By Emma Tucker

The U.S. needs more weapons. America's biggest bank wants to add its firepower. JPMorgan's Jamie Dimon is putting the bank's own funds into defense and other vital industries, with broader plans to expand in the national-security sector. The move reflects an idea Dimon has been pondering about JPMorgan's role in national defense — and about his own legacy. The Journal's Alexander Saeedy takes a closer look at this inherently riskier — but potentially more profitable — strategy.

Turning to the markets, Vicky Ge Huang dissects the metric giving Wall Street comfort over stocks' sky-high valuations.

Today's Headlines

Comcast's decision to split itself into two created the next big deal magnet in an entertainment industry that's poised for yet another cycle of consolidation.

For the first time in 20 years, Warren Buffett is skipping his usual midyear donation to the Gates Foundation so he can wait to see the findings of a review into the foundation's ties to Jeffrey Epstein.

President Trump said that he would nominate Keith Sonderling as labor secretary.

Corruption scandals are threatening Argentine President Javier Milei's free-market makeover of his country.

Washington's earthquake relief efforts in Venezuela are colliding with anger at the country's U.S.-backed government.

Live From The Markets

The Dow topped 52,000 for the first time, highlighting investors' increasing demand for stocks at the heart of the American economy.

Michael Saylor's Strategy is abandoning its "never sell bitcoin" mantra in a bid to outlast a slow-motion crash of cryptocurrencies.

Read It Here First

This is why Wall Street bulls aren't worried about sky-high stock prices.

A historic surge in corporate profits has helped lift a key indicator of underlying business health to a record high, giving some investors reassurance about the sustainability of the market's runaway gains. The net profit margin for companies in the S&P 500 rose to 14.8% in the first quarter, according to FactSet. This marks the highest net margin, a measure of the profit generated from every dollar of revenue, reported by the index since the data provider began tracking it in 2009. The previous peak of 13.2% was set just a quarter earlier. It isn't just tech companies, either.

They're in their 60s and their student loans won't let them retire.

Student loans are increasingly following Americans into their 60s and rewriting what they believed would be their retirement years. More than three million people age 62 and older owe federal student loans, up from 1.8 million in 2018, according to Education Department data. Delinquency rates among older borrowers have skyrocketed too, in some cases because they are on fixed incomes or have medical expenses. Those who fall into default risk having their Social Security benefits, tax refunds and wages garnished. Oyin Adedoyin spoke with older Americans who are still paying off their student-loan debt, including one couple whose balance has ballooned to a half-million dollars.

Reporter's Notebook

Intelligent Investor columnist Jason Zweig: I've always urged readers to be skeptical of firms that claim to offer high income at low risk. Two summers ago, a source tipped me to offerings from firms that promised high income at no risk, both affiliated with Paul Regan.

Nothing added up. Regan claimed to have been a senior trader at Goldman Sachs, but Goldman said he hadn't worked there. He had been expelled from the securities industry in 2004. After initial denials, Regan confirmed he had falsified his employment record and been fined for defrauding an investor with dementia.

I started hearing from readers who had been pitched Regan's offerings. Members of his sales force also contacted me-warily at first, eventually in a flood. I was surprised that among dozens of his salespeople, almost none raised serious questions about the scam until our articles started casting doubt on Regan's claims.

I reviewed more than a dozen recordings of Regan talking investors into buying his offerings. The stories of victims, like cancer patient Richard Whitacre — who invested his life savings in Regan's scheme — were heartrending.

Their vivid accounts, I believe, helped spur federal authorities into action. Regan pleaded guilty to three counts of fraud in March; he will be sentenced in August.

See The Story

Meet the family keeping watch over a 52-year-old pot of soup:

The Italians sell cheese aged up to 18 years. One French butcher offers steaks old enough to apply for a driver's permit. The Chinese tout century eggs that are, in reality, preserved for a few months. What has outlived them all? A beef broth simmering at a Thai restaurant since 1974. At Wattana Panich in Bangkok, three generations have tended their "mother stock" with military precision and excellent taste buds. The broth forms the backbone of its signature beef noodle soup.

Happening Today

World Cup: France vs. Sweden in East Rutherford, N.J.; Côte d'Ivoire vs. Norway in Dallas; Mexico vs. Ecuador in Mexico City

Economic data: The Conference Board updates its Consumer Confidence Index.

Earnings: Nike, Constellation Brands

Number Of The Day:

37%

The rent on New York City Mayor Zohran Mamdani's former rent-stabilized apartment in Queens is jumping 37% for the next tenant. Though a city board recently approved a historic two-year rent freeze — delivering on one of the mayor's signature campaign promises — landlords still have leeway. For new leases, landlords who had been charging discounted rates when the market was softer will be able to raise rents to the highest price allowed by the city.

And Finally...

America's next World Cup test is conquering Europe.

To achieve global soccer supremacy, the Americans will have to go through the continent that has dogged them for nearly five years. That's how long it has been since the U.S. managed to beat a single team from Europe. The U.S. enters its Round of 32 match with 10 consecutive losses against European teams. Standing in their way this time is Bosnia and Herzegovina. While the Americans are favored to advance, the team known as the Zmajevi, or dragons, won't make the game particularly fun for their hosts.