Bonus Episode for Aug. 1. Logistics companies that deliver the goods you use everyday are grappling with rapid shifts in freight demand due to President Trump’s trade war. Warehouse operator Prologis, trucking giant J.B. Hunt and parcel carrier United Parcel Service are also still dealing with a yearslong slump in freight demand following the pandemic. Elsewhere in the industry, railroad giants Union Pacific and Norfolk Southern plan to merge in a deal that would create the first coast-to-coast rail operator in U.S. history. WSJ reporter Esther Fung discusses what companies are saying in earnings reports and analyst calls. Liz Young hosts this special bonus episode of What's News in Earnings, where we dig into companies’ earnings reports and analyst calls to find out what’s going on under the hood of the American economy.Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.