P2JW090000-5-A00100-17FFFF5178F

***** WEDNESDAY,MARCH 31,2021~VOL. CCLXXVII NO.74 WSJ.com HHHH $4.00

DJIA 33066.96 g 104.41 0.3% NASDAQ 13045.39 g 0.1% STOXX 600 430.65 À 0.7% 10-YR. TREAS. g 1/32 , yield 1.724% OIL $60.55 g $1.01 GOLD $1,683.90 g $28.30 EURO $1.1718 YEN 110.35 Home-Price Surge Hits 15-Year High Across the country, housing prices are climbing at the fastest pace in 15 FTCAntitrust What’s years because of a tight supply of homes. Two closely watched indicators News released Tuesday posted double-digit growth in house prices nationally. A2 Action Signals +14.3% Year-over-year change in the January Business&Finance home priceindexfor selected metroareas Boston Tougher Tone he FTC filed suit to Seattle Tblock Illumina’splanned +10.7 San $7.1 billion acquisition of Francisco Bid to block Illumina’s sition of Time Warner Inc., +11.0 +11.3 Grail, the latest signal that +8.9 which the government lost. the U.S. is entering a pe- $7.1 billion purchase of TheFTC—consisting cur- +9.5 Las Vegas Minneapolis +10.7 riod of more aggressive +10.0 Grail marks rare swipe rently of two Democratsand antitrust enforcement. A1 Detroit NewYork two Republicans—voted 4-0to Chicago at a 'vertical’ merger go forwardwith the suit, which  Credit Suisse shareholders +8.5 Washington, comes amid expectations that arebracing forabig hit D.C. Denver BY BRENT KENDALL theBiden administration will from the fire sale of posi- +14.2 +15.8 AND JONATHAN D. ROCKOFF step up effortstopolicethe tions held by Archegos,a +9.6 marketplacefor potential setback that comes on the +9.2 Charlotte, N.C. WASHINGTON—TheFederal harms to competition. heels of Greensill’scollapse. A1 Trade Commission filed suit to FTC Acting Chairwoman Re-  U.S. home prices arerising SanDiego Phoenix Atlanta block Illumina Inc.’splanned becca Kelly Slaughter,aDemo- at the fastest pacein15years, Dallas $7.1 billion acquisition of a crat, has advocated amoreag- reflecting howfiercely buyers +10.4 companydevelopinganearly- gressive stanceagainst vertical arecompeting foralimited stagecancer-detection test, in deals,and Tuesday’scase could supply of homes in nearly Tampa the latest signal that the U.S. is set the tone forfutureefforts. everypart of the country. A2 entering aperiod of moreag- Thesuit also comes two weeks gressiveantitrust enforcement. afterthe FTC signaled it is pre-  Consumer confidence in Miami Thecase has added signifi- paring to take aharder line on the U.S. rose in March to its cancebecause Illumina’spro- drug-companymergers. highest level sincethe pan- U.S. home-pricegrowth ...as home prices rose ...promptedbyhigh demand, posed acquisition of Grail Inc. Grail, which wasoriginally demic started ayear ago. A2 reacheda15-year high throughout the nation... falling supply and low is avertical mergerofcompa- founded by Illumina, is among  JPMorgan, Salesforce in January... interest rates. nies that don’t competehead- anumber of companies that and PricewaterhouseCoo- to-head. Most mergerlawsuits aretrying to develop blood- S&PCoreLogic Case-Shiller Median existing-home price, Existing homes persare among major com- involvechallenges to so-called based testsfor detecting can- National Home PriceIndex 12-month moving average available forsale panies looking to unload big horizontal deals that involve cers early.The tests, known as blocks of office space. B1 15% $300K 4million homes the combination of direct ri- liquid biopsies,look in blood vals. samplesfor genetic signs of  Xiaomi became the lat- Therehas only been one liti- cancer. est tech company drawn to 11.2% 10 gatedchallengetoavertical Illumina develops and sells China’s burgeoning elec- 3 mergerinmorethan 40 years: next-generation sequencing ma- tric-vehicle market, pledg- 5 200K the JusticeDepartment’s2017 chines that runthese tests, and ing $10 billion over the next case against AT&T Inc.’sacqui- PleaseturntopageA4 decade to itsinitiative. B1 0 2  Major U.S. stock indexes fell, with the Dow industri- –5 100K als and S&P 500 both 1 BadFund Wagers shedding 0.3% and the –10 Nasdaq slipping 0.1%. B12  Deliveroo priced its IPO –15 0 0 Sting Credit Suisse at the bottom of its range, 2007 ’10 ’15 ’20 2001 ’05 ’10 ’15 ’20 2001 ’05 ’10 ’15 ’20 valuing the Amazon-backed food-delivery startup at Note:Existing-home pricedataare adjustedfor inflation. Sources: S&P DowIndices via St.Louis Fed(index); National Association of Realtors (home price, existing homes) BY MARGOT PATRICK likely to take from liquidating around $10.5 billion. B1 AND KOSAKU NARIOKA positionsatthe fund, runby  Rivalgroups of inves- former Tiger Asia manager Bill tors arevying forthe right Credit Suisse Group AG Hwang. It is expected to say to back the expected recov- Chief ExecutiveThomas morethis week,according to a eryofHertz’s car-rental Gottstein made getting atight person familiar with the mat- businessand ease apath Behind Biden’sProgram: grip on risk taking one of his ter. In aprofitwarning Mon- outofbankruptcy. B2 firstmoves afterstarting the day, it said the losses could be joblast year.Itwasn’t enough “highly significant and mate- World-Wide to prevent two big blowouts: at rial” to itsfirst-quarter results. ABig BetonGovernment Archegos Capital Management Another banking victim and Greensill Capital. emergedTuesdaywhen the se-  TheWhiteHouse briefed Bankshareholdersare brac- curities businessofMitsubishi lawmakersonaroughly $2 ingfor amultibillion-dollar hit UFJFinancial Group Inc.said it trillion infrastructureplan Plan reverses Reagan-era notion private sector can do a better job from afiresale of additional could lose $300 million from that also calls forraising positions held by hedgefund itsexposuretoaU.S.client, taxesoncompanies,ahead Archegos,and analystsdown- which it didn’t identify. The of Biden’sexpected unveil- BY JACOB M. SCHLESINGER AND ANDREW RESTUCCIA less than a month after a $1.9 trillion stimu- graded itsstock Tuesdayover bank is Japan’slargest, and the ing of the proposal. A1, A12 lus—seeks to give Washington a new com- the reputational damage. trades took placeatone of its WASHINGTON—President Biden envisions mercial role in matters ranging from charg- Shares in the Swissbank fell overseas subsidiaries.  Ships were again moving long-term federal spending claiming its big- ing stations for electric vehicles to child an additional 3.1% on Tuesday Thedivision “iscurrently through the Suez Canal but gest share of the American economy in de- care, and more responsibility for underwrit- as investorsestimatethe scale evaluatingthe extent of the po- estimates varied as to how long it would take to clear cades. He wants to pay for that program in ing education, incomes and higher-paying of the damage. ItsZurich- tential loss,” astatement from part by charging the highest-earning Ameri- jobs. traded shares arenow down Mitsubishi UFJSecurities said. abacklog of shipping cans the biggest tax rates they’ve faced in The administration has also laid the about 9% forthe year to date, It added itsestimated loss through the channel. A1, A8 years. groundwork for regulations aimed at em- even as crosstownrival UBS could change“depending on  Witnesses testifying at The Biden economic team’s ambitions go powering labor unions, restricting big busi- GroupAG’sshares have risen PleaseturntopageA2 the trial of Derek Chauvin de- beyond size to scope. The centerpiece of PleaseturntopageA12 about16%. scribed watching and in some their program—a multitrillion-dollar pro- Credit Suisse hasn’t said ex-  James Mackintosh: Archegos cases taking video of the en- posal to be rolled out starting Wednesday,  Companies, high earners face tax rise...... A12 actly what sizeofalossitis flashes warning signs...... B1 counter between the ex-police officer and George Floyd. A3  TheU.S.and other Military countries expressed con- Aftershocks of Suez cerns about the WHO-led Chiefs mission to China to explore the origins of Covid-19. A10 Jam Global Shipping Resign  Germanysaid it would re- In Brazil strict theuse of AstraZeneca’s Thebridgeofthe oil tanker jubilant. Watching a live feed Covid-19 vaccine forpeo- Navig8 Aronaldo erupted in of the Ever Given moveoff the The heads of ple under 60 following new cheers after Capt. Malik Nau- bank, Mr. Held knew that un- Brazil’s army, navy blood-clotting incidents. A10 shad told his crew to prepare corking the biggest traffic jam and air force  Biden announced his first to weigh anchor midnight in global shipping in recent resigned on judicial nominees,using his yearscould take along time to Tuesday, rocking early choices to placean By Alistair MacDonald, resolve, and set off ascramble the government of emphasis on bringing more Costas Paris for berths and clear routes. President Jair racial and professional di- and Jennifer Smith “You see alot of bizarre S Bolsonaro, left,

versity to federal courts. A4 thingsinshipping,” said Mr. PRES who is already

Tuesdayand start their voyage Held, aformer ship’scaptain TED facing public fury  TheJusticeDepartment out of the Suez Canal, where himself and co-owner of Held over the right- sincelast year has been inves- OCIA they had been stuck forsix BereederungsGmbH &CoKG, SS wing government’s

tigating whether GOP Rep.Matt /A Gaetz had asexual relation- days by the grounding of the based in the north German inability to contain ship with a17-year-old girl and Ever Given. city of Haren. “But with this, PERES the fast-spreading Back at the German offices PleaseturntopageA8 coronavirus

paid her to travel with him. A4 ALDO of JanHeld, whose family firm pandemic. A11 ER  The Biden administra- has three different ships stuck  Suez Canal traffic is slowly tion is suspending collec- at Suez,the mood wasn’t as resuming...... A8 tions on defaulted student loans held by more than one million borrowers. A3 Ohm Goal: VW’s Joke Name Change Backfires  Died: G. Gordon Liddy, INSIDE 90, a mastermind of the iii Watergate burglary. A6 Thecompanysaysthe ‘k’ stays. It’s Volkswagen, not ‘Voltswagen’

CONTENTS Personal Journal A13-14 BY WILLIAM BOSTON dia and online news sites,was cations team on the defensive. Arts in Review... A15 Property Report... B6 S Business News...... B3 Sports...... A16 originally intended as an early “Wedidn’t mean to mislead

Crossword...... A16 Technology...... B4-5 NEW BERLIN—VolkswagenisApril Fools’ Daystunt to get anyone,” aVolkswagenspokes- Heard on Street.. B13 U.S. News...... A2-6 G staying Volkswagen. people talking about VW’s am- man in Wolfsburgtold The Markets...... B12 Weather...... A16 VolkswagenAG’sU.S.sub- bitious electric-car strategyas Wall Street Journal. “The Opinion...... A17-19 World News...... A8-11 OOMBER sidiarysaid Tuesdaythe com- the companyrolls out itsfirst whole thing is just a market- BL panywould rebrand itself as all-electric sport-utility vehi- ing action to get people talk- > WORLD NEWS BUSINESS&FINANCE VoltswagenofAmericatopro- cle, the ID.4,inU.S.dealer- ing about the ID.4.” China changes Hong Nikesues overuse of mote its electric-car strategy, ships, the spokesman said. Thespoof began lateMon- Kong’selection rules to customized sneakers but a spokesman for the par- Theproblem is that every- day, when VW communications ent companyinGermanylater one took it seriously,creating in the U.S. published adraft of block opposition to promote rapper Lil said the move was a joke. confusion about the company’s the pressrelease on the com- s 2021 Dow Jones & Company, Inc. All Rights Reserved candidates. A11 Nas X’snew song. B1 Thename change, which intentions and moving the pany’swebsiteand then immediately lit up social me- shares,putting VW’s communi- PleaseturntopageA6 P2JW090000-4-A00200-1030041020C

A2 | We dnesday, March 31, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Home-PriceGrowthReaches15-YearHigh

BY NICOLE FRIEDMAN Average rate on 30-year U.S. existing home sales* fixed mortgage U.S. home prices arerising at thefastest pacein15years, 10% 7million reflecting howfiercely buyers S

PRES 6 arecompeting foralimited 8 supply of homes in nearly ev- TED 5 erycorner of the country. CIA SO

From small cities like AS 6 4 Bridgeport, Conn., to large

ones likeSeattle,prices have ONICLE/ 3 4

been steadily moving higher. CHR Twoclosely watched house- N 2 TO priceindicatorsreleased 2

Tuesdayposted double-digit /HOUS 1 national pricegrowth, demon-

strating the widespread PHILLIP 0 0 strength of the market. SA 2000 ’05 ’10 ’15 ’20 2000 ’05 ’10 ’15 ’20

Anumber of forces have MELIS *Seasonally adjustedannual rate mergedtofuel the red-hot The price run-up reflects how fiercely buyers are competing for a limited supply of homes. Sources: Freddie Mac via St.Louis Fed(mortgage rate); National Association of Realtors (sales) housing market, including mortgagerates dropping be- agents. Even as home builders 1982, the National Association Mountain region, which in- hit by the pandemic areshow- wanted morespace. low3%inJuly forthe first have ramped up the paceof of Realtorssaid this month. cludes states like Idahoand ing renewedsigns of strength. Houses routinely went un- time ever.Millions of millen- newconstruction in an effort TheS&P CoreLogic Case- Arizona, posted the strongest In Manhattan, contract sign- der contract within days of nials areaging intotheir to keep up with demand, they ShillerNational Home Price annual gain, at 14.8%, while ings in March have been the going on the market, Ms.Car- prime home-buying years in arelimited by rising material Index, which measures aver- theWest South Central divi- highestfor that month since boni said. “It wasreally slim their 30s.New-home con- costsand shortages of land agehome prices in major met- sion, which includes Texas 2007,according to data pickings,” she said. “I feel a struction has laggedbehind and labor. ropolitan areas acrossthe na- and Louisiana, wasthe slow- tracker UrbanDigs. sigh of relief forsure.” demand and homeownersare “It really canonly be char- tion, rose 11.2% in the year est, at 10.2%. Small cities likePittsfield, Affordability is agrowing holding on to their houses acterized as asuper sellers’ that endedinJanuary, the “The houses areflying off Mass.,also posted median- concern, especially forfirst- longer. market, not even just asell- highest annual rate of price priceincreases of morethan time buyers. In the four Thecoronavirus pandemic ers’ market,” said Odeta growth sinceFebruary2006. 30% in the fourth quarter,ac- weeks ended March 21, 39% has turbochargedthis de- Kushi, deputy chief economist TheCase-Shiller 20-city in- TheS&P CoreLogic cording to NAR.The median of homes that went under mand. ManyAmericans at FirstAmerican Financial dexrose 11.1% from ayear sales pricefor existing homes contract sold formorethan sought homes with more Corp.“Thesupply-demand earlier,and pricegrowthac- Case­Shiller index in each of the morethan 180 their list price, up from 23.9% spacetowork remotely dur- imbalanceisn’t going away celerated in all 20 cities. rose 11.2% in theyear metroareas tracked by the ayear earlier,according to ing Covid-19,orfelt freed to anytime soon.” Phoenix had the fastest home- group rose in the fourth quar- real-estatebrokerage Redfin movefarther from their of- Thehousing boom has been pricegrowthinthe country ended in January. terfromayear earlier,signal- Corp. fices. abig benefit to these sellers forthe 20th straight month, ing the widest breadth of Economistssay the short- At the same time,the pan- and current homeowners at 15.8%, followedbySeattle home pricegains in recent ageofhomes forsale is likely demicworsened the already acrossthe U.S.,while making at 14.3%. memory. to continue to buoyhouse severe shortageofhomes for it moredifficult forfirst-time Separately on Tuesday, a the shelves,” said Monika Pra- Chelsea and JoeCarboni prices.But mortgagerates are sale.Low interest rates buyersand otherswith less house-priceindexcompiled by sai, areal-estateagent in San hadoffersrejected on three also ticking higher,which prompted morehomeowners income to enter the market. the Federal Housing Finance Diego. “You have buyerswho homesbeforegetting one ac- could slowsome of the buying to refinanceand stay put in- Therewere1.03million Agencyfound a12% increase areready and willing to move, cepted forafour-bedroom demand. Forthe week ended steadofmoving.Othersde- homes forsale at the end of in home prices in January but it’sdifficult to find them house in Mableton, Ga. They Thursday, the averagerateon layedtheir moves due to con- February, unchanged from the from ayear earlier,arecord something because thereisno have been living in atown- a30-year fixedratemortgage cern about virus exposure, Januarylevel,which wasthe annual gain in datagoing back inventory.” houseinthe same area with was3.17%, the highest level according to real-estate lowest in datagoing back to to 1991, the agencysaid. The Some housing marketshard their 2-year-old daughter and sinceJune,said Freddie Mac. Consumer Optimism IMF Brightens ItsEconomic Outlook

Hits Pandemic Peak BY PAUL KIERNAN “This allows foranupward lations against Covid-19 and of poorer nations. revision to our global forecast poorer ones that lack there- “This would pose major TheInternational Monetary forthis year and for2022,” Ms. sourcestodoso. challenges especially to middle- BY XAVIER FONTDEGLORIA coming months,” said Lynn Fund is preparing to raise its Georgievasaid in prepared re- “They already have more income countries with large ex- Franco, senior director of eco- forecastsfor the global econ- marks. Thenew estimates will limited fiscal firepowertofight ternal financing needs and ele- Consumer confidencein nomic indicatorsatthe Con- omyin2021 and 2022thanks appear next week in the IMF’s the crisis,” Ms.Georgievasaid, vateddebt levels,” she said. the U.S. rose in March to its ferenceBoard. to recent fiscal stimulus in the periodic updateonthe world “and manyare highly exposed “Manyofthose countries will highestlevel sincethe pan- Despiterecent gains,the U.S. and increasing vaccination economy, she added. to hard-hit sectors, such as need moresupport.” demic started ayear ago, with indexremains belowapre- against Covid-19,Managing Di- Separately,areport by the tourism.” Most officials at the Federal Americans expressing more pandemic level of 132.6 rector Kristalina Georgievasaid Conference BoardonTuesday By next year,the cumulative Reserve expect to leave over- optimism about businessand posted in Februaryoflast Tuesday. showedthat consumer confi- lossinper-capitaincome rela- night interest ratesnear zero labor-market conditions in the year. TheIMF projected in Janu- denceinthe U.S. rose in March tivetoprecrisis forecastswill through 2023,although finan- coming months. Thepresent situation in- ary that global economic out- to itshighest level sincethe be 11% in advanced economies cial marketshavepriced in an TheConferenceBoardon dex, which reflectsconsumers put would expand 5.5% in 2021, pandemic started,with Ameri- and20% in developing coun- earlier start to tightening. Tuesdaysaid itsconsumer- assessment of current busi- following an estimated contrac- cans expressing moreoptimism tries excluding China, she said. Ms.Georgievaechoed the confidenceindexincreased to nessand labor-market condi- tion of 3.5% last year amid the about businessand labor-mar- Thedivide could pressurefi- Fed’soutlook forinflation, say- 109.7 in March from 90.4 in tions,rose in March to 110.0 coronavirus pandemic.Since ketconditions in the coming nancial markets, Ms.Georgieva ing that pent-up demand could February. Thereading marked from 89.6 the previous month. then, the U.S. Congresshas months. said. In addition, faster U.S. push up some prices as pan- the third-consecutivemonthly Theexpectations index, passed an additional $1.9tril- Despitethe brighter outlook, growth “could cause arapid demic-related restrictions end, increase. Consumers have be- which gauges the short-term lion in fiscal stimulus,and the Ms.Georgievaunderscored a rise in interest rates,” which in but that effect should be short- come moreoptimistic about outlook forincome,business Biden administration has raised growing divergencebetween turn could restrict the flow of lived. She said the IMF’sfore- theU.S.economyasvaccina- and labor-market conditions, itsgoals forvaccinating the wealthycountries that are money and credit through the cast forU.S.inflation in 2022is tion countsrise,two rounds increased to 109.6 in March population against Covid-19. quickly inoculating their popu- economyand draw capital out 2.25%. of government stimulus are from 90.9 in February. distributed, businesses reopen Consumers’ renewedopti- and the economic recovery mism boosted their purchas- Sachs Group Inc,MorganStan- Share-priceperformance people familiar with the mat- shows signs of accelerating. ing intentions forhomes,au- Credit ley and Deutsche Bank AG, ter said, and the people said 20% “Consumers’ assessment of tosand other big-ticket items, started selling stock on Friday UBS they expect Mr.Gottstein will current conditions and their Ms.Francosaid. However, aftersome of Archegos’sposi- quickly announcefurther short-term outlook improved concerns of inflation in the Suisse to tions turned against it in re- changes. significantly,anindication short-term rose and maytem- cent weeks.But Credit Suisse 15 Credit Suisse’sbiggest that economic growth is likely per spending plans in the gottothe exit later than some shareholder,David Herro, a to strengthen further in the months ahead, she added. Take Loss of its U.S. rivals, The Wall partner at Harris Associates, Street Journal reported Mon- 10 said Tuesdaythat sharehold- day. ersneed moreinformation on ContinuedfromPageOne Credit Suisse prides itself as the potential losses and that unwinding of the transactions ahigh-classmanager of rich 5 the bank needs betterrisk and market pricefluctuations.” people’smoney.Its invest- Credit controls. Thetransactions were re- ment-banking arm, which rep- Former Chief ExecutiveTi- 0 Suisse lated to Archegos,according to resentsathirdofits opera- djane Thiam attempted to aperson familiar with the mat- tions,ismeant to support the bring down Credit Suisse’s ter. bank’s larger, and morereli- risks in an overhaul afew –5 Archegos managed money able,businessofwealth man- yearsago. He shrank the in- forMr. Hwang and his family. agement. But investment bank- vestment bank and added hun- Thefirm had large,concen- ing has long been seen as dreds of compliancestaff.He –10 trated positions in some accident-prone. had been hired in 2015 to carve stocks,including ViacomCBS Berenberganalystsput Jan. ’21 Feb. March out areas of the bank where Inc., DiscoveryInc., GSX Credit Suisse’sArchegos losses Source:FactSet thepotential volatility and Techedu and Vipshop Holdings at around $3.2 billion and esti- losses were toohigh. Arelated Ltd. All have declined over the mated an additional $531 mil- billion stock-buyback program task wastoreshape aculture past week. lion in losses at the bank from will probably be suspended and that allowedCredit Suisse to Losses at Archegos have the collapse of Greensill, which that an even greater concern is become one of the most heav- triggeredthe liquidation of po- Credit Suisse lent money to the potential forreputational ily fined banks in the world. sitions over $30 billion in and partnered with fora$10 damage. High costscontinued to value. billion set of investment funds. Themishaps aretriggering stack up over businessmis- “Thisisachallenging time Greensill, afinancial soul-searching within Credit steps.Net litigation provisions for the family office of startup,used Credit Suisse’s Suisse about itscontrols and soared above$1.3billion last Archegos Capital Management, asset-management arm as a sightlineintorisks,which Mr. year,alarming analysts. Mr. our partnersand employees. form of off-balance-sheet fi- Gottstein sought to tighten last Gottstein—who succeeded Mr. All plans arebeing discussed nancing.Credit Suisse sold the summer by combining the Thiam last year afteraspying as Mr.Hwang and the team de- funds to investors, telling them bank’srisk and complianceop- scandal that wasanother dent termine the best path for- they were relatively safeand erations under Lara Warner, a forCredit Suisse’sreputation— ward,” acompanyspokes- based on short-term loans to longtime executive. pledged to investorsinDecem- woman said Monday. companies. Angryshareholdershave ber he would addressproblems Credit Suisse and other Citigroup analyst Andrew told the bank they want more in the bank wherethey existed banks, including Goldman Coombs said the bank’s$1.6 assuranceonrisk systems, and “avoid surprises.”

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THE WALL STREET JOURNAL. ***** We dnesday, March 31, 2021 | A3 U.S. NEWS Pleas Were Ignored, Court Told Witnesses say former Officer Chauvin kept knee on Floyd’s neck despite calls to let up S BY JOE BARRETT PRES

TED MINNEAPOLIS—Witnesses OCIA struggled to maintain compo- SS

/A sureTuesdayasthey de-

NYPD scribed watching and in some Policesay this unidentified man cases taking video of the en- is wanted in the attack. counter between George Floyd and Derek Chauvin in an emo- tional second dayoftestimony Attack on in the murder trial of the for- mer police officer. Prosecutorsbegan their Woman Is case with extensiveuse of the video showing Mr.Floyd under the knee of Mr. Chauvin as he Probed as begsfor his lifeand eventually losesconsciousness. Several of thefirst prosecution witnesses Hate Crime have served to amplifythe im- pact of the video, though de- fense lawyer Eric Nelson re- REUTERS

BY BEN CHAPMAN peatedly pointed out through G/ questioning that therewas

An attack on an Asian- much they didn’t see and that SENBER

American woman in NewYork the video didn’t show. RO NE

City is being investigated by Darnella Frazier,athen-17- JA stateand local lawenforce- year-old high-school student WitnessDonald Williams II, depicted in acourtroom sketch, called 911 shortly after George Floydwas taken away in an ambulance. ment as apossible hatecrime, who recorded that video that officials said Tuesday. went viral on the internet, testi- chargedwith second-degree conversations that might have officers, even swearing at them. takenaway in an ambulance. NewYork PoliceDepart- fied Tuesdaythat she has spent murder,third-degree murder takenplacebetween Mr.Chau- “I don’t knowifyou’veever “Officer 987 killed acitizen ment officials said a65-year- manysleeplessnightsthinking and manslaughter.Hehas vin and the two officerswho seen anybody being killed but in front of aChicago[Avenue] old woman waswalking to about the May25, 2020,inci- pleaded not guilty.Three other were behind the policecar. it’supsetting,” said Ms.Hansen, business,” he said in the call, us- church past an apartment dent. She recounted howMr. officerschargedwith aiding Ms.Frazier’s 9-year-old 27.“Iwas desperatetohelp.” ing Mr.Chauvin’sbadgenumber. building on Mondaywhen she Floyd,who was46yearsold, andabetting second-degree cousin, Judeah Reynolds,testi- Mr.Nelson asked whether “He had his knee on the dude’s wasassaulted by astranger wascalling forhis mother as murder areexpected to face fied about howsad she wasto shewould be able to do her neck thewhole time.The man without provocation who said, she recorded with her cellphone. trial in August. see Mr.Chauvin with his knee job if an angrycrowd wasyell- wasnot breathing,hewasn’t re- “You don’t belong here,” be- “He wasstating that he was Thecounty medical examiner on Mr.Floyd’s neck.“Theam- ingand telling her she wasdo- sisting arrest or nothing,hewas fore kicking her to the in pain, his neck,his back,ev- ruled the death ahomicide.The bulancehad to push him off ing it wrong.She said she was already in handcuffs.” ground. erything hurt. ‘I can’t defense argues his death was him,” Judeah said. “They confident in her training and In questioning Mr.Williams, Thewoman suffered abro- breathe,’ ” said Ms. Frazier. caused by acombination of his asked him nicely to getoff would do her job. Mr.Nelson said Mr.Williams kenpelvis and wastaken to a She said Mr.Chauvin never heart condition and drugshe him….He still stayed on.” Donald Williams II, amixed couldn’t have known that an local hospital in stable condi- removed his knee from Mr. took on the dayofhis arrest for Minneapolis firefighter Ge- martial artsfighter and security ambulancehad already been tion, according to officials. Floyd’s neck despitepleas from allegedly trying to buy cigarettes nevieve Hansen, who wasoff- guardwho wasrecorded at the called beforehearrived on the Theassault occurred amid witnesses until an ambulance with acounterfeit $20 bill. duty on that day, said she at- scene in Ms.Frazier’s video, scene and implied the police arise in crimes targeting arrived and the emergency In questioning Ms.Frazier, tempted to render aid to Mr. wiped tearsfromhis eyes on were worried fortheir safety as Asians in NewYork City and medicaltechnician took his Mr.Nelson said her video cap- Floyd but wasprevented by the the witnessstand as he listened acrowd of bystandersgathered. othermajor U.S. cities. The pulse and told him to getoff. tured only some of the scene officers. She teared up describ- to arecorded 911 call he made —Deena Winter NYPD recorded 28 hatecrimes Mr.Chauvin, 45,has been and that she couldn’t hear any ing howshe pleaded with the shortly afterMr. Floyd was contributed to this article. against Asians for2020,up from three in 2019.Asians were targeted in 33 such crimes from Jan. 1through NCAA Case Tests Antitrust Law’s Sweep March 28 of this year,upfrom 11 in the same period last year,according to the NYPD. BY BRENT KENDALL Along with labor-competi- In most settings, agroup of Policeare still searching tion questions, the case could employers agreeing collectively forthe woman’sattacker and WASHINGTON—TheSu- givethe court achancetosay to limit compensation would released video of the incident preme Court’s long-awaited moreabout howantitrust law be automatically unlawful. In that received thousands of case examining NCAA limits applies to joint ventures and the NCAA case,legal questions views online. on compensating college ath- to organizations that set in- aremoreabout balanceinde- Thevideo showedasecu- letes has clear implications for dustry standards forselling termining whether restraints rity guardwatchingthe attack the sportsworld, but could products and services. on athletecompensation are from the lobby of aluxury also test U.S. antitrust lawata “This is an interesting case reasonable.Acentral issue in apartment building without time of national debate about for a lot of reasons that have thecase is howmuch leeway intervening. whether courtsand lawmakers nothing to do with collegeath- the NCAA enjoys from normal Theguardhas been sus- should do moretoprotect letics,” said Randy Stutz,a antitrustscrutinyinthe name

pended from his job pending competition. GES lawyer with the American An- of preserving amateurism.

an investigation, the manag- Thejustices on Wednesday IMA titrust Institute, an organiza- TheNCAAargues that ersofthe building said. will hear argumentsinthe Na- tion that pushes for stronger courtsowe it deferencebe- ETTY

State Assemblywoman Yuh- tional CollegiateAthletic Asso- /G antitrust enforcement. cause it is maintaining ama- Line Niou, who represents ciation’sappeal of lower-court Morebroadly,the case also teurism regulations that are partsoflowerManhattan, rulingsthat found the govern- ALLER provides another test foraSu- importanttothe product of K. said Tuesdaythat the attack ing body of collegeathletics vi- preme Court that fordecades college athletics. TIN

washurtfulfor the city’s olated acoreprovision of anti- JUS has been reading antitrust laws Former West Virginia Uni- Asian community. trust law that bars all Shawne Alston, a West Virginia University running back, in 2012. morenarrowly,abody of prec- versity running back Shawne Ms.Niou said the inaction contractsand combinations He is one of plaintiffsinthe case coming beforethe Supreme Court. edent that has erected hurdles Alston and other college ath- of the security guardcon- that restrain commerce.Judges forprivateplaintiffs as well as letes who brought the case veyedanattitude of indiffer- ruled the NCAA unlawfully sup- postgraduatescholarships,in- among those pushing for government antitrust enforc- told the high court that the ence. pressed competition forcollege ternships,computer equipment change and Congressalso is ers. That trend hasfueled calls NCAA wasseeking “nothing “It’sthe further dehuman- athletesbystrictly limiting the and study-abroad programs,or considering the issue. from some in Congress to less than an outright exemp- izing of my community,” Ms. kinds of offersthat schools limited cash awardsfor aca- Aside from influencing the strengthen the antitrust laws. tion” from the antitrust laws. Niou said. “I wish that people could makefor their talents. demic achievement. futurecharacter of college would just see us as people.” Those rulingsdidn’t require The case comes amid arev- sports, the case raises ques- the NCAA to removeall com- olution forcollegesports,as tions about howantitrust law pensation limits, but did say the NCAA prepares—regard- should apply in labor markets, the association must allowcol- less of the Supreme Court’s wherethe primaryconcern is U.S. Offers leges to competefor athletes decision in thecase it hears whether businesspractices di- by offering them abroader ar- this week—to bow in the face minish wages. That issueisdif- Garden rayofschool-related compen- of yearsofpressureand allow ferent from those that arise in Additional sation and benefits, as long as current collegeathletes to atypical antitrust case examin- they aretied to education. That earn money from the use of ing whether some form of busi- Party potentially opens the door to their name,imageand like- nessbehavior will lead to Student additional benefitssuch as ness.State legislatures are higher prices forits customers. Debt Relief Kerry Plans Asia Trip on Climate Mission BY MELISSA KORN BY TIMOTHY PUKO cussion on climatetotake biggest emitter. India’senergy TheBiden administration is AND JESSICA DONATI placeonSunday. All countries demand is likely to soar in the suspending collections on de- in the Middle East and North coming years, but the coun- faultedstudent loans held by WASHINGTON—U.S.climate Africaregion have been in- try’s economy is still heavily morethan one million borrow- envoy John Kerryis planning vited to join, including Qatar, tied to coal, amajor source of ers, the latest in aflurryof to travel to India and the the person said. greenhouse gases. moves to offer relief to adults United Arab Emirates in the This would be Mr.Kerry’s Abu Dhabi is acommon struggling to makeends meet coming days to increase the second international trip after stop forU.S.diplomatsin during the pandemic. Biden administration’spursuit meeting this month with allies transit to India, and Mr.Kerry The move extends relief to of deeper international com- in Europe.Itwill be his first has already made the longtime 1.14million studentswho bor- mitmentstoaddressclimate trip to Asia, amajor source of U.S. ally an early source of his rowedunder an older loan change,according to people attention. program known as the Federal familiar with the matter. In atweet Jan. 31, he an- Family Education Loan Pro- Thetrip comes ahead of an Qatar is invited to a nouncedthat he had spoken gram,and then defaulted on international climate summit with the U.A.E.’s climateenvoy DROP EARRING those loans.This group hadn’t President Biden is hosting regional forum for and planned further collabora- WITH SAPPHIRES & been coveredbyprior corona- next month and at atime the first time since it tion with the countryontech- BRILLIANT DIAMONDS virus-related adjustmentsto when world leadersare pre- nology, investment and leader- collections and payment re- paring to negotiate new com- was blockaded. ship in the Middle East. quirements. mitmentsfor cutting green- TheState Department de- FFEL loans are guaranteed house gas emissions. clined to comment. by the federal government but Mr.Kerryplans to announce Qatar’s upcoming participa- held by privatelenders. Some the trip Wednesday, according greenhouse-gas emissions and tion in the climatetalks in Abu defaulted loans were pur- to some of the people.Manyof acommon focus of interna- Dhabi marks the firsttime it chased by the Education De- the details arestill being tional effortstoaddresscli- has been invited to such adis- partment during the financial sorted, but travel could start mate change. cussion sinceSaudi Arabia crisis morethan adecade ago, as soon as this weekend, one Theadministration is mak- took steps to end a yearslong but othersare still held by pri- of thepeople said. ing India an early stop because regional blockade of the Gulf vate entities. Mr.Kerryisexpected to ar- it is the world’s third-largest nation earlier this year. PAULMORELLI.COM FFEL borrowers whose riveinAbu Dhabi at the end of emitterofthe gasses that con- Mr.Kerryhas been eager to NYC: 895MADISON (72ND&MADISON) loans areowned by private the week,aperson familiar tributetoclimatechange, and push negotiations on climate PHL: 1118WALNUTSTREET lenders and who aren’t in de- with the details of the visit is also seen as amoreamica- changedespitebroader diplo- fault aren’t affected by Tues- said.InAbu Dhabi, he is ex- ble partner at a time of fric- matic friction, saying the issue 212.585.4200 day’s announcement. pected to join aregional dis- tion with China,the world’s is an existential threat. P2JW090000-4-A00400-17FFFF5178F

A4 | We dnesday, March 31, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Democrats Seek to Lower Medicare Age

Healthcare initiatives bility agefor Medicarefrom65 down to 60.Thereare many put eligibility at 60 millions of seniorswho would instead of 65 and be very,verygratefulifwedid that right now,” SenateBudget reduce drug prices CommitteeChairman Bernie Sanders(I., Vt.) said Monday. BY STEPHANIE ARMOUR He also said he hoped to ex-

AND KRISTINA PETERSON pand Medicaretocover dental S

care, hearing aids and eye- NEW WASHINGTON—Congressio- glasses,and to payfor those G nal Democratsand the Biden through savingsfromreduced

administration areplanning drug prices forMedicare. OOMBER another round of healthcare Thehealthcareproposals

initiatives that could include would faceopposition from RICE/BL

lowering the Medicareeligibil- manyRepublicans and hospital ANDI ity age, following their major groups,who saythey could re- Senate Budget Chairman Bernie Sanders (I., Vt.) says he hopes to expand Medicare to cover dental care, hearing aids and eyeglasses. expansion of the Affordable ducethe labor forcebecause Care Act this year. more people may retire early. seem their efforts with Medi- spending program, focused on Mr.Biden has said lowering care budget savings. The Democrats are still negoti- Republicans also say they are care noware to trytorob infrastructure, at an eventin the Medicareage could be a eligibility age has been set at ating over which healthcare reluctant to add to the na- Medicare or use it for a slush Pittsburgh this week,while the tool to getmorepeople cov- 65 since the 1960s. policyelementscould be in tion’s$3trillion budget deficit fund to payfor so much of second, centered on child care ered. As manyas23million Empowering the federal the second of two spending and that Medicare’strust their excessivespending which and healthcareprograms,isex- new people could become eli- government to negotiateover programs the administration funds arealready facing insol- is unrelated to healthcare.” pected to be released in April, gible forthe program that drug prices in Medicarehas plans to unveil soon, according vency in coming years. Hospital groups saythat ex- WhiteHouse presssecretary nowprovides coverage to been alongtime goal of Demo- to congressional aides and in- Sen. John Barrasso of Wyo- panding Medicareeligibility JenPsaki said SundayonFox. about 60 million seniors, ac- crats, one which President dustry groups. ming,amember of SenateGOP would sharply reducetheir re- Party leadershavesaid they cording to AvalereHealth, a Donald Trump, a Republican, Thepackageislikely to con- leadership,criticized the over- imbursementsfor providing hope to securebipartisan sup- consulting company. backed as acandidatein2016. tain measures to reducedrug all Democratic strategy, saying care just as many arestrug- port forthe next aspectsof Eighty-fivepercent of Dem- Thefederal government could prices and expand health cover- that anysuch bill should have gling with Covid-related costs. their legislativeagenda, but ocrats and 69% of Republicans save about $456 billion over age, lawmakerssaid. Proposals bipartisan support and that “It would be extremely mayend up using reconcilia- favorlowering the Medicare 10 yearsunder earlier legisla- to expand Medicareeligibility healthcare savingsshouldn’t harmful to the healthcaresys- tion, a special budget process agetoasyoung as 50,accord- tion that would allowfor such from age65to60and to enable be put toward priorities of the tem,” said TomNickels,execu- that needs only a simple ma- ing to a poll taken in 2019 by negotiation, according to the the federal government to ne- party’s progressive wing. tivevicepresident forgovern- jority rather than the 60 votes the Kaiser Family Foundation. Congressional Budget Office. gotiatedrugprices in the health “The Democratsare going ment relations at the American most legislation requires in Republicans pushed fora Drug companies have op- program forseniors—both of to continue to push forone- Hospital Association, atrade the Senate. The$1.9trillion House budget committee rec- posed pricenegotiation in which President Biden sup- size-fits-all healthcarepro- group representing nearly coronavirus relief packagethat ommendation in 2018 that Medicare,which they say ported on the campaign trail— gram forAmericawith gov- 5,000 hospitals and providers. passed this month went called forraising the ageofel- would eat intotheir profitsand arealso likely to be included. ernment in completecontrol,” President Biden plans to lay through that process without igibility to 67 as part of enti- mean lessmoney forthe devel- “Weshould lowerthe eligi- Mr.Barrasso said. “It does out his vision forthe first any Republican votes. tlement revision and forMedi- opment of newtreatments. Biden Stresses DiversityWithJudicial Picks Rep.Gaetz Is Focus of BY BRENT KENDALL roughly 70 current judicial va- AND KEN THOMAS cancies to fill and at least two dozenmoreare set to open in Trafficking WASHINGTON—President the coming months,according Biden announced his firstbatch to the AdministrativeOfficeof of judicial nominees Tuesday, the U.S. Courts. Still, the presi- Inquiry using his early choices to place dent is poised to have lessof an emphasis on bringing more an immediateimpact on the racial and professional diver- federal judiciarythan his pre- BY SADIE GURMAN sity to the federal courts. decessor,Mr. Trump,who en- AND SIOBHAN HUGHES TheWhiteHouse announced joyedabanner four years on Mr.Biden’sselections for10 judicial nominees,placing three TheJusticeDepartment federal judgeships—three for GES Supreme Court justices,54ap- sincelast year has been inves- the powerful U.S. appeals IMA peals-court judges and 174dis- tigating whether Republican

courtsand seven forU.S.dis- ETTY trict-court judges. Rep.MattGaetz of Florida had /G

trict courts—as well as one ST Asignificant number of asexual relationship with a17-

nomineefor alocal Superior PO those vacancies came in the year-old girl and paid her to N

Court post in the District of TO last yearsofMr. Obama’spresi- travel with him, people famil- Columbia. dency, but Republicans used iar with the matter said. All three of Mr.Biden’sap- SHING their majority in the Senateto Investigatorsare examining pellate-court nominees are WA hold those seatsopen. whetherMr. Gaetz,aclose ally THE

Black women, headlined by his Y/ Judicial nominees must be of former President Donald choiceofU.S.District Judge confirmed by the Senate, which Trump, violated federal sex-

Ketanji BrownJackson in Wash- O’LEAR is split 50-50,but Democrats trafficking laws,the people

ingtontosucceed Merrick Gar- BILL hold anarrow majority with said. Those laws makeitillegal land on Washington’sfederal Judge Ketanji Brown Jackson has been nominated to serve on Washington’s federal appeals court. Vice President Kamala Harris to coerce transport someone appeals court. Mr.Garland servingasatiebreaking vote. younger than 18 to travel across steppeddownfromthe U.S. 2019 ruled that former White candidatepledged to placethe criminal defendants. Democrats TheWhiteHouse signaled statelines to engageinsex. Court of Appeals forthe District House counsel Don McGahn firstBlack woman on the Su- and progressivegroups have that it wanted to movequickly Theinvestigation, earlier re- of Columbia Circuit this year to didn’t have absoluteimmunity preme Court if avacancy urgedthe Biden administration to fill the vacancies.Asenior ported by the NewYork Times, become attorney general. from having to testifyinacon- opened during his presidency. to appoint morecriminal de- administration official said it began last year when Mr. JudgeJackson has served as gressional investigation of Mr.Biden’sother two nomi- fense lawyerstothe federal ju- had“everyexpectation that Trump waspresident, the peo- afederal trial judgesincePresi- then-President Donald Trump. nees forthe appeals courtsare diciary, which has far higher this is thestart of asteady ple said. Senior JusticeDepart- dent Barack Obama appointed Thecase,which holds broad CandaceJackson-Akiwumi for percentages of former prosecu- drumbeat of announcements ment officials,including some her in 2013 and is aformer ramifications forthe rightsof the Chicago-based Seventh U.S. tors and corporatelawyers. and nominees” forthe federal Trump appointees,werebriefed member of the U.S. Sentencing the legislativeand executive Circuit Court of Appeals and Four of the newnominees have judiciary. in the summer,they said. Commission, which setssen- branches,remains in litigation. TiffanyCunningham forthe worked as public defenders. Among his other choices “No part of the allegations tencing guidelines forfederal TheD.C.Circuit is consid- U.S. Court of Appeals forthe Ms.Cunningham is an intel- Tuesday, Mr.Biden nominated against me aretrue,” Mr.Gaetz criminal cases.She served as a ered one of the most influential Federal Circuit, aspecialized lectual-property litigator at candidates who would be the said in astatement that al- lawclerk to Supreme Court Jus- courtsinthe countrybecause it court that hearsaheavy load Perkins Coie LLP and amember firstMuslim-American federal leged they were part of acon- ticeStephen Breyer and could regularly reviews challenges to of patent cases. of the firm’sexecutivecommit- judge, the firstAsian-American certed effort to blackmail him. be in thepool of potential can- government rules and regula- Ms.Jackson-Akiwumi, a tee. She previouslyserved as a Pacific Islander woman to On FoxNewslater Tuesday, didates to succeed the 82-year- tions.Several judges have used partner at Zuckerman Spaeder lawclerk on the Federal Circuit serveonWashington, D.C.’s Mr.Gaetz elaborated, saying old jurist if he chooses to retire. stintsonthat court as step- LLP,spent adecade as afederal and, if confirmed, would be the federal trial court, and the first that “providing forflightsand In perhaps her most promi- pingstones to the high court. public defender and repre- firstBlack judgeonthat court. woman of color to serveasa hotel rooms forpeople that nent decision,JudgeJackson in Mr.Biden as apresidential sented hundreds of indigent Mr.Biden has atotal of federal judgeinMaryland. youare dating who areoflegal ageisnot acrime.” AJusticeDepartment innovation in this critical area cent yearsthat the FTC and Il- both have said such deals can than current cancer tests, spokesman declined to com- Tough Tone of healthcare, diminish the lumina have clashed. Thecom- cause harm in some circum- which requiresurgery or atis- ment. quality of [the] tests, and make mission in 2019 challenged the stances, especially in concen- sue biopsy.Earlier detection Theprobe is scrutinizing them moreexpensive.” company’splanned acquisition trated markets. could maketreatmentmoreef- Mr.Gaetz’s contact with at On Mergers Illumina said the lawsuit was of Pacific Biosciences of Cali- Theagencies have raised fective. Thetestscould also least one girl, who was17at misguided, and that the deal fornia Inc., a$1.2 billion deal in past objections to vertical help doctorsfind the best drugs the time of sexual encounters wouldn’t reducethe number of the life-sciences industry. Illu- deals,but their concerns usu- to prescribe and look out fora that took place about two Is Signaled competitorsinthe marketplace. mina dropped that deal instead ally have been resolved through recurrence. yearsago, the people said. The Thecompany’schief execu- of fighting the FTC in court. legal settlementsthat allowed Theprojected market forliq- JusticeDepartment’sexamina- tive, Francis deSouza, said the the mergers with conditions at- uid biopsies is at least $30 bil- tion of Mr.Gaetz is connected ContinuedfromPageOne deal would significantly expand tached. lion in the U.S.,Cowen&Co. es- to an investigation of Joel the chemicals used in them. It access to early-detection tests, Ve rtical mergers That happened,for example, timates.Given the commercial Greenberg, alocal official in launched Grail in 2016 and reducehealthcarecostsand when the department in 2011 opportunity,several companies Florida whocourt documents owns 15% of the company. Illu- save tens of thousands of lives have been regarded allowedComcast Corp.totake including Grail have been work- show wasindicted in August mina made public itsintent to because Illumina would be able as deals that often control of NBCUniversal, and ing to develop the blood-based on sex-trafficking chargesre- buy the remaining stakelast to scale up testing operations approved Ticketmaster’s cancer tests. lated to agirl between the year,asGrail waspreparing to more quickly. offer benefits. mergerwith concert-promoter Researchershavestruggled, ages of 14 and 17.Mr. Green- go public. “Weintend to vigorously de- LiveNation in 2010.Some crit- however, with accuracyissues. berg pleaded not guilty last TheFTC lawsuit alleges the fend this acquisition,” he said. ics argued the government’s More-advanced sequencing year and is scheduled fortrial deal would diminish innovation Mr.deSouzasaid selling se- prior approach wastoo lenient. equipment, likethe machines in June.Hecouldn’t be in the U.S. market formultican- quencersand supplies wasIllu- TheFTC filed acomplaint in Thedepartment’sAT&T- sold by Illumina, promise reached forcomment. cerearly-detection tests. Test mina’s core businessand it had itsown in-house administrative Time Warner case underscored greater accuracy. Mr.Gaetz,38, who repre- developershavenochoicebut no incentivetorestrict access court, and it will file acompan- that avertical mergerchal- In August the U.S. Food and sentspart of the Florida pan- to use Illumina’sinstruments, to those products. ion lawsuit in aWashington, lengecan be difficult to win. A Drug Administration approved handle,has been astaunch de- and because of itsrole as acrit- Thecompanyalso said that D.C.,federal court that seeks a federal judgeruled in 2018 the firstliquid biopsy,from fender of Mr. Trump and a ical supplier,Illumina could if the deal closes,itwould offer preliminaryinjunction blocking that the government failed to Guardant Health Inc., using frequent presenceonconser- raise the prices it chargesto clinical oncologycustomers the deal. proveits claim that AT&T next-generation sequencing vativemedia. Grail’scompetitorsand impede equal and fair access to se- Vertical mergers have been could hamper itspay-TV distri- technology. He wasone of 147congres- their research and development quencing. regarded as deals that oftenof- bution rivals if it owned Time Laterinthe year, Roche sional Republicans who voted efforts, the commission alleged. Hans Bishop,Grail’sCEO, ferprocompetitivebenefitsbe- Warner’s catalog of popular Holding AG’s Foundation Medi- to overturn the resultsofthe Ms.Slaughter of the FTC also objected to the FTC’sac- cause they canmakeafirm video content. cine businesswon U.S. regula- 2020 election afterapro- said an early-detection test “is tion. “Wecontinue to believe moreefficient, forexample by Tuesday’scase comes at a tory approval to sell aliquid bi- Trump mob stormed the Capi- agame changer forcancer pa- that together we could trans- integrating multiple links in a time of rapid evolution in the opsy foridentifying genetic tolonJan. 6. tients and their loved ones.If form cancer care by catching companysupply chain. But the world of cancer detection. changes to tumorsand select- —Eliza Collins this acquisition is consum- more cancersearlier,” he said. FTC and JusticeDepartment, Liquid biopsies promiseto ing drugsthat cantreat certain and Kristina Peterson mated, it would likely reduce This is the second time in re- which shareantitrust authority, detect cancersmuch earlier cancers. contributed to this article. P2JW090000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | A5

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We have given alot to this country where • Stop AAPI Hate allows victims to report and we were born or to which we immigrated. document hate incidents, which is critical be- Our community includes your cashiers, your cause hate crimes against Asians have histori- teachers, your cooks, your doctors, your dry cally been underreported. cleaners, your colleagues, your neighbors, your friends. We cut your nails. We write your • AAPI Women Lead and NAPAWF recog- code. We,together,have launched rovers to nize that the fight for Asian American justice Mars and back. Many of us have created jobs is intersectional and therefore protect and for hundreds of thousands of Americans. We support Asian American women. choose to make Amer- ica our home and we • Asian Americans strive every day to make “Youcannot change any Advancing Justice,a America better —just society unless you take national network with a like you. responsibility for it, unless presence in Atlanta, you see yourself as belong- defends those impacted We don’t deserve to ing to it and responsible by hate crimes and live in fear in our own ensures that they have country.The vitriol has for changing it.” proper legal representa- made Asians the targets tion. Their work em- Grace LeeBoggs of this blame. Rhetoric Asian American Community Activist powers Asian Americans matters. The “China and creates amore just Virus.”“Kung Flu.” America for all. Those words were an open invitation to hate and the result has been a150% rise over the • Association for Asian American Studies past year in reported hate crimes against the conducts research and education on the caus- Asian American community,disproportionate- es and solutions to Asian racism. ly against Asian women. To support Asian employees,wecommit to We ask for your support in ending violence creating and funding AAPI employee resource against Asian Americans. We no longer want groups to ensure Asian employees, especially to fear being stabbed from behind, fatally women who bear the brunt of the harassment, knocked to the ground, having acid thrown on have asafe space to tell their stories, receive our face or gunned down like the mothers and support and report discrimination without fear grandmothers in Atlanta. We no longer want of retaliation. to see photos of bruised and battered Asian se- niors with GoFundMe links asking for support. To ensure representation,wecommit to It is critical that we also acknowledge that the reporting on the diversity of all groups and violence we are experiencing has been the redefining Asian Americans as agroup worth daily reality for our Black, Latinx, Indigenous representation at all levels of the organization. and LGBTQ communities. We ask that you join us in ending discrimina- The Asian American business leaders in our tion and violence against the Asian community community are committed to fighting for and all marginalized communities. change. The change that is needed requires a national awakening and adialogue that Enough is enough.

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A6 | We dnesday, March 31, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS Pfizer to Vaccine Proof Is All in theCards Test New In the absence of a cisco-based health provider that operates clinics,has been Formulation central database, slips distributing Covid-19 digital of paper become the vaccination cardsinCalifornia that canbestoredinanApple Of Shot sole record of shots wallet and linked to apa- tient’sinformation in the BY JARED S. HOPKINS BY JULIE WERNAU state’svaccination database. Unlikecountries with cen- Pfizer Inc. and partner Bi- Millions of adultsvacci- tral patient registries that oNTech SE plan to begin soon nated against Covid-19 have simplifytracking vaccination testing a freeze-dried version little to proveitbeyondapa- status, the U.S. has different of its Covid-19 vaccine, which per card they received at inoc- databases and systems in dif- if proven to work safely could ulation sites. ferent states that arelargely ease storageand handling of TheU.S.has no central da- incomplete, said Eren Bali,co- theshotsinrural U.S. areas tabase forimmunizations. founder and chief executiveof and low-income countries. Statesmaintain an incomplete Carbon Health. Mr.Bali said In April, Pfizer is set to patchwork of records. Nor is when thecompanytook over start aclinical trial evaluating therestandardproof of vaccinations in certain sites aso-called lyophilized formu- Covid-19 vaccinations likethe lateJanuary, they found no lation in adults 18 to 55 years yellow-fever cardsthat arere- official record had been en- old in the U.S., according to a quired fortraveltomany teredintothe statedatabase government database,clinical- countries wherethat disease for20% of patients. trials.gov,and confirmed by remains prevalent. “Wehad to chase tens of the company. With some countries and thousandsofpatients to un- The1,100-subject study N/REUTERS

businesses preparing to make SO derstand what had happened; would last about two months, digital proof of vaccination a OL it took us amonth to clean it with researchersseeking to CH

requirement forentryand NI up,” he said. determine whether the lyophi- CY

travel, the paper cardsmay be LU Acoalition of insurance, lized version is as safeand ef- the only ticket to access those A vaccination card is displayed in California. States maintain an incomplete patchwork of records. technologyand healthcare fectiveasthe version autho- platforms.Proof is already be- companies including the Mayo rized by regulators beginning ing requested on some first Fake U.S. vaccination certif- over privacyand security if system that would createna- Clinic, Cigna Corp.and Mi- latelast year.Researchers dates and at weddings. icates arealready selling for theprocess wasoverseen by tional identifiersfor individ- crosoft Corp.are pushing for would administer to subjects “I’m glad we prioritized $200 apop,according to thefederal government. ual patients. asingle,digital standardfor either the lyophilized version getting shotsinarms,” said Check Point Software Technol- “There will be no central- Acoalition of healthcare individuals to access their or the current formulation. Ami Parekh,chief medical of- ogies,aTel Aviv-based cyber- ized universal federal vaccina- organizations tried to repeal vaccination records. They say If successful, the newformu- ficeratdigital healthcare security companythat moni- tions database and no federal theban as recently as 2020, that the manyorganizations lation could be ready foruse by company Grand Rounds Inc., tors less-accessible partsof mandaterequiring everyone saying it needlessly addedto already looking intothe idea early next year,Pfizersaid on which actsasakind of medi- the internet whereeverything to obtain asingle vaccination costsinthe healthcaresystem of digitalcards arecreating an earningscall last month. calconcierge forpatients. from cyber weapons to drugs credential,” WhiteHouse and that anywidespread vac- conflicting models. Lyophilized vaccines offer “But putting in rules about aresold. Userssimply send spokeswoman JenPsaki said cination effort would hingeon RickMurray,the 64-year- advantages to frozenorliquid being vaccinated without giv- theirdetails and money,the Monday. “We’ll leverageour accuratepatientidentifica- old managing partner of Shift vaccines because they only ing people away to properly companysaid, and the seller resourcestoensurethat all tion. TheHouse removed the Communications,said when need standardrefrigeration. track it is alittle bit back- emails back fake documents. vaccination-credential sys- ban, butinNovember an ef- he took aflight to California That would help with storage wards.” “We’resetting ourselves up tems meet key standards— fort in the Senatefailed, leav- this month, hisfirst business andhandling and expand ac- Thecards themselves area forabig problem down the whetherthat’suniversal ac- ing it in place. trip sincethe pandemic be- cess in ruralareas and low-in- patchwork of formats. The road,” said Ekram Ahmed,a cessibility,affordability [or] Stateshavetheir ownvac- gan, he wasn’t sureifhe come countries that lack spe- Centersfor Disease Control Check Point spokesman. availability,both digitally and cination databases that are would need his vaccine cre- cialized equipment. Examples and Prevention hasdesigned a Andy Slavitt, President Bi- on paper.” maintained with varying accu- dentials.Hedecided to carry of vaccines that canbelyophi- version, which manylocations den’ssenior adviser on Security expertsare talking racy.InNovember 2020,just his vaccination card in his lized include shotsfor pre- use,but it isn’t required. State Covid-19, acknowledged Mon- about asingle digital stan- over half of states reported passport and take aphotoof venting shingles or rotavirus. and local authorities and even daythat people would want dard.But public-health re- having immunization regis- the card just in case. Pfizer’s vaccine,which uses individual sites aredevising documentation to showthey searcherssay anational data- tries in placethat were com- “I knowit’sincredibly im- a new gene-based technology theirown cardstohand out. had received the Covid-19 vac- base forstoring vaccination prehensiveorreliable,accord- portant, but no one has asked called mRNA, requires the With no official standard, it cine.But he deferred to the recordshas been politically ing to the nonprofit Kaiser foranything yet,” he said. shotstobestoredatultracold maybehardtosay what con- privatesector on establishing fraught in the U.S.,with aban Family Foundation. —Sabrina Siddiqui subzero temperatures to work stitutes proof. credentials,citing concerns in placesince1998 forany Carbon Health,aSan Fran- contributed to this article. properly. U.S. WATCH

NEW YORK OBITUARY Suit Against Trump Watergate Burglar Can Now Proceed G. Gordon Liddy Dies S NewYork state’shighest G. Gordon Liddy, a master- PRES court on Tuesdaycleared the

mind of the Watergate burglary TED wayfor aformer “Apprentice” and a radio talk show host after CIA contestant’sdefamation lawsuit SO

emerging from prison, died Tues- AS againstDonald Trump to move day at age 90. Y/ forward. His son, Thomas Liddy, con- The “Apprentice” contestant,

firmed the death but didn’t re- SEMANSK Summer Zervos,claimed in the veal the cause, other than to say weeksbeforethe 2016 election it wasn’t re- TRICK thatMr. Trump groped and PA lated to kissed her without her consent Covid-19. GES; in 2007. In 2017, she sued Mr. Mr. Liddy, a IMA Trump fordefamation after he former Federal denied her allegations and called Bureau of In- GETTY her story a“hoax.” Mr.Trump SE/ vestigation has said the suit has no merit. agent and Army veteran, was Mr.Trump’slawyers had ar-

convicted of conspiracy, burglary ANCE-PRES gued thatstate-court lawsuits and illegal wiretapping for his FR againstasitting presidentmust role in the Watergate burglary, be put on hold or dismissed, re- GENCE

which led to the resignation of /A peatedly delaying Ms. Zervos’s President Richard Nixon. He suit. spent four years and four SNAK In aone-sentenceorder RU

months in prison, including more IN Tuesday, NewYork’sCourt of

than 100 days in solitary con- AM Appeals said the issues Mr.

finement. BENJ Trump presentedhad become Mr.Liddy wasoutspoken, : moot. both as apolitical operativeand LEFT Tuesday’sruling means that OM

as aradio personality. Mr.Liddy FR Mr.Trump could be questioned recommended assassinating po- PICTURE PERFECT:Cherry trees in bloom formed the backdrop foraselfie on the edge of the Tidal Basin in Washington, D.C., on Tuesday. under oath forthe lawsuit. litical enemies, bombing aleft- Beth Wilkinson, alawyerfor leaning think tank and kidnapping STATE DEPARTMENT veyofglobal human rights, re- traception and reproductive ulus payments—forSocial Se- Ms. Zervos,said: “Nowaprivate warprotesters. He wasalso con- versing adecision by the Trump healthcare. curitybeneficiaries—should citizen, the defendanthas no victed of conspiracy in the Sep- Human-Rights administration. —Jessica Donati reach bank accounts by next further excuse to delayjustice tember 1971 burglary of Daniel Appraisal Expanded The StateDepartmentre- week, the Treasury Department forMs. Zervos,and we areea- Ellsberg’spsychiatrist’sofficein leased its annual human-rights WASHINGTON said on Tuesday. ger to get back to the trial court search of damaging information The Biden administration is re- report on Tuesday. The report The payments of up to and prove her claims.” on Mr.Ellsberg, who leaked the suming the practiceofevaluating said an addendum to be added Relief ChecksonWay $1,400 per person come from Alawyerfor Mr.Trump didn’t secret history of the Vietnam women’sreproductiverights in laterthis year will cover previ- For Older Americans the $1.9 trillion lawsigned by respond to arequesttocom- Warknown as the Pentagon Pa- various countries as part of the ously dropped topics,including PresidentBiden this month. ment. pers. —Associated Press StateDepartment’sannual sur- maternal mortality, access to con- The next big chunk of stim- —Richard Rubin —Corinne Ramey

mentsthat aremoretypical of “Therewill be no name ment when they made trades. ment on Volkswagen’sactions. to overcome obstacles and met VW Name Tesla CEO Elon Musk. change,” an official said. Kyle DeYoung,aformer SEC In 2003,VWofficials re- with mixed reviews.The ID.3, Then on Tuesday, VW’s U.S. Investorshavebeen clamor- enforcement official and part- placed dozens of road signs which wasn’t released in the unit published the release in ing forshares of companies in- ner at the lawfirm Cadwalader, forthe city of Wolfsburgwith U.S.,initially struggled with Change Is full again on the U.S. website, volved in electric vehicles and Wickersham &TaftLLP,said signs reading Golfsburgtocel- software glitches. amovethat suggested the have recently been pouring that whilethereisatradition ebratethe launch of the latest Thename changestunt name change was in fact real moneyintothe stocks of es- of companies making April edition of itsbestselling comes as the companyiseager A Joke and would take effect as tablished carmakerswith Fools’ Dayannouncements, model. Thecampaign roused to getU.S.consumersjazzed stated in the release in May. solid EV plans. usually they aresotrivial or attention around the world about the ID.4,which went on Thepress release quoted Thesecond publication of obviously ajokethat they don’t and spawned acollection of sale in U.S. showrooms this ContinuedfromPageOne ScottKeogh as president and thepress release helped send Golfsburg souvenirs. month. quickly took it down, according CEO of VoltswagenofAmerica VW shares 4.7% higher on the Among old-school automak- Thevehicle is acompetitor to VW officials in Germany. saying: “Wemight be changing Frankfurt stock exchange, ‘Voltswagen’ was ers, VW has been aleader in to Tesla’sModel Yand has They left the document on- out our Kfor aT,but what we handily outperforming the developing and launching new been praised largely as very line long enough to grab the aren’t changing is this brand’s broadDax indexofGerman meant as a spoof, electric vehicles,aiming to good, but still not quitea attention of journalistsand commitment to making best- blue-chip stocks.Inthe U.S.,the but not everyone switch to alargely electric fleet match for Tesla’s offering. VW fans,sparking aflood of in-class vehicles fordrivers company’sAmerican depositary within the decade. Earlier this month, VW re- online news and tweets. and people everywhere.” receiptsrose as much as 12% got the gag. But not all the presshas leased earningsfor 2020, VW communications offi- BackinGermany, aVWoffi- Tuesdaybeforesliding near the been glowing,and executives which showedthat the com- cialsinthe U.S. declined to cial told the Journal that the close afterthe companycon- at thecompanyoften complain panyhad weathered the comment at the time. name changeshouldn’t be firmed the name changewas a that they don’t getenough Covid-19 pandemic well. Volkswagen’stop executives takenseriously.But afteritbe- joke, closing up 9%. movethe company’sstock. credit forthe company’strans- Despitethe pandemic,VW have become moreactiveon came clear the joke’sintended Securities laws requirepub- “I do think this is abit of formation. generated pretax profit of €12 social media recently.The CEO, recipientsweredoing exactly lic companies to speak truth- an unusual situation,” Mr. Theroad to electric cars has billion, equivalent to $14.07 Herbert Diess, is afrequent that, officials in Germany fully to the market. If a com- DeYoung said. “I would not be been fraught with setbacks. billion, down about 36% from contributor to his LinkedIn scrambled to reach their col- pany makes a statement that surprised if the SEC had some Thenew vehicles—VW’s ID.3 2019,onsales of €223 billion, pageand recently opened a leagues at VW’s U.S. headquar- is misleading, it can open the questions about what wasgo- and ID.4,the e-tron built by down 12%. Thecompanybene- Twitterfeed. But until nowthe ters in Herndon, Va., to pull firm to claims of market ma- ing on hereand what Volks- itsluxurycar maker Audi, and fitedstrongly from China’sre- companyhas refrained from PR the plug on the campaign, ac- nipulation or hurt investors wagen was thinking.” the Taycan made by itssports- covery,whereVWgenerates stuntsoroutlandish state- cording to Wolfsburgofficials. who relied on the misstate- TheSEC declined to com- carbrand Porsche—have had morethan 40% of itssales. P2JW090000-0-A00700-3------XA

THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | A7 P2JW090000-0-A00800-1------XA

A8 | We dnesday, March 31, 2021 THE WALL STREET JOURNAL. WORLD NEWS Suez Canal Traffic Is Slowly Resuming

Officials vow to clear blockade disrupted the trans- cluding A.P. Moeller-Maersk portation of arangeofgoods, A/S, the world’slargest con- gridlock in three to four from grains and electronic tainer line,diverted morethan days,but experts think chips to energy.Commodities- adozenships around Africa. datacompanyKpler said it South Korean container opera- it mighttakelonger disrupted exportsofliquefied torHMM Co., which has 14 natural gasfromthe world’s vessels transporting goods be- BY BENOIT FAUCON biggest exporter,Qatar.“There tween Asia and Europe,de- AND STEPHEN KALIN will be considerable delays in cided to reroutethree of its the loading schedule at Ras ships heading to Europe via

Ships were again moving GES Laffan [in Qatar] for the start the Cape of Good Hope.

slowly through the Suez Canal IMA of April,” it warned. “It’sdifficult to grasp the on Tuesday, hours after engi- Canal traffic is conducted by addedcostsofthe rerouted

neers freed the Ever Given and GETTY sending alternativeslugsof journeysatthe moment,” said cleared the waterway for SE/ ships,steaming one behind the Roh Jee-hwan, general man- global traffic. other in convoys,ineither di- ager at HMM’spublic-relations Shipowners, exporters and rection, sincethe canal can’t office. Going around Africa ANCE-PRES

importersare racing to secure FR handle two-way traffic every- adds nearly 2,500miles to a berths and containersatports, wherealong itsroute. Thefirst vessel’straveldistance, Mr. while warning of delays and ENCE ships from outside the canal en- Roh said. The amount of fuel higher costsfor cargoes that AG teredlateMondayfromthe needed forthe extratravelcan areslowly starting to moveto- JEH/ Mediterranean. They diverted vary,depending on the ward their destinations again. WA and dropped anchor in the weather andcurrents, and the REK

Shipping lines sent many TA Great BitterLake, according to a speed at which they travel. vessels on alternative routes, One of hundreds of ships held up by a stuck cargo vessel blocking the Suez Canal on Tuesday person familiar with the matter. Logistics expertswerefore- including around the southern traveled through the waterway, where Egyptian coast guard vessels were on patrol. Around the same time,a casting port congestion in Asia tip of Africa, delaying arrivals convoy of vessels that had and Europe as some of these and adding costs. Port author- Gulf AgencyCo.,ashipping- days,hetold anewsconference. the front of the line. been stranded in the lakeby diverted vessels arriveat ities are girding foraflood of services companyoperating at Dozens also areanchored in “I wasgetting worried the Ever Given weighed an- portsaround the same time as arrivals as diverted ships and Suez,said atotal of 437 vessels the Great BitterLake, an in- about supplies,” he said. chor andproceeded south. the delayed vessels now mak- delayedSuezvessels arrivein had been blocked by the Ever land body of wateralong the “Thank God, no mortality.” Whenthey exited, asecond, ingtheir way slowly through addition to regularly sched- Given’sgrounding.Osama Ra- route of the canal, where sal- Twoofhis vessels aresched- northbound convoy of ships the canal. That is in addition uled traffic. bie,chairman of the Suez Canal vagers have towedthe Ever uled to arriveinthree days at enteredfromthe Red Sea en to regularly scheduled traffic. TheEverGiven, a1,300-foot Authority,which runs the 120- Given. Authorities areinspect- the Saudi port of Jeddah, routetothe Mediterranean. “This backup risks leading container ship,was wedged in mile shipping route, said Tues- ing it for damage. laden with Spanish calves and After they pass the Great Bit- to aconcentration of volume,” the canal formost of aweek daythat 113 ships had crossed Livestock carriers, whose lambs and Romanian cows, in ter Lake, ships that anchored said Luigi Bruzzone,anana- until dredgers, powerful tugs in both directions sincethe cargowas deemed most at time forthe Ramadan festivi- thereovernight will proceed lyst forthe port of Genoa, one and afavorable tide helped to routereopened.That is up from risk,havebeen given priority. ties that start next month. southbound to the Red Sea. of Italy’s busiest. “What we liftitfree. Afterthe canal was the typical 50 or so making the For Valid Diab, who runs sup- With some 13% of global While traffic started mov- were expecting to come clear,the firstofseveral ships voyage, which cantakeupto16 plies forthree animal-carrying maritime trade and 10% of ing again, shipping industry throughout April will now be stuck in the waterway made hours. Thelogjam will be ships,the reopening wasare- seaborne oil shipmentstravel- executives girded forcontin- concentrated in the last two its way to the Red Sea. cleared within three to four lief. His ships were moved to ing through the canal, the ued delays.Manybig lines,in- weeks of the month.” Shipping Remains Snarled

ContinuedfromPageOne youknewitwould have reper- cussions around the world.” Late Tuesday, ships were again moving through the Suez Canal, aday afterengi- neers freed the Ever Given, a 1,300-foot container ship,and cleared the waterway for global traffic.Osama Rabie, chairman of the Suez Canal Authority,which runs the 120- mile shipping route, said at a pressconferencethat 113 ships had crossed in both directions since the route reopened late Monday,and another 95 are expected to passthrough in the evening,upfromthe typi- cal 50 or so daily passages. Egyptian officials saythe logjam will be cleared in three to four days. Shipping execu-

tives sayitwill take days lon- /REUTERS ger. Leth Agencies,aship’s

services provider in the Suez, BIMMER said 352 vessels arestill BIAN

awaiting transit. FA Container ships are loaded in Hamburg, Germany, Monday, as ports brace for a rush of activity now that the Suez Canal is open again.

Racing for berths Suez blockagehas temporarily mally in, we will still have the hold up deliveries. ages caused by accidents but aboutthe Ever Given’strou- Shipowners, exporters and made them more scarce. after-effectsinJune.” Kuehne “Customerswant to knowif also earnings when they are bles on the news Wednesday, importersare nowracing to Furnituregiant IKEA of +Nagel is providing real-time their summer clothing will ar- unable to sail due to unfore- she didn’t think much of it. secure berths and containers Sweden and Caterpillar Inc., as updates to customersonthe riveintime and whether there seen circumstances.Some of Laterthat day, she took a at ports, while warning of de- well as mom-and-pop retailers location of the vessels carry- will be enough available con- the shipping companies that call from the company in Tai- lays and higher costs for car- and manufacturers, have car- ing their cargoand the ex- tainersinAsia to ship their Observator Shipping Co. sup- wanthat manufactures the goes that areslowly starting goes stuck on ships in the traf- pected time of arrival. The products,” Mr. Jensen said. plies with animal feed, bunker packaging she used. 50,000 of to movetoward their destina- ficorfaceheightened compe- company is booking trucks to British ports are currently fuel, sparepartsand crews, her coffee packets were stuck tions again. Shipping lines tition for berths and already- haul the shipments once they dealing with ships that left are already preparing to sub- outside the Suez Canal. An- have sent ships on alternative scarecontainersinports arriveatportsand making ar- Suez before the blockage. Au- mitinsuranceclaims forlost other 50,000 were about to be routes,including around the around the world. Exporters rangements with carriers and thorities expect a quiet week revenues due to Suez,tothe sent on aship likely to be southern tip of Africa, delay- andimportersare weighing terminals to givepriority to next week,amid delayedarriv- tune of $20,000 aday,said caught up in the traffic jam, ing arrivals and adding costs. insuranceclaims that could to- those loads. als from Suez-stuck vessels Valid Diab,the general man- unless she pulled them off it. Port authorities aregirding tal in the billions of dollars. In Copenhagen, A.P. Moller- andrerouted ships,said Tim ager of the Turkish company. “’What do youwant to foraflood of arrivals as di- The stranding has strained Maersk A/S, the world’s larg- Morris, chief executive of UK do?’” she was asked. verted ships and delayedSuez supply lines already stretched est container vessel operator, Major PortsGroup,atrade Ordering another 50,000 vessels arrive on top of regu- by the pandemic and hit more set up a15-member crisis- body. The week after, though, Long waits packages by ship would likely larly scheduled traffic. recently by aseries of unre- management team. By Mon- manycould arriveatthe same Customersare anticipating add up two weeks ontoajour- “A floodgateisgoing to lated global supply-line day, 32 ships operated by time. long waits. RobertMargev- ney that already takessix open, and it will be a fight to shocks: Car and gaming com- Maersk and its partners were “This risks being mayhem,” icius,executivevicepresident weeks.Another option: air- getintothe ports,” said Bjorn panies arestraining to get idled at Suez and 15 others he said.Because ships likethe of MorganHill, Calif.-based freightthe cargotoScotland O. Gran Svenningsen, a direc- computer chips.Acold snap had been diverted around the Specialized Bicycle Compo- at more than three times the torofNorwegian Car Carriers last month in Texas curtailed Cape of Good Hope, along the nentsInc., which imports seaborne cost. A shipment by AS.The shipping company plastics production. southern tip of Africa, adding ‘A floodgate is going about amillion bikes ayear seatypically costs$2,000 to doesn’trun vessels through two weeks sailing time and from factoriesinAsia, has move. By plane it wasgoing to the Suez, but when Mr. Sven- hundreds of thousands of dol- to open, and it will dozens of containersheld up be up to $7,000. Ripple effects ningsen heardthat the Ever lars in fuel costs per ship. be a fight to get into in the Suez. She hedged, splitting her Given wasbeing freed, he Then came Suez. TheMaersk Denver, an “Weare so happy that the order: 25,000 by sea and knewhis shipping company Switzerland-based logistics American-flaggedcontainer the ports.’ path is now clear for ships to 25,000 by air. could be slammed by port con- provider Kuehne +Nagel Inter- ship packed with U.S. military pass through, but the market As the Ever Given was gestion. national AG has the equivalent equipment, wasright behind remains starved forproduct towedoff lateMonday, Mr. Whether the bottleneck of morethan 60,000 20-foot the Ever Given when that ship, and the [new] shipping delays Held wasinhis officecalculat- clearsmorequickly or drags containersoffreight, from laden with 18,000 of itsown Ever Given drop cargooff at compound our ability to ser- ing when his ships might on,the repercussions of the shipmentsfor pharmaceutical containers, slammed into the several ports, shippersand vicecustomer needs,” he said. move. Firsttogowould be almost-week-long blockageare customers to an array of con- bank. Lars Mikael Jensen, the portswill be involved in a The Covid-19 pandemic led to vessels with animals on board, already in motion. Thewater- sumergoods,affected by the company’shead of network for “chessgame” in which they abig rise in bikeordersthat he figured, then those with way connectsthe Mediterra- blockage. Otto Schacht, itsex- East-West sailingswas among trytosequenceaseries of the Suez delays arenow exac- cargothat could spoil through nean and Red Seas and carries ecutive vice president for sea the firsttobealerted. “My drop-offs formanyvessels,he erbating. further delay, then ships that as much as 13% of global mari- logistics, estimates the back- firstthought afterayear of said. Abbie Durkin, the owner of had damage, he said. time trade and 10% of sea- log at the canal will be cleared delays with Covid, was, ‘oh “All shipperswill be jug- Palmer &Purchase,awomen’s Capt.Volodymyr Ryzhkov, borne oil shipments. in between five to eight days, s—, here’s another one.’ ” gling their schedules over the clothing and accessories shop the skipper of Mr. Held’s Bow Much of the world’smari- with some cargoarriving as Mr.Jensen said Maersk be- next three,four,fivedays in Rye, N.Y.,said she had al- Diamond, watched Mondayaf- time trade is packed intocon- manyas18days latetoits gandiverting ships on Friday. while we see howlong it takes ready runout of shopping ternoon on his electronic chart tainers—metal boxes that are destination. It’s still weighing up the pros to absorb the line of ships bagsand is waiting forsum- as an icon representing the stacked on shipsand moved Thewider ripple effects and cons of avoiding the canal waiting to getthrough the merslipperswhich arenow Ever Given moved to the cen- on and off by giant cranes— have executives forecasting amid the traffic jam. Late Suez Canal,” said Stefano two months late. Now, “Suezis ter of the canal, a sign it had that need to be moved around problems will drag intothe Monday, Maersk executives Messina, chairman of Gruppo another problem,” she said. been cleared. the world in acarefully cho- summer foranindustrythat made the tough call to redirect Messina, a shipping company Businesses have had to “Weare very happy,” he reographed global shuffle. operates on closely choreo- two ships back from their based in Genoa, one of Italy’s makesnap decisions,amid said from the ship’sbridge. He Boxesthat don’t arriveon graphed sailingsand loadings journey around the Cape,bet- busiest ports. Mr.Messina scant information about ship knows, though, he has a long time in one port aren’t avail- schedules. ting they might gettotheir said that ships that were sup- movementsand the speed of wait in store. able to load cargobound for “The vessels aretotally out destination faster via Suez. posed to come to Italy may thecanal unsnarling.When “It will take days to clear another.The world wasal- of sync,” Mr.Schacht said. The company is now field- endupgoing to Barcelona, Lynsey Harley,chief executive the canal,” he said. ready suffering from a short- “Until all vessels areback in ing calls about cargoETAsand Marseilles or Turkey. of Scotland-based Modern —Benoit Faucon ageofthese boxes, and the the positions they arenor- other ripple effectsthat could Shipsinsureagainst dam- StandardCoffee Ltd., heard contributed to this article. P2JW090000-0-A00900-1------XA

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A10 | We dnesday, March 31, 2021 THE WALL STREET JOURNAL. WORLD NEWS Nations Seek NewVirus Probe Germany Restricts Covid Va ccine Again BY DREW HINSHAW AND JEREMY PAGE BY BOJAN PANCEVSKI oculation plans wouldn’t be TheU.S.and morethan a derailed by the changeinrules dozenother countries ex- BERLIN—Germany’sgov- as long as all vaccine makers pressed concern about a ernment said it would restrict stucktotheir supply sched- World Health Organization- the use of AstraZeneca PLC’s ules.The newrules,headded, led mission to China to ex- Covid-19 vaccine forpeople might even mean those over plorethe origins of Covid-19, younger than 60 following 60 could be vaccinated faster. saying it came toolateand newblood-clotting incidents Thelatestrestrictions on wasn’t afforded full or timely among recipients, potentially the shot’suse could exacerbate access to pertinent data. presenting the country’ssput- already widespread misgivings Thestatement, backed by tering vaccine rollout with about the vaccine.Germany Australia, Japan, Canada, the more delays. originally authorized the shot U.K. and other states,called As of Wednesday, people only forthose under 65 due to for“transparent and indepen- under 60 will be able to get alack of dataabout efficacyin dent analysis and evaluation, the shot only if they specifi- older agegroups beforebriefly free from interferenceand cally request it, and if their re- banning it altogether forsev- undue influence.” quest is granted by aphysi- eral days this month following Thestatement wasechoed cian, the government said initial blood-clotting incidents. by the European Union, Tuesday. ThechangeinGermany whosedelegation to the Thedecision comes 12 days comes after authorities there United Nations issued asepa- afterthe European Medicines recorded 31 cases of rare rate statement along the same AgencyorEMA,the EU drug blood clotting in the brain GES lines. regulator,said the vaccine was among the nearly 2.7million IMA Thetwo statementsfol- “safeand effective” and didn’t people who had received the

lowedthe release Tuesdayof GETTY increase the risk of blood clots. shot by Monday. Nine people areport on the WHO-led mis- A World Health Organization team visited the Huanan seafood market in Wuhan, China, in January. Chancellor Angela Merkel died, and all but two of the in- sion to Wuhan, the Chinese said Tuesday that the change cidents affected women aged city wherethe firstcases counterpartstodiscusshow clined to provide their inter- available,including datafrom wasprompted by the occur- 20 to 63,according to Ger- were found. That report found the virus might have first national counterpartswith the firstidentified Covid-19 rence of what she called rare many’s medicines regulator, that the virus was“extremely slipped intothe human popu- the rawdatabehind their cases and cases picked up by but very serious cases of the Paul Ehrlich Institute. unlikely” to have spilled from lation. conclusions. surveillancesystems,aswell thrombosis among younger “AstraZenecacontinues to aChinese laboratory. The WHO report lacks cru- “The international expert as further serologic testing of and predominantly female re- analyze itsdatabaseontens of Shortly beforethe report’s cial data, information and ac- study on the source of the blood samples,” it said. cipients of the vaccine. millions of recordsfor release,however, WHO Direc- cess,said WhiteHouse press SARS-CoV-2 virus wassignifi- Neitherthe EU statement Limiting the availability of COVID-19 Vaccine AstraZeneca torGeneral Tedros Adhanom secretaryJen Psaki on Tues- cantly delayedand lacked ac- nor the one involving theU.S. the shot forpeople under 60 to understand whether these Ghebreyesus called foramore day. “It representsapartial cess to complete, original mentioned the possibility of a could makeithardfor the very rare cases of blood clots extensiveinvestigation into andincompletepicture.” dataand samples,” said the laboratoryorigin forthe government to reach itsre- associated with thrombocyto- whetherthe coronavirus had We don’t believethat in statement from the U.S., Aus- novel coronavirus. vised target of offering all res- penia occur anymorecom- escaped from alab,the stron- ourreview to datethat it tralia, Canada, Czech Repub- In abriefing formember identsavaccine by the end of monly than would be expected gest terms he has used in meetsthe moment, it meets lic,Denmark,Estonia, Israel, states on the Wuhan mission September. naturally in apopulation of public yetonthe matter. the impact that this pandemic Japan, Latvia, Lithuania, Nor- report Tuesday, Dr.Tedros Jens Spahn,the healthcare millions of people,” said a He said he wasprepared to hashad on the global commu- way,South Korea, Slovenia said the WHO-led team had minister said the country’sin- spokeswoman forAstraZeneca. deployadditional expertsto and the U.K. visited several labs in the city look intothat theory. “Scientific missions like and considered the possibility China, meanwhile,warned More than a dozen theseshould be able to do that the virus spread to hu- in astatement afterthe Wu- their work under conditions mans as aresult of alab inci- han mission report’srelease countries want an that produceindependent and dent. “However, Idonot be- that politicizing the issue independent review objectiverecommendations lievethat this assessment was would only hinder the search and findings,” the statement extensiveenough,” he said. for Covid-19’s origins, and re- of Covid­19’s origin. added. “Further dataand studies will peated itscall forsimilar TheEUdelegation’sstate- be needed to reach morero- probes in other countries. ment said it regrettedthe late bust conclusions.” S Thediplomatic maneuver- start of the Wuhan mission “Although the team has PRES

ing showedhow the WHO has nity,and that’swhy we also and the limited availability of concluded that alaboratory TED become asignificant battle- have called foradditional for- early samples and related leak is the least likely hypoth- CIA SO

ground between China and ward-looking steps,” Ms. data,although it described esis,this requires further in- AS theU.S., with Washington Psaki said. thereport released Tuesday vestigation, potentially with A/ DP

seeking to rally itstraditional TheWHO mission to China as an importantfirst step. additional missions involving T/

allies in Europe and Asia. wasmeant to help resolvethe Additional progress“will specialist experts, which Iam HMID

Last month, aWHO-led contentious question of how requirefurther and timely ac- ready to deploy,” Dr.Tedros SC team of scientistswrapped up the virus firstemerged, but it cess to all relevant locations added. afour-week visit to Wuhan, faced significant constraints, and to all relevant human, an- —LaurenceNorman HENDRIK wherethey met with Chinese and Chinese scientistsde- imal and environmental data contributed to this article. Anew AstraZeneca hurdle again hinders Germany’svaccine rollout. P2JW090000-4-A01100-1------XA

THE WALL STREET JOURNAL. **** We dnesday, March 31, 2021 | A11 WORLD NEWS Brazil’sMilitary ChiefsResign As Tensions Rise GES BY LUCIANA MAGALHAES ians aredying of the disease IMA AND SAMANTHA PEARSON everyhour,the highest rate

anywhereinthe world. GETTY

SÃOPAULO—Theheads of Tensions between the mili- SE/ Brazil’sarmy, navy and air tary and Mr.Bolsonaro, afor- forceresigned Tuesday, rocking mer right-wing armycaptain

aright-wing government that is whoserved under the 1964-85 ANCE-PRES facing public fury over Presi- dictatorship,haverisen in re- FR

dent Jair Bolsonaro’sinability cent months as he has increas- ENCE to contain the fast-spreading ingly called on the armed AG

coronavirus pandemic. forces to back him politically. LIMA/ Brazil’sDefense Ministry “Bolsonaro sees the armed GIO

said the three commanders forces as subordinates of the SER would be substituted, without government but the armed Then President-elect Bolsonaroin2018 with the air force, navy and armychiefswho quit. The defense chief,second from right, wasfired. giving further information. A forces consider themselves sub- person close to the ministry ordinates of the constitution,” mocracy,” said Mr.Boulos. And during his presidency, AfterMr. Bolsonaro’sthreat, urgedBrazilians to getback to said the men stepped down. said ThiagodeAragão, aBrasí- Sincetaking officein2019, thousands of Mr.Bolsonaro’s Mr.Azevedo eSilva, defense work and “stopwhining.” Theannouncement came a lia-based political consultant. Mr.Bolsonarohas appointed supportershavetaken to the minister at the time,released a Thepresident also caused dayafter Mr.Bolsonarore- Leading centrist and leftist scores of loyalactiveand for- streetstocall forthe reinstate- statement with the three heads concern within senior military placed six of his cabinet mem- politiciansexpressed support mer militaryofficials to gov- ment of militaryrule,which of the armed forces who quit ranks,political scientistssaid, bers, including asurprise move forthe former chiefs Tuesday, ernment positions,manyof they see as asolution forcor- Tuesday, distancing the mili- afterhereportedly urgedthem to dismissthe defense minister. saying their departures marked ruption and the political up- tary from the government. The to speak out against the Su- Political analystssaid the firing astepbackward fordemocracy. heavalinBrazil’sdemocracy. armed forces are“institutions preme Court’srecent decision of Fernando Azevedo eSilva, a “Asifthe pandemic and the Theresignations Manysenior militaryfigures of the state, permanent and to throw out evidenceinacor- former armygeneral widely re- difficult economic situation have grownuncomfortable with necessarily separatefromparty ruption case against his leftist spected within the military, were not enough, nowthereis come as anger builds the appointments, which in- politics,” the men wrote. rival, former President Luiz In- likely sparked the exit of army concern among militarychiefs,” overMr. Bolsonaro’s cluded Gen. Eduardo Pazuello Morerecently,Mr. Bolsonaro ácio Lula da Silva. chief Edson Pujol, navy head said former President Fernando to head the health ministryun- has also irked militaryofficials With no judicial obstacles Ilques Barbosa and air force Henrique Cardoso,acentrist. leadership. til he resigned recently,and by telling his supportersthat stopping him from running for chief Antônio Carlos Moretti Some politicians accuse Mr. with thepoliticization of the the armed forces would back office, Mr.daSilvahas emerged Bermudez. Bolsonaroofnegligenceinthe armedforces. his opposition to social-distanc- as the country’sdefactooppo- Mr.Bolsonarohas faced crit- pandemic.Guilherme Boulos,a Tensions came to ahead in ing measures during the pan- sition leader,lambasting the in- icism over his handling of the leftist politician, said he wants whom trained during the dicta- November when Mr.Bolsonaro demic.“My armyisnot going cumbent forhis handling of the pandemic,which has killed to marshal support in congress torship at his alma mater,the threatened to defend the Ama- to go out on the street and pandemic.The former metal- morethan 314,000 people here. to removethe president. “Con- Black Needles militaryacademy zonwith “gunpowder” follow- forcepeople to stay at home,” worker-turned-president is ex- With anew,moreinfectious gresshas to start impeachment in Rio de Janeiro. Thepresident ingcriticism from then-Presi- he said this month. Having sur- pected to runinnextyear’s variant of the coronavirus proceedingsagainst him imme- and his politician sons arepro- dent-elect JoeBiden over vived amild case of Covid-19 elections,with polls showing he spreading,roughly 100 Brazil- diately to save lives and our de- ponentsofthe dictatorship. accelerating deforestation. last year,Mr. Bolsonarohas could beat Mr.Bolsonaro. China Changes Hong Kong Election RulestoBlock Opponents

BY CHUN HAN WONG Kong by slashing the share of toraloverhauls that ensure Britain’shandover of the terri- effortstostamp out what they changes,calling them arever- directly elected seatsinthe lo- only “patriots” cangovern the tory to Chinese rule in 1997. deem anti-China forces in salofBeijing’spledges to pre- HONG KONG—China’stop callegislature, while giving Asian financial center.China’s Beijing has sought to crush Hong Kong that impede gover- serveHong Kong’ssystemof lawmaking body rewroteelec- unelected political bodies national legislature approved dissent in Hong Kong sincean- nance and incite unrest. This self-governanceuntil 2047and toralrules forHong Kong to moreinfluenceoverthe city’s the proposal during itsannual tigovernment protestscaused political suppression, officials eventually allowuniversal suf- giveBeijing decisivecontrol governance. Localnational se- session this month, paving the citywide chaos in 2019. After say, will set the stagefor so- frage in the territory. over how the city chooses its curity officials also will getef- way forsenior lawmakersto imposing anational security cial and economic policies that Hong Kong Chief Executive leader and legislators, putting fective veto power over elec- finalize the details this week. lawonthe city in June,au- target the city’s wealth gap Carrie Lamrejected claims that pro-establishment politicians tion candidates,allowing Opposition groups saythe thorities have rounded up and lack of affordable housing the newrules would shut out firmly in charge of the former authorities to bar opposition changes arepart of Beijing’s scores of pro-democracyfig- that Beijing blames forfueling opposition politicians,saying British colony. figures from elected office. systematicerosion of many ures and disqualified several social tensions. that people with different polit- Thechanges,approved These measures formalized rightsand freedoms that Hong opposition lawmakers. TheU.S., U.K. and the Euro- ical stances canrun forelected Tuesday, will curtail demo- Beijing’splans to tighten its Kong residentswerepromised Chinese officials saythe pean Union have led interna- officeaslong as they won’t un- cratic representation in Hong grip on Hong Kong with elec- for the half-century following electoral overhauls reinforce tional criticism of the electoral dermine national security. WORLDWATCH

HONDURAS AFGHANISTAN President Andrés Manuel Ló- pez Obrador said that Victoria President’s Brother Gunmen Kill Three Esperanza Salazar was mur- Sentenced in U.S. Polio-Drive Workers dered by police in the Caribbean resort of Tulum. “She was bru- The brother of Honduran Attackers gunned down three tally treated and murdered,” he PresidentJuan Orlando Hernán- women working to administer said. “It is an event that fills us dez wassentenced to lifein the polio vaccine in eastern Af- with pain and shame.” prison Tuesdayafter he was ghanistan, officials said, aday af- Ms. Salazar let out ascream convicted on drug-trafficking terauthorities launched anew Saturdayasafemale policeoffi- charges in atrial thatunder- campaign againstthe disease. cerknelt on her back to cuff her scored allegations the president The women were killed in two hands behind her,but clips of has helped turn Honduras into separateattacksinJalalabad. No video cobbled together giveno aviolentnarco-state. one claimed responsibilityfor the sense of howmuch time elapsed. Juan Antonio “Tony” Hernán- attack, but eastern Afghanistan Three other officers areseen dez wassentenced by U.S. Dis- has witnessed an increase of at- standing around her body still trict Judge Kevin Castel, who tacksbyIslamic Stategroup. facedown, chatting casually. said therewerenomitigating The government on Monday —Associated Press circumstances to lightenthe launched another round of polio sentenceofthe former Hondu- vaccinations across the country, MOZAMBIQUE ranlegislator. aiming to inoculate 9.6 million The judge said thatMr. children under 5 years of age. Attacks Deepen Hernández had acted as afacili- The polio drivecame after 54 Humanitarian Crisis tator, providing bribes to politi- newcases of polio were re- cians in the impoverished Cen- ported in 2020, the highestnum- Afternearly aweek of fight- tral American nation, including ber on record sincethe fall of ing, Mozambique’srebels con- PresidentHernández. President the Taliban in 2001. According to trolled about half of the strategic Hernández has denied involve- the United Nations, Afghanistan town of Palma on Tuesday, deep- mentindrug trafficking or cor- and Pakistan arethe only two ening the humanitarian crisis in ruption. countries in the world wherepo- the country’snorth and jeopar- Evidenceatthe trial in Man- lio is still endemic. dizing the multibillion-dollar in- hattan federal court showed —Associated Press vestmentinoffshoregas fields. AN IMPRESSIONISTLEGACY the president’sbrother had About200 rebels armed with smuggled some 185 tons of co- MEXICO automatic rifles, machine guns, MANZANAPISSARRO caine to the U.S. during aca- and mortars nowcontrol the reer spanning at least11years. Outrage Grows Over part of Palma wheregovernment He wasconvicted in October Police-Custody Death offices and banksare located, ac- Legendarylineage.Brilliant 2019. The judge ordered him to cording to local media reports. color. Impressionisttour de forfeit $138.5 million. Outrage grew in Mexicoand Thousands of residents al- force. This original oilwas Alawyerfor Mr.Hernández El Salvador as Mexican authori- ready have fled to nearby Tanza- composed by renowned French said the president’sbrother ties said Mondaythatanau- nia and south to the provincial artist GeorgesManzanaPissarro. maintains his innocence, and topsyofaSalvadoran woman capital of Pemba, according to Theson of thefamed Camille would appeal. who died in policecustody con- international aid agencies. Pissarro,the artist fullyexplores —José de Córdoba firmed thatpolicebroke her neck. —Associated Press hisheritagethrough both his vibrantpalette anddistinctive brushworkashecapturesthe landscapeofMoret-sur-Loing. Signed anddated1901(lower 3 7 1 7 right).Canvas: 21 / 8”hx25/8”w;Frame:30/4”h x34/8”w. #31-2785

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A12 | We dnesday, March 31, 2021 ** THE WALL STREET JOURNAL. FROM PAGE ONE

AmajorityofAmericans in Biden Bets 2020 told Gallup that governmentshould do moreto solve problems.Overthe On Federal previous three decades,more people said governmentwas Initiatives doing toomuch. Shareofrespondents,byyear Should do more ContinuedfromPageOne Doing toomuch nesses from dominating their marketsand prodding banks Mixed/depends to lend moretominorities and No opinion lessfor fossil-fuel projects. All while federal debt is currently 0% 50 100 at alevel notseen sinceWorld 2020 War II. 2016 It all marks amajor turning 2012 point foreconomic policy. The 2008 gamble underlying the agenda 2004 is abelief that government canbeaprimarydriver for 2000 growth. It’s an attempt to re- 1996 calibrateassumptions that 1992 have shaped economic policy of both parties sincethe Note:Figures mayadd to morethan 100 due to rounding. 1980s: that the public sector is Source:Gallup polls, most recent of 1,019U.S. OL adults conducted via telephone Aug. 31-Sept. 13,

inherently lessefficient than PO the private, and bureaucrats S 2020; margin of error: +/- 4percentage points should generally defer to mar- /PRES

kets. AS President Biden, seen at his Theadministration’ssweep- recent press conference, is set ing plans reflect a calculation NTRER to unveil a sweeping plan just CO that “the risk of doing toolit- weeks after the $1.9 trillion tle outweighs the risk of doing pandemic relief law passed. OLIVER too much,” said White House National Economic Council Di- have spent the past few years rector Brian Deese.“We’rego- Firms, High Earners first section, including plans to the infrastructure spending was make significant progress on honing aframework forpro- ing to be unapologetic about spend billions on roads, bridges split into several buckets, in- the bill by Memorial Day and gressiveeconomic policy-mak- that,” he said.“Government Face Higher Taxes and broadband, in a Wednesday cluding transportation funding pass it this summer. They said ing.InMarch 2019,manyof must be apowerful forcefor afternoon speech in Pittsburgh. for electric vehicles, highways they planned to work with Re- them gathered at aconference good in the lives of Ameri- WhiteHouse officials said in and public transit. The bill will publicans in hopes of finding called “Bold v. Old.” Apanel cans.” WASHINGTON—The White abriefing with lawmakers on also include funding for upgrad- common ground. on toughening antitrust en- Thepandemic and lock- House briefed lawmakers on a Capitol Hill on Tuesdaythatthe ing the electrical grid, improving Democrats will attempt to forcement wasled by Jennifer downshavebecome aRor- roughly $2 trillion infrastructure plan would provide forroughly water systems, expanding ac- squeeze the proposal through Harris, an official with the schach test forthe neweco- plan that also calls for raising $2 trillion in infrastructurein- cess to broadband internet and Congress, which they control HewlettFoundation—a philan- nomic debate. Ex-President taxes on companies, according vestments overeightyears, ac- research efforts on semiconduc- with very slim majorities. thropy created by one of the Donald Trump argued that the to people familiar with the mat- cording to people familiar with tors, among other measures. “They want to do another foundersofHewlett-Packard boomingeconomyof2019 and ter, ahead of President Biden’s the meeting. Taxincreases such The White House, which massive spending bill, which will —overseeing aprogram fund- early 2020 was proof his tax- announcement of the proposal. as raising the corporatetax rate didn’t respond to a request for include additional debt and, by ing researchersseeking to re- cutting,deregulating agenda The infrastructure package to 28% from 21% and increasing comment, said this week that the way, big tax increases,” placethe neoliberal paradigm. wasthe best and he portrayed is the first of a two-part pro- taxes on companies’ foreign Mr. Biden would propose a plan Senate Minority Leader Mitch She wasjoined by Lina Khan, a the virus and lockdowns as a gram aimed at reshaping the earnings would coverthe cost to pay for his infrastructure McConnell (R., Ky.) said at a lo- lawprofessor known forlay- temporarydisruption. TheBi- country’s economic policy and of much of the package over15 proposal. cal event Tuesday. ing out the case for breaking den team sees the pandemic competing with China. Mr. Bi- years, one of the people said. Senior White House aides —Andrew Restuccia up Amazon.com Inc., and Sa- as exposing myriad flaws and den is expected to outline the The person also said that said they hope Congress can and Andrew Duehren beel Rahman,president of fragilities that liberals had progressivethink tank Demos. long identified in the economy, Ms.Harris has joined the masked by prosperity. equality—it seems like an ab- During the 2020 presidential campaign, PresidentJoe Biden U.S. and cut prices of drugs. Biden National Economic Mr.Biden castshis program stract concept, but in 2020, laid out an agenda thatanalystssaid would push long-term “Old-style conservatives Council. Ms.Khan has been as athrowback to Lyndon B. this notion of the K-shaped federal spending as ashareofthe economytothe highestlevel have been tooquick to wave nominated to the Federal Johnson’s1960s Great Society economybecame so real,” Ms. in decades. away policies to strengthen Trade Commission. Mr.Rah- and Franklin D. Roosevelt’s Boushey said. She wasrefer- American workersand pro- man works at the Officeof 1930sNew Deal. “This is the ring to arecoverywherethe Spending and revenue as percentageofGDP motecompetition rather than Management and Budget. first time we’ve been able to, fortunes of upper-income fam- 40% monopolies,” said GOP Sen. Few of the new-generation sincethe Johnson administra- ilies—able to keep their jobs, Josh Hawley of Missouri. policy makerssupported Mr. tion and maybe even before work from home and enjoy PROJECTED While many urging an eco- Biden in the primaries.One of that, to begin to changethe gains in their stock portfo- nomic rethink arerelatively Mr.Deese’sdeputies, Bharat paradigm,” he said at aWhite lios—rose like the letter’s up- 30 newvoices, some pillarsofthe Ramamurti,who wasSen. House event in mid-March. slopingpart, while lower-in- Spending under establishment have evolved, Elizabeth Warren’schief cam- His big plans raise big come families lost jobs in Biden campaign plan includingformer senior eco- paign policy adviser, says the questions,and big risks.He hard-hit service industries. Spending under nomic aides in the Clinton and party is nowlargely unifiedon faces an uphill battle to win In aWednesdayspeech in 20 currentlaw George W. Bush administra- economic policy. over a narrowly divided Con- Pittsburgh, Mr.Biden is pre- Taxrevenue tions. Another Washington Progressiveeconomists gress, with solid GOP opposi- paring to unveil the first part under Biden veteran whose positions have have generated raftsofre- tion plus hesitancyamong of aproposal that would cost campaign plan changed: Joe Biden. search, oftencontested by Democratic moderates. $3 trillion or moreover10 10 Taxrevenue Elected to the Senatein conservatives,challenging the years. Thefirst measurewill under currentlaw 1972at29, Mr.Biden ousted a linksbetween higher taxrates focus on infrastructure, cli- GOP incumbent in part by and lowereconomic activity. Skeptical courts matechange, domestic manu- casting himself as attuned to “The evidencesuggeststhat Conservative-tilting courts, facturing and research and de- 0 the needs of the middle class. the impact of marginal tax skeptical of executive author- velopment. Mr.Biden will find 1940 ’60 ’80 2000 ’20 He has long espoused the im- ratesonlabor supply is not as

ity,might block some of his waystopay forthe full cost of Source:Cornerstone Macroanalysis of Biden campaign agenda, the American Rescue Plan Actof portanceofunions,small busi- big as we mayhaveonce initiatives.Republican state the firstmeasure, the White 2021,datafromOfficeofManagementand Budget, Congressional Budget Office nessand astrong working feared,” said Cecilia Rouse, attorneysgeneral have chal- Househas said. Thesecond class. chair of the Council of Eco- lenged stimulus-program pro- part will center on child care, rise to arecord107% of eco- strained by fears of deficits. He juggled those causes nomic Advisers. visions and executive orders. healthcare and education. nomic output by 2031, accord- Aconfluenceofforcessince with abelief in the need to Liberal academics have pro- Some economists consider Theplan will include higher ing to the Congressional Bud- the turn of the centuryhas curb federal spending and cut duced studies examining the the spending plan an overkill taxesoncompanies,upper-in- getOffice, fueling concerns shaken support forthe mar- taxes. He votedfor Mr.Rea- coststothe economy’spro- response to the temporary, al- come households and inves- that futuregenerations will ket-oriented economic model. gan’shistoric 1981 taxcutsand ductive capacity of inequality beit severe, hit from the pan- tors,and will provide tuition- get stuck with the bill. Asharp increase in income backed spending ceilingsfor and long-term unemployment, demic and lockdowns.They free community collegeand Thelong-dominant para- andwealth inequality,com- most agencies through the invoked by the Biden team to call recent stirringsinthe universalprekindergarten, digm Mr.Biden and aides want bined with longtime wage 1980s and a balanced-budget bond market awarning that people familiar with it said. to changeisone widely stagnation that ended just be- constitutional amendment in thevast increase in govern- Most Republicans areex- branded neoliberalism, framed fore the pandemic hit, raised the 1990s.Heregularly floated Risk of doing too ment spending and borrowing pected to oppose it. Biden ad- by Ronald Reagan.Heushered questions about how broadly the idea of limiting Social Se- might prompt a return to the visersare already discussing in an eraoftax cuts, deregula- prosperity gets shared absent curity and Medicare. little outweighs risk high-inflation/high-interest- options forcontinuing to tion and federal programs government intervention. The As Mr. Obama’s vice presi- of doing too much, a rate stagnation of the late movesome proposals without designed to work through swiftlossofmanufacturing dent during the financial cri- 1970s and early 1980s. GOP support, including via market forces.That wasfol- jobs undermined supportfor sis, Mr. Biden walked a tight- Biden aide says. “They’recreating toomuch budget reconciliation. lowedbytwo long expansions free trade.China’ssuccess and rope between pushing for demand when it’snot needed. Criticsofbig-government in the 1980s and the 1990s. Wall Street’scollapse in the fi- spending, especially on infra- When demand runs away from projectshavelong argued that nancialcrisis further sowed structure, and taking the lead supply,you getinflation,” said bureaucratsare lessskilled doubts about free markets. in negotiating with Republi- justifyspending big and fast Kevin Hassett, aformer Trump than market forces in allocat- Not just GOP Those trends animated crit- cans to limit the extent of gov- to trytoreturn to full employ- chief economic adviser nowat ingresources. “What they’re While Democratscontrolled ics on the left, fueling the ernment expansion. Toward ment as soon as next year. StanfordUniversity’s Hoover trying to do is re-establish the WhiteHouse fornearly 2016 presidential campaign of the end of his term, the slow Some critics,including former Institution. “The laws of eco- government as amajor posi- half the time sincethen, their Sen. Bernie SandersofVer- recovery prompted him and Clinton and Obama adviser nomics can’t be repealed.” tiveforce in the economy, and policies oftenwerecon- mont. his aides to launch a study of LawrenceSummers, have said The Biden agenda rests on Ibelievegovernment is amas- strained by the core Reagan Republicans,too,havefaced wage stagnation, income in- spending toofast to drive the notion those laws have sivenegativeforce” in it, said principles,inthe viewofmany internal challenges to the equality and waysthe govern- down unemployment could evolved.“Thereappear to Stephen Moore, aformer progressives.Bill Clinton tried party’s free-market orienta- ment could steer businessto backfire, possibly prompting have been abroad-based set of Trump economic adviser. to juggle liberal goals with a tion. Mr.Trump wonthe pres- do morefor workers. That the Fed to raise interest rates structural changes that have Presidents of both parties, focus on balancing the budget, idency in part by attacking work planted the seeds forhis and trigger a recession. had averysignificant effect hesitant to micromanage, have expanding free trade, and de- globalization. In office, he current program. This morerelaxed viewof on howthe economyworks,” long steered away from any- regulating the financial sector. launched atrade warwith Mr. Biden started his 2019 previous economic limits has TreasurySecretaryJanet Yel- thing smacking of an indus- BarackObama created anew China, regularly criticized big presidential bid determined to freedthe Biden team to plan len said. “Thereare alot of trialpolicythat attemptsto government health program, businessand intervened to lay out more of a big-govern- on agrand scale.They de- ways in which I think our un- bolster specific industries.Bi- butworked through private forcedomestic investments ment agenda than recent Dem- signed atwo-step strategy derstanding of the economy den aides are more willing to insurers. His 2009 program to and pressurecompanies to re- ocrats. But much of the pri- that began with the $1.9 tril- has shifted.” She cited persis- target and support certain in- fight the recession wascon- locatemanufacturing to the mary field had moved even lion package,which among tently lowinterest ratesand dustries such as the health farther left. He emerged once other things provided $1,400 lowinflation, defying conven- and high-tech sectors. again as the fiscal scold warn- direct paymentstomany tional forecasts, as reasons to The budget and regulatory ing of excessive spending. Americans.Italso expanded feel more relaxed than before proposals could disrupt major Thearrival of the pandemic the child taxcredit to provide aboutfederal borrowing and industries,boosting renew- and the killing of George Floyd periodic paymentsand low unemployment rates. able-energy companies over marked aturning point forMr. dropped requirementsthat re- Theadministration’spoli- fossil-fuel firms and expanding Biden, according to his advis- cipientswork.That wasa cies arerooted in economic re- marketsfor emerging technol- ers, bringing into focus what symbolically significant shift search focused on perceived ogies.Businessgroups and Re- his aides describe as his long- from the Clinton-era move to free-market flaws, much of it publicans warn that newregu- standing desire to “go big.” tie welfare to work. conducted by young,left-lean- lations could stifle growth. Mr. Biden tapped his long- Biden aides arealso prepar- ing economistsand activists Thestimulus bill added to time friend andsuccessor as ing an aggressive plan of new

nowscattered throughout the federal debt that had already GES Delaware senator,Ted Kauf- regulations and enforcement

administration. hitpeacetime recordsunder IMA man, to runthe transition, and that canbeimplemented with- Beforejoining the Biden Mr.Trump.Mr. Biden has said in helping assemble the eco- out Congress.

Council of Economic Advisers, his full agenda will ultimately GETTY nomic team, Mr.Kaufman said “The president campaigned Heather Boushey ranthe be aimed at curbing borrow- his team focused on people on concerns about big tech, WashingtonCenter forEquita- ing,through taxincreases and CHIVE/ steeped in neweconomic aboutlabor market competi- AR ble Growth, athink tank de- savings in medical spending. thinking and steered away tion, about making suresmall

votedtopersuading policy Federal debt, which reached MANN from business executives. businesses can compete with makerstotakeaction reducing 100% of gross domestic prod- Themiddle ranks of the ad- thebiggerguys,” Mr.Rama- BETT income inequality. uct last fiscal year forthe first Biden has cast his plan as an echo of sweeping past programs ministration arefilled with ac- murti said. “The president has “We’vetalked about in- time since1946, is expected to such as President Franklin D. Roosevelt’s New Deal. ademics and activistswho a clear agenda there.” P2JW090000-4-A012A0-1------NS

THE WALL STREET JOURNAL. **** NY We dnesday, March 31, 2021 | A12A GREATER NEW YORK Many Bracefor Evictions in Tri-State Area

Moratorium has been rently scheduled to end on In NewJersey,hundreds of ment of Community Affairs. anonprofit legal center.She April19, followedbyNew thousandsofhouseholds owed David Brogan, executivedi- expectsanother surge of rent- extended; morefederal York’sonMay 1. NewJersey’s up to $1.3billion in back rent as rector of the NewJersey erswill reach out forhelp aid is on tap, but many moratorium is slated to end of January, according to Stout’s Apartment Association, which when the moratorium ends. two months afterthe expira- estimates.InNew York,upto1.2 representslandlords,called on Mildred Ventura, a39-year- fear it won’tbeenough tion of the state’spublic- million rentersowedasmuch as Gov.Phil Murphy’sadministra- old grocerystore worker,fell health emergency. $3.4 billion, and in Connecticut, tion to makestate funds avail- behind on rent on her $1,650- BY JOSEPH DE AVILA Landlords canstill file evic- morethan 100,000 rentersowed able to fully addressthe rental a-month apartment in Jersey tions in court in NewJersey, up to $400 million. crisis in the event the federal City whereshe lives with her

Billions of dollarsinfederal and thousands of notices have TheCovid-19 relief package JOURNAL funds can’t cover everything. two teenagesons aftershe aid is on the way to the tri- been filed during the pan- passed by CongressinDecem- “The governor’s budget in- came down with Covid-19 last REET

stateregion to help renters demic.That is afraction of the ber awarded NewJersey and ST cludes funding aimed at ensur- April. She washospitalized

who have fallen behind, but people who have fallen behind local governments$594mil- LL ing housing security,” said a several times,and developed that mightnot be enough to on rent, said MattShapiro, lion forrental-relief programs WA spokesman for Mr. Murphy. heart, kidney and lung prob-

avert what landlords and president of the NewJersey in addition to $120 million pre- THE Lawmakersare negotiating lems.Doctorsonly recently R

housing nonprofitssay is a TenantsOrganization.“As viously allocated to the state. FO the budget as well as discuss- cleared Ms.Venturatoreturn brewing eviction crisis. soon as the moratorium ends, NewYork statewas given $1.3 ing eviction legislation, and no to work aftermissing seven Eviction moratoriums, thereisgoing to be an ava- billion forrent relief in Decem- SLEY deal hasbeen reached, accord- months,and only foramaxi- which were enacted in many lanche of evictions,” he said. ber,while Connecticut re- PRES ing to aides forthe Demo- mum of four-hour stretches for states early in the pandemic, Millions of U.S. renters ac- ceived about $236 million. cratic leadership in the New three days aweek,she said. SEAN prohibit the physical removal cumulated between $25.1 bil- The federal American Res- Rebecca Symes expects another Jersey Senate. She owed$11,550 through of tenants. Tenantsare pro- lion and $34.3billion in owed cuePlan Act signed intolaw surge of renters seeking help. Thenumber of rentersseek- March in back rent, she said, tected through at least June rent by January, according to this month will set aside hun- ing legal assistancehas swelled. adding that they have nowhere by the federal moratorium, an estimateprepared forthe dreds of millions of dollars in using $353 million in federal “Calls to our officehave else to stay and feels stuck in which the Centersfor Disease National Council of State additional funds forthe states. funds.About 30,000 house- more than doubled” since the her apartment. “I will still be Control and Prevention ex- Housing Agencies by Stout Ri- NewJersey launched the holds in the stateare expected start of the pandemic,said Re- living under fear,because I tended Monday. Connecticut’s sius Ross, an investment bank second phase of itsrental-as- to qualifyfor the funds,accord- becca Symes, executive direc- don’t know when the eviction evictionmoratorium is cur- and advisory firm. sistanceprogram this month ing to the NewJersey Depart- tor of the Waterfront Project, protection will end,” she said.

GREATERNEW METROMONEY | By Anne Kadet YORKWATCH Self-Storage BusinessBooms in Unusual Places SANITATION

City Boosts Street Amodest Litter-Basket Service proposal: Why not turn Mid- New York City will increase town Manhat- trash pickups after using federal tan, with its Covid-19 relief money to restore empty office funding cuts to the city’s sanita- towers and vacant store- tion department, Mayor Bill de fronts, intoagiant self-stor- Blasio said Tuesday. agelocker? We could all stow The Department of Sanitation our winter clothes and futons will immediately increase street along FifthAvenue,freeing litter-basket service by more up much-needed closet space. than 100 trucks each week and OK,not likely.But some- will restore Sunday litter-basket thing akin is already under service, Mr. de Blasio said. way in NewYork City.Thanks Litter-basket pickups were to the pandemic,which had cut 63% in last year’s budget be- apartment dwellersclearing cause of financial constraints room forhome offices and due to the pandemic. The mayor gyms,self-storagedemand restored some of those services has surgedinatownalready in September after multiple short on supply.The result? complaints of overflowing trash Entrepreneursare converting cans on city streets. spaces of all kinds—from A spokesman for the sanita- sparebedrooms to store-

tion department didn’t provide fronts—intoself-storagefa- JOURNAL an exact amount that would go cilities. REET

toward the restoration of the lit- Last week,AlexHarman ST ter-basket pickups. and PeterSmyth, co-founders LL But the spokesman said the of Brooklyn-based Local WA money has helped to add the Locker,showedmetheir THE R

pickups permanently back into newest self-storagelocation, FO the city’s budget. the 11th they have opened New York State has received during the pandemic.It’sina CKER

$100 billion in federal stimulus parking garage. NEUBE money, which is helping to bring Occupying 650 squarefeet T BER

back some citywide services subleased from the parking RO that were cut, Mr. de Blasio, a garage owner,the location in Democrat, said at a press con- Brooklyn’sClinton Hill neigh- tionally,thereis7.8 square rooms and garages, has as- on itsplatform. Itslistings city with storage? We canac- ference. borhood looks likeabig cor- feet of self-storagespace sembled morethan one mil- include 50 storageunitsof- tually just send it out of The department on Tuesday rugatedaluminum shed. The available per capita, accord- lion squarefeet of rentable feredbyaBrooklyn landlord state. also launched a “Precision Clean- foundersdivided the space ing to Yardi, aproperty man- self-storagespaceinthe five who converted astorefront Manhattan-based storage ing Initiative,” which will send into28individual storage agement serviceand informa- boroughs. to self-storageafter his pre- provider MakeSpace offers cleanup teams to target illegal unitsranging from the sizeof tion provider.But NewYork Property ownersset their vious tenant closed. valet pickup and return deliv- dumping and other trash-prone aphone booth to that of a City offersjust 1.5square ownrates,which aretypi- Thereisagood reason the eryofyour items forroughly areas based on public com- walk-in closet. A4x4 square- feet foreach resident—barely cally half what youwould pay city is chronically short on the same priceastraditional plaints and referrals from other foot unit rentsfor $90 a enough foryour golf clubs. fortraditional self-storage, self-storage—local land val- self-storage. Thesecret? It city agencies, officials said. month. says Joseph Woodbury, co- ues.InManhattan, property trucks everything to ware- —Katie Honan LocalLocker,which he city’s self-storage founder and chief executive. coststypically gobble 45-55% houses in NewJersey and launched in 2019,aims to be ratesalso arethe na- Samiha Mehnaz is atypi- of astorage facility’s operat- Pennsylvania, wherespaceis NEW YORK CITY everyone’ssparecloset down T tion’shighest. Theav- caluser.She and her partner ing revenue,compared with cheaper. the street. Itslocations are eragerent fora10x10 gotagreat deal on their the national averageof But even that company Ex-Mortuary Staffers mainly in residential neigh- square-foot spaceinthe Brooklyntwo-bedroom last 30-40%, estimates Yardi maybeneeding moreroom. Accused of Stealing borhoods. Most customers metroareais$178a year,but didn’t anticipate BusinessIntelligenceMan- Itsrevenue doubledto$50 livewithin athree-block ra- month—50% higher than the having guestsoverduring ager Doug Ressler. million in 2020,and the The Federal Bureau of Inves- dius, Mr.Smyth says. $118 national average, ac- the pandemic or feel com- growth continues—sales are tigation arrestedtwo former While it canbeachallenge cording to Yardi. And that fortable listing the sparebed- till, property owners on track to hit $75million cityemployees Tuesdayac- to find landlords interested same-sizeunit easily can room on Airbnb.Instead, she and developerswarmed this year.Self storage, after cused of stealing bank cards in converting unused space, fetch$300 to $400 amonth posted the spaceonNeigh- S up to self storageafter all, depends on the four Ds— from dead bodies taken to New LocalLocker locations typi- in partsofBrooklyn and bor.com. Now, acorner of the it outperformed other com- death, downsizing,divorce York City’smortuary and rack- cally fill within afew months Manhattan. room is occupied by the bed- mercial uses last year. and disaster. ing up thousands of dollars in of opening and some have a Maybe you’rebetteroff frame and mattressthat her Morethan 20 traditional “Fromthe businessper- charges. waiting list. “Ifwecan do renting your neighbor’s storagetenant dropped off self-storagewarehouses will spective,” says co-founder Former mortuary technicians 1,000 locations,we’ll do it,” closet. Sinceexpanding to last September.The deal be developed in the five bor- and CEO Rahul Gandhi, “we Willie Garcon and Charles Mc- Mr.Smyth says.“Right now NewYork City last year, earns her $60 amonth. oughs this year,Mr. Ressler arealways going to be Fadgen were charged with ac- we have 17.” Neighbor.com, adigital plat- Neighbor.com also encour- says,bringing the totalto around.” cess device fraud after using the It’snosurprise they’re form that letsresidentsrent ages commercial property 267. cards for unauthorized pur- seeing so much demand. Na- out their empty closets, bed- ownerstopost unused space But whyclutterour fair [email protected] chases, prosecutors said. Mr. McFadgen’s attorney de- clined to comment. A message seeking comment was sent to N.Y. Gets Federal Approval Mr. Garcon’s lawyer. Mr. Garcon, 50 years old, of Brooklyn, worked as an autopsy technician and transported bod- For Congestion-Pricing Plan ies to the Office of Chief Medi- cal Examiner between May 2018 and July 2020. BY KATIE HONAN Transportation Authority leaders. It is still unclear when The FBI said he used credit needed permission from the the congestion-pricing pro- and debit cards from four dead TheFederal Highway Ad- Federal Highway Administra- gram would begin. people to make nearly $6,500 in ministration cleared the way tion beforeitcould begin final “We need congestion pric- purchases, including a flight forNew York to set up conges- design and construction of the ing,” MayorBill de Blasio said from Newark, N.J., to Florida. He tion pricing in Manhattanby tolling infrastructureneeded at an unrelated news confer- also bought an air conditioner greenlighting arequired envi- to charge vehicles entering the ence. “We need to make sure and paid a parking ticket, au- ronmental assessment. Manhattancentral business we have the resourcestobring thorities said. Congestion pricingwould district. back the subways and buses Mr. McFadgen, 66, of the charge a fee to drivers enter- Federal lawprohibitstolling strong.” Bronx, made more than $13,500 ing most of Manhattan’sbusi- roads built with federal assis- PatFoye, the MTA’schair- in unauthorized purchases using nessdistrict south of 60th tance, but federal highway of- man and chief executive, said bank cards stolen from five dead Street. New York officials say ficials canapprovetolling un- the agencyhopes to move people, officials said. they hope it would reduce der programs such as quickly and is already working S

He told investigators that his gridlock and raise funds for congestion pricing. on apreliminarydesign for PRES co-workers had given him “about public transportation. NewYork City and the MTA the roadway toll system. four or five credit cards while he NewYork would be the first first announced the conges- “It’smoreimportant than ZUMA S2/ was employed by the OCME and statetoimplement congestion tion-pricing proposal in 2019 ever that ourregion has a about six credit cards after he pricing in the nation. to reducetraffic jams in Man- strong and robust MTAtohelp

retired” in 2016, according to Congestion pricing was hattanand raise crucial money power the economic recovery E/THENEW

court filings. originally scheduled to begin forsubways,buses and com- from this unprecedented cri- FOT

The court records didn’t iden- in 2021, but it faced delays on muter rails. sis,and as traffic returns to NIYI tify the co-workers. the federal level. Thedecision waspraised pre-pandemic levels we must Congestion pricing would charge a fee to drivers entering most —Associated Press Thestate’s Metropolitan Tuesdaybycity and state tackle congestion,” he said. of Manhattan’s business district south of 60th Street. P2JW090000-2-A012B0-1------NS

A12B | We dnesday, March 31, 2021 NY ** THE WALL STREET JOURNAL.

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NeitherNasdaq, Inc. norits affiliatesmakes anyrecommendationtobuy or sell anysecurityorany representationabout anycompany’s financial condition. Investorsshouldundertake theirown duediligencebeforeinvesting.©2021. Nasdaq,Inc.All Rights Reserved.nasdaq.com P2JW090000-0-A01300-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | A13 ALDI ST GA O FEDERIC

BY ALINA DIZIK eringinseparaterooms; Ms.Acosta ateher meal on the patio.For nor- ridgette Brownhad adiffi- Families Clash Over mally close-knit family members, it cult conversation with her wasuncomfortable,she says.“We mother recently: Ms. all were traumatized,” says the 45- Brownwon’t be attending year-old event manager from Davie, Bher mom’sEaster brunch Easter,PassoverVisits Fla. “It wasverytense.” this year.The 25-year-old Even the question of whether to teacher in Washington, D.C.,has Zoom has the potential to create gotten her firstvaccine shot, but Family decisions about holiday gatherings are yielding new tensions tension. Helaine Knapp,a34-year- isn’t yetcomfortable flying to her old fitness-businessfounder,says mom’shouse in Arkansas or visiting her family’s virtual Seder last year with unvaccinated extended family. in many states. disagree,hesays. based in Laurel, Md., says she is de- waschaotic,with “everyone scream- “The pandemic is still pretty “Holidays have become much In Maryland, healthcareworker clining invitations to all of the Iftar ing over each other,” she says. dicey,” she says. Her mom is vacci- more problematic,” says Jill Suitor, JennyJarrell, 49,has decided to dinnersthat happen during Rama- This year,with her parentsand nated but other relatives are hesi- professor of sociology at Purdue skip family Easter gatheringsthis dan, which startsmid-April this grandmother vaccinated, she tant or aren’t yet eligible, Ms. University in West Lafayette, Ind. year.Ms. Jarrell is vaccinated, but year.She is skipping them because joined them foranindoor meal for Brown says. “We are pretty close “The landscape is changing week newvariantsmakeher concerned she doesn’t want to question dinner the firsttime sincethe start of but Covid has put a strain on our by week.” about mixing with family members guestsabout their vaccination sta- the pandemic.(She isn’t vacci- relationship.” Guidelines from the Centersfor who areunvaccinated. “Tome, it’s tus.“We have awonderfullarge ex- nated yetbut gotaCovid test Her mother, Patrice Brown, is Disease Control and Prevention about putting myself in harm’sway,” tended family that Iwouldn’t feel prior to arrival.) She wanted to disappointed. “She’s grown have relaxed some precautions for good about asking,” she says.Ms. savorthe time with her close fam- now…but I was kind of sad about fully vaccinated people.But they Aladdin, who is 63,hasn’t been able ily in Palm Beach, Fla., and it,” she says. still discouragemultiple households Relatives debate safety to getvaccinated yet; her husband, warned relatives holding another Spring holidays including Eas- with unvaccinated membersfrom who has gotten his firstshot, is im- gathering in Massachusetts that ter and Passover have generated gathering without taking precau- protocols, the guest list munocompromised. she wouldn’t spend much time on new tensions within families this tions like masking,distancing and —and sometimes Resuming holiday gatherings— the extended family Zoom this year. With many of the most vul- meeting outside.And the CDC still whenever it is safe to do so—is a year.“Hopefully this is the end of nerable older relatives vaccinated, advises against largergatherings whether to gather at all. critical milestone in pandemic re- Zoom Seders,” she says. some families are talking about and nonessential travel. At the same covery, says Dr. Suitor, who con- In Washington, D.C., Ms. Brown, gathering for the first time since time,messaging in some states ducts research on family dynamics. the teacher, is hoping to have a ca- the pandemic began. But they are strikes adifferent tone,asplaces After more than a year, families sual outdoor picnic with a handful clashing over safety protocols, the including Texas liftmask mandates. says the therapist from Easton, Md. want to honor longstanding tradi- of girlfriends for Easter. Her guest list—and sometimes whether Ryan Beshel, aChicagophotog- Her mother,78-year-old Lynne tions, she says. In a March prime- mother in Arkansas will miss her to gather at all. rapher,wantstovisit his family for Jarrell, who is also vaccinated, has time address, President Biden nod- during the family brunch, she says, An accelerating but still incom- Easter brunch, but clashed with decided to attend afamily celebra- ded to the importance of holidays, but is planning a later visit that plete vaccination rollout means some of his relatives about whether tion. But she is worried about pick- setting a July 4th goal for Ameri- the younger Ms. Brown is more families have a mix of vaccinated to wear masks to aprevious family ing sides among her loved ones cans to work toward being able to comfortable with: Once the daugh- and unvaccinated members. And gathering.Mr. Beshel, 38,feels that and doesn’t want her daughter to gather for small celebrations. ter is fully vaccinated, her mother while some relatives are encour- with older family membersvacci- stop attending family gatherings Some families arestill smarting will fly out to D.C. to celebrate her aged by infection rates that have nated, he no longer wantstowear over Covid disagreements. “She’s from earlier attemptsatpandemic birthday at the end of April, which fallen from winter highs, other amask forEaster.“Thetide has moresensitivetoitthan Iam,” gatherings. This past Christmas is also closer to Mother’s Day. “I family members are wary of turned,” he says.“We do need to says the retired preschool teacher. Eve, Alyna Acosta’sfamily at- guess it’s a good tradeoff,” says emerging variants and rising cases moveforward.” But other relatives PiaAladdin, anonprofit director tempted to social distancebygath- the younger Ms. Brown.

such as Britta Swedenborg, senior hopes to start selling through re- Hearing Aids Offer audiologist at teaching hospital tailerswhen the over-the-counter Massachusetts Eyeand Ear,recom- The Signia regulations arefinalized. mends getting screened before ActivePro Nuhearadoesn’t bill itself as a there’sasignificant problem. But hearing aids hearing-aid alternativefor people New Tech, and Hurdles people have to feel motivated to with severehearing loss. “A lot of getahearing aid, Dr.Swedenborg people fitintothe mild-to- said. “Ifafamily member is moderatehearing-loss FAMILY away—and it cancreatetech-sup- making youget adevice category,and they’ve &TECH port headaches,especially forpeo- and you’rejust putting it been underserved JULIE ple who aren’t very smartphone- in adrawer, it’snot a foralong time,” JARGON savvy. Theresult is that many good use of money,” she the company’smar- people still might not getahearing said. “Whatever device keting chief,David aid, and that canbeastrain on the patient will wear is Cannington, said. anypeople believewearing a families. the best recommendation.” Nuhearacustomers’ Mhearing aid is an advertise- Hearing losshas been linked to What used to be abinary averageage is 54, ver- ment forbeing old. increased depression and greater thing—hearing aid or no hearing sus around 70 forhearing- No one should have to feel self- risk of falls.That’swhy experts aid—is nowfar morenuanced. aid customers, he said. conscious about needing hearing Even Apple’s AirPods Pro can 2017 goes intoeffect. Thelaw re- Oncealoved one settles on a assistance, but the stigma is real: now amplify the quiet sounds quires the Food and Drug Adminis- device, the tech issues have only After first experiencing hearing without making loud sounds any tration to createacategoryofhear- just begun. To use all the features loss, people take an average of five louder. Further sound customiza- ing aids intended foradultswith provided in ahearing app,people to seven years to seek help, ac- tion is available for people who mild-to-moderatehearing loss. The have to have asmartphone,up- cording to the Hearing Industries enter a personal audiogram—a FDAhasn’t yetissued regulations, dated with the latest mobile oper- Association. graph showing how loud sounds but they could come later this year. ating system. There’sgood news.Hearing aids need to be at various frequencies Currently,only certain FDA-reg- “We’realways asking patients no longer resemble the chunky, to be heard—into the Apple Health ulated medical devices canbemar- what kind of phone they have, screeching devices of the last cen- app. Third-party apps such as ketedashearing aids,and even whether it’scompatible with our tury. Some aresuper-expensive, su- Mimi can test your hearing and those don’t look or function the hearing aids and whether they will per-tinyin-ear devices you’dnever generate an audiogram. way they used to.The latest arede- even use the app,” Dr.Swedenborg notice,othersare “hearables” that Therealso areapps that work signed to look likesleek music- said. “It feels likeahurdle.” look likeregular wirelessear- Widex Moment hearing aids with people’sexisting devices— streaming earbuds.And likesome Hearing-aid makers acknowl- phones,and thereare iPhone apps whether hearing aids,earbuds or other app-based hearing devices, edge the tech hurdle to getting that work with regular earbuds—no headphones—toseparatespeech manyhearing aids nowuse smart- some older people to use their specialized equipment necessary. from noise.“If an individual owns phones’ processing powertouse apps. The latest hearing-aid mod- Anew lawisset to makeover- asmartphone,and the majority machine learning,enabling the els can still work without apps,

A the-counter hearing aids available of adultsdo, they have anon-cus- wearer to adjust their hearing to but people won’t derive the full to people without avisit to the au- tomhearing aid right in their different settings. Older hearing benefits of sound customization

NUHEAR diologist, opening the door fora hand,” said Catherine Palmer,di- aids simply amplified all sounds. without them. wider variety of inexpensiveprod- rector of audiologyand hearing Signia ActivePro hearing aids “Wecreated an appthat is as

WIDEX; uctsmarketed to people with only aids at the University of Pitts- look morelikeearbuds than ahear- friendly and simple as possible,” mild-to-moderatehearing loss. burgh Medical Center. ing aid and rangefrom$3,000 to said Soren Nielsen, president of Therehavenever been more op- Thereshould be moreclarity $7,000 apair,depending on level of hearing-aid maker WidexUSA.“We SIGNIA;

P: tions forpeople who need hearing around howsome of these products serviceand hearing loss. want all userstobenefit from the TO help.Yet all the innovation can’t aredefined soon, when the Over Nuheara sells its“hearing buds” app,but it’sfair to sayit’snot go- OM Nuheara’s IQbuds²MAX FR makethe traditional frustrations go the Counter Hearing Aid Act of directly to consumersonline and ing to be foreveryone,” he said. P2JW090000-0-A01400-1------NS

A14 | We dnesday, March 31, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS Neighborly Bonds That Will Endure Neighbors who grew closer in the past year say their new friendships will outlast the pandemic; ‘we are like family now’

BY ANNE MARIE CHAKER long friends.” After once mentioning that his t took a pandemic for the stepson couldn’t eat most pack- Gurocks and the Catanias of An- aged snacks because of health is- derson Avenue to finally meet. sues and dietary restrictions, Mr. Although the couples lived Laderman was touched when two doors away from each his neighbor Elyse Jacobs, I The other in Fort Lee, N.J., busy 61, stopped by one eve- schedules meant they didn’t cross Gurocks and ning with a bag of sun- paths. But when Michael Gurock, Catanias connected in flower-seed-butter 37, started taking midmorning the pandemic—baking cups she thought neighborhood strolls during the treats, exchanging gifts might work. pandemic, he met his neighbor, at holidays and even Ms.Jacobs says Marie Catania, who is 76. As they she wassimilarly helping Mr.Catania got to know each other better, moved when she and they discovered that Ms. Catania secureavaccine her husband, Alan, re- years ago had been the teacher of appointment. turned home afterthree Mr. Gurock’s months in Miami forAlan’s wife—at an ele- medical care to discover that mentary school 32 their home had been impeccably in a nearby maintained—the pool cleaned, walk- town. Percent of way washed, and “welcome home” “If it hadn’t survey respon- signs dotting the driveway—thanks been for the dents who said to neighbors. pandemic, I they’ve gotten Theclosenessand camaraderie guarantee you, to knowtheir of the last year “has changed how we would have neighborsbetter we look at coming home now,” says never talked to in the pandemic Maia Knuckey,57, an operations them,” says Mr. manager foraroofing company Gurock. The two couples have who lives next door to Ms.Jacobs. grown close over the past year— Often, the old boundaries have reminiscing over an old yearbook, blurred. In Longwood, Lindsay baking treats for each another, ex- Schwartz’s two young daughters changing gifts at the holidays, and sometimes run across the street to even helping Mr. Catania secure a visit neighbors they have grown vaccine appointment recently. “We close to, but forget to ring the are like family now,” says Elise doorbell. “We’ve had some serious Gurock, Mr. Gurock’s wife and a conversations about that,” says professional organizer. Ms. Schwartz, a 36-year-old stay- As the pandemic re-centered at-home mom. people’s lives around their homes, house more, “you still see your a professor of social work at Rut- Some newrelationships have neighbors have grown closer to neighbors. You remember and feel gers University who led the study. even spawned professional connec- D.

each other. In a recent survey by reconnected.” At its best, it’s a symbiotic rela- tions.InLos Angeles,neighbors N consumer research firm Civic- Some research links better tionship: A teenager can help older Cynthia Salarizadeh and Norman VA Science, 32% of more than 3,000 neighborhood dynamics with adults with snow shoveling, for in- Golightly,who lived in separate OFF GE respondents said they have gotten greater psychological well-being. stance, she says, while the teen towers of acondo complex, went to know one or more of their In a 2014 study published in the gets satisfaction from being help- intobusinesstogether aftermany

neighbors better since the pan- Journals of Gerontology Series B ful. “A crisis situation or natural conversations while dog walking. JOURNAL; demic began. 1,071 adults ages 40 to 70 were disaster pushes people toward in- “We were all forcibly home and REET

Many of those new relation- asked about neighborhood interac- teracting with those they might constantly walking our dogs and ST

ships will endure. “There is this tions over time, such as how often not otherwise,” she says. bumping each other,” says Mr. Go- LL quality of a powerful shared expe- they say hello or have a social Over the past year, neighbors Cynthia Salarizadeh and Norman lightly, 48, a film and TV producer. WA

rience, and many people have re- gathering with neighbors. Results living on Bald Cypress Court in Golightly went into business. After Ms. Salarizadeh, 42, men- THE R

ally helped one another,” says indicated that people who contin- Longwood, Fla., got into the habit tioned that she was starting a pub- FO

Richard Weissbourd, director of ued high levels or increased con- of pulling up lawn chairs twice a lic relations and marketing soft- OV the Making Caring Common proj- tact with neighbors showed better week around 5:30 p.m. to talk took orders for Costco runs. “Be- ware business, Mr. Golightly SL MA ect at Harvard’s Graduate School psychological well-being than about everything from parenting fore we knew it, we didn’t just agreed to join as chief operating of Education, which studies fami- those with less contact. to politics. They helped each other have neighbors anymore,” says Mi- officer. “That would not have come SHA SA

lies, communities and social rela- “There are advantages to out in new ways too: The Jacobs chael Laderman, a 52-year-old ex- about if we hadn’t spent a lot of P: tionships. As school and schedules greater diversity in people’s social family shared their stash of toilet ecutive director of a marketing time together during the pan- TO OM

resume and people are leaving the networks,” says Emily Greenfield, paper and Lysol; the Ladermans firm in Orlando. “We had new life- demic,” he says. FR

MY RIDE |A.J.BAIME His ParentsWereStunnedToSee Their ’70Oldsmobile Good As New

Ron Thorn, 51, a Fender gui- tar principal master builder living in Acton, Calif., on his family’s 1970 Oldsmobile Cutlass Supreme convertible, as told to A.J. Baime.

hen Iwas akid, my W father,William Thorn, wasacar nerd. He wasamember and the carpinstriper forthe To- rontoModified Car Club in the 1950s and early 1960s.In 1979,wemoved from To- rontotoLos Angeles.We had to sell pretty much ev- erything,our cars,our furni- Ron Thorn with his 1970 Oldsmobile Cutlass Supreme. ture. We flew out to L.A., and the next day, my dad walked to aused carlot and could do it in acouple days. GM packaging,the smell of bought a1970Oldsmobile But this Oldsmobile had so the boxes, and the way the CutlassSupreme.Hepainted manytrim pieces,somuch partswerewrapped in tissue the wheels the same color as chrome and stainlesssteel. paper.All these partshad the car’sbody.That wasour It took along time to take been in their original pack- family carand our only car, apart. Isent the carburetor aging forsome 40 years. all through the 1980s. to aguy in NewJersey to Ifinally gotitall together In the 1990s, my dad got be rebuilt and replated. I aftertwo and ahalf years, a company car. The Oldsmo- gotthe seatsreupholstered and it happened to be the bile sat in the garage and and Ihad apaint guydo daybeforeFather’s Day, in started to get neglected. I the paint. But the rest of it 2014, which wasalso my became a car guy and got a Idid myself. parents’ anniversary. Itook 1969 Mustang the cartoacar meet at when I was 21. I Bob’sBig BoyinL.A. I tore it apart, re- parked it, then went to pick built the engine. up my parentsinanother car There were a to take them out foraFa- bunch of other ther’s Daydinner.Itold cars I worked on, them Ihad to stop at Bob’s all Ford and Big Boytosee somebody and Shelby stuff, and that they could walk around I built a number and see the cars. of car-themed When we gotthere, Ihad guitars, with people hiding in the bushes Shelby colors and with cameras.When my configurations. The interior of Mr. Thorn’s Oldsmobile. mom sawthe car, she just But I always lost it. When my father saw loved the Olds- it, he could not sayaword. mobile. I would wash it ev- Along the way,myfather He just walked around it, ery now and then, and start would ask howitwas going. touching it. Forme, Ihad it up. Iwould downplayit: “It’sgo- seen the processovertwo Around 2012, my father ing really slow.” Meanwhile I and ahalf years. He had not (2) threw out the idea of getting had the reupholstered front seen the carinall that time.

rid of the Oldsmobile be- and back seatsinmyspare It wasagreat moment.I JOURNAL cause he did not liketosee bedroom, and the carburetor said to my father,“This’ll REET

it decaying.Isaid, “No way. sitting on my desk at work last youanother 40-plus ST

Whydon’t youlet me play likeatrophy. years.” But it wasnot to be. LL

around with it?” Idrove the Iwent all in on N.O.S. My father died five years WA

carhome and dovein. (“newold stock” parts). Any- ago, and the Oldsmobile THE R

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Motorsproducts. Mustangs bile forums to hunt forthese that Iwould somedaybeits Y

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THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | A15 ARTS IN REVIEW

Cristin Milioti, left, and Ray Romano, below, in HBO Max’s | TELEVISION REVIEW JOHN ANDERSON ‘Made for Love’

High‑Tech lance-state-inspired horror while still being hilarious, because it doesn’t have to try. The humor is everywhere, naturally, whether in the curdled personality of Byron, Romance the tenacity of Hazel and/or the absurdity of a consumer culture that would allow itself—no, invite itself—to be monitored by a sys- Gone Wrong tem that wants to sell it things. Byron’s latest brainstorm, the aforementioned Made for Love chip, is the stuff of horrified laughter: a device that would meld the minds of a loving couple into a single consciousness. No secrets. No flipping off your partner when he/she isn’t looking. Byron doesn’t even realize what a terrorist he is.

A woman tries to escape from her narcissistic husband, but he’s tracking her every move.

Meanwhile, the saucer-eyed Ms. Milioti is impossible not to watch, as Hazel strategizes her revolution against a force fueled with all the money in the world and an ego the size of Mountain View, Calif. Based on thenovel by the show’s co-creator,Alissa Nutting,“Made forLove” featuresamultilayered storyline atop atiered landscape of subtexts supported by amemorable (2)

X cast that includes RayRomano,as

MA Hazel’ssingle father,Herbert. Per-

HBO petually down on his luck,Herbert lives in atrailer with Diane,alove he name Gogol has be- doll (“synthetic partner,” Herbert come synonymous insists) who should getscreen with technology credit considering howmanyde- around the world,” we lightfully deadpan reaction shots ‘Tareinformed during she contributes.Diane is just one of the irresistible “Made the indications that we arenot forLove,” and no,that’snot atypo: quiteinpresent times but afew Byron Gogol (Billy Magnussen) is a beatsintothe future, wherethe ca- tech billionaire, afuturist, acreepy pacity of virtual-reality technology mash-up of certain prominent so- allows Byron to take Hazel to Rome, cial-media figuresand asoulless Paris,Luxor and Antarcticajust dur- nerdy tyrant. His peculiarities ing their firstdate(seen in flash- prompt ajournalist to ask,“Is By- back). She’swowedbybounty.And ronGogol agenius savant living in intrigued by aman who,unbeknown an optimized world of his owncre- to her at the time,wantstomake ation?Orisheamegalomaniac her intohis ownrobotic plaything. narcissist who cannot function in “I knew the first time I saw you normal society?” His wifewould that we were similar creatures,” pick No.2.Thankfully,it’sher show. Byron tells Hazel. Nothing could Hazel Gogol, néeGreen—played be further from the truth. When by the very wonderfulCristin Mili- he met her, Hazel was selling $20 oti—is introduced in the opening tickets for a phony Gogol Phone 5 momentsofthe story, wetand raffle. (“The 5 isn’t even developed haggard,bursting from ahatch in yet,” he tells her moments later, thedesert floor.She’sjust escaped, having somehow gotten her cell- with the help of adolphin, from phone number.) In another TheHub,her husband’sverysmart scheme, she stands with a basket home and Brutalist citadel, aplace outside a yoga class announcing a she hasn’t stepped foot from in 10 “digital detox” and collecting cell- years. Thetunnel from which she’s phones she then takes to a pawn emerged—breathless, slimy, gasp- which he cantrace her everymove. cable outlet never made the last Call it marketing genius.) The shop (“Namaste!”). She’s a hustler, ing,half blinded by the light—is Is she going to get away? We’ll episode of “The Undoing” available point is, the first installments of a grifter, a schemer. On the run certainly meant as ametaphorical find out. Maybe. Only four parts of and look what happened: favorable “Made for Love” are so good it from a world that’s spectacularly (re)birth canal. But the umbilical the eight-part HBO Max series reviews at the outset and an infu- would be a great shame if that “advanced” and utterly joyless. cord is still in place: the Made for were available (three new episodes riating ending. (Conversely, Dis- quality isn’t sustained. You can’t help but root for her. Love microchip that her husband air Thursday, three the following ney+ made only the first three epi- From what can be seen, “Made has had surreptitiously implanted Thursday and two on April 15). A sodes of “Wandavision” available, for Love” occupies a sweet spot of Made for Love under her scalp.And through la HBO, this doesn’t bode well: The and they were the worst of the lot. satire, social critique and surveil- Begins Thursday, HBO Max

DANCE REVIEW Isabella Boylston and James Whiteside in a segment from AlexeiRatmansky ‘The Seasons’ that make up its Second Move- ment also looked insubstantial here on its own, despite some fine Reaches forJoy dancing. In the fourth solo, statu- esque Devon Teuscher left a most lasting impression, suggesting a BY ROBERT GRESKOVIC Dressed in uncredited, informal goddess-like luminosity. costuming of vivid, paint-box hues, Alyrically shaped, 41/2-minute IN THE BRIEF intermission of ABT’s performers advance and re- pas de deux from “The Seasons” “ABT Live From City Center: A cede in the choreographic suite for (2019), Mr.Ratmansky’s40-minute Ratmansky Celebration,” a video solo and partnered dancing. ballet to the music of Alexander production by Nel Shelby Produc- Brad Fields’s handsome lighting Glazunov,got an engaging perfor- tions now on demand on offers “Bernstein” an inky sur- mancefromIsabella Boylston and nycitycenter.org through April 18, round judiciously enhanced by James Whiteside.But danced on a Alexei Ratmansky chats with Linda beams of light; these at times cre- barestage hereinlackluster,un- Murray, dance curator of the Je- ate soft pools of brightness, help- credited costumes,replacing Robert rome Robbins Dance Division at ing to reconfigure the dance’s Perdziola’smoredetailed designs the New York Public Library. Their space. By the ballet’s fifth section, forMs. Boylston in tiaraand tutu exchange tells us that the pro- “Turkey Trot,” Mr. Ratmansky’s and forMr. Whiteside in geometri- gram’s world premiere, “Bernstein choreography gives special promi- cally decorated unitard, the duet, in a Bubble”—created in January nence to Skylar Brandt, in a hot- meant to climax the ballet’sfall and February while all those in- pink and orange leotard, as she segment with arecollection of sum- volved were quarantined in a “bal- finds herself framed by fleet Pat- mertime,was lessthan evocative. let bubble” in Silver Bay, N.Y.—was rick Frenette and Tyler Maloney, One part of the film, meant to be motivated by Mr. Ratmansky’s from whom she slyly separates to incidental, should not be missed. urge to give his American Ballet spin like a top and to strike and As the creditscrawl on the screen’s Theatre dancers “something to en- maintain moments of balance that right, the leftshows aslideshow joy, to enjoy themselves.” Thanks demonstrate her physical aplomb. documenting ABT’seffortstoget to the choreographer’s often play- After a sultry duet to Bern- itsprogram and dancersonstage ful dance inventions, his 16-minute stein’s “Blues,” for lissome Cathe- forthis celebration. There, with ballet happily succeeds. rine Hurlin and Mr. Bell, Mr. Rat- partsofBernstein’s“Divertimento” Mr. Ratmansky’s seven-member mansky’s ballet eases into a lively, playing in the background, you’ll cast, in which an imposing Aran full-cast climax to the composi- getaffecting glimpses of the danc- Bell remains central and stalwart, tion’s concluding “March.” The stein” premiere. Theopener was felt airless. Ms. Brandt, dressed in ersand ABT’sartistic staff,includ- variously mixes and mingles to the choreographer arranges and rear- “Rose Adagio,” six minutes from the Richard Hudson’s elaborate cos- ing Mr.Ratmansky, all masked and music of Leonard Bernstein’s “Di- ranges his three women and four firstact of Tchaikovsky’s“The tuming, appeared more athletically at prescribed distances from one vertimento,” a work that was cre- men so that all the members of Sleeping Beauty,” in Mr.Ratman- motivated than youthfully spirited. another,engaged in the carefulpre- ated in 1980, is “dedicated with af- this odd-numbered group get mo- sky’s2015 staging based on the re- ABT audiences will have to await paratorywork that occurred off- fection to Boston Symphony ments to cut loose during the nowned 1890 choreographyofMar- the petite ballerina’s appearance in stageand on. Orchestra,” and is heard here—as strutting, sideshow parade. Before ius Petipa. Theendurance-test dance a full-length, fully staged Ratman- City Center has held more re- is all the program’s music—on re- a capstone group clusters around forthe ballerina playing Princess sky “Sleeping Beauty” to discover markable celebrations, but given cording. From “Sennets and Tuck- Mr. Bell, Ms. Brandt gets to com- Aurora, supported by four princely all she might bring to Aurora. today’s pandemic constraints, this ets,” its bright fanfare of an open- mand further attention with addi- suitors, marked Ms.Brandt’sdebut While Mr. Ratmansky’s 2009 one reached the stage by way of DUGGAN ing animating the full cast, tional circuits and dizzying spins. in this famously challenging role. “Seven Sonatas” is a 33-minute some remarkable efforts.

PHER “Bernstein in a Bubble” finds Threeveryshort dancesegments Filmed on a blank stage, backed work of ebullient choreography to

TO dance moods to match those of the from previous Ratmanskyworks by a cyclorama bathed in violet the music of Domenico Scarlatti, Mr. Greskovic writes about dance

CHRIS composer’s eight named numbers. served as alead-up to the “Bern- light, the potentially stirring dance the four-minute string of solos for the Journal. P2JW090000-0-A01600-1------XA

A16 | We dnesday, March 31, 2021 THE WALL STREET JOURNAL. SPORTS Leagues Urge PlayerstoGet Va ccinated NFL Adds 17th Game Shots won’tberequired but restrictions will be loosenedfor teams on which mostpeople getthem To Season

ports leagues playing BY ANDREW BEATON through the pandemic are settling on a strategy for THE LEAGUE’SOWNERSVOTED vaccinating their employ- Tuesdaytoexpand the regular sea- S son to 17 games.It’sthe firstsched- ees: They won’t mandate shots, but they will promise a ule expansion since1978, when the much better life for teams on league moved to 16 games.The deci- which most people get them. sion, which also resultsinone less Major League Baseball and the preseason game,was widely ex- National Basketball Association pected on the heels of aseries of are both now offering fully vacci- agreementsthat pavedthe way for nated players a reprieve from moreaction starting in the 2021 season. By Jared Diamond, Ayear ago, the NFL and NFL Ben Cohen PlayersAssociation struck adeal on and Louise Radnofsky anew collectivebargaining agree- ment that gavethe league the right some of their pandemic proto- to add an additional regular season cols—and the chance for whole game in exchangefor ahigher per- teams to relax once 85% of play- centageofrevenue to the players. ers, coaches and other team per- That deal guaranteed labor peace sonnel have had their shots. foradecade and set the ground- All of these rules are designed work foranew round of media to incentivize vaccine acceptance rightsdeals built around the likeli- in populations that have demon- hood of a17-game season. Those strated some hesitancy. And they blockbuster agreements, worth more will provide a test on a very public than $100 billion, were unveiled two stage of whether the lure of nor- weeks agoand showedthe strong mal life is more powerful than vac- desirefor the NFL’s product in an cine mandates. increasingly frayed TV landscape. MLB and the MLB Players Asso- The17-game schedule affectsthe ciation distributed a joint memo competitivestructureofthe league, on Monday saying that players and historic statistical recordsand how staff “are strongly encouraged” to oftenfantasy football players have receive a vaccine when eligible, to set their lineups.But forall the and that fully vaccinated individu- money and intricacies involved in als will be allowed to such asweeping decision, there’s gather together in hotel Above, Atlanta Hawks players cheer one peculiarity that everyone will rooms and other indoor from the bench. Left, Houston Astros have to getused to:anodd number spaces without face cover- players watch from the dugout. of games. ings or social distancing. The17th game will have teams The memo, which was clear to what extent. playopponentsfromopposing con- obtained by The Wall If there is any potential basket- ferences,with the conferences alter- Street Journal, also says ball advantage to getting vacci- nating which team is home each that people two weeks nated, the Atlanta Hawks will be year.This year,AFC teams will re- past the second dose of one of the first teams to find out. ceivethe extrahome game while the Pfizer and Moderna They announced that 36 people in that will flip in 2022. Theadditional vaccine, or two weeks af- their basketball operations staff, game will feature two teams who ter the one-dose Johnson including 14 players, received their finished in the same placeintheir & Johnson shot, will no first vaccine dose in mid-March. respectivedivisions.For example, longer have to wear masks (Three players were not vaccinated the Kansas City Chiefs and Green in the weight room and because they were not yet eligible BayPackers—who both wontheir can have their vaccinated in Georgia.) Some players were divisions in 2020—will nowplay

family members stay with still wearing their uniforms when each other in 2021. GES

them on the road. they got the shots immediately af- “This is amonumental moment IMA They can also carpool ter a recent game. in NFL history,” commissioner Roger

together or use ride-share As vaccine eligibility require- Goodell said in astatement. GETTY services like Uber and Lyft ments have started to loosen in While the movewill placemore to and from club facilities. many states around the country, a money in the pocketsofplayers— AIKEN/ They can gather in close few baseball teams have an- which is especially salient afterthe PETER

proximity on airplanes as long as once again be permitted in the The NBA and the National Bas- nounced plans to vaccinate their salarycap fell for2021 because of S; no unvaccinated teammates are clubhouse. ketball Players Association reached personnel before Thursday’s open- the pandemic in the firstdecrease in PRES within two rows of them. And they More changes could come as the a similar deal to MLB’s this month ing day. years—it has already drawnblow- can choose to be tested for 2021 season goes on. to loosen strict Covid protocols for The Houston Astros intended to back.Inarecent tweet, NewOrleans TED CIA

Covid-19 just twice a week, as op- The sports regulations are a players and staffers who are two fly from their spring training facil- Saintsrunning back Alvin Kamara SO posed to every other day. (Players prominent example of how Ameri- weeks past their final dose and for ity in West Palm Beach, Fla., to called it “dumb…ashell.” AS and staff must voluntarily disclose can workplaces are dealing with teams with 85% of their players Houston on Monday to get vacci- ON/

their vaccinated status to their the knotty dynamics of vaccine re- and staff fully vaccinated. nated, instead of traveling directly BERS team in order to be counted.) quirements that offices across the What that means is that the to Oakland, Calif., for their series RO

Once 85% of a team’s players country will encounter as supply NBA teams with the highest per- against the Athletics. JEFF and staff are fully vaccinated, begins to outpace demand. centage of players and coaches The St. Louis Cardinals are ex- masks will no longer be required U.S. states can legally require who get the vaccine could have an pecting to have access to the John- in the dugout or bullpen for any- vaccinations, including as a condi- advantage in the playoffs if they son & Johnson shot in Ohio before body. tion of participation in public ac- find themselves in a series against they begin their season against the GARN/REUTERS; Players and staff will no longer tivities such as school, and em- a team with enough vaccine hold- Cincinnati Reds. have to wear Kinexon tracking de- ployers can make them mandatory outs. “I’m hopeful people will do it HEMMEL

vices that have been used for con- as a condition of employment. But The NBA deal came after the because obviously, the more vac- E tact tracing. They can eat at res- most have chosen to strongly en- league and the union’s doctors cines that go into arms, ultimately, AC BR

taurants, indoors or outdoors, with courage vaccinations instead of re- mounted an educational blitz in the more freedom or normalcy P: no restrictions. quiring them, fearing a backlash February to address the concerns we’ll be able to experience,” Cardi- TO OM

Shared amenities like video- that could be counterproductive— of hesitant players. It appears to nals president of baseball opera- FR game systems and pool tables will or worse. have worked—though it isn’t yet tions John Mozeliak said. AChiefs-Packers game is set for2021.

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THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | A17 OPINION Like 2016, 2020 Isn’t Going Away BOOKSHELF | By Diane Cole

“Trump James Comey’s lateactions or, sages,astrangestory about fact that many states altered To Resist didn’t be- lessplausibly,Russia’sdab- hislying on afederal back- their election practices in lievehis blings in Facebook and Twit- ground check to obtain agun, 2020 in legally questionable election ter. These legends live today then theimproper disposal of ways. Whycan this not be lies,” went a andare treated respectfully. the same guninapublic trash said? And Connect headline at Thesame books could be canbyhis then-girlfriend who Ballotpedia reportsthat, BUSINESS the respect- writtenabout 2020.Mr. also happened to be his five months afterElection WORLD able news Trump’sElectoral Collegefail- brother’s widow. Day, we still lack rejection The Light of Days and com- ure was even smaller, 44,000 TheNew Yorker magazine, ratesfor mail ballotsin20 By Holman W. mentary site votesinthree states.This leg- among ahost of impeccably states; where the data do ex- By Judy Batalion Jenkins, Jr. Slate.com. end is not going away either, establishment news outlets, ist, rejections were in some (Morrow, 558 pages, $28.99) Iwas ar- howevermuch Mr.Trump oncedevoted 10,000 wordsto cases apuzzling fraction of rested by this statement of muddies it with absurd the topic, “Will Hunter Biden those in previous elections. hey were nicknamed the “ghetto girls” but the label the obvious. claims. No evidence suggests Jeopardize His Father’s Cam- No court in itsright mind T does not do justicetothe defiant, mostly forgotten Politics is astrategygame, large-scale vote fraud. The paign?” Today, the tophalf of would saythe remedy is to in- Eastern European Jewish women in their teens and 20s likewar or litigation: The “but for” argument is the one validatevotes cast in good who,acting in resistancetothe Nazis,undertook one mission truth gets spoken only if it’s that will endure. faith by legally eligible voters, impossible afteranother to disrupt the machineryofthe useful. Idoubt legions of Butfor laterule changes in Our elections areracy, but we also work constantly Holocaust and save as manyJewsasthey could. Democratic eldersbelieved manystatesindefianceofthe toward trying to makeour Now, in her well-researched and riveting chronicle “The the guff about Donald Trump U.S. Constitution, mail-in but meddling by electionsunimpeachable in Light of Days,” Judy Batalion bringsthese unsung heroines to being aRussian plant. Mil- voteswould have playeda intelligenceofficials both accuracyand legality, the forefront. She has recoveredtheir stories from diaries and lions of voters see politics as much smaller role in the elec- andwehavenoneed to lie memoirswrittenvariously in Yiddish, Polish and Hebrew, nonstopmendacity.Evento tion. shouldn’t be tolerated. about particular outcomes. some composed during the war(one in prison, on toilet paper, many nonsupporters, the dif- But for the effortsofthe Therole of rule changes in then hidden beneath floorboards), othersafterward, still more ferencebetween Mr.Trump mainstream media and Silicon 2020,the role of the media, recorded in oral histories.This group portrait forcefully and his enemies was the dif- Valley giants, manymorevot- the hierarchy in every news- the role of a “cabal” (in Time countersthe myth of Jewish passivity,atoncedocumenting ferencebetween night and ersmight have been influ- room in Americaknows the magazine’sword) that worked the breadth and extent of Jewish activism throughout the night. Mr.Trump oncetouted enced by the Hunter Biden gun story is the quintessence the legal machinerytoassure ghettos—armed resistancegroups operated in morethan 90 his own reliance on “truthful laptop story. of “news,” especially given the Mr.Biden’sadvantage—all of them, according to Ms.Batalion—andunderlining in partic- hyperbole.” In the 2020 elec- But for the effortsof50re- current clamor forstrength- this is part of historynow and ular the crucial roles women playedinthe fight to survive. tion and in JoeBiden’s tired intelligenceofficials who ened background checks. Yet should be spoken of. Indeed, several of the women Ukraine entanglement, you suggested the story was Rus- news editorshavelargely Mr.Trump is aliar when whose stories Ms.Bataliontells could be sure something hap- sian disinformation, news or- treated the gunstory as if it he says he wasthe victim of also helped lead the most pened but it wasn’t what Mr. ganizations would not have doesn’t exist, likely because massivevotefraud. Manyme- significant act of anti-Nazi Trump said happened. had ahook to insist the laptop they areterrorized by their dia organizations were also li- Jewish resistance, the 1943 In one ironical way Ican story was false. own bottom half. arsin2020.And we canlive Warsaw Ghetto uprising,which sympathize with Trump sup- Mr.Biden’sallies were Letmehasten to add that with this! One thing we should is recounted hereinbrutaldetail. porterswho question howMr. right in seeing the laptop as Mr.Biden is alegitimatepres- not be prepared to tolerateis Thetasks and responsibilities Biden could have wonanelec- theirJames Comey.But the ident. Under the Constitution, former intelligenceofficials these female fighterstook on tion in whichhebarely partic- well-sourcedlaptop storywas under the Electoral College, exploiting their standing with were as myriad as the false ipated. Theracewas one of true. The FBI, we learned al- under the intuition that the the public to spread disinfor- Christian identities they adopted Trump against Trump,inmost as soon the election popular vote also matters, he mationtoinfluenceanelec- to avoid capture, their disguises which Mr.Trump defeated ended, had possessed copies is president. tion. so successfulthat one waseven himself by a nose. of the datasince2018 and But our elections areal- Ikeep waiting forthe bi- hired as atranslator by the After2016,adelugeofarti- wasinvestigating Hunter’s tax waysracyeventsand we partisan wise persons to Gestapo in Grodno.But mostly cles and books pointed to Hil- and business dealings. shouldn’t hesitateinthe awakenand showthey care they traveled, seemingly nonstop, laryClinton’s 77,000-vote Thelaptop has now sur- slightest to recognizethat af- about democracy, truth and to surrounding Polish towns and in margin of defeat in three deci- faced again to corroborate, tereach thereare messes to preserving ourinstitutions and out of the barricaded ghettosthat they managed, through sivestates, blaming,plausibly, with Hunter’s owntextmes- clean up.It’sastraight-up from voter contempt. bribes and stealth, to penetrate. In the ghettosthe Nazis not only segregated Jews from Aryansociety but also prevented evidenceofthe massivedeprivations and punishmentsJews suffered therefromleaking to the world outside. Lessons for Politicians at Passover This Nazi-imposed isolation made the female couriersall the morewelcome when they arrived, living proof that those Everyendur- Theshared experienceof nialism oftenbecome authori- were given the LawatSinai. locked inside the walls were not forgotten. During their visits, ing ritual is oppression holds the op- tarian kleptocrats. Leaders of (Whether they accepted it or the couriersacted as “human radios,” carrying greetingsfrom experienced pressed together,but oncethe thestruggle against commu- were made an offer they could other ghettos, bringing warningsofforthcoming deportations differently in tyrannyends,sodoes the nist domination in Eastern and not refuse is amatterofdis- to the death camps,and serving as liaisons coordinating the each genera- unity.Revolutionary leaders Central Europe split intowar- pute.)Secular revolutions are effortsofghetto resistancecells with those of armed partisan tion, or even canclaim only tenuous au- ring factions afterthe collapse not so fortunate; they must groups in the forests. They also took on the grim responsi- POLITICS in the course thority,atleast at first, unless of the Soviet Union. Many givethe lawtothemselves, bility of reporting the latest massacres and other atrocities & IDEAS of asingle they arebuttressed by charac- have sought to entrench their whichmeans that they must against the Jews.The eyewitnesstestimonies they conveyed life. When I terand accomplishment. Envi- powerbycurtailing demo- reach aconsensus.When a were harrowing.But rather than spread hopelessnessamong By William wasyounger,I ous rivals eventually mobi- cratic liberties such as free- newconstitution is one-sided, the ghetto population, the couriersoften did the opposite, A. Galston approached lized the people against Moses dom of the pressand an inde- as so manyare,the excluded breeding greater determination to resist, to leave alegacyof Passover in a and revolted against his lead- pendent judiciary. parties are bound to resist. action and defiancerather than submissiveness. As one ghetto simple celebratoryspirit, as ership. Wise revolutionaries will do slogan declared, “It is bettertobeshot in the ghetto than to the movement from oppres- The newly liberated Israel- their best to include the forces die in Treblinka!” sion to freedom. NowIunder- ites weren’t ready forfree- Revolution is they have defeated, as Nelson Skilled black marketers, they also smuggled in food to stand the moment of libera- dom. Confronted with the rig- Mandela understood. But this supplement the ghettos’ ever-dwindling food rations; medical tion as the beginning of an orsoflifeinthe desert, they exhilarating. Building requires araredegree of mag- supplies to fight typhus and the other diseases that ran arduousjourney that could yearned forthe guaranteed a system of liberty is nanimity.Too often, revolu- rampant amid appallingly cramped, broken-down living con- have ended poorly and—ab- sustenanceofoppression, and tions areoccasions forsettling ditions; and as manyrifles,pistols,bullets, grenades and sent aseries of divine inter- they blamed Moses forfailing slower and harder. old scores and creating new bomb-building componentsaspossible,tospark an uprising. ventions—surely would have. to meet their unrealistic ex- hierarchies of oppressorsand Behind all these operations layadeftnessand aptitude for Thereare lessons fortoday’s pectations.The Exodus gener- oppressed. creating and maintaining resistancewebs and networks both political revolutionaries. ation,which hadn’t been re- English poet William In hiscommentaryonthe within and among different ghettos, as well as with sympa- In themiddle of the Pass- sponsible forits own Wordsworth,who sojourned in Haggada, the liturgy of Pass- thetic Aryans throughout Poland. That is whythey were also over celebration comes awell- liberation, lacked the courage Franceafter the revolution, over, the late Rabbi Jonathan oftendescribed as kashariyot,the Hebrew word for“con- known song that traces the to fight for freedom. It took a described howheexperienced Sacks notes that Hebrew has nectors.” It wasthrough these links that they set up hiding journey’s steps, starting with new generation, hardened by these heady years: “Bliss was twowords forfreedom— places forJewish children outside the ghetto,found safe the Exodus from Egypt and deprivation and conflict, to it in that dawn to be alive,” he hofesh and herut. The former houses to conceal resistancefighters, provided forged papers ending with the building of develop the character needed wrote, “But to be young was means “freedom from,” the and plottedescape routes to Palestine,evenfacilitated prison Solomon’sTemple in Jerusa- to enter the Promised Land. very heaven.” latter, “freedom to.” Hofesh is breaks.Nor did they hesitatetotakeuparms themselves, lem. Aftereach stagecomes During the modern era, the Thesame maybesaid of liberation from oppression; leaving Nazi troops so surprised to see women wielding guns therefrain “dayenu,” which Exodus became an inspira- the Arab Spring that engulfed herut is asysteminwhich and grenades that one startled SS commander wasleftto means: It would have been tional templatefor secular much of the Middle East and each individual respectsthe wonder if they were “devils or goddesses.” enough if God’sgrace had revolutions,and so it is impor- North Africatwo centuries freedom of others. ended there. tant to understand the full and later.Demonstrations erupted Liberation is exhilarating.A This is good theology: Ev- rich messageofthe departure everywherefromAlgeria to system of liberty is slowerand Theyoung women of thePolishghettowerea eryblessing from God is more from Egypt. Iraq, and revolutions came in harder; it requires restraint defiant and resourceful breed, acting as than we deserve, and the cor- Most revolutions fail, at Libyaand Syria. Whocan for- and forbearance. In astable rect response is gratitude.But least initially.Undertaken in getthe eventsinCairo’sTahrir free society,leadersunder- couriers, smugglersand, sometimes, warriors. from apractical standpoint, the name of republican princi- Square, wherestudentsarmed standthat victories aretem- the premise is incorrect. Lib- ples,the French Revolution with cellphones brought down poraryand that the rightsof eration is aprecondition of soon yielded to the Terror,im- an autocracy? It wasdubbed minorities areprotections that Ironically,Nazi male chauvinism aided the success of freedom, but no guarantee of perial rule and arestored the “Facebook Revolution” and they mayneed when their for- female couriers. German guards could not imagine,Ms. Batal- it. Revolutions cangoawry, monarchy. It took morethan heralded as the dawn of anew tunes shift. Theimperativeof ion writes,that asmiling,flirtatious peasant woman or chic and usually do.Throwing off 100 yearstoestablish self- political era. We knowwhat forbearanceisalesson that city girl would be hiding bulletsinside ajam jar,apistol the shackles of tyranny often government in France. Those happened next. politicians everywhere might inside ateddy bear,oragrenade inside her menstrual pad. ends in newforms of bondage. whowagewarsagainst colo- Millennia ago, the Israelites remember this Passover. Oftenthe Nazis would even makechivalrous offerstocarry the women’sbagsorbaskets, never suspecting that contra- band wasconcealed inside the flour sacks or sewn inside the hems and seams of packed garments. Snowbirds Fly South for the Va ccine Morecritically,evenifthey were questioned, women had a betterchanceofteasingly talking their way out of suspicion By Craig Offman hope foraluckyglitch that what guidelines Canadians andgot them. People back than men, forwhom the common Nazi demand of a“pants- letsyou slide intothe queue. with one shot should follow, home greeted his updatewith drop test” would reveal they had been circumcised, marking Toronto Thestatistics also offer little Ottawa mangled the message acombination of happiness them as Jews.Nonetheless, the women still remained easy eCanadians area hope.Sofar,1.8%ofCanadi- even more:“Iwould expect forhim and anger at the gov- targetsfor rape,sexual blackmail or other traps.Asone cou- W compliant flock.We ans have been fully vacci- the advicetoevolveaswego ernment forabotched job.“It rier wrote, “Everystepoutside the barbed wire[of the ghetto] have faith in our nated,aratethat putsus along,” said Chief Public wasjust awkward,” he says. waslikepassing through ahail of bullets...every street a government. We shareaslightly behind Brazil. Health Officer Theresa Tam. “They just want the same op- dense jungle that had to be cleared with amachete.” strong egalitarian streak.If Further,when the first “But it’sabit early.” portunity.” Yetboth individually and as agroup,these valiant Jewish thereisaline,we’ll stand in round of jabs began around Theother day, my mother Thereis, alas,apriceto women remain mostly unknown. One reason forthis is that it peacefully.But the Liberal February, disheartening news and Iwereonthe phone payonthe way home.Flying few of them survived the Holocaust, which means we don’t government’sbungled rollout followed. In early March, counting 40 people we know back to Canada means three knowhow manyadditional stories went unrecorded. Ms. of Covid-19 vaccinations is Canada became the only who had migrated south over nights in aquarantine hotel, Batalion also positspolitical motives.For instance, the leaders ruffling feathershere, and countryinthe world to delay the past two months in even forpeople who arevac- of the newly founded stateofIsrael oftenpreferred to em- many people in my parents’ the second dose by four search of shots. Some of them cinated. That rule is nowbe- phasizethe heroism of those who fought forthe country’sin- cohort have ditched the wait months.Weloveour quirks, already owned condos down ing challenged in an Ontario dependenceoverthe horrorsendured by Europe’sHolocaust and flownsouth in search of there, and while they initially court as “overbroad, arbitrary survivors. Sexism, too, tamped down memories of the roles their ownvaccinations.This didn’t go, forfear of mingling and grossly disproportionate.” women played, and some of the surviving women themselves maybehardfor Americans to Canada’s ineptitude in astate whererules around Speaking of arbitrary, the preferred to remain silent to protect themselves and their understand, but in Canada prompts a migration masks seemed relatively lax, rule doesn’t apply to Canadi- children from bearing the burden of their memories. this qualifies as subversive. staying put in Canada came ans returning by car. So Ms.Batalion’sbook is both comprehensiveand important, Youcan hardly blame of seniors to Florida. to seem moredangerous. rather than flying intoTo- but reading it canprove frustrating and confusing,especially these seniors. If the govern- ShotsinFlorida formally re- rontoPearson Airport and as the author toggles back and forth in time and from one ment can’t protect them, who quireproof of residenceor paying thousandstostayat woman’sstory to another.And although Ms.Batalion—afor- will? These people have been butuniquely inept life-and- regular rental. If that canbe one of the designated hotels, mer academic in her nativeMontreal, nowafreelancewriter cooped up formorethan a death policy decisions strain established, being vaccinated Torontonians canland in Buf- in NewYork—does not flinch from describing the wanton acts year,unable to hug their one’spatience.When ad- is as easy as rolling up and falo,hireadriver forafew of Nazi-inflicted cruelty and torturethese women witnessed grandchildren or stroll with- dressing howthat extension ordering adouble-double cof- hundred dollars, and cross and endured, readersmay need to pause forair.Yet spelling out fearing the quiet menace would affect the provinceof feeatTim Hortons. the border.Why not? If your out the specifics of these horrorsunderscores the monumental of aerosol particles.Many British Columbia, Canada’s David Peltz,aToronto feet areonthe ground, the strength and resolvethese extraordinarywomen possessed. complain that the vaccine chiefscienceadviser, Mona real-estateinvestor,was al- border is merely astate of “The Light of Days” pays tributetotheir individual grit and registration systems,con- Nemer,framed it as a“popu- ready at his second home in mind. their collectivewill to keep the Jewish people alive. trolled by provinces,are im- lation-levelexperiment.” How South Florida earlier this penetrable or Soviet: You comforting. winter when he heardhow Mr.Offman is aToronto- Ms. Cole is the author of the memoir “After Great Pain: have to knowsomeone or Facing questions about easy it wastoget the shots basedjournalist. ANew Life Emerges.” P2JW090000-0-A01800-1------XA

A18 | We dnesday, March 31, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Wuhan Whitewash Responding to Gramm and EarlyonInequality

he World Health Organization on Tues- Covid-19’sorigin, much as it silenced scientists Phil Gramm and John Early use- provided health benefits. dayfinally released itsreport on the or- and journalistswho raised doubtsabout the of- fully adjust the Census Bureau’s esti- Employer benefits may be rela- T igins of the coronavirus,and the result ficial story last year. The report’s publication mates of household income for taxes tively more valuable because Medic- and transfers (“Incredible Shrinking aid and Medicare reimbursement wasn’t worth the wait. The wasrepeatedly delayed, as A WHO report on Income Inequality,” op-ed, March 24). rates tend to be lower than the rates document is best understood both sides negotiated areport This is a much-needed step, and the paid by private insurers. The authors as a whitewash heavily influ- Covid’s origin echoes that is morepolitical than sci- authors find correctly that income in- make a dramatic claim based on an enced by the Chinese Commu- entific. equality was slightly lower in 2017 incomplete analysis. nist Party and Westerners Chinese propaganda. TheWHO team is also com- than in 1967 (contrary to the result ALEX KOGAN with conflicts of interest. promised by conflictsofinter- without their adjustment). Fairfax, Va. Thereport—based primar- est. Zoologist PeterDaszak, Yet the Census Bureau omits capi- ily on an international team’s visit this year to the American on the team, has collaborated tal gains from its income estimates. I Messrs. Gramm and Early convinc- the city of Wuhan, whereCovid-19 wasfirst de- with the WIV foryearsand supported gain-of- hypothesize that an adjustment for ingly show that income inequality in tected—has little newinformation. But the function research. As early as February 2020 capital gains, while unlikely to re- the U.S., if properly measured, has team analyzes four origin scenarios. he helped coordinateastatement in the Lancet verse the Gramm-Early conclusion, been decreasing. But their discussion would mitigate at least to some ex- is also directed toward refuting the The report says the most likely origin was condemning “conspiracy theories suggesting tent the measured decline in inequal- contention that “widening income in- a transfer to humans through bats with an in- that COVID-19 does not have anaturalorigin.” ity. Capital gains are clearly more equality is a fatal flaw in capitalism termediaryhost. Thesecond most probable,ac- Another team member,virologist Marion Koop- common among upper-income people and an ‘existential’ threat to democ- cording to the report, is that batsdirectly trans- mans,oversees an outfitinthe Netherlands than lower-income people. racy.” In this, they are far less suc- mittedCovid-19 to humans.The report also that has conducted gain-of-function research EM. PROF. DENNIS APPLEYARD cessful; their analysis even tenta- takes too seriously a third theory, pushed by and could faceserious repercussions if the pan- University of North Carolina tively supports that assertion. Beijing,that the virus arrived in China in frozen demic started in a lab. Chapel Hill, N.C. The needed adjustments to income food, which the WHO claims is “possible” and TheBiden Administration hasn’t takenade- that they identify—Medicare, Medic- merits more study. finitiveposition on the lab-leak theory, but One variable consistently missing aid, the earned-income tax credit, Most telling is that the team concludes it is Covid-19 spokesmanAnthonyFauci played from analyses of income inequality is food stamps and “numerous other “extremely unlikely” that thevirus leaked from down the idea last week.Dr. Fauci’sinstitutefi- age. With increasing age, income (be- programs,” all involve government fore taxes and transfer payments) can transfer payment “corrections” to the a lab such as the Wuhan Institute of Virology nanced work at the WIV and has backed gain-of- be expected to increase with the edu- outcomes of the capitalist system. (WIV). Thereport simply assertsthat WIV facil- function research. He’sthe wrong man to reas- cation, expertise, responsibilities and Without those government interven- ities “were well-managed, with a staff health surethe public about lab research on other skill sets that accrue with age, tions, the capitalist system, as we’re monitoring programme.” The report suggests coronaviruses. generally peaking in one’s late-50s. It graphically shown, would have led to “regular administrativeand internal reviewof Dr.Fauci wastrying to rebut Robert Red- might prove instructive to see how the widening inequalities reported by high-level biosafety laboratories worldwide” field,the former chief of the Centersfor Disease age affects the results by income the Census Bureau. and following up on new evidence. Control and Prevention,who said last week that quintile and overall. Perhaps it would have been better Yetenough already is known about the WIV “I still think the most likely etiologyofthis ROBERT MCKAY for the authors to say that the gov- to suggest this lacks credibility.In2018 U.S. of- pathogen in Wuhan wasfromalaboratory.” Dr. Burke, Va. ernment has an important, perhaps ficials warned in diplomatic cables about safety Redfield added that virus transfer to alab essential, role to play in achieving so- The authors propose adjusting the cially desired goals, such as reduced and management issues at the WIV that could worker is not unusual in such research. Census Bureau income data for the income inequality. Once that is admit- lead to apandemic.This is especially troubling iii face value of government transfer ted (as Messrs. Gramm and Early tac- because the WIV conducted “gain of function” Even the WHO recognizes the implausibility payments and taxes, and the result itly, perhaps unwittingly, do), the research on coronaviruses that theoretically of the report. “I do not believethat this assess- suggests that income inequality is next step is to discuss and debate the can enable them to infect a new species. ment wasextensive enough. Further dataand lower than it was historically. They extent of that role. TheU.S.State Department warned in aJanu- studies will be needed to reach morerobust con- adjust for the value of Medicare and EM. PROF. GEORGE HEITMANN aryfact sheet that WIV researchershad devel- clusions,” WHO director-general Tedros Ghe- Medicaid benefits, but apparently fail Pennsylvania State University oped “symptoms consistent with both COVID-19 breyesus said Tuesday. “Although the team has to adjust for the value of employer- Allentown, Pa. and common seasonal illnesses” in autumn concluded that alaboratoryleak is the least 2019. The WHO report nonetheless takes the likely hypothesis,this requires further investiga- Chinese government at its word when it says tion.” He’sready to deploymorespecialists, but there was “no reporting of COVID-19 compati- don’t expect Beijing to welcome them. Readers Sound Off on Pretentious Pet Peeves ble respiratoryillnessduring the weeks/months TheU.S.and 13 other governmentsreleased Dear Joseph Epstein: Thanks for pronoun “myself” instead of “me.” prior to December 2019.” astatement Tuesdayexpressing “shared con- the humor (“50-Cent WordsAre No Moresophisticated? Hardly. Shi Zhengli of the WIV said last week that cerns” that the WHO study “was significantly de- Bargain,” op-ed, March 25). It was A. WHARTON RAMSEY the lab has no ties to the Chinese military. But layedand lacked access to complete, original funtoread acritique of overstuffed Roanoke, Va. the State Department said in Januarythat “the dataand samples.” That’snice, but it sounds like language. WIV has collaborated on publications and se- they’reprepared to conclude that Covid’sorigin As aretired human-resourcesex- Mr.Epstein describes the strange cret projects with China’s military” for years. storyisunknowable and moveon. ecutive, Irecall averyeager job tendencyofmanytoprefermore TheU.S.claims were based on extensiveintelli- That shouldn’t be the end of it. The Biden seeker who applied forajob in my elaborateand oftenincorrect vocab- gence, and the Biden Administration hasn’t dis- Administration knows the underlying intelli- department. He used amountain of ularyinplaceofsimple and more puted the findings. Did the WHO team even ex- genceand should release it to the public.Unless buzzwords and phrases that anor- precise language. One particularly mal person might never have heard disturbing example,atleast forme, amine U.S. evidence? it does,China’spropaganda backed by the of,let alone use.Itried to keep my is the all-too-common use of “epi- TheWHO’stissue-thin analysis isn’t surpris- WHO’sfailurewill prevail in much of world eyes from glazingover. He didn’t center” to mean “center.” ing. Chinese government scientists provided opinion. TheBiden Administration says it wants getthe job. DANIEL COHEN most of the data and worked with the interna- to revitalizemultilateral institutions,and that Later, during aGulf Warnewscast Yardley, Pa. tional team to craftthe report. Beijing has lim- should start with refusing to accept the WHO’s aforeign correspondent talked about ited independent access to information on Wuhan whitewash. “caches” of weapons,pronouncing To Mr.Epstein’sfun column, Iadd that word as “cachet.” Iguesshe this: Whydojournalistsinsist on thought it wasmoreimpressiveto writing the pretentious “exacerbate” Schumer’s New Filibuster Evasion Plan pronouncethe word in aFrench instead of “worsen”? manner.This went on forseveral JIM SELLERS days until he finally gaveuponthat Salem, Ore. on’t look now, but Majority Leader derlying budget resolutions. pronunciation. Someone must have Chuck Schumer has a plan to kill the Wouldn’t that be convenient? Democrats told him that his use of the word One example Mr.Epstein might D Senate legislative filibuster by other could simply claim any new bill was nothing wasareal howler. have used is the word “existential,” means.Call it robo-reconcilia- more than a “revision” to an LILLIAN MARSANO which is overworked. tion, and it’s creative if also a He says Democrats existing resolution. A New York In addition to words, thereare procedural scam. should get multiple Schumer aide told Politico also manypretentious phrases get- Under the 1974Budget Act, that Democratssay Section While Iagree with Mr.Epstein ting overused these days.“At the Congressonceeach fiscal year 50-vote budget bills. 304 entitles them to “at least about the lack of plain English today, end of the day” has begun to replace can pass via simple majority one additional set of reconcili- reading his one-line bio caused me the simple word “finally.” vote abudget resolution for ation bills.” to ironically chortle—oops,Imean MIMS MOBLEY federal revenue and outlays.Both parties in re- TheSenateparliamentarian will getthe fi- laugh. His most recent offering as an Greenwood, S.C. author is titled “Gallimaufry.” Ihad cent years have stretched the timing and con- nal call, but it’snotable that we’renot aware to go to my dictionaryfor the “G- Ifind it beyond disbelief that Mr. tent of these vehicles. of anyprevious Senatemajority making this word.” Epstein is so reticent to accept the Republicans shoehorned the fiscal 2017and claim. Republicans saythe text of thestatute WILLIAM E. COCIMANO newparadigm shifts in the new fiscal 2018 resolutions intothe firstyear of the doesn’t allowchanges in the underlying bud- Virginia Beach, Va. American media lexicon. Trump Administration. Democrats used fiscal getreconciliation instructions.That’sthe le- R. LAWRENCE BERKOWITZ 2021’s resolution for their recent $1.9 trillion galcase,but there’sanevenbetterinstitu- To add acouple of wordstoMr. Los Gatos, Calif. spending blowout, and they plan to use the fis- tional argument. Epstein’s50-cent wordslist: I’dlike cal2022version fortheir infrastructureand cli- Prior Congresses were well aware that ma- to suggest the frequent use of “pre- Mr.Epstein’sop-ed presentsa mate spend-a-thon. jorities might hijack budget reconciliation to ventative,” which seems to have re- sensible viewoflanguagewithout in- Yet now Mr. Schumer’s office is telling the evade the filibuster,which is whythereare lim- placed the simpler and totally ade- voking George Orwell. Mirabile dictu! Senateparliamentarian he wantsmore. His its on how often it can be used, and why the quate“preventive,” and the now- WAYNE HEATH common use of the reflexive Beaufort, S.C. claim rests on Section 304 of the Budget Act, ByrdRule limitsinclusion to items germane to which allows for “a concurrent resolution on the budget. Democrats want to destroy both the budget which revises or reaffirms the con- limitations. It’s a naked attempt to ignore the Tom Hanks Is Selling Solitaire Far Too Short current resolution on the budget forsuch fiscal clear history and intent of the law to jam their year most recently agreed to.” In English, Mr. agenda through the Senatewith the narrowest I love Tom Hanks, but “What I’ve me to value personal momentsof Schumer says he should be able to pass more of majorities. Abiding by political norms was Learned From the Pandemic Year: contentment. Puzzle games—soli- bills with a mere 51 votes as “revisions” to un- so last Presidency. Never Play Solitaire Again” (Review, taireincluded—areasort of active March 20) is an uncharacteristic meditation. stumble. Millions of people spend bil- There will always be more dishes, lions of dollars monthly—for classes, more laundry and more work. I find Brushback for Capitol Riot Prosecutors self-help books, biofeedback devices, myself calmer during those moments apps, and on and on—to get out of if I also give myself space to find the he JusticeDepartment wantstomakea TheD.C.Circuit Court of Appeals on Friday the frenetic quest for accomplishment red six. firm statement about the Jan. 6Capitol clarified that the political significanceofthe Cap- and into the moment. When called on JON GILLIS T riot, which wasanational disgrace.But itol riot does not supersede defendants’ right to from time to time, my well-worn deck Chicago as the criminal cases make due process. “Wehaveagrave gets me there for free in 30 seconds their way through the courts, Judges bristle at their constitutional obligation to en- (usually when I don’t have time for there are signs of prosecuto- handling of media and surethat the factsand circum- the crossword)—just as it did during Pepper ... rial overreach. stances of each case warrant my 35 years of practicing law, when And Salt Last week District Judge pretrial detention. this exceptional treatment,” heaven knows there was always Amit Mehtathreatened to is- thecourt held in ordering a something big, challenging and im- THE WALL STREET JOURNAL sue a gag order after one Jus- lowercourt to reconsider the portant asking to be accomplished. Thank you, Mr. Hanks, for the tice Department official gave an interview to detention of two defendantsawaiting trial. many hours of comedy, tragedy, sus- CBS about cases, and others floated the possi- Thethirdjudgeonthe panel, GregoryKatsas, pense and joie de vivre you have bility of sedition chargestothe NewYork Times. went further in apartial concurrence: “The dis- given us. Now give yourself a freak- Thejudge, who wasappointed by President trict court described the charged offenses as ing (and cheap) break and knock out Obama, summoned ahearing “tomakeclear to ‘grave,’ asserted that ‘few offenses aremore a hand once in a while. everyone that this case will not be tried in the threatening to our way of life,’ and quoted at G. ANDREW LUNDBERG media.” He said government leaks “havethe po- length from George Washington’sFarewell Ad- Pacific Palisades, Calif. tential of affecting the jury pool and the rights dress. But none of the chargedoffenses is a of these defendants.” Class A or Class B felony.” Ihavetoargue forthe sanctity of Other judges arestarting to question the gov- There’sbipartisan agreement that eventslike solitaire. Thepast year has taught ernment’sheavy-handed approach to defen- the Capitol riots must be vigorously deterred. Lettersintended forpublication should dantschargedwith unlawfully entering the Cap- But if the Justice Department fails to look at be emailed to [email protected]. Please itol but not attacking policeordestroying cases individually and instead letsitself get include your city, state and telephone property.Politico reported Tuesdaythat “at swept up in apoliticized narrativeabout abattle number.All letters aresubject to least five Jan. 6defendantswerereleased in re- fordemocracy, it will further damagethe legiti- editing,and unpublished letters cannot be acknowledged. cent days over prosecutors’ objections.” macy that democracy depends on. “Thank goodness I’m only renting.” P2JW090000-0-A01900-1------XA

THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | A19 OPINION The Equality Act Is at War With Reality

By Margaret Harper of “public accommodations.” Ms. distinctions.They had to revolt McCarthy Hasson also provided the commit- against human natureitself.That, teeamuch-needed lesson on the according to the philosopher Au- tstake in the so-called nature of religion: Religion is not gustoDel Noce, wasthe chief target Equality Act, currently something locked up in the heads of the sexual revolution when it beforethe Senate, is nei- of believers, but public in charac- severedthe link between sexand A ther women’ssportsnor ter, both in itsworship and its generation. But as the Marxist femi- bathrooms,atleast not works. nist Shulamith Firestone said de- ultimately.Atstake is the freedom SenateJudiciaryChairman Dick cades ago, that wasstill not of rational human beingstouse a Durbin takesadifferent view. To enough: “The end goal must be the common vocabularywhen speaking him, recourse to religion is nothing elimination of the sexdistinction it- about what all cansee.Also at stake but a“shield” behind which to prac- self.” This revolution is nowatthe arethe countlessvulnerable souls ticebigotryand discrimination doorstep. falling prey to the tyrannizing “gen- “freely.” His concluding remarks at Thetragic ironyisthat society is der identity” ideologyand the med- the committeehearing invoked nowawash in “beliefs” based on ical atrocities that go with it. That lynchings, no less: “People who nothing but “deep-seated feelings” is whyreligious freedom is also at want to blatantly discriminateand /REUTERS and fluid “self-identifications.” Only stake. Religionisthe last bastion of usereligion as their weapon have these “beliefs” arebynomeans pri-

sanity. gone toofar.Imight remind us that BRENNER vate.They demand to be publicly M

the KKK were burning the cross, TO confessed by everyone and in every making some distorted connection Protesters display transgender pride flags on Capitol Hill, Feb. 25. aspect of common life, or else. Every child knows the with areligion.” Whythen invoke religious free- It is hardtoimagine Sen. Durbin the ones who arenursing them, and on us.Human beingsare consti- dom? Because those who believein difference between mom would object to those who trust in their fathersare the ones who are tutedbyanetwork of relations— the invisible order arenow the last and dad. Congress seeks the powerofOuija boards,ortothe not. Sexual differenceisobvious to past, present and future. But foror- custodians of the visible one.G.K. practiceofsmoking peyotearound anyone with eyes to see. dinarypeople these thingsare good. Chesterton predicted morethan a to outlaw the distinction. aceremonial fire.These beliefs and When people defend the obvious, Thefact that human natureisincar- centuryago:“Everything will be de- practices areprivate. It is another though, they makeclaims not only nateintwo sexes—male and fe- nied. Everything will become a thing entirely to believeand act on forthemselves but foreveryone. male—isthe condition forgenerat- creed. It is areasonable position to MaryHasson, alegal expert on thingsthat concern everyone.Per- When yousay “two plus two equals ing life together. denythe stones in the street; it will religious freedom, testified earlier haps that’sthe problem. four,” youare saying something If youare engaged in revolution, be areligious dogma to assert this month beforethe SenateJudi- What goes unnoticed—or at least about the natureofthings. This though, the relations signified by them. Fireswill be kindled to testify ciaryCommittee. She explained unsaid—in the current debates in- holds true formanifest truths about sexual bodies arenot good, be- that two and two makefour.Swords howmuch of the bill’senshrine- voking religious freedom is that the the human body,which now, by and cause they aregiven, not chosen. will be drawntoprove that leaves ment of sexual orientation and “beliefs” in question arenot beliefs large,only religious people “be- Indeed, they must be the ultimate aregreen in summer.Weshall be gender identity as protected cate- at all. TheEquality Act doesn’t con- lieve.” This point is not lost on op- target of resistance. Scholarsof leftdefending,not only the incredi- gories under civil-rightslaw would cern such invisible mysteries as the ponentsofreligious freedom. They revolutionaryhistoryhavenoted ble virtues and sanities of human curtail the manyactivities that go Holy Trinity,for example.That is a understand, rightly,that aclaim is this.Modern ideology, as Hannah life, but something moreincredible on in religious buildings, schools, matterofbelief in the strict sense, beingmade about the way things Arendt suggested, is characterized still, this hugeimpossible universe sportsleagues,hospitals,soup though it isn’t irrational or private. areeverywhereand foreveryone. by the knowledgeable dismissal of which stares us in the face.” kitchens,shelters, adoption agen- Rather,the Equality Act concerns This is whythey object. the visible. cies and charitable organizations. thingseveryone cansee and under- But whyobject so vociferously to Formodern revolutionaries,it Mrs. McCarthy is aprofessor at These arguably fall under the stand. Infantsdon’t need instruc- these particular “beliefs”?Because wasn’t enough to go afterciviliza- the John Paul II Institute and editor Equality Act’sexpanded definition tion to knowthat their mothersare they make especially strong claims tion, itstraditions,values and class of Humanum Review. The Science Behind ‘Long Covid’ and the Desire to Wish It Away

By Yochai Re’em component doesn’t exclude abio- Think of lobotomies used to treat This seems to be especially the case tempted to default to psychologyto medicalone,and abiomedical ex- ulcerativecolitis and Freud’sattri- forlong-Covid patientswhose anxi- explain amysterious illness. Doc- hy do the medically unex- planation doesn’t exclude psycho- bution of physical symptoms to re- eties were amplified by the false di- tors will be betterable to help their W plained symptoms of logicalcontributions. pressed thoughts. That some re- chotomypresented in the media patientsbyapplying robust, evi- “Covid long-haulers” get Naysayersoften point to the lack pressed thoughtscan be that either Covid would kill youor dence-based scientific processes to dismissed as psychological in ori- of proof that manylong-Covid pa- transformed to physical symptoms youwould recovercompletely. those with long-Covid symptoms, gin? Take it from someone who has tientswereoriginally infected with doesn’t mean that all unexplained Patientsare at risk of blaming both psychological and physical. personally experienced it, re- Covid-19.But Covid testswereex- physical symptoms arecaused by themselves fortheir ownsuffering. Doctorsshould trytostrikeabal- searched it and treated patients tremely limited at the beginning of psychological processes. Thepsychological distressstarts ancebetween offering continued who have it: Long Covid is aforce the pandemic,and these testscap- Manyhealthcareprovidersseem within aperson whose symptoms support and medical treatment when to be reckoned with. ture only afraction of true cases. to assume apsychological link areunexplained, then is transferred possible.Mental-health referrals can Resulting from Covid-19 infec- Antibody testswereevenscarcer, when traditional medical work-ups to the provider who can’t provide complement primary medical care, tion, the emerging postviral syn- and manywho test positivefor don’t turn up an immediatecause. an answer, and finally is sent back not replaceit. Those who experience dromeispoorly understood. Pa- Covid end up with anegativeanti- to the patient in the form of self- aheavy burden of long-Covid symp- tientssuffer from symptoms such body test. Forsome people,Covid blame,perceived rejection or skep- toms,particularly those with pre-ex- as fatigue, brain fogand shortness antibodies seem to decline rapidly, We’ve been burned before ticism. That psychological distress isting psychological difficulties,may of breath long afterclearing the in- and antibody testsmay be more is then oftenidentified erroneously benefit from psychological interven- fection. Yetsome doctorsargue sensitiveinmales and in certain by attributing unexplained as the original source of physical tion. Some of their symptoms may that long Covid is psychological in agegroups. physical symptoms to symptoms.Worse,patients may even improve. But improvement origin—the result of masshysteria. Thelack of apositiveCovid test lose trustintheir physicians and shouldn’t be interpreted as evidence “Largely an invention of vocalpa- doesn’tmean apatientnever had psychological issues. avoid seeking further care. that all long-Covid symptoms are tient activist groups” is howJer- Covidordoesn’t have long Covid. It is only human forhealthcare psychological. emyDevine describeditin these Thereissignificant research both providerstofeel protectiveover Meanwhile,the National Insti- pages. establishing the presence of pro- That medicine doesn’thaveall the their identity as problem-solvers. tutesofHealth’s $1.15 billion in While it is possible that pan- longed Covid symptoms and laying answers seems tooreadily forgotten When the medical work-up doesn’t funding to research long Covid may demic isolation is triggering physi- out possible explanations forthese in favorofasimple explanation: yield answers and the patient’ssuf- start to provide some much-needed calsymptoms in afew cases,these symptoms.Aliteraturereview pub- “It’sall in your head.” We know fering persists, providersare forced answers.Far from chasing aghost areunlikely to represent asignifi- lished this monthinNature Medi- that medical scienceisalways to confront their ownlimitations. or capitulating to activist pressure, cant proportion of long-Covid pa- cine, a leading scientific journal, evolving. So whyisthe default ap- This canbeunsettling.Some may the NIH’ssupport wasareasonable tients. What seemsmorelikely: positsthat organdamagefrominfec- proach doubting patientsinstead of be inclined to avoid the uncomfort- response to the evidencethat these Most of thesepatients deal with tion, immune issues and inflamma- believing them? able feeling by offering an answer patientsare suffering and deserve some symptoms that arepartly in- tion canpartly explain long Covid. Manysuffering with poorly un- when none seem to exist. to be takenseriously. fluenced by psychological suffering These explanations aresupported by derstood symptoms aredesperate Physicians areenjoined “first do as well as manymoresymptoms the datasignificantly betterthan the foranswers afterprior healthcare no harm,” and that means they Dr. Re’em is aresident in psychi- that arenot. Complicating the pic- psychosocial argument. providersdismisstheir concerns. need to consider the motivations atry at New York-Presbyterian Hos- ture, Covid-19 infections mayresult Medicine hasbeen burned in the This desperation canoverwhelm cli- behind the diagnoses they make. As pital, Weill Cornell Medicine and a in neurobiological effectsthat cause past by misattributing physical nicians,who mayreach foreasy an- morepatients experiencepostviral researcher with Body Politic’sPa- psychiatric disease.Apsychological symptoms to psychological issues. swers likeanxiety or depression. symptoms,morephysicians will be tient-LedResearch Collaborative. A Good Battery Is the Best Defense Against a Military Assault

By Arthur Herman bills of around $20 billion ayear. Navy with the development of ev- density,their futureapplications Currently,China dominates the And Nadia Schadlow During one five-year period at the erything from small undersea will depend on batteryinnovation entirebattery supply chain—from height of the wars in Iraq and Af- drones to “robot submarines” that and procurement. mining to processing to final pro- he massivepush toward elec- ghanistan, morethan 3,000 Ameri- cancounter enemyeffortstokeep Advanced batteries canalso help duction. Developing advanced bat- T tric vehicles presentsrisks cansoldiersand contractorswere U.S. warships far from their shores. the militaryconduct “distributed tery technologies has been apriority andopportunities forAmer- killed in fuel-supply convoys.AsMa- These unmanned underwater sys- operations,” a war-fighting concept of the Chinese Communist Party ica’smilitary. As adversaries makeit rine Gen. Jim Amos observed, the tems,which come at afraction of that allows forsmall and highly ca- since2001. TheU.S.has some catch- harder forU.S.forcestoreach and Marine Corps’ “thirst forliquid fuel” the cost of manned ones,can per- pable unitstobedecentralized and ing up to do.America’spolitical and operateacrosslong distances,the came at aheavy price. form moredangerous missions and spread around alarge area of opera- militaryleadersneed to getserious energy provided by advanced batter- In recent years, the Defense De- operatecloser to shore. tions—making it harder forenemies iescan help the Pentagon achieveits partment has revived itsfocus on Energy-dense lithium-ion batter- to target them. TheMarines in par- multiple missions.This requires a operational energy to explorehow ies will enable the militarytode- ticular have explained that deterring If China maintains control secureinnovation and production newsources—especially batteries— ploy newdirected-energy systems Chinese aggression requires being base foradvancedbattery technol- canimprovethe military’sability that work by converting electrical able to spread out itsforcesacross over the supply chain, it ogy, something the U.S. doesn’t have to sustain itsplatforms,weapon powerintohigh-energy laser the Indo-Pacific region. “Advanced will be able to deny power at themoment. systemsand soldiersinthe field. beams.This isn’t StarWars, but as batteries areone big thing that en- In 2008 Congressdirected the Air ForceLt. Gen. Clinton Hinote oneindustryexpert noted, “In five ables distributed operations,since to advanced U.S. weapons. Pentagon to createanofficefor “op- recently observed that energy was years, anylarge base that needs to we need the increased rangeof erational energy” to addressthe use still a “primary limiter to the types defend itsassetswill have laser weapons without the traditional lo- of energy on the battlefield. Thepri- of operations that we’reable to weapons,regardlessofservice.” gistical tail,” said Jim Caley, direc- about bringing battery supply ority then wastoreducethe De- do.” Sincelaser weapons rely on power torofoperational energy forthe chains back to the U.S. Breaking fense Department’shugeenergy Betterbatteries will help the sourceswith averyhigh energy Navy.Moreover,when deployedin China’sdominanceoverthe supply these environments, batteries will chainwill requirethe Defense De- help soldiersoperatein“silent partment to work closely with bat- Notable & Quotable watch” mode,sincebatteries are tery manufacturers and other parts PUBLISHED SINCE 1889 BY DOWJONES&COMPANY quiet and lack the heat signature of government, such as the Energy Rupert Murdoch Robert Thomson From “TheMajoritarian Filibus- created by regular engines. Department, to reshorethis key part Executive Chairman, News Corp Chief Executive Officer, News Corp ter” by Benjamin Eidelson, Yale Law Spaceisnow crucial formilitary of America’sdefense innovation Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Journal, 2013: operations,not only forGlobal Posi- base. Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: tioning System navigation and com- Thestormymeeting in Alaska be- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Thedataalso reveal asignificant munications but also as astrategic tween U.S. and Chinese officials ear- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; partisan asymmetrythat has not domain in itsown right. Satellite lier this month is areminder of how News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; previouslybeen quantified. Because systems rely on advancedbatteries. high stakes superpowercompetition Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer of the distribution of party support All powerused by satellites is drawn canbe. Even as the two countries Andrew Dowell, Asia; AnthonyGalloway, Video & across large and small states in re- from batteries that arerecharged jockey forposition on issues ranging Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; cent years, filibustersundertaken by via solar panels or similar technol- from Hong Kong to 5G,the develop- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; Republicans have typically been ogy. Some of these batteries,such as ment and manufacturing of batteries Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; much morestrongly countermajori- those used by the International is likely to emerge as amodern-day Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News tarian than those undertaken by SpaceStation, canbemassive. The arms race. Thomas SanFilippo, Customer Service; Democrats. This pattern mayoffer a spacestation just discarded a2.9- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; broader lesson: whenever one of the tonpallet of used batteries into Mr. Herman is the author of Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; major parties holds aconsistent ad- spacethis month. Smaller and more “Freedom’s Forge: How American Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International vantageinlow-population states,the efficient batteries mean lessjunk Business Produced Victory in World WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: filibuster serves as an underappreci- launched into orbit. Anew genera- War II” and aHudson Institute se- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head ated check on that party’s power to tion of satellites built around more nior fellow. Ms. Schadlow is a Hud-

EDITORIAL AND CORPORATEHEADQUARTERS: enact its agenda and confirm nomi- efficient batteries will transform the son Institute senior fellow and avis- 1211 Avenue of the Americas, New York, N.Y., 10036 nees without the acquiescenceof commercial and militaryapproach iting fellow at the Hoover Telephone 1-800-DOWJONES most Americans. to space. Institution. P2JW090000-0-A0200A-1------XA

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© 2021 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | B1

S&P 3958.55 g 0.32% S&P FIN À 0.71% S&P IT g 0.95% DJ TRANS À 1.37% WSJ $ IDX À 0.31% LIBOR 3M 0.202 NIKKEI (Midday) 29200.21 g 0.79% See more at WSJ.com/Markets Office-Space Subleases Flood Market

Companies cut rental or longer,giving them few op- they need less space because to real-estatefirm JLL. ability canserveasanearly ing 700,000 square feet of of- tions for reducing their foot- they plan formoreemployees Sublease spaceusually indicator of the true stateof fice spaceinlowerManhattan needs in expectation print beyond trying to sub- to work at least part time comes with an additional 25% the office market. earlier this year.That is the that working from lease floors to other tenants. from home even afterthe pan- discount, said David Falk, Thespeed at which sublet largest block of spaceavail- At the end of 2020,137 million demic is over. president of the NewYork tri- availability has been rising is able forsublease in Manhat- home will continue squarefeet of officespacewas That raises the prospect “astonishing,” said Phil Ryan, tan, according to real-estate available forsublease across that demand forofficespace director of U.S. officeresearch services firm Savills Inc. BY KONRAD PUTZIER theU.S., according to CBRE could be permanently lower at at JLL. PricewaterhouseCoopers Group Inc.That is up 40% some companies,much likethe Some companies aremerely and Yelp Inc. have also listed JPMorganChase &Co., from ayear earlier and the rise of e-commerce has been 25% testing what they canget by spaceinNew York forsub- Salesforce.com Inc.and Price- highest figure since 2003. driving down demand and subletting and mayultimately lease, brokers say. waterhouseCoopersare among While sublet spacein- rentsfor street-level retail. The usual discount on office decide to keep their space, Salesforce has listed space the major companies looking creases during everyrecession This flurryofsubleasing ac- space that is subleased brokers say. But by adding to forrent in one of itsSan Fran- to unload big blocks of office as struggling businesses look tivity is already causing fresh officesupply when thereare ciscoofficebuildings. Uber space, the latest sign that re- to cut costs, firms typically headaches forlandlords.Office few takers,they are helping Technologies Inc.and Wells motework is hurting demand add officespacewhen the rentsfor moreexpensivespace, push down rents across cities Fargo &Co. arealso adding to forthis pillar of commercial economypicks up again. But including concessions,fell stateregion at real-estateser- and at times could compete sublease availability in that real estate. this time many of the compa- around 17%overthe past year vices firm Newmark.And since forbusinesswith their own city,though the companies Largecompanies typically nies ditching real estateare in NewYork and SanFrancisco firms cansublease on short landlords. have indicated that decision sign officeleases foradecade doing well financially; they say and 13% nationwide,according notice,rising sublease avail- JPMorgan started market- PleaseturntopageB6 An InvestmentTool Commonly Used on Wall Street FacesScrutiny Xiaomi Budgets Atotal return swap allows an investor, Investmen Hedge fund t fe such as a hedge fund,toinvest es in assets without owning $10Billion to Add them. In the deal, the fund Investment Hedge fund fee makes payments to an s investmentbank based Electric Vehicles on fees and an interest m Pay en rate such as Libor. B12 ts BY DAN STRUMPF market. Xiaomi’sstatus as a popular consumer brand with The investment bank Howtotal-return If the underlying HONG KONG—Chinese elec- arapidly expanding global buysassets, such as a swaps work assets falter, the hedge tronics giant Xiaomi Corp.be- footprint, could giveitanedge basket of stocks, and fund mustpay the bank came the latest tech company over rivals,though newen- makespayments to the an amountbased on drawntoChina’sburgeoning trantsintothe carmarket face hedge fund based on the thenegative returns electric vehicle market, pledg- significant hurdles. total return oftheassets. Bank plus the regular fees ing $10 billion over the next Mr.Lei appeared lateTues- it has agreed to pay. decade to the initiative. day before a cheering theater Xiaomi Chief Executive Lei of spectatorsinBeijing follow- Bank Junwill lead the newstand- ing the announcement. He told alonesubsidiaryfocused on the audiencethat he had de- P electric vehicles,the company liberated for months with the a ym said Tuesday. It will spend an company’sboardabout e The bank owns the assets, not nt With heavily leveraged initial10billion yuan, equiva- whether Xiaomi should enter s ba the hedge fund. So while ahedge sed on returns positions,the bank may lent to about $1.5billion, to the electric vehicle market. He fund mayhave heavy exposureto Assets makeamargin call, Assets launch the business, expand- said he ultimately decided that astock through swaps with requiring aclienttoput up ing itsinvestment in the com- the company’sample cash multiple banks, it isn’t subject to morecollateral. If the ing years. cushion gavehim the confi- disclosurelaws thataverylarge clientfails to comply,the Xiaomi’s entranceintoelec- dence to move forward. shareholder would be. bank maysell the assets, tric vehicles makes it one of “Wehaveaccumulated alot triggering more China’smost prominent tech of wisdom and experienceand declines in price. companies to datetojoin what it’s time for us to try the wa- is an increasingly crowded PleaseturntopageB2 STREETWISE | By James Mackintosh Deliveroo Prices ArchegosFlashes Some Warning Signs IPO at Low End

On the Capital Management went the U.S. private sector has mer, which crimps the ability highway, the from 90 mph to an emer- passed 160% of GDP for the of companies to withstand BY BEN DUMMETT the sale would be at the lower most danger- gencystop. first time since its brief rise any new shock to the econ- AND PARMY OLSON end of expectations. ous moment The question for the rest above that around the global omy or their ability to refi- It will starttrading in Lon- is when ev- of us is whether Archegos is financial crisis in 2008, ac- nance. LONDON—Food-delivery don on Wednesdayunder the erything is just an accident on a lonely cording to the Bank for In- These figures don’t in- startup Deliveroo Holdings ticker ROO. calm and the outlook is road or a pileup waiting to ternational Settlements. clude hedge funds, though. PLC priced itsinitial public of- As part of the offering,De- great, because that’s when happen. I think it is probably The more debt there is, Hedge-fund borrowing fering at the bottomofits liverooisissuing about £1bil- you put on the cruise con- a one-off, but the problems the smaller a hit borrowers reached a new peak in Janu- range, valuing the Amazon.com lion worth of newshares,while trol, turn up the music and that walloped Archegos can take before running into ary, according to Goldman Inc.-backed companyat£7.6 existing shareholders, including miss the lumbering RV pull- could force others to hit the trouble. The good news for Sachs, which prefigured a billion, equivalent to around Amazon, arealso selling apor- ing out of a rest stop. brakes, too. There are four the economy is that house- brief period of poor returns $10.5 billion, afterits profit tion of their stakes.The com- It is the same in the mar- dangerous elements: hold borrowing hasn’t picked for funds as they were hit by outlook came under increased panyhas three anchor inves- kets.Booming stocks and  Leverage. As always, up much, as government short squeezes such as scrutiny. tors taking up 30% of the deal, fabulous returns soothed too much debt is at the heart handouts and a lack of GameStop Corp. and cut Thecompany, the U.K.’s an- aspokeswoman said. the worries of risk depart- of any blowup. Leverage spending opportunities back leverage. swertoDoorDash Inc., said Deliveroo’s IPO is among the ments, leaving some banks turns millionaires into bil- boosted savings. I’m pretty sanguine about Tuesdayitwould sell shares at PleaseturntopageB4 nursing multibillion-dollar lionaires, and billionaires The bad news is that cor- the prospects of deleverag- £3.90 apiece, belowits initial losses when the concen- into paupers. And there is a porate debt reached a new ing hurting investors more target of as much as £4.60.De-  Heard on the Street: IPO puts trated betsofArchegos lot of debt around: Credit to high of 84% of GDP last sum- PleaseturntopageB12 liveroo had already cautioned profits back on menu...... B13 Cable-News Viewership Falls INSIDE As Election Aftermath Fades

BY BENJAMIN MULLIN afterNovember’s election, is Economic Council, to host a now No. 3 with 1.99 million. weekly showonFox Business. U.S. cable-news viewership Meanwhile,CNN moved into On Tuesday, the companysaid fell forall major networks in firstplaceamong prime-time former WhiteHouse presssec- the firstthree months of the viewers aged 25 to 54, akey de- retary Kayleigh McEnanywould year,asthe countrymoved mographic foradvertisers,even be aco-host of “Outnumbered,” past the presidential election as all networks lost viewers in aweekdaycurrent-eventsshow. AUTOMOBILES CHF

MS and its aftermath. that category.Fox News is No.2 MSNBC added analyst Tiffany Acar-chip maker says The company seeks to stop sales of the Satan Shoe. FoxNewslost 32% of itsto- in that demographic.MSNBC Cross, host Mehdi Hasan and firedamage could stall tal prime-time audience com- drew the most daily viewers, journalist Jonathan Capehart to pared with the quarter ended with an averageof1.38million itsweekend lineup. production for Nike FilesSuit Over Dec.31, Nielsen datashow. watching over a24-hour span, FoxNewsparent Fox Corp. months. B3 CNN and MSNBC had smaller according to the Nielsen data. and Wall Street Journal parent declines of 16%and 7.8%, re- Foxexpanded itsprime-time News Corp sharecommon Customized Sneakers spectively,though each fell ratingslead over CNN and ownership. moresubstantially from highs MSNBC as the quarter went Likemanysectorsofthe BY ALLISON PRANG made 666 pairsand sold them they hit in January. on, and wasthe most-watched mediabusiness, cable-news for$1,018 apiece. Theratingsgap between news channel so far in March channels are increasing their Nike Inc.filed atrademark Thesneakershaveared liq- themajor players is tighter in the 24-hour-span category. focus on direct-to-consumer infringement lawsuit against a uid in the sole that MSCHF than it wasaquarter ago, as Sincethe election, cable- video streaming as U.S. view- small marketing companythat claimed included adropof all networks trytoestablish news networks have made sig- ers cut the cable cord. released acustomized pair of its blood. Thereisareferenceto their approach at the outset of nificant changestotheir pro- Jason Kilar, the chief execu- sneakerswith satanic themes in the Bible passageLuke10:18 the Biden administration. gramming schedules.CNN said tiveofAT&T Inc.’s WarnerMe- collaboration with Lil NasXto stitched on the side and a FoxNewsretained the No.1 it wasadding an 8a.m. Sunday dia,isexploring plans fora promotethe rapper’s newsong. bronzepentagram on the laces. spot among prime-time view- show, “Inside Politics Sunday CNN streaming service,the PROPERTY REPORT Thered-and-black Satan “The SatanShoes were ersfor the full quarter,aver- with Abby Phillip,” and it ex- Journal reported in October.Fox SoftBank looksto Shoes caused asocial-media produced without Nike’sap- aging 2.58 million, though its tended anchor Jake Tapper’s News is putting additional con- expand in Miami as uproar on Mondayand proval or authorization, and lead has narrowed. MSNBC is weekdayshowbyanextrahour. tent on itsFox Nation streaming quickly sold out. Thecompany Nikeisinnoway connected second in that category with Foxhired LarryKudlow, who service, including along-form the cityplays up ahip, that released them, MSCHF with this project,” the com- 2.29 million viewers,and CNN, wasdirector of former Presi- documentaryseries with opin- tech-savvyvibe. B6 Product Studio Inc., said it PleaseturntopageB2 which was No. 1 in the weeks dent Donald Trump’sNational ion host Tucker Carlson. P2JW090000-4-B00200-1------NS

B2 | We dnesday, March 31, 2021 NY **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Dundon Capital Partners Modell's...... B13 Competing Bid Emerges for Hertz Academy Sports & ...... B2 Moody's...... B3 Outdoors...... B13 F Mschf Product Studio B1 Aena...... B11 N Facebook...... B4,B13 BY BECKY YERAK tion platform CangoInc. Alphabet...... B4 Fitbit...... B5 National Basketball AND PEG BRICKLEY Certares and Knighthead Amazon...... B1,B13 G Association...... B4 Andersons...... B5 Nike...... B1 formed an investment vehicle GameStop...... B1 Apple...... B5,B12 P Rival groups of investors last year to back travel and Archegos Capital Goldman Sachs...... B6 arevying forthe right to back leisure businesses. Grail...... A1 Patreon...... B4 ManagementA1,B1,B12 the expected recovery of While Hertz previouslysaid AstraZeneca...... A10 Grand Rounds...... A6 R HertzGlobal Holdings Inc.’s it would exit bankruptcy as a B Guardant Health...... A1 Renesas Electronics...B3 car-rental businessand ease a privatecompany, both plan- H Rio Tinto...... B11 Baron App...... B4 path out of bankruptcy. sponsor groups are now pro- Berkshire Hathaway...B3 Hertz...... B2 Roche...... A1 S Blackstone...... B6 Hyundai Motor...... B2 Royal Dutch Shell.....B11 One offer wasalready on posing that it be publicly PRES BP...... B11 I S the table when agroup led by listed afterleaving chapter 11, C Illumina...... A1 Salesforce...... B1 CenterbridgePartners LP, TED according to court papers. CIA

Cazoo...... B13 Ingredion...... B5 SoftBank...... B4,B6 WarburgPincus LLC and SO Hertz entered bankruptcy

CBRE Group...... B1 Institutional Spotify Technology.....B4 Dundon CapitalPartners AS with roughly $19 billion in Centerbridge PartnersB2 Shareholder Services Starwood Capital...... B6 stepped up with a competing KI/ debt when lockdown orders Certares ManagementB2 ...... B11 State Street...... B11 WS

funding package meant to lift BO and fear of contagion curbed Charter Communications Substack...... B4 J - K the rental-car provider out of LU air and ground travel forbusi- ...... B11 JPMorgan Chase...... B1 T - U ZA Cigna...... A6 bankruptcy. nessand leisure, sending Just Eat Takeaway.com Tesla...... B2 VID

Coatue Management..B4 In court papersfiled Mon- DA Hertz’s global revenue down ...... B13 Uber Technologies...... B1 Coinbase...... B11 Knighthead Capital day, Hertz said the newoffer is The rental-car company filed for chapter 11 protection in May 70%inApril 2020 compared Credit Suisse...... A1 V - W Management...... B2 competitivewith aproposal the 2020. It has said it wants to exit bankruptcy by end of June. with ayear earlier.Used-car D ViacomCBS...... B12 L Vidsig...... B4 companyhad previouslyfloated values,apillar of the business, Deliveroo...... B1,B13 Lightspeed Venture Warburg Pincus...... B2 to emerge from bankruptcy un- lien debts, court paperssaid. Hertz would require approval also declined. Delivery Hero...... B13 Partners...... B4 Wells Fargo...... B1 der the control of Knighthead Hertz doesn’t envision that from the judge overseeing its To reducecosts, Hertz con- Dick's Sporting Goods Lululemon Athletica...B3 ...... B13 X - Y Capital Management LLC, Cer- current shareholderswill re- bankruptcy and subjected to a solidated rental locations,ne- Discovery...... B12 M Xiaomi...... B1 taresManagement LLC and ceiveany compensation, dash- creditor vote.The company gotiated with airportstodefer Dropbox...... B6 Microsoft...... A6,B6,B12 Yelp...... B1 other co-investors. ing hopes from individual in- has said it wantstoleave paymentsand laid off roughly “This competitiveprocess vestorsthat piled intothe bankruptcy by the end of 11,000 U.S. employees,most of remains ongoing,” Hertz said, companylast June,touting the June,eager to take advantage whom were previouslyfur- noting that neither group has stock online despitethe bank- of favorable market conditions loughed. INDEX TO PEOPLE fully committedtoafinal deal. ruptcy in an episode that pre- fordebt financing by riskier Hertz’s push to leave bank- An early casualty of the saged the trading mania borrowers. ruptcy comes afterthe rental- A - B Gharegozlou, Roham..B4 R travel-deadening effectsofthe around GameStopCorp. Hertz said Centerbridgehas carindustryexperienced are- Allnutt, Mark...... B6 Gottstein, Thomas.....A1 Redfearn, Brett...... B11 coronavirus pandemic,Hertz Hertz said it estimated that experienceinthe automotive, bound at the end of last year Blencowe, Martin...... B4 H Richman, Scott...... B5 filed forchapter 11 protection unsecured bondholders owed rental and travel sectors, in- as moretravelerschose to Buffett, Warren...... B12 Haggman, Matt...... B6 Ryan, Phil...... B1 in May2020,its fleetsidled $2.9 billion would recover 80 cluding serving as aplan spon- take road trips and used-vehi- C Hawk, Tony...... B4 S and itsfutureprospectsuncer- centsor75centsonthe dollar sor in the chapter 11 case of cle values increased due to Calkins, Tim...... B2 Herro, David...... A2 Seppala, James...... B6 tain. The competing offers to under the Knighthead-led and auto-partsmaker GarrettMo- tighter supplies. Cavazos, Paul...... B12 Hohn, Chris...... B11 Söderström, Gustav...B4 shepherd the company out of Centerbridge-led restructuring tion Inc.and making invest- Hertz, which also owns the Chen, Andrew...... B4 Howard, Stephen...... B12 T chapter 11 capmonths of fi- plans, respectively. mentsinrental and fleet-man- Thrifty and Dollar brands,has Claure, Marcelo...... B6 Hwang, Bill...... A1 Telang, Rahul...... B4 nancing and deal maneuvers “Either of these transac- agement platforms.Vehicle- projected that revenue will Covington, Curt...... B5 M - P Thordarson, Thor...... B6 that kept Hertz going. tions would leave reorganized related investmentsmade by rise from nearly $6.1 billion D - G McKenna, Mark...... B2 Townsend, Devon...... B4 Both offerswould payoff in Hertz with astrong and sus- WarburgPincus include China this year to $8.6 billion in Diedrich, John...... B6 Milstein, Larry...... B12 W - Y full and in cash all senior tainable balancesheet,” the AutoRental, Santander Con- 2023 as more individuals get Drenten, Jenna...... B4 Perez, Jon Paul...... B6 Warner, Lara...... A2 claims,including bankruptcy fi- company said. sumerUSA,online used car vaccinated against Covid-19 Galanis, Steven...... B4 Pirolli, Jim...... B5 Yarnold, Jonathan...... B4 nancing and first- and second- Anytransaction selected by dealer Uxin, and autotransac- and travel picks back up. Chewy Turns Profit as More Pet Owners Shop Online

BY MARIA ARMENTAL year. Analysts polled by Fact- year earlier. The profit was 5 tomer rose to $372from$360. indicated a5.7%increase in through itspharmacyand a Set were projecting sales of centsashare. Analystssur- “Overall, we see 2020 and pet-owning households last free telehealth servicefor cus- Chewy Inc.reported its $8.85 billion for this year. veyedbyFactSet had expected the impact of COVID as much year and noted that the com- tomers who set up automatic firstquarterly profit and more Shares of Chewy rose 9% in a loss of 10 cents a share and morethan just aone-time pany’sown datashowedasig- shipments. than $2 billion in sales in the after-hourstrading.The stock $1.97 billion in sales. growth accelerator,” Chief Ex- nificant increase in customers’ The fourth-quarter perfor- latest period, helped by the closed Tuesday at $80.38, up Florida-based Chewy said it ecutiveSumit Singh and Chief creating petprofiles,including mance, ahead of analysts’ ex- Covid-19 pandemic’s boost to 1.9% for the day. added arecord5.7 million cus- Financial Officer Mario Marte a 40% increase in profiles for pectations,helped Chewy nar- online shopping as well as pet Overall, sales forthe holi- tomersinthe most recent wrote in a letter to investors, newly adopted pets. rowits lossfor the year to ownership. day-season quarter rose more year,reaching 19.2 million ac- calling the pandemic acatalyst Chewy, which went public $92.5million while sales Theonline pet-productsre- than 50% to $2.04 billion, tivecustomersasofJan. 31, that sped up the shifttoon- in 2019 but remains controlled reached $7.15 billion, com- tailer expects sales to top $2 helpingChewy swing to a compared with 13.5 million a line shopping. by PetSmart Inc.and itsown- paredwith alossof$252.4 billion again this quarter and quarterly profit of $21 million, year earlier. Messrs.Singh and Marte ers, last year started rolling million and $4.85 billion in net reach nearly $9 billion forthe from a loss of $60.9 million a Net sales per activecus- pointed to industry data that out medication customization sales a year earlier. S NEW G OOMBER CIA/BL GAR ANGEL Xiaomi recently became the world’s third-largest smartphone maker, behind Apple and Samsung, Ouriconic 18kt gold Byzantinenecklace week,Chinese carmaker Great it wasentering the electric ve- Xiaomi Wall Motor denied areport hicle market with partner that it wasworking with Xi- GeelyAutomobile Holdings Expertly woven graduating linksofrich aomi on electric vehicles. Ltd. Apple Inc.has been seek- Expanding China is the world’slargest ingpartnerstobuild electric 18kt yellow gold bringaclassic look to our electric vehicle market, where vehicles sincelatelast year, Byzantinenecklacethatany jewelry sales have been booming since though talks to do so with Into EVs industry champion Tesla Inc. South Korea’sHyundai Motor connoisseurwould appreciate.Finely began building itshigh-end Group brokedowninFebruary. cars in Shanghai in late 2019. Xiaomi is betting that its handcrafted andexceptionally detailed, ContinuedfrompageB1 Domestic rivals include NIO entryintoelectric vehicles will ters,” Mr. Lei said. Inc.—whose soaring stock has build on itsresurgent success ourexquisite design adds an elegant, Mr.Lei offered scant details made it one of the world’s in smartphones. In the fourth polished finish to anyoutfit. on how or when a Xiaomi ve- most valuable automakers—as quarter, the company became hicle would come to market, well as Li AutoInc.and Xpeng the world’sthird-largest and didn’t disclose whether it Inc. smartphone maker behind Ap- had enlisted an outside manu- In January, search-engine ple and Samsung Electronics facturer forthe effort. Last giant Baidu Inc.disclosed that Co.

Therelease of the Satan tweeted the sneakers, Lil NasX Nike Sues Shoes coincided with Lil Nas posted avideo on YouTube ti- X’slatestsingle,“Montero(Call tled,“Lil NasXApologizes for Me by Your Name),” and amu- SatanShoe.” Rather than apolo- To Stop sic video forthe song.Inthe gize, the rapper cutstoaclip of video,the rapper appearstobe the lap dancefromhis video. in the Garden of Eden and falls Lil Nas X didn’t respond to Satan Shoe intohell, wherehegives the arequest on Twitterseeking devil alap dance. Thevideo comment. wasreleased March 26 and has Nike’slawsuit, filed Monday ContinuedfrompageB1 been viewedmorethan 43 mil- in the U.S. District Court in the $ panysaid in awrittenstate- lion times on YouTube. Eastern District of NewYork, 2,995 ment. Theapparel giant said LilNas X, who rose to fame asks afederal judgetoprevent it has no relationship with Lil through social media and viral MSCHF from selling custom- Plus Free Shipping NasXorMSCHF. remixes of his megahit “Old ized Nikesneakersand seeks MSCHF,pronounced “mis- Town Road” in 2019,appeared unspecified financial damages. 18kt Yellow Gold GraduatedByzantine Necklace 1 5 chief,” is asmall Brooklyn- to addressconservativeChris- It doesn’t name Lil NasX,born 18"length. ⁄4"- ⁄8"wide. Lobster clasp. basedcompanyknown for tian critics of his newsong and MonteroLamar Hill, as ade- publicity stuntsand viral video.Hewrote on Twitteron fendant. Also available in 20"$3,295 product marketing.Its past March 27:“ispent my entire “There is already evidence projectsinclude apair of cus- teenageyearshating myself of significant confusion and tomized Nike sneakers that it because of the s— y’all dilution occurring in the mar- called “the Jesus shoes” and preached would happen to me ketplace, including calls to said were filled with holy wa- because iwas gay. so ihope u boycottNikeinresponse to Ross-SimonsItem #935862 scan heretovisit ter, decapitated-swanpool aremad, stay mad, feel the the launch of MSCHF’sSatan floatsand an app forstock same anger youteach us to Shoes based on the mistaken To receivethisspecial offer, use offercode: RICH39 picking based on astrological have towardsourselves.” belief that Nikehas authorized 1.800.556.7376 or visitross-simons.com/rich signs. MSCHF didn’t respond Days afterhis “Montero” or approved this product,” ac- to requests for comment. videopremiered and MSCHF cording to the complaint. P2JW090000-0-B00300-1------XA

THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | B3 BUSINESS NEWS Moody’sFined for Fire Upends Auto Chip Maker

RatingsLinked to BY YANG JIE AND CHIEKO TSUNEOKA BerkshireHathaway TOKYO—Japanese auto-chip maker Renesas Electronics Corp.said Tuesdayithas found BY SIMON CLARK U.K. powercompany, and Mu- moredamagefromarecent fac- nich Re, aGerman reinsurer,in tory fire and predicted it would Europe’stop marketsregu- which BerkshireHathaway take three to four months to re- lator fined Moody’s Corp. for owned 10% or moreorhad a coverfull production. breaching rules designed to director, ESMA said. The latest forecast is more

prevent conflictsofinterest In 2015 Moody’s rateda£150 badnewsfor the autoindus- GES

with itslargest shareholder, million bond, the equivalent of try, which was already strug- IMA Warren Buffett’s Berkshire $206 million, by Northern Pow- gling with asemiconductor Hathaway Inc. ergrid (Yorkshire) Ltd., the reg- shortage formonths before GETTY TheEuropean Securities ulator said. BerkshireHathaway the March 19 blazeatRenesas’ SE/ andMarketsAuthority said wasrepresented on the board factory in Hitachinaka, Japan. Tuesdaythat it fined Moody’s of the unit and owned more Renesas ChiefExecutiveHi- ANCE-PRES

units in the U.K., France, Ger- detoshi Shibatasaid at abrief- FR many, Italy and Spain €3.7 mil- ing that 23 pieces of equip- lion, the equivalent of $4.4 ment were affected by the fire, GENCE /A million. about double the company’s ESMA has special rules re- 13% initial estimate. ONICS lated to companies that own He repeated an earlier com- CTR morethan 10% of credit rating Berkshire Hathaway’s ment that the companyaimed ELE firms.The ratingscompany stake in Moody’s to restart production at the AS

can’t issue newratingsfor factoryinabout amonth, but, RENES companies in which such an in a new forecast, said that a Renesas said 23 pieces of equipment were affected by the fire, about double the initial estimate. investor is aboardmember or full recovery would take at amajor shareholder.The rules than 10% of the capital or vot- least three to four months. through the end of the year to investigation intothe cause of Japan,adding to the pressure also requirecertain disclo- ing rightsatthe time. The company is seeking to makeupfor the output it is the fire wascontinuing.Rene- to increase production. At the suresonexisting ratingsof “Moody’s InvestorsService makeuplost production at losing now. sas previouslysaid an electri- time of the fire,the factory companies in which such in- is pleased that this matteris other facilities,both itsown He put the revenue losses cal problem triggered the fire wasrunning at an extremely vestors hold 5%. closed,” aMoody’s spokesman and other companies’,but it at ¥13 billion amonth, the in a single piece of chip-mak- high operating rate,said Exec- BerkshireHathaway is said. “Weare committedto isn’t ready to ship those prod- equivalent of about $118 mil- ing equipment. utiveVicePresident Masahiko Moody’s largest shareholder, the integrity and indepen- ucts immediately, Mr. Shibata lion,downfromanearlier es- Thesame factoryalso had a Nozaki.Hesaid he didn’t see a with 13% of itsshares,accord- denceofour ratingsand to said. He predicted the com- timate of ¥17 billion a month. shutdown in Februaryafter an link between the high operat- ing to FactSet. BerkshireHath- complying with all regulatory panywould have to work Companyexecutives said an earthquakeinnortheastern ing rate and the fire. away didn’t respond to are- requirements.” quest to comment. Thelargest part of the “All the breaches were fine—€2.7million—was for found to have resulted from Moody’s U.K. operations. negligenceonthe part of ESMA said it found 206 in- Moody’s,” ESMA said. Thereg- stances for65rated entities ulator said it wascrucial for wherethe U.K. unit didn’t pro- PrivateClient ratingscompanies to “elimi- vide appropriatedisclosurere- nateormanageand disclose garding shareholder conflicts conflictsofinterest to avoid of interests. Theregulator interferencebyshareholders found 72 such instances at 36 with the rating process.” ratedentities at Moody’s units Moody’s had ratingson across France, Germany, Italy unitsofPowergrid Holdings, a and Spain. Wells Fargo Targets We’rebuilt for Sept. 6 Office Return investorslikeyou.

BY BEN EISEN banks,including Wells Fargo, Getacomplimentary analysis of your investmentplan have signaled they want to Seewhy. Wells Fargo &Co. plans to largely return to the way office with aPersonal Capital advisor.Noobligation, and zero start bringing employees back lifeworked beforethe pan- cost.We’ll showyou whereyou stand and pointout any to the officeafter Labor Day, demic. hidden ffeees,es, analyzeey your portfolio allocation, discuss citing the increasing availabil- “Webelievemost of us bene- taxxl lossoss harvesting, and see if yyoou’u’re on track ity of vaccines. fitbybeing physically to- Thebank,which has been gether,” said the memo,signed to meetty your goals. telling employees each month by Chief ExecutiveCharles that they should keep working Scharfand Chief Operating Offi- from home foranother month, cerScott Powell. “Being pulled nowhopes that operations will intomeetings, learning from begin to return to normal after seeing howotherswork,and Sept. 6, according to amemo the oftenunplanned, casual in- circulated to staffersTuesday. teractions that occur when peo- Thememo didn’t say ple see each other in the work- whether employees would re- placecan be really important.” turn full time or part time and Banks have reversed course said many of the details have on their office-return plans be- yettobeworked out. fore,and Wells Fargosaid it Getyour free financial Banks have takenanadhoc maychangeplans depending on approach to bringing employ- the rate of coronavirus cases analysis. Start today at ees back.Citigroup Inc. said andvaccinations.JPMorgan personalcapital.com/goals last week that most employees Chase &Co. began bringing will be expected in the office back employees last fall,but a only threedays aweek after sharp uptick in coronavirus the pandemic ends.Other cases upended the plan. S NEW G OOMBER /BL JONES Y GABB Lululemon will continue its push to attract male customers this year after reporting increases in profit and sales. Lululemon Revenue Rises, Fueled by Online Purchases

BY CHARITY L. SCOTT fueled by online sales. Last quarter,Lululemon ex- Lululemon Athletica Inc. ecutives expressed uncertainty posted anotherbig jump in about the holidayseason, as el- sales and profit to close out its evated Covid-19 cases led gov- latest fiscal year,showcasing ernmentsacrossthe country theapparel company’scontin- reimpose constraintsonbricks- ued resilienceduring atime and-mortar stores.Both full- when surging coronavirus cases year and quarterly resultssur- shiftedmoreconsumer spend- passed the company’s ing online. expectations,Chief Executive Thecompanyreported $1.7 Calvin McDonald said on acon- billioninnet revenue forthe ferencecall with analystsTues- quarterended Jan. 31, a24% day. rise from the same period the “Last year wasanother good previousyear.Morethan half reminder of the strength of our of netrevenue came from sell- core product assortment,” he Featured individuals arepaid spokespeople and notclients of PCACand do notmakeany endorsements or recommendations about securities offerings or investmentstrategy. Advisory services areofferedfor afee by PCAC, awholly owned subsidiary of Personal Capital Corporation, an Empowercompany. Personal Capital AdvisorsCorporation (“PCAC”) is a ing directly to consumers, com- said.“People will always want registered investmentadviser with the Securities and Exchange Commission (“SEC”). SECregistration does notimply acertain levelofskill or training. Investing involves risk. Past performanceisnot aguaranteenor indicativeoffuturereturns. The value of your investmentwill fluctuate, and youmay lose money. All charts, figures, and graphs arefor illustrative pared with 33% in the fourth to sweat andstayactive.” purposes only and do notrepresentanactual clientexperience. Personal Capital Corporation is awholly owned subsidiary of EmpowerHoldings, LLC. ©2021 Personal Capital quarterof2019.Comparable Mr.McDonald said Lulu- Corporation, an EmpowerCompany. All rights reserved. sales—which typically include lemon will continue itspush to stores open at least ayear and attractmale customersin2021 e-commerce—increased 21%, with newproducts. P2JW090000-2-B00400-1------XN

B4 | We dnesday, March 31, 2021 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Celebrity Video App Valued at $1 Billion

Cameo, featuring tunity.Hepersuaded his for- mer DukeUniversity class- personalities mate—software engineer connecting with fans, Devon Townsend and Baron App’sthirdco-founder—to triples its valuation build the Cameo platform. Cameo features more than

BY SARAH E. NEEDLEMAN GES 40,000 celebrities accepting

IMA offersfor personalized videos Thestartup behind online and other fan experiences.Mr.

serviceCameo tripled itsvalu- GETTY Marsh, also an investor in

ation to morethan $1 billion (2); Baron Appwho recently after raising more capital, re- S signed with the Pittsburgh

flecting the hot market for PRES Steelers, is still among them.

platforms that help celebrities TED “You gettoknowthese fans and content creatorsmake CIA and interact with them in a SO

money from their fan bases. AS moreintimateway than asig- BaronApp Inc.said Tues- : nature,” he said. daythat it completed a$100 LEFT With the newfunding,the OM million funding round led by FR companyplans to invest in e.ventures with participation Former White House press secretary Sean Spicer, rocker Melissa Etheridge and singer Neil Sedaka are among those on the platform. newservices such as Cameo from newinvestorssuch as Calls—which would enable SoftBank Group Corp.’sVision gymnast Gabby Douglas and said aremostly bought as gifts said the platform wasgrowing Galanis said he had with his fans to attend virtual meet- Fund 2, professional skate- former WhiteHouse presssec- foroccasions likeabirthday. beforethat. Still, Baron App close friend and Baron App co- and-greets—and evaluateoth- boarder Tony Hawk, United retary Sean Spicer to rock leg- Top-earning celebrities like isn’t profitable,hesaid. founder, Martin Blencowe. At ers, including a subscription- Talent Agency and Alphabet end Melissa Etheridge. Mr.Baumgartner cangross Rivalsare circling.Asmaller the time,Mr. Blencowe was based model. Cameo doesn’t Inc.’s venture-capital arm GV. “My D-list celebrity might morethan $1 million annually SanFranciscocompany, Vidsig working as an NFL agent with plan on selling ads to generate Baron Appwas valued at be your favoriteperson in the through the platform, the com- Inc., featuressome of the same clientssuch as former Seattle revenue, Mr. Galanis said. roughly $300 million in 2019 world,” Steven Galanis, chief panysaid. British actor James celebrity talent and specializes Seahawks linebacker Cassius Baron Appislooking to after raising $50 million. executiveand co-founder of Buckley wasthe service’smost in live-video conversations. Marsh. bring Cameo intonew markets Cameo,launched four years Cameo,said,adding that those prolific creator last year with Vidsig is profitable,self-funded To showoff Mr.Marsh’s such as Asia and South Amer- ago, enables celebrities to sell informal list ratingsaren’t rel- about 10,000 Cameos. and gives itscelebrities 80% of charismatic personality,Mr. ica, as well as effortstoboost personalized videos and mes- evantintoday’sentertainment Cameo generated $100 mil- sales,said CEO Jonathan Yar- Blencowe playedonhis phone sales to businesses,some of sages to fans.The platform landscape.“We’retapping into lion in sales in 2020,amore nold. Facebook Inc.’snew prod- acongratulatory video that he which have bought videos to has attracted those not cur- this.The definition of fame than fourfold increase from uct lab began development on a had asked the athletetore- welcome newhires,engage rently in the limelight—like has totally changed.” 2019,Mr. Galanis said. Theto- Cameo-likeservicecalled Super cord forafriend who had just with customersand host mar- Brian Baumgartner of NBC’s Cameo celebrities charge talsales figure comes before last year and is nowrunning become afather.When Mr. keting events. Mr.Galanis said “The Office” and octogenarian from as little as $5 to more Baron Apppays itscreators public testsofthe platform. Blencowe described his as the platform grows, higher- pop singer Neil Sedaka—as than $2,500 foreach recorded their 75%cut. He attributed the Theidea forCameo came friend’s ecstatic reaction, Mr. profile celebrities arewarming well as others, from Olympic message, which Mr.Galanis growth to the pandemic but from a 2016 conversation Mr. Galanis sawabusinessoppor- to the idea of joining.

Deliveroo’s offering priced at Spotify Acquires Sports-Talk App Deliveroo the lowend of itsrangebe- cause of afall in shares Mon- dayfor technologyand food- Prices IPO deliveryfirms,aspokeswoman BY ANNE STEELE Gustav Söderström, Spotify’s said, citing declines in rivals research and development chief, JustEat and DeliveryHeroSE. SpotifyTechnology SA is said in an interview. “The most At Low End Still, some investorssaid making itsmoveintoliveaudio effectiveway is to actually they struggled to secureorders by acquiring the sports-talk app speak to them live.” forshares in Deliveroo’s offer- Locker Room and itsmaker TheLocker Room app is less ContinuedfrompageB1 ing,asign that the stock could Betty Labs. than ayear old. It launched in biggest in Europe this year,but perform well because of pent- Thedeal values the company, October of last year and has the companyhas hit some up demand. At £3.90 ashare, initially backed by Lightspeed seen about 19,000 installs since snagsinits path to going pub- demand easily exceeds the

VenturePartners,and more GES then, according to app research lic. shares on offer,according to

recently by Google Ventures IMA firm Sensor TowerInc.Sofar in Ahandful of large institu- some of the investors. The and Precursor Ventures,at March, it has seen about 8,000 tional investorsinthe U.K.,in- deal’sunderwriterscould exer-

around $50 million, according GETTY installs,already representing cluding AvivaInvestorsand cise their right to issue addi- to aperson familiar with the 60% month-over-month growth StandardLifeAberdeen PLC, tional shares to meet anyex- transaction. If certain targets from all of February. said last week that they cess demand. aremet, the value could climb PERRINE/ Spotifyplans to rebrand and wouldn’t buy Deliveroo’s shares Amazon is signaling itssup- REY closer to $80 million, this per- CO relaunch the app with abroader amid concerns that recent legal port of the company’spros- son said. Locker Room has become the spotfor fanchatter around games focus acrosssports, music and challenges against Uber Tech- pects. Thee-commerce giant is Locker Room has quickly be- and sports news,with the likes of Seth Curry dropping in forchats. pop culture. Thecompanyplans nologies Inc.could undermine currently Deliveroo’s biggest come the spot forfan chatter to keep it astand-alone prod- Deliveroo’s long-term profit shareholder with a16% holding. around games and sportsnews, plosion in demand forliveau- apps’ virtual rooms to perform, uct, but userswill be able to re- growth. It acquired the stakein2019 in with the likes of Miami Heat dio apps amid the pandemic. chat, debateand network across cord livesessions and upload After losing akey court adeal that valued the company forwardAndreIguodala and Voice-based social networks, topics and industries. them to Spotifyorpodcasting challenge in February, Uber has at $3.5 billion, about athirdof Philadelphia 76ersguardSeth such as Clubhouse,Twitter ForSpotify, which has ex- platform Anchor and distribute agreed to payits U.K. ride-hail- Currytopodcaster Ant Wright Spaces,Water Cooler and panded intopodcasting to posi- them broadly.The streaming gi- ing driversbenefitssuch as va- and ESPN’sJeff Darlington Locker Room, allowusersto tion itself as the world’slargest ant plans to tapits music and cation payand minimum wage. dropping in forconversations converse spontaneously.They audio company—not just amu- podcasting starsand usersto Some analystssay Deliveroo is as well. It filled areal-time,in- areanalternativetopodcasts, sic-streaming giant—the deal is facilitateprogramming with at risk of being forced to do the 54% teractivevoid forsportsfans but they arealso acurated abet that liveaudio will last artistshosting album-listening same. leftbythe inability to gather in amalgamation of podcasts, live well beyond the pandemic. parties or DJsspinning livesets Other food-deliverycompa- The company’s surge in net arenas,stadiums and barsdur- streams,conferences and radio. “Our creatorshavebeen ask- beforeuploading them as play- nies have fallen out of favor revenue last year ing the Covid-19 lockdowns. Comedians,artistsand business ing foralong time to be able to lists. Sportscastersand fans can with investorsrecently,asvac- Thepurchase follows an ex- leadershaveflocked to these be moreinteractivewith fans,” weigh in around games. cine take-up has increased and lockdowns in some countries have started to ease,posing the itscurrent valuation. While its prospect of areturn to in-res- holding is expected to decline Stars Help Raise $305 Million for Basketball NFT Site taurant dining.Inthe U.K.,peo- to around 11% following the ple will be allowedtodine out- IPO,Amazon will remain De- BY SEBASTIAN PELLEJERO Smith.The deal, led by Coatue assetssuch as art, music or unlikely millionaires in the doorsatrestaurantsfromApril liveroo’s biggest shareholder. Management LLC, values the video of basketball highlights. process. 12. Founded in the London Michael Jordan and Kevin companyat$2.6billion, ac- Themarket forNFTsgrewto “NFTsare breaking into DoorDash Inc.priced itsIPO neighborhood of Chelsea in Durant areamong those bet- cording to people familiar at least$338 million in 2020, the public consciousnessina at $102 ashareinDecember, 2013,Deliveroo,liked other ting that the company behind with the matter. NBATop Shot according to areport from big way,” said Dapper Labs surpassing the SanFrancisco- food deliverycompanies in Eu- NBATop Shot is poised to is asitewherebasketball fans NonFungible.com and re- Chief ExecutiveRoham Ghare- based company’sexpected rope and the U.S.,has thrived build on the crazeoverdigital canown adigital copy of a search firm L’Atelier,from gozlou. “Whether it’smusical pricerangeof$90 to $95,but during the pandemic as home- collectibles. video highlight such as adunk around $41 million in 2018. artists, gamersorsports itsshares have fallen by more bound consumersorder in. Last Dapper Labs Inc.said Tues- or game-winning shot. NBATop Shot has been a leagues,everyone wantsto than aquarter since. year,Deliveroo’s net revenue dayitraised $305 million Thesums reflect the ex- standout. Less than five explorehow NFTscan change Shares in Just Eat Take- surgedabout 54% from 2019 to from investors, including the ploding interest in nonfungi- months intobetatesting,the their business.” away.com NV,which bought £1.2 billion; itslossnarrowedto NBAlegends and other ath- ble tokens,orNFTs, which platform has morethan NBATop Shot has pro- U.S. rival Grubhub last year for £226.4million. Meanwhile,the letes and celebrities such as use the blockchain technology 800,000 registered usersand cessed morethan three mil- $7.3 billion, have declined by a totalvalue of transactions pro- Stefon Diggs,Ashton Kutcher, behind cryptocurrencies to has completed nearly $500 lion transactions,the com- thirdsincetheir record high in cessed in Januaryand February Shawn Mendes and Will authenticateunique digital million in sales, minting some panysaid. October. 2021 grew 121% on the year.

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THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | B5

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen sent Dr. Baron one night’s worth of my data captured by different devices. Looking at the sleep-phase data from Whoop and Fitbit, she said, More Gadgets Want “The staging data doesn’t look much like the stages we would see in a sleep study.” (The Apple To Track Your Sleep Watch and Google’s Nest Hub don’t at- I’vebeen Most sleep-tracking devices and other data. TheNest Hub tempt to discern sleeping with capturethe basics: when you cantrack one person’ssleep, the different phases, and I gadgets—five fall asleep,when youwakeup which means if youhaveaco- hadn’t yet begun testing the of them. and howmuch time between sleeper,they’ll need their own. Withings Mat, which does These sen- those eventsyou spent snooz- And if it picks up snoring,it display sleep-cycle duration.) sors on my ing.That dataisprettycom- might not knowit’syour part- Dr. Baron pointed to the nightstand, under my mat- parable to research-grade de- ner, not you, who is doing it. app’s record of a long period tress and on my wrists cap- vices,says Aric Prather,an WithingsSleep Mat ($80) is of REM—aka rapid eye ture all sorts of information. associateprofessor of psychia- an under-mattresspad that movement—toward the end I’m swimming in data—time tryatthe University of Cali- cansense tosses and turns,as of sleep, and the small in bed, time asleep, time it fornia, SanFranciscowho well as breathing distur- amount of time in deep sleep took to fall asleep, number treatsinsomnia. Beyond that, bances,such as snoring or as unusual, even for a partic- of disturbances, snoring in- everydevice has itsown prolonged pauses.Itmatches ularly terrible night of sleep. stances, average heart rate, method and perspectiveon thesound of snoring with Fitbit’slead sleep scientist, average breaths a minute. sleep tracking,including the your respiratorypatterns,soit Conor Heneghan, said itsde- The goal of all this: Fix my five devices Itested. candistinguish your snoring vices, which use heart rate to groggy mornings. from your partner’s.Every track sleep stages,adhereto Thepandemic leftmefeel- morning,the Health Mate clinical definitions of sleep as ing perpetually in sleep debt Orthosomnia is companion app assigns youa defined by the American and I’m not alone.Can these sleep score, based on howwell AcademyofSleep Medicine, smart bracelets, watches,pads basically ‘insomnia it thinks youslept. Youcan and were validated in labs or bedside smart displays help from sleep­tracking also diveintoother metrics, against sleep studies.Still, he me wake up feeling more including howlong youspent said, wearing aFitbit “isn’t as rested and refreshed? devices,’ in deep and light sleep phases. good as going to asleep lab, Sleep tracking has long While all of Fitbit’s de- but it’suseful fortracking been offered on wearables vices can track sleep, I tried sleep in the real world, and such as Fitbit but, recently, the Sense smartwatch tracking trends over time.” Dr. moregadgets areentering the The Apple Watch ($199 and ($280). The app shows Heneghan added that wearing bedroom. In September,the up) takesaminimalist ap- sleep-phase data and scores the wrist-based devicetoo Apple Watchgot asleep- proach. Theemphasis is on your sleep, like the Withings loose at night will decrease tracking app with WatchOS7. setting your time-asleep goal mat. A $10-a-month Pre- signal quality. Google’s next-generation Nest and sleep schedule,then hold- mium subscription unlocks Whoop’s vice president of Hub,which startsshipping ing youtoit. TheiPhone’s more detailed sleep score in- you should train each day to somnia from sleep-tracking data science and research, Tuesday, has aradar sensor to Health app,which displays av- sights: For example, how prevent injury and illness. devices,” said Dr.Prather. Emily Capodilupo, said (2) measurenight movementsand eragesleep over time,doesn’t your average nighttime heart Thereare numerous other Susheel Patil, aclinical doc- sleep-stage duration is pre-

breathing patterns. provide analysis about the rate factors into the grade. trackers, including the NBA- torwith the Johns Hopkins sented to users who may be JOURNAL Thetrackersdrawattention quality or length of your sleep. Whoop ($18 a month and endorsed Ouraring, which my PulmonarySleep Medicine interested in the data, but it REET

to an oftenoverlooked, yetvi- It will nudgeyou when it’s up) is a bracelet, included in fellowtech columnist Joanna Program, had apatientwith doesn’t factor into the calcu- ST

talaspect of our health. But time to wind down forbed. the subscription price, with Stern tested forits ability to insomnia symptoms curehis lation of the recovery score. LL

doctorsand psychiatristsI Google’s Nest Hub ($100) is an optical heart-rate sensor potentially predict Covid-19. sleeplessnessbyremoving the She pointed to a peer-re- WA spoketocast doubt on the de- asmart displaythat cande- and accelerometer. The app But, frankly,there’sonly Fitbit he waswearing every viewed study, completed at vices’ ability to capturedata tect motion and breathing. uses resting heart rate and enough dataIcould handle night. “It canbesomuch data, the University of Arizona such as sleepstagesand accu- There’snocamera—just an heart-rate variability (the this week.Plus,thereissuch a and we don’t knowwhat to do and funded by Whoop, that NGUYEN/THE rately.They said people can onboardradar sensor to cap- variation in time between thing as sleep-dataoverload. with it. Unplugging canbe concluded Whoop’s sleep- become overwhelmed by the tureyour time asleep,restless heartbeats) captured during Theformal medical term is morehelpful,” Dr.Patilsaid. staging analytics were com- OLE NIC data—leading to morestress. periods,snoring disturbances sleep to determine how hard orthosomnia. “Basically,it’sin- If your tracker says your parable to results from a CK;

sleep is fragmented, but you polysomnography test. TO IS

feel fine,it’snothing to worry Of moreindisputable value S: about, he added. is trackers’ ability to spot TO PHO

Another concern is the de- signs of sleep apnea, “which is ; vices’ accuracy. “The gold ahugedrain on the medical SJ standardisthe polysomno- system,” said Dr.Prather. /W gram with an EEG signature, Apnea affectsaperson’s and everything else is an esti- ability to breathe during the LENDOF

mate,” said Kelly Baron, direc- night, and canlead to exces- EMIL torofthe Behavioral Sleep sivedaytime sleepinessand BY Medicine Program at the Uni- other health issues.Snoring ION AT

versity of Utah. An electroen- and fragmented sleep aretwo TR cephalogram (EEG), typically symptoms that canshowupin US conducted in alab,looks at sleep-tracker data. TheWith- ILL TO electrical activity in the brain. ingsMat andGoogle Nest Hub PHO

I wanted to see how my detect snoring and Fitbit’s P: data might compare with a CEO said that apnea detection TO OM

Whoop, left, captures data from amotion- and heart-rate-sensing band. Google's second-generation NestHub, right, has aradar sensor. polysomnogram test, so I is coming to his wearables. FR BUSINESS NEWS Formoreinformation: In Memoriam wsj.com/inmemoriam

Return of Drivers Lifts Corn Prices 61--14, ($1--'",.&%*+ $&*2/0 888 /^"&33&E[4 ,4[h` F&34Dh[>]b*DE "- 1=D )&__ GP4DDP X[J4]&_d &_[]> FbP= &]J^"D4 74&23 #50 #!#) [B [P=D43d &3 []D [B P=D 7B&P=D436 [B P=D BY KIRK MALTAIS to gasstations forthe week economist with the Renew- The USDA is scheduled to put .4J>J&- I[J]E [B 14&ED QD>[Pb&Pb[]3 &]E ended March 19,according to able Fuels Association. out newestimates forfarmers’ 3J"3D8JD]P_- P=D )[4_E 14&ED O4>&]b*&< Pb[] ;)1O:9 Corn prices hittheir high- EIA data. That is up nearly That recovery could provide planted acreageonWednes- c] Z\C@d M4D3bED]P ID&>&] &3`DE R49 est levels in almost eight 175,000 barrels aday from an additional source of de- day, which might be morethan ,4[h` P[ "4b]> =b3 &4"bP4&Pb[] 3`b__3 P[ P=D years. Analystssay they are theprevious week,though mand forfarmersgrowing 93 million acres, according to %DY&4P^D]P [B T&"[49 /3 .G GDh4DP&4- [B likely to getafurther boost stilldownfrom8.8 million morecorn to take advantage analystssurveyed by TheWall T&"[4dGDh4DP&4- ,4[h` F&3FbED_- Y4&b3DE B[4 =b3 3P4[]> D0DhJPbHD_D&ED43=bY b] & from motorists. barrels at this point last year, of higher prices.“Thefarmers Street Journal. ^&a[44DB[4^[BYD]3b[] _&F3d 4D3P[4b]> Driversreturning to the when the pandemic’sshut- are really reliant on that 40% Others expect aboost from h[]3P4JhPbHD_&"[4<^&]&>D^D]P 4D_&Pb[]3d road areexpected to liftde- downs leftcarsparked na- offtake,” said Curt Covington, potential Biden administration &]E h4D&Pb]> P=D _&]E^&4`3PJE- [B mand for ethanol. About 40% tionwide.For the week ended senior director of institutional policies encouraging the use of F[4`B[4hD &]E F[4`Y_&hD P4D]E3 b] &>_["&_ Dh[][^- D]PbP_DE )[4` ![4hDL'''9 of theU.S.corn crop goes to March 15,2019,the gasoline lending forAgAmericaLend- renewable fuels.The Environ- eD F&3&GD]b[4 ([J]3D_[4 &]E producing the gasoline addi- deliveries were 9.4 million ing LLC, which lends to farm- mental Protection Agency in- RD^"D4 [B P=D ,[&4E [B P=D (D]PD4 B[4 tiveand consumption has barrels aday. ersnationwide.“It gives farm- dicated last month it would GP4&PD>bh &]E c]PD4]&Pb[]&_ GPJEbD3d F=D4D plunged during the pandemic. “Weexpect gasoline and erssome confidenceintheir step back from Trump admin- =D h=&b4DE P=D c]PD4]&Pb[]&_ M[_bh- I[J]E< Nowethanol producersenvi- ethanol consumption to move planting intentions for 2021.” istration policies enabling P&"_Dd 3D4HDE [] 3DHD4&_"[&4E3d P4&HD_DE D0PD]3bHD_- FbP==b3 FbBD &]E B&^b_-d sion arebound poweredbyre- steadily closer to pre-pan- TheU.S.AgricultureDe- some gasoline producers to ^&b]P&b]DE &] &hPbHD PFbPPD4 &hh[J]P &]E openingsand potential bioen- demic levels over the next partment in Februarypro- sidestep regulations requiring h[]Pb]JDE P[ F4bPD [Y=P JY J]Pb_ P=D the Biden administration. expand and people arein- roughly 92 million acres of their fuel. )#G1M/TR ,#/(ed !T/9 <,IO(Vd )b_< Pb^D [B =b3 Y&33b]>9 eb3 B&^b_- &]E B4bD]E3 Fb__ 4D^D^"D4 =b^ B[4 =b3 >D]P_Dd _[Hb]> Corn prices climbed about creasingly able to return to corn in the coming growing “In the past few weeks, _b&^ #^D43[] ccc 7,b__d6 B[4^D4 1D]]D33DD GD]&P[4d .]bPDE GP&PD3 14&ED IDY4D3D]P&< 3Yb4bP &]E =b3 &"bEb]> h[^^bP^D]P P[ =b3 50% over the past six months, normal activities,barring any season, which starts in April. we’veseen positiveindications PbHD &]E GDh4DP&4- [B T&"[4dY&33DE &F&- !&P=D4d=b3 B&^b_-d&]E =b3 h[J]P4-9eDF&3 liftedbyincreased demand unforeseen developments,” That would be the most corn from the EPA, the firsttime in YD&hDBJ__- &P P=D &>D [B \' [] R&4h= L@d &3P&PD3^&] [B P=D =b>=D3P h&_b"D4d_D&Eb]> from China. That country is said ScottRichman,chief planted in the U.S. since2016. awhile,” said Jim Pirolli,head L'LZ9 "- D0&^Y_Dd FbP= `b]E]D33&]E =J^b_bP-9 ,[4] &]E 4&b3DE b] (=&PP&][[>&d 1Qd ,b__ R49,4[h` b3 Y4DEDhD&3DE "- =b3 ^[P=D4d buying more rowcrops in an of ethanol operations with An- R-4&V4JD3b 7MD>>-6 ,4[h`d =b3 B&P=D4d Weekly supply of finished U.S. ethanol production, ,4[h` >4&EJ&PDE B4[^ Rh(&__bDGh=[[_ &]E attempt to bounce back from dersons Inc. )&3=b]>P[] $TDD .]bHD43bP-9)=D] R49 )b__b&^ #^D43[] 7,b__6,4[h` X49d &]E "- theAfrican swine fever’sde- gasoline delivered to stations daily rate Producersare optimistic ,4[h` 4DPJ4]DE B4[^ 3D4Hb]> N-D&43 b] P=D =b3 FbBDd T&J4&e&]E_D- 7RJBBDP6 ,4[h`9 eD struction of itshog herds and that astricter approach to- Q&H-d =D FD]P P[ F[4` b] =b3 B&^b_-53h&]E- b3 3J4HbHDE "- =b3 FbBDd G&]E4&Gh=J"D4P 10 million barrels per day 1.1million barrels per day meet targets set in its recent ward enforcing the rules will h[^Y&]-9R49 ,4[h` 3D4HDE b] P=D e[J3D 7G&]E-6 ,4[h`2 PF[ "4[P=D43d M&J_ 7M&P6 ,4[h` &]E !4&]` ,4[h`2 3b0 h=b_E4D] &]E trade agreement with the U.S. help nurse them back to pre- B[4 C-D&43d F[4`b]> h_[3D_- FbP= IDYJ"_b< 9 1.0 h&]3 &]E %D^[h4&P3 P[ 3[_HD Y4["_D^3 &]E 3PDYDP P=b]>3 E[]D B[4 =b3 h[]3PbPJD]P39 7,b__6 ,4[h` c+ ;T&J4&:d O3h&4 ,4[h` ;RD>:d T&J4&7eJPh=D-6 ,4[h` %[_D- ;(=4b3:d X[=] firsttwo months of 2021 were 8 0.9 73 of the 204 ethanol plants c] Z\W'd R49,4[h` 4&]&>&b]3P P=4DD< morethan five times higher nationwide halted production PD4^ b]hJ^"D]P /_"D4P g[4Dd G49B[4 P=D ,4[h` ;MD>>-:d XJ_bD (4&^ X&]`& ;X[=]:d &]E GPDY=D]7GPDHD6 (4&^ ;1=D4D3&:2 than ayear earlier,German last year—with morethan GD]&PD &]E F[]9 c] Z\WUd &3 =D F&3 7 0.8 D_DhPDE P[ 3D4HD &3 (=&b4 [B P=D IDYJ"_bh&] Z\ >4&]Eh=b_E4D]d )b__b&^ 7,b__6 ,4[h` + bank Commerzbank AG said in 50% of the ones that re- Q&Pb[]&_([^^bPPDD &]E 3YD]P P=D ]D0P ? ;R[4>&]:d GPDY=D] ,4[h`d Rbh=&D_ 7eJPh=6 a note last week. 6 0.7 mained open producing at re- -D&43 4D"Jb_Eb]> P=D g4&]E O_D M&4P-9![J4 ,4[h` ;G&4&=:d R&4>&4DP 7/4h=D46,4[h`d On Feb. 9, corn topped duced capacity,according to -D&43 _&PD4dP=D IDYJ"_bh&]3 P[[` h[]P4[_ [B #_D&][4 ,4[h`d MDPD4 %[_D-dT&J4&%[_D-d #4b] %[_D-dV&P=D4b]D 7V&PbD6 %[_D-dX[=] $5.74abushel—itshighest in- 5 0.6 datafromthe Renewable Fu- P=D 3D]&PD B[4 P=D A43P Pb^D b] &8J&4PD4 [B &hD]PJ4-d>&b]DE ?\ 3D&P3 b] P=D e[J3D [B 7X,6 ,4[h`d R[4>&] (4&^ ;Q&P=&_bD:d G&< tradaylevel sinceJuly 2013. els Association. IDY4D3D]P&PbHD3d &]E D_DhPDE I[]&_E ID&< ^&]P=& (4&^ ,JP_D4 ;1&BP:d ID&>&] (4&^d Themost-activecorn contract 4 0.5 Ingredion Inc. said earlier >&] P[ P=D M4D3bED]h-9 ID&>&] &YY[b]PDE RhV&-(4&^d ,4&]E[] !4bP*d c&] !4bP*d V&_& trading on the Chicago Board 3/6/2020 9/4/2020 3/19/2021 3/6/2020 9/4/2020 3/19/2021 this year that itsCedar Rap- ,4[h` .]bPDE GP&PD3 14&ED IDY4D3D]P&PbHD9 !4bP*d Qbh[_D X&]`& &]E /_D0b3 X&]`&2 &]E of Trade closed Tuesdayat ids,Iowa,plant would no lon- eD F&34Dh[>]b*DE B[4 =b3 _D&ED43=bY b] L>4D&P<>4&]Eh=b_E4D]d ([4& ,4[h` &]E I-_Db>= !4bP*9 over $5.39 a bushel. Corn-futures price ger produce ethanol, pivoting Y4[^[Pb]> P=D D0Y&]3b[] [B b]PD4]&Pb[]&_ P4&ED 4J_D3 P[ D]h[^Y&33B[4 P=D A43P /^D^[4b&_ 3D4HbhD Fb__ "D =D_E &P & U.S. production of ethanol— to producing goods such as in- $7 abushel Pb^D b]PD__DhPJ&_ Y4[YD4P-d3D4HbhD3d &]E _&PD4 E&PD9 RD^[4b&_ E[]&Pb[]3 ^&- "D found in roughly 98% of U.S. dustrial starch. Aspokes- b]HD3P^D]P9 eD B[J]EDE P=D KJ&E ![4J^d ^&ED P[ P=D(D]PD4 B[4GP4&PD>bh $c]PD4]&< gasoline,according to the U.S. RECESSION woman forthe companycited &8J&4PD4_- b]B[4^&_ ^DDPb]> [B P=D 14&ED Pb[]&_GPJEbD3 ;(GcG:d =PPY3fSSFFF9h3b39 [4>SY4[>4&^3S3JYY[4P [4 P=D (&_ IbY`b] G4 Energy Department—hasn’t 6 market conditions at that time Rb]b3PD43 [B #J4[YDd X&Y&]d (&]&E&d &]E P=D .]bPDE GP&PD3 &]E B[J]EDE P=D ![J]E&Pb[] =PPY3fSSFFF94bY`D]B[J]E&< returned to pre-pandemic lev- as the reason forthe stoppage. Ib[ g4[JY [B 3DHD]PDD]_D&Eb]> P4&Eb]> Pb[]9[4>SE[]&PD9 els.Domestic production stood 5 Even so,manyexpect gains ]&Pb[]3 P[ B&hb_bP&PD >4D&PD4 h[[4Eb]&Pb[] !J]D4&_ &44&]>D^D]P3 =&HD "DD] at 922,000barrels aday for in the prices of corn and crude "DPFDD] P4&ED &]E A]&]hD ^b]b3P4bD39 D]P4J3PDE P[ R&4Pb] !J]D4&_ e[^D $ the week ended March 19,the oil—factorssupporting the (4D^&P[4-dGPJ&4P (=&YD_9 4 U.S. Energy Information Ad- profitabilityofethanol pro- ministration said, down from duction—toyield higher etha- morethan amillion barrels at 3 nol prices later this year. IN MEMORIAM this time in 2019. Goldman Sachs recently put EVERYWEDNESDAY AND SATURDAY Now, moredriversare re- itspricetargetfor corn fu- 2 Formoreinformation visit: wsj.com/InMemoriam turning to American roads. 2014 '15'20 tures returning to $5.70a Around 8.6million barrels a bushel within the next 12 ©2021Dow Jones &Company, Inc.All Rights Reserved. dayofgasoline were delivered Sources: U.S. Energy Information Administration (delvery and production); FactSet (price) months. P2JW090000-0-B00600-1------XA

B6 | We dnesday, March 31, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT SoftBank Seeks More Miami Space

Decision to expand in In other tech news in Mi- ami, developersRelated Group the cityisfueled in and East End Capital areex- part by strong growth pected to disclose this week that their Wynwood Annex in area’stech sector project has signed office leases with two venture-capi- BY PETER GRANT tal funds, Founders Fund and

Atomic,aswell as an e-com- S SoftBank Group Corp.is mercestartup named Open- PRES looking forabig block of ex- Store. Thethree companies

pansionspaceinMiami in the leased atotal of 22,000 square ZUMA latest sign that this city’s tech feet in the 65,000-square-foot

sector is flexing its muscles. development that wascom- A/EFE/

The Tokyo-based company, pleted in 2019. VIER

one of the world’slargest tech Also, Microsoft Corp.ison GIO

investors, is searching foras the prowl. TheSeattle-based GIOR much as 100,000 squarefeet tech giant, which has aLatin The Wynwood neighborhood, which is north of downtown Miami, is becoming popular among technology companies forits hip vibe. of space, according to execu- American sales group based in tives in the real-estateand the region, has been looking Just one decade ago, “ifyou velopment that attracted technologyindustries.ASoft- forspaceinMiami’sBrickell wanted to scale ahigh-growth Founders Fund is in the Wyn- Bankspokeswoman confirmed neighborhood,according to tech entrepreneurship youhad wood neighborhood north of that the companyislooking real-estateand tech industry to go elsewhere” likeNew York, downtownMiami that is be- for expansion space in Miami executives.AMicrosoftspokes- SanFranciscoorSilicon Valley, coming popular among tech but declined to go into detail. man declined to comment. said MattHaggman, executive firms forits mixed uses and SoftBank,which currently Miami has been one of the vicepresident of the Beacon gritty but hip vibe. occupies about14,000 square urbansuccess stories of the Council, apublic-privateeco- Related’sproject also has feet in the city,said earlier this pandemic partly because of nomic development partner- leased spacetoLiveNation. year that itsfunds would com- Florida’stax advantages over ship forthe Miami region. Last year Spotifyannounced mit $100 million to startups in high-tax states likeNew York But lately the city’s efforts plans to move its south Flor- the region. That decision was andCalifornia. Big financial to build atech industryhave ida headquarterstothe neigh- based partly on the 40% companies like Blackstone been gaining traction. Chewy borhood. growth in the region’stech Group Inc., Starwood Capital Inc., the online pet-product re- As in most other cities,

sector between 2012 and 2018, Group and Goldman Sachs tailer that is based in the Mi- APHY leasing activity in Miami van-

according to aLinkedIn post in Group Inc. have either de- ami region, raised over $1 bil- GR ished in the early months of FebruarybyMarcelo Claure, cided to lease officespacein lion in an initial public TO the pandemic.But it began re- SoftBank’schief operating offi- the region or areconsidering offering in 2019. PHO bounding in the summer,said MZ

cerand head of the firm’sSoft- such plans. Another homegrown TA Jon Paul Perez, the president BankLatinAmericaFund. Miami’stech industryhas startup: REEF TechnologyInc., An aerial viewofone of the Wynwood Annex properties in Miami. of Related Group. He also cited the “global shift only recently begun to makea which transforms underused “You started hearing about to flexible work” spaces which big contribution to the city’s urbanspaces intofood-deliv- tors including SoftBank’sVi- premier funder with an office people buying expensive has accelerated during the pan- growth. An effort by the city erykitchens,Covid-19 testing sion Fund. in your community is key,” Mr. homes.Then youstarted hear- demic.“People areincreasingly to develop atech hub during centersand other hubs for Miami also has begun at- Haggman said. ing about people moving their choosing wherethey want to the dot-com bubble of the goods and services.REEF last tracting bigtech investment Tech neighborhoods arebe- offices,” Mr.Perez said. liverather than wherethey 1990s lost steam afterthe year announced a$700mil- companies likeSoftBank and ginning to sprout in the city. “That’swhen it all started tak- have to live,” Mr.Clauresaid. bubble burst. lion fundraising from inves- FoundersFund. “Tohavea Forexample,the Related de- ing off.” U.K. Universities’ Reopenings Cheer Dorm Investors

BY RUTH BLOOMFIELD on student beds in the U.K. housing near stateschools classes. since 2013. makes up 50% to 60% of en- Otherssimply wanted to Aftermorethan ayear of Institutional investment in rollment, he said. liveoncampuses to be close attending classes online,most privatestudent housing has Thefirst of the CA-Harrison to friends.This year,occu- collegestudentsinthe U.K. been slowertoevolveinthe venture’snew buildingswill pancyrates at Greystar’s Lon- areplanning to return to cam- U.K. than in the U.S. In the open in September,with pri- don buildings have been run- puses in the fall. past,British freshmen typi- vate rooms in apartmentsor ning at just over 70%, That is good news for cally were offered on-site ac- studios ranging in price from according to Greystar’s senior global investorswho have commodation by their univer- £160 aweek to £305 aweek. managing director forEurope, been making bets on the U.K. sities to help them getused to Contractshavebeen signed on Mark Allnutt. In normal times student housing sector even student life, reducing demand they would expect occupancy during thepandemic.These for private housing. of around 95%. investorsbelievethat demand But morerecently most col- Even afterthe pandemic forin-person teaching will leges,with the notable excep- fades, U.K. schools will likely stay strong. tion of the universities of Ox- $6.88B face lowerdemand from stu- They also thinkthat enroll- ford and Cambridge, have sold dentsfromthe European mentswon’t suffer much even off or redeveloped former stu- Last year, Blackstone paid this Union, who will have to pay if the economyfaces tough dent accommodations. in a U.K. student housing deal. higher fees post-Brexit. But in-

timesfor years. “University IQ Thehousing built specifi- vestorsbelieverising domestic application ratescan some- Students in a lounge at one of Blackstone’s dorms in London. cally for students amounts to demand will cover the short- times increase in achallenging only 20% to 30% of totalen- fall and long-term demo- economic environment,” said about £5billion,equivalent to tate services firm Savills PLC. rollment in the U.K.,according about 15% to 20% of rooms so graphic trends will help the James Seppala,head of real $6.88billion, foraportfolio of Earlier this year,Greystar to John Diedrich, global head far, Mr. Diedrich said. sector rebound. estate Europe at Blackstone 28,000 beds in student hous- RealEstatePartnersLLC an- of investmentsofChicago- Thepandemic wastough on “The global middle class is Group Inc. “We also saw this ing in cities including London nounced a £291 million deal to basedCAVentures,which student housing but the sector expanding,especially in during the global financial cri- and Edinburgh. That deal was buy five buildingswith more teamed up with Harrison wasn’t as badly hit as hotels, China,” Mr.Allnuttsaid. sis,” he said. largerthan all the investment than 2,000 beds in four uni- Street, also of Chicago, in De- malls or other property types. “There is big demand for the In one of the largest U.K. in the sector during 2019,as versity cities.The Charleston, cember to buy four U.K. unfin- Studentsstudying some sub- world-classeducational oppor- student housing deals ever, well as 2016 and 2017, accord- S.C.-based companyhas in- ished student housing devel- jectsthat required lab work tunities which areavailable in Blackstone last year paid ing to London-based real-es- vested a total of £458 million opments. In the U.S., student stillhad to attend in-person London,” he said.

ADVERTISEMENT Showroom Office To advertise: 800-366-3975orWSJ.com/classifieds Subleases

PORSCHE Increase S ContinuedfrompageB1 NEW

wasunrelated to work-from- G home policies,say people fa-

miliar with the matter. OOMBER

Tech companies,until re- /BL cently the most aggressiveac-

quirersofofficespaceincities MORRIS

such as SanFranciscoand UL NewYork,are nowatthe fore- PA VID

front of the sublease boom. DA These companies have in some Salesforce has listed office space for rent in San Francisco. cases embraced remote work faster than otherindustries, counted rates. Dropboxhas to payhigh rents, arealso analystssay,and aremore said most of itsemployees ditching office space, brokers willing to reducereal-estate will primarily work from say. And the suburbs aren’t exposure as a result. home in the future, citing sur- immune either.Anumber of In previous years, tech veys showing that most prefer companies are looking to get companies often leased more to do so and astudy that rid of call centersand other spacethan they needed at the found workersare morefo- back-office facilities in cheap time to be prepared for cused at home. locations, Mr. Ryan said. growth, JLL’s Mr.Ryansaid. Companies that put space In the Chicagosuburbs, This practice, dubbed space up forsublease oftenhavelit- healthcareprovider AMITA banking,has leftsome with tle choice but to accept steep Health recently put up its toomuch officespacethat losses. Dropbox said during a headquarters forsublease. they are now trying to shed. recent earningscall that it ex- Like Dropbox, the company When cloud-storagecom- pectstoearn morethan $800 surveyed itsemployees and pany Dropbox Inc.agreed to million by subleasing real es- found that manyliked working take over a700,000-square- tate,but it will also write from home,said the com- feet-plus officedevelopment down the value of itsleases by pany’schief operating officer, in SanFranciscoin2017, it around $400 million because Thor Thordarson.“Our associ- wasbilled as the largest office sublease income is lowerthan ates’ desire to work remotely lease in the city’s history. But the rent it pays. and our ability to provide al- recently,the companysublet a Big financial companies and ternatework environments, in large part of the space to two lawfirms,both popular ten- turn,requires lessphysical of- biotech companies at dis- ants because they are willing fice space,” he said. P2JW090000-0-B00700-10FF7F3178D

THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Oats (CBT)-5,000 bu.; cents per bu. July 30.80 30.80 30.80 30.80 .05 3,096 British Pound (CME)-£62,500; $ per £ May 373.00 373.00 366.25 368.50 –5.00 2,892 Cotton (ICE-US)-50,000 lbs.; cents per lb. April 1.3771 1.3783 1.3709 1.3723 –.0039 533 Contract Open June 1.3768 1.3787 1.3709 1.3725 –.0039 137,137 Open High hi lo Low Settle Chg interest July 369.75 369.75 363.25 366.25 –3.50 739 May 80.48 81.20 79.82 80.64 .15 90,869 Soybeans (CBT)-5,000 bu.; cents per bu. Dec 78.62 79.22 78.16 78.92 .27 67,253 Swiss Franc (CME)-CHF 125,000; $ per CHF Copper-High (CMX)-25,000 lbs.; $ per lb. May 1393.00 1394.75 1364.25 1366.75 –26.25 305,045 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June 1.0671 1.0675 t 1.0616 1.0635 –.0035 40,929 April 4.0355 4.0355 3.9750 3.9830 –0.0585 3,196 Nov 1204.00 1206.75 1185.50 1186.25 –18.25 211,037 May 111.75 112.10 110.05 111.00 –.25 9,547 Sept 1.0697 1.0700 t 1.0646 1.0662 –.0035 148 May 4.0365 4.0505 3.9640 3.9785 –0.0560 132,497 Soybean Meal (CBT)-100 tons; $ per ton. July 114.95 114.95 113.25 114.25 .05 1,418 Australian Dollar (CME)-AUD 100,000; $ per AUD Gold (CMX)-100 troy oz.; $ per troy oz. May 398.10 400.70 397.20 398.20 .10 145,588 April .7638 .7665 .7587 .7591 –.0039 148 April 1711.00 1712.60 1676.50 1683.90 –28.30 37,949 July 400.30 402.50 399.20 400.10 –.20 110,634 Interest Rate Futures June .7633 .7667 .7587 .7593 –.0039 134,114 May 1711.90 1712.80 1677.80 1685.10 –28.50 1,456 Mexican Peso (CME)-MXN 500,000; $ per MXN June 1713.00 1714.80 1678.30 1686.00 –28.60 357,803 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% April .04842 .04855 .04826 .04852 .00018 400 May 52.96 53.19 50.46 50.46 –2.50 156,630 June 181-290 183-040 180-030 182-120 31.0 1,125,728 Aug 1714.80 1715.80 1680.60 1687.90 –28.60 36,887 June .04814 .04831 .04793 .04822 .00018 131,564 Oct 1689.50 –28.50 12,615 July 50.79 50.99 48.25 48.31 –2.44 119,991 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 155-010 155-100 153-290 155-010 8.0 1,168,114 Euro (CME)-€125,000; $ per € Dec 1718.10 1719.30 1683.70 1691.30 –28.50 16,268 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 153-170 8.0 15 April 1.1776 1.1778 t 1.1717 1.1722 –.0047 1,171 Palladium (NYM) - 50 troy oz.; $ per troy oz. May 13.27 13.30 13.17 13.22 –.04 8,329 Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 1.1783 1.1793 t 1.1729 1.1736 –.0047 631,885 April …… …2566.60 38.30 Sept 13.00 13.00 12.93 12.98 –.02 654 June 131-125 131-135 130-260 131-060 –5.5 3,895,044 June 2521.50 2604.00 2518.50 2569.00 38.30 10,020 Wheat (CBT)-5,000 bu.; cents per bu. Sept 130-080 130-080 129-250 130-090 –6.5 128 May 616.25 616.75 t 600.50 601.75 –15.00 166,384 Index Futures Platinum (NYM)-50 troy oz.; $ per troy oz. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% July 611.00 611.25 t 598.50 599.75 –12.25 121,882 Mini DJ Industrial Average (CBT)-$5 x index April 1177.00 1186.00 1153.20 1157.70 –24.00 6,757 March 124-045 –2.7 4,654 Wheat (KC)-5,000 bu.; cents per bu. June 33063 33129 32859 32925 –107 90,507 July 1180.40 1189.90 1156.20 1160.60 –23.50 59,005 June 123-217 123-220 123-115 123-180 –3.5 3,629,953 Silver (CMX)-5,000 troy oz.; $ per troy oz. May 569.00 569.25 t 556.25 558.50 –11.00 97,052 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 32942 32999 32754 32811 –106 264 S&P 500 Index (CME)-$250 x index April 24.700 24.700 t 23.965 24.121 –0.630 2,988 July 574.75 575.25 t 562.50 564.75 –10.75 72,258 March 110-138 110-147 110-138 110-145 –.1 24,566 June 3949.30 3967.40 3943.60 3947.70 –11.20 15,565 May 24.725 24.770 t 23.880 24.137 –0.634 121,765 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 110-127 110-128 110-116 110-123 –.2 2,320,759 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. April 147.200 147.875 146.500 146.825 –.250 7,376 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P 500 (CME)-$50 x index June 3965.25 3968.50 3933.75 3947.75 –11.20 2,571,042 May 61.96 62.27 59.94 60.55 –1.01 386,937 May 152.175 153.475 s 151.650 152.200 …19,878 March 99.9325 99.9325 99.9300 99.9300 132,732 Sept 3956.50 3957.75 3924.00 3937.50 –11.10 3,624 June 61.92 62.22 59.95 60.56 –0.97 319,214 Cattle-Live (CME)-40,000 lbs.; cents per lb. April 99.9325 99.9375 99.9325 99.9375 .0025 167,225 Mini S&P Midcap 400 (CME)-$100 x index July 61.63 61.99 59.75 60.35 –0.95 184,307 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% April 121.100 121.375 120.575 120.975 …33,585 June 2583.90 2609.40 2565.00 2603.60 31.60 45,417 Sept 60.55 60.92 58.88 59.42 –0.91 118,093 June 122.600 123.000 122.000 122.225 –.425 147,964 June 89-275 138,493 Eurodollar (CME)-$1,000,000; pts of 100% Sept 2640.00 2599.40 2566.30 2601.40 31.60 1 Dec 59.02 59.23 57.37 57.85 –0.83 302,549 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index April 99.8150 99.8175 t 99.8125 99.8125 –.0025 162,835 Dec'22 54.54 54.83 53.51 53.84 –0.66 135,082 April 100.550 101.100 100.125 100.925 .550 28,569 June 12975.00 12984.00 12776.50 12878.25 –66.25 225,303 June 99.8250 99.8300 99.8200 99.8200 –.0050 1,178,301 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 105.350 106.375 s 104.725 106.025 .800 102,225 Sept 12968.00 12971.00 12769.00 12866.50 –66.50 738 Dec 99.7400 99.7450 99.7350 99.7350 –.0050 933,728 April 1.8138 1.8236 1.7773 1.7892 –.0206 9,862 Mini Russell 2000 (CME)-$50 x index Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'23 99.4350 99.4350 99.4100 99.4150 –.0150 1,132,895 May 1.8164 1.8272 1.7796 1.7914 –.0201 119,087 May 974.00 997.20 s 963.20 989.60 24.40 2,051 June 2162.40 2199.80 2143.50 2192.40 37.00 478,920 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 841.00 869.00 s 837.10 867.40 30.40 858 Currency Futures Sept 2162.00 2194.60 2140.80 2188.10 36.60 182 April 2.0038 2.0180 1.9575 1.9890 –.0062 15,722 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index May 2.0110 2.0254 1.9620 1.9964 –.0045 141,173 March 16.20 16.20 16.20 16.20 .02 3,824 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 2219.70 2227.70 2213.50 2219.80 –5.70 9,525 U.S. Dollar Index (ICE-US)-$1,000 x index Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 17.52 17.70 17.46 17.56 .06 3,668 April .9111 .9112 t .9059 .9064 –.0045 215 June .9113 .9118 t .9063 .9069 –.0044 163,965 June 92.93 93.38 s 92.89 93.32 .36 38,558 May 2.643 2.688 2.597 2.623 –.030 284,709 Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD Sept 92.89 93.34 s 92.89 93.30 .36 525 June 2.701 2.738 2.659 2.681 –.027 104,980 May 2,429 2,441 t 2,336 2,347 –89 69,612 April .7942 .7949 .7908 .7917 –.0023 224 July 2.757 2.791 2.720 2.741 –.024 101,671 July 2,451 2,465 2,372 2,384 –77 64,746 June .7943 .7950 .7908 .7917 –.0023 159,251 Source: FactSet Sept 2.757 2.785 2.724 2.742 –.021 105,237 Coffee (ICE-US)-37,500 lbs.; cents per lb. Oct 2.769 2.800 2.737 2.756 –.020 129,522 May 126.55 127.05 122.45 122.60 –4.45 97,725 Nov 2.841 2.864 2.808 2.825 –.019 68,281 Sept 130.50 130.95 126.50 126.60 –4.40 54,301 Corporate Debt Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Agriculture Futures May 15.00 15.14 14.87 14.92 …338,383 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Corn (CBT)-5,000 bu.; cents per bu. July 14.88 15.01 14.80 14.85 .02 247,267 expectations May 546.25 547.50 533.75 539.25 –7.50 637,172 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Investment-grade spreads that tightened the most… July 530.75 531.75 518.25 522.50 –8.75 420,273 May 31.00 31.00 s 31.00 31.05 .20 2,044 Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Bank of America BAC 6.000 3.00 Oct. 15, ’36 127 –11 123 Bonds | wsj.com/market-data/bonds/benchmarks BG Energy Capital BGGRP 5.125 3.63 Oct. 15, ’41 123 –11 n.a. Energy Transfer Operating ETP 6.625 4.57 Oct. 15, ’36 284 –11 n.a. Tracking Bond Benchmarks Rio Tinto RIOLN 7.250 2.74 March 15, ’31 102 –11 n.a. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week American Tower AMT 3.000 0.56 June 15, ’23 41 –9 n.a. highs and lows for different types of bonds Kinder Morgan Energy Partners … 7.400 3.36 March 15, ’31 161 –9 n.a. Total Total Reynolds American BATSLN 4.850 0.74 Sept. 15, ’23 59 –8 68 return YTD total Yield (%) return YTD total Yield (%) CNH Industrial Capital … 1.950 0.75 July 2, ’23 60 –8 n.a. close return (%) Index Latest Low High close return (%) Index Latest Low High …And spreads that widened the most Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays General Motors GM 5.400 1.85 Oct. 2, ’23 170 82 n.a. 2211.53 -3.4 U.S. Aggregate 1.600 1.020 1.620 2205.31 -1.1 Mortgage-Backed 1.830 0.980 1.850 UnitedHealth UNH 4.750 3.49 July 15, ’45 109 20 90 U.S. Corporate Indexes Bloomberg Barclays 2154.69 -1.0 Ginnie Mae (GNMA) 1.810 0.290 1.840 Credit Suisse Group Funding … 3.750 1.74 March 26, ’25 83 12 68 3290.12 -4.8 U.S. Corporate 2.290 1.740 3.480 1302.45 -1.1 Fannie mae (FNMA) 1.830 1.160 1.850 Mitsubishi UFJ Financial MUFG 3.741 2.56 March 7, ’29 80 10 73 3042.21 -2.2 Intermediate 1.590 1.080 3.230 1996.83 -1.2 Freddie Mac (FHLMC) 1.840 1.140 1.860 Credit Agricole ACAFP 4.125 2.00 Jan. 10, ’27 107 7 n.a. Morgan Stanley MS 6.250 1.78 Aug. 9, ’26 88 7 85 4727.55 -8.8 Long term 3.480 2.730 3.910 592.67 -0.5 Muni Master 0.970 0.725 2.197 Banco Santander SANTAN 5.179 2.06 Nov. 19, ’25 114 7 n.a. 418.47 -0.8 7-12 year 1.020 0.712 2.179 659.43 -5.5 Double-A-rated 1.940 1.300 2.360 Nationwide Building Society NWIDE 1.000 1.40 Aug. 28, ’25 50 5 51 12-22 year 878.80 -4.3 Triple-B-rated 2.530 2.010 4.300 479.06 -0.7 1.404 1.095 2.642 High-yield issues with the biggest price increases… High Yield Bonds ICE BofA 22-plus year 467.37 -0.3 1.994 1.682 3.351 Bond Price as % of face value 498.76 0.7 High Yield Constrained 4.291 3.955 9.878 Global Government J.P. Morgan† Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Netflix NFLX 4.375 1.86 Nov. 15, ’26 113.375 1.94 111.250 479.51 5.0 Triple-C-rated 7.160 6.939 18.410 594.55 -3.4 Global Government 0.940 0.460 0.960 Springleaf Finance … 7.125 3.67 March 15, ’26 115.544 0.58 114.750 High Yield 100 828.75 -4.0 Canada 1.440 0.610 1.520 3331.64 0.1 3.801 3.261 9.059 Prime Security Services Borrower PRSESE 5.750 3.99 April 15, ’26 107.970 0.57 106.875 449.75 0.5 Global High Yield Constrained 4.343 4.037 9.836 n.a. n.a. EMU§ n.a. n.a. n.a. Dish DBS … 5.000 3.04 March 15, ’23 103.688 0.44 103.125 342.64 1.5 Europe High Yield Constrained 2.601 2.564 7.008 767.31 -3.3 France 0.240 -0.160 0.390 MGM Resorts International MGM 6.000 2.13 March 15, ’23 107.375 0.44 107.250 Ford Motor Credit … 3.350 2.00 Nov. 1, ’22 102.093 0.34 101.830 U.S Agency Bloomberg Barclays 537.22 -2.7 Germany -0.160 -0.530 -0.120 1837.80 -1.5 U.S Agency 0.780 0.460 0.940 294.21 -0.3 Japan 0.330 0.190 0.420 …And with the biggest price decreases 1610.75 -1.0 10-20 years 0.650 0.340 0.810 597.84 -3.3 Netherlands -0.040 -0.450 -0.010 United Airlines Holdings UAL 5.000 5.29 Feb. 1, ’24 99.250 –3.00 102.125 3977.38 -6.9 20-plus years 2.420 1.290 2.460 1015.75 -7.3 U.K. 1.140 0.410 1.170 Ball BLL 4.000 2.42 Nov. 15, ’23 104.000 –2.62 n.a. Sealed Air SEE 6.875 4.42 July 15, ’33 123.053 –0.84 n.a. 2829.85 -3.5 Yankee 1.820 1.370 2.880 887.15 -5.0 Emerging Markets ** 5.046 4.295 6.711 Telecom Italia Capital TITIM 7.200 4.78 July 18, ’36 126.000 –0.60 125.500 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds FirstEnergy FE 7.375 3.53 Nov. 15, ’31 133.840 –0.55 134.750 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Graphic Packaging International … 3.500 3.58 March 15, ’28 99.500 –0.54 100.604 Avient AVNT 5.250 1.36 March 15, ’23 107.480 –0.52 108.015 Global Government Bonds: Mapping Yields Embarq … 7.995 6.41 June 1, ’36 115.230 –0.52 115.990 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Source: MarketAxess Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.148 s l 0.143 0.145 0.226 ADVERTISEMENT 1.125 10 1.724 s l 1.721 1.459 0.667 5.500 Australia 2 0.089 s l 0.083 0.129 0.248 -6.0 -5.8 1.8 1.500 10 1.795 s l 1.696 1.894 0.788 6.1 -1.9 6.5 BusinessReal Estate&Auctions 0.000 France 2 -0.628 t l -0.617 -0.589 -0.603 -77.7 -75.7 -83.3 To advertise: email [email protected] or WSJ.com/classifieds 0.000 10 -0.032 s l -0.072 -0.004 -0.083 -176.6 -178.7 -80.5 0.000 Germany 2 -0.688 s l -0.704 -0.654 -0.705 -83.6 -84.5 -93.5 AUCTIONS AUCTIONS 0.000 10 -0.282 s l -0.315 -0.259 -0.495 -201.6 -203.1 -121.7 0.050 Italy 2 -0.369 s l -0.391 -0.256 0.296 -51.8 -53.2 6.6 0.900 10 0.693 s l 0.646 0.769 1.472 -104.2 -107.0 75.0 6/("#' */'0#8:<64#!% 48 ./-2:4@7,F -/"4& !.!%# +*/&'244&/*"05 #;77 $*4!"*:&<9)) *-5+3 0.100 Japan 2 -0.139 t l -0.133 -0.125 -0.168 -28.8 -27.4 -39.8 $&)&5214&3, (",& (<22<7D 1,/7? );.+;3.C /4,75B- 0.100 10 0.093 s l 0.070 0.158 -0.005 -164.1 -164.5 -72.8 *056<17 '91A<7D $.-E43G?>>4) 0.125 U.K. 2 0.076 s l 0.071 0.130 0.132 -7.2 -7.0 -9.9 4.750 10 0.829 s l 0.790 0.822 0.330 -90.5 -92.5 -39.3 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close CONNECTICUT

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B8 | We dnesday, March 31, 2021 NY THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Cemex CX 7.19 0.49 DiscoveryA DISCA 43.44 2.21 Fortive FTV 71.41 0.99 Grifols GRFS 16.84 -0.49 IHS Markit INFO 96.91 -2.37 J&J JNJ 165.01 -1.03 LeviStrauss LEVI 23.82 0.19 Market listed securities. Prices are composite dd-Indicates loss in the most recent CenovusEnergy CVE 7.58 -0.01 DiscoveryC DISCK 37.01 1.89 s FortBrandsHome FBHS 96.00 1.94 GuardantHealth GH 146.79 8.26 ING Groep ING 12.31 0.42 JohnsonControls JCI 60.73 0.26 LiAuto LI 23.08 0.48 quotations that include primary market trades four quarters. Centene CNC 65.38 -0.26 Disney DIS 185.53 0.68 FoxA FOXA 37.11 -0.12 Guidewire GWRE 100.57 -1.57 Invesco IVZ 24.89 0.54 JonesLang JLL 179.13 1.38 LibertyBroadbandC LBRDK 152.22 -1.28 as well as trades reported by Nasdaq BX FD-First day of trading. CenterPointEner CNP 22.80 0.15 DocuSign DOCU 196.94 -0.46 FoxB FOX 35.84 0.02 HCA Healthcare HCA 188.54 1.35 IPG Photonics IPGP 204.60 2.61 JuniperNetworks JNPR 25.47 -0.21 LibertyBroadbandA LBRDA 147.14 -0.60 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CentraisElBras EBR 5.85 0.03 DolbyLab DLB 98.50 0.12 Franco-Nevada FNV 123.89 -1.68 HDFC Bank HDB 80.90 2.10 IQVIA IQV 190.79 -0.21 s KB Fin KB 48.18 0.30 LibertyGlobal A LBTYA 25.38 -0.17 Cboe, NYSE National and Nasdaq ISE. standards CeridianHCM CDAY 81.91 0.25 DollarGeneral DG 201.75 -1.64 FranklinRscs BEN 29.33 -0.50 HP HPQ 31.56 0.49 IcahnEnterprises IEP 53.98 0.04 KE Holdings BEKE 56.99 1.62 LibertyGlobal B LBTYB 25.49 -0.07 The list comprises the 1,000 largest lf-Late filing Cerner CERN 71.64 -0.85 s DollarTree DLTR 116.23 0.48 FreeportMcM FCX 32.68 0.58 HSBC HSBC 29.44 0.46 Icon ICLR 196.92 3.55 KKR KKR 49.19 0.65 LibertyGlobal C LBTYK 25.26 ... companies based on market capitalization. q-Temporary exemption from Nasdaq CharlesRiverLabs CRL 287.96 5.01 DominionEner D 75.53 -1.17 FreseniusMed FMS 36.93 -0.55 Halliburton HAL 21.50 0.26 IDEX IEX 210.46 2.32 KLA KLAC 317.07 2.76 LibertyFormOne A FWONA 38.12 0.77 Underlined quotations are those stocks with requirements. CharterComms CHTR 632.69 -3.99 Domino's DPZ 368.13 -3.95 Futu FUTU 137.86 6.35 HartfordFinl HIG 67.71 1.75 IllinoisToolWks ITW 224.76 -0.88 KSCitySouthern KSU 259.63 4.40 LibertyFormOne C FWONK 43.48 0.48 large changes in volume compared with the t-NYSE bankruptcy CheckPoint CHKP 114.43 -1.52 DoorDash DASH 130.60 0.62 Hasbro HAS 96.88 -1.02 Illumina ILMN 368.96-26.04 Kellogg K 63.76 -1.19 LibertyBraves A BATRA 28.42 -0.43 issue’s average trading volume. v-Trading halted on primary market. Chegg CHGG 83.44 2.07 Dover DOV 138.38 0.15 G H I HealthpeakProp PEAK 31.98 0.26 ImmunityBio IBRX 23.75 -0.91 KeurigDrPepper KDP 34.91 -0.58 LibertyBraves C BATRK 27.66 -0.53 vj-In bankruptcy or receivership or CheniereEnergy LNG 72.20 -1.10 Dow DOW 64.61 0.71 Heico HEI 123.80 0.83 ImperialOil IMO 24.66 -0.05 KeyCorp KEY 20.09 0.61 LibertySirius A LSXMA 44.29 0.22 Boldfaced quotations highlight those issues being reorganized under the GDS Holdings GDS 79.78 0.90 CheniereEnerPtrs CQP 41.64 -0.93 DrReddy'sLab RDY 61.12 0.12 Heico A HEI.A 114.73 0.41 Incyte INCY 80.23 -0.87 KeysightTechs KEYS 141.54 0.22 LibertySirius C LSXMK 44.34 0.11 whose price changed by 5% or more if their Bankruptcy Code, or securities GFLEnvironmental GFL 34.20 0.58 Chevron CVX 105.93 -0.99 DraftKings DKNG 61.00 2.80 HenrySchein HSIC 68.97 -0.77 Infosys INFY 18.80 0.37 KilroyRealty KRC 67.39 -0.05 EliLilly LLY 185.50 -0.84 previous closing price was $2 or higher. assumed by such companies. Gallagher AJG 125.63 -1.21 Chewy CHWY 80.38 1.53 Dropbox DBX 26.25 0.09 Hershey HSY 158.86 -2.27 IngersollRand IR 50.04 0.45 KimberlyClark KMB 138.31 -0.60 LincolnNational LNC 62.71 1.91 GameStop GME 194.46 13.16 ChinaEastrnAir CEA 23.83 -0.23 DukeEnergy DUK 96.24 -1.34 Hess HES 71.04 -0.57 Inphi IPHI 174.64 2.16 KimcoRealty KIM 19.20 0.32 Linde LIN 279.26 -1.74 Gaming&Leisure GLPI 42.19 0.56 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ChinaLifeIns LFC 10.45 -0.04 DukeRealty DRE 42.48 -0.23 HewlettPackard HPE 15.78 0.12 Insulet PODD 261.38 1.55 KinderMorgan KMI 16.62 -0.13 LithiaMotors LAD 399.71 25.40 Gap GPS 30.11 1.35 changes in the closing prices from 4 p.m. the previous day. ChinaPetrol SNP 53.49 -0.27 Dun&Bradstreet DNB 23.91 -0.45 HighwoodsProp HIW 43.84 0.22 Intel INTC 63.77 -0.73 KingsoftCloud KC 39.16 -0.04 LiveNationEnt LYV 83.49 1.74 Garmin GRMN 130.73 0.76 ChinaSoAirlines ZNH 36.53 -0.64 DuPont DD 78.32 0.22 Hilton HLT 122.06 3.01 InteractiveBrkrs IBKR 72.32 -0.22 KinrossGold KGC 6.44 -0.28 s LloydsBanking LYG 2.33 0.05 Gartner IT 181.73 0.04 Net Net Chipotle CMG 1406.33-18.28 Dynatrace DT 46.72 -0.03 Hologic HOLX 73.87 -0.33 ICE ICE 111.23 -2.05 KirklandLakeGold KL 31.88 -1.71 LockheedMartin LMT 370.54 -2.25 Tuesday, March 30, 2021 Generac GNRC 317.75 14.61 s Stock Sym Close Chg Stock Sym Close Chg Chubb CB 161.51 1.17 ENI E 24.41 -0.02 HomeDepot HD 304.82 2.62 InterContinentl IHG 69.00 0.85 s Knight-Swift KNX 49.07 1.02 Loews L 52.67 0.53 Net s GeneralDynamics GD 182.10 -1.20 ChunghwaTel CHT 39.12 -0.13 EOG Rscs EOG 73.26 -0.38 HondaMotor HMC 30.33 0.09 IBM IBM 134.72 -1.14 Kohl's KSS 59.48 1.72 LogitechIntl LOGI 103.23 0.31 Stock Sym Close Chg Amphenol APH 65.59 -0.62 Bio-Techne TECH 373.47 6.48 GeneralElec GE 13.30 0.35 Church&Dwight CHD 87.92 -0.66 EPAM Systems EPAM 383.51 5.43 Honeywell HON 218.09 -0.79 IntlFlavors IFF 139.75 -1.56 KoninklijkePhil PHG 56.74 -0.14 Lowe's LOW 190.02 1.40 AnalogDevices ADI 152.61 -1.24 Bio-RadLab A BIO 564.15 -5.89 GeneralMills GIS 61.79 -0.70 KoreaElcPwr KEP A B C ChurchillDowns CHDN 230.64 5.58 EastWestBncp EWBC 74.99 3.55 HorizonTherap HZNP 87.13 6.95 IntlPaper IP 55.00 0.47 10.19 -0.08 LufaxHolding LU 14.10 0.20 AngloGoldAsh AU 21.64 -0.65 Biogen BIIB 276.01 -0.07 GeneralMotors GM 58.51 2.57 s KraftHeinz KHC 40.28 -0.50 Ciena CIEN 54.71 -0.20 EastmanChem EMN 111.51 1.33 HormelFoods HRL 48.16 -0.51 Interpublic IPG 29.31 0.95 lululemon LULU 317.09 0.93 AB InBev BUD 63.98 -0.12 BioMarinPharm BMRN 74.96 -0.42 Genmab GMAB 31.73 -0.37 Kroger KR 38.08 0.13 ABB ABB 30.22 -0.10 Cigna CI 245.80 -1.75 Eaton ETN 139.66 1.11 DR Horton DHI 89.24 1.37 Intuit INTU 373.66 -0.96 LumenTech LUMN 13.23 0.09 AnnalyCap NLY 8.72 0.15 BioNTech BNTX 104.44 8.53 Genpact G 44.03 -0.23 HostHotels HST 17.30 0.39 AECOM ACM 65.29 1.85 CincinnatiFin CINF 105.08 1.04 eBay EBAY 60.32 0.47 IntuitiveSurgical ISRG 726.49 2.54 L Brands LB 62.87 3.11 Lyft LYFT 63.05 -0.57 Anthem ANTM 364.09 -5.28 BlackKnight BKI 72.84 -1.16 Gentex GNTX 35.89 0.52 HowmetAerospace HWM 31.76 0.24 LKQ LKQ 42.86 0.80 AES AES 26.88 0.81 Cintas CTAS 337.31 -3.89 Ecolab ECL 215.00 0.47 InvitatHomes INVH 32.25 0.05 LyondellBasell LYB 105.03 0.80 Aon AON 232.09 -1.54 BlackRock BLK 749.26 -8.60 GenuineParts GPC 117.57 0.41 HuanengPower HNP 14.23 -0.03 LPL Financial LPLA 141.58 0.45 Aflac AFL 51.83 0.49 CiscoSystems CSCO 51.77 -0.75 Ecopetrol EC 12.71 -0.14 iQIYI IQ 17.21 0.66 ApolloGlbMgmt APO 47.15 0.66 Blackstone BX 74.25 -0.03 Gerdau GGB 5.10 0.10 Huazhu HTHT 55.02 1.80 L3HarrisTech LHX 203.08 0.24 AGCO AGCO 143.54 2.81 Citigroup C 72.96 1.38 EdisonInt EIX 59.44 -0.32 IronMountain IRM 37.16 0.47 M N Appian APPN 127.35 0.70 Boeing BA 252.01 1.49 GileadSciences GILD 65.50 -0.69 Hubbell HUBB 187.58 -1.15 LabCpAm LH 253.54 1.96 AGNC Invt AGNC 16.89 0.25 CitizensFin CFG 44.78 1.41 EdwardsLife EW 82.85 0.42 ItauUnibanco ITUB 4.92 0.10 Apple AAPL 119.90 -1.49 BookingHldgs BKNG 2334.89-16.47 GSK GSK 36.37 -0.32 HubSpot HUBS 435.63 12.09 LamResearch LRCX 572.56 2.27 M&T Bank MTB 153.87 3.34 Ansys ANSS 331.89-10.34 CitrixSystems CTXS 138.39 -0.45 ElancoAnimal ELAN 28.80 0.01 ApplMaterials AMAT 126.76 1.05 BoozAllen BAH 80.77 -0.65 GlobalPayments GPN 204.39 -1.12 Humana HUM 425.71 1.14 LamarAdv LAMR 93.68 1.97 MGMGrowthProp MGP 32.46 0.40 ASETech ASX 7.78 0.19 Clarivate CLVT 25.12 0.37 Elastic ESTC 106.14 0.16 J K L Aptargroup ATR 143.08 -1.69 BorgWarner BWA 46.53 1.23 GlobeLife GL 98.32 1.00 s JBHunt JBHT 169.34 2.00 LambWeston LW 78.92 -0.27 MGM Resorts MGM 38.21 1.05 ASML ASML 601.29 -6.71 Cleveland-Cliffs CLF 17.24 1.01 ElectronicArts EA 134.43 -0.54 Aptiv APTV 137.29 2.21 BostonBeer SAM 1195.67 29.65 GoDaddy GDDY 75.95 -1.15 HuntingtonBcshs HBAN 16.01 0.40 JD.com JD 83.00 1.24 LasVegasSands LVS 61.22 1.50 MKS Instrum MKSI 181.64 3.33 AT&T T 30.73 0.17 Clorox CLX 193.84 -1.36 EmersonElec EMR 91.14 -0.09 Aramark ARMK 38.31 0.56 BostonProps BXP 103.01 0.91 GoldFields GFI 9.30 -0.45 HuntingIngalls HII 205.67 -1.69 JPMorganChase JPM 154.48 1.80 Lear LEA 177.65 4.58 MPLX MPLX 25.32 0.06 AbbottLabs ABT 119.75 -2.48 Cloudflare NET 65.80 0.17 Enbridge ENB 36.64 -0.56 s ArcelorMittal MT 29.00 0.94 BostonSci BSX 38.96 0.37 GoldmanSachs GS 332.01 6.28 HyattHotels H 83.28 1.85 JackHenry JKHY 153.40 -3.01 Leidos LDOS 96.67 -1.51 MSCI MSCI 417.51 -8.86 AbbVie ABBV 106.79 0.06 Coca-Cola KO 53.15 -0.70 EncompassHealth EHC 82.80 0.81 s ArchCapital ACGL 39.16 0.31 BridgeBioPharma BBIO 59.12 2.02 GoodRx GDRX 37.94 0.76 IAC/InterActive IAC 206.00 -0.85 JacobsEngg J 128.13 0.76 Lennar B LEN.B 82.93 2.45 MagellanMid MMP 42.79 -0.64 Abiomed ABMD 309.88 4.11 Coca-Cola Euro CCEP 51.57 -0.01 EnelAmericas ENIA 8.26 -0.12 ArcherDaniels ADM 57.90 0.81 BrightHorizons BFAM 169.09 3.93 Graco GGG 72.18 -0.08 ICICI Bank IBN 16.19 0.18 JamesHardie JHX 30.28 0.03 Lennar A LEN 101.78 2.13 MagnaIntl MGA 88.75 2.64 AcceleronPharma XLRN 133.01 1.55 Cognex CGNX 81.77 1.06 EnergyTransfer ET 7.76 -0.06 AresMgmt ARES 53.13 0.25 BristolMyers BMY 63.31 -0.76 Grainger GWW 398.67 -1.50 IdexxLab IDXX 475.95 -3.23 JazzPharma JAZZ 166.49 -1.03 LennoxIntl LII 316.26 -0.02 Continued on Page B11 Accenture ACN 278.55 -0.99 CognizantTech CTSH 78.57 0.51 EnphaseEnergy ENPH 150.60 8.46 arGEN-X ARGX 272.26 0.77 BritishAmTob BTI 38.46 -1.15 ActivisionBliz ATVI 92.66 -1.36 ColgatePalm CL 79.33 -0.57 Entegris ENTG 108.80 2.20 AristaNetworks ANET 298.86 -8.83 Broadcom AVGO 456.16-16.46 Adobe ADBE 465.46 -3.86 Comcast A CMCSA 54.98 -0.21 Entergy ETR 98.66 -0.50 Arrival ARVL 18.12 -0.99 BroadridgeFinl BR 152.98 -4.33 AdvanceAuto AAP 186.07 1.01 Comerica CMA 72.15 3.53 EnterpriseProd EPD 22.36 -0.22 ArrowElec ARW 109.44 1.68 BrookfieldMgt BAM 45.35 -0.27 AdvMicroDevices AMD 76.00 -1.14 CommerceBcshrs CBSH 77.70 1.08 Equifax EFX 183.28 -0.41 Cash Prices | wsj.com/market-data/commodities Tuesday, March 30, 2021 AspenTech AZPN 143.55 -0.68 BrookfieldInfr BIP 52.95 0.06 Aegon AEG 4.82 0.14 CiaSiderurgica SID 6.42 0.11 Equinix EQIX 674.84-13.00 s Assurant AIZ 144.71 0.94 BrookfieldPropREIT BPYU 18.25 -0.11 t AffirmHldgs AFRM 66.39 -3.60 ConagraBrands CAG 38.32 -0.37 Equinor EQNR 19.59 -0.19 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— AstraZeneca AZN 49.97 -0.84 BrookfieldRenew BEPC 46.15 1.51 AgilentTechs A 124.84 -0.58 ConocoPhillips COP 53.43 -0.41 Equitable EQH 32.41 0.81 Athene ATH 50.29 0.82 Brown&Brown BRO 46.01 -0.24 separate from the futures price on an exchange, which reflects what the commodity might be worth in future AgnicoEagle AEM 56.71 -2.31 ConEd ED 74.38 -1.07 EquityLife ELS 64.72 0.75 Atlassian TEAM 204.43 -0.16 Brown-Forman B BF.B 70.00 -0.41 AirProducts APD 282.61 -1.36 ConstBrands A STZ 233.95 -2.03 EquityResdntl EQR 72.83 0.55 months. AtmosEnergy ATO 98.89 0.04 Brown-Forman A BF.A 65.01 0.10 Airbnb ABNB 183.10 0.60 t ContextLogic WISH 15.10 -0.16 ErieIndemnity A ERIE 222.62 -1.79 Autodesk ADSK 268.43 -2.35 Bruker BRKR 63.24 -0.40 Tuesday Tuesday Tuesday AkamaiTech AKAM 101.18 -1.92 ContinentalRscs CLR 25.98 0.18 EssentialUtil WTRG 44.15 -0.49 Autohome ATHM 96.37 1.26 BuildersFirstSrc BLDR 45.91 1.15 AlaskaAir ALK 69.94 2.44 Cooper COO 384.89 0.27 EssexProp ESS 278.12 1.39 Aluminum, LME, $ per metric ton *2255.5 Wheat,No.1soft white,Portld,OR-u 7.5750 s ADP ADP 187.89 -4.61 Bunge BG 79.81 2.13 Energy Albemarle ALB 145.39 -1.02 Copart CPRT 106.25 0.13 EsteeLauder EL 295.13 4.60 s AutoZone AZO 1425.36 -6.92 BurlingtonStrs BURL 304.71 10.19 Copper,Comex spot 3.9830 Albertsons ACI 19.75 ... Corning GLW 43.60 0.20 Etsy ETSY 198.87 2.56 Food Avalara AVLR 125.21 1.88 CBRE Group CBRE 79.12 1.82 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 166.6 Alcon ALC 70.74 0.71 Corteva CTVA 46.94 -0.83 s EverestRe RE 254.29 0.20 Avalonbay AVB 187.37 1.61 CDW CDW 164.82 -0.24 AlexandriaRlEst ARE 166.27 -1.79 CoStar CSGP 799.55-10.05 Evergy EVRG 59.37 -0.79 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m 451 Beef,carcass equiv. index Avangrid AGR 49.65 -0.23 CF Industries CF 45.43 -0.54 AlexionPharm ALXN 153.45 -2.12 Costco COST 349.75 -6.40 EversourceEner ES 86.29 -0.66 Steel, HRC USA, FOB Midwest Mill-s 1343 choice 1-3,600-900 lbs.-u 202.03 Avantor AVTR 28.45 0.36 CGI GIB 82.40 -0.93 Metals Alibaba BABA 229.25 -2.61 CoupaSoftware COUP 238.65 -3.57 ExactSciences EXAS 123.65 3.82 AveryDennison AVY 185.18 2.69 CH Robinson CHRW 97.81 0.40 Fibers and Textiles select 1-3,600-900 lbs.-u 191.39 AlignTech ALGN 524.33 8.33 Coupang CPNG 48.75 2.74 Exelon EXC 43.50 -0.25 AxonEnterprise AXON 139.28 4.96 CME Group CME 204.94 -4.03 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8695 Alleghany Y 642.86 2.83 Credicorp BAP 138.77 1.70 eXpWorld EXPI 43.93 0.83 BCE BCE 45.58 -0.29 CMS Energy CMS 61.02 -0.90 Burlap,10-oz,40-inch NY yd-n,w 0.7200 Allegion ALLE 125.29 -0.99 CreditSuisse CS 10.99 -0.40 Expedia EXPE 175.87 -0.26 Engelhard industrial 1685.00 Butter,AA Chicago 1.8225 BHP Group BHP 69.70 -0.12 CNA Fin CNA 45.94 0.41 s ExpeditorsIntl EXPD 107.24 -1.16 AlliantEnergy LNT 54.16 -0.48 Cree CREE 102.69 2.24 Handy & Harman base 1683.95 Cotton,1 1/16 std lw-mdMphs-u 0.7839 Cheddar cheese,bbl,Chicago 148.00 s BHP Group BBL 58.07 0.29 CNH Indl CNHI 15.79 0.55 ExtraSpaceSt EXR 133.00 -0.20 Allstate ALL 117.11 0.31 CrowdStrike CRWD 175.28 1.43 Cotlook 'A' Index-t *87.10 AllyFinancial ALLY BP BP 24.88 -0.30 CRH CRH 46.80 0.49 ExxonMobil XOM 56.69 -0.71 Handy & Harman fabricated 1869.19 Cheddar cheese,blk,Chicago 174.75 46.00 1.24 CrownCastle CCI 170.99 -4.04 Hides,hvy native steers piece fob-u Baidu BIDU 218.23 13.53 CRISPR Therap CRSP 115.20 4.48 F5Networks FFIV 207.63 -1.15 LBMA Gold Price AM *1723.95 n.a. Milk,Nonfat dry,Chicago lb. 118.00 AlnylamPharm ALNY 135.13 1.33 CrownHoldings CCK 97.05 -1.50 BakerHughes BKR 21.73 -0.43 CSX CSX 96.37 -0.24 FMC FMC 111.02 -1.20 Wool,64s,staple,Terr del-u,w n.a. Alphabet C GOOG 2055.54 -0.41 CubeSmart CUBE 38.35 -0.17 LBMA Gold Price PM *1705.95 Coffee,Brazilian,Comp 1.1939 Alphabet A GOOGL Ball BLL 84.53 -0.57 CVS Health CVS 76.08 -0.22 Facebook FB 288.00 -2.82 2046.47 0.68 Cummins CMI 263.52 2.68 Krugerrand,wholesale-e 1753.70 Grains and Feeds Coffee,Colombian, NY 1.7593 AlticeUSA ATUS BancoBilbaoViz BBVA 5.28 0.11 CableOne CABO 1770.47-33.30 FactSet FDS 311.34-12.61 33.00 -0.05 CureVac CVAC 88.76 2.17 Maple Leaf-e 1770.56 Altria MO 51.26 -1.04 BancoBradesco BBDO 4.13 -0.03 CadenceDesign CDNS 130.87 -1.88 FairIsaac FICO 484.00 -1.14 Eggs,large white,Chicago-u 1.2350 CyrusOne CONE 68.19 -0.75 Barley,top-quality Mnpls-u n.a. AlumofChina ACH 10.83 0.18 BancodeChile BCH 23.21 0.04 CAE CAE 28.39 -0.12 Farfetch FTCH 51.93 4.21 American Eagle-e 1770.56 Flour,hard winter KC 15.20 Bran,wheat middlings, KC-u 186 Amazon.com AMZN 3055.29-20.44 BancSanBrasil BSBR 7.04 0.13 CaesarsEntCZR 87.13 4.69 D E F Fastenal FAST 50.62 -0.06 Mexican peso-e 2041.11 Hams,17-20 lbs,Mid-US fob-u 0.75 BcoSantChile BSAC Corn,No. 2 yellow,Cent IL-bp,u 5.3350 Ambev ABEV 2.74 0.04 24.61 0.13 CamdenProperty CPT 111.08 0.62 FedEx FDX 285.92 6.70 Austria crown-e 1655.86 Hogs,Iowa-So. Minnesota-u 95.36 Amcor AMCR 11.74 -0.06 BancoSantander SAN 3.47 0.06 CampbellSoup CPB 51.38 -0.58 DISH Network DISH 35.87 0.45 Ferguson FERG121.43 -0.58 Corn gluten feed,Midwest-u,w 179.8 Austria phil-e 1770.56 Pork bellies,12-14 lb MidUS-u 2.0531 Amdocs DOX 79.34 -2.17 BankofAmerica BAC 38.99 0.68 CIBC CM 98.23 -0.27 DTE Energy DTE 133.53 -0.49 Ferrari RACE 208.77 4.34 Corn gluten meal,Midwest-u,w 614.2 BankofMontreal BMO 89.66 0.36 CanNtlRlwy CNI 115.98 -0.78 Danaher DHR 223.00 -3.88 Silver, troy oz. Pork loins,13-19 lb MidUS-u Amedisys AMED 260.16 -3.20 FidNatlFin FNF 40.86 -0.16 Cottonseed meal-u,w 455 1.0966 Amerco UHAL 612.00 5.39 s BankNY Mellon BK 47.86 0.34 CanNaturalRes CNQ 30.65 ... Darden DRI 145.07 1.35 FidNatlInfo FIS 142.51 -1.46 Engelhard industrial 24.1500 Steers,Tex.-Okla. Choice-u n.a. BkNovaScotia BNS 63.00 -0.06 CanPacRlwy CP DarlingIngred DAR 73.00 2.48 Hominy feed,Cent IL-u,w 175 Ameren AEE 81.33 -1.34 369.65 5.40 FifthThirdBncp FITB 38.12 1.21 Handy & Harman base 24.1650 Steers,feeder,Okla. City-u,w 162.38 AmericaMovil AMX 13.79 0.03 s Barclays BCS 10.36 0.36 Canon CAJ 22.99 ... Datadog DDOG 77.37 0.33 FirstCitizBcshA FCNCA 852.88 12.90 Meat-bonemeal,50% pro Mnpls-u,w 340 Handy & Harman fabricated AmericaMovil A AMOV 13.94 0.26 BarrickGold GOLD 19.51 -0.65 CanopyGrowth CGC 31.76 0.52 DaVita DVA 109.48 -0.57 FirstHorizon FHN 17.18 0.51 30.2060 Oats,No.2 milling,Mnpls-u 3.8200 Fats and Oils AmerAirlines AAL 24.12 1.21 BauschHealth BHC 31.04 0.35 CapitalOne COF 128.56 2.07 DeckersOutdoor DECK 325.68 5.35 FirstRepBank FRC 168.07 2.17 LBMA spot price *£17.9500 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 BaxterIntl BAX 85.58 -0.45 s CardinalHealth CAH Deere DE 373.92 6.85 AEP AEP 84.73 -1.11 62.28 -0.18 FirstSolar FSLR 86.53 4.92 (U.S.$ equivalent) *24.8300 Sorghum,(Milo) No.2 Gulf-u 7.8675 Corn oil,crude wet/dry mill wtd. avg.-u,w 62.5000 BectonDicknsn BDX 245.19 -1.95 Carlisle CSL DellTechC DELL 88.59 0.38 AmerExpress AXP 143.49 1.12 166.87 0.55 FirstEnergy FE 34.49 -0.52 Coins,wholesale $1,000 face-a 19426 Grease,choice white,Chicago-h 0.5350 AmericanFin AFG 116.39 1.67 BeiGene BGNE 332.99 9.46 Carlyle CG 37.11 0.72 DeltaAir DAL 48.90 1.58 Fiserv FISV 120.76 -0.73 SoybeanMeal,Cent IL,rail,ton48%-u,w 398.70 AmHomes4Rent AMH 33.66 0.17 BentleySystems BSY 45.32 0.73 s CarMax KMX 135.83 1.26 DentsplySirona XRAY 63.54 1.48 FiveBelow FIVE 190.50 -3.57 Other metals Soybeans,No.1 yllw IL-bp,u 13.5850 Lard,Chicago-u n.a. AIG AIG 47.34 0.76 Berkley WRB 76.32 0.43 Carnival CCL 26.65 1.02 DeutscheBank DB 12.11 0.16 Five9 FIVN 151.44 -0.42 LBMA Platinum Price PM *1191.0 Wheat,Spring14%-pro Mnpls-u 7.1675 Soybean oil,crude;Centl IL-u,w 0.5496 AmerTowerREIT AMT 237.15 -4.68 BerkHathwy A BRK.A 390359-1180.01 Carnival CUK 22.56 0.84 DevonEnergy DVN 22.00 0.15 FleetCorTech FLT 276.65 1.41 Platinum,Engelhard industrial 1169.0 Wheat,No.2 soft red,St.Louis-u 6.2925 Tallow,bleach;Chicago-h 0.5700 AmerWaterWorks AWK BerkHathwy B BRK.B 258.19 -0.63 CarrierGlobal CARR 42.36 0.02 DexCom DXCM 347.20 -2.17 Flex FLEX 17.820.66 146.85 -1.06 Palladium,Engelhard industrial 2588.0 Wheat - Hard - KC (USDA) $ per bu-u 5.8850 Tallow,edible,Chicago-u 0.5700 AmericoldRealty COLD 38.59 -0.31 BerryGlobal BERY 61.98 -0.43 Carvana CVNA 254.50 5.79 Diageo DEO 166.05 -1.43 Floor&Decor FND 95.94 2.89 Ameriprise AMP 232.80 3.52 BestBuy BBY 115.72 0.92 CaseysGenStores CASY 217.23 2.06 DiamondbkEner FANG 74.48 0.24 FomentoEconMex FMX 76.33 -0.09 s AmerisourceBrgn ABC 119.06 0.01 BeyondMeat BYND 126.12 -0.54 Catalent CTLT 103.57 1.44 DigitalRealty DLR 141.24 -3.31 FordMotor F 12.46 0.31 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; s Ametek AME 127.44 -0.77 Bilibili BILI 105.05 3.51 Caterpillar CAT 233.08 2.86 DiscoverFinSvcs DFS 95.26 1.18 Fortinet FTNT 181.33 -2.34 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 3/29 Amgen AMGN 249.75 -5.21 Bill.com BILL 137.62 -0.68 Celanese CE 151.49 -0.73 DiscoveryB DISCB 70.01 15.71 Fortis FTS 43.19 -0.59 Source: Dow Jones Market Data

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THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | B9 BANKRATE.COM® MMA, Savings and CDs NEW HIGHS AND LOWS WSJ.com/newhighs

Average Yields of Major Banks Tuesday, March 30, 2021

Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg National average and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest session. %CHG-Daily percentage change from the previous trading session. NextGenAcqnII NGCAU 9.94 0.1 AditEdTechAcqnWt ADEX.WS 0.42 7.8 HycroftMining HYMC 3.52 -6.9 Savings 0.07 0.05 0.05 0.08 0.10 0.14 0.18 0.15 0.27 NorthernGenesisIII NGC.U 10.03 ... AffirmHldgs AFRM 65.77 -5.1 IthaxAcqnWt ITHXW 0.60 -14.3 Jumbos 0.14 0.06 0.06 0.08 0.11 0.15 0.19 0.15 0.28 NorthernTrust NTRS 107.96 0.4 AfricanGoldWt AGAC.WS 0.48 -3.8 IgnyteAcqn IGNY 9.58 -0.4 Tuesday, March 30, 2021 NovusCapII A NXU 9.80 0.1 Akouos AKUS 13.16 -6.4 iHuman IH 10.53 2.3 Weekly change 52-Wk % 52-Wk % 52-Wk % NuSTAR PfdA NSpA 24.24 -1.5 Alteryx AYX 77.05 -0.4 Imara IMRA 7.92 -0.5 Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NuSTAR PfdB NSpB 20.95 -0.6 AltimarAcqnIIA ATMR 9.69 -0.3 IsleworthHlth ISLE 9.60 -1.0 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OReillyAuto ORLY 512.24 0.2 ApreaTherap APRE 4.64 -1.6 Joann JOAN 9.75 -1.4 Jumbos 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 -0.01 BurgundyTechWt BTAQW 1.19 -6.7 GlbNetLeasePfdA GNLpA 26.76 ... OldDomFreight ODFL 241.84 2.2 ArcadiaBiosci RKDA 2.26 -4.5 JackCreekWt JCICW 0.51 ... Highs CAI IntlPfdB CAIpB 27.75 -0.4 GolarLNG PfdA GMLPP 25.79 2.1 OldPointFinl OPOF 24.74 2.3 AspenGroup ASPU 5.78 -2.0 JawsMustangA JWSM 9.74 0.3 CBD Pao CBD 6.06 0.7 GraniteConstr GVA 41.00 4.4 PPG Ind PPG 156.57 -1.8 AssemblyBiosci ASMB 4.21 3.9 JFrog FROG 41.89 0.2 Consumer Savings Rates ACV Auctions ACVA 35.78 3.5 CVR Partners UAN 39.58 5.3 GranitePointMtg GPMT 12.74 1.5 PartnerRePfdJ PREpJ 26.60 0.2 AthlonAcqnWt SWETW 0.50 -6.5 KaryopharmTherap KPTI 9.75 1.1 AGBAAcqnRt AGBAR 0.81 77.4 AtlasCrestII A 9.46 -3.4 KludeInIAcqn INKAU 9.95 -0.6 CapitalaFinNts22 CPTAL 24.90 -0.5 GraphicPkg GPK 18.64 1.0 PebblebrookPfdC PEBpC 25.09 1.7 ACII Below are the top federally insured offers available nationwide according to Bankrate.com's AGNC InvtPfdD AGNCM 25.89 0.2 CapitalaFinNts22 CPTAG 24.75 -0.5 GreatAjaxNts24 AJXA 25.81 -0.1 PennyMacMtgPfA PMTpA 25.78 0.7 AvidityBio RNA 19.82 -1.6 KludeInI Wt INKAW 0.57 -21.9 AlignmentHlthcr ALHC 20.86 4.9 CardinalHealth CAH 62.96 -0.3 GrowthCapA GCAC 9.71 1.0 PennyMacPfdB PMTpB 25.83 0.6 BerkeleyLights BLI 42.03 -0.4 L&F Acqn Wt LNFA.WS 0.56 -15.8 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please Allstate ALL 118.05 0.3 CarMax KMX 136.54 0.9 HlthcrTrAmerPfdA HTIA 25.05 ... Pentair PNR 62.98 -0.3 BigCypressWt BCYPW 0.57 -11.9 LandosBio LABP 9.10 0.1 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. AltaEquipWt ALTG.WS 3.99 3.7 CentralGarden CENT 58.92 3.6 HighlandGlbAlloc HGLB 7.75 1.3 PerformantFin PFMT 2.42 22.8 BigCommerce BIGC 50.59 1.2 LefterisAcqnWt LFTRW 1.05 -7.4 AmerisourceBrgn ABC 120.54 ... CentralGardenA CENTA 52.81 3.6 HomeDepot HD 305.68 0.9 PPlus RRD-1 PYS 22.58 0.1 BiotechAcqnWt BIOTW 0.49 -14.8 LeoHldgsII A LHC 9.50 -1.2 High yield savings Ametek AME 129.13 -0.6 ChipMOSTechs IMOS 31.42 0.9 HovnanianPfdA HOVNP 20.25 2.2 PrudentialBncp PBIP 15.86 8.3 BrightScholarEduc BEDU 5.55 4.2 LeoHldgsII Wt LHC.WS 0.75 -6.3 ArcelorMittal MT 29.06 3.3 CincinnatiBncp CNNB 13.15 1.2 JBHunt JBHT 170.05 1.2 ReadyCapNts2026 RCB 26.20 0.6 BristolMyersRt CELGr 0.20 -0.3 LocustWalkA LWAC 9.55 1.0 Bank Yield Bank Yield ArcelorMittalNts MTCN 68.26 2.9 ClearSignTech CLIR 6.00 3.9 inTEST INTT 11.89 3.0 ReconTech RCON 9.70 -29.5 CF Acqn V Wt CFFVW 0.46 6.2 LuciraHealth LHDX 11.35 4.5 Metacrine MTCR 6.25 -5.2 Phone number Minimum (%) Phone number Minimum (%) ArchCapital ACGL 39.23 0.8 ColorStarTech CSCW 2.67 35.8 Intricon IIN 28.16 6.7 ReliantBancorp RBNC 31.00 3.9 CF Acqn V A CFV 9.86 -0.4 MillendoTherap MLND 1.12 -7.2 ArlingtonAssetPfB AAICpB 24.36 -0.9 CompX Intl CIX 18.99 23.7 IsleworthHlth ISLE 9.75 -1.0 RetailValue RVI 18.67 2.9 C3.ai AI 59.75 1.7 MorphoSys MOR 21.27 -0.3 Money market and savings account Six-month CD AshfordHospPfdG AHTpG 23.77 0.4 CrossAmerPtrs CAPL 19.55 -0.5 J.Jill JILL 9.88 14.7 RockyBrands RCKY 54.81 3.8 CalitheraBiosci CALA 2.31 2.1 MotiveCapWt MOTV.WS 0.70 -29.6 AshfordHospPfdH AHTpH 23.89 0.8 DCPMidstrmPfdC DCPpC 24.68 -1.4 JMP Nts 2027 JMPNL 26.35 0.2 RushEnt A RUSHA 51.29 3.6 Canoo GOEV 8.52 -21.2 Live Oak Bank $1 0.60 Presidential Bank, FSB $1,000 0.50 MudrickCapII Wt MUDSW 0.58 -5.7 AshfordHospPfdI AHTpI 23.83 0.7 DXC Tech DXC 31.25 9.1 JawsMustangA JWSM 9.95 0.3 SLM SLM 18.27 3.3 Certara CERT 24.58 3.2 MultiPlan MPLN 5.48 -4.3 (866) 518-0286 (800) 799-1424 AshfordHospPfdD AHTpD 24.01 2.4 DiamondHeadA DHHC 10.25 ... KB Fin KB 48.39 0.6 Saia SAIA 233.69 3.5 ChurchillV Wt CCV.WS 1.29 -7.8 MultiPlanWt MPLN.WS 0.88 -2.1 AshfordHospPfdF AHTpF 23.90 0.4 DollarTree DLTR 116.65 0.4 Kingstone KINS 8.88 8.1 SaratogaInvt SAR 25.53 0.4 ClarimAcqnWt CLRMW 0.66 -2.2 BrioDirect $100 0.60 TAB Bank $1,000 0.40 MusicAcqnWt TMAC.WS 0.60 -7.4 Assurant AIZ 144.93 0.7 DriveShackPfdD DSpD 23.97 1.4 Knight-Swift KNX 49.46 2.1 SaulCentersPfdE BFSpE 26.13 2.3 ClassAccelA CLAS 9.46 -0.6 (877) 369-2746 (800) 355-3063 NovusCapII A NXU 9.58 0.1 AtlasPfdE ATCOpE 25.94 0.2 EPR PropPfdE EPRpE 35.63 1.8 KraftHeinz KHC 41.21 -1.2 ShinhanFin SHG 32.87 0.1 ClassAccelWt CLAS.WS 0.56 1.2 NuZee NUZE 3.41 -8.1 Vio Bank $100 0.57 Merrick Bank $25,000 0.40 AtlasPfdH ATCOpH 25.95 0.1 EllingtonFinPfdA EFCpA 25.99 0.5 Lantheus LNTH 21.99 9.9 63.00 3.5 ClimateReal II Wt CLIM.WS 1.01 -10.6 ShoeCarnival SCVL ON24 ONTF 42.91 -5.2 AtlasPfdI ATCOpI 26.90 0.4 EuropeanBiotech EBACU 10.10 -0.3 LloydsBanking LYG 2.35 2.2 CoherusBioSci CHRS 14.02 0.2 (888) 999-9170 (866) 638-6851 SkechersUSA SKX 43.28 3.9 OTRAcquisitionWt OTRAW 0.50 -1.5 ADP ADP 193.44 -2.4 EverestRe RE 256.92 0.1 MDH Acqn A MDH 9.74 -0.1 CollectiveGrowth CGRO 9.20 -8.0 Smucker SJM 132.38 -1.9 OlemaPharm OLMA 26.74 4.0 AutoZone AZO 1446.24 -0.5 ExpeditorsIntl EXPD 109.00 -1.1 MSD Acqn MSDAU 10.37 ... SociedadQuimicaRt SQMrw 4.50 136.8 ComputeHlthWt CPUH.WS 1.49 -2.0 One-month CD One-year CD AvisBudget CAR 75.33 9.6 OlinkHolding OLK 28.97 1.4 FedAgricMtgPfdC AGMpC 28.91 1.1 MainStreetCap MAIN 39.69 1.0 SouthJerseyUn SJIV 52.00 0.3 ComSovereignWt COMSW 1.15 -4.0 B.RileyNts2023 RILYH 26.00 0.4 OneSmartIntl ONE 2.09 0.5 Lone Star Bank $1,000 0.20 CFG Community Bank $500 0.67 FederatedHermes FHI 31.70 1.4 McKesson MCK 198.43 0.3 SproutsFarmersMkt SFM 28.63 0.5 ConsonanceWt CHFW.WS 0.60 -19.9 ByteAcqn BYTSU 10.03 ... PMV Pharm PMVP 29.45 1.2 FirstMidBcshs FMBH 44.75 0.3 MicroFocus MFGP 8.19 6.2 StarGroup SGU 10.70 2.3 ContextLogic WISH 14.42 -1.0 (713) 358-9400 (888) 205-8388 Babcock&Wilcox BW 9.186.3 FortressTransPfC 25.13 1.6 MountainCrestIIRt 1.00 21.3 PeriphasCapA PCPC 23.35 -1.6 FTAIpC MCADR StoneX SNEX 66.87 0.5 ContraFect CFRX 4.21 0.2 State Bank of India California $1,000 0.15 Live Oak Bank $2,500 0.65 BankNY Mellon BK 48.15 0.7 FortressTransPfdA 26.00 1.6 MurphyUSA 159.00 -2.7 PoemaGlobalWt PPGHW 0.52 -18.2 FTAIpA MUSA SummitFin SMMF 27.40 1.3 D&ZMediaWt DNZ.WS 0.52 -1.8 Barclays BCS 10.39 3.6 FortBrandsHome FBHS 96.25 2.1 NL Industries NL 7.99 15.4 PolyPid PYPD 8.60 -1.8 (877) 707-1995 (866) 518-0286 SummitHotelPfdE INNpE 24.93 0.9 Datto MSP 22.30 -2.0 BlockHR HRB 21.90 2.9 GSquaredI A GSQD 9.95 ... Navient NAVI 14.48 3.5 PontemWt PNTM.WS 0.73 -18.0 Tecnoglass TGLS 12.37 2.5 DecibelTherap DBTX 10.41 -0.3 Presidential Bank, FSB $1,000 0.10 Merrick Bank $25,000 0.65 BluegreenVac BXG 11.23 1.7 GainTherap GANX 15.23 2.5 NewResidentPfdA NRZpA 25.18 0.4 Poshmark POSH 36.59 1.8 TractorSupply TSCO 179.25 0.8 DragoneerGrwA DGNR 10.01 -0.1 BluerockResPfD BRGpD 26.47 3.5 Gaming&HospWt GHACW 1.30 -10.4 NewResidentialPfdB NRZpB 24.80 0.3 QualigenTherap QLGN 2.52 -0.8 (800) 799-1424 (866) 638-6851 TreeHouseFoods THS 55.50 -3.3 EdtechX II Wt EDTXW 0.40 -25.9 Braskem BAK 14.25 4.2 GasLogPtrsPfdC GLOPpC 22.36 -0.1 NewYorkMtgPfB NYMTP 25.00 0.1 Quotient QTNT 3.44 -1.9 TsakosEnergyPfdE TNPpE 23.79 0.5 Espey ESP 14.49 -0.6 BrookfieldPropPfd BPYPP 25.31 0.1 GeneralDynamics GD 184.37 -0.7 NewYorkMtgPfdD NYMTN 25.23 0.4 ReadyCapPfdB RCpB 25.100.6 Two-month CD Two-year CD TsakosEnergyPfdF TNPpF 24.21 0.4 EucratesBiomed EUCR 9.67 -0.2 BrookfieldPropPf2A BPYPO 25.31 0.6 GlassHouses GLHAU 10.02 0.7 NY MtgPfdC NYMTO 25.00 -0.1 ReadyCapPfdC RCpC 24.76-0.6 TwoHarborsPfdC TWOpC 24.86 0.9 EvaxionBiotech EVAX 5.27 -1.9 ReadyCapPfdD RCpD 24.710.8 Lone Star Bank $1,000 0.20 Comenity Direct $1,500 0.75 UMH Prop UMH 19.76 0.5 EvofemBiosci EVFM 1.65 -1.1 RelayTherap RLAY 31.31 9.4 (713) 358-9400 (833) 755-4354 FtacAthena FTAAU 9.95 -2.9 US Concrete USCR 72.60 8.4 ReproMedSys KRMD 3.18 6.4 State Bank of India California $1,000 0.15 Merrick Bank $25,000 0.71 UnitedRentals URI 336.32 2.7 FangddNetwork DUO 5.91 2.1 RomeoPowerWt RMO.WS 0.19 -37.6 Dividend Changes US Steel X 25.97 8.7 FedNat FNHC 4.50 -4.0 SocTelemed TLMD 6.01 0.3 (877) 707-1995 (866) 638-6851 Urstadt Pfd H UBPpH 25.34 -0.1 FigureAcqnI FACA.U 9.95 0.5 SQZ Biotech SQZ 11.53 6.4 VirtualBank $10,000 0.15 Live Oak Bank $2,500 0.70 Vizio VZIO 25.19 13.3 ForestRoad II FRXB.U 9.90 ... SVF Invt SVFAU 10.35 0.5 Dividend announcements from March 30. VarianMed VAR 176.93 0.1 FormaTherap FMTX 22.51 -2.3 SVF Invt Wt SVFAW 1.83 -2.6 (877) 998-2265 (866) 518-0286 VirTra VTSI 10.17 66.7 4D Molecular FDMT 34.00 7.3 SareptaTherap SRPT 69.56 1.2 Amount Payable / VulcanMatls VMC 175.17 0.8 4Dpharma LBPS 11.56 2.3 SeaportGlbAcqnWt SGAMW 0.48 -17.8 Three-month CD Five-year CD FrazierLifesWt 0.76 -15.8 Company Symbol Yld %New/Old Frq Record WernerEnterprises WERN 48.21 2.1 FLACW SenseiBiotherap SNSE 11.75 2.2 BrioDirect $500 0.25 Connexus Credit Union $5,000 1.00 FreelineTherap FRLN 11.85 2.4 SpruceBio SPRB 14.18 2.8 Wiley B JW.B 55.03 1.2 (877) 369-2746 (800) 845-5025 Increased Williams-Sonoma WSM 185.22 2.5 FrequencyTherap FREQ 7.34 4.4 StarPeak II Wt STPC.WS 1.30 -16.1 WillisTowers WLTW 236.11 -0.7 FusionPharm FUSN 9.31 1.8 SumoLogic SUMO 16.50 3.0 Lone Star Bank $1,000 0.25 Comenity Direct $1,500 0.90 GBS 5.01 6.7 Globe Life GL 0.8 .1975 /.1875 Q Apr30 /Apr05 GBS TLGAcqnOneA TLGA 9.50 -0.1 (713) 358-9400 (833) 755-4354 Lows Galecto GLTO 6.02 -5.4 twoA TWOA 9.82 -1.5 Invesco Mortgage Cap IVR 7.9 .09 /.08 Q Apr27 /Apr09 GoalAcqns PUCK 9.55 0.4 VastaPlatform VSTA 9.50 -2.7 State Bank of India California $1,000 0.25 Goldwater Bank $5,000 0.83 ADMA Biologics ADMA 1.57 2.4 GracellBiotech GRCL 14.16 -5.2 VectoIQII Wt VTIQW 1.15 -12.3 (877) 707-1995 (480) 281-8200 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: AryaSciencesIV ARYD 10.34 -0.1 GraybugVision GRAY 5.12 -1.9 WaveLifeSci WVE 4.82 -15.9 AckrellSpacI Wt ACKIW 0.50 -9.1 GroupNineA GNAC 9.68 0.8 XL Fleet XL 8.24 -3.8 spin-off. AcutusMedical AFIB 12.59 -0.5 HudsonExecII Wt HCIIW 0.78 -0.1 Zymeworks ZYME 28.02 3.0 High yield jumbos - Minimum is $100,000 Money market and savings account Six-month CD Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks CFG Community Bank 0.66 Presidential Bank, FSB 0.50 (888) 205-8388 (800) 799-1424 March 30, 2021 BrioDirect 0.60 Merrick Bank 0.40 Money Rates (877) 369-2746 (866) 638-6851 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always Presidential Bank, FSB 0.55 TAB Bank 0.40 (800) 799-1424 (800) 355-3063 represent actual transactions. One-month CD One-year CD Week —52-WEEK— Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Latest ago High Low Lone Star Bank 0.20 CFG Community Bank 0.67 Feb. index Chg From (%) (713) 358-9400 (888) 205-8388 level Jan. '21 Feb. '20 U.S. government rates Other short-term rates One year 0.28663 0.27938 1.06013 0.27588 State Bank of India California 0.15 Live Oak Bank 0.65 Euro Libor (877) 707-1995 (866) 518-0286 U.S. consumer price index Discount Week 52-Week VirtualBank 0.10 Merrick Bank 0.65 One month 0.25 0.25 0.25 0.25 Latest ago high low -0.580 -0.578 -0.360 -0.607 (877) 998-2265 (866) 638-6851 All items 263.014 0.55 1.7 Three month -0.550 -0.549 -0.142 -0.574 Core 270.696 0.35 1.3 Federal funds Call money Six month -0.526 -0.521 -0.052 -0.543 Two-month CD Two-year CD One year -0.498 -0.492 0.008 -0.511 Lone Star Bank 0.20 Comenity Direct 0.75 Effective rate 0.0700 0.0700 0.1400 0.0600 2.00 2.00 2.00 2.00 International rates (713) 358-9400 (833) 755-4354 High 0.0800 0.0800 0.2500 0.0800 Secured Overnight Financing Rate Commercial paper (AA financial) State Bank of India California 0.15 Merrick Bank 0.71 Week 52-Week Low 0.0300 0.0500 0.0600 0.0000 0.01 0.01 0.13 0.01 (877) 707-1995 (866) 638-6851 Latest High Low 90 days 0.05 0.12 0.26 0.04 ago Bid 0.0600 0.0700 0.1000 0.0100 Value 52-Week VirtualBank 0.15 Live Oak Bank 0.70 Offer 0.1000 0.1200 0.0500 Latest Traded High Low (877) 998-2265 (866) 518-0286 Prime rates 0.0900 Libor Three-month CD Five-year CD U.S. 3.25 3.25 3.25 3.25 Treasury bill auction One month 0.11513 0.10863 1.01625 0.10300 DTCC GCF Repo Index Lone Star Bank Connexus Credit Union Canada 2.45 2.45 2.95 2.45 Three month 0.20163 0.20063 1.45050 0.17525 Treasury 0.001 28.310 0.151 -0.008 0.25 1.00 4 weeks 0.015 0.005 0.190 0.000 (713) 358-9400 (800) 845-5025 Japan 1.475 1.475 1.475 1.475 Six month 0.20675 0.20538 1.23825 0.18950 MBS 0.024 23.238 0.169 0.002 13 weeks 0.020 0.015 0.280 0.015 State Bank of India California 0.25 Comenity Direct 0.90 Policy Rates 26 weeks 0.040 0.040 0.290 0.040 Notes on data: (877) 707-1995 (833) 755-4354 BrioDirect 0.25 Goldwater Bank 0.83 Euro zone 0.00 0.00 0.00 0.00 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Secondary market and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary (877) 369-2746 (480) 281-8200 Switzerland 0.00 0.00 0.50 0.00 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Britain 0.10 0.10 0.10 0.10 Fannie Mae as of March 29, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average Australia 0.10 0.10 0.25 0.10 for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates compounding and rate stated for the lowest required opening deposit to earn interest. CD 30-year mortgage yields are Tullett Prebon rates as of 5:30 p.m. ET. figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of which may be checks. Rates are subject to change. Overnight repurchase 30 days 2.614 2.557 2.622 1.751 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 U.S. 0.02 0.00 0.14 -0.07 60 days 2.654 2.600 2.674 1.804 Tullett Prebon Information, Ltd. Internet: www.bankrate.com

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Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 33066.96 t104.41, or 0.31% Trailing P/E ratio 33.56 17.05 3958.55 t12.54, or 0.32% Trailing P/E ratio * 44.66 20.11 13045.39 t 14.25, or 0.11% Trailing P/E ratio *† 37.55 23.25 High, low, open and close for each P/E estimate * 21.24 15.12 High, low, open and close for each P/E estimate * 22.62 15.82 High, low, open and close for each P/E estimate *† 28.12 19.75 trading day of the past three months. Dividend yield 1.80 2.98 trading day of the past three months. Dividend yield * 1.48 2.41 trading day of the past three months. Dividend yield *† 0.78 1.15 All-time high 33171.37, 03/29/21 All-time high 3974.54, 03/26/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 34400 4050 14400

33200 3925 13800

32000 3800 13200

30800 3675 12600

Session high 65-day moving average 65-day moving average DOWN UP 29600 3550 12000 Session open Close t

65-day moving average Close Open t 28400 3425 11400 Session low Bars measure the point change from session's open 27200 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 878,388,111 18,046,359 Industrial Average 33170.93 32988.92 33066.96 -104.41 -0.31 33171.37 20943.51 50.9 8.0 11.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 567,492,720 8,648,413 Transportation Avg 14775.10 14526.43 14726.57 199.16 1.37 14726.57 7305.31 90.5 17.7 12.3 Most-active issues in late trading Decl. volume* 294,622,018 8,442,477 Utility Average 880.47 867.81 874.49 -7.72 -0.88 917.38 706.01 15.6 1.1 8.1 Volume After Hours Issues traded 3,407 282 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41481.11 41157.40 41386.65 -25.31 -0.06 41966.28 24774.57 59.3 5.5 14.8 Advances 2,067 129 ViacomCBS Cl B VIAC 23,807.2 46.73 0.12 0.26 46.80 46.37 Barron's 400 962.45 950.87 959.93 5.93 0.62 978.36 500.47 79.9 12.6 10.5 Declines 1,235 140 Discovery Series C DISCK 13,543.9 36.98 -0.03 -0.08 37.19 36.96 Unchanged 105 13 Tencent Music Ent ADR TME Nasdaq Stock Market 12,837.3 21.29 -0.05 -0.23 21.36 21.24 New highs 119 6 Nasdaq Composite 13075.75 12922.57 13045.39 -14.25 -0.11 14095.47 7360.58 69.4 1.2 22.7 iQIYI ADR IQ 9,449.5 17.27 0.06 0.35 17.28 17.08 New lows 37 2 Nasdaq-100 12929.46 12798.03 12896.53 -69.21 -0.53 13807.70 7486.29 65.1 0.1 25.1 SPDR S&P 500 SPY 8,868.9 394.45 -0.28 -0.07 394.86 394.35 Closing Arms† 0.82 0.67 Farfetch Cl A FTCH 5,924.6 50.50 -1.43 -2.75 52.49 50.50 S&P Block trades* 5,142 189 Iovance Biotherapeutics IOVA 4,335.8 30.94 1.30 4.39 30.94 29.64 500 Index 3968.01 3944.35 3958.55 -12.54 -0.32 3974.54 2470.50 53.2 5.4 14.4 Nasdaq NYSE Arca iShares MSCI Brazil ETF EWZ 4,329.6 32.80 0.01 0.03 32.92 32.73 MidCap 400 2614.00 2574.25 2608.69 29.46 1.14 2682.61 1337.95 80.7 13.1 11.6 Total volume*4,690,348,664 229,471,776 SmallCap 600 1320.55 1295.99 1316.21 19.41 1.50 1397.66 622.35 92.2 17.6 11.9 Percentage gainers… Adv. volume*3,128,906,342 115,815,253 Decl. volume*1,526,437,428 112,074,263 Other Indexes Surface Oncology SURF 944.3 8.49 1.24 17.10 8.60 7.22 Issues traded 4,261 1,466 Russell 2000 2202.62 2151.55 2195.80 37.11 1.72 2360.17 1052.05 90.4 11.2 12.8 Equillium EQ 235.3 7.40 0.79 11.95 8.84 6.48 Advances 2,467 690 NYSE Composite 15663.01 15551.53 15626.11 14.22 0.09 15775.50 9844.85 51.7 7.6 7.9 Lineage Cell Therapeutics LCTX 279.7 2.51 0.25 11.06 2.79 2.27 Declines 1,670 749 Chewy CHWY 2,265.1 87.80 7.42 9.23 88.74 80.38 Value Line 638.88 630.32 637.67 5.15 0.81 662.15 328.00 79.9 12.1 5.3 Unchanged 124 27 Cleveland-Cliffs CLF 1,030.8 18.64 1.40 8.12 18.65 17.06 NYSE Arca Biotech 5426.09 5324.85 5368.21 -41.66 -0.77 6319.77 4332.20 20.1 -6.5 6.0 New highs 73 30 NYSE Arca Pharma 700.14 692.85 693.94 -6.21 -0.89 725.03 565.87 19.7 0.7 9.5 ...And losers New lows 95 10 KBW Bank 121.92 119.88 121.36 2.49 2.10 123.35 60.19 85.4 24.0 4.4 Universal Display OLED 72.7 189.78 -39.09 -17.08 228.87 189.78 Closing Arms† 0.72 1.01 § PHLX Gold/Silver 133.24 131.04 131.73 -4.15 -3.06 161.14 78.95 66.8 -8.6 17.5 Romeo Power RMO 1,168.3 8.95 -1.42 -13.69 10.86 8.76 Block trades* 23,429 1,056 § PHLX Oil Service 53.96 52.52 53.29 0.01 0.01 63.89 23.33 115.5 20.2 -26.8 HighPoint Resources HPR 97.3 5.30 -0.80 -13.11 6.15 5.23 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3055.75 3013.27 3044.55 -10.08 -0.33 3238.92 1427.73 101.5 8.9 31.8 BlackBerry BB 1,041.9 8.85 -0.49 -5.25 9.34 8.48 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 21.75 19.47 19.61 -1.13 -5.45 57.06 18.86 -63.4 -13.8 -0.6 ENDP Endo International 118.0 7.05 -0.31 -4.15 7.36 7.05 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 672.12 –0.71 –0.11 4.0 VirTra VTSI 7.97 3.19 66.74 10.17 2.00 254.2 AeroCentury ACY 3.70 -3.21 -46.45 38.04 0.71 270.0 0.14 MSCI ACWI ex-USA 336.96 0.47 3.2 Mannatech MTEX 19.00 4.54 31.40 20.32 7.74 76.3 Elite Education EEIQ 11.95 -6.59 -35.54 35.20 3.58 ... MSCI World 2805.10 –6.43 –0.23 4.3 VivoPower International VVPR 10.59 2.53 31.39 24.33 0.59 1331.1 ThredUp TDUP 22.05 -9.35 -29.78 31.60 17.40 ... MSCI Emerging Markets 1319.50 9.39 0.72 2.2 Moxian MOXC 3.88 0.88 29.33 4.70 0.52 417.3 Recon Technology RCON 6.06 -2.53 -29.45 9.70 0.75 304.0 Americas MSCI AC Americas 1534.68 –3.95 –0.26 4.6 Discovery Series B DISCB 70.01 15.71 28.93 103.00 25.46 154.6 SeaChange Intl SEAC 1.47 -0.61 -29.33 3.79 0.69 -60.5 Canada S&P/TSX Comp 18705.56 –13.66 –0.07 7.3 HighPoint Resources HPR 6.10 1.20 24.49 37.50 2.80 -35.8 Trxade Group MEDS 5.21 -1.94 -27.13 8.25 4.02 -9.4 Latin Amer. MSCI EM Latin America 2276.07 30.75 1.37 –7.2 CompX IntlA CIX 18.82 3.61 23.73 18.99 12.41 23.8 Vinco Ventures BBIG 2.55 -0.88 -25.66 9.40 1.11 39.3 Brazil Sao Paulo Bovespa 116849.67 1430.95 1.24 –1.8 Lizhi ADR LIZI 8.64 1.58 22.38 16.75 1.95 23.4 Universe Pharmaceuticals UPC 4.37 -1.24 -22.10 11.99 3.75 ... Chile Santiago IPSA 3356.38 4.59 0.14 17.5 Broadwind BWEN 6.13 1.12 22.36 12.89 1.25 337.9 Canoo GOEV 9.30 -2.50 -21.19 24.90 8.52 -8.0 Mexico S&P/BMV IPC 47905.00 157.64 0.33 8.7 ReneSola ADR SOL 11.84 2.04 20.82 35.77 0.91 924.5 Genius Brands Intl GNUS 2.07 -0.53 -20.23 11.73 0.20 633.5 EMEA Stoxx Europe 600 430.65 3.04 0.71 7.9 Canaan ADR CAN 21.26 3.65 20.73 39.10 1.76 599.3 Glory Star New Media GSMG 3.74 -0.91 -19.57 5.20 2.25 -9.2 Eurozone Euro Stoxx 432.93 4.15 0.97 8.9 GreenPower Motor GP 21.85 3.55 19.40 34.45 0.86 1791.8 Hall of Fame Resort Ent HOFV 5.50 -1.25 -18.52 12.31 1.09 ... Belgium Bel-20 3927.15 41.24 1.06 8.4 Shockwave Medical SWAV 122.89 19.91 19.33 143.79 26.33 270.4 Vaxcyte PCVX 18.66 -4.07 -17.91 58.48 17.80 ... Spark Networks ADR LOV Wah Fu Education Group WAFU Denmark OMX Copenhagen 20 1455.03 0.95 0.07 –0.7 7.42 1.17 18.72 8.40 2.21 187.6 8.27 -1.65 -16.63 21.00 1.39 404.3 Cloopen Group Holding ADR RAAS 13.76 2.15 18.52 59.00 10.60 ... WAVE Life Sciences WVE 5.96 -1.13 -15.94 19.98 4.82 -36.4 France CAC 40 6088.04 72.53 1.21 9.7 Germany DAX 15008.61 190.89 1.29 9.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1600.03 –4.04 –0.25 6.7 Italy FTSE MIB 24636.39 214.99 0.88 10.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 701.12 3.18 0.46 12.2 Russia RTS Index 1460.32 –7.82 –0.53 5.3 Color Star Technology CSCW 225,320 1222.6 1.82 35.82 2.67 0.31 Orphazyme ADR ORPH 1,792 13678 9.28 5.45 14.78 7.52 South Africa FTSE/JSE All-Share 67291.66 202.29 0.30 13.3 VirTra VTSI 164,425 278023.6 7.97 66.74 10.17 2.00 USCF Midstream Energy UMI 683 7237 24.82 -1.30 25.36 24.32 ViacomCBS Cl B VIAC Ignyte Acquisition IGNY Spain IBEX 35 8595.21 103.15 1.21 6.5 149,143 473.6 46.61 3.55 101.97 11.92 541 4448 9.61 -0.41 9.87 9.58 Performant Financial PFMT 134,131 18285.1 1.83 22.82 2.42 0.54 Invesco HY Bd Factor IHYF 154 2472 25.39 -0.12 25.75 25.19 Sweden OMX Stockholm 875.16 9.17 1.06 13.9 Tencent Music Ent ADR TME 128,525 401.9 21.34 4.92 32.25 9.64 Locust Walk Acqn Cl A LWAC 400 2346 9.75 1.02 10.00 9.55 Switzerland Swiss Market 11121.42 31.82 0.29 3.9 Turkey BIST 100 1395.79 3.22 0.23 –5.5 Sundial Growers SNDL 113,398 -78.6 1.14 1.79 3.96 0.14 Xtrkrs MSCI Kokusai KOKU 747 1718 74.94 -0.30 75.65 50.50 U.K. FTSE 100 6772.12 35.95 0.53 4.8 NIO ADR NIO 105,750 -3.7 37.55 5.74 66.99 2.22 Invesco FTSE RAFI EM ETF PXH 5,526 1712 22.47 0.04 23.32 14.89 U.K. FTSE 250 21574.44 138.90 0.65 5.3 Genius Brands Intl GNUS 104,776 202.2 2.07 -20.23 11.73 0.20 Franklin FTSE Brazil ETF FLBR 602 1474 20.31 1.24 23.83 13.05 SOS ADR SOS 98,920 70.6 5.01 -10.54 15.88 0.83 Monopar Therapeutics MNPR 3,252 1262 6.70 16.32 17.01 4.28 Asia-Pacific MSCI AC Asia Pacific 205.02 –0.13 –0.06 2.6 Apple AAPL 84,803 -22.4 119.90 -1.23 145.09 59.23 Mountain Crest Acqn II MCAD 465 1202 9.90 0.10 10.00 9.69 Australia S&P/ASX 200 6738.40 –61.09 –0.90 2.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3456.68 21.38 0.62 –0.5 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28577.50 239.20 0.84 4.9 Track the Markets 2.30 India S&P BSE Sensex 50136.58 1128.08 5.0 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29432.70 48.18 0.16 7.2 global stock indexes, bond ETFs, Singapore Straits Times 3190.89 15.32 0.48 12.2 currencies and commodities at Currencies South Korea Kospi 3070.00 33.96 1.12 6.8 wsj.com/graphics/track-the-markets Taiwan TAIEX 16554.90 78.93 0.48 12.4 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1589.53 5.64 0.36 9.7 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004334 23075 –0.02 CREDIT MARKETS Argentina peso .0109 91.9401 9.3 Europe Brazil real .1732 5.7751 11.2 Czech Rep. koruna .04479 22.328 4.0 Canada dollar .7917 1.2631 –0.8 Denmark krone .1576 6.3471 4.2 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001371 729.30 2.6 Euro area euro 1.1718 .8534 4.3 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000268 3730.00 9.0 Hungary forint .003226 310.01 4.4 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007890 126.75 –0.8 A consumer rate against its Money Market/Savings Accts Mexico peso .0486 20.5941 3.6 Norway krone .1169 8.5546 –0.3 benchmark over the past year 2.50% Uruguay peso .02245 44.5350 5.1 Poland zloty .2515 3.9756 6.5 Bankrate.com avg†: 0.10% 16% Asia-Pacific Russia ruble .01319 75.839 2.5 2.00 Sweden krona .1144 8.7394 6.2 VirtualBank 0.45% Australian dollar .7598 1.3161 1.2 Switzerland franc 1.0613 .9422 6.5 0.40% Miami, FL 877-998-2265 1.50 8 China yuan .1522 6.5720 0.6 Tradeweb ICE s Euro Turkey lira .1200 8.3362 12.1 Hong Kong dollar .1286 7.7750 0.3 BankDirect 0.50% Tuesday Close t 1.00 Ukraine hryvnia .0359 27.8500 –1.8 Money market 0.30 0 s India rupee .01363 73.379 0.5

Richardson, TX 877-839-2737 UK pound 1.3742 .7277 –0.6

account yields 0.50 Yen Indonesia rupiah .0000691 14480 3.1 t t 0.20 TAB Bank 0.50% Japan yen .009062 110.35 6.8 Middle East/Africa 0.00 –8 s Ogden, UT 800-355-3063 One year ago Kazakhstan tenge .002353 425.06 0.9 Bahrain dinar 2.6522 .3771 ... Federal-funds WSJ Dollar Index 0.10 CFG Community Bank 0.56% –0.50 –16 Macau pataca .1248 8.0140 0.3 Egypt pound .0636 15.7222 –0.1 target rate Malaysia ringgit .2409 4.1510 3.2 Israel shekel .2998 3.3359 3.8 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 t 2020 2021 New Zealand dollar .6983 1.4320 2.9 Kuwait dinar 3.3100 .3021 –0.7 0.00 month(s) years A M J J A S O N D J FM BrioDirect 0.60% Pakistan rupee .00653 153.100 –4.5 Oman sul rial 2.5973 .3850 0.01 maturity 2020 2021 Montebello, NY 877-369-2746 Philippines peso .0206 48.530 1.1 Qatar rial .2747 3.640 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7419 1.3478 2.0 Saudi Arabia riyal .2666 3.7504 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008822 1133.56 4.4 South Africa rand .0670 14.9186 1.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050254 198.99 7.4 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03507 28.515 1.5 Yield (%) 52-Week Total Return (%) Thailand baht .03194 31.310 4.2 WSJ Dollar Index 87.75 0.27 0.31 3.23 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.20 0.18 l 1.45 -2.11 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2353.740 0.980 0.940 0.990 0.400 –4.588 4.134 Money market, annual yield 0.10 0.10 0.08 l 0.34 -0.25 Five-year CD, annual yield 0.47 0.48 0.44 l 0.91 -1.19 U.S. Treasury Long, Barclays 4087.640 2.320 2.270 2.400 1.090 –16.646 5.991 Commodities 30-year mortgage, fixed† 3.26 3.37 2.83 l 3.89 -1.14 Aggregate, Barclays 2211.530 1.600 1.560 1.620 1.020 0.622 4.657 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.53 2.57 2.32 l 3.43 -1.32 Fixed-Rate MBS, Barclays 2205.310 1.830 1.770 1.850 0.980 –0.539 3.739 DJ Commodity Jumbo mortgages, $548,250-plus† 3.27 3.41 2.85 l 4.00 -1.39 794.01 -11.15 -1.39 836.48 433.70 69.69 8.53 High Yield 100, ICE BofA 3331.638 3.801 3.944 9.059 3.261 19.625 5.645 Refinitiv/CC CRB Index -2.66 195.13 106.29 10.18 Five-year adj mortgage (ARM)† 3.13 3.15 2.85 l 3.51 -1.00 184.87 -1.42 51.80 Muni Master, ICE BofA 592.674 0.970 1.002 2.197 0.725 4.870 4.708 Crude oil, $ per barrel -1.01 66.09 -37.63 24.79 New-car loan, 48-month 4.05 4.05 4.02 l 4.44 0.38 60.55 -1.64 195.65 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 887.146 5.046 4.937 6.711 4.295 14.005 3.787 Natural gas, $/MMBtu 2.623 -0.030 -1.13 3.354 1.482 59.94 3.31 banks.† Excludes closing costs. Gold, $ per troy oz. 1683.90 -28.30 -1.65 2051.50 1578.20 6.35 -11.05 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW090000-1-B01100-1------XA

THE WALL STREET JOURNAL. * We dnesday, March 31, 2021 | B11 BANKING & FINANCE China’s Big Banks Coinbase Hires Ex-SEC Official Gained in Rocky 2020 BY PAUL VIGNA billion in itslast privatefund- $5,700 to morethan $61,000 at BY XIE YU First-half profits fell by more raising round in 2018, filed itspeak.Most recently,itwas than 10%atall of the big four Coinbase Global Inc. hired with the SEC in Februarytogo tradingaround $58,800.But China’sbiggest commercial banks, as they took large pro- aformer high-ranking director public.Itisplanning adirect bitcoin’sshort historyalso in- banks managed to ekeout small visionsagainst potential bad from the Securities and Ex- listing on the Nasdaq Stock cludes long periods of falling increases in profit for2020, loans. changeCommission to runits Market and hasn’t yetan- prices andwaning interest. with asharp turnaround in In the last six months of the capital-marketsdivision as the nounced adatefor the offering. That could be aproblem for their fortunes during the year year,asaneconomic recovery cryptocurrency company pre- The company was founded Coinbase.Currently,about

mirroring the country’srapid gathered steam, businesses re- pares to go public. in 2012 as acryptocurrency /REUTERS 96% of the company’srevenue economic rebound from the cor- covered. Meanwhile the central Coinbase named BrettRed- “wallet” and has growntobe- comes from transaction fees, onavirus pandemic. bank tolerated rising money- fearn,most recently the direc- come the largest digital ex- meaning its fortunes are tied Forall of 2020,China’sfour market rates. These help deter- torofthe SEC’sdivision of changefor cryptocurrencies in MCDERMID to the ebbs and flowsofanas- largest banks reported that an- mine the levels at which banks trading and markets, to runits the U.S. and one of the largest AN set classknown forits wild

nual net profit rose between lend to their customers. capital-markets group, which in the world. It has about 43 BREND trading swings. Developing 1.2% to 2.9%, according to fil- “Covid wasunder control for includes itsexchangeopera- million verified usersand Brett Redfearn productsand services that will ings released Tuesdayand late the second half of the year,” tions and capital-markets about $90 billion worth of as- produceasteady revenue last week.China was the only said HarryHu, senior director products. setsunder management. It the existing financial system stream will be one of Mr.Red- majorworld economytogrow at S&PGlobal RatingsinHong Mr. Redfearn, who left the also has7,000 institutional andhas attracted adisparate fearn’s key responsibilities. last year,expanding by 2.3%. Kong.That meant corporate SECinDecember,isthe sec- customers, asegment that has array of techies,early adopters, As the head of the division Thequartet—Industrial and cash flowsimproved as people ond high-ranking former SEC become moreimportant to the anarchistsand libertarians. of trading and markets at the Commercial Bank of China and businesses grew lesspessi- official this week to take arole company and industry. Over the past year,though, it SEC, Mr.Redfearn oversawa Ltd., China Construction Bank mistic,hesaid, leading to a with abitcoin-focused busi- Coinbase has made anum- has made inroads on Wall staff of 250 that took an active Corp., Agricultural Bank of slowdowninloans turning sour. ness. On Monday, former SEC ber of acquisitions over the Street, drawing investments role in delineating the rules China Ltd. and Bank of China Shujin Chen, abanking ana- Commissioner JayClayton past few yearstobuild up its from billionaireinvestorslike that would govern cryptocur- Ltd.—together account formore lyst at Jefferies,said newbad took on an advisoryrole at professional offerings, includ- Paul Tudor Jones and insurance rencies.That included the than one-thirdofthe industry’s loansdeclined afterpeaking in One River Asset Management, ing itsJuly deal forinstitu- companies likeMassachusetts commission’soversight of bit- totalassets. the second quarter,allowing aGreenwich, Conn.-based firm tional brokeragefirm Tagomi. Mutual LifeInsuranceCo. coin exchange-traded funds, At Industrial and Commer- banks to set aside fewerprovi- that started investing in bit- Bitcoin, unveiled in 2008 as Theinflux of newinvestors custody of digital assetsand cial BankofChina, net profit sions.Atthe same time,she coin in November. aform of digital cash, has long has boosted bitcoin’sprice alternativetrading systems,or grew 1.2% year-over-year to said banks were able to increase Coinbase,valued at about $8 been seen as an alternativeto over the past year from around ATS, used for crypto trading. their net-interest margins,akey measureofbank profitability, Across the banking afterpreviously having to “forgoprofittobolster the real U.S. Firms Resist Activist’sClimate Drive sector, net profit economy.” Ms.Chen said these declined by 2.7% last two tailwinds meant the banks hadagood chanceofgrowing BY MATT WIRZ said Mr.Hohn, who has been year. earningsbydouble-digit per- holding talks with U.S. inves- centages in 2021. AbillionaireBritish hedge- torgroups on the matter. The Interest margins rose in the fund manager’s campaign to campaign will continue seek- second half,but still lag be- makelarge public companies ing mandatory emissions dis- 315.9 billion yuan, the equiva- hind pre-pandemic levels.At set near-term targetsfor car- GES closure and plans in all cases. lent of $48.1 billion. Thegiant China Construction Bank, for bon-emission cutsisencounter- IMA “There’s widespread inves-

lender is theworld’sbiggest instance, the net-interest mar- ing challenges from U.S. corpo- ETTY tor support for annual disclo- /G

bank by assets, according to an gin rose to 2.19% forthe whole rations and money managers. FP sure of emissions and aplan

April 2020 ranking by S&P year,upfrom2.14% at the Morethan adozencompa- /A to managethem,” Mr.Hohn

Global Market Intelligence. half-year point. In 2019 the nies in Europe,Canada and FREY said.The disagreement over

Themodest increase in an- margin stood at 2.32%. Australia have signed onto GE the shareholder vote prompted OR

nual earningsmasked aturbu- Forthe whole year,the ratio Chris Hohn’s“Say on Climate” GE the newapproach forU.S. lent year,with earningsjump- of nonperforming loans to total initiative, according to data Union Pacific is among companies to oppose proposed resolutions. companies, he said. ing 44% year-over-year in the assetsatthe big four banks from Institutional Share- ManyonWall Street view last three months of 2020.It edged up versus 2019. holder Services Inc.The drive holder resolutions. put to shareholder votes, said the debateoverthe activist wasasimilar storyatthe Across the sector,net profit has also aimed to makecom- Some large U.S. fund man- Ben Colton, the Boston-based agenda as atest of howcor- other big banks. declined by 2.7% in 2020,offi- panies’ emission targetssub- agers also took issue with as- firm’s global co-head of asset porations and giant asset To combat the economic ef- cial figuresshow. That indi- ject to annual shareholder pectsofthe proposals. State stewardship. managersfulfill their public fectsofthe pandemic,Beijing catessmaller lendersface votes. But in recent weeks, Street Corp., one of the big- Going forward, Say on Cli- commitmentstoaddresscli- slashed benchmark lending tougher conditions than the U.S. cable provider Charter gest money managersinthe matewill shiftits approach in matechange. BlackRock Inc., rates, stepped up government big four but shows the entire Communications Inc.and country, doesn’t think compa- the U.S.,only recommending the world’slargest asset man- spending and ordered banks to sector is recovering,after reg- railroad operator Union Pa- nies with strong environmen- votes to disapprove of a com- ager,has advocated forusing offer cheap loans to support istering a9.4%dropinthe cific Corp.decided to oppose tal track records should have pany’semission plan if a proxyvotes to addresscli- businesses and households. first half of the year. Mr.Hohn’sproposed share- their carbon-emission plans shareholder finds it deficient, matechange.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShMSCI EAFE EFA iShSilver SLV VangdHiDiv VYM Tuesday, March 30, 2021 Closing Chg YTD 76.20 –0.13 4.4 22.26 –2.84 –9.4 SPDR DJIA Tr DIA 330.82 –0.25 8.2 101.43 –0.20 10.8 iShMSCI EAFE SC SCZ 72.02 –0.14 5.4 iShTIPSBondETF TIP 125.47 –0.18 –1.7 SPDR S&PMdCpTr MDY 475.57 1.24 13.3 VangdIntermBd BIV 88.72 –0.01 –4.4 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 53.07 0.32 2.7 iSh1-3YTreasuryBd SHY 86.28 ... –0.1 SPDR S&P 500 SPY 394.73 –0.27 5.6 VangdIntrCorpBd VCIT 92.91 0.09 –4.4 ETF Symbol Price (%) (%) iShCoreS&P MC IJH 260.16 1.21 13.2 iShMSCIJapan EWJ 69.18 –0.73 2.4 iSh7-10YTreasuryBd IEF 113.09 –0.09 –5.7 SPDR S&P Div SDY 118.77 ... 12.1 VangdLC VV 184.35 –0.26 4.9 iShCoreS&P SC IJR 108.13 1.44 17.7 ARKInnovationETF ARKK 114.42 2.92 –8.1 iShNatlMuniBd MUB 116.07 0.14 –1.0 iSh20+YTreasuryBd TLT 136.21 0.52 –13.6 TechSelectSector XLK 130.73 –0.95 0.5 VangdMC VO 220.46 0.30 6.6 CommSvsSPDR XLC 73.03 8.2 iShS&PTotlUSStkMkt ITOT 91.10 0.03 5.7 ... iSh1-5YIGCorpBd IGSB 54.66 0.04 –0.9 iShRussellMCGrowth IWP 100.24 0.09 –2.3 VanEckGoldMiner GDX 31.83 –3.13 –11.6 VangdMC Val VOE 135.65 0.65 14.0 CnsmrDiscSelSector XLY 166.77 0.98 3.7 iShCoreUSAggBd AGG 113.81 0.08 –3.7 iShPfd&Incm PFF 38.22 0.21 –0.8 iShUSTreasuryBdETF GOVT 26.20 0.04 –3.8 VangdMBS VMBS 53.37 0.02 –1.3 VangdInfoTech VGT 352.65 –0.63 –0.3 EnSelectSectorSPDR XLE 49.40 –0.86 30.3 iShSelectDividend DVY 114.42 0.09 19.0 iShRussell1000Gwth IWF 239.92 –0.50 –0.5 JPM UltShtIncm JPST 50.76 0.02 –0.1 VangdRealEst VNQ 92.42 0.13 8.8 VangdSC Val VBR 165.78 1.44 16.6 FinSelSectorSPDR XLF 34.31 0.70 16.4 iShESGAwareUSA ESGU 90.45 –0.17 5.1 iShRussell1000 IWB 222.93 –0.14 5.2 PIMCOEnhShMaturity MINT 101.93 –0.01 –0.1 VangdS&P500ETF VOO 362.86 –0.26 5.6 VangdSC Grwth VBK 269.66 1.10 0.7 HealthCareSelSect XLV 116.51 –0.90 2.7 iShEdgeMSCIMinUSA USMV 69.27 –0.87 2.0 iShRussell1000Val IWD 152.12 0.18 11.3 SPDRBloomBar1-3MTB BIL 91.51 0.01 –0.0 VangdST Bond BSV 82.20 –0.04 –0.8 VangdExtMkt VXF 174.60 1.18 6.0 IndSelSectorSPDR XLI 98.77 0.44 11.5 iShEdgeMSCIUSAMom MTUM 157.57 0.13 –2.3 iShRussell2000Gwth IWO 293.79 1.56 2.5 SPDR Gold GLD 157.57 –1.71 –11.7 VangdSTCpBd VCSH 82.43 –0.01 –1.0 VangdDivApp VIG 147.27 –0.51 4.3 InvscQQQI QQQ 314.32 –0.50 0.2 iShEdgeMSCIUSAQual QUAL 121.46 –0.57 4.5 iShRussell2000 IWM 218.01 1.68 11.2 SchwabIntEquity SCHF 37.74 –0.16 4.8 VangdSC VB 212.57 1.23 9.2 InvscS&P500EW RSP 141.70 0.19 11.1 iShGoldTr IAU 16.02 –1.72 –11.6 iShRussell2000Val IWN 158.77 1.72 20.5 SchwabUS BrdMkt SCHB 96.12 –0.07 5.6 VangdFTSEDevMk VEA 49.25 –0.12 4.3 VangdTotalBd BND 84.76 0.11 –3.9 iShCoreDivGrowth DGRO 48.35 –0.39 7.9 iShiBoxx$InvGrCpBd LQD 129.71 0.31 –6.1 iShRussellMid-Cap IWR 73.75 0.53 7.6 SchwabUS Div SCHD 73.20 –0.46 14.1 VangdFTSE EM VWO 51.82 0.41 3.4 VangdTotIntlBd BNDX 57.11 –0.09 –2.5 iShCoreMSCIEAFE IEFA 72.40 –0.10 4.8 iShiBoxx$HYCpBd HYG 86.76 –0.24 –0.6 iShRussellMCValue IWS 109.68 0.77 13.1 SchwabUS LC SCHX 95.59 –0.25 5.1 VangdFTSE Europe VGK 63.10 0.10 4.7 VangdTotIntlStk VXUS 62.72 0.03 4.3 iShCoreMSCIEM IEMG 64.07 0.38 3.3 iShJPMUSDEmgBd EMB 108.74 0.05 –6.2 iShS&P500Growth IVW 64.33 –0.49 0.8 SchwabUS LC Grw SCHG 127.92 –0.46 –0.4 VangdFTSEAWxUS VEU 60.71 –0.05 4.0 VangdTotalStk VTI 205.44 –0.03 5.5 iShCoreMSCITotInt IXUS 70.29 0.01 4.6 iShMBSETF MBB 108.32 –0.01 –1.6 iShS&P500Value IVE 141.93 0.05 10.9 SchwabUS SC SCHA 98.79 1.63 11.0 VangdGrowth VUG 253.51 –0.49 0.1 VangdTotlWrld VT 97.10 –0.02 4.9 iShCoreS&P500 IVV 396.27 –0.25 5.6 iShMSCI ACWI ACWI 94.96 –0.16 4.7 iShShortTreaBd SHV 110.51 –0.01 –0.0 Schwab US TIPs SCHP 61.12 –0.15 –1.5 VangdHlthCr VHT 226.75 –0.69 1.3 VangdValue VTV 132.06 –0.04 11.0

Net Net Net Net Net Net Net Biggest 1,000 Stocks | WSJ.com/stocks Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B8 Net Net Paychex PAYX 99.23 -1.05 StoreCapital STOR 33.34 0.23 SteelDynamics STLD 51.28 1.82 Tesla TSLA 635.62 24.33 US Bancorp USB 55.87 0.69 Wayfair W 317.02-15.62 Net Stock Sym Close Chg Stock Sym Close Chg PaycomSoftware PAYC 360.19 -4.24 R S SVB Fin SIVB 490.66 21.27 Stellantis STLA 17.88 0.54 TevaPharm TEVA 11.33 ... UnitedHealth UNH 373.56 -5.50 Weibo WB 50.77 2.08 Paylocity PCTY 170.78 -0.69 Salesforce.com CRM 210.00 -0.77 Steris STE 190.03 -2.74 TexasInstruments TXN 185.94 -0.24 UnitySoftware U 96.90 2.48 WellsFargo WFC 39.39 0.95 Stock Sym Close Chg Mondelez MDLZ 58.78 -1.09 NovoNordisk NVO 67.92 -0.51 RELX RELX 25.10 -0.22 PayPal PYPL 236.54 0.87 Sanofi SNY 49.11 -0.52 STMicroelec STM 37.44 -0.33 TexasPacLand TPL 1544.00 67.66 UnivDisplay OLED 228.87 -1.13 Welltower WELL 72.93 1.25 MongoDB MDB 259.69 1.19 Novocure NVCR 125.25 1.14 RH RH 600.00 34.10 ManulifeFin MFC 21.58 0.17 Pearson PSO 10.69 0.07 SantanderCons SC 27.03 0.18 StoneCo STNE 61.28 1.39 Textron TXT 55.29 1.33 UniversalHealthB UHS 136.19 1.06 WestFraserTimber WFG 66.20 0.99 MonolithicPower MPWR 342.59 2.65 NuanceComms NUAN 42.08 0.11 RLX Tech RLX 10.21 -0.46 MarathonOil MRO 10.98 0.08 Pegasystems PEGA 112.55 0.02 Sasol SSL 14.41 -0.11 Stryker SYK 243.10 1.70 ThermoFisherSci TMO 451.47 -7.10 Upstart UPST 129.28 -5.21 WestPharmSvcs WST 278.34 -2.17 MonsterBev MNST 90.69 -1.23 Nucor NUE 80.39 2.05 RPM RPM 93.67 -1.12 MarathonPetrol MPC 53.60 0.07 Peloton PTON 107.17 2.15 Schlumberger SLB 27.22 -0.48 ThomsonReuters TRI 87.63 -0.80 VEREIT VER 38.73 0.52 WestAllianceBcp WAL 96.77 3.20 Moody's MCO 297.53 -9.44 Nutrien NTR 54.48 -0.20 RalphLauren RL 120.24 2.25 SumitomoMits SMFG 7.45 -0.03 MaravaiLifeSci MRVI 33.99 1.96 PembinaPipeline PBA 28.54 -0.14 SchwabC SCHW 64.76 0.65 3M MMM 194.64 -1.10 VF VFC 80.13 1.35 WesternDigital WDC 65.46 0.11 MorganStanley MS 79.09 1.21 NVIDIA NVDA 514.87 -3.06 RaymondJames RJF 122.78 1.43 SunComms SUI 149.82 0.42 Markel MKL 1156.17 0.41 PennNational PENN 102.84 4.63 ScottsMiracleGro SMG 244.99 2.00 Toro TTC 104.04 0.51 VICI Prop VICI 28.21 0.44 WesternUnion WU 24.84 0.05 Morningstar MORN 227.30 1.04 RaytheonTech RTX 77.82 0.14 SunLifeFinancial SLF 50.70 -0.05 MarketAxess MKTX 495.75-20.93 s Pentair PNR 62.08 -0.17 Sea SE 214.35 10.10 TorontoDomBk TD 65.44 -0.10 VailResorts MTN 290.16 6.03 WestlakeChem WLK 90.38 1.65 Mosaic MOS 31.34 0.04 O P Q RealPage RP 87.25 -0.14 SuncorEnergy SU 21.08 0.04 Marriott MAR 148.23 3.63 Penumbra PEN 259.37 5.20 Seagate STX Total TOT 47.08 0.07 Vale VALE 17.02 0.06 MotorolaSol MSI 186.61 -2.27 RealtyIncome O 64.12 -0.09 75.70 0.47 SunRun RUN 57.92 6.01 WestpacBanking WBK 18.61 0.03 Marsh&McLen MMC 121.52 -0.36 ONEOK OKE 50.26 -0.31 PepsiCo PEP 142.54 -2.27 ToyotaMotor TM ValeroEnergy VLO 71.78 -0.08 NICE NICE 216.68 -2.11 RegencyCtrs REG 57.07 0.32 Seagen SGEN 137.51 -2.42 Suzano SUZ 12.30 -0.42 153.87 -1.03 WestRock WRK 53.22 0.30 MartinMarietta MLM 343.63 2.93 s OReillyAuto ORLY 509.13 1.10 PerkinElmer PKI 127.73 -0.92 s s VarianMed VAR 176.93 0.23 NIO NIO 37.55 2.04 RegenPharm REGN 470.67-10.85 SempraEnergy SRE 131.57 -0.62 SynchronyFin SYF 41.06 0.76 TractorSupply TSCO 177.05 1.36 Weyerhaeuser WY 35.45 0.24 MarvellTech MRVL 47.33 0.82 OakStreetHealth OSH 52.72 0.11 Vedanta VEDL 12.44 -0.17 NRG Energy NRG 37.09 -0.75 PetroChina PTR 36.82 -0.07 RegionsFin RF 20.91 0.59 SensataTechs ST 57.92 0.02 SyneosHealth SYNH 76.71 0.26 TradeDesk TTD 625.88 13.30 WheatonPrecMet WPM 37.72 -0.55 Masco MAS 60.01 -0.12 VeevaSystems VEEV 249.43 -0.47 NVR NVR 4706.11 37.85 OccidentalPetrol OXY 27.33 0.33 PetroleoBrasil PBR 8.15 ... ReinsGrp RGA 128.38 2.27 ServiceCorp SCI 51.45 0.38 Synopsys SNPS 239.60 -0.86 Tradeweb TW 73.26 -1.21 Whirlpool WHR 220.24 3.39 Masimo MASI 226.13 -0.38 Ventas VTR 54.72 0.57 NXP Semi NXPI 197.77 3.63 Okta OKTA 213.55 -2.27 PetroleoBrasilA PBR.A 8.25 0.04 RelianceSteel RS 151.25 0.45 ServiceNow NOW 487.57 2.18 Sysco SYY 79.89 0.86 TraneTech TT 166.95 0.37 Williams WMB 23.68 -0.36 Mastercard MA 358.20 -4.71 s VeriSign VRSN 194.87 -6.31 Nasdaq NDAQ 147.45 -3.39 OldDomFreight ODFL 240.61 5.27 Pfizer PFE 36.11 -0.51 RenaissanceRe RNR 164.65 -1.25 ShawComm B SJR 26.33 -0.10 TransDigm TDG 584.63 5.45 s Williams-Sonoma WSM 184.00 4.46 MatchGroup MTCH 131.48 -1.67 t VeriskAnalytics VRSK 175.95 -4.37 NationalGrid NGG 59.01 -0.99 OlinkHolding OLK 32.34 0.44 PhilipMorris PM 89.35 -1.64 Repligen RGEN 189.21 5.11 SherwinWilliams SHW 746.22-10.09 T U V TransUnion TRU 89.67 -0.99 s WillisTowers WLTW 232.31 -1.58 MaximIntProducts MXIM 89.92 -1.12 Verizon VZ 58.59 -0.24 Natura&Co NTCO 16.93 0.29 OmegaHealthcare OHI 37.14 0.15 Phillips66 PSX 82.31 -0.22 RepublicSvcs RSG 100.43 -0.69 s ShinhanFin SHG 32.73 0.04 Travelers TRV 154.03 0.18 Wipro WIT 6.39 0.10 McAfee MCFE 22.04 -0.12 TAL Education TAL 53.42 1.33 VertxPharm VRTX 212.99 -3.72 NatWest NWG 5.40 0.19 Omnicom OMC 75.45 0.47 Pinduoduo PDD 135.44 3.91 ResMed RMD 189.31 -1.74 Shopify SHOP 1048.68 8.77 Trex TREX 89.961.64 Wix.com WIX 266.99 -3.33 McCormick MKC 89.90 -0.23 TC Energy TRP 46.23 -0.82 ViacomCBS B VIAC 46.61 1.60 NetApp NTAP 72.22 -0.18 ON Semi ON 39.87 0.77 PinnacleWest PNW 80.72 -0.71 RestaurantBrands QSR 65.61 -0.83 Sibanye-Stillwater SBSW 17.41 -0.25 Trimble TRMB 76.04 0.76 Workday WDAY 243.23 0.11 McCormickVtg MKC.V 89.89 -0.50 TE Connectivity TEL 127.48 -0.11 ViacomCBS A VIACA 49.33 2.29 NetEase NTES 102.90 -0.19 OpenText OTEX 47.39 -0.33 Pinterest PINS 69.31 -0.07 RingCentral RNG 286.75 3.06 SignatureBank SBNY 223.52 8.82 Trip.com TCOM 39.56 1.38 WynnResorts WYNN 125.45 1.95 Telus TU 20.03 0.02 Viatris VTRS 14.15 -0.17 McDonalds MCD 224.98 -2.37 Netflix NFLX 513.39 -0.56 OpendoorTech OPEN 20.52 0.07 PioneerNatRscs PXD 160.62 -1.10 RioTinto RIO 77.88 0.92 SimonProperty SPG 115.39 1.58 TruistFinl TFC 58.78 1.47 XP XP 36.71 -0.26 s TJX TJX 66.52 0.99 Vipshop VIPS 30.93 2.46 McKesson MCK 196.53 0.53 Neurocrine NBIX 94.26 -6.97 Oracle ORCL 70.55 -0.58 PlainsAllAmPipe PAA 8.88 -0.17 RobertHalf RHI 77.56 1.18 SiriusXM SIRI 6.12 -0.03 Tuya TUYA 20.38 0.13 XPO Logistics XPO 124.06 2.65 T-MobileUS TMUS 124.64 1.18 Visa V 211.90 -2.61 MedicalProp MPW 21.23 0.10 NewOrientalEduc EDU 14.16 0.37 Orange ORAN 12.46 -0.06 Playtika PLTK 26.82 1.34 Roblox RBLX 65.17 -1.86 Skyworks SWKS 178.51 -0.81 Twilio TWLO 321.20 6.12 XcelEnergy XEL 66.01 -0.99 TRowePrice TROW 172.22 -4.75 Vistra VST 17.81 0.19 Medtronic MDT 118.83 -0.33 NYTimes A NYT 49.75 0.69 Orix IX 88.30 0.84 PlugPower PLUG 34.04 3.26 RocketCos. RKT 23.20 -0.60 SlackTech WORK 40.50 -0.08 Twitter TWTR 62.99 0.05 Xilinx XLNX 120.30 -1.93 TaiwanSemi TSM 115.07 0.68 VMware VMW 150.19 -4.42 MelcoResorts MLCO 20.04 0.48 NewellBrands NWL 26.70 0.28 Oshkosh OSK 119.85 0.76 Polaris PII 135.55 2.35 Rockwell ROK 267.64 -2.68 SmithAO AOS 69.19 -0.03 TylerTech TYL 414.21 -3.66 XPeng XPEV 33.82 2.41 Vodafone VOD 18.58 0.07 MercadoLibre MELI 1428.03 24.61 Newmont NEM 59.88 -2.28 OtisWorldwide OTIS 69.74 -0.17 Pool POOL 342.37 -1.11 RogersComm B RCI 47.17 -0.80 Smith&Nephew SNN 37.87 -0.01 TakeTwoSoftware TTWO 177.09 0.80 TysonFoods TSN 75.95 -0.45 Xylem XYL 104.88 0.61 VornadoRealty VNO 46.57 0.75 Merck MRK 76.96 -1.34 NewsCorp A NWSA 25.69 0.66 OwensCorning OC 92.04 0.90 PrincipalFin PFG 60.64 0.84 Roku ROKU 311.96 11.17 s Smucker SJM 128.55 -2.50 TakedaPharm TAK 18.35 -0.43 UBS Group UBS 15.60 0.01 Yandex YNDX 63.14 -0.60 s VulcanMatls VMC 172.23 1.33 MetLife MET 61.44 1.28 NewsCorp B NWS 23.83 0.44 OzonHoldings OZON 52.90 0.28 Procter&Gamble PG 135.45 -2.12 Rollins ROL 33.92 -0.26 Snap SNAP 49.61 0.04 Tapestry TPR 40.95 1.46 UDR UDR 44.40 -0.01 YumBrands YUM 109.77 0.56 MettlerToledo MTD 1149.27-21.32 NextEraEnergy NEE 74.22 -0.58 PG&E PCG 11.49 -0.02 Progressive PGR 95.55 -0.65 RoperTech ROP 403.01 -5.34 SnapOn SNA 232.04 4.14 Target TGT 199.65 1.44 UGI UGI 41.55 0.05 W X Y Z YumChina YUMC 58.63 0.22 MicrochipTech MCHP 150.11 -0.74 NielsenHoldings NLSN 25.27 0.75 PNC Fin PNC 177.62 3.13 Prologis PLD 106.76 -0.01 RossStores ROST 120.38 0.35 Snowflake SNOW 222.07 -1.42 TataMotors TTM 20.52 0.15 US Foods USFD 37.84 0.89 ZTO Express ZTO 28.38 0.27 MicronTech MU 86.54 -0.05 Nike NKE 132.95 -0.54 POSCO PKX 71.37 -0.55 PrudentialFin PRU 92.08 1.44 RoyalBkCanada RY 92.71 -0.32 SOQUIMICH SQM 53.38 2.25 TeckRscsB TECK 19.32 0.19 UWM UWMC 7.86 -0.08 WEC Energy WEC 93.39 -1.40 ZaiLab ZLAB 129.40 1.81 Microsoft MSFT 231.85 -3.39 NiSource NI 23.99 -0.16 PPD PPD 37.71 0.31 Prudential PUK 43.31 0.50 RoyalCaribbean RCL 85.35 2.48 SolarEdgeTech SEDG 271.17 11.13 TeladocHealth TDOC 174.74 3.44 Uber UBER 53.46 0.11 WEX WEX 212.93 -2.94 ZebraTech ZBRA 474.83 7.76 MidAmApt MAA 147.34 -0.15 Nokia NOK 3.99 -0.03 s PPG Ind PPG 152.79 -2.73 PublicServiceEnt PEG 59.81 -0.40 RoyalDutchA RDS.A 40.10 -0.42 Sony SNE 104.51 -2.09 TeledyneTech TDY 404.41 -1.71 Ubiquiti UI 349.00-27.78 W.P.Carey WPC 70.69 0.23 Zendesk ZEN 127.64 0.23 Middleby MIDD 167.20 3.59 NomuraHoldings NMR 5.55 -0.13 PPL PPL 29.07 0.01 PublicStorage PSA 247.03 -0.96 RoyalDutchB RDS.B 37.69 -0.52 Southern SO 61.54 -0.78 Teleflex TFX 414.79 -0.93 UltaBeauty ULTA 308.00 1.82 WPP WPP 64.96 0.59 Zillow C Z 123.76 4.13 MiratiTherap MRTX 165.97 7.05 Nordson NDSN 204.03 1.07 PRA HealthSci PRAH 153.76 1.72 PulteGroup PHM 52.75 1.14 RoyaltyPharma RPRX 43.63 0.47 SoCopper SCCO 68.09 0.01 Ericsson ERIC 13.28 -0.09 UnderArmour C UA 17.90 0.25 Wabtec WAB 79.72 1.59 Zillow A ZG 126.56 3.68 MitsubishiUFJ MUFG 5.55 -0.11 NorfolkSouthern NSC 270.29 -0.70 PTC PTC 132.00 0.30 Qiagen QGEN 47.91 -0.47 Ryanair RYAAY 114.02 1.81 SouthwestAir LUV 61.91 0.95 TelefonicaBras VIV 7.95 0.01 UnderArmour A UAA 21.71 0.25 WalgreensBoots WBA 52.98 0.13 ZimmerBiomet ZBH 161.22 1.01 MizuhoFin MFG 3.05 -0.01 s NorthernTrust NTRS 107.02 0.44 Paccar PCAR 93.32 0.13 Qorvo QRVO 177.63 -1.26 SAP SAP 121.54 -0.91 Splunk SPLK 131.95 -3.08 Telefonica TEF 4.55 -0.08 Unilever UL 55.92 -0.75 Walmart WMT 135.74 -0.93 ZionsBancorp ZION 55.91 2.02 MobileTeleSys MBT 8.22 -0.06 NorthropGrum NOC 322.68 -0.47 PackagingCpAm PKG 135.45 -0.39 Qualcomm QCOM 130.11 -1.16 S&P Global SPGI 352.78 -8.96 Spotify SPOT 257.69 5.10 TelekmIndonesia TLK 23.75 -0.12 UnionPacific UNP 221.13 -1.85 WarnerMusic WMG 32.76 0.29 Zoetis ZTS 157.04 -1.35 Moderna MRNA 118.49 -4.93 NortonLifeLock NLOK 21.10 -0.62 PagSeguroDig PAGS 45.62 1.32 QualtricsIntl XM 33.90 0.11 SBA Comm SBAC 276.24 -5.16 Square SQ 212.83 5.65 10xGenomics TXG 168.22 6.69 UnitedAirlines UAL 58.21 2.01 WasteConnections WCN 107.74 -0.38 ZoomVideo ZM 313.19 4.80 MohawkInds MHK 195.03 3.76 NorwegCruise NCLH 27.20 0.99 PalantirTech PLTR 22.04 0.31 QuantaServices PWR 87.57 3.25 SEI Investments SEIC 61.34 -0.29 StanleyBlackDck SWK 200.41 0.94 Tenaris TS 22.48 -0.02 UnitedMicro UMC 8.89 0.28 WasteMgt WM 129.28 -1.06 ZoomInfoTech ZI 49.00 -0.69 MolinaHealthcare MOH 235.20 1.92 Novartis NVS 87.02 -0.33 PaloAltoNtwks PANW 318.01 -2.22 QuantumScape QS 44.07 1.67 SK Telecom SKM 26.35 -0.21 Starbucks SBUX 110.27 1.14 TencentMusic TME 21.34 1.00 UPS B UPS 168.64 0.50 Waters WAT 282.51 -1.51 Zscaler ZS 165.79 0.04 MolsonCoorsB TAP 52.34 -0.57 Novavax NVAX 173.32 -0.43 ParkerHannifin PH 317.33 0.15 QuestDiag DGX 128.49 0.45 SS&C Tech SSNC 68.57 -0.28 StateStreet STT 86.31 0.98 Teradyne TER 115.96 2.07 s UnitedRentals URI 333.21 8.74 Watsco WSO 260.22 2.27 Zynga ZNGA 10.06 -0.03

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.50 ... -1.4 GroCo 33.08 +0.09 0.6 IntlEq 28.70 -0.01 1.0 TotRt 10.22 ... -3.1 ExplrAdml 126.27 +1.39 5.5 WndsrAdml 80.83 +0.21 13.2 ExtndIstPl 326.53 +3.70 6.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 33.17 +0.08 0.6 Invesco Funds Y PIMCO Funds A ExtndAdml 132.32 +1.50 6.4 VANGUARD FDS IdxIntl 20.15 ... 4.1 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 51.65 -0.51 -0.2 InvGrBd 11.53 +0.01 -2.8 DevMktY 53.89 +0.22 0.8 IncomeFd NA ... NA GNMAAdml 10.65 +0.01 -0.7 DivdGro 34.55 -0.18 4.6 MdCpGrAdml 90.99 -0.03 -0.2 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity LowP r 55.57 +0.26 14.3 John Hancock Instl PIMCO Funds I2 GrwthAdml 130.44 -0.65 0.1 INSTTRF2020 26.57 ... 1.2 SmValAdml 71.17 +1.01 17.0 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem137.70 -0.42 5.8 Magin 12.96 -0.09 -0.7 DispValMCI 26.61 +0.24 14.1 Income NA ... NA HlthCareAdml r 89.08 -0.58 -0.5 INSTTRF2025 27.93 ... 1.7 TotBd2 11.00 +0.01 -3.6 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 19.07 -0.07 1.0 NASDAQ r 163.97 -0.17 1.3 JPMorgan I Class PIMCO Funds Instl HYCorAdml r 5.90 -0.01 -0.3 INSTTRF2030 28.79 -0.01 2.3 TotIntlInstIdx r134.76 ... 4.1 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; ExtMktIdxInstPre 88.83 +1.01 6.4 OTC 17.89 -0.02 2.1 CoreBond 11.88 +0.01 -2.8 IncomeFd NA ... NA InfProAd 27.93 -0.04 -1.4 INSTTRF2035 29.59 -0.01 3.0 TotItlInstPlId r134.79 -0.01 4.1 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. FidSerToMarket 13.67 ... 5.9 Puritn 27.08 +0.09 4.1 EqInc 21.60 -0.04 10.0 Price Funds IntlGrAdml 156.65 +0.27 -2.3 INSTTRF2040 30.42 ... 3.6 TotSt 99.94 -0.05 5.8 IntlIdxInstPrem 47.37 -0.04 3.9 SrsEmrgMkt 25.62 +0.17 2.6 JPMorgan R Class BlChip 164.34 -0.65 -0.7 ITBondAdml 12.01 -0.01 -4.2 INSTTRF2045 31.16 -0.01 4.2 VANGUARD INSTL FDS MidCpInxInstPrem 29.12 +0.14 7.8 SrsGlobal 14.88 +0.01 3.8 CoreBond 11.89 +0.01 -2.8 DivGro 62.84 -0.24 4.9 ITIGradeAdml 10.04 -0.01 -3.6 INSTTRF2050 31.26 -0.01 4.3 BalInst 44.90 -0.01 2.0 Tuesday, March 30, 2021 SAIUSLgCpIndxFd 20.77 -0.06 5.8 SrsGroCoRetail 23.00 +0.06 1.0 Lord Abbett A EqInc 35.47 +0.15 13.9 LTGradeAdml 10.57 +0.05 -9.6 INSTTRF2055 31.35 ... 4.3 DevMktsIndInst 15.83 -0.02 4.3 YTD YTD YTD Net Net Net SeriesBondFd 10.37 +0.01 -3.4 SrsIntlGrw 17.92 -0.05 0.8 ShtDurIncmA p 4.20 ... 0.4 Growth 98.29 -0.30 1.4 DevMktsInxInst 24.74 -0.04 4.3 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCpAdml 272.90 +0.75 6.7 IntlGr 49.24 +0.09 -2.3 SeriesOverseas 12.61 ... 1.7 SrsIntlVal 10.91 +0.03 8.1 Lord Abbett F HelSci 96.81 +0.23 -2.1 MuHYAdml 11.92 -0.01 0.4 IntlVal 42.74 +0.18 6.2 ExtndInst 132.32 +1.51 6.5 GrwthInst 130.45 -0.65 0.1 American Century Inv Artisan Funds 5GlbFxdInc 10.89 ...... SmCpIdxInstPrem 27.84 +0.48 11.4 TotalBond 10.96 ... -2.7 ShtDurIncm 4.20 ... 0.4 LgCapGow I 62.74 -0.23 2.5 MuIntAdml 14.73 -0.01 -0.3 LifeCon 22.63 ... 0.1 InPrSeIn 11.38 -0.02 -1.4 Ultra 75.03 -0.24 -1.2 IntlVal Inst NA ... NA EmgMktVa 30.94 ... 8.2 TMktIdxInstPrem114.05 -0.05 5.9 Fidelity SAI Metropolitan West MidCap 115.71 +0.30 2.3 MuLTAdml 12.11 -0.01 -0.3 LifeGro 41.65 -0.01 3.5 InstIdx 345.72 -1.06 5.8 American Funds Cl A Baird Funds EmMktCorEq 25.49 +0.08 5.0 USBdIdxInstPrem 11.96 +0.01 -3.5 TotalBd 10.42 ... -2.6 TotRetBdI 10.82 +0.01 -2.9 NHoriz 79.15 +0.31 -3.8 MuLtdAdml 11.22 ...... LifeMod 32.21 -0.01 1.8 InstPlus 345.73 -1.06 5.8 AmcpA p 40.78 -0.09 4.3 AggBdInst 11.33 +0.01 -3.3 IntlCoreEq 15.48 -0.06 6.2 Fidelity Advisor I Fidelity Selects TRBdPlan 10.15 +0.01 -2.9 R2020 23.40 ... 2.9 MuShtAdml 15.93 ... 0.1 PrmcpCor 32.46 +0.09 12.0 InstTStPlus 78.05 -0.04 5.9 AMutlA p 48.03 -0.25 8.1 CorBdInst 11.70 +0.01 -3.1 IntSmCo 21.50 -0.09 6.0 NwInsghtI 37.40 -0.06 1.5 Softwr r 26.97 -0.19 -0.6 MFS Funds Class I R2025 20.03 +0.01 3.4 PrmcpAdml r168.51 +0.47 9.5 STAR 31.71 +0.07 2.0 MidCpInst 60.29 +0.17 6.8 BalA p 31.21 -0.09 3.7 BlackRock Funds IntSmVa 20.78 -0.07 8.6 Fidelity Freedom Tech r 27.03 +0.08 0.6 Growth I 160.27 -0.99 -0.9 R2030 29.61 +0.01 4.1 RealEstatAdml130.88 +0.04 9.4 TgtRe2015 15.78 ... 0.3 MidCpIstPl 297.31 +0.81 6.7 BondA p 13.35 +0.01 -2.9 HiYBlk 7.76 ... 0.7 TAUSCoreEq2 25.14 +0.01 9.4 FF2020 17.52 +0.03 2.1 First Eagle Funds ValueI 49.09 -0.13 9.2 R2035 22.24 +0.02 4.7 SmCapAdml101.86 +1.33 9.6 TgtRe2020 34.70 ... 1.2 SmCapInst 101.86 +1.33 9.6 CapIBA p 65.85 -0.21 5.1 HiYldBd Inst 7.75 ... 0.7 US CoreEq1 32.21 -0.04 8.5 FF2025 15.85 +0.02 2.6 GlbA 63.91 -0.26 4.3 MFS Funds Instl R2040 32.05 +0.03 5.3 SmGthAdml 94.80 +1.10 0.9 TgtRe2025 21.91 ... 1.7 SmCapIstPl 294.00 +3.84 9.6 CapWGrA 61.76 -0.13 4.3 BlackRock Funds A US CoreEq2 29.67 +0.01 10.0 FF2030 19.90 +0.03 3.2 Franklin A1 IntlEq 31.11 +0.04 1.5 PRIMECAP Odyssey Fds STBondAdml 10.77 -0.01 -0.6 TgtRe2030 41.50 -0.01 2.3 STIGradeInst 10.93 ... -0.5 EupacA p 68.89 +0.26 -0.6 GlblAlloc p 21.86 -0.01 1.5 US Small 45.27 +0.54 17.8 17.33 +0.03 4.6 7.70 -0.01 -0.9 Northern Funds 56.01 +0.56 4.4 FF2035 CA TF A1 p AggGrowth r STIGradeAdml 10.93 ... -0.5 TgtRe2035 25.97 -0.01 3.0 STIPSIxins 25.85 -0.03 1.1 FdInvA p 73.05 -0.36 5.9 BlackRock Funds Inst StkIdx NA ... NA US SmCpVal 43.58 +0.68 26.6 FF2040 12.41 +0.03 5.6 IncomeA1 p 2.45 ... 7.8 Schwab Funds TotBdAdml 11.15 ... -3.6 TgtRe2040 45.87 -0.01 3.6 TotBdInst 11.15 ... -3.6 GwthA p 68.48 +0.07 1.4 StratIncOpptyIns 10.33 ... 0.2 Old Westbury Fds US TgdVal 29.45 +0.43 24.8 Freedom2025 K 15.82 +0.02 2.6 FrankTemp/Frank Adv 1000 Inv r 87.84 -0.14 5.1 TotIntBdIdxAdm 22.84 -0.02 -2.2 TgtRe2045 29.39 ... 4.3 TotBdInst2 11.00 +0.01 -3.6 Bridge Builder Trust LrgCpStr 17.68 ... 3.2 HI TrA p 10.24 ... 2.2 USLgVa 43.18 +0.07 15.1 Freedom2030 K 19.88 +0.03 3.2 IncomeAdv 2.42 -0.01 7.5 S&P Sel 60.74 -0.18 5.8 TotIntlAdmIdx r 33.70 ... 4.1 TgtRe2050 47.41 -0.01 4.3 TotBdInstPl 11.15 ... -3.6 CoreBond 10.39 ... -3.3 Parnassus Fds ICAA p 47.33 -0.24 6.9 Dodge & Cox Freedom2035 K 17.31 +0.03 4.6 FrankTemp/Franklin A TSM Sel r 70.37 -0.03 5.9 TotStAdml 99.97 -0.05 5.9 TgtRet2055 51.47 -0.01 4.3 TotIntBdIdxInst 34.28 -0.03 -2.2 CorePlusBond 10.26 ... -2.9 ParnEqFd 57.14 -0.30 6.5 IncoA p 24.85 -0.07 6.2 Balanced 110.35 +0.29 10.3 Freedom2040 K 12.41 +0.03 5.6 Growth A p 136.54 -0.73 0.8 VANGUARD ADMIRAL TxMCapAdml207.92 -0.41 5.5 TgtRetInc 14.90 ... 0.1 TotStInst 99.98 -0.05 5.9 PGIM Funds Cl Z N PerA p 61.33 +0.07 1.4 Intl Eq 13.97 +0.02 4.6 GblStock 14.95 +0.06 12.4 Fidelity Invest RisDv A p 83.42 -0.45 4.0 500Adml 365.34 -1.12 5.8 TxMIn r 15.81 -0.02 4.3 TotIntBdIxInv 11.42 -0.01 -2.2 ValueInst 51.50 -0.02 11.6 HighYield 5.52 ... 1.4 NEcoA p 59.37 +0.02 -0.2 LargeCapGrowth 20.96 -0.09 1.9 Income 14.12 +0.01 -2.5 Balanc 29.45 +0.07 4.1 Guggenheim Funds Tru BalAdml 44.89 -0.01 2.0 USGroAdml 164.45 -0.08 -3.2 USGro 63.48 -0.03 -3.3 WCM Focus Funds TotalReturnBond NA ... NA NwWrldA 88.23 +0.44 0.3 LargeCapValue 16.45 +0.04 11.8 Intl Stk 47.25 +0.18 8.1 BluCh 165.36 +0.94 1.4 TotRtnBdFdClInst 28.40 +0.03 -3.7 CAITAdml 12.22 -0.01 -0.6 ValAdml 51.50 -0.02 11.6 WellsI 28.49 -0.01 1.2 WCMFocIntlGrwIns 24.63 +0.13 -0.5 PIMCO Fds Instl SmCpA p 81.16 +0.56 2.0 Columbia Class I Stock 222.05 +0.78 16.5 Contra 16.64 -0.06 1.5 Harbor Funds CapOpAdml r191.33 +1.05 7.8 WdsrllAdml 76.54 +0.11 11.4 Welltn 45.59 -0.08 3.4 Western Asset AllAsset NA ... NA TxExA p 13.54 -0.01 -0.1 DivIncom I 28.02 -0.12 9.0 DoubleLine Funds ContraK 16.68 -0.06 1.5 CapApInst 98.66 +0.22 -5.3 EMAdmr 42.98 +0.19 3.2 WellsIAdml 69.00 -0.04 1.2 WndsrII 43.14 +0.07 11.4 CoreBondI NA ... NA ShortT 9.84 ... 0.3 WshA p 54.33 -0.28 8.7 Dimensional Fds CoreFxdIncmI NA ... NA CpInc r 11.02 +0.01 3.6 Harding Loevner EqIncAdml 87.10 -0.20 10.5 WelltnAdml 78.73 -0.12 3.5 VANGUARD INDEX FDS CorePlusBdI NA ... NA P2JW090000-5-B01200-1------XA

B12 | We dnesday, March 31, 2021 ***** THE WALL STREET JOURNAL. MARKETS Technology-Stock Selloff Hurts Indexes

BY CAITLIN OSTROFF Indexperformance, Tuesday higher taxes that may accom- AND KAREN LANGLEY pany the additional spending. 0.2% Money managerscontinued Major stock indexes pulled to watchfor fallout from back as investorssold govern- 0 Archegos Capital Manage- ment bonds along with shares ment’s liquidation of more of technology companies that NasdaqComposite than $30 billion in stocks in had powered higher in a low- S -0.2 recent days. The hedge fund’s PRES yield environment. DowIndustrials losses prompted banks that Declines in shares of Mi- TED -0.4 had been handling its trading crosoft, Apple, Amazon.com CIA to unwind positions and warn SO S&P500

and Facebook weighed on the AS that they too may incur some broad stock market, while in -0.6 losses.

bond markets, the yield on the NCHEZ/ Shares in Credit Suisse SA benchmark 10-year U.S. Trea- -0.8 Group declined morethan 3% SE

surynoteticked higher,hover- JO after falling more than 13% in

ing near its highest level since CIO European trading Monday -1.0

January2020.Yields rise as MAR over concerns about losses it prices fall, and the brightening Apple wasamong the day’slosers. Its store in Santa Monica, Calif. mayaccruedue to itsdealings economic out- -1.2 with Archegos. TUESDAY’S look together startofthe year,has curbed as investorsmovemoney into “Everyone’s trying to work 9:30 a.m. noon 4p.m. MARKETS with concerns investor appetite for technol- shares of companies that out who the next hit is going about higher ogystocks,which oftenare af- would benefit from an eco- Source:FactSet to be,what is the next invest- inflation have sapped demand forded high pricetagsbased nomic rebound. Shares of ment bank tied up in it,” said forwhat areseen as the on expectations of growth far American Airlines Group, confident putting capital to about the interplayofthe vac- Charles Hepworth, an invest- world’s safest assets. in the future. Afterposting United Airlines Holdings and work,” said Michael Hans, cine rollout: Is it sufficient to ment director at GAM Invest- TheS&P 500 fell 12.54 outsizereturns last year, cruise company Carnival chiefinvestment officer at offset the risk of another wave ments. “It doesn’t seem likeit points, or 0.3%, to 3958.55, off shares of Apple and Amazon each added morethan 3% Clarfeld Citizens Private of Covid cases? This could put is systemic, so that has hope- 0.4%fromits record close last are down in 2021. Tuesday. Wealth. “It’snicetosee that the reopening trade in jeop- fully been contained and isn’t week.The DowJones Indus- “With rates up as much as Consumers, as well as in- followthrough acrossthe con- ardy,” said EdwardPark,chief some kind of Lehman mo- trial Averagedropped 104.41 they have been just since the vestors, have grownmoreop- sumer confidence as well.” investment officer at Brooks ment.” points, or 0.3%, to 33066.96. beginningofthe year…that’s timistic about the U.S. econ- Some investorsnotethat Macdonald. “It is more ques- Overseas,the pan-continen- TheNasdaq Compositeslipped hurting those longer-duration omy. DataTuesdayfromthe risks from the pandemic re- tionable whetherthingswill talStoxxEurope 600 advanced 14.25 points, or 0.1%, to assetsintech,” said Paul Cava- ConferenceBoardshowedcon- main. Biden administration of- be back to normal in summer 0.7%. In Asia, most major 13045.39. zos, chief investment officer at sumer confidenceinthe U.S. ficials have warned that the as some were hoping.” benchmarks closed higher. Theyield on the 10-year American Beacon Advisors. rose in March to itshighest spread of newvariants, an in- Investorsare also trying to Early Wednesday, Japan’sNik- Treasury note rose to 1.724%, Theeconomically sensitive level sincethe pandemic crease in travel and loosened gaugethe impact of President keiwas down 0.8% and the from 1.721% on Monday. energy,financial and indus- started a year ago. restrictions could lead to a Biden’s planned multitrillion- Shanghai Compositewas down Therise in yields,which trialsectors, meanwhile,are “Weabsolutely have seen surge in cases and deaths. dollar economic package,as 1%. U.S. stock futures were un- were as lowas0.915% at the leading the S&P 500 this year, market participantsfeel fairly “There are question marks well as the ramifications of changed. Swap Type SawScrutinyBeforeFirm’sWoe Yields Give Up Gains Archegos Capital Manage- either in big, concentrated po- products,” said Mr. Rogers. So,evenasArchegos was ment’s investmentswere sitions in companies’ shares or estimated to have had expo- partly concentrated in a com- held in total return swaps. Whydosome people be- suretothe economics of more Amid New mon Wall Street derivative, Using totalreturn swaps in- lieve total return swaps are than 10% of multiple compa- called atotal return swap, that stead of simply buying shares problematic? nies’ shares, it didn’t have to Attention to has foryearsfaced scrutiny of companies provided two Thetypes of swaps used by report those positions. from regulatorsand even main benefits for Archegos. Archegos and hundreds of some well-known investors. Theuse of these types of otherfirms areamong the What is happening with Biden Plans derivatives helped enable the S most controversial products total return swaps now? NEW

firm to increase itsleverage, G on Wall Street. Proponentssay In 2011, the lawfirm Wach- BY SEBASTIAN PELLEJERO By Quentin Webb, in essence owning more of an these types of derivatives in- tell, Lipton, Rosen &Katz Alexander Osipovich assetorassetsthan itscash crease market access and im- asked the SEC to require dis- Yields on U.S. government and Peter Santilli would have otherwise allowed OOMBER proveliquidity.Critics have closureofany derivatives that bonds marked newterritoryin /BL it to. In addition, these swaps said they increase leverage grant an investor a “profit or their recent climb on Tuesday

Here’show the use of swaps allowinvestorslikeMr. Hwang TEKER past thepoint of acceptable, shareinany profit derived beforequickly retreating,asin- figuresinArchegos’sproblems. to maintain their anonymity. MS adding risks to other investors from anyincrease in the value vestorsfocused on President WA in the market. of the subject security.” Biden’s next big spending push

What is atotal return Why do investors like to- EMILE In his 2003 letter to inves- TheSEC hasn’t acted on the and prepared forthe end of the swap? tal return swaps? Archegos’s Bill Hwang tors, Warren Buffett explored request, but it is close to im- quarter. Totalreturn swaps arecon- Manyinvestorssay swaps the risk of total return swaps plementing newregulations Theyield on the benchmark tractsbrokeredbyWall Street areauseful tool that allows broker depends on a range of and concluded that the prod- governing security-based 10-year U.S. Treasurynoterose banks that allowauser to take them to access marketsthey factors, including the collat- uct and derivatives likeitwere swaps,including the type of as high as 1.773% early in the on the profitsand losses of a would otherwise struggle to eral it holds, the sizeofthe “financial weapons of mass swaps that Archegos is said to session—itshighest intraday portfolio of stocks or other as- participatein, and letsthem position, the creditworthiness destruction, carrying dangers have used. Under rules taking levelsinceJanuary2020—but setsinexchangefor afee. bet on moves in astock or of itscounterparty,and how that, while nowlatent, arepo- effect in coming months after wasback to 1.722% in recent Swaps allowinvestorstotake other asset without tying up as easy it is to trade in the un- tentially lethal.” yearsofdelays,banks and trading,according to hugepositions while posting much capital as buying shares. derlying shares,Mr. Howard otherfirms that trade large Tradeweb, compared with limited funds up front, in es- “Total return swaps arejust said. “The totalreturn swap What do regulators think? quantities of such swaps must 1.721% Monday. senceborrowing from the bank. part of the derivatives tool has avariety of valid uses,it TheSecurities and Ex- comply with avariety of re- Yields,which rise when Investor Bill Hwang of kit,” said Stephen Howard, is flexible and allows people to changeCommission has so far quirements, including report- bond prices fall,initially Archegos rattled marketsin chief executiveofficer of How- achievetheir investment ob- taken the position that inves- ingeach trade to giant data- climbed amid reportsthat Pres- the past week afterhis firm ardTrading Ltd. in Hong jectives,” he said. tors aren’t required to disclose bases that regulators can use ident Biden on Wednesdaywill and its banks began liquidat- Kong.“What is probably ques- Totalreturn swaps canalso positions in equity derivatives for surveillance. The SEC was announce plans for ing hugepositions in blue-chip tionable at the moment is,was be acost-effectiveway for like total return swaps unless required to implement such CREDIT atwo-part govern- companies, according to peo- toomuch leverageextendedto smaller investorstoplacea they have voting powerover rules under the Dodd-Frank MARKETS ment-spending ple familiar with the transac- one counterparty by the range of bets without, for ex- related shares.Ifaninvestor Act of 2010 but took nearly a package that could tions.Archegos is estimated to banks,and is therealack of ample,going to the trouble of doesn’t have voting power, decade to finish writing them. totalanywherebetween $2 tril- have managed about $10 bil- transparencyabout the report- setting up in different mar- they aren’t deemed to be the It is unclear whether those lion and $4 trillion, lessthan a lion of itsown money,accord- ing requirements on total re- kets,said David Rogers, a ultimateowner of the shares— rules would have led the month afterpassing a$1.9tril- ing to people familiar with the turn swaps?” partner at Quinlan &Associ- or what U.S. lawcalls the Archegos situation to playout lion bill. Increased government fund. Itstotal positions that It could be useful to require ates,aHong Kong-based fi- “beneficial owner.” Investors differently. spending canliftTreasury were unwound approached investorstoreport large posi- nancial consulting firm. who become the beneficial “We have been monitoring yields by boosting economic $30 billion thanks to leverage tions held through derivatives, “Total return swaps have owner of morethan 10% of a the situation and communicat- growth and increasing the sup- Archegos obtained from banks. he said. proven nowfor along time company’sshares arealso ing with market participants ply of bonds,which areused to that they’reaveryeffective deemed to be corporateinsid- sincelast week,” an SEC fund that spending. How did Archegos use to- What arethe risks of total way forend-investorstoget ers, and thus must report spokesperson said. Yields,though, gaveupgains tal return swaps? return swaps? exposuretoglobal markets, changesintheir holdings —Dave Michaels as the trading dayprogressed. Thefirm’spositions were Howriskyaswapisfor a specific stocks,sectors, and through other public filings. contributed to this article. Tuesday’ssession wasthe sec- ond-to-last daybeforethe end of thefirst quarter.Typically, they are so big they threaten U.S. debttoGDP ratios U.S. privatesector debt* closure regime is badly bro- financial institutions and Archegos to bring down banks, as with ken, Archegos didn’t have to money managerspreferliquid Long-Term Capital Manage- 120%ofGDP 120%ofGDP make public its large posi- assetssuch as Treasurys on ment in 1998. The only way tions in swaps, so each bank their balancesheetsatquarter- Is Warning to get a lot at once is when 100 100 didn’t know about debt from end, providing downward pres- many hedge funds (and simi- others. sureonyields.Manyinvestors Non-bank lar vehicles such as I have little sympathy for also buy Treasurys at this time Households lending Signal Archegos) are crowding into 80 80 bankers trying to blame the to match benchmark indexes, the same strategies and regulators here. Banks could which areadjusted every taken out by the same unex- always demand disclosure month to reflect newdebt that ContinuedfrompageB1 pected market moves. 60 60 before lending, and the scale the government has issued. widely. In part, this is be- We have to hope that of the losses from a single Some money managersare cause the markets overall banks haven’t been dumb 40 Non-financial 40 client is an indictment of betting that astimulus-pow- sailed through even as hedge enough to allow lots of oth- corporations their risk management. But ered recovery will push the funds cut back debt this ers to borrow so much for Bank lending the Securities and Exchange Federal Reservetoraise inter- year. Since the January high, such concentrated trades as 20 20 Commission should follow est ratesasearly as 2023,de- gross leverage—which com- Archegos, which appears to the example of the U.K. and spitecentral bank officials bines bets both on rising and have eschewed risk manage- update its rules to treat de- pledging to keep monetarypol- falling prices—among Gold- ment for bets on a handful 0 0 rivative exposure to a stock icyloose.Investorstend to sell man prime brokerage clients of Chinese stocks and U.S. 1950 ’60 ’70 ’80 ’90 2000 ’10 ’20 1950 ’60 ’70 ’80 ’90 2000 ’10 ’20 the same way as a direct Treasurys when they think the has dropped to 242% from media groups ViacomCBS holding of shares. There is economywill grow fast and ex- *Non-financial debt 260%, while the S&P 500 Inc. and Discovery Inc. Note:Quarterly data through 3Q 2020 no point in a disclosure re- periencerising inflation, which reached new highs. Isolated fund blowups are Source:Bank forInternational Settlements gime that can so easily be erodes the value of bonds’ But we have to accept exciting, but they are a spec- gamed. fixedpayments. that when a firm few have tator sport for the rest of us. have been swimming naked, back, and SPACs have had a Market falls will always “The biggeroverlying pic- heard of turns out to have The risk at the moment is with far too much debt on horrible time. The Goldman and everywhere be acceler- ture is massivefiscal stimulus taken some insane risks en- that hedge funds are united what seemed like a sure bet. index of the 50 stocks most ated by leverage, and inves- andconcern about inflation,” abled by banks that didn’t in their bets in two areas: in- The speculative technol- popular with hedge funds tors always like to take out said LarryMilstein,head of probe deeply enough, the flation and speculative tech- ogy stocks are less danger- has fallen more than 5% more debt when markets are government and agencytrad- road ahead might have more nology stocks. ous purely because they have from its peak last month, high and have been rising ingatR.W.Pressprich &Co. such sinkholes.  Crowded positions. been so volatile that it is even as the S&P 500 has than when they have fallen Theprospect of additional  Elevated prices. One There is strong unanimity hard to take out big loans risen 1%. If the speculative and are low. I think Archegos government spending is caus- might think high stock across markets about the re- against them. But hedge tech stocks continue to fall, looks like an isolated crash, ing some analyststorevise prices—and they are high!— flation trade, which involves funds have been winners any hedge funds that weren’t akin to the collapse of hedge their growth forecasts. Econo- is a good thing. But lenders betting on rising Treasury from bets on tech, initially nimble enough to have ex- fund Amaranth Advisors mistssurveyed by TheWall relax their guard in good yields and stocks which ben- the big safer tech names ited already will lose. over bets on natural gas in Street Journal this month times and tighten in bad efit from a booming econ- such as Microsoft Corp. and  Derivatives. One reason 2006. raised their averageforecast times, so falls from those omy, and against the safe Apple Inc., and more re- banks were caught out by But at a time when money for2021 growth to 5.95%,mea- highs have the added pain of stocks that won amid last cently, riskier plays such as Archegos was that it used is virtually free and nothing sured from the fourth quarter less lending. year’s economic weakness. If SPACs. total return swaps to gain is more fashionable than of last year to the same period Fund blowups become a something goes wrong, many As Treasury yields rise exposure to stocks such as wild speculation, investors this year,froma4.87% projec- problem for markets either people will be caught out. and the economy proves Viacom, rather than using a should keep their eyes on tion in February’ssurvey. when there are a lot of them Some will surely, in the more growth options, many loan to buy the shares di- the road and be ready to —Sam Goldfarb all at once, as in 2008, or words of Warren Buffett, of these stocks have fallen rectly. Because the U.S. dis- steer round the wrecks. contributed to this article. P2JW090000-0-B01300-1------XA

THE WALL STREET JOURNAL. We dnesday, March 31, 2021 | B13 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Instagram for Kids Will Be Money

Facebook’s potential new app could make the company’s ad-targeting ability across its platforms even better

Investors should know better by On the surface it seems like Facebook's quarterly ad revenue such as children’s images, voices, to discourage children from spend- now than to accept a big move by such a platform would be bad for time zones, birthdays and genders. ing arguably unhealthy amounts of $30 billion a social-media company as solely business, lowering the number of It also knows with whom children time online. A February study by altruistic. users who can view ads. Facebook speak most frequently and has ac- an Australian government group Facebook has confirmed it is says the app wouldn’t be about its 25 cess to their cameras, photos and found those aged 12 to 13 in that exploring the development of an bottom line. In reality, such an app microphones, if enabled. country were already on an aver- Instagram-like app for children un- could make its ad-targeting ability Because access to a child’s Mes- age of 3.1 social-media services. 20 der 13 to enable them to keep up across its platforms even better. senger Kids app must be granted Within that age bracket, 39% and with family and friends in a safe While Facebook acquired Insta- through an adult’s Facebook ac- 42% of those surveyed said they and ad-free environment. The new gram in 2012, the company didn’t 15 count, it is possible that, while used Instagram and Facebook app would likely be at least in part require new Instagram users to Facebook can’t use children’s in- apps, respectively. a policy-driven move to lure chil- provide their birth dates until late 10 formation to serve them ads di- Those numbers imply a signifi- dren under the age of 13 off their 2019. That has since helped it to rectly, it can serve their parents cant percentage of users on Insta- original Instagram platform where weed out age-hackers, but it has ads based on the information. In gram today might be underage. they technically aren’t allowed. likely also greatly bolstered its 5 that sense, the more children it Facebook, whose apps now touch Even as Instagram has upped its ability to target ads in age-depen- can get off its original apps and nearly half the world’s total popu- safety measures in recent years to dent categories such as alcohol. 0 onto children’s focused apps, the lation on a monthly basis, didn’t keep young children off its more Facebook isn’t new to kids’ 2016 '17'18 '19'20 more accurately it can target get to be the $84 billion annual mature apps, research shows a apps. Back in 2017, it launched credit-card-carrying elders. advertising behemoth it is by sim- hefty percentage of children are Messenger Kids, a messaging app Source:FactSet Children’s apps are, at the end ply ignoring large demographics. using them. Facebook itself said it that mimicked Facebook Messen- of the day, gateway products to So while the company says its sec- collaborated on a study a few ger but was aimed at children data collection. So while Messen- get youth hooked on Facebook ond foray into children isn’t about years back that showed 81% of U.S. aged 6 to 12. That app is also ad- ger Kids is managed by parents, products. While providing parents the money, it is unlikely it will fail parents reported their children free, but its privacy policy notes it much as Facebook says a kid-fo- with detailed oversight certainly to somehow monetize its youngest started using social media between helps to improve and develop cused Instagram app would be, it will help promote safety for young users, whether they lie about their the ages of 8 and 13. other Facebook products through still collects useful information users, they also aren’t doing much age or not. —Laura Forman Academy Sports Deserves Some Badges

Academy Sports & Outdoors as fishing and camping equipment. has attracted very few fans in the Given the strong business per- S stock market since listing in Octo- formance, Academy Sports’ cheap

NEW ber. Investors only now seem to be valuation is a bit of a head G noticing its potential. scratcher. Even after a 10.8% rise The Texas-based sporting goods Tuesday, its shares still trade at OOMBER and outdoor retailer had a record roughly 11 times forward-12-month year and quarter. For the year earnings, compared with 15 times LIFFE/BL ended Jan. 30, net sales reached for Dick’s Sporting Goods and 14 TC

RA $5.69 billion, an 18% increase over times for Hibbett Sports. J. the previous fiscal year. That is a It is true that AcademySports

CHRIS much bigger bump up than the lagsbehind Dick’sSporting Goods in Amazon-backed Deliveroo shares are set to make their debut on the London Stock Exchange on Wednesday. 9.5% growth that competitor scale and in profitability,but that Dick’s Sporting Goods saw. In a should be seen as opportunity. year when some other athletic re- Academyhas 259 stores and sees IPO Puts Profits Back on Menu tailers such as Modell’s Sporting room formorethan 800 stores Goods went out of business, sur- acrossthe U.S. over time.Dick’shas viving and thriving is evidence of morethan 850 stores,including spe- strong market positioning. cialty concept stores such as Golf As team sports and sporting Galaxy.Academy’sprofitability met- Threatofhigher labor costsspursDeliveroo to priced debut at bottom of range events resume this year, it is likely rics arestill relatively weak,but that higher margin products that that likely means thereare effi- didn’t sell well last year will come ciencygains to be had over time. Shareholdersintakeout delivery of the food-deliveryindustry, labor cause tensions. Alternatively, De- roaring back. On certain days last One concern clouding Academy stocks have areputation forignoring overheads canrise 30% on average liveroo could pass on the cost to year, Academy Sports saw zero Sports is its exposure to hunting losses.That is lesstrueinEurope in Europe when ridersare reclassi- customers through higher delivery sales in cleats, for instance, the re- products and firearms, which these days,wherethereisfresh de- fied from independent contractorsto fees, but this would probably tailer noted in an earnings call on could be hit by new gun control bateabout whether deliverycouriers employees.Deliveroo disputes its lower its blistering order growth. Tuesday. Licensed apparel also en- legislation under the Biden admin- should getamoregenerous helping. ownfigurewould be this high. Thebusinessismoreexposed to joyed little fanfare last year; that istration. That category accounts On Tuesday, Amazon-backed De- The company generates roughly changes in labor lawthan Europe’s merchandise tends to sell well for roughly 10% of the retailer’s to- liveroo priced itsshares at the bot- half its sales in the U.K. Omi- other takeout companies.Deliveroo’s when consumers are attending tal sales, according to analyst esti- tomofits range ahead of their nously, Uber lost its appeal in the Amsterdam-listed rival Just Eat sporting events. mates. But even if one were to Wednesdaydebut on the London British Supreme Court this month Takeaway.com has alucrativemar- Productsthat sold particularly shave 10% off the company’s for- Stock Exchange. Avaluation of £7.6 and must give its ride-hailing driv- ketplaceoperation—whereittakes well last year included fitnessequip- ward earnings estimate, its shares billion, or $10.5 billion, is 14%below ers additional benefits like holiday takeout ordersbut letsrestaurants ment—demand forwhich the re- would still be cheaper than peers. the maximum set in the initial pay. But the legal technicalities for fulfill them—that could subsidize tailer sometimes struggled to It is time to give the underdog a bracket issued at the start of last food couriers are different. higher payinits deliveryarm. Ber- meet—and outdoor categories such chance. —Jinjoo Lee week.The companysaid it is being So far,only Spain proposed new lin-listed DeliveryHero mainly op- cautious because marketshave legislation that would givegig- erates in emerging markets. turned volatile and pointed out that economycourierscontinuing bene- Therealso maybecultural rea- two-thirds of U.S. tech companies fits.GovernmentsinFrance, Bel- sons whysome conservativeU.K. S that went public last week aretrad- gium, Italy and the Netherlands are institutions aresitting this IPO PRES

ing belowtheir issue price. investigating the way Deliveroo and out. Some aspects, such as adual- TED

But itsbusinessmodel is also be- other takeout-app operatorshire classsharestructure, arecommon- OCIA ing picked at. Several big U.K. insti- their deliveryriders. This could re- placeinthe U.S. but lesssofor SS /A tutional investorssaid they won’t sult in backdated fines,although London listings. Manyfast-growing participateinthe initial public offer- not necessarily unfriendly new European tech companies choose ing.The way that Deliveroo pays its laws.The European Commission re- to go public in NewYork—most re- deliveryriders, who areclassified as cently launched apublic consulta- cently online carretailer Cazoo,

independent contractors, is aworry. tion on the conditions of workers which announced an $8.1 billion SENGER-INQUIRER

If labor laws givecouriersnew hired through technologyplatforms. deal with aU.S.special-purpose MES rightsand benefits, breaking even If labor costs do jump, De- acquisition vehicle on Monday. will be harder.Deliveroo lost £224 liveroo has several options. It can With fewer big shareholders

million in 2020,when demand for ask restaurants to pay more for willing to stomach the risks than RREN/THE takeout meals wasatahigh. delivery. Takeout apps charge up hoped, Deliveroo could be forgiven WA

Thethreat is trickytoprice. But to 30% of the value of an order in for regretting that it opted for an ALAN according to people with knowledge commissions, so increases will IPO in its home city. —Carol Ryan One concern is the company’s exposure to hunting products and firearms. The Vietnamese Recovery Is Made in America

Vietnam’seconomyisgrowing Percentage of Vietnameseexports accounted forbyU.S.imports, wasalogical docking station for highest in the world. Such hugeex- again, on the back of astrong rise in 12 months rolling multistage “transshipments” to posuretointernational commerce exports. TheSoutheast Asian nation avoid American tariffs. would be damaging during anormal looks to be one of the most clear- 30.0% Some of those gains maynot be recession, but in this one it has pro- cut international beneficiaries of the repeatable,but given the fiscal vided crucial economic ballast. U.S. stimulus package. 27.5 splurge in Washington, it is likely TheHoChi Minh indexofViet- First-quarter grossdomestic that the U.S. shareofVietnam’sex- namese equities has nowcaught product wasup4.5%relativetolast 25.0 portswill remain high forsome back up with the S&P 500 in price year’s figure,according to an initial time.Domestic economic growth in terms sincethe beginning of 2020. estimatereleased Monday. There- 22.5 the order of 6.5% this year—as fore- Each is up by alittle over 20%. But covery is being driven by asurge in cast by the Organization forEco- investorsneed to be careful when goods and services sold abroad, 20.0 nomic Cooperation and Develop- seeking direct exposuretoVietnam: which rose almost 20% year-over- ment—will keep U.S. import demand Thesole exchange-traded fund, the year in March. Sales to the U.S. are 17.5 strong and businessbrisk forex- VanEck VectorsVietnam ETF, is up likely rising even faster,with no port-focused Vietnamese companies. roughly 11% over the same period, sign of aslowdownonthe horizon. 15.0 Vietnam’scontrol of the Covid-19 having laggedbehind the broad Using Vietnamese export data pandemic is among the most im- market fairly consistently. Manyac- and U.S. datafor importsfromViet- 2012 '15'20 pressiveinthe world, especially tively managed Vietnam funds have nam, it is clear that the American Note:U.S. Census Bureau imports registeredfromVietnam, divided by Vietnamese total exports given the country’sincome bracket. performed far better. shareofVietnam’soverseas sales Source:FactSet But that hasn’t been enough to pro- TheU.S.economic resurgence has risen considerably.Inthe 12 tect adomestic economy with large could persist awhile as Washing- months through January, U.S. im- Caution is needed when datacome areconsidered the gold standard. exposuretotourism revenues dur- ton’slateststimulus bill feeds portsfromVietnam were equivalent from different sources, but histori- Vietnam emergedasabig winner ing ayear in which international through to American consumers. to about 29% of the Asian country’s cally the two series tend to match from the China-U.S.trade spat. travel all but ceased. Thecountry’s Vietnam is among the nations best totalexports, far higher than the up with figurespublished by the In- Some supply chains reoriented away merchandise trade rantoalmost placed to ride itscoattails. roughly 20% averagebefore2019. ternational MonetaryFund, which from China, and the countryalso 200% of GDP in 2019,among the —Mike Bird P2JW090000-0-B01400-1------XA

B14 | We dnesday, March 31, 2021 THE WALL STREET JOURNAL.

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