Emma Tucker
1. FROM MY DESK
Feigning stomach cramps on a frozen morning in eastern Ukraine, a young Russian lieutenant stepped away from his fellow soldiers into a line of bare trees-and waited.
Seconds later, a barrage of Ukrainian missiles obliterated the field behind him, leaving 68 dead and 60 wounded. His handler texted asking for an update. "There's just meat," he replied.
Lt. Lev Stupnikov would go on to help Ukraine kill more than 300 Russian soldiers, making the 26-year-old one of the deadliest saboteurs in recent military history.
Read Matthew Luxmoore's incredible reporting for a rare window into Kyiv's shadow war and Stupnikov's daring escape across the front line into Ukrainian-held territory.
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2. TODAY'S HEADLINES
-- Three children and one teacher were killed in a shooting at an elementary school in Bend, Ore.
-- Fuel prices are up all over the U.S., but the surge is hitting some regions harder than others. And that impact could affect next month's midterm elections.
-- Progress toward a U.S.-Mexico tariff deal has stalled after opposition from Commerce Secretary Howard Lutnick.
-- Cornell University's bid to rein in fraternities following gang-rape allegations is the latest in a long history of attempts to tame Greek life at the Ivy League school that have come up short.
-- After nine years, potentially millions of dollars in deposits and considerable hype, the Tesla Roadster is finally ready to launch-which it did.
3. LIVE FROM THE MARKETS
Follow our live financial coverage all day.
-- Stocks Spencer Jakab is watching: Berkshire Hathaway's "B" shares got within spitting distance of their all-time high on Thursday. That record was set way back on May 2, 2025, which is the day before Warren Buffett announced his intention to retire at the end of the year. Business has been fine, but those were some very, very big shoes to fill. Buffett presided over a 6,099,294% gain in Berkshire's value per share as CEO. (Get Spencer's Markets A.M. newsletter in your inbox.)
-- The riskiest corner of the AI trade is colliding with higher rates.
-- KFC said it has struck a deal with Coca-Cola as its beverage provider at thousands of U.S. restaurants, a blow to longtime supplier PepsiCo.
-- Porsche's new chief executive, Michael Leiters, is betting on luxury pricing and a tougher culture to revive the battered automaker.
4. READ IT HERE FIRST
The great Louvre robbery was just the start.
In the year since thieves stunned the world by smashing their way into the Louvre Museum and stealing France's crown jewels worth at least $101 million, art heists have only intensified. From Wales to Sicily, more than 14 museums have been hit by smash-and-grab criminals since early 2025, suggesting museums haven't cracked the code on how to safely protect their treasures. Police are still looking for the Louvre's stolen trove of 19th-century jewelry, though French authorities arrested eight people in connection with the crime last October. But the subsequent art-crime onslaught across Europe suggests the Louvre heist wasn't a one-off and might have emboldened copycats, as well as organized criminal gangs to target museums, reports Kelly Crow.
5. MIDTERMS WATCH
Washington coverage chief Damian Paletta: The battle for the Senate is going to be an absolute nail-biter. There are growing indications, including from some Republicans, that the House will likely flip to Democratic control after the Nov. 3 midterms. Control of the Senate appears much less certain, though. Democrats feel confident they can pick up the seat in North Carolina, but there are so many other seats in play, including Michigan, where Republicans might be able to pull a blue seat over into their corner. President Trump is barnstorming the country, hopscotching through Montana, Nebraska and a number of other states. Former President Obama is slated to campaign in Michigan in the coming days for Abdul El-Sayed. A lot of these races are close, razor thin. Watch the candidates, not the polls. Are they acting desperate? Confident? That could tell you how comfortable they are in this final stretch. Democrats need to flip a net of four seats to control the Senate. That's a real tall order.
Go inside what's driving D.C. Washington Coverage Chief Damian Paletta brings you an expert guide to the politics, power and people in the nation's capital. Sign up for our politics newsletter.
6. SEE THE STORY
This tiny robot could fix massive sewer failures.
In January, a collapsed sewer pipe outside Washington, D.C., spilled more than 240 million gallons of raw sewage into the Potomac River. It is likely the largest sewage spill in U.S. history, but just one of an estimated 75,000 across the country each year, according to the EPA. As aging sewer networks struggle with growing populations and changing weather patterns, a team of engineers and professors in Europe is developing a robot designed to detect and potentially address problems before disaster strikes. Watch how the $9 million EU-funded PIPEON project is tackling the dark and perilous world beneath our streets.
7. HAPPENING TODAY
-- "You Can See Everything," a documentary about Theranos founder Elizabeth Holmes, opens in theaters.
-- Earnings: M&T Bank, Regions Financial Group, Citizens Financial Group
-- Today's paper
8. THE NUMBER
27.1%
The gain reported by Harvard's endowment for the fiscal year ended June 30, swelling its coffers to almost $68 billion. University endowments are notching their strongest returns in five years thanks in part to gains from (SpaceX) and other AI bets. Other big winners include the University of North Carolina system, which gained 37.8%-about half of that from SpaceX.
9. AND FINALLY...
Here's how to get all the tax benefits from your health savings account.
Health savings accounts continue to gain ground with Americans-and with good reason, thanks to their triple tax benefits. While the accounts aren't new, now is an opportune time to revisit their rules and wrinkles. Open enrollment is approaching for many employees, and favorable changes have taken effect for many self-employed workers and early retirees. Plus, even HSA owners who spend their funds each year can save on taxes. Whether you already have an account or are considering signing up for one, Laura Saunders outlines the key details.
10. BEYOND THE NEWSROOM
-- Opinion: Hype about new technologies is an inevitable human temptation, and sometimes it pays off, but eventually investors demand returns on capital. That's the way to think about the market swings of recent days.
-- WSJ | Buy Side: Not sure if you qualify for a business loan? Some lenders look more at your revenue than at your personal credit score.
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Today's newsletter was curated and edited by Morgan Smith and Tina Fuhr in collaboration with Editor in Chief Emma Tucker. Got a tip for us? Here's how to submit.
This article is a text version of a Wall Street Journal newsletter published earlier today.
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