Archive for July, 2025

• CWS Market Review – July 8, 2025
  Eddy Elfenbein, July 8th, 2025 at 5:43 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  If you like market anniversaries, then you’ll be happy to learn that today is the 93rd anniversary of the mega low. On July 8, 1932, the Dow closed at 41.22. In 1929, it peaked at 381.17. By March 6, 1937, the Dow rose 371%. That’s still the greatest rally in history. All you had to do was time it perfectly.

  Fortunately, the world is a wealthier place than it was in the 1930s. Alas, we still have tariffs. After hitting a new all-time high last week, the stock market started this week a bit on the weak side. Once again, tariffs are the problem.

  It’s not a coincidence that the stock market bottomed in April right as President Trump announced a 90-day pause to his tariffs. The stock market has rallied briskly ever since – not like 1932, but still pretty good.

  

  I think the message is loud and clear: Wall Street hates tariffs.

  Yesterday, however, the president announced steep tariffs on 14 countries that are set to take effect on August 1. The market gods were less than pleased.

  According to the president’s letters, goods that are imported to the United States from Japan, South Korea, Malaysia, Kazakhstan, Tunisia and several others will face a 25% tariff.

  Goods from South Africa and Bosnia will face a 30% rate and Indonesia will have a 32% rate. The president allowed that the tariff rates are open to negotiation depending on each country’s relationship with the United States. The president wrote, “You will never be disappointed with The United States of America.”

  In April, Trump imposed steep rates on several countries but the drop in the stock market caused him to announce his 90-day pause. As it turns out, the rates were in effect for only a few hours before Trump delayed them. I guess someone was disappointed. The delay period was about to end this week, but the president extended the pause for another three weeks.

  This is where things get a little messy. President Trump has consistently pointed to trade deficits as proof of unfair trade practices, but that’s not necessarily the case. Trade deficits can happen for many reasons, and they can often be beneficial.

  Trump’s reciprocal tariffs went as high as 125% on China, but the president was eagerly looking to strike some deals. The president said that the delay was because so many countries wanted to make deals with the U.S.

  The issue got more complicated in May when the president’s reciprocal tariffs were struck down by a federal district court. The tariffs are in still effect while the federal courts are looking at the issue.

  There are also targeted tariffs. For example, steel and aluminum are dinged at a 50% rate but the U.K. is exempt. Under U.S. law, the president can place tariffs if they’re related to national security.

  I’m not sure what the outcome of these tariffs will be. The matter is far from settled and there are many exceptions. For example, Japan and South Korea export millions of cars to the U.S. and both countries will face 25% tariffs.

  Then there’s the issue of China. According to the Wall Street Journal, “the Trump administration has for now settled on a tariff of 55% on Chinese imports.” That reflects a lowering of the initial rate to 30% which comes on top of a 25% tariff that existed before Trump took office.

  The uncertainty of the tariff policy is having a major impact on issues like investment decisions. Of course, the Federal Reserve has been slow to lower interest rates, but the Fed is also looking out for higher prices from higher tariffs.

  There are first-order effects of higher tariffs. For example, economists expect that tariffs will hold back the economy because it will dampen the demand for goods made outside the U.S., but there are other considerations which may not be fully expected.

  The policy uncertainty could lead companies to hold off on expansion plans and that could curb the job market. We’re in a position where we don’t know what we don’t know.

  The WSJ noted that Allianz, the German insurance company, slashed its growth estimate for the U.S. economy this year from 2.8% to 1.4%, and those forecasts were based on the current level of tariffs.

  An Increasingly Narrow Market

  This uncertainty is weighing on the market. One potentially troubling sign has been how narrow the stock market’s advance has become. In plain English, that means that fewer stocks are doing the heavy lifting.

  On the NYSE, the number of stocks making a new high outpaced those making new lows by only 88 stocks. Historically, whenever that number drops below 100, the stock market hasn’t done very well over the coming months.

  Large-cap tech stocks have resumed their leadership while most of the rest of the market has been fairly quiet. Since the market’s low in April, the Magnificent Seven stocks have outpaced the overall market. Research from Bloomberg shows that only 10% of the S&P 500 is driving the market. That’s down from 22% in previous years.

  I also like to look at the S&P 500 equal weighted index. In that index, each stock weighs the same: 0.2% of the index. The regular S&P 500 is weighted by market cap. The S&P 500 equal weighted hasn’t made a new high in eight months.

  Here’s a look at how the S&P 500 (in blue) has outpaced the Equal Weight (in red) over the last three months:
  

  I suspect that the market will broaden out once the Fed starts to cut rates. Lower short-term rates are usually better for more conservative stocks along with dividend payers.

  Speaking of dividends, there’s a fascinating ETF about to debut on the stock market. This week, Roundhill Investments will launch the S&P 500 No Dividend Target ETF. The ticker symbol will be XDIV.

  The ETF aims to mimic the S&P 500 but pay no dividends. The benefit of not paying dividends is that it won’t have to pay taxes on dividends. How can it do that? The fund will sell holdings just before their dividend dates.

  This is a great way to grow your wealth while avoiding the taxman. Of course, if you sell the ETF for a profit, you’ll still be liable for capital gains.

  XDIV plans to invest in other S&P 500 Index funds but will sell positions just before the ex-dividend date. According to Bloomberg, the fund will then rotate from one such index fund into another that isn’t about to pay a distribution.

  The goal of the fund is to skip the dividend while avoiding the price dip. It’s an ingenious idea. There are already funds that invest in non-dividend paying stocks of the S&P 500. I’ve often wondered if you could build a fund that reasonably mimicked the S&P 500 without using dividend-paying stocks. You probably could, but it would be complicated. XDIV aims to do it the smart and easy way.

  This will probably be another quiet week on Wall Street, but next week might be busier. We’ll have our first Buy List earnings report. On Tuesday, we’ll get the inflation report for June. The retail sales report will be due out on Thursday. That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: July 8, 2025
  Eddy Elfenbein, July 8th, 2025 at 7:03 am

  Russian Drone Documents Draw Line From China to Ukraine’s Skies

  World Peace Requires Free Trade In Weaponry

  Netanyahu Will Never Have a Better Moment to Claim Victory

  Trump’s New Trade Threats Set Off Global Scramble to Avoid Tariffs

  Where Things Stand With Trump’s Tariffs

  Tariff Uncertainty Likely to Weigh on Global Growth Even After Extended Talks

  7 Rounds of Talks and No Deal: Japan Girds for New Era of U.S. Relations

  Japan Determined to Strike Fair Trade Deal With U.S.

  South Korea Keeps Its Chin Up as Trump Wields Tariff Threat

  German Exports Fall Again as Tariffs Drag on Economy

  The Businessman Grateful for Trump’s Tariffs

  Emerging Currencies Gain as Focus Shifts to More Trade Talks

  TSA to Allow Shoes to Stay On for Airport Security Screening

  Fed Governor Waller Is Trump’s Best Powell Replacement

  Markets Will Tell Us When We’ve Borrowed Too Much

  Scant Winners in S&P 500’s Record-Setting March Are Warning Sign

  What If This Time Really Is Different for Investors?

  Banking’s Newest CEO Plots a Comeback for Most Unloved Stock

  U.S. Small-Business Sentiment Darkens Slightly

  Critiquing Second Wave Corporate Opportunism

  Amazon Turns Prime Day Into Prime Week

  OpenAI and Microsoft Bankroll New A.I. Training for Teachers

  What to Know About the Collapse of the F.D.A.

  EU Climate Skeptics Oversee Divisive 2040 Goal in Parliament

  Norway’s $15 Billion in Oil Bets Is a Show of Faith in Long-Term Demand

  EV Racing Struggles as Climate Action Falls on Priority List

  Tesla Is in Deeper Trouble Than You Think

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• Morning News: July 7, 2025
  Eddy Elfenbein, July 7th, 2025 at 7:08 am

  What Is American Exceptionalism, and Is It Coming to an End?

  Looking Beyond the U.S. for Trade, Canada Begins Shipping Natural Gas to Asia

  Why Oil Drillers Are Investing Big in South America

  Can Taiwan Really Disconnect Its Economy From China?

  South Korea’s Legislature Approves Fiscal Stimulus

  Jane Street’s Cash Machine Comes to an Abrupt Halt in India

  Saudi Stc Backs Debt Trading Firm Moving Into Private Credit

  German Industrial Production Rebounds Despite Tariff Pressure

  Trump Keeps Foreign Countries on Edge as Tariff Deadline Nears

  Bangladesh Expects ‘Positive Outcome’ With US on Trade Deal

  Trump Faces Crucial Week for Reaching Trade Deals

  Trump Sets Aug. 1 Start for Tariffs Ahead of Wednesday Deadline

  America, This Isn’t How You Lower Interest Rates

  Misfiring Models Leave Wall Street Currency Traders Flying Blind

  US SEC’s Guidance is First Step Toward Rules Governing Crypto ETFs

  DOGE Is Surely Something for ‘Others’ to Endure, Not Me

  From Food Aid to Dog Chow? How Trump’s Cuts Hurt Kansas Farmers.

  First-Time Home Buyers Are MIA. Landlords Are the Winners.

  Elon Musk Is Running Out of Road in China

  Tesla Slides on Concern Musk’s New Party Will Exacerbate Slump

  Tesla Is More a Musk Dream Stock Than a Meme Stock

  Has There Ever Been a Better Time to Buy an EV?

  The Advertisers Spending Big in West Palm Beach Just to Reach Trump

  The AI Talent War Is the Stuff of Steve Jobs’ Nightmares

  She Wanted to Save the World From A.I. Then the Killings Started.

  Amazon’s Shopping Bot Falls Short of Prime Performance

  Saks Is Ceding Ground to Luxury Rivals After Buying Neiman Marcus

  ‘Jurassic World Rebirth’ Roars With $147 Million Domestic Opening

  RFK Jr. Is Scaring Parents Into Asking Doctors for Early Shots

  Kennedy’s Battle Against Food Dyes Hits a Roadblock: M&M’s

  Michelob Ultra Is the One Bright Spot in a Gloomy Beer Market

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• Morning News: July 4, 2025
  Eddy Elfenbein, July 4th, 2025 at 7:03 am

  In Europe, Economists See a Chance to Rise on the Global Stage

  German Factory Orders Sink as Uncertainty Weighs

  How a German Manufacturer Is Forging Stronger Ties With the U.S.

  Brazil’s BRICS Fixation Has Delivered Few Benefits

  Canada Goods Trade Deficit Narrows as Flows With U.S. Continue to Slacken

  The Golden Share Makes a Dubious Comeback

  Trump Says Tariff Letters Imminent, Unsettling Markets

  The Institutions Protecting US Democracy Have Turned Into Traps

  Trump Wins Broad Economic Policy Shift as House Passes Tax Bill

  How Republicans Re-engineered the Tax Code

  The Corporate Winners and Losers in Trump’s Big Tax Bill

  Bill Delivers Near-Term Economic Boost, Longer-Term Risks

  Why China Isn’t Lecturing Trump About His Costly Bill

  S&P 500 Is a Touch Away From Triggering Sell Signal, BofA Says

  American Companies Hit the Brakes on Hiring

  Videos Make #Paydayroutines Everybody’s Business

  Trump Claims Sweeping Power to Nullify Laws, Letters on TikTok Ban Show

  A Chinese Fireworks Maker Is Going All In on the U.S. Despite Tariffs

  Elon Musk Lost to Trump. He Can’t Get Over It.

  ChatGPT’s Mental Health Costs Are Adding Up

  Could the Electric Hydrofoil Ferry Change the Way We Commute?

  Hulu’s “The Bear” Points To a Brilliant Work Future

  Food Prices Rose in June, Driven by Meat, Vegetable-Oil Increases

  Why Krispy Kreme Broke Up With McDonald’s

  A Pop Star’s Cookies Draw a Crowd (No Backflip Required)

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• Morning News: July 3, 2025
  Eddy Elfenbein, July 3rd, 2025 at 7:03 am

  Russia to Seize Top Gold Miner From Billionaire, Tass Reports

  Turkey Approves Carbon Market Plan as Part of Net Zero Target

  Food Companies Try ‘Insetting’ to Combat Climate Change

  Why This Country’s Stock Market Is Up 30% This Year

  Swiss Inflation Rebounds But Stays Close to Deflationary Levels

  Turkish Inflation Cools, Keeping Central Bank on Course for July Rate Cut

  Do Latin America Bankers Know Patience Is a Virtue?

  The Middle Ages Are Making a Political Comeback

  Kasparov: In the USSR, I Saw How Mamdani’s Socialism Can Destroy a Country

  We Both Served as Treasury Secretary. We Know This Bill Is Dangerous.

  Stop the OBBBA’s Hidden Tax on America’s Farmers

  John Maynard Keynes Resides Inside Right-of-Center SALT Critics

  Lutnick Nears Crunch Time to Deliver on His Trade-Deal Swagger

  Vietnam Trade Deal Takes Aim at Back Door for Chinese Goods

  U.S.-Vietnam Deal Offers Relief, But Little Clarity

  Indonesia Says It Will Sign $34 Billion Pact with US Partners Ahead of Tariff Talks Deadline

  Why 50,000 Iconic French Shirts, Intended for America, Sit in Storage

  Fed Independence, US Rule of Law at Risk, Say UBS Reserve Managers

  Michigan and Ohio Jobs Will Be the True Test of Tariffs

  Why the Jobs Report May be Headed for Alligator Alcatraz

  How Health Care Remade the U.S. Economy

  Bessent’s Stablecoin Hopes for Dollar Dominance Face Pushback

  The Man Tasked With Ending Citigroup’s Fat-Finger Blunders

  CEOs Start Saying the Quiet Part Out Loud: AI Will Wipe Out Jobs

  OpenAI Condemns Robinhood’s ‘OpenAI Tokens’

  Tesla Is in Disarray. Musk Has Already Moved Beyond Caring About Cars.

  Inside Trump and Paramount’s Wrangling Over the ‘60 Minutes’ Settlement

  For ‘60 Minutes,’ a Humbling Moment at an Uneasy Time for Press Freedom

  Starboard Takes More Than 9% Stake in Tripadvisor

  Don’t Fall For the Fake Union Strikes Related to Prime Day

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• Morning News: July 2, 2025
  Eddy Elfenbein, July 2nd, 2025 at 7:03 am

  US Halts Key Ukraine Weapons Deliveries Amid Russian Barrage

  The US Bombing Iran Was a Win for … Putin

  The First Income Tax in the Persian Gulf Signals a Changing Economic Reality

  Is OPEC’s Supply Surge a Precautionary Move or a Market-Share Grab?

  South Korea’s Stock Market Is Having a Moment

  Milei’s Foreign-Exchange Shakeup Has Brokers Moving Into Banking

  Eurozone’s Jobless Rate Creeps Higher as Business Uncertainty Abounds

  Bond-Sale Target Could Be Changed, BOE’s Taylor Says

  Santander Bolsters Presence in UK with Acquisition of TSB for $3.64 Billion

  Biggest US Banks Hike Dividends, Announce Share Buybacks After Acing Stress Tests

  DOGE Now Targeting SEC Policy, Eyes SPAC Rules

  Trump’s 35% Tariff Threat Feeds Japan’s Worst-Case Scenario Fear

  Trump Said Trade Deals Would Come Easy. Japan Is Proving Him Wrong.

  Car Sales Cooled in June as Trump Bump Fades

  How Republican E.V. Cuts Could Put U.S. Carmakers Behind China

  Solar Industry Says Senate Plan Would Cede Production to China

  A Power Line for Clean Energy Was in the Works. Now, an Investigation Looms

  JPMorgan’s Blockchain Unit Explores Tokenizing Carbon Credits

  The Surprising Tariff Lesson Buried in Inflation Data

  Treasuries Fall for Second Day With Focus on US Jobs Numbers

  How Immigration Could Muddy the Jobs Numbers

  Poorest Americans Dealt Biggest Blow Under Senate Republican Tax Package

  Medicaid Cuts Will Hit Rural America Hard

  Paramount Agrees to Pay $16 Million to Settle Lawsuit by Trump

  We’ve Never Seen a President This Unconstrained

  What We Know (and Can’t Know) About Trump’s Wealth

  Foxconn Pulls Chinese Staff From India in Hurdle for Apple

  Honor Looks to Outshine Samsung with Extremely Thin Foldable Phone

  Netflix Explores Music Shows and Celebrity Interviews in Unscripted TV Push

  Canned-Food Producer Del Monte Foods Files for Bankruptcy

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• CWS Market Review – July 1, 2025
  Eddy Elfenbein, July 1st, 2025 at 6:06 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  It finally happened! On Friday, the stock market closed at a new all-time high. The index rose even higher yesterday and closed above 6,200. The market closed a tad lower today. Still, over the last 12 weeks, this was one of the fastest rallies in recent market history.

  

  For some context, the index last closed below 6.2 on August 2, 1932. That means that the stock market has gained 1,000-fold over the last 93 years.

  As bear markets go, this was one of the quicker ones. The S&P 500 peaked at 6,144.15 on February 19. Interestingly, that was five years to the day since the Covid peak in 2000.

  Thanks to the Trade War hysteria, by April 8, the S&P 500 fell to 4,982.78. Since then, the market has powered itself upward, and daily volatility has collapsed.

  This is a good lesson in why it’s important to avoid timing the market. The stock market can act in a manic manner, especially in the short-term. That’s why the best strategy is to buy and hold high quality stocks.

  Speaking of which, I’m happy to report that our Buy List beat the market again for the first half of this year. Through Monday’s close, our Buy List was up 7.90% for the year. Meanwhile, the S&P 500 gained 5.50%.

  One quick note to that. The return I listed doesn’t included dividends. For my year-ending stats, I always include dividends. As you know, I believe that dividends are very important to any long-term portfolio. I just didn’t have enough time to calculate the dividend-adjusted returns.

  The dividend yield of the Buy List is usually very close to the yield of the S&P 500. For the first half of this year, the S&P 500 dividend adjusted return was 6.20%, so dividends added 60 basis points to the total return of the market. My rough estimate is that dividends added about 50 basis points, give or take, to the total return of our Buy List. The bottom line is that we’re beating the market.

  Here’s a list of all 25 stocks and how they’re doing so far this year through Monday’s close:

  

  One stock I want to highlight is Heico (HEI) because our patience is paying off. This is a wonderful company that still isn’t very well known. Heico is the kind of niche business I love. With investing, the only thing better than a monopoly is a near-monopoly. (The full-on monopolies tend to get too much government attention.)

  Heico makes replacement parts for the airline industry. If a commercial aircraft needs some obscure new part, the airline can’t run down to the local hardware store. Instead, it needs to special-order it. Moreover, there’s a great deal of cost pressure on the airlines to keep the older planes serviceable.

  Also, the aircraft parts often need to meet strict regulatory guidelines. The part maker really has to know what it’s doing. That’s where Heico comes in. The business is lean and well-run.

  Check out this 30-year chart:

  

  I can’t tell the Heico story without mentioning the Mendelson family. Larry Mendelson is the current chairman and CEO. In the 1950s, he took a finance class taught by David Dodd. Fans of value investing will recognize Dodd’s name. He was the co-author of Security Analysis with Ben Graham. Security Analysis is probably the foundational text of value investing.

  Mendelson took those lessons to heart. He made a good deal of money in real estate and wanted to diversify his holdings. That led him to invest in an under-performing industrial company. He really didn’t care what he bought, as long as it was cheap and had potential to be retooled for future growth. He chose well.

  Heico was originally founded in 1957 by Dr. William Heinicke as Heinicke Electronics. By the 1980s, Mendelson controlled a sizeable share in the company and was able to make himself CEO. The Heinicke family still owns a large chunk of the voting shares, and several family members hold key positions within the company.

  When airplane owners need a new part and go back to the original equipment manufacturer (OEM) to get replacements, they’re often charged a steep price. The profit margins can exceed 30%. That provides enormous opportunity for Heico. Consider that many aircraft are over 20 years old.

  The aviation industry is broadly diversified, and Heico is also able to get sales from commercial and military customers. That means that if there’s a drop-off on one end of the business, the other side can pick up the slack. Wherever there’s a demand to cut costs, Heico has the potential to do well.

  In some respects, I see Heico’s role as similar to that of a generic drugmaker. Heico provides a low-cost copy of the original product, which is regulated by the Federal Aviation Administration. By the way, Heico does more than aircraft parts. They also supply parts for satellites, rockets, missiles and even medical instruments.

  Last November, HEI peaked at $283 per share. After that, the stock ran into a lot of bad luck. Much of that could have been DOGE-related. Then in December, the shares took a 9% bath after HEI’s earnings report didn’t please Wall Street traders (they beat by one penny).

  While I was unhappy with the falling price, I decided to keep Heico on our Buy List for this year. The stock continued to fall. By February 19, shares of HEI reached $216 per share. That was the same day the broad market peaked. A few days later, Heico released a very good earnings report ($1.20 vs. 95-cent estimate).

  Since April, Heico has been in rally mode. It took time, but we made back everything we lost. The shares have recently been as high as $328 per share. Through yesterday, HEI is up 38% for us.

  A few weeks ago, Heico reported another solid quarter. Heico reported fiscal-Q2 earnings of $1.12 per share. That’s up from 88 cents per share for last year’s Q2, and it beat Wall Street’s consensus of $1.03 per share.

  Net sales increased 15% to a record $1,097.8 million. Operating income rose 19% to $248.2 million, and operating margin improved by 70 basis points to 22.6%. Mendelson said, “We continue to forecast strong cash flow from operations for fiscal 2025.”

  For Q2, the Flight Support Group had net-sales growth of 19% and operating-income growth of 24%. The group has now delivered 19 straight quarters of sequential sales growth. Electronic Technologies had net-sales growth of 7% and operating income was up 3%. Heico is due to report earnings again in late August.

  Before I go, I wanted to mention that earlier today, Jerome Powell said the Fed would have cut rates already had it not been for the tariffs. That remark may have been what sparked an unusual market on Tuesday. Industrial stocks did very well, but tech was a laggard.

  Even though the S&P 500 closed lower on Tuesday, the Dow added 400 points. You don’t often see spreads like that. This could be the market adjusting to Powell’s remarks. President Trump continued his criticism of Powell and called him a “moron.”

  The S&P 500 Equal Weight Index closed higher by more than 1.1%. The S&P 500 Growth Index closed down by 1% while the S&P 500 Value Index rose by 1%.

  The S&P 500 Industrials Index rose by 2.28% and the S&P 500 Tech Index was down by 1.13%. I wouldn’t be surprised if this rotation lasts for a few weeks. The odds now say the Fed will cut rates by 1% before the end of the year.

  This will probably be a quiet week. The stock market will close early on Thursday, and it will be closed all day on Friday in honor July 4th. The June jobs report is due out Thursday morning. Wall Street expects that only 100,000 jobs were created last month.

  That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: July 1, 2025
  Eddy Elfenbein, July 1st, 2025 at 7:04 am

  Japan’s Trade Strategy Tested as Trump Pushes for Quick Deals

  Asian Factory Activity Stays Subdued as Tariff Deadline Looms

  South Korea’s Exports Rebound Despite Tariff Woes

  China Caixin PMI Signals Return to Growth in Manufacturing Sector

  Eurozone Inflation Hits 2% Target, Raising Chance of ECB Rate Hold

  ECB Braces for ‘More Volatile’ Inflation After Reaching 2%

  As Debt Piles Up, Countries See Fiscal Relief as Political Leverage

  The Dollar Has Its Worst Start to a Year Since 1973

  Goldman Traders Say Stock Rally to Go On Before Fading in August

  Nasdaq Prevails Over NYSE in First-Half Listings, Buoyed by Blockbuster IPOs

  Strengthening the Individual Market Is Pro Market

  Bessent Is Treating Treasury Like a Hedge Fund

  A Trio of US Treasury Hacks Exposes a Pattern Making Banks Nervous

  Trump Steps Up Pressure Campaign on Powell With Handwritten Note

  Treasury Yields Drop to Lowest Level in Two Months Before Powell Speaks

  If Anyone Needs Independence Day, It’s the Fed

  Richest 20% Get an Average $6,055 Income Boost in Trump Tax Bill

  While Correctly Decrying ‘Big Beautiful’ Spin, Deficit Hawks Should Look In the Mirror

  Trump’s Clean-Energy Grenade Rattles High-Tech Industries

  Coal’s Decline Isn’t a Conspiracy, It’s a Market Signal

  The GOP Wants to Give Big Oil a Handout It Doesn’t Need

  BP, Once a Hunter in the Oil Industry, Is Now Prey. What Went Wrong?

  Car Sales Hit a Wall as Tariff-Induced Shopping Spree Subsides

  BYD June Sales Inch Up 10% After Month of Heavy Price Discounts

  Homes Are Taking Longer to Sell in US Market That Once Flourished

  Cloudflare Introduces Default Blocking of A.I. Data Scrapers

  Meet the Highest Paid Information Technology Executives of 2024

  The Battle to Keep Consumers Means Smaller Packs of Cookies and Chips

  Ad Agencies’ Low Growth Will Drag On as They Adjust to Era of AI, Barclays Says

  Can a Longtime Car Executive Turn Around Gucci’s Parent?

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