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What’s Biden Embraces Israel as Region Boils

News President ends brief
visit, says Egypt will
Business & Finance allow humanitarian
assistance into Gaza
 Netflix said its efforts to
limit password sharing led to BY WILLIAM MAULDIN
a 10.8% rise in subscriptions AND JARED MALSIN
in the third quarter, a better-
than-expected result that TEL AVIV—President Biden,
comes as the company plans reaffirming U.S. support for
to increase some prices in the its longtime ally in the war
U.S. and other markets. A1 with Hamas, said he believed
Israel wasn’t responsible for a
 CEO Musk warned that Tesla
deadly blast at a hospital com-
will face enormous challenges
pound in Gaza that has dem-
scaling up factory production of
onstrated the volatility of the
its long-delayed Cybertruck as
conflict and heightened fears
the company reported a 44%
of escalation.
drop in third-quarter profit. B1
“I was deeply saddened and
 The Fed should extend its outraged by the explosion of
pause on interest-rate increases the hospital in Gaza [on Tues-
because of growing evidence day], and based on what I’ve
that higher borrowing costs seen, it appears as though it
will slow the economy, the Phil- was done by the other team—
adelphia Fed president said. A2 not you,” Biden told Prime
EVAN VUCCI/ASSOCIATED PRESS

Minister Benjamin Netanyahu

 Long-term bond yields hit
of Israel before departing Is-
a 16-year high, weighing on
rael Wednesday evening.
stocks. The S&P 500, Nas-
Asked what gave him confi-
daq and Dow retreated 1.3%,
dence that Israel wasn’t behind
1.6% and 1%, respectively. B11
the explosion, Biden responded:
 Chinese property giant “The data I was shown by my
Country Garden missed a final President Biden, greeted by Prime Minister Benjamin Netanyahu, pledged U.S. support in Israel’s war with Hamas. Defense Department.”
deadline to pay interest on a On the trip back to Wash-

U.S., Experts Say Evidence Suggests

dollar bond, potentially leading ington, Biden said President
to a wave of cross-defaults on Abdel Fattah Al Sisi of Egypt
its other international debt. B1 had agreed to open up the Ra-
 China’s economy is shift- fah border crossing to allow
ing into a lower gear, slowed
by a prolonged downturn in
the property market that had
long fueled its growth. A10
Palestinian Rocket Hit Gaza Hospital up to 20 trucks of humanitar-
ian assistance into Gaza. That
is about an eighth of what aid
workers estimate is required
to meet the needs of 1.7 mil-
 Morgan Stanley said third-
Israel, the U.S. government blast site doesn’t bear the lion people now gathered in
quarter profit fell 9% from a year
and independent security ex- hallmarks of a strike with a south Gaza.
earlier, hit by a sharp decline in
perts said Wednesday the bomb or missile of the types Egyptian officials acknowl-
deal making. Investment-bank-
preliminary evidence for a usually used by Israel. edged they had reached an
ing revenue dropped 27%, far
deadly explosion at a Gaza The amount of damage also agreement, but said there was
worse than at other banks. B1
appears inconsistent with the no mechanism to move aid
 Smithfield’s Chinese par- By Margherita Stancati, Hamas-controlled Gaza Health over the border and noted that
ent is looking to take Amer- Yaroslav Trofimov, Ministry’s assertion that 471 the Rafah crossing had been
ica’s largest pork producer Nancy A. Youssef people were killed, experts said. destroyed in an Israeli airstrike
public again in the U.S. B10 and Stephen Kalin U.S. officials say that the death and needed to be repaired. Bi-
toll so far is likely between 100 den said repairs would begin
 Profit from Disney’s
hospital compound pointed to and 300 people. Thursday and would take
ABED KHALED/ASSOCIATED PRESS

sports segment, home to

a local militant group, casting “We have none of the indi- about eight hours.
ESPN, declined 20% in the
doubt on Palestinian claims cators of an airstrike—none,” Please turn to page A8
first nine months of its fiscal
that an Israeli airstrike was said Michael Knights of the
year, according to a filing. B2
responsible. Washington Institute for Near  Protests spread through
Independent analysts por- East Policy, an expert on mili- Muslim world...................... A8
World-Wide ing over publicly available im- tary and security issues.  Blast stuns doctors: ‘No
ages of Tuesday’s explosion at The U.S. has collected “high place is safe now’............. A9
Al-Ahli Arab Hospital in Gaza confidence” signals intelli- The site of the blast at Al-Ahli Arab Hospital in Gaza on  U.S. grandmother strives
 Biden, reaffirming sup- and its aftermath said the Please turn to page A9 Wednesday. Hamas’s claim of an Israeli strike was disputed. to flee Gaza.......................... A9
port for the U.S.’s longtime
ally in the war with Hamas,
said he believed Israel wasn’t
responsible for a deadly
blast at a hospital compound Jordan’s GOP Backing Netflix Plans to Raise Prices,
Ebbs on Second Ballot Password Curbs Lift Growth
in Gaza, which has demon-
strated the volatility of the
conflict and heightened fears
of escalation. A1, A9
 Israel, the U.S. govern-
ment and independent secu- WASHINGTON—GOP Rep. at the earliest as mounting
rity experts said preliminary Jim Jordan failed again to win GOP defections on Jordan’s BY JESSICA TOONKEL tomers, to $11.99 from $9.99 a months, a higher percentage of
evidence for the explosion at enough votes to be elected second ballot left Republicans month and up the cost of its its growth coming from coun-
the Gaza hospital compound House speaker as divisions snarled in warring factions Netflix said its effort to limit premium plan to $22.99 from tries where it charges less for
pointed to a local militant hardened among Republicans, over what should happen next. password sharing led to a $19.99. It is also increasing plans, and changes to its mix of
group, casting doubt on Pal- with some lawmakers pursuing “This is not about any one 10.8% rise in subscriptions in some prices in the U.K. and its subscriptions. It expects av-
estinian claims that an Israeli perfect person,” said Rep. Brian the third quarter, a better- France, though the cost of its erage revenue per member to
airstrike was responsible. A1 By Kristina Peterson, Fitzpatrick (R., Pa.), a centrist than-expected result that ad-supported and standard ad- improve in 2024 given the
 The blast at the Al-Ahli Siobhan Hughes, who backed the hard-right Jor- comes as the company plans to free plans are unchanged. price increases and the ex-
Arab Hospital set off a Lindsay Wise dan. “I just want the lights on increase some prices in the U.S. The price increases are a pected growth in ad revenue.
wave of protests across and Katy Stech Ferek so we’re a functioning branch and other markets. sign of streamers’ efforts to Netflix has fared better
much of the Middle East of government.” Shares rose more than 12% improve profitability and wean than many of its rivals this
and the broader Muslim new paths to break the impasse The chamber’s operations in after-hours trading. The consumers off the low monthly year, with companies like Dis-
world, some of them calling that has paralyzed the chamber. have ground to a halt with no streaming giant added 8.8 mil- subscription fees that drew us- ney and Warner Bros. Discov-
for death to Israel. A8 More than two weeks after elected speaker. The House can’t lion subscribers in the third ers away from pricey cable ery grappling with ailing leg-
 Jim Jordan failed again to Rep. Kevin McCarthy (R., Calif.) take any steps to provide addi- quarter with customer growth bundles in the early days of acy cable businesses and costly
was ousted as speaker, Republi- tional aid to Israel or Ukraine, in every region, its largest streaming. transitions to streaming on top
win enough votes needed to
cans remained gripped in a fueling frustration among law- quarterly customer gain since Netflix said in its third- of strikes that disrupted their
be elected House speaker as
fierce internal struggle over his makers over the stalemate. Con- the second quarter of 2020. quarter earnings report that its production schedules.
divisions hardened among
successor. Jordan said Wednes- gress also faces a crucial dead- The company plans to im- average revenue per member The company ended the
Republicans, with some law-
day he would keep up his cam- line next month, when current mediately raise prices for its decreased 1% year-over-year as quarter with 247.15 million
makers pursuing new paths
paign, but he pushed off any government funding runs out. basic plan in the U.S., which is a result of limited price in- paid subscribers, up 10.8% from
to break the impasse that has
further voting until Thursday Please turn to page A4 no longer available to new cus- creases over the past 18 Please turn to page A7
paralyzed the chamber. A1
 Pfizer will price a course of
its Covid-19 drug Paxlovid at
nearly $1,400 when commer-
Chatty Parent Group Texts Swell INSIDE Need a Day? Employees
cial sales begin later this year,
To Dozens of Messages at a Time
more than double what the
U.S. government has paid. A3
 The U.S. removed sanc-
i i i Feel Free to Call in Sick
tions against Venezuela’s oil Moms and dads wrangle five or more
FRANK FRANKLIN II/ASSOCIATED PRESS

BY TE-PING CHEN reasons such as mental health.

and gas sector in response to
a deal between Maduro and threads about playdates, sports, pinkeye And unlike older workers, who
The bar for taking a sick might have been loath to call
his political opponents that
BY TARA WEISS seemingly without end, at day is getting lower, and some in sick for fear of seeming
could lead to a presidential
turns a convenience and a nui- bosses say that’s a problem. weak or unreliable, younger
election next year. A18
Jolie Hunt got her first sance. U.S. workers have long workers feel more entitled to
 Demonstrators at wide- brush with the reach of “5 slices for us. We’ll bring viewed an unwillingness to take full advantage of the ben-
spread political protests in WhatsApp during a recent something bubbly.” take sick days as a badge of efits they have been given, ex-
Guatemala closed roads, chok- messaging thread of New York “I’ll bring snacks and 2 honor. That’s a laurel workers ecutives and recruiters said.
ing exports and causing short- City parents arranging a pizza slices please.” care much less about these That confidence has only
ages of fuel and food. A18 playdate for their “2 kiddos and 2 SPORTS days. The number of sick days grown as record low unem-
first-graders. parents. I would The Las Vegas Aces workers take annually has ployment persists.
CONTENTS Markets Digest...... B7 Hunt opened guess five slices. soared since the pandemic, So far this year, 30% of
Arts in Review..... A13 Opinion................ A15-17
the group chat af- Let us know how
beat the New York employee payroll data show. white-collar workers with ac-
Business News....... B3
Capital Account..... A2
Personal Journal A11-12
Sports.......................... A14 ter a work meeting Part-time job we can send over Liberty to win back-to- Covid-19 and a rise in ill- cess to paid leave have taken
Crossword................ A14 Technology................ B4 and saw 27 mes- some money.” back WNBA titles. A14 nesses such as RSV, which sick time, up from 21% in 2019,
Heard on Street.. B12 U.S. News............... A2-7 sages. “I thought, ‘Oh, no. Hunt decided to check the can require days away from according to data from payroll
Markets...................... B11 World News A8-10,18
There’s been a fire,’ ” said group chat only periodically. work, are one reason. Manag- and benefits software com-
Hunt, the mother of two ele- “Removing myself feels too PERSONAL JOURNAL ers and human-resources ex- pany Gusto. Employees be-
> mentary-school children and aggressive,” she said. “I’m a ecutives also attribute the tween the ages 25 and 34 are
More frequent airline
chief executive of a communi- new parent at school, and it’s jump to a bigger shift in the taking sick days most often,
cations consulting firm. only been two weeks.”
delays have changed way many employees relate to with their use rates jumping
There was no fire, just the Message groups are a life- how business travelers their jobs. 45% from before the pan-
s 2023 Dow Jones & Company, Inc.
minutiae of a typical parent saver for many busy families plan their trips. A11 For one, more workers are demic. Some employers, such
All Rights Reserved text chain—one after the next, Please turn to page A6 using up sick time often for Please turn to page A12
 .

A2 | Thursday, October 19, 2023 THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Don’t Rule Out a China Financial Crisis

T
he world’s second- Budget deficits excluding Bank capital ratios in baseline forecast and under adverse the euro area in the 2000s external shock or sudden re-
largest economy interest, share of GDP economic scenarios* were greatly amplified by the valuation of assets to reflect
has a deflating Euro area U.S. China exodus of foreign capital. By lower market prices. Instead
12.5% 16%
property bubble, contrast, China is a net it would happen when inves-
governments Projections
lender to the world and tors who assumed the gov-
struggling to pay their debts 10.0 14 Baseline tightly controls inflows and ernment stood behind their
and a banking system heav- outflows of capital. Its debts assets learn that it doesn’t.
ily exposed to both. are owed to itself. As the government’s im-
Anywhere else these factors 7.5 12 Chinese banks are also plicit backing is withdrawn
would be seen as precursors Adverse mostly owned or controlled from peripheral assets, in-
of a financial crisis. But not in China scenario by the central or local gov- vestors might assume it no
China, conventional wisdom 5.0
U.S.
10 ernments that would pre- longer applies to core assets
goes, because its debts are Advanced
sumably not let them fail, such as small banks, mort-
owed to domestic rather than economies precluding bank runs and gage loans and then local
foreign investors, the govern- 2.5 8 panics. In China’s last bout of governments, Wright said.
ex. U.S.
ment already stands behind Emerging banking trouble 20 years ago, Chinese officials have
much of the financial system 0 markets 6 bad loans were transferred at taken tentative steps to re-
and capable technocrats are ex. China par value to state asset-man- structure local government
on top of things. 2020 ’25 2022 ’25 2022 ’25 2022 ’25 agement companies. debts and prod troubled de-
Conventional wisdom might *Tier 1 Common Equity Source: International Monetary Fund velopers to finish projects.

B
be dangerously out of date. ut sometimes financial But the debts are too
True, an imminent melt- has plainly deteriorated. The them in China’s government well capitalized to start with. crises occur because lo- large and growth too slow
down like the global panic IMF sees the country’s debt would vault the total to And a recession would de- cal, not foreign, inves- for China to sweep bad loans
that followed Lehman Broth- growth averaging just 4% 149% of GDP by 2027, above plete that capital signifi- tors flee. Nor are they always under the rug as it did 20
ers’ failure in 2008 is highly over the next four years, Italy’s at 141%. cantly, as stress tests the fast and violent, like the years ago, said Martin
unlikely. down from its projection of Local Chinese govern- IMF conducted on banks global financial crisis from Chorzempa, a China expert
Yet China’s fiscal and fi- 4.6% a year ago. This makes ments have struggled to ser- around the world illustrate. 2007 to 2009. Some unfold at the Peterson Institute for
nancial imbalances are so it far harder to grow out of vice their debts as land sales, For China, the IMF simulated over years, as occurred in International Economics.
large that they have taken the its debts than when growth a primary source of revenue, an adverse scenario in which Spain in the 1970s and the A multiyear financial quag-
country—and, because of its was 10%, over a decade ago. have dried up. Indeed, the growth averages 1% instead U.S. (with its savings and loan mire that depresses Chinese
size, the world—into un- IMF estimates 30% of local of 5% for three years and institutions) in the 1980s. consumer confidence would

S
charted territory. We simply econd, the IMF has also government financing vehi- property values decline. The The origins of China’s big sap demand for imports while
don’t know how well the Chi- boosted projections of cles are “non viable without result: Chinese banks’ capital debts are in many ways a swelling exports, pressuring
nese economy, and a leader- Chinese government def- government support.” ratios would plummet from textbook case of moral haz- foreign producers.
ship now concentrated in the icits, which they now see This is a big problem for 11% last year to 7.1% in 2025, ard. Developers and local gov- And while contagion is cir-
hands of President Xi Jinping, swelling from 7.1% of gross do- China’s banks who hold the worst of any region un- ernments were able to bor- cumscribed by the limited
can navigate these strains. mestic product this year to roughly 80% of that debt. Just der the stress tests. row so much because lenders connections between China’s
The scale of the problem 7.8% in 2028. half the cost of restructuring As loan losses mount, assumed Beijing would bail financial system and the rest
emerges from a series of re- The problem isn’t with the that debt would saddle them banks lend less. Local govern- them out. But that assump- of the world’s, that system is
ports issued last week by the central government but local with impairment charges of ments slash investment and tion is based on implicit, not still, in absolute terms, gi-
International Monetary Fund. governments that borrowed $465 billion—chopping 1.7 social services. Economic explicit, guarantees. gantic. Should it start to flail,
First, while China reported heavily via off-balance-sheet percentage points off the ratio growth and property values Logan Wright, director of the shock waves seem certain
stronger-than-expected eco- financing vehicles to fund of loss-absorbing capital to weaken further. China research at Rhodium to be felt, somehow, abroad.
nomic growth of 4.9% in the urban development projects. assets, the IMF estimates. Financial crises in Latin Group, a research firm, said
year through the third quar- Their liabilities now equal Chinese banks, relative to America in the 1980s, south- a financial crisis in China  China’s economy faces
ter, its medium-term outlook 45% of GDP, and including their global peers, aren’t that east Asia in the 1990s and wouldn’t originate with an long-term woes................ A10

Top Fed Official Backs Pause in Rate Hikes THE WALL STREET JOURNAL
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The Federal Reserve should be slowing down.” rolls over its debt, it must find of firmer-than-expected eco- also weigh on stocks and other
Published daily except Sundays and general
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Letters to the Editor:
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THE WALL STREET JOURNAL. Thursday, October 19, 2023 | A3

U.S. NEWS

Covid Drug Paxlovid to Cost

$1,400 for a Five-Day Course
Pfizer is expected to criticism from doctors and pa- pay for the drug and what pa- through 2028.
tient advocates that raising tient copays or other out-of- People covered by Medicare
offer steep discounts

JENNIFER LORENZINI/REUTERS
the price will limit patient ac- pocket charges will be. will be able to get Paxlovid
to ensure wide cess. Disclosure of the list Drugmakers often choose to free through 2024. After then,
price could fuel further criti- set a higher list price for a they could face an out-of-
access to antiviral cism. medicine in order to offer the pocket cost depending on
“Pricing for Paxlovid is kinds of steep discounts that their Medicare plan.
BY JONATHAN D. ROCKOFF based on the value it provides pharmacy-benefit managers Pfizer plans to subsidize
AND JARED S. HOPKINS to patients, providers, and and health plans seek in ex- copays of people who are
health care systems due to its change for covering the drug commercially insured at least Paxlovid is a key weapon in the arsenal for fighting Covid-19.
Pfizer will price a course of important role in helping re- and setting low copays or through 2028.
its Covid-19 drug Paxlovid at duce Covid 19- other out-of- Pfizer officials have said developed protection against land Clinic that was published
nearly $1,400 when commer- related hospi- pocket charges. that the company gave the the virus from vaccinations in September in the Journal of
cial sales begin later this year, talizations and Pfizer has U.S. government a volume dis- and infections. the American Medical Associ-
more than double what the deaths,” a The list price is begun negotiat- count in selling it Paxlovid for He said a high price could ation.
U.S. government has paid. Pfizer spokes- much higher ing with the $529 a course. The company force health plans to limit ac- A study, published in Feb-
Pfizer told the pharmacies woman said. pharmacy-bene- charged other high-income cess. “With a low cost medi- ruary in the journal Clinical
and clinics that will dispense The com- than the $529 fit managers countries $700 to $900 a cine, they’re not going to ag- Infectious Diseases, found that
Paxlovid, in a letter dated pany disclosed and health plans course, according to the per- gressively police it, but a 14% of people who took Pax-
Wednesday that was viewed Paxlovid’s pric-
the government this week, and it son familiar with the matter. higher price medicine they lovid tested positive again
by The Wall Street Journal, ing in letters it had paid for it. set a higher list Gilead is charging commer- likely would,” he said. days after testing negative,
that a five-day course of the sent to phar- price for Pax- cial health plans $3,429 for a Paxlovid, authorized in the compared with a rebound rate
antiviral will list for $1,390. macies and lovid to be able five-day course of its Covid-19 U.S. in late 2021, is a key of 9% of those who didn’t get
The U.S. government had paid health clinics to offer steep antiviral remdesivir, a Gilead weapon in doctors’ arsenal for the drug.
$529. that will dispense the pills discounts so patients can get spokeswoman said. The ther- fighting Covid-19. People who Sales of Paxlovid, along with
Health plans will probably around the U.S., especially af- wide access, according to a per- apy, which goes by the brand have been infected and are at a Covid-19 vaccine, boosted
pay much less than the list ter the federal government son familiar with the matter. name Veklury, is given by in- high risk of developing severe Pfizer’s revenue last year
price for the pills, and most winds down its exclusive pur- People who aren’t insured travenous infusion. disease can take the pills at above $100 billion. But Pax-
patients will have a small or chasing agreements and its usually have to pay the full David Boulware, an infec- home to reduce the risk of se- lovid use has plunged since the
no out-of-pocket cost because supplies run out. price of a drug. The U.S. De- tious-disease physician and vere disease. pandemic crisis abated.
Pfizer is expected to offer The list price is the starting partment of Health and Hu- professor of medicine at the Paxlovid cut the risk of Paxlovid prescriptions had
price discounts and help pa- point for negotiations between man Services said people who University of Minnesota Medi- death and hospitalization by dropped by more than 40% to
tients with their out-of-pocket Pfizer and firms called phar- are covered by Medicaid or cal School, said $529 a course 37% in people who took the 65,000 in early May from late
charges. macy-benefit managers over are uninsured will be able to was a more reasonable price drug in a 70,000-person, real- March, Barclays analysts said
Pfizer has already faced how much health plans will get Paxlovid without cost given that many people have world study led by the Cleve- in a recent research note.

Why Healthcare Costs Are Soaring Repayment

© Verdura. All rights reserved.

Average family plan nears $24,000 this year after the biggest increase in more than a decade

Inflation came for your Average annual contributions to premiums

Of Student
healthcare this year. Next year
is looking to be just as bad.
The cost of employer health
For single coverage For family coverage
Total: $23,968
Debts Won’t
insurance rose this year at the
fastest clip since 2011, accord-
ing to a yearly survey from
,
$25,000

20,000
Contribution:
Worker
Employer
$25,000

20,000 Worker share:

Drag Down
Economy
healthcare researcher KFF. The $6,575
7% jump in the cost of a family
15,000 15,000
plan brought the average tab to
nearly $24,000—more than the Total: $8,435
price for some small cars. 10,000 10,000 BY BOB FERNANDEZ
Workers’ average payment Worker share:
of $6,575 for those plans was $1,401 The resumption of federal
5,000 5,000
nearly $500 more than last student loan payments
year. Inflation is to blame for shouldn’t be a big deal for the
this year’s steep increases in 0 0 U.S. economy, according to re-
health insurance costs, said 2000 ’05 ’10 ’15 ’20 2000 ’05 ’10 ’15 ’20 search from the Federal Re-
Gary Claxton, a senior vice serve Bank of New York.
president at KFF. Source: KFF Millions of student borrow-
ers are likely to curtail their
Average annual change Family premiums consumer spending by only
Overall inflation
Inflation hits about $56 a month on average
12% Inflation in the economy as they restart payments on
Workers’ earnings
spiked in 2022. student loans, the research
9 It hit health coverage this says. Across 28 million federal
year because hospitals tend to student loan borrowers, this
renegotiate fees with insurers amounts to about $1.6 billion
6 only every few years, so the less in consumer expenditures
increases they sought to a month, the researchers esti-
cover their own costs are mate.
3 now, in turn, affecting premi- “The findings suggest that I N IT I AL PEN DANT N ECK L ACE
ums. the payment resumption will Diamond, platinum and 18k gold.
0 Employers and workers have a relatively small overall Large Cap: 1” pendant with 28” chain, $21,500.
may see similar boosts in effect on consumption, on the Small Cap: 2/3” pendant with 16” gold chain, $7,500.
2000 ’05 ’10 ’15 ’20
2024, according to benefits order of a 0.1-percentage-
Sources: KFF; Bureau of Labor Statistics consultants. point reduction in aggregate
spending from August levels,” 74 5 F I F T H AV E N U E , 12 T H F LO O R
Average annual deductible among workers the New York Fed’s Raji 212 . 7 5 8 . 33 8 8 • V E R D U R A .C O M
Steady deductibles with single coverage For workers who Chakrabarti, Daniel Man-
One piece of good news for face a deductible grum, Sasha Thomas and Wil- Original gouache by Duke Fulco di Verdura
workers is that employers $1,750 bert van der Klaauw said in a
aren’t pushing up deductibles, 1,500 post Wednesday on the
which are out-of-pocket sums bank’s Liberty Street Eco-
that workers pay for care be- 1,250 nomics blog.
fore coverage kicks in. 1,000
All workers, Federal Reserve officials
The reason: Employers are including those and economists have warned
still reluctant to pile new 750 without a deductible that student loan payments
costs on workers in a tight la- this month could be a drag on
bor market, Claxton said. In 500 the U.S. economy, as borrow-
addition, some companies may 250 ers redirect funds into loan
worry that the cost burden on 2006 ’10 ’15 ’20
payments instead of doing
employees is causing them to other things with the money—
avoid needed care. Source: KFF like buying clothing or vehi-
cles or dining out.
Share of covered workers enrolled in each type of health plan The U.S. government
Worker choices paused federal student loan
100%
Another bright spot for payments in the early weeks
Conventional HMO workers: The most common of the Covid-19 pandemic in
75 type of insurance plan pro- 2020.
vides access to a wide array of The 43-month-long
PPO
hospitals and doctors. breather in payments gave
50 These large, open networks borrowers more than $260 bil-
are sold as preferred provider lion in waived payments
POS organizations, or PPOs. Their throughout the pandemic that
25
popularity, despite rising costs, could be used on other con-
High-deductible indicates employers aren’t sumption or saved in bank ac-
0 with savings option turning back to plans with lim- counts.
1988 ’93 ’96 2000 ’05 ’10 ’15 ’20 ited menus of doctors and hos- Interest on federal student
pitals, such as health mainte- loans resumed in September
Sources: KFF; KPMG; Health Insurance Association of America nance organizations, or HMOs. and payments began again
this month.
Coverage limits Share of large companies that provide, or plan to provide, New rules on federal in-
The biggest companies, with financial aid for traveling out of state for abortions come-driven repayment
5,000 employees or more, are plans—which can reduce
Yes Don't know No
more prone to cover abortion, monthly loan payments based
but many do so only under lim- on borrower income—and ac-
ited circumstances, such as 200-999 workers crued savings will ease some
cases of rape, incest or danger of the pain in the monthly Sira. Armchair, designed by O & M.
to the pregnant woman’s payments, according to the
health, according to the KFF blog post.
1,000-4,999
survey. However, a significant The New York Fed re-
share of employers—40%—said searchers said that they saw
they “don’t know” how they “little variation in spending
handle abortion, which Claxton 5,000 or more responses but find that low-
said may reflect an evolving income borrowers, female bor-
stance or reluctance to disclose rowers, those with less than a
a policy. Some employers have All large firms bachelor’s degree, and those
opted to pay for workers to who were not in repayment
travel to get abortions, as more 0 25 50 75 100% before the pandemic expect
states have restricted access. the highest likelihood of
—Anna Wilde Mathews Note: Among companies that offer health benefits; for plan with the largest enrollment missed student loan pay-
and Josh Ulick Source: KFF ments.”
 .

A4 | Thursday, October 19, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

U.S. Wraps Up Its Google Antitrust Case

BY JAN WOLFE, MILES KRUPPA engine in the Safari browser. status on smartphones. nently placed on Apple de- Jerry Dischler, a Google ex- fault arrangements, something
AND ERIN MULVANEY “I know we are insisting on Ramaswamy responded vices. Microsoft even pitched ecutive in charge of advertis- Google cites in its defense,
default, but I think we should that most users just use the selling Bing to Apple, but the ing products, testified that doesn’t reduce its market
WASHINGTON—The land- also encourage them to have default settings on a device, so talks never got beyond a pre- Google sometimes made dominance much because so
mark antitrust case against Yahoo as a choice in a pull Google’s agreement with Ap- liminary phase. changes to its advertising auc- few users do so.
Google hit a milestone this down or some easy option,” ple is a powerful tool that Microsoft CEO Satya Na- tions that could raise the price “One thing Google likes to
week when the Justice De- Pichai wrote. “I don’t think it locks out competition. della testified that the com- of search ads by 5% or as say is competition is just a
partment’s last scheduled wit- is a good user experience nor “The defaults that these de- pany was prepared to incur much as 10%. click away. It definitely is not
ness concluded his testimony the optics great for us to be vices ship with are the ones losses of $15 billion a year to The tweaks helped Google in terms of how users be-
late Tuesday. Here are some the only provider in the vast majority of people are make Bing a default search meet revenue targets and the have,” Whinston testified.
key moments so far from the the browser.” going to simply stick with,” he engine on Apple devices. company usually didn’t tell In Europe, users get choice
public parts of the nonjury Pichai sent the email to said. “They’re not going to Mikhail Parakhin, a top ex- advertisers, Dischler said. screens instead of default
trial, which began Sept. 12 and Google co-founders Larry Page change them.” ecutive at Microsoft, later tes- “The question we are all search engines.
is estimated to end in late No- and Sergey Brin, among other On cross-examination by tified it was never in the faced with is how badly do we In Russia, after the choice
vember. executives. The CEO is ex- Google lawyer Kenneth cards. want to hit our numbers this screen was adopted, a strong
pected to be called as a wit- Smurzynski, Ramaswamy tes- “It was my impression, al- quarter?” Dischler wrote in an rival, Yandex, was able to

1
ness by Google’s lawyers later tified that Neeva would have ways, that they used us as a email dated May 2019 that compete with Google, Whin-
Before he was in the trial. been able to profitably deliver bargaining chip because the was shown during his testi- ston said.
Google CEO, high-quality search results if threat of them switching al- mony. “We need to make this Before the choice screen,

2
Sundar Pichai An ex-Google it only had a 2.5% market lows them to extract better choice ASAP.” Google had a share of about
fretted about the employee took share in search. conditions from Google,” he A Google spokesman said 60%, and with the choice
Google is likely to highlight testified. “It’s no secret that advertisers never pay higher screen, Yandex gained a more
‘optics’ of its aim at the that testimony in its closing Apple is making more money than their maximum bids, and than 20% share. In two to
default search-engine company’s arguments, saying it shows on Bing existing than Bing the company is constantly three years, the numbers were
agreement with Apple business practices competitors don’t need a large does.” making improvements to ads reversed for the two search
Years before he became One of the best distillations share of the market to deliver Google is expected to argue on the site. engines in Russia.

5
Google’s chief executive, Sun- of the Justice Department’s useful search results and com- that this testimony highlights “If Google’s quality were to
dar Pichai raised concerns case came from Sridhar Ra- pete with Google. its core theory of the case: DOJ says stay unchanged and rivals got
about the deal at the heart of maswamy, a computer scien- There are other powerful play- offering users a better, then we would expect

3
the case: the Alphabet unit’s tist and entrepreneur who ers in the search market, but some preference shift from
contract with Apple that once worked at Google. The Apple used Apple and others elevate
direct search Google toward the rival,”
makes Google the default government put him to the Microsoft as a Google because it’s simply a choice rather Whinston said. That hasn’t
search engine on Apple’s Sa- stand to explain why a search ‘bargaining chip,’ better product. than a default happened in the U.S., he sug-
fari web browser. engine he launched, Neeva, reduces Google’s gested, because Google’s dom-

4
one executive
In an email from 2007, failed to take on Google. Google can easily dominance inance—secured in part
U.S. District Judge Amit
testified
when Pichai was overseeing raise advertising through default agreements—
Google’s Chrome browser Mehta, who will decide the The trial has revealed new Michael Whinston, an ex- prevents other search provid-
business, he wrote that he case, asked Ramaswamy why details about Microsoft’s re-
prices without pert witness for the Justice ers from getting enough
didn’t like the “optics” of Google pays billions of dollars peated efforts to get its Bing major Department, testified that us- searches to improve their re-
Google being the only search a year to maintain its default search engine more promi- consequences ers’ ability to opt out of de- sults.

On Try Two, damn thing in two weeks,” said

Rep. Dave Joyce (R., Ohio), the
chairman of the more-centrist
It’s abhorrent.”
Republicans have also
raised policy objections to Jor-

Jordan Gets Republican Governance Group

who was preparing to intro-
duce a resolution that would
dan. Womack was among a
handful of GOP lawmakers on
the House Appropriations

Fewer Votes empower McHenry to bring

bills to the House floor for a
period. “That’s what I think is
Committee to vote against Jor-
dan, saying his support for
dramatic cuts of federal spend-
important—that we get back to ing isn’t realistic when the
Continued from Page One opening this place up.” Senate and White House are
Jordan, a veteran conserva- McHenry was chosen for the controlled by Democrats.
tive whose legislative career speaker pro tempore post by Some of the Republicans
has been largely defined by ob- McCarthy under post-9/11 rules who dropped their support for
structing Republican leaders’ requiring the speaker to list a Jordan on Wednesday are long-
plans, was hit by 22 GOP defec- temporary replacement in case time allies of Majority Leader
tions Wednesday, more than of a vacancy. Steve Scalise (R., La.), who
the 20 he lost in the first ballot For McHenry to bring legis- withdrew his own candidacy
Tuesday. He can lose no more lation to the floor, many law- last week, including Reps. Drew
than four Republicans when all makers and House rules ex- Ferguson (R., Ga.) and Vern Bu-
CHIP SOMODEVILLA/GETTY IMAGES

lawmakers are present and perts believe the majority of chanan (R., Fla.). A total of four
vote for a candidate, if all Dem- the House would have to vote more Republicans voted
ocrats are opposed. to give him that authority, a against Jordan on Wednesday,
“When you’re going in the step once seen as unlikely but but he flipped two to his col-
wrong direction after two growing more viable. umn: GOP Reps. Doug LaMalfa
rounds, that’s obviously not a “My role here is to be deter- of California and Victoria
great sign,” said Rep. Mike mined, but I’ve constructed Spartz of Indiana.
Garcia (R., Calif.), who voted that as narrowly as the rules The overall tally was 199 for
for Jordan. say I should,” McHenry said. Rep. Jim Jordan, center, conferred with colleagues Wednesday on the House floor. Jordan, 212 for Jeffries and 22
Jordan’s allies, including Some Republicans said such for other Republicans. The win-
McCarthy, said the Ohio Repub- a step would amount to a tem- Mass.) said. bristled at the pressure applied Steve Womack (R., Ark.) said ner will need to win a majority
lican simply needed more time porary Band-Aid. Any effort to Rep. Hakeem Jeffries of New by supporters of Jordan, an his staff has been “cussed out” of the House, or 217.
to gather support. expand McHenry’s authority York, the chamber’s Demo- ally of Donald Trump who was by pro-Jordan callers. “We If Jordan withdraws, law-
“It’s all about stamina here,” would likely require bipartisan cratic leader, has suggested a “significant player” in his at- have a spine,” Rep. Don Bacon makers and aides said new
said Jordan backer Rep. Scott support to pass. that Democrats might seek tempt to stay in the White (R., Neb.) said. candidates could include Rep.
Perry (R., Pa.), chairman of the House Democrats said the changes to House rules that House despite his 2020 presi- Late Wednesday, Rep. Mari- Bruce Westerman (R., Ark.),
hard-line House Freedom Cau- next step would depend on Re- would enable bills with signifi- dential election loss, according annette Miller-Meeks (R., Republican Study Committee
cus. “We know the right guy.” publican moves to coalesce cant bipartisan support to to the House committee inves- Iowa), who voted for Jordan on Chairman Kevin Hern (R.,
But other Republicans said it around an alternative plan. come up for a vote on the tigating the Jan. 6, 2021, Capi- the first ballot but not the sec- Okla.), House Republican Con-
was time to move on to a new “We hope that they will House floor more easily. The tol attack. In social-media posts ond, said she received “credible ference Vice Chairman Mike
plan, with momentum building come to us now that there House currently has 221 Repub- and phone calls, party chairs death threats and a barrage of Johnson (R., La.), House Bud-
for a proposal to assign more have been two votes, and Jim licans and 212 Democrats. and leaders of grassroots threatening calls.” get Committee Chairman Jodey
powers to the speaker pro tem- Jordan has been unable to put Many of the holdouts indi- groups have hounded and po- Jordan said: “We condemn Arrington (R., Texas) and Rep.
pore, Rep. Patrick McHenry (R., it together, and find that bi- cated that they remained litically threatened lawmakers. all threats against our col- Byron Donalds (R., Fla.).
N.C.), to get critical work done. partisanship,” House Minority staunchly opposed to electing Jordan opponents said the leagues and it is imperative —Gabriel T Rubin
“We haven’t accomplished a Whip Katherine Clark (D., Jordan as speaker. Some have pressure was backfiring. Rep. that we come together. Stop. contributed to this article.

Household Net Worth Surged After Pandemic

BY SARAH CHANEY CAMBON Older Americans, in partic-
ular, have benefited from
U.S. families’ wealth surged higher home values and stock-
in the years after Covid-19 market gains, said Leo Feler,
struck, adding to signs of con- chief economist at market-re-
sumer strength that could search firm Numerator. That
help the U.S. economy shake means they have less concern
off the bite from higher inter- about saving more for the fu-
est rates. ture, he said.
Households’ median net “And that’s really what
worth, or wealth, climbed 37% we’ve been seeing,” Feler said.
Delivering Lifetime Income from 2019 to 2022, after ad-
justing for inflation, according
“Seniors are living very well
and they are going out and

for More than 80 years… to the Federal Reserve’s Sur-

vey of Consumer Finances re-
spending.”
Other groups made steps
JUSTIN SULLIVAN/GETTY IMAGES

leased Wednesday. That was forward as well. Black families

the largest increase since the saw the largest gains in me-
SAMPLE Age 90 13.0% survey—which comes out once
every three years—began in
dian net worth, with their
wealth rising 60% from 2019
ANNUITY RATES Age 85 11.5% 1989. to 2022. The economic gains
Rising home and stock for Black Americans contrast
FOR INDIVIDUALS* Age 80 10.0% prices that far outpaced infla- with their long, slow recovery
tion helped support the net from the 2007-09 recession. Households’ inflation-adjusted median net worth, or wealth,
8.6%
RATES VALID THROUGH
NOVEMBER 30, 2023 Age 75 worth increases. The rise in
wealth was broad based
Still, large gaps persist.
Black families’ 2022 net
climbed 37% from 2019 to 2022, a survey says.
*Pomona Plan annuity rates are not
available in all states. Call us to confirm
rates and availability in your state.
Age 70 7.8% across demographic and socio-
economic groups, in part re-
worth—at $44,900—remained
below other racial and ethnic
Household median net worth, by race or ethnicity

For even higher annuity rates, consider a deferred annuity. flecting the greater likelihood groups. The net worth of $300,000
of middle-income and lower- white families was $285,000 White
Secure Retirement Income for Life | Generous Tax Savings income households to own in the same year and Hispanic 250,000
stocks and homes last year families’ net worth was
AAA Bond Ratings | Endowment over $2.5 Billion than in 2019, Fed economists $61,600. 200,000
said. Median income, before
Call us to start a conversation During the pandemic, con- taxes and adjusted for infla-
150,000
sumers reaped big financial tion, rose a modest 3% from
(800) 761-9899 gains from the booming hous-
ing and stock markets, govern-
2018 to 2021. Income gains
were biggest among the top 100,000 Hispanic
550 N. College Ave. ment stimulus and more time earners, which meant inequal-
Black
at home. That helps explain ity widened.
Claremont, CA 91711 why they are still splurging Americans in 2021 were
50,000

pomonaplan.pomona.edu even after the Fed raised in- still receiving some govern-
0
terest rates to a 22-year-high. ment stimulus payments—in-
Robust consumer spending is cluding expanded unemploy- 1989 1995 2010 2022
FIND A RATE CALCULATOR ON OUR WEBSITE! lifting hopes the U.S. economy ment benefits, which likely Note: Inflation-adjusted to 2022 dollars
can avoid a recession. influenced the survey data. Source: Federal Reserve Survey of Consumer Finances
 .

THE WALL STREET JOURNAL. Thursday, October 19, 2023 | A5

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A6 | Thursday, October 19, 2023 NY * * THE WALL STREET JOURNAL.

U.S. NEWS
ALABAMA WASHINGTON, D.C. MAINE U.S.WATCH
Suspect Admits U.S. Sets $3.5 Billion Crew Member Hurt
To Killing Holloway For Electric Grid In Cruise-Ship Blast
The chief suspect in the The Biden administration One person was injured and
2005 disappearance of Nata- announced $3.5 billion for 58 passengers were evacuated on
lee Holloway has admitted he projects across the country to Wednesday after an explosion
beat the young Alabama strengthen electric grid resil- in the engine room of a small
woman to death on a beach in ience as extreme weather cruise ship docked in Portland
Aruba after she refused his events such as the deadly Harbor, officials said.
advances, then dumped her Maui and California wildfires The injured person, a mem-
body into the sea. continue to strain the nation’s ber of the crew, was taken to
New details in the killing aging transmission systems. a hospital with serious injuries
emerged Wednesday as Joran Energy Secretary Jennifer while 128 passengers were re-
van der Sloot, now 36, pleaded Granholm said it was the larg- moved from the ship, a
guilty in federal court in Bir- est federal investment ever in spokesperson for the Portland
mingham to extorting Hollo- grid infrastructure, supporting Fire Department said.
way’s mother. He sought a projects that will harden elec- American Queen Voyages’
quarter of a million dollars to tric systems and improve en- Ocean Navigator, with a ca-
tell the family the location of ergy reliability and affordabil- pacity of 202 people, had just
their daughter’s remains. ity. docked when the blast hap-

RICHARD ELLIS/ZUMA PRESS

His confession appears to The federal spending, com- pened around 7:25 a.m., offi-
resolve the case. Van der bined with money promised cials said. A generator in the
Sloot’s 20-year sentence for by private partners, could re- engine caught fire, officials
extortion will run concurrently sult in up to $8 billion in in- said. Portland firefighters and
with prison time he is serving vestments nationally to up- the ship’s crew quickly extin-
for a murder in Peru. grade the grid, Granholm said. guished the blaze.
—Associated Press —Associated Press —Associated Press CATCHING THE SUNRISE: Some started their fishing early in Isle of Palms, S.C., on Wednesday.

Parents among parents because it al-

lows as many as 1,024 partici-
pants in a single message
the world isn’t on fire, I know
I’m good,” said Yu, founder of
a Washington, D.C., firm that
a drawer and took her 8-year-
old son and 6-year-old daugh-
ter on a bike ride.
worked a month ago to orga-
nize a birthday or a sleepover
may not work any more,” said
ents—totaling more than 100.
Brody, who has two sons, 12
and 15, said she was tempted

Buried in group. That gives a lot of par-

ents a chance to stream a lot
of messages, which everybody
helps companies ease parents
back to work after leave.
Westley Berman’s text
“You’re on track trying to
get something done,” Berman
said, “and then everyone is
Bennett, of Bedford, N.Y., and
co-author of “This Is So Awk-
ward,” a book about adoles-
to mute the conversations and
check them only every few
days but worried she would

Group Texts feels obliged to scan for an

emergency.
It isn’t unusual for Michelle
chain of seven mothers in her
northern Chicago suburb
pinged a string of nearly 30
commenting on pinkeye.”
It is impossible to know
where a phone ping is a school
cence. “You worry about put-
ting the wrong comment in
the wrong chain. That’s my
miss something important.
Her solution was to devise a
buddy system among mothers
Yu to field 57 messages in a notifications after one mom emergency or just someone in biggest fear.” in overlapping threads. They
Continued from Page One day from parents in three texted she had pinkeye. The a group chat sending a heart Last year, WhatsApp intro- divide watch duties and send
juggling work and kids. Can’t WhatsApp groups that revolve chat turned into a forum of emoji, making texts difficult to duced the “silent exit” feature, an alert about any big news.
get to soccer in time for around her son, 5-years-old, remedies and sympathy. Ber- ignore. “People judge notifica- which allows “I’m scared
pickup? Send a text to the and her daughter, 3. Yu now man is all for commiserating, tions and alerts as all having participants to to take myself
team’s message group asking turns off her notifications and but why didn’t people text the the same weight,” said Nancy remove them- off since it’s a
if another parent can make it. puts the phone in another pinkeye victim directly rather A. Cheever, a psychology pro- selves from the One text after way of organiz-
Need to vent about a rough room, checking messages only than spam the whole group, fessor at California State Uni- chat without the next, at ing the mental
day? Text sympathetic ears. at certain times. she said. In response, she versity, Dominguez Hills and alerting others. load around
Can’t locate the permission “I read the last one, and if turned her phone off, put it in an expert on smartphone ad- That feature turns a two different
form for the school trip? Yup, diction. doesn’t fix ev- schools, two
they have got you covered. Vanessa Kroll Bennett is on erything, such
convenience different grades
Yet in a recent survey of five parent text chains for her as the fear of and a nuisance. and two differ-
1,000 people, 42% of Ameri- four children: club soccer missing out, ent basketball
cans said group chats can feel team, 20 participants; the better known teams,” said
“like a part-time job.” Nui- school soccer team, 20; 8th- as FOMO. Brody, founder
sances can include partici- grade parents and parents of “I’ve had moments where of The Fifth Trimester, an or-
pants who reply to everything, high-school seniors, 15 people; I’ve considered asking them to ganization that promotes gen-
or who use the chat like an Al- and the parents of her son’s start a new thread without der equality in the workplace.
exa device and ask random college friends, another 30. me, but the next time they Of course, when group
questions they could figure As her children have gotten make plans they might forget threads spin out of control,
out themselves. Compounding older, Bennett has learned about me. So I mute it until it there is side-text complaining.
the aggravation, the chats that chat overload isn’t the passes,” Bennett said. Christina LoNigro, Whats-
sometimes splinter into a only plague. As teenagers, Manhattan mother Lauren App director of policy commu-
flurry of side-messaging to their “friendships change by Smith Brody said her Whats- nications, a mother of two and
complain about others in the the minute,” she said, making App threads string a lot of dif- a member of several mom
PHOEBE JONES

main thread. it hard to keep track of which ferent worlds: parents of the chains said, “A friend once
WhatsApp, which is owned parents to collect into a useful Jewish affinity group at her told me that if you don’t have
by Facebook parent Meta Plat- chat group. children’s school, 6th-grade a side text it means someone
forms, is one of the favorites Vanessa Bennett juggles five text chains totaling 85 people. “The mom group chat that parents and playdate par- is side texting about you.”

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THE WALL STREET JOURNAL. * * Thursday, October 19, 2023 | A7

U.S. NEWS

More Dog, Cat

Owners Resist
Routine Shots
FROM LEFT: LEONARD ORTIZ/ORANGE COUNTY REGISTER/ZUMA PRESS; MICHELE BLOOM
Infectious diseases vaccine hesitancy is as old as
vaccines themselves—the in-
now well controlled ventor of the smallpox vaccine
could spread among in the 1790s was met with re-
sistance—skepticism about
pets and humans shots has spread with the rise
of social media and the inter-
BY STEPHANIE ARMOUR net.
“We’re going to see more
The antivaccination move- and more disease as we see
ment is spreading—to pet vaccine compliance drop,” said
owners. Rena Carlson, a veterinarian
When Michele Bloom and president of the American
brought her Boston terrier Veterinary Medical Associa- Veterinarians are finding more vaccine
puppy to the veterinarian, she tion. “I saw a puppy come in hesitancy among pet owners. Above,
worried about possible side ef- with parvo and it was terrible. Michele Bloom, shown with her Boston
fects. Vaccines can really prevent se- terrier puppy, is worried about possible
“I told that lady, ‘No shots, vere disease.” Parvovirus can side effects from vaccines after another
you’re not sticking him,’ ” said cause lethargy, vomiting, of her terriers had an allergic reaction.
Bloom, a child-care worker in bowel problems and a swift
Old Bridge Township, N.J., death. A constituent had come to him Our Pets?” There’s more inter- American Association of Feline the financial foundation of the
who was leery because her Consider rabies. Before the about her older dog, worried est in holistic veterinary prac- Practitioners recommends veterinary industry.”
other terrier had an allergic 1960s, the majority of rabies that the shot could be fatal. tices and Facebook groups low-risk cats be vaccinated Routine “titer testing” to
reaction to a vaccine. cases were found in domestic “I got it before the commit- that advocate limiting or not generally every three years determine the need for boost-
Researchers who have stud- animals, especially dogs, ac- tee, but the veterinarians hap- giving shots to pets. There are with core vaccines. ers isn’t usually advised ex-
ied vaccine hesitancy since the cording to the Centers for Dis- pened to be there that day, also sessions for veterinarians Some vaccine-skeptic pet cept in certain circumstances,
onset of the Covid-19 pan- ease Control and Prevention. and they killed it; they were about how to talk to pet own- owners are searching out ho- such as when a dog has had an
demic say a growing body of Widespread vaccination totally opposed,” said Gunter. ers who are leery of vaccines. listic veterinarians who focus adverse response, according to
evidence shows a surprisingly changed that. Today, 90% of Misinformation and misper- A pet owner in California on a more natural approach the vaccination guide from the
high level of mistrust among reported cases are found in ceptions are driving a lot of with a Chihuahua said she al- and alternative therapies such American Animal Hospital As-
pet owners over vaccines for wildlife. the skepticism, ways takes her as massage and acupuncture sociation, a nonprofit that ac-
cats and dogs. Almost 40% of Seventy percent of dogs in veterinarians dogs “off the for pets. credits animal hospitals. The
dog owners believe that ca- a population should be vacci- say. Thirty- system” be- Dr. Michele Yasson, a veter- organization says it can be dif-
nine vaccines are unsafe, more nated against rabies to pre- seven percent Nearly 40% of cause she said inary homeopath in New Paltz, ficult to interpret a titer and
than 20% believe these vac- vent outbreaks, according to of dog owners dog owners vaccines can N.Y., said rabies and core vac- there are no values for protec-
cines are ineffective and 30% the World Health Organiza- believe vaccines cause cancer, cinations—followed by boost- tive titers in guidelines.
consider them to be medically tion. could cause believe that seizures or ers in the initial series—are all Many veterinarians have
unnecessary, according to a Most states require rabies cognitive prob- death. that is needed for the life of a been changing booster sched-
new study published in the vaccines, but eight states only lems such as
canine vaccines “You don’t cat or dog. Core vaccinations ules so they are less frequent,
journal Vaccine. require rabies vaccinations for autism, accord- are unsafe. have to vacci- are those that are recom- in the wake of studies that
“We were shocked,” said imported animals above a cer- ing to the study nate your mended for every pet com- show immunity from vaccines
lead author Matthew Motta, tain age, according to data in Vaccine. No dogs,” she said. pared with noncore vaccines often lasts beyond a year.
an assistant professor of from Michigan State Univer- scientific data “The main that might be needed based on Researchers say the resis-
health law, policy and manage- sity. Sixteen states have laws exists that validates the risk thing is if you get a new baby lifestyle, such as cats that tance also reflects the skepti-
ment at Boston University. “In or regulations that allow own- for people or animals. dog, don’t take him in to regis- spend time outdoors. cism about medicine and sci-
a world where mandates are ers to seek a medical exemp- Other reasons might in- ter and microchip and vacci- Yasson said she uses titer ence, particularly among
being dialed back and more tion from having their dogs clude problems affording vet- nate.” tests, which measure concen- Republicans or GOP-leaning
pets go unvaccinated, that’s a vaccinated for rabies. erinary bills. The American Animal Hos- trations of antibodies in the voters, that has taken root
threat to our pets but also a A Georgia House bill intro- Pet healthcare totals about pital Association, which sets blood, to determine whether since the start of the Covid-19
public health threat to you and duced two years ago by Re- $36 billion of the $130 billion- canine-vaccination guidelines, an animal is still immune. pandemic.
me.” publican Rep. Stan Gunter plus pet industry, according to says pets should receive core “Personally I’m grateful for “People’s openness to med-
The resistance raises the would have provided exemp- the American Pet Products As- vaccines that are medically the vaccines, but I’d like to see ical expertise has become in-
risk that infectious diseases tions from rabies if a veteri- sociation. necessary, and some others them used judiciously,” said creasingly partisan,” said
that are now well controlled narian believed it would com- Vaccine hesitancy is giving based on the dog’s lifestyle, Yasson. “It shouldn’t be done Motta, the assistant professor.
could spread in canine and hu- promise a cat or dog’s health rise to books such as “Stop the and that the benefits of vacci- in a cavalier way. Vaccine “There’s a distrust of ex-
man populations. And while or wasn’t medically necessary. Shots! Are Vaccinations Killing nation outweigh the risks. The boosters are a huge basis for perts.”

FROM PAGE ONE

Netflix Net new Netflix subscribers,

quarterly
15 million
customers to switch to their
cheaper and more lucrative ad-
supported plans.
“BEST
To Raise 12
3Q 2023
Warner Bros. Discovery
raised the monthly price of the
ad-free version of its Discov-
BUSINESS HISTORY BOOK ”
Prices 9
8.76M
ery+ streaming service this
month to $8.99 from $6.99,
while the cost of its ad-sup- —strategy+business, a pwc publication
ported platform remains un-
Continued from Page One 6 changed at $4.99 a month.
a year earlier. Netflix’s password-sharing
Co-CEO Greg Peters said crackdown and lower-cost ad-
Netflix expects further cus-
tomer additions from its new
3 supported plan are part of an
effort to attract new customers
“Though Siggi never escaped the trauma
password sharing limits in the
next several quarters. There
are still groups of borrowers
0 and boost the average revenue
per user it generates.
The company’s ad business
of his memories, his experiences will now
EDUCATE AND INSPIRE OTHERS. ”
the company hasn’t yet tar- –3 has so far grown slowly, with
geted, he said. 2019 ’20 ’21 ’22 ’23 some advertisers clamoring for
The resolved Hollywood Source: the company the company to offer them
writers’ strike and ongoing ac- more scale before they commit
tors’ strike will result in lower hasn’t raised prices over the to spending larger sums. —MARC LEDER
content spending this year, past year. It internally dis- Netflix’s ad-supported tier
Netflix said. It plans to invest cussed raising prices after the accounted for 5.75% of U.S.
Co-CEO, Sun Capital
about $13 billion, rather than actors’ strike ends, The Wall subscribers as of September
the roughly $17 billion it ex- Street Journal reported. Last 2023, according to subscription
pected to spend earlier this week, talks between the analytics service Antenna, up
year. The company said its Screen Actors Guild-American from 3.3% at the end of June.
free cash flow for the year is Federation of Television and “It takes time to build a new
likely to increase to $6.5 bil- Radio Artists and the studios business from scratch,” Netflix
lion, up from a prior forecast broke down suddenly, and it is wrote in a letter to sharehold-
of $5 billion. unclear when that strike ers.
“We want nothing more might end. In the U.S., Netflix’s lowest-
than to resolve this and get ev- The cost of major ad-free cost plan includes ads and
eryone back to work,” said Co- streaming services has gone up costs $6.99 a month for one
CEO Ted Sarandos. by about 25%, as entertainment user with limited features, and
He said a demand from the companies look to bring their the company isn’t currently
Screen Actors Guild-American streaming platforms to profit- changing that price. Netflix’s
Federation of Television and ability and lead price-conscious standard plan costs $15.49.
Radio Artists for a bonus pool
tied to subscriber fees broke
the momentum of the negotia-
tions. SAG has said its mem-
bers contribute to streamers’

Sublime...
success and should be able to
share in it.
Netflix reported revenue of
$8.54 billion, roughly in line
with its projections of $8.52
billion and up 8% from $7.9
billion in the third quarter Luxury Barge
last year.
Net profit rose 20% to $1.68
Cruises
billion in the third quarter, top-
ping its forecast. The com-
pany’s operating margin during
the period was 22.4%, slightly
higher than its forecast.
Netflix said this year it will
have more returning seasons
than any other streamers, in-
cluding hits such as “The
Crown,” “Virgin River,” “Top ALSO AVAILABLE AS AN E-BOOK AND AUDIOBOOK
Boy” and “Heartstopper.” It
also announced a multiyear P.O. Box 2195, Duxbury, MA 02331
deal with Skydance Animation 800-222-1236 781-934-2454
to make movies for Netflix www.fcwl.com
starting in 2024.
Unlike its rivals, Netflix
 .

A8 | Thursday, October 19, 2023 * *** THE WALL STREET JOURNAL.

WORLD NEWS
JORDAN TURKEY
KHALIL MAZRAAWI/AGENCE FRANCE-PRESSE/GETTY IMAGES

ADEM ALTAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

Muslim World Angered After Explosion
Blast at Gaza LEBANON
anco said. “I don’t think they
would go against the public at
hospital compound such a topical moment.”
sparks widespread The U.A.E. blamed Israel for
the hospital blast. Leaders in
protests, mourning Jordan and Egypt—which both
border and have relations with
BY OMAR ABDEL-BAQUI Israel—say they reject any at-
tempts by Israel to displace
The explosion at a Gaza Palestinians amid fighting.
hospital Tuesday night set off King Abdullah II of Jordan and
a wave of protests across Egyptian President Abdel Fat-
much of the Middle East and tah Al Sisi both rejected the
the broader Muslim world, notion of accepting Palestin-
some of them calling for death ian refugees.
to Israel. “For us in Jordan, any at-
Hamas immediately blamed tempt to displace Palestinians
Israeli airstrikes for the blast means war,” the country’s
at Al-Ahli Arab Hospital and foreign minister said. Sisi
said 500 people had been said if Palestinians are trans-
killed. Israel, the U.S. and in- ferred to Egypt, “Sinai will be
dependent security experts on a base for operations against
Wednesday cast doubt on Israel and in this case, Egypt
Hamas claims, saying the pre- will be labeled as a base for
liminary evidence points to a terrorists.”
Palestinian militant group. Sisi suggested Israel move
The amount of damage also Palestinians affected by fight-
appears inconsistent with the ing in Gaza into the Negev
HASSAN AMMAR/ASSOCIATED PRESS

Hamas-controlled Gaza Health Desert in southern Israel.

Ministry’s assertion on Tensions flared in the West
Wednesday that 471 people Bank, sometimes violently, as
were killed, experts said. Palestinians protested against
Some analysts believe the Israeli strikes in Gaza and the
death toll was less than 100. Palestinian Authority’s stance
Anger nevertheless spread on the continuing war. Pales-
quickly throughout the region. tinian cities in the West Bank
Riots broke out near the Is- Protesters scuffle, top left, with Jordanian police in Amman. Top right, people took to the streets in Ankara, Turkey, on are governed semiauto-
raeli embassy in Jordan, Wednesday. Above, demonstrators throw stones at Lebanese soldiers near the U.S. Embassy in Aukar, a suburb of Beirut. monosly by the Palestinian
where millions of the Palestin- Authority. Hamas and Pales-
ian diaspora live and which protesters in Iraq and Iran on supports the Palestinians and rael, with talks envisioned for cords were widely viewed un- tinian Authority leaders are
has had diplomatic ties with Tuesday night calling for the is hostile to Israel. the next several months. favorably among people in political rivals, and the latter
Israel since the 1990s. death of Israel. The outrage over the blast Cinzia Bianco, a researcher Lebanon and Egypt and to a is widely seen as ineffective,
About 80,000 Turkish pro- Some governments, such as creates a dilemma for some focusing on the Gulf at the Eu- lesser extent, in Bahrain and corrupt and too close to Israel,
testers descended on the Is- Turkey and Jordan, have de- Arab leaders who had been ropean Council on Foreign Re- the U. A. E—albeit without which occupies the West
raeli consulate in Istanbul, clared days of mourning, and exploring deeper ties with Is- lations, said she expects a much commotion. Bank.
some attacking security some shops in Jordan closed rael and were seen to be side- Saudi-Israel deal would be Amid the escalation in the Palestinian Authority secu-
forces and attempting to en- in solidarity with the Palestin- lining a push for a Palestinian shelved for years. recent conflict, citizens are rity forces fired at protesters
ter the compound, according ians who were killed. The red, state, a cause that helped to “Right now, it’s politically watching their leaders’ words and Palestinian militants in
to authorities. In Iran, where black, white and green flag of shaped the region’s politics impossible,” she said. about Israel closely and in the West Bank, according to
the government has become Palestine was carried by some for generations. Polling in 2022 by the some places becoming more witnesses. One 12-year-old girl
the primary champion of the protesters along with their Political analysts say the Washington Institute think vocal in their support of the died during the confronta-
Palestinian cause, thousands own country’s flag. hospital explosion likely de- tank found that decisions by Palestinian cause, analysts say. tions, her family said.
of people across several cities Despite emerging evidence rails any diplomatic deal be- Arab nations such as the “It’s a once in a decade sit- —Suha Ma’ayeh,
demonstrated, including at that Israel wasn’t responsible tween Saudi Arabia and Israel. United Arab Emirates and uation where I think (Middle Aresu Eqbali,
the French and British em- for the blast, analysts say it is The U.S. and Saudi Arabia re- Bahrain to establish diplo- Eastern leaders) want to be Elvan Kivilcim
bassies. unlikely to change minds in cently agreed on contours for matic ties with Israel as part representing the majority of and Fatima AbdulKarim
There were chants from the Arab world, which largely the kingdom to recognize Is- of the 2020 Abraham Ac- views in the population,” Bi- contributed to this article.

Biden Says Arab leaders to cancel their

planned meetings with Biden.
Hamas and the Palestinian
ing every avenue to bring
home those who are being
held captive by Hamas,” he

Gaza Aid Authority blamed the explo-

sion on an Israeli airstrike.
Israel, the U.S. government
said on a stage bearing U.S.
and Israeli flags.
Eli Beer, president of the

Will Flow and independent security ex-

perts cast doubt on the claims
that Israel was responsible,
United Hatzalah, a volunteer
organization that provides
emergency medical services,
saying the preliminary evi- told Biden: “You’ve uplifted
Continued from Page One dence pointed to a local mili- the whole spirit of this coun-
“If Hamas confiscates them tant group, Palestinian Is- try and all the Jewish people
or doesn’t let it get lamic Jihad. in the world.”
through…then it’s going to The Gaza Health Ministry Biden said he hasn’t lost
end,” Biden said, noting the said on Wednesday that the sight of the idea of Israelis
United Nations was to handle blast killed 471 people. The and Palestinians living to-
aid distribution in Gaza. death toll hasn’t been inde- gether in peace and backed
EVAN VUCCI/ASSOCIATED PRESS

The U.S. president also pendently verified. U.S. offi- the so-called two-state solu-
praised the Egyptian leader as cials say that the death toll is tion that would create a Pales-
“completely cooperative.” likely between 100 and 300 tinian state alongside Israel.
“The bottom line is that Al people. As concerns intensify that
Sisi deserves some real Biden reiterated on the conflict could spread
credit,” he said. He said his Wednesday the U.S.’s unwav- through the region, the U.S.
newly appointed envoy for the ering support for Israel follow- hopes Biden’s trip will serve
humanitarian effort, former ing the Oct. 7 assault on the President Biden stressed U.S. support for Israel in talks with Prime Minister Benjamin Netanyahu. as a warning to any third par-
ambassador to Turkey David country by Hamas militants. ties—whether they are other
Satterfield, had “my authority “The fact is that Israel, as summit with Biden in Jordan dards and minimize the civil- from power. A land incursion countries like Iran or militant
to do what is needed to get it they respond to these attacks, in protest against U.S. support ian death toll in Gaza. into Gaza is likely to signifi- groups such as Lebanon’s
done.” has to continue to ensure you for Israel. “The world is looking. Is- cantly raise the death toll of Iran-backed Hezbollah—that
The Israeli prime minister’s have what you need to defend Biden and his entourage rael has a value set, like the the current war, which is the U.S. was prepared to act if
office earlier said Israel would yourself, and we’re going to touched down amid a politi- United States does and other higher than any in Gaza in the they join the conflict.
allow humanitarian deliveries make sure that occurs,” Biden cal maelstrom, with street democracies and they are past two decades. In a sign of growing ten-
via Rafah, provided the aid said at his meeting with Ne- protests raging in cities across looking to see what we are go- Israel hasn’t yet laid out sions between Tehran and
didn’t end up in Hamas’s tanyahu, who greeted him at the region and anger directed ing to do, to the people of Is- how it will use military power Washington, the U.S. has
hands. The president also an- the airport. at the U.S. over its backing of rael, their courage, their com- to accomplish its political aim shelved planned indirect talks
nounced the U.S. would pro- “I want to thank you for Israel. The tumult threatened mitment, their bravery is of toppling Hamas, nor what with Iran, people with direct
vide $100 million in humani- coming here today and for the to undermine Biden’s efforts stunning, it’s really stunning— its plans for Gaza are after the knowledge of the talks said.
tarian aid to the people of unequivocal support you’re to free hostages and create I’m proud to be here,” he said fighting ends. U.S. officials had said before
Gaza and the West Bank. giving Israel over these trying safe passage out of Gaza for in Tel Aviv. On the return trip home the Hamas attacks on Israel
In less than eight hours on times,” Netanyahu told Biden. foreign nationals. Netanyahu said Israel is do- later, Biden said U.S. and Is- that those talks, which would
the ground in Tel Aviv, Biden Biden plans to deliver a for- At a demonstration outside ing everything it can to keep raeli officials had had a long have touched on Iran’s nuclear
met with senior Israeli leaders eign-policy address to Ameri- the Israeli Embassy in Amman, civilians out of harm’s way, discussion, including between program, were due to take
and gave remarks, but didn’t cans on Thursday night. protester Amir Abu Mayaleh but added that “this will be a military leaders, about “alter- place this month in Oman.
meet with Arab leaders after a The U.S. president’s high- said: “He should not come different kind of war, because natives” to a ground invasion A State Department spokes-
summit in Amman, Jordan, stakes trip to the Middle East here to Jordan. The U.S. Em- Hamas is a different kind of of Gaza. person didn’t confirm that,
was canceled in the wake of had begun to splinter before bassy is not welcome here, be- enemy.” In Israel, Biden also met but said Washington has
the Tuesday blast in Gaza. he even left Washington. The cause they support Israel.” Biden’s visit came as Israel with families of victims in the “nothing to preview.”
The explosion at the Al- leaders of Egypt, Jordan and Biden sought to combine is preparing an expected Oct. 7 attacks, as well as Is- —Sabrina Siddiqui,
Ahli Arab Hospital in Gaza the Palestinian Authority, messages of staunch support ground assault into the Gaza raeli first responders. “We’re Vivian Salama, Laurence
has sparked protests around blaming Israel for the hospital for Israel with an appeal to Strip that Israeli officials said working with partners Norman and Summer Said
the Middle East and prompted blast, pulled out of a planned uphold humanitarian stan- will aim to remove Hamas throughout the region, pursu- contributed to this article.
 .

THE WALL STREET JOURNAL. * * * * Thursday, October 19, 2023 | A9

WORLD NEWS

Blast Stuns Doctors:

‘No Place Is Safe Now’
BY CHAO DENG More than 1,000 people are tate all of a young girl’s limbs
AND MENNA FAROUK on the Shuhada Al-Aqsa hospi- to save her life. It was one of
tal premises, according to doc- 250 surgeries the hospital was
As news of a deadly explo- tors. Some hospitals, including performing every day. Even
sion in a Gaza hospital com- the Al-Ahli Arab Hospital, are though the WHO and hospital

AGENCE FRANCE-PRESSE/GETTY IMAGES

pound spread across the Pal- hosting thousands, while Gaza’s administrators were directing
estinian enclave, doctors at largest hospital, Al-Shifa, is Gaza’s last supplies of fuel to
the nearby Shuhada Al-Aqsa sheltering more than 35,000, Al-Shifa, the hospital needed
hospital wondered whether to hospital managers estimate. 40,000 liters of fuel every day
evacuate staff, patients and Gaza’s healthcare system was and was constantly on the
the hundreds of people who buckling even before the war. verge of running out.
had taken refuge there. Hospitals were in short supply In southern Gaza, Mohamed
“Where could we go? No of medicine and equipment. Zaqout, a hospital administra-
place is safe now,” said Abdel Since Israel’s 2007 blockade on tor and pediatrician, has
Rahman Bassem, a 24-year-old the strip, cancer patients, preg- worked around the clock to People identify a victim of the explosion at the Al-Ahli Arab Hospital in the Gaza Strip.
intern. The doctors and pa- nant women and the seriously tend to casualties arriving at
tients remained. ill have struggled to get the per- Nasser Hospital in Khan You- ing to do basic life support.” As soon as the child was sta- ran out to see what happened.
Hundreds of people died in mission needed to leave Gaza nis. “It’s not easy to rest or The hospital has received ble, Bassem went to find out Shrapnel hit his foot.
Tuesday night’s blast at the Al- and see doctors elsewhere. sleep with all this happening 1,700 wounded patients and who the little boy was. People Al Salloul was still trying to
Ahli Arab Hospital compound, “The blockade had signaled around you,” he said. more than 600 bodies since outside the emergency room recover in the hospital’s court-
according to Gaza’s health min- a death sentence for many,” Zaqout says he had to let pa- the start of the war, according told him his name was “Muath” yard, because the facility was
istry, which is run by Hamas. said A. Kayum Ahmed, a special tients with more serious to Shuhada Al-Aqsa hospital and that his father had just crowded and had a strong
Tens of thousands of Pales- adviser at Human Rights Watch wounds die to focus on those spokesman Khalil Al Dokran. died. It was the man Bassem stench of blood. “There were
tinians have flocked to hospi- who has been tracking Gaza’s he can save. He said he was One boy who arrived Tues- had pulled off life support. flies everywhere,” he said.
tals for refuge, even as the fa- hospitals. “Now it’s turned into trying to arrange a surgery for day was covered with blood “I saved the child, but In southern Gaza, the Abu
cilities overflow with patients a complete catastrophe.” a 2-year-old girl who arrived on and dust, crying for his par- killed the father,” he said. “I Yousef Al-Najjar hospital had
injured by airstrikes that have Many of those injured in Monday with a knee that was ents and confused about where know I didn’t kill him, but about 2,500 liters of fuel left
come in the wake of Hamas’s Tuesday’s explosion were smashed, her thigh bone frac- he was. The staff determined that’s exactly what I felt.” on Tuesday, enough to power
Oct. 7 attack on Israel. rushed to nearby Al-Shifa hos- tured and exposed. “She might that he was suffering from a Outside the hospital, men the intensive care unit for two
The World Health Organiza- pital. There, the strip’s most end up amputated,” he said. brain hemorrhage and needed bow their heads before dead to three days, said Marawan
tion has documented 57 at- serious cases already had At Shuhada Al-Aqsa hospital, a ventilator to stay alive. bodies wrapped in white cloth. Shafik, head of the hospital.
tacks on healthcare facilities, overwhelmed medical staff. a blast had gone off in the back Bassem went to the ICU to Patients with bandaged limbs Ibrahim Mohamed Al Sha-
resulting in the deaths of more About 250 beds were added to of their own facility, just hours see if there were any machines lie on wooden beds. Ambu- mali, 34, had transported five
than a dozen healthcare work- its normal capacity of 500, but before the Al-Ahli explosion, available. All four ventilators lances pull up nonstop. dead bodies to the hospital,
ers and damage to more than more were still needed. stirring the staff’s concerns. there were occupied, including Mohanad Al Salloul, 22, after an airstrike hit his un-
two dozen hospitals, ambu- “I’ve never worked in a war Bassem, the intern, and his one by a man who was suffering waited for hours last weekend cle’s house on Tuesday. Al
lances and other medical facil- more difficult than this one,” colleagues had been struggling from a fractured skull and inter- before medical staff could look Shamali’s wife, his children
ities. The Israeli military says said Al-Shifa head Mohamed with a lack of medication, ban- nal hemorrhaging. He would at his injury. He had been sit- and uncle were killed. “I do
its airstrikes target Hamas’s Abu Salmiya. “No hospital can dages, ventilators and other need several surgeons to oper- ting in his home in the Nusei- not know what we did to de-
personnel and military assets, tolerate this.” supplies. “There’s a shortage ate on him to survive, so Bassem rat refugee camp on Sunday serve this,” he said.
and that it warns civilians be- On Tuesday, doctors at his in everything you can imag- decided to pull him off the ma- when a loud explosion went —Anas Baba
fore targeting areas. hospital were forced to ampu- ine,” he said. “We’re just try- chine and give it to the child. off at his neighbor’s house. He contributed to this article.

U.S. Grandmother
Strives to Flee Gaza
BY ANAS BABA Americans in Gaza, citing media
AND STEPHEN KALIN reports that the border with
Egypt was expected to open at 9
RAFAH, Gaza Strip—When a.m. “If you assess it to be safe,
Israel’s retaliatory airstrikes on you may wish to move closer to
Gaza started last week, retired the Rafah border crossing,” the
American schoolteacher Wafa message said early Monday.
al-Saqqa, who had come to “How the hell I’m going to
visit her ailing father, resolved assess my own safety?” said
to stick it out, figuring his up- Saqqa. “According to what? To
scale northern neighborhood the bombs and to missiles go-
was unlikely to be targeted. ing down? Or to the number of
Then her brother-in-law people that are being killed?”
was killed and bombs de- Diplomats with whom Saqqa
stroyed her sister’s home and spoke at the embassy encour-
Saqqa decided she should aged her to try to cross the
leave. She headed south to- border, but said they couldn’t
ward the Egyptian border, guarantee it would open or for
ABED KHALED/ASSOCIATED PRESS

hopeful that as an American how long. Saqqa shared a taxi

citizen she would be allowed to the border with other dual
to leave. Her father, who nationals, but when they ar-
needs oxygen and can’t travel, rived it was still closed. She
had to stay behind. waited in a coffee shop without
But complex U.S. diplomacy water, electricity or internet.
with Israel and Egypt aimed at Hundreds of other civilians
Palestinians carry their belongings Wednesday as they leave blast-damaged Al-Ahli Arab Hospital in Gaza. opening the Rafah border cross- holding U.S. and other foreign
ing on Gaza’s southern border passports camped out in a

Experts The Republican and Demo-

cratic leaders of the House
and Senate intelligence com-
lot—we’ve got to overcome a
lot of things.”
Later, aboard Air Force One,
guided bombs. “Something like
a short-range rocket will cause
more fire,” he said. “With
with Egypt keeps stalling.
“My heart is aching for my
family who were scattered,”
parking lot with their luggage,
watching for any sign of
movement from the dozens of

Doubt Israel mittees said they had been

briefed on the intelligence re-
lated to the blast and con-
Biden said he understood why
people in the region wouldn’t
believe Israel, adding he
something like a JDAM you
will get a lot of blast energy,
and not as much energy
Saqqa said, clutching her U.S.
passport and voter-registra-
tion card. “All I want to do is
trucks lined up on the Egyp-
tian side to bring in food, wa-
ter, fuel and medical supplies.

Hit Hospital cluded it wasn’t the result of

an Israeli military action.
The small size of the open
wasn’t suggesting the Pales-
tinians intentionally targeted
the hospital. “It’s not the first
wasted in heat or fire or light.”
Other analysts agreed.
Knights said the scene showed
to help my family and go back
to my husband and my kids
and my grandson.”
Hours passed, but the cross-
ing never opened. The U.S.-bro-
kered deal was held up by Israeli
area where the explosion oc- time Hamas has launched it “very clearly was hit by a Washington estimates that concerns about arms smuggling
Continued from Page One curred, coupled with limited something that didn’t function rolling fireball.” The most plau- there are between 500 and and Egyptian concerns that Is-
gence indicating that the blast shock-wave damage, was in- very well,” he said. sible cause for that, Knights 600 U.S. citizens in Gaza. rael hadn’t given assurances it
at the hospital in Gaza was consistent with the death toll Israel offered on Wednes- said, is rocket fuel, consistent Once Saqqa reached the would pause airstrikes.
caused by the militant group claimed by the Gaza Health day what it said was proof with the Israeli explanation southern Gazan city of Khan By the end of the day, the no-
Palestinian Islamic Jihad, U.S. Ministry, several open-source that it wasn’t responsible for that a rocket misfired. Younis, she thought she was tice that the U.S. Embassy had
officials said, buttressing Is- intelligence analysts said. the incident, which it said was A definitive conclusion, out of at least immediate dan- posted to its website about the
rael’s contention that it wasn’t Photos and videos taken at caused instead by an errant Spendley said, would require ger as the Israeli military fo- border opening had been re-
responsible for the blast. Pal- the site of the blast show a rocket fired from within Gaza postmortem analysis of victims cused strikes on the north, and moved. Saqqa returned to her
estinian Islamic Jihad rejected shallow crater in the parking by Palestinian Islamic Jihad. and other forensic field work later asked civilians to evacuate relative’s home. Moments later,
the accusation. lot outside, and that the hospi- Rear Adm. Daniel Hagari, Is- that is unlikely to occur given to the south. But the next day, a blast hit a parking lot near the
A video verified by The tal compound’s buildings rael’s chief military spokesman, Gaza’s current conditions. she said, an airstrike hit a border crossing, reportedly
Wall Street Journal recorded a hadn’t sustained major damage. told a news conference that Islamic Jihad accused Israel nearby building where dozens hurting no one but causing dam-
shrieking sound and the ex- “At the moment, the pre- there had been no Israeli strike of wanting to “evade its re- of other displaced people had age that could impair its use.
plosion that followed. ponderance of evidence does in the hospital area. Hagari sponsibility for the brutal mas- taken shelter. “Everybody’s After meeting for more than
Washington’s assessment point to it being a Hamas or shared what he said was an in- sacre it committed.” screaming, yelling and we were seven hours on Monday with
that Israel wasn’t behind the PIJ rocket hitting the area,” tercepted conversation be- Shortly after the explosion, holding each other not knowing Israeli Prime Minister Benja-
blast drew, in part, on com- said Blake Spendley, an open- tween two unidentified Hamas Palestinian Ambassador to the what’s happening,” she said. min Netanyahu, Secretary of
munications intercepts and source intelligence analyst. operatives saying the rocket United Nations Riyad Mansour Young men rescued an older State Antony Blinken said the
other intelligence gathered by A silent video shown in a was fired by militants from a rejected Israeli claims that it woman who survived inside a two countries had agreed to
the U.S., defense officials said. livestream from Al Jazeera cemetery near the hospital. wasn’t responsible. “Now they bathroom, she said. They pulled develop a plan to get humani-
“The U.S. government as- captured a blast and fire at Hagari said the blast took change the story to try to blame corpses of children from the tarian aid to civilians in Gaza,
sesses that Israel was not re- the hospital. place in the parking lot of the the Palestinians. It is a lie,” he rubble and covered them with but didn’t address the plight of
sponsible’’ for the explosion, Palestinian claims that Is- hospital and that the hospital said. Hamas also blamed the wedding dresses taken from a Americans stuck inside.
White House National Security rael was responsible were building itself didn’t suffer blast on Israel. damaged shop nearby, she said. “I’m just sitting here wait-
Council spokeswoman Adri- echoed by several Middle East- structural damage. He shared Protests erupted in Iran, Days later, the U.S. Embassy ing, and it’s like a ticking
enne Watson said. The assess- ern governments, sparking an- a photo of the burned-out Jordan, Kuwait, Egypt, Leba- in Israel issued an alert for bomb,” Saqqa said.
ment is based on intelligence, gry street protests across the parking lot, saying there was non and Tunisia, among other
missile activity, overhead im- region and complicating a visit no deep crater at the site of countries, underlining a deep
agery, and open source video to Israel by President Biden. the blast to indicate an aerial suspicion of Israel’s assertions.
and images, she said. Those claims risked draining strike. Hagari said the rocket’s The war is shaping up as
She added: “Intelligence indi- whatever sympathy Israel residual propellant—fuel that one of the deadliest rounds of
cates that some Palestinian mil- might have had in the region boosts the rocket toward its violence between Israelis and
itants in the Gaza Strip believed from Hamas’s Oct. 7 attack on destination—explains why the Palestinians. Some 1,400 Israe-
that the explosion was likely Israel, which caused the single explosion was so powerful. lis were killed in the Hamas
caused by an errant rocket or biggest loss of Jewish lives A shallow crater in a parking attack, and at least 200 hos-
missile launch.” The U.S. con- since the Holocaust. lot, which appears in a video of tages were taken to Gaza. Be-
ANAS BABA/THE WALL STREET JOURNAL

tinues to collect information on Biden, during his visit, said the site Wednesday, was cited fore the hospital blast, 3,000
the incident, she said. Israel’s version of events ap- by Israel as evidence that the people had been killed in Gaza,
peared more accurate based blast wasn’t an airstrike. according to the Hamas-run
on information he had from Spendley said that kind of Health Ministry.
Watch a Video the Defense Department. damage appeared more consis- —Summer Said, Daniel
Scan this code “Based on what I’ve seen, it tent with a fireball from a Michaels, Vivian Salama,
for a video of appears as though it was done rocket rather than the kinds of Michael R. Gordon, Chao
the moment of by the other team,” he said. weapons that Israel’s air force Deng, Fatima AbdulKarim
the blast at the “But there’s a lot of people out uses, such as Joint Direct Ac- and Dov Lieber
Gaza hospital. there not sure, so we’ve got a tion Munition, or JDAM, contributed to this article. Wafa al-Saqqa was visiting her ill father when war broke out.
 .

A10 | Thursday, October 19, 2023 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Xi Doubles Down on Belt and Road Initiative

Chinese leader, Putin ship and a deep friendship”
with Putin, Chinese state me-
tout trillion-dollar dia reported.
project at summit “The Chinese side supports
the Russian people taking the
West largely shuns path of their own choice for
national rejuvenation, defend-
BY BRIAN SPEGELE ing national sovereignty, secu-
AND WENXIN FAN rity, and development inter-
ests,” Xi told Putin, according
BEIJING—With one war to Chinese state media.
raging in Ukraine and another The Chinese state-media
unfolding in the Middle East, readout didn’t mention
Chinese leader Xi Jinping is Ukraine specifically, but said
promoting his signature for- the two leaders discussed the
eign-policy project as a force situation between Israel and
for unity, cooperation and the Palestinians. Putin said the
prosperity around the globe. meeting with Xi ran for three
At a summit convened here hours, during which he pro-
to celebrate the Belt and Road vided a detailed update to Xi
Initiative, a crucial part of about the situation in Ukraine.
China’s rivalry with the West, Under the difficult current
the picture looked more frac- circumstances, China and Rus-

SERGEI GUNEEV/SPUTNIK/PRESS POOL

tured. The prominence given to sia should closely coordinate
Russian President Vladimir Pu- their foreign policies, Putin
tin at the summit, and the near told Xi, Russian state media
absence of Western represen- reported.
tation among the roughly two Russia has previously
dozen world leaders who at- praised China’s official posi-
tended, underlined how geopo- tion on the Ukraine war, with
litical divisions have deepened Beijing taking the view that
since Xi proposed the Belt and Russian President Vladimir Putin, left, with Chinese leader Xi Jinping, had a prominent role at a Beijing infrastructure summit. the security interests of all
Road idea a decade ago. parties must be taken into
Fissures that ramped up Invited to speak directly af- consideration in seeking a res-
with Russia’s invasion of ter Xi, Putin praised what he olution to the conflict. That
Ukraine are becoming even said were the trillion-dollar in- Some Lose Enthusiasm for Massive Infrastructure Plan position, Western analysts
more stark as the crisis in the frastructure program’s efforts said, lends weight to the Rus-
Middle East unfolds. The war to build a “fairer, multipolar There is evidence that, level officials. The Taliban Leaders from Greece, Italy sian stance that external secu-
between Israel and Hamas has world and system of interna- in some ways, enthusiasm dispatched the country’s and Portugal attended the rity threats meant it had no
stretched American and Euro- tional relations,” Chinese state for the Belt and Road Ini- acting minister of industry 2019 meeting. choice but to invade Ukraine.
pean resources while relieving broadcaster CGTN reported. tiative is waning. This year, and commerce. And while the Belt and There was no immediate
pressure on Russia and Originally envisaged as a roughly two dozen heads of Noticeably absent from Road Initiative was once fo- word of a breakthrough on
prompting China to align itself way to promote infrastructure state or government have this year’s forum is almost cused on China helping to fi- long-running negotiations for a
more closely with the Pales- development to better link attended the Beijing sum- all representation from the nance and build large-scale new natural-gas pipeline link-
tinian cause. China to Central Asia and be- mit, compared with the 37 European Union. Hungary’s infrastructure, it now ap- ing Russia and China, dubbed
During a keynote speech in- yond, the initiative has faced who participated in the lat- Prime Minister Viktor Or- pears to be shifting toward the Power of Siberia 2. The
side Beijing’s Great Hall of the criticism from Western govern- est such forum in 2019. bán was the only head of smaller, more commercially pipeline would traverse Mon-
People on Wednesday, Xi posi- ments for piling what they say Other governments, such an EU member state to at- oriented projects, analysts golia and bolster Russian gas
tioned China as a leader of a are unsustainable debt loads as Afghanistan, sent lower- tend this year’s gathering. who follow the initiative say. sales to China, further reori-
new, more inclusive global or- on some participant countries. enting Russia’s energy industry
der and promised that his Xi didn’t directly address toward Asia and away from its
country’s rise would benefit the debt criticism in his traditional reliance on Europe.
any that wanted to participate. speech on Wednesday. In- Putin’s attendance at this struggles to get elsewhere. While Russia has previously In a meeting with Mongo-
“We don’t do ideological stead, he spoke in broad terms year’s forum reinforced As Russia contends with sought to frustrate China’s lia’s president in Beijing on
confrontation, we don’t do about how China’s rise bene- China’s economic and diplo- economic isolation from the ambitions in the Arctic, Putin Tuesday, Putin said he thinks
geopolitical rivalry and we fits other countries. matic support for the Russian West, Putin in his speech in- sounded a more welcoming the project will move forward
don’t do bloc politics,” he said, “When China does well, the leader even as he has become vited Belt and Road countries note in his speech in Beijing. with good momentum, Rus-
taking aim at unilateral sanc- world will do even better,” Xi a pariah in the West. to take part in developing “We invite interested states to sian state media reported.
tions, economic decoupling said. “Through Belt and Road In response to Western what is known as the North- directly participate in its de-
and other tools Beijing ac- cooperation, China is opening sanctions against Russia fol- ern Sea Route, which runs velopment,” he said of the
cuses the U.S. of exploiting to its doors even wider to the lowing Putin’s invasion of through the Arctic from north- Northern Sea Route. Watch a Video
contain its rivals. “What has world.” Ukraine, trade ties between western Russia to the Bering In a meeting between Xi Scan this code
been achieved in the past 10 Amid the war in Ukraine Russia and China have surged, Strait. The route cuts the ship- and Putin on Wednesday, their to watch a
years demonstrates that Belt and an outstanding arrest as Russia has increasingly ping distance to China and 42nd since 2013, the Chinese video on Putin
and Road cooperation is on warrant against him by the In- turned to China to source avoids the chokepoints of the leader praised what he said and Xi’s summit
the right side of history.” ternational Criminal Court, technologies and machinery it Suez Canal and Malacca Strait. was a “good working relation- in Beijing.

China’s Economy Faces Long-Term Woes Pentagon Says Beijing

BY STELLA YIFAN XIE
Harasses Patrol Planes
HONG KONG—China’s econ- BY ALASTAIR GALE “has sent warplanes halfway
omy is shifting into a lower around the world to stir up
gear, with the property market Chinese jet fighters have trouble and make provoca-
that long fueled China’s growth performed reckless maneuvers tions at China’s doorsteps.”
mired in a prolonged downturn. close to American and other U.S. patrol aircraft fre-
The struggling economy military aircraft almost 300 quently fly around the South
showed some signs of life on times in the past two years China Sea and East China Sea
Wednesday, with strengthening under a centrally directed on what the U.S. calls free-
retail sales helping to drive campaign of coercion, the dom-of-navigation operations
growth to a faster-than-ex- Pentagon said. designed to challenge Beijing’s
pected 4.9% in the third quarter. Offering new video footage claims of control.
The data suggest that re- and photos, the U.S. gave the Pilots on American patrol
cent stimulus measures, in- most detailed account yet of aircraft say provocative ac-
cluding interest-rate cuts and dangerous encounters involving tions by Chinese fighter pilots
WU HAO/EPA/SHUTTERSTOCK

steps to encourage home Chinese jet fighters and leveled are common and often accom-
sales, have helped stabilize the its most direct accusation that panied by radio warnings from
economy, putting it on track senior Chinese leaders are or- Chinese ground stations to
to hit Beijing’s official growth chestrating the incidents. stay away from sensitive areas,
target of around 5% this year. In maneuvers over the East such as artificial islands in the
The report allayed, at least China Sea and South China South China Sea where Beijing
temporarily, fears of a wors- Retail sales helped drive growth, but economists warn long-term prospects are darkening. Sea this summer, one Chinese has built military facilities.
ening economic crisis. jet fighter deployed flares American pilots say they of-
Still, economists warn nese economy surpass the China's GDP, change from a decade, said Adam Wolfe, near a U.S. air- ten have trouble
China’s economy remains frag- U.S.’s in overall size. For many year earlier emerging-market economist at craft and an- figuring out
ile and its long-term prospects economists, the question had Absolute Strategy Research, other per- whether the
are darkening. In recent weeks, long been a matter of when,
3Q 2023
4.9% who argues that local govern- formed an Pilots on U.S. Chinese jet
20%
a bevy of economists have low- not if, the Chinese economy ments may be forced to slow aerobatic roll aircraft say fighters are fol-
ered their forecasts for China’s would surpass that of the U.S. their investments in infrastruc- around a U.S. lowing a prede-
longer-term growth trajecto- As recently as 2021, when 15
ture projects and cut back on aircraft. Several provocative termined course
ries, even as they raised their China’s hard-line approach to industrial subsidies as a result. flew as close as of action and
shorter-term predictions. containing the Covid-19 pan- 10 “The overall drag on a few dozen
actions are how close they
The International Monetary demic allowed it to enjoy a re- growth could be more severe feet to U.S. common. intend to get. On
Fund this month lowered its bound, many economists were 5 next year,” said Wolfe, who planes, accord- an American pa-
forecast for China’s growth moving forward their timelines. predicts that growth may ing to the ac- trol flight over
next year to 4.2%, down from Now, many economists 0 slump to 3% or less in the counts, images the South China
4.5%. The IMF projected Chi- have shifted their timelines coming years. and video from the Pentagon. Sea in February that The Wall
nese growth would drop to back again—and many no lon- –5 There is an emerging con- American military officials Street Journal joined, the pilots
3.7% in 2027 in its latest eco- ger think China will eclipse sensus among economists that say aggressive behavior by repeatedly sought to make con-
nomic outlook report, down the U.S. at all. –10 another significant factor in Chinese fighter pilots reflects tact with a nearby Chinese jet
from a forecast of 4.6% in its Economists pointed to a China’s darkening outlook is a pattern of increasing asser- fighter, without response.
2019 ’20 ’21 ’22 ’23
report last October. range of factors, including an the residual impact from strict tiveness by China across the At the Pentagon on Tues-
Oxford Economics, a U.K.- extended hangover from the Source: Macrobond Covid lockdowns. Some are Asia-Pacific region. Beijing day, Ely Ratner, assistant sec-
based research firm, last week effects of Xi’s zero-Covid poli- beginning to question whether has clashed with India over retary of defense for Indo-Pa-
revised its expectations for cies, rising geopolitical ten- shown fresh signs of distress. China’s economy will ever re- land-border claims, swarmed cific security, said the
growth over the next five years sions with the U.S. and delays On Wednesday, Country Gar- turn to the levels of activity it jet fighters and warships near episodes were part of a “cen-
to around 4%, down from 4.5% by Chinese policy makers in den, once considered one of saw before the pandemic. Taiwan and triggered confron- tralized and concerted cam-
previously. Even more pessimis- addressing some of the coun- the country’s most stable de- Various indicators show that tations with Philippine coast- paign” to try to force the U.S.
tic is Morgan Stanley, where try’s structural imbalances. velopers, missed a final dead- economic activities, including guard ships. and its allies into curtailing
economists said in a September One of the biggest factors, line to make an interest pay- investments and industrial out- More than 180 of the close military flights through inter-
report that they expect China’s though, is the unraveling of ment on a dollar bond. put in China have stabilized at encounters with jet fighters national airspace near China.
growth to slow in the coming the property sector that has There are signs that recent around 5% below the prepan- have involved American air- He said the American mili-
years, dropping to 3% by 2030. fueled its growth for decades. easing policies are losing their demic trend, said Louise Loo, craft over the past two years, tary wouldn’t be deterred. The
“If investors want to worry, Home sales remain in the potency. New home prices in lead economist at Oxford Eco- but China has confronted other U.S. will “continue to fly, sail,
worry about the long term, doldrums despite provincial 70 major Chinese cities fell at nomics. “This all suggests a big- nations as well. On Monday, a and operate safely and respon-
not the short term,” said and local governments loosen- a faster pace in September, ger-than-expected permanent Chinese jet fighter flew close sibly, wherever international
Derek Scissors, a senior fellow ing restrictions and implement- and more cities reported price output loss to the economy, to a Canadian patrol aircraft law allows,” Ratner said.
at the American Enterprise In- ing other favorable policies to declines compared with Au- likely due to a structural shift over the East China Sea and China’s Defense Ministry
stitute, a conservative think entice buyers. In the long run, gust, China’s statistics bureau in spending and investment released flares, according to didn’t respond to a request for
tank in Washington. an aging population and al- said Thursday. patterns,” she said last week. video footage of the incident. comment. The defense minis-
The rapidly deteriorating ready elevated homeownership As a share of GDP, Chinese Canada’s defense minister ter said in June that if other
growth trajectory has implica- could undercut demand. local governments’ fiscal re-  China developer skips last called the Chinese action dan- countries wished to avoid
tions for one of Chinese leader The country’s big develop- sources—which rely heavily on deadline on debt................ B1 gerous and reckless, while a risky encounters, they should
Xi Jinping’s long-cherished po- ers, who were long at the cen- home sales—have deteriorated  Heard on the Street: China Chinese Foreign Ministry stop conducting reconnais-
litical goals—seeing the Chi- ter of that growth model, have to their worst level in over a stabilizes amid woes...... B12 spokeswoman said Canada sance operations near China.
 .

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, October 19, 2023 | A11

move close enough to an office to

show up Tuesday through Thurs-
day or take a severance package.
Annie Lowe became the digital
equivalent of a poster child for in-
office effort earlier this year. An
executive at Dandy, the dental
technology company where she
works as a sales representative in
Lehi, Utah, praised her on
LinkedIn for being at her desk
early in the morning.
A post with a photo of Lowe
surrounded by empty seats and
dark computer monitors drew
more than 100 comments, many of
which were complaints about
bosses who link working hard with
being physically present.
Six months later, Lowe was
promoted to senior business devel-
opment rep.
“That is how I like to hustle,”
she says of arriving by 8 a.m. on
the two days a week when she re-
ports to the office. “I’m more pro-
ductive in the morning, and I want
to get there and just start grind-
ing.”
Yes, she stays until 5 p.m.
Several who don’t hang around
told me they’d be happy to be in-
terviewed about their coffee badg-

Back at the Office for a Pit Stop?

ing—then decided it wouldn’t be a
wise move after all. They insist
they’re not doing anything wrong,
noting that they attend in-person

‘Coffee Badging’ Carries Job Risk

meetings when required and com-
plete all their tasks. If a collabora-
tive session is over and the rest of
the day will be spent typing, why
shouldn’t they be free to leave and
Briefly showing your face fulfills a requirement, but bosses favor workers who stay all day work from home?
Still, perception matters and
they say their bosses are likely to
satisfy heightened monitor- Keith Styrcula, a fintech conclude—fair or not—that any
ON THE ing, then bolt. It’s the founder, says face time performance issue must be a re-
CLOCK grown-up version of signing is key to advancing. sult of insufficient face time.
a professor’s attendance Matt Johnston, chief executive
CALLUM sheet before ducking out of of the software company Git-
BORCHERS the lecture hall (not that I fied people are up for Kraken in Scottsdale, Ariz., says

A
ever did that). big assignments or pro- he doesn’t mind if hybrid employ-
cup of coffee in the Coffee badging seems like motions it is still man- ees coffee badge on the days when
majors is the term for a way to hack the RTO sys- agers’ natural impulse they come to the office.
a short baseball career tem, but there are flaws, not to favor those they “We also manage to exacting
in the big leagues. Now the least of which is the know best. results,” he adds. Fall short, and
some white-collar term’s fuzzy etymology. Ur- In a recent survey of brace for a performance-improve-
workers are leaving ban Dictionary says the U.S. chief executives by ment plan. “This absolutely may
the office almost as soon as they badge in the name is the KPMG, almost two- include more time in office.”
arrive and calling the practice building-access card that a thirds said they envi- If you’re ever let go, you might
FROM TOP: PHOTO ILLUSTRATION BY SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (3); KEITH STYRCULA

“coffee badging.” worker uses to swipe into sion employees working wish you had spent more time
The difference is the ballplayer the office just long enough in offices full-time three building relationships in the office,
wishes he could stay; the people to sip a mug of joe; others years from now, and says John Cornely, who works in
ditching their desks would rather say that’s too literal and 90% said they’ll reward Charleston, S.C., as a territory
not show up in the first place. claim the badge is actually office goers with favor- manager at iRhythm Technologies,
We’ve entered the gamesman- an imaginary award for able assignments, raises a medical device company.
ship phase of the return-to-office showing face—like a Boy and promotions. Before his business career,
battle between bosses and their Scout merit badge pinned in Bailing out of the of- Cornely was a professional base-
subordinates. Instead of ignoring the boss’s mind instead of on fice early may bring the ball player, mostly in the minors.
in-person mandates, as many peo- a sash. thrill of bending the A right-handed pitcher, he saw
ple did when enforcement was lax, Never trust your profes- rules, though managers one inning of action in the majors
some are finding ways to follow sional fate to a buzzword. are bound to notice if on April 29, 2015. That was it. He
the letter, but not the spirit. Remember how quiet quit- people are habitually jokes that his cup of coffee in the
They’re going in on days when ting soon became quiet fir- absent in the afternoon. big leagues was more like a shot
most co-workers don’t, taking off ing? Just because everybody More companies are of espresso.
early and creating afternoon dead else is doing it doesn’t mean there playing the political games are starting to track whether employ- Imagine how he feels about
zones or, in the extreme, barely won’t be consequences down the sometimes as important as merit. ees swipe into the office, as well coffee badging.
clocking in at all. line. That’s just the way American cor- as how long they stay. Businesses “I’ve had the opportunity to
Many companies’ policies re- “It’s highly likely that you’re porate culture works.” that initially embraced remote mentor people in the business
quire employees to work a certain headed for a mediocre career,” Styrcula says the business envi- work are calling employees back world,” Cornely says. “I tell them
number of days in person without warns Keith Styrcula, founder and ronment has changed somewhat to offices, at least part-time. In to make the most of opportunities,
specifying the hours. People can chief executive of Glasstower Digi- since he was a young banker at one of the stiffest new policies, and going to the office is part of
make brief appearances, long tal, a financial technology firm in UBS and JPMorgan Chase, but one the gaming company Roblox this that, because you never know when
enough to be seen by execs and Greenwich, Conn. “Face time and thing hasn’t: When similarly quali- week told some remote workers to they’re going to get taken away.”

day Sunday with my family,

Airport Delays and Hassles and now I’m leaving at 11

o’clock in the morning and

Keep Business Travelers

losing my entire Sunday, just
because I can’t guarantee
that the 8:40 p.m. flight is

From More Frequent Flights going to actually happen,”

she says.
Industry analysts report
that companies are changing
BY JACOB PASSY vey found that these travelers would other policies in light of more
take an average of two more trips a frequent flight problems.
year if the complications with air Some companies have loos-

M
eeting the client in person travel improved. Dealing with delays ened the approval process to
and on time has become and crowded airports during a busi- book travel to make it easier
more challenging for road ness trip can be harder to stomach for workers to reschedule
warriors with the rising number of in the era of Zoom meetings. when problems arise.
air-traffic delays and full flights. “If your daughter is expecting to Corporate travelers are
During the first nine months of go to Disney World, you’re going to booking trips much farther in
2023, more than 22% of flights to Disney World. You’ll put up with the advance to ensure they have
or from U.S. airports were delayed, delays and the trouble,” says U.S. the best options for flights,
according to data from FlightAware. Travel Association CEO Geoff Free- says Avi Meir, CEO of travel-
That’s up from roughly 17% during man. “The business traveler is the management company Trav-
the same period in 2019. first to say, ‘I’m not putting up with A third of business travelers reported that they are taking fewer trips elPerk.
Airlines also continue to operate the hassle.’ ” than before 2020, according to a U.S. Travel Association survey. At ZS Associates, a man-
fewer flights in 2023 than they did agement-consulting firm with more
before the pandemic. That has left An unexpected journey than 13,000 workers globally, em-
travelers with fewer options, particu- David Munk flew to South Caro- Gillespie, a travel-industry consul- So much for Sunday ployee training around corporate
larly in the event of delays and can- lina for what was meant to be a tant. “More risk weeds out low- Business trips require more time travel has changed. It now stresses
cellations. Corporate travel members, one-day business trip this summer. value trips first.” because of potential delays and downloading airlines’ mobile apps in
travel agents and business travelers Then his flight got canceled. Travel budgets and eco-friendly cancellations, corporate travel man- advance and using in-app chat func-
say they are rethinking how to ap- Munk hadn’t returned his rental considerations also weigh on busi- agers say. tions if a flight is canceled, says Su-
proach work travel as a result. car yet and decided to drive back to ness travel. Many companies have Flying to and from the site of a zanne Boyan, the company’s travel
Spending on business travel his home in New Jersey along with pledged to reduce their carbon foot- business meeting in a single day is and meetings manager.
should reach prepandemic levels by some fellow stranded passengers. print in recent years. risky. People who travel frequently Boyan says air-travel issues arise
the end of 2024, according to pro- The overnight journey took nearly Reducing business travel is one for work say they have adapted by frequently for the employees she
jections from the Global Business 10 hours and cost around $400, in- way to do that. Travel continues to giving themselves a buffer and fly- helps. Her team has access to funds
Travel Association. Previous predic- cluding a brief hotel stay, Munk cost more than it did before the ing to their destination the day be- that they can use to grant employ-
tions suggested the milestone says. His company footed the bill. pandemic. Even if a company has fore to provide a cushion if anything ees access to airport lounges if their
wouldn’t happen until 2026. Leisure “I extended my rental, made the same budget for corporate goes wrong. Some business leaders flight is delayed or canceled. With
travel is already humming along at some new friends on the way home travel as four years ago, that money have gone as far as to make this a lounges so full these days, ZS now
2019 spending levels, thanks to peo- and it was a great experience,” says doesn’t go as far now. policy for their workers. requires that the employee confirm
ple planning “revenge” trips they Munk, who works as a regional Hotels and airlines still are up- Debbie Fierst, chief executive offi- that the club is still accepting guests
had put on hold. manager for Dynamic Design Asso- beat about the business-travel re- cer of Logical Imagination Group, a before issuing the pass, she says.
Survey data suggests that the ciates, a commercial interior-design covery. Delta Air Lines President technology consulting, training and “It’s becoming a little bit more
business recovery would happen firm. “I really just try to roll with the Glen Hauenstein said during a re- development firm, now mandates challenging to mitigate the issues
even faster if not for unpredictable punches.” cent earnings call that return-to-of- that her staff aim to travel by mid- that flight delays cause,” Boyan
air travel. Many business travelers can con- fice initiatives will boost corporate day at the latest. The policy has its says.
A third of business travelers re- trol whether they must go on the travel demand. Hotels in markets trade-offs. Fierst, who lives near Co-
ported that they are taking fewer road. such as New York that rely on busi- lumbus, Ohio, often flies out on Sun-  United revamps boarding to
trips than before 2020, according to “The traveler may well recognize ness travel say that bookings from days before Monday meetings with speed it up......................................... B3
a survey conducted in August for that the trip that they’re consider- the tech and financial-services sec- clients.  Delta changes its frequent-flier
ISTOCK

the U.S. Travel Association. The sur- ing taking is low-value,” says Scott tors have improved. “I used to be able to spend all program again ................................. B3
 .

A12 | Thursday, October 19, 2023 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Who Is a Prepper These Days? Lots of Us

More people are prepping for flood, fire or other urgent situations by buying supplies to get them through
BY RACHEL WOLFE keted the Northeast. Both brands

D
include hand-crank radios, face
isaster preparedness, masks, nonperishable food, first-
once the province of aid kits and other gear in their
fringe groups and so- bags.
called preppers con- Yeti recently teamed with emer-
vinced doomsday was gency-prep company Uncharted
at hand, has a new Supply Co. for a $730 survival kit
face. that includes a Mylar tent and wa-
A renewed interest in self-reli- ter-filtration system. Uncharted’s
ance is driving city dwellers and chief executive, Christian Schauf,
suburbanites to stock their homes says the company is on track for its
and cars for emergencies, owners best sales year since its founding in
of disaster-preparedness busi- 2016.
nesses say. Blame supply-chain Alexjandria Edwards says keep-
shortages and the shock of empty ing a tent, sleeping bag and water-
grocery shelves during the pan- filtration system in her New York
demic, or more recent natural di- City apartment can sometimes feel
sasters and tense global events. silly. After viewing videos about
Those business owners and sur- emergency preparedness on social
vival-training coaches say they are media, the 28-year-old marketing
seeing a new kind of customer manager at an arts nonprofit pur-
looking to make sure they can get chased a disaster pack on Amazon
through a few days or weeks with- for about $100.
out power or fresh water in the She has also been watching on-
event of a flood, fire or other ca- line tutorials on homeopathic heal-
lamity. These customers don’t fit ing and learning to grow her own
the stereotype of so-called dooms- windowsill vegetable garden. A ve-
day preppers stocking bunkers gan, she worries about the avail-
with ammunition and gas masks to ability of food she can eat in a di-
survive an apoca- saster.
lypse. When severe flooding shut
Surveys and rising down parts of the New York City
sales of prefabricated transit system in September, Ed-
disaster kits indicate wards says, she felt safer knowing
that Americans are she had enough supplies to shelter
more apt to keep in place.
emergency supplies The National Oceanic and At-
on hand than they mospheric Administration reports
were a few years ago. that 122 separate disasters in the
Roughly a third of U.S. between 2016 and 2022 have
the 2,179 U.S. adults killed at least 5,000 people for
surveyed by finan- over $1 trillion in collective dam-
cial-services company age.
Finder in April said
they spent an aver- Changing
age of $149 on items demographics
including nonperish- John Ramey, founder of self-re-
able food, medical liance training site The Prepared,
supplies and cases of says his audience includes a mix of
water in the past people of all races, genders and
year. That is up from political persuasions. The break-

CLOCKWISE FROM TOP: F. MARTIN RAMIN/THE WALL STREET JOURNAL; ALEXJANDRIA EDWARDS; PREPPI
about 20% who said down is a departure from what he
they did so in 2020. describes as early prepping com-
Those newly pack- munities’ makeup of primarily
ing go-bags and plan- right-leaning white men.
ning emergency es- “People are becoming more and
cape routes say they more aware of the problems in the
used to consider such world and how fallible things are,”
preparations as Alexjandria Edwards purchased a disaster pack on Amazon. Preppi says Ramey, who lives in Boulder,
overly fearful. Now, says year-to-date sales for its kits, left, are up 29% from 2022 Colo.
they say not doing so Kasen James changed his mind-
is naive. set on preparedness after spending
Rick Leesmann wants to be After the Covid-19 pandemic, year—or catches his boys using the popped up in recent years to meet a panicked 10 minutes running
clear: He isn’t a bunker guy. the wars in Ukraine and now Is- flashlights as Jedi lightsabers. what they say is demand from peo- around his Morgan Hill, Calif.,
“I’m a PlayStation 5, love-my- rael, along with wildfires in Can- ple who want to be ready for an home rounding up his cat, clothes
comfort guy,” the 39-year-old ada and Lahaina, Leesmann says A widespread shift emergency, without having to do and medications after a wildfire
healthcare information-technology he avoids panicking about his fam- Reality shows such as “Dooms- the assembly and research them- evacuation order in the summer of
worker says. If you told him a few ily’s safety by focusing on what he day Preppers” portray disaster-ob- selves. 2020. Now the 30-year-old copy-
years ago that he would have four can control. sessed people preparing for the Preppi, whose kits look like writer keeps about $200 of sup-
prepacked “bug-out bags” hanging “It’s taking rational steps to en- worst, but many people now pre- classic doctor’s bags, reports year- plies and a few hundred dollars of
in his Kansas City, Mo., pantry, he sure we have the ability to act paring for emergencies say they to-date sales up 29% from 2022. cash in his home and car. He also
wouldn’t have believed it. They are quickly in those moments,” he simply want to check an item off For Judy—whose bright-orange di- laid out a wildfire evacuation plan.
filled with snacks, flashlights, wa- says. He thinks about the go bags their mental worry list. saster packs start at $195—year- “I can’t control what happens,
ter and coloring books for his two only when he checks the batteries Numerous companies selling over-year sales quadrupled in but I can have the peace of mind
young sons. and food expiration dates twice a boutique preparedness packs have June, when wildfire smoke blan- of being prepared,” he says.

Workers Shed Percentage of U.S. employees

who took sick leave
35% korn, disability prac-
tice leader at Sedg-
wick, a large

Reluctance 25-34
55+
35-54
30
administrator of
leave claims for em-
ployers. Many states

To Call In Sick 25
have passed laws in
the past decade re-
quiring employers to
grant sick days to
Continued from Page One tend to family mem-
as Stellantis, complain such worker 20 bers, too, and now
absences are driving up costs. The more than 80% of
Detroit carmaker has repeatedly private companies
brought up the issue as contract with paid time off do
15
talks with the United Auto Workers so, he estimated.
proceed, saying it lost 10.9% of 2019 ’20 ’21 ’22 ’23 More companies also
hourly worker time in 2022 because Note: White-collar workers with access to paid time off
provide unlimited
of unplanned absenteeism. Source: Gusto analysis of U.S. payroll data from 300,000 sick time than they
Before the pandemic, Darren small and midsize businesses did a decade ago, so
Smith muscled through any illness. fewer employees feel
At one point, the 50-year-old proj- they have to scrimp.
ect manager fell asleep at work one or two sick days a year, she A still-tight labor
while on medication for a shattered said. Now, it is more like three to market means com-
ankle, waking up to keyboard inden- five. panies can’t be
tations on his face. Then in 2020, “The accounting team is grouchy when em-
he was laid off. not happy with me providing Darren Smith, with his son, ployees call in sick, said Kerri Dye,
“That was my epiphany,” said this time off because it’s a li- says his view on sick time has who until recently managed several
Smith, who now works at a West ability for the company,” she changed. Lisa Frydenlund, left, Starbucks locations in Sacramento.
Chicago-based pump-repair facility said of the extra cost of welcomes the more expansive Dye said that she makes a point of
as a project manager. “I gave you sometimes adding staffing to attitude toward sick time. encouraging workers to use sick days
everything, and you kicked me to ensure adequate coverage for less conventional reasons, such
the street.” amid absences. as recuperating after a travel-inten-
On a recent Monday, after work- Donna Ruscingno, who taken the day off, Matos said. sive vacation. “You get such loyalty
ing a few hours, Smith sent his leads a team of around 20 On the other hand, workers and buy-in from your team when you
boss a message asking if he could employees as chief account- miss out on needed rest and show them you care,” she said.
take a half-day sick. His boss gave ing officer at real-estate are less effective while working Early in her career at another
permission, and Smith walked out. company LivingNY, said she ill: “It’s virtual presenteeism.” employer, Dye said she once passed
“It was a gorgeous day, I just thinks job-hopping has made out in the bin of an industrial ice
wasn’t in the mood to work,” he workers feel less guilty Definition of a sick day maker at an airport cafe after
said. about calling in sick and Lisa Frydenlund, who until showing up to work with pneumo-
leaving co-workers to pick up this month was an HR officer nia. Her boss was put off by the
Younger generations their slack. managing around 300 employ- suggestion that she stay home to
Younger workers used to follow “If you don’t stay long ees at two senior-services agen- recover, she said. “It was like I had
the example of their older peers enough to build camaraderie cies in Sacramento, Calif., has suggested I drown a bag of kittens.”
and come in even when under the with co-workers, you’re more welcomed the more expansive Dye left the job not long after.
weather, said Crystal Williams, chief apt to take the time,” said attitude toward sick time. She More employers are coming to
FROM TOP: DARREN SMITH; LISA FRYDENLUND

human resources officer at global Ruscingno, adding that she recently used a sick day after a view sick days as a benefit to help
business payments company Fleet- sees more younger workers, series of frustrating encounters workers cope with the unexpected—
cor, which has around 5,000 U.S. in particular, taking all their with new workplace software. whether that’s parental health is-
employees. She suspects early-ca- sick days. “I don’t think there’s the though maybe I’m sniffling or “I told my boss, I hit a wall, I sues, school closures or a more run-
reer employees aren’t taking cues same work ethic.” coughing,” says Kenneth Matos, a can’t be here,” she said, adding that of-the-mill employee cold, said Rich
from older co-workers in the same Sick days are rising even though global director at employee analyt- stress can trigger migraines for her. Fuerstenberg, senior partner in the
way now that five days a week at telework has made it easier for ics software company Culture Amp. “I wasn’t going to be purposeful, so health and benefits practice at con-
the office is no longer the norm. workers to stay online while under Companies can benefit if workers why come in?” sulting firm Mercer.
Before the pandemic, Fleetcor the weather. still field emails and take meetings Sick days now cover kids’ and “It’s a much more expansive
workers in their 20s and 30s took “I’m not contagious via Zoom, when they previously would have family needs, too, said David Setz- catchall,” he said.
 .

THE WALL STREET JOURNAL. Thursday, October 19, 2023 | A13

ARTS IN REVIEW
BY LAURA JACOBS York, living in Harlem and running
a series of shops on the Upper

I
Winterthur, Del. East Side; sometimes she part-
n 1964, the Saturday Evening nered with stores such as Saks
Post called the couturier Fifth Avenue.
Ann Lowe “society’s best- Lowe was born in either 1898
kept secret.” At that point or 1889. As Ms. Way writes in her
she’d been dressing women wall text, “Lowe’s life and work
of the Social Register for de- spanned the Jim Crow era, the
cades—first designing their white Great Migration, two world wars
debutante gowns, then their white and the Great Depression, the Civil
wedding gowns, then their sea- Rights Movement, and several mo-
sonal ballgowns, then their daugh- mentous fashion changes.” The
ters’ debutante gowns, and so on. show includes a handful of
Just as the Grace Church wedding uniquely cut day dresses from the
was de rigueur for the gilded mar- 1930s, but it was evening pieces
riages of New York’s 400, the Ann that brought the families Du Pont,
Lowe wedding dress was a mid- Auchincloss, Vander Poel, Lodge
century must. How much of a se- and Hamilton to Lowe’s show-
cret was she? Lowe created the room. No one else would have the
most loved wedding dress in same dress, and compared to Paris
American history: the simple in she was underpriced, never charg-
silhouette yet intricately detailed ing enough to make a meaningful
gown that Jacqueline Bouvier profit.
wore, in 1953, when she married Winterthur’s gallery of debu-
the young Sen. John F. Kennedy. In tante gowns and fantasy dresses
all the press describing that day in opens into a large room full of
Newport, R.I., and for years after- wedding gowns. Working with her
ward, almost no one put a name brides, Lowe designed with re-
to the dress. Why? Perhaps be- straint, or with historical refer-
cause Lowe was black. ences, or with a feeling for the
The Winterthur exhibition “Ann moment, as we see in the 1968
Lowe: American Couturier” has gown for Elizabeth Mance, its lace
been a long time coming. It was insets “flower power” playful. The
conceived by the scholar Margaret show’s jewel is Jackie Bouvier’s
Powell, who made Lowe the sub- wedding gown, reproduced by
ject of her 2012 master’s thesis in Katya Roelse, an instructor and
the history of decorative arts. designer at the University of Dela-
From 2013 to 2016, she worked at ware, because the actual garment
Winterthur, where curatorial staff is too fragile to be shown.
supported her continuing research Bouvier is said to have asked
on Lowe. Three years later, at only for a “tremendous dress, a typical
43, she died. Committed to Pow- Ann Lowe dress,” and that is what
ell’s exhibition, Winterthur passed she got. A portrait neckline
the baton to Elizabeth Way, asso- curves balletically into small off-
ciate curator of costume at the the-shoulder sleeves—a Lowe in-
Museum at FIT. Ms. Way has now novation that was more becoming
brought this pivotal show to frui- EXHIBITION REVIEW than a cap sleeve and allowed the
tion. arms to move. Remembering a

Dressing the Daughters

Lowe’s work is held in major gown her mother had made for a
American museums, but she her- Montgomery belle, Lowe deco-
self has hovered in a sort of fash- rated the bouffant skirt with
ion way station, not quite under- seven huge rosettes, six with

Of High Society
stood. Walk into the exhibition small clusters of wax orange blos-
space at Winterthur and you’re soms in the center. The gown’s
immediately dazzled by an angelic decorative brio is distinctly 1860s
gown of palest blush silk and tulle, America, especially the many
its voluminous Second Empire rows of gathered swags on the
skirt graced from the waist down lower third of the skirt. Was that
with a corolla of diamanté bead- Ann Lowe, the oft-overlooked black designer who created Jacqueline also conscious?
work and silver stars. Made in Painted in shades of gray, pink
1961 for Lynn Neville Robertson of
Kennedy’s wedding gown, is the focus of a sumptuous show and aubergine, the galleries look

CLOCKWISE FROM TOP: WINTERTHUR MUSEUM, GARDEN & LIBRARY (2); JOHNSON PUBLISHING COMPANY ARCHIVE
Omaha, Neb., it was first worn to like dress salons, with plenty of
the Ak-Sar-Ben coronation ball; in space around the pieces. There are
1962, it was Robertson’s wedding delights in every room—for in-
dress. One thinks of Adrian’s pink stance, examples of Lowe’s hand-
gown for MGM’s Glinda the Good made silks flowers which were a
Witch—minus the giant puff specialty; two of the miniature
sleeves. Lowe did fantasy with First Lady inauguration dresses
consummate taste. she made for dolls that were
All her creations were custom toured by Evyan Perfumes; and a
originals, made with techniques queenly beaded caftan coat that
that matched those of the Paris Lowe herself wore in 1964, on
couture and sometimes improved “The Mike Douglas Show.” She re-
on them. “She does the same tired in 1972, and died nine years
amazing kind of job that Mainbo- later. The exhibition’s last room
cher does,” said Eugenia Sheppard contains glittering works by black
of the New York Herald Tribune in designers who honor Lowe’s place
1964. But where Mainbocher was a in American fashion—and now the
fashion insider—he began his ca- rest of us will too.
reer as the editor of Paris Vogue—
Lowe, the granddaughter of an en- Ann Lowe: American Couturier
slaved woman, learned to sew as a Winterthur Museum, Garden & Li-
child in her family’s dressmaking brary, through Jan. 7, 2024
shop, and began her career cloth-
ing women in Montgomery, Ala., Ms. Jacobs is the Arts Intel Report
and Tampa, Fla. In 1928, to test Clockwise from top: Ann Lowe’s 1961 Ak-Sar-Ben dress for Lynn Neville Robertson; bodice of a 1961 Ak-Sar-Ben editor for the weekly newsletter
her talent, Lowe moved to New gown; and the designer in the December 1966 edition of Ebony magazine Air Mail.

MUSIC REVIEW an internal acknowledgment that he

Finding Fire on Conceptual Jazz Albums

did something ‘wrong’, but also, not
knowing how to exist in a society
that had no interest in helping him
grow and change.” She formed the
group Alula out of the in-
BY MARTIN JOHNSON “Shimmer Wince,” a re- spiration she found in
cording Ms. Webber birds, and here she cites
FOR A LONG TIME, “academic” has named for how this style Maya Angelou, Jennifer
been an epithet in the jazz commu- makes her feel. But the Teege and Rabindranath
nity, referring to music that lacks music slowly and confi- Tagore for the allegorical
spontaneity and fire. But Caroline dently blossoms from dis- significance each poet has
Davis and Anna Webber, two saxo- creet to intense, encom- found in caged birds.
phonists and composers with deep passing a full range of Like Ms. Webber, Ms.
roots in academia, rebut that nega- dynamics and emotions. Davis merges jazz and
tive stereotype. Both make record- On “Swell,” the first contemporary-classical
ings built around concepts—and Ms. track, soft drone-like styles, and formed a band
Webber in particular dotes on ar- sounds rise into harmonies adept in both. It includes
cane theories and approaches—yet featuring each member of Val Jeanty on turntables,
their music is engrossing and invig- her quintet in innovative Tyshawn Sorey on drums
orating. Each has a new album out ways; the horns play and Chris Tordini on bass.
this month—Ms. Davis’s “Captivity” catchy unisons over the The music ranges from
(Ropeadope, out now) and Ms. drums, and Ms. Roberts somber, nuanced pieces to
Webber’s “Shimmer Wince” (Intakt, and Mr. Stemeseder enter raucous blowouts; many
Oct. 20)—that bristles with fervor to give the music heft and numbers feature spoken-
and urgency. momentum. Over the driv- word interludes. Ms. Da-
Ms. Webber, who was recently ing, insistent rhythms of vis’s alto saxophone holds
appointed co-chair of jazz studies “Fizz,” Mr. O’Farrill, a long- these elements together.
at the New England Conservatory time associate of Ms. Web- She has a lean tone that
of Music, has made several record- ber, takes his most compel- can be affectingly lyrical
ings in the past few years built ling solo, his bright tone one moment and abruptly
around her interest in timbre, often growing increasingly com- cantankerous the next.
with large ensembles. For “Shim- plex as if storm clouds These recordings are
mer Wince,” the 38-year-old assem- were moving in on a sunny emblematic of today’s vital
bled a quintet that features drum- day. On the aptly named jazz scene. And beyond
mer Lesley Mok, trumpeter Adam “Squirmy,” the leader, who is also a death of her father; the anterior Saxophonist and composer Anna Ms. Webber’s and Ms. Davis’s re-
O’Farrill, cellist Mariel Roberts and virtuoso on flute, takes a darting, digit of a bird’s wing and its rela- Webber (center) and her band; their leases, the seven musicians who
synthesist Elias Stemeseder to per- coiled solo that increases the anxi- tionship to flight; Ingmar Bergman’s new album is ‘Shimmer Wince’ serve as sidepeople have notewor-
form music based on “just intona- ety of the tune alongside murmurs classic film “Persona”; and the spirit thy projects of their own. While
tion,” an ancient tuning system from Mr. O’Farrill and rumbles from of Von Freeman’s legendary Chicago many active jazz musicians pay the
based on natural harmonics and Mok and Ms. Roberts. Ms. Webber’s weekly jam sessions. Each record has a doctorate in music cognition rent nowadays with day jobs in aca-
resonances that has been em- music lives at the intersection of features a unique sound. “Captivity” from Northwestern and has taught demia, that hasn’t hindered their
ployed by minimalists like Terry jazz and contemporary-classical mu- continues in this vein as it explores at many elite institutions. She began music. Jazz in the 2020s is begin-
Riley and La Monte Young. The sic, and she cites the influence of the carceral culture of the West, fo- thinking about incarceration when, ning to resemble other peaks, such
composer and author Kyle Gann Gérard Grisey, Harry Partch and Ra- cusing not only on figures like cur- in her youth, she visited her impris- as that of the ’60s, when estab-
wrote on his website that to a lay- jna Swaminathan on some of these rent death-row inmate Keith LaMar oned uncle in Stockholm. Ms. Davis lished leaders often worked as side-
man’s ears, music in “just intona- compositions. and Sandra Bland, who was found writes in the liner notes: “I will never people on other projects, creating
tion” might seem more introspec- All of Caroline Davis’s recent re- hanging in her jail cell in 2015 after forget the look of the guards, the exhilarating music.
tive and meditative than music cordings have been built around a traffic-stop arrest, but on histori- smell, the sound of the doors lock-
ALICE PLATI

with conventional structures, and larger themes. Her albums have ex- cal ones such as Galileo. ing, and the look on my uncle’s face. Mr. Johnson writes about jazz for
that is the case at the outset of plored grief and loss following the Ms. Davis, who is 42 years old, With one glance he communicated the Journal.
 .

A14 | Thursday, October 19, 2023 * **** THE WALL STREET JOURNAL.

SPORTS
NFL Stars in the Olympics?
BY LOUISE RADNOFSKY they learn as quickly? They proba-
AND ANDREW BEATON bly can, right, and they’d probably
be amazing.”

T
he National Football League Hallenbeck said that he is al-
propelled the plucky upstart
sport of flag football into
the Olympics. Now organizers are
opening up the door for the big-
The Door Is Open ready talking with his counter-
parts in basketball and ice hockey
about how they have handled this
situation with the NBA and NHL
gest NFL stars to play in the Shortly after flag football was added to the 2028 Los Angeles Games, when the Olympics have come
Games. calling. That could include identi-
The U.S. already has a men’s organizers signaled that NFL players will be able to compete fying key players two years in ad-
national flag football team that’s vance to give them experience
the best in the world. It’s also playing together.
home to the planet’s best tackle Although the NFL has champi-
football players, some of whom oned flag football—even remaking
have already hinted that they are the Pro Bowl into a flag game—as
intrigued by the possibility of a way to grow the sport, especially
playing when its cousin sport ar- among women, the sport is run by
rives in Los Angeles in 2028. Hallenbeck’s USA Football. The or-
And now flag football’s national ganization, sensing an uptick in
governing body—and the NFL interest, has published instruc-
along with it—is greenlighting the tions on how to “Rep The Flag” on
chance for the league’s biggest its site.
stars competing for gold medals in For selection to 2024 teams, a
the summer before they spend the digital combine opens later this
fall and winter vying to win the month, USA Football says. Then
Super Bowl. comes the national team trials,
“Absolutely the door is wide then national team training camp
open,” said Scott Hallenbeck, chief ahead of international competition
executive of USA Football, which opportunities.
is in charge of selecting and orga- Peter O’Reilly, the NFL’s Execu-
nizing the team. “Naturally I tive Vice President, Club Business,
would say it can include NFL play- Major Events and International,
ers, current or former.” also supported trying to get the
There are obvious hurdles to league’s players into the Games.
Patrick Mahomes or Lamar Jack- While he noted the various logisti-
son dominating the best flag foot- cal hurdles and different stake-
ball players that countries like holders who would have to ap-
Austria have to offer. The Olym- prove the player participation, he
pics take place right when NFL also called the Olympics the “pin-
training camps get going. Parties nacle of sport globally” and said
such as the league, teams and the they would try to work through
players union would have to get those issues. He also outpointed
behind players’ preparation—and the over 100 foreign-born players
then their participation. And this on teams this season, meaning
is a sport so obsessed with pro- NFL talent could be stocking flag
tecting its star talent that Chiefs squads across the globe.
brass has previously said Ma- Miami Dolphins receiver Tyreek Hill, center, in action during the 2023 Pro Bowl flag football game. “The player interest is real and
homes is no longer allowed to play palpable,” O’Reilly said.
basketball. mel and protect quarterbacks, it they just accept me.” World Games, generally consid- Some of the biggest profes-
But even before flag football’s values speed and elusiveness. Hill, Unfortunately for Gronk, there ered the highest level of competi- sional sports on the planet spent
inclusion, for both men and who’s 5-foot-10 on a good day and may be tryouts, and there are also tion for sports that aren’t in the years lobbying organizers of the
women, in the 2028 Games had the only player in the league to be players like Housh. That’s the Olympics. 2028 Olympic Games in Los Ange-
been finalized, big names began tracked running with the football Hallenbeck added that while les to get a berth to another sport-
signaling their excitement. at over 22 miles per hour this sea- there are undoubtedly NFL players ing megaevent. And from compet-
“Calling all @NFL guys let’s son, would fit right in. who would thrive at the no-con- ing offers from baseball, cricket
bring one home,” Dolphins re- So would the likes of Mahomes. ’Count me in already!’ tact version of the game, flag re- and flag—as well as softball, la-
ceiver Tyreek Hill wrote on X, the His creative playmaking can look retired tight end quires a different skill-set—so it’s crosse and squash—the host com-
platform previously known as like it was ripped out of a high- no guarantee in his mind gridiron mittee picked…everyone.
Twitter, within moments of the LA light reel of flag football, which Rob Gronkowski superstars will take over every There’s no secret that the NFL’s
organizing committee’s announce- features a quarterback and four spot on the roster, and his per- weight behind flag football was a
recently said.

KIRBY LEE/USA TODAY SPORTS

ment that it would recommend receivers on offense. On defense, sonal preference would be to see a big part in getting it through.
flag for the sports lineup. all five players are essentially mix. “When you have the most popular
It turns out, Hill is the exact cornerbacks. “You have players that play sports league in the country”
type of player who excels at flag “Count me in already!” the re- nickname of Darrell Doucette, the this every day, all the time, and backing your bid, said Casey Was-
football. While the five-on-five cently retired tight end Rob star quarterback of the U.S. team have tons of experience,” Hallen- serman, head of the LA28 organiz-
game doesn’t prize hulking 300- Gronkowski recently told TMZ. that comfortably won gold in Bir- beck says. “Tyreek Hill, Patrick ing committee, “that sends a pow-
pound linemen who battle to pum- “Hopefully there’s no tryouts and mingham, Ala., last year at the Mahomes, Lamar Jackson, can erful message.”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 24 You could get
down from it The Las Vegas Aces Win
Back-to-Back WNBA Titles
14 15 16 25 Homes for
53-Down
17 18
26 Local group?
19 20 21 22 27 “Twilight” BY ROBERT O’CONNELL hook shot the next. She fin- it off. (Also in street clothes
protagonist ished with 24 points and 16 was Candace Parker, a two-
23 24 Midway through what rebounds, the capstone in a time MVP whom Vegas ac-
28 Shape of a would become a title season, performance that won her Fi- quired in January and who
25 26 27 28 29 30 31 Belize dollar A’ja Wilson—the reigning nals MVP. underwent foot surgery in
coin Most Valuable Player for the The Liberty’s last chance, July.) Over the duration of
32 33 34 35
29 Counter reigning WNBA champions— a baseline jump shot from the series, Wilson outscored
disputed any claim that her Courtney Vandersloot, hit and outrebounded New
36 37 38 30 Crop up Las Vegas Aces were a “su- only air, and an exhausted York’s Breanna Stewart, win-
31 Doomed perteam.” Wilson collapsed at the cen- ner of this season’s MVP in a
39 40 41 42 43 If Superman himself ter of the floor. tight vote. In the two Aces
soul
suited up for Vegas, Wilson This year’s championship wins before her injury, Gray
44 45 46 47 34 Map app cracked, she might allow the round was among the most averaged 17 points and 10
marker label. “But we don’t wear le- anticipated in the history of assists.
48 49 otards, so no, we’re not.” the WNBA. With Gray reduced to a
37 Slightly
Wednesday night in The Aces had followed up coaching role, hopping on
50 51 52 53 54 55 56 40 Criminal Brooklyn, Wilson’s argument their 2022 championship one foot and calling out sets,
organization became harder to defend.
57 58 59 60 led by Ernst Mounting a comeback in the
Stavro Blofeld second half, and preserving
61 62 a lead with a late defensive
42 Extreme
stand, the Aces beat the New
63 64 65 43 Gee York Liberty 70-69, to win
preceders the WNBA Finals, three
45 Rebar games to one. They became
FALL IN THE GARDEN | By Mike Shenk the league’s first back-to-
material
Across 33 Blueprint 59 Looks 7 Penn or Pitt, back winners since the Los
figure down on e.g. 47 Frees from Angeles Sparks accom-
1 Expert guide, plished the feat in 2001 and
maybe 35 Valiant sort 8 Secluded 49 TikTok
61 Designated 2002.
valley offering
7 RFK et al. 36 Dressing route for a “I’m forever thankful to
component pilot 9 Yanks’ foes 50 Bravo New York,” said Aces head
10 “That hurts!” preceder coach Becky Hammon, a for-
37 “Ain’t That ___ 62 State of 10 Trusting way
14 Caffeinated southern 51 Mendacious mer Liberty point guard,
in the Head?” to accept “but I’m certainly happy to
pain reliever (Dean Martin Mexico things man
be walking out of here with
15 Pixar’s Nemo, song) 63 Derriere, in 11 Kristen of 52 “Indeed!” this trophy tonight.”
e.g. 38 Carry-on site Derry “Bridesmaids” 53 See 25-Down The last steps of the A’Ja Wilson led the Aces with 24 points in the Game 4 win.
17 Linnets and championship run were the
39 Running pros 64 General on 12 Its city seal 54 Gunslinger’s
canaries toughest. Las Vegas had campaign with a 34-6 regu- two usual bench players—Al-
41 Turner on menus depicts Saint challenge coasted to a 2-0 series lead lar-season record that in- ysha Clark and Cayla
18 Woven fabric turntables 65 Garden sight, Hallvard 55 In times past over the Liberty at home, cluded win streaks of nine George—combined for 21
19 What @ 42 Trash and, if 13 How soon? but in Sunday’s Game 3 in and eight games. points. Jackie Young added
56 Ruler in times
means reparsed, a Brooklyn, the Aces suffered The Liberty, who had 16.
44 Is abrupt 16 1040 past triple setbacks: a blowout largely been assembled in a “We cried together,
hint to making attachments
20 Pumbaa’s pal, with sense of 10 58 Crime boss loss on the scoreboard and single offseason of star ac- prayed together, and now
in “The Lion 46 Gadget for answers in 21 Bit of betrayer injuries to All-Star point quisitions, had nevertheless we’re popping champagne
King” Parmesan this puzzle camping guard Chelsea Gray and cen- won three of five pre-playoff together!” Wilson shouted
60 Maker of
gear ter Kiah Stokes. games between the teams, in- from the on-court podium
22 Hayride need 48 Schedule Down Good Grips “No one person’s gonna cluding the championship of postgame.
23 Word with abbr. 23 “___tree kitchen replace her,” Hammon said the in-season Commissioner’s For the Liberty, the loss
1 Guileless falls...” gadgets
painting or 49 Nullifies person Sunday evening of Gray. “Ev- Cup tournament. represents a setback in a
pointing Previous Puzzle’s Solution erybody steps up and does a The rivalry between the promising basketball experi-
50 “Everything’s 2 Elsa’s sister little bit more.” teams defined the season and ment. Stewart signed with
24 Possible curious today” R E D P D A R U S S
On Wednesday, Wilson—a boosted its presence. Accord- New York in February as a
3 Diplomatic E V A S I O N P O N C E
response to speaker F I N A N C I A L Y E A R power forward with a boul- ing to the WNBA, the league free agent; forward Jonquel
“You have skill B U L K Y P I A L P S der of a shoulder and a saw a 27% increase in unique Jones and point guard
something on 53 Language I S E E S E A E E L L E A
FRANK FRANKLIN II/ASSOCIATED PRESS

that gives us 4 I, in Innsbruck F A Y C O N C E S S I O N S

feather of a left-handed viewers over 2022, up past Vandersloot also came to
your face” jump shot—made up the dif- 36 million. Brooklyn last winter. The
“jungle” and 5 Phong F L E E TWE E K O P T S
25 Prized cigars “veranda” A S S E A T ference. In the Finals, an Aces trio slotted in alongside
Nha-Kẻ Bàng N A B S C O N C E A L E R Las Vegas trailed by nine team conditioned to deep guard Sabrina Ionescu and
28 Tidying aid 54 Ellipsis unit National Park A M A T E U R H O U R A V A at halftime, but in the sec- playoff runs built an early forward Betnijah Laney to
setting P A L T H E S I S A B E T
32 Time for a 57 Moved like a A Z O C H E B L A R E ond half Wilson demanded advantage, winning Games 1 give the team a starting five
chime moth 6 Naval flag O N C E U P O N A T I M E the ball and made decisive and 2 by a combined 45 made up entirely of players
N E A T H C O BW E B S moves with it: a pull-up on points, and the wounded ver- who had appeared in at least
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S Y N C T R E N A T one possession, a twisting sion proved enough to finish one All-Star game.
 .

THE WALL STREET JOURNAL. Thursday, October 19, 2023 | A15

OPINION
Israel Reboots the U.S. Election BOOKSHELF | By Tim Blanning

Suddenly in
the aftermath
Let’s cut to the chase. Ac-
tually two chases.
true and needs repeating. A
Republican presidential con-
But as in 1941, events have
isolated the isolationists.
A Fast But
Fateful Fight
of the Hamas One, which presidential test that had become desul- Chris Christie and Doug
massacre on candidate is up to—or quali- tory has been rebooted by Burgum have been running on
Oct. 7, we fied for—this new challenge? events in the Middle East. their state experience, and
have a presi- Two, which party is willing The Democrats’ legal as- Tim Scott’s appeal is domes-
dential elec- to pay to do what is neces- sault on Mr. Trump looked as tic and cultural issues.
WONDER
tion about sary for the U.S. to meet the if it had handed him the nom- The tectonic plates of
LAND
national secu- challenge? ination. But it’s by no means global politics have shifted
Bismarck’s War
By Daniel
rity. And that The second question an- clear that the former presi- beneath this campaign. The By Rachel Chrastil
Henninger
could shuffle swers itself. The Democratic dent is the right person to next U.S. president should be (Basic, 512 pages, $35)
the U.S. presi- foreign-policy establishment lead the country through able to explain in detail the

‘T
dential-candidate deck. isn’t as far left as the party’s what lies ahead. country’s national-security wo brothers had left; only one returned,” writes
The foreign-policy debate dominant wing. But the party Mr. Trump produced a needs, including the trade- Rachel Chrastil. The survivor was Dietrich von
on the Republican side— of the Squad, Bernie Sanders, largely credible foreign pol- offs, such as the reality that Lassberg, a 22-year-old subaltern in the Bavarian
China, Ukraine, the open bor- anti-Israel demonstrators icy, but he has since become long-term entitlement spend- army. A year earlier he had exulted in his diary: “War! War
der—had become rote. No and cash-starved progressive impossibly variable. His criti- ing has to be on the table. with France!” The brother who died was Rudolf, shot in the
longer. Hamas’s killing of ci- city governments controls cism of Mr. Netanyahu over a Ms. Haley has shown she head in a battle outside Orléans in November 1870. On
vilians and seizing of hos- the Democrats’ limitless do- 2020 incident hours after the can do that. If former Vice Christmas Eve, Dietrich sat around the campfire in silent
tages, including presumably mestic spending priorities, massacre was an incompre- President Pence is ever going misery, drinking hot grog from a tin cup, dreaming of his
Americans, has forced the which simply no longer in- to play to his proven strength family back in Munich, and pondering the “shadow side and
world’s troubles to the top of clude a robust national de- and make the case for a Rea- horror” of war. In “Bismarck’s War: The Franco-Prussian
the presidential agenda. fense. Any Democratic presi- The Hamas crisis is a ganite foreign policy, the time War and the Making of Modern Europe,” Ms. Chrastil, a
Joe Biden flew to the Is- dent with control of one is now. historian at Xavier University, deftly uses Dietrich’s diary
raeli war zone and gave a congressional chamber will sudden opportunity An ABC/Ipsos poll taken and other sources to enliven her larger analysis of the war’s
worthy speech of commit- keep inflation-adjusted de- for Nikki Haley and after the Hamas massacre put origins and progress.
ment to the U.S. ally. fense spending flat at best. public support for Mr. Biden’s Although the six-month Franco-Prussian War was among
Support for Rep. Jim Jor- After Oct. 7, flat puts us at Mike Pence. handling of the crisis at a the shortest of all major European conflicts, it brought
dan as House speaker de- risk. startling 41%. The public sim- Dietrich and his comrades sights that robbed them of any
pended in large part on the The U.S. has fallen below ply has lost faith in his com- temptation to triumphalism. The war’s combination of
imperative to pass aid bills an adequate level of readiness hensibly wrong note. Mr. petence. We’ll find out soon lethal new weapons
for Israel and Ukraine. in almost every area—weap- Trump’s head currently is in enough how much this crisis (breechloading rifles,
After Donald Trump, days ons systems and inventories, too many disparate places, alters the Biden pattern. machine guns, steel cannon)
after the massacre, reflex- troop levels and recruitment, and that won’t get better. It In a national-security cri- and huge armies left
ively posted statements of ships and airplanes, training has become a risk factor. sis, what a nation needs from mountains of dead and
derision about Israeli Prime rotations, the aging of the nu- The candidates for whom its leaders is experience, fo- hordes of permanently
Minister Benjamin Netan- clear deterrent. the Israeli crisis and its cus and stamina. Former mutilated wounded: In the
yahu and admiration for These dilemmas consume broader implications create chess champion Garry Kasp- murderous engagement at
Hezbollah as “smart,” he hours of pondering and plan- an opening are Nikki Haley arov recently floated in these Gravelotte in August 1870,
spent the week refocusing ning by Pentagon analysts. and Mike Pence. They are the pages the idea of Mr. Biden’s the Prussians lost twice as
attention on his foreign-pol- The Israel-Hamas war makes only two other GOP contend- ceding the Democratic nomi- many men as they had during
icy accomplishments. clear the pondering is over ers with credible foreign-pol- nation to Defense Secretary the entire Austro-Prussian
After one weekend in Octo- among our adversaries. It icy experience. Lloyd Austin, a retired four- War of 1866.
ber, the table has filled with would be naive to think that Ron DeSantis’s remarks on star Army general. By July 1870 Prussia’s chief
national-security crises: an Tehran, Beijing, Moscow and foreign policy always seem However improbable, as of minister, Otto von Bismarck,
existential threat to Israel, possibly Pyongyang aren’t targeted at some constitu- Oct. 7 an Austin candidacy had deftly maneuvered France
Iran exploiting the Middle right now comparing notes ency. He spent this week would be a problem for Re- into declaring a war that he
East cauldron, what comes on how to exploit the U.S. se- bogged down in a marginal publicans. There’s still time was confident the Prussian-led
next for Taiwan, and Russia’s curity nightmares Iran has argument with Ms. Haley for GOP voters to figure out alliance would win; the spoils of victory would be
war against Ukraine, on the just created in the Middle over refugees from the Mid- what their party, and the Germany’s unification on Prussian terms. After a brief
border of the North Atlantic East. dle East. He looks deter- country, is going to need in a incursion across the frontier at Saarbrücken, the French
Treaty Organization. The U.S. That the U.S. needs real mined to hold onto the president, now and for a very took up defensive positions. They were quickly dislodged
southern border sits as an leadership in its next presi- Trump-Ramaswamy isola- long time. by three limited if bloody August battles, two in Alsace at
open, bleeding wound. dent is a cliché because it’s tionist faction in the party. Write henninger@wsj.com. Wissembourg and Wörth and one further north at
Spicheren. Major catastrophes quickly followed, as one
French army was surrounded and besieged at Metz and

The Unmaking of the Republican Majority another was surrounded and forced to capitulate at Sedan
on Sept 2.
The famous defeat at Sedan proved to be more than
By Karl Rove If he does end up speaker, spending bills.” Nice thought pick the GOP by a large military, for the French commander was none other than the
Mr. Jordan should fulfill his and a worthy cause in theory, margin. emperor, Napoleon III. His capture precipitated a swift and

T
he Republican calamity promise to return power to but this will go nowhere—es- On which party “will do a nearly instantaneous revolution in Paris and the collapse of
continues. As I write, committees and operate un- pecially as an ultimatum better job of keeping the the Second Empire. Explaining how it was possible for a
the House is still with- der regular order, in which from a loudmouth who country prosperous,” Ameri- great power to implode in less than a month, Ms. Chrastil
out a speaker more than two committees create and put blocked single-subject appro- cans said Republicans by 53% follows most previous historians of the war in assigning
weeks after Kevin McCarthy forward legislation rather priations bills when Speaker to 39%, the GOP’s largest most of the blame to the emperor.
was deposed by Rep. Matt than party leadership ram- McCarthy was trying to move lead on this issue since Although it was Napoleon III’s political coup d’état of 1851
Gaetz’s band of political ar- ming bills down members’ legislation that way. mid-1991. When asked which that Karl Marx had in mind when he observed that history
sonists. Ohio Rep. Jim Jordan throats. He needs to stand by Since the GOP holds only party “will do a better job of repeats itself as tragedy and then as farce, the events of
hasn’t yet persuaded, cajoled, that promise even if a Re- the House, and by only a protecting the country from 1870 would have been as appropriate. Napoleon III was a
enticed or threatened his publican committee majority bare margin, the next Repub- international terrorism and sick man when the war began, in agonizing pain from a
way to 217 votes. He may not approves budget bills he dis- lican speaker must set priori- military threats,” Republicans gallstone. He should never have been allowed anywhere near
get there. agrees with, or brings to the ties, focus on the possible, lead Democrats by an even the front, but such was the growing fragility of his regime
It will be ironic if Mr. Jor- and aim for incremental wider margin, 57% to 35%. that he felt he had to gamble on achieving a personal
dan wins: The founder of the changes that bend govern- Even when voters were triumph. And he lost, not just a battle and army but a throne
House GOP’s Freedom Caucus The only hopeful sign ment toward conservative asked which party would do too, slinking off to exile in England (the ultimate humiliation
must then become the uni- principles. A Freedom Caucus a better job “handling the for a Bonaparte).
fier in chief. A man who dur- for the party is that backbencher can demand pu- problem you think is most The French lost the Franco-Prussian War because the
ing 16 years in Congress has the public dislikes rity from GOP leadership. But important,” Republicans lead best efforts of their courageous troops were frustrated by
never passed a bill would a speaker must aim for the 44% to 36%. This suggests what Ms. Chrastil calls “strikingly weary and incompetent
have to become a master the Democrats too. maximum reasonable ad- the GOP’s views on such is- commanders, all reporting to an exhausted and enervated
legislator. A politician who vance in a conservative di- sues as crime and immigra- Napoleon III.” As for the Prussians, the author allows that
gained power by bullying rection, not act as if he con- tion are winners and that the “they were better organized, had a better military
others would have to learn floor measures to provide aid trols Washington with his Democratic approach on education and had more manpower” but is at pains to bring
to persuade and energize to Israel, Ukraine and Tai- gavel. abortion may not be the out their limitations and mistakes. She also stresses how
them. He would find quickly wan, tied with more funding Any new Republican surefire hit they think.
that making demands in for border security. Looking speaker must be careful While no speaker vote will
Washington has limits—as at his record, one wonders if about substituting his opin- rescue House Republicans Prussia’s military victory led to
does anyone stuck with the Mr. Jordan will say regular ions for those of the House from their current troubles, German unification and the collapse
speaker’s job. order is proper only so long GOP membership writ large. they still have some things
Mr. Jordan also has a as it conforms to the views He can try persuading, but working in their favor. To of the Second French Empire.
fondness for government of the Freedom Caucus. Will given the disunity and anger keep their majority, Republi-
shutdowns. If he’s elected a disrupter like him allow the in the House Republican Cau- cans must aim for incremen-
speaker, will he champion House to pass measures cus, he can no more dictate tal progress. Americans small was the margin separating success from failure: If
one even though the GOP’s backed only by Republicans? to them than to President Bi- aren’t likely to reward a only the French had done this or that or the other, she
four-seat House majority de- Or bills on which both Demo- den or Senate Majority party that displays contempt conjectures, all might have been very different.
pends on 14 Republicans crats and Republicans might Leader Chuck Schumer. for the hard, slow work of While this subjunctive exercise can be a useful corrective
from districts Joe Biden car- agree? Still, for all the Republi- coalition building and gov- to the triumphalist narrative of German nationalist
ried in 2020, six of which are The inestimable Rep. Matt cans’ problems, there’s hope: erning. You can’t blame historians, here it is perhaps taken too far. Once every
in New York or California? Gaetz, who gave America this Americans don’t like Demo- them. reservation has been noted, the fact remains that the
And how well will Mr. Jor- period of instability and Re- crats either. A Sept. 23 Gal- Prussian chief of staff, Helmuth von Moltke, brought off a
dan, a former right-wing publicans a PR disaster that lup poll found 56% gave the Mr. Rove helped organize series of dazzling victories that changed European history.
hell-raiser, do at recruiting could cost them their slim GOP an unfavorable rating the political-action committee Napoleon III’s uncle, the great Napoleon, is said to have
good candidates and raising majority in 2024, said this while 58% rated Democrats American Crossroads and is asked, when a subordinate was proposed for promotion: “I
the funds necessary to elect week that “we should put a unfavorably. The saving author of “The Triumph of know he’s a good general, but is he lucky?” Moltke was
them? I’d bet not nearly as demand on the Senate to grace for Republicans is that William McKinley” (Simon & certainly lucky, but he was also brilliant.
well as Mr. McCarthy. pass our single-subject on big issues, Americans Schuster, 2015). Ms. Chrastil does her best to keep the momentum going
after the drama at Sedan, when a slogging war of attrition
developed, but the pace slackens as one inconsequential

School Choice Is Coming to Louisiana engagement follows another. Paris was surrounded by the end
of September and a long and increasingly terrible siege began,
made all the worse by an unusually severe winter. As
By Corey DeAngelis school choice proposal—one Mr. Landry’s campaign home school, charter schools, starvation intensified, even the zoo animals were slaughtered
that would be available to all website says that “no child church-based schools and and eaten, including the two elephants, Castor and Pollux.

L
ouisiana was once a pi- families, regardless of need— should be trapped in a failing other alternatives.” Outside the capital there was plenty of horror still to
oneer in school choice. by a 61-37 vote. Although the school” and that “if a school Choice supporters also come, as counterproductive resistance from partisan francs-
After Hurricane Ka- bill had bipartisan support, it cannot adequately educate its made gains in the Legisla- tireurs was crushed by equally counterproductive reprisals
trina in 2005, New Orleans takes two-thirds of each leg- students, those students ture. “We now have a su- from the German invaders. At the German occupiers’
rebuilt its schools as an all- islative chamber to override should be given the ability to permajority of school choice headquarters at Versailles, on Jan. 18, 1871, the German
charter system. The state en- a veto. The Senate never took obtain an education that is supporters in the Senate and princes proclaimed Wilhelm of Prussia the first emperor of
acted a private-school it up. worthy of the commitment are only a couple votes shy a united Germany. (“Mad” King Ludwig II of Bavaria
voucher program in 2008, we have made to them.” He of a supermajority in the provided evidence of his basic sanity by refusing to attend.)
when Bobby Jindal was gov- supported school choice long House,” says Kelli Bottger of A week later an armistice was signed, and the war came to
ernor—one of the first states Once a pioneer, the before the movement’s recent Louisiana Kids Matter. an end—so far as the Germans were concerned, although a
to establish private-school surge in momentum, fueled A Morning Consult poll civil war erupted in Paris in March.
choice statewide. state is about to catch by Covid-era school closings finds that 68% of adults and This is a most engaging book, distinguished by sharp
But Gov. John Bel Ed- up under Jeff Landry, and online lessons that 75% of parents with school- insight, powerful characterization and a strong narrative
wards, a Democrat, has stood alerted parents to curricula aged children in Louisiana flow. It is the best modern account of the war and deserves
in the way since he took of- its new governor. that offend their values. support education savings to stand with Sir Michael Howard’s classic study of 1961.
fice in 2016. Last year he ve- As a U.S. representative accounts. Ten other states Howard closed by observing that “Germany’s magnificent
toed two bills that would (2011-13), Mr. Landry voted have passed universal school and well-deserved victory was, in a profound and
have allowed all families with But Mr. Edwards is term- to reauthorize the District of choice since 2021. With Mr. unforeseeable sense, a disaster: for herself, and for the
children who weren’t reading limited, and on Saturday the Columbia’s private-school Landry’s victory, look for entire world.” Rachel Chrastil’s assessment is equally bleak:
at grade level or had special state elected Republican Jeff voucher program. During his Louisiana to become the 11th. “The Franco-Prussian War did not create the atrocities of
needs to take their state- Landry, a school-choice sup- 2010 congressional campaign, the World Wars, but it made them more thinkable and
funded education dollars to porter, to succeed him. Mr. his website stated that “we Mr. DeAngelis is a senior created their possibility.”
schools of their choice. Landry received nearly 52% need to adopt policies that fellow at the American Feder-
This year the Republican- of the vote in a 14-candidate empower parents to make ation for Children and a vis- Mr. Blanning is emeritus professor of modern European
controlled state House passed open primary. He takes office decisions about their own iting fellow at Stanford Uni- history at the University of Cambridge. He is the author of
an even more expansive in January. child’s education—including versity’s Hoover Institution. “Frederick the Great: King of Prussia,” among other books.
 .

A16 | Thursday, October 19, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Hamas’s Hospital Lie and the Laws of War Realtors Respond on the Antitrust Court Case
Your editorial “Realtors Face an the brokers and their clients and is

P
resident Biden’s speech in Israel within Gaza right about the time reports
Wednesday told the world two truths it emerged of an impact at the hospital. Antitrust Reckoning” (Oct. 16) mis- always negotiable. According to Real
characterizes what is at stake for Trends, commissions rates are well
needed to hear: The tragic deaths out- Hamas blamed the attack on Israel, but its
consumers in Burnett v. National As- below where they were in the 1990s.
side a Gaza hospital were story doesn’t add up. Any ob- sociation of Realtors. Don’t fall for Realtors deliver a lot of value for
caused by a Palestinian rocket, The jihadists directly server can now see the hospital the hype by class-action attorneys the $50,000 they make annually, on
and the U.S. hasn’t wavered in target civilians. Israel is still standing. Instead, the about how local multiple-listing ser- average, as they guide consumers
its solidarity with Israel. The parking lot outside has been vice (MLS) broker marketplaces work. through all the legal, financial and
President kept the focus and the West don’t. hit, with much evidence of fire In response to the marketplace, community complexities of buying a
where it should be—on damage but not the impact cra- and at the urging of consumer advo- home. Class-action attorneys would
Hamas’s gross violations of ter typical of Israeli airstrikes. cates, the National Association of Re- take away buyer representation, and
the laws of war. These are now being miscon- The signs point to a long-range rocket from Gaza altors has developed guidance for lo- black, Hispanic/Latino, first-time and
strued to tie Israel’s hands, with consequences that fell before using up its accelerant. cal MLS broker marketplaces. It is low- and middle-income buyers would
for the West at large. Hamas may still call this a success: Its propa- part of a very public rule-making pro- be hurt the most, according to a May
cess aimed at creating the most con- 2022 study.
“The world will know that Israel is stronger ganda held up long enough to set the Middle East
sumer-friendly market possible. The National Association of Real-
than ever,” Mr. Biden said, announcing that he ablaze. An angry mob took to the Ramallah These virtual marketplaces are ef- tors looks out for consumers with its
will “keep Iron Dome fully supplied” to shoot streets to protest Mahmoud Abbas, president of ficient, transparent and accurate be- rules for local MLS broker market-
down rocket attacks on Israeli civilians and ask the Palestinian Authority, for not doing enough cause of cooperation among real-es- places. In reality, the market—and
Congress for an “unprecedented support pack- to help Hamas. A mob tried to storm the Israeli tate professionals. Listing brokers hence the consumer—is in the
age.” U.S. support for Israel’s defense will sur- embassy in Jordan. make offers of compensation to buyer driver’s seat when it comes to real-
vive Hamas’s propaganda campaign about the Mr. Abbas and Jordan’s King Abdullah, who brokers, who bring buyers to the ta- estate commissions. That will all be
hospital blast. receives more than $1 billion in annual U.S. aid, ble. Those offers can be of any evident as the National Association of
At first the media took Hamas at its word: 500 canceled a meeting with Mr. Biden over the hos- amount, even zero, and the National Realtors makes its case in court.
dead from an Israeli strike. The BBC explained pital blast. On Wednesday the U.S. intercepted Association of Realtors doesn’t tell TRACY KASPER
practitioners what to charge. President, National Association of Realtors
on air that the Israelis “said they are investigat- two attack drones targeting an Iraqi air base
That compensation is set between Caldwell, Idaho
ing, but it is hard to see what else this could be, where U.S. troops are located.
really, given the size of the explosion, other than i i i
an Israeli airstrike, or several airstrikes.” Which brings us to the larger context regard-
Headlines have since changed, but the world ing the laws of war and casualties. There are two
received the story essentially as Rep. Rashida bedrock principles in war that civilized nations
Why Did Harvard Students Cheer on Hamas?
Tlaib (D., Mich.) put it on Twitter: “Israel just developed over centuries. The first is that you I am a senior at Harvard College. sioned and alienated as I am today.”
bombed the Baptist Hospital killing 500 Pales- can’t target civilians. On that standard every Harvard President Claudine Gay’s as- Odious speech is protected by the
tinians (doctors, children, patients) just like Hamas, Islamic Jihad and Hezbollah rocket at- sertion that “no student group—not First Amendment, but there is a price
that.” She also blamed Mr. Biden for not coercing tack on Israel is a war crime. They are aimed at even 30 student groups—speaks for to pay for such egregious anti-Semitic
Israel into a cease-fire, as Hamas would no doubt cities with the hope of falling on an unlucky cafe Harvard University or its leadership” antics. Some students who will be
is an understatement (“Harvard looking for jobs outside academia re-
like to see. or home.
Shrugs at Jew-Hatred” by J.J. Kimche, alize their actions might make them
We can now have confidence that the initial The second principle is proportionality, which op-ed, Oct. 11). less employable and are trying to dis-
story was false. A White House National Security is that incidental casualties have to be balanced The morally bankrupt claims made tance themselves from the letter.
Council spokesman confirms that its “current as- against the war aims. This is based on the expec- by these groups are not representative Harvard likely will emerge from
sessment, based on analysis of overhead imag- tation that in any war there will be some inno- of many of their members. They used this relatively unscathed unless do-
ery, intercepts and open source information, is cents killed, but that they must be related to the theirs, Harvard’s and their members’ nors decide that it is time to stop sup-
that Israel is not responsible for the explosion goals of self-defense. The standard isn’t zero ca- names to lend credence to their outra- porting such pernicious behavior.
at the hospital in Gaza.” Israeli drone footage sualties, which is impossible. It’s as few as possi- geous claims. These statements were HOWARD LANDIS
and an intercept of a call between Hamas mem- ble consistent with defeating the enemy. published by organization leaders, of- Naples, Fla.
bers add to the evidence. Yet the Western left has been moving to a ten without serious debate or voting
“I am telling you this is the first time we see standard that any civilian casualties in war are by members. Just as Hamas is not rep- Mr. Kimche describes how “a collec-
resentative of all Palestinians, the rad- tion of some 30 student groups” not
a missile like this falling, and so that’s why we too many. If that is the law of war, then Israel
icals responsible for the letters are only “failed to condemn this proto-
are saying it belongs to Palestinian Islamic Ji- would be denied the right of self-defense to de- not representative of all members. genocide” perpetrated by Hamas, but
had,” one Hamas member began. stroy an enemy embedded in schools, mosques Shame on them for co-opting and mis- “justified and celebrated it.” In recent
“It’s from us?” the other answered. or dense urban neighborhoods. Under that stan- representing their voices. months, Harvard administrators have
“It looks like it. They are saying that the dard, no Western nation, including the U.S., MUKUND VENKATAKRISHNAN bemoaned how the recent Supreme
shrapnel from the missile is local shrapnel and would be able to strike back against terrorists Cambridge, Mass. Court decision on affirmative action
not like Israeli shrapnel.” if civilians might be killed. has threatened the preservation of di-
Video from Al Jazeera, hardly an Israel- Those aren’t the laws of war; they’re the laws Is Harvard worthy of donor sup- versity in the admissions process.
friendly source, caught the trajectory of one of Western unilateral disarmament. Israel de- port? More than 30 Harvard student Perhaps its administrators should
such rocket. Launched from Gaza, it went badly serves U.S. support for its much-lied-about way organizations signed a statement that be more concerned with how to mod-
excused Hamas’s recent butchery in ify the school’s admissions process to
astray, seemed to shoot off shrapnel, and landed of war, in addition to its just cause.
Israel. To them, the fault lies solely ensure that students lacking a basic
with Israel. That is horrible enough, moral compass are rejected.

Glenn Youngkin’s Plan to Save Gas Cars but worse was the university’s tepid
reaction to the events.
Harvard, at least initially, didn’t
WILLIAM J. ROBBINS
White Plains, N.Y.

V
irginia’s odd-year statehouse elections Virginia’s roads, though they were about 10% of condemn the letter or Hamas, and one In 1939, prior to the entry of the
are now less than three weeks away, and the state’s sales for the first quarter of this year. might reasonably presume that its top U.S. into World War II, thousands of
Democrats want to make the argument Here’s the rub: Tesla currently makes up most administrators are sympathetic to the American citizens, many of them
all about abortion. That’s be- EV sales. If this trend contin- students’ warped perspective. Such members of the German-American
cause Gov. Glenn Youngkin has Voters in Virginia will ues, other auto makers may moral callowness has been criticized Bund, rallied in support of Nazi Ger-
a strong approval rating, and by many, including former Harvard many, but once Germany’s intentions
they’d prefer not to talk about
decide if the GOP can soon have to reduce deliveries
of gas-powered cars to meet President Larry Summers, who wrote: became undeniably clear, this ended.
“In nearly 50 years of @Harvard affili- But after the slaughter of more
the popular things he could do repeal an EV mandate. the mandate. ation, I have never been as disillu- than 1,000 innocent Jews (including
if Republicans win unified con- Democrats say the policy 30 Americans), students at Harvard,
trol of Richmond. will increase consumer choice, Columbia, Stanford and other elite
For example, the result next month could de- but unsold EVs are already piling up on dealer Thatcher’s ‘Iron Lady’: universities rallied in favor of the per-
cide whether the Old Dominion barrels down the lots. The mandate will limit choices for Virgin- petrators, as did many on the streets
speedway to banning gas-powered cars. Two ians who want gas cars, and they may pay higher
An Insult-Turned-Asset of American cities.
years ago Democrats in the General Assembly prices due to restricted supply. Mr. Youngkin, Jim Rule points out in an Oct. 13 PAUL SNITZER
passed a law to adopt California’s vehicle-emis- who understands economics, is pushing to undo letter that “Teflon president” was Devon, Pa.
sions standards. Signed by then-Democratic the 2021 law. intended to be an insulting jibe, but
Gov. Ralph Northam, it essentially lets progres- This year the House of Delegates passed a re- President Ronald Reagan was far I received the mass email sent to
from the only politician to turn an Harvard alumni by President Gay, ad-
sive regulators on the California Air Resources peal bill, but Democratic state Sen. Monty Mason
insult into an asset. Prime Minister dressing the war in Israel. One line
Board (CARB) dictate the kinds of cars Virgin- blocked it from getting out of his committee. At Margaret Thatcher proudly enjoyed was especially notable: “It’s in the ex-
ians can drive. the moment Democrats hold a narrow majority the sobriquet “the Iron Lady,” but it ercise of our freedom to speak that we
Under the federal Clean Air Act, California is in the Senate, and Mr. Mason is running for re- is often forgotten that the name was reveal our characters.” Well said. Har-
allowed to set its own standards for tailpipe pol- election in a competitive district around Wil- intended to be pejorative. vard’s character has been revealed.
lutants, which other states may follow. The Envi- liamsburg. Mr. Youngkin carried the district by Ironically enough for an implaca- JEFFREY H. DEAN
ronmental Protection Agency under Presidents 3.4 points in 2021. ble enemy of communism, Thatcher Seattle
Obama and Biden has interpreted this authority Mr. Mason, like the rest of his party, is run- was dubbed “the Iron Lady” by a
broadly, and last year CARB declared sales of ning on abortion, and he claims his GOP oppo- Soviet journalist. Yuri Gavrilov
new internal-combustion engine cars would be nent, Danny Diggs, is extreme for supporting Mr. coined it when writing in the Soviet Trump’s Hezbollah Message
military’s Red Star newspaper in
banned in the Golden State by 2035. EVs must Youngkin’s proposed 15-week ban. Yet how is it While not exactly a Trump parti-
1976 in response to a foreign-policy
make up 35% of auto makers’ sales by 2026 and not extreme to outlaw sales of the gas cars that speech in which Mrs. Thatcher de-
san I’m happy to oblige your edito-
68% by 2030. Under Mr. Northam’s law, Virginia 99.5% of Virginians still drive? If voters want to nounced the Soviet Union as bent
rial’s request that someone decipher
is obligated to follow its mandates. go another route, Mr. Youngkin and Republicans Donald Trump’s remarks on Hezbol-
on world domination.
Electric vehicles are less than 0.5% of cars on are ready to hop in the driver’s seat. lah and China (“Donald Trump’s Is-
The name was meant to mock the
raeli War Insight,” Oct. 13).
prime minister, whom the author
Though they may be couched in a
Banning Zuckerbucks Isn’t About Trump thought was obsessed with the Iron
Curtain. But Thatcher seized on the
title as proof of her resolute will.
New York street argot, he is saying
that the enemies of Western civili-
zation are clever, cunning, implaca-
She started using it herself within a

L
ouisiana is the latest state to restrict pri- This isn’t a novel result. A conservative group ble and relentless.
vate funding for elections, after voters in Wisconsin previously estimated that Zucker- week: “I stand before you tonight in
That sounds like a message that
my Red Star chiffon evening gown,
on Saturday backed a constitutional bucks might have boosted Mr. Biden’s tally there could benefit those leading the
my face softly made up and my fair
amendment, 73% to 27%. Grants to election ad- by 8,000 votes. Mr. Trump lost the state by hair gently waved, the Iron Lady of
country at this perilous moment.
ministrators are often referred to as Zucker- 20,682. A more telling fact is that he lagged Wis- TOM PARONIS
the Western world.”
bucks, after the millions that Facebook impresa- consin’s five GOP congressmen by 63,547. Keep Brooklyn, N.Y.
If your enemies are annoyed, you
rio Mark Zuckerberg poured into the pandemic in mind that the Zuckerbucks debate isn’t about must be doing something right. Why
voting of 2020. To Donald Trump, it was a case fraud, but whether some places had more re- not needle them with their own
of election rigging. sources to assist real, legitimate voters. words? Pepper ...
But it’s unlikely that Mr. Zuckerberg’s money Another point is that the outfit bankrolled by ROBERT FRAZER
mattered to the outcome, and a new academic Mr. Zuckerberg wrote sizable checks to states Salford, U.K.
And Salt
study circulating among election analysts argues safely in Mr. Biden’s column, such as $19,294,627 THE WALL STREET JOURNAL

exactly that. “While counties that favor Demo- to New York City. It also sent money to Trumpy
crats were much more likely to apply for a grant, areas, such as DeSoto County, Miss., which took Bitcoin’s Backing Is Dubious
we find that the grants did not have a noticeable $347,752 and spent it on Covid shields, more vot- An Oct. 12 letter asks “What Backs
effect on the presidential election,” write ing machines, and extra workers. the U.S. Dollar?” The answer is the
Apoorva Lal and Daniel Thompson, the latter of Nevertheless, there’s no guarantee of what fu- full faith and credit of the U.S. gov-
whom is a political-science professor at the Uni- ture partisans might do. Neither political party ernment.
I know some people might think
versity of California, Los Angeles. should want an arms race of private donations
that is questionable, but it goes a lot
“The average effect of receiving a grant on to top up the budgets of nonpartisan govern- further than whatever is backing bit-
Democratic vote share,” they estimate, ranges ment election offices in the counties most favor- coin.
“from 0.02 percentage points to 0.36 percentage able to each side. That kind of thing could deter- DAL COGER
points.” Their figures for increased turnout are mine a closer presidential race, such as what the Medford, Mass.
smaller still. Since such funding was received by country suffered in 2000, when George W. Bush
“only a subset of counties,” they say, such effects defeated Al Gore by 537 ballots in Florida.
Letters intended for publication should
look too minor to flip statewide outcomes. Mr. Elections should be run using public money. be emailed to wsj.ltrs@wsj.com. Please
Trump lost to President Biden in Georgia by 0.24 Private funding is one of those bizarre pandemic include your city, state and telephone
points, Arizona by 0.31, Wisconsin by 0.64, and ventures that should never be repeated. It isn’t number. All letters are subject to
Pennsylvania by 1.18. To win the Electoral Col- why Mr. Trump lost, but Louisiana and other editing, and unpublished letters cannot “We’re not calling it a divorce. We’re
be acknowledged.
lege, he needed three of those states. states are right to chuck the Zuckerbuck. saying our marriage was cancelled.”
 .

THE WALL STREET JOURNAL. Thursday, October 19, 2023 | A17

OPINION

Dostoevsky Knew: It Can Happen Here

By Gary Saul Morson haps, nothing would stop us despite he adds, is a possibility we overlook

A
all our civilization.” at our own peril.
s I read about Harvard stu- For the time being, “people are A century later, Alexander Solzhe-
dents demonstrating in fa- simply intimidated by some sort of nitsyn, contemplating the idealist
vor of Hamas and educated habit,” Dostoevsky continues, but if Russians who joined in torture and
people proclaiming that some progressive expert were to the enlightened Western intellectuals
“decolonization” should be come up with a theory showing that who whitewashed it, asked why
pursued “by any means necessary,” I sometimes flaying skins can benefit Shakespeare’s villains murdered only
thought of Dostoevsky’s reaction, a the right cause because “the end jus- a few people while the Bolsheviks
century and a half ago, to atrocities tifies any means,” and if that expert killed millions. To answer this ques-
committed by the Ottomans as they were to express his view “using the tion, he reflects, one must grasp that
suppressed uprisings among their appropriate style,” then, “believe no one thinks of himself as evil. To

FATIH AKTAS/ANADOLU VIA GETTY IMAGES

Slavic subjects. This was a case, ap- me,” there would be respectable peo- perform evil deeds a person must
parently unknown to today’s “decolo- ple among us “willing to carry out the discover “a justification for his ac-
nizers,” in which a Muslim empire idea.” Despite our sophistication and tions,” so that he can regard stealing,
persecuted colonized Christians. professions of compassion, “all that’s humiliating and killing as good.
The European press was then needed is for some new fad to appear “Macbeth’s self-justifications were
filled with reports that now seem fa- and people would be instantly trans- feeble,” and so conscience restrained
miliar. Whole families were wiped formed.” Not everyone, of course, but him. He had no ideology, Solzheni-
out; women raped and tortured; liv- the number of adherents of the new tsyn observes, nothing like “anti-im-
ing people humiliated and corpses fad would grow while others would perialism” or “decolonization” to al-
abused; children slowly murdered be- be afraid, or embarrassed, to cling to An anti-Israel protest in New York Oct. 13. lay pangs of guilt. Solzhenitsyn
old ideas. And then, “where would we concludes: “Ideology—that is what
find ourselves: among the flayed or need to resort to examples from the such a firm hold on young society.” gives evil-doing its long-sought justi-
Some people who cheer among the flayers?” past because the same dynamic can Then it was “theoretical socialism,” fication and gives the evil-doer the
After 9/11, it turned out that terror- occur in any place at any time that but it could have been anything, and necessary steadfastness and determi-
atrocities would surely ists were often well-off and well-edu- allows the dark side of human nature there is no good reason to “think nation . . . so that he won’t hear re-
be capable of committing cated. Cruelty often thrives among the to show itself, clad in the language of that even murder . . . would have proaches and curses but receive
sophisticated. Dostoevsky recalls the whatever passes for progressive and stopped us—not all of us, of course, praise and honors.”
them given an opportunity. French terror, when people were hu- enlightened. “Believe me,” Dosto- but at least some of us . . . sur- I have heard commentators wor-
miliated and murdered in the name of evsky addresses his readers, “the rounded by doctrines that had cap- ried that cancel culture and suppres-
the highest principles—“and this after most complete aberration of human tured our souls.” sion of diverse opinions might lead
fore their parents’ eyes; and, in one Rousseau and Voltaire!” We know, as hearts and minds is always possible.” Dostoevsky recalls that in his to a “soft totalitarianism.” If only. We
case that particularly shocked Dosto- Dostoevsky could only suppose, that It is a terrible mistake to imagine novel “The Possessed,” he showed need to recognize that some of those
evsky, a young child forced to watch during the Stalinist terrors millions that thuggish deeds are performed how even the most innocent hearts who justify Hamas’s atrocities would
her father being flayed alive “com- were routinely tortured in the most only by thugs. Recalling his own can be drawn into committing mon- be ready to perform them against
pletely.” The child, Dostoevsky re- degrading way possible; and that dur- early career as a revolutionist, Dos- strous deeds and feeling proud to their designated enemies. And unlike
ported, was being cared for in Rus- ing the collectivization of agriculture, toevsky maintains that his group, have committed them. “And therein Dostoevsky’s Turks or today’s Hamas,
sia, where she repeatedly fainted as millions more were deliberately which could readily have performed lies the real horror: that . . . one can they would have high-tech means at
she recalled what she witnessed. starved to death, with young Bolshevik the most terrible acts, was composed commit the foulest and most villain- their disposal to extend their reach.
If it seems that only uncivilized idealists brought in to enforce the of sophisticated people with the Rus- ous act without in the least being a I fear that the horrors of the 20th
people could be such sadists, Dosto- famine and take bits of food away sian equivalent of Ivy League educa- villain! And this happens . . . all over century may prove only a foretaste of
evsky cautions, know that the same from bloated children. In the West, in- tions. But despite regarding them- the world, since time began.” “The much worse in the near future.
thing could happen among civilized tellectuals justified such behavior be- selves as a cultured elite—or perhaps possibility of considering oneself—
Europeans as well. “For the moment cause it was done in the name of so- because they did—few “of us . . . and sometimes even being, in fact— Mr. Morson is a professor of
it is still against the law,” he writes, cialism and anti-imperialism. could resist that well-known cycle of an honorable person while commit- Slavic languages and literatures at
“but were it to depend on us, per- Dostoevsky adds that there is no ideas and concepts that had taken ting obvious and undeniable villainy,” Northwestern University.

The Media, Like the Terrorists, Aim at Israel and Miss

By Elliot Kaufman can seek medical treatment and shel- no attacks at that time. Gazans near With morning came clear sight of mined to believe the worst of Israel
ter during a war is horrific. @POTUS the hospital reportedly complained the hospital—which hadn’t sustained even when it’s been disproved. But

I
t was a lie. Hamas said Tuesday needs to push for an immediate about the distinct shriek of rocket structural damage. Instead, it could the larger risk is across the Islamic
that an Israeli airstrike on a ceasefire to end this slaughter.” launches. be seen that the blast had occurred world. Hamas’s lie—and the Western
Gaza City hospital killed at least The trend everywhere was to let Soon after, Hamas fighters dis- in the parking lot, and had set off a media’s propagation of it—brought
500 Palestinians. Turns out it wasn’t Hamas drive the story, leading read- cussed what had happened. We know large fire, likely from the accelerant huge crowds to the streets in Ramal-
Israeli, it wasn’t an airstrike, it ers astray. “BREAKING: The Gaza this because—in a rare move that re- of a failed long-range rocket. lah, Amman, Beirut and Baghdad.
didn’t hit the hospital, nowhere Health Ministry says at least 500 flects the stakes here—Israel re- The kind of crater that would in- Crowds tried to attack the Israeli
close to 500 people were killed, and people killed in an explosion at a hos- leased a recording of an intercepted dicate an Israeli strike is nowhere to Embassy in Jordan and the U.S. Em-
Hamas knew it. pital that it says was caused by an Is- phone call between two Hamas be found. We know what those look bassy in Lebanon. Moderating Arab
This has been confirmed indepen- raeli airstrike,” the Associated Press members: like, because they are all over Gaza. leaders were pushed into making
dently by the Pentagon, according to wrote in a tweet seen 13 million But not here. Cars as close as 10 hasty statements about “Israeli
President Biden and the National Se- times. The Gaza Health Ministry is yards to the impact sustained no criminal practices” (Saudi Arabia)
curity Council; by an intercept and controlled by Hamas. The AP’s subse- The Arab street has a new structural damage. Ditto for the and “the Israeli attack that targeted
drone and radar footage released by quent clarification that Israel attri- nearby buildings. Instead, the vehi- Al Ahli Baptist Hospital” (United
the Israeli military; and perhaps buted the strike to a Palestinian blood libel: that Jews cles were charred from fire—what Arab Emirates).
most persuasively by looking at the rocket has fewer than 200,000 views. slaughter Palestinians you’d expect from a Palestinian These leaders fear their own pop-
hospital in daylight. The evidence in- But the friendly-fire explanation rocket. ulations, whose prejudices they
dicates that a rocket launched by should always have been plausible in their hospitals. The situation also makes it im- know all too well. The rulers could
Palestinian Islamic Jihad is the likely and held out as a possibility. Israel plausible that 500 were killed. find themselves blamed for
culprit. doesn’t target hospitals, and it had Hamas reported casualty figures way strengthening relations with Israel,
The question is why the media already counted some 450 Palestinian “I am telling you this is the first sooner than it could possibly have the hospital killers.
and so many others ran with the rockets that fell inside Gaza. time we see a missile like this fall- known—and that should have been a The Arab street has been given a
story of Israeli war crimes. They did What actually happened? The Is- ing, and so that’s why we are saying tip-off that something wasn’t right. new blood libel: that Jews slaughter
so on nothing but the word of the ji- rael Defense Forces say that Pales- [it] belongs to Palestinian Islamic But the media bought it and Palestinians in their hospitals. That
hadist group that committed the tinian Islamic Jihad began a barrage Jihad.” shifted the Western discussion to we can be confident it is false, like
largest mass slaughter of Jews since of 10 rockets at Israeli cities at 6:50 “It’s from us?” what Israel had supposedly done the 2002 “Jenin massacre,” doesn’t
the Holocaust. p.m. local time Tuesday. This is con- “It looks like it. They are saying rather than what Hamas actually did mean they will ever know that. No
“Israeli Strike Kills Hundreds in firmed by live video, including on Al that the shrapnel from the missile is and what Israel needs to do to de- matter how this war ends, Islamic
Hospital, Palestinians Say,” read the Jazeera, which shows one rocket local shrapnel and not like Israeli fend its citizens. Jihad’s strike and Hamas’s propa-
initial New York Times headline. Rep. malfunctioning and crashing in Gaza shrapnel.” Why? One answer is that oppo- ganda are likely to feed violence
Ilhan Omar (D., Minn.) announced on at 6:59 p.m.—the same time reports “But God bless, it couldn’t have nents of Israel, including many jour- against Jews and Israel—with an as-
Twitter: “Bombing a hospital is emerged of a blast near the hospital. found another place to explode?” nalists, wanted to believe Hamas’s sist from the Western press.
among the gravest of war crimes. The Israel’s Channel 12, an independent “They shot it coming from the story because it fits their image of
IDF reportedly blowing up one of the commercial station, caught it on cemetery behind the hospital, and it Israel as a villain or enemy. And no Mr. Kaufman is the Journal’s let-
few places the injured and wounded video, too. Israel says it carried out misfired and fell on them.” doubt many in the West are deter- ters editor.

The Economy Is Great. Why Do Americans Blame Biden?

By Alan S. Blinder bor force growth. Consumers con- We have huge inequalities in Amer- and down a lot, most prices only go forts to engineer a soft landing.
tinue to spend like mad. ica. One may wish it weren’t so, up. When these prices rise rapidly, That means bringing down infla-

T
here is a sharp disconnect be- Yet the public is down in the and in my view we should do more we have high inflation, as happened tion, not the price level, with a
tween the U.S. economy’s un- mouth about the economy—and to aid the unfortunate. But in a in 2022. When they rise slowly, we modest recession or preferably
derlying realities, which are they blame Mr. Biden. On one level, population of more than 330 mil- have low inflation, as was normal none at all. Chairman Jerome Pow-
good, and people’s attitudes about this isn’t terribly surprising. When lion, some people will always be ell and his fellow central bankers
the economy, which remain sour. the economy does well, Americans struggling. never had any intention of forcing
Why does President Biden’s eco- give the president more credit than Another part of the answer is Inflation is lower, but the price level to fall—and they
nomic performance get such bad he deserves; and when it performs that lower inflation isn’t enough for still don’t. They know how bad
marks when unemployment is near poorly, they give him too much many people. Rather, they seem to some won’t be happy until things would have to get to pro-
record lows, net jobs are still being blame. The question is: Why is this want prices for items such as gaso- prices come down too. duce deflation.
created at a breakneck pace, and in- a time for blame rather than credit? line and groceries to fall back to The problem may be that a lot of
flation has fallen notably? Part of the answer is clear. First, where they used to be. That would be a disaster. the public does not. They long for
Although the Biden administra- there are always lags in perception. There’s a big difference between the lower prices they remember.
tion can’t crow about it, for fear of People’s evaluation of the economy falling inflation, which we have, and But they don’t think about the se-
seeming out of touch, the economy is backward looking, and inflation falling prices, which we don’t. Infla- before the pandemic. But the over- vere recession, or even depression,
is doing remarkably well. Consumer was sky high not long ago. Second, tion is the rate at which average all price level, which is a weighted that might be necessary to get back
price index inflation over 12 many Americans are feeling grumpy prices are rising. When the Federal average of all prices in the econ- there.
months, which peaked around 9% in about their country these days, and Reserve gets the inflation rate down omy, almost never falls. So what’s a poor policy maker to
June 2022, has lately been running some of that grumpiness rubs off to its 2% target, that will mark a big I said almost never. The price do? For the Fed, whose decision
around 3.5%. The unemployment on the economy. victory. But prices won’t return to level did fall, quite a bit in fact, makers don’t stand for election, the
rate, which was 6.3% when Mr. Bi- Third, you often hear that not their old levels. They will still be during the Great Depression, and answer is simple: Strive for a soft
den took office, has now been 4% or everyone is doing well in this econ- rising, albeit slowly. briefly during the pandemic reces- landing, not for deflation. It will
lower for 22 consecutive months. omy. That’s true. But it’s always Here’s the problem. While some sion. It takes a truly sick economy make most people better off and
Job creation is still running well true. Even in an exuberant boom, prices in a modern economy—such to cause deflation. happy about the economy. Besides,
above the rate needed to absorb la- some people are sadly left behind. as for gasoline and food—do go up Contrast this with the Fed’s ef- that’s the central bank’s legal man-
date: to achieve low inflation and
high employment.

Notable & Quotable: Penn

For the president and others who
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY must stand for election in a little
Rupert Murdoch Robert Thomson over a year, it isn’t so simple. The
Executive Chairman, News Corp Chief Executive Officer, News Corp Hedge-fund manager Clifford As- anti-anyone else other than Jews!? hard truth is that other than a mis-
Emma Tucker Almar Latour ness in an Oct. 16 letter to University . . . Most distressing to me was your cellany of this and that—such as us-
Editor in Chief Chief Executive Officer and Publisher
of Pennsylvania president Elizabeth first statement making vague equiva- ing the Strategic Petroleum Reserve
Liz Harris, Managing Editor DOW JONES MANAGEMENT: Magill: lences between the intentional mur- to push down oil prices and negoti-
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, EVP, General Manager,
der of children (and others) by ter- ating lower pharmaceutical prices—
Elena Cherney, News; Chip Cummins, Newswires;
Andrew Dowell, Asia; Brent Jones, Culture, Leadership; David Cho, Barron’s Editor in Chief; Yes, this is one of those letters. rorists and the accidental injury to there isn’t a lot the president and
Training & Outreach; Alex Martin, Print &
Jason P. Conti, General Counsel, Chief . . . I have long been dismayed at the children that sadly occurs when mur- Congress can do to reduce prices. A
Compliance Officer; Dianne DeSevo, Chief People
Writing; Michael W. Miller, Features & Weekend;
Officer; Frank Filippo, Chief Transformation drift away from true freedom of dering terrorists hide behind chil- deep recession might do the trick,
Emma Moody, Standards; Prabha Natarajan, Officer; David Martin, Chief Revenue Officer, thought, expression, and speech. . . . dren to escape justice. but nobody wants that.
Professional Products; Philana Patterson, Audio; Business Intelligence; Elizabeth O’Melia, Chief Then, a few weeks ago, Penn’s host- I’ve recently finished a large five-
Michael Siconolfi, Investigations; Financial Officer; Dan Shar, EVP, General
Amanda Wills, Video Manager, Wealth & Investing; Ashok Sinha, SVP, ing an antisemitic Burning Man fes- year pledge to Penn and will not be Mr. Blinder is a professor of eco-
Head of Communications; Josh Stinchcomb, EVP tival pushed matters further. I’m considering another until . . . change nomics and public affairs at Prince-
Paul A. Gigot
Editor of the Editorial Page
& Chief Revenue Officer, WSJ | Barron’s Group; 100% for free speech but not asym- is evident. I do not like making some- ton and a fellow at the Peterson In-
Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
metrical free speech where some thing like this about money—but it stitute for International Economics.
1211 Avenue of the Americas, New York, N.Y., 10036 have it and some don’t. Imagine appears to be one of the only paths He served as vice chairman of the
Telephone 1-800-DOWJONES Penn’s action if that event was as that has any hope of mattering. Federal Reserve, 1994-96.
 .

A18 | Thursday, October 19, 2023 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Indian Press Cites Repression U.S. Lifts

Sanctions
Journalists say Modi
administration uses Against
antiterror law to
investigate critics Venezuela
BY TRIPTI LAHIRI AND SHAN LI BY KEJAL VYAS
AND PATRICIA GARIP
NEW DELHI—At about 6:30
a.m., dozens of police fanned The Biden administration
out to an office and private late Wednesday announced
homes in India’s capital earlier the removal of a broad array
this month. They searched of sanctions against Venezu-
houses and seized books, lap- ela’s oil and gas sector in re-
tops and phones. They interro- sponse to a deal between
gated people. When one of them President Nicolás Maduro’s
pressed them for a warrant, he authoritarian government and
said an officer whispered that his political opponents that
the search didn’t require one— could lead to a presidential
it was happening under a strin- election next year.
gent antiterrorism law. The U.S. Treasury Depart-
“I was shocked,” said Ur- ment suspended for six months
milesh, the subject of the measures against Venezuela
search and a former executive that had prohibited financial
HARISH TYAGI/EPA/SHUTTERSTOCK

editor of the TV channel of In- transactions in the country’s

dia’s upper house of Parliament. energy sector and gold mining
The 67-year-old, who uses just industry. The measure also
one name, watched dumb- ended a ban on trading Vene-
founded as police rummaged zuelan government bonds.
through his books and journals. Washington could revoke
Dozens of people were sub- the authorization if the re-
jected to the searches. They gime doesn’t follow through
were all journalists or people Protesters this month gathered in New Delhi to demonstrate against the arrest of NewsClick’s founder and an employee. with commitments the opposi-
associated with an Indian tion hopes will lead to a free
news website called News- a more restrictive environment The prime minister’s office NewsClick. The news site ac- The raids on NewsClick oc- and fair vote. “The U.S. gov-
Click, known for articles and for speech and the press. Many didn’t respond to a request for knowledged receiving some of curred under a 50-year-old an- ernment retains the authority
videos critical of the govern- say efforts to silence critics are comment. At a news conference its funding from the nonprofit titerror law that gives authori- to rescind authorizations
ment of Prime Minister Naren- intensifying ahead of state at the White House in June, but said it disclosed its for- ties broad powers and under should the representatives of
dra Modi. The site’s founder, elections next month and na- Modi disputed that freedom of eign funding to financial au- which it is extremely difficult Maduro fail to follow through
Prabir Purkayastha, and its hu- tional elections in 2024. speech and the press are under thorities as required by law. to obtain bail. In recent years, on their commitments,” the
man-resources manager were Last week, an official autho- threat in India. “Democracy is The news site denied that it authorities have expanded its Treasury Department said.
arrested and are in custody. rized the possible prosecution in our veins,” he said. published propaganda or got powers, for example, by allow- The announcement is the
Police are investigating al- of Booker Prize-winning novel- A spokesman for Modi’s funding from Chinese entities. ing them to designate individ- most sweeping reversal yet of
legations that NewsClick, ist Arundhati Roy, a vocal critic party said that questions A Wall Street Journal re- uals as terrorists. sanctions applied largely as
founded in 2009, got funding of Modi’s government, on a po- about law-enforcement ac- view of NewsClick’s content Some journalists close to part of former President Donald
from groups promoting Chi- lice complaint from 2010. Some tions should be directed to the suggests it published articles Modi’s party disagree that the Trump’s so-called “maximum
nese propaganda, according to media outlets, including the investigating agencies. covering subjects from hunger Indian government is intoler- pressure” campaign to unseat
the police complaint and a BBC, have been investigated by The NewsClick investiga- in Afghanistan to criticisms of ant of dissent. the Maduro regime, which has
lawyer for the company. Indian tax authorities after tion came after a New York Modi policies to India’s space “There’s been absolutely no been accused by the U.S. and
NewsClick denies wrongdoing. publishing reports that were Times article in August de- program. Some of it reflected institutional hindrance to the other governments of election-
“The intent of the Indian au- critical of the government. tailed a nonprofit network left-leaning views and per- expression of free opinion,” rigging, extensive human rights
thorities is to stifle voices “Terrorism charges are a that it said promoted Chinese spectives that aligned with said columnist Swapan Das- abuses and corruption.
critical of government policies whole new dimension of propaganda by funding media Beijing’s political stances. The gupta, a former member of the “This is a 180-degree change
and actions,” NewsClick said. threat to media freedoms,” businesses globally. The story site says it focuses on coverage upper house of Parliament from in U.S. sanctions policy toward
The probe is one of the lat- said Sukumar Muralidharan, a said NewsClick was among the of “people’s movements and the party. He said he believes Venezuela,” said Geoff Ramsey,
est actions taken by authorities former journalism professor outlets that got financing. struggles across the country.” some of the complaints are who closely tracked the negoti-
in India that have led journal- based in the city of Gurgaon. The police complaint iden- The Times said it stands by coming from liberals who were ations for the Atlantic Council.
ists and rights groups to criti- It “involves the possibility tified WorldWide Media Hold- its reporting, and “nothing in among the journalistic elite for “It’s going to be crucial for the
cize Modi and his Bharatiya Ja- that these people will not ings as a nonprofit that con- our stories justifies the silenc- a long time—and who now find administration to monitor the
nata Party for what they say is come out of jail for years.” tributed some funding to ing of journalists.” themselves without access. government’s compliance to
ensure that Maduro holds up
his end of the bargain.”

Protests in Guatemala Choke Off Exports

Under the new guidelines,
American and foreign compa-
nies will be allowed to pro-
duce and export Venezuelan
oil and gas and conduct busi-
BY JUAN MONTES fused to repress demonstrators. ness with state-energy mo-
“They are seeking to remove nopoly Petróleos de Venezu-
Widespread political pro- a democratically elected ela, though transactions with
tests in Guatemala have en- leader,” said Luis Pacheco, a Russian oil companies in Ven-
gulfed Central America’s K’iche’ Mayan who represents ezuela remain off-limits.
most-populous nation, with 48 indigenous poor communi- Business with Venezuela’s
demonstrators closing roads, ties in western Guatemala that state metals company is also
choking exports and causing are leading protests against At- permitted, reopening a gold-
shortages of fuel and food. torney General Consuelo Porras. mining sector that the U.S. had
Indigenous leaders, student The Attorney General’s Of- long argued was being used by
groups and unions are de- fice says its investigations the regime to loot Venezuela’s
GUSTAVO RODAS/AGENCE FRANCE-PRESSE/GETTY IMAGES

manding the resignation of don’t aim to prevent Arévalo remaining riches while caus-
the country’s attorney general, from taking office. ing environmental damage.
following claims by President- Protests erupted on Oct. 2, In addition, the Treasury
elect Bernardo Arévalo that days after prosecutors raided greenlighted the trading of
she and other prosecutors are the headquarters of Guate- Venezuelan government bonds
plotting a coup against him. mala’s electoral court and by U.S.-based financial institu-
The presidential election seized ballot certificates as tions, which the U.S. had pre-
Arévalo won by a landslide in part of a criminal inquiry into viously restricted to close off
August has been marked alleged electoral fraud. Maduro’s financing options.
by judicial challenges and alle- The probe relates to the al- Sanctions that the U.S. has
gations of fraud against him leged manipulation of the com- leveled against Maduro and
and his party. Arévalo’s sur- puter system that processed the high-ranking officials and mil-
prise victory followed a cam- results of this year’s elections, a itary officers for alleged
paign focused on combating Indigenous people demonstrate in support of President-elect Bernardo Arévalo in Guatemala City. senior government official said. crimes that include drug traf-
endemic corruption. Guatemalan prosecutors are ex- ficking and looting the oil in-
On Monday, protesters left was killed and two others exporters about $366 million dents said. Hundreds of dem- pected to bring charges soon, dustry remain in place.
a large dam and water plant wounded by unknown gunmen in losses, according to Guate- onstrators have occupied the he said. Election observers By removing economic
serving Guatemala City after after protesters refused to lift malan trade group Agexport. entrance of the Attorney Gen- said they found no incidents sanctions, the U.S. is expecting
occupying it for a week. In a road blockade, a local fire- Dozens of wholesale food mar- eral’s Office headquarters. of fraud or manipulation, and that the regime will release at
Malacatán, near the border fighter group said. kets and shops in the capital Guatemala’s interior minister prosecutors haven’t presented least some of the eight Ameri-
with Mexico, a demonstrator Road closures have caused have closed in protest, resi- resigned Monday after he re- detailed evidence. cans jailed in Venezuela.

FRANCE LIBERIA WORLDWATCH

Three Airports and Runoff Is Likely
Palace Evacuated In Presidential Vote
The Palace of Versailles Liberia’s presidential election
and three airports in cities Wednesday appeared headed
across France were evacu- for a runoff, with the top can-
ated for security reasons and didates neck and neck and the
temporarily closed Wednes- votes nearly fully counted.
day, the latest in a spate of President George Weah,
evacuations in the past five who is seeking a second term,
days around France. had 43.8% of the vote with his
The former royal château main challenger Joseph Boakai
of Versailles apologized to at 43.4%, according to the Na-
visitors for forcing them to tional Elections Commission. A
evacuate from the sumptu- candidate needs more than
ous 17th-century palace “for 50% of the vote to win.
security reasons.” The tourist After the votes from this
attraction said on X, formerly round are finalized, the runoff
Twitter, that it reopened will take place within 15 days.
hours later after checks. The Oct. 10 election is the
Meanwhile three airports tightest in the nearly two de-
in the cities of Lyon, Toulouse cades since the end of the
THIBAUD MORITZ/AGENCE FRANCE-PRESSE/GETTY IMAGES

and Lille received emailed country’s civil war that killed

threats Wednesday, police some 250,000 people.
said, without elaborating. The The final tally must wait
airports all reopened after se- until the end of the week,
curity checks. when re-voting is expected in
The threats have so far two places in Nimba county
proved false. because ballot boxes were
Government spokesman stolen, said the commission.
Olivier Veran said the multi- Nimba is an opposition
ple security alerts and evacu- stronghold but the outcome
ations must not grip France won’t significantly alter the
with fear. “Vigilance, yes. results or push anyone across
Fear, no,” he said. the finish line, analysts said.
—Associated Press —Associated Press ILLUMINATING EXPERIENCE: The ‘Luminiscence’ light show will be performed until Dec. 17 at a cathedral in Bordeaux, France.
 .

BUSINESS & FINANCE

© 2023 Dow Jones & Company. All Rights Reserved.

S&P 4314.60 g 1.34% S&P FIN g 1.70%

* * * * *

S&P IT g 1.23% DJ TRANS g 3.44%

THE WALL STREET JOURNAL.
WSJ $ IDX À 0.29%
Thursday, October 19, 2023 | B1
2–YR. TREAS. yield 5.218% NIKKEI (Midday) 31486.54 g 1.73% See more at WSJ.com/Markets

Musk Warns on
Tesla Cybertruck
Amid Profit Drop
BY REBECCA ELLIOTT Tesla’s quarterly net profit
$4.0 billion 3Q 2023
Chief Executive Elon Musk
warned Wednesday that Tesla $1.9B
will face “enormous chal- 3.5
lenges” scaling up factory pro-
duction of its long-delayed Cy- 3.0
bertruck, signaling profit
could remain under pressure 2.5
in the coming quarters.
The electric-car maker re- 2.0
ported a 44% decline in third
quarter net income, a steeper 1.5
drop than Wall Street had ex-
pected, as price cuts across 1.0
the company’s lineup contin-
RINGO CHIU/ZUMA PRESS

ued to take a toll on the bot- 0.5

tom line.
On Tesla’s earnings call, 0
Musk struck a cautious tone 2020 ’21 ’22 ’23
about the year ahead, express- Sources: S&P Capital IQ; the company
ESPN and TNT carry 165 nationally televised games. The Warriors and Lakers competed in the Western Conference semifinals in May. ing concerns about the
broader economy, including cial results disappointed on a

NBA Seeks TV-Rights Deals

higher interest rates and their number of fronts, including
impact on consumers. missing analysts’ expectations
He also was tempered in his on revenue and net income,
outlook for the Cybertruck, further fueling concerns about
which Tesla plans to start de- whether the company can sus-

With More Streaming Firms

livering to customers at the tain its growth trajectory with
end of November. a limited lineup.
Due to the difficulties of its Revenue was up 9% to $23.4
design, Musk said it could take billion, lifted by higher vehicle
another year to 18 months for deliveries compared with the
it to be a significant contribu- same year-ago quarter, the
League looks to NBA television-rights deals, 2016-24 caster in local markets is in tor to positive cash flow. company said Wednesday. .
in billions bankruptcy and on the brink of “We dug our own grave The $1.9 billion in net in-
boost fees by luring liquidation. with Cybertruck,” Musk said, come for the July-to-Septem-
Amazon, Apple, and The league is looking to referring to the complexity of ber period missed expecta-
2008-15 bring additional parties to the building the vehicle, which has tions, and the revenue growth
offer games locally 2002-07 negotiating table as it plots out faced cost overruns and de- was lower than analysts had
$23.9 its new deals, which would go sign changes. anticipated.
1998-01
BY AMOL SHARMA $7.4 into effect after the 2024-2025 Tesla’s third-quarter finan- Please turn to page B2
AND ISABELLA SIMONETTI $2.5 $4.6 season. For consumers, those
deals could change signifi-
The stars of the National
Basketball Association are tak-
ing to the court as a new sea- $615M
a year
$767 $930 $2.7B
cantly where games are broad-
cast.
ESPN and TNT, which carry
Morgan Stanley Logs
9% Decline in Profit
son begins next week. Behind roughly 165 nationally televised
the scenes, the league has TNT/NBC TNT/ABC/ TNT/ABC/ TNT/ABC/ games combined, are exploring
started talks to secure the bil- ESPN ESPN ESPN signing up for smaller pack-
lions of dollars in media-rights Source: J.P. Morgan ages, said people familiar with
fees that will help pay their the situation. That arrange-
huge salaries. covery’s TNT—which together vestor pressure to trim costs, ment would help them hang BY CHARLEY GRANT than a year.
As the NBA enters its first pay $2.7 billion a year—aren’t with cable TV’s decline and onto a premier asset in Ameri- AND ANNAMARIA ANDRIOTIS “Frankly, banking has been
media negotiations in a decade, looking to pony up big spend- hefty mergers weighing on can media without breaking really weak,” Morgan Stanley
its biggest partners, Disney’s ing increases. their balance sheets. Mean- the bank. Those companies al- Morgan Stanley said third- CEO James Gorman said on a
ESPN and Warner Bros. Dis- Each company is under in- while, the largest sports broad- Please turn to page B2 quarter profit fell 9% from a call with analysts. “I mean, un-
year ago, hit by a sharp decline der $1 billion is evidence of a
in deal making. very weak calendar and very

Theoretical Number Grips Wall Street

Investment-banking revenue weak M&A.”
dropped 27%, far worse than at Morgan Stanley’s invest-
other banks. Within that, fees ment-banking revenue was
from advising corporate clients $938 million in the quarter, the
on mergers and acquisitions first time in years that it fell
BY SAM GOLDFARB harder-to-pin-down variables the past two years a steady Still, even economists who fell by more than 30%. So did under $1 billion.
such as uncertainty about the source of anxiety for investors. created term-premium models revenue from underwriting Gorman said the pipeline for
Investors and Federal Re- long-term inflation outlook. So far, those worries have stress that their outputs are bond offerings. deals is improving and should
serve officials scrambling to In recent weeks, debate proved mostly unfounded, as imperfect estimates, making it JPMorgan Chase, mean- translate to better revenue in
make sense of surging Trea- around the term premium has the economy has shown little difficult to gauge whether or while, posted just a slight drop 2024, especially once the Fed-
sury yields have a new obses- intensified because some fi- signs of buckling under the not they are a warning. in investment-banking revenue, eral Reserve eases its campaign
sion: a number that exists only nancial models have suggested higher borrowing costs. Most analysts agree that and Citigroup and Bank of to raise interest rates.
in theory. that it has been rising Yet the recent evidence of yields on U.S. government America reported gains. In- “The minute you see the Fed
Known as the term pre- sharply—driving much of a re- rising term premiums has pro- bonds are largely determined vestment-banking revenue was indicate they’ve stopped rais-
mium, the number is typically cent surge in longer-term vided a new source for con- by the anticipated path of roughly flat at Goldman Sachs. ing rates, the M&A and under-
defined as the component of Treasury yields that has car- cern. For some, they suggest short-term interest rates. Morgan Stanley’s stock fell writing calendar will explode
Treasury yields that reflects ev- ried the yield on the 10-year that yields are no longer rising The rationale: Investors will 6.8% on Wednesday, its largest because there is enormous
erything other than investors’ note above 4.9% for the first because of a strong economy buy a series of one-month Trea- one-day decrease since June pent-up activity,” he said.
baseline expectations for short- time since 2007. and expectations for higher sury bills instead of a bond that 2020. Shares of other big banks “Boards of directors are sitting
term interest rates set by the Treasury yields help dictate rates. Instead, the underlying matures years from now if they were down, too, but by much there saying, until we under-
Federal Reserve. That could in- interest rates on everything cause could be something think that will produce a better smaller increments. Goldman stand the cost of financing it is
clude anything from an in- from mortgages to corporate harder for the Fed to control return. If this pushes the lon- slipped 2.4%. Both banks closed very difficult to pull the trigger
crease in the supply of bonds to debt, making their rise over and therefore more dangerous. Please turn to page B11 at their lowest price in more Please turn to page B10

China Developer Skips INSIDE Real-Estate Commissions

Last Deadline on Debt Are Targeted as Unfair Fee
BY REBECCA FENG source of wealth creation in
AND FRANCES YOON the country. The property BY LAURA KUSISTO
slump has worsened the AND NICOLE FRIEDMAN
Chinese property giant strains on China’s economy,
Country Garden has missed a which has struggled to return In recent years, technology
final deadline to pay interest to health this year after has made a host of consumer
on a dollar bond, capping a re- emerging from strict zero- transactions cheaper—from
markable fall from grace for a Covid policies. BUSINESS NEWS booking a vacation to buying
HEIDI HEILBRUNN FOR THE WALL STREET JOURNAL

company that was once con- Before China’s property United Airlines is stocks—but commission rates
sidered among the safest de- sector faltered two years ago, for selling a home haven’t re-
velopers in the country. investors considered Country
changing its boarding ally budged. That could soon
The company hasn’t made a Garden to be one of the coun- process for economy change.
$15.4 million interest payment try’s most conservative pri- passengers. B3 A pair of class-action law-
on an outstanding dollar bond, vate sector developers. While suits challenging real-estate
according to two investors more aggressive developers industry rules—including one
who hold the bond. That could attempted to expand into that went to trial beginning
lead to a wave of cross-de- other areas, the company re- this week—and continued
faults on its other interna- mained focused on real estate. pressure from U.S. antitrust
tional debt. Country Garden At its height, Country Garden officials are threatening to
had around $15.2 billion of in- was rated around triple-B by disrupt a compensation model Jon Anderson says he was ‘blackballed’ by the sales market.
ternational bonds and loans major credit-ratings compa- that hasn’t meaningfully
outstanding at the end of nies, implying a low probabil- changed in decades. the amount of compensation home seller was fed up with
June, according to its public ity of default. Home buyers rarely pay their offered to the buyer’s agent is paying a real-estate agent tens
disclosures. The Foshan-based devel- agents. Instead, sellers pay their a condition for listing a home of thousands of dollars.
The payment was due at oper now joins dozens of Chi- own agents, who in turn share on a multiple-listing service—a He hired a low-fee brokerage
midnight Tuesday, according nese property companies that their commissions with the vital tool for marketing a home. company, REX, that was buck-
to a person familiar with the have missed payments on E-COMMERCE buyer’s representative. In the In the current environment, ing a widespread industry rule
matter. their dollar bonds. Bond de- Amazon unveils typical transaction, total agent trying an alternative approach by not guaranteeing the seller
The company’s inability to faults in the sector totaled commissions are 5% to 6% of can be risky. When Jon Ander- would pay a commission to the
meet its debt obligations around $81 billion between
warehouse overhaul the sale price. For a $400,000 son decided to sell his khaki- home buyer’s agent. At the
shows the extent of a painful 2021 and 2022, according to with robotics to speed home purchase, that is roughly colored three-bedroom house time, homes were often selling
slowdown in China’s property data from S&P Global Ratings. deliveries. B4 $20,000, split two ways. in Colorado Springs, Colo., in days, but for several weeks
sector, which was once a key Please turn to page B10 In most markets, publishing four years ago, the veteran Please turn to page B2
 .

B2 | Thursday, October 19, 2023 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Profit Falls at Disney Sports Unit,

today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Expedia...........................................B4 Morgan Stanley....A10,B1,B11

Advanced Micro Devices F N

Shedding Light on ESPN Problems

..............................................................B11 FedEx................................................B4 Netflix................................................A1
Alphabet........................................A4 Foxconn Technology............B4 Nvidia......................................B4,B11
Amazon.com.......................B2,B4 P
G
American Airlines.................B11
Goldman Sachs.........................B1 Pfizer.................................................A3
Anywhere Real Estate......B2
Gusto.................................................A1 Procter & Gamble...............B12
Apollo Global Management
............................................................... B6 H R BY ISABELLA SIMONETTI Profit from ESPN-branded adapt to shifting consumer ditional television business has
Apple..................................A4,B1,B2 Redfin...............................................B2 TV networks, ESPN program- tastes. suffered from relentless and
Hy24..................................................B6
B Re/Max............................................B2 Profit from Disney’s sports ming on the ABC network and Earnings from Disney’s flag- accelerated cord-cutting, forc-
I segment, home to ESPN, de- ESPN+ fell 7.8% to $2.06 billion ship sports brand represented ing it to rethink the future of
Bank of America.....................B1 S
Broad Reach Power.............B6
Ineos................................................B12
Smithfield Foods..................B10 clined 20% in the first nine in those nine months. about 19% of companywide op- that business and quickly pivot
Intel...................................................B11 months of its fiscal year, ac- The company shared more erating income in the first nine to streaming.
C Southwest Airlines...............B3
J T cording to a filing Wednesday detailed financial results for months of the company’s fiscal Revenue within the sports
California Resources............B6
Johnson Matthey..................B6 Tesla...................................................B1 that offers a clearer look at the the business as it seeks a po- year. segment grew by 8% to $17.3
Chestnut Carbon....................B6
China Evergrande......B10,B12
JPMorgan Chase.....................B1
U toll cord-cutting is taking on tential strategic partner to help Within the sports segment, billion in Disney’s 2022 fiscal
Citigroup.........................................B1 K the business. shape the future of ESPN’s con- Disney’s domestic business has year, and operating income fell
United Airlines................B3,B11
Clearview AI...............................B4 Kerogen Capital.......................B6 United Parcel Service.........B4
Operating income for the tent and distribution. fared better than its interna- nearly 1% to $2.7 billion, ac-
Commonwealth LNG..........B6 Kimmeridge Energy U.S. Bancorp..............................B11 newly reported sports segment Disney’s sports business tional operations, the filing cording to the filing.
Costco Wholesale..................B2 Management..........................B6 US Light Energy.....................B6 fell to $1.48 billion in the nine faces challenges including shows. Its Star India unit has ESPN has explored pacts
Country Garden..............B1,B12 Kinder Morgan.........................B6 W months ended July 1, while rev- cord-cutting and the rising suffered since losing a high- with the National Football
D-E Kiva Systems.............................B4
Walt Disney.........................B1,B2 enue declined 1.3% to $13.2 bil- price of sports-rights fees as it profile cricket-rights package, League and National Basketball
Delta Air Lines................B3,B11 M Warner Bros. Discovery lion. The unit includes ESPN looks to shepherd its business and Disney is exploring strate- Association in which the
EnCap Investments..............B6 Meta Platforms.......................B6 ......................................................... A1,B1 and related channels, Disney’s into its next era. The company gic options for that business, leagues would supply program-
Engie.................................................B6 Microsoft.......................................A4 WH...................................................B10 ESPN+ streaming service and plans to make its ESPN cable The Wall Street Journal previ- ming and assets in exchange
Star-branded sports channels network available to cord-cut- ously reported. for small equity stakes in ESPN,
in India. ters as a streaming service to Disney’s once-lucrative tra- the Journal has reported.
INDEX TO PEOPLE
A
Altman, Sam..............................B6
Guerin, David.............................B4
H
P
Page, Larry..................................A4
NBA Looks
B
Barnum, Jeremy...................B10
Hauenstein, Glen...................A11
Huang, Jensen..........................B4
Huiyan, Yang...........................B10
Peters, Greg................................A7
Pichai, Sundar...........................A4
Pomerov, Sandy....................B10
To Add
Streamers
Bastian, Ed...................................B3
Berke, Lee.....................................B2 J R
Boehly, Todd.............................B12 Jablonski, Todd.......................B11 Ratcliffe, Jim............................B12
Brady, Tye.....................................B4 Jelinek, Craig..............................B2 Ryan, Charlie...........................B10
Brin, Sergey................................A4 John, Kurt.....................................B4 Ryan, Margery..........................B6
Continued from page B1
C Johnson, Katie..........................B2 S ready are in renewal talks with
Cheng, Jason..............................B6 K Sarandos, Ted............................A7 the NBA, with an exclusive ne-
Cipolloni, George...................B11 Kelman, Glenn...........................B2 Schulten, Andre.....................B12 gotiation period set to expire in
Cox, Chris......................................B6 Khosla, Vinod.............................B6 Scriven, Rueben.......................B4 April.
D Korapaty, Praveen................B11 Smeets, Bram...........................B6 If ESPN and TNT buy fewer
Dell, Ben.........................................B6 L
Smith, Shane...........................B10 games, that would allow the
Desser, Ed.....................................B2 T league to create a package for a
Liu, Young.....................................B4
E Tomasello, Ryan......................B2 streaming video player. Ama-
Loo, Louise................................A10

MAX PARO/GETTY IMAGES

V zon and Apple already have ex-
Evans, Richard........................B12 M-N pressed interest and are look-
F-G Vachris, Ron................................B2
Meir, Avi.......................................A11 ing for much more than a small
Franc, Pierre-Etienne..........B6 Murati, Mira...............................B6 W slice of NBA games.
Fraser, Jane..............................B10 Musk, Elon....................................B1 Warburton, Max......................B6 “They’re benefiting from the
Gorman, James.........................B1 Nadella, Satya...........................A4 Wolfe, Adam............................A10 fact that there are new en-
trants who look to want to Fans in Denver watch game five of the 2023 NBA Finals between the Nuggets and Heat.
play,” said Jonathan Miller, for-

Tesla said after expressing concern

about the global economy.
After several years of
mer NBA executive and chief
executive of Integrated Media,
which specializes in digital me-
the Bally Sports branded re-
gional channels that once oper-
ated under the Fox Sports Net
Tripling the last agreement
would mean a deal worth about
$78 billion over a decade. Me-
NBA’s media-rights negotia-
tions and interest from poten-
tial bidders, including stream-

Earnings breakneck growth, Tesla is

confronting a more challeng-
ing environment ahead.
dia investments.
Amazon and others have in-
dicated they would find it even
brand—is expected to acceler-
ate those efforts.
In the American sports land-
dia rights make up a chunk of
league revenue, along with
ticket and merchandise sales.
ers.
In the most recent season,
NBA games on TNT, ESPN and

Fall 44% Industrywide, U.S. sales of

electric vehicles continue to
increase, but at a slower clip
more appealing if the NBA
could package national TV
rights with local-market
scape, the National Football
League towers above all else.
But the NBA is No. 2, given its
“You have to recognize that
the marketplace has gone
through some change in the
ABC averaged 1.6 million view-
ers. The playoffs attracted
more than five million viewers,
than in years past, and unsold rights—so they can show peo- appeal with younger audiences, last few years and so that does according to Nielsen data, and
Continued from page B1 inventory is starting to stack ple in Indiana the games of the and is in a strong position to temper what is possible,” said were nearly always the most
The Texas-based automaker up. Some automakers, such as hometown Pacers, for example, demand a tripling of fees, as it Ed Desser, president of sports- popular programming across
has leaned heavily on price General Motors and Ford Mo- and the same in other cities did last time around, said Da- media consulting firm Desser all of television for audiences
cuts and discounts to stimu- tor, are tempering their expec- around the country, according vid Levy, who negotiated TNT’s Sports Media and a former under 50.
late demand for its aging tations, as the pool of consum- to people familiar with the dis- last deal with the NBA in 2014. NBA media executive. “But on The NBA will be the last ma-
models, some of which have ers willing to splurge on an EV cussions. “Pop culture, fashion, rele- the other hand, the NBA hasn’t jor sports-media property to
only had minor refreshes in becomes more limited and The league is looking at do- vancy—why wouldn’t the No. 2 had a reset in almost a de- come up for bidding for a long
recent years. prices overall come down. ing just that, some of the peo- get a 3x increase?” Levy said. cade.” time, said Lee Berke, chief ex-
In the U.S., starting prices In China, Tesla’s growth has ple said, and the bankruptcy of The NBA hasn’t said publicly CNBC and Bloomberg earlier ecutive of LHB Sports, Enter-
for some Tesla vehicles have been further challenged by an Diamond Sports—parent of what fee increase it is seeking. reported on elements of the tainment & Media.
fallen by about a third this intensifying price war in the
year, and the tactic has dented EV market and the rise of
profitability.
In the third quarter, the au-
tomaker’s once industry-lead-
BYD, a competitor that is clos-
ing in on Tesla’s EV sales
crown.
Real-Estate line in 2006 and attracted
more than one million visitors
in the first few days, which
ing operating margin fell to
7.6% in the third quarter, from
17.2% in the year prior, putting
The company’s closely
watched automotive gross
margin, excluding regulatory
Agent Fees crashed the site, the residen-
tial brokerage industry has
seemed on the cusp of radical
it on par with many tradi- credits, fell more than ex-
Targeted change. About half of buyers
HEIDI HEILBRUNN FOR THE WALL STREET JOURNAL

tional automakers. pected, to 16.3% in the July-to- now find their homes online.
Tesla’s stock, which closed September period. That mar- Cracks in the traditional in-
Wednesday at $242.68 a share, gin, an indicator of the cost of dustry structure are starting
was down roughly 4% in after- sales, was 26.8% in the third Continued from page B1 to show. Two major broker-
hours trading. quarter of 2022. Anderson said virtually no buy- ages, Anywhere Real Estate
Unveiled in 2019, the Cy- Musk has sought to reas- ers even toured his home. It and Re/Max Holdings, both
bertruck is Tesla’s first new sure investors by arguing that eventually sold for $15,000 less agreed to settle claims against
passenger model in more than Tesla’s future is in software, than he originally listed it for. them in the two class actions
three years and the only new including autonomous driving “I believe that when my for almost $140 million com-
offering expected to hit the technology that he expects house went on the market bined. The firms, which ad-
market soon. He added that will eventually help generate through REX that we were mitted no wrongdoing, agreed
Tesla expects to eventually generous profits. completely and utterly black- Anderson’s home sold for $15,000 below his initial listing price. not to require their agents to
produce 250,000 Cybertrucks Tesla’s stock has roughly balled by the real-estate mar- belong to NAR.
a year but not until 2025 at doubled in 2023 after a disap- ket,” he said. with a lower commission rate “What is at stake here is Another brokerage, Redfin,
the earliest. pointing 2022 but remains be- REX, which is now defunct, for fear that agents will steer the future of buyer represen- which isn’t a defendant in the
On Wednesday, Tesla reaf- low its highs from two years recorded a call with a buyer’s clients away from their home. tation,” said Katie Johnson, class actions, recently an-
firmed its goal of delivering ago. agent interested in Anderson’s An academic study released NAR’s chief legal officer. In nounced it was requiring many
1.8 million vehicles to custom- Tesla will need to deliver home until she realized there this month provides some evi- court documents, the associa- of its agents to leave NAR. The
ers this year, up from 1.3 mil- more than 475,000 cars and was no guaranteed commis- dence of these concerns. It tion said sellers’ agents pay trade group is “defending the
lion in 2022, but Tesla execu- SUVs in the final three months sion. “I won’t bother to show found that home listings offer- the commissions to buyers’ indefensible” in the lawsuits,
tives demurred when asked of 2023 to achieve its goal of it,” she said. A former REX ing lower buyers’ agent com- agents to attract more interest said company Chief Executive
about growth plans for next selling 1.8 million vehicles this data scientist said the record- missions take significantly in their homes. Glenn Kelman.
year. year. ing and about 600 similar more time to sell and are In a report released this The case currently on trial
“It is not possible to have a Tesla’s price reductions ones have been turned over to much less likely to sell at all, month, Ryan Tomasello, a real- is unfolding in a Kansas City,
compound growth rate of 50% have continued into October plaintiffs’ attorneys and the even after controlling for fac- estate industry analyst with Mo., courtroom, where a fed-
forever or you will exceed the for the Model 3 car and Model Justice Department. tors such as the home’s age Keefe, Bruyette & Woods, pre- eral jury is considering claims
mass of the known universe,” Y crossover, and analysts an- The plaintiffs in the class and location. dicted that the lawsuits could by home sellers in several
Musk said. ticipate the automotive gross actions, who are home sellers The National Association of lead to a 30% reduction in the Midwestern states against
He also was circumspect margin will fall further in the in different regions of the Realtors, a defendant in both $100 billion that Americans NAR and major national bro-
when discussing Tesla’s fourth quarter. country, say the longstanding cases, says the current system pay in real-estate commissions kerage companies.
planned factory in Mexico, Teslas sold for an average industry rules amount to a helps first-time home buyers every year and push well over Another class action, based
saying he is hesitant to “go of around $44,000 in the third conspiracy to keep costs high and those with modest means half of the roughly 1.6 million in an Illinois federal court, in-
full tilt” on the project. “I quarter, compared with about in violation of U.S. antitrust by sparing them a significant agents out of the industry. volves 20 markets and could
don’t want to be going at top $54,000 in the same period of law. Buyers, they say, have lit- upfront cost when purchasing “The writing is on the wall go to trial next year. Plaintiffs
speed into uncertainty,” he 2022. tle incentive to negotiate with a home. Buyers might other- given the attacks that the in- in both suits are claiming
their agents because they wise put themselves at a dis- dustry has right now from all damages that could total more
don’t pay them directly, while advantage by not having their sides,” Tomasello said. than $40 billion, according to
sellers are loath to experiment own agent, the group says. Ever since Zillow went on- Tomasello’s calculations.

Costco Picks Longtime Insider to Succeed CEO

BY BEN GLICKMAN ing just the second person to Costco was started in Seat- The company generated
hold the Costco chief execu- tle in 1983 and has expanded $242.3 billion in revenue in
Costco Wholesale said tive job since the company’s into a global giant with more the fiscal year ended in Au-
longtime Chief Executive Craig co-founders. than 860 warehouses in the gust. When Jelinek became
Jelinek will step down after His appointment was tele- U.S. and a handful of other CEO in 2012, it had around
the holidays and hand over graphed when Vachris was el- countries. After a late entry $99 billion in annual sales.
the role to his top deputy, who evated to the No. 2 role and into e-commerce, it has been Jelinek, 71, who took over
has also spent decades work- joined the company’s board in dipping deeper into online from one of the company’s co-
CFOTO/DDP/ZUMA PRESS

ing at the warehouse retailing 2022. sales in recent years. founders, will stay on as an
giant. Vachris started out as a Costco shares are trading adviser through April 2024
Ron Vachris, 58 years old, forklift driver and has steadily near their records and the and will remain a member of
the company’s president and climbed through the manage- company’s business has been the Costco board.
chief operating officer, will ment ranks, including stints in buoyed by the pandemic and —Sarah Nassauer
Tesla’s growth in China has been tested by the rise of BYD. take over in January, becom- merchandising and real estate. strong consumer spending. contributed to this article.
 .

THE WALL STREET JOURNAL. * * NY Thursday, October 19, 2023 | B3

BUSINESS NEWS

United Revamps Boarding Delta Adjusts Parts

Airline says it can
Of Loyalty Program
shave off up to two had gone too far, too quickly,
minutes in times for BY ALISON SIDER and said the airline would re-
evaluate.
loading passengers Delta Air Lines is making The number of travelers
changes to its frequent-flier with top-tier status has bal-
BY ALISON SIDER program after it faced sharp looned since the start of the
backlash to changes it unveiled Covid-19 pandemic, over-
United Airlines has a plan last month. whelming the airline’s ability to
to fix one of the most annoy- The airline isn’t fully undoing meet demand for perks.
ing parts of travel: boarding. the overhaul of its SkyMiles pro- “It’s been a challenge to bal-
Next week, United will gram, which it rejiggered to re- ance the growth of our member-
bring back a boarding method ward the biggest spenders, not ship with our need to deliver
for economy passengers that the most-frequent fliers. premium service experiences,”
it says is more efficient, hop- However, it is seeking to Bastian wrote on Wednesday.
ing to shave up to two min- mollify outrage from some of The airline is lowering the
utes off what is often a cum- its most loyal customers by spending bars travelers will
bersome process. making it less expensive to ob- have to clear to hit elite-status
It sounds simple: window, tain elite status and easing lim- tiers. For Silver Medallion, the
middle, aisle, or “Wilma.” its on lounge visits for certain lowest level, they will have to
When economy passengers credit-card holders. The airline earn 5,000 “medallion qualify-
board, those sitting in the also announced some extra re- ing dollars”—down from the
window seat will go first, fol- wards for those with top-tier 6,000 Delta had previously an-
GADO/GETTY IMAGES

lowed by middle seats, and status. Top travelers who have nounced. That equates to
then aisles. Groups traveling flown millions of miles with spending $5,000 on flights or
on the same reservation will Delta will have their lifetime $50,000 to $100,000 on co-
still board together. status boosted. branded credit cards.
Airplane boarding has be- For airlines, the process is a logistical challenge that can frustrate customers and cause delays. “I appreciate your opinions The top Diamond Medallion
come a Byzantine process that and understand your disap- level will drop to 28,000 medal-
can frustrate customers and harder, but new big overhead able to manage five boarding Other airlines have been pointment. Your voice matters, lion qualifying dollars, down
put airlines behind schedule, bins that can fit more bags groups and had to combine tinkering with boarding. and we are listening,” Delta from 35,000. The airline will al-
causing delays that can ripple can ease the stress—once pas- middle and aisle seats into a Southwest Airlines this year Chief Executive Ed Bastian low more visits to its Sky Clubs
throughout the day. sengers get used to turning single group to make space for has conducted experiments in wrote in a letter to customers for people who have its Delta
For airlines, boarding is a bags sideways. No matter Basic Economy passengers Atlanta as it looks to shave on Wednesday. SkyMiles Reserve and Delta
logistical puzzle as well as a what, crowding at gates and whose tickets often don’t in- five minutes off the time a Delta executives had said SkyMiles Reserve Business
psychological test as they try logjams on jet bridges seem clude carry-on bags. plane spends at the gate be- they hadn’t seen credit-card American Express cards. Start-
to balance speed, fairness and inevitable. Now, an airline spokes- tween flights. Small reduc- sign-ups falter or more card ing in February 2025, those
revenue. Earlier access to In a memo to employees, woman said United has the tions in that “turn” time can cancellations since announcing cardholders will be able to ac-
overhead bin space is often a United said things have gotten “technical flexibility” to add a add up over the course of the the changes. But the adjust- cess lounges 15 days a year.
perk for higher paying cus- even worse as travel has re- sixth group. day and allow for more flying. ments reflect fierce competition American Express said its
tomers, and some clamor to bounded from the pandemic. United will still allow peo- Engineers and academics for high-end customers. U.S. Platinum Card and Business
get on first. Boarding times have increased ple with disabilities, active- have studied the boarding Bastian previously said Platinum Card holders will also
Carriers by up to two duty military members, unac- process and have different some of the airline’s changes get a boost in lounge access.
tried tweaks minutes since companied minors and others theories on the speediest pro-
like better sign- 2019, the air- to board early. The process cedure.
age and text- Boarding times line said. will stay the same for passen- Jason Steffen, an astro-
message alerts increased by up “WILMA gers sitting in first or busi- physicist and associate profes-
about when to boarding was ness class and those with sta- sor at the University of Ne-
head to the to two minutes tested at four tus or credit-card perks that vada, Las Vegas who has
gate. The num- domestic line give them priority-boarding studied the problem, said
ber of boarding
since 2019, the stations and rights. there is a faster method that
groups has pro- airline said. one hub and it’s The third boarding group, would board passengers in al-
liferated as air- faster,” the air- which includes those sitting in ternating rows to avoid

DAVID ZALUBOWSKI/ASSOCIATED PRESS

lines sought to line said in its window seats and exit rows, crowding. Boarding back to
reward loyal memo. will remain unchanged. Econ- front—a method airlines have
customers while keeping United has used the Wilma omy passengers in dreaded tried over the years—leads to
things running smoothly. So- process before: It is how it middle seats will board in clumps of passengers that
cial distancing during the pan- loaded its coach cabins before Group 4, followed by aisle bunch up, he said.
demic created new head- 2017, when it adopted Basic seats in Group 5. Basic Econ- “Window-middle-aisle does
aches. Economy in an effort to com- omy passengers will have perform significantly better
More cramped flights as pete with discount carriers of- their own newly created group than back-to-front,” he said.
airlines squeezed in more fering cheap no-frills fares. At and will be the last to get on “The chances of having an
seats has made boarding the time, the airline was only the plane. open space go way up.” The carrier is responding to complaints from customers.

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B4 | Thursday, October 19, 2023 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Cyber Chief Aims to Slow AI Shift Nvidia and

Foxconn Plan
U.S. agencies told to officer at Expedia Group, said
he would like to use genera-
To Develop AI
consider the risks of
machine learning
tive AI to interpret data from
many sources to understand
Data Centers
cyber trends inside and out-
before going all in side the online travel com- BY KOSAKU NARIOKA
pany.
BY KIM S. NASH In addition to potential vul- Chip maker Nvidia is ex-
nerabilities inside AI-built sys- panding its partnership with
WASHINGTON, D.C.—Fed- tems, companies must worry Taiwan’s Foxconn Technology
eral agencies have pitched about new risks, especially Group, and aims to develop a
more than 1,000 use cases for hackers penetrating networks new class of data centers that
generative artificial intelli- to poison AI models or the can power artificial-intelli-
gence, but the U.S. govern- data that feeds them, John gence services.

KIM S. NASH/THE WALL STREET JOURNAL

ment’s cy- said. U.S.-based Nvidia said Fox-
CYBERSECURITY bersecurity Any organization using AI, conn will use its technology to
chief wants he added, must consider, build data centers that can
risks associated with the tech- “What’s the impact of your AI help digitalize manufacturing,
nology properly addressed be- making an incorrect deci- and develop AI-powered elec-
fore they can press ahead. sion?” tric vehicles and robotics,
Generative AI tools such as DeRusha urged corporate among other applications.
OpenAI’s ChatGPT and security chiefs to stop think- “Working closely with
Google’s Bard piqued the in- ing about cyber risk at their Nvidia, Foxconn is expected to
terest of companies and gov- Chris DeRusha, federal CISO at the Office of Management and Budget, far right, spoke at a companies in isolation. build a large number of sys-
ernment agencies for their FAIR Institute conference of cybersecurity and risk managers this week. Security chiefs should be tems based on Nvidia CPUs
ability to parse large data sets willing to disclose vulnerabili- [central processing units],
and answer conversational The Biden administration The Department of Home- middle of right now,” Gold- ties they see, DeRusha said, GPUs [graphics processing
queries. But as with any tech- has said a federal policy gov- land Security, which houses stein said. because the same or similar units] and networking for its
nology on government radar, erning the use of generative the Cybersecurity and Infra- Corporate cyber executives problems could be stopped global customer base,” the
caution is in order, said Chris AI is due out this fall, along structure Security Agency, are grappling with similar elsewhere, keeping other com- companies said.
DeRusha, federal chief infor- with an executive order. wants to use AI to manage cy- challenges. The rapid prolifer- panies and government agen- Foxconn customers can use
mation security officer at the “That process is being run bersecurity alerts. ation of generative AI tools is cies more secure. “We to- Nvidia’s technology to deliver
Office of Management and out of the West Wing chief of Agencies must thoroughly creating risks faster than gether are managing the generative AI services, as well
Budget, speaking at a FAIR In- staff’s office, so that’s every- understand the data used to companies can keep up. nation’s risk,” he said. as use simulations to speed up
stitute conference of cyberse- thing you need to know about train any AI systems they roll Many of the tools are free, the training of autonomous
curity and risk managers. priority,” DeRusha said. out, as well as test the sys- so employees can experiment machines, including industrial
“We can’t just break the
rules and have use without
understanding the risk,” he
Federal agencies drafted
hundreds of proposals for gen-
erative and other forms of AI.
tems for security holes and
develop a sound process for
disclosing vulnerabilities, said
with them outside the purview
of cybersecurity departments.
Understanding risks is key to
WSJ PRO robots and self-driving cars,
the U.S. company said.
Nvidia Chief Executive Jen-
said, adding that federal poli-
cies and parameters for as-
The Energy Department wants
to use AI to build intuitive in-
Eric Goldstein, executive as-
sistant director for cybersecu-
making the tools as effective
as possible, technology and
CYBERSECURITY sen Huang announced the
partnership alongside his
sessing the cyber risks of AI terfaces between its vast data- rity at CISA. cyber leaders say. wsj.com/pro/cybersecurity counterpart at Foxconn, Young
are coming soon. bases and its employees. “It’s a journey we’re in the Kurt John, chief security Liu, on Wednesday.

Tech Giant Is Sued

Over Data Tracking
BY CATHERINE STUPP hasn’t changed its practices to
correct the violations identi-
A consumer-rights group in fied by Luxembourg’s privacy
the Netherlands sued Ama- regulator two years ago.
zon.com over its alleged prac- Last month, SDBN sued X,
tice of tracking website visi- formerly known as Twitter, in
tors’ online activity, using a Dutch court. The class-ac-
recently expanded legal provi- tion lawsuit also focuses on
sions allowing class actions. consumer data collected to
The lawsuit, filed in a Dutch create targeted ads.
court by Stichting Data Bes- Many large companies ap-
cherming Nederland, or SDBN, peal European privacy fines,
said Amazon is violating which can stretch to sums to-
the European Union’s privacy taling up to 4% of global reve-
law by monitoring visitors nue, or €20 million, equivalent
to popular websites through to around $21.1 million—
cookies—the pieces of code whichever is higher. On Tues-
that identify individual brows- day, U.S. software company
ers to create targeted ads— Clearview AI won an appeal
without their permission. against a $9.1 million fine
An EU law that took effect from Britain’s privacy watch-
in June requires the bloc’s 27 dog. The regulator issued the
member nations to introduce fine last year and ordered
AMAZON

legislation that will make it Clearview AI to delete image

easier for consumer groups to data that it collected on U.K.
In the new Amazon robot structure, vehicles transport products inside tote containers to a new sortation machine. bring class-action cases residents and stop scraping
against companies. Corporate data from the internet.

Amazon Unveils Warehouse Overhaul

lawyers are bracing for a wave European consumer groups
of similar complaints repre- and privacy advocates have
senting groups of consumers. raised concerns about the long
SDBN said the lawsuit repre- process of concluding regula-

With Robotics to Speed Up Deliveries

sents around five million Ama- tory cases. When a busi-
zon account holders residing in ness appeals a regulator’s
the Netherlands. The organiza- penalty, companies can delay
tion is seeking damages for making any changes that reg-
consumers and a court order to ulators might demand to im-
BY SEBASTIAN HERRERA said we could,” Guerin said. mart are changing jobs of staff, with both needing each put a stop to Amazon’s prove privacy.
He said Amazon expects moving boxes into roles man- other to work efficiently. Ama- data tracking. The law- There is a trend to-
Amazon is introducing new the new system to make up a aging robotic arms. zon has introduced various ro- suit partly mirrors a 2021 regu- ward individuals suing over
artificial intelligence and robot- significant portion of the com- What Amazon and others botics into its warehouses latory penalty that Amazon potential privacy violations,
ics capabilities into its ware- pany’s operations in the next have realized is that in order over the past decade but was issued by Luxembourg’s sometimes coming on top of
house operations that will re- three to five years. to integrate more robotics, the maintained large hiring sprees privacy regulator, which fined fines from regulators and pil-
duce delivery times and help Faced with fresh competi- workflow of warehouses has for human workers. the company $887 million over ing pressure onto companies,
identify inventory more quickly. tion in the U.S., Amazon has to be transformed, said Rue- Amazon’s delivery strategy its use of personal data for ad- said Carlo Piltz, partner at the
The revamp will change the worked to become faster at ben Scriven, research manager has centered on opening facili- vertising. Amazon is appealing Berlin-based law firm Piltz
way Amazon moves products delivering its products. The at market research firm Inter- ties focused on delivering that penalty. Legal. “I strongly expect that
through its fulfillment centers company transformed its op- act Analysis. Amazon’s new popular products to customers “We hope by adding to the we will see more lawsuits by
with AI-equipped sortation erations to a regionally fo- system, for example, makes in less than a day. The com- pressure, Amazon will at some consumer protection groups
machines and robotic arms. It cused model meant to store sense for its robotic arms be- pany launched dozens of the point realize it’s too costly to regarding data protection law
is set to alter how many of the items closer to customers. cause such robots have an same-day sites, with plans for keep doing what it’s doing,” violations,” he said.
company’s army of workers do In the new structure, vehi- easier time identifying objects more expansion. Guerin, the said Anouk Ruhaak, chair of The lawsuit against Ama-
their jobs. cles transport products inside inside of bins than shelves, robotics storage director, said SDBN. zon alleges the tech giant col-
Amazon says its new robot- tote containers to a new sor- which have been a part of pre- Amazon’s plans for Sequoia An Amazon representative lects personal data from cook-
ics system, named Sequoia, is tation machine equipped with vious Amazon systems. include the same-day sites. said, “We disagree with these ies tracking consumers’
designed for both speed and small robotic arms and com- “The key thing Amazon is Aside from trying to get claims, and we will defend behavior across differ-
safety. Humans are meant to puter vision. From the sorta- trying to do is integrate,” faster, Amazon restarted a ourselves through the legal ent websites as well as on its
work alongside new machines tion machine, the bins are Scriven said. “They have the shipping business that com- process. Maintaining the pri- own platforms. It sends that
in a way that should reduce routed to an employee who different pieces, and now it’s petes with United Parcel Ser- vacy and security of our cus- information back to the com-
injuries, the company says. picks items for about, ‘How do vice and FedEx by handling tomers’ information is a top pany, which helps it to sell ad
It is unclear how the sys- delivery. Re- we bring them external deliveries. priority and Amazon follows space targeted to individuals.
tem will affect Amazon’s head maining inven- together in a Amazon said it would start all legal requirements in the “We want Amazon to stop
count, and the company de- tory is consoli- Amazon says its harmonious to test a bipedal robot named countries and regions where collecting data in this way and
clined to provide details about dated by robotics system system?’” Digit in its operations. Digit, we operate.” using data in this way. What
its expectations except to note Sparrow, a ro- Labor re- which is designed by Agility Ruhaak said the lawsuit is a that means is, basically, don’t
that it doesn’t see automation botic arm Ama- is designed for searchers and Robotics, can move, grasp and way to seek redress for con- follow me around,” said Ru-
and robotics as vehicles for zon unveiled activists have handle items, and will initially sumers because Amazon haak.
eliminating jobs. last year.
speed and said Amazon’s be used by the company to
Sequoia enables the com- In the previ- safety. desire for faster move empty tote containers.
pany to put up items for sale ous system, ve- speeds can put The retailer has one of the
on its website faster and be hicles moved its workers at nation’s largest workforces, em-
able to more easily predict de- around Amazon risk, and some ploying hundreds of thousands
livery estimates, said David products, but the new sortation have warned that the introduc- of employees in its warehouses.
Guerin, the company’s direc- machine, tote containers and tion of robotics could also It has increasingly introduced
tor of robotic storage technol- Sparrow weren’t involved. Pre- heighten employee injuries. The robotics into its operations.
ogy. The program reduces the viously, employees might have company has long struggled The company bought Kiva
time it takes to fulfill an order to reach high up on a shelf to with high turnover among its Systems in 2012 for $775 mil-
by up to 25%, the company pick a heavy item, but now the warehouse employees and re- lion, bringing in mobile robots
said, and it can identify and new system delivers containers petitive stress injuries. into its facilities. In 2022, it un-
store inventory up to 75% around the waist level, with a With new systems such as veiled a $1 billion fund for in-
faster. Amazon launched the goal to reduce injuries. Sequoia, Amazon says it is novation in logistics and supply
system this week at one of its Amazon is among several trying to improve safety. Tye chain, with Agility Robotics be-
ANP/ZUMA PRESS

warehouses in Houston. companies that have chased Brady, chief technologist at ing among the fund’s first re-
“The faster we can process the “holy grail” of robotics, or Amazon Robotics, said the cipients. And the same year, it
inventory, the greater the machines as dexterous, quick company’s robotics are meant unveiled Sparrow, which can
probability that we’re going to and adaptable as a human arm to eliminate mundane tasks pick up a variety of objects as
be able to deliver when we and hand. Rivals such as Wal- and work alongside its human easily as humans can. An Amazon facility in the Netherlands.
 .

THE WALL STREET JOURNAL. Thursday, October 19, 2023 | B5

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B6 | Thursday, October 19, 2023 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

AI Is Poised to Transform Employment

Coming workforce on the things they want to that has personality, not some-
work on.” thing that feels like a robot, he
changes will play Altman said that ensuring a said.
out unevenly, says basic income won’t be enough. The company in September
People will need outlets for announced a bevy of AI chat-
OpenAI’s Altman creative expression and a bots based on celebrities in-
chance to “add something back cluding Naomi Osaka, Snoop
BY DEEPA SEETHARAMAN to the trajectory of the spe- Dogg and Tom Brady. In the
AND GEORGIA WELLS cies,” he said. chatbot, Meta indicates at the
OpenAI ignited the current start of a conversation that
LAGUNA BEACH, Calif.—Ar- artificial intelligence fervor in they are communicating with
tificial intelligence will likely Silicon Valley with its chatbot AI rather than the actual celeb-
lead to seismic changes to the ChatGPT last November. The rity.
workforce, eliminating many surprise success of the product “Having products that ex-

NIKKI RITCHER FOR THE WALL STREET JOURNAL

professions and requiring a so- has launched significant debate periment with what is possible
cietal rethink of how people around the best way for gov- is great, but having anything
spend their time, prominent ernments and people to pre- that doesn’t make it clear to
tech leaders said Tuesday. pare for the potentially sweep- people what is going on is a
Speaking at The Wall Street ing changes wrought by AI. problem,” Cox said.
Journal’s Tech Live conference One point of concern is the Asked about the challenges
on Tuesday, OpenAI CEO Sam ability to distinguish between users can have determining
Altman said that the changes real and AI-generated content. whether content is real or AI-
could hit some people in the AI-generated images are al- made, OpenAI Chief Technol-
economy more seriously than ready used to spread misinfor- ogy Officer Mira Murati said
others, even if society as a mation, infringe on intellectual the company is developing
whole improves. This will likely OpenAI’s Sam Altman and Mira Murati at The Wall Street Journal’s Tech Live event Tuesday. property or sexualize photos of technology to help detect the
be a hard sell for the most af- people. AI tools for detecting provenance of images. That
fected people, he said. But economists and tech entre- trepreneur for more than 40 years. those types of images are still tool is “almost 99% reliable,”
“We are really going to have preneurs are divided on how years. The increased prosperity under development. she said, but the company is
to do something about this quickly this shift could—and He pointed to many types of that AI will bring to societies Altman said OpenAI explic- still testing it and wants to de-
transition,” said Altman, who should—happen. physicians and accountants as that adopt it, however, will al- itly decided to call its chatbot sign it in such a way that Ope-
added that society will have to Earlier Tuesday, Vinod examples of professions that AI low people who don’t want ChatGPT and not a person’s nAI’s users don’t feel moni-
confront the speed at which Khosla, a prominent venture could largely supplant because work to avoid it if they choose name so people wouldn’t con- tored.
the change happens. “People capitalist whose firm was one these systems can more easily to. “I believe the need to work fuse the tool with a person.
need to have agency, the ability of OpenAI’s earliest backers, access a broad array of knowl- in society will disappear in 25 Chris Cox, Meta Platforms’
to influence. We need to jointly laid out a stark timeline for edge. Khosla likened the extent years for those countries that chief product officer, said at Watch a Video
be architects of the future.” AI’s transformation of work. of the workforce changes to the adapt these technologies,” he the Tech Live conference that Scan this code
Artificial intelligence is ex- Within 10 years AI will be able disappearance of agricultural said. “I do think there’s room Meta decided to give chatbots for a video on
pected to transform the global to “do 80% of 80% of all jobs jobs in the U.S. in the 20th cen- for universal basic income as- personas in an effort to make the challenges
economy by driving gains in that we know of today,” said tury—a transition that took suring a minimum standard them more engaging. Users to turning AI
both productivity and growth. Khosla, a tech investor and en- place over generations, not and people will be able to work want to interact with a tool tools into profit.

Private-Equity
Firm Bides Time
On Renewables
BY LUIS GARCIA ecutive at German automaker
Mercedes-Benz, as senior
Private-equity firm Kim- managing director to speed up
meridge Energy Management its clean-energy investing, and
is biding its time to expand in- in September the firm said it
ERIC PIERMONT/AGENCE FRANCE-PRESSE/GETTY IMAGES

vesting in renewables while committed $15 million to com-

making big bets on oil and munity-solar developer US
natural gas, a strategy reflect- Light Energy.
ing co-founder Ben Dell’s not- “We grew up with oil and
so-mainstream views. gas and we’re expanding our
Kimmeridge last week un- capacity, versus a directional
veiled a deal to buy about shift in what we do,” Dell said
30,000 acres in the Eagle Ford about the firm’s clean-energy
shale region of Texas, where it and renewables strategy.
has 2.5 times that amount of “You’ll see us in more parts of
acreage. the energy food chain.”
The New York firm also He cited carbon capture
contracted with pipeline oper- and energy storage, a sector
Lack of funding is one obstacle to hydrogen projects, said Pierre-Etienne Franc, CEO of Hy24, a hydrogen-focused fund. ator Kinder Morgan to deliver that already has proved profit-
its production to liquefied able for some private-equity

Hydrogen Demand Is Ready to Boom,

natural gas plants on the Gulf firms.
Coast, including Common- For example, EnCap Invest-
wealth LNG, a project Kim- ments, Apollo Global Man-
meridge recently backed. agement and two other firms

But Big Hurdles Are Impeding Growth The firm plans to build an
“integrated business from
wellhead to water” producing
and transporting gas while
in August said they were sell-
ing battery-projects developer
Broad Reach Power to French
utility Engie for more than $1
marketing and exporting it, billion.
BY YUSUF KHAN A new report from consult- bonize hard-to-abate sectors, projects in the U.S. were an- according to Dell, a Kim- Dell said utility-scale bat-
ing firm McKinsey forecasts a such as maritime transport nounced by the Energy De- meridge managing partner. tery storage remains in its
Hydrogen demand is set to fivefold rise in hydrogen de- and heavy industry. Using partment. The firm manages roughly $5 early days and Kimmeridge
rise sharply over the next two mand to 600 million metric green hydrogen as fuel for But the industry says more billion. hasn’t found the right oppor-
decades, but major bottlenecks tons a year by 2050 if climate steelmaking can cut emissions policy support is needed. “Reg- While some other oil-and- tunity to make bigger bets in
such as long permitting times, change is limited to 1.5 degrees by up to 95%, according to H2 ulators haven’t created a level gas-focused firms have poured renewables, which he said re-
higher equipment costs and Celsius. On current trajecto- Green Steel, a Swedish low- playing field for hydrogen,” billions of dollars into renew- minds him of the shale boom
lack of access to capital could ries, however, that supply carbon steel startup. said Margery Ryan, market re- able-energy businesses in re- when a growth-at-any-cost
slow growth in supply. could be between 175 million McKinsey identified three search manager of platinum cent years, Kimmeridge has mentality led companies to
“The big issue today is that to 291 million metric tons a main bottlenecks: Higher costs, group metals at British chemi- announced just three nontra- burn billions of dollars to in-
a lot of announcements are year if steps aren’t taken to slow permitting and a lack of cals firm Johnson Matthey. ditional energy deals. The crease production unprofit-
coming on stream which have speed up permitting and lower access to capital. More government backing is largest involves ably.
a lot of potential, but only 6% both equipment and invest- “Inflation, raw materials, needed to foster demand, in- as much as “When you
to 10% are actually committed ment costs, the report the cost of energy all have an cluding the shift to green steel, $200 million look at the al-
[in terms of financing],” said warned. impact on capex and on equip- green ammonia, hydrogen- for Chestnut Kimmeridge ternative-en-
Pierre-Etienne Franc, CEO of Increasing the supply of hy- ment supplies,” Franc said. powered trucks and the build- Carbon, a hasn’t found the ergy space, it is
Hy24, a hydrogen-focused in- drogen is crucial to global car- Higher interest rates have out of the fueling infrastruc- startup dedi- doing what the
vestment fund. bon goals as a way to decar- made securing funding for big ture. “If we get more cated to gener- right chance for shale industry
infrastructure projects more regulatory support, we could ating carbon- did. It’s focused
expensive, with fewer willing see demand taking off,” she offset credits
bigger bets in on volume
ADVERTISEMENT
to put up the cash, according said. from forests. green energy. growth because

The Marketplace
to Franc. “If you do not have Faster permitting times are Such credits there’s a vol-
direct supply financing at low needed to bring more hydro- are critical to ume narrative
To advertise: 800-366-3975 or WSJ.com/classifieds interest rates, it is very diffi- gen projects online, as well as achieving net- in the market,”
cult to speed up the shift,” he the renewable energy to power zero emissions goals because Dell said. That can generate
added. their electrolyzers, industry oil and gas will still be needed uncovered costs and losses be-
COMMERCIAL REAL ESTATE Jason Cheng, CEO of cli- experts say. for decades, Dell said. cause “it’s all about growing
mate-focused hedge fund Ker- A recent report from the In- “There’s a component of megawatts, not profitability,”
ogen Capital, underscored that ternational Energy Agency said the environmental wing that he said.

LOOK the days of cheap money are

over, which may make wind,
solar and hydrogen tougher
current project lead times are
too long and can act as a bar-
rier to clean hydrogen uptake.
believes abandoning the exist-
ing asset base is what you
have to do. In my opinion, de-
Kimmeridge, through its ac-
tivist-investment strategy, has
pushed traditional energy
SALE / 1031 sells.
“Single-digit returns from
The agency urged governments
to “work to make licensing and
carbonizing the existing asset
base is what you have to do,”
companies to focus more on
profits than growth—often re-
$10.7M APPRAISALS core infrastructure were al-
ways going to be challenged in
permitting processes as effi-
cient as possible.”
Dell said.
That, he added, will let
inforced by Dell’s public criti-
cism of companies and the oil
COMM. PROPERTIES - LEASED a higher-rate environment, and
investors are now seeking
McKinsey echoed that senti-
ment, highlighting that invest-
market forces deliver a
smoother transition to clean
industry as a whole.
The firm expects to expand
JUPITER, FLORIDA higher-return opportunities
outside commoditized areas
ment for the supporting infra-
structure such as pipelines is
energy as the costs otherwise
would fall more heavily on
its activism into the clean-en-
ergy sector over time, Dell

561-510-4844 such as onshore wind and so-

lar,” he said.
While costs and interest
needed.
“Ideal conditions for clean
hydrogen production aren’t
lower-income people and com-
munities.
“If I already have a gaso-
said. So far, it has bought a
stake in California Resources,
an oil-and-gas company devel-
rates have been rising, so, too, necessarily co-located with line-powered car and I fill my oping a carbon-capture busi-
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES have government incentives large demand centers,” said tank with gasoline that quali- ness.
for hydrogen. Bram Smeets, a partner at fies its emissions as fully off- Meanwhile, Kimmeridge is
The World Platinum Invest- McKinsey. For example, the set [by carbon credits], why calling for more changes in
AGELESS BEAUTY MOISTURE Napa Valley ment Council estimates that U.S. Midwest wind corridor should I not want that versus the energy industry, advocat-
All natural skin treatment Macaron Brand up to $300 billion of subsidies from the Dakotas to Texas is having to go out and buy an ing for a net zero-emissions
have been made available for an ideal region to produce hy- electric vehicle?” he said, not- goal for the oil-and-gas sector
Sales of $27 million U.S. Seeks
Investment hydrogen-related projects, up drogen, but chemicals plants, ing EVs also have carbon and for a standard rating sys-
Available for purchase
For Expansion from $50 billion two years ago. ideal buyers of hydrogen, are footprints. tem for carbon offsets—which
541-660-5231 No Text messages Last week, $7 billion of subsi- scattered far away, along the Kimmeridge in July hired would likely benefit its Chest-
info@madeleinesmacarons.com
Willem.biologicaquaresearch@gmail.com dies dedicated to hydrogen East, West and Gulf Coasts. Max Warburton, a former ex- nut forest business.
 .

THE WALL STREET JOURNAL. Thursday, October 19, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33665.08 t 332.57, or 0.98% Trailing P/E ratio 23.48 18.42 4314.60 t 58.60, or 1.34% Trailing P/E ratio * 20.14 17.85 13314.30 t 219.44, or 1.62% Trailing P/E ratio *† 30.05 23.02
High, low, open and close for each P/E estimate * 18.47 16.19 High, low, open and close for each P/E estimate * 19.52 16.37 High, low, open and close for each P/E estimate *† 26.78 20.34
trading day of the past three months. Dividend yield 2.15 2.34 trading day of the past three months. Dividend yield * 1.68 1.80 trading day of the past three months. Dividend yield *† 0.86 1.00
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

35600 4600 14200

35100 4500 13900

65-day
moving average
34600 4400 13600

34100 4300 13300

Session high
65-day moving average
DOWN UP
Session open Close 33600 4200 13000
t

Close Open 65-day moving average

t

33100 4100 12700

Session low
Bars measure the point change from session's open
32600 4000 12400
July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 858,068,768 9,378,801
Industrial Average 33991.51 33598.64 33665.08 -332.57 -0.98 35630.68 30333.59 10.7 1.6 5.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 139,985,180 5,220,003
Transportation Avg 14953.44 14579.57 14583.61 -519.89 -3.44 16695.32 12429.60 14.3 8.9 7.2 Most-active issues in late trading Decl. volume* 712,041,944 4,079,833
Utility Average 834.83 818.78 824.34 -7.93 -0.95 1002.11 783.08 -5.3 -14.8 -2.3 Volume After Hours Issues traded 2,968 321
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 43383.67 42777.87 42875.56 -639.26 -1.47 45969.67 36860.46 15.4 11.3 6.2 Advances 482 130
Tesla TSLA 10,480.8 240.66 -2.02 -0.83 258.04 229.80
Barron's 400 972.33 952.46 953.54 -18.79 -1.93 1036.97 868.75 8.2 3.6 7.7 Declines 2,412 177
BioCryst Pharmaceuticals BCRX 6,406.1 5.86 … unch. 5.99 5.74
Unchanged 74 14
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 5,172.8 430.76 0.55 0.13 436.90 430.21 New highs 26 1
Nasdaq Composite 13499.74 13275.30 13314.30 -219.44 -1.62 14358.02 10213.29 24.7 27.2 4.5 Netflix NFLX 3,947.0 389.00 42.81 12.37 411.87 345.71 New lows 257 24
Nasdaq-100 15103.87 14865.81 14909.26 -212.75 -1.41 15841.35 10679.34 34.3 36.3 7.9 Syndax Pharmaceuticals SNDX 3,687.6 11.89 … unch. 11.89 11.89 Closing Arms† 0.96 0.64
Petroleo Brasileiro ADR PBR 3,090.2 16.50 -0.03 -0.15 16.52 16.44 Block trades* 4,207 132
S&P
-1.34
Silk Road Medical SILK 2,889.2 7.32 … unch. 7.48 7.32
500 Index 4364.20 4303.84 4314.60 -58.60 4588.96 3665.78 16.8 12.4 7.4 Nasdaq NYSE Arca
Apple AAPL 2,830.9 175.64 -0.21 -0.12 179.34 175.44
MidCap 400 2495.84 2455.01 2456.33 -54.82 -2.18 2728.44 2265.38 6.8 1.1 7.1 Total volume*4,617,146,766 338,427,169
SmallCap 600 1138.58 1122.72 1123.99 -21.55 -1.88 1315.82 1101.29 0.6 -2.9 6.8 Percentage gainers… Adv. volume*1,396,004,373 81,844,846
Netflix NFLX 3,947.0 389.00 42.81 12.37 411.87 345.71 Decl. volume*3,197,809,382 252,753,454
Other Indexes
Las Vegas Sands LVS 331.2 46.95 2.35 5.27 47.50 44.59 Issues traded 4,412 1,799
Russell 2000 1752.92 1727.24 1728.81 -37.24 -2.11 2003.18 1704.39 0.2 -1.8 1.9
Advances 994 233
NYSE Composite 15541.38 15302.01 15324.96 -216.41 -1.39 16427.29 13840.47 9.9 0.9 5.2 iSh New York Muni Bd NYF 645.5 52.85 2.39 4.74 52.85 50.34
Declines 3,233 1,549
Value Line 536.27 525.80 526.11 -10.16 -1.89 606.49 503.90 3.3 -1.9 2.6 Alignment Healthcare ALHC 243.4 7.75 0.34 4.59 7.75 7.41
Unchanged 185 17
NYSE Arca Biotech 4990.52 4848.15 4851.75 -138.77 -2.78 5644.50 4570.64 5.4 -8.1 -4.0
Tricon Residential TCN 127.6 7.32 0.30 4.27 7.32 7.00
New highs 28 18
NYSE Arca Pharma 914.35 899.36 901.69 -12.66 -1.38 925.61 753.82 19.0 3.9 11.1 ...And losers New lows 303 142
KBW Bank 78.28 76.52 76.70 -1.96 -2.49 115.10 71.96 -22.1 -23.9 -0.6 Equifax EFX 62.0 163.40 -11.76 -6.71 175.16 156.75 Closing Arms† 0.70 0.42
PHLX§ Gold/Silver 119.32 116.20 116.58 -0.64 -0.55 144.37 96.97 19.8 -3.5 -7.5 Lam Research LRCX 115.3 608.00 -34.24 -5.33 646.00 607.50 Block trades* 32,033 1,638
PHLX§ Oil Service 97.76 96.19 96.64 0.09 0.09 98.76 69.29 33.7 15.2 50.8 Dyne Therapeutics DYN 399.6 7.07 -0.33 -4.46 7.40 7.07 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3443.66 3397.55 3413.45 -61.21 -1.76 3861.63 2237.74 52.5 34.8 12.5 Zions Bancorp ZION 75.6 34.10 -1.59 -4.46 35.69 33.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 20.15 17.88 19.22 1.34 7.49 30.76 12.82 -37.5 -11.3 -11.2 Oscar Health OSCR 93.1 5.06 -0.18 -3.51 5.49 5.06 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 655.83 –8.15 –1.23 8.3 Falcon's Beyond Global FBYD 21.49 9.24 75.43 44.00 7.17 118.6 NuZee NUZE 2.91 -2.29 -44.04 21.35 2.61 -76.9
MSCI ACWI ex-USA 285.70 –2.79 –0.97 1.6 Otonomo Technologies OTMO 5.30 1.30 32.50 9.90 3.08 35.9 Bridger Aerospace BAER 4.36 -1.78 -28.96 25.90 3.26 -56.2
MSCI World 2851.89 –36.73 –1.27 9.6 Sigma Additive Solutions SASI 5.06 1.20 31.09 15.57 2.39 -63.9 Prestige Wealth PWM 2.13 -0.76 -26.30 31.88 2.13 ...
MSCI Emerging Markets 943.12 –8.09 –0.85 –1.4 Harpoon Therapeutics HARP 6.64 1.29 24.11 33.55 3.11 -29.1 Generation Bio GBIO 2.41 -0.70 -22.51 7.35 2.31 -51.1
Americas MSCI AC Americas 1633.01 –23.25 –1.40 12.1 Spirit AeroSystems Cl A SPR 21.16 3.97 23.09 38.55 14.65 -12.7 TPI Composites TPIC 2.14 -0.55 -20.48 14.80 2.07 -77.7
Canada S&P/TSX Comp 19450.70 –242.10 –1.23 0.3 Gray Television Cl A GTN.A 8.50 1.52 21.78 14.05 6.79 -37.0 Shengfeng Development SFWL 13.68 -3.11 -18.52 17.60 2.94 ...
Latin Amer. MSCI EM Latin America 2202.27 –49.71 –2.21 3.5 Simplify Tail Risk Strat CYA 3.75 0.66 21.20 15.75 2.76 -76.0 Tempest Therapeutics TPST 5.85 -1.32 -18.41 9.77 0.17 270.3
Brazil BOVESPA 114059.64 –1848.79 –1.60 3.9 Maison Solutions MSS 6.45 0.96 17.49 11.48 3.76 ... AdvisorShares MSOS 2x Dly MSOX 4.01 -0.82 -16.98 31.00 2.32 -76.2
Chile S&P IPSA 3268.43 –53.17 –1.60 3.0 GD Culture Group GDC 2.83 0.37 15.04 44.00 1.80 -43.8 Foremost Lithium Resource FMST 3.00 -0.61 -16.90 10.00 3.00 -54.8
Mexico S&P/BMV IPC 49274.78 –391.23 –0.79 1.7 Freeline Therap ADR FRLN 4.91 0.59 13.66 12.00 2.11 -50.4 Notable Labs NTBL 3.70 -0.75 -16.85 11.20 2.85 -22.0
EMEA STOXX Europe 600 445.02 –4.74 –1.05 4.7 Ardelyx ARDX 3.91 0.46 13.33 5.13 1.16 177.3 ProKidney PROK 2.22 -0.45 -16.85 14.19 2.13 -78.1
Eurozone Euro STOXX 431.16 –4.71 –1.08 5.2 Acurx Pharmaceuticals ACXP 5.76 0.66 12.94 8.82 1.17 91.4 Arcutis Biotherapeutics ARQT 3.23 -0.62 -16.10 20.11 3.16 -81.8
Belgium Bel-20 3462.93 –55.02 –1.56 –6.4 Mobiv Acquisition MOBV 10.03 1.03 11.44 11.75 9.00 0.1 Momentus MNTS 4.19 -0.78 -15.69 79.50 1.03 -93.0
Denmark OMX Copenhagen 20 2209.48 –18.66 –0.84 20.4 Celcuity CELC 9.69 0.99 11.38 14.40 7.50 -3.3 Li-Cycle Holdings LICY 2.45 -0.45 -15.52 6.58 2.42 -56.1
France CAC 40 6965.99 –0.91 7.6 Gravitas Education ADR GEHI 22.00 2.22 11.22 25.65 11.34 70.4 SeqLL SQL 13.05 -2.25 -14.71 96.00 9.21 -47.5
–63.71
Germany DAX 15094.91 –156.78 –1.03 8.4
Israel Tel Aviv 1700.87 11.27 0.67 –5.3
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28135.79 –231.57 –0.82 18.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 729.57 –7.20 –0.98 5.9
Norway Oslo Bors All-Share 1537.28 5.73 0.37 12.8 Shift Technologies SFT 174,785 8024.2 0.17 58.12 5.90 0.10 Blockchain Coin I Cl A BCSA 364 5215 10.90 0.18 12.80 10.08
South Africa FTSE/JSE All-Share 71968.67 –863.13 –1.19 –1.5 SeaStar Medical Holding ICU 168,532 2231.5 0.77 70.05 22.00 0.16 VanEck Natural Rscs HAP 406 3415 49.02 -0.80 53.40 45.16
micromobility.com MCOM 155,597 343.1 0.05 11.38 27.70 0.03 Falcon's Beyond Global FBYD 1,333 3116 21.49 75.43 44.00 7.17
Spain IBEX 35 9212.70 –85.80 –0.92 12.0
ProSh UltraPro Shrt QQQ SQQQ 142,852 10.5 19.61 4.14 63.57 16.38 Chain Bridge I Cl A CBRG 389 2537 10.78 0.09 10.99 9.65
Sweden OMX Stockholm 780.77 –11.18 –1.41 –0.1
ProShares UltraPro QQQ TQQQ 130,196 31.1 36.68 -4.23 47.14 16.10 DWS Muni Income Trust KTF 1,683 2108 7.53 -1.05 9.31 7.53
Switzerland Swiss Market 10675.44 –138.58 –1.28 –0.5
Turkey BIST 100 7842.66 –272.35 –3.36 42.4 Tesla TSLA 116,364 0.9 242.68 -4.78 299.29 101.81 NuZee NUZE 256 2010 2.91 -44.04 21.35 2.61
U.K. FTSE 100 7588.00 –87.21 –1.14 1.8 RVL Pharmaceuticals RVLP 115,709 513.3 0.06 15.69 1.91 0.05 RCF Acquisition Cl A RCFA 144 1527 10.97 unch. 11.89 10.08
U.K. FTSE 250 17403.46 –286.00 –1.62 –7.7 SPDR S&P 500 ETF Trust SPY 92,984 19.6 430.21 -1.33 459.44 363.54 DoubleLine Shiller Cape CAPE 424 1463 23.70 -1.41 25.60 20.00
Treasure Global TGL 82,602 17285.8 0.44 39.42 3.18 0.18 Harpoon Therapeutics HARP 559 1228 6.64 24.11 33.55 3.11
Asia-Pacific MSCI AC Asia Pacific 156.08 –0.55 –0.35 0.2
Direxion Dly SCOND 3 BL SOXL 80,537 32.5 18.28 -5.28 28.75 7.20 Olink Holding ADR OLK 8,661 1206 24.89 0.08 26.47 14.10
Australia S&P/ASX 200 7077.60 21.51 0.30 0.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3058.71 –24.79 –0.80 –1.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17732.52 –40.82 –0.23 –10.4
India S&P BSE Sensex 65877.02 –0.83 8.3
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Japan NIKKEI 225 32042.25 1.96 0.01 22.8 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3136.62 –35.20 –1.11 –3.5 and track most-active stocks,
South Korea KOSPI 2462.60 2.43 0.10 10.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16440.91 –201.64 –1.21 16.3 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1437.85 4.45 0.31 –13.8
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004070 24570 4.0
CREDIT MARKETS Argentina peso .0029350.0020 98.0 Europe
Brazil real .1977 5.0577 –4.3 Czech Rep. koruna .04269 23.427 3.8
.7290 1.3717 1.2 1.9
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso .001063 940.33 10.9
Denmark krone
Euro area euro
.1412 7.0814
1.0539 .9489 1.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000235 4250.00 –12.3 Hungary forint .002743 364.50 –2.4
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007202 138.85 –1.9
A consumer rate against its New car loan Mexico peso .0548 18.2505 –6.3 Norway krone .0905 11.0487 12.6
benchmark over the past year Tradeweb ICE 6.00% Uruguay peso .02506 39.9100 –0.2 Poland zloty .2366 4.2265 –3.5
Bankrate.com avg†: 7.53% 14% Euro Asia-Pacific Russia ruble .01019 98.110 33.0
Wednesday Close s
First Command Bank 5.99% t 5.00 Sweden krona .0908 11.0180 5.6
Australiadollar .6338 1.5778 7.5
9.00% Fort Worth, TX 888-763-7600 7 Switzerland franc 1.1125 .8989 –2.8
China yuan .1367 7.3153 6.0
Prime rate 4.00 Turkey lira .0357 28.0028 49.8
Firstrust Bank 5.99% t s Hong Kong dollar .1277 7.8299 0.3
t 8.00 0 Yen Ukraine hryvnia .0273 36.6500 –0.5
One year ago 3.00 India rupee .01201 83.297 0.7
Philadelphia, PA 800-220-2265 UK pound 1.2140 .8237 –0.3
WSJ Dollar Index Indonesia rupiah .0000632 15816 1.6
7.00 Eastern Bank 6.54% –7 Japan yen .006670 149.93 14.3 Middle East/Africa
2.00
s
781-599-2100
t
Boston, MA Kazakhstan tenge .002093 477.84 3.2 Bahrain dinar 2.6541 .3768 –0.1
New car loan 6.00 Macau pataca .1239 8.0690 0.3 Egypt pound .0323 30.9243 24.9
Cambridge Savings Bank 6.56% 1.00 –14
Malaysia ringgit .2108 4.7445 7.7 Israel shekel .2483 4.0272 14.2
Cambridge, MA 888-418-5626 1 3 6 1 2 3 5 7 10 20 30 2022 2023
5.00 New Zealand dollar .5855 1.7079 8.5 Kuwait dinar 3.2317 .3094 1.1
PNC Bank 6.84% month(s) years
N D J FMAM J J A S O Pakistan rupee .00358 279.580 23.3 Oman sul rial 2.5978 .3849 –0.02
Washington, DC 888-PNC-BANK maturity Philippines peso .0176 56.765 1.9 Qatar rial .2743 3.645 –0.6
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7282 1.3733 2.4 Saudi Arabia riyal .2666 3.7510 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007378 1355.35 7.4 South Africa rand .0527 18.9818 11.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030790 324.78 –11.6
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 3.00 l 5.50 5.25 Taiwan dollar .03085 32.410 5.8
Yield (%) 52-Week Total Return (%) Thailand baht .02750 36.370 5.1 WSJ Dollar Index 100.66 0.29 0.29 4.25
Prime rate* 8.50 8.50 6.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.31 3.01 l 5.33 5.22 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2024.220 5.100 4.810 5.100 3.610 –1.247 –6.159
Money market, annual yield 0.58 0.62 0.24 l 0.62 0.36
Five-year CD, annual yield 2.77 2.83 2.21 l 2.86 2.15 U.S. Treasury Long, Bloomberg 2750.690 5.160 4.860 5.160 3.610 –9.909–16.588 Commodities Wednesday 52-Week YTD
30-year mortgage, fixed† 8.17 7.97 6.36 l 8.17 5.12 Aggregate, Bloomberg 1886.460 5.710 5.370 5.710 4.180 –0.097 –5.800 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 7.26 7.20 5.54 l 7.26 4.71 Fixed-Rate MBS, Bloomberg 1836.310 6.020 5.570 6.020 4.140 –1.344 –5.914
Jumbo mortgages, $726,200-plus† 8.24 8.02 6.35 l 8.24 5.13 DJ Commodity 1013.17 10.71 1.07 1071.61 930.59 0.12 -3.39
High Yield 100, ICE BofA 3244.000 9.008 8.604 9.008 7.022 7.646 0.564 Refinitiv/CC CRB Index 285.83 2.75 0.97 290.29 253.85 5.34 2.91
Five-year adj mortgage (ARM)† 6.88 6.79 5.33 l 6.88 3.65
Muni Master, ICE BofA 545.281 4.213 4.021 4.221 2.757 0.873 –2.330 Crude oil, $ per barrel 88.32 1.66 1.92 93.68 66.74 3.24 10.04
New-car loan, 48-month 7.53 7.48 6.02 l 7.64 3.39
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 760.110 8.766 8.479 9.159 7.102 8.084 –5.421 Natural gas, $/MMBtu 3.056 -0.023 -0.75 7.308 1.991 -44.05 -31.71
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1955.30 32.60 1.70 2048.00 1627.30 20.14 7.45
 .

B8 | Thursday, October 19, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, October 18, 2023
Metal & Petroleum Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open Dec 157.15 159.50 156.65 158.05 1.00 94,886 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Open High hi lo Low Settle Chg interest March'24 156.55 158.90 156.20 157.65 .95 59,237 months.
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
March 27.56 27.67 27.17 27.48 –.01 440,100
Oct 3.6080 3.6080 3.5785 3.5820 0.0065 929 Copper,Comex spot 3.5820 Wheat,No.2 soft red,St.Louis-u 5.9275
Dec 3.5900 3.6305 3.5750 3.5870 0.0085 141,872
May 26.24 26.37 25.91 26.17 –.02 137,338 Energy Iron Ore, 62% Fe CFR China-s *120.4 Wheat - Hard - KC (USDA) $ per bu-u 7.0350
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Steel, HRC USA, FOB Midwest Mill-s *750.0
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 76.650 Wheat,No.1soft white,Portld,OR-u 7.0000
Jan 44.70 44.75 s 44.50 44.55 –.10 1,703
Oct 1935.00 1957.90 1935.00 1955.30 32.60 419
March 44.38 44.50 s 44.38 44.50 .20 2,633
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.100 Battery/EV metals Food
Nov 1926.60 1966.10 s 1926.60 1958.80 32.40 1,687 BMI Lithium Carbonate, EXW China, =99.2%-v,w 23400
Dec 1936.70 1975.80 1935.90 1968.30 32.60 358,000
Cotton (ICE-US)-50,000 lbs.; cents per lb. Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 21225 Beef,carcass equiv. index
Dec 83.31 84.50 82.01 84.24 1.01 116,958
Feb'24 1956.10 1995.40 1956.00 1988.10 32.70 41,840 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5069 choice 1-3,600-900 lbs.-u 285.65
March'24 85.45 86.54 84.21 86.25 .82 65,265
April 1976.20 2013.30 1976.20 2007.60 33.00 19,820 Engelhard industrial 1952.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4247 select 1-3,600-900 lbs.-u 261.03
June 1999.80 2033.90 1998.30 2027.40 33.00 10,580
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 563 Broilers, National comp wtd. avg.-u,w 1.1301
Nov 384.05 387.00 379.40 379.85 –5.05 4,747 Handy & Harman base 1955.70
Palladium (NYM) - 50 troy oz.; $ per troy oz. Butter,AA Chicago-d 3.4175
Oct 1126.50 –23.40 1
Jan'24 371.95 374.70 369.10 370.45 –2.45 4,320 Handy & Harman fabricated 2170.83 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 168.25
LBMA Gold Price AM *1923.45
Dec 1139.00 1152.00 t 1110.50 1134.00 –12.70 19,304 LBMA Gold Price PM *1928.20 Burlap,10-oz,40-inch NY yd-n,w 0.7200 Cheddar cheese,blk,Chicago-d 176.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Cotton,1 1/16 std lw-mdMphs-u 0.8049 Milk,Nonfat dry,Chicago lb.-d 122.00
Krugerrand,wholesale-e 2043.22
Oct 901.30 901.30 901.30 884.60 –12.30 93 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Maple Leaf-e 2092.10 Cotlook 'A' Index-t *95.45 Coffee,Brazilian,Comp-y 1.5777
Jan'24 904.30 914.70 885.80 894.30 –11.90 79,086 Dec 114-080 114-150 112-100 112-280 –30.0 1,554,235 American Eagle-e 2092.10 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.8654
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'24 114-200 115-050 113-120 113-200 –1-04.0 31 Mexican peso-e 2522.44 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.1650
Oct 22.790 22.885 22.765 22.944 0.081 31 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Flour,hard winter KC-p 17.70
Dec 22.975 23.490 22.840 23.099 0.075 98,495 Dec 110-080 110-120 108-250 109-090 –23.0 1,384,421
Austria crown-e 1919.52 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.86
Austria phil-e 2052.99
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'24 110-030 110-080 108-250 109-060 –23.0 2,256 Bran,wheat middlings, KC-u,w 145 Hogs,Iowa-So. Minnesota-u 78.26
Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.4349
Nov 87.81 89.88 87.20 88.32 1.66 76,917 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Engelhard industrial 23.3000
Corn,No. 2 yellow,Cent IL-bp,u 4.5800
Dec 86.41 88.57 86.25 87.27 1.83 302,777 Dec 106-075 106-155 105-240 105-280 –11.0 4,668,757 Corn gluten feed,Midwest-u,w 159.9 Pork loins,13-19 lb MidUS-u 1.1191
Handy & Harman base 22.8170 Corn gluten meal,Midwest-u,w 568.1 Steers,Tex.-Okla. Choice-u n.a.
Jan'24 85.39 87.26 85.02 86.09 1.79 178,011 March'24 106-200 106-250 106-025 106-055 –12.5 2,236
Handy & Harman fabricated 28.5210 Cottonseed meal-u,w 350 Steers,feeder,Okla. City-u,w 265.25
March 83.18 84.97 83.05 84.03 1.61 106,809 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% LBMA spot price *£18.6500
June 81.13 82.66 80.95 81.89 1.38 167,579 Dec 104-075 104-135 103-307 104-007 –6.5 5,702,110 Hominy feed,Cent IL-u,w 142 Fats and Oils
(U.S.$ equivalent) *22.6800 Meat-bonemeal,50% pro Mnpls-u,w 443
Dec 78.29 79.44 78.07 78.76 1.03 153,637 March'24 104-197 104-247 104-107 104-127 –6.5 256
Coins,wholesale $1,000 face-a 19626 4.0600 Degummed corn oil, crude wtd. avg.-u,w n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Oats,No.2 milling,Mnpls-u
Nov 3.1789 3.2120 3.1150 3.1393 –.0374 53,655 Dec 101-007 101-034 100-309 101-005 –.2 4,027,146
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h 0.5300
Dec 3.0534 3.0922 3.0190 3.0454 –.0078 69,420 March'24 101-122 101-136 101-095 101-100 –1.4 7,015
LBMA Platinum Price PM *895.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Platinum,Engelhard industrial 905.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 398.50 Soybean oil,crude;Centl IL-u,w 0.5688
Nov 2.2899 2.3020 2.2594 2.2845 .0115 55,195 Oct 94.6700 94.6725 94.6700 94.6700 –.0025 386,828
Palladium,Engelhard industrial 1145.0 Soybeans,No.1 yllw IL-bp,u 12.6900 Tallow,bleach;Chicago-h 0.5800
Dec 2.2701 2.2892 2.2466 2.2725 .0148 96,407 Nov 94.6450 94.6600 94.6400 94.6550 .0100 771,500
Aluminum, LME, $ per metric ton *2148.5 Wheat,Spring14%-pro Mnpls-u 8.9850 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Nov 3.061 3.158 3.037 3.056 –.023 87,793 Aug 94.6575 94.6575 94.6550 94.6600 .0050 10,084 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Dec 3.450 3.542 3.441 3.463 –.005 138,672 Dec 94.5050 94.5300 94.5000 94.5200 .0100 1,442,852 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 10/17
Jan'24 3.688 3.776 3.683 3.706 –.001 207,099
Source: Dow Jones Market Data
Feb 3.631 3.710 3.623 3.647 … 61,174 Currency Futures
March 3.355 3.426 3.348 3.364 –.003 151,919
April 3.146 3.191 3.124 3.140 –.006 90,230 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov
Dec
.6707
.6742
t
t
.6717
.6697
.6755
.6734
.6699 –.0006
.6736 –.0006
1,379
263,721
Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu. Nov .7334 .7346 .7293 .7297 –.0033 249 Tracking Bond Benchmarks
Dec 488.50 494.00 488.50 492.00 3.00 652,884 Dec .7334 .7350 .7296 .7301 –.0033 180,484
March'24 503.50 508.50 503.25 506.50 2.75 309,277 British Pound (CME)-£62,500; $ per £ Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oats (CBT)-5,000 bu.; cents per bu. Nov 1.2182 1.2212 1.2140 1.2146 –.0031 1,218 highs and lows for different types of bonds
Dec 382.50 382.50 370.50 371.00 –3.25 2,792 Dec 1.2188 1.2215 1.2141 1.2148 –.0031 218,627 Total Total
March'24 396.25 397.00 391.00 390.25 –4.00 1,054 Swiss Franc (CME)-CHF 125,000; $ per CHF return YTD total Yield (%) return YTD total Yield (%)
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.1181 1.1240 1.1172 1.1196 .0018 60,397 close return (%) Index Latest Low High close return (%) Index Latest Low High
Nov 1297.00 1313.00 1293.25 1311.00 14.25 243,235 March'24 1.1320 1.1357 1.1292 1.1315 .0018 642
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Jan'24 1316.25 1331.00 1312.25 1329.25 13.00 200,719 Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Nov .6371 .6399 .6335 .6343 –.0021 274 1886.46 -3.0 U.S. Aggregate 5.710 4.180 5.710 1836.31 -4.8 Mortgage-Backed 6.020 4.140 6.020
Dec 399.80 415.10 398.90 413.80 14.00 177,700 Dec .6380 .6407 .6342 .6351 –.0021 195,345
Jan'24 394.60 407.00 393.20 406.30 11.60 112,738 Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Corporate Indexes Bloomberg Fixed Income Indices 1820.06 -4.2 Ginnie Mae (GNMA) 5.980 4.170 5.980
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Nov .05515 .05534 .05446 .05453 –.00071 81
-1.9 U.S. Corporate 1075.34 -5.1 Fannie mae (FNMA) 6.020 4.140 6.020
2811.14 6.370 4.830 6.370
Dec 55.44 55.90 54.73 54.86 –.49 147,429 Dec .05494 .05507 .05403 .05420 –.00070 196,944
Jan'24 54.72 55.11 53.95 54.08 –.55 88,629 Euro (CME)-€125,000; $ per € 2788.98 0.2 Intermediate 6.320 4.730 6.320 1676.36 -3.7 Freddie Mac (FHLMC) 6.190 4.090 6.190
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Nov 1.0586 1.0604 1.0534 1.0546 –.0034 4,647
Nov 15.86 15.94 15.83 15.86 5,626 Dec 1.0605 1.0622 1.0550 1.0562 –.0034 674,302 3549.62 -6.2 Long term 6.470 5.010 6.470 545.28 -2.0 Muni Master 4.213 2.757 4.221
Jan'24 16.24 16.31 16.21 16.24 .01 4,141
-3.2 Double-A-rated 389.27 -2.2 7-12 year 3.994 2.392 3.995
533.73 5.710 4.320 5.710
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures
Dec 572.50 584.00 571.25 580.25 9.75 231,011 747.53 -1.3 Triple-B-rated 6.630 5.080 6.630 430.68 -2.7 12-22 year 4.635 3.257 4.635
March'24 600.25 611.25 599.00 608.00 9.25 93,425
Mini DJ Industrial Average (CBT)-$5 x index
Dec 34120 34147 33738 33806 –338 96,210 High Yield Bonds ICE BofA 398.95 -3.2 22-plus year 5.187 4.020 5.187
Wheat (KC)-5,000 bu.; cents per bu. March'24 34448 34462 34077 34132 –335 333
Dec 668.50 678.00 667.50 670.50 3.75 118,412 Mini S&P 500 (CME)-$50 x index 483.64 4.4 High Yield Constrained 9.442 7.781 9.491 Global Government J.P. Morgan†
March'24 677.00 686.25 676.00 679.00 3.25 57,866 Dec 4398.00 4399.25 4330.75 4342.25 –59.50 2,089,405
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 465.80 10.8 Triple-C-rated 14.806 13.413 16.916 511.11 -2.0 Global Government 3.780 2.680 3.780
March'24 4447.00 4450.50 4379.25 4390.50 –60.75 16,902
Oct 248.650 248.675 246.800 247.125 –1.675 3,610 Mini S&P Midcap 400 (CME)-$100 x index 3244.00 4.2 High Yield 100 9.008 7.022 9.008 751.82 -1.6 Canada 4.120 2.880 4.260
Jan'24 252.500 252.900 250.375 250.900 –1.900 19,627 Dec 2525.90 2528.60 2468.30 2470.50 –56.40 38,332
Cattle-Live (CME)-40,000 lbs.; cents per lb. March'24 2487.80 –56.20 1 422.81 4.2 Global High Yield Constrained 9.322 7.868 9.890 330.58 -0.7 EMU§ 3.785 2.461 3.790
Oct 185.850 186.125 185.300 185.725 .225 6,074 Mini Nasdaq 100 (CME)-$20 x index
Dec 15236.50 15238.25 14979.25 15025.25 –215.50 254,607 325.60 5.4 Europe High Yield Constrained 7.859 6.646 8.480 612.28 -1.2 France 3.620 2.290 3.630
Dec 187.050 187.650 186.700 187.200 .325 125,122
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'24 15422.00 15436.25 15172.75 15219.00 –218.25 2,032 U.S Agency Bloomberg Fixed Income Indices 438.06 -1.2 Germany 2.990 1.730 3.030
Dec 67.550 68.200 67.325 68.025 .475 90,027 Mini Russell 2000 (CME)-$50 x index
Feb'24 72.125 72.400 t 71.675 72.300 .250 45,910
Dec 1777.50 1779.30 1737.00 1740.20 –37.90 484,329 1704.37 0.9 U.S Agency 5.390 4.130 5.390 274.80 -1.1 Japan 1.180 0.710 1.180
March'24 1795.10 1798.10 1756.40 1758.80 –38.60 1,146
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 1776.30 –37.80 2 1515.94 1.3 10-20 years 5.370 4.120 5.370 471.21 -1.8 Netherlands 3.300 1.970 3.320
Nov 498.50 501.50 498.50 501.50 1.00 5,178 Mini Russell 1000 (CME)-$50 x index
Milk (CME)-200,000 lbs., cents per lb. Dec 2397.40 2407.20 2371.40 2376.30 –34.90 6,244 3010.57 -5.4 20-plus years 5.640 4.300 5.640 737.96 -5.7 U.K. 4.850 3.120 4.850
Oct 16.83 16.87 16.78 16.83 .01 3,600 U.S. Dollar Index (ICE-US)-$1,000 x index 2514.95 -0.6 Yankee 6.080 4.670 6.080 760.11 -1.1 Emerging Markets ** 8.766 7.102 9.159
Nov 17.77 18.54 17.77 18.54 .71 6,401 Dec 106.02 106.44 105.81 106.35 .31 42,561
Cocoa (ICE-US)-10 metric tons; $ per ton. March'24 105.58 106.01 105.58 105.96 .31 485 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Dec 3,627 3,672 3,615 3,639 4 120,899 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March'24 3,660 3,690 3,645 3,664 3 87,155 Source: FactSet

Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Inventories, imports and demand for the week ended October 13. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-2 0 2 4 6 8 10 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 5.000 U.S. 2 5.218 s l 5.212 5.062 4.435
and demand data are available monthly only. 3.875 10 4.902 s l 4.846 4.318 3.996
0.250 Australia 2 4.269 s 4.184 3.942 3.339 -94.8 -102.4 -110.4
Inventories, 000s barrels Imports, 000s barrels per day
l

3.000 10 4.662 s l 4.559 4.221 3.930 -25.1 -27.5 -8.1

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 3.552 s l 3.523 3.519 1.999 -166.4 -168.5 -244.4
3.500 10 3.558 s l 3.506 3.265 2.856 -135.5 -132.8 -115.5
Crude oil and
petroleum prod 1,266,106 ... 1,278 1,226 1,271 1,273 7,771 ... 8,329 7,739 8,239 8,582 3.100 Germany 2 3.259 s l 3.244 3.261 1.965 -195.8 -196.4 -247.9
Crude oil 2.600 10 2.930 s l 2.881 2.711 2.289 -198.3 -195.3 -172.2
excluding SPR 419,748 400 424 437 419 446 5,942 ... 6,329 5,908 6,429 6,428
3.600 Italy 2 4.143 s l 4.079 3.934 2.974 -107.3 -112.9 -147.0
Gasoline 223,301 ... 226 209 224 219 706 ... 589 475 731 529
Finished gasoline 15,944 -600 17 17 17 20 62 ... 65 83 139 87 4.350 10 4.988 s l 4.893 4.516 4.699 7.5 5.9 68.8
Reformulated 19 ... 0 0 0 0 0 ... 0 0 0 0 0.005 Japan 2 0.067 s l 0.060 0.033 -0.043 -514.9 -514.7 -448.7
Conventional 15,925 ... 17 17 17 20 62 ... 65 83 139 87 0.800 10 0.808 s l 0.785 0.710 0.259 -410.5 -405.0 -375.1
Blend. components 207,357 ... 208 193 207 199 644 ... 524 391 593 442
0.000 Spain 2 3.699 s l 3.677 3.616 2.221 -151.8 -153.1 -222.2
Natural gas (bcf) 3,529 ... 3 3 3 4 ... ... ... ... ... …
3.550 10 4.064 s l 4.008 3.783 3.390 -84.9 -82.6 -62.1
Kerosene-type
3.500 U.K. 2 5.002 s l 4.656 4.770 3.519 -21.4 -55.2 -92.4
jet fuel 43,061 ... 43 36 43 39 52 ... 131 64 108 225
Distillates 113,773 -1,200 117 106 117 127 77 ... 120 111 99 221 4.250 10 4.666 s l 4.513 4.391 3.948 -24.7 -32.1 -6.3
Heating oil 7,675 ... 8 9 8 10 0 ... 0 0 0 1 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 106,098 ... 109 97 110 59 77 ... 120 111 99 220
Residual fuel oil
Other oils
26,790
316,001
...
...
28
317
29
300
28
317
30
304
129
761
...
...
104
955
148
927
86
697
227
806
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,617,380 ... 1,629 1,632 1,622 1,863 -2,885 ... -1,757 -1,729 -2,405 -153
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Issuer Symbol Coupon (%) Yield (%) Maturity
Spread*, in basis points
Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg AstraZeneca AZN 3.375 5.64 Nov. 16, ’25 43 –87 40
Verizon Communications VZ 4.125 6.02 March 16, ’27 110 –61 105
Total petroleum
4250 Guardian Life Global Funding GUARDN 5.737 5.98 Oct. 2, ’28 107 –52 106
product 21,897 ... 19,666 20,761 20,215 20,551
Natural gas, Sprint Capital … 6.875 6.43 Nov. 15, ’28 150 –50 147
Finished lower 48 states 3250
t Royal Bank of Canada RY 5.200 5.83 July 20, ’26 78 –22 97
motor gasoline 8,943 ... 8,581 8,678 8,539 9,169 –22
2250 Societe Generale SOCGEN 7.367 8.51 Jan. 10, ’53 353 350
Kerosene-type –13
Five-year average Caterpillar Financial Services … 0.800 5.53 Nov. 13, ’25 32 n.a.
jet fuel 1,469 ... 1,492 1,411 1,575 1,531
t

for each week 1250 Humana HUM 8.150 6.92 June 15, ’38 200 –10 n.a.
Distillates 4,416 ... 3,670 4,072 3,968 4,135
Residual fuel oil 341 ... 246 372 292 313 250
…And spreads that widened the most
Propane/propylene 1,493 ... 587 1,486 837 ... O N D J F M A M J J A S Royal Bank of Canada RY 3.625 6.08 May 4, ’27 117 82 112
Other oils 5,235 ... 5,089 4,743 5,003 ... 2022 2023 ANZ New Zealand Int'l ANZNZ 1.250 5.98 June 22, ’26 97 47 96
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. 32
HSBC Holdings HSBC 4.300 6.36 March 8, ’26 131 115
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
Citigroup C 3.400 6.25 May 1, ’26 120 18 122

Exchange-Traded Portfolios | WSJ.com/ETFresearch Goldman Sachs GS 6.750 6.99 Oct. 1, ’37 208 13
12
204
Toyota Motor Credit TOYOTA 5.400 5.60 Nov. 10, ’25 41 40
Closing Chg YTD 11
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Banco Santander SANTAN 4.250 6.75 April 11, ’27 183 147
SPDR S&PMdCpTr MDY 448.58 –2.23 1.3 Morgan Stanley MS 4.300 6.50 Jan. 27, ’45 128 10 117
Wednesday, October 18, 2023 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR S&P Div SDY 113.92 –1.27 –8.9

ETF
Closing Chg YTD
Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 49.40 –0.17 –0.8
TechSelectSector
VangdInfoTech
XLK
VGT
167.72
420.23
–1.03
–1.37
34.8
31.6
High-yield issues with the biggest price increases…
iSh1-3YTreaBd SHY 80.70 ... –0.6 VangdSC Val VBR 156.53 –2.07 –1.4 Bond Price as % of face value
CnsmrDiscSelSector XLY 158.12 –2.35 22.4 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsStapleSelSector XLP 68.03 0.37 –8.7 iShRussMC IWR 68.40 –2.08 1.4 VangdExtMkt VXF 140.06 –2.38 5.4
DimenUSCoreEq2 DFAC 26.17 –1.51 7.8 iShRuss1000 IWB 236.20 –1.41 12.2 VangdDivApp VIG 156.17 –0.88 2.8
iShRuss1000Grw IWF 270.54 –1.50 26.3 VangdFTSEAWxUS VEU 51.03 –1.66 1.8 Rite Aid RAD 7.700 0.00 Feb. 15, ’27 10.475 2.79 7.000
EnSelSectorSPDR XLE 91.96 0.91 5.1
iShRuss1000Val IWD 150.41 –1.34 –0.8 VangdFTSEDevMk VEA 42.91 –1.70 2.2 0.19
FinSelSectorSPDR XLF 33.14 –1.72 –3.1
iShRussell2000 IWM 171.35 –2.06 –1.7 VangdFTSE EM VWO 38.50 –1.64 –1.2
Dish DBS …. 5.875 14.26 Nov. 15, ’24 91.938 93.125
HealthCareSelSect XLV 129.85 –0.87 –4.4
IndSelSectorSPDR XLI 100.66 –2.41 2.5
iShS&P500Grw IVW 69.43 –1.24 18.7 VangdFTSE Europe VGK 56.99 –1.84 2.8 Ball BALL 5.250 6.60 July 1, ’25 97.850 0.10 98.220
iShS&P500Value IVE 153.36 –1.42 5.7 VangdGrowth VUG 276.18 –1.59 29.6
InvscNasd100 QQQM 149.49 –1.33 36.5 0.10
iShSelectDiv DVY 107.38 –1.29 –11.0 VangdHlthCr VHT 235.44 –1.02 –5.1 Teva Pharmaceutical Finance … 6.150 8.35 Feb. 1, ’36 83.300 86.315
InvscQQQI QQQ 363.37 –1.31 36.5
iSh7-10YTreaBd IEF 89.39 –0.47 –6.7 VangdHiDiv VYM 103.05 –0.88 –4.8
InvscS&P500EW RSP 140.48 –1.58 –0.5
iShShortTreaBd SHV 110.29 0.01 0.3 VangdIntermBd BIV 70.75 –0.46 –4.8 OneMain Finance OMF 6.875 8.02 March 15, ’25 98.500 0.01 98.875
iShCoreDivGrowth DGRO 49.51 –1.04 –1.0
iShTIPSBondETF TIP 102.62 –0.21 –3.6 VangdIntrCorpBd VCIT 74.13 –0.63 –4.4
iShCoreMSCIEAFE IEFA 63.10 –1.76 2.4
iShCoreMSCIEM IEMG 46.89 –1.64 0.4
iSh20+YTreaBd
iShUSTreasuryBd
TLT
GOVT
84.50
21.68
–0.88 –15.1
–0.32 –4.6
VangdIntermTrea
VangdLC
VGIT
VV
56.25
197.11
–0.27
–1.35
–3.8
13.2
…And with the biggest price decreases
iShCoreMSCITotInt IXUS 58.85 –1.72 1.7 iSh0-3MTreaBd SGOV 100.51 0.02 0.4 VangdMC VO 206.41 –1.82 1.3
iShCoreS&P500 IVV 432.31 –1.31 12.5 Dish DBS … 7.750 24.68 July 1, ’26 67.970 –1.53 71.250
JPMEquityPrem JEPI 53.54 –0.96 –1.7 VangdMC Val VOE 129.70 –1.78 –4.1
iShCoreS&P MC IJH 244.96 –2.22 1.3 –1.25
iShCoreS&P SC IJR 92.14 –1.91 –2.6
JPM UltShIncm JPST 50.08 ... –0.1 VangdMBS VMBS 42.51 –0.58 –6.6 Transocean RIG 6.800 10.47 March 15, ’38 73.000 74.500
PacerUSCashCows100 COWZ 49.66 –0.80 7.4 VangdRealEst VNQ 74.66 –2.12 –9.5
iShCoreS&PTotUS ITOT 94.47 –1.44 11.4 ProShUltPrQQQ TQQQ 36.68 –4.23 112.0 VangdS&P500ETF VOO 395.22 –1.34 12.5 Intesa Sanpaolo ISPIM 5.710 8.67 Jan. 15, ’26 94.092 –0.84 95.390
iShCoreTotalUSDBd IUSB 42.79 –0.42 –4.8 SPDRBbg1-3MTB BIL 91.65 0.01 0.2 VangdST Bond BSV 74.64 –0.13 –0.9
iShCoreUSAggBd AGG 92.02 –0.47 –5.1 Ford Motor Credit … 4.389 7.67 Jan. 8, ’26 93.426 –0.82 94.615
SPDR DJIA Tr DIA 336.63 –0.99 1.6 VangdSTCpBd VCSH 74.49 –0.16 –0.9
iShEdgeMSCIMinUSA USMV 73.05 –0.75 1.3 SPDR Gold GLD 180.87 1.45 6.6 VangdShtTmInfltn VTIP 46.95 –0.09 0.5
iShEdgeMSCIUSAQual QUAL 134.29 –1.28 17.8 Bath & Body Works BBWI 6.875 8.39 Nov. 1, ’35 88.688 –0.81 90.000
SPDRPtfDevxUS SPDW 30.44 –1.68 2.5 VangdShortTrea VGSH 57.39 0.02 –0.7
iShGoldTr IAU 36.92 1.46 6.7 SPYV –0.77
iShiBoxx$HYCpBd HYG 72.04 –0.48 –2.2
SPDRS&P500Value 41.13 –1.46 5.8 VangdSC VB 185.34 –2.20 1.0 Tenet Healthcare THC 6.875 8.67 Nov. 15, ’31 89.730 92.500
SPDRPtfS&P500 SPLG 50.58 –1.37 12.4 VangdTaxExemptBd VTEB 47.60 –0.27 –3.8
iShiBoxx$IGCpBd LQD 99.08 –0.80 –6.0 SPDRS&P500Growth SPYG 60.14 –1.25 18.7 VangdTotalBd BND 68.34 –0.43 –4.9 Hughes Satellite Systems … 6.625 12.63 Aug. 1, ’26 86.250 –0.75 86.500
iShMBS MBB 86.18 –0.65 –7.1 SPDR S&P 500 SPY 430.21 –1.33 12.5 VangdTotIntlBd BNDX 47.41 –0.19 –0.0
iShMSCIACWI ACWI 92.32 –1.43 8.8 SchwabIntEquity SCHF 33.41 –1.65 3.7 VangdTotIntlStk VXUS 52.54 –1.70 1.6 Teva Pharmaceutical Finance Netherlands … 3.150 8.31 Oct. 1, ’26 86.760 –0.71 88.875
iShMSCI EAFE EFA 67.77 –1.74 3.2 SchwabUS BrdMkt SCHB 49.98 –1.44 11.5 VangdTotalStk VTI 213.09 –1.48 11.5
iSh MSCI EM EEM 37.46 –1.52 –1.2 SchwabUS Div SCHD 70.62 –1.13 –6.5 VangdTotWrldStk VT 92.64 –1.52 7.5 *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.
iShMSCIEAFEValue EFV 48.10 –1.60 4.8 SchwabUS LC SCHX 50.85 –1.45 12.6 VangdValue VTV 137.59 –1.03 –2.0 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 101.56 –0.19 –3.8 SchwabUS LC Grw SCHG 74.03 –1.65 33.2 WisdTrFRTrea USFR 50.44 ... 0.3 Source: MarketAxess
 .

THE WALL STREET JOURNAL. * Thursday, October 19, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. F5 FFIV 150.99 -1.99 t IDEX IEX 196.93 -6.26 Marsh&McLen MMC 189.65 -1.25 ParamountA PARAA 15.31 -0.22 ServiceIntl SCI 55.81 -0.50 Trip.com TCOM 32.94 -0.21
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. FMC FMC 66.16 -1.08 IllinoisToolWks ITW 225.41 -9.89 MartinMarietta MLM 414.31 -22.77 ParkerHannifin PH 378.98 -23.85 ServiceNow NOW 550.68 -17.79 TruistFinl TFC 28.74 -1.08
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FTI Consulting FCN 190.60 1.52 t Illumina ILMN 124.45 -7.42 MarvellTech MRVL 51.47 -1.70 Paychex PAYX 118.27 -0.87 Shell SHEL 68.49 0.01 Twilio TWLO 56.02 -2.11
that include primary market trades as well as quarters. FactSet FDS 443.80 -6.27 ImperialOil IMO 61.00 -0.05 Masco MAS 50.79 -1.76 PaycomSoftware PAYC 268.23 -7.00 SherwinWilliams SHW 242.29 -10.55 TylerTech TYL 379.40 -8.17
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. s FairIsaac FICO 914.70 -3.59 Incyte INCY 56.82 -0.37 Mastercard MA 393.21 -8.56 Paylocity PCTY 198.61 -5.18 ShinhanFin SHG 26.59 0.43 TysonFoods TSN 46.93 -0.27
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Fastenal FAST 58.79 -1.27 Informatica INFA 20.76 -0.64 MatadorRscs MTDR 65.33 0.42 PayPal PYPL 55.80 -1.36 ShockwaveMed SWAV 206.70 -3.26 UBS Group UBS 24.39 -0.68
Nasdaq ISE. standards FederalRealty FRT 88.87 -1.81 Infosys SHOP 52.84 -1.33 UDR UDR 35.81 -0.61
INFY 17.14 -0.21 MatchGroup MTCH 35.50 -0.93 Pearson PSO 11.09 -0.07 Shopify
The list comprises the 1,000 largest companies lf-Late filing FedEx FDX 243.61 -4.42 IngersollRand IR UHAL 53.89 -1.51
based on market capitalization. q-Temporary exemption from Nasdaq 62.39 -3.27 Mattel MAT 21.04 -0.36 PembinaPipeline PBA 30.58 -0.44 SimonProperty SPG 108.55 -1.60 U-Haul
Ferguson FERG 159.83 -7.75 Insulet PODD 144.87 3.49 McCormick MKC 61.21 -0.65 PenskeAuto PAG 152.38 0.65 SiriusXM SIRI 4.60 -0.12 U-Haul N UHAL/B 50.54 -2.26
Underlined quotations are those stocks with requirements.
Ferrari RACE 303.49 -6.08 Intel INTC 35.64 -0.42 McDonald's MCD 256.03 4.89 Pentair PNR 62.52 -2.20 SiteOneLandscape SITE 142.49 -13.40 US Foods USFD 37.42 -0.44
large changes in volume compared with the t-NYSE bankruptcy
issue’s average trading volume. v-Trading halted on primary market. FidNatlFinl FNF 39.31 -0.95 InteractiveBrkrs IBKR 82.89 -3.56 McKesson MCK 455.72 0.47 Penumbra PEN 206.83 0.77 SkechersUSA SKX 49.19 -1.29 UWM UWMC 4.99 -0.24
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FidNatlInfo FIS 51.86 -1.75 ICE ICE 109.64 -2.12 Medpace MEDP 231.02 -10.23 PepsiCo PEP 162.03 1.66 Skyworks SWKS 94.22 -1.44 Uber UBER 43.00 -1.38
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, FifthThirdBncp FITB 24.64 -0.67 InterContinentl IHG 74.66 -0.30 Medtronic MDT 72.70 -0.11 PerformanceFood PFGC 55.77 -0.34 SmithAO AOS 68.47 -3.36 Ubiquiti UI 118.14 -3.96
previous closing price was $2 or higher. or securities assumed by such companies. FirstCitizBcshA FCNCA 1356.43 -22.93 IBM IBM 139.97 -0.35 MercadoLibre MELI 1211.70 -28.95 s PermianRscs PR 15.24 0.08 t Smith&Nephew SNN 22.55 -0.35 UiPath PATH 16.25 -0.45
FirstSolar FSLR 153.13 -4.93 IntlFlavors IFF 66.99 -0.57 Merck MRK 101.99 -2.18 s PetroleoBrasil PBR 16.52 0.36 Smucker SJM 114.81 0.87 t UltaBeauty ULTA 372.50 -11.16
FirstEnergy FE 35.82 -0.26 IntlPaper IP 35.26 -0.25 MetaData AIU 1.00 -0.02 s PetroleoBrasilA PBR.A 15.27 0.30 Snap SNAP 9.60 -0.09 Unilever UL 48.36 -0.02
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Fiserv FI 113.08 -1.91 Interpublic IPG 29.03 -1.06 MetaPlatforms META 316.97 -7.03 t Pfizer PFE 31.41 -1.34 Snap-On SNA 250.35 -8.69 UnionPacific UNP 205.92 -5.42
changes in the closing prices from 4 p.m. the previous day. FiveBelow FIVE 175.88 -0.44 Intuit SNOW 153.23 -6.16 t UnitedAirlines UAL 36.24 -3.88
INTU 527.42 -11.36 MetLife MET 63.08 -0.86 PhilipMorris PM 93.21 -0.18 Snowflake
FleetCorTech FLT 247.76 -3.89 IntuitiveSurgical ISRG 275.52 0.15 t Mettler-Toledo MTD 1010.00 -35.23 Phillips66 PSX 116.25 2.34 SOQUIMICH SQM 55.44 -4.01 UnitedMicro UMC 7.40 0.06
Wednesday, October 18, 2023 Net Net Flex FLEX 25.66 -0.28 InvitatHomes INVH 32.20 -0.52 MicrochipTech MCHP 77.99 -0.92 PinnacleWest PNW 75.72 -0.46 SoFiTech SOFI 7.77 -0.48 UPS B UPS 153.82 -3.36
Net Stock Sym Close Chg Stock Sym Close Chg Floor&Decor FND 85.74 0.83 IonisPharm IONS 45.98 -2.53 MicronTech MU 69.14 0.14 Pinterest PINS 26.83 -1.17 SolarEdgeTech SEDG 120.78 -6.87 UnitedRentals URI 429.34 -23.70
Stock Sym Close Chg BarrickGold GOLD 16.54 0.12 t Cognex FomentoEconMex FMX 103.37 -2.53 IronMountain IRM 59.99 -1.70 Microsoft MSFT 330.11 -1.95 PioneerNatRscs PXD 255.23 3.39 Sony SONY 84.10 -1.61 US Bancorp USB 33.37 -1.52
CGNX 37.03 -1.55 FordMotor F 11.75 -0.29 ItauUnibanco ITUB 5.27 -0.15 MidAmApt MAA 131.95 -1.90 PlainsAllAmPipe PAA 15.70 0.12 Southern SO 66.60 -0.51 US Steel X 32.46 -0.74
Bath&BodyWks BBWI 32.02 -0.58 CognizantTech CTSH 66.03 -1.14 Fortinet
A B C BaxterIntl BAX 32.06 0.22 CoinbaseGlbl COIN 73.93 -3.53 Fortis
FTNT 57.67 -0.98
FTS 39.59 -0.46 J K L
Middleby MIDD 121.37 -4.17 PlainsGP PAGP 16.27 0.08 SoCopper SCCO 71.11 -2.72 UnitedTherap UTHR 230.31 -6.46
POOL 336.74 -15.48 t SouthwestAir LUV 24.70 -1.09 UnitedHealth UNH 536.06 -0.59
MitsubishiUFJ MUFG 8.26 -0.07 Pool
AECOM ACM 79.96 -3.79 BectonDicknsn BDX 259.40 0.10 ColgatePalm CL 73.07 0.99 Fortive FTV 72.08 -3.06 MizuhoFin MFG 3.41 0.01 Primerica PRI 207.72 -4.69 s SouthwesternEner SWN 7.25 -0.08 UnitySoftware U 27.50 -1.47
BGNE 167.54 -4.01 Comcast A CMCSA 44.02 -0.34 FortuneBrands FBIN 58.74 -2.39 t JD.com JD 25.88 -0.77
AES AES 13.87 0.12 BeiGene Mobileye MBLY 35.85 -0.76 PrincipalFinl PFG 70.61 -1.84 Splunk SPLK 148.01 0.20 UnivDisplay OLED 162.22 -0.88
BentleySystems BSY 53.08 -0.90 SABESP SBS 11.74 -0.41 FoxA FOXA 31.56 -0.35 JPMorganChase JPM 145.91 -1.62
Aflac AFL 80.35 -1.05 t Moderna MRNA 86.01 -0.32 ProcoreTech PCOR 65.23 -4.05 Spotify SPOT 148.92 -8.41 UniversalHealthB UHS 128.03 0.70
WRB 65.24 -0.85 ConagraBrands CAG 27.38 -0.30 FoxB FOX 29.02 -0.39 Jabil JBL 135.40 -2.02
AGCO AGCO 115.58 -5.28 Berkley MolinaHealthcare MOH 360.12 0.15 Procter&Gamble PG 150.03 3.77 StanleyBlackDck SWK 79.48 -4.33 UnumGroup UNM 51.19 -0.48
BerkHathwy B BRK.B 340.89 -4.50 Confluent CFLT 29.70 -0.83 Franco-Nevada FNV 139.90 -0.99 JackHenry JKHY 147.08 -1.95
Ansys ANSS 290.48 -7.21 MolsonCoorsB TAP 59.28 0.14 s Progressive PGR 159.18 0.24 Stantec STN 62.23 -3.30 VF VFC 18.68 0.23
JacobsSolns J 135.17 -4.48
APA APA 42.99 0.56 BerkHathwy A BRK.A 518145-9604.99 ConocoPhillips COP 126.59 1.13 FranklinRscs BEN 22.89 -0.44 monday.com MNDY 139.27 -5.34 Prologis PLD 104.38 -3.75 Starbucks SBUX 93.75 -0.43 VICI Prop VICI 28.74 -0.53
ASE Tech ASX 7.75 -0.06 BerryGlobal BERY 56.91 -1.29 ConEd ED 88.28 -0.62 FreeportMcM FCX 35.61 -0.87 JamesHardie JHX 25.41 -1.32 Mondelez MDLZ 64.15 0.61 PrudentialFinl PRU 94.81 -2.12 StateStreet STT 68.63 1.37 VailResorts MTN 222.88 -2.05
ASML ASML 583.25 -25.38 BestBuy BBY 70.20 -0.83 ConstBrands A STZ 233.43 -4.37 FreseniusMed FMS 17.18 -0.27 JazzPharm JAZZ 132.58 -0.15 MongoDB MDB 358.68 -7.02 Prudential PUK 21.22 -0.46 SteelDynamics STLD 103.41 -3.37 Vale VALE 12.90 -0.56
Bio-Techne TECH 66.31 -2.05 s ConstellationEner CEG 116.07 -1.08 FullTruck YMM 7.01 -0.09 JefferiesFinl JEF 32.65 -1.53 MonolithicPower MPWR 461.06 -15.50 PublicServiceEnt PEG 60.19 -0.62
AT&T T 14.32 -0.26
t Bio-RadLab A BIO 314.00 -27.05 Cooper J&J JNJ 152.73 -3.36 Stellantis STLA 19.71 -0.35 ValeroEnergy VLO 134.03 3.31
AbbottLabs ABT 95.56 3.42 COO 326.85 -3.18 Futu FUTU 62.14 -0.23 MonsterBev MNST 49.84 0.05 PublicStorage PSA 266.63 -6.39 VeevaSystems VEEV 206.20 -1.74
t JohnsonControls JCI 50.54 -2.27 Steris STE 221.94 -1.10
ABBV 149.28 0.10 Biogen BIIB 263.50 -3.93 Copart CPRT 45.23 -1.43 VTR 43.17 -0.46
AbbVie JuniperNetworks JNPR 25.53 -0.57 Moody's MCO 314.02 -7.38 PulteGroup PHM 71.80 -1.66 Stevanato STVN 33.84 -0.08 Ventas
AcadiaHealthcare ACHC 77.49 -1.27 BioMarinPharm BMRN 85.40 -1.27 Core&Main CNM 30.42 -1.58 G H I t MorganStanley MS 74.88 -5.45 PureStorage PSTG 34.27 -1.20 StifelFinancial SF 58.73 -1.91 VeriSign VRSN 213.04 -1.23
t BioNTech BNTX 94.38 -2.21 CorebridgeFin CRBG 21.60 ... KB Financial KB 42.10 0.39
t Qiagen QGEN 37.84 -1.07 STMicroelec STM 41.79 -1.03 VeriskAnalytics VRSK 238.13 -1.78
Accenture ACN 303.77 -4.48
Birkenstock BIRK 38.50 -0.78 t Corning GLW 27.60 -0.59
GE HealthCare GEHC 65.23 -1.57 KBR KBR 60.56 -1.11 Morningstar MORN 229.85 -4.67
MOS 36.68 -0.45 Qorvo QRVO 91.70 -1.06 Stryker SYK 270.18 1.37 Verizon VZ 31.05 -0.46
Adobe ADBE 557.87 -2.22
BlackRock BLK 616.69 -19.41 Corteva CTVA 51.23 -0.33
GFLEnvironmental GFL 30.41 -0.62 KKR KKR 57.95 -2.49 Mosaic
Qualcomm QCOM 110.98 -1.22 SumitomoMits SMFG 9.73 -0.04 VertexPharm VRTX 367.55 -5.95
AdvDrainageSys WMS 113.47 -4.69
Blackstone BX 102.30 -3.03 CoStar CSGP 77.66 -2.14
GSK GSK 36.29 -0.38 KLA KLAC 479.40 -6.95 MotorolaSol MSI 288.22 -1.63
AdvMicroDevices AMD 102.17 -2.97 GXO Logistics GXO 52.60 -2.65 MurphyOil MUR 47.63 0.29 QuantaServices PWR 172.04 -7.36 SunComms SUI 106.06 0.18 Vertiv VRT 38.75 -2.44
BlockHR HRB 43.36 -0.57 s Costco COST 574.64 0.30 Kanzhun BZ 15.35 -0.30
Aegon AEG 4.77 -0.09 AJG 234.34 -1.69 KarunaTherap KRTX 170.91 -7.28 s MurphyUSA MUSA 370.27 3.74 QuestDiag DGX 122.79 -0.50 SunLifeFinancial SLF 48.13 -0.96 Viatris VTRS 9.37 -0.06
Block SQ 44.58 -1.32 CoterraEnergy CTRA 29.71 0.31 Gallagher
AerCap AER 58.78 -2.11 Gaming&Leisure GLPI 46.38 -0.81 Kellanova 50.31 -0.31 NICE NICE 159.83 -5.70 SuncorEnergy SU 34.53 0.17 t VinFastAuto VFS 5.97 -0.49
AgilentTechs A 108.61 -3.79
BlueOwlCapital OWL 13.02 -0.32 Coty COTY 9.77 -0.18
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Booking BKNG 2850.24-128.16 Credicorp Gartner IT 349.82 -1.91 KeurigDrPepper KDP 28.79 0.01 NNN REIT NNN 35.73 -0.83 RBC Bearings RBC 222.19 -22.62 Suzano SUZ 11.06 -0.38 Visa 237.47 -3.73
AgnicoEagleMines AEM 49.28 -0.04 BAP 125.99 -0.19 NOV 20.82 -0.24 RB Global Vistra VST 32.42 -0.15
BoozAllen BAH 125.30 -3.38 CrowdStrike CRWD 187.79 0.65 GenDigital GEN 17.60 -0.10 KeyCorp KEY 10.68 -0.40 NOV RBA 64.77 -2.31 SynchronyFinl SYF 29.90 -0.60
AirProducts APD 283.38 -7.52 GeneralDynamics GD 239.81 -1.46 t KeysightTech KEYS 126.01 -3.33 NRG Energy NRG 41.47 -0.55 RELX SNPS 485.73 -6.32 VMware VMW 166.25 1.15
BorgWarner BWA 38.50 -0.97 CrownCastle CCI 90.93 -2.47 RELX 35.04 -0.34 Synopsys
Airbnb ABNB 122.17 -3.54 GeneralElec GE 107.57 -2.45 KimberlyClark KMB 123.43 1.66 NVR NVR 5746.59 -93.41 RPM Sysco SYY 65.18 0.32 Vodafone VOD 9.48 -0.05
BostonProps BXP 56.59 -1.57 CrownHoldings CCK 81.20 -1.51 RPM 95.21 -2.12
AkamaiTech AKAM 107.11 -0.53 NXP Semicon NXPI 193.20 -4.52 VoyaFinancial VOYA 67.85 -1.41
BSX 50.71 0.25 CubeSmart CUBE 37.24 -0.99 GeneralMills GIS 63.20 0.22 KimcoRealty KIM 17.22 -0.40 RTX RTX 74.24 0.35
Albemarle ALB 152.89 -16.59
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BABA 83.01 -0.90 BrookfieldAsset BAM 31.53 -1.18 NTES 104.05 0.28 RealtyIncome O
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TU 16.41 -0.35 WEX WEX 192.27 -2.80
AlignTech BN 32.04 -1.05
t Gerdau GGB 4.28 -0.16 Philips PHG 18.54 -0.48 Netflix Ternium TX 37.80 -1.11 W.P.Carey WPC 53.82 -1.66
Allegion ALLE 100.07 -5.52 t BrookfieldInfr BIP 24.46 -1.23 DTE Energy DTE 97.11 -1.42 GileadSciences GILD 79.67 -0.81 KoreaElecPwr KEP 6.20 -0.12 Neurocrine NBIX 112.22 -1.97 RegencyCtrs REG 59.70 -1.05
TFI Intl TFII 119.03 -4.98 WPP WPP 43.23 -0.68
AlliantEnergy LNT 49.82 -0.20 BrookfieldRenew BEPC 22.71 -0.65 Danaher DHR 204.80 -7.14 GitLab GTLB 46.54 -1.84 KraftHeinz KHC 31.73 0.22 NewFortressEner NFE 32.66 -0.72 RegenPharm REGN 826.03 -10.82 TIM TIMB 15.24 -0.13 Wabtec WAB 101.66 -3.94
Allstate ALL 127.41 -0.51 Brown&Brown BRO 68.85 -0.16 Darden DRI 140.72 -0.09 GlobalPayments GPN 115.05 -1.14 Kroger KR 44.23 -0.26 NewOrientalEduc EDU 61.92 -0.07 RegionsFinl RF 16.54 -0.25 TJX TJX 90.45 -0.16 WalgreensBoots WBA 21.25 -1.60
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AlnylamPharm ALNY 165.08 -0.90 Brown-Forman B BF.B 55.78 0.09 Datadog DDOG 88.29 -2.12 Globant GLOB 189.56 -9.43 LPL Financial LPLA 232.74 -5.33 NYTimes A NYT 42.37 -1.41 RelianceSteel RS 253.78 -8.01
T-MobileUS TMUS 139.69 -3.08 WarnerBrosA WBD 10.58 -0.34
Alphabet C GOOG 139.28 -1.71 Bruker BRKR 60.17 -2.50 DaVita DVA 78.74 2.36 GlobeLife GL 114.77 -1.32 L3HarrisTech LHX 179.55 1.25 Newmont NEM 39.92 -0.55 s RenaissanceRe RNR 223.03 1.24
TPG TPG 29.21 -0.83 WarnerMusic WMG 32.30 -0.59
Alphabet A GOOGL 137.96 -1.76 BuildersFirst BLDR 111.90 -6.25 DeckersOutdoor DECK 511.96 -6.95 GlobusMedical GMED 53.88 -1.26 LabCorp.ofAmerica LH 201.75 -1.20 s NewsCorp A NWSA 21.89 -0.34 RentokilInit RTO 35.71 -0.81 t
T.RowePrice TROW 98.05 -2.70 WasteConnections WCN 137.70 -1.47
Altria MO 43.12 -0.07 Bunge DE 382.23 -8.89 GoDaddy GDDY 75.99 -0.36 LamResearch LRCX 642.24 -7.71 s NewsCorp B NWS 22.63 -0.36 Repligen
BG 105.31 0.19 Deere RGEN 142.51 -3.37 TaiwanSemi TSM 89.60 -1.40 WasteMgt WM 159.05 -1.01
Amazon.com AMZN 128.13 -3.34 BurlingtonStrs BURL 123.35 -2.59 DellTechC DELL 66.89 -1.01 GoldFields GFI 14.22 -0.12 LamarAdv LAMR 83.69 -1.83 NextEraEnergy NEE 53.24 -0.93 RepublicSvcs RSG 147.22 -0.87 TakeTwoSoftware TTWO 142.50 -2.36 t Waters WAT 248.51 -8.11
Ambev ABEV 2.45 -0.07 CACI Intl CACI 335.59 -6.19 DeltaAir DAL 33.14 -1.54 t GoldmanSachs GS 301.96 -7.40 LambWeston LW 86.53 -0.38 Nike NKE 103.77 0.76 ResMed RMD 142.43 0.59 TakedaPharm TAK 14.63 -0.28 Watsco WSO 368.17 -17.70
Amcor AMCR 8.66 -0.19 CBRE Group CBRE 69.80 -1.71 DentsplySirona XRAY 32.34 0.22 Grab GRAB 3.33 -0.10 LandstarSystem LSTR 173.02 -8.28 NiSource NI 25.98 -0.15 RestaurantBrands QSR 64.31 0.07
Tapestry TPR 28.60 -0.46 Watsco B WSOB 375.00 -11.05
Amdocs DOX 81.34 -0.48 CCC Intelligent CCCS 12.51 -0.19 DeutscheBank DB 10.33 -0.32 Graco GGG 71.22 -3.54 LasVegasSands LVS 44.60 -0.72 Noble NE 47.69 -0.77 t Revvity RVTY 101.58 -4.06 TargaResources TRGP 87.51 -0.34 WeatherfordIntl WFRD 94.46 -2.09
Ameren AEE 78.49 0.09 CDW Grainger GWW 711.86 -26.30 LatticeSemi LSCC 75.04 -1.40 t Nokia NOK 3.39 -0.10 RexfordIndlRealty REXR 47.10 -1.34
CDW 206.16 -2.74 DevonEnergy DVN 50.08 0.15 Target TGT 110.21 -2.35 WebsterFin WBS 39.32 -1.42
t AmericaMovil AMX 16.38 -0.76 CF Industries CF 84.74 -1.81 DexCom DXCM 84.12 3.63 GraphicPkg GPK 21.40 -0.29 Lear LEA 132.23 -3.93 Nomura NMR 3.94 -0.08 RioTinto RIO 62.42 -1.95 TechnipFMC FTI 20.86 0.03 WellsFargo WFC 41.53 -0.45
t AmerAirlines AAL 11.36 -0.58 CGI A DEO 152.31 -1.17 Grifols GRFS 8.55 -0.22 LegendBiotech LEGN 67.20 -0.52 Nordson NDSN 217.47 -6.71 Rivian
GIB 98.56 -0.41 Diageo RIVN 18.09 -1.81 TeckResourcesB TECK 41.03 0.07 Welltower WELL 85.76 -0.80
AEP AEP 75.17 -0.50 t CH Robinson CHRW 83.78 -2.43 s DiamondbkEner FANG 169.92 1.45 GpoAeroportuar PAC 131.77 -1.44 Leidos LDOS 94.27 -1.20 NorfolkSouthern NSC 203.44 -4.39 RobertHalf RHI 75.55 -1.42 TelecomArgentina TEO 6.01 0.34 WescoIntl WCC 132.80 -6.10
AmerExpress AXP 151.53 -2.86 CME Group CME 215.99 -0.51 Dick's DKS 110.07 -1.30 GpoAeroportSur ASR 213.11 -4.28 Lennar B LEN.B 100.31 -2.32 t NorthernTrust NTRS 65.94 -4.67 Robinhood HOOD 9.21 -0.39 TeledyneTech TDY 398.85 -11.18 WestPharmSvcs WST 375.05 -11.53
AmericanFin AFG 111.05 -1.10 CMS Energy CMS 53.95 -0.34 DigitalRealty DLR 120.56 -2.73 Guidewire GWRE 90.24 -1.47 Lennar A LEN 106.78 -2.85 NorthropGrum NOC 490.76 1.76 Roblox RBLX 30.19 -0.81 Teleflex TFX 191.82 -2.25 WesternDigital WDC 44.45 0.31
AmHomes4Rent AMH 34.57 -0.42 CNA Fin HCA Healthcare HCA 242.51 -1.46 LennoxIntl 361.73 -16.72 NorwegCruise NCLH 14.32 -0.82 RocketCos.
CNA 41.06 -0.38 DiscoverFinSvcs DFS 91.85 -1.17 LII RKT 7.50 -0.36 t Ericsson ERIC 4.48 -0.14 WesternMidstrm WES 27.66 0.15
AIG AIG 62.60 -0.58 CNH Indl Disney DIS 84.68 -1.52 t HDFC Bank HDB 57.40 -0.84 LiAuto LI 32.75 -0.65 Novartis NVS 96.10 -0.39 Rockwell
CNHI 11.56 -0.42 ROK 275.57 -14.98 TelefonicaBras VIV 9.05 -0.04 Westlake WLK 120.73 -4.38
AmerTowerREIT AMT 162.78 -4.13 CRH DOCU 41.65 -0.83 HF Sinclair DINO 57.28 1.53 LibertyBroadbandA LBRDA 93.88 -0.40 NovoNordisk NVO 100.57 -0.59 RogersComm B RCI
CRH 55.52 -2.47 DocuSign 37.90 -0.97 Telefonica TEF 4.04 -0.04 WestRock WRK 37.14 -0.01
AmerWaterWorks AWK 118.14 -2.16 CSX DLB 80.79 -1.22 HP HPQ 27.04 -0.06 LibertyBroadbandC LBRDK 93.90 -0.42 NuHoldings NU 7.71 -0.17 RoivantSciences ROIV 9.87 -0.32 TelekmIndonesia TLK 23.64 -0.60 Weyerhaeuser WY
CSX 30.67 -0.70 DolbyLab 29.70 -0.34
AmericoldRealty COLD 27.60 -1.14 CVS Health CVS 71.09 -0.92 DollarGeneral DG 116.02 -1.31 HSBC HSBC 39.67 -0.42 LibertyGlobal C LBTYK 18.06 -0.34 Nucor NUE 145.11 -4.45 Roku ROKU 62.10 -6.33 TempurSealy TPX 40.86 -1.16 WheatonPrecMet WPM 42.98 -0.19
Ameriprise AMP 323.56 -11.50 CadenceDesign CDNS 246.56 -3.46 DollarTree DLTR 113.75 -1.62 H World HTHT 34.40 -0.49 LibertyGlobal B LBTYB 16.68 -0.30 Nutanix NTNX 37.53 -0.87 Rollins ROL 35.92 -0.59 Tenaris TS 33.39 -0.24 Whirlpool WHR 130.30 -0.61
Ametek AME 143.96 -5.79 CAE 40.76 -1.15 Haleon HLN 8.26 -0.08 LibertyGlobal A LBTYA 16.63 -0.34 Nutrien NTR 61.35 -0.98 RoperTech
CAE 21.51 -1.17 DominionEner D ROP 492.90 -7.03 TencentMusic TME 6.84 0.08 Williams WMB 35.65 -0.25
Amgen AMGN 283.58 -0.84 CaesarsEnt CZR 42.52 -1.35 Domino's DPZ 345.12 -5.37 s Halliburton HAL 43.13 0.09 LibertyFormOne A FWONA 61.57 -1.30 nVentElectric NVT 49.32 -2.88 RossStores ROST 117.24 -0.76 Teradyne TER 94.08 -2.44 Williams-Sonoma WSM 160.33 -3.13
Amphenol APH 81.54 -2.12 CamdenProperty CPT 95.34 -2.24 Donaldson DCI 59.44 -2.46 HartfordFinl HIG 72.96 -0.04 LibertyFormOne C FWONK 69.44 -1.46 NVIDIA NVDA 421.96 -17.42 RoyalBkCanada RY 82.90 -1.78 Tesla TSLA 242.68 -12.17 WillisTowers WTW 211.42 -3.93
AnalogDevices ADI 171.27 -1.34 Cameco DASH 74.50 -1.38 Hasbro HAS 58.01 -0.40 LibertySirius B LSXMB 25.89 -0.10
CCJ 37.87 0.20 DoorDash RoyalCaribbean RCL 82.83 -3.67 TetraTech TTEK 162.43 -3.74 WillScotMobile WSC 40.52 -2.97
AngloGoldAsh AU 18.85 -0.16 CampbellSoup CPB 39.84 0.21 Dover DOV 135.83 -5.76 HealthpeakProp PEAK 17.01 -0.40 LibertySirius A LSXMA 25.52 -0.70 O P Q RoyalGold RGLD 111.06 -0.98 TevaPharm TEVA 8.46 -0.20 Wipro WIT 4.72 -0.16
AB InBev BUD 53.26 -0.76 CIBC DOW 50.08 -0.65 Heico HEI 163.73 -2.27 LibertySirius C LSXMK 25.60 -0.70
CM 37.13 -1.10 Dow RoyaltyPharma RPRX 27.46 -1.02 TexasInstruments TXN 151.82 -2.44 WoodsideEnergy WDS 23.25 0.16
AnnalyCap NLY 17.03 -0.55 CanNtlRlwy CNI 105.38 -3.56 DrReddy'sLab RDY 67.75 1.43 Heico A HEI.A 130.01 -1.61 Light&Wonder LNW 74.87 -0.71 OGE Energy OGE 34.08 -0.21
HenrySchein HSIC 70.67 -0.68 ONEOK OKE 68.64 -0.87 RyanSpecialty RYAN 45.93 -0.69 TexasPacLand TPL 1978.32 40.09 Woodward WWD 126.35 -4.66
AnteroResources AR 28.50 -0.22 s CanadianNatRscs CNQ 66.89 -0.20 DraftKings DKNG 28.56 -1.69 EliLilly LLY 607.24 -1.07 RYAAY 89.88 -2.41 Textron TXT 78.52 -1.36 WooriFinl
Hershey HSY 191.20 0.43 LincolnElectric LECO 175.89 -12.36 ON Semi ON 89.59 -2.10 Ryanair WF 27.83 -0.21
Aon AON 325.00 -2.54 CdnPacKC CP 70.92 -1.40 Dropbox DBX 27.62 -0.10 SAP 127.61 -2.88 t ThermoFisher TMO 467.26 -17.51 Workday
ApolloGlbMgmt APO 87.25 -0.86 CapitalOne COF 95.93 -2.11 DukeEnergy DUK 88.19 -0.77 s Hess HES 164.97 0.95 Linde OReillyAuto ORLY 930.50 -15.56 SAP WDAY 214.61 -3.46
LIN 371.40 -9.69
AppFolio APPF 181.11 -4.64 CardinalHealth CAH 93.80 0.76 Duolingo HessMidstream HESM 31.22 0.46 LithiaMotors LAD 267.48 -5.64 OccidentalPetrol OXY 66.50 0.97 S&P Global SPGI 359.90 -7.41 ThomsonReuters TRI 124.20 -2.27 WynnResorts WYNN 86.72 -3.58
DUOL 166.40 -4.40 OKTA 85.40 -0.78 SBA Comm SBAC 194.76 -5.65 3M MMM 88.40 -2.15 XP XP 20.74 -0.64
Apple AAPL 175.84 -1.31 Carlisle HewlettPackard HPE 16.68 -0.30 LiveNationEnt LYV 82.54 -1.94 Okta
CSL 256.72 -8.03 DuPont DD 74.22 -1.45
OldDomFreight ODFL 401.86 -15.28 SEI Investments SEIC 55.88 -1.25 Toast TOST 17.80 -0.65 XPO XPO 73.94 -3.02
ApplMaterials AMAT 141.45 -1.27 Carlyle Hilton HLT 152.28 -2.55 LloydsBanking LYG 2.04 -0.08
CG 28.94 -1.14 Dynatrace DT 47.81 -0.92 SK Telecom SKM 20.43 -0.08 Toll Bros TOL 70.48 -1.96 XcelEnergy XEL 59.33 -0.18
Applovin APP 38.95 -0.69 CarMax Hologic HOLX 67.91 -1.09 LockheedMartin LMT 446.07 4.94 OldRepublic ORI 27.46 -0.17
KMX 64.86 -3.61 EMCOR EME 196.45 -9.93 OmegaHealthcare OHI 34.13 -0.38 SS&C Tech SSNC 50.86 -1.37 TopBuild BLD 229.77 -10.21 XPeng XPEV 13.80 -1.58
Aptargroup ATR 126.78 -0.70 Carnival HomeDepot HD 290.24 -5.70 Loews L 64.95 -0.55
CCL 11.69 -0.81 ENI E 32.80 -0.25
OMC 75.33 -1.21 Saia SAIA 394.19 -12.45 Toro TTC 84.46 -3.02 Xylem XYL 90.34 -2.68
Aptiv APTV 92.01 -4.57 Carnival HondaMotor HMC 33.07 -0.70 LogitechIntl LOGI 70.79 -1.38 Omnicom
CUK 10.54 -0.75 EOG Rscs EOG 135.76 1.46 OnHolding ONON 25.24 -0.35 Salesforce CRM 204.83 -5.01 TorontoDomBk TD 58.62 -1.32 YPF YPF 13.50 -0.22
Aramark ARMK 26.73 -0.21 CarrierGlobal CARR 50.15 -2.75 EPAM Systems EPAM 235.02 -8.45 Honeywell HON 183.47 -2.85 Lowe's LOW 193.46 -4.69
HormelFoods HRL 31.86 -0.55 t OpenText OTEX 33.91 -0.59 Samsara IOT 23.56 -1.34 s TotalEnergies TTE 67.04 0.04 Yum!Brands YUM 120.99 1.55
ArcelorMittal MT 22.41 -0.93 Carvana CVNA 32.46 -2.03 EQT EQT 43.68 -0.58 Lucid LCID 4.53 -0.47 SNY 52.61 -1.18 ToyotaMotor TM 175.98 -2.24 YumChina
s ArchCapital ACGL 85.45 -1.17 CaseysGenStores CASY 269.01 -5.06 EastWestBncp EWBC 51.48 -1.86 DR Horton DHI 102.44 -2.49 Oracle ORCL 108.25 -0.79 Sanofi YUMC 53.13 0.23
lululemon LULU 405.61 -7.33
HostHotels HST 16.03 -0.29 Orange ORAN 11.57 -0.02 SareptaTherap SRPT 113.82 -4.83 TractorSupply TSCO 207.37 -0.04 ZTO Express ZTO 23.65 -0.36
ADM ADM 74.52 -0.68 Catalent CTLT 45.01 -0.70 EastGroup EGP 163.16 -3.19 LyondellBasell LYB 93.51 -1.24 Sasol SSL 13.63 -0.48 TradeDesk TTD 76.77 -2.82 ZebraTech ZBRA 209.12 -3.87
HoulihanLokey HLI 105.29 -2.71 Orix IX 89.67 -1.45
AresMgmt ARES 107.66 -1.86 Caterpillar CAT 259.22 -13.43 EastmanChem EMN 72.69 -1.74 HowmetAerospace HWM 44.35 -0.89 TW 83.01 -1.17 Zillow C
OtisWorldwide OTIS 78.85 -2.22 Schlumberger SLB 60.59 0.35 Tradeweb Z 40.97 -1.49
argenx ARGX 490.37 -7.08 Celanese CE 119.28 -2.93 Eaton ETN 202.41 -9.36
Hubbell HUBB 289.93 -9.72
M N Ovintiv OVV 51.28 0.11 SchwabC SCHW 51.84 -1.85 TraneTech TT 195.98 -13.21 Zillow A ZG 39.65 -1.45
AristaNetworks ANET 194.20 -1.21 CelsiusHldg CELH 172.06 -1.96 eBay EBAY 41.89 -0.67 HubSpot SE 45.66 -1.03 TransDigm TDG 841.91 -21.27 ZimmerBiomet ZBH 106.19 -0.40
HUBS 445.40 -23.34 M&T Bank MTB 121.33 -3.06 OwensCorning OC 123.53 -4.95 Sea
Arm ARM 51.90 -0.39 Cemex CX 6.09 -0.28 Ecolab ECL 162.25 -4.04 Humana Seagate STX 68.48 -0.46 TransUnion TRU 64.23 -2.79 Zoetis ZTS 169.54 -4.72
HUM 521.69 1.82 MGM Resorts MGM 35.63 -1.21 PDD PDD 105.33 0.48
ArrowElec ARW 114.46 -2.39 Cencora COR 189.55 2.10 Ecopetrol EC 12.42 -0.05 SGEN 214.85 -0.49 Travelers TRV 168.11 -1.25 ZoomVideo ZM
JBHunt JBHT 178.67 -17.34 MinisoGroup MNSO 25.59 -0.01 PG&E PCG 16.21 -0.14 Seagen 62.97 -0.87
AspenTech AZPN 192.89 -4.82 CenovusEnergy CVE 21.21 0.09 EdisonIntl EIX 65.60 -0.77 TRMB 51.57 1.08 ZoomInfoTech ZI
HuntingtonBcshs HBAN 10.11 -0.27 s MPLX MPLX 36.47 0.16 PNC Finl PNC 115.69 -3.44 SelectiveIns SIGI 106.44 -0.46 Trimble
s 17.09 -0.31
Assurant AIZ 152.22 -1.47 Centene CNC 72.98 0.86 EdwardsLife EW 69.71 -0.62 HuntingIngalls HII 223.01 0.05 MSCI SRE 70.42 -0.15 TriNet TNET 117.29 -2.63 Zscaler ZS 170.40 -1.89
MSCI 505.99 -9.81 POSCO PKX 91.51 -2.01 Sempra
AstraZeneca AZN 65.24 -4.04 CenterPointEner CNP 27.68 -0.26 s Elastic ESTC 81.82 1.18 HyattHotels H 105.45 -1.89 MagnaIntl MGA 51.38 -1.98 PPG Ind PPG 127.78 -3.67
Atlassian TEAM 194.01 -3.78 CentraisElBras EBR 6.68 -0.28 ElbitSystems ESLT 195.75 1.22 ICICI Bank IBN 22.37 -0.37 ManhattanAssoc MANH 201.65 -5.27 PPL PPL 24.07 -0.14
AtmosEnergy ATO 111.88 -0.85 CeridianHCM CDAY 72.52 -2.24 ElectronicArts EA 130.26 -0.77
Autodesk
Autoliv
ADSK 209.64 -4.35 ChampionX CHX 34.62 -0.15 ElevanceHealth ELV 469.31 3.62
ALV 93.10 -1.87 CharlesRiverLabs CRL 185.16 -6.79 EmersonElec EMR 93.70 -2.27
ICL Group
IdexxLab
ICL 5.19 -0.09 ManulifeFinl MFC 18.13 -0.43 PTC
IDXX 425.32 -10.77 Maplebear CART 25.41 0.89 Paccar
PTC 145.14 -1.03
PCAR 83.65 -1.34 Borrowing Benchmarks
ING Groep ING 13.03 -0.30 MarathonOil MRO 28.85 0.22 PackagingCpAm PKG 153.05 0.18
ADP ADP 248.26 -1.07 ChartIndustries GTLS 159.87 -6.30 Enbridge ENB 32.18 -0.41 IQVIA IQV 188.95 -10.05 MarathonPetrol MPC 153.99 2.65 PalantirTech PLTR 17.20 -0.64
wsj.com/market-data/bonds/benchmarks
AutoZone AZO 2629.40 -21.30 CharterComms CHTR 448.32 -4.36 EncompassHealth EHC 64.27 -0.47
ITT ITT 95.51 -4.96 Markel MKL 1498.17 -2.74 PaloAltoNtwks PANW 261.34 -0.40
Avalonbay AVB 175.45 -3.83 CheckPoint CHKP 137.39 1.90 t Endeavor EDR 18.19 -0.47 IcahnEnterprises IEP
Avangrid
Avantor
AGR 30.92 -0.50 Chemed CHE 518.45 -1.83 EnergyTransfer ET 13.93 0.09 Icon
AVTR 20.80 -0.75 CheniereEnergy LNG 175.64 2.39 EnphaseEnergy ENPH 123.84 -5.40
17.86 0.09 MarketAxess MKTX 236.44 -4.26 PampaEnergia PAM 43.40 -0.31
ICLR 226.64 -10.84 Marriott MAR 194.40 -3.11 ParamountB PARA 12.19 -0.27 Money Rates October 18, 2023
AveryDennison AVY 179.22 -5.05 CheniereEnerPtrs CQP 55.38 0.92 Entegris ENTG 95.07 -1.92
AvisBudget CAR 175.48 -4.80 ChesapeakeEner CHK 89.37 -0.22 Entergy ETR 94.73 -0.04 Key annual interest rates paid to borrow or lend money in U.S. and
AxonEnterprise AXON 219.53 -3.01 Chevron CVX 168.92 1.33 EnterpriseProd EPD 27.68 0.01 IPO Scorecard international markets. Rates below are a guide to general levels but
BCE BCE 37.40 -0.99 Chewy CHWY 17.20 -1.16 Equifax EFX 175.16 -5.70
BHP Group BHP 57.15 -1.24 Chipotle CMG 1840.73 11.22 Equinix EQIX 732.93 -9.99
Performance of IPOs, most-recent listed first don’t always represent actual transactions.
BILL BILL 103.64 -6.47 s ChordEnergy CHRD 170.49 0.27 Equinor EQNR 34.73 0.20 % Chg From % Chg From
BJ'sWholesale BJ 71.02 1.51 Chubb CB 215.16 -0.97 Equitable EQH 28.21 -0.31 Company SYMBOL Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Week —52-WEEK—
BP BP 40.72 -0.09 ChunghwaTel CHT 35.85 -0.36 EquityLife ELS 67.98 -0.03 IPO date/Offer price
Inflation Latest ago High Low
close ($) price close IPO date/Offer price close ($) price close
BWX Tech BWXT 77.43 -0.86 Church&Dwight CHD 90.25 1.13 EquityResdntl EQR 59.00 -1.16 Sept. index Chg From (%)
Baidu BIDU 114.71 -5.05 ChurchillDowns CHDN 111.92 -1.86 ErieIndemnity ERIE 306.69 -5.11 Birkenstock Holding 38.50 –16.3 –4.2 Spark I Acquisition 10.13 1.3 0.4 level Aug. '23 Sept. '22 Secondary market
BakerHughes BKR 35.72 0.11 Ciena CIEN 42.42 -1.48 EssentialUtil WTRG 33.39 -0.51 BIRK Oct. 11/$46.00 SPKLU Oct. 6/$10.00
Ball BALL 45.16 -0.41 Cigna CI 311.94 1.34 EssexProp ESS 215.62 -3.47
Global Mofy Metaverse 4.92 –1.6 –3.5 Maison Solutions 6.45 61.3 –28.0 U.S. consumer price index Fannie Mae
BancoBilbaoViz BBVA 8.01 -0.19 CincinnatiFinl CINF 102.54 -1.51 EsteeLauder EL 138.63 -4.04
BancoBradesco BBDO 2.46 -0.14 Cintas CTAS 508.19 -6.08 Etsy ETSY 67.90 -2.16 GMM Oct. 10/$5.00 MSS Oct. 5/$4.00 All items 307.789 0.25 3.7 30-year mortgage yields
BancodeChile BCH 19.83 -0.29 CiscoSystems CSCO 53.77 -0.17 s Everest EG 406.25 -1.79 La Rosa Holdings 2.53 –49.4 –27.7 VS Media 1.04 –79.2 –95.5 Core 310.817 0.23 4.1 30 days 7.387 6.995 7.387 5.244
BancSanBrasil BSBR 5.21 -0.09 Citigroup C 40.47 -0.73 Evergy EVRG 49.21 -0.88 LRHC Oct. 10/$5.00 VSME Sept. 28/$5.00 60 days 7.417 7.018 7.417 5.250
BcoSantChile BSAC 17.40 -0.10 CitizensFin CFG 25.59 -1.51 EversourceEner ES 54.49 -0.97
1.62 –59.5 9.5 Klaviyo 30.67 2.2 –6.4
International rates
BancoSantander SAN 3.65 -0.09 CivitasRscs CIVI 78.20 1.50 ExactSciences EXAS 65.48 -3.07 Primech Holdings
BanColombia CIB 25.44 0.16 CleanHarbors CLH 162.50 -2.17 Exelixis EXEL 21.35 -0.43 PMEC Oct. 10/$4.00 KVYO Sept. 20/$30.00 Other short-term rates
BankofAmerica BAC 27.31 -0.31 Cleveland-Cliffs CLF 14.39 -1.20 Exelon EXC 39.91 -0.15
Week 52-Week
BankMontreal BMO 79.81 -2.26 Clorox CLX 124.66 0.62 Expedia EXPE 98.91 -2.64 Quetta Acquisition 10.12 1.2 0.3 Davis Commodities 2.63 –34.3 –47.9 Latest ago High Low Week 52-Week
BankNY Mellon BK 43.15 -0.29 Cloudflare NET 62.43 -2.20 ExpeditorsIntl EXPD 117.18 -3.23 QETAU Oct. 6/$10.00 DTCK Sept. 19/$4.00 Latest ago high low
BankNovaScotia BNS 42.76 -1.20 Coca-Cola KO 54.05 -0.02 ExtraSpaceSt EXR 116.00 -2.79 Prime rates
Barclays BCS 7.35 -0.24 Coca-ColaEuro CCEP 57.82 -0.80 ExxonMobil XOM 112.95 1.56 Sources: Dow Jones Market Data; FactSet U.S. 8.50 8.50 8.50 6.25 Call money
Canada 7.20 7.20 7.20 5.45 7.25 7.25 7.25 5.00
Japan 1.475 1.475 1.475 1.475
New Highs and Lows Dividend Changes Policy Rates
Commercial paper (AA financial)
90 days n.a. 5.43 5.54 3.83
Euro zone 4.50 4.50 4.50 1.25
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Amount Payable / Switzerland 2.25 2.25 2.25 1.00 Secured Overnight Financing Rate
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Company Symbol Yld % New/Old Frq Record
session. % CHG-Daily percentage change from the previous trading session.
Britain 5.25 5.25 5.25 2.25 5.31 5.31 5.33 3.01
Increased Australia 4.10 4.10 4.10 2.60
Value 52-Week
Wednesday, October 18, 2023 Bank of Am Dep ser 4 BMLpJ 7.2 .4089 /.39695 Q Nov28 /Nov15 Latest Traded High Low
Overnight repurchase
52-Wk % 52-Wk % 52-Wk % Bank of America Pfd E BACpE 6.9 .3818 /.3623 Q Nov15 /Oct31
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Bank of America Pfd L U.S. 5.36 5.38 5.40 3.00 DTCC GCF Repo Index
BMLpL 6.4 .3924 /.37561 Q Nov21 /Nov01
11.07 0.2 Bank of America Pfd. 2 7.3 .4025 /.39056 Q Nov28 /Nov15 Treasury 5.319 23.126 5.399 3.024
Falcon'sBeyondGlbl FBYD 44.00 75.4 OxusAcqnA OXUS BMLpH
U.S. government rates
Highs GulfportEnergy GPOR 128.35 1.2 PointBiopharma PNT 13.03 2.5 Bank of America Pfd. G BMLpG 7.3 .40 /.3883 Q Nov28 /Nov15 MBS 5.376 71.150 5.418 3.068
AnteroMidstream AM 12.75 -0.3
Halliburton HAL 43.85 0.2 PerdoceoEduc PRDO 18.58 2.3
NuSTAR 7.625% Nts 2043 NSS 12.3 .7915 /.77752 Q Jan16 /Dec29 Discount Notes on data:
HealthwellAcqnI HWELU 11.18 8.0 PermianRscs PR 15.38 0.5
16.55 2.2 Permianville Royalty Tr 16.4 .006 /.0037 M Nov13 /Oct31 5.50 5.50 5.50 3.25
ArchCapital ACGL 87.51 -1.4 PVL
HealthwellAcqnI HWEL 11.88 -0.6 PetroleoBrasil PBR U.S. prime rate is the base rate on corporate
CNX Resources CNX 23.68 -1.1 loans posted by at least 70% of the 10 largest
Hess HES 167.26 0.6 PetroleoBrasilA PBR.A 15.30 2.0
CanadianNatRscs CNQ 67.70 -0.3
InflectionPtIIA IPXX 10.24 0.2 Progressive PGR 161.00 0.2
Stocks Federal funds U.S. banks, and is effective July 27, 2023. Other
ChordEnergy CHRD 172.19 0.2 KratosDefense KTOS 18.04 -0.7 RF Acqn Wt RFACW Oriental Culture Holding OCG 1:5 /Oct18 prime rates aren’t directly comparable; lending
CompassDigitalAcqn CDAQ 11.50 -0.5
0.08 75.6 Effective rate 5.3400 5.3400 5.3500 3.0900
LeonardoDRS DRS 19.51 2.2 RamacoRscsA METC 12.79 -1.1 REE Automotive REE 1:30 /Oct18 practices vary widely by location; Discount rate
ConcordAcqnIIWt CNDA.WS 0.33 -2.3 High 5.6500 5.6500 5.6500 3.2500 is effective July 27, 2023. Secured Overnight
LibertyEnergy LBRT 20.27 0.3 RangeResources RRC 35.80 -1.0 WaveDancer WAVD 1:10 /Oct18
ConstellationEner CEG 118.65 -0.9 MPLX MPLX 36.80 0.4 RenaissanceRe RNR 225.80 0.6 Low 5.3100 5.3000 5.3300 3.0500 Financing Rate is as of October 17, 2023. DTCC
Costco COST 577.30 0.1 M-tronInds MPTI 27.56 0.6 SeacorMarine SMHI 14.48 1.8 Foreign Bid 5.3300 5.3300 5.3300 3.0700 GCF Repo Index is Depository Trust & Clearing
DiamondbkEner FANG 171.40 0.9 MatrixService MTRX 12.99 -4.6 SelectiveIns SIGI 108.10 -0.4 Offer 5.3500 5.3600 5.3700 3.0900 Corp.'s weighted average for overnight trades in
EarthstoneEner ESTE 22.35 0.2
Embotell Andina A ADR AKO.A 7.5 .14417 Q Oct19 / applicable CUSIPs. Value traded is in billions of
MereoBioPharma MREO 2.05 7.8 Smith&Wesson SWBI 14.55 -0.5
Embotell Andina B ADR AKO.B 7.1 .15859 Q Oct19 / U.S. dollars. Federal-funds rates are Tullett
Elastic ESTC 83.96 1.5 MurphyUSA MUSA 370.73 1.0 SouthwesternEner SWN 7.53 -1.1 Treasury bill auction
EnergySvsofAmerica ESOA 4.90 0.2 NatureSunshine NATR 18.52 1.8 TetraTech TTI 6.77 -0.8 Sources: FactSet; Dow Jones Market Data Prebon rates as of 5:30 p.m. ET.
EnerTransferPfdE ETpE 25.05 0.1 NewsCorp B NWS 23.17 -1.6 TotalEnergies TTE
4 weeks 5.325 5.310 5.840 3.190
67.38 0.1 Sources: Federal Reserve; Bureau of Labor
Everest EG 410.74 -0.4 NewsCorp A NWSA 22.32 -1.5 VaronisSystems VRNS 34.17 -2.4KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 13 weeks 5.340 5.340 5.345 3.820 Statistics; DTCC; FactSet;
FairIsaac FICO 922.23 -0.4 NewtekOneNts2028 NEWTI 24.90 -0.2 Continued on Page B10 spin-off. 26 weeks 5.335 5.320 5.350 4.245 Tullett Prebon Information, Ltd.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
IntlIdxInstPrem 43.30 -0.67 5.1 SrsGlobal 12.79 -0.19 3.6 JPMorgan R Class MidCap 94.55 -2.04 6.6 PrmcpAdml r 154.28 -2.35 17.9 Welltn 39.58 -0.40 4.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 26.42 -0.40 27.1 SrsGroCoRetail 17.61 -0.34 27.9 CoreBond 9.62 -0.03 -2.2 NHoriz 50.20 -1.49 8.4 RealEstatAdml 105.73 -2.36 -6.7 WndsrII 40.33 -0.48 9.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 26.52 -0.56 2.6 SrsIntlGrw 15.02 -0.30 5.3 CorePlusBd 6.75 -0.02 -2.3 R2025 15.33 -0.15 4.9 SmCapAdml 88.75 -2.01 2.1 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 17.92 -0.25 13.8 SrsIntlVal 10.87 -0.17 8.4 Lord Abbett I R2030 23.12 -0.27 5.8 SmGthAdml 73.60 -1.84 4.9 ExtndIstPl 262.29 -6.09 6.5
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 8.41 -0.04 -2.8 TotalBond 8.88 -0.04 -1.6 ShtDurInc p 3.78 ... 2.4 R2040 26.36 -0.37 7.9 STBondAdml 9.78 -0.01 0.9 IdxIntl 16.89 -0.26 3.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 11.46 -0.21 5.5 Fidelity SAI Metropolitan West Schwab Funds STIGradeAdml 9.86 -0.01 1.6 MdCpGrAdml 83.13 -1.66 8.0
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 5.03 -0.05 -12.0 TotalBd 8.40 -0.04 -1.6 TotRetBdI NA ... NA 1000 Inv r NA ... NA STIPSIxAdm 23.55 -0.01 2.1 MdCpVlAdml 67.17 -1.21 -2.6
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 21.51 -0.47 -0.5 U.S.TreBdIdx 8.28 -0.03 -2.7 TRBdPlan NA ... NA S&P Sel NA ... NA TotBdAdml 9.00 -0.04 -2.7 SmValAdml 67.27 -1.40 0.2
TMktIdxInstPrem 119.26 -1.78 12.7 Fidelity Selects MFS Funds TSM Sel r NA ... NA TotIntBdIdxAdm 19.02 -0.04 1.8 TotBd2 8.89 -0.04 -2.8
TotalMarketIndex 15.07 -0.22 12.9 Semiconductors r 22.31 -0.56 53.1 IIE 29.52 -0.46 4.9 TIAA/CREF Funds TotIntlAdmIdx r 28.25 -0.43 3.3 TotIntlInstIdx r 112.97 -1.73 3.3
Wednesday, October 18, 2023 TtlIntIdxInstPr 12.08 -0.18 3.2 Softwr 25.49 -0.36 29.7 MFS Funds Class I EqIdxInst 30.59 -0.45 12.7 TotStAdml 103.73 -1.53 12.7 TotItlInstPlId r 112.99 -1.73 3.3
Net YTD Net YTD Net YTD USBdIdxInstPrem 9.66 -0.04 -2.9 Tech 25.26 -0.46 41.6 GrowthI 162.27 -2.95 22.7 IntlEqIdxInst 20.07 -0.32 5.1 TxMCapAdml 222.70 -3.29 13.7 TotSt 103.71 -1.53 12.6
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Freedom First Eagle Funds ValueI 46.88 -0.56 -0.6 LrgCpGrIdxInst 47.08 -0.72 27.0 TxMIn r 13.80 -0.21 4.1 VANGUARD INSTL FDS
GlbA 61.27 -0.40 5.7 Natixis Funds VANGUARD ADMIRAL DevMktsIndInst 13.82 -0.21 4.2
AB Funds Artisan Funds US CoreEq1 32.50 -0.48 10.3 FF2030 15.19 -0.18 3.8 USGroAdml 127.96 -2.62 26.3
MuniIncmShares 10.10 -0.05 -3.4 IntlVal Inst 42.56 -0.62 10.3 US CoreEq2 29.27 -0.45 9.0 FF2040 9.50 -0.13 7.3
Franklin A1 LSGrowthY 21.69 -0.41 33.2 500Adml 398.29 -5.41 13.8 ValAdml 53.67 -0.57 -0.1 DevMktsInxInst 21.60 -0.33 4.2
IncomeA1 2.15 -0.02 -0.7 Northern Funds BalAdml 41.37 -0.44 6.4 ExtndInst 106.28 -2.47 6.5
AB Funds - ADV Baird Funds US Small 38.83 -0.79 1.2 Freedom2025 K 12.04 -0.13 3.0 WdsrllAdml 71.56 -0.85 9.1
LgCpGrAdv 84.14 -1.16 20.3 AggBdInst 9.12 -0.04 -2.6 US SmCpVal 39.33 -0.77 1.4 Freedom2030 K 15.20 -0.17 4.0
FrankTemp/Frank Adv StkIdx 45.91 -0.62 13.8 CAITAdml 10.77 -0.03 -1.2
WellsIAdml 56.60 -0.41 -2.0
GrwthInst 142.15 -2.32 30.2
IncomeAdv 2.13 -0.02 -0.7 Old Westbury Fds CapOpAdml r 168.23 -2.79 15.1 InPrSeIn 9.06 -0.02 -1.6
American Century Inv CorBdInst 9.43 -0.04 -2.0 US TgdVal 27.57 -0.55 1.9 Freedom2035 K 13.24 -0.17 5.6
FrankTemp/Franklin A DivAppIdxAdm 42.37 -0.39 4.3
WelltnAdml 68.34 -0.70 4.8
InstIdx 360.35 -4.89 13.8
Ultra 70.14 -1.17 27.2 BlackRock Funds USLgVa 41.33 -0.58 1.2 Freedom2040 K 9.51 -0.13 7.2 LrgCpStr 15.74 -0.21 8.0 WndsrAdml 70.00 -1.03 3.3
Growth A 115.16 -2.35 12.7 Parnassus Fds EMAdmr 32.20 -0.46 0.7 InstPlus 360.34 -4.90 13.8
American Funds Cl A HiYldBd Inst 6.59 -0.02 4.8 Dodge & Cox Idx2030InsPre 17.43 -0.19 3.9
RisDv A 84.36 -0.88 2.7 EqIncAdml 82.03 -0.88 -1.0
VANGUARD FDS
ParnEqFd 52.74 -0.67 12.9 InstTStPlus 74.57 -1.10 12.7
AmcpA 34.32 -0.57 14.4 BlackRock Funds III Balanced 95.25 -0.82 4.7 Idx2035InsPre 19.72 -0.25 5.5 Guggenheim Funds Tru ExplrAdml 89.73 -2.00 3.3 DivdGro 34.47 -0.25 -1.3
MidCpInst 56.46 -1.07 2.4
AMutlA 47.94 -0.45 0.3 iShS&P500IdxK 506.13 -6.87 13.8 GblStock 13.89 -0.20 10.2 Idx2040InsPre 20.26 -0.29 6.9 PGIM Funds Cl Z IntlVal 37.19 -0.63 4.1
TotRtnBdFdClInst 22.06 -0.09 -1.5 ExtndAdml 106.29 -2.47 6.4 MidCpIstPl 278.46 -5.27 2.4
BalA 29.61 -0.27 4.0 BlackRock Funds Inst Income 11.66 -0.05 -1.5 Idx2045InsPre 21.11 -0.31 7.2 TotalReturnBond 11.14 -0.05 NA LifeCon 19.26 -0.16 2.7
Harbor Funds GNMAAdml 8.58 -0.06 -4.1 RealEstaInstl 16.36 -0.37 -6.7
BondA 10.65 -0.04 -3.7 EqtyDivd 18.12 -0.19 2.4 Intl Stk 46.12 -0.72 7.0 Fidelity Invest PIMCO Fds Instl LifeGro 38.08 -0.49 6.7
CapApInst 84.13 -1.55 34.1 GrwthAdml 142.14 -2.33 30.1 SmCapInst 88.75 -2.00 2.1
CapIBA 61.31 -0.51 -0.6 StratIncOpptyIns 8.95 -0.02 0.9 Stock 225.87 -2.89 6.8 Balanc 24.70 -0.26 9.2 Harding Loevner AllAsset 10.33 -0.05 NA
HlthCareAdml r 85.90 -1.46 -1.2 LifeMod 28.44 -0.29 4.7 SmCapIstPl 256.16 -5.79 2.1
CapWGrA 54.98 -0.73 8.0 TotRet 9.28 -0.05 NA DoubleLine Funds BluCh 152.01 -2.76 36.1 IntlEq 23.63 -0.40 0.9 TotRt 7.98 -0.04 NA
HYCorAdml r 5.04 -0.02 2.6 PrmcpCor 30.62 -0.50 12.7 STIGradeInst 9.86 -0.01 1.6
EupacA 50.67 -0.89 3.6 Calamos Funds TotRetBdI NA ... NA BluChpGr K6 23.60 -0.42 36.6 PIMCO Funds A STAR 25.14 -0.33 4.9
Invesco Funds A InfProAd 22.24 -0.04 -1.7 STIPSIxins 23.57 -0.01 2.1
FdInvA 66.41 -0.90 12.2 MktNeutI 14.60 -0.03 7.1 Edgewood Growth Instituti Contra 15.13 -0.22 27.0 EqIncA 9.80 -0.10 1.3 IncomeFd 9.98 -0.05 1.1 IntlGrAdml 90.70 -2.31 0.3 TgtRe2020 26.20 -0.20 3.3 TotBdInst 9.00 -0.04 -2.7
GwthA 59.41 -1.03 20.0 Columbia Class I EdgewoodGrInst 37.42 -0.76 19.6 CpInc 9.09 -0.04 5.0 Invesco Funds Y PIMCO Funds I2 ITBondAdml 9.58 -0.05 -2.6 TgtRe2025 17.40 -0.17 4.3 TotBdInst2 8.89 -0.04 -2.7
HI TrA 8.86 -0.03 3.1 DivIncom I 29.12 -0.24 2.2 Federated Hermes Int GroCo 29.07 -0.57 29.1 DevMktY 35.55 -0.51 1.7 Income 9.98 -0.05 1.3 ITIGradeAdml 7.94 -0.04 -1.5 TgtRe2030 32.96 -0.36 5.1 TotBdInstPl 9.00 -0.04 -2.7
ICAA 46.40 -0.57 13.6 Dimensional Fds TtlRtnBdI 8.88 -0.04 -3.3 InvGrBd 9.34 -0.05 -2.1 JHF III DispVal PIMCO Funds Instl LarCapAd 99.56 -1.36 14.4 TgtRe2035 20.48 -0.24 5.8 TotIntBdIdxInst 28.55 -0.05 1.8
IncoA NA ... NA 5GlbFxdInc 10.10 ... 3.8 Fidelity LowP 41.12 -0.53 2.6 DispValMCI 25.36 -0.48 3.8 IncomeFd 9.98 -0.05 1.4 LTGradeAdml 6.99 -0.07 -6.9 TgtRe2040 36.25 -0.46 6.6 TotStInst 103.74 -1.54 12.7
N PerA 52.71 -0.94 11.4 EmgMktVa 27.59 -0.27 7.1 500IdxInstPrem 149.82 -2.04 13.8 Magin 11.20 -0.20 17.2 John Hancock Price Funds MidCpAdml 255.59 -4.84 2.4 TgtRe2045 24.51 -0.33 7.4 ValueInst 53.67 -0.57 -0.1
NEcoA 50.06 -0.71 15.1 EmMktCorEq 20.80 -0.25 5.6 Contrafund K6 21.12 -0.30 25.6 NASDAQ 169.36 -2.79 28.4 BondR6 12.54 -0.07 -2.7 BlChip 138.18 -2.40 33.5 MuHYAdml 9.78 -0.04 -1.8 TgtRe2050 40.76 -0.57 7.8 WCM Focus Funds
NwWrldA 69.83 -1.04 5.1 IntlCoreEq 13.75 -0.21 4.2 ExtMktIdxInstPre 66.99 -1.56 6.4 OTC 16.35 -0.23 27.4 JPMorgan I Class DivGro 65.83 -0.80 3.6 MuIntAdml 12.90 -0.03 -1.2 TgtRe2060 41.87 -0.58 7.8 WCMFocIntlGrwIns 20.12 -0.48 2.3
SmCpA 57.12 -1.05 1.8 IntSmCo 17.03 -0.26 -0.2 FidSerInt 8.31 -0.03 0.7 Puritn 21.34 -0.26 5.5 CoreBond 9.60 -0.04 -2.3 Growth 80.99 -1.39 31.5 MuLTAdml 10.05 -0.03 -2.3 TgtRet2055 45.47 -0.63 7.8 Western Asset
TxExA 11.59 -0.04 -1.7 IntSmVa 19.30 -0.25 4.8 FidSerToMarket 14.20 -0.22 12.7 SAIUSQtyIdx 17.95 -0.21 18.3 EqInc 21.53 -0.20 -3.1 HelSci 85.85 -1.18 -4.4 MuLtdAdml 10.52 ... 0.5 TgtRetInc 12.32 -0.08 2.3 CoreBondI NA ... NA
WshA 53.62 -0.51 7.0 LgCo 29.44 -0.40 13.8 GrowthCompanyK6 19.61 -0.40 27.4 SrsEmrgMkt 16.19 -0.23 3.6 LgCpGwth 53.50 -0.97 19.6 LgCapGow I 59.91 -0.91 30.5 MuShtAdml 15.52 ... 1.6 WellsI 23.37 -0.17 -2.1 CorePlusBdI NA ... NA
 .

B10 | Thursday, October 19, 2023 * **** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Morgan Chinese Parent

Morgan Stanley’s quarterly Share-price performance over the past five days
net profit
$4.0 billion 4%

Stanley
Profit Falls
3.5

3.0
3Q 2023
$2.41B
2

0
Bank of
America
Of Smithfield
Readies U.S. IPO
2.5
JPMorgan
2.0 –2
Continued from page B1 Citigroup
on some of these capital trans- 1.5
actions.” –4 Goldman
Sachs
Wall Street banks enjoyed a 1.0 The Chinese parent of pork surged following the outbreak,
deal-making spree in the pan- –6
Morgan giant Smithfield Foods is and American pork producers
demic, fueled in part by buyout 0.5 Stanley working with banks to take the expanded farms and processing
firms and blank-check compa- 10-minute intervals 87-year-old business public plants as Chinese demand
0 –8
nies. Businesses flush with again in the U.S. boomed. U.S. exports began
cash and optimistic about the 2022 ’23 Oct. 12 13 16 17 18 Smithfield, the largest U.S. plummeting last year after
economy were eager to grow. Sources: the company (net income); FactSet (share-price performance) pork producer, could list its China rebuilt its hog popula-
Low rates made it cheap to shares as early as next year, ac- tion, creating an industrywide
borrow. environment as “a slow grind cording to people familiar with glut that is squeezing pork-in-
But things changed starting with some positive momentum the matter. Deliberations con- dustry profits. High livestock
early last year. The Fed began but obviously significant uncer- tinue, and the timing could feed prices following Russia’s
raising interest rates. Econo- tainty.” change, the people said. invasion of Ukraine have added
mists talked about a recession. Overall, Morgan Stanley on to the challenges, industry ex-
Corporate executives stepped Wednesday posted a profit of By Dave Sebastian, ecutives say.
back from completing deals or $2.41 billion, or $1.38 a share. Patrick Thomas WH had been in talks with
ANGUS MORDANT/BLOOMBERG NEWS

taking their companies public. That beat the $1.28 a share ex- and Ben Dummett bankers on ways to boost its
That slowdown has lasted lon- pected by analysts, according slumping valuation, people fa-
ger than many bankers had ex- to estimates compiled by Fact- Smithfield was acquired in miliar with the matter said.
pected. Set. Revenue rose 2% to about 2013 by China’s top meat pro- The U.S. IPO market recently
Globally across the industry, $13.3 billion, roughly in line ducer, which is known today as hosted some prominent listings
the total deal value of mergers with what analysts expected. WH Group. The $4.7 billion after an 18-month lull, with
and acquisitions during the Sandy Pomeroy, senior port- deal marked one of the biggest heavyweights like British chip
first three quarters of the year folio manager of the Neuberger takeovers of an American busi- designer Arm, grocery-delivery
fell about 28% compared with Berman equity income fund, The lender’s investment-banking revenue declined 27%. ness by a Chinese company at company Instacart and market-
the same period last year, ac- said she was “a little bit the time and resulted in the de- ing-automation platform
cording to Dealogic. shocked and dismayed” by the at Goldman. It was up at Citi- “This has been a story of listing of Smithfield, which Klaviyo offering their shares.
Executives across the indus- stock’s sharp drop. “All I can group and Bank of America. transformation into margin used to trade on the New York Smithfield’s Chinese owner-
try were cautious about pre- think about is that these are Morgan Stanley is usually growth in the wealth-manage- Stock Exchange. The combined ship has been a point of criti-
dicting when investment bank- not long-only people,” she said. protected in volatile spells by ment business and candidly company became the world’s cism in Washington, with law-
ing might bounce back. But Pomeroy, whose fund in- its business managing money those expectations on profits largest hog farmer and pork makers saying they want to
they also said they hoped that cludes Morgan Stanley and for wealthy clients. The bank and flows into wealth manage- producer and went public in ensure the U.S. food supply
corporate CEOs have now had Goldman shares, said she has built up that business over ment weren’t there,” said Char- Hong Kong in 2014 after rais- chain is protected and that
the time to adjust to the new thought the investment-bank- the past decade and relies on it lie Ryan, portfolio manager and ing more than $2.3 billion. China can’t use U.S. farmland
realities of the market. ing business would perk up heavily. In the third quarter, partner at Evercore Wealth WH’s shares have recently to facilitate spying. Smithfield
Jane Fraser, chief executive soon. Both banks “are at low the unit accounted for nearly Management, a Morgan Stanley languished and are trading Chief Executive Shane Smith
of Citigroup, noted that Citi’s points in the cycle right now half of total company revenue. shareholder. near a record low, giving WH a has said the concerns were
debt underwriting had shot and that’s the opportunity that Revenue in the wealth-man- Morgan Stanley’s retail-trad- market capitalization of more misplaced and that WH’s back-
higher in the quarter. “We’ve you’re buying.” agement business was up 5%, ing customers numbered 8.1 than $7 billion. The company ing has helped it boost sales.
seen clients who get off the Morgan Stanley’s invest- but some shareholders said million at the end of Septem- was valued at about $18 billion Virginia-based Smithfield
sidelines and just bite the bul- ment bank did post an increase they were disappointed. ber, up 4% from a year ago. But at its highest closing price in supplies hams and other fresh
let,” she said on a call last in equity underwriting, as did Net new assets in wealth those customers are trading 2018, until hog herds in China, pork cuts to grocers’ meat
week with analysts. most other big banks. management totaled $35.7 bil- less often. The average daily the world’s top pork consumer, cases and sells products under
Jeremy Barnum, JPMorgan’s Trading revenue fell 4%. lion, down 45% from a year ago number of retail trades the were devastated by an African brands including Armour,
chief financial officer, de- Trading revenue also slipped at and the lowest since the sec- company handled was about swine-fever outbreak that year. Farmland and Nathan’s Fa-
scribed the investment-banking JPMorgan and was roughly flat ond quarter of 2020. 735,000, down from 805,000. Pork exports from the U.S. mous.

Price of the defaulted Country Garden’s

Country Garden bond* monthly contracted sales
100 cents on the dollar 60 billion yuan

50
80

40
60
30
40
20

20
10

0 0
Feb. 2022 ’23 2021 ’22 ’23
*Shows the bid price of the company’s 6.15% bond, due in September 2025
Note: 10 billion yuan=$1.37 billion
Sources: Tradeweb (bond); the company (contracted sales)

Big China make the interest payment on

Sept. 17, but the terms of the
bond allowed the company a
TINGSHU WANG/REUTERS

Developer 30-day grace period before it

was officially in default. Inves-
tors had widely expected

Falters Country Garden to miss the

bond payment. It warned of
the possibility last week, Dozens of Chinese property companies have missed payments on their dollar bonds. A Country Garden project in Beijing.
blaming a sharp slowdown in
Continued from page B1 sales. It recently missed a pay- Wednesday afternoon in Hong Garden was still held up as a ternational liabilities. with an investor group, and
International investors have ment on a loan, and previ- Kong, according to Tradeweb. model developer by Chinese A debt restructuring by ultimately was abandoned
taken big losses, including dis- ously required a grace period Country Garden hopes to authorities. It received credit Country Garden would be “a when the developer said it
tressed-debt funds that picked to make payments on two find a “holistic” solution to its from state-owned banks and long road ahead for creditors,” couldn’t meet all the terms of
up some of the dollar bonds other dollar bonds. difficulties, a spokesperson said. sold shares in Hong Kong in said Nicholas Chen, an analyst the deal.
after prices plunged. In September, total sales at The company needs to continue late 2022 to raise money. Its at debt-research firm Credit- Country Garden’s founder
Only a handful of Chinese China’s largest 100 developers to operate to maximize the Hong Kong-listed shares have Sights. He pointed to previous and former chairman, Yeung
property companies that de- dropped 29% from the same amount it can return to all par- lost 72% since the beginning debt workouts by other large Kwok Keung, recently visited
faulted have paid investors month last year, according to ties, the spokesperson said. of the year. Chinese developers. the developer’s Shunde con-
back any money. Others are China Real Estate Information Country Garden had the The developer managed to Sunac China’s restructuring struction site, according to the
mired in protracted negotia- Corp., a private industry-data equivalent of $187 billion in extend the maturities on plan was approved by a Hong company’s official social-me-
tions. China Evergrande Group, provider. Country Garden’s total liabilities as of June this roughly $2 billion of domestic Kong court earlier this month, dia account. He hadn’t previ-
a large developer that defaulted sales plunged 81% to just $846 year, including $83 billion in yuan-denominated bonds. It around a year-and-a-half after ously made a public appear-
in late 2021, walked away from million last month. contract liabilities, mainly the has hired financial advisers to its default. China Evergrande’s ance for months after retiring
a $35 billion debt restructuring Most of the company’s dol- value of apartments it still has help it deal with its debt out- restructuring proposal re- in March. Yang Huiyan, his
agreement last month. lar bonds were bid below 5 to deliver to home buyers. side of China, a sign that it is quired lengthy negotiations daughter, is now Country Gar-
Country Garden was due to cents on the dollar on Until a year ago, Country planning to restructure its in- before it was finally agreed den’s sole chair.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Continued From Page B9 52-Wk % 52-Wk % Domo DOMO 8.76 -3.7 Genprex GNPX 0.31 -2.1 KartoonStudios TOON 1.26 -5.3 MySize MYSZ 0.69 -1.1 Phreesia PHR 15.55 -6.7 Sprott SII 28.94 -2.7
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DragonflyEnergyWt DFLIW 0.05 -11.3 GeorgiaPwrNt77 GPJA 20.75 -1.1 Kennedy-Wilson KW 13.41 -4.0 NanoVibronix NAOV 1.05 -5.4 PliantTherap PLRX 13.40 -8.3 StateStreetPfdG STTpG 21.83 -0.9
Stock Sym Hi/Lo Chg AvidBioservices CDMO DragonflyEnergy DFLI 1.17 -9.8 Gerdau GGB 4.27 -3.6 KeysightTech KEYS 125.79 -2.6 NearIntelligenceWt NIRWW 0.01 -1.4 PolarPower POLA 0.95 -1.0 StifelFinNts47 SFB 18.80 -0.4
7.48 -4.2 CN Energy CNEY 0.09 -5.9
DukeEnerDeb78 DUKB 22.09 -1.5 GlimpseGroup VRAR 1.10 -5.8 Klaviyo KVYO 30.01 -4.8 Neonode NEON 1.26 -9.1 PowerREIT PfdA PWpA 2.74 11.6 StryveFoods SNAX 2.40 -9.2
VistaEnergy VIST 33.09 -4.3 AvidityBio RNA 5.64 -6.0 Curo CURO 0.85 -6.7
DyneTherap DYN 7.32 -4.1 GlobeLifeDeb2061 GLpD 16.61 -1.4 KornitDigital KRNT 14.61 0.9 NeptuneWellness NEPT 0.92 -5.8 PowerbridgeTech PBTS 0.85 -3.7 Synlogic SYBX 2.22 -6.7
Aware AWRE 1.23 -6.1 CadenceBkPfdA CADEpA 16.14 0.7
EIDP$4.50Pfd CTApB GoldmanSachs GS KronosBio KRON 0.88 -0.2 NerdWallet NRDS 2.33 -7.4 SyraHealth SYRA 1.54 0.5
Lows
68.51 -0.9 301.48 -2.4 7.48 -7.5 PreludeTherap PRLD
Bally's BALY 9.20 -6.8 CadrenalTherap CVKD 0.60 1.1
EaglePointPfdB EICB 24.15 -1.6 GoPro GPRO 2.68 -5.9 KymeraTherap KYMR 11.52 -3.0 Netstreit NTST 14.20 -4.4 Prenetics PRE 0.40 4.4 SyrosPharm SYRS 2.13 -6.2
BankofAmPfdGG BACpB 23.06 -1.0 CanadaGoose GOOS 12.66 -4.7
89bio ETNB 6.75 -1.8 GossamerBio GOSS 0.60 -6.1 LCNB LCNB 13.31 -3.8 Neuraxis NRXS 2.75 1.6 PresidioProperty SQFT 0.60 -2.5 TelaBio TELA 5.80 -2.6
ARBIOT ARBB 1.31 -8.2 BankofAmPfdKK BACpM 20.65 ... CandelTherap CADL 0.82 3.3
EllingtonResiMtg EARN 5.59 -0.5 GrowGeneration GRWG 2.36 -10.1 LQR House LQR 0.13 -13.7 NextEraEnDebN NEEpN 22.58 -1.7 PrestigeWealth PWM 2.13 -26.3 TPG RE FinPfdC TRTXpC 13.80 -1.4
ArkoWt ARKOW 0.99 -6.6 BankofAmPfdLL BACpN 19.10 0.4 Canoo GOEV 0.31 -6.8
EmergentBiosol EBS 2.30 -8.0 GrupoTelevisa TV 2.53 -0.8 LakelandBcp LBAI 11.65 -3.2 NextPlayTech NXTP 0.75 -5.5 Procaps PROC 2.29 -10.5 T.RowePrice TROW 97.95 -2.7
AT&T Nts 2066 TBB 20.28 ... BkofAmericaPfdNN BACpO 16.40 -0.2 CapitalOnePfdI COFpI 16.35 -1.9
Endeavor EDR 18.12 -2.5 HDFC Bank HDB 57.18 -1.4 LandmarkBncp LARK 17.53 -2.6 99AcqnWt NNAGW 0.02 -12.8 ProKidney PROK 2.13 -16.9 Ericsson ERIC 4.43 -3.0
AadiBioscience AADI 3.92 -4.5 BankofAmPfdPP BACpP 15.50 -0.2 CapitalOnePfdJ COFpJ 15.74 -2.0
EnergyFocus EFOI 1.59 -5.5 Hookipa HOOK 0.51 1.1 Lanvin LANV 3.78 -1.5 NiuTech NIU 2.15 -8.0 ProSomnus OSA 0.83 -3.4 ThermoFisher TMO 466.87 -3.6
Adaptimmune ADAP 0.56 -6.7 BankofAmPfdQQ BACpQ 15.98 -0.7 CapitalOnePfdK COFpK 15.20 -1.6
EntergyBds66 EAI 19.81 -1.0 HallofFameResort HOFV 2.31 -13.5 LaserPhotonics LASE 1.18 -2.4 NoahHoldings NOAH 11.44 -1.9 ProvidentFinSvcs PFS 14.40 -2.5 TivicHealth TIVC 1.41 -5.3
AEternaZentaris AEZS 1.66 -7.1 BankofAmPfdSS BACpS 18.09 -0.3 CapitalOnePfdL COFpL 14.08 -2.3
EntergyLA Bds66 ELC 20.11 -0.6 HarborCustomWt HCDIZ 0.00 -20.0 Li-Cycle LICY 2.42 -15.5 noco-noco NCNC 0.54 -14.3 PrudentialNts2060 PFH 17.55 -1.2 TransCodeTherap RNAZ 0.39 -5.6
AethlonMedical AEMD 1.40 -1.4 Baozun BZUN 2.80 -6.9 CapitalOnePfdN COFpN 13.87 -2.0
EntergyMS Bds EMP 20.01 -1.0 HartfordFinPfdG HIGpG 23.09 -1.0 LigandPharm LGND 53.67 -4.0 Nokia NOK 3.38 -2.9 PublicStoragePfJ PSApJ 18.33 -2.0 Tri-Cont Pfd TYp 42.28 -4.7
AffiliatedNts60 MGRB 16.03 -0.5 BayFirstFinancial BAFN 9.37 -1.9 Carecloud CCLD 1.04 -1.9 LindbladExped LIND 6.47 -5.3 TRIB
Affimed AFMD 0.37 -4.5 BeachbodyWt BODY.WS 0.01 ... CarParts.com PRTS 3.58 -8.2 EntergyBds66 ENO 20.96 -1.1 HashiCorp HCP 20.97 -3.3 NorthernTrust NTRS 64.32 -6.6 PublicStoragePfK PSApK 18.51 -2.0 TrinityBiotech 0.51 -3.9
Lindsay LNN 106.46 -4.8 TPET
AgEagleAerial UAVS 0.10 11.8 BeamGlobal BEEM 6.73 -5.5 CelldexTherap CLDX 23.77 -2.5 EntergyNOLA Bds ENJ 19.44 -0.7 HawaiianHoldings HA 4.27 -9.3 NorthernTrPfdE NTRSO 18.46 -0.6 PureTechHealth PRTC 19.98 1.3 TrioPetroleum 0.40 -10.5
Lipocine LPCN 2.53 -9.3 TuanChe TC 0.43 -10.3
Agiliti AGTI 5.18 -3.0 BeamTherap BEAM 20.71 -6.6 Cellectis CLLS 1.31 -1.5 Enviva EVA 4.31 -12.4 HawthornBcsh HWBK 15.52 -1.0 NorthfieldBanc NFBK 9.00 -2.5 Qiagen QGEN 37.77 -2.7
LivePerson LPSN 2.65 -7.3 TwoHarbors TWO 11.42 -4.1
AkeroTherap AKRO 13.53 -4.5 BeautyHealth SKIN 4.84 -4.9 CenterspacePfdC CSRpC 22.13 -1.9 EquitablePfdC EQHpC 14.36 -0.7 HlthcrTrAmerPfdA HTIA 15.46 -5.7 NouveauMonde NMG 1.85 -3.9 RaptTherap RAPT 11.68 -4.1
LocalBounti LOCL 1.40 -6.0 USD Partners USDP 0.45 -13.0
AlaskaAir ALK 32.60 -5.2 BelpointePrep OZ 64.10 -3.2 CenturyTherap IPSC 1.52 -4.3 Everi EVRI 11.50 -1.1 Heliogen HLGN 2.33 -1.6 Novonix NVX 1.57 -5.3 REE Automotive REE 3.10 -14.2
Lovesac LOVE 16.19 -5.9 UltaBeauty ULTA 372.26 -2.9
AlgonquinPower AQN 5.19 -5.1 Beneficient BENF 0.79 -12.0 ChargePoint CHPT 3.23 -11.0 EVgo EVGO 2.80 -9.5 HeronTherap HRTX 0.68 -9.3 NurixTherap NRIX 5.17 -13.2 RE/MAX RMAX 10.67 -1.8
Lucid LCID 4.51 -9.4 UltragenyxPharm RARE 31.62 -13.8
AlgonquinPwrUn AQNU 19.29 -4.1 BetterTherap BTTX 0.21 -14.1 CherryHillMtg CHMI 3.14 -3.7 ExcelFinAcqn XFINU 9.80 -8.1 HilleVax HLVX 10.72 -9.1 NutribandWt NTRBW 0.20 34.2 Rayonier RYN 26.26 -2.4
LufaxHolding LU 0.92 -7.2 Unisys UIS 2.85 -8.8
Allakos ALLK 1.87 -3.0 BicycleTherap BCYC 17.37 -10.0 CitizensFinlSvc CZFS 44.81 -2.5 Expensify EXFY 2.87 -5.3 HinghamSvg HIFS 152.00 -5.7 NuvveHolding NVVE 0.13 -23.7 RepareTherap RPTX 4.78 -5.4
Lumentum LITE 39.76 -3.4 UnitedAirlines UAL 36.14 -9.7
AlloVir ALVR 1.61 -4.7 Biofrontera BFRI 4.32 -10.6 CogentBio COGT 8.86 -3.0 FG FGH 1.39 -3.4 Invesco IVZ 12.99 -2.9 NuZee NUZE 2.61 -44.0 Replimune REPL 14.17 -3.7
LuminarTech LAZR 3.86 -5.8 UniversalHealth UHT 38.33 -0.9
AllstatePfdH ALLpH 18.62 -0.1 BionanoGenom BNGO 1.77 -12.3 Cognex CGNX 36.97 -4.0 FathomDigital FATH 3.37 -5.8 IO Biotech IOBT 1.03 -3.6 Nxu NXU 0.06 -1.4 ResideoTech REZI 14.54 -4.1
MGO Global MGOL 0.58 1.1 ValensSemiconWt VLN.WS 0.09 -8.1
AllstatePfdI ALLpI 17.60 -0.2 BioNexusGene BGLC 0.55 -11.3 ColorStarTech ADD 0.24 -31.4 FifthThirdPfdK FITBO 17.69 0.3 ITTechPkg ITP 0.33 4.2 ONE GroupHosp STKS 4.30 -3.5 Revvity RVTY 101.49 -3.8
MainStreetBcshs MNSB 18.67 -0.6 ValmontInds VMI 223.57 -7.7
AllstatePfdJ ALLpJ 25.32 -0.8 BioNTech BNTX 93.99 -2.3 CommercialMetals CMC 40.97 -3.3 FinchTherap FNCH 4.06 4.6 IDEX IEX 196.77 -3.1 OaktreeCapPfdA OAKpA 19.95 0.6 RockyMtnChoc RMCF 4.30 ...
MaravaiLifeSci MRVI 7.14 -5.0 VentyxBiosciences VTYX 17.08 0.1
AmericaMovil AMX 16.00 -4.4 Bio-RadLab A BIO 309.02 -7.9 CompleteSolarWt CSLRW 0.03 -13.3 FirstGuarBcshs FGBI 10.50 -0.2 Illumina ILMN 124.40 -5.6 Oatly OTLY 0.60 -4.4 Safehold SAFE 15.71 -5.2
MartiTech MRT 0.60 -1.3 VerbTech VERB 0.53 -4.8
AmerAirlines AAL 11.22 -4.9 BladeAir BLDE 2.19 -3.1 ComputerPrograms CPSI 13.89 -2.7 FlexSolInt FSI 2.09 -5.8 Infinera INFN 3.29 -4.0 OceanBiomedical OCEA 1.85 -0.5 SangomaTechs SANG 2.98 1.7
Medigus MDGS 3.27 -0.9 VerintSystems VRNT 20.31 -3.1
AmerFinDeb2059 AFGC 18.64 -1.3 BlueOceanWt BOCNW 0.02 -54.0 comScore SCOR 0.48 -5.7 FloraGrowth FLGC 0.84 -11.2 InMedPharm INM 0.51 -3.9 OcularTherapeutix OCUL 2.35 -9.4 SaulCentersPfdE BFSpE 18.85 -4.8
MeiraGTx MGTX 3.93 -9.9 VerticalAeroWt EVTL.WS 0.05 4.8
AmFinDeb AFGE 16.67 0.2 BlueStarFoods BSFC 0.15 -4.4 ConcordMed CCM 0.97 5.8 FoghornTherap FHTX 3.20 -10.8 InnovizTechWt INVZW 0.46 -8.0 MesaAir MESA 0.77 -1.2 Olaplex OLPX 1.57 -4.8 SaversValue SVV 14.34 -3.5 VerveTherap VERV 10.84 -5.0
AmericanRebel AREB 0.50 -4.7 BlueWaterBio BWV 0.38 6.5 ConduitPharm CDT 1.54 1.1 Fonar FONR 13.75 -0.9 InnovizTech INVZ 1.49 -7.4 MetalSkyStarWt MSSAW 0.00 3.4 OmegaFlex OFLX 75.05 -3.4 SchnitzerSteel RDUS 25.71 -1.8 ViaviSolutions VIAV 7.55 -2.8
AmericanWell AMWL 1.00 -1.9 BostonOmaha BOC 14.95 -1.4 ConnexaSports CNXA 1.35 -14.8 ForemostLithium FMST 3.00 -16.9 IntegratedMedia IMTE 1.32 -0.8 MetLifePfdE METpE 21.51 -0.8 OmegaTherap OMGA 1.55 ... SealedAir SEE 29.25 -1.9 VinFastAuto VFS 5.81 -7.6
AnavexLifeSci AVXL 5.61 -5.7 BraemarHtlsPfd BHRpB 10.60 -3.0 CoreCard CCRD 18.86 -5.1 FortressBiotech FBIO 2.20 -12.7 IntelliaTherap NTLA 27.27 -3.8 MetLifePfdF METpF 18.67 -0.8 Omnicell OMCL 40.99 -2.9 SelectiveInsPfdB SIGIP 15.48 -1.1 BerkleyDeb61 WRBpH 15.62 -1.3
ApollomicsA APLM 1.93 -0.5 BraemarHtlsPfdD BHRpD 16.63 1.4 Corning GLW 27.56 -2.1 ForwardIndustries FORD 0.71 -4.3 IntercorpFinSvcs IFS 20.10 -1.6 Mettler-Toledo MTD 1009.28 -3.4 Oncocyte OCX 3.00 1.2 SenseiBiotherap SNSE 0.65 -2.3 Warrantee WRNT 0.41 -16.6
AppliedUV AUVI 0.23 -5.7 BridgeInvt BRDG 8.03 -2.4 Vesta VTMX 29.75 -4.9 FreightosWt CRGOW 0.04 -3.8 Intercure INCR 1.17 -6.1 MilestonePharm MIST 2.67 -7.3 180LifeSci ATNF 0.48 -0.4 SiliconLabs SLAB 101.44 -2.6 Waters WAT 248.11 -3.2
ArmourResREIT ARR 16.48 -5.3 BrighthousePfdA BHFAP 20.30 -0.4 CreativeRealities CREX 1.37 -5.4 Fresh2 FRES 0.60 26.2 IntuitiveMachinesA LUNR 3.31 -5.9 Moderna MRNA 85.10 -0.4 OntrakPfd OTRKP 0.30 6.1 SmartforLife SMFL 0.65 -8.1 WellsFargoPfdACC WFCpC 16.09 -0.6
ArtesianRscs A ARTNA 39.63 -2.2 BrookfieldFinNts BNJ 13.88 -0.9 CrownCrafts CRWS 4.30 -0.7 Frontier ULCC 4.24 -4.0 InvescoMtg IVR 7.76 -5.2 MoneyHero MNY 2.40 -9.8 OppFiWt OPFI.WS 0.03 -19.4 Smith&Nephew SNN 22.53 -1.5 WellsFargoPfdADD WFCpD 15.62 -0.6
Arvinas ARVN 15.26 -6.6 BrookfieldInfr BIPC 29.88 -1.1 CueBiopharma CUE 1.83 -2.6 GAMCO PfdA GNTpA 21.46 -1.9 Ioneer IONR 4.64 -4.3 MonoparTherap MNPR 0.43 ... OrchidIsland ORC 6.95 -5.6 SocketMobile SCKT 0.95 -0.5 WellsFargoPfdL WFCpL 1050.00 -1.2
AscentSolar ASTI 1.09 -6.7 BrookfieldInfr BIP 24.45 -4.8 Cuentas CUEN 1.24 -4.5 G Willi-Food WILC 8.00 -4.7 IovanceBiotherap IOVA 3.34 -8.0 MonteRosaTherap GLUE 3.40 -14.5 PRA Group PRAA 16.71 -9.8 Sohu.com SOHU 8.50 -4.8 Wiley A WLY 28.84 1.4
AstriaTherap ATXS 5.35 -5.6 BrookfieldPropPfd BPYPP 12.15 -2.1 CuentasWt CUENW 0.01 79.1 GabelliDivPfdK GDVpK 17.55 -0.6 iSpecimen ISPC 0.46 -4.1 MoolecScience MLEC 2.31 -6.7 PacGE pfI PCGpI 13.63 -0.9 SolidPower SLDP 1.60 -8.5 WillametteValley WVVI 5.35 1.0
AthenePfdD ATHpD 15.28 -1.4 BPP 5.75%Pfd3A BPYPN 10.67 -0.7 Curis CRIS 4.77 -4.0 GabelliEqPfdH GABpH 20.94 -0.7 JD.com JD 25.82 -2.9 MorganStanleyPfdF MSpF 24.58 -0.9 PagSeguroDig PAGS 7.24 -3.1 Soluna SLNH 2.69 -12.0 WiSA Tech WISA 0.21 -4.4
AthiraPharma ATHA 1.63 -4.1 BrookfieldPrpPfA1 BPYPM 12.76 -1.8 DayOneBiopharm DAWN 9.89 -1.7 GameSquare GAME 1.78 -7.7 Janover JNVR 0.90 -3.0 MorganStanley MS 73.40 -6.8 Paragon28 FNA 8.90 -6.2 SolunaPfdA SLNHP 0.75 18.8 YSBiopharma YS 0.65 -3.8
AtriCure ATRC 34.90 0.9 BruushOralCare BRSH 0.75 -4.9 DecipheraPharm DCPH 10.24 2.4 GameStop GME 13.81 -1.9 JanuxTherap JANX 7.09 -5.2 MorganStanleyPfdL MSpL 18.60 -2.0 Paysign PAYS 1.71 -3.9 SotherlyHotels SOHO 1.52 ... YorkWater YORW 36.00 -1.8
Atrion ATRI 369.00 -7.5 Bumble BMBL 13.59 -5.1 DenaliTherap DNLI 19.26 -6.1 GeneralMotors GM 29.46 -2.8 Jet.AI JTAI 2.10 -11.0 MorganStanleyPfdO MSpO 16.07 -1.8 Peraso PRSO 0.16 1.8 SoundThinking SSTI 15.20 -3.7 ZeviaPBC ZVIA 1.82 -4.6
aTyrPharma LIFE 1.32 -3.3 CH Robinson CHRW 82.46 -2.8 DesktopMetal DM 1.12 -8.2 GenerationBio GBIO 2.31 -22.5 JetBlue JBLU 4.26 -2.2 MorganStanleyPfdP MSpP 24.27 -0.8 PerceptionCapII PCCT 8.90 -8.9 SouthwestAir LUV 24.66 -4.2 ZipRecruiter ZIP 10.60 -2.7
AuroraMobile JG 0.11 -12.5 CISO Global CISO 0.11 0.4 Dogness DOGZ 0.38 -5.9 Genmab GMAB 29.08 -8.0 JohnsonControls JCI 50.38 -4.3 MullenAuto MULN 0.34 -4.4 Pfizer PFE 31.39 -4.1 SparkIAcqn SPKLU 10.08 ... ZivoBiosci ZIVO 0.55 -11.9
 .

THE WALL STREET JOURNAL. * * * * * Thursday, October 19, 2023 | B11

MARKETS

Bond Yield Tops 4.9%, Theoretical Models showing recent increase in the 10-year term premium
2%

Number
Kim-Wright

Pressing Stock Indexes

ACM
1

Grips Street 0

BY HANNAH MIAO Index performance on Wednesday Continued from page B1

ger-dated bond’s yield too high, –1
0%
Long-term bond yields hit a buyers will emerge so that the
16-year high, weighing on yield settles around a consen-
stocks already pressured by –0.25 sus for what rates will average –2
the conflict in Gaza and cor- over the bond’s lifespan. 2014 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23*
porate earnings results. –0.50 Still, other factors almost
The 10-year U.S. Treasury certainly also influence yields. ACM term premium model
yield rose to –0.75 According to a traditional 5% Two-year yield†
WEDNESDAY’S 4.902%, the understanding of term pre-
10-year yield†
MARKETS highest clos- –1.00
mium, investors may demand 4
ing level since extra yield to buy longer-term 10-year rate forecast
July 2007. The S&P 500 fell bonds due to the possibility 3 10-year term premium
1.3%. The Dow Jones Indus- –1.25 that rates could end up higher
trial Average shed 1%. The than they expect right now. 2
Dow Jones Industrial Average
Nasdaq Composite lost 1.6%. –1.50 Additionally, yields could be
S&P 500 1
A swift climb in bond yields influenced by the supply of
Nasdaq Composite
has dented enthusiasm for –1.75 government bonds, with a
0
stocks in recent weeks. Inves- flood of new bonds over-
tors are also monitoring the Five-minute intervals whelming demand and push- –1
–2.00
Israel-Hamas war that threat- ing yields higher. Or investors
ens to disrupt the global en- 10 a.m. 11 noon 1 p.m. 2 3 4 may accept a lower yield—or –2
ergy market. A mixed bag of Source: FactSet negative term premium—be- 2019 ’20 ’21 ’22 ’23*
corporate earnings results fur- cause they figure that bonds,
*Through Oct. 16
ther complicates the outlook. . on…determining the next tificial-intelligence chips, mak- unlike stocks, should rally if †Model-implied fitted yields, which closely track yields on actual Treasurys
“The market is walking this course of action for the Fed,” ing it harder for U.S. the economy sputters. Sources: Federal Reserve (Kim-Wright);
tightrope,” said George Cipol- said Todd Jablonski, global companies to sell products to Federal Reserve Bank of New York (ACM, ACM term premium model)
loni, portfolio manager at head of multiasset and quanti- the Chinese market. Nvidia
Penn Mutual Asset Manage- tative investing at Principal lost 4% and Intel shed 1.2%. Evidence of a surge Outputs from both models ing up term premiums. But on
ment. “There’s a lot of risk in Asset Management. Overseas, the Stoxx Europe Measuring term premium is have long provided fodder for Wall Street, many have used
front of it.” Morgan Stanley’s stock fell 600 fell 1.05%. At midday where things get tricky, be- debate, especially in the 2010s term premium models to but-
A string of hotter-than-ex- 6.8% after the bank posted a Thursday, Japan’s Nikkei 225 cause there is no perfect way when they showed term pre- tress arguments that yields
pected economic reports in drop in quarterly net income, and South Korea’s Kospi were of knowing what investors miums turning deeply nega- have been rising largely
the past several weeks has with investment banking and down 1.7%, while Hong Kong’s think future rates will be. tive. That had puzzled many thanks to a growing federal
prompted investors to weigh trading still in a slump. Shares Hang Seng Index was down The simplest approach who had become accustomed budget deficit.
whether the Federal Reserve of some regional banks, such 1.6% and the Shanghai Com- would be to compare Treasury to models showing healthy- In recent months, the Trea-
may lift interest rates again as U.S. Bancorp, fell after sev- posite was down 0.8%. S&P yields to rate forecasts found size premiums—substantially sury Department has both in-
this year to cool inflation. eral lenders reported being 500 futures fell 0.1%. in surveys. But drawbacks in- larger than they stand now. creased its borrowing fore-
Some Fed officials have sig- squeezed by higher interest cluding the infrequency of More recently, though, the casts and boosted the size of
naled the run-up in long-term and other expenses. those surveys mean that the models have gained attention its longer-term debt auctions
yield could substitute for a About 11% of the companies AUCTION RESULTS most popular models incorpo- because they have shown term by more than investors had
Here are the results of Wednesday's Treasury
further central-bank rate in- in the S&P 500 have reported auctions. All bids are awarded at a single price at the rate other methods. premiums surging, with the been expecting.
market-clearing yield. Rates are determined by the
crease. Federal Reserve Bank third-quarter earnings so far, difference between that price and the face value. Among those is the ACM 10-year premium climbing Some analysts argue that
of Philadelphia President Pat- according to FactSet. Of those, 17-WEEK BILLS model, named after the cur- back into positive territory. shifting rate expectations are
rick Harker told The Wall about 81% have topped analyst Applications $183,518,705,500 rent and former Federal Re- still largely responsible for
Street Journal he thinks the expectations, compared with Accepted bids $56,388,508,500
serve Bank of New York econ- driving up longer-term yields
central bank can likely wait the five-year average of 77%.
" noncompetitively
" foreign noncompetitively
$674,805,100
$100,000,000 omists Tobias Adrian, Richard What Street thinks recently. A resilient economy,
until early next year to see Airline stocks pulled back Auction price (rate) 98.229875
(5.355%)
Crump and Emanuel Moench. Federal Reserve Bank of they say, is persuading inves-
how the economy is respond- after United Airlines cut its Coupon equivalent 5.542% It uses yields of different Dallas President Lorie Logan tors that rates—while likely to
ing to a rapid climb in interest earnings forecast for the end Bids at clearing yield accepted
Cusip number
46.54%
912797JE8
Treasurys to predict future recently suggested that signals fall from here—are destined to
rates before lifting further. of the year. Shares of United The bills, dated Oct. 24, 2023, mature on Feb. 20, 2024. short-term rates by effectively from term-premium models settle at a higher level than
Traders are pricing in a Airlines fell 9.7% in its worst 19-YEAR, 10-MONTH BONDS finding patterns in their rela- made her less inclined to raise previously anticipated.
roughly 37% probability that one-day percentage decline Applications $33,617,891,300 tionships over decades. rates again this year, arguing Praveen Korapaty, chief inter-
the central bank will raise its since July 2022. Delta Air Accepted bids
" noncompetitively
$13,000,016,300
$87,129,300
Another model, devised by that rising term premiums, if est-rates strategist at Goldman
benchmark rate in its final Lines and American Airlines " foreign noncompetitively $0 current Fed economist Don real, would mean that surging Sachs, said he likes to look at
policy meeting of the year, up also fell. Auction price (rate) 89.352074
(5.245%)
Kim and former Fed economist yields aren’t just reflecting term-premium models but only
from about 26% a week ago, Semiconductor stocks Interest rate 4.375% Jonathan Wright, is a hybrid, stronger growth and a need along with other types of mod-
according to CME Group’s fed- dropped for a second day after Bids at clearing yield accepted
Cusip number
79.65%
912810TU2
arriving at its rate estimate for tighter policies. els that link changes in yields
eral-funds futures. the U.S. said it would signifi- The bonds, dated Oct. 31, 2023, mature on Aug. 15,
through a combination of both Logan didn’t delve deeply to factors such as economic
“Investors are very focused cantly constrict exports of ar- 2043. survey forecasts and yield data. into what specifically is driv- data and Fed policy surprises.
 .

B12 | Thursday, October 19, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

China Stabilizes Amid Property Woes P&G Washes

Away
Consumers drove the improvement in its economy, but more housing trouble could change that
China’s economy no longer re- Change in consumer bank loans outstanding, China’s official purchasing managers indexes,
Consumer
sembles a newly paved parking lot:
Green shoots are creeping up
through the cracks. But sustaining
three-month moving average
1.25 trillion yuan
employment component
60 Blues
that could be tough if major prop-
erty developers keep cracking apart. 55
Official data released Wednes-
1.00
Sales volumes rose
day showed the Chinese economy Total 50 outside of one market
grew 4.9% year-over-year in the 0.75 Medium and long term
third quarter and 1.3% quarter-
45
over-quarter. The latter figure was Procter & Gamble sees a recov-
nearly twice as fast as the second 0.50
Manufacturing ering consumer everywhere but in
quarter’s 0.8% increase. 40
Services
one market, which happens to be
China’s headline growth figures the world’s second-largest econ-
0.25 Construction
should always be viewed with a 35 omy. That is encouraging news for
healthy dose of skepticism. But sev- the company, but an unsettling
eral other data points, ones less message about the state of China.
0 30
squarely in the political limelight, P&G on Wednesday said its or-
hinted strongly at a better outlook. 2014 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 2019 ’20 ’21 ’22 ’23 ganic sales, which strip out the
Most important, consumer lend- Note: 1 trillion yuan=$136.7 billion Source: CEIC impacts of currency movements
ing jumped sharply in September: and mergers, rose 7% from a year
Medium- and long-term consumer pears to be bottoming out, which housing market since late August year-over-year. And early con- earlier in the three months
loans outstanding, a proxy for could lend further support to the are having some impact. Easier sumer and housing market signals through September. As has been
mortgages, rose by 324 billion job market: Investment growth in terms for second-time mortgage from October are mixed. Tourism the case in prior quarters, this
yuan, equivalent to about $44 bil- manufacturing on a year-to-date, borrowers are especially important. spending per traveler over the was thanks to price increases, as
lion. This was the most since Jan- year-over-year basis accelerated for The problem is that even long Golden Week holiday was underlying volumes fell 1%.
uary and the second the second month in though construction, the job mar- lower than in 2019, for example. Investors are eager to see con-
most in nearly two a row. In the con- ket and mortgage lending all ap- Beijing has a couple of other aces sumer-staples companies return to
years. Household struction sector, the parently improved last month, in the hole. Provincial governments volume growth, fearing consumers
risk aversion and a Early consumer employment compo- property developers are still in are beginning to refinance more are exhausted with price increases.
frozen housing mar- and housing nent of the purchas- deep trouble. And any fragile im- high-interest debt, which could But they seem inclined to give P&G
ket have been the ing manager’s index provement in household sentiment open up additional headroom for in- a pass this quarter, after Chief Fi-
key factors holding market signals jumped nearly two could be undermined if Country frastructure spending in late 2023. nancial Officer Andre Schulten said
back the Chinese index points—the Garden, the nation’s largest devel- But in the end, the job market on a conference call that there was
economy this year.
from October first rise since May— oper in 2022, continues to follow needs to keep improving and con- modest volume growth outside of
Other consumer are mixed. although it is below Evergrande down into a black sumers need to keep spending. the company’s Greater China region,
indicators improved. the 50-point mark hole of debt and unpaid contrac- These trends would be difficult to which includes Hong Kong and Tai-
Growth in retail separating expansion tors. sustain if the property market wan. Shares rose 2.5% on Wednes-
sales accelerated by from contraction. Country Garden didn’t benefit were to take another dive. China’s day. Greater China organic sales
nearly a full percentage point and All of this, along with modestly much from the modest bump in economy regained a bit of momen- were down 6%, as consumer confi-
unemployment ticked down to 5%, better home sales and starts in nationwide floor-space sales in tum in the late summer, but it is dence remains weak, Schulten said.
from 5.2% in August. September, shows that more ag- September—its contracted sales, far from out of the woods. Globally, Schulten said he ex-
The downturn in industry ap- gressive measures to support the in value terms, were down 81% —Nathaniel Taplin pects pricing to contribute much
less to sales growth in the next
two quarters as the company laps
price increases taken a year be-
fore, with a return to positive
overall volume growth after that.
P&G’s forecast for organic sales
growth in the current fiscal year
ending next June was unchanged
at 4% to 5%.
But on China he described a dif-
ficult near-term situation, while
maintaining a positive outlook over
the longer term. “I think we’ve
said all along that we don’t expect
the China recovery to be quick, ex-
tensive or linear, and I think that’s
playing out,” he said. Overall sales
volumes for the industry were
down 7% to 9% over the past few
quarters. “We are operating in a
market that is still contracting
post Covid-opening,” said Schulten.
This sobering message con-
trasts somewhat with better-than-
expected economic data released
by Chinese authorities on Wednes-
day, which showed gross domestic
product rising 4.9% from a year
earlier in the third quarter.
P&G estimates there are 450
million middle-income consumers
in China, and sees that rising to
north of 700 million over the next
five years, said Schulten. “There-
fore we believe that our business
in China can continue to create
PETER BYRNE/PA WIRE/ZUMA PRESS

significant value over the next two

years, and we continue to remain
invested,” he said.
Perhaps so. But the big question
for investors is whether these vi-
sions of a sustained surge in mid-
dle-class wealth make sense in to-
day’s China, which is creaking
British billionaire Jim Ratcliffe is in talks to buy a 25% stake in the storied soccer team Manchester United through his petrochemical company Ineos. from a burst property bubble,
overreliance on debt, overbuilding
of infrastructure and soaring geo-

Manchester United Shareholders May Have Scored After All political tensions with the West.
If the rosy view of China’s long-
term prospects does change, it
would be painful but manageable
Manchester United sharehold- see a cent and might sue. He will Stepping back from the immedi- suming that the rest would then for P&G: It derived 9% of global
ers are acting like despondent soc- therefore reportedly buy at least ate disappointment of a missed trade at their level before the sales from the Greater China re-
cer fans after video-refereeing some A shares as well, but it is opportunity, though, shareholders Glazers earmarks the club for sale, gion in its latest fiscal year and
technology disallows a goal. Yet unclear how many. might see that their position in someone buying a block of A 50% from North America.
they might still win the match. Manchester United sharehold- this game is still strong. shares at the current $18 price But optimistic China forecasts
The British soccer club’s pub- ers, notably the hedge funds that Ratcliffe’s entry into the club could theoretically sell it for a bit like P&G’s underpin the long-term
licly traded Class A shares have typically swoop into deal situa- could be just the start. Whether more than $24 a share on average. business plans of many giant multi-
lost roughly 10% of their value tions, shouldn’t want to be stuck because some of the Glazers were Of course, the details are un- nationals, some of which are far
since the weekend, when it was with the shares. Soccer isn’t usu- reluctant to sell or because buying confirmed, so this math may not more reliant on the country for
widely reported that British bil- ally a good business. European the entire club at once was pro- fully work out. Still, the downside growth. If the China story needs to
lionaire Jim Ratcliffe is in talks to clubs tend to have slim profit mar- hibitively expensive, he has hinted doesn’t seem huge: Historically, be revisited more fundamentally, the
buy a 25% stake through his petro- gins and have performed poorly that a majority stake might be the the shares have tracked sideways implications will be far-reaching.
chemical company Ineos. The on the stock market. endgame. around a median daily close of —Aaron Back
other bidder, Sheikh Jassim Bin Ratcliffe, who would Also, Richard Ev- roughly $17.
Hamad al-Thani, chairman of Qa- be given control over ans, co-managing A final reason for optimism is
tar Islamic Bank, dropped out. the sporting side of Ratcliffe has partner at Dallas- that Ineos has experience invest- P&G quarterly unit sales volume,
Investors are rightly gutted. the club, wants to hinted that a based investment ing in sports. Its 2019 purchase of change from a year earlier
The Qatari offer was a full buyout restore it to its for- firm Mara River French soccer club OGC Nice
that valued the club above $6 bil- mer glory. This majority stake Capital, points out hasn’t yielded silverware so far,
4%

lion, compared with a current might come at the that the mechanics but it has showcased prudent fi-
market value of $3.3 billion. The expense of financial
might be the of the current deal nancial management. And despite
2
premium is understandable given returns. endgame. may be more favor- their reputation, the Glazers have
0
that Los Angeles Dodgers part- The Glazers are able than many in- actually spent heavily on foot-
owner Todd Boehly bought Chel- hated among many vestors realize. He ballers in recent years—they just
sea FC for the equivalent of $5.2 Manchester United recently added to his chose poorly. This and the pan- –2
billion last year. fans because they spent years shareholding in the club. demic explain why Manchester
Because Manchester United is milking the club for cash. After Ratcliffe is said to be paying United has reported losses even as –4
listed on the New York Stock Ex- initially riding the wave of a gen- about £1.4 billion, equivalent to revenue has rebounded. New man-
change, Ratcliffe would technically eration of players such as Cris- $1.7 billion, for his 25% stake, giv- agement needs only to be a bit –6
be able to purchase stock directly tiano Ronaldo, Wayne Rooney and ing a valuation slightly above the more competent to achieve better
from the U.S.-based Glazer family, Rio Ferdinand, they allowed the Qatari’s. Some reports have sug- results.
who hold the Class B shares that team to fall into mediocrity. Under gested that he may split this sum Investors may not know if they –8
account for 68% of the overall to- the Ratcliffe deal, they would re- equally between A and B shares, have scored a goal yet, but it is FY2022 ’23 ’24
tal and 95% of the votes. In this main as insiders and control the which would mean buying 39% of looking good on the replay. Note: Fiscal year ends in June
scenario, A shareholders wouldn’t commercial side of the business. the former at almost $42 each. As- —Jon Sindreu Source: the company