Archive for August, 2025

• Morning News: August 19, 2025
  Eddy Elfenbein, August 19th, 2025 at 7:10 am

  US and Europe to Work Immediately on Ukraine Security Plan

  Ukraine Got a Reprieve in Washington — Not an Escape

  Attack Drone Maker Stark Set to Boost Valuation on Sequoia Raise

  India Bond Volatility Jumps as Tax-Cut Plan Stokes Fiscal Worry

  China Plays Australia Off Canada in Economic Statecraft Maneuver

  S&P Affirms U.S. Credit Rating as Tariff Revenue Expected to Plug Fiscal Leaks

  Julian Simon Redux: Treasury Rates Across the Curve Are Going Down

  Economic Data Has Taken a Dark Turn. That Doesn’t Mean a Crash Is Near.

  Citi’s Banking Head Drives Turnaround with More Executives, Deals, Cooperation

  Why Are Some Stats Too ‘Girly’ for the BLS?

  Late Bookings Have Airlines Facing ‘Nail Biter’ On Holiday Travel Season

  Air Canada Flight Attendants to End Strike

  Prices Are Rising, but Not for Oil and Gas

  Trump Widens Metal Tariffs to Target Baby Gear and Motorcycles

  With Major Disdain for Tariffs, a Partial Case for Trump’s Tariffs

  Intel’s CEO Draws Support for Revival From SoftBank, Trump

  Trump Administration Discusses Taking 10% Stake in Intel

  A.I. Travel Tools Are Everywhere. Are They Any Good?

  Is Amazon About to Take Over the Grocery Business?

  Apple Just Landed a Key Win for the Global Encryption Fight

  Musk and Zuckerberg Praise This $3,000 Smart Mattress Cover. Will Regular People Buy, Too?

  Home Depot Sees Modest Price Movement, Says Consumers Deferring Larger Projects

  MSNBC to Change Its Name—and Lose the Peacock Logo

  The Race to Rescue PBS and NPR Stations

  TV-Station Owner Sinclair Proposes Merger With Tegna

  Newsmax Will Pay $67 Million to Settle Dominion Defamation Lawsuit

  Why Did Shari Redstone Do It?

  Jim Harbaugh Is an Even Bigger PR Headache for the NFL Now

  J.Crew Survived Bankruptcy. Next Up: Cultural Relevance?

  Your Player Injured? Fanatics May Give Your Money Back

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• Morning News: August 18, 2025
  Eddy Elfenbein, August 18th, 2025 at 7:11 am

  Whatever the Alaska Game Was, the Odds Didn’t Move

  Traders Boost Bets BOE Will Hold Rate at 4% for Rest of 2025

  Global Economy Took Tariff Hike in Its Stride, But Stronger Headwinds Are Ahead

  Trump’s Tariffs Will Crush India’s Exporters, Threatening Livelihoods

  European Trade Takes Fresh Tariff Hit as U.S. Exports Slump

  Dollar Faces Hit if Tariffs Passed on to Consumers

  What Would Happen If America Started Faking Its Economic Data? Here’s What Happened When Other Countries Did It

  Powell Has Reason to Hedge Jackson Hole Signal as Data Zigzags

  The Fed Chair Doesn’t Set Rates by Himself. Here Are the Other Voting Members.

  A $17 Billion Options Trader Is Coming to Take on NYC Flash Boys

  If You’ll Pay $800 for a Credit Card, You’re in Demand

  The Major Economic Lesson In the Life of Jacklyn Bezos

  Bloomberg: RFK Jr. Is Sabotaging President Trump’s Health Legacy

  China’s Use of Fossil Fuels Is Falling While Power Demand Is Surging

  Foreigners Are Buying US Homes Again While Americans Get Sidelined

  Sorry, New York. The Era of the Big City May Be Over.

  Air Canada Halts Guidance as Flight Attendant Strike Continues

  Leapmotor Swings to Profit as Vehicle Sales Hit Record

  Detroit Needs a New Direction

  Neocloud Operators Depend on Nvidia Chips Staying Expensive

  The DOJ Continues Its Dangerous Case Against Google Search

  Is the AI Winter Finally Upon Us?

  The C.E.O. of Duolingo Wants to Have a Conversation About A.I.

  Net Zero Sacrifices Working Class To a New Tech Empire

  Advent International to Buy U-blox For $1.3 Billion

  Soho House Agrees to Be Taken Private in $2.7 Billion Deal

  Comcast Gets Serious About Subscriber Losses — A Long Fight Looms

  The Chili’s Economy Is Here: What’s Behind the Casual-Dining Boom

  Is Your Favorite Social Media Sitcom Actually a Marketing Campaign?

  He Sold His Likeness. Now His Avatar Is Shilling Supplements on TikTok.

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• Morning News: August 15, 2025
  Eddy Elfenbein, August 15th, 2025 at 7:04 am

  A Trader’s Guide to the Alaska Talks Between Trump and Putin

  Trump Has the Tools to Deliver an Alaska Surprise

  China’s Economy Slows Sharply as Trade War Bites

  China New-Home Prices Drop as Stimulus Fails to Halt Slide

  Japan’s Economy Records Modest Growth Despite Trade Uncertainty

  Tariffs Set to Hit Ireland, Where U.S. Drugmakers Play Tax Games

  Swiss Economy Slows Sharply as Tariffs Weigh

  Tariffs Are High. So Is the Stock Market.

  Why Haven’t Tariffs Boosted Inflation? This Theory Is Gaining Traction

  Why Hands-Off Investing Pays Off

  The Auctioneer and the Treasury Chief: Billy Long’s Quick Fall at the I.R.S.

  Pimco’s Warning on a Fannie-Freddie IPO: ‘Don’t Fix What Is Not Broken’

  Goldman Offers Investors Stakes in Millennium for Just $1 Million

  Warren Buffett’s Berkshire Further Pares Stake in Apple, Adds UnitedHealth Position

  Credit Unions Are Living Large Off of U.S. Taxpayers

  Nobody’s Buying Homes, Nobody’s Switching Jobs—and America’s Mobility Is Stalling

  A Chaotic Gold Rush Is Helping Bolivia Prop Up Its Finances

  Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump

  Companies With No Detention Experience Want to Run Trump’s ICE Camps

  PBS Slashes Budget by 21% After Federal Funding Cuts

  SpaceX Gets Billions From the Government. It Gives Little to Nothing Back in Taxes.

  The U.S. Is Discussing Taking a Stake in Intel

  Meta’s Consumer AI App Has Persistent Flaws Months After Debut

  AI Music Is Ubiquitous and Getting Harder to Spot

  Uber Freight Is Stuck in a No-Win Situation

  The Man Tasked With Nailing Ford’s Next Model T Moment

  Rivian Says It Faces $100 Million Hole After Relaxation of Fuel Economy Rules

  Jaguar and Aston Martin Must Find a Way to Share

  Why Cheap Airline Seats Are Getting Harder to Find

  How Urban Outfitters’ Nuuly Stole the Show From Rent the Runway

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• Morning News: August 14, 2025
  Eddy Elfenbein, August 14th, 2025 at 7:04 am

  Eurozone Industrial Production Slumps More Than Expected as Tariff Effects Sting

  Red Sea Shipping Diversions to Enter a Third Year, CEO Says

  China Mulls Asking Firms Run by Central Government to Buy Homes

  Chinese Imports Fell During Trump’s First Term. It’s Happening Again.

  Blue States Hunt for Ways to Wring More Taxes From the Wealthy

  Since the Rich Are Overtaxed, Americans Won’t Get to Escape Social Security

  Where Is Bessent Pulling These Rate Models From?

  Bessent Has Yet to Fully Divest Assets, Raising Concern at Ethics Agency

  Fed Faces High Bar for Big Cuts Despite White House Pressure

  Behind Wall Street’s Abrupt Flip on Crypto

  Return to Office Split Deepens Banking’s Transatlantic Divide

  Aviva’s Profit Jump Boosts Shares to Near 18-Year High

  Swiss Re Backs Guidance After Profit Beats Views

  Big Business Came Prepared for This White House

  American Antitrust: Now More Extreme Than Europe

  You Can Buy One of the C.I.A.’s Greatest Mysteries at an Auction House

  As Trump Pushes International Students Away, Asian Schools Scoop Them Up

  U.S. Steel Explosion Presents Challenge to Nippon’s Investment Plans

  Trump Order Seeks to Cut Regulations for Space Industry

  Brazil’s Eight-Year Campaign for Green Jet Fuel Hits the Trump Wall

  Big Tech’s A.I. Boom Is Reordering the U.S. Power Grid

  Nvidia’s Trump Tax of Little Worry to Investors Eyeing AI Riches

  Deere Falls as Struggling Farmers Delay Machinery Rebound

  Killing the Cure: Why Tariffs On Medicine Backfire

  Costco Won’t Sell Abortion Pill as Religious Investors Declare Win

  There’s Money to Be Made From ‘MAHA.’ Food Companies Want In.

  The Chocolate Company Where Prices Change Every Three Months

  The U.S. Alcohol Industry Is Reeling From Canada’s Booze Boycott

  The Live Music Business Is Booming. Now Rap Is Getting a Piece, Too.

  From Gucci to Rolex: The Rise and Fall of Luxury in Music

  Tapestry Plummets With Tariff Costs Weighing on Profit Outlook

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• Morning News: August 13, 2025
  Eddy Elfenbein, August 13th, 2025 at 7:06 am

  Bets on Outsize Fed Cut Gain Steam as CPI Data Backs Doves

  Bessent Says Fed Rates Should Likely Be 150, 175 Basis Points Lower

  Crypto Entrepreneur Who Caused 2022 Market Crash Pleads Guilty to Fraud

  A Flash in the Pan: The Strange Story of Kodak’s Ill-Fated Crypto Venture

  Morgan Stanley Sees Brazil Bond Sales Setting $30 Billion Record

  Bessent Dismisses China Investing in US as Part of a Trade Deal

  China’s New Yuan Loans Drop Unexpectedly

  China Sees Backlash Over Mandatory Social Security Payments

  The US-China Fight Over Panama’s Canal Has an Unexpected Winner

  China to Hit Canadian Canola With Nearly 76% Tariff as Trade Row Escalates

  Vietnam Wants to Be the Next Asian Tiger and It’s Overhauling Its Economy to Make It Happen

  Trump Calls on Goldman to Replace Economist Over Tariff Stance

  Trump’s Pick to Lead Labor Data Agency Adds to Fears of Political Interference

  Trump Has Made Himself Commander in Chief of the Chip Industry

  What to Know About Trump’s Deal With A.I. Chipmakers

  Companies Are Pouring Billions Into A.I. It Has Yet to Pay Off.

  Transatlantic Cooperation and the E.U.’s Digital War on U.S. Tech

  Perplexity’s Bid for Google Chrome Is Mostly Mischief

  GE Appliances Plans $3 Billion U.S. Investment to Help Blunt Tariffs

  Billion-Dollar Pay Packages Are Disasters-In-Waiting

  Saving Money on a Used Car Is Getting Harder

  Americans Are Getting Priced Out of Homeownership at Record Rates

  OPEC+ Reshaped the Calculus for Oil Markets and Spawned a Record Glut

  Scrappy Gas Billionaires Win Major Arbitration Case Against Shell

  The Push for Solar Is Carving a Path of Destruction

  Pharmaceuticals, AI Make Growing Old Great Again

  Gildan to Buy Underwear Maker Hanesbrands for $2.2 Billion

  The South African Businessman Who Turned Le Creuset Into Commercial Gold

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• CWS Market Review – August 12, 2025
  Eddy Elfenbein, August 12th, 2025 at 6:12 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.”)

  Stocks Surge to All-Time High on Mild CPI Report

  Last Friday, the stock market got a shock when the monthly jobs report came in lower than expected. The previous months’ data was also revised lower. President Trump was so angry that he fired the head of the Bureau of Labor Statistics.

  On Friday, August 1, the stock market took a 1.6% hit. Since then, the market has changed its outlook for the Federal Reserve. Traders now expect a few rate cuts from the Fed before the end of the year. Investors liked that news and the market gradually made back most of what it lost. Last Friday, the S&P 500 closed within 1/200th of 1% of an all-time high.

  

  This morning, the stock market got its next big test when the inflation report for July was released. The news showed a mostly benign report which gives a green light for the Fed to lower interest rates.

  The stock market celebrated and closed at a new all-time high. In 18 weeks, the S&P 500 has added nearly 30%. But there’s an odd fact about this rally. It’s been almost entirely centered on riskier stocks. Conservative stocks have largely gone nowhere.

  I’ll touch on that in a bit, but first, let’s take a closer look at this morning’s report. The CPI report said that consumer prices rose by 0.2% last month which matched Wall Street’s consensus. Over the last year, consumer prices have increased by 2.7% which is still above the Fed’s target rate for 2%. Today’s report is also noteworthy because it’s the first time we’ve seen the effect of the tariff policies.

  If we look at the core rate, which doesn’t count food or energy prices, then the CPI rose by 0.3% last month. That was also in line with forecasts. It was also the largest increase since January. Over the last year, core CPI is up by 3.1%.

  Shelter costs, which are a large part of CPI, rose by 0.2% in July while food prices were flat and energy prices fell by 1.1%.

  Tariffs did appear to show up in several categories.

  For instance, household furnishings and supplies showed a 0.7% increase after rising 1% in June. However, apparel prices were up just 0.1% and core commodity prices increased just 0.2%. Canned fruits and vegetables, which generally are imported and also sensitive to tariffs, were flat.

  Twelve-month headline inflation has increased over the last three months, but not by much (2.3% to 2.7%). Overall inflation has been well-behaved. I suspect that, post Covid, the resting rate of inflation is probably close to 3%. By that, I mean that all things being equal, the inflation rate will mostly hover around 3%. Before Covid, that rate was around 2%.

  Here’s a look at the Fed funds rate (in red) along with the core rate of inflation (in blue). In simple terms, the blue line ain’t moving up so the red line is coming down.

  

  Inflation at 3% is higher than the Fed said it wants, but I don’t view it as a major problem and I certainly don’t think it’s worth damaging the labor market for an extra 1%.

  The futures market sees an active Fed for the rest of this year, and it’s hard to disagree. Traders now see a 94% chance of the Fed cutting rates next month. Remember, there are already two votes at the Fed for lower rates.

  After September, traders see a 64% chance of another cut in October. In December, traders narrowly see a third rate cut. If that’s correct, it will bring the target range for the Fed funds rate to 3.5% to 3.75%.

  Tuesday’s trading was unique because investors poured into riskier assets and ignored safer assets. For example, the S&P 500 High Beta ETF (SPHB) increased by 3% on Tuesday. Meanwhile, S&P 500 Low Vol ETF (SPLV) was mostly flat. That’s an unusually large spread.

  This is part of a larger trend that started in April. High Beta stocks have demolished Low Vol stocks. I don’t know how much longer this trend can last.

  Interestingly, many travel-related stocks were very strong today. Delta Air Lines (DAL) and United Airlines (UAL) were some of the best performers in the S&P 500 today. Southwest Airlines (LUV) and Expedia (EXPE) both had very good days today.

  Also today, Perplexity offered to buy Google’s Chrome browser for $34.5 billion. Last year, the Justice Department suggested that Google divest itself of Chrome. Technically, Chrome is worth more than Perplexity, but they should have little trouble raising the money to close the deal.

  Hawkins: Up 180-Fold Since 1992

  Fourteen months ago, I told you in this newsletter about little Hawkins Inc. (HWKN) of Roseville, Minnesota. Hawkins is one of those small- to mid-cap industrial stocks that I love. The company describes itself as “a leading specialty chemical and ingredients company.”

  Snoresville, right? No, Hawkins isn’t the most exciting business, but it’s an important one, and it’s something people need. Hawkins “formulates, distributes, blends, and manufactures products for its Industrial, Water Treatment, and Health & Nutrition customers.”

  Since I told you about Hawkins last year, the stock has more than doubled.

  Hawkins has been around since 1938. The company has 64 facilities across 28 states. Hawkins has about 1,100 employees and last year, it generated revenue of $974 million.

  

  Now for the best part. Since 1992, Hawkins is up by more than 180-fold. The S&P 500 looks like a flat line in comparison. Hawkins has also raised its dividend fairly consistently for nearly 40 years. In fact, it just raised it again by 6%.

  Hawkins used to have a practice of announcing 10% or 15% stock dividends each year. These tended to be in line with the stock’s long-term performance. As a result, the nominal share price didn’t move much. That might you lead you to believe that the stock hasn’t done well, but it’s been a huge winner. Despite all its success, still only three Wall Street analysts bother following Hawkins.

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

  – Eddy

• Morning News: August 12, 2025
  Eddy Elfenbein, August 12th, 2025 at 7:04 am

  Global Markets Rise Ahead of U.S. Inflation Data

  US-China Tariff Truce Extended as Xi, Lula Speak on Trade Unity

  Gaming Out the Price of a Trump Trade Deal With China

  Greg Mankiw’s Solutions Are the Path To Much More Federal Debt

  In Economics, the Unseen Is Much More Important Than the Seen

  Trump, Seeking Friendlier Economic Data, Names New Statistics Chief

  Bond Traders’ High Hopes for September Rate Cut Hinge on CPI

  Can This New ‘Elite’ Travel Card Compete With Amex and Chase?

  Stop Letting Middlemen Pickpocket Your Bank Account

  The Era of Big Raises for Low-Paid Workers Is Over

  U.S. Small Businesses Brush Off Tariff Fears

  When Will Voters Blame Trump for This Economy?

  Bessent on Tariffs, Deficits and Embracing Trump’s Economic Plan

  Car Companies Are Paying the Tariffs. For Now.

  Ford’s Answer to Cheap Chinese EVs Starts With a $30,000 Electric Pickup

  Ford’s New $30,000 EV Pickup Cuts Against Washington

  China Creates World’s No. 1 Shipbuilder, Driven by Rivalry With U.S.

  US Premiums for Gold Retreat Following Trump’s No-Tariff Vow

  Rare-Earth Deals Show the US Can Break China’s Grip

  Sugar Set for Longest Run of Gains in Five Months on Brazil Crop

  Danske Bank Cuts Fossil-Fuel Exposure From Its Investments

  China Urges Firms to Avoid Nvidia H20 Chips After Trump Ends Ban

  America’s New AI Plan Is Great. There’s Just One Problem.

  Larry Ellison Wants to Do Good, Do Research and Make a Profit

  Spirit Airlines Issues Going Concern as It Faces Cash Crunch

  Bain Considers Late 2025 IPO of Bob’s Discount Furniture

  Pastor Sees Boycott of Target Stores as New Civil Rights Fight

  Swiss Sneaker Brand On Lifts Targets on Europe, Asia Demand

  White House Cage Fight Is ‘Going to Happen,’ Says UFC Boss

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• Morning News: August 11, 2025
  Eddy Elfenbein, August 11th, 2025 at 7:08 am

  The Dollar Still Rules, But US Policy Is Making It Less Special

  Forgotten US Global Bond Funds Face ‘Show-Me-the-Money’ Moment

  Hedge Fund Schonfeld’s Millennial Boss Drags It Back From the Brink

  The Death of Diversification: Why Buffett Was Right All Along

  Is Dow Inc. Doxing the Shareholders Who Ask the Wrong Questions?

  Trump’s 401(k) Order Offers Retirement Savers Crypto, Private Assets, But Also Higher Fees and More Risk

  Inflation Up or Down? What About Jobs? The Agency That Should Know Is on the Rocks

  What Happens When Politicians Meddle With Economic Data: Argentina’s Example

  The U.S. Marches Toward State Capitalism With American Characteristics

  On Economic Policy, the White House Is Its Own Worst Enemy

  Supercharging ICE Threatens to Be a Costly Mistake

  The Economy Is Starting to Pay for Trump’s Chaos

  US Consumers to Bear Brunt of Tariff Hit, Goldman Economists Say

  Small Businesses Brace for the Punishing Side Effects of Trump’s Tariffs

  Small US Firms Paying Trump Tariffs Face $202 Billion Annual Hit

  How to Offset Trump’s Aluminum Tariffs: Recycle Your Beer Can

  Orsted Shares Tumble After Halting of U.S. Wind Project Sale; $9.4 Billion Rights Issue Proposal

  Lab-Grown Diamonds Are Testing the Power of Markets

  Lithium Market Soars as CATL Shuts One of World’s Biggest Mines

  Rare-Earth Magnet Maker Raises $65 Million in Push to Counter China

  China’s Automakers Are Taking a Shortcut to European Markets

  Builder China South City Ordered to Liquidate by Hong Kong Court

  U.S. Government to Take Cut of Nvidia and AMD A.I. Chip Sales to China

  An AI Replay of the Browser Wars, Bankrolled by Google

  Rumble Mulls $1.17 Billion All-Stock Deal For Northern Data

  Goodbye, $165,000 Tech Jobs. Student Coders Seek Work at Chipotle.

  AOL Will End Its Dial-Up Internet Service (Yes, It’s Still Operating)

  Activist Investor to Push Avantor to Make Changes or Sell Itself

  Inside Target, Frustrated Employees and the Search for a New CEO

  Can AriZona’s 99-Cent Iced Tea Survive Trump’s Tariffs?

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• Morning News: August 8, 2025
  Eddy Elfenbein, August 8th, 2025 at 7:01 am

  Israel to Seize Gaza City, Stopping Short of Full Takeover

  Can Russia’s Economy Withstand Trump’s Pressure?

  China Defends Buying Russian Oil After Trump’s Tariff Threat

  Congo Peace May Herald $700 Million Power Deal With US Company

  A Mile Underground, America’s Largest Untapped Copper Mine Inches Toward Reality

  Taiwan Strained by 20% Tariffs, No Trade Deal and Political Uncertainty

  Japan Says Trump to Correct ‘Extremely Regrettable’ Error in Tariff Order

  Gold Hit By Surprise US Tariffs, Unleashing New Turmoil

  Why a Product’s Country of Origin Matters in Trump’s Trade War

  US Trade Shifts From Bretton Woods to the ‘Turnberry System’

  It’s Only a Matter of Time Until Americans Pay for Trump’s Tariffs

  You Don’t Enhance Free Speech By Giving Politicians Control of It

  Trump’s Surprise Fed Pick Buys Him Time on Chair Selection

  JPMorgan Says Treasury Curve Can Steepen on Miran Fed Pick

  Sahm: The BLS Can’t Be Replaced by the Private Sector

  SpongeBob on the Syllabus of Class Examining the Shackles of Work

  Follow the Money: The Inevitable Rise of Crypto and Blockchain

  Playing by the Rules Costs Wall Street an Extra 51 Million Hours a Year

  Wall Street and AI Startups Are Fighting Over Entry-Level Quants

  Don’t Turn Chip Controls Into Bargaining Chips

  Trump Reminds CEOs Who the Ultimate Boss Is

  Intel CEO Dogged by Decades of China Chip Bets, Board Work

  Intel’s Chief Holds Firm After Trump Demands His Resignation

  SoftBank Buys Foxconn’s Ohio Plant to Jumpstart Stargate AI Push

  Silver Lake Invests $400 Million to Tackle Data-Center Power Bottleneck

  The AI Building Boom Is Bound to Bust

  E.P.A. to Stop Updating Popular Database After Lead Scientist Criticized Trump

  Truck Companies Sour on California’s Strict Clean Air Rules

  What If Everything We Think About Obesity Is Wrong?

  Irish Whiskey Makers Crumble Under Trump’s Trade Tariffs

  Nicotine Is Hot, Beer Is Not. What Vice Stocks Say About America’s Guilty Pleasures.

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• Morning News: August 7, 2025
  Eddy Elfenbein, August 7th, 2025 at 7:04 am

  A Defiant Israel Eyes a Full Gaza Takeover Despite Global Isolation

  Bank of England Cuts Rates to Two-Year Low After Rare Re-Vote

  China’s Exports Surged Again in July, but Not to America

  German Exports to U.S. Fall for Third-Straight Month as Industry Slumps

  Trump’s Tariffs Take Effect in Fresh Test for Global Economy

  Trump Doubles Tariff on India to 50%, Sparking Outrage in Delhi

  Southeast Asia Looks for Clarity From U.S. on ‘Rules of Origin’

  ‘Next Era of Dollarization’ Is Visible From Bolivia to Indonesia

  US Would Be Wise Not to Count Its Winnings on Trade Just Yet

  Dollar Falls to 10-Day Low as Tariffs Take Effect

  This Isn’t How You Deal With Free Riders

  Stablecoins, Digitized Bank Deposits, and Future Banking Risk?

  Trump to Sign Order Easing Path for Private Assets in 401(k)s

  Youth Is Losing to Experience in This Job Market

  The BLS Isn’t Alone in Facing Data Challenges; U.K. Has Them Too

  Taxation Is Easily the Least Harmful Aspect of Government Spending

  US Offers to ‘Simplify’ Harvard Case Over Foreign Student Ban

  Japan’s Auto Giants Are Expecting Pain Despite Trump Trade Deal

  Auto Industry Takes $12 Billion Hit From Trade War

  Trump’s Latest Attacks Stun Wind and Solar Industries

  Space Company Firefly Poised for Wall Street Debut

  The Real Nuclear Moonshot Is Here on Earth

  Apple C.E.O. Gifts Trump Gold

  Siemens Beats Market Views With Order Momentum in Mobility

  Artificial Intelligence, and the Future of the Magnificent 7

  Elon Musk Takes on Sam Altman, This Time Over the Chessboard

  Foodpanda Aims to Double Pakistan Business in Three Years

  Lilly Obesity Pill Cut Weight by Just 11% in Study; Shares Drop

  How Ozempic’s Maker Lost Its Shine After Creating a Wonder Drug

  It Was a Promising Addiction Treatment. Many Patients Never Got It.

  Disney’s Thriving Parks Are Buying It Time to Figure Out Streaming

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