The Wall Street Journal
FEBRUARY 9, 2025 2
DOGE’s First Round of Cuts Went to Trump Priorities, but Bigger Targets Await
The Department of Government Efficiency says it has cut billions of dollars in spending with its shutdown of DEI and climate-change programs; now it is turning to some of the largest government programs.
Vought Moves to Defang CFPB, Telling Staff to Halt All Supervision
The acting director issues new orders to staff and says he won’t ask for funding for the financial regulator.
- Vought: 文脈からは、人名または組織名と考えられます。
- Defang: (比喩的に)牙を抜く、弱体化させる。ここでは、CFPBの権限や影響力を削ぐことを意味します。
- CFPB (Consumer Financial Protection Bureau): 消費者金融保護局。アメリカ合衆国の金融規制機関で、消費者を金融機関の不正行為から守ることを目的としています。
- Acting director: 代理長官。正式な長官が不在の場合に、その職務を代行する人。
- Supervision: 監督、監視。
‘We’ve Already Won’: Podcasters and Influencers Gain New Standing in Trump’s White House
The administration has gotten more than 11,000 applications for a “new media” seat.
- Gain New Standing: 新たな地位を獲得する、
- "new media" seat: 「新しいメディア」の席。ここでは、特定のメディア媒体やプラットフォームにおける役割や地位を指している可能性
->
John Ashbrook, a co-host of the conservative podcast “Ruthless,” was granted a question during a White House briefing last month. He asked if the media was “out of touch” in its coverage of immigrant deportations. Press secretary Karoline Leavitt said yes.
Ashbook didn’t feel the need to ask a follow-up question, after Leavitt’s reply included a statistic on recent deportations.
- was "out of touch": 「世間とかけ離れている」「実情を理解していない」。ここでは、メディアの報道が現実の状況と乖離している、という意味合いです。
Trump’s Whirlwind Moves Ripple Far and Wide
Global leaders, chief executives and lawmakers are navigating whipsaw changes touching healthcare, schools and the global supply chain.
- Whirlwind: 旋風、つむじ風。
Even Disney Is Worried About the High Cost of a Disney Vacation
Price hikes have moved the Happiest Place on Earth out of reach for many Americans, alienating parkgoers and worrying executives. ”It was really stressful for me thinking all the time about how much we were spending.”
- alienate : 遠ざける, 不和にする, 仲たがいさせる, 譲渡する
In One Devastated Syrian Suburb, the Only Sign of Life Is the Gravedigger
The former rebel stronghold of Jobar points to the challenge of rebuilding a broken country
唯一の生命の兆候は墓掘り人である。
JOBAR, Syria—Only one patch of this Damascus suburb remains mostly intact and operational again: the cemetery.
Majid Ajouz and his uncle went back to washing bodies and burying them here after the regime of Bashar al-Assad collapsed in December and former residents started visiting this ancient neighborhood.
One Student’s Quest to Save $350,000 and Go to NYU for Free
The growing gap between college sticker prices and what people actually pay puts the burden on families to find discounts
- Sticker price: 表示価格、定価。ここでは大学の授業料などの公式な価格を指す。
The Tequila Boom Is Over. The Tequila Price War Has Begun.
Threat of tariffs adds uncertainty to brands like Casamigos and Patrón, which are struggling to retain drinkers.
SATURDAY, FEBRUARY 8, 2025
What’s News in Markets: Tariff Worries, Amazon’s AI Bet, Mattel Climbs
Francesca Fontana: Hey, listeners. It's Saturday, February 8th. I'm Francesca Fontana for The Wall Street Journal. And this is What's News in Markets, our look at the biggest stock moves of the week and the news that drove them. Let's get to it.
Welcome back. Happy February. The stock market had a totally mellow, lazy start to the month. I'm kidding. We had trade drama, thanks to Trump tariffs, and another spate of earnings reports. We could talk about some of the winners and losers in those later, because right now, we have a jobs report to unpack.
- mellow: 穏やかな、のんびりした
- spate: (良い意味でも悪い意味でも) 多数、連続
The Fed's in wait-and-see mode right now in terms of interest rate cuts. So it's watching key indicators, like the health of the labor market. And this jobs report was a mixed bag. The unemployment rate ticked down, but jobs grew by less than expected.
- The Fed (Federal Reserve System): アメリカ合衆国の中央銀行制度であり、金融政策を担う機関です。
- wait-and-see mode: 様子見モード。状況を見守り、行動を保留する状態を指します。
- interest rate cuts: 利下げ。政策金利を引き下げることです。
- jobs grew by less than expected: 雇用者数の増加が予想を下回った。
In any case, not a showstopper and not likely to jumpstart any rate cuts. All three of the major indexes ended slightly lower this week. The Dow and Nasdaq each lost about half a percent, while the S&P 500 fell about a quarter of a percent.
- not a showstopper: 大した問題ではない、決定的な障害ではない (showstopperは元々、ショーを中止させるほど素晴らしい、またはひどいパフォーマンスを意味します)
- not likely to jumpstart: ～を促す可能性は低い、～のきっかけになる可能性は低い (jumpstartは、車のバッテリー上がりをケーブルで繋いでエンジンをかけることから、「（活動など）を再開させる、活気づける」)
- rate cuts: 利下げ (金利の引き下げ)
- major indexes: 主要指数 (株式市場の動向を示す指標)
- half a percent: 0.5%
- a quarter of a percent: 0.25%
So, what stocks are the potential biggest losers of Trump's looming trade war?
Well, we got a sneak peek on Monday by looking at which were reacting to the latest tariff moves from the White House. In case you missed it, the US struck last-minute deals with Mexico and Canada to delay new 25% tariffs while proceeding with an additional 10% tariff on China that went into effect Tuesday. China hit back with retaliatory tariffs that will start on Monday.
So, what stocks are moving on this?
First, automakers. Ford and General Motors use Mexico and Canada as a manufacturing base for the US and may have to really scramble to adjust their supply chains.
Then there's the tech companies, like iPhone maker Apple and chipmaker NVIDIA, companies whose supply chains run through China, which didn't get a delay on its levy like the other two countries. Plus, President Trump has been threatening new tariffs on chip imports.
So we saw players in those industries moving lower during Monday's session. We also saw the same from individual stocks, like Constellation Brands. That's the importer of Modelo and Corona beers. And, as you might guess, investors were considering the implication of Mexico tariffs on the company. Constellation shares ended up dropping 3.5% on Monday and moved mostly lower the rest of the week.
- moving lower とは、株価や市場が「下落している」
- Constellation Brands: コンステレーション・ブランズ（ModeloとCoronaビールの輸入業者）
One stock that delivered its investors good news on its trade-war prospects and earnings, Mattel. Barbies, Hot Wheels, etc., etc. The company posted better-than-expected fourth-quarter results, forecast higher sales and profit in 2025, and announced a stock buyback.
- a stock buyback「自社株買い」
But wait, there's more. The company also said it's prepared to offset any ill effects of Trump's tariff plans, in part by having a global supply chain that isn't overly reliant on any one country, and it's considering price increases down the road. The company expects those measures to contribute to that higher profit and revenue this year, and investors were really feeling that optimism. Mattel shares rocketed 15% higher on Wednesday and held on to those gains the rest of the week.
Now, this wouldn't be a stock-market podcast if we didn't talk about AI at least once, right? I mean, I'm joking, but seriously, in markets, politics, advertising, it is everywhere, including in Amazon's earnings. The tech giant is joining other tech giants, like Meta Platforms and Alphabet, in spending big on AI.
Amazon said Thursday that it planned more than $100 billion in capital expenditure for this year, a record amount, as part of a push to build generative-AI infrastructure.
Now, there's been some concern among some investors, questioning whether such spending sprees are prudent and if AI stocks are overvalued.
- capital expenditure (設備投資): 企業が長期的な成長のために、土地、建物、機械などの固定資産に投資する支出
- prudent (賢明な、慎重な): 注意深く、思慮深く、リスクを避けるような行動や判断を指します。
- overvalued (過大評価された): 資産や株などが、その実際の価値よりも高く評価されている状態を指します。
- spending spree (散財、浪費): 短期間に多額のお金を使うことを指します。
Plus, Amazon also projected lower-than-expected sales and operating income. And after disappointing cloud results from Alphabet and Microsoft, investors took special notice of Amazon Web Services revenue missing expectations in the latest quarter. The stock ended Friday's trading session down 4.1%, and on a weekly basis, Amazon shares lost 3.6%.
- cloud results: クラウド部門の業績
- took special notice of: 特に注目した
- missing expectations: 予想を下回る
And now you know What's News in Markets this week. You can read about more stocks that moved on the week's news in The Score, my column in The Wall Street Journal's Exchange section. Today's show was produced by Zoe Kuhlkin, with supervising producer Tali Arbel. I'm Francesca Fontana. Have a great weekend, and see you next Saturday.
FEBRUARY 9, 2025
- Frailty: もろさ、虚弱さ、脆弱性。ここでは、人質の健康状態や精神状態の弱さを指しています
- Fraying: ほころびる、衰える
Frailty of Israeli Hostages Freed by Hamas Sparks Alarm
Or Levy, Ohad Ben Ami and Eli Sharabi were handed over in the latest exchange under the Gaza cease-fire deal.
- Frailty: もろさ、虚弱さ、脆弱性。ここでは、人質の健康状態や精神状態の弱さを指しています
Vetting team has rejected hundreds of applicants deemed to hold dissenting views
- Presses: ここでは「圧迫する」「追い詰める」という意味です。求職者に対して、特定の政治思想への支持を迫るような状況を表しています。
- Disfavored Republicans: 不評な共和党員。
- Vetting Team: 選考チーム。応募者の適性を審査するチーム。
- Deemed to hold: ～を持つとみなされた。ここでは、応募者が異議を唱える見解を持っていると選考チームが判断したことを表しています。
- Dissenting Views: 異議を唱える見解。多数派の意見や、組織の公式見解とは異なる意見。ここでは、おそらくT氏や選考チームの考えと異なる政治思想や信条を指しています。
dissenting : 異議のある, 反対意見の, 国教に反対する
Vice President JD Vance will oversee negotiations with companies signaling interest while TikTok hopes to avoid a sale.
Forget what you think you know about brilliant young entrepreneurs. Most people who start successful companies are in middle age or beyond.
Threat of tariffs adds uncertainty to brands like Casamigos and Patrón, which are struggling to retain drinkers.
A lightning offensive has reversed months of setbacks for the government while rebel discipline shows signs of fraying after nearly two years of civil war.
- Lightning offensive: 電光石火の攻勢、電撃的な攻撃
- Reversed: 逆転させた、覆した
- Months of setbacks: 数ヶ月にわたる挫折、苦戦
- Rebel discipline: 反政府勢力の規律
- Shows signs of (doing something): ～の兆候を示す
- Fraying: ほころびる、衰える
FEBRUARY 8, 2025 2
Trump Is Changing the World Order With Unprecedented Speed
Global leaders, chief executives and lawmakers are navigating whipsaw changes touching healthcare, schools and the global supply chain.
- Navigating: 「乗り越える」「対処する」という意味の動詞です。困難な状況や複雑な問題をうまく処理することを指します。
- Whipsaw changes: 「激しい変化」「急激な変動」
whipsaw ：鋸（のこぎり）の動きから、急激な方向転換や変動を表します。
Europe’s Unloved Stocks Are Suddenly on Top of the World
The enthusiasm for European stocks comes at an unlikely time, with zero growth in the eurozone at the end of last year and with President Trump threatening tariffs.
Cracks in the U.S. tech trade and brightening growth prospects in Europe have helped fuel a rebound
Europe’s economy is stuck in the doldrums and President Trump’s threat to hit the trade-dependent region next with tariffs risks making things worse. Yet European stocks are on a hot streak.
The German DAX has climbed more than 9% this year in dollar terms, and France’s CAC 40 is up about 8%. That is well above the 2.45% gain in the S&P 500. European indexes haven’t outpaced U.S. counterparts by such a wide mark at the start of a year since 2015, according to Dow Jones Market Data.
- doldrums: 停滞、不況
- trade-dependent: 貿易依存の
- hot streak: 活況、好調
- dollar terms: ドル建てで
- outpaced: 上回った
Trump Says He Revoked Joe Biden’s Security Clearance
The president called the access “a courtesy provided to former presidents.”
- Revoked: 取り消した、無効にした (revoke の過去形)
- Security Clearance: 機密保持資格。国家安全保障に関わる情報へのアクセスを許可される資格。
- courtesy: (名) 礼儀、丁寧さ、好意
courtesy
発音: [ˈkɜːrtəsi]
品詞: 名詞
礼儀正しさ、丁寧さ、礼節: 他人に対する敬意や配慮を示す態度や行為。
好意、親切: 人に対する親切な行為や態度。
（形式ばった表現） 挨拶、お辞儀
DEI Didn’t Change the Workforce All That Much. A Look at 13 Million Jobs.
For all the controversy that diversity programs stir up, they haven’t radically changed who advances up the corporate ladder, a Wall Street Journal analysis found.
- DEI: Diversity, Equity, and Inclusion（多様性、公平性、包容性）
- Workforce: 労働力、従業員。企業や組織で働く人々の集団を指します。
- Diversity programs: 多様性プログラム。組織内で多様性を促進するための取り組み。採用における多様性の確保、研修、昇進制度の見直しなどが含まれます。
- Radically: 根本的に、徹底的に。物事の根底から変化させる様子を表します。
- Corporate ladder: 企業のはしご。企業内での昇進の階層を指します。
- "all that much" は、副詞句で、主に否定的な文脈で使われ、「それほど～ではない」「あまり～ではない」
- for all: ～にもかかわらず
- controversy: 議論、論争
- stir up: （感情などを）かき立てる、引き起こす
for all
「～にもかかわらず」
意味: ある事実や状況が存在するにもかかわらず、別の事柄が成立することを表します。
For all his efforts, he failed.
For all her beauty, she is lonely.
類似表現:
Despite
In spite of
Notwithstanding
2. 「～の割には」
意味: ある人物や物の性質や特徴から予想される結果や状況と比べて、実際の結果や状況が異なることを表します。
For all his experience, he made a mistake.
For all its size, the car is very fuel-efficient.
類似表現:
Considering
In view of
3. 「あらゆる～に対して」
意味: 全ての～に対して、という意味を表します。
For all intents and purposes, the project is finished.
類似表現:
In every respect
For all purposes
4. (古語) 「～を考慮すると」
A Private Club’s Very Public Problems
Soho House faces feuding billionaires, a takeover offer and complaints about waiting ages to order a drink
- feuding billionaires: 仲たがいする億万長者たち。億万長者同士が何らかの理由で対立している状況を表します。
- a takeover offer: 買収提案。ある企業が別の企業を買収しようとする提案のことです。。
- waiting ages: 長い時間待つこと。agesは「長い年月」という意味で、ここでは比喩的に「非常に長い時間」
Soho House started its life in London in 1995 as a private members club for the artsy elite.
- artsy: 芸術的、芸術家気質
Trump Wants to Own Gaza. Here’s What It Would Take to Rebuild.
Whether or not President Trump’s vision of rebuilding the Gaza Strip is realized, the cost and scale of the effort will be monumental.
Rubio’s First Overseas Trip Targets an Audience of One: Donald Trump
America’s top diplomat tried to make clear he and his boss share the same worldview.
たった一人の聴衆をターゲットにしている。