagan took the first decisive step when he developed a method for controlling chemical reactions that made it possible to produce far more of one mirror-image form of a molecule than chemists had thought possible. This breakthrough has been particularly important in developing pharmaceuticals, flavors, fragrances and new materials.

Soai took the research further, and in 2003 he created the first chemical reaction that produced only one of the two possible mirror-image forms. The achievement demonstrated that homochirality could be created through a chemical reaction rather than being unique to living organisms.

"If you can just make the one that you want in high purity at the beginning, it's more desirable," explained Sherry R. Chemler, a chemist at the University at Buffalo in New York who works on synthesizing molecules with potential applications in cancer treatment.

“Their method enables pure synthesis of the ‘left-’ or ‘right-handed’ molecules exclusively,” she added, comparing the chemical asymmetry to a person’s two hands.

Kagan showed that catalysts can be used to favor the formation of one molecular “hand” over the other; Soai discovered that the product in some reactions can itself then feed back into the process, helping produce more of the same handedness.

A small initial imbalance in handedness can be significantly amplified. Over millennia of evolution, biological molecules such as proteins have come to overwhelmingly favor one form over the other, explained Chemler.

Heiner Linke, chair of the Nobel Committee for Chemistry, said Kagan and Soai had “provided a solution to a chemical mystery that is over a century old.”

"The chemical reactions they have developed are spectacular," he said.

Kagan was born in the Parisian suburb of Boulogne-Billancourt in 1930, and Soai in Hiroshima in 1950.

In Greece, Rubio Pitches ‘America First’

NATO allies that included Iceland and Portugal.

BY VERA BERGENGRUEN AND ROBBIE GRAMER

ATHENS—In a sunset speech framed by ancient Greek ruins, Secretary of State Marco Rubio on Wednesday argued that the Trump administration's “unapologetic pursuit of national power” offers a model to revive Western power rather than threaten alliances.

Rubio used the rare address in the birthplace of democracy to cast President Trump's hard-edge “America First” policies, which have strained relations with Europe, as a path forward.

"The course we take will determine whether the West maintains its place at the head of the world or resigns itself to a future of atrophy and servitude and decline," he told the audience—including foreign officials, Orthodox priests and military officers—gathered on the Pnyx, a hill where ancient Athenians debated. "Power requires not only having the means to defend yourself; it requires the credibility that you are willing to use it."

Rubio gave his address as part of a four-day tour of

Eight months earlier, during a speech before world leaders in Munich, Rubio warned European allies that their policies on mass migration, climate and globalization were leading to the West's “managed decline,” and warned of “civilizational erasure.”

Now, he returned to argue that Europe was beginning to heed the call.

“We believe that Europe can awaken from its long slumber and rekindle the fire that was here millennia ago,” he said, adding that there were “already signs” of a European revival through its increasing military spending and industrial production. “We are witnessing what we hope will be the beginning of a generational shift.”

The speech might do little to resolve doubts about whether Europe can depend on the U.S. European leaders are rattled by President Trump's trade war with allies, his reluctant support for Kyiv, and efforts by the administration to possibly dramatically reduce the U.S. military footprint across the Continent.

WORLD WATCH

DYLAN MARTINEZ/REUTERS

TOEING THE LINE: Dancers performed at the Royal Opera House in London on Wednesday as the U.K.'s Royal Ballet School marked its 100th anniversary with 'A Centenary Celebration.'

SAUDI ARABIA

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Houthis Escalate Strikes on Airports

Attacks claimed by Houthi militants damaged two airports in Saudi Arabia, including one in its capital, killing three people and wounding 36 others, escalating a conflict between the kingdom and its Iran-backed foe in Yemen.

The assault on King Khalid International Airport in Riyadh killed a Sudanese national and wounded eight other people. A separate attack on the airport in the southern city of Abha, about 400 miles from the Yemeni border, killed Moroccan and Algerian residents and wounded 28 other people, said the Saudi General Authority of Civil Aviation.

Two Saudi officials familiar with the matter said the Yemeni group has been using missiles to target the kingdom's airports this week.

—Summer Said

POLAND

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Student Arrested In School Attack

A 19-year-old student at a vocational school in northern Poland attacked fellow students, teachers and passersby with a sharp object on Wednesday, injuring nine people before fleeing and being arrested nearby, authorities said.

The attack took place about 11 a.m. local time at the Vocational School Complex No. 4 in Ostroleka, about 75 miles northeast of Warsaw, police said. Authorities didn't provide any information about the suspected motive, or details about the weapon.

Five students, two teachers and two passersby were injured, regional Gov. Mariusz Frankowski said. None of the injuries was life-threatening, but one person was seriously wounded and some victims were evacuated by helicopter to a hospital.

—Associated Press

UNITED KINGDOM

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UNITED KINGDOM Murder Suspect Tried Farage's Home

A man accused of killing former British politician Ann Widdecombe tried to break into the home of anti-immigration Reform UK party leader Nigel Farage about a year earlier and researched other prominent figures, a prosecutor said on Wednesday.

Prosecutor Kashif Malik said Joshua Kerry left evidence on his digital devices indicating he had conducted “online reconnaissance” of well-known people and institutions between May 2024 and when Widdecombe was killed in July.

FROM PAGE ONE

Kerry, 28, faces one count of preparation of terrorist acts, including against Farage. He didn't enter a plea in Westminster Magistrates' Court and remains in custody.

—Associated Press

Tension, Turnover At Treasury

Bessent advised Trump to pursue a “3-3-3” policy: cutting the budget deficit to 3% of gross domestic product by 2028, spurring GDP growth of 3% and producing an additional three million barrels of oil a day. But growth has been around 2%, and oil production has increased less than a million barrels a day since Trump took office. The budget deficit is now over 6% of GDP, according to the Committee for a Responsible Federal Budget. U.S. debt overall recently topped \$40 trillion.

A deepening selloff in U.S. government bonds has driven the yield on the 10-year U.S. Treasury note to highs last seen more than two decades ago, despite a stepped-up buyback program Bessent set into motion to contain the increase. The result is higher borrowing costs for Americans.

Continued from Page One

The Iran war, meanwhile, has no clear end in sight, although there are signs the U.S. blockade of Iranian ports and economic squeeze engineered by the Trump administration is making the regime more desperate for a way out. But the president recently rejected Iran's offer for a deal and has also told aides he expects another U.S. bombing campaign after the midterms.

Bessent, meanwhile, has projected unwavering confidence. He has dismissed his critics as “Bloomberg terminal bros,” referring to those on Wall Street questioning his moves, and quipped in a recent interview, “I am the house now,” citing the insights he has gained as Treasury secretary. “You can bet against me if you want.”

He has become increasingly emboldened, making unilateral decisions that have confounded even some of his longtime allies and friends.

And his temper has flared. He has shouted at staff for not moving fast enough to implement his ideas and for failing to combat unfavorable media coverage, some of the officials said. Last year, Bessent got so angry about the way his briefing book was organized that he picked up the binder full of papers and threw it at a wall, people familiar with the matter said.

Bessent denied the account to The Wall Street Journal.

“A lot of people in the investment community had hoped he was the adult in the room,” said Stephen Myrow, a former Treasury official and managing partner at Beacon Policy Advisors. Investors are “starting to see him as acting more and more like Trump...and that’s shaking confidence in him.”

This account of Bessent's tenure at Treasury is based on interviews with more than 30 former and current officials at the department and in the administration, close associates from Wall Street and others.

A Treasury spokesman said Bessent “approaches the job with a deep sense of responsibility and urgency,” and “has high expectations of the United States Treasury’s performance.” The spokesman, who didn’t comment on Bessent’s interactions with staff or other officials, said Bessent’s successes included the implementation of tax cuts for families, bank regu-

ROM TOP: BRENDAN SMIALOWSKI/AFP/GETTY IMAGES; WIN MCNAMEE/GETTY IMAGES

latory reform, more than a dozen major economic agreements, the China economic relationship and the program to cut Iran off from the international financial system.

Hurley said in a statement that he was aligned with Bessent on the Minnesota fraud probe. “Scott Bessent is a brilliant and fearless warrior for President Trump and the American people,” he said.

The White House stood by Bessent's management style in a statement to the Journal. "The level of professionalism and accountability Secretary Bessent has instilled department-wide is one of the great accomplishments of this administration," White House spokeswoman Taylor Rogers said.

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Tight circle

At the end of August, Bessent stepped onto a stage at Treasury to unveil his economic plan to end the war in Iran, tethering his political future to a conflict that has stymied the president and his senior advisers for months. Bessent and a small group of close advisers put together the plan, according to people familiar with the matter.

The Treasury secretary leaned on Gene Lange—a trusted ally who used to work for him at his investment firm, Key Square Capital Management. Shortly after Hurley left his role, Bessent gave Lange his duties—though not the Senate-confirmed job—giving him control over the department's powerful Office of Terrorism and Financial Intelligence, which oversees everything from money laundering to sanctions.

The economic campaign has been dismissed by some foreign

Treasury Secretary Scott Bessent. Below, Bessent with President Trump, Secretary of State Marco Rubio and others during the NATO summit in Ankara, Turkey, in July.

policy experts and economists as inadequate to batter Tehran into submission and for not directly targeting the government of China, its key trading partner.

The episode is emblematic of how Bessent runs the department, according to people familiar with his methods. Bessent has consolidated power in his massive agency, often relying on a handful of advisers to carry out the president's agenda.

That grip over the department has allowed Bessent to be a lead voice on a range of policies important to the president. Bessent's extensive remit also includes artificial intelligence and the impact it has on the U.S. economy, and trade talks with China. He also advised the president on his choice for the new chairman of the Fed.

The Treasury secretary's inner circle includes advisers who have a long history with Bessent. Alexandra Preate, his senior counselor and top spokeswoman, did public relations work for Bessent before he entered government. Along with Lange, Hunter McMaster, a close Bessent ally and assistant secretary at the department, worked with Bessent at Key Square, as did Francis Browne, who was recently nominated to be an undersecretary at the department. Browne's sister, Erin Browne, was recently confirmed by the Senate as Treasury's undersecretary for international affairs.

Last week, Treasury announced David Zervos, a longtime Wall Street market strategist and a top executive at Jefferies, would become a senior adviser to Bessent.

As of the end of August,

Some who cross the secretary or the White House have been sidelined or pushed out of the department.

Twenty months into his tenure, Bessent is facing skepticism on Wall Street and an economy that could wreck Republican chances in November's midterms.

seven Senate-confirmed officials had left the department, according to the Partnership for Public Service, a nonprofit group, compared with zero to two in the past four administrations during similar time periods, including Trump's first term.

Only one of the recent vacancies under Bessent's watch has been filled with another Senate-confirmed official. Dozens more non-Senate confirmed officials have left the department since Bessent was sworn in.

Bessent's reputation as a challenging boss has complicated efforts to fill key vacancies at the department, according to people familiar with the matter. Several potential recruits said they decided not to pursue job opportunities at Treasury because they had heard about Bessent's behavior.

The department currently doesn't have a Senate-confirmed general counsel or head of legislative affairs, nor does it have Senate-confirmed officials overseeing tax policy or domestic finance, although two of the positions have nominees.

Bessent, who oversees the Internal Revenue Service, has also presided over historic turnover at that agency. Since Trump took office, the IRS has cycled through five acting IRS commissioners, and the position is currently vacant. Bessent created a new, non-Senate confirmed role overseeing the agency, appointing ally and Social Security Administration chief Frank Bisignano as the IRS's CEO.

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'Mission oriented'

Bessent's defenders in and out of the administration acknowledge he can be combative, has a temper and is demanding with staff. But they argue his intense approach is an asset.

“He’s a good person, but he’s got a tripwire and he’s got a temper,” said former Trump White House chief strategist Steve Bannon, who said he has known the secretary for nearly a decade. “We got a purpose and mission here, and we’re mission oriented. And I’m not interested in your feelings. If your feelings are hurt, I’m sorry, but get the f—out of here,” Bannon said, in describing Bessent’s attitude toward Treasury staff.

The defenders said Bessent puts pressure on his employees to improve their performance and ensure they execute the president's agenda.

"The secretary is demanding and results oriented. As one of the world's greatest macro investors, this should not be a surprise. When I worked for him, he was always professional and respectful," said Joseph Lavorgna, who was a counselor to the secretary for just under a year.

Bessent's backers also say bond yields would have been even higher without his intervention, and they point to success in supporting the Argentine peso and Japanese yen. And while economic growth hasn't reached $3\%$ , it has been relatively solid and may be accelerating thanks to the AI boom.

People who have worked with Bessent said he often appears calm but can excoriate staff when he is frustrated. Some aides said they ask colleagues about his mood before coming into contact with him, and trade advice on how to avoid him when he is angry. Several officials described feeling relieved when Bessent was away from the office.

The Treasury secretary cycled through three people filling the role of chief of staff before settling on Kate Tyrrell in June. Dan Katz, Bessent's first chief of staff, was among the officials who clashed with Bessent, according to people familiar with the matter. He left the agency in fall 2025 to be a senior official at the International Monetary Fund. Bessent sometimes lashed out at Katz in meetings when he offered counsel on policy, according to some of the people.

Katz said Bessent drew on his experience as a successful investor to approach decisions "with discipline, clear judgment, and a strong sense of urgency." He said he left when he was promoted to a consequential role in international finance.

Bessent's aggressive approach to the job has improved his standing with Trump, who has long been known as a demanding boss and has told advisers that he likes the Treasury secretary's feisty public persona. Trump supported Bessent's move to intervene in the bond market, according to a senior administration official, despite criticism from Wall Street analysts.

Trump calls Bessent almost every day, according to people familiar with the conversations. The Treasury secretary is one of the few senior administration officials who can talk the president out of ideas he views as unwise, some of the people said, such as escalating tariffs.

A White House official said Bessent has told other administration officials he doesn't want the president to view his agency as a dysfunctional operation.

Bessent and his allies have worked to protect his image, battling reporters over their coverage. The Treasury secretary yells at his communications staff over stories or headlines he doesn't like, current and former officials said.

ENT NISHIMURA/BLOOMBERG NEWS

John Hurley, center, arrived for his Senate confirmation hearing in April 2025.

PERSONAL JOURNAL.

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© 2026 Dow Jones & Company. All Rights Reserved.

THE WALL STREET JOURNAL.

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I'm surprised that she's willing to bare her prejudice so openly

I'm ready to fight or run

I'm not sure I can have her be part of the team

Spare me the ‘we don’t talk about politics’

You are way over the line I'm on the ledge and fed up

I have great pain around this

You are a warrior ♥

The topic gets to be where the zealots come out

This was not an Israel/Palestine debate, this was 'Help me understand your trauma'

She is grandstanding again

A Reply-All Email After Oct. 7 Divides an Office

The Israel-Gaza conflict remains a third rail. At a Dallas therapy practice, it divided in-laws and escalated into firings and lawsuits.

BY LINDSAY ELLIS

D2 COUNSELING WAS the kind of office that got together for weekly team lunches. Two of its 10 or so therapists were related by marriage, and the practice helped clients work through relationships and conflict. Then came the Oct. 7 attacks and war in Gaza.

The small business has since ruptured in spectacular fashion, triggering firings and lawsuits. Some co-workers quit, and two colleagues related by marriage became estranged. The legal fallout stretched into this summer.

As with many office disputes, it erupted over email.

“Have you ever pressed the send button for the email right after you thought, ‘Maybe I should wait and send it tomorrow, after I’ve calmed down?’” D2’s co-owner, Daniel Gowan, said in a guest sermon last year at a Dallas church. Just weeks before, he and his business partner, Dina Hijazi, had been sued by two Jewish co-workers they had fired.

“We are all smart people,” he continued. “Why can’t we stop it?”

The war in Gaza remains a third rail in workplaces and beyond—dividing communities that agree on nearly every other topic.

At D2, the clash distilled into one over which politically sensitive topics are off limits at work. This account—pieced from hundreds of pages of court records and depositions as well as hours of video—offers a rare, inside view into how politics and identity clashes can rock a workplace.

The two business partners, Hijazi and Gowan, formed the Dallas-area practice in 2018, and a lot of their work focused on relationships. Hijazi had years of experience working with private clients and in schools. Gowan had ties to local spiritual leaders. The two specialize in “conflict management, relational policies and emotional development within the organization,” D2’s website says.

One of the early hires, Jacqueline Katz, had been married to Gowan's brother, Sam.

Some staff had other things in common: Katz was Jewish, and so was Jackie Junger, who had joined the practice a few years later. The father of Hijazi's children is also Jewish, while her own father was Palestinian.

A lawyer for Gowan and Hijazi said they respect employees and clients of every religion and background, and that D2 has deep ties to the Jewish community. An attorney for Katz and Junger declined to comment on the dispute, citing a recent settlement.

---

Office-rules dispute

At the weekly Tuesday lunch meeting after Oct. 7, 2023, when Hamas militants carried out deadly attacks against Israel, emotions ran high. Katz and Junger, who had family in Israel, were upset, staff said in depositions. Hijazi worried about the safety of two of her children, who were about to fly from Jordan to family in Tel Aviv.

Hijazi and Gowan started by discussing marketing, Junger and Katz said in depositions. Then someone raised the Hamas attacks.

Junger began talking about the killings of Israelis in graphic detail, Hijazi and Gowan said in filings. According to the bosses, this broke an unwritten rule: Nothing emotionally destabilizing should be brought up at the Tuesday meeting, since therapists would see clients right after.

Hijazi, shaking, left the room. Gowan followed.

The next day, Hijazi emailed

Junger, who was in her first full-time counseling job. She offered a coffee, time off—anything:

From: Dina Hijazi

To: Jackie Junger

Oct. 11, 2023

I know you're in pain

Please let me know and I'll make myself available. My heart goes out to you and your loved ones.

A few days later, Hijazi reminded the team the weekly meetings were for discussing professional matters.

---

From: Dina Hijazi To: D2 Counseling Team Oct. 16, 2023

Having said that, we also make room for personal/emotional issues that you are experiencing.

Come to the meeting with clarity around what kind of support you are wanting.

---

A reply-all email

Then, in November 2024, as another Tuesday meeting wound down, counselor Kari Knott asked for guidance in helping a Jewish client who was distressed about what she later referred to as things “going on in the world.”

The two sides dispute exactly what followed, but some counselors present said the Jewish therapists suggested some podcasts and other materials to Knott to give her better perspective. The conversation became argumentative, Hijazi later said. According to Knott, Katz and Junger, Hijazi dismissed their suggestions as one-sided. (Hijazi disputed that she used that phrase.) She suggested Knott ask the client what he needed, then left the room to see a client.

Hijazi sent another officewide email about the issue the next morning:

---

From: Dina Hijazi To: D2 Counseling Team Nov. 20, 2024

I have great pain around this as I know some of you do.

For me to work and be

For me to work and be present with my clients, I have asked that this be kept out of the noon meeting.

Hijazi asked the group to shift the conversation if it came up in the meeting again. Junger replied all, saying she was sorry Hijazi was hurting. But she disputed the conversation was out of bounds:

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From: Jackie Junger To: D2 Counseling Team Nov. 20, 2024

This was not an Israel/ Palestine debate, this was 'Help me understand your trauma.' I humbly decline your request and actually would love to have a space where everyone is allowed to ask questions pertaining to bettering their understanding of their clients.

From there, the conversation splintered into side-texts. Hijazi vented to Gowan, who commiserated from vacation in Canada. They discussed firing Junger:

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Dina Hijazi

She is grandstanding again and making this political and professional and ethical when it's an issue of safety at the workplace

Nov. 20, 2024

---

Daniel Gowan

We do want a safe place to come together. A place to learn and grow and be challenged. If we let her go I'd like us to be clear in our message for other staff to 'get it'.

I'm not a rule-follower much, but I cannot imagine a world in which id tell an owner—nah—I'm doing it my way.

Nov. 20, 2024

Back on the all-staff email, Katz replied-all in agreement with Junger:

From: Jacqueline Katz

To: D2 Counseling Team

Nov. 20, 2024

Cultural competency related to our clients' trauma is a must to be an effective therapist

Then she addressed Hijazi:

From: Jacqueline Katz

To: D2 Counseling Team

Nov. 20, 2024

I think it was essential for you to be able to manage the inquiry without adopting the victim role.

Denial of the reality of any members of the team is not appropriate and, in this case, furthers the marginalization that many Jews have felt the entirety of their live.

Katz said she no longer wanted to participate in meetings if she had to censor herself. Hijazi texted Gowan about how to respond:

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Dina Hijazi

I'm ready to fight or run. The distortion is incredible.

Nov. 20, 2024

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Daniel Gowan

The topic gets to be where the zealots come out—this is their lifelong passion and defensiveness and part of the victim story and they get to feel self-righteous about it

We move forward, state our principles for the business meeting, and move on.

Nov. 20, 2024

The next morning, Hijazi emailed the staff: They were free to discuss beliefs and cultural perspectives—with limits. But it wasn't the last word.

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From: Dina Hijazi To: D2 Counseling Team Nov. 21, 2024

The noon Team meeting is not a forum to present political or religious opinions.

If these principals don't line up with your values, please set a time to meet with us.

We are now taking this discussion off of the team email.

---

From: Jacqueline Katz To: D2 Counseling Team Nov. 21, 2024

Your failure to see that this was not a political conversation is a huge blind spot.

Katz later said she replied-all in part because D2 had no human-resources division to complain to. Her bosses contended the message flouted Hijazi's request. An attorney for D2 said clients are “entitled to clinicians who are steady and fully available to them, and protecting the composure of that hour is how we protect the people we serve.”

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'Over the line'

Gowan and Hijazi maintain in court records that other politically sensitive topics—like gun control—also would get redirected in meetings. Not everyone agreed. In a message to Katz, Junger pointed out the team had spent one session discussing President Trump and the 2024 election:

Jackie Junger

to Jacqueline Katz

Spare me the ‘we don’t talk about politics.’

Nov. 21, 2024

Meanwhile, Gowan was texting Hijazi:

Daniel Gowan

Calm me down, Dina.

Nov. 21, 2024

Dina Hijazi

She's so over the line taking my inventory.

Omg

Nov. 21, 2024

Gowan emailed Katz and Hijazi:

From: Daniel Gowan

To: Jacqueline Katz,

Dina Hijazi

Nov. 21, 2024

We closed this topic on the TEAM email. Back up and find some containment - you are way over the line.

---

'You are a warrior'

Hijazi checked in with colleagues individually and found an unsettled team. According to her notes, some said they found the internal conflict unnecessary.

Meanwhile, she and Gowan consulted an attorney, who asked whether the rules around discussion topics had been written down. (They weren't, Hijazi replied.) They wanted advice on how to protect themselves against potential legal action and discrimination allegations if they let the therapists go.

The attorney advised, “As long as you are not directing the message at a specific person based on their protected class, a private employer can limit speech in the workplace.”

Daniel Gowan

Ask him WTF is a protected class.

Nov. 22, 2024

---

Dina Hijazi

It means a minority is very very difficult to fire.

Nov. 22, 2024

---

Thursday, October 8, 2026 | A11

According to Junger's deposition, Junger texted Katz that she wanted to leave D2. Katz recommended Junger get fired so she would “not have to pay out.” (The D2 counselors were subject to noncompete agreements that required returning some earnings to D2 if they practiced within a certain proximity for two years after leaving.)

The tensions spilled into the weekend. Knott—whose question had set off the reply-all email—texted Junger that Sunday:

Kari Knott

I am extremely curious how she handles the stuff in Therapy. Perhaps she does not take any Jewish clients?

Nov. 24, 2024

---

Jackie Junger

I wonder that as well

Nov. 24, 2024

Shortly afterward, Junger emailed everyone again:

From: Jackie Junger

To: D2 Counseling Team

Nov. 24, 2024

The contradictory and inconsistent messaging leaves me feeling quite confused.

Would wanting more clarity on a Black client experiencing racism violate that policy as well? How about talking about a client who is part of the LGBTQ community?

She wrote she would no longer refer Jewish clients to D2, “since it is against policy to seek supervision, support, and understanding your Jewish client’s lived experiences.”

Katz replied-all in support of Junger. The two therapists messaged that night:

---

Jacqueline Katz

You are a warrior ♥

Nov. 24, 2024

---

Firings go viral

The next afternoon, Gowan left Junger a voicemail: “Jackie, this is Daniel. We’ve come to the realization that this is not a good fit for you to continue working here at D2 and we’re going to part ways.”

Katz was fired, too. Gowan later said the reason was sending the emails despite being asked not to.

Junger turned to a local Jewish Facebook group, seeking a lawyer—"one who can fight wrongful termination due to antisemitism," according to a screenshot shared with The Wall Street Journal.

One of Hijazi's clients, Goldie Schuster, saw the post. The daughter of Holocaust survivors, Schuster had worked with Hijazi to process that trauma. She said they had gone to see “Schindler’s List” and the Dallas Holocaust museum: “It was divine intervention that she was brought into my life,” she said in an interview. The accusation against Hijazi was a “dagger,” said Schuster, who said she still supported her longtime therapist.

Katz and Junger sued, accusing their ex-bosses of discrimination and retaliation, and held a press conference. Soon commenters peppered D2's Google webpage with one-star reviews. "Run. Don't walk away from this group," one wrote.

Junger began working remotely for an out-of-state practice. D2 accused her of violating a noncompete and said she owed \$14,327.50 of her earnings. It accused Katz of the same, seeking \$31,363.75.

Another Jewish therapist resigned. So did Knott, pained by the conflict.

---

The fallout persists

Last fall, Hijazi went to the emergency room with heart problems, which she attributed to the vitriol, she said in a text message to Knott.

Gowan and Hijazi countersued, alleging Katz and Junger defamed them by falsely claiming D2 wouldn't allow employees to seek support for Jewish clients. Katz and Junger argued it was a protected opinion.

The parties completed a confidential settlement, and the case was dismissed this July.

D2 lost clients and has fewer therapists on staff now. The relationship between Katz and Gowan—once in-laws—has ruptured.

Social-Media Apps Encourage Video Brain

Instant jolt from short clips seems to change teens' perception of time

Here are some ways parents can help their children stay on task:

FAMILY & TECH

JULIE JARGON

T he constant flux of TikTok clips, Instagram reels and YouTube shorts running through our social-media feeds

isn't only zapping our attention spans, it's altering how we perceive time.

“Future time perspective” is our capacity to tie our present activities to later outcomes. For students, this means seeing the benefit of studying because they know it can result in good grades, which can lead to college admission and eventually, a job. That multidimensional way of thinking allows them to set aside immediate rewards—such as watching videos or playing videogames—in favor of doing homework.

Researchers at several universities in China, in a study involving more than 1,500 high-school students, found that their future time perspective was damaged by a steady diet of such short-form videos.

These videos, in particular, activate the reward circuitry of the brain with their novel, engaging and effortless nature, leading to instant and constant

gratification. We already saw in a previous study that this type of engagement activates the addiction centers of our brains, and in some cases makes it hard for us to stop viewing.

Now, it's also making us less able to plan for the future, or even care about it.

The brain effects hold true for adults, but are more pronounced in teens, says Dr. Vera Feuer, chief clinical officer at the Child Mind Institute, a mental-health treatment provider.

Adolescents already have a harder time than adults with planning ahead and controlling their impulses, because of the brain's immature prefrontal cortex. Consensus is that this part of the brain doesn't fully develop until around age 25.

“We know young people have difficulty with patience, tolerating frustration and delaying gratification. They have a harder time managing and overcoming difficulty,” says Feuer, who wasn’t involved in the China research.

But the study's results weren't all doom and gloom. "One new finding from this study is that the ability to overcome academic difficulty improves when there's a strong future point of view," Feuer says.

The study examined what the authors described as “academic buoyancy,” or how students respond to and recover from common academic pressures and setbacks in daily learning. Students who are less equipped to handle academic setbacks, such as poor grades, are more inclined to use short-form videos as an escape, thus creating a negative cycle.

In other words, the videos may be less of a cause of this procrastination, and more a symptom of it. And helping kids set ambitious goals is one way to tie their academic work to the future and deprioritize the immediate rewards of video-watching.

“Cultivating adolescents’ future time perspective is therefore crucial to counteract short-form video addiction’s detrimental effects and bolster their academic buoyancy," the study's authors wrote. (They didn't respond to requests for comment.)

What parents can do

Social-media companies, under fire from regulators and lawsuits, have been making changes to curb youth addiction to their products, including providing break reminders in the apps, turning off push notifications at night and disabling video autoplay for teen accounts.

As part of Meta Platforms's recent \$18 billion settlement with 48 states to keep children safer online, the tech giant agreed to put in place a two-hour daily limit for teens across Instagram and Facebook as well as to block the apps's main feeds between the hours of midnight and 6 a.m. Meta is calling on TikTok, YouTube and Snap to agree to place the same daily time limits and nighttime restrictions on their apps.

Set your own app limits.

As burdensome as parental controls can be, the easiest way to do it is to set device-level app time limits. This can be done by setting up Family Sharing on Apple devices, Google Family Link on Android devices or doing it directly from the screen-time settings of the actual phone. With supervised accounts, parents can set a time limit on YouTube Shorts—or turn off the short videos altogether.

Discuss when short videos are OK. If the kids really want to watch these short videos, set times of day or points during the week when they're allowed, and be sure to reinforce why you're implementing these restrictions.

Silence the phone. Have your children put their phones in focus mode while they're doing their homework so they don't receive text and social-media notifications.

Get phones out of the bedroom. Kids shouldn't be on their phones while doing their homework—though they might argue they need them for calculators and other look-ups. It's even more important to keep phones out of their rooms at night, to ensure adequate sleep.

ABBY OUELLETTE FOR WSJ

Have them practice mindfulness. "Mindfulness" can feel like a woo-woo term, but one study found that mindfulness accounted for about half the link between short-form video addiction and lower academic engagement. Doing a brief mindfulness exercise before each study session can help students focus, it said.

GOING STRONG | By Ella Dershowitz

Across

1 Rice-shaped pasta

5 Turkish chiefs

9 "Memento" star Pearce

12 \*They might show when wearing a tank top

13 \*Spot for a summer nap

14 \*Where you might play dodgeball, familiarly

15 Protein-building acid

16 First Black doll from American Girl

17 Sheltered, on a ship

18 How sturdy things are built

20 Look of loathing

22 Upright row target... that's been relocated

23 Dead lift target... that's been relocated

25 Bench press target... that's been relocated

26 Still

27 Former Interior secretary Haaland

28 Ransom note writer

31 "One of Us" singer Joan

34 Gracefully light

35 "Stay perfectly still," or what you might grumble six times at this puzzle's constructor

39 Be on the lookout for?

40 Postal parties

41 Casual parties

43 Getaway option

44 Start for light or night

47 Dip target... that's been relocated

48 Pull-up target... that's been relocated

49 Squat target... that's been relocated

50 What you do with a scale or escalator

54 Nancy's friend in the comics

56 Alternative to "<3"

57 "I figured it out!"

59 Stand up for the arts?

60 \*Vacation on the slopes

61 \*Workout that might involve a reformer

62 \*Black-and-whites

63 Freshly painted

64 "Orinoco Flow" singer

65 Letters on a Times Square booth

▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles.

Down

1 At a minimum

2 Harangue

3 Letter-shaped gesture accompanying a retort

4 Los \_\_\_\_(California town with a bear of a name)

5 Dr.'s grp.

6 Fade out

7 "Highway to Hell" band

8 Vodka in a blue bottle

9 Absolutely massive

10 Tech caller

11 "Didn't I call that?"

12 Crackers

14 Excuse for a teacher

19 Bruce, to fans

21 Getaway option

24 Topping

27 High mil. award

28 Clinches, as a victory

29 Magic, on tickers

30 Reuben base

31 Frozen treat with a Major Mango flavor

32 \_\_\_\_ Faire (event with jousting)

33 Memorable name from the Montreal Olympics

35 Spillway site

36 Silk sash

37 Common words on highway signs

38 Self-serve coffee source

42 Samba city

44 Pulls gently

45 Gets into the pool

46 Fan faves

48 Army nickname

49 Doctor who doctored the résumé

50 Annual Austin fest

51 Potent hit?

52 "Guess again"

53 Watery

55 For fear that

58 Pre-tax medical expense fund, for short

Taking Zoom Calls At Altitude

Continued from Page One

The chatter has become a regular feature of Oliver Louie's flights on Qatar Airways, which has installed Starlink and is one of a small but growing number of global airlines that does allow passengers to use it for video and voice calls.

Most of the calls are quick, and flight attendants are good about asking passengers to lower the volume, Louie said. Then there are passengers like the one sitting several rows behind him on a recent flight from Cape Town to Doha. The man spent about two hours taking what sounded like a work call while most of his seatmates were trying to sleep.

"In an airplane where it's pretty quiet, it's very easy for the entire cabin to hear what's going on," Louie said.

Airplanes used to provide a respite from constant connectivity. Even if there was Wi-Fi, it was often so slow and buggy as to be functionally useless. But the days of laggy, draggy and expensive in-flight internet are coming to an end. Starlink, which boasts zippy connections via thousands of satellites in low Earth orbit, is becoming a dominant internet provider for airlines. Some carriers have signed up for a competing service promised by Amazon in the coming years.

Peter Zaballos already finds cabin cacophony unbearable. Even without Starlink, travelers spend flights streaming and scrolling—the rise of headphone resisters doesn't help.

Last year Zaballos heard a phone ring during a flight. He sat in disbelief as the passenger answered it and chatted away for a couple of minutes. "He was catching up with a friend," Zaballos said. "Like he was at home."

His efforts to confront inflight callers haven't gone well. "I think there's a grow-

Doug Stoltz, director of cabin systems engineering at United Airlines, displays a Starlink setup.

ing, sizable minority who thinks it's fine, and they very aggressively defend it."

The Federal Communications Commission has long banned cellular calls during flights. While the prohibition doesn't apply to Wi-Fi calls, United this year updated its fine print to make clear that

---

'I just don't think the rest of the cabin needs to join your Teams meeting with you!'

violating rules against video calls (not just voice calls) can have consequences, including potentially getting passengers permanently booted from its flights.

A bipartisan group of lawmakers earlier this year proposed the Quiet Skies Act, which would direct the Transportation Department to issue long-delayed regulations banning any in-flight voice calls. The bill's biggest cheerleaders? Road warriors.

The Global Business Travel Association has lobbied for the legislation, arguing the airplane cabin should remain a place to “work, rest and think, and not become a group phone booth for dozens of simultaneous private conversations at 35,000 feet."

Not everyone sees it that way. After all, “Airfones” installed in some seat backs once allowed passengers to make calls—albeit for a hefty fee. And nothing stops passengers from loudly chitchatting with seatmates.

“Most people aren’t a nuisance making inflight calls or taking inflight conference calls,” aviation blogger Gary Leff wrote. “We shouldn’t make rules for everyone based on the jerks, we should address the jerks.”

Carriers including Qatar, Emirates and British Airways have been allowing passengers to use their Starlink service for calls. Basic etiquette rules still apply: The carriers remind passengers to wear headphones and keep their voices down. Qatar said passengers have been considerate and feedback has been good.

While traveling back to the U.S. for Thanksgiving in 2024, just after Qatar started adding Starlink, Jamer Heasley had an emergency: his jeans ripped. He went back near the galley where he wouldn't bother his seatmates and called his mom, asking her to grab a replacement pair.

The key is to be courteous to fellow passengers. A quick call is one thing, but “I’m not going to sit there and run a deal,” the auto broker said. When his phone rings with a work call during a flight, he sends it to voicemail and sticks to text and email.

“We’re all stuck in this tube going somewhere, and there’s no way out,” he said.

ARTS IN REVIEW

ART REVIEW

A New Angle on O'Keeffe

The Detroit Institute of Arts highlights her works that depict architecture

BY JUDITH H. DOBRZYNSKI

For more than a century—since her breakout exhibition at Anderson Galleries in New York in 1923—Georgia O'Keeffe (1887-1986) and her art

Detroit

have fascinated the public. Her instantly recognizable flower paintings, desert landscapes, bleached bones and abstractions have won her dozens of museum retro-spectives or themed solo exhibitions. She's been paired in shows with artists including Arthur Dove, Henry Moore and Ansel Adams, and examined as an avatar of a stylish personal aesthetic and

---

She was friends with Frank Lloyd Wright and Ray and Charles Eames.

independent lifestyle. What new angle about her might there be?

The Detroit Institute of Arts, prompted by the only O'Keeffe in its permanent collection—"Stables" (1932), a straightforward look at a white barn in Canada—has found one: "Georgia O'Keeffe: Architecture." Billed as "the first of its kind to focus solely on the breadth of her vision for the built environment," the exhibition displays 36 paintings of farm buildings, skyscrapers and adobe structures, supplemented by two video projections. A side room outlines her relationships with architects like Frank Lloyd Wright (with whom she exchanged many mutually admiring letters) and industrial designers like Ray and Charles Eames (friends whose chairs she owned).

Curated by the museum's Benjamin W. Colman and on view through Jan. 3, 2027, the show

groups artworks by the nature of the buildings, offering a fresh vantage point for assessing O'Keeffe. It's a slim premise, overlapping with exhibitions about her landscapes or New York scenes, but Detroit's modest exhibit is aided by its airy dis-

play. Several marvelous larger-than-life photographs of her—O'Keeffe's fame has always been amplified by images of her striking appearance, many taken by her husband and foremost promoter, Alfred Stieglitz—add panache.

O'Keeffe spent her childhood on a farm in Sun Prairie, Wisc., and the first gallery, filled with nine paintings of rural structures, recalls those roots. The earliest one, "My Shanty, Lake George" (1922), portrays the building in upstate New York she used as a studio during the many summers she spent there. She painted it in dark hues, with a brownish-red barn, a gray-blue sky and a deep-green mountain. "Ends of Barns" (1922) has truer reds and blues, but it's also dark in tone. At the time, critics were characterizing O'Keeffe's flower pictures as feminine; in response, she said, she would create "those dismal-colored paintings like the men." They are more moody than dismal, with no trace of the exuberance in her flowers—with one exception: In "Spring" (c. 1923-24), O'Keeffe painted bright, blooming lilac trees behind Stieglitz's darkroom shed.

They are also something else. Straight lines, rather than her usual curves, abound. And while not completely flat—O'Keeffe exposes grime on the white walls of "Stables" and shadows under the eaves of "Lake George Barn" (1929), for example—these barns are not the detailed ones of realist artists like, say, Grant Wood. O'Keeffe simplified them, exploring geometric shapes and planes of color. Some, like "Red Barn in Wheatfield" (1928), edge toward abstraction.

In the 1920s, while O'Keeffe was living in Manhattan, she began painting high-rises, often looking 'Taos Pueblo' (1929/1934), by Georgia O'Keeffe, top left, and her 'Brooklyn Bridge' (1949), above. Both are among the 36 paintings in the exhibition, which is curated by Benjamin W. Colman.

up from below or down on the city and across the East River from her quarters in the Shelton Hotel. They, too, are simplified, but harder-edged than her barns. And although this section contains two dazzling works, “City Night” (1926) and “Brooklyn Bridge” (1949), it’s the weakest—her gray city views of buildings against the skyline seem to be dutiful, rather than inspired.

O'Keeffe was quite distinctive—and here at her best—in her paintings of adobe buildings. Living in New Mexico, enthralled by its unique light, she painted pueblos, churches and her house at Ghost Ranch, where she spent many summers. “Taos Pueblo” (1929/1934) depicts the five-story dwelling that has been inhabited for more than a thousand years—a major tourist attraction—behind an extensive dirt foreground, as if O'Keeffe were respectfully keeping her distance. With its deep-blue sky populated by elongated clouds, her lovely, placid “Front of Ranchos Church” (1930), which she called “one of the most beautiful buildings left in the United States by the early Spaniards,” foreshadows the acclaimed cloudscapes of her later years.

Two outstanding works, “Ranchos Church No. 1” and “Ranchos Church, No. II, NM,” both from 1929, are soft in line and earthy in color. They show O’Keeffe’s favored back view, and the beguilingly spare, almost biomorphic forms of its massive adobe buttresses, along with the subtle shadows, that make that completely understandable.

The exhibition's final section

features eight near-abstract paintings (dated from 1948 to 1956) of the wall, the door, the sky and sometimes the foot path beside the patio at her home in Abiquiú, N.M., part of a series in which O'Keeffe explored the shift in colors and lighting at different times of the day. In them, she occasionally modified her perspective and once said, "I'm always trying to paint that door—I never quite get it . . . It's a curse." These works, meditations on a space where she spent much time, share some kinship with those of the Abstract Expressionists and Color Field painters of the era.

“Georgia O'Keeffe: Architecture” is as much about the importance of place as it is about buildings. In each locale, O'Keeffe's palette and even the vibrancy of her works changed, and in each one her abiding originality, power and finesse as an artist are unmistakable.

Georgia O'Keeffe: Architecture

Detroit Institute of Arts,

through Jan. 3, 2027

Ms. Dobrzynski writes about art for the Journal and other publications.

MUSIC REVIEW

Kevin Sun's Jazz-Saxophone Experiments

BY LARRY BLUMENFELD

BAR BAYEUX—a long, narrow club in Brooklyn, N.Y., that names cocktails for revered jazz musicians such as Herbie Nichols and Shirley Horn and frequently hosts first-rate bands—was packed one mid-September Saturday night. The convivial buzz among patrons lining the bar suggested familiarity with one another and with that night's featured artist, tenor saxophonist Kevin Sun, most likely from his hundreds of performances in his home borough during the past decade.

Many of these listeners chuckled aloud when Mr. Sun, having led his quartet through a pent-up and mostly atonal original composition, "Hold Music," explained its inspiration: a 90-minute ordeal on the phone with the IRS. Some cheered loudly at his mention of the video-game "Dark Souls," before he performed a graceful and mostly faithful take on one of its signature themes, "Souls of Fire (A Moment's Peace)."

At Bar Bayeux, Mr. Sun celebrated two simultaneous releases—“Kevin Sun I.” and “Kevin Sun II.” (Endectomorph). These bring to a dozen his catalog of albums as a leader, working with an ever-expanding cast of young and restlessly inventive musicians, most of whom he met either in Boston, while earning a master’s degree at the New England Conservatory of Music, or since his arrival in New York in 2015. He worked through the music of that first new release, joined by its quartet members: guitarist Max Light, bassist Walter Stinson and drummer Jon Starks. (His quartet on “Kevin Sun II.” includes Mr. Stinson plus pianist Christian Li and drummer Kayvon Gordon.)

Mr. Sun's music befits a term pianist Vijay Iyer coined in a liner note for an album from another Brooklynite, pianist Phillip Golub, which was co-released by Mr. Sun's own Endectomorph label in 2024—“New Brooklyn Complexity.” That phrase recognized a musical movement “for its particular amalgamation of high-modernist compositional knowhow and cutting-edge improvisational expertise," Mr. Iyer explained, as well as "its rough-and-tumble small-group flair and its chamber-music transparency, a type of artistry trained both in classrooms and in clubs."

If Mr. Sun belongs to this nascent scene, it's one he has helped shape and support. His label's website lists 17 artists and ensembles, all accomplished and interconnected. Yet Mr. Sun's approach is also singular for its blend of seriousness and whimsy, its combination of complicated structures and memorable melodies, and its commitment to both jazz tradition and sonic innovation.

He shares an unusually compelling musical rapport with his associates, especially through impressive unison lines and thoughtfully interlaced phrases with Mr. Light on "Kevin Sun I." But this music also begins and ends with his sound: at times full, rounded and with a slowly unspooling vibrato, and at others wildly malleable—rough-edged and fuzzy, or sharpened to a fine point, and often leaping octaves with surprising fluidity.

Mr. Sun develops his music mostly in jazz clubs. He also prizes the laboratory of the recording studio, especially once the band has left. "Kevin Sun I." captures the flow of his band in performance yet achieves its most memorable aspects through carefully wrought post-production.

Nearly a minute into "Go In," which opens "Kevin Sun I," the sonic depth and tension increase palpably. It's now two different, overdubbed studio takes folded into one. This composition changes meter with nearly each bar; its form is uneven to begin with. Mr. Sun's production technique here amplifies that sense of irregularity in an appealing way. On "Souls of Fire," Mr. Light's guitar track is reversed—heard backward—to produce briefly glowing orbs of sound that intensify the song's elegiac mood. And Mr.

Sun invests “Riot in Lagos”—a masterpiece of studio wizardry and explosive energy in its original 1980 version by Japanese composer-musician Ryuichi Sakamoto—with a fresh sense of purposeful clamor: He starts his own version in the middle of one recorded track and, later, overdubs another take to make his band sound like a double quartet with two drummers, one in each stereo channel.

"Kevin Sun II," which was recorded in a Minneapolis studio after a week on tour, tells a different story. Where the first volume focuses on quick-shifting and odd-metered rhythms, this mostly swings in 4/4 time (even on another Sakamoto composition, "Chanson," which is really a waltz). While he and Mr. Light navigated challenging intervals and unusual chordal movement, here his saxophone—which sounds gloriously unrestrained throughout the album—and Mr. Li's piano revel in the richness and possibilities of more conventional harmonic patterns, especially on disarmingly lovely tracks such as "Song No. 2" and "Forest Corridors III."

Mr. Sun is an inspired interpreter of jazz history. His 2021 album “<3 Bird” inventively reconsidered Charlie Parker’s repertoire. His composition “Go In,” on “Kevin Sun I,” invests anew in the chord changes of John Coltrane’s “Countdown.” And “Belong, Sonny,” on “Kevin Sun II,” draws its harmonic structure from “Stablemates,” a composition by one dearly departed tenor titan, Benny Golson, with nods toward the phrasing of another, Sonny Rollins, whose recent death set off worldwide mourning.

Still, Mr. Sun's jazz speaks most forcefully of this moment, especially in his neighborhood.

Mr. Blumenfeld writes about jazz for the Journal and is the editorial director of Chamber Music America.

SPORTS

Moneyball Killed the Bunt. The Rays Are Bringing It Back.

Tampa Bay hunts for advantages that other teams miss. While major-league offenses covet power, a bunt-heavy approach has made the team a strong contender to win the World Series.

Chandler Simpson, top, and Cedric Mullins, left, specialize in bat control and have turned bunting into a weapon for the Tampa Bay Rays.

BY JARED DIAMOND

he Tampa Bay Rays have been baseball's greatest innovators for nearly two decades, using cutting-edge data to outsmart the competition despite

their microscopic payroll.

That unyielding commitment to analytics is what makes their success this season so bizarre. The Rays finished with the best record in the American League. They entered Wednesday on the verge of sweeping the ultrawealthy New York Yankees out of the playoffs. And they've put themselves in this position not by pioneering a groundbreaking strategy, but by flagrantly violating the most ironclad rule of the Moneyball era: never bunt.

The Rays laid down 134 bunts in 2026, more than anybody in the majors since 2016. No AL team had bunted this often since 2011, meaning the nerdiest organization in the sport has brought back a play that data wonks spent a quarter-century trying to eliminate.

Their anachronistic approach has worked. The Rays' 49 bunt hits were the most in MLB since 2008, helping them to secure the AL's best overall batting average at .258. It has given them perhaps their best chance yet to capture the one thing that has continually eluded them: a World Series championship.

“It’s about continuing to understand what influences winning,” Rays president of baseball operations Erik Neander said. “Our whole operation is based on that.”

“Moneyball” excoriated the bunt, demonstrating in great detail that trading a precious out for an extra 90 feet on the base paths reduces scoring. That line of thinking quickly became dogma across the industry, leaving the humble bunt for dead.

But Michael Lewis's 2003 book isn't about what not to do. Rather, it shows how small-market clubs with enough creativity and ingenuity can win with limited resources by finding value in places others aren't looking.

At a time where everybody is seeking power, the Rays can't afford a lineup loaded with the brawniest sluggers. Since bunting has practically become a taboo, however, adept bunters fit comfortably in the Rays' budget, which ranks 27th among MLB's 30 franchises.

And when the Rays started dropping down bunts, they quickly made a stunning discovery. Other teams had no idea how to handle them.

“We started to realize how much teams don’t prepare for it or don’t anticipate having to defend it and how often mistakes can happen,” shortstop Taylor Walls said. “A lot of these teams are throwing the ball away.”

Perhaps that shouldn't have been such a shock. After a generation where bunting was viewed as little more than a quaint relic, players coming up were rarely exposed to them. Teams don't practice their bunt defenses as intensely as they once did, since they don't expect to have to defend many.

So when they see the Rays bunting with purpose, they malfunction. Those miscues only inspired the Rays to bunt more.

“Politely,” Rays manager Kevin

Cash said, “I’ll say that when you’re asking today’s pitchers to field their position, that’s a lot for them.”

The Rays don't rely on power to generate offense. They win by striking out less often than anybody in baseball and using their legs to terrorize opposing defenses.

Their roster is filled with play-ers who specialize in bat control, like Walls, veteran Cedric Mullins and speedster Chandler Simpson, who didn't hit a home run this year but did have 14 bunt hits. (Simpson ranks second in MLB in that department only behind Milwaukee Brewers infielder Da-

Brewers infielder David Hamilton, with Mullins and Walls third and fourth, respectively.)

Together, they have turned bunting into a weapon. Nineteen times this season, the Rays executed a bunt that resulted in a run crossing the plate. That's the most of

any team since 1980. Walls personally was responsible for six of them. Only one player—Jim Sundberg of the 1977 Texas Rangers—had more in season since at least 1974, as far back as Stats Perform tracks such curiosities.

"I credit our research group and front office for really looking

through this and saying, ‘Are we missing anything?’” Cash said. “They said, ‘There’s some availability here that we can try to take advantage of.’”

19

Number of times that a Rays bunt resulted in a run crossing the plate this season

When Cash took the helm of

Tampa Bay's dugout in 2015, the idea of the Rays bunting this frequently would have been unfathomable. In fact, he was explicitly told not to bunt by the front office. As a result, the Rays had about as many bunts this year as they did from 2019 through 2024 combined.

Nonetheless, the Rays insist they didn't enter the year planning to bunt this much. But when it started working, the idea of bunting caught fire. They haven't stopped since.

"Now, of course," Walls said, "we can say, 'Oh, yeah, this makes perfect sense.'"

JASON GAY

Drake Maye Lives! Patriots Quarterback Defies Early Doubt

for a good long while.

Wait, so the Patriots and Drake Maye aren't terrible anymore?

No region cata-

strophizes its sports

teams quite like New England does. Consider a week ago. Last rites hadn't even been performed on the plummeting Red Sox in the playoffs when a six-state civic emergency commenced over the local NFL concern.

A 35-6 road thrashing by Jacksonville prompted a predictable surge in doomsdayism. You didn't need nine hours of talk radio to absorb it: These Patriots were overrated, these Patriots were regressing, these Patriots were staring at a season they could be worse than the freaking Jets. Frustrated fans would have to consider new Sunday hobbies, like raking and aerating the lawn, or speaking to their families.

Most of the anxiety-slash-blame was dumped upon Maye, the third-year quarterback and reigning MVP runner-up who'd guided New England to a 14-3 regular season and a run to the Super Bowl.

Last year, Maye was the wonder child who could do no wrong; babies and dogs from Pittsfield to Providence were bequeathed his sturdy first name. Fans exhaled. A young franchise quarterback offers the comfort of a sub-3 mortgage. Players would come and go, but with the 24-year-old Maye around, the Patriots were going to be good

Suddenly, in September, Maye was looking like a nervy junior varsity quarterback. His interceptions surged. His completion percentage sank, particularly on deep balls. A Week 1 injury to the newly-acquired receiver A.J. Brown didn't help.

Was Maye banged-up, like he'd been in the playoffs and Super Bowl? Or was his erratacism all between his ears? An injury would heal, but Maye also seemed to have lost the confidence that marked his preternatural rise and those comparisons to (yep) Tom Brady.

Drake Maye wasn't Drake Maye any more. And the Patriots were sliding down the ladder.

“My concern level for this football team is very high,” head coach Mike Vrabel said after the Jaguars loss, sounding like a frazzled math teacher at parents’ night.

With that comment, the regional freakout only spiraled. Perhaps Pats fans had it all wrong. What if last year's Patriots season was an aberration, an overachievement helped by a schedule of easy minnows? What if this team was actually not that good? What if Vrabel had lost his sensei mojo when his personal life spilled embarrassingly into public view?

Perhaps the Maye who got New England to the cusp of an unexpected championship was the anomalous version. Hysterics dredged up pre-draft nitpicks about the UNC quarterback.

Quarterback Drake Maye led the New England Patriots to a 29-26 victory over the Buffalo Bills on Sunday.

Maybe this guy—the one dirt-balling easy passes—was the real Drake Maye.

Maybe the Patriots were headed back to their Late Belichick state of gloom and perhaps—really—a search for a next franchise quarterback.

Oh yeah. All of that happened.

I am here to report the sun has come out. On Sunday the Patriots came from behind late in the fourth quarter to beat their previously undefeated divisional heavy Buffalo, 29-26. It was a game New England nearly blew but didn't; it was a potential loss that could have suffocated playoff hopes, but the Patriots completed the job.

In the end, it was Maye who made it happen, tossing a late touchdown with a brilliant one-handed catch by unheralded receiver Efton Chism III.

Maye's stat page felt like a re-

fresh: 269 yards passing, three

touchdown passes, 54 yards rush-

ing, key plays late, and a splash of

that 2025 Drake Maye swagger. In

the waning minutes, he outplayed

Josh Allen, the interplanetary Bills

QB who wound up chucking a

brainless interception late.

It was a huge win. Vrabel couldn't disguise the impact. "It gets us back in the race," the coach said.

“We’ve got to build on it,” said Maye.

This is the part where I remind you it is the first week of October, and it is too early to make definitive proclamations about NFL teams, other than the Miami Dolphins, who look ready to go skiing. There will be injuries and crises;

playoff seedings are months away. The Cleveland Browns are 3-1, for crying out loud. Nobody knows anything.

Alas, we live in a media economy in which alarmism rules and uncertainty is treated like audience poison. Struggling teams cannot merely be struggling; they must be CATASTROPHES. Maye couldn't be viewed as a quarterback who had a couple of bad games. He had to be in crisis, his deviations in footwork and arm motion analyzed like tanker traffic around the Strait of Hormuz.

The rush is silly. Caution should be applied to superlatives, too. Is Buffalo Drake at last the real Drake? New England can't be sure.

Deep breaths. Rake. Aerate. There's a lot of football left.

South Carolina Could Go Blue

UNRULY

REPUBLIC

By Barton

Swaim

North Charleston, S.C. After the death of Lindsey Graham on July 11, Gov. Henry McMaster chose the late senator's sister, Darline, to serve out the remainder of her brother's term. A few days later, with Ms. Graham sworn in, President Trump endorsed her in a race in which she hadn't intended to compete. Ms. Graham agreed to run.

On July 30 this column stressed that endorsement's riskiness and noted several unanswered questions, among them: "Might she"—meaning Ms. Graham—"get in front of a news camera, or on a debate stage, and bungle so badly that an adversary features her in an ad?" So it came to pass. In a debate with a primary opponent, Ms. Graham couldn't so much as fudge an answer to a question on Taiwan. "National security is not my thing," she said in a devastating instance of candor. "I'm not that informed on national security." Ads featuring the line, paid for by allies of the Democratic nominee, Annie Andrews, currently flood South Carolina's media markets.

Ms. Graham will probably win. As former state GOP chairman Katon Dawson points out, “you can count on 14% to 17% of South Carolina voters to pull the lever straight Republican in every election. It’s very hard for a Democrat to overcome that in a statewide election.” Even so,

Mr. Dawson says, “Darline could be in trouble.”

Polling, limited as it is, has Ms. Graham, 62, and Ms. Andrews, 45, well within the margin of error. Maybe that's all guff. In 2020, former state Democratic Party chairman Jaime Harrison ran against Lindsey Graham. Polls had the race within a point or two and the progressive donor class in a state of ecstasy. Graham won by 10 points.

But that was Lindsey Graham, not his sister. She projects a likeable persona, but her candidacy inspires no one. The circumstances of her nomination—chosen to finish her brother's term, elevated by the president for no obvious reason—don't motivate young campaign grunts to knock on doors.

Also, she's absent. Ms. Graham appeared with Mr. Trump at an Aug. 21 rally in Myrtle Beach, but if she has held other public events, I haven't discovered their whereabouts. Her campaign emails consist almost entirely of fundraising messages, one of which sought to instill a sense of urgency by noting a poll—by a firm not noted for penalizing Republicans—that had Ms. Graham a single point ahead of her Democratic opponent. My requests for comment to the Graham campaign, if that's the right word for it, have gone unanswered.

In an ordinary election, or one in which Lindsey Graham were alive, Ms. Andrews wouldn't get much attention. In 2022, in a race for the state's First Congressional District, Rep. Nancy Mace got the better of Ms. Andrews, formerly a pediatrician at the

Medical University of South Carolina, by pointing out her equivocations on the subject of, as the euphemism has it, gender-affirming care for minors. Ms. Andrews lost by nearly 14 points.

But Ms. Andrews seems a savvier politician than the also-ran of four years ago. At a Tuesday campaign event in Columbia, at a community center in a low-income neighborhood and attended by

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Democrat Annie Andrews is showing up. Darline Graham is nowhere to be found.

about 100 people pretty obviously not from that neighborhood, the candidate made the case for a litany of redistributionist policies, mainly on the topic of healthcare: Medicaid expansion, a “public option” for health insurance and so on.

A well-delivered line about Ms. Graham's "not my thing" blunder drew loud laughter and applause. "If your surgeon said to you 'Appendectomies aren't really my thing,' how do you think that would turn out?"

Notable in Ms. Andrews's talk was the absence of the name Trump. Asked about the Iran war, she proclaimed her opposition to it but named only Jared Kushner in her answer. The Democrat can sound vaguely socialistic on her signature issue—she frequently criticizes the American healthcare system as “profit-motivated rather than patient-centered." But otherwise Ms. Andrews, with long, wavy blond hair and always smartly dressed, doesn't project assertive left-wingery. She likes the word "bipartisan" and refers to the state's popular senior senator, Republican Tim Scott, in respectful terms.

If Ms. Andrews does win, and particularly if the Democrats gain a slim majority in the Senate, she will find herself in a position akin to Joe Manchin's and Kyrsten Sinema's a few years ago: badgered relentlessly to cast votes large majorities of her constituents would find abhorrent. Her trouble expressing clarity on gender-altering surgeries a few years ago makes me wonder if Ms. Andrews won't follow her party wherever it goes, but she may have learned from that mistake.

After an event in North Charleston on Wednesday, in which cancer survivors related their travails with insurance companies, I asked Ms. Andrews if she's prepared for the Manchin/Sinema experience. "I can go to Washington and stand up to my party," she said. "I can take those hard votes.... This isn't really about my personal political ideology." Maybe.

A Democrat hasn't won statewide in South Carolina since 2006 and, before that, 1998. Polling and vibes aside, I find it hard to imagine the state's electorate in 2026 plumping for a Democrat. But recall Woody Allen's remark that $80\%$ of success is showing up. Annie Andrews has shown up. So far, Darline Graham hasn't.

Republicans Pray for a Polling Failure

By Karl Rove

In every election, a moment comes when things lock in. There's money for only one more set of messages. Only enough volunteers to get out only so many voters. No time to try something new. With less than four weeks to go, many campaigns are likely at that point.

So what are they talking about? Every candidate is attacking his opponent. But what about each party's ads boosting its candidates and saying what they would do?

The Wesleyan Media Project tracks the ads of Senate and House candidates. Their recent report covers television, cable and digital spots from Sept. 8 through 27. Each party's Senate and House advertising strategies are similar, so let's look at the Senate, where the big money is.

The Wesleyan study finds that 36% of pro-Democratic Senate ads mention business (not in a positive light), 35.7% the cost of living, 33.8% healthcare, 29.1% ethics and scandals, and 25.3% energy (both prices and climate). Since a single ad may mention several topics, these numbers add up to more than 100%.

Democrats clearly remember James Carville's 1992 mantra, "It's the economy, stupid and don't forget healthcare." They hope President Trump's poor ratings on inflation give them the win on economic issues generally, despite a strong stock market, stable job numbers and healthy growth.

By contrast, $46.1\%$ of pro-Republican Senate ads mention taxes, $19.9\%$ the cost of living, $18.1\%$ transgenderism, $15.1\%$ immigration and $14.4\%$ crime. The GOP clearly devotes less attention to the economy and more to cultural issues. But immigration and crime may be yesterday's news, especially since the border is closed and crime is

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The midterm election is almost here, with campaigns nearing the lock-in point.

down. Voters tend to pocket success and focus on what's bothering them. Concentrating on the One Big Beautiful Bill Act also risks seeming complacent. Republicans look as if they're running on what they've done more than on what they'll do next.

What's the money situation? Here the GOP edge is undeniable. Republicans have lots more. California data scientist Rob Pyers estimates Republicans have spent \$642.9 million on ads for Senate candidates and \$165.6 million for House candidates. Democrats have spent \$235.2 million on Senate hopefuls and \$125.8 million on the House. Does spending the most money guarantee victory? Ask President Mike Bloomberg.

Moreover, the president's political-action committee might have waited too long to release its enormous load of cash. Many undecided and swing voters could have decided before Labor Day, making movement difficult in September and October. Some always wait until closer to the election. But will there be enough for Republicans to cut their losses? Only time will tell.

What about the polls? Republicans believe they are biased in favor of Democrats. One of the best GOP polling minds, Patrick Ruffini, examined this question, studying 3,312 polls from the last four elections. He found 73% of these overstated Democratic performance compared with the actual results.

That Democratic overperformance peaked in July at 5.9 points. The numbers generally started declining in late August. By Election Day, polls were on average 2.6 points more Democratic than the results.

Mr. Ruffini also examined the most competitive races during this period, those with 30 or more polls. At this point in the cycle, these polls were 7 points more Democratic than the outcome. The redder the state, the more polls overstated the Democratic candidate's numbers.

If this pattern holds this year, then virtually every battleground Senate race is within the margin of error today, exaggerating the current strength of Democratic candidates. Some who look today like possible winners will lose if the pattern holds. Still, how this plays out is up in the air. "Each cycle has the potential to behave differently," Mr. Ruffini acknowledges. Maybe this is that cycle. Or maybe not.

What Republicans don't need are distractions. That's why the president's undisciplined appearances are a problem. Take Monday's Nebraska rally. Mr. Trump said that Iran could "take out" Los Angeles and San Diego. Taken out of context, as it predictably was by the president's antagonists in the media, it sounded like an invitation or a joke. Then there is the controversy about the political ads the White House was running with taxpayer dollars. Mr. Trump said he'd pay for them, then that he'll pay for them only going forward. There are likely to be more distractions almost every day. That's unhelpful. But we know Mr. Trump won't change.

Republicans can only hope the polls are off, debates go well, their money and message keep down their losses, and any October surprise sprung by America's adversaries fails. It's nail-biting time for everyone, especially Republicans.

Mr. Rove was senior adviser and deputy chief of staff for President George W. Bush and is author of “The Triumph of William McKinley” (Simon & Schuster, 2015).

Let Physics Regulate the AI Industry

By Frank Wilczek

Call it the artificial-intelligence crime wave. AI agents are breaking through safeguards, sneaking into outside systems and hiding from monitoring. This has led AI executives including Dario Amodei, Sam Altman and Elon Musk to call for slowing the development of these systems.

Meanwhile, in Abilene, Texas, construction of the Stargate data center is proceeding at a breakneck pace. It draws power from the Texas grid and from 10 on-site natural-gas turbines, with 62 diesel backup generators. Its developers have sought permission to add 41 more gas turbines and 18 more generators. Many other giant data centers are under construction or are being planned and financed aggressively.

There is a contrast here between the professed desire for caution in theory and pedal to the metal in practice. Over the next few years, one can reasonably expect improvements in technological fundamentals, with AI helping to drive them.

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No new data centers without enough clean power to run them.

Algorithms will improve, as will power electronics, cooling systems and data efficiency. Computation will be cleaner, more useful and more energy-efficient. Meanwhile, a slower pace could give us time to understand AI better and develop meaningful systems of governance.

That prospect ought to be attractive to AI planners. Yet their actions suggest that the competitive frenzy to secure market share has displaced rational assessment of long-term social benefit. The strength of that incentive suggests that voluntary restraint is unlikely to succeed. The same competitive pressures that drive the accumulation of computing power will also encourage the invention of ways to circumvent, erode or evade vague or complex rules.

Regulation works best when attached to measurable physical acts. Bans on atmospheric testing, numerical limits on delivery systems, and the general understanding that first use will be severely condemned and punished have held off nuclear catastrophe. Sharply defined restrictions on biological weapons, ozone-destroying chemicals, leaded gasoline and tobacco marketing have also succeeded. "De velop AI responsibly" is fog. Gigawatts are measurable.

There is a golden opportunity for physics to establish a red line for AI technology: no new sustainable power, no new data center. No large data center, or major extension of an existing one, should receive the permits or grid connection it needs unless its developer brings enough new carbon-free generation, energy storage and transmission online to meet its additional electricity demand—and pays the full cost.

By itself, this won't solve all the problems AI poses. Controlling AI remains difficult. But we can use the physical bottleneck of energy to impose a clear and simple restraint on an industry that has otherwise proved elusive to regulate.

Mr. Wilczek is a 2004 Nobel laureate in physics.

BOOKSHELF | By Daniel Akst

Is Reading A Dead Letter?

The New Dark Ages

By James Marriott Doubleday, 208 pages, \$26

The decline of serious reading may remind the bookish of a fictional exchange about going broke. "How did you go bankrupt?" "Two ways. Gradually and then suddenly." There was a time when many would have recognized those lines from Ernest Hemingway's 1926 novel, "The Sun Also Rises." Today we are more likely to plug the passage into a chatbot to determine its source and then move on to social media, where rudimentary reading thrives yet true literacy withers.

In 2022, according to the National Endowment for the Arts, fewer than half of American adults read a book in the previous 12 months. Another study found that a mere 16% “read” anything for pleasure on a given day in 2023, including newspapers and audiobooks. The trend isn’t altogether new. The National Center for Education Statistics reported that the number of college graduates in 2003 who could interpret complex texts proficiently had fallen to 31% from 40% in 1992. The assessment, an official noted, was

“not designed to test your understanding of Proust, but to test your ability to read labels.” Students have lately shocked professors with their inability to carry out sustained reading. Campus syllabuses have been pared down to accommodate this generational change.

"The decline of student reading is only the most visible symptom of a wider crisis," James Marriott warns in "The New Dark Ages," a disturbing book about the death of the print culture that once shaped

our lives, culture and democracy. “In America,” he writes, “reading for pleasure declined by 40% in the first two decades of the 21st century. And in the U.K., more than a third of adults say they have given up the habit.” Publishers have evidently responded by dumbing down their offerings. Mr. Marriott cites an analysis from the Economist of New York Times bestselling books over the course of nearly a century that found that “sentences in popular books have contracted by almost a third since the 1930s.”

Nothing, in Mr. Marriott's view, has done more than the smartphone to bring on the culture of illiteracy that we seem to be entering. He notes that people on average now check their smartphones 144 times a day. A columnist for the London Times and an inveterate reader, Mr. Marriott recounts his own early experience with the technology. "It was often a matter of minutes after sitting down with a book," he writes, "that I would spring up again, assailed by thoughts that were at once impossibly petty and yet possessed of an inexplicable urgency," to check his phone.

While television helped undermine reading, Mr. Marriott writes, “the culture of print could probably have reached some kind of equilibrium with TV.” He notes that “in the 1990s, if you were commuting to work or on a long train journey or hanging around in an airport, a book or a newspaper was probably the best entertainment option available.”

The portability of smartphones meant that reading—especially book-length works—was no longer the most convenient activity for these interstitial periods. Smartphones, the author says, “are much more effective predators of our attention than TV ever was,” so effective that he eventually found radical action necessary. “In the end I got rid of my device and bought a dumbphone instead. It’s made me somewhat annoying as a friend and a boyfriend but I am able to read again.”

For a doomsayer, Mr. Marriott is good company, and it is a shame how many people wouldn't dream of reading his eloquent, learned and admirably brief book. As “The New Dark Ages” makes clear, there is a lot more at stake than the joy of reading in what the subtitle calls the “Dawn of the Post-Literate Society.”

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Reading for pleasure has declined dramatically in recent decades. Blame the smartphone, an ever-present distraction from the book at hand.

Historians, the author notes, “have linked the spread of literacy to the Enlightenment, the Industrial Revolution, the birth of human rights, the rise of capitalism and the advent of modern democracy. The ascent of reading changed the world. Our vast, interconnected, tolerant and technologically advanced civilization is founded on the complex, rational kinds of thinking fostered by literacy.”

For Mr. Marriott, reading isn't only a matter of personal cultivation. On the contrary, he makes a strong case that reading is a necessary ingredient for the exercise of reason, providing a mechanism for arguments to be considered and assessed, for truths to be asserted and defended. Reading, as generations of the downtrodden have discovered, can be liberating, which is why a number of slave states before the Civil War made it illegal to teach the skill to black people.

Our ability to think isn't helped by the decline of writing, a task increasingly delegated to chatbots. “The death of writing compounds the death of reading,” Mr. Marriott asserts, “further unmooring our culture from its foundations in the written word.”

These developments have clear political implications. Mr. Marriott believes that the decline of reading and writing (and the growth of hyperkinetic distractions such as TikTok), abets the rise of an ignorant, irrational and distracted electorate. “Mass literacy is a recent phenomenon,” he writes. “So is mass democracy. We simply don’t know whether one can survive without the other.”

Demagogues and electoral dysfunction are nothing new, as he acknowledges. The Third Reich bubbled up in a deeply troubled society of near-universal literacy. Communism has taken hold among exquisitely educated intellectuals; collectivism's malignant appeal seems strongest on elite campuses. Yet if human folly predates the decline of reading, the atrophy of this splendid activity is no less lamentable.

Aside from the sheer fun of it, the more demanding kind of reading Mr. Marriott champions helps us make sense of the world, furnishes the mind and elevates our species. "For centuries," he writes, "people have accepted that literature and learning are among the highest purposes and deepest consolations of human existence."

And so they always will be, whether we avail ourselves or not.

Mr. Akst is the publisher of Tivoli Books.

REVIEW & OUTLOOK

Celebrating Hamas on Oct. 7

Zohran Mamdani, the mayor of New York, used Oct. 7, 2026, the same way he used Oct. 7, 2023: as another opportunity to

libel Israel. After his perfunctory mention Wednesday of the Hamas massacre came a stream of propaganda, much longer, about Israel's “ongoing genocide,” “so-called ceasefire,” “apartheid” and “war

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Mamdani and others use the day of the massacre to blame the Jews.

crimes”—with Hamas disappearing from the picture as if to its hostage tunnels.

Basic dishonesty is a feature of all such harangues. Mr. Mamdani passes off the Hamas-supplied Gaza casualty figure as if all the dead were civilians, not bothering to mention that at least 25,000 are believed to have been terrorist combatants.

To do so would be to admit that Israel waged a war, not a genocide, with a civilian-to-combatant casualty ratio well within historical precedents for difficult urban warfare. For the same reason, he also has to omit that Hamas fought from hospitals, schools and mosques, posed as journalists, and built an unprecedented military tunnel system under Gaza's cities.

It betrays a particular ugliness to smear Israel to mark Oct. 7, the day Hamas started the war by deliberately massacring Jews. It killed nearly 1,200 of all ages in scenes reminiscent of Nazi death squads. The terrorists even took a baby hostage, among 250 others.

Yet it is for the Hamas attack alone that Mr. Mamdani insists on context. “The suffering did not begin nor end that day,” he wrote Wednesday. So even Oct. 7 is Israel’s fault.

That's also how Mr. Mamdani responded in 2023 to the Hamas attack. At the time, his wife was celebrating the massacre and his political party, New York's Democratic Socialists of America (DSA), was promoting a rally in solidarity. Three years on, the party's youth wing endorsed another such protest for this Oct. 7. "Glory to the martyrs, victory to the resistance," reads its flier.

Wednesday's protests typi-

cally praised the Hamas massacre while also denouncing Israel as the aggressor. “Three years of genocide, three years of resistance,” proclaimed Students for Justice in Palestine (SJP). On Oct. 8, 2023, the same national SJP told its chapters to celebrate the “historic win for the Palestinian resistance.”

During a walkout at Columbia on Wednesday, students chanted, “Resistance is justified when people are occupied.” They mean the day’s massacre of Jews was justified, even while Hamas ruled all of Gaza. In London, protesters outside the office of the main communal organization of British Jews called for “intifada.”

A Haverford professor was arrested Tuesday for allegedly stalking and threatening a Jewish colleague—as well as his infant child—in antisemitic terms for months via anonymous online accounts. The professor, a Columbia anthropology Ph.D. (what else?), previously wrote on behalf of the Haverford Faculty for Justice in Palestine to denounce efforts against campus antisemitism as “Zionist witch hunts.”

Israel fought back after Oct. 7 to lift existential threats—Hezbollah is devastated and Iran's nuclear program is in rubble. But the antisemitism unleashed again three years ago is still with us. Defeating it remains the West's duty.

Rubio Gets to the Heart of the Matter

The Western world is having a crisis of confidence, moral and political, and it is eroding its prosperity and the will to

defend its principles. For a bracing and timely antidote, we recommend Marco Rubio's speech Wednesday at the Acropolis in Greece.

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At the Acropolis, he says the West can revive itself by recalling its historic virtues and ambition.

It's the speech of the year by our lights. The Secretary of State is on a diplomatic swing through Europe, and he met with Greek Prime Minister Kyriakos Mitsotakis, who has led that country's economic revival. Mr. Rubio also took the opportunity to visit the Pynx, near the Acropolis, that great symbol of Western civilization, and remind us of the history and ties that bind Europe and America.

“Here, in Athens, we found the first full realization of all the essential traits that would come to define the West,” Mr. Rubio said: “fierce individuality and relentless ambition; daring exploration and invention; a yearning for discovery, for adventure, risk and glory. An insatiable curiosity about the world and the principles by which it operates, a hunger to know the mysteries of nature and grasp the secrets of the cosmos.”

He then connected those traits to the West's achievements. “This was the foundation of the Western mind: our math, our science, our medicine. Our philosophy, ethics, and religion. . . . It was the foundation of the riches of Christian theology—of Augustine and Aquinas, and the whole tradition of natural law.”

It isn't often these days that you hear a politician speak of “the West,” much less make the essential connection between our own day and our inheritance from Athens and Jerusalem. Would that we heard it more.

feel ashamed of the very things that made us exceptional. We felt embarrassed that our achievements set us apart from the rest of the

Mr. Rubio moved on with an honest appraisal that “today, too much of the West has forgotten this quality. Over time, we in the West came to world. Our prosperity somehow became a source of guilt. We no longer believed we deserved and had earned our greatness."

Visit an Ivy League campus any day of the week to see what Mr. Rubio means.

Our enemies, the Secretary

Our enemies, the secretary of State says, have been only too happy to fill the vacuum left by Western self-doubt. “National interests did not vanish in the face of international institutions. War did not disappear simply because we preferred peace. . . . And now, there is war again. There is new competition between great powers again. There is vulnerability, aggression, terrorism, a whole universe of new threats and attacks again.”

So the West is at “a crossroads,” and “the course we take will determine whether the West maintains its place at the head of the world, or resigns itself to a future of atrophy and servitude and decline. We will either choose to act now, or lose the choice to act at all.”

As a senior Trump official, Mr. Rubio says the U.S. is attempting to lead a Western revival. But importantly, he didn't chastise Europe as others in the Administration have done. He asked Europe to join America in this great endeavor, and he even pointed to green shoots that it may be doing so.

Mr. Rubio's speech is all the more notable because it comes in an age of impoverished political rhetoric. Narrow partisanship and sniping rule the day on left and right. Mr. Rubio is describing a larger ambition that connects the best of the West's past to a better future. Our view is that Americans are aching for this kind of vision and leadership, and they will respond to someone who offers it.

Anduril's Bet on U.S. Submarines

By now you've heard that the American military needs more cheap drones and missiles, but U.S. forces are also facing

Congressional Research Service.

a dangerous decline in ships, submarines and aircraft. Anduril Industries' big bet this week on helping to build U.S. submarines is a major step toward easing the national ship-building crisis.

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The defense tech firm invests \$3.7 billion to build more attack subs.

In an announcement with President Trump on Tuesday, Anduril said it will invest \$3.7 billion to build a facility that can produce sections of Virginia-class attack submarines for the U.S. Navy. The aim is to stand up the plant in Maryland by 2030 and build items such as torpedo tubes and eventually perhaps larger parts of the vessel.

The U.S. has long failed to build two attack submarines per year, though America dominates undersea technology and the hulls are crucial to deterring a war with China.

The Center for Strategic and International Studies has run a war game of a Chinese assault on Taiwan some 24 times, and it found that “in every iteration, the U.S. player moved submarines into the Taiwan Strait, where they could attack Chinese amphibious ships directly.” Beijing has to assume the stealthy submarines could be in the region at any time, which enhances deterrence.

But U.S. submarine production is limited by a brittle supply chain, scarce skilled labor, and other dysfunctions. The Navy would be lucky to reach its fleet goal of 66 attack submarines in several decades, and in 2024 only 31 of 47 were operationally ready, according to the

The status quo of building 1.1 or 1.2 subs per year hasn't improved even amid Congressional

concern and billions of dollars in funding. The glacial pace is a threat to U.S. defenses and to the American promise to sell Australia at least three and up to five submarines in the Aukus deal with the U.K.

Anduril's new facility could add nine million labor hours a year to the Virginia-class industrial base, a $15\%$ boost that should relieve other facilities and help put the boats together faster. The defense tech company is known for using manufacturing innovation, software and a commercial labor force to reduce production time and expense.

Let's hope the Administration and Congress understand this is a no-aborts mission. Anduril is putting up billions of its own capital, as Administrations of both parties are always demanding from weapons makers. But other defense companies will watch this effort and calibrate their own bets accordingly. One risk is that the project is strangled by inflexibility in the Navy's technical bureaucracy that certifies parts.

Still, credit the Administration for injecting more competition into a calcified U.S. defense industrial base. Many in Washington have invoked America's submarine travails as a reason to write-down U.S. interests and accommodate China's Taiwan designs. This week's announcement is a sign that the U.S. is at long last starting to throw American ingenuity and capital at a major strategic problem.

LETTERS TO THE EDITOR

In Education, Unions Aren't the Only Problem

In his op-ed “Nikole Hannah-Jones vs. Randi Weingarten” (Oct. 5), Joel Klein places the blame for the lack of student and teacher accountability measures primarily on New York’s powerful teachers union.

The New York State Board of Regents and state Education Department, however, are even more culpable. Take two recent actions as examples.

First, the board voted last month to eliminate the requirement that students pass the longstanding and nationally respected Regents examinations to graduate starting with the class of 2028. Instead, the board tells school districts to use more subjective measures of student progress to determine graduation eligibility.

Second, New York's Education Department has refused to share the results of Advanced Placement (AP) examinations with third parties, thus precluding the ranking of New York high schools based upon this powerful measure of academic achievement.

Unions exist to protect their members and to raise their salaries, which is what the teachers unions are doing. One would have thought that government officials entrusted with students' academic success would act differently. Apparently not.

MARC F. BERNSTEIN

Retired New York state supt. of schools

Boynton Beach, Fla.

Teachers don't enter the field of education to slide by with an easy job or to underperform out of laziness or ill will. In his op-ed, Mr. Klein leaves out the important role of administrators. The good ones recognize and support real teaching. The poor ones make choices that handicap, disempower and disillusion good teachers.

In my last few years as a teacher before I retired in 2022, 1—along with my fellow educators—were called into the administration office to discuss our grading policies. These discussions turned out to be orders from our bosses, sugar-coated in corporate buzzwords, to stop giving low grades. Student learning went under the bus to make sure administrators' resumes reflected the academic improvements of the school under their leadership.

Many teachers have experienced similar actions that are intended to improve the lives of administrators at the cost of real and effective teaching.

Yes, there are many poor teachers, and teachers unions have many faults, but when seeking to improve education, the role of administrators is too often left out.

PAUL FORSTER

The Trouble With Fair-Weather Originalists

Justice Samuel Alito's explanation of how originalism disciplines judicial decision-making is a refreshing answer to those who see the Constitution as an empty vessel to be filled by transient social values ("Even Originalist Judges Make Mistakes," op-ed, Oct. 3). The document means what it says. All the more reason not to ignore the 14th Amendment's Privileges or Immunities Clause, as the Supreme Court has since 1873, shortly after the amendment was ratified. Alas, that is precisely what the good justice accepts, citing precedent—the high court's Slaughter-House decision that year, which most scholars today believe to have been wrongly decided—adding that reviving the clause "would have opened a can of worms." Had that rationale prevailed in 1954, we would still be living with the court's 1896 "separate but equal" decision in Plessy v. Ferguson, effectively overruled in Brown v.

Board of Education, which also opened a can of worms we're still wrestling with today.

Justice Alito's proper respect for originalism's restraint on judicial mischief is ill-served by the court's reliance on the 14th Amendment's less substantive Due Process Clause to do the work the Privileges or Immunity Clause was meant to do. Not for nothing does the latter come first in the amendment. Still more, unlike with the former, there is precedent to guide the court: Justice Bushrod Washington's ample explication of Article IV's Privileges and Immunity Clause in 1823 in Corfield v. Coryell. If we are all originalists now, as Justice Elena Kagan remarked in her confirmation hearings, let's not be fair-weather originalists. The text is there for a reason.

ROGER PILON, PH.D., J.D.

Cato Institute's Robert A. Levy

Center for Constitutional Studies

Washington

The Fed Has a History of Wasteful Spending

Joseph C. Sternberg's column on the Fed's botched Eccles Building renovation highlights a familiar pattern: When the Federal Reserve mismanages something, it invokes “political independence” as the excuse (“If the Fed Can’t Stay on Budget, Can It Manage the Economy?,” Politics & Ideas, Oct. 2).

That claim has always been dubious. During Congressman Wright Patman's 1964 investigation of the Federal Reserve System, his staff combed through Reserve Bank ledgers looking for signs of waste. In the published hearings, “The Federal Reserve System After Fifty Years,” they itemized the Cleveland Fed’s purchase of “24 ping-pong balls and 12 ping-pong paddles.” Patman later brandished that line item on the House floor as evidence of an unaccountable central bank. When I joined the Cleveland Fed as a mone-

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If Boulder County Is So Eager To Sue, Why Not Sue Us All?

As your editorial “A Big Moment for Federalism” (Oct. 3) notes, the central issue in Suncor Energy v. Boulder County is “whether states and localities can turn federalism on its head to dictate policy for the rest of the country.”

Here is a question for Boulder County: Why stop with targeting oil and gas companies? If it seeks to hold entities responsible for the ills caused by the use of petroleum products, why not include as defendants anyone who has ever used gasoline, vinyl siding, packaged food, electricity, pharmaceuticals, heating oil, fertilizer, rubber, computers, cellphones and so on? After all, it is consumer demand that keeps oil companies in business. Any judgments received could be apportioned among consumers, with their respective share of damages added to their annual tax bill.

Another question for Boulder County: What energy sources does the county use to power its facilities and vehicle fleet?

PETER D. KEARNS

Point Pleasant Beach, N.J.

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.

tary economist in 1974, the closet containing those ping-pong balls was still padlocked, a relic of the Fed's fear of congressional oversight.

As for the Fed's vaunted independence, the record is stark. Cumulative inflation was about $8\%$ in the century before the Federal Reserve existed; since its creation, cumulative inflation has exceeded $2,400\%$ . Whatever independence was intended, it has not produced monetary stability.

KEVIN VILLANI

La Jolla, Calif.

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The AI Luddites Won't Win

I agree with Andy Kessler that “technology always finds its way around opposition” (“The AI Luddites Are Here,” Inside View, Sept. 14).

Economists remind us that the Luddites were acting rationally. They were losing their jobs. It's no surprise that unions, which depend on membership, oppose the technology. Nevertheless, we need a balanced approach to avoid the putative pitfalls.

In his 2016 book “Paper: Paging Through History,” Mark Kurlansky describes the technical fallacy that technology changes society. Mr. Kurlansky argues that the reverse is true: It is society that “develops technology to address the changes that are taking place within it.” In short, artificial intelligence is here to stay. Luddites never win.

PAUL FREIBERG

Neenah, Wis.

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Pepper ... And Salt

THE WALL STREET JOURNAL

S. Mg(EtH $_{2}$ )

"Cuddle up, everyone."

Most Recycling Is a Waste

By Bjorn Lomborg

I recently finished an ice cream in Copenhagen and found myself stumped at the trash bins, wrapper in hand. Denmark sorts its garbage into 10 official categories, so that throwing something away becomes a small bureaucratic exam. The bins embody an idea that has gone too far: that more recycling is always better.

Modern enthusiasm for recycling was turbocharged by the 1970s panic that the world was running out of resources. But the biggest item households recycle is paper, and we aren't running out of trees.

---

Metals and some plastics are worth separating, but the rest of it is costly and can hurt the environment.

Garbage bins proliferate in Denmark.

The case for recycling then shifted to protecting the environment. That argument has some merit. Recycling plastic can save oil. But heavy glass has to be collected, trucked, cleaned and remelted. Almost anything can be recycled if you throw enough money and energy at it. But are the benefits worth the cost?

Yet governments have increasingly pushed citizens to recycle paper, glass and plastics worth less than the cost of collecting and processing them. Sometimes the environmental benefits made up the difference. But over time the means became the end.

Valuable materials were long recycled without government programs to make it happen. A century ago, scrap supplied about $30\%$ of America's copper, close to the $32\%$ recycled globally today. Iron, steel and construction debris are recycled because businesses find it profitable.

Governments in Europe and North America now chase suspiciously round numbers. The European Union sets mandates for 90%, 85%, 80%, 75%, 70%, 65%, 60%, 55% and 50%, covering everything from beverage containers and packaging materials to municipal rubbish. In 2010 Scotland promised “zero waste” with 70% every combination of recycling, landfill, incineration and anaerobic digestion. The best social outcome? Collect everything in one bin, send it to a central sorting plant, pull out recyclables and organics by machine, turn the organics into biogas and soil amendment, and burn the rest. Roughly half the waste ends up incinerated, 38% digested and 12% recycled. One bin instead of 10, with the best mix of low cost and environmental benefit, delivered by machines rather than by hectoring households.

recycling by 2025. Its household recycling rate stands at 44%.

The world now spends more than \$250 billion a year managing municipal waste, perhaps \$50 billion of it on recycling. That money can't go to policies that do more good.

A new study from Denmark's Environmental Protection Agency shows the trade-off. Mechanical post-sorting of household trash nationwide would lift Denmark's recycling rate by almost 5 percentage points toward EU requirements. By the usual scoreboard, that is a win.

But the costs far exceed the benefits. Each ton of carbon dioxide avoided would cost nearly €4,000. That's almost 50 times the European carbon price, meaning emissions can be cut far more cheaply elsewhere.

Even California's governor has begun asking whether another recycling rule is worth the cost. Last week Gavin Newsom vetoed a bill tightening requirements for recycled-content claims, having concluded that it would bring “little benefit.”

Recycling for its own sake can do harm. For decades, rich countries collected low-value plastic and shipped more than a quarter of it to China and other poorer countries that promised to recycle it. Much of it was never recycled. One U.S. study found that about one-fourth of exported plastic scrap was unusable, and half of that was badly managed. This trade fell sharply after China's 2018 import ban, but even in the years immediately afterward perhaps $5\%$ to $10\%$ of land-based plastic entering the ocean came from plas tic that wealthy countries had virtuously collected for recycling.

Official accounts ignore a cost every household pays: the time

Some recycling clearly pays, but the question is how much. Japan, which publishes the world's best data on municipal waste, offers an answer. One peer-reviewed study estimated the socially optimal recycling rate—the point at which benefits, including environmental ones, most exceed costs. It was 10%. A newer study finds that municipal management costs alone were minimized at 7.6%. Recycle less and you miss cheap gains from metals and plastics. Recycle more and you pour ever greater resources into ever smaller gains, leaving society worse off.

A much-cited U.S. analysis imagined a suburban county designing its waste system from scratch. It tested spent sorting. Peer-reviewed studies from Sweden and Finland find it takes 26 to 29 minutes a week per person. Value that time at half the minimum wage in each country and it comes to €43 billion to €47 billion a year across the EU, about as much as the entire cost of Europe's municipal waste system. Across the Organization for Economic Cooperation and Development's member states, it amounts to \$111 billion to \$123 billion.

Recycle what is worth recycling. Then throw away the idea that more recycling is always better.

Mr. Lomborg is president of the Copenhagen Consensus, a visiting fellow at Stanford University's Hoover Institution and author of "False Alarm" and "Best Things First."

India's Best Bet to Catch Up With China? Democracy

EAST IS

EAST

By Sadanand

Dhume

When President Trump rolled out the red carpet for Xi Jinping, some pundits saw it as America foolishly acknowledging its main competitor as a peer, signaling a "G-2" world dominated by Washington and Beijing.

For developing-world democracies like India, the threat from China's rise goes beyond geopolitics. Beijing and many pro-Beijing commentators portray China's authoritarian government as inherently superior to democracy.

India is a tempting subject for comparison. But while China has outpaced its southern neighbor economically, technologically and militarily, that doesn't make authoritarianism a superior system.

"The simplistic view is that China has grown faster than India because China is an autocracy," says Yasheng Huang, a professor of global economics at the Massachusetts Institute of Technology. "I just don't see any evidence for that."

Scholars have long seen the broader significance of the economic race between China and India. The communist takeover of China in 1949 came two years after Indian independence from Britain. The world's two most populous nations saw themselves as ancient civilizations humiliated by industrialized Western powers.

“Given the present role of these two nations in Asia and their strategic importance in the world, it seems likely that the relative degree of success attributed to the two development efforts will determine the part they will be able to play in international affairs,” Wilfred Malenbaum, an MIT economist, wrote in a 1956 paper. He argued that the winner of the contest would help determine whether other newly independent countries would “be a force primarily for or against the spread of free and open societies throughout the world.”

Milton Friedman, an early critic of India's failed experiment with state planning, wrote in a 1963 essay: "We have rightly regarded India as a key country in the struggle for the uncommitted nations of the world, as the major counterforce to the influence being exerted in the Far East by China."

China initiated market-based economic reforms in 1978. According to the International Monetary Fund, in 1980 China and India were neck and neck in nominal per capita gross domestic product, with China at \$310

---

Economic liberalization and meritocracy, not autocratic rule, enabled the sparkling megacities.

and India at \$275. India's growth accelerated after 1991, when it also began economic reforms, but it hasn't kept pace with China. The IMF estimates China's per capita GDP last year at about \$14,000, more than five times India's roughly \$2,700. In purchasing power parity terms, which accounts for goods and services typically costing less in poorer countries, Chinese per capita GDP of about \$29,500 was 2.5 times India's \$12,000.

China's system looks attractive at first glance. Deng Xiaoping, the architect of the country's economic reforms, sold his departure from Maoism with aphorisms such as “It doesn't matter whether a cat is black or white as long as it catches mice” and “Let some people and some regions get rich first.” He could say such things, the argument goes, because he didn't need to win elections. Indian politicians, by contrast, rarely rise above promising voters freebies or appealing to caste or religion.

China's political system supposedly lets leaders take the long view instead of devising short-term policies with the next election in mind. In India, a project like China's Three Gorges Dam would likely become ensnared in endless lawsuits and protests by civil society groups.

Although democracy has become synonymous at times with bloat and red tape (think of California's high-speed rail project), democratic governments have a stronger record of delivering prosperity—without brutalizing their people. China's boom is less than 40 years old and shows signs of fading. In per capita GDP terms, China trails the U.S. and has yet to catch up with Japan or South Korea. Mr. Huang points out that the most authoritarian Chinese leaders, including Mao Zedong and Mr. Xi, have a far worse economic record than the relatively liberal Deng and his immediate successors.

Those drawn to authoritarianism believe it will yield sparkling megacities and world-beating companies. But war-torn Myanmar and bankrupt Zimbabwe are examples of where autocratic rule often leads. China still holds lessons for India—and any democracy. Julian Gewirtz, a China expert at Columbia University, calls the country's economic takeoff “as much a story of bottom-up experimentation and exploration of international ideas as anything else.” By embracing meritocracy, China has made its universities world-class. China sees its cities as engines of growth, not merely cash cows for rural hinterlands.

But these are arguments for improving Indian democracy—so it may one day offer the developing world a better example than China.

‘Londonistan’ and Britain’s Growing Rift With Washington

By Dominic Green

London

The only thing worse than being Britain's enemy is being Britain's friend. For decades a pil-- an international for decades of the

lar of the Western alliance, the U.K. is becoming an unreliable ally. The foundation of the British-American alliance isn't sentiment but security cooperation. The unraveling of Britain's postimperial strategies for managing the domestic front while maintaining its international status is damaging that cooperation and harming American interests.

On Oct. 4, the Pentagon withdrew its B-1 bombers from RAF Fairfield, the main U.S. air base for strikes on Iran, to American soil, citing security concerns about an Iranian-led plot to attack the base. The withdrawal, which was so precipitate that some of the bombers took off before airborne refueling was fully arranged, came a week after British counterterrorism police arrested five black-clad men near the base in the early hours of Sept. 27. The men had driven three vehicles toward the base, and police later recovered “a quantity of petrol” from the cars. President Trump said the threat linked to Iran was the reason for removing the aircraft. Yet the “Fairford Five” were released on bail a day later.

Meanwhile, Britain's Labour government stalled on corroborating its ally's assertions while Labour held its annual conference and rallied to a new prime minister, Andy Burnham. On Sept. 24, three days before the Fairfield arrests, Foreign Secretary Ed Miliband posed shaking hands with Iran's foreign minister, Abbas Araghchi, in a meeting at the United Nations General Assembly. Mr. Miliband, who earlier in the month had announced sanctions on Jewish-owned businesses in Judea and Samaria (the West Bank), avoided meeting any Israeli officials.

In the Oct. 8 by-election for ex-Prime Minister Keir Starmer's London seat, Labour's Somali-born candidate is challenged by a Green Party candidate running on a “pro-Palestine” platform. In his conference speech on the morning after the

Fairford arrests, Mr. Miliband den-

ounced Israel at length and told La-

bour delegates that “you were right”

to be “outraged by the plight of the

Palestinian people.” He devoted

three sentences to Iran, none of them

mentioning terrorism or domestic

subversion.

No mention of the intelligence tip-offs that preceded the Fairford arrests, or that Iran had declared RAF Fairford a “legitimate target.” No mention of the more than “20 potentially lethal Iranian-backed plots against people in the U.K.” that MI5 described in July. No mention of the arrest earlier in September of two Iranian men who allegedly planned to detonate a chlorine bomb at Heaton Park Synagogue in Manchester, site of a jihadist attack in 2025.

Only on Sept. 30, after Labour's conference and after Secretary of State Marco Rubio cited the hand of a “foreign actor,” did Mr. Burnham admit to “strong indications” that Iran “played a part” in the incident. It is impossible not to conclude that Labour played down a major security incident for domestic political reasons, that Iran sees Britain as weak—and that the U.S. does too. Mr. Miliband did it again on Sept. 30 by euphemizing the hijacking of an airliner flying between Dubai and Tel Aviv by a British-educated Omani as an “incident.”

---

The U.K. is now a hub for the Iranians, which has turned Britain into an unreliable ally for the U.S.

As to how a key American ally allowed Iran, the world's leading sponsor of terrorism, to establish operations on British soil, consider another case that broke on the night of the Fairfield arrests. The Sunday Times of London reported that a bodyguard to the late Hamas leader Ismail Haniyeh obtained “asylum” and citizenship in Britain from the previous Conservative government, then planned Hamas attacks on Jewish sites in Germany and Austria to celebrate the second anniversary of the Oct. 7 massacres. A court order initially anonymized “Mr. X” for 100 years. The order was later amended, but he remains protected from identification in the U.K. while separate proceedings are under way.

This story reeks of sub-Le Carré spycraft gone wrong and the use of the courts to hush it up. The reality behind the James Bond myth is that postimperial Britain boosted its status by making itself useful to the U.S. The noble legacy of hosting Europe's dissident liberals, the ignoble imperial game of divide-and-rule, and the trade-offs of Cold War cat-and-mouse declined into an amoral willingness to cultivate terrorist funders such as Pakistan and Saudi Arabia, and even to host the West's enemies. French intelligence services nicknamed Britain's capital "Londonistan" decades ago.

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Notable & Quotable: Satire

From the Instagram account of the Columbia Federalist, a satirical university newspaper, Sept. 30:

It was brought to our attention that a recent article published on our Social Media and Website titled “I Lived It: Before We Had Sex, My Boyfriend Said a Land Acknowledgement” upset many members of the Columbia community and handled a very sensitive topic rashly and irresponsibly: the important recognition of the native land that Columbia University and much of our country sit on.

We take full accountability for the weight of our harmful words, and we thank Columbia's Native American Council, as well as other members of the community, for bringing this to our attention. We deeply apologize for any harm that this article caused, and we are taking this moment to refine our humor guidelines to ensure that our mission of satire does not hurt communities and voices that should be uplifted. In a moment like the one we are currently living in on a campus like ours, political satire is more important than ever, and we would like to reaffirm our commitment to uplifting marginalized voices in this endeavor.

First a policy runs out of utility. Then its institutional momentum runs out of control. Britain is now a key European hub for the Islamic Revolutionary Guard Corps and the Muslim Brotherhood. If Britain continues its diplomatic and economic assault, Israel may reconsider the intelligence-sharing that has previously spared British citizens from the fatal consequences of British government policies. The British and Israelis should be working together as American allies against common threats. Instead, Britain's strategic exhaustion and cynical compensations are disrupting America's global strategy at a critical moment and making America and, it appears, American bases and personnel less secure.

Mr. Green is a columnist for WSJ Opinion's Free Expression.

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THE WALL STREET JOURNAL.

S&P 7801.77 ▼ 0.22%

S&P FIN ▼ 0.44%

S&PIT ▼ 0.10%

DJTRANS ▼ 0.88%

Thursday, October 8, 2026 | B1

WSJ\$IDX ▲ 0.26%

2-YR. TREAS.

yield 4.762%

(Midday) 69373.40 ▼ 0.95%

See more at WSJ.com/Markets

Bond Yields' Surge Misses China

Chinese government bond holdings by investor type\*

40 trillion yuan

Sources: China Central Depositary & Clearing, via CEIC (bond holdings); CEIC (consumer prices); Tullett Prebon (yields)

Fall in government debt yields reflects a weak economy and a savings glut

BY JASON DOUGLAS

TOKYO—A rout in government bonds is pushing up borrowing costs around the world, causing consternation from Washington to Paris to Tokyo.

Beijing has the opposite challenge. Chinese government bond prices have risen this year, pulling down the yield on China's benchmark 10-year bond on Wednesday to as low as $1.7\%$ .

That is more than 3 percentage points below the 5.3% yield on the equivalent U.S. Treasury note. It is also well below the yields on benchmark 10-year bonds from the U.K., France and even Japan, which for years was a poster child for ultralow rates.

“China is bucking the entire global trend,” said Lynn Song, chief economist for China at investment bank ING.

Yields in many economies are testing decades-old highs as investors respond to soaring government debt and the inflationary cost of the war in Iran, which has driven energy prices higher.

Artificial intelligence, meanwhile, is fueling optimism about future economic growth, which can lead to higher yields. It is also sucking money away from government bonds toward the AI labs developing new models and “hyperscalers” building out data centers, adding further upward pressure on government bond yields.

Behind the topsy-turvy move in Chinese yields is a different set of issues. Exports are booming, but the rest of China's economy is in a funk, weighed down by feeble consumption and a multiyear property slump. Inflation has picked up, but isn't as big a problem as it is in the U.S. and elsewhere.

Just as surging bond yields can be a problem for economies, so too can low yields. Though high yields are a boon for savers looking for better returns, they push up the cost of borrowing for governments, companies and households.

Low yields, by contrast, reduce income for savers, forcing them to sock away more

Please turn to page B10

A Risky Strategy Clinched Deal for Ellison

Skydance is now responsible for some of the biggest brands and franchises in show business.

Select Skydance properties that were previously part of Paramount Skydance or Warner Bros. Discovery

BY JOE FLINT

David Ellison was on the ropes.

---

'At nearly every turn, someone told us it couldn't be done. And here we are.'

It was late July, and a judge had handed down a temporary restraining order halting the

media mogul's \$81 billion deal to combine his Paramount entertainment company with the much larger Warner Bros. Discovery—an early setback in his antitrust battle with 12 state attorneys general.

Faced with a choice between going straight to trial or stepping into another skirmish to avoid a preliminary injunction, Ellison, 43 years old, took the big gamble.

He would see the states, led by California Attorney General Rob Bonta, in court.

Rather than spend months fighting over whether the merger should remain frozen while the case proceeded, Paramount agreed to keep the companies apart and pushed to get directly to a trial on the merits.

It was a risky gambit. A loss at trial could kill the deal, and a lengthy legal journey would prove expensive as Paramount was set to rack up hefty fees it had agreed to pay Warner shareholders if the merger was delayed.

But over the following weeks, Ellison waged a concerted behind-the-scenes campaign, people familiar with the

matter said.

He criss-crossed the country courting politicians, hired well-connected operatives and lobbyists to work regulators and lawmakers, cultivated allies among Republi-

cans and Democrats and, in a pivotal move, even threatened to move his empire out of California.

California Gov. Gavin Newsom publicly called on the two sides to settle the matter Please turn to page B4

Movie studios

\- Paramount Pictures

• Warner Bros. Pictures

TV studios

• CBS Studios
• Paramount Television Studios
• Warner Bros. Television

Sources: the companies NATE RATTNER/WSJ

\- Discovery+

• HBO Max

News properties

• CBS News
• The Free Press

CNN

\- The Godfather

• Mission: Impossible
• NCIS

\- DC Comics

• Game of Thrones
• Harry Potter
• Lord of the Rings

Oracle, Broadcom, SpaceX Seek Huge Financings

Big players in artificial intelligence are lining up a series of blockbuster financing deals to pay for computing hardware, part of a rush for capital as data-center buildouts race forward.

---

By Anissa Gardizy, Matt Wirz and Justin Baer

In recent weeks, Broadcom has been working to arrange more than \$50 billion in financing for OpenAI's custom artificial-intelligence chip, which the firms are developing together, said people familiar with the discussions.

Apollo and Blackstone are among the lenders Broadcom has talked to about participating in the deal, people close to the situation said. Talks are early, and the size of the deal could change.

Please turn to page B4

Separately, Oracle is in talks with Apollo and Goldman Sachs to arrange money for a big purchase of chips,

Wells Fargo Faces Probe Of Loans to Minorities

BY DYLAN TOKAR

Trump administration housing officials are launching an investigation into Wells Fargo over programs and commitments the bank made over nearly a decade to increase homeownership among Black Americans.

The Department of Housing and Urban Development on Wednesday sent Wells Fargo Chief Executive Charlie Scharf a letter saying it would examine whether the bank violated fair-lending laws by favoring Black or other minority homeowners, according to a copy viewed by The Wall Street Journal. Wells Fargo didn't comment Wednesday.

The investigation provides another example of corporate America finding itself in the crosshairs for programs that were encouraged during prior administrations, either by the government or socially con-Please turn to page B2

Crypto Player Ripple Breaks Into Finance

BY VICKY GE HUANG

Ripple has expanded into nearly every corner of the crypto industry, from stablecoins to asset custody. Now it is edging into Wall Street's terrain.

The crypto firm has emerged as a serious player in providing swap financing to leveraged exchange-traded funds, or those that let investors amplify their bets on a specific stock or index.

Swap financing might not captivate the public quite like a multibillion-dollar deal or an initial public offering, but it is one of those lucrative businesses that reliably churn out fees for banks and securities firms, quarter after quarter. And Ripple wants in.

The firms that manage leveraged ETFs use total return swaps and other derivatives to produce the desired return (say, twice the daily move of Nvidia shares). A bank or broker steps in to sell them that contract in exchange for a fee, and then hedges its exposure by buying stocks or derivatives.

Leveraged ETFs have exploded in popularity in recent years. According to Morningstar Direct data, there are 593 leveraged ETFs in the U.S., managing more than \$256 billion in assets. Of these, 426 are single-stock leveraged funds, a category first green-lighted by regulators in 2022.

Ripple got into swap financing last year through its \$1.25 billion acquisition of Hidden Road, a prime brokerage that caters to crypto hedge funds. The business, now called Ripple Prime, is working with a number of ETF providers and wants to expand to other investment managers, including hedge funds. On Tuesday, Ripple Prime announced it will provide prime brokerage, clearing and financing services to hedge fund Brevan Howard.

“It’s definitely a growing and meaningful part of our business, so we are excited about it in that sense,” said Noel Kimmel, president of Ripple Prime, who previously worked at Cerberus Capital Please turn to page B2

INSIDE

Fired OpenAI Researchers Seek Monitor of Agents' Reasoning

AUTOS

Weak sales in China

weigh on Mercedes-

Benz in quarterly

results. B2

The OpenAI developers conference in San Francisco last month.

HEARD ON THE STREET

As copper prices soar, the metal requires investor caution. B11

HEATHER DIEHL/GETTY IMAGES

BY MAXWELL ZEFF

Three fired OpenAI employees called on the company to work with outside safety auditors and to preserve the ability to monitor increasingly sophisticated AI models as it grapples with how to best manage the novel risks of its technology.

In a letter addressed to OpenAI board members and safety committees, which was reviewed by The Wall Street Journal, the fired employees wrote that they were concerned AI companies could end up losing the ability to monitor AI systems' chain of thought.

The chain of thought is a written record of an AI system's reasoning process that AI companies monitor and analyze to understand how models work through problems.

While researchers agree it isn't a perfect indicator of an AI model's behavior or intent, it is considered a valuable tool for understanding increasingly intelligent AI systems.

"As an industry, we do not yet know how to safely develop and deploy models that we cannot monitor," the letter said. "OpenAI and other frontier companies should not move forward with developments that further decrease" the ability to monitor AI.

The former employees who signed the letter—Jasmine Wang, Tomek Korbak and Mikita Balesni—previously worked on safety and alignment research teams at OpenAI. The three employees were fired for alleged misconduct, including sharing confidential information with a third party AI-safety group.

The letter signed by the three former employees states they didn't believe they “engaged with external parties outside the mandates of our jobs.” It said the firings are “chilling those who remain at OpenAI.”

They also urged the company to work with third-party Please turn to page B3

GREG BAKER/AFP/GETTY IMAGES

ANDY WONG/AP

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

Anthropic.....A1,B4

Apollo Global Management.....B1

Associated British Foods.....B3

B

BlackRock.....B10

Blackstone.....B1

Broadcom.....B1

C

Caterpillar.....B11

Coinbase Global.....B10

Constellation Brands.....B11

D

Deloitte.....B2

F

Figure Technology Solutions.....B10

G

GameStop.....B10

Goldman Sachs.....B1

I

International Business Machines.....B2

J

JPMorgan Chase.....B10

L

LG Electronics.....B11

M

Mercedes-Benz.....B2

Meta Platforms.....A12

Micron Technology.....B11

N

Netflix.....B4

Nvidia.....A1,B1,B4

O

OpenAI.....B1,B4

Oracle....B1

P

Paramount....B1

PepsiCo....B11

Porsche....B2

R

Ripple....B1

Robinhood....B10

S

Samsung Electronics.....B3

Shell.....B3

Skydance.....B4

Société Générale.....B11

SpaceX.....B4,B11

W

Walt Disney.....B4

Warner Bros. Discovery...B1

Webull.....B11

Wells Fargo.....B1,B11

---

INDEX TO PEOPLE

A

Aronson, Dan....B2

B

Bouchouev, Ilia....B11

C

Chaloff, Alex....A5

Ciampaglia, John....B11

Cooper, Charles....B11

D

Doll, Bob....A5

E

Ellison, David....B1

Evans-Pritchard, Julian...B10

F

Fink, Larry....B11

G

Geisen, Mathias.....B2

H

Hackett, Mark.....A5

Hsu, David.....A4

K

Kharazian, Ara.....A4

Kimmel, Noel.....B1

Kotick, Bobby.....B4

Kreiz, Ynon.....B4

L

Leiters, Michael.....B2

M

Mahoney, Neale.....A2

Mulqueen, Tom.....B11

P

Pessina, Stefano.....B3

Powel Jobs, Laurene.....B4

R

Rubner, Scott.....A5

S

Scharf, Charlie.....B1

Schmieding, Holger.....A7

Sohn, Todd.....B2

Song, Lynn.....B1

Szklarski, Michael.....A4

W

Walker, Peter.....A4

Weber, Michael.....A2

Weston, Galen.....B3

Z

Zaslav, David.....B4

Zhu, David.....A4

Housing Secretary Scott Turner attacked the initiative for Black homeowners as ‘immoral, unethical and un-American.’

Wells Fargo Faces Probe By HUD

Continued from page B1

scious investors.

The Trump administration has opened investigations into companies for diversity, equity and inclusion programs. It has also launched attempts to find evidence of “debanking,” where banks closed the accounts of businesses or individuals operating in politically controversial industries, from fossil fuels to firearms.

Wells Fargo's campaign to help Black homeowners goes back years. In 2017, the bank said it was committing \$60 billion in loans in an effort to help add at least 250,000 Black homeowners by 2027.

In 2022, the bank expanded the program to put the company's own money to work refinancing minority homes. That followed criticism the bank faced over a Bloomberg report that it had rejected half of all refinancing applications by Black families in 2020.

“These efforts are an important next step and will help close the homeownership gap between white and minority families created by decades of systemic inequities,” Wells Fargo said in 2022.

In early 2023, Wells Fargo scaled down its mortgage business broadly, focusing on lending to existing customers, but again reiterated a pledge to advance racial equity in housing.

In 2024, only 46% of Black households owned the home they lived in, compared with 73% of white households, according to Pew Research Center.

Now, Trump officials are considering whether the bank's efforts to help Black families were a violation of the Fair Housing Act. In its letter, HUD said Wells Fargo had adopted a strategy of “sorting” homeowners and offering different products or terms based on their race.

HUD Secretary Scott Turner said he plans a full investigation into Wells Fargo's statements. The agency is also reviewing similar initiatives by other banks, according to a senior HUD official.

“Even if Wells Fargo did not violate the law, its practice of dividing Americans based on race is immoral, unethical and un-American,” Turner said. “Wells Fargo and all of its employees that engaged in race-based decision-making should be ashamed of themselves.”

The HUD probe follows investigations by the Justice Department examining whether government contractors violated antifraud laws by implementing what the administration has called “unlawful” DEI practices. Such programs proliferated amid social unrest in the aftermath of a wave of police violence against Black Americans, including the 2020 murder of George Floyd.

Last year, International Business Machines and Deloitte paid multimillion-dollar fines to resolve claims they defrauded the government by considering diversity when hiring and making promotion and staffing decisions.

The diversity programs and corporate initiatives responding to environmental issues became the subject of intense political backlash from conservatives. Since Trump's election in 2024, many companies have moved away from their diversity goals, scrubbing websites and investor disclosures.

Wells Fargo achieved about 40% of its initial \$60 billion lending commitment and had helped refinance about 5,100 customers—representing an average monthly payment savings of about \$100—when it commissioned a racial-equity assessment in late 2023.

It has since gone silent on its racial-equity initiatives, removing the 2023 assessment from its website.

The German luxury automaker's third-quarter sales fell $31\%$ in China, its largest market. Above, a Beijing auto show in April.

Weak China Sales Dent Mercedes

BY DOMINIC CHOPPING

Mercedes-Benz car sales fell in the third quarter as a hefty drop in China offset growth in Europe and the U.S.

The German luxury automaker's car sales fell $8\%$ to 407,200 vehicles while global car and van sales slid $6\%$ to 491,700 vehicles, it said Wednesday. However, the company saw a sharp rise in electric-vehicle sales, with car sales rising $61\%$ on year to 68,400.

“Mercedes-Benz cars achieved the highest quarterly battery-electric vehicle sales in the company’s history, led by the electric GLC [model],” said sales chief Mathias Geisen.

"Our new electric models GLC, CLA, GLB and GLA are sold out in Europe for the rest of the year, with order books extending into 2027."

To meet this strong demand, the company's Bremen, Rastatt and Kecskemet plants are operating on three-shift schedules, it said.

Car sales in China—Mercedes-Benz's largest market—fell 31%, with the company noting that it continues to face challenging passenger car market conditions and intense competition.

Together, the GLC and E-Class accounted for almost two-thirds of Mercedes-Benz Cars sales in China and remained more resilient than the overall market, it added.

\*Change from a year earlier

Source: the company

The new electric GLC L, launched in July, is successfully ramping up and has been well received in the country, and in mid-September, Mercedes-Benz launched the new locally produced GLE L SUV, it added.

In the U.S., car sales rose 6% on year, with Mercedes saying it has refreshed its SUV offering in the country following the recent arrival of the new GLE, GLE Coupe and GLS at U.S. dealerships.

Sales in Europe increased 5%.

Porsche to Raise Some Prices 20%

The carmaker says it aims to regularly launch 'brand-defining' models. The Porsche Cayenne EV at a show in Beijing.

BY DOMINIC CHOPPING

Porsche plans to make its cars even more exclusive while continuing to cut costs and streamline its operations as it targets higher profitability in coming years.

The German sports-car maker said ahead of an investor event Wednesday that it will offer more higher-end vehicles and aim to increase the average selling price of these models by about 20% to €330,000, or \$371,596.

By 2030, it plans to launch at least one “brand-defining” new product every year, it said.

"The ultimate goal is to further strengthen our unique sports-car brand—across all model lines and with new, highly desirable models in particularly high-margin segments," Chief Executive Michael Leiters said as he outlined the company's strategy to 2035.

The plans elaborate on broader actions outlined earlier this year that include investing in new gas-powered and hybrid models, targeting profitability over volume and reducing the number of model variants.

Various departments have been streamlined and leadership reshuffled as Porsche works through previously announced plans to cut 5,000 jobs on top of 3,900 that were earlier earmarked to increase efficiencies and its competitiveness.

Less complexity, fewer sales regions, increasing use of common parts and process efficiencies are expected to see personnel costs in production fall by up to 30% in the medium term, while sales and distribution costs and development costs are both expected to fall by 20% and materials costs by 10%, it said.

By becoming leaner and focusing on profitability, Porsche said Wednesday that it expects to significantly lower its break-even point to fewer than 200,000 cars. It delivered just under 280,000 cars in 2025.

New all-electric sports-car models will boost sales in 2028, while a new SUV offered with a gas-powered engine and plug-in hybrid powertrain will support sales and profits in 2029.

Leiters is working to simplify the automaker and boost profit by realigning the strategy as the German auto industry recalibrates. The key Chinese car market continues to deteriorate, domestic manufacturing costs remain elevated and U.S. tariffs are hitting profitability.

of it climbing, and I think that's why more parties are getting involved," said Todd Sohn, chief ETF strategist at Baird Strategas. "And they know they can offer higher swap fees for themselves."

The crypto firm has emerged as a provider in the lucrative field of swap financing for leveraged exchange-traded funds.

The company has already begun by shedding noncore assets, selling its stakes in hypercar joint venture Bugatti Rimac and electric-vehicle maker Rimac Group for €1 billion, and has also agreed to sell its management and IT consultancy business MHP.

These will be followed by further high-margin larger vehicles as Porsche targets a 45% portfolio share of the more profitable models.

It also confirmed the development of a new mid-engined sports car to sit above the 911.

The disposals come on top of moves to shut down its battery-tech developer Cellforce Group, e-bike electric drive systems developer Porsche eBike Performance and Cetitec, a company that produces software for data communications.

Clear Street are making headway in the growing market for leveraged ETFs, in part because banks still face stricter rules on how much risk they can take. And many of the investment firms launching new leveraged ETFs are startups themselves and lack longstanding relationships with banks.

KIYOSHI OTA/BLOOMBERG NEWS

Ripple Breaks Into Finance

Swap fees on ETFs vary based on benchmark interest rates, agreement terms and total target exposure. If the underlying security is volatile or hard to trade, the fund may

Continued from page B1

Management and other traditional Wall Street firms.

Ripple and other nonbank firms like Jane Street and

And the fees are really good.

"They see the growth of this space and the usage rate pay a wider spread to the banks or broker dealers.

In one example, the Tradr 2X Long SNDK Daily ETF pays a fee based on the overnight bank funding rate plus 4 percentage points

---

Ripple Prime is eyeing other investment areas, including hedge funds.

to Ripple, according to a regulatory filing. As of Tuesday, the fee would pay out roughly $8\%$ of the fund's assets on an annualized basis.

That is coming directly from the ETF's investors. Swap financing costs are included into a leveraged fund's net asset value over time and are separate from the fund's management fee. Leveraged ETFs typically carry a management fee of around 1%.

When held for longer than a single trading session, the combination of swap costs, daily compounding and volatility can drag down investor returns. For example, the Defiance Daily Target 2x Long MSTR ETF fell 53% year-to-date, dramatically underperforming its underlying stock, which gained 0.9% over the same period.

“It’s like a termite almost, just kind of chips away every day,” Sohn said.

The swap-financing firms also face significant risks. Any extreme single-day moves in an underlying stock could wipe out a leveraged fund's equity, leaving the counterparty exposed to losses. To hedge their exposure, swap providers often put on trades with a different set of asset managers or market makers.

"The worst-case outcome is a single-day massive decline greater than $50\%$ , which would wipe out the ETF entirely," said Dan Aronson, head of specialist consulting group at Janus Henderson, which offers hedging strategies to banks. "It's also why banks are looking at hedging that outcome."

Samsung Forecasts \$80 Billion Profit

BY KWANWOO JUN

Samsung Electronics forecast quarterly operating profit exceeding \$80 billion for the first time, confirming that its run of record earnings has room to go as the world's largest memory-chip maker continues to cash in on the artificial-intelligence boom.

The staggering preliminary

estimate—more than twice what Samsung made for the whole of 2025—comes as the company remains a beneficiary of global demand for advanced chips as companies invest heavily in

AI infrastructure and applications.

Most analysts and semiconductor executives expect tight memory supply to persist over the next few years, keeping chip prices elevated. Samsung's preliminary results Thursday reinforced the upbeat industry outlook.

Operating profit for the three months ended in September likely surged nearly ninefold from a year earlier to

107.400 trillion won, equivalent to \$80.18 billion, the company said.

Revenue was expected to hit a record when it reports later this month.

The feat would make Samsung the first South Korean company to surpass 100 trillion won in quarterly operating profit. Samsung said it was the first major global technology company to surpass the mark.

The projected figure surpassed Samsung's previous re-

cord of about 89 trillion won set in the second quarter and largely met a FactSet-compiled consensus estimate for the third quarter.

Quarterly revenue was also expected to hit a record, with the company projecting a more than doubling of the top line to 195.000 trillion won. Analysts' estimates were for 206.810 trillion won.

The company doesn't typically provide segment breakdowns for preliminary results, but most analysts expect its semiconductor division to have driven strong quarterly earnings. The company is scheduled to release full quarterly results later this month.

Researchers Seek Agent Monitoring

Continued from page B1 safety auditors and to promote a culture of transparency with external safety organizations to help stave off the “risk that something truly catastrophic will happen.”

In response to a request for comment, an OpenAI spokesperson shared part of a staff memo from a research leader sent on Wednesday that addressed the fired employees' letter. The leader said the company strongly agreed with some of the letter's recommendations, and that the decisions to fire the workers “were not about raising safety concerns or speaking out.”

The ability to monitor its AI models is “of the utmost importance for us,” the leader wrote, adding that third-party assessors are an important part of the safety ecosystem.

News Corp, owner of The Wall Street Journal, has a content-licensing partnership with OpenAI.

BUSINESS NEWS

British Pharmacy Chain Boots To Be Acquired for \$8.9 Billion

BY ROBB M. STEWART

Canada's Weston family has reached a deal to buy U.K. pharmacy chain Boots from Sycamore Partners for \$8.9 billion including debt.

Wittington Investments, the Westons' holding company, on Wednesday said it reached a definitive agreement to buy Boots and its associated businesses from majority owner Sycamore, in partnership with Stefano Pessina, the former executive chairman of Walgreens Boots Alliance which once owned the Boots business, and his family.

The move will see Wittington buy Boots' retail operations in the U.K. and Ireland, the Boots Opticians chain, No7

Beauty Co., and its Thailand and franchised businesses. Sycamore Partners, along with Pessina and his family, will retain ownership of Boots' interests in Farmacias Benavides in Mexico and Alliance Healthcare Deutschland.

The deal to buy Boots comes a little over a year after Sycamore completed the acquisition of Walgreens Boots for about \$10 billion excluding debt and positioned Boots as a stand-alone business. The Wall Street Journal last week reported the private-equity firm was in talks to sell Boots to the Canadian arm of the Weston family in a deal worth close to \$9 billion.

Wittington said the Weston group brings to the deal expertise developed over decades in the retail, pharmacy and beauty industries. The Weston family's Wittington is the controlling shareholder of George Weston and through it Loblaw, Canada's largest food retailer and the operator of the country's Shoppers Drug Mart pharmacy chain. In the U.K., another part of the family is invested in Associated British Foods, a large food-processing company and retailer, and Wittington from 2003 to 2021 was owner of British department store Selfridges.

Wittington said it was teaming up with Toronto-based Fairfax Financial on the acquisition. Fairfax signed an equity commitment letter to provide up to roughly \$2.3 billion, which will see it take 50% of the equity of Boots when the deal closes.

Wittington will have operational control of Boots and Galen Weston, the chairman of both George Weston and Loblaw, will serve as chair of Boots.

“Boots is one of Britain’s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the U.K. and Ireland,” Galen Weston said.

Boots traces its roots back to 1849 when John Boots opened the first store selling herbal remedies in Nottingham, England.

The transaction is expected to be completed in the first quarter of 2027.

Shell's Refining Margin Soars to Record

BY ADAM WHITTAKER

Shell expects to report that its refining margin hit a record in the third quarter, driven by volatility stemming from the conflict in the Middle East and a global supply squeeze across fuel markets.

The London-based energy major on Wednesday said its refining margin marker is forecast at \$42 a barrel for the third quarter compared with \$24 a barrel in the second quarter. The previous record margin was \$28.04 a barrel, shortly after Russia's full-scale invasion of Ukraine in 2022.

Refining margins measure the difference between the cost of crude and the value of the fuels produced from it. The high margins reflect demand for refined products outpacing refiners' ability to produce them.

While margins over the quarter jumped, Shell wasn't able to maintain the same level of activity at its refineries as it did in the second quarter.

Low water levels in Germany's River Rhine dragged on its refinery utilization rate, taking it down to between 93% and 97% from 102% in the prior quarter, when it ran its refineries as hard as possible to increase production of jet fuel and diesel.

Shell's performance update comes as the conflict in the Middle East continues to cause chaos in energy markets.

Oil prices have remained elevated since active fighting ended in the war between Iran and the U.S. and Israel that broke out this year. Prices remain highly responsive to geopolitical developments that signal an end or a reignition of the conflict, as well as to related events such as the Houthis in Yemen, allies of Tehran, growing their power along the key Red Sea shipping strait.

Source: the company

Energy companies' trading arms tend to benefit from swings in prices and Shell said it continues to expect a strong performance from its oil and gas traders.

Nowhere has the war's impact on the global energy system been more pronounced in recent months than in the refining sector, where crude oil is turned into the products that power the global economy.

While Middle Eastern crude oil is finding its way to the global market via pipelines, the market for oil products remains exceptionally tight. Several large refineries that produced jet fuel and diesel have been damaged and will take time to repair.

Diesel prices in the U.S. and U.K. have hit records and refining margins are at unprecedented levels. In the U.S. on Wednesday, the average price of a gallon of diesel was \$6.31 compared with \$3.68 last year.

Coupled with Ukrainian drone attacks on Russian refineries and Chinese export bans, the market is set to remain tight into 2027.

Opinions change.

Prices swing.

Focus accordingly.

KOLBERT-PRESS/ACTION PRESS/ZUMA PRESS

Disney+ to Stream the Super Bowl

Disney said its streaming platform will livestream the Super Bowl in 2027.

All Disney+ subscribers in the U.S. will be able to stream the traditional game presentation airing on ESPN and ABC, as well as the

Spanish-language telecast on ESPN Deportes.

The 2026 Super Bowl (photo above) was broadcast on Comcast-owned NBC, Telemundo and Peacock.

Outside the U.S., Disney+ will stream the Super Bowl in more than 55 international markets.

In addition to the Super Bowl, Disney+ will stream two Monday Night Football games during the regular season. The first regular-season game on Disney+ will be the Dallas

Cowboys playing the Philadelphia Eagles on Oct. 26.

Both regular-season games will continue to air as scheduled on ESPN and ABC, as well as ESPN Deportes, Disney said.

-Katherine Hamilton

Big Tech Financings In Works

Continued from page B1

people familiar with the matter said. SpaceX has talked to lenders in recent days about a \$40 billion chip financing for Nvidia chips, according to a person familiar with the discussions. The Financial Times earlier reported on the SpaceX talks.

The wave of deals reflects the mounting cost of building AI infrastructure. Cloud providers such as Amazon Web Services and Oracle have traditionally financed computing hardware through their own cash flows. For their AI build-outs, the companies issued hundreds of billions of dollars of bonds, pushing the public debt market to its limits. Now, some buyers are turning to Wall Street investment firms to help fund purchases totaling tens of billions of dollars per deal.

There is also a new group of chip buyers, including OpenAI and Anthropic, that don't have the financial firepower to purchase their own hardware. Leading AI labs historically rented the bulk of their computing capacity from cloud providers, but they now want to own more of their own infrastructure to help lower costs and reduce their reliance on other firms.

The new Broadcom financing for OpenAI could include several gigawatts of OpenAI chip capacity, one of the people familiar with the discussions said. The deal is expected to close before the end of the year. OpenAI's chip program, known internally as Nexus, includes custom chips named after types of peppers, with the first and second generation versions known as Jalapeño and Serrano.

The deal would come a year after OpenAI and Broadcom announced a partnership in which they would develop 10 gigawatts of OpenAI's custom chips together using Broadcom's networking technology. The companies said they planned to deploy these systems starting in the second half of 2026 through the end of 2029. Oracle is also trying to get its deal done as soon as this year, one of the people familiar with the matter said. The company is still having discussions with multiple potential financing partners.

The financing is intended to help Oracle bridge the gap between when it has to pay for the hardware and when its cloud computing revenue starts coming in. It isn't clear how many chips Oracle is looking to finance, but purchases of Nvidia chips for a 1 gigawatt data center would cost tens of billions of dollars.

The financing would likely involve investors funding a separate company that purchases the chips, which Oracle would lease over time. That would help Oracle avoid borrowing more money itself.

High-Risk Strategy Is Clincher

KAY QIAO/IMAGE PRESS AGENCY/NURPHOTO/REUTERS

Continued from page B1 and privately encouraged the attorney general to go to the table. Ellison met with Newsom on more than one occasion, the people familiar with the matter said.

Ellison's efforts all came to fruition on Tuesday when Paramount officially closed the Warner deal and met with employees of the combined company—now renamed Skydance—at a town hall on the Warner Bros. studio lot.

"Now let's be honest. It wasn't easy to get here," Ellison said, according to a transcript viewed by The Wall Street Journal. "At times it was downright ugly. And at nearly every turn, someone told us it couldn't be done. And here we are."

“I’d do it all over again in a heartbeat,” he added.

Ellison is now responsible for some of the biggest brands and franchises in show business, including movie and television studios with historic filmmaking lots, plus two streaming services in Paramount+ and HBO Max and dozens of cable channels. His decisions will determine the fates of Batman, Superman, Teenage Mutant Ninja Turtles, Harry Potter, CNN, CBS News and other properties.

He has wasted little time putting his team in charge, this week announcing a flurry of executive appointments to lead streaming strategy, movie studios and TV programming operations. So far his biggest hiring move has been recruiting former Mattel chief Ynon Kreiz to be co-CEO. Skydance on Tuesday said Emerson Collective founder Laurene Powell Jobs and Activision founder Bobby Kotick will join the board.

The combined media giant closes with nearly \$80 billion in debt, which analysts have said could weigh on Ellison's ambitions to create a Hollywood powerhouse. Layoffs are expected, as Ellison has promised \$6 billion in annual synergies within three years.

Skydance's David Ellison.

Tuesday's victory lap was the culmination of what Ellison described in his remarks as a long-term plan that was three years in the making.

After a grueling process, he secured control of Paramount in August 2025, merging it with his Skydance Media production company. By then, the idea had already come to Ellison to pursue Warner Bros.

Warner Chief Executive David Zaslav passed on Ellison's first few offers, which started at \$19 a share. But Ellison persisted and Warner put itself up for auction. Netflix soon swooped in and signed a deal to acquire the movie and TV studios and HBO Max streaming service.

Ellison refused to back down, sweetening his offers, taking his bid directly to shareholders and threatening a proxy fight while enlisting Trump allies to lobby on his behalf.

On his ninth offer, Ellison prevailed. Paramount agreed to pay \$81 billion for Warner after Netflix declined to match an offer that was 63% higher than Ellison's first.

Speaking to employees Tuesday, Ellison promised to make more movies, invest in great television and embrace technology to create a formidable, forward-thinking media and entertainment company.

The two companies “are not coming together to manage decline,” he said. “We are coming together to build for growth.”

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DAF day

Sources: Tullett Prebon, Dow Jones Market Data

MARKETS DIGEST

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Dow Jones Industrial Average | 2015 | Last | Year ago | 51179.87 ▼341.41, or 0.66% | Trailing P/E ratio | 20.84 | 25.54 | High, low, open and close for each trading day of the past three months. | P/E estimate* | 19.51 | 22.32 | Dividend yield | 1.55 | 1.58 | All-time high | 54349.12, 08/05/26 | Current divisor 0.1682481652835

EQUITIES

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S&P 500 Index

7801.77 ▼17.16, or 0.22%

High, low, open and close for each trading day of the past three months.

Major U.S. Stock-Market Indexes | Dow Jones | Latest | 52-Week | % chg | High | Low | Close | Net chg | % chg | High | Low | % chg | YTD | 3-yr. ann. | Industrial Average | 51406.44 | 50917.42 | 51179.87 | -341.41 | -0.66 | 54349.12 | 45166.64 | 9.8 | 6.5 | 15.3 | Transportation Avg | 19664.19 | 19493.89 | 19529.30 | -172.46 | -0.88 | 23933.14 | 15067.87 | 23.7 | 12.5 | 9.7 | Utility Average | 1053.89 | 1041.60 | 1049.64 | 2.45 | 0.23 | 1190.23 | 1004.50 | -8.5 | -1.7 | 9.5 | Total Stock Market | 76820.90 | 76407.91 | 76761.49 | -282.27 | -0.37 | 77313.23 | 62750.36 | 14.8 | 13.7 | 21.4 | Barron's 400 | 1595.17 | 1585.33 | 1590.76 | -16.08 | -1.00 | 1685.46 | 1318.70 | 14.3 | 12.6 | 18.6 |

July Aug. Sept. Oct. | Other Indexes | Russell 2000 | 2816.40 | 2788.43 | 2793.20 | -37.09 | -1.31 | 3068.42 | 2305.11 | 12.4 | 12.5 | NYSE Composite | 23921.67 | 23659.89 | 23701.92 | -219.75 | -0.92 | 24821.68 | 20912.89 | 9.1 | 7.7 | Value Line | 655.85 | 646.14 | 648.41 | -7.440 | -1.13 | 702.60 | 590.50 | 2.1 | 3.2 | NYSE Arca Biotech | 9308.77 | 9141.70 | 9179.25 | -49.04 | -0.53 | 9539.76 | 6340.88 | 40.6 | 28.3 | NYSE Arca Pharma | 1247.22 | 1215.58 | 1235.90 | 20.32 | 1.67 | 1315.38 | 984.85 | 21.2 | 9.8 | KBW Bank | 169.02 | 167.26 | 168.73 | -1.93 | -1.13 | 193.91 | 143.23 | 13.9 | 2.8 | PHLX$ Gold/Silver | 355.78 | 348.18 | 352.67 | -11.20 | -3.08 | 470.37 | 265.03 | 14.1 | 3.0 | PHLX$ Oil Service | 95.03 | 92.40 | 92.98 | -1.81 | -1.91 | 109.24 | 60.27 | 42.8 | 26.8 | PHLX$ Semiconductor | 13082.11 | 12864.94 | 13066.15 | -151.67 | -1.15 | 14634.72 | 6352.07 | 90.5 | 84.5 | Cboe Volatility | 16.01 | 14.97 | 15.08 | 0.07 | 0.47 | 31.05 | 13.47 | -7.5 | 0.9 | Percentage Gainers...

Sources: FactSet; Dow Jones Market Data

Sources: FactSet; Dow Jones Market Data

Percentage gainers...

Percentage Losers | Company | Symbol | Volume (000) | Last | Net chg | After Hours % chg | High | Low | Grab Holdings | GRAB | 22,935.6 | 3.08 | ... | unch. | 3.10 | 3.06 | Freshworks CI A | FRSH | 16,998.8 | 13.45 | -0.15 | -1.10 | 13.60 | 13.27 | XIAO-I ADR | AIXI | 10,680.0 | 2.14 | 0.82 | 62.12 | 2.39 | 1.37 | Applied Digital | APLD | 8,846.7 | 24.61 | 0.80 | 3.36 | 24.99 | 23.26 | Ford Motor | F | 6,254.7 | 12.13 | 0.01 | 0.08 | 12.14 | 12.11 | AT&T | T | 5,888.9 | 24.50 | 0.03 | 0.12 | 24.71 | 24.17 | SS Utils Sel SPDR | XLU | 5,190.7 | 41.20 | 0.05 | 0.12 | 41.22 | 41.05 | BitMine Immersion Techs | BMNR | 5,078.6 | 24.73 | 0.07 | 0.26 | 24.97 | 24.61 | XIAO-I ADR | AIXI | 10,680.0 | 2.14 | 0.82 | 62.12 | 2.39 | 1.37 | Wolfspeed | WOLF | 3,719.6 | 38.66 | 7.29 | 23.24 | 40.50 | 31.37 | Applied Digital | APLD | 8,846.7 | 24.61 | 0.80 | 3.36 | 24.99 | 23.26 | ProSh Ult Bbg Nat Gas | BOIL | 680.8 | 22.80 | 0.66 | 2.99 | 22.81 | 22.14 | Voyager Technologies | VOYG | 242.0 | 29.52 | 0.76 | 2.64 | 29.56 | 28.51 | Most-active issues in late trading | Resources Connection | RGP | 71.3 | 3.30 | -0.44 | -11.76 | 3.75 | 3.12 | Mirion Technologies | MIR | 95.9 | 15.82 | -0.63 | -3.83 | 16.45 | 15.81 | Alignment Healthcare | ALHC | 720.4 | 8.27 | -0.28 | -3.27 | 8.55 | 8.25 | Everforth | EFOR | 134.9 | 34.04 | -0.87 | -2.48 | 35.42 | 34.04 | 5E Advanced Materials | FEAM | 73.3 | 3.04 | -0.08 | -2.41 | 3.25 | 3.01 | 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. | Asia-Pacific | MSCI AC Asia Pacific | 278.32 | -2.37 | -0.85 | 22.2 | Australia | S&P/ASX 200 | 8727.70 | -7.97 | -0.09 | 0.2 | China | Shanghai Composite | 3842.19 | ... | Closed | -3.2 | Hong Kong | Hang Seng | 24130.50 | -150.06 | -0.62 | -5.9 | India | BSE Sensex | 72638.70 | -429.11 | -0.59 | -14.8 | Indonesia | JSX Composite | 6146.72 | -46.20 | -0.75 | -28.9 | Japan | NIKKEI 225 | 70035.71 | -648.27 | -0.92 | 39.1 | Singapore | Straits Times | 5608.44 | -93.10 | -1.63 | 20.7 | South Korea | KOSPI | 6803.90 | -137.49 | -1.98 | 61.5 | Taiwan | TAIEX | 49806.37 | -16.18 | -0.03 | 72.0 | Thailand | SET | 1584.63 | 2.41 | 0.15 | 25.8 | ---

Late Trading

27538.69 ▼ 61.20, or 0.22%

High, low, open and close for each trading day of the past three months.

Volume Movers Ranked by change from 65-day average\*

International Stock Indexes | Company | Symbol | Latest Session | 52-Week | Close | Net chg | % chg | High | Low | % chg | Pinnacle Food Group | PFAI | 5.07 | 2.73 | 116.67 | 7.02 | 1.90 | 164.2 | Armada Acquisition II | XRPN | 25.01 | 5.81 | 30.26 | 53.00 | 10.10 | 138.6 | Solarmax Technology | SMXT | 4.39 | 0.97 | 28.36 | 15.24 | 1.82 | -65.2 | Lucas GC | LGCL | 2.82 | 0.56 | 24.78 | 850.00 | 2.21 | -99.6 | Bending Spoons | BSP | 41.07 | 8.00 | 24.19 | 58.94 | 30.11 | ... | T-REX 2X Lg PENG Dly Tgt | PENU | 34.86 | 6.75 | 24.01 | 37.84 | 15.97 | ... | GIBO Holdings | GIBO | 54.99 | 10.55 | 23.74 | 77.50 | 22.60 | -16.0 | Chaince Digital Holdings | CD | 10.15 | 1.83 | 22.00 | 36.00 | 2.10 | -68.3 | Cango | CANG | 3.58 | 0.56 | 18.54 | 48.50 | 1.36 | -92.1 | SeaStar Medical Holding | ICU | 3.72 | 0.53 | 16.61 | 7.35 | 2.07 | -42.1 | Coffee Holding | JVA | 4.65 | 0.66 | 16.54 | 5.03 | 2.93 | 4.5 | Cheche Group | CCG | 5.77 | 0.80 | 16.10 | 42.35 | 4.65 | -85.7 | Shuttle Pharma | SHPH | 4.71 | 0.65 | 16.01 | 55.90 | 2.58 | -88.8 | NextCure | NXTC | 6.56 | 0.88 | 15.39 | 15.74 | 1.55 | 7.1 | AIFU | AIFU | 12.85 | 1.67 | 14.94 | 114.40 | 8.17 | -88.1 | Region/Country Index | Close | Latest | YTD %chg | Net chg | % chg | World | MSCI ACWI | 1147.71 | -6.84 | -0.59 | 13.1 | MSCI ACWI ex-USA | 470.29 | -5.77 | -1.21 | 11.7 | MSCI World | 4958.05 | -26.81 | -0.54 | 11.9 | MSCI Emerging Markets | 1725.68 | -17.24 | -0.99 | 22.9 | Americas | MSCI AC Americas | 2948.33 | -9.858 | -0.33 | 13.7 | Canada | S&P/TSX Comp | 35041.86 | -607.65 | -1.70 | 10.5 | Latin Amer. | MSCI EM Latin America | 3309.94 | -46.91 | -1.40 | 22.2 | Brazil | Bovespa | 204302.33 | -1532.96 | -0.74 | 26.8 | Mexico | S&P/BMV IPC | 64653.33 | -659.13 | -1.01 | 0.5 | EMEA | STOXX Europe 600 | 630.25 | -6.38 | -1.00 | 6.4 | Eurozone | Euro STOXX | 651.25 | -10.07 | -1.52 | 6.4 | Belgium | Bel-20 | 5527.87 | -42.12 | -0.76 | 8.9 | Denmark | OMX Copenhagen 20 | 1509.01 | 6.33 | -6.2 | France | CAC 40 | 7769.21 | -95.86 | -1.22 | -4.7 | Germany | DAX | 25104.36 | -344.83 | -1.35 | 2.5 | Israel | Tel Aviv | 4096.45 | -102.36 | -2.44 | 12.8 | Italy | FTSE MIB | 49972.25 | -1289.15 | -2.51 | 11.2 | Netherlands | AEX | 1117.75 | -10.58 | -0.94 | 17.5 | Norway | Oslo Bors All-Share | 2444.94 | -21.60 | -0.88 | 25.9 | South Africa | FTSE/JSE All-Share | 107104.29 | -1777.18 | -1.63 | -7.5 | Spain | IBEX 35 | 19118.00 | -326.20 | -1.68 | 10.5 | Sweden | OMX Stockholm | 1112.14 | -18.10 | -1.60 | 6.4 | Switzerland | Swiss Market | 13808.42 | 19.49 | 0.14 | Turkey | BIST 100 | 12122.94 | -251.32 | -2.03 | 7.6 | U.K. | FTSE 100 | 10458.50 | -83.19 | -0.79 | 5.3 | U.K. | FTSE 250 | 24036.75 | -178.58 | -0.74 | 7.0 | Company | Symbol | Volume (000) | % chg from 65-day avg | Latest Session | 52-Week | Close | % chg | High | Low | Invsc HY Systematic Bd | GTOQ | 546 | 8097 | 21.63 | -0.23 | 22.83 | 21.47 | GMO Domestic Resilience | DRES | 1,946 | 7520 | 28.29 | -1.90 | 32.00 | 23.89 | Globa Terra Acqn Cl A | GTERA | 1,033 | 7489 | 10.50 | 0.48 | 10.50 | 9.98 | Leverage 2X Lg BULL Dly | BULG | 272 | 4425 | 21.11 | -38.08 | 228.00 | 17.79 | iSh JPX-Nikkei 400 | JPXN | 251 | 4376 | 104.58 | -0.69 | 105.69 | 83.09 | Charlton Aria Acqn Cl A | CHAR | 363 | 3444 | 11.00 | 0.14 | 11.48 | 10.36 | CSLM Digital Asset III | KOYN | 1,389 | 3427 | 10.26 | 0.10 | 10.29 | 9.85 | NYLIM MacKay Calif Muni | MMCA | 1,175 | 2986 | 20.51 | -0.29 | 22.26 | 20.37 | Principal Spectrum Pfd | PQDI | 251 | 1999 | 18.61 | -0.05 | 20.07 | 18.48 | Calisa Acquisition | ALIS | 687 | 1938 | 11.03 | -1.96 | 14.91 | 9.85 | ---

Nasdaq Composite Index | Company | Symbol | Latest Session | 52-Week | Close | Net chg | % chg | High | Low | % chg | Leverage 2X Lg BULL Dly | BULG | 21.11 | -12.99 | -38.08 | 228.00 | 17.79 | -89.5 | Opportunistic Trader ETF | WZRD | 3.81 | -1.43 | -27.29 | 417.60 | 3.70 | -98.9 | WISeSat.Space Holdings | SAIQ | 3.89 | -1.27 | -24.61 | 12.95 | 1.76 | -62.0 | CEL-SCI | CVM | 2.13 | -0.61 | -22.26 | 10.62 | 0.89 | -79.1 | SCWorx | WORX | 5.75 | -1.50 | -20.69 | 118.19 | 2.30 | -89.5 | HUHUTECH Intl | HUHU | 3.12 | -0.81 | -20.51 | 12.20 | 2.70 | -43.5 | Locafy | LCFY | 1.64 | -0.41 | -20.00 | 7.14 | 1.33 | -70.5 | Avalanche Treasury | AVAT | 1.66 | -0.41 | -19.81 | 10.66 | 0.29 | -84.1 | Webull | BULL | 5.89 | -1.39 | -19.09 | 13.64 | 4.50 | -54.0 | Leverage 2X Lg UUUU Dly | UUUG | 2.23 | -0.47 | -17.39 | 30.00 | 2.21 | ... | 5E Advanced Materials | FEAM | 3.11 | -0.65 | -17.29 | 7.50 | 0.90 | -32.4 | GrShr 2x Long BB Daily | BBUL | 12.88 | -2.69 | -17.28 | 26.11 | 9.80 | ... | Hess Midstream | HESM | 33.03 | -5.66 | -14.63 | 41.44 | 31.63 | -0.9 | Stablecoin Development | SDEV | 2.78 | -0.47 | -14.46 | 99.75 | 0.78 | -55.9 | Masonrylory | MSGY | 4.30 | -0.71 | -14.17 | 52.80 | 1.73 | -66.6 | Commodities

CURRENCIES & COMMODITIES

Trading Diary | Issues traded | 5,113 | 2,732 | Advances | 1,531 | 463 | Declines | 3,411 | 2,226 | Unchanged | 171 | 43 | New highs | 74 | 30 | New lows | 374 | 120 | Closing Arms $^{\dagger}$ | 0.67 | 0.62 | Block trades* | 38,418 | 1,881 | U.S.-dollar foreign-exchange rates at 5 p.m. ET

Most Active Stocks

Total volume\*7,315,505,447 341,480,231

Adv. volume\*2,902,924,171 72,228,362

Decl. volume\*4,353,312,512 266,437,770 | NYSE | NYSE Amer. | Total volume*1,175,229,430 | 19,750,373 | Adv. volume* 302,443,457 | 5,012,978 | Decl. volume* 847,480,571 | 14,652,538 | Issues traded | 2,811 | 298 | Advances | 582 | 71 | Declines | 2,157 | 215 | Unchanged | 72 | 12 | New highs | 23 | 0 | New lows | 320 | 29 | Closing Arms† | 0.84 | 0.15 | Block trades* | 3,781 | 192 | Nasdaq | NYSE Arca | Currencies | Country/currency | — Wed — | YTD chg (%) | in US$ | per US$ | Americas | Argentina peso | .000715174724 | 4.6 | Brazil real | .1994 | 5.0155 | -9.1 | Canada dollar | .7013 | 1.4259 | 3.9 | Chile peso | .001023 | 977.27 | 8.6 | Colombia peso | .000308 | 3244.50 | -13.9 | Ecuador US dollar | 1 | 1 | unch | Mexico peso | .0556 | 17.9812 | -0.2 | Uruguay peso | .02493 | 40.1069 | 2.7 | \* 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. | Australia dollar | .6963 | 1.4362 | -4.2 | China yuan | .1491 | 6.7049 | -4.1 | Hong Kong dollar | .1274 | 7.8487 | 0.8 | India rupee | .01033 | 96.804 | 7.7 | Indonesia rupiah | .0000558 | 17912 | 7.3 | Japan yen | .006326 | 158.08 | 0.9 | Kazakhstan tenge | .002236 | 447.31 | -11.8 | Macau pataca | .1237 | 8.0839 | 0.8 | Malaysia ringgit | .2447 | 4.0868 | 0.7 | New Zealand dollar | .5600 | 1.7857 | 2.8 | Pakistan rupee | .00361 | 277.000 | -1.2 | Philippines peso | .0159 | 62.698 | 6.4 | Singapore dollar | .7813 | 1.2799 | -0.4 | South Korea won | .0007465 | 1339.55 | -7.0 | Sri Lanka rupee | .0030224 | 330.86 | 6.8 | Taiwan dollar | .03138 | 31.868 | 1.7 | Thailand baht | .02971 | 33.660 | 6.9 | Commodities | | Close | Wednesday | 52-Week | YTD | Net chg | % Chg | High | Low | % Chg | % chg | DJ Commodity | 1450.13 | -4.49 | -0.31 | 1505.40 | 1076.65 | 31.34 | 28.25 | FTSE/CC CRB Index | 411.38 | -2.45 | -0.59 | 429.15 | 291.69 | 36.17 | 37.69 | Crude oil, $ per barrel | 88.28 | -1.16 | -1.30 | 112.95 | 55.27 | 41.14 | 53.74 | Natural gas, $/MMBtu | 3.203 | 0.089 | 2.86 | 7.460 | 2.523 | -3.90 | -13.10 | Gold, $ per troy oz. | 4113.80 | -45.40 | -1.09 | 5318.40 | 3946.30 | 1.74 | -4.90 | ---

Polymarket | A Dow Jones partner

Prediction Market: Largest Company end of December 2026? This market will resolve to the largest company in the world by market cap on Dec. 31, 2026, as of market close.

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CREDIT MARKETS

A consumer rate against its benchmark over the past year

4.00

ON D J F M A M J J A S O

2025 2026 | Bankrate.com avg1: | 7.03% | First Command Bank | 4.99% | Fort Worth, TX | 817-569-2253 | Frost Bank | 5.64% | San Antonio, TX | 210-220-4000 | PNC Bank | 5.64% | Wilmington, DE | 888-762-2265 | First Savings Bank of Hegewisch | 6.45% | Chicago, IL | 773-646-4200 | Firstrust Bank | 6.74% | Conshohocken, PA | 800-220-2265 | Interest rate | Last (●) Week ago | Low | 2 | 4 | 3 | 6 | High | (pct pts) | Federal-funds rate target | 3.75-4.00 | 3.75-4.00 | 3.50 | 4.25 | -1.50 | Prime rate* | 7.00 | 7.00 | 6.75 | 7.25 | -1.50 | SOFR | 3.90 | 3.88 | 3.50 | 4.31 | -1.41 | Money market, annual yield | 0.45 | 0.45 | 0.41 | 0.45 | -0.16 | Five-year CD, annual yield | 1.79 | 1.76 | 1.67 | 1.79 | -1.04 | 30-year mortgage, fixed† | 7.49 | 7.28 | 6.11 | 7.49 | -0.58 | 15-year mortgage, fixed† | 6.89 | 6.76 | 5.55 | 6.89 | -0.31 | Jumbo mortgages, $832,750-plus† | 7.48 | 7.37 | 6.34 | 7.48 | -0.66 | Five-year adj mortgage (ARM)† | 6.72 | 6.29 | 5.66 | 6.72 | -0.06 | New-car loan, 48-month | 7.03 | 6.96 | 6.85 | 7.13 | -0.45 | Treasury yield curve

Yield to maturity of current bills,

notes and bonds

Sources: FactSet; Dow Jones Market Data; Bankrate.com

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 | 2270.070 | 5.090 | 5.130 | 5.130 | 3.750 | -1.943 | 3.582 | U.S. Treasury Long, Bloomberg | 2947.940 | 5.690 | 5.650 | 5.690 | 4.520 | -8.226 | 2.098 | Aggregate, Bloomberg | 2183.460 | 5.540 | 5.560 | 5.570 | 4.160 | -1.944 | 4.512 | Fixed-Rate MBS, Bloomberg | 2172.400 | 5.940 | 5.950 | 5.970 | 4.380 | -1.956 | 4.977 | High Yield 100, ICE BofA | 4111.684 | 7.484 | 7.574 | 7.655 | 5.828 | 0.752 | 8.146 | Muni Master, ICE BofA | 592.663 | 4.499 | 4.502 | 4.628 | 3.037 | -2.946 | 2.818 | EMBI Global, J.P. Morgan | 1005.995 | 7.152 | 7.128 | 7.205 | 6.403 | 1.443 | 9.748 | Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services

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How to Read the Stock Tables

The following explanations apply to NYSE, NYSE Arca, NYSE American, Nasdaq Stock Market, Cboe BZX and Texas Stock Exchange listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization.

Underlined quotations are those stocks with large changes in volume compared with the issue's average trading volume.

Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was \$2 or higher.

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.

Weekly survey

Federal funds

Wednesday, October 7, 2026 | Stock | Sym Close | Net Chg | A | B | C | AES | AES | 14.93 | ... | Aflac | AFL | 112.74 | -0.89 | AGNC Invt | AGNC | 8.46 | -0.24 | APA | APA | 43.81 | -0.29 | ASE Tech | ASX | 45.76 | -1.02 | ASML | ASML | 1804.96 | -29.14 | AST Space | ASTS | 60.65 | -2.47 | AT&T | T | 24.47 | 0.04 | ATI | ATI | 189.19 | -5.50 | AbbottLabs | ABT | 98.73 | 0.57 | AbbVie | ABBV | 271.36 | 4.67 | Accenture | ACN | 196.64 | 3.24 | Acuity | AYI | 300.42 | -2.56 | Adobe | ADBE | 232.77 | -5.35 | AdvDrainageSys | WMS | 126.08 | -3.99 | AdvEnergyInds | AEIS | 292.25 | -10.52 | AdvMicroDevices | AMD | 645.86 | -3.56 | Aegon | AEG | 8.35 | -0.13 | AerCap | AER | 142.56 | -3.71 | AffiliatedMgrs | AMG | 377.09 | -2.63 | AffirmA | AFRM | 75.31 | 0.43 | AgilentTechs | A | 169.09 | -0.24 | AgnicoEagleMines | AEM | 180.39 | -5.64 | AirProducts | APD | 278.12 | -2.88 | Airbnb | ABNB | 160.63 | 0.24 | AkamaiTech | AKAM | 104.61 | -4.01 | AlamosGold | AGI | 31.53 | -1.20 | Albemarle | ALB | 102.75 | -3.60 | Alcoa | AA | 42.48 | -0.69 | Alcon | ALC | 63.00 | -0.19 | Alibaba | BABA | 107.00 | -2.26 | AlignTech | ALGN | 139.87 | -1.58 | Allegion | ALLE | 147.91 | -7.29 | AlliantEnergy | LNT | 65.21 | -0.28 | AllisonTransm | ALSN | 110.76 | -3.99 | Allstate | ALL | 223.95 | -0.32 | AllyFinancial | ALLY | 37.37 | -0.25 | AlnylamPharm | ALNY | 224.41 | 0.47 | Alphabet A | GOOGL | 350.50 | 2.82 | Alphabet C | GOOG | 347.37 | 2.78 | Altia | MO | 69.38 | 0.83 | Amazon.com | AMZN | 259.92 | 3.63 | Ambev | ABEV | 3.15 | -0.07 | Amcor | AMCR | 41.26 | -0.51 | AmerSports | AS | 27.13 | -0.63 | Ameren | AEE | 101.32 | -0.36 | AmericaMovil | AMX | 22.31 | -0.05 | AEP | AEP | 122.08 | 0.41 | AmerExpress | AXP | 304.25 | -0.30 | AmericanFin | AFG | 139.02 | -1.05 | AmerHlthcrREIT | AHR | 49.37 | -1.12 | AmHomes4Rent | AMH | 30.00 | -0.47 | AIG | AIG | 75.66 | 0.55 | AmerTowerREIT | AMT | 166.18 | 1.40 | AmerWaterWorks | AWK | 127.38 | -0.66 | Ameriprise | AMP | 490.56 | -6.05 | Ametek | AME | 248.62 | -5.10 | Amgen | AMGN | 413.08 | 10.48 | AmkorTech | AMKR | 52.27 | -1.12 | Amphenol | APH | 87.55 | -1.07 | Amrize | AMRZ | 36.39 | -0.89 | AnalogDevices | ADI | 410.08 | -10.47 | AngloGoldAsh | AU | 90.05 | -3.50 | AB InBev | BUD | 74.62 | -1.00 | AnnalyCap | NLY | 17.93 | -0.49 | AnteroMidstream | AM | 20.85 | -0.29 | AnteroResources | AR | 35.57 | -0.15 | Aon | AON | 270.47 | -3.52 | API Group | APG | 40.21 | -1.19 | ApolloGlbMgmt | APO | 115.55 | -0.40 | Apple | AAPL | 336.67 | 3.04 | AppliedIndTech | AIT | 334.58 | -10.41 | AppiMaterials | AMAT | 520.65 | -9.62 | AppliedOptoelec | AAOI | 122.54 | -7.62 | Stock | Sym Close | Net Chg | AppLovin | APP | 281.29 | Aptiv | APTV | 44.22 | Aramark | ARMK | 55.42 | ArcelorMittal | MT | 62.32 | ArchCapital | ACGL | 94.33 | ADM | ADM | 81.34 | AresMgmt | ARES | 115.75 | argenx | ARGX | 928.44 | AristaNetworks | ANET | 215.83 | Arm | ARM | 294.37 | ArrowElec | ARW | 232.00 | Arxis | ARXS | 47.05 | AscendisPharma | ASND | 228.41 | Assurant | AIZ | 266.73 | AsteraLabs | ALAB | 382.25 | AstraZeneca | AZN | 160.12 | Atlassian | TEAM | 195.79 | AtmosEnergy | ATO | 159.21 | AuroraInnov | AUR | 5.72 | Autodesk | ADSK | 235.05 | ADP | ADP | 264.00 | AutoZone | AZO | 2846.27 | Avantor | AVTR | 15.35 | AveryDennison | AVV | 166.97 | AxonEnterprise | AXON | 406.00 | AxsomeTherap | AXSM | 172.97 | BCE | BCE | 19.76 | BHP Group | BHP | 85.22 | BJ'sWholesale | BJ | 95.90 | BPX | BP | 44.51 | BBW Tech | BWXT | 141.54 | BXP | BXP | 59.42 | Baidu | BIDU | 85.30 | BakerHouses | BKR | 55.41 | Ball | BALL | 57.48 | BBVA | BBVA | 26.25 | BancoBradesco | BDO | 3.86 | BancodeChile | BCH | 37.88 | BancSanBrasil | BSBR | 5.88 | BcoSantChile | BSAC | 31.64 | BancoSantander | SAN | 13.66 | BankofAmerica | BAC | 53.52 | BankMontreal | BMO | 161.75 | BanyNY Mellon | BNY | 142.72 | BankNovaScotia | BNS | 87.23 | Barclays | BCS | 23.00 | BarrickMining | B | 39.18 | BaxterIntl | BAX | 23.97 | BectonDickinsons | BDX | 180.16 | BendingSpoons | BSP | 41.07 | BentleySystems | BSY | 35.15 | BeOneMed | ONC | 364.02 | Berkley | WRB | 69.73 | BerkHathwy B | BRKB | 506.25 | BerkHathwy A | BRKA | 75990017340 | BestBuy | BBY | 84.59 | Bio-Techne | TECH | 72.53 | Bio-RadLab A | BIO | 367.92 | Biogen | BIIB | 222.15 | BioMarinPharm | BMRN | 55.20 | BioNTech | BNTX | 95.25 | BtMinelmemrson | BMNR | 24.66 | BlackRock | BLK | 1069.63 | Blackstone | BX | 111.83 | Block | XYZ | 76.07 | BloomEnergy | BE | 291.29 | BlueOwlCapital | OWL | 9.11 | Boeing | BA | 188.32 | Booking | BKNG | 155.87 | BorgWarner | BWA | 62.36 | BostonSci | BSX | 41.58 | BridgeBioPharma | BBIO | 66.50 | BrightSpring | BTSG | 63.80 | BristolMyers | BMY | 59.70 | BritishAmTob | BTI | 53.90 | Broadcom | AVGO | 376.51 | BroadridgeFinl | BR | 160.13 | BrookfieldAsset | BAM | 44.50 | Stock | Sym Close | Net Chg | Brookfield | BN | 36.98 - 0.31 | BrookfieldInfr | BIP | 37.45 0.02 | BrookWealth | BNT | 36.91 - 0.33 | Brown&Brown BRO | BRO | 61.72 0.75 | Brown-Forman B | BF.B | 25.94 - 0.41 | Brown-Forman A | BFA | 26.46 - 0.44 | Bruker | BRKR | 59.72 - 0.78 | Bullish | BLSH | 31.82 - 1.56 | BungeGlobal | BG | 105.51 - 1.82 | BurlingtonStrs | BURL | 272.56 - 3.87 | CACI Intl | CACI | 581.85 - 17.79 | CBRE Group | CBRE | 127.56 - 3.10 | CDW | CDW | 136.82 1.15 | CF Industries | CF | 114.44 - 1.58 | CGI A | GIB | 69.00 - 0.60 | CH Robinson | CHRW | 135.18 0.13 | CME Group | CME | 270.27 0.09 | CMS Energy | CMS | 65.07 ... | CNA Fin | CNA | 45.86 - 0.35 | CNH Indl | CNH | 12.46 - 0.81 | CRH | CRH | 81.46 - 2.14 | CSX | CSX | 46.81 - 0.69 | CVS Health | CVS | 87.95 1.52 | CadenceDesign | CDNS | 356.12 - 3.43 | CamdenProperty | CPT | 95.80 - 1.85 | Cameco | CC | 89.07 - 3.95 | CBC | CBC | 108.33 - 3.26 | CanNitrRlwy | CNI | 115.75 - 2.60 | CanadianNatRscs | CNQ | 47.50 - 0.60 | CdnPacKC | CP | 83.63 - 1.80 | CapitalOne | COF | 195.91 0.09 | CardinalHealth | CAH | 232.16 - 1.28 | Carlisle | CSL | 318.22 - 7.52 | Carlyle | CG | 37.80 - 1.08 | Carnival | CCL | 26.15 - 0.43 | CarpenterTech | CRS | 391.17 - 4.54 | CarrierGlobal | CARR | 55.00 - 1.10 | Carvana | CVNA | 62.76 - 1.12 | CasesysGenStores | CASY | 633.25 12.45 | Caterpillar | CAT | 813.83 - 49.61 | CboeGlobal Mkts | CBOE | 281.57 3.37 | Celestica | CLS | 371.57 - 16.67 | Cemex | CX | 9.59 - 0.33 | Cencora | COR | 317.25 0.88 | CenovusEnergy | CVE | 30.63 - 0.61 | Centene | CNC | 64.99 0.38 | CenterPointEner | CNP | 38.53 - 0.03 | CerebrasSystems | CBRS | 175.05 - 2.05 | CharlesRiverLabs | CRL | 300.30 - 4.66 | CharterComms | CHTR | 106.96 - 1.68 | CheckPoint | CHKP | 130.31 - 1.67 | CheniereEnergy | LNG | 272.20 - 3.06 | CheniereEnerPtrs | CQP | 63.44 - 0.53 | Chevron | CVX | 205.15 - 2.43 | ChimeFinl | CHYM | 27.93 0.28 | Chipotle | CMG | 30.77 - 0.13 | Chubb | CB | 334.70 0.49 | ChunghwaTel | CHT | 45.78 - 0.30 | Church&Dwight | CHD | 96.75 0.21 | Ciena | CIEN | 446.45 2.80 | Cigna | CI | 278.51 4.14 | CincinnatiFinl | CINF | 161.61 - 1.47 | Cintas | CTAS | 197.19 1.23 | CircleInternet | CRCL | 80.84 - 3.29 | CiscoSystems | CSCO | 117.39 - 0.55 | Citigroup | C | 127.32 - 1.20 | CitizensFin | CFG | 63.07 - 1.02 | CleanHarbors | CLH | 315.54 - 2.52 | Clorox | CLX | 82.21 - 1.31 | Cloudflare | NET | 342.97 - 12.04 | Coca-Cola | KO | 85.82 - 0.35 | Coca-ColaCon | COKE | 188.05 - 6.56 | CocaColaEuropac | CECP | 100.86 - 0.85 | CoeurMining | CDE | 16.50 - 0.67 | Cognex | CGNX | 61.21 - 5.14 | CognizantTech | CTSH | 57.07 - 0.15 | Coherent | CORH | 334.55 - 3.80 | CoinbaseGbl | COIN | 178.45 - 7.29 | DTE Energy | DTE | 127.24 | -0.98 | DT Midstream | DTM | 122.69 | -1.91 | Danaher | DHR | 218.49 | 2.88 | Darden | DRI | 201.49 | -1.65 | DarlingIngred | DAR | 60.02 | -1.15 | Datadog | DDOG | 271.34 | -6.90 | DaVita | DVA | 176.78 | -3.62 | DeckersOutdoor | DECK | 80.38 | -1.28 | Deere | DE | 656.87 | -25.92 | DellTechC | DELL | 578.96 | 4.96 | DeltaAir | DAL | 82.97 | -0.69 | DeutscheBank | DB | 33.55 | -1.58 | DevonEnergy | DVN | 47.88 | -0.14 | DexCom | DXCM | 84.30 | 0.91 | Diageo | DEO | 84.73 | -0.05 | DiamondbkEner | FANG | 184.38 | -0.60 | Dick's | DKS | 131.18 | -3.70 | DEF

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Dividend Changes | Stock | Sym | Close | Net Chg | ColgatePalm | CL | 87.21 | -0.04 | Comcast A | OMCA | 20.94 | -0.29 | ComfortSystems | FIX | 1741.36 | -76.60 | SABESP | SBS | 6.37 | -0.04 | COPEL | ELPC | 13.96 | 0.07 | ConocoPhillips | COP | 129.84 | 0.49 | ConEd | ED | 104.64 | -0.48 | ConstBrands A | STZ | 118.39 | 2.72 | ConstellationEner | CEG | 299.59 | -0.81 | Cooper | COO | 54.75 | -1.68 | Copart | CPRT | 26.62 | -0.20 | ConceptTherap | CORT | 119.60 | 0.03 | CorebridgeFin | CRBG | 34.40 | -0.77 | CoreWeave | CRWV | 88.45 | -3.27 | Corning | GLW | 163.25 | -5.72 | Corpay | CPAY | 402.43 | -4.36 | Corteva | CTVA | 14.45 | 0.54 | CoStar | CSGP | 27.60 | -0.03 | Costco | COST | 942.25 | 6.57 | Coupang | CPNG | 14.81 | 0.39 | Crane | CR | 203.55 | -5.37 | Credicorp | BAP | 376.11 | -9.03 | CredoTech | CRDO | 220.01 | -0.82 | CrowdStrike | CRWD | 265.44 | -13.42 | CrownCastle | CCI | 69.01 | 0.73 | Crown Holdings | CCK | 107.10 | -0.59 | Cullen/Frost | CFR | 150.37 | -2.59 | Cummins | CMI | 517.32 | -17.99 | Curtiss-Wright CW | 509.10 | -44.25 | Company | Symbol | Yld % | Amount New/Old | Frq | Payable/ Record | Increased | Avient | AVNT | 2.7 | .2825/.275 | Q | Jan07/Dec11 | Northpointe Bancshares | NPB | 0.8 | .03/.025 | Q | Nov04/Oct15 | Stocks | Gbl Engine Grp Hldg CI A | GLE | 1:10 | /Oct08 | RedCloud Holdings | RCT | 1:20 | /Nov13 | Scage Future ADR | SCAG | 1:15 | /Oct30 | Foreign | Diana Ship 8.875 Pfd B | DSXpB | 8.2 | .55469 | Q | Oct15/Oct14 | Embotell Andina A ADR | AKO.A | 3.6 | .22493 | Nov09/Oct23 | Embotell Andina B ADR | AKO.B | 3.3 | .24742 | Nov09/Oct23 | ENI ADR | E | 3.1 | .43877 | Dec07/Nov24 | Note: Dividend yields as of 3:30 p.m. ET | Sources: FactSet; Dow Jones Market Data

KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

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IPO Scorecard | Company SYMBOLIPO date/Offer price | Wed's close ($) | % Chg From | Offer price | 1st-day close | Pine Tree Acquisition PAXGU Oct. 6/$10.00 | 9.99 | -0.1 | -0.1 | Southport Acquisition II PORT.UT Oct. 1/$10.00 | 9.97 | -0.3 | -0.1 | Accelevation Hldgs ACCV Sept. 30/$18.00 | 15.19 | -15.6 | -15.4 | Roze AI RZAI Sept. 29/$8.00 | 10.75 | 34.4 | 2.4 | ADARx Pharmaceuticals ADRX Sept. 25/$17.00 | 17.33 | 1.9 | -10.4 | Company SYMBOLIPO date/Offer price | Wed'sclose ($) | % Chg From | Offerprice | 1st-dayclose | Bluerock Acquisition IIBRRKU Sept. 25/$10.00 | 10.00 | ... | -0.1 | Live Oak Acquisition VLOVIU Sept. 23/$10.00 | 10.01 | 0.1 | ... | Electra TherapeuticsETRA Sept. 18/$15.00 | 9.16 | -38.9 | -30.9 | Leader's Advantage AcquisitionLEDRU Sept. 18/$10.00 | 9.95 | -0.5 | -0.2 | Orion180 InsuranceOIG Sept. 18/$12.00 | 8.11 | -32.4 | -30.4 | Sources: Dow Jones Market Data; FactSet

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Borrowing Benchmarks

wsj.com/market-data/bonds/benchmarks

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Money Rates

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don't always represent actual transactions.

Inflation

International rates | Latest | Week ago | —52-Week —High | Low | Prime rates | U.S. | 7.00 | 7.00 | 7.25 | 6.75 | Canada | 4.45 | 4.45 | 4.70 | 4.45 | Japan | 2.375 | 2.375 | 2.375 | 1.875 | Policy Rates | Euro zone | 2.65 | 2.65 | 2.65 | 2.15 | Switzerland | 0.25 | 0.25 | 0.50 | 0.25 | Britain | 3.75 | 3.75 | 4.00 | 3.75 | Australia | 4.60 | 4.60 | 4.60 | 3.60 | October 7, 2026 | Overnight repurchase | U.S. | 3.87 | 3.82 | 4.30 | 3.49 | Latest | Weekago | -52-WEEK-High | Low | Other short-term rates | Latest | Weekago | -52-Week-high | Low | Call money | 5.75 | 5.75 | 6.00 | 5.50 | Commercial paper (AA financial) | 90 days | 4.07 | 4.07 | 4.16 | 3.57 | Secured Overnight Financing Rate | 3.90 | 3.88 | 4.31 | 3.50 | Latest | ValueTraded | -52-Week-High | Low | DTCC GCF Repo Index | Treasury | 3.901 | 96.986 | 4.319 | 3.504 | MBS | 3.916 | 120.686 | 4.371 | 3.517 | U.S. government rates | Discount | 4.00 | 4.00 | 4.25 | 3.75 | Federal funds | Effective rate | 3.8900 | 3.8900 | 4.1100 | 3.6300 | High | 3.9500 | 3.9500 | 4.2000 | 3.7000 | Low | 3.8000 | 3.8000 | 4.0800 | 3.5500 | Bid | 3.8800 | 3.8800 | 4.1000 | 3.6100 | Offer | 3.8900 | 3.8900 | 4.1200 | 3.6300 | 4 weeks | 3.890 | 3.850 | 4.060 | 3.550 | 13 weeks | 4.050 | 4.110 | 4.110 | 3.540 | 26 weeks | 4.165 | 4.285 | 4.285 | 3.475 | Treasury bill auction | Freddie Mac | 30-year fixed | 7.28 | 7.03 | 6.34 | 15-year fixed | 6.60 | 6.42 | 5.55 | U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective September 17, 2026. Other prime rates aren't directly comparable; lending practices vary widely by location; Discount rate is effective September 17, 2026. Secured Overnight Financing Rate is as of October 6, 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. | Stock | Sym Close | Net Chg | DigitalRealty | DLR | 180.47 - 4.18 | DigitalOcean | DOCN | 127.28 - 3.73 | Dillard's | DDS | 649.38 - 5.87 | Disney | DIS | 104.75 0.72 | DocuSign | DOCU | 68.90 0.68 | DollarGeneral | DG | 122.14 - 1.13 | DollarTree | DLTR | 116.30 0.11 | DominionEner | D | 61.53 - 0.47 | Domino's | DPZ | 303.10 0.23 | Donaldson | DCI | 87.26 - 2.85 | DoorDash | DASH | 191.24 - 2.38 | Dover | DOV | 188.29 - 3.59 | Dow | DOW | 27.77 - 0.39 | DrReddy'sLab | RDY | 12.27 - 0.22 | DraftKings | DKNG | 19.15 - 0.60 | DukeEnergy | DUK | 115.50 - 0.16 | DuPont | DD | 131.08 - 2.20 | Dynatrace | DT | 59.81 - 1.24 | EMCOR | EME | 784.66 - 39.86 | ENI | E | 53.96 - 0.59 | EOG Rscs | EOG | 144.21 - 0.07 | EQT | EQT | 52.31 - 0.16 | EastWestBncp | EWBC | 125.27 - 1.85 | EastGroup | EGP | 190.55 - 2.31 | Eaton | ETN | 431.33 - 13.76 | eBay | EBAY | 107.60 0.54 | EchoStar | ECHO | 97.69 - 2.32 | Ecolab | ECL | 278.10 - 2.72 | Ecopetrol | EC | 16.63 - 0.33 | EdisonIntl | EIX | 54.41 1.04 | EdwardsLife | EW | 85.78 - 0.70 | ElancoAnimal | ELAN | 22.36 - 0.12 | Elastic | ESTC | 93.10 - 1.50 | ElbitSystems | ESLT | 669.13 - 21.97 | EldoradoGold | EGO | 36.66 - 1.88 | ElementSolns | ESI | 37.17 - 0.57 | ElevanceHealth | ELV | 404.31 4.22 | Embraer | EMBJ | 71.81 - 3.39 | Emera | EMA | 45.81 - 0.83 | EmersonElec | EMR | 159.22 - 2.18 | Enbridge | ENB | 45.89 - 0.65 | EncompassHealth | EHC | 122.48 - 2.21 | EnergyTransfer | ET | 20.48 - 0.26 | EnlightRenewableEn | ENLT | 66.08 - 1.50 | EnsignGroup | ENSG | 169.22 - 2.84 | Entegris | ENTG | 166.32 - 0.57 | Entergy | ETR | 102.80 - 0.45 | EnterpriseProd | EPD | 36.91 - 0.35 | Equifax | EFX | 142.43 - 0.05 | Stock | Sym Close | Net Chg | Equinix | EQIX 1031.77 | -15.59 | Equinor | EQNR 41.61 | -1.40 | EquinoxGold | EQX 10.95 | -0.43 | Equitable | EQH 53.23 | -1.27 | EquityLife | ELS 57.98 | -0.76 | ErielIndemnity | ERIE 21.77 | -5.45 | EssentialUtil | WTRG 38.53 | -0.28 | EssexProp | ESS 268.05 | -4.44 | EsteeLauder | EL 94.45 | 1.09 | EvercoreA | EVR 267.26 | -0.82 | Everest | EG 362.30 | -4.54 | Evergy | EVRG 80.30 | -0.05 | Everpure | P 152.66 | 5.46 | EversourceEner | ES 65.24 | -0.02 | Exelixis | EXEL 58.44 | 0.11 | Exelon | EXC 41.49 | -0.19 | ExpandEnergy | EXE 88.12 | -0.11 | Expedia | EXPE 258.86 | -1.21 | ExpeditorsIntl | EXPD 190.85 | -0.95 | ExtraSpaceSt | EXR 131.70 | -2.19 | ExxonMobil | XOM 164.05 | -0.43 | F5 | FFIV 466.65 | -3.14 | FTAI Aviation | FTAI 174.83 | -4.61 | Fabrinet | FN 497.99 | 8.83 | FactSet | FDS 272.78 | 0.77 | FairIsaac | FICO 681.77 | -13.69 | Fastenal | FAST 49.83 | -0.98 | FederalRealty | FRT 105.11 | -1.09 | FedEx | FDX 289.04 | 0.01 | FedExFreight | FDXF 113.48 | 1.38 | FergusonEnts | FERG 215.06 | -8.27 | Ferrari | RACE 386.39 | -0.11 | Ferrovial | FER 50.60 | -0.86 | FidNatFinl | FNF 39.02 | -0.06 | FidNatInfo | FIS 33.82 | 0.40 | FifthThirdBncp | FITB 50.12 | -0.88 | Figma | FIG 21.62 | -0.31 | FirstCitizBcshA | FNCA 2071.56 | -16.57 | FirstHorizon | FHN 22.99 | -0.35 | FirstSolar | SFLR 180.13 | 0.33 | FirstCash | FCFS 209.56 | -3.44 | FirstEnergy | FE 44.58 | 0.32 | Fiserv | FISV 45.31 | -0.17 | FiveBelow | FIVE 204.24 | -5.68 | Flex | FLEX 119.34 | -2.04 | Flowserve | FLS 70.52 | -2.82 | FlutterEnt | FLUT 75.85 | -0.40 | FEMSA | FMX 117.11 | 0.13 | FordMotor | F 12.12 | -0.16 | Stock | Sym Close | Net Chg | ForgentPwr | FPS | 40.65 | -0.70 | FormFactor | FORM | 139.80 | -1.50 | Fortinet | FTNT | 189.28 | -1.99 | Fortis | FTS | 53.02 | 0.08 | Fortive | FTV | 56.52 | -1.37 | FoxB | FOX | 55.98 | 0.40 | FoxA | FOXA | 62.70 | 0.62 | Franco-Nevada | FNV | 237.90 | -6.08 | FranklinTemp | BEN | 32.48 | 0.04 | FreedomHolding | FRHC | 174.75 | 0.89 | FreeportMcM | FCX | 71.86 | -0.70 | FreseniusMedCare | FMS | 20.69 | -1.73 | Frontline | FRO | 53.06 | 0.29 | Futu | FUTU | 109.68 | -3.53 | GHI | GE Aerospace GE | 303.62 | -5.77 | GE HealthCare GEHC | 64.67 | -0.10 | GE Vernova GEV | 997.09 | -32.12 | GFLEnvironmental FGL | 42.04 | -0.48 | GSK | GSK | 47.02 | 0.42 | Gallagher AJG | 227.10 | -2.75 | GameStop GM | 24.58 | -0.18 | GamingLeisure GLPI | 37.78 | -0.30 | Garmin GRMN | 276.16 | -3.05 | Gartner IT | 185.74 | 0.00 | GenDigital GEN | 22.39 | -0.41 | Generac | GNRC | 221.34 | -2.28 | GeneralDynamics GD | 32.663 | -4.70 | GeneralMills GIS | 31.77 | -0.41 | GeneralMotors GM | 80.99 | -1.02 | Genmab GMAB | 36.65 | -1.15 | GenuineParts GPC | 125.41 | -1.97 | Gerdau GGB | 5.02 | -0.10 | GileadSciences GILD | 146.85 | 2.62 | Glaukos GKOS | 172.18 | 10.59 | GlobalPayments GPN | 81.08 | -0.71 | GlobalFoundries GFS | 48.07 | -0.56 | Globalstar GSAT | 83.67 | 0.04 | GlobeLife GL | 163.41 | -2.87 | GlobusMedical GMED | 73.75 | -2.68 | GoDaddy GDDY | 97.21 | -0.97 | GoldFields GFI | 35.05 | -1.12 | Goldman Sachs GS | 887.21 | -9.97 | Grab | GRAB | 3.08 | 0.01 | Graco | GGG | 77.44 | -1.45 | Grainger GWW | 1263.51 | -12.05 | GAP | PAC | 201.41 | -7.79 | Stock | Sym Close | Net Chg | GrupoCibest | CIB | 93.70 - 2.84 | GuardantHealth | GH | 168.33 - 2.36 | Guidewire | GWRE | 163.98 - 0.54 | HCA Healthcare | HCA | 439.17 - 6.97 | HDFC Bank | HDB | 22.14 - 0.28 | HF Sinclair | DINO | 115.63 - 1.03 | HP | HPQ | 32.24 - 0.51 | HSBC | HSBC | 93.71 - 3.87 | H World | HTHT | 41.93 - 0.12 | Haleon | HLN | 9.02 - 0.15 | Halliburton | HAL | 31.75 - 0.97 | HalozymeTherap | HALO | 110.79 - 1.07 | HarmonyGold | HMY | 16.49 - 0.83 | HartfordIns | HIG | 126.92 - 0.13 | Hasbro | HAS | 90.75 - 0.28 | HealthpeakProp | DOC | 18.66 - 0.34 | HeclaMining | HL | 16.39 - 0.71 | Heico | HEI | 295.78 - 7.48 | HeicoA | HELA | 221.29 - 5.23 | HenrySchein | HSIC | 83.66 - 1.18 | Hershey | HSY | 160.34 - 0.46 | HewlettPackard | HPE | 72.09 - 1.61 | Hilton | HLT | 320.53 - 2.08 | HomeDepot | HD | 285.77 - 0.92 | HondaMotor | HMC | 31.67 - 0.14 | HoneywellAero | HONA | 153.07 - 4.32 | Honeywell | HON | 208.11 - 4.76 | HormelFoods | HRL | 19.55 - 0.33 | DR Horton | DHI | 133.28 - 3.47 | HostHotels | HST | 22.24 - 0.24 | HowmetAerospace | HWM | 222.75 - 8.85 | Hubbell | HUBB | 475.41 - 10.00 | HubSpot | HUBS | 220.27 - 3.18 | HudbayMinerals | HBM | 25.87 - 1.08 | Humana | HUM | 396.51 - 7.76 | JBHunt | JBHT | 222.64 - 3.29 | HuntingtonBcshs | HBAN | 15.17 - 0.16 | HuntingIngalls | HII | 260.67 - 3.08 | HutB | HUT | 89.30 - 2.92 | HyattHotels | H | 157.14 - 1.98 | ICICI Bank | IBN | 27.86 - 0.16 | IDEX | IEX | 232.91 - 3.37 | IdexxLab | IDXX | 506.67 - 8.74 | IES Holdings | IESC | 308.83 - 33.02 | ING Groep | ING | 33.92 - 0.98 | INNO | INIO | 20.34 - 1.01 | Invesco | IVZ | 30.50 - 0.12 | IQVIA | IQV | 258.11 - 1.87 | IREN | IREN | 38.69 - 2.59 | Stock | Sym Close | Net Chg | ITT | ITT | 200.39 - 6.92 | lamGold | IAG | 18.03 - 0.52 | lcahnEnterprises | IEP | 6.65 0.02 | Icon | ICLR | 164.08 - 2.39 | IllinoisToolWks | ITW | 261.15 - 5.97 | lllumina | ILMN | 261.15 - 5.78 | ImmunityBio | IBRX | 9.75 0.06 | ImperialOil | IMO | 119.30 - 2.89 | Incyte | INCY | 113.44 0.71 | Infosys | INFY | 10.55 10.55 | IngersollRand | IR | 77.24 - 1.97 | Insmed | INSM | 101.74 - 3.49 | Insulet | PODD | 134.36 - 0.37 | Intel | INTC | 113.12 0.62 | InteractiveBrkrs | IBKR | 87.74 - 2.84 | ICE | ICE | 152.59 - 0.90 | InterContHtls | IHG | 159.90 - 0.64 | IBM | IBM | 220.51 - 0.78 | IntiFlavors | IFF | 84.11 0.19 | IntiPaper | IP | 31.82 - 0.32 | Intuit | INTU | 297.74 7.43 | IntuitiveSurgical | ISRG | 414.52 9.76 | InvitatHomes | INVH | 25.86 - 0.53 | IonQ | IONQ | 41.34 - 1.95 | IronMountain | IRM | 115.75 - 0.75 | ItauUnibanco | ITUB | 9.74 - 0.41 | JKL

#Dadication

& ACF National Responsible Fatherhood Clearinghouse ad COUNCIL

fatherhood.gov

Net

3. Address: Tehnikar Street 2, Lidorta "Rina" Māruna Parish, Māruna District IV, 1053, Labia

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Continued From Page B7 | Stock | Sym | Close | Net Chg | Kaspi.kz | KSPI | 91.87 | -1.29 | Kenvue | KVUE | 17.53 | -0.06 | KeurigDrPepper | KDP | 30.54 | -0.59 | KeyCorp | KEY | 19.83 | -0.31 | KeysightTech | KEYS | 381.42 | -6.61 | KimberlyClark | KMB | 96.48 | -0.29 | KimcoRealty | KIM | 21.85 | -0.29 | KinderMorgan | KMI | 31.82 | -0.34 | KinrossGold | KGC | 23.18 | -0.63 | Knight-Swift | KNX | 63.62 | -1.01 | Philips | PHG | 24.09 | -0.06 | KoreaElecPwr | KEP | 11.13 | -0.19 | KraftHeinz | KHC | 21.98 | -0.05 | Kroger | KR | 59.25 | 0.84 | KrystalBiotech | KRYS | 324.57 | -2.24 | LatamAirlines | LTM | 50.97 | -1.26 | LPL Financial | LPLA | 324.80 | -7.59 | L3HarrisTech | LHX | 233.63 | -4.27 | Labcorp | HL | 311.97 | 0.26 | LamResearch | LRCX | 329.51 | -4.38 | LamarAdv | LAMR | 143.24 | -1.50 | Las Vegas Sands | LVS | 35.81 | -0.50 | LatticeSemi | LSCC | 130.99 | -3.48 | Leidos | LDOS | 113.55 | -3.14 | Lennar A | LEN | 76.13 | -0.78 | Lennar B | LEN.B | 75.75 | -0.72 | LennoxIntl | LII | 358.43 | -7.20 | Stock | Sym | Close | Cng | LeonardoDRS | DRS | 35.78 | -1.00 | LiAuto | LI | 10.99 | 0.10 | LibertyLiveA | LLYVA | 94.69 | -1.56 | LibertyLiveC | LLYVK | 98.11 | -1.29 | LibertyMediaA | FWONK | 95.52 | -0.02 | LibertyMediaA | FWONA | 88.22 | 0.49 | LifeTime | LTH | 40.50 | 0.12 | Eli Lilly | LLY | 1188.72 | 31.23 | LincolnElectric | LECO | 263.17 | -12.37 | Linde | LIN | 483.98 | -5.97 | Littelfuse | LFUS | 434.74 | -19.54 | LiveNationEnt | LYV | 170.84 | -0.96 | LloydsBanking | LYG | 5.40 | -0.16 | LockheedMartin | LMT | 499.22 | -10.90 | Loews | L | 105.67 | -0.79 | LogitechIntl | LOGI | 102.18 | -0.23 | Lowe's | LOW | 181.54 | -2.13 | lululemon | LULU | 91.88 | -1.73 | Lumentum | LITE | 1111.07 | -22.33 | LyondellBasell | LYB | 58.49 | -0.44 | M N | Macom Tech | MTSI | 335.91 | -14.76 | M&T Bank | MTB | 216.63 | -2.11 | MKS | MKSI | 273.15 | -8.26 | MPLX | MPLX | 57.05 | -0.72 | MSCI | MSCI | 555.38 | 0.46 | Stock | Sym | Close | Net Chg | MadisonAirSolns | MAIR | 24.12 | -0.48 | MSG Sports | MSGS | 404.97 | 2.90 | MadrigalPharm | MDGL | 487.72 | -8.73 | Magnalntl | MGA | 65.03 | -0.63 | MagnulmcCm | MCC | 16.96 | -0.22 | ManhattanAssoc | MANH | 202.11 | -0.73 | ManulifeFinl | MFC | 41.67 | -1.26 | Maplebear | PAA | 45.23 | -0.26 | MarathonPetrol | MPC | 442.26 | 9.90 | Markel | MKL | 1728.20 | -10.13 | Marriott | MAR | 356.50 | -4.78 | Marsh | MRSH | 173.66 | 1.92 | MartinMarietta | MLM | 479.01 | -10.00 | MarvellTech | MRVL | 284.68 | -2.33 | Masco | MAS | 68.87 | -1.06 | MasTec | MTZ | 223.37 | -4.93 | Mastercard | MA | 570.06 | 3.48 | MatchGroup | MTCH | 40.86 | 0.24 | MaxLinear | MXL | 107.36 | -1.94 | McCormickVtg | MKCV | 46.72 | -0.09 | McCormick | MKC | 45.25 | -0.15 | McDonald's | MCD | 230.88 | -1.57 | McKesson | MCK | 910.33 | -11.34 | Medline | MDLN | 35.45 | -0.10 | Medpace | MEDP | 604.25 | 1.35 | Medtronic | MDT | 85.51 | -1.58 | MercadoLibre | MELI | 1872.78 | 14.79 | Merck | MRK | 142.79 | 0.85 | Stock | Sym | Close | Net Chg | MetaPlatforms | META | 721.31 | -17.57 | MetLife | MET | 95.78 | -1.38 | Mettler-Toledo | MTD | 1533.48 | 0.41 | MicrochipTech | MCHP | 78.02 | -3.24 | MicronTech | MU | 1088.00 | 42.44 | Microsoft | MSFT | 528.60 | -0.46 | MicronApt | MAA | 114.21 | -2.78 | MillicomIntl | TIGO | 90.77 | 0.31 | MitsubishiUFJ | MUFG | 22.65 | -0.55 | MizuhoFin | MFG | 10.77 | -0.38 | Moderna | MRNA | 196.48 | 9.02 | ModineMfg | MOD | 189.44 | -0.47 | MolinaHealthcare | MOH | 194.82 | -0.35 | Mondelez | MDLZ | 59.38 | -0.24 | MongoDB | MDB | 363.03 | 2.32 | MonolithicPower | MPWR | 14258.98 | -47.71 | MonsterBev | MNST | 42.88 | -0.37 | Moody's | MCO | 449.63 | -2.69 | Moog A | MOGA | 360.39 | -15.35 | Moog B | MOGB | 361.90 | -11.31 | MorganStanley | MS | 189.71 | -1.31 | MotorolaSol | MSI | 448.33 | -7.95 | MuellerInds | MLI | 60.22 | -2.91 | MurphyUSA | MUSA | 511.52 | -1.51 | NRG Energy | NRG | 108.61 | 5.01 | NVR | NVR | 5931.62 | -114.98 | NXP Semicon | NXPI | 235.22 | -9.16 | Nasdaq | NDAQ | 91.93 | -0.34 | Stock | Sym Close | Net Chg | Natera | NTRA 395.56 | -5.09 | NationalGrid | NGG 76.11 | -0.74 | NatWest | NWG 17.25 | -0.42 | Neibus | NBIS 237.15 | -12.72 | NetApp | NTAP 235.77 | 7.32 | NetEase | NTES 120.61 | 1.54 | Netflix | NFLX 69.70 | 1.01 | Neurocrine | NBIX 143.47 | -2.04 | NYTimes A | NYT 64.90 | 1.06 | Newmont | NEM 113.54 | -2.85 | NewsCorp A | NWSA 28.61 | 0.06 | NewsCorp B | NWS 31.52 | ... | NextEraEnergy | NEE 77.06 | -0.82 | Nextpower | NPT 86.00 | -2.05 | Nike | NKE 34.36 | -0.25 | NiSource | NI | 40.54 | Nokia | NOK 10.62 | -0.35 | Nomura | NMR 9.53 | -0.25 | Nordson | NDSN 327.69 | -6.53 | NorfolkSouthern | NSC 313.20 | -3.11 | NorthernTrust | NTRS 168.18 | -1.28 | NorthropGrum | NOC 473.46 | -9.65 | Nova | NVMI 377.77 | -16.71 | Novartis | NVS 143.28 | 2.49 | Novo Nordisk | NVO 38.26 | 0.73 | NuHoldings | NU 15.58 | -0.08 | Nucor | NUE 246.44 | -4.63 | Nutanix | NTNX 73.42 | 0.01 | Stock | Sym Close | Net Chg | Nutrien | NTR 69.97 | -1.23 | nVentElectric | NVT 167.82 | -5.98 | NVIDIA | NVDA 237.47 | -1.77 | O P Q | OGE Energy | OGE | 45.89 | 0.05 | ONEOK | OKE | 88.05 | -1.18 | ON Semi | ON | 82.51 | -3.80 | O'ReillyAuto | ORLY | 84.61 | -0.53 | OccidentalPetro | OXY | 58.21 | -0.12 | Okta | OKTA | 218.00 | -0.67 | OldDomFreight | ODFL | 175.61 | -2.41 | OldNat8ncp | ONB | 24.42 | -0.47 | OldRepublic | ORI | 37.71 | -0.30 | OmegaHealthcare | OHI | 43.75 | -1.02 | Omnicom | OMC | 74.87 | -0.23 | OnHolding | ONON | 33.22 | 0.09 | OntolInnovation | ONTO | 304.40 | -9.31 | Oracle | ORCL | 143.56 | -1.21 | Orix | IX | 36.84 | -0.32 | OscarHealth | OSCR | 32.91 | 0.57 | OtisWorldwide | OTIS | 65.74 | -0.71 | Ovintiv | OVV | 61.44 | -0.04 | OwensCorning | OC | 114.68 | -5.10 | PBF Energy | PBF | 83.68 | 0.80 | PDD | PDD | 78.50 | 0.10 | PG&E | PCG | 12.79 | 0.29 | PNC Finl | PNC | 217.72 | -2.44 | Stock | Sym | Close | Net Chg | POSCO | PKX | 56.26 | -2.48 | PPG Ind | PPG | 105.08 | -1.44 | PPL | PPL | 33.95 | 0.25 | PTC | PTC | 193.60 | 0.60 | Paccar | PCAR | 106.86 | -2.46 | PackagingCoAm | PKG | 227.25 | -2.49 | PalantirTech | PLTR | 194.12 | 2.05 | PaloAltoNtwks | PANW | 405.57 | -14.34 | PanAmerSilver | PAAS | 44.35 | -1.57 | ParkerHannifin | PH | 952.79 | -32.12 | Paychex | PAYX | 101.55 | 0.53 | PaycomSoftware | PAYC | 223.58 | 1.14 | PayPal | PYPL | 54.95 | 0.34 | PayPay | PAY | 15.35 | -0.16 | Pearson | PSO | 16.42 | 0.10 | PembinaPipeline | PBA | 45.97 | -0.74 | PerskeAuto | PAG | 194.22 | -4.79 | Penumbra | PEN | 316.35 | -0.70 | PepsiCo | PEP | 123.73 | -1.98 | PerformanceFood | PFGC | 93.48 | -0.30 | PermianRscs | PR | 22.17 | -0.18 | PershingSquare | PS | 58.65 | -1.10 | PetroleoBrasil | PBR | 23.99 | 0.19 | PetroleoBrasilA | PBRA | 21.66 | 0.04 | Pfizer | PFE | 28.00 | 0.50 | PhilipMorris | PM | 192.69 | 2.29 | Phillips66 | PSX | 271.62 | 1.83 | PinnacleFinPtrs | PNFP | 93.09 | -3.05 | Stock | Sym Close | Net Chg | PinnacleWest | PNW | 97.54 - 0.50 | Pinterest | PINS | 20.31 0.28 | PlainsAllAmPipe | PAA | 24.09 0.03 | PlainsGP | PAGP | 26.21 - 0.03 | Popular | BPOP | 155.52 - 2.77 | PrincipalFinl | PFG | 108.73 - 0.97 | Procter&Gamble | PG | 147.82 - 0.59 | Progressive | PGR | 214.12 2.07 | Prologis | PLD | 127.38 - 1.30 | PrudentialFinl | PRU | 112.36 - 1.18 | Prudential | PUK | 23.54 - 1.06 | PSEG | PEG | 71.74 0.01 | PublicStorage | PSA | 281.99 - 3.86 | PulteGroup | PHM | 112.33 - 3.77 | QXO | QXO | 11.31 - 0.80 | Qiagen | QGEN | 44.79 - 0.86 | QnityElec | Q | 129.72 - 3.91 | Qualcomm | QCOM | 177.12 - 3.91 | QuantaServices | PWR | 701.07 - 18.49 | Quantinum | QNT | 44.22 - 1.37 | QuestDiag | DGX | 227.06 - 1.33 | R S | RBC Bearings | RBC | 500.73 | -13.45 | RB Global | RBA | 80.40 | -0.65 | RELX | RELX | 34.52 | 0.49 | RPM | RPM | 98.33 | 0.02 | RTX | RTX | 180.26 | -3.03 | Stock | Sym Close | Net Chg | RalphLauren | RL 361.14 | -7.53 | Rambus | RMBS 111.48 | -2.61 | RangeResources | RRC 39.83 | -0.19 | RaymondJames | RJF 157.25 | -2.18 | RealtyIncome | O 53.35 | -0.90 | Reddit | RDDT 152.71 | 3.76 | RegalRexnord | RRX 164.17 | -2.19 | RegencyCtrs | REG 70.80 | -0.62 | RegenPharm | REGN 742.12 | 3.40 | RegionsFinl | RF 26.70 | -0.35 | ReinsGrp | RGA 251.53 | 0.39 | Reliance | RS 396.22 | -5.27 | RenaissanceRe | RNR 323.03 | -1.39 | RentokilInlt | RTO 19.85 | -0.10 | Repligen | RGEN 167.22 | -7.64 | RepublicSvcs | RSG 216.18 | 1.44 | ResMed | RMD 225.98 | 5.29 | RestaurantBrands | QSR 69.43 | -0.81 | RevolutionMed | RVMD 200.87 | 1.00 | Revvity | RVTY 153.60 | 0.30 | RioTinto | RIO 93.16 | -2.73 | Rivian | RIVN 14.34 | -0.17 | Robinhood | HOOD 109.51 | -2.49 | Roblox | RBLX 46.41 | 0.85 | RocketCos. | RKT 11.44 | -0.15 | RocketLab | RKLB 71.92 | -3.14 | Rockwell | ROK 441.90 | -8.84 | Continued on Page B10

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CLASS ACTION

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IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

IN RE WORLD WRESTLING ENTERTAINMENT, INC.

MERGER LITIGATION

CONSOLIDATED

C.A. No. 2023-1166-JTL

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SUMMARY NOTICE OF PENDENCY OF STOCKHOLDER CLASS ACTION AND PROPOSED SETTLEMENT, SETTLEMENT HEARING, AND RIGHT TO APPEAR

TO: All record holders and beneficial owners of World Wrestling Entertainment, Inc. (“WWE” or the “Company”) Class A common stock whose shares were exchanged for or who had the right to receive in exchange shares of TKO Group Holdings, Inc. (“TKO”) common stock at the closing of the transaction between WWE and Zuffa Parent, LLC, which owned and operated the Ultimate Fighting Championship (“UFC”), on September 12, 2023 (the “Merger”) (the “Class”).

Certain persons and entities are excluded from the Class by definition (the “Excluded Persons”), as set forth in the full Notice of Pendency of Stockholder Class Action and Proposed Settlement, Settlement Hearing, and Right to Appear (the “Notice”), available at www.WWEMergerLitigation.com. Any capitalized terms used in this Summary Notice that are not otherwise defined in this Summary Notice shall have the meanings given to them in the Notice or in the Stipulation and Agreement of Settlement, Compromise, and Release dated August 25, 2026 (the “Stipulation”), which is also available at www.WWEMergerLitigation.com.

PLEASE READ THIS SUMMARY NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Court of Chancery of the State of Delaware (the “Court”), that the above-captioned stockholder class action (the “Action”) is pending in the Court.

YOU ARE ALSO NOTIFIED that (i) Plaintiffs Laborers' District Council and Contractors' Pension Fund of Ohio and Dennis Palkon (collectively, "Plaintiffs"), individually and on behalf of the Class; (ii) Defendants Vincent K. McMahon, Nick Khan, Paul Levesque, George A. Barrios, and Michelle D. Wilson (collectively, "Defendants"); and (iii) WWE (together with Plaintiffs and Defendants, the "Settling Parties," and each, a "Settling Party") have reached a proposed settlement of the Action for \$147,500,000 in cash (the "Settlement"). The terms of the Settlement are stated in the Stipulation, a copy of which is available at www.WWEMergerL.litigation.com. If approved by the Court, the Settlement will resolve all claims in the Action.

Absent further order of the Court, a hearing (the "Settlement Hearing") will be held on November 30, 2026, at 11:00 a.m., before The Honorable J. Travis Laster, Vice Chancellor, at the Court of Chancery of the State of Delaware, New Castle County, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801, or via a remote proceeding such as Zoom or by telephone, to, among other things: (i) determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to the Class, and should be approved by the Court; (ii) determine whether the proposed Judgment, substantially in the form attached as Exhibit D to the Stipulation, should be entered dismissing the Action with prejudice against Defendants; (iii) determine whether the proposed Plan of Allocation of the Net Settlement Fund is fair and reasonable, and should therefore be approved; (iv) determine whether and in what amount any award of attorneys' fees and litigation expenses to Plaintiffs' Counsel ("Fee and Expense Award") should be paid out of the Settlement Fund, including any incentive award to Plaintiffs (the "Incentive Award") to be deducted solely from the Fee and Expense Award; (v) hear and rule on any objections to the Settlement, the proof that an "All Allocation" and/or Plaintiffs' Counsel application for "Fee and Expense Award", including any application of Plaintiffs for an "Accession Award"; and (vi) consider any other matters that may properly be brought before the Court in connection with the Settlement. Any updates regarding the Settlement Hearing, including any changes to the date, time, or location of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the Settlement website, www.WWEMergerLitigation.com.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Net Settlement Fund. If you have not yet received the Notice, you may obtain a copy of the Notice by contacting the Settlement Administrator by mail at WWE Merger Litigation, c/o A.B. Data, Ltd., P.O. Box 170700, Milwaukee, WI 53217; by telephone at (877) 495-0883; or by email at info@WWEMergerLitigation.com. A copy of the Notice can also be downloaded from the Settlement website, www.WWEMergerLitigation.com.

If the Settlement is approved by the Court and the Effective Date occurs, the Net Settlement Fund will be distributed on a pro rata basis to “Eligible Class Members” in accordance with the proposed Plan of Allocation stated in the Notice or such other plan of allocation as is approved by the Court. As stated in the Notice, “Eligible Class Members” will consist of all Class Members who were record holders or beneficial owners of “Eligible Shares,” i.e., shares of WWE Class A common stock owned at the Closing of the Merger and for which Class Members received, or were entitled to receive, shares of TKO common stock (the “Merger Consideration”), excluding any such shares held by Excluded Persons. Pursuant to the proposed Plan of Allocation, each Eligible Class Member will be eligible to receive a pro rata payment from the Net Settlement Fund equal to the product of (i) the number of Eligible Shares held by the Eligible Class Member and (ii) the “Per-Share Recovery” for the Settlement, which will be determined by dividing the total amount of the Net Settlement Fund by the total number of Eligible Shares held by all Eligible Class Members. As explained in further detail in the Notice, pursuant to the Plan of Allocation, payments from the Net Settlement Fund to Eligible Class Members will be made in the same manner in which Eligible Class Members received the Merger Consideration. Eligible Class Members do not have to submit a claim form to receive a payment from the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Plaintiffs' Counsel's application for a Fee and Expense Award, including any application by Plaintiffs for an Incentive Award, must be filed with the Register in Chancery in the Court of Chancery of the State of Delaware and delivered to Plaintiffs' Counsel and Representative Defendants' Counsel such that they are received no later than November 16, 2026, in accordance with the instructions set forth in the Notice.

Please do not contact the Court or the Office of the Register in Chancery regarding this Summary Notice. All questions about this Summary Notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to the Settlement Administrator or Plaintiffs' Counsel.

Requests for the Notice should be made to the Settlement Administrator:

WWE Merger Litigation

c/o A.B. Data, Ltd.

P.O. Box 170700

Milwaukee, WI 53217

Telephone: (877) 495-0883

Email: info@WWEMergerLitigation.com

Website: www.WWEMergerLitigation.com

Inquiries, other than requests for the Notice, should be made to Plaintiffs' Counsel:

Kimberly Evans

Block & Leviton LLP

222 Delaware Avenue, Suite 1120

Wilmington, DE 19801

Telephone: (302) 499-3600

Email: kim@blockleviton.com

Gregory Varallo

Bernstein Litowitz Berger & Grossmann LLP

500 Delaware Avenue, Suite 901

Wilmington, DE 19801

Telephone: (800) 380-8496

Email: settlements@blbglaw.com

BY ORDER OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE

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CLASS ACTION

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UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK

RAJAT SHARMA, Individually and on Behalf of All Others Similarly Situated,

Plaintiff,

Case No. 22-cv-06935-OEM-SDE

RENT THE RUNWAY, INC., JENNIFER Y. HYMAN, SCARLETT O'SULLIVAN, TIM BIXBY, JENNIFER FLEISS, SCOTT FRIEND, MELANIE HARRIS, BETH KAPLAN, DAN NOVA, GWYNETH PALTROW, CARLEY RONEY, DAN ROSENSWEIG, MIKE ROTH, GOLDMAN SACHS & CO. LLC, MORGAN STANLEY & CO. LLC, BARCLAYS CAPITAL INC., CREDIT SUISSE SECURITIES (USA) LLC, PIPER SANDLER & CO., WELLS FARGO SECURITIES, LLC, JMP SECURITIES LLC, KEYBANC CAPITAL MARKETS INC., and TELSEY ADVISORY GROUP LLC,

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Defendants.

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SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT, AND MOTION FOR ATTORNEYS' FEES AND EXPENSES

To: All persons and entities who or which purchased or acquired the publicly traded Class A common stock of Rent the Runway, Inc. (“RTR”) pursuant and/or traceable to the Offering Documents for RTR’s initial public offering (“IPO”) and were damaged thereby.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Eastern District of New York, that Delaware Public Employees Retirement System and Denver Employees Retirement Plan (“Lead Plaintiffs”), on behalf of themselves and the other members of the proposed Settlement Class; and defendant RTR; defendants Jennifer Y. Hyman, Scarlett O’Sullivan, Tim Bixby, Jennifer Fleiss, Scott Friend, Melanie Harris, Beth Kaplan, Dan Nova, Gwyneth Paltrow, Carley Roney, Dan Rosensweig, and Mike Roth (the “Individual Defendants” and, together with RTR, the “RTR Defendants”); and defendants Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Piper Sandler & Co., Wells Fargo Securities, LLC, JMP Securities LLC (n/k/a Citizens JMP Securities, LLC), KeyBanc Capital Markets Inc., and Telsey Advisory Group LLC (the “Underwriter Defendants” and, together with the RTR Defendants, the “Defendants”), have reached a proposed settlement of the claims in the above-captioned class action (the “Action”), and related claims, in the amount of \$9,000,000 (the “Settlement”). The Settlement Amount consists of a Cash Settlement Amount (\$6 million) and a Stock Component Amount (\$3 million) payable in freely tradeable shares of RTR Class A common stock (or common stock of any successor issuer) and/or, at the sole and exclusive option of RTR, cash. If Settlement Shares are issued, they either will be registered under the Securities Act of 1933 or exempt from registration under Section 3(a)(10) of the Securities Act of 1933, 15 U.S.C. §77c(a)(10), as amended (“Section 3(a)(10)”).

A hearing will be held before the Court on December 15, 2026 at 10:30 a.m. (ET) at the United States District Court for the Eastern District of New York, Theodore Roosevelt United States Courthouse, 225 Cadman Plaza East, Courtroom 6C South, Brooklyn, New York 11201 (the "Settlement Hearing") to determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice, as provided in the Stipulation and Agreement of Settlement, dated September 3, 2026; (iii) for purposes of the Settlement only, finally certify the Settlement Class, finally certify Lead Plaintiffs as Class Representatives for the Settlement Class, and finally appoint the law firm of Labaton Keller Sucharow LLP as Class Counsel for the Settlement Class; (iv) approve the terms and conditions of the issuance of the Settlement Shares (issued as part of the consideration provided in exchange for the settlement and release of the Released Plaintiffs' Claims against the Released Defendant Parties), which shares may be issued pursuant to Section 3(a)(10), as fair to all persons and entities to whom the shares will be issued; (v) approve the proposed Plan of Allocation for distribution of the proceeds of the Settlement to Settlement Class Members; and (vi) approve Lead Counsel's application for an award of attorneys' fees and Litigation expenses. The Court may change the date of the Settlement Hearing, or hold it remotely, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. If you have not yet received a Postcard Notice, you may obtain a copy, and the more detailed long-form Notice and Claim Form, by visiting the website for the Settlement, www.RentTheRunwaySecuritiesSettlement.com, or by contacting the Claims Administrator at:

Rent the Runway Securities Settlement

c/o A.B. Data, Ltd.

P.O. Box 173002

Milwaukee, WI 53217

www.RentTheRunwaySecuritiesSettlement.com

info@RentTheRunwaySecuritiesSettlement.com

(877) 388-1723

Inquiries, other than requests for information about the status of a claim, may also be made to Lead Counsel:

LABATON KELLER SUCHAROW LLP

Alfred L. Fatale III, Esq.

140 Broadway

New York, NY 10005

settlementquestions@labaton.com

(888) 219-6877

If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form, in accordance with its instructions, so that it is postmarked or received no later than December 1, 2026. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be entitled to share in the distribution of the Net Settlement Fund, except as otherwise ordered by the Court or allowed by Lead Counsel in its discretion, but you will nevertheless be bound by all judgments or orders entered by the Court, whether favorable or unfavorable.

If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions in the long-form Notice so that it is received no later than November 24, 2026. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court, whether favorable or unfavorable, but you will not be eligible to share in the distribution of the Net Settlement Fund.

Any objections to the proposed Settlement, Lead Counsel's Fee and Expense Application, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the parties in accordance with the instructions in the long-form Notice so that they are received no later than November 24, 2026.

PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

BY ORDER OF THE COURT

United States District Court Eastern District of New York

DATED: October 8, 2026

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BANKRUPTCIES

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Information to identify the case:

Debtor: AIR BALTIC CORPORATION AS, FIN: N/A

United States Bankruptcy Court for the Southern District of New York

Date case filed for chapter 11:09/14/2026, Case number: 26-12188 (LGB)

Official Form 309F1 (For Corporations or Partnerships)

Notice of Commencement of Chapter 11 Bankruptcy Case

For each of the Debtors listed above, a case has been filed under chapter 11 of the Bankruptcy Code. An order for relief

For each of the Debtors listed above, a case has been filed under chapter 11 of the Bankruptcy Code. An order for relief has been entered.

This notice has important information about the case for creditors and debtors, including information about the meeting of creditors and deadlines. Read carefully.

The filing of the cases imposed an automatic stay against most collection activities. This means that creditors generally may not take action to collect debts from the Debtors or their property. For example, while the automatic stay is in effect, creditors cannot sue, assert a deficiency, repossess property, or otherwise try to collect from any of the Debtors. Creditors cannot demand repayment from any of the Debtors by mail, phone, or otherwise. Creditors who violate the stay can be required to pay actual and punitive damages and attorney's fees.

Confirmation of a chapter 11 plan may result in a discharge of debt. A creditor who wants to have a particular debt excepted from discharge may be required to file a complaint in the bankruptcy clerk's office within the deadline specified in this notice. (See line 11 below for more information.)

To protect your rights, consult an attorney. All documents filed in the case may be inspected at the bankruptcy clerk's office at the address listed below or through PACER (Public Access to Court Electronic Records at www.pacer.uscourts.gov). The staff of the bankruptcy clerk's office cannot give legal advice. | Each Debtor's Full Name | Case Number | Tax ID Number | Date Filed | District | Air Baltic Corporation AS | 26-12188 | N/A | September 14, 2026 | S.D.N.Y. | Air Baltic Training, SIA | 26-12189 | N/A | September 14, 2026 | S.D.N.Y. | Baltijas Kravu Centrs SIA | 26-12190 | N/A | September 14, 2026 | S.D.N.Y. | 2. All other names used in the last 8 years: Air Baltic Corporation AS: Akciju sabiedriba "Air Baltic Corporation"

3. Address: Telnikas Street 3, Dubsta Riga, Maripé Parish, Maripé District, LV-1053, Latvia.

4. Debtors' attorney: Evan R. Fleck, Jaimie Fedell, MILBANK LLP, 55 Hudson Yards, New York, NY 10001-2163, Telephone: (212) 530-5000, Facsimile: (212) 530-5219; Andrew M. Leblanc, Erin E. Dexter, MILBANK LLP, 1101 New York Ave. NW Washington, DC 20005, Telephone: (202) 835-7500. Facsimile: (202) 263-7586

5. Bankruptcy clerk's office: Documents in these cases may be filed at this address: United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, NY 10004. Hours open: 8:30 a.m. - 5:00 p.m., Contact phone: (212) 668-2870. Clerk of the Bankruptcy Court: Vito Genna. You may inspect all records filed in these cases at the bankruptcy court clerk's office, online at www.pacer.uscourts.gov, or through the Debtors' claims and noticing agent, Epiq Corporate Restructuring, LLC, at https://dm.epiq11.com/airbaltic.

6. Meeting of creditors: October 22, 2026 at 9:30 AM. Location: Zoom video meeting. Go to https://zoom.us/join. Enter Meeting ID 161 7394 5261, and Passcode 2389475610, OR call 1 (202) 798-1532. The meeting may be continued or adjourned to a later date. If so, the date will be on the court docket. The Debtors' representatives must attend the meeting to be questioned under oath. Creditors may attend but are not required to do so. For additional meeting information go to https://www.justice.gov/ust/ch11moc.

7. Proof of claim deadline: Deadline for filing proof of claim: Not yet set. If a deadline is set, the court will send you another notice.

A proof of claim is a signed statement describing a creditor's claim. A proof of claim form may be obtained at www.uscourts.gov or any bankruptcy clerk's office.

Your claim will be allowed in the amount scheduled unless: your claim is designated as disputed, contingent, or unliquidated; you file a proof of claim in a different amount; or you receive another notice.

If your claim is not scheduled or if your claim is designated as disputed, contingent, or unliquidated, you must file a proof of claim or you might not be paid on your claim and you might be unable to vote on a plan. You may file a proof of claim even if your claim is scheduled. You may review the schedules at the bankruptcy clerk's office or online at www.pacer.uscourts.gov.

Secured creditors retain rights in their collateral regardless of whether they file a proof of claim. Filing a proof of claim submits a creditor to the jurisdiction of the bankruptcy court, with consequences a lawyer can explain. For example, a secured creditor who files a proof of claim may surrender important nonmonetary rights, including the right to a jury trial.

8. Exception to discharge deadline: If section 523(c) of the Bankruptcy Code applies to your claim and you seek to have it excepted from discharge, you must start a judicial proceeding by filing a complaint by the deadline stated below. The bankruptcy clerk's office must receive a complaint and any required filing fee by the following deadline. Deadline for filing the complaint: Notice of this deadline will be sent at a later time.

9. Creditors with a foreign address: If you are a creditor receiving notice mailed to a foreign address, you may file a motion asking the court to extend the deadlines in this notice. Consult an attorney familiar with United States bankruptcy law if you have any questions about your rights in this case.

10. Filing a chapter 11 bankruptcy case: Chapter 11 allows debtors to reorganize or liquidate according to a plan. A plan is not effective unless the court confirms it. You may receive a copy of the plan and a disclosure statement telling you about the plan, and you may have the opportunity to vote on the plan. You will receive notice of the date of the confirmation hearing, and you may object to confirmation of the plan and attend the confirmation hearing. Unless a trustee is serving, the debtor will remain in possession of the property and may continue to operate its business.

11. Discharge of debts: Confirmation of a chapter 11 plan may result in a discharge of debts, which may include all or part of your debt. See 11 U.S.C. § 1141(d). A discharge means that creditors may never try to collect the debt from the debtor except as provided in the plan. If you want to have a particular debt owed to you excepted from the discharge and section 523(c) applies to your claim, you must start a judicial proceeding by filing a complaint and paying the filing fee in the bankruptcy clerk's office by the deadline.

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COMMERCIAL REAL ESTATE

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NOTICE OF UCC PUBLIC AUCTION SALE

Property: 138-25 Barclay Avenue, Flushing NY 11355 (Block: 5044, Lot 74) (the "Property") PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York (the "UCC"), lenders, Arion Fund, LLC, White Oak Assets LLC and Dumbo Funding LLC (collectively, "Lenders"), will offer for sale at public auction (the "Public Sale") all of the right, title and interest of pledgor, Barclay USA Mezzanine LLC ("Pledger"), in and to the following assets: (i) one hundred percent (100%) of Pledger's membership interest in Barclay USA LLC (the "Property Owner"), a New York limited liability company (the "Equity Interests"), which is the owner of the Property, and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the "Collateral"). The Pledge Agreement secures that certain Consolidation, Extension and Modification Agreement (the "CEMA"), which consolidated the Gap Mortgage with the three original leasehold mortgages so as to form a single lien on the Mortgaged Premises in the principal amount of \$14,500,000.00.

The Collateral secures that certain Consolidated Note and that certain Consolidation, Extension and Modification Agreement recorded in the Office of the City Register of the City of New York, Queens County, on July 8, 2025, under CRFN 2025000178509, encumbering the Property, pursuant to that certain Pledge Agreement (the "Pledge Agreement") that is dated June 26, 2025 (collectively, with all other documents and instruments evidencing the Loan, the "Loan Documents").

Lenders are offering the Collateral for sale in connection with the foreclosure on the Pledge Agreement of such Equity Interests based upon the occurrence of one or more Events of Default under the Loan Documents and in accordance with Lenders' rights as holders of the security interest under Article 9 of the UCC, by virtue of that certain UCC-1 Filing Statement filed with the New York State Department of State on July 3, 2025, as Filing Number: 202507030243250.

The public sale of the Collateral will be conducted by Matthew D. Mannion, and/or William E. Mannion, and/or John O'Keefe, auctioneer(s) for Mannion Auctions, LLC, by remote auction via ZOOM, on November 18, 2026, at 3:00 p.m. New York time, Meeting link: https://bit.ly/BarclayUSAUCC (URL is case sensitive); Access Code: 894 9810 9000; Passcode: 857850 Call-in-number: +1-646-931-3860 (USA), and the Collateral will be sold to the highest qualified bidder.

Upon the execution of a standard confidentiality and non-disclosure agreement, available from Joseph Safdie of Safdie Real Estate Group LLC ("Broker") Direct: (212) 347-200-166; joe@safdie realtygroup.com. Prospective Bidders will be afforded access to an online datasite that contains information that Lender possesses concerning the Pledger and the Collateral, including copies of the Pledge Agreement, Terms of Sale, and other related documents and information in Lender's possession (collectively, the "Transaction Documents"). Included in the Terms of Sale will be pertinent information concerning registration requirements and associated timelines.

Pre-registration is required. Joseph Safdie of Safdie Real Estate Group LLC ("Broker") has been engaged by the Secured Party, and Broker will be commencing the marketing of the Collateral. Contact information for the Broker is as follows: Direct: (212) 347-200-1661; joe@safdierealtygroup.com. Interested parties who intend to bid on the Collateral must pre-register by contacting the Broker by 5:00 p.m. on November 4, 2026. Broker will notify pre-registered bidders whether they qualify as prospective bidders by November 11, 2026.

The Collateral is an unregistered security under the Securities Act of 1933. The Collateral will be conveyed on an "AS IS AND WHERE IS BASIS", with all faults, AND (i) WITHOUT ANY REPRESENTATIONS OR WARRANTIES (WHETHER EXPRESSED OR IMPLIED) OF ANY KIND MADE BY LENDERS (OR ANY OTHER PERSON ACTING FOR OR ON BEHALF OF LENDERS), INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE EXISTENCE OR NONEXISTENCE OF OTHER LIENS, THE QUANTITY, QUALITY, CONDITION OR DESCRIPTION OF THE EQUITY INTERESTS, THE PROPERTY, AND/OR THE VALUE OF ANY OF THE FOREGOING, AND (ii) WITHOUT ANY RECOURSE WHATSOEVER AGAINST LENDERS (OR ANY OTHER PERSON ACTING FOR OR ON BEHALF OF LENDERS).

Lenders reserve the right to (a) reject all bids and terminate the sale or adjourn the sale to such other date and time as the Lenders may deem proper, by announcement at the place and on the date of sale, and any subsequent adjournment thereof, without further publication, and (b) impose any other commercially reasonable conditions upon the sale of the Collateral as the Lenders may deem proper. Lenders reserve the right to bid at the time and place of the public auction, to become the purchaser of the Collateral and to credit bid against the purchase price of the Collateral any and all indebtedness of the Pledger.

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THE WALL STREET JOURNAL.

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NOTABLE COMMERCIAL PROPERTIES

© 2026 Dow Jones & Company, Inc. All Rights Reserved.

(800) 366-3975 | sales.realestate@wsj.com

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COMMERCIAL REAL ESTATE

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NOTICE OF SALE OF REAL PROPERTY - QUEENS UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK

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THE WALL STREET JOURNAL

GOLDEN BRIDGE LLC d/b/a GOLDEN BRIDGE FUNDING LLC, Plaintiff against 150-30 12 AVE REALTY LLC and ANDY WEIHAN HO, et al Defendant(s). Pursuant to that certain Amended Judgment of Foreclosure and Sale entered herein and dated September 2, 2026 (the "Judgment"), I, the undersigned Referee will sell at public auction outside the main entrance of the property located at 150-30 12th Avenue, Whitestone, New York, on October 29, 2026 at 12:00 p.m. that certain premises situate, lying and being in the Borough and County of Queens, City and State of New York, bounded and described as follows: BEGINNING at a point on the southerly side of 12th Avenue, distant 267 feet 6 inches easterly from the corner formed by the intersection of the southerly side of 12th Avenue with the easterly side of 150th Street; being a plot 150 feet by 42 feet 6 inches by 150 feet by 42 feet 6 inches.

Said premises to be auctioned is known as and located at 150-30 12TH AVENUE, WHITESTONE, NEW YORK.

The approximate amount of the lien is \$3,344,200.00 plus default interest & costs.

Premises will be sold subject to provisions of filed Judgment and forthcoming terms of sale, which will be made available to all interested bidders.

All interested bidders must appear at the aforementioned location, date, and time with certified funds made payable to the undersigned Referee as follows, "ANTHONY W. VAUGHN, JR., AS REFERENCE." Ten percent (10%) of the successful bid is due at the time of the auction. The undersigned Referee may allow any other manner of funds in his absolute discretion.

Federal Case No.: 23-cv-09045 (NCM) (PK)

ANTHONY W. VAUGHN JR., ESQ., Referee

Zeichner, Ellman, & Krause, LLP

Attorney(s) for Plaintiff

730 Third Avenue,

New York, New York 10017

D | DOW JONES

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For more information visit: wsj.com/classifieds

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Futures Contracts

Metal & Petroleum Futures | | Contract | Settle | Chg | Open interest | Open | High | hi lo | Copper-High (CMX)-25,000 lbs.; $ per lb. | Oct | 6.5800 | 6.6135 | 6.5965 | 0.0020 | 1,699 | Dec | 6.6600 | 6.6810 | 6.6495 | ... | 165,813 | Gold (CMX)-100 troy oz; $ per troy oz. | Oct | 4152.60 | 4152.60 | 4113.80 | -45.40 | 224 | Nov | 4179.20 | 4180.30 | 4126.00 | -45.90 | 4,136 | Dec | 4195.00 | 4197.80 | 4140.70 | -46.40 | 323,642 | Jan'27 | 4198.90 | 4199.20 | 4159.30 | -46.80 | 595 | Feb | 4229.40 | 4230.90 | 4174.90 | -47.20 | 42,408 | March | 4233.00 | 4233.00 | 4190.90 | -47.30 | 269 | Palladium (NYM) - 50 troy oz; $ per troy oz. | Oct | 1215.00 | 1215.00 | 1116.10 | -47.50 | Dec | 1169.50 | 1176.00 | ▼ 1115.00 | 1127.00 | -47.40 | 20,309 | Platinum (NYM)-50 troy oz; $ per troy oz. | Oct | 1727.50 | 1737.00 | 1633.20 | -59.50 | 16 | Jan'27 | 1719.40 | 1722.40 | 1649.80 | -59.50 | 52,649 | Silver (CMX)-5,000 troy oz; $ per troy oz. | Oct | 60.880 | 60.880 | 59.899 | -1.269 | 1,201 | Dec | 61.785 | 61.845 | 60.294 | -1.295 | 82,950 | Crude Oil, Light Sweet (NYM)-1,000 bbls; $ per bbl. | Nov | 89.96 | 90.98 | 88.28 | -1.16 | 236,274 | Dec | 88.85 | 89.99 | 87.55 | -0.88 | 246,233 | Jan'27 | 87.69 | 88.99 | 86.84 | -0.58 | 122,062 | June | 81.62 | 82.87▲ | 81.95 | 0.32 | 129,782 | Dec | 76.32 | 77.11▲ | 76.42 | 0.15 | 175,135 | Dec'28 | 70.70 | 71.21 | 70.58 | -0.02 | 107,510 | NY Harbor ULSD (NYM)-42,000 gal; $ per gal. | Nov | 4.6040 | 4.7603 | 4.6227 | .0533 | 65,553 | Dec | 4.4386 | 4.6000 | 4.4766 | .0535 | 42,642 | Gasoline-NY RBOB (NYM)-42,000 gal; $ per gal. | Nov | 3.3183 | 3.3778 | 3.2342 | -.0390 | 110,266 | Dec | 3.1280 | 3.1786 | 3.0711 | -.0169 | 65,994 | Natural Gas (NYM)-10,000 MMBtu; $ per MMBtu. | Nov | 3.114 | 3.252 | 3.203 | .089 | 372,036 | Dec | 3.407 | 3.539 | 3.512 | .103 | 204,888 | Jan'27 | 3.787 | 3.920 | 3.898 | .109 | 193,321 | Feb | 3.452 | 3.550 | 3.526 | .076 | 109,961 | March | 2.738 | 2.777 | 2.775 | .034 | 213,487 | April | 2.640 | 2.673 | 2.666 | .018 | 149,449 | Agriculture Futures | | Contract | Open interest | Open | High hilo | Low | Settle | Chg | March'27 | 5,899 | 5,933 | 5,634 | 5,695 | -122 | 46,112 | Coffee (ICE-US)-37,500 lbs.; cents per lb. | Dec | 302.90 | 308.35 | 292.05 | 292.70 | -11.75 | 81,369 | March'27 | 294.40 | 300.00 | 284.35 | 284.90 | -10.95 | 43,373 | Sugar-World (ICE-US)-112,000 lbs.; cents per lb. | March | 20.73 | 21.24▲ | 20.17 | 20.83 | .01 | 643,260 | May | 19.88 | 20.31▲ | 19.46 | 19.97 | -.02 | 187,693 | Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. | Nov | 40.75 | 40.75 | 40.75 | 40.75 | ... | 354 | March'27 | 41.50 | 41.50▲ | 41.50 | 41.50 | ... | 1,745 | Cotton (ICE-US)-50,000 lbs.; cents per lb. | Oct | 76.30 | 76.30 | 76.30 | 76.30 | -1.18 | 14 | Dec | 81.20 | 81.37 | 79.75 | 80.03 | -1.18 | 171,883 | Orange Juice (ICE-US)-15,000 lbs.; cents per lb. | Nov | 151.10 | 151.10 | 145.85 | 146.55 | -3.75 | 6,778 | Jan'27 | 154.00 | 154.00 | 149.50 | 150.20 | -3.40 | 2,644 | Interest Rate Futures | Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% | Dec | 103-060 | 103-130 | 102-010 | 103-060 | -9.0 | 2,404,292 | March'27 | 102-250 | 102-250 | 101-210 | 102-310 | -15.0 | 55 | Treasury Bonds (CBT)-$100,000; pts 32nds of 100% | Dec | 102-100 | 102-170 | 101-050 | 102-070 | -10.0 | 1,895,756 | March'27 | 101-200 | 101-270 | 100-250 | 101-250 | -10.0 | 2,276 | Treasury Notes (CBT)-$100,000; pts 32nds of 100% | Dec | 104-140 | 104-175 | 103-305 | 104-155 | -.5 | 5,739,987 | March'27 | 104-075 | 104-090 | 103-245 | 104-075 | -1.0 | 3,003 | 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% | Dec | 103-175 | 103-210 | 103-090 | 103-197 | 1.2 | 6,756,714 | March'27 | 103-072 | 103-135 | 103-070 | 103-125 | .7 | 1,910 | 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% | Dec | 101-260 | 101-289 | 101-239 | 101-284 | 1.6 | 4,485,385 | March'27 | 101-197 | 101-197 | 101-197 | 101-224 | 1.9 | 426 | 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. | Oct | 96.1175 | 96.1175 | 96.1150 | 96.1150 | ... | 684,000 | Nov | 96.0700 | 96.0800 | 96.0650 | 96.0750 | .0050 | 539,470 | Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. | July | 96.2625 | 96.2625▲ | 96.2600 | 96.2625 | ... | 20,745 | Dec | 95.7600 | 95.7950▼ | 95.7500 | 95.7900 | .0250 | 1,589,047 | Corn (CBT)-5,000 bu.; cents per bu. | Dec | 508.25 | 509.75 | 500.50 | 502.00 | -6.00 | 896,588 | March'27 | 522.25 | 524.00 | 515.50 | 517.00 | -5.25 | 409,553 | Oats (CBT)-5,000 bu.; cents per bu. | Dec | 431.25 | 446.50 ▲ | 426.75 | 428.75 | -2.00 | 3,332 | March'27 | 438.00 | 449.75 ▲ | 433.00 | 433.25 | -4.25 | 363 | Soybeans (CBT)-5,000 bu.; cents per bu. | Nov | 1302.75 | 1309.00 | 1292.75 | 1297.50 | -5.50 | 429,792 | Jan'27 | 1318.75 | 1325.00 | 1309.75 | 1314.50 | -4.75 | 226,566 | Soybean Meal (CBT)-100 tons; $ per ton. | Oct | 355.00 | 363.80 | 354.90 | 365.90 | 12.50 | 760 | Dec | 354.80 | 366.30 | 354.00 | 365.80 | 11.00 | 297,210 | Soybean Oil (CBT)-60,000 lbs.; cents per lb. | Oct | 68.25 | 68.25 | 67.50 | 67.42 | -2.16 | 1,163 | Dec | 69.90 | 70.00 | 67.50 | 67.68 | -2.23 | 244,155 | Rough Rice (CBT)-2,000 cwt; $ per cwt. | Nov | 16.30 | 16.80 ▲ | 16.30 | 16.70 | .36 | 11,454 | Jan'27 | 16.90 | 17.25 ▲ | 16.88 | 17.15 | .34 | 2,171 | Wheat (CBT)-5,000 bu.; cents per bu. | Dec | 704.00 | 706.50 | 684.75 | 686.50 | -17.75 | 254,540 | March'27 | 717.25 | 719.75 | 699.25 | 701.00 | -16.50 | 114,566 | Wheat (KC)-5,000 bu.; cents per bu. | Dec | 756.00 | 758.75 | 736.75 | 738.50 | -17.75 | 159,742 | March'27 | 768.50 | 771.25 | 750.50 | 752.00 | -17.00 | 72,858 | Cattle-Feeder (CME)-50,000 lbs.; cents per lb. | Oct | 339.800 | 340.675 | 337.350 | 338.150 | -2.350 | 7,286 | Nov | 337.400 | 338.200 | 335.050 | 335.800 | -2.475 | 24,888 | Cattle-Live (CME)-40,000 lbs.; cents per lb. | Oct | 220.875 | 221.700 | 220.325 | 221.600 | .375 | 16,990 | Dec | 223.650 | 224.175 | 222.650 | 223.775 | -.325 | 121,657 | Hogs-Lean (CME)-40,000 lbs.; cents per lb. | Oct | 77.650 | 77.650 ▼ | 76.850 | 76.925 | -1.000 | 21,350 | Dec | 70.000 | 70.125 | 68.700 | 69.100 | -1.275 | 150,628 | Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. | Nov | 522.00 | 525.00 ▼ | 517.00 | 517.50 | -7.50 | 8,923 | Jan'27 | 542.50 | 544.00 ▼ | 538.50 | 538.50 | -7.00 | 1,829 | Milk (CME)-200,000 lbs., cents per lb. | Oct | 15.06 | 15.14 | 15.02 | 15.09 | .04 | 5,424 | Nov | 15.76 | 15.92 | 15.74 | 15.84 | .15 | 7,531 | Cocoa (ICE-US)-10 metric tons; $ per ton. | Dec | 5,772 | 5,820 | 5,515 | 5,582 | -118 | 70,858 | Currency Futures | Japanese Yen (CME)-¥12,500,000; $ per 100¥ | Oct | .6320 | .6337 | .6316 | .6337 | .0007 | 1,188 | Dec | .6361 | .6370 | .6343 | .6366 | .0006 | 365,013 | Canadian Dollar (CME)-CAD 100,000; $ per CAD | Oct | .7043 | .7044 | .7015 | .7019 | -.0024 | 409 | Dec | .7062 | .7063 | .7026 | .7038 | -.0024 | 366,491 | British Pound (CME)-£62,500; $ per £ | Oct | 1.3256 | 1.3256 | 1.3202 | 1.3220 | -.0058 | 533 | Dec | 1.3277 | 1.3279 | 1.3196 | 1.3222 | -.0058 | 261,637 | Swiss Franc (CME)-CHF 125,000; $ per CHF | Dec | 1.2123 | 1.2123 | 1.2083 | 1.2100 | -.0026 | 136,808 | March'27 | 1.2231 | 1.2240 | 1.2221 | 1.2237 | -.0026 | 353 | Australian Dollar (CME)-AUD 100,000; $ per AUD | Oct | .6983 | .6983 | .6950 | .6965 | -.0020 | 313 | Dec | .6975 | .6977 | .6935 | .6959 | -.0020 | 327,480 | Mexican Peso (CME)-MXN 500,000; $ per MXN | Oct | .05535 | .05574 | .05535 | .05562 | .00003 | 308 | Dec | .05534 | .05546 | .05489 | .05538 | .00002 | 290,085 | Euro (CME)-€125,000; $ per € | Oct | 1.1261 | 1.1261 | 1.1170 | 1.1204 | -.0062 | 3,219 | Dec | 1.1291 | 1.1295 | 1.1196 | 1.1230 | -.0063 | 830,584 | Index Futures | Mini DJ Industrial Average (CBT)-$5 x index | | Dec | 51837 | 51860 | 51187 | 51449 | -367 | March'27 | 52305 | 52305 | 51677 | 51921 | -371 | Mini S&P 500 (CME)-$50 x index | | Dec | 7881.50 | 7884.50 | 7815.75 | 7852.75 | -21.25 | March'27 | 7961.50 | 7961.50 | 7896.00 | 7931.50 | -22.00 | Mini S&P Midcap 400 (CME)-$100 x index | | Dec | 3722.30 | 3724.20 | 3643.00 | 3657.80 | -62.10 | March'27 | ... | ... | ... | 3686.30 | -61.90 | Mini Nasdaq 100 (CME)-$20 x index | | Dec | 31510.00 | 31521.00 | 31143.00 | 31402.25 | -81.00 | March'27 | 31869.00 | 31869.00 | 31537.00 | 31766.25 | -81.75 | Mini Russell 2000 (CME)-$50 x index | | Dec | 2849.20 | 2850.90 | 2804.20 | 2812.20 | -36.00 | March'27 | 2872.30 | 2872.30 | 2830.20 | 2837.30 | -36.30 | Mini Russell 1000 (CME)-$50 x index | Dec | 4253.70 | 4266.90 | 4251.10 | 4266.60 | -14.50 | U.S. Dollar Index (ICE-US)-$1,000 x index | | Dec | 101.70 | 102.28 | 101.67 | 102.01 | .41 | March'27 | 101.75 | 101.88 | 101.75 | 101.72 | .40 | Source: FactSet

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Macro & Market Economics

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Watching the Gauges: U.S. Supply and Demand

Inventories, imports and demand for the week ended October 2. Current figures are in thousands of barrels or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import and demand data are available monthly only.

Inventories, 000s barrels | Current | Expected change | Previous week | Year ago | 4-week avg | 5-year avg | Crude oil and petroleum prod | 1,237,400 | ... | 1,244 | 1,287 | 1,246 | 1,252 | Crude oil excluding SPR | 424,134 | 1,700 | 427 | 420 | 425 | 426 | Gasoline | 204,744 | ... | 204 | 219 | 206 | 216 | Finished gasoline | 13,900 | -1,100 | 14 | 16 | 14 | 16 | Reformulated | 21 | ... | 0 | 0 | 0 | 0 | Conventional | 13,879 | ... | 14 | 16 | 14 | 16 | Blend. components | 190,844 | ... | 190 | 203 | 191 | 201 | Natural gas (bcf) | 3,415 | ... | 3 | 4 | 3 | 4 | Current | Expected change | Previous week | Year ago | 4-week avg | 5-year avg | 8,303 | ... | 7,215 | 8,171 | 7,880 | 7,518 | 6,840 | ... | 5,698 | 6,403 | 6,368 | 5,746 | 512 | ... | 500 | 627 | 488 | 569 | 205 | ... | 137 | 129 | 105 | 87 | 0 | ... | 0 | 0 | 0 | 0 | 205 | ... | 137 | 129 | 105 | 87 | 306 | ... | 363 | 498 | 382 | 482 | Kerosene-type | jet fuel | 42,504 | ... | 44 | 44 | 44 | 42 | Distillates | 105,138 | -1,500 | 105 | 122 | 106 | 115 | Heating oil | 6,963 | ... | 6 | 7 | 7 | 8 | Diesel | 98,176 | ... | 99 | 114 | 100 | 54 | Residual fuel oil | 23,881 | ... | 23 | 21 | 24 | 26 | Other oils | 305,410 | ... | 307 | 338 | 308 | 312 | Imports, 000s barrels per day | 1 | ... | 50 | 87 | 43 | 102 | 118 | ... | 153 | 132 | 118 | 136 | 0 | ... | 0 | 1 | 0 | 0 | 118 | ... | 153 | 131 | 118 | 136 | 271 | ... | 207 | 33 | 176 | 129 | 485 | ... | 532 | 802 | 607 | 731 | products, incl. SPR | 1,520,383 | ... | 1,528 | 1,694 | 1,530 | 1,685 | Weekly Demand, 000s barrels per day | -4,535 | ... | -3,849 | -2,229 | -3,982 | -2,376 | Current | Expected change | Previous week | Year ago | 4-week avg | 5-year avg | Total petroleum product | 20,396 | ... | 21,500 | 21,990 | 21,050 | 20,983 | Finished motor gasoline | 8,769 | ... | 8,689 | 8,919 | 8,776 | 8,866 | Kerosene-type jet fuel | 1,696 | ... | 1,809 | 1,698 | 1,739 | 1,526 | Distillates | 3,650 | ... | 3,948 | 4,346 | 3,769 | 4,242 | Residual fuel oil | 306 | ... | 374 | 88 | 279 | 330 | Propane/propylene | 773 | ... | 1,085 | 1,474 | 915 | ... | Other oils | 5,202 | ... | 5,595 | 5,465 | 5,573 | ... | Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires

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Natural gas storage

Billions of cubic feet; weekly totals

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Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Largest 100 exchange-traded funds, latest session.

Wednesday, October 7, 2026 | ETF | Symbol | Closing Price | Chg (%) | YTD (%) | AvantisEM | AVEM | 94.95 | -1.24 | 23.3 | AvantisUSSCValue | AVUV | 119.13 | -1.11 | 16.8 | CapGrpDivVal | CGDV | 49.51 | -0.62 | 13.5 | FidTotalBd | FBND | 43.32 | -0.07 | -5.9 | InvscNasd100 | QQQM | 311.94 | -0.26 | 23.3 | InvscQQQI | QQQ | 757.73 | -0.25 | 23.3 | InvscS&P500EW | RSP | 210.60 | -0.81 | 9.9 | iShBitcoin | IBIT | 47.21 | -2.64 | -4.9 | iShCoreDivGrowth | DGRO | 76.33 | -0.29 | 10.0 | iShCoreMSCIEAFE | IEFA | 96.20 | -1.08 | 7.5 | iShCoreMSCIEM | IEMG | 82.04 | -1.22 | 22.0 | iShMSCIntlDev | IDEV | 88.79 | -1.19 | 7.7 | iShCoreMSCITotInt | IXUS | 94.90 | -1.21 | 12.1 | iShCoreS&P500 | IVV | 780.58 | -0.25 | 14.0 | iShCoreS&P MC | IJH | 72.76 | -1.68 | 10.2 | iShCoreS&P SC | IJR | 137.08 | -1.27 | 14.1 | iShCoreS&PTotUS | ITOT | 169.28 | -0.37 | 13.8 | iShCoreS&PUSGrw | IUSG | 198.62 | -0.24 | 18.3 | iShCoreUSAggBd | AGG | 94.31 | -0.05 | -5.6 | iShCoreUnivUSDBd | IUSB | 44.02 | -0.02 | -5.4 | iShEdgeMSCIUSAQual | QUAL | 225.90 | -0.25 | 13.7 | iShGoldTr | IAU | 77.06 | -1.67 | -5.1 | iShiBoxxSIGCpBd | LQD | 102.10 | -0.04 | -7.3 | iShMBS | MBB | 89.22 | -0.16 | -6.3 | iShMSCIACWI | ACWI | 160.71 | -0.70 | 13.6 | iShMSCI EAFE | EFA | 103.10 | -1.07 | 7.4 | iShMSCIEM | EEM | 67.37 | -1.32 | 23.1 | iShMSCIEAFEValue | EFV | 78.05 | -1.14 | 9.3 | iShNatlMuniBd | MUB | 100.52 | -0.49 | -6.2 | iShRussMC | IWR | 108.47 | -1.10 | 12.7 | iShRuss1000 | IWB | 424.19 | -0.35 | 13.6 | ETF | Symbol | Closing Price | Chg (%) | YTD (%) | iShRuss1000Grw | IWF | 128.76 | -0.33 | 8.8 | iShRuss1000Val | IWD | 250.78 | -0.38 | 19.2 | iShRuss2000 | IWM | 277.70 | -1.29 | 12.8 | iShS&P500Grw | IVW | 145.89 | -0.16 | 18.4 | iShS&P500Value | IVE | 230.78 | -0.38 | 8.8 | iShSemiconductor | SOXX | 582.82 | -1.12 | 93.5 | iSh7-10YTreaBd | IEF | 89.11 | -0.02 | -7.3 | iShSilver | SLV | 53.82 | -2.94 | -16.5 | iSh20+YTreaBd | TLT | 77.14 | -0.17 | -11.5 | iShUSEqFactRotat | DYNF | 70.42 | -0.37 | 15.8 | iShUSTreasuryBd | GOVT | 21.82 | -0.02 | -5.2 | iSh0-3MTreaBd | SGOV | 100.47 | 0.01 | 0.1 | JPMNasdEqPrem | JEPQ | 61.27 | 0.03 | 5.4 | JanusAAACLO | JAAA | 50.51 | 0.02 | -0.1 | JPMEqPremiumIncome | JEPI | 56.45 | -0.16 | -1.4 | JPM UltShlncm | JPST | 50.27 | 0.04 | -0.6 | ProShUltPrQQQ | TQQQ | 83.62 | -0.75 | 58.6 | SPDRGoldMini | GLDM | 81.11 | -1.63 | -5.0 | SPDR Gold | GLD | 375.88 | -1.67 | -5.2 | SchwabFdUSLgCo | FNDX | 31.89 | -0.34 | 17.2 | SchwabIntEquity | SCHF | 27.26 | -1.23 | 13.4 | SchwabUS BrdMkt | SCHB | 29.85 | -0.40 | 13.8 | SchwabUS Div | SCHD | 32.65 | -0.61 | 19.0 | SchwabUS LC | SCHX | 30.60 | -0.33 | 13.7 | SchwabUS LC Grw | SCHG | 36.87 | -0.16 | 13.0 | SSEnergySel | XLE | 63.36 | -0.61 | 41.7 | SSFinSel | XLF | 53.75 | -0.48 | -1.9 | SSHltchCrSel | XLV | 168.81 | 1.03 | 9.1 | SSIndlSel | XLI | 167.84 | -2.18 | 8.2 | SSSPDRBbg1-3M | BIL | 91.46 | 0.01 | 0.1 | SS SPDR DJIA | DIA | 511.02 | -0.69 | 6.3 | SSSPDRDevxUS | SPDW | 49.95 | -1.21 | 12.5 | SSSPDRS&P500 | SPYM | 91.46 | -0.28 | 14.0 | ETF | Symbol | Closing Price | Chg (%) | YTD (%) | SSSPDRS&P500G | SPYG | 126.28 | -0.17 | 18.4 | SSSPDRS&P500V | SPYV | 61.80 | -0.37 | 8.8 | SIIIMSPDRS&P500 | SPY | 777.22 | -0.24 | 14.0 | STTechSel | XLK | 123.38 | -0.30 | 39.9 | VanEckSemicon | SMH | 625.03 | -1.18 | 73.4 | VangdDivApp | VIG | 236.99 | -0.32 | 7.8 | VangdExtMkt | VXF | 233.49 | -1.56 | 11.7 | VangdFTSEAWxUS | VEU | 82.85 | -1.15 | 12.6 | VangdFTSEDevMk | VEA | 70.26 | -1.20 | 12.5 | VangdFTSE EM | VWO | 59.85 | -1.27 | 11.3 | VangdFTSE Europe | VGK | 85.56 | -1.18 | 2.3 | VangdHiDiv | VYM | 157.45 | -0.58 | 9.7 | VangdInfoTech | VGT | 129.37 | -0.33 | 37.3 | VangdIntermBd | BIV | 72.78 | 0.03 | -6.5 | VangdIntrCorpBd | VCIT | 78.27 | 0.04 | -6.5 | VangdIntermTrea | VGIT | 56.61 | 0.02 | -5.5 | VangdMstarGrw | VUG | 9.42 | -0.24 | 13.7 | VangdMstarLC | VV | 358.66 | -0.26 | 13.9 | VangdMstarMegaGr | MGK | 94.92 | -0.20 | 15.0 | VangdMstarMC | VO | 80.14 | -1.04 | 10.5 | VangdMstarSC | VB | 286.98 | -1.41 | 11.3 | VangdMstarSCVal | VBR | 232.17 | -1.32 | 9.6 | VangdMstarTot | VTI | 381.03 | -0.39 | 13.6 | VangdMstarVal | DTV | 218.21 | -0.37 | 14.3 | VangdRealEst | VNQ | 88.69 | -1.38 | 0.2 | VangdRuss1000Grw | VONG | 132.59 | -0.31 | 8.9 | VangdS&P500ETF | VOO | 714.34 | -0.26 | 13.9 | VangdS&P500 Grw | VOOG | 87.69 | -0.14 | 18.3 | VangdST Bond | BSV | 76.36 | 0.07 | -3.1 | VangdSTCpBd | VCSH | 77.27 | 0.08 | -3.1 | VangdShortTrea | VGSH | 57.55 | 0.08 | -2.0 | VangdTaxExemptBd | VTEB | 47.06 | -0.57 | -6.4 | VangdTotalBd | BND | 70.00 | -0.03 | -5.5 | VangdTotIntlBd | BNDX | 46.83 | -0.04 | -3.1 | VangdTotIntlStk | VXUS | 84.79 | -1.18 | 12.4 | VangdTotWrldStk | VT | 159.64 | -0.66 | 13.2 | ---

Cash Prices

These prices reflect buying and selling of a variety of actual or "physical" commodities in the marketplace—separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. | Wednesday | Energy | Coal,C.Aplc.,12500Btu,1.2SO2-r,w | 84.500 | Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w | 14.650 | Metals

Gold, per troy oz | Gesal, per troy oz | Engelhard industrial | 4098.00 | Krugerrand, wholesale-e | 4296.78 | Maple Leaf-e | 4399.57 | American Eagle-e | 4399.57 | Mexican peso-e | 5304.56 | Austria crown-e | 4033.34 | Austria phil-e | 4317.34 | Silver, troy oz. | Wednesday | BMI Lithium Carbonate, EXW China, =99.5%-v,w | 18450 | BMI Lithium Hydroxide, EXW China, =56.5%-v,w | 17250 | BMI Cobalt sulphate, EXW China, >20.5%-v,w | 8642 | BMI Nickel Sulphate, EXW China, >22%-v,k | 4172 | BMI Flake Graphite, FOB China, -100 Mesh, 94-95%-v,m | 415 | Engelhard industrial | 60.0000 | Handy & Harman base | 59.8880 | Handy & Harman fabricated | 74.8600 | Coins,wholesale $1,000 face-a | 42734 | ---

Fibers and Textiles

Other metals | Burlap,10-oz,40-inch NY yd-n,w | 1.2375 | Cotton,11/16 std lw-mdMphs-u | 0.7778 | Cotlook 'A' Index-t | *91.45 | Hides,hvy native steers piece fob-u | n.a. | Wool,64s,staple,Terr del-u,w | n.a. | Grains and Feeds | Platinum,Engelhard industrial | 1632.0 | Palladium,Engelhard industrial | 1134.0 | Aluminum, LME, $ per metric ton | *3134.5 | Copper,Comex spot | 6.5965 | Iron Ore, 62% Fe CFR China-s | *91.1 | Steel, HRC USA, FOB Midwest Mill-s | *1250.0 | ---

Battery/EV metals | Bran,wheat middlings, KC-u,w | 165 | Corn,No.2 yellow,Cent IL-bp,u | 4.6700 | Cottonseed meal-u,w | n.a. | Hominy feed,Cent IL-u,w | n.a. | Meat-bonemeal,50% pro Mnpls-u,w | 475 | Oats,No.2 milling,Mnpls-u | 4.5375 | Rice, Long Grain Milled, No.2 AR-u,w | 34.50 | SoybeanMeal,Cent IL,rail,ton48%-u,w | 393.30 | Soybeans,No.1 yllw IL-bp,u | 12.6400 | Wheat,Spring14%-pro Mnpls-u | 9.0025 | Wheat,No.2 soft red,St.Louis-u | 6.5900 | Wheat - Hard - KC (USDA) $ per bu-u | 7.0450 | Wheat,No.1soft white,Portld,OR-u | 6.6250 | ---

Wednesday, October 7, 2026 | Food | Beef, carcass equiv. index | choice 1-3,600-900 lbs.-u | 344.69 | select 1-3,600-900 lbs.-u | 323.68 | Broilers, National comp wtd. avg.-u,w | 1.1754 | Butter, AA Chicago-d | 1.2900 | Cheddar cheese, bbl, Chicago-d | 145.25 | Cheddar cheese, blk, Chicago-d | 134.00 | Milk, Nonfat dry, Chicago lb.-d | 225.50 | Coffee, Brazilian, Comp-y | 3.0278 | Coffee, Colombian, NY-y | 3.6809 | Eggs, large white, Chicago-u,w | 0.6450 | Flour, hard winter KC-p | 18.60 | Hams, 17-20 lbs, Mid-US fob-u | n.a. | Hogs, Iowa-So. Minnesota-u | 78.04 | Pork bellies, 12-14 lb MidUS-u | 1.2515 | Pork loins, 13-19 lb MidUS-u | 1.0097 | Steers, Tex.-Okla. Choice-u | n.a. | Steers, feeder, Okla. City-u,w | 374.25 | 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 10/6

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 | 0.6972 | Tallow,bleach;Chicago-h | n.a. | Tallow,edible,Chicago-u | n.a. | Source: Dow Jones Market Data

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Bonds | wsj.com/market-data/bonds/benchmarks

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Tracking Bond Benchmarks

Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds | Total return close | YTD total return (%) | Index | — Yield(%) — Latest Low High | Return close | P/B total return(%) | Index | Latest | High | Low | High | Broad Market Bloomberg Fixed Income Indices | 2183.46 | -2.8 | U.S. Aggregate | 5.540 | 4.160 | 5.570 | U.S. Corporate Indexes Bloomberg Fixed Income Indices | 3342.77 | -2.9 | U.S. Corporate | 6.010 | 4.680 | 6.050 | 3336.27 | -1.2 | Intermediate | 5.750 | 4.330 | 5.810 | 4156.33 | -6.4 | Long term | 6.600 | 5.370 | 6.630 | 616.14 | -4.4 | Double-A-rated | 5.860 | 4.410 | 5.900 | 919.47 | -2.4 | Triple-B-rated | 6.190 | 4.860 | 6.220 | High Yield Bonds ICE BofA | Total return close | YTD total return (%) | Index | — Yield (%) — | Latest | Low | High | Mortgage-Backed Bloomberg Fixed Income Indices | 2172.40 | -3.2 | Mortgage-Backed | 5,940 | 4.380 | 5,970 | 2134.44 | -3.0 | Ginnie Mae (GNMA) | 6,010 | 4.420 | 6,030 | 1283.12 | -3.3 | Fannie Mae (FNMA) | 5,930 | 4.370 | 5,950 | 1977.93 | -3.4 | Freddie Mac (FHLMC) | 5,760 | 4.160 | 5,810 | 592.66 | -4.1 | Muni Master | 4,499 | 3.037 | 4,628 | 421.94 | -4.6 | 7-12 year | 4,287 | 2.596 | 4,475 | 471.21 | -5.7 | 12-22 year | 5,106 | 3.608 | 5,157 | 440.94 | -5.6 | 22-plus year | 5,515 | 4.432 | 5,515 | 618.84 | 0.2 | High Yield Constrained | 8.214 | 6.489 | 8.350 | 606.81 | -3.4 | Triple-C-rated | 16.493 | 11.651 | 16.493 | 4111.68 | -0.2 | High Yield 100 | 7.484 | 5.828 | 7.655 | 539.54 | 0.5 | Global High Yield Constrained | 7.917 | 6.317 | 8.014 | 394.36 | -0.2 | Europe High Yield Constrained | 6.521 | 4.820 | 6.629 | U.S Agency Bloomberg Fixed Income Indices | 1938.31 | -1.0 | U.S Agency | 5.180 | 3.830 | 5.220 | 1727.57 | -0.4 | 10-20 years | 5.120 | 3.750 | 5.170 | 3457.63 | -6.7 | 20-plus years | 5.920 | 4.580 | 5.930 | 2976.37 | -2.0 | Yankee | 5.660 | 4.320 | 5.710 | Global Government J.P. Morgan $^{†}$ | 542.78 | -2.9 | Global Government | 4.687 | 3.500 | 4.694 | 836.93 | -0.6 | Canada | 3.921 | 3.070 | 3.963 | 354.62 | -2.9 | EMU$ | 4.165 | 3.117 | 4.230 | 628.49 | -4.5 | France | 4.742 | 3.350 | 4.823 | 456.89 | -1.6 | Germany | 3.556 | 2.650 | 3.684 | 240.92 | -4.9 | Japan | 3.327 | 2.120 | 3.327 | 497.90 | -1.7 | Netherlands | 3.673 | 2.860 | 3.778 | 798.41 | -2.8 | U.K. | 5.574 | 4.560 | 5.574 | 1006.00 | -1.2 | Emerging Markets** | 7.152 | 6.403 | 7.205 | \*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds

\*\*EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

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Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(▲) or fell (▼) in the latest session | Coupon (%) | Country/Maturity, in years | Latest(●) | 0 | 1 | 2 | 3 | 4 | 5 | 6 | Previous | Month ago | Year ago | Spread Under/Over U.S. Treasurys, in basis points | Latest | Prev | Year ago | 4.750 | U.S. 2 | 4.762 ▼ | ● | 4.789 | 3.570 | 4.625 | 10 | 5.276 ▲ | ● | 5.270 | 4.126 | 2.250 | Australia 2 | 4.958 ▲ | ● | 4.945 | 4.819 | 3.530 | 18.6 | 13.9 | 4.250 | 10 | 5.414 ▲ | ● | 5.410 | 5.190 | 4.380 | 13.3 | 12.1 | 2.400 | France 2 | 3.607 ▲ | ● | 3.562 | 3.191 | 2.266 | -116 | -124.4 | 3.700 | 10 | 4.892 ▲ | ● | 4.755 | 4.251 | 3.577 | -38.9 | -53.4 | 2.700 | Germany 2 | 3.040 ▼ | ● | 3.093 | 3.012 | 2.014 | -173.2 | -171.3 | 3.000 | 10 | 3.489 ▼ | ● | 3.497 | 3.400 | 2.712 | -179.2 | -179.2 | 2.650 | Italy 2 | 3.427 ▲ | ● | 3.409 | 3.167 | 2.240 | -134. | -139.8 | 3.800 | 10 | 4.631 ▲ | ● | 4.530 | 4.203 | 3.540 | -65.0 | -75.9 | 2.000 | Japan 2 | 1.953 ▲ | ● | 1.932 | 1.856 | 0.912 | -281.9 | -287.4 | 3.100 | 10 | 3.113 ▲ | ● | 3.108 | 2.933 | 1.681 | -216.8 | -218.1 | 2.400 | Spain 2 | 3.221 ▼ | ● | 3.263 | 3.027 | 2.103 | -155.2 | -154.3 | 3.400 | 10 | 4.127 ▲ | ● | 4.080 | 3.825 | 3.207 | -115 | -120.9 | 4.375 | U.K. 2 | 4.706 ▲ | ● | 4.682 | 4.466 | 3.998 | -6.6 | -12.4 | 1.125 | 10 | 5.454 ▲ | ● | 5.381 | 5.106 | 4.726 | 17.3 | 9.2 | Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close

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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 | NatWest Markets | ... | 4.174 | 5.16 | Nov. 6, '28 | 39 | -8 | 51 | Constellation Global Funding* | ... | 5.700 | 6.43 | Aug. 5, '31 | 138 | -7 | 142 | Volkswagen Group of America Finance | ... | 3.750 | 5.86 | May 13, '30 | 84 | -6 | 95 | Mitsubishi UFJ Financial Group* | MUFG | 4.153 | 5.93 | March 7, '39 | 65 | -5 | 69 | Ally Financial | ALLY | 8.000 | 6.31 | Nov. 1, '31 | 128 | -4 | 131 | Caterpillar Financial Services | ... | 4.300 | 5.19 | May 15, '29 | 26 | -4 | 34 | American Honda Finance | ... | 1.800 | 5.73 | Jan. 13, '31 | 68 | -4 | 74 | Procter & Gamble | PG | 4.150 | 4.84 | Oct. 24, '29 | -7 | -4 | n.a. | ...And spreads that widened the most | Nationwide Building Society | ... | 5.584 | 5.58 | Oct. 15, '29 | 66 | 116 | n.a. | JPMorgan Chase | JPM | 6.400 | 6.09 | May 15, '38 | 80 | 11 | 83 | Telefonica Europe* | ... | 8.250 | 5.91 | Sept. 15, '30 | 83 | 10 | 79 | Goldman Sachs | GS | 5.150 | 6.83 | May 22, '45 | 111 | 6 | 111 | ABB Finance | ... | 4.375 | 6.31 | May 8, '42 | 60 | 5 | n.a. | Walt Disney | DIS | 2.650 | 5.38 | Jan. 13, '31 | 34 | 5 | 37 | Enel Finance International* | ... | 4.625 | 5.60 | July 13, '29 | 68 | 5 | 62 | Oracle | ORCL | 5.375 | 7.97 | July 15, '40 | 265 | 5 | 262 | 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 | Bath & Body Works | BBWI | 6.750 | 7.47 | July 1, '36 | 95.097 | 0.35 | 93.279 | Verde Purchaser | ... | 10.500 | 8.34 | Nov. 30, '30 | 104.145 | 0.15 | 102.942 | AAdvantage Loyalty IP | ... | 5.750 | 6.05 | April 20, '29 | 99.305 | 0.09 | 98.750 | Bombardier | ... | 7.450 | 6.62 | May 1, '34 | 104.900 | 0.03 | 104.605 | Telecom Italia Capital | ... | 7.721 | 6.90 | June 4, '38 | 106.476 | 0.02 | 108.007 | ...And with the biggest price decreases | Radiate HoldCo | ... | 6.000 | 20.63 | March 25, '30 | 71.750 | -3.88 | n.a. | Paramount Global* | ... | 5.500 | 10.66 | May 15, '33 | 75.989 | -1.28 | 82.990 | Navient | NAVI | 5.625 | 9.30 | Aug. 1, '33 | 81.749 | -0.56 | 82.598 | Rakuten Group | ... | 9.750 | 7.11 | April 15, '29 | 106.000 | -0.53 | 106.408 | Safeway | ... | 7.250 | 7.03 | Feb. 1, '31 | 100.797 | -0.34 | 100.627 | Occidental Petroleum | OXY | 6.450 | 6.26 | Sept. 15, '36 | 101.385 | -0.20 | 101.434 | Bath & Body Works | BBWI | 6.875 | 7.35 | Nov. 1, '35 | 96.875 | -0.13 | 96.389 | Lumen Technologies | LUMN | 7.600 | 9.51 | Sept. 15, '39 | 85.921 | -0.11 | 86.476 | \*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

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New Highs and Lows

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.

Wednesday, October 7, 2026 | Stock | 52-Wk % | Stock | 52-Wk % | Stock | 52-Wk % | Sym | Hi/Lo | Chg | Sym | Hi/Lo | Chg | Sym | Hi/Lo | Chg | Highs | AristaNetworks | ANET | 217.32 | 0.2 | CVR Energy | CVI | 58.92 | -0.1 | ArmadacAcqnllWt | RHPWH | 4.93 | 17.6 | CalisaAcqn | ALIS | 14.91 | -2.0 | BitMinelmPlGA | BMRNP | 99.91 | 15.0 | CalisaAcqn | ALISU | 27.57 | -1.0 | BlackHawkAcqn | BKHIA | 13.15 | 5.9 | CollectiveAcqn | CCAUQ | 19.99 | 82.5 | ABBV | 274.94 | 1.8 | 10.0 | CollectiveAcqnA | CCAQ | 10.88 | 0.3 | AbleViewGlobal | ABLV | 2.86 | -7.7 | BradburyCapitalWt | BBCIW | 0.14 | 79.8 | Corteva | CTVA | 14.62 | 3.9 | AlgonquinNt2079 | AQN8 | 26.38 | -0.5 | C&F Fin | CFFI | 103.04 | -0.2 | Danaos | DAC | 168.15 | -0.9 | Amplitude | AMPL | 15.22 | -0.2 | CSLM Digital III | KOYN | 10.29 | 0.1 | DeFiDevPfdC | CHAD | 9.84 | 1.1 | Source: MarketAxess | Stock | Sym | 52-Wk Hi/Lo | % Chg | Stock | Sym | 52-Wk Hi/Lo | % Chg | DoubleDown | DDI | 13.68 | 0.8 | LaunchOneAcqn | LPAU | 11.49 | -2.5 | Everpure | P | 153.46 | 3.7 | LeapfrogAcqn | LFAC | 10.10 | 0.1 | F5 | FFIV | 472.25 | -0.7 | LibertyLatAmA | LILA | 9.03 | 0.2 | ForafricGlobalWt | AFRIW | 1.83 | 26.2 | LibertyLatAmC | LILAK | 8.99 | -0.1 | ForafricGlobal | AFRI | 12.30 | 5.2 | MarathonPetrol | MPC | 444.99 | 2.3 | GigaCloudTech | GCT | 56.70 | 2.2 | NatiBankshares | NKSH | 43.57 | -0.9 | GigCapitalB | GIW | 10.19 | -0.1 | NetApp | NTAP | 238.08 | 3.2 | GlobaTerraA | GTERA | 10.50 | 0.5 | NexPointPfdA | NREFpA | 25.96 | 0.7 | Hafnia | HAFN | 10.48 | 0.8 | NorthWesternEner | NWE | 76.00 | 7.3 | HealthStream | HSTM | 32.42 | 2.5 | Organon | OGN | 13.79 | 0.4 | HewlettPackardHPE | HWE | 73.28 | 2.3 | PBF Energy | PBF | 85.75 | 1.0 | HewlettPackardPfd | HPEpC | 186.67 | 1.9 | ParPacific | PARR | 89.45 | -0.9 | IlluminationAcqnI | ILLUU | 10.28 | 0.1 | Paysign | PAYS | 15.09 | 4.1 | IronDomeAcqnI | IDACU | 10.70 | 0.6 | PinnacleFood | PFAI | 7.02 | 116.7 | JakksPacific | JAKK | 28.13 | 1.2 | PyrophyteAcqnII | PAULU | 12.49 | 4.3 | Joyy | JOYY | 81.70 | 0.8 | QuettaAcqnUn | QETAU | 22.35 | 32.8 | K&GFrowthII | KFII | 10.71 | 0.1 | Continued on Page B10 | LakeSuperiorAcqnI | LKSPU | 12.38 | 11.6 | Applications | $238,866,776,300 | Accepted bids | $81,374,443,300 | * noncompetitively | $633,445,100 | * foreign noncompetitively | $1,400,000,000 | Auction price (rate) | 98.643069(4.105%) | Coupon equivalent | 4.219% | Bids at clearing yield accepted | 43.02% | Cusip number | 912797WY9 | # What to Know About Tokenized Stocks

A recent SEC order sets in motion plans to bring the trading instruments to U.S.

BY VICKY GE HUANG AND DALVIN BROWN

Martin Koopman and Ishmael Asad both hold tokenized stocks. Only Koopman is a shareholder.

Koopman, chief product officer at financial-technology company Hazeltree, owns tokens of Figure Technology Solutions that provide the same dividend and voting rights as its Nasdaq-listed stock. Asad, a research analyst at Bitwise Asset Management, holds a GameStop token that tracks the stock's price.

The difference is now a regulatory dividing line, at least in the U.S. To trade under the Securities and Exchange Commission's new framework, a token must give its holder the same rights as a regular share.

Tokenized stocks trade on the blockchain, the ledger system that underpins cryptocurrencies. And until recently, they were a niche option reserved mostly for overseas investors. Now, traditional financial powers, crypto upstarts and even regulators are pushing to bring tokenization to the U.S. The path forward is still murky, but the potential they just might reshape the stock market.

Last month, the SEC cleared a path for trading venues to offer tokenized stocks in the U.S. through two “innovation exemptions,” prompting companies to fast-track their plans to launch tokenized stock trading platforms. These relief orders temporarily exempt authorized trading venues and market makers from certain rules that previously prevented trading in digital tokens that represent shares of listed companies.

Major Wall Street firms already have raced to tokenize Treasurys and money-market funds into tradable tokens. And brokerages and crypto exchanges have launched tokenized versions of U.S. stocks to overseas investors who face hurdles accessing U.S. markets.

Crypto proponents say tokenized stocks could transform financial markets by enabling round-the-clock trading, lowering costs and enabling instant settlement. Skeptics question the need to trade stocks during off hours or periods of low volume, arguing that it could leave prices vulnerable to manipulation, excessive volatility and cyber risks.

Still, with exchange giants like Nasdaq and the New York Stock Exchange actively working on tokenized stocks and Wall Street firms pushing ahead, a future in which shares are traded on the blockchain could soon become a reality. Here's what to know:

◆ What are tokenized stocks?

Tokenized stocks are digital tokens that represent shares of publicly traded companies.

Most of the tokenized stocks trading today are technically derivatives tracking share prices without conferring all the rights of ownership that come with shares. In the future, though, tokens are expected to grant those rights, including dividend payouts and the ability to vote on shareholder proposals.

Asad's GameStop token came free from an app. Issued by a separate company and backed by GameStop shares held in custody, the token tracks the stock's price but doesn't make Asad a GameStop shareholder. He can trade it, but not exchange it for GameStop stock.

◆ Why do investors want tokenized stocks?

Tokenized stocks are gaining popularity because blockchain technology allows them to be traded 24/7, a feature already familiar to crypto investors but previously untapped in most traditional markets. Tokenization also expands overseas access to U.S. stocks, allowing anyone in the world to hold whole or fractional shares of blue-chip equities in the same digital wallet as their crypto assets.

Proponents argue that this opens the world's deepest and most liquid capital markets to investors around the world.

Proponents say that the blockchain could accelerate the process of stock transactions by cutting out the middlemen, ultimately translating to lower trading costs and higher returns for investors.

◆ Where can people trade tokenized stocks now?

Robinhood, Coinbase, Kraken and Gemini, among other firms, do offer blockchain-based versions of U.S. stocks and exchange-traded funds for non-U. S. customers.

Asset managers including BlackRock and JPMorgan Chase's asset-management arm have launched tokenized money-market funds, though many remain primarily for institutional or high-net-worth investors.

Koopman in October used Figure's app to buy \$10 of the company's blockchain stock, about one-third of a share. And because Figure issued the token itself, it is an actual share, with the same dividend rights as the regular stock and one vote per share. If the app goes down, "you've still got it," Koopman said.

---

◆ What are the risks?

Because tokens are often thinly traded during off hours, they are susceptible to sharp price moves when users buy or sell more than the markets can handle.

Regulators also have warned that such tokenized assets create opportunities for bad actors to engage in insider trading and market manipulation while circumventing oversight. In the U.S. stock market, exchanges use surveillance to identify suspicious activity and the people behind it, while brokerages must know the identity of their customers. But such controls don't currently exist with tokenized stocks.

Some Wall Street firms, including Citadel Securities, have objected to the SEC allowing the trading of tokenized stocks through innovation exemptions. In a letter to the agency, the market maker said the SEC should engage in a notice-and-comment process to address concerns about investor protection, fair access and ensuring tokenized stocks are subject to the same standards as traditional securities.

◆ What's coming to the U.S.?

The SEC's order cleared a path for trading venues to offer tokenized stocks in the U.S. through two five-year innovation exemptions.

The SEC's framework comes with strict safeguards for corporate issuers: Before a venue can begin trading any stock tokenized by a third party, it must give the issuing company 30 days notice. If the company objects, the venue can't proceed with the offering.

Crucially, the tokens permitted by the SEC exemptions will carry the same shareholder rights granted to investors in traditional stocks, including dividend payouts and proxy votes. That would rule out for now the synthetic stock tokens offered by brokers and exchanges outside the U.S.

Yield Surge Skips Debt In China

Continued from page B1 cash to meet their goals, which can hit spending overall. They send a gloomy signal about economic growth that can sap businesses' desire to hire and invest. They can also trigger a scramble for better returns that pushes investors into riskier assets, undermining financial stability.

As recently as 2024, Chinese policymakers were so worried about low yields that they came up with a plan to sell government bonds to prod yields higher.

Rather than selling bonds, the People's Bank of China this year has been a net buyer. That suggests Beijing now sees lower borrowing costs as helpful for struggling parts of the economy.

“That tells you they are happy with bond yields being lower,” said Julian Evans-Pritchard, head of China economics at Capital Economics.

Still, China's low bond yields are indicative of a shortage of investment opportunities for its huge hoard of savings. Even bigger buyers of Chinese bonds than households are the country's banks. As of August, Chinese banks owned 29 trillion yuan of bonds, around \$4.4 trillion, compared with less than half that sum in 2022.

New Highs and Lows | Continued From Page B9 | Stock | Sym | 52-Wk Hi/Lo | % Chg | QuettaAcqn | QETA | 16.12 | 10 | RFAcqnllRt | RFAIR | 0.23 | -1 | ShreyaAcqn | SAGU | 10.07 | 0 | StarrySeaAcqn | SSEAU | 10.57 | SuperMicroPfdA | SMCIP | 75.56 | 2 | ThunderBridgeV | TBCVU | 10.08 | 0 | UnivInsurance | UVE | 45.36 | 4 | ValeroEnergy | VLO | 428.99 | 1 | ValorEnergy | VAI | 2.57 | 7 | ValueLine | VALU | 44.79 | 8 | VinceHolding | VNCE | 13.45 | 9 | Vylor | VYLR | 75.49 | 0 | WestinAcqn | WSTN | 10.25 | 0 | WeycoGroup | WEYS | 52.34 | 1 | WintergreenAcqn | WTG | 10.70 | 0 | XP | XP | 30.22 | -0 | LWLS | AcadiaPharm | ACAD | 19.45 | AccessNewswire | ACCS | 4.52 | AcresCmclPfdC | ACRpC | 20.01 | AcresCmclPfdC | ACRpD | 15.00 | ADS-TEC | ADSE | 9.14 | AECOM | ACM | 56.39 | AGNC Invt | AGNC | 8.42 | AGNCInvPfdH | AGNCZ | 23.77 | AmExpressBrands | AMSS | 10.00 | AMTD IDEA | AMTD | 0.56 | AT&T Nts 2066 | TBB | 18.60 | AT&T PfdC | TP | 16.19 | AT&T PfdA | TpA | 17.04 | ATS | ATS | 17.60 | AcadiaRealty | AKR | 18.06 | AccendraHealth | ACH | 0.44 | AdamsNts2033 | ADAMK | 24.39 | AdamsNts2030 | ADAMG | 24.01 | ADARxPharm | ADARX | 17.20 | ADARxPharm | ADRX | 17.20 | AdvDrainageSys | WMS | 124.39 | AegonisNts2049 | AEFC | 17.30 | AeroVironment | AVAV | 134.25 | AerSale | ASLE | 4.71 | AffiliatedMgrDeb | MGR | 18.67 | AffiliatedNts50 | MGBR | 15.49 | AffiliatedNts61 | MGRD | 13.89 | AffiliatedNts64 | MGRE | 21.19 | Alset | AEI | 0.65 | Alglobal | ALTI | 2.00 | AmHomesArtFldc | AMHg | 20.21 | AmerVanguard | AVG | 17.84 | Amrize | AMRZ | 36.17 | AnavexLifeSci | AVXL | 1.52 | AnnalyCap | NLY | 17.84 | ApartmtInv | AIV | 1.76 | AppliedAerospace | AADX | 11.22 | AquaMetals | AQMS | 1.96 | ArborRealty | ABR | 1.22 | ArbusPfdC | ABGD | 12.96 | ArborRealtyPfd | ABRpF | 17.16 | ArborRealtyPfdC | ABRpE | 12.20 | ArchCapitalPfdC | ACGLO | 18.01 | Ardelyx | ARDX | 3.22 | AresCmclRIEst | ACRE | 3.61 | % | Stock | Sym | 52-Wk Hi/Lo | % | chg | Amlogi | ABTC | 0.22 | -2.5 | 10.3 | Armour ResREIT | ARR | 13.16 | -1.5 | 13.7 | ArteleBiosci | ARTL | 3.33 | -1.4 | 0.2 | ArtisanPersAsset | APAM | 33.39 | -3.6 | 0.2 | AsburyAutomotive | ABG | 165.85 | -1.2 | 2.8 | AshfordHospFid | AHFP | 3.55 | -1.8 | 0.7 | ApteraPhDraf | AHTpf | 3.37 | -1.4 | 4.0 | AstecIndustries | ASTE | 38.34 | -5.0 | 12.7 | AthenePfdA | ATHpA | 22.63 | -0.6 | 7.2 | AtlanticAmerican | AAME | 1.19 | -3.1 | 7.7 | AtUnionPfdA | AUprA | 22.76 | -0.7 | 0.7 | AtlasCriticalMni | ATCX | 2.55 | -3.4 | 0.7 | AtlasLithium | ATLX | 2.37 | -3.6 | 0.5 | Bark | BARK | 7.98 | 0.6 | 5.9 | B&TMerchCnnerWt | BRTMW | 0.25 | -18.5 | 0.1 | BainCapSpecFin | BCSP | 10.55 | -1.4 | 7.7 | BancroftFdPfdA | BCyPA | 18.85 | -2.2 | 0.7 | BankofAmPfdA | BMLpH | 17.72 | -2.1 | 0.7 | BankofAmNtS6 | MERpK | 22.85 | -0.1 | 0.7 | BankofAmPfdGG | BAPcG | 21.96 | -1.0 | 0.7 | BankofAmPfdAC | BAPcAC | 21.07 | -0.6 | 0.7 | BankofAmPfdLH | BAPcLH | 17.74 | -0.2 | 5.9 | BioAmericaFpdNln | BAPcO | 15.60 | -0.6 | 1.7 | BankofAmPfdPP | BAPcP | 15.06 | -0.7 | 1.7 | BankofAmPfdQQ | BAPcQ | 15.18 | -0.9 | 2.8 | BankofAmPfdS5 | BAPcS | 16.90 | -0.8 | 2.2 | BkofHawaiiPfdA | BPbHA | 14.56 | -0.5 | 9.7 | BNYM Pfd K | BNYpK | 23.95 | ... | 9.1 | Beeline | BLNE | 0.74 | -4.6 | 1.0 | BetterHome&Fin | BETR | 9.60 | -11.5 | 0.4 | BeyondMeat | BYND | 7.56 | -4.1 | 0.6 | BigBearai | BBAI | 2.48 | -2.7 | 2.7 | BinahlCapital | BCG | 0.97 | -5.6 | 1.7 | BiodexaPharm | BDRX | 0.53 | -5.3 | 1.5 | BiofronteraWt | BFRW | 0.01 | -21.0 | 1.4 | BioHarvestSci | BIST | 1.37 | -2.3 | 1.4 | Bristol | BTMD | 1.09 | -2.6 | 3.7 | BlackstoneDigital | BXDC | 16.90 | -2.5 | 6.7 | BlaineWt | BZAIW | 0.03 | -10.2 | 3.1 | BlendLabs | BLND | 1.00 | -1.0 | 1.8 | BlueOwlCapital | OBDC | 9.82 | -0.1 | 3.3 | BlueOwlTech | OTF | 9.14 | -1.2 | 2.6 | BostonSci | BSX | 41.50 | -1.4 | 0.5 | BoyGroupServices | BGS1 | 75.42 | -0.2 | 1.4 | BradburyCapital | BBC1 | 7.90 | -17.6 | 2.3 | BaemarHtls | BHR | 1.47 | -3.3 | 0.7 | BraemarHlpsPfdD | BHRpD | 13.20 | -5.4 | 4.9 | BraveheartBio | BRVE | 18.47 | -6.1 | 4.2 | BreadFinlhdgsnc | BFHpB | 23.84 | -1.7 | 1.4 | BrenxK | BRNX | 1.47 | -3.3 | 1.4 | BrookBioOncology | BBOT | 3.36 | -1.7 | 2.4 | BrideAerospaceWt | BAERW | 0.05 | -24.7 | 4.4 | BridgewaterPfdA | BWBRP | 18.75 | -0.8 | 2.7 | BrightMindsBio | DRUG | 47.23 | 7.8 | 5.9 | BrighthouseDel58 | BHFAFL | 14.85 | -1.4 | 4.6 | BrighthousePfdA | BHFAIP | 13.21 | -1.5 | 4.5 | BrighthousePfdB | BHFAO | 13.53 | -1.9 | 6.9 | BrighthouseFinlPfc | BHFAAN | 10.82 | -1.6 | 2.6 | BrookfieldFinlNts | BNH | 14.11 | -0.4 | 5.0 | BrookfieldFinlA3 | BIPpA | 15.72 | -1.1 | 3.6 | BrookfieldOaklPdA | OAKpA | 19.95 | ... | 1.6 | BrunswickNts2049 | BCPc | 22.13 | -2.8 | 1.5 | BuildersFirst | BLDR | 52.98 | -4.7 | 2.7 | Bumble | BMBL | 2.44 | -0.4 | g | Stock | Sym | 52-WkHi/Lo | %Chg | 5 | BurborfCapital | BUR | 3.48 | -3.3 | 6 | CDT Equity | CDT | 0.80 | -10.1 | 4 | CMSengyPfdC | CMSpC | 15.43 | -0.8 | 6 | CNOFinDeb2060 | CNOpA | 15.41 | 0.5 | 6 | Cal-MaineFoods | CALM | 61.88 | -1.1 | 7 | CalidBiotherap | CLD | 0.99 | -1.0 | 7 | Campbell | CPB | 1.08 | -0.7 | 6 | CanFlteBioPharm | CANF | 2.10 | -1.9 | 6 | CantorEqPtrsVII | CAES | 10.04 | -0.1 | 7 | CapitalOnePfdN | COPnN | 14.29 | -0.9 | 7 | Cardlytics | CDLX | 2.13 | -12.3 | 4 | CaribouBio | CRBU | 0.55 | -45.6 | 6 | CarlyleCreditPfdD | CCID | 24.74 | 0.2 | 6 | Carlyle | CG | 37.49 | -2.8 | 6 | cbdMD | YCBD | 0.39 | -0.2 | 6 | CeleryanBiotech | HKPD | 0.10 | 0.8 | 2 | Centrex | KETX | 1.93 | ... | 1 | CenturyCasinos | CNTY | 0.98 | -2.6 | 6 | SchwabPfdD | SCHHpB | 20.95 | 0.5 | 6 | SchwabPfdJ | SCHHpJ | 15.61 | -0.5 | 6 | CherryHillPfdA | CHHPaA | 19.97 | -0.7 | 6 | CherryHillPfdB | CHHPpB | 22.33 | -1.0 | 6 | ChimeralmVt | CHIMt | 9.61 | -0.3 | 6 | ChimeralmVtF | CHIPaA | 8.90 | -2.6 | 7 | ChinaYuchai | CYD | 28.03 | -12.5 | 6 | ChurchillCapCorpW | XIIHW | 1.10 | -0.8 | 5 | ChurchillDowns | CHDN | 73.44 | -5.4 | ... | Clarivate | CLVT | 1.42 | ... | CN | Finance | CNFT | 1.37 | -0.3 | 6 | CodereOnlineWt | OROW | 0.25 | -5.5 | 1 | Coincheck | CNCK | 1.34 | -2.9 | 7 | ColliersIntl | IGI | 83.70 | -2.0 | 6 | Comcast A | CMCSA | 20.88 | -1.4 | 3 | comScore | SCOR | 4.02 | -3.3 | 6 | Comstock | LODE | 2.16 | -4.0 | 6 | ComtechTel | CMTL | 1.21 | -0.8 | 6 | ConstructionPtrs | ROAD | 86.30 | -5.5 | 6 | Copart | CPRT | 25.78 | -1.7 | 6 | CorpusPharm | CRBP | 5.47 | -5.0 | 3 | Core&Main | CNM | 39.42 | -3.3 | 1 | CostamarePfdD | CMRepE | 25.77 | 1.0 | 2 | CrescentCapBDC | CCAP | 8.86 | -0.7 | 4 | Curtiss-Wright | CWT | 502.31 | -8.0 | 2 | Cushman&Wkrd | CWK | 11.21 | -4.4 | 6 | Cybra | CYAB | 0.18 | -4.3 | 3 | Cynng | CYN | 0.59 | -0.6 | 4 | DBV Tech | DBVT | 9.64 | -2.1 | 1 | DefseTech | DFSC | 0.89 | -8.1 | 7 | DaqoNewEnergy | DQ | 10.77 | -1.6 | 6 | DecoyTherap | DCOY | 1.51 | 3.9 | 7 | DentsplySirona | RAY | 8.38 | 0.2 | 7 | DestinationXL | DXLG | 0.36 | -4.1 | 6 | DigitalCurxX | DCK | 2.70 | -5.8 | 6 | DigitalRealtyPfJ | DLRplJ | 18.07 | -1.0 | 6 | DigitalPfJNts | DCBG | 20.87 | -1.4 | 5 | DolphinEnt | DLPN | 1.00 | -6.2 | 6 | DouYuIntl | DOUY | 4.07 | -4.7 | 6 | DragonflyEnergy | DFLI | 0.62 | 1.3 | 6 | DreamFinders | DFH | 9.14 | -2.5 | 1 | DrugsMadeAmiRt | DMiIR | 0.05 | 9.1 | 1 | DynexCapital | DX | 10.46 | -2.6 | 8 | EIDP$3.50Pfd | CTApA | 45.63 | -0.8 | 7 | EIDP$4.50Pfd | CTApB | 58.20 | -0.9 | 4 | EagleMaterials | EXP | 163.50 | -2.4 | Biggest 1,000 Stocks | WSJ.com/stocks | Stock | Sym Close | Net Chg | RogersComm B | RCI | 30.68 | ReovantSciences | ROIV | 34.75 | Roku | ROKU | 152.73 | Rollins | ROL | 30.87 | RoperTech | ROP | 358.57 | RossStores | ROST | 225.53 | RoyalBkCanada | RY | 191.22 | RoyalCaribbean | RCL | 282.32 | RoyalGold | RGLD | 227.89 | RoyaltyPharma | RPRX | 56.76 | Rubrik | RBRK | 123.73 | RyanSpecialty | RYAN | 37.60 | Ryanair | RYAAY | 56.00 | RyderSystem | R | 232.32 | SAP | SAP | 210.13 | S&P Global | SPGI | 395.18 | SBA Comm | SBAC | 170.38 | SEI Investments | SEIC | 102.07 | SK hynix | SKHY | 178.25 | SK Telecom | SKM | 35.57 | SLB | SLB | 47.96 | SS&C Tech | SSNC | 78.70 | Saia | SAIA | 334.72 | SailPoint | SAIL | 19.58 | Salesforce | CRM | 224.56 | Stock | Sym | Close | Net Chg | Samsara | IOT | 40.51 | -1.23 | Sandisk | SNDK | 1692.42 | 31.96 | Sanmina | SANM | 219.41 | -8.66 | Sanofi | SNY | 40.20 | 0.64 | Sasol | SSL | 14.20 | -0.09 | SchwabC | SCHW | 95.58 | -1.22 | Sea | SE | 94.66 | -1.87 | Seagate | STX | 807.57 | -1.94 | Sempra | SRE | 79.69 | -0.28 | Semtech | SMTC | 193.78 | -3.42 | ServiceIntl | SCI | 76.86 | -0.44 | ServiceNow | NOW | 137.87 | -0.10 | SharkNinja | SN | 185.19 | 0.47 | Shell | SHEL | 96.85 | -0.77 | SherwinWilliams | SHW | 315.00 | -6.16 | ShinhanFin | SHG | 77.11 | -0.80 | Shopify | SHOP | 166.03 | 1.59 | SiliconMotion | SIMO | 285.78 | 0.82 | SimonProperty SPG | 197.59 | -4.15 | SiTime | SITM | 665.16 | -45.90 | Skydance | SKYD | 8.89 | -0.64 | Skyworks | SWKS | 83.43 | 0.64 | Smith&Nephew | SNN | 26.89 | 0.02 | Smucker | SJM | 115.93 | -0.87 | SmurfitWestrock | SW | 41.29 | -1.10 | Snap | SNAP | 5.81 | 0.03 | ---

Mutual Funds | Stock | Sym Close | Net Chg | Snap-On | SNA | 359.89 - 8.72 | Snowflake | SNOW | 332.85 - 3.10 | SOQUIMICH | SQM | 64.61 - 1.56 | SoFiTech | SOFI | 15.66 - 0.10 | SolsticeAdvMats | SOLX | 60.36 - 0.91 | Solventum | SOLV | 85.88 - 1.16 | Somnigroup | SGI | 61.76 - 0.98 | Sony | SONY | 37.52 - 0.33 | Southern | SO | 85.44 - 1.00 | SoCopper | SCCO | 200.57 - 3.69 | SouthStateBk | SSB | 98.91 - 2.04 | SouthwestAir | LUV | 41.72 - 0.73 | SpaceX | SPCX | 167.60 - 4.32 | Spotify | SPOT | 512.92 24.79 | Stanley&D | SWK | 88.31 - 1.68 | Starbucks | SBUX | 93.58 - 2.53 | StateStreet | STT | 174.19 - 1.56 | SteelDynamics | STLD | 234.09 - 4.08 | Stellantis | STLA | 4.61 ... | Steris | STE | 209.68 1.03 | SterlingInfr | STRL | 534.13 - 29.56 | StifelFinancial | SF | 69.71 - 0.41 | STMicroelec | STM | 56.18 - 2.54 | Strategy | MSTR | 153.37 - 11.18 | Stryker | SYK | 275.40 - 2.80 | SumitomoMits | SMFG | 25.40 - 0.43 | Data provided by LSEG

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. e-Ex-distribution. f-Previous day's quotation. g-Footnotes x and s apply. f-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. | Stock | Sym | 52-Wk Hi/Lo | % Chg | EHang | EH | 3.95 | 1.0 | EletraTherap | ETRA | 8.92 | -6.7 | EllingtonCredit | EARN | 1.28 | -2.7 | EllsworthPrfdA | ECPF | 18.51 | -0.4 | EnergyTransfer | EMA | 45.56 | -1.8 | EnergyFuels | UUU | 10.23 | -8.9 | Enhanced | ENHA | 1.36 | -6.1 | Enlivex | ENVL | 0.30 | -9.9 | EntergyBds66 | EAI | 18.44 | -2.4 | EntergyLA Bds66 | ELC | 18.38 | -1.8 | EntergyMS Bds | EMP | 18.26 | -1.7 | EntergyBds66 | ENO | 19.39 | -1.8 | EntergyTX PfdA | ETP | 20.71 | -2.6 | EntFinlSvsPfdA | EFSCP | 15.90 | 2.3 | EquitablePfdC | EQHPC | 15.00 | -1.0 | EmexaTherap | ERNA | 2.15 | 6.9 | EssentialProp | EPRT | 24.94 | -2.5 | EuronetWorldwide | EEFT | 62.02 | 1.6 | Evercore | EVEX | 1.65 | -1.2 | EveHoldingWt | EVEIUS | 0.03 | -18.6 | EvolutionMtls | EMAT | 1.72 | -8.9 | ExcascaleLabs | XLAB | 0.94 | -5.6 | Exicure | XUCUM | 10.00 | -1.5 | F&GAnnuities | FG | 19.38 | -4.0 | FRP Holdings | FRPH | 19.92 | -1.5 | FTC Solar | FTCI | 1.88 | -2.5 | FaradayFuture | FFAI | 1.06 | -4.3 | Fathom | FTHM | 0.21 | -3.3 | FedAgrnMtgPfdA | AGMpD | 18.89 | -0.2 | FedAgrnMtgPfdE | AGPeE | 18.80 | -0.5 | FedAgrnMtgPfdG | AGPeG | 16.20 | -1.2 | FedAgrnMtgPfdH | AGPhH | 10.83 | -0.8 | FedAgrnMtgPfdA | AGPhF | 17.20 | -0.1 | Ferrovial | FER | 50.36 | -1.7 | FidNatFinl | FIN | 37.88 | -0.2 | FifthThirdPfdK | FITBpK | 17.19 | -1.0 | FinWiseBancorp | FINW | 10.77 | 0.1 | FirstCitizensPfdC | FCNCO | 18.37 | -1.7 | FirstCitizensPfdA | FCNCP | 17.85 | -1.1 | FirstHorizonPfd | FNHPG | 21.80 | -1.9 | RagstarFinBONUSES | FLGPu | 35.58 | -1.1 | Fly-E | FLYE | 1.22 | -4.5 | FlyteAviation | VJET | 0.87 | -9.3 | FordMotor262Mkt | FbE | 18.60 | -0.4 | ForemsClearelnHr | FMSTW | 0.24 | -4.0 | ForesightAuto | FRST | 14.39 | -1.0 | ForesightGroup | FCPT | 21.02 | -1.3 | FrankBSP PfdE | FBRTpE | 17.80 | -1.4 | FrankBSPRealty | FBRT | 6.03 | ... | FreedomMetalsAcan | FDMMU | 9.92 | -0.5 | FreightCarAmer | RAIL | 6.24 | -4.7 | Freightos | CRGO | 0.80 | -6.6 | FrontierNuclear | FNUC | 1.10 | -5.2 | FullHouse | FULL | 1.25 | -7.4 | FutureMoneyRt | FMACR | 0.06 | -6.0 | GAMCO PfdA | GNTPA | 18.49 | -0.8 | GP-ActilianWt | GPATW | 0.04 | -10.9 | GameYourGame | EGYY | 0.49 | -8.0 | Gauzy | GAUZ | 4.50 | 8.4 | GileadFinl | GBLFH | 7.37 | -1.0 | GeospaceTech | GEOS | 4.60 | ... | GeoVaxLabs | GOVX | 0.28 | 0.3 | Gevo | GEVO | 1.25 | 1.6 | GixInternet | GIXI | 3.79 | -4.5 | GladstonePfdC | GOODO | 18.03 | -1.4 | GlibNetLeasePfdA | GNLPA | 21.53 | -3.0 | GlibNetLeasePfdD | GNLPD | 21.09 | -3.6 | GoresXI Wt | GHXIW | 0.50 | -8.0 | Wednesday, October 7, 2026 | Fund | NAV | Net Chg | YTD %Ret | AB Funds | MunilncmShares | 10.30 | -0.07 | -4.1 | American Century Inv | Ultra | 103.53 | -0.32 | 10.0 | American Funds CI A | AmcpA | 46.16 | -0.12 | 8.1 | AMutlA | 63.95 | -0.24 | 8.6 | BalA | 40.16 | -0.06 | 8.0 | BondA | 10.74 | ... | -3.2 | CapIBA | 81.16 | -0.33 | 7.4 | CapWGraA | 81.85 | -0.52 | 15.5 | EupacA | 62.89 | -0.84 | 10.0 | FdlnVa | 103.69 | -0.26 | 15.1 | GwthA | 90.41 | -0.35 | 12.4 | ICAA | 69.40 | -0.17 | 11.8 | IncoA | 27.01 | -0.14 | 5.4 | N PerA | 76.01 | -0.54 | 7.6 | NEcoA | 87.77 | -0.32 | 20.8 | NwWrldA | 108.15 | -1.16 | 16.0 | SmCpA | 81.74 | -1.35 | 11.5 | WshA | 66.95 | -0.16 | 7.7 | Fund | NAV | Net Chg | YTD %Ret | Artisan Funds | IntVal Inst | 57.98 | -0.33 | 9.1 | Baird Funds | AggBdInst | 9.39 | ... | -2.6 | CorBdInst | 9.75 | ... | -2.4 | IntBdInst | 10.13 | +0.01 | -1.2 | ShtTbDInst | 9.38 | ... | 1.0 | BlackRock Funds | HiYBlk | 6.93 | ... | 0.9 | HiYldBd Inst | 6.92 | -0.01 | 0.8 | BlackRock Funds III | iShS&P500IdxK906.68 | -1.98 | 14.9 | BlackRock Funds Inst | StratIncOptyIns | 9.47 | -0.01 | 0.5 | Calamos Funds | MktNeutl | 16.29 | ... | 4.6 | CausewayInst | CausewayInst | NA | ... | NA | Columbia Class A | SelgComUnfoA257.44 | -1.82 | 64.3 | Columbia Class I | DivIncom I | 39.82 | -0.09 | 11.1 | Stock | Sym Close | Net Chg | SummitTherap SMMT | 17.95 | 0.64 | SunComms SUI | 110.79 | -1.28 | SunLifeFinancial SLF | 75.82 | -1.91 | SunbeltRentals SUNB | 74.77 | -3.76 | SuncorEnergy SU | 68.14 | -0.08 | Sunoco SUN | 71.99 | -0.97 | SuperMicroComp SMCI | 44.94 | 1.48 | Suzano SUZ | 8.42 | 0.02 | Symbolic SYM | 43.31 | -0.84 | SynchronyFinl SYF | 71.93 | -0.23 | Synopsys SNPS | 502.67 | -2.50 | Sysco SYY | 76.79 | -0.66 | 52-Wk | Stock | Sym | Hi/Lo Chg | GrabAGun | PEW | 1.92 -0 | GranitePointPfdA | GMPtA | 12.80 -3 | GreenCircle | GDT | 0.48 -40 | GreenPowerMotor | GP | 0.37 -3 | GroupAuto | GPI | 229.91 -1 | GrAeroportuario | OMAB | 91.60 -3 | GuardianMetal | GMTL | 7.53 -6 | Huhutech | HUHU | 2.70 -20 | HadronEnergy | HDRN | 1.15 -6 | HaoxiHlthTech | HAO | 2.37 7 | HartfordPfdG | HIGP | 21.14 -1 | HawkEye360 | HAWK | 13.83 -2 | Hayward | HAYW | 11.75 -4 | HealthtrarchTangle | HCTI | 0.50 1 | HeartcoreEnts | HTCR | 1.50 0 | High-TrendIntl | HTCO | 1.33 -11 | HouseOfDoge | HODO | 0.11 -3 | HubGroup | HUBG | 0.52 -2 | Humana | HUMA | 0.46 -1 | HuntingtonPfdI | HBANM | 19.16 -1 | HyperscaleData | GPUS | 0.15 -1 | ICZOOMA | IZM | 0.90 -4 | INVO Fertility | IVF | 0.71 -7 | IdahoStratRscs | IDR | 26.00 -4 | Immatics | IMTX | 7.31 -0 | Immuneering | IMRX | 3.74 0 | Immutep | IMMP | 4.04 -6 | ImpactBioMed | IBO | 4.36 -4 | Imunon | IMNN | 1.10 1 | InflectionPtVIII | IPHXU | 9.98 -0 | InflectionPtVIIIWt | IPHXW | 0.38 -4 | Inventure | INVL | 0.92 -52 | InsurSMD | NSPR | 0.50 -2 | InstalledBldg | IBP | 179.67 -4 | InstinctBioTechWt | BIOTW | 0.01 -10 | Intellichek | IDN | 2.19 -2 | Intellinectics | INLX | 4.55 8 | Intercont(Cayman) | NCT | 1.25 1 | InterPrivlnvt Wt | IPVVW | 0.17 -45 | InvESCOMtg | IVR | 5.58 -1 | InvestcpCredit | ICMB | 0.65 -6 | iTonic | ITOC | 3.42 1 | IvesUltraAlOpps | IVAI | 10.10 -0 | JBT Marel | JBTM | 104.00 -4 | JinkoSolar | JKS | 8.67 -2 | JobyAviation | JOBY | 5.92 -2 | JYNN | JYNT | 7.01 1 | JPMorganPfdDD | JPMpD | 21.23 -0 | JPMChasePfDEE | JPMpc | 22.42 -1 | JPMorganPfdGG | JPMpJ | 17.28 -0 | JPMChasePfdJJ | JPMpK | 16.51 -0 | JPMChasePfdLL | JPMpL | 16.78 -0 | JPMorganPfdMM | JPMpM | 15.55 -0 | KALA BIO | KALA | 0.34 -1 | KB Home | KBH | 43.37 -3 | KIDZAI | KIDZ | 2.12 -4 | KLX Energy | KLXE | 1.30 -4 | KNOREX | KNRX | 0.20 -10 | KairosPharma | KAPA | 0.85 -24 | KimcoMarketVenture | FMVE | 0.14 -2 | Kardigan | KARD | 12.23 2 | Karman | KRNM | 30.97 -5 | KarmanLineWt | XTERW | 0.22 -15 | KaryopharmTherap | KPTI | 0.62 -0 | Katapult | KPLT | 4.06 -4 | KestrelGr.625-46 | MHLA | 8.94 -0 | KimcoRealityPfdL | KIMpL | 18.72 -1 | KimcoRealityPfdM | KIMpM | 18.71 -2 | TUV | TC Energy | TRP | 58.94 | -1.29 | TD Synnex | SNX | 271.52 | -6.86 | TE Connectivity | TEL | 215.83 | -3.68 | Telus | TU | 7.94 | 0.06 | Ternium | TX | 56.41 | -0.56 | TFI Intl | TFII | 112.35 | -1.59 | TIM | TIMB | 19.02 | 0.04 | TJX | TJX | 138.80 | 1.77 | TKO | TKO | 178.64 | 2.18 | T-MobileUS | TMUS | 167.65 | 1.72 | TPG | TPG | 44.51 | -0.46 | T.RowePrice | TROW | 104.07 | 0.47 | TTM Tech | TTMI | 128.20 | -4.51 | TaiwanSemi | TSM | 472.20 | -10.10 | Fund | NAV | Net Chg | YTD %Ret | Dimensional Fds | EmgMktVa | 45.34 | -0.32 | 24.4 | EmMktCorEq | 34.68 | -0.38 | 21.4 | IntlCoreEq | 21.94 | -0.28 | 10.4 | IntlVal | 31.70 | -0.49 | 13.1 | IntSmCo | 27.29 | -0.33 | 8.7 | IntSmVa | 34.36 | -0.50 | 13.5 | LgCo | 51.78 | -0.11 | 15.0 | US CoreEq1 | 56.32 | -0.27 | 14.4 | US CoreEq2 | 50.15 | -0.29 | 14.2 | US Small | 58.77 | -0.88 | 13.3 | US SmCpVal | 59.36 | -0.79 | 16.2 | US TgdVal | 41.74 | -0.58 | 14.1 | USLgVa | 66.23 | -0.34 | 19.1 | Dodge & Cox | Balanced | 13.54 | -0.05 | 2.8 | Income | 12.02 | -0.01 | -3.3 | Intl Stk | 17.97 | -0.24 | 9.2 | Stock | 17.30 | -0.09 | 6.2 | DoubleLine Funds | TotRetBdl | 8.36 | ... | -2.8 | Fund | NAV | Net Chg | YTD % Ret | Fidelity | 500ldxInstPrem271.10 | -0.59 | 15.0 | Contrafund K6 | 39.13 | -0.15 | 15.0 | EmgMktldxInstPre | 17.07 | -0.22 | 24.8 | ExtMktldxInstPre113.16 | -1.81 | 12.4 | FidSALEmerg | 22.10 | -0.22 | 31.2 | FdSer5 | 7.06 | +0.01 | -4.4 | FdSerInt | 8.20 | -0.01 | -1.4 | FidSerToMarket | 25.42 | -0.10 | 14.7 | FIDZroLgCplx | 27.98 | -0.07 | 14.7 | GexLuxSIdxInstPre | 21.25 | -0.29 | 13.9 | GrowthCompanyK6 | 48.39 | -0.06 | 30.8 | IntlldxInstPrem | 66.39 | -0.85 | 9.2 | IntlIndex | 16.88 | -0.23 | 14.6 | LgCpGwld InstPre | 50.55 | -0.15 | 9.3 | LgCpVldIdxInstPre | 24.97 | -0.08 | 20.6 | MidCplnIdxInstPre | 41.99 | -0.47 | 13.7 | SAIUSLgCplxFxd | 29.08 | -0.07 | 15.0 | SeriesBondFd | 8.62 | ... | -2.7 | SeriesOverseas | 15.47 | -0.27 | 3.6 | SerLTTRebldlx | 4.82 | -0.01 | -7.7 | SmCpldxInstPrem | 35.10 | -0.47 | 13.6 | TMktldxInstPrem214.17 | -0.78 | 14.7 | TotalMarketIndex | 27.13 | -0.09 | 14.8 | TtlIntldxInstPre | 19.66 | -0.26 | 13.5 | USBdldxInstPrem | 9.98 | ... | -2.7 | Fidelity Advisor I | GrOppl | 278.79 | -0.72 | 19.2 | Fidelity Freedom | Idx2030InsPre | 24.03 | -0.10 | 6.7 | Idx2035InsPre | 28.64 | -0.15 | 8.0 | Idx2040InsPre | 31.77 | -0.20 | 10.6 | Idx2045InsPre | 34.57 | -0.24 | 12.3 | Idx2050InsPre | 34.79 | -0.25 | 12.6 | % | 52-Wk | Sym | R | Hi/Lo Chg | 0.5 | Knightscope | KSCP | 0.65 - 2.3 | 3.7 | KratosDefense | KTOS | 40.92 - 4.0 | 1.5 | LCI Inds | LCI | 79.2 - 1.8 | 3.6 | SarantisTech | LHX | 233.01 - 1.8 | 1.8 | Lakewood-Amedex | LABT | 0.76 - 2.0 | 3.1 | Lanvin | LANV | 0.87 - 5.4 | 6.4 | Largo | LGO | 0.44 - 3.5 | 0.5 | Las VegasSands | LVS | 35.70 - 1.4 | 6.4 | LatigioBiotherap | LTGO | 15.27 - 4.6 | 7.4 | Lazard | LAZ | 34.76 - 1.5 | 1.4 | LithiumAmericas | LAC | 2.39 - 5.1 | 2.0 | LuflaxHolding | LU | 0.96 - 2.8 | 4.1 | lululemon | LULU | 90.56 - 1.8 | 1.4 | LumentFinance | LFT | 4.79 - 5.9 | 3.3 | LunaBloworks | LNAI | 1.08 - 3.5 | 1.9 | LyellImmuno | LYEL | 8.38 - 0.6 | 5.6 | M&T Bank Pfd K | MTBKp | 21.50 - 0.2 | 1.8 | MDB Capital | MDBK | 2.08 - 1.0 | 1.2 | MFA Financial | MFA | 7.11 - 1.8 | 1.1 | MFA FinPfdB | MAFPb | 16.78 - 2.0 | 1.3 | MidkwellTech | MKDW | 1.00 - 12.6 | 4.7 | MagiEmpireGlobal | MEGL | 0.75 - 2.8 | 7.2 | Maris-Tech | MTEK | 0.60 - 1.7 | 5.9 | MartinMidstream | MMLP | 1.76 - 5.1 | 0.7 | MedallionBkPfdG | MBNKQ | 23.53 - 1.7 | 0.8 | MedicalProp | MPT | 3.20 - 2.1 | 6.5 | Merlin | MRLN | 1.39 - 9.6 | 3.5 | MesabiTrust | MSB | 18.12 - 1.1 | 1.8 | Metagenomi | MGX | 0.96 - 4.4 | 0.4 | MiamInt'l | MAX | 29.21 - 2.0 | 4.8 | MicropolisAI | MICRP | 0.57 - 5.5 | 1.0 | MagnitApt | MAA | 114.19 - 1.0 | 2.1 | MidCapFinl | MFIC | 8.31 - 0.7 | 4.4 | MilestonePharm | MIST | 0.73 - 0.9 | 0.8 | MineralysTherap | MLYS | 21.49 - 0.6 | 2.8 | MobilicomWt | MOBBW | 1.05 - 7.8 | 8.0 | MorganStanleyPfdE | MSPe | 245.5 - 0.9 | 1.3 | MorganStanleyPfdE | MSpF | 23.84 - 0.2 | 5.2 | MorganStanleyPfdE | MSpI | 22.27 - 0.1 | 1.7 | MorganStanleyPfdE | MSpK | 20.31 - 0.6 | 6.8 | MorganStanleyPfdE | MSpL | 17.24 - 1.1 | 1.0 | MorganStanleyPfdE | MSpO | 15.05 - 1.0 | 0.3 | MorganStanleyPfdE | MSpP | 22.82 - 0.2 | 4.0 | MorganStanleyPfdE | MSpQ | 23.48 - 0.8 | 0.5 | MS Direct Lend | MSDL | 13.23 - 1.1 | 1.7 | MustangBio | MBDO | 0.42 - 1.0 | 1.3 | Stone | MYSZ | 1.43 - 6.4 | 0.9 | Myndai | MYND | 0.26 - 0.4 | 1.0 | NetPower | NPWR | 1.22 - 6.1 | 0.5 | NanoXImaging | NONX | 0.59 - 3.3 | 3.9 | NatHealthInv | NHI | 63.87 - 2.4 | 5.6 | NatiRuiUtilNt2064 | NRUC | 19.91 - 1.8 | 0.5 | NaturalAlt | NAI | 1.21 - 3.0 | 1.1 | NavientNts2043 | JSM | 16.00 - 0.4 | 3.1 | NeighborGoodintel | NXH | 1.70 - 3.0 | 4.7 | NeoOneTech | NTHI | 2.65 - 9.4 | 4.1 | NerdyA | NRDY | 6.60 - 2.2 | 0.9 | NeumoraTherap | NMRA | 0.45 - 0.6 | 3.4 | NeuroSense | NRSN | 3.79 - 6.1 | 2.5 | Newemarle | NWALU | 10.18 - 1.0 | 2.5 | NewMedicalWt | NWXLWt | 0.30 - 10.6 | 5.7 | NewFortressEnergy | NFE | 4.92 - 10.1 | 5.4 | NewMtnFin | NMFC | 6.69 - 1.5 | 0.8 | Newmark | NMRK | 11.90 - 3.1 | 4.9 | NewtekNts2029 | NEWTG | 24.46 - 0.7 | 6.9 | NexentisTech | NXTS | 0.94 - 22.3 | 1.9 | NexGelWt | NGXLWt | 0.01 - 0.1 | 2.5 | NexMetalsMining | NEXM | 1.66 - 8.9 | Fund | NAV | Net Chg % | Fidelity Invest | Balanc | 35.66 | -0.09 1 | BluCh | 304.20 | -1.21 2 | BluChpGr K6 | 50.44 | -0.22 2 | Contra | 28.09 | -0.12 1 | ContraK | 28.22 | -0.13 1 | Cplnc | 11.20 | -0.05 | GroCo | 62.02 | -0.08 2 | InvGrBd | 9.59 | -0.01 1 | LowP | 41.24 | -0.39 1 | Magin | 15.81 | -0.08 | NASDAQ | 350.89 | -0.77 1 | OTC | 28.42 | -0.05 3 | Purin | 28.63 | -0.10 1 | SAILTReBdlxd | 5.96 | -0.01 | SAIUSMinVolndFd | 24.97 | -0.03 | SAIUSQtlyldx | 25.50 | +0.04 1 | SrsBlIGroGro | 26.02 | -0.11 2 | SrsEmrgMkt | 31.78 | -0.41 2 | SrsGlobal | 20.84 | -0.28 1 | SrsGroCoRetail | 35.63 | -0.05 3 | SrsIntlGrw | 20.45 | -0.41 1 | SrsIntlVal | 16.50 | -0.28 | TotalBond | 9.10 | ... | Fidelity SAI | FidSaCdnIdxFnd | 15.42 | -0.32 | FidSailnRtnFnd | 9.66 | +0.01 | IntlValldx | 14.32 | -0.17 2 | TotalBd | 8.61 | -0.01 1 | Fidelity Selects | Semiconductors r | 66.92 | -0.59 6 | Tech | 59.22 | -0.33 4 | Fidelity Strategic A | StratAdEmrMrt | NA | ... | Stock | Sym Close | Net Chg | Take-TwoSftwr | TTWO | 204.01 | TakedaPharm | TAK | 18.37 | TalenEnergy | TLN | 378.32 | Tapestry | TPR | 113.42 | TargaResources | TRGP | 283.96 | Target | TGT | 150.92 | TechnipFMC | FTI | 68.40 | TeckResourcesB | TECK | 65.39 | TeledyneTech | TDY | 604.15 | Ericsson | ERIC | 9.46 | TelefonicaBras | VIV | 12.71 | TelekomIndns | TLK | 13.04 | TempusAI | TEM | 70.35 | 10xGenomics | TXG | 76.10 | Tenaris | TS | 55.58 | TencentMusic | TME | 7.99 | TenetHealthcare | THC | 259.83 | Teradyne | TER | 411.78 | Tesla | TSLA | 377.81 | TevaPharmInds | TEVA | 39.18 | TexasInstruments | TXN | 288.98 | TexasPacLand | TPL | 345.79 | TexasRoadhouse | TXRH | 162.48 | Textron | TXT | 73.03 | ThermoFisher | TMO | 662.06 | ThomsonReuters | TRI | 99.28 | 3M | MMM | 162.12 | Toast | TOST | 30.55 | TollBros | TOL | 133.86 | Stock | Sym | 52-Wk Hi/Lo | % Chg | NextNRG | NXXT | 0.58 | -8.4 | NIO Corp Devts | NB | 3.38 | -2.0 | NorthAm Constr | NOA | 11.72 | -2.9 | NorthStar Earth Spc | NTRSJ | 0.15 | -16.1 | Nouave Monde | NMG | 1.06 | -6.1 | NURAN Wireless | NURK | 0.75 | -2.8 | NuWu DCI Direct | MCDL | 10.54 | -1.9 | Nuwellis | NUWE | 0.68 | -1.5 | OFA Group | OFAL | 0.41 | -6.5 | Offerpad | OPAD | 2.96 | -2.9 | Onconetix | ONCO | 0.58 | -9.7 | One&One Green | YDDL | 1.32 | -1.4 | Onity | ONIT | 26.98 | -2.2 | Opendoor Tech | OPEN | 2.13 | ... | OrchidIsland | ORC | 4.92 | -1.4 | Onion80BngGroup | OIG | 7.78 | -6.0 | ParanovusEntTech | PAVS | 3.69 | 1.0 | ParkHabio | BYAH | 1.90 | 6.0 | PatrickIndustries | PATK | 64.30 | -2.9 | PAAVmed | PAAV | 2.60 | 2.4 | PennantParkFR | PFLT | 6.58 | -1.0 | PennantPark | PNNT | 3.15 | -0.9 | PennyMacFin | PFSI | 60.10 | -2.9 | PennyMacMtgPFA | PMPaPFA | 20.67 | -1.2 | PennyMacPrfdB | PMPbP | 20.69 | -1.1 | PennyMacPrfdC | PMPtC | 15.08 | -4.6 | Pentair | PNR | 51.64 | -1.4 | PepsiCo | PEP | 123.47 | -1.6 | Peraso | PRSO | 0.44 | ... | PermRock | PRT | 1.75 | -4.3 | PetMedExpress | PETS | 1.27 | -2.3 | Pharming | PHAR | 0.59 | -0.3 | PinnacleFinPfrc | PNFPC | 23.46 | -3.1 | Praiser | PRA | 62.69 | -2.8 | PliantTherap | PLRX | 0.97 | -3.9 | Pluri | PUIR | 0.85 | 5.1 | PolestarAuto | PSNY | 5.45 | -5.9 | PonyAI | PONY | 5.94 | -1.0 | Pool | POOL | 153.55 | -2.6 | PopCulture | CPOP | 2.64 | -4.6 | PowellMax | PMAX | 0.73 | -5.6 | Powerus | PUSA | 2.42 | -11.2 | PresidioPdtn | FTW | 9.47 | -2.3 | PresidioProperty | SQFT | 0.73 | -10.2 | ProcessaPharm | PCSA | 1.41 | -6.6 | Proficient Auto | PAL | 3.26 | ... | Procore | PROCA | 1.42 | -9.6 | PropanBiopharma | PPCB | 0.46 | 1.5 | ProspectCapital | PSEC | 1.79 | 0.5 | ProspectCapPfdA | PSEGpA | 14.26 | -5.1 | ProtaraTherap | TARA | 2.51 | 1.4 | PrudentialNts2060 | PFH | 14.50 | -1.2 | PrudentialNts2062 | PRH | 20.01 | -0.9 | Prudential | PUK | 23.31 | -4.3 | Pulsenmore | PLSM | 1.83 | -11.8 | PureCycleUn | PCTTU | 4.31 | -8.7 | PureCycleTech | PCT | 3.72 | -5.1 | PurpleInnovation | PRPL | 1.85 | -11.6 | QVC | QVCG | 12.83 | 0.1 | QIXO | QIXO | 10.77 | -2.2 | QIXO Pfd B | QXOPB | 35.10 | -6.0 | Qfin | QFIN | 6.13 | -3.0 | Quantinuum | QNT | 43.56 | -3.0 | QuantumScape | QS | 4.46 | -2.8 | QwestNts2051 | CTGG | 14.88 | -3.2 | QwestNts2052 | CTHH | 15.29 | -3.5 | RRVentureAcqnWt | RWWV | ... | -8.4 | RamacoRscsA | METC | 7.77 | 0.1 | Stock | Sym Close | Net Chg | Toro | TTC | 96.42 - 2.47 | TorontoDomBk | TD | 113.87 - 4.31 | TotalEnergies | TTE | 84.23 0.25 | TowerSemi | TSEM | 248.25 - 10.16 | ToyotaMotor | TM | 182.91 - 2.66 | TractorSupply | TSCO | 32.52 0.23 | Tradeweb | TW | 107.40 - 0.14 | TraneTech | TT | 467.27 - 9.12 | TransDigm | TDG | 1096.21 - 7.12 | TransUnion | TRU | 62.82 - 0.60 | Travelers | TRV | 360.61 - 0.03 | Trimble | TRMB | 60.06 - 0.89 | Trip.com | TCOM | 38.09 - 0.17 | TruistFinl | TFC | 45.58 - 0.67 | Twilio | TWLO | 273.00 - 7.41 | TwistBiosci | TWST | 155.65 - 11.32 | TylerTech | TYL | 332.34 1.43 | TysonFoods | TSN | 51.70 - 0.27 | UBS Group | UBS | 47.42 - 1.05 | UDR | UDR | 33.32 - 0.59 | U-Haul | UHAL | 59.16 - 1.51 | U-Haul N | UHALB | 52.08 - 1.14 | UL Solutions | ULS | 67.13 - 1.24 | UMB Fin | UMBF | 128.21 - 1.87 | US Foods | USFD | 96.05 - 0.48 | Uber | UBER | 68.45 - 0.63 | Ubiquiti | UI | 634.66 8.18 | UltaBeauty | ULTA | 545.48 - 1.81 | YTD Ret | Fund | NAV | Net Chg | YTD %Ret | First Eagle Funds | 1.9 | GlbA | 86.10 | -0.62 | 7.0 | 2.0 | Franklin A1 | 0.5 | IncomeA1 | 2.49 | -0.01 | 4.1 | 5.7 | FrankTemp/Frank Adv | 5.8 | IncomeAdv | 2.46 | -0.01 | 4.3 | 7.2 | FrankTemp/Franklin A | 9.7 | DynaTech A | 214.11 | -1.42 | 14.9 | 2.7 | Growth A | 149.68 | -0.82 | 11.2 | 0.4 | RisDv A | 96.26 | -0.36 | 6.9 | 8.0 | Guggenheim Funds Tru | 9.0 | TotRtnBdFdCInst | NA | ... | NA | 5.5 | Harbor Funds | 5.5 | CapApInst | 132.07 | -0.13 | 13.3 | 0.8 | JHF III DispVal | 8.5 | DispValMCI | 30.36 | -0.33 | 10.5 | 9.5 | John Hancock | 2.9 | BondR6 | 12.85 | -0.01 | -2.9 | 3.4 | JPMorgan I Class | 8.9 | CoreBond | 9.81 | ... | -2.8 | 3.9 | EqInc | 28.12 | -0.11 | 14.8 | 10.7 | LgCpGwth | 88.04 | -0.29 | 7.6 | 7.0 | JPMorgan R Class | 5.8 | CoreBond | 9.83 | ... | -2.7 | 2.8 | CorePlusBd | 6.90 | ... | -2.0 | Lord Abbett I | 8.3 | ShtDurlnc p | 3.78 | ... | 1.0 | 1.8 | Metropolitan West | 3.7 | TotRetBdl | 8.63 | -0.01 | -3.4 | 2.8 | MFS Funds | IIE | 42.23 | -0.44 | 4.1 | 8.7 | MFS Funds Class I | 17.8 | Valuei | 53.07 | -0.19 | 6.7 | Natixis Funds | LSGrowthY | 33.92 | -0.03 | 2.1 | Stock | Sym | 52-Wk Hi/Lo | Chg | RankOneCmp | ROC | 3.62 | ... | reAlphaTech | AIRE | 1.10-10.4 | Realtylncome | O | 53.32 | -1.7 | ReconTech | RCON | 1.18 | -0.8 | RedwoodNts29 | RWTN | 21.30 | 0.9 | RedwoodNts29 | RWTO | 20.57 | -1.1 | RedwoodNts30 | RWTP | 20.62 | -0.4 | RedwoodTrNts20 | RWTQ | 19.95 | -1.7 | RedwoodNts31 | RWTS | 19.91 | -2.6 | RegionsFinPfd | RFpF | 24.25 | -0.6 | RegenDeere | RDZC | 29.41 | -0.1 | RegenSystems | REKR | 0.30 | 3.6 | RenaissancePfd | RNRPf | 18.83 | -1.7 | RenatusTacticalWt | RTACW | 0.30 | -2.2 | ResideoTech | REZI | 17.22 | -7.2 | RevelationBioWt | REVBW | 0.00 | 18.2 | RithmAcqnWt | RACWS | 0.31 | -2.5 | RithmCapital | RITM | 8.41 | -1.5 | RithmPropPfdC | RPTpC | 24.34 | -0.7 | RiverNorthPfdB | OPPB | 15.90 | ... | RocketCos. | RKT | 10.99 | -1.3 | RocketPharm | RCKT | 2.42 | 2.2 | RozeAl | RZAI | 10.60 | -8.8 | SCE II Pfd | SCEpG | 15.50 | -0.9 | SCE VI Pfd L | SCEpL | 15.30 | -1.0 | SCETrustPfdPd | SCEpP | 11.45 | -2.3 | SCEVIIIPldPfd | SCEpn | 19.82 | -2.8 | SHF | SHFS | 0.55 | -11.1 | SLR Invt | SLRC | 11.23 | ... | STAG Indl | STAG | 35.25 | -2.3 | Saratogalnvt | SAR | 13.78 | -5.7 | SaulCentersPfdD | BFSpD | 18.82 | -1.3 | SaverOne2014 | SVRE | 1.04 | -2.7 | ScageFuture | SCAG | 0.16 | -20.6 | ScageFutureWt | SCAGW | 0.01 | -35.1 | ScinalInmm | SCNI | 1.12 | -7.4 | SelectQuote | SLQT | 0.36 | -2.6 | SeresTherap | MCRB | 2.70 | -6.2 | SevenHillsRty | SEVN | 6.70 | -1.6 | SiteOneLandscape | SITE | 82.00 | -4.5 | SmartTek | SMTK | 1.06 | 0.9 | SmithfieldPds | SFD | 18.43 | -1.5 | SmithCapWt | SOACW | 0.13 | ... | Solwin | ASX | 0.09 | -11.9 | SoundHoundAI | SOUN | 5.60 | -1.6 | StandardLithium | SLI | 1.65 | -4.6 | StandardAero | SARO | 19.98 | -3.3 | Stantec | STN | 65.35 | -1.3 | StardustPower | SDST | 0.07 | -6.4 | StarfightersSpace | EJET | 1.52 | -1.2 | StarwoodProp | STWD | 12.59 | -2.1 | Stereotaxis | STXS | 1.12 | -1.7 | StifelFinNts47 | SFB | 18.10 | -2.2 | StifelFinPfdD | SFPD | 14.82 | -2.4 | Streamex | STEX | 0.48 | 2.9 | Sunrun | RUN | 7.42 | -2.1 | SynchronFinlPfdD | SDFP | 24.93 | -1.9 | TOP Ships | TOPS | 0.45 | 2.3 | TGMPtnglnvt | MITT | 5.50 | -1.4 | TPG Mtg PrfdE | MIttpB | 18.12 | -0.1 | TPG RE Fintr | TRTX | 5.85 | -1.5 | TPG RE FinPfdC | TRPXc | 15.33 | -5.9 | TRGLatAmAcqnrt | TRGRS | 0.13 | -13.4 | Tele&DataPrdUd | TDSPu | 19.31 | -1.1 | TenayaTherap | TNYA | 0.53 | -2.4 | TerraPropNts2029 | TPTS | 13.21 | -6.8 | TerrestrialEner | IMSR | 3.60 | -7.1 | Stock | Sym Close | Net Chg | Unilever | UL 60.98 | 0.18 | UnionPacific | UNP 274.68 | -1.93 | UnitedAirlines | UAL 110.17 | -1.70 | UnitedMicro | UMC 23.31 | 0.12 | UPS B | UPS 92.29 | -0.82 | UnitedRentals | URI 1037.44 | -43.18 | US Bancorp | USB 56.17 | -1.12 | UnitedTherap | UTHR 545.00 | 3.38 | UnitedHealth | UNH 375.98 | -0.34 | UnitySoftware | U 45.44 | 0.49 | UniversalHealthB | UHS 174.62 | -2.46 | UnumGroup | UNM 93.20 | 1.37 | VICI Prop | VICI 22.64 | -0.09 | Vale | VALE 13.61 | -0.47 | ValeroEnergy | VLO 424.10 | 4.88 | ValmontInds | VMI 464.59 | -22.30 | Varicys | VCY 66.96 | -0.56 | VeevaSystems | VEEV 282.50 | -1.00 | Ventas | VTR 80.04 | -1.82 | VentureGlobal | VG 13.05 | -0.46 | Veralto | VLTO 95.73 | -0.72 | VeriSign | VRSN 294.22 | 1.12 | VeriskAnalytics | VRSK 168.68 | 3.48 | Verizon | VZ 45.77 | -0.21 | VertexPharm | VRTX 505.64 | 3.33 | Vertiv | VRT 246.49 | -6.65 | ViaSat | VSAT 70.87 | -3.51 | Viatris | VTRS 17.49 | -0.05 | ViaviSolutions | VIAV 46.27 | -1.87 | Fund | NAV | Net Chg | YTD %Ret | Northern Funds | Stkldx | 77.68 | -0.16 | 15.0 | Old Westbury Fds | LrgCpStr | 22.83 | -0.15 | 10.4 | PGIM Funds CI Z | TotalReturnBond | 11.42 | ... | -2.7 | PIMCO Fds Instl | IntlBdUSH | 9.45 | -0.02 | -1.8 | TotRt | 8.29 | ... | -3.1 | PIMCO Funds A | IncomeFd | 10.30 | -0.01 | -2.6 | PIMCO Funds I2 | Income | 10.30 | -0.01 | -2.4 | PIMCO Funds Instl | IncomeFd | 10.30 | -0.01 | -2.3 | Price Funds | BlChip | 224.17 | -0.64 | 6.6 | LgCapGov I | 92.46 | -0.21 | 8.8 | Putnam Funds Class A | PutLargCap p | 44.84 | -0.07 | 14.7 | Putnam Funds Class Y | PutLargCap | 44.87 | -0.07 | 14.9 | Schwab Funds | 1000 Inv r | 16.71 | -0.06 | 14.8 | FunUSLgInst r | 38.01 | -0.12 | 18.5 | Intl Sel r | 31.36 | -0.39 | 9.2 | S&P Sel | 20.16 | -0.04 | 14.9 | TSM Sel r | 18.80 | -0.06 | 14.7 | Strategic Adviser | StratAdCorInFd | NA | ... | NA | StratAdFidCoreS | 8.76 | ... | -2.3 | StratAdFidEmr | 19.24 | -0.26 | 26.7 | StratAdFidUS | 22.18 | -0.08 | 17.0 | StratAdIntlFnd | NA | ... | NA | Fund | NAV | Net Chg | YTD %Ret | StratAdMunBond | NA | ... | NA | StratAdvFidIntl | 16.10 | -0.22 | 9.0 | TIAA/CREF Funds | EqIdxInst | 53.72 | -0.18 | 14.6 | IntEqIdxInst | 30.41 | -0.37 | 9.2 | LrgCpGrldxInst | 83.21 | -0.23 | 9.5 | VANGUARD ADMIRAL | 500Adml | 720.06 | -1.57 | 14.9 | BalAdml | 54.40 | -0.12 | 7.7 | CAITAdml | 10.88 | -0.05 | -3.5 | CapOpAdml r275.06 | +0.48 | 26.8 | DivAppldxAdml | 64.32 | -0.20 | 9.1 | EMAdmr | 49.94 | -0.53 | 12.3 | EqIncAdml | 100.07 | -0.38 | 9.5 | ExplrAdml | 120.50 | -1.94 | 12.9 | ExtndAdml | 177.14 | -2.82 | 12.6 | GroIncAdml | 123.87 | -0.23 | 13.5 | GrwthAdml | 285.50 | -0.56 | 14.0 | HlthCareAdml r | 86.82 | +0.59 | 4.9 | HYCorAdml r | 5.30 | ... | -0.1 | InfProAd | 21.87 | +0.01 | -2.0 | InfTechIdx | 530.09 | -1.63 | 37.9 | IntGrAdml | 122.81 | -0.92 | 7.7 | ITBondAdml | 9.86 | +0.01 | -3.5 | ITIGradeAdml | 8.31 | ... | -3.2 | LarCapAd | 181.16 | -0.39 | 14.9 | MidCpAdml | 397.01 | -4.09 | 11.6 | MuHYAdml | 9.88 | -0.08 | -4.1 | MulntAdml | 12.97 | -0.06 | -3.4 | MuLTAdml | 10.05 | -0.08 | -4.5 | MuLtdAdml | 10.67 | -0.02 | -0.6 | MuShtAdml | 15.65 | -0.01 | 0.9 | PrmpCapAdml r234.75 | +1.07 | 27.0 | RealEstatAdml125.69 | -1.75 | 3.1 | SmCapAdml137.54 | -1.94 | 12.4 | ---

AUCTION RESULTS

Here are the results of Wednesday'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. | Applications | $108,995,289,900 | Accepted bids | $39,926,321,900 | * noncompetitively | $334,593,700 | * foreign noncompetitively | $0 | Auction price (rate) | 94.864261(5.300%) | Interest rate | 4.625% | Bids at clearing yield accepted | 57.60% | Cusip number | 91282CRF0 | Stock | Sym | Close | Net Chg | Vicor | VICR | 282.78 | -16.51 | Viking | VIK | 81.26 | -0.38 | ViperEnergy | VNOM | 41.07 | -0.52 | VirtuFinancial | VIRT | 58.81 | -2.81 | Visa | V | 372.10 | 1.46 | Vistra | VST | 166.72 | 6.22 | VivmarkResidential | VMRK | 59.29 | -1.08 | Vodafone | VOD | 16.79 | 0.26 | VulcanMatls | VMC | 244.13 | -4.72 | Vylor | VYLR | 72.99 | 0.06 | The notes, dated Oct. 15, 2026, mature on Aug. 15, 2036. | W | X | Y | Z | WEC Energy | WEC | 103.18 | -0.01 | W.P.Carey | WPC | 62.73 | -1.28 | Wabtec | WAB | 282.44 | -8.72 | Walmart | WMT | 108.16 | 0.96 | WarnerMusic | WMG | 28.16 | 0.55 | WasteConnections | WCN | 155.16 | 0.54 | WasteMgt | WM | 208.94 | 1.06 | Waters | WAT | 435.99 | -0.44 | Watsco | WSO | 282.65 | -8.18 | WattsWater | WTS | 348.26 | -14.19 | Wayfair | W | 104.47 | -0.98 | WellsFargo | WFC | 80.26 | -1.25 | Welltower | WELL | 221.12 | -4.66 | WescoIntl | WCC | 366.12 | -17.97 | WestPharmSvcs | WST | 366.48 | -6.16 | WesternDigital | WDC | 405.42 | -5.62 | Fund | NAV | Net Chg | YTD %Ret | SmGthAdml | 120.29 | -1.89 | 13.7 | STlGradeAdml | 10.17 | ... | 0.3 | STIPStIdxAdml | 24.30 | +0.02 | 1.3 | TotBdAdml | 9.22 | ... | -2.6 | TotIntBldxAdml | 18.74 | ... | -1.2 | TotIntlAdmIdx r | 45.55 | -0.59 | 13.2 | TotStAdml | 185.53 | -0.66 | 14.7 | TxMCapAdml | 399.93 | -1.21 | 14.6 | TxMln r | 22.56 | -0.32 | 13.5 | USGroAdml | 208.24 | -0.48 | 6.8 | ValAdml | 85.14 | -0.29 | 16.0 | WdsrlAdml | 91.80 | -0.60 | 10.9 | WellsIsAdml | 60.73 | -0.09 | 1.3 | WelltnAdml | 81.62 | -0.11 | 7.5 | WndsrAdml | 82.14 | -0.60 | 11.8 | VANGUARD FDS | DivdGro | 31.93 | -0.05 | 5.1 | FTAIWldnAdml | 51.49 | -0.68 | 13.6 | LifeGro | 55.83 | -0.33 | 10.9 | LifeMod | 36.83 | -0.16 | 7.6 | PrmpcCor | 47.20 | +0.01 | 27.5 | STAR | 30.72 | -0.11 | 6.3 | TgtRe2020 | 28.48 | -0.07 | 3.8 | TgtRe2025 | 21.12 | -0.07 | 5.9 | TgtRe2030 | 45.43 | -0.19 | 7.3 | TgtRe2035 | 29.74 | -0.15 | 8.6 | TgtRe2040 | 54.89 | -0.29 | 9.9 | TgtRe2045 | 38.61 | -0.23 | 11.1 | TgtRe2050 | 66.63 | -0.43 | 12.4 | TgtRe2060 | 68.64 | -0.45 | 12.6 | TgtRet2055 | 74.46 | -0.49 | 12.5 | TgtRetInc | 14.06 | -0.03 | 3.3 | Welltn | 47.27 | -0.07 | 7.4 | VANGUARD INDEX FDS | Stock | Sym Close | Net Chg | WesternMidstrm | WES | 45.55 - 0.63 | Weyerhaeuser | WY | 18.57 - 0.03 | WheatonPrecMtls | WPM | 133.69 - 3.96 | Williams | WMB | 71.46 - 0.93 | Williams-Sonoma | WSM | 240.46 - 1.79 | WillisTowers | WTW | 290.67 - 1.31 | WintrustFinl | WTFC | 142.49 - 2.45 | Wipro | WIT | 1.67 - 0.01 | Wise | WSE | 11.81 0.05 | WoodsideEnergy | WDS | 21.77 0.02 | Woodward | WWD | 324.25 - 8.31 | WooriFinl | WF | 74.28 - 0.92 | Workday | WDAY | 184.26 - 2.29 | XP | XP | 29.53 - 0.20 | XPO | XPO | 180.36 - 3.13 | XcelEnergy | XEL | 72.42 - 0.31 | XPeng | XPEV | 9.58 0.02 | Xylem | XYL | 101.82 - 2.75 | YPF | YPF | 49.48 - 1.68 | Yum!Brands | YUM | 140.35 0.51 | YumChina | YUMC | 40.65 0.03 | ZTO Express | ZTO | 19.80 0.12 | ZebraTech | ZBRA | 386.05 0.27 | ZimmerBiomet | ZBH | 88.49 - 1.19 | ZionsBancorp | ZION | 61.92 - 0.93 | Zoetis | ZTS | 71.55 0.22 | ZoomComms | ZM | 94.77 0.57 | Zscaler | ZS | 213.55 1.30 | Fund | NAV | Net Chg | YTD %Ret | ExtndlstPI | 437.11 | -6.96 | 12.6 | IdxIntl | 27.23 | -0.35 | 13.1 | MidCpGrAdml | 129.26 | -1.66 | 8.1 | MidCpVIAdml | 103.11 | -0.87 | 14.0 | SmValAdml | 99.78 | -1.28 | 11.2 | TotBd2 | 9.09 | ... | -2.7 | TotIntInstldx | 182.14 | -2.35 | 13.2 | TotItlnstPldx | 182.18 | -2.36 | 13.2 | TotSt | 185.50 | -0.65 | 14.6 | VANGUARD INSTL FDS | DevMktsIndInst | 22.60 | -0.31 | 13.6 | DevMktslxInst | 35.32 | -0.48 | 13.5 | ExtndInst | 177.13 | -2.81 | 12.6 | FTScinst | 54.06 | -0.05 | 15.5 | GrwthInst | 285.52 | -0.56 | 14.1 | InPrSeln | 8.91 | +0.01 | -2.0 | Instldx | 624.59 | -1.36 | 15.0 | InstPlus | 624.57 | -1.36 | 15.0 | InstTSTplus | 127.86 | -0.45 | 14.7 | MidCplnst | 87.70 | -0.91 | 11.7 | MidCplstPI | 432.53 | -4.46 | 11.7 | MngStrtStMkt | 348.09 | -1.23 | 14.7 | MngStrtTStck | 356.35 | -1.30 | 14.7 | SmCapInst | 137.54 | -1.93 | 12.4 | SmCaplstPI | 396.98 | -5.59 | 12.4 | STIGradelnst | 10.17 | ... | 0.3 | STIPSlxins | 24.32 | +0.02 | 1.3 | TotBdInst | 9.22 | ... | -2.6 | TotBdInst2 | 9.09 | ... | -2.7 | TotBdInstPI | 9.22 | ... | -2.6 | TotIntBdldxInst | 28.12 | ... | -1.1 | TotStInst | 185.56 | -0.66 | 14.7 | ValueInst | 85.13 | -0.29 | 16.0 | WCM Focus Funds | WCMFodIntlGrwIns 27.37 -0.24 10.0

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How to Handle Red-Hot Copper Prices

U.S. tariff threats have created market distortions that create risks

The red metal is at the center of some long-term growth sectors.

Copper inventory in U.S. Comex and London Metal Exchange warehouses\*

\*Comex copper is measured in short tons, while LME copper is in metric tons. †Most-active contract Source: FactSet

Copper is one of the hottest metals this year, up 17% so far and near records. While there are several compelling reasons to own the metal, the commodity needs to be handled with some caution.

There are plenty of reasons to be bullish on copper over the long term. The red metal is at the center of some long-term growth sectors—electrification, defense and artificial-intelligence data centers—that are less cyclical than construction.

The more bullish factor is supply. Copper ore grades are declining, pushing up the cost of extracting copper, and mine projects face high permitting and regulatory hurdles. A copper mine discovered today could take nearly two decades to start production.

Based on the known pipeline of copper mine projects, the International Energy Agency forecasts that primary copper supply—excluding scrap—could be 25% lower than demand by 2035. Copper prices must rise above \$20,000 per metric ton, or \$9.07 per pound, to spur enough mining investment to meet long-term demand, estimates a study published earlier this year by a group of researchers co-led by Adam Simon, earth and environmental sciences professor at the University of Michigan. That is about 37% above today's prices.

While those price targets look tempting, copper also seems vulnerable to a correction over the near term. Copper's red-hot rally this year reflects a dislocation, according to Charles Cooper, head of copper research at Wood Mackenzie.

Since the White House last year said it would consider a 15% tariff on refined copper, buyers have been snapping up the metal and hoarding it in U.S. warehouses to get ahead of potential levies.

As a result, the U.S. is swimming in copper, while the rest of the world is in a deficit.

Globally, the copper market is expected to face a surplus this year, but that is concentrated in the U.S. Excluding the U.S., the world is expected to face a deficit of 460,000 metric tons, according to Cooper.

For now, industry analysts expect the U.S. to maintain ambiguity on the tariffs at least until after the midterm elections as it grapples with inflation concerns. But with prices near records, one risk is that copper starts selling off if it starts to shrug off the U.S. tariff risk, either because the White House announces that it won't impose tariffs or because the market starts believing that is the case.

Anything that instills doubt in the tariff could cause a “knee-jerk reaction” on copper prices, sending them lower, notes Tom Mulqueen, metals strategist at Citi.

Further interest-rate hikes, more oil-market disruptions or an AI-stock selloff also could cause a copper price pullback. But those are the types of drops that could offer investors a more attractive entry point into copper.

How to take advantage of any opportunities has its own nuances and risks.

There are two ways for individual investors to get exposure to copper as a commodity. One is the United States Copper Index Fund, which holds U.S. copper futures. Another is the Sprott Physical Copper Trust, a closed-end fund that actually holds the physical commodity. Each has unique caveats.

For the United States Copper Index Fund, which holds futures, America's copper hoarding has created a problem. Because so much copper is stockpiled in the U.S., the cost of copper futures for near-term delivery is cheaper than for further-out delivery—a futures curve shape described as contango. Whenever the fund sells a soon-toexpire contract for a more distant one, it has to pay a higher price, creating a drag on performance.

This near-term copper discount relative to further-out futures is between 5% to 6% on an annualized rate, which is historically steep, according to Ilia Bouchouev, director of the Commodities Quant Lab at Carnegie Mellon University. This unfavorable futures-curve shape, plus the fund's 0.9% fee, explains why the fund is up about 14% year to date, lagging behind copper futures by about 3 percentage points.

The Sprott Physical Copper Trust doesn't have the same problem because it holds the physical commodity. However, it does come with a heftier fee of $1.4\%$ , partly reflecting the cost of storing the metal.

Plus, an investor parking money in this fund forgoes today's high interest rates. The futures fund, by contrast, keeps a sizable cash balance in short-term Treasury bills to meet margin and collateral requirements.

The one potential opportunity—and risk—of the Sprott Physical Copper Trust is that its market price is about 9% cheaper than its net asset value. This isn't uncommon with closed-end funds, including those that own physical gold or silver.

The discount reflects investors' broader market concerns about the Middle East conflict and inflation, according to John Ciampaglia, chief executive of Sprott Asset Management. While the discount could be enticing, the risk is that the price might not converge with the NAV. For most of the Sprott Physical Copper Trust's existence, it has traded at a discount to NAV.

This year, the fund added some redemption options to attract investors to arbitrage this spread, according to Ciampaglia. This includes an option for investors to redeem their copper holdings for cash at 95% of NAV, as well as an option for investors to take the physical copper if they can meet the minimum threshold of 100 metric tons. In practice, only the first option will be accessible to most investors.

Both funds offer decent ways to gain exposure to copper for those looking to capitalize on the metal's long-term supply challenges. But investors shouldn't assume their performance discount to copper will naturally narrow, or assume that it can't get worse.

-Jinjoo Lee

U.S. Investors Have an ‘Exorbitant Privilege’

The French certainly have a way with words. Many about food, fashion and art have made their way into English, naturally, but a surprising number of financial terms did, too.

Without them we'd have no arbitrage, entrepreneurs, tranches, financiers or even millionaires. As France faces a possible borrowing crisis and U.S. stocks shrug off a quarter-century high in bond yields, a Frenchman's bon mot helps explain why: exorbitant privilege.

It's a six-decade-old gripe coined by a former French finance minister about the benefit America reaps from having the world's reserve currency. Even after all these years, “le privilège exorbitant” makes U.S. investors and consumers richer and less fearful than those in other developed countries.

Is it being taken for granted, though?

America has had to endure financial crises, stock-market crashes and military setbacks, just like any other country. But the regularity with which the U.S. recovers is remarkable. For many

Sources: FactSet (performance); Research Affiliates (P/E ratio)

Americans it's an article of faith that the stock market eventually rises over time, that Uncle Sam's liabilities are risk-free and that America's armed forces will never lose a fight for lack of money.

Now, federal borrowing is starting to feel unsustainable, U.S. stocks fetch twice the valuation of other developed markets and the Navy is struggling to protect vital sea lanes from a third-rate adversary.

Market reaction since the onset of the Iran war has been pretty mild. U.S. stocks are hitting records and the dollar is at an 18-month high. One reason is that, lacking a viable alternative, the greenback is the world's “least dirty shirt” for trade and investment. Another is a newer U.S. trait specific to an energy crisis—self-sufficiency in oil and natural gas.

America's assets also have extra appeal when its companies dominate the industry du jour. That was the case during the tech bubble and is again today with leading-edge AI models and chip designers.

Global debt jitters are viewed far differently than across the Atlantic. Surging bond yields are seen as a glass-half-full event by many Americans—an investment opportunity as much as an alarm bell. Unlike France, the U.S. has its own printing press and can't default if borrowing costs spiral.

Don't assume future financial setbacks will be fleeting, though. American assets have unique appeal, but not at any price. Stocks in particular have farther to fall compared with those abroad given a yawning valuation gap.

And U.S. bonds aren't really risk-free when the president is openly talking about the benefit of "very rapidly" eroding their real value through inflation. The usual pattern of foreign money flooding into the Treasury market in a crisis isn't some law of nature. Imagine the sort of rush for the exits France is experiencing instead.

It would be quite the débâcle.

—Spencer Jakab

MONEY & INVESTING

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Stock Spotlight

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Space Exploration Technologies

SpaceX stock edged 2.5% lower after reports that Elon Musk's rocket and AI company was looking to raise \$40 billion to buy chips from Nvidia.

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Wells Fargo

The Wall Street Journal reported that Trump administration housing officials are launching an investigation into the bank over commitments it made to increase homeownership among Black Americans.

Shares fell 1.5%.

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Micron

The memory-chip manufacturer's shares advanced 4.1% to \$1,088 each after analyst Gil Luria from D.A. Davidson increased his price target to \$3,000 from \$2,100. The company's stock has tripled this year.

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Webull

Shares of the digital brokerage platform slumped 19% after CNBC reported that a House committee plans to release a report highlighting the firm's ties to China.

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Porsche

The German sports-car manufacturer told investors that the company planned to offer more higher-end

vehicles and raise its average selling price by 20%. The company's stock edged up slightly.

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LG Electronics

Shares of the South Korean consumer-electronics maker tumbled more than 10% after the company warned that its third-quarter earnings would come in well below market estimates.

Société Générale

The French bank slid 5% in Paris amid continuing worries about France's fiscal trajectory. Other European banks such as HSBC and Deutsche Bank also declined.

THURSDAY'S EVENTS:

◆ Economic data: Jobless claims for the week of Oct. 3, wholesale inventories for August

◆ Treasury auction: 30-year bonds

EARNINGS EXPECTED: PepsiCo

In Market History

On this day in 1871, the Great Chicago Fire began. The disaster paradoxically spurred an economic boom in the fast-growing city.

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