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***** MONDAY,MAY 10,2021~VOL. CCLXXVII NO.108 WSJ.com HHHH $4.00

Last week: DJIA 34777.76 À 902.91 2.7% NASDAQ 13752.24 g 1.5% STOXX 600 444.93 À 1.7% 10-YR. TREASURY À 16/32 , yield 1.576% OIL $64.90 À $1.32 EURO $1.2163 YEN 108.59 Kabul Mourns Victims of Attack That Struck at Schoolgirls Shoppers What’s News Feel Bite As Prices Business&Finance Begin mericans accustomed Ato years of low infla- tion are beginning to pay To Climb sharply higher prices for goods and services as the economy strains to rev up Companies arepassing and the pandemic wanes. A1 on the pain of supply  Investors in search of shortages and rising higher returns and lower taxes are scooping up debt costsof ingredients sold by stateand local gov- S

ernments, pushing borrowing PRES BY JAEWON KANG

coststonear-recordlows. A1 TED

 Star Entertainment OCIA Americans accustomed to SS

said it wantstomerge with /A yearsoflow inflation arebegin- casino operator CrownRe- ning to paysharply higher

sorts, which has also re- ZUHAIB prices forgoods and services as ceived asweetened bid M the economystrains to revup from Blackstone Group. B1 and the pandemic wanes. MARIA GRIEF:MournersonSundayattendafuneral forone of 53 people killedSaturdayinabombing thattargetedschoolgirls in a Pricetagsonconsumer  Policymakers debated the predominantly Shiiteneighborhood in Kabul. The Afghan president blamedthe Taliban. The Taliban deniedresponsibility.A8 goods from processed meat to root cause of a growing dishwashing productshave shortage of workers that risen by double-digit percent- threatens to restrain the pace ages from ayear ago, according of U.S. economic growth. A2 to NielsenIQ.Whirlpool Corp.  Benson Hill is going pub- freezers and dishwashersand lic by merging with ablank- Pipeline’sShutdown Exposes Scotts Miracle-GroCo. lawn and check company in a deal garden productsare also get- that values the plant-grow- ting costlier,the companies say. ing tech firm at $2 billion. B1 Some consumersare feeling stretched. Kaitlyn Vinson, a  An anticipated decline Cyber Threat to PowerSector programmanager in Denver, in mortgage volume is said her recent $275bill at a prompting price wars Costco Wholesale Corp.store, across the industry, driving Theransomware attack that itsentire5,500-mile conduit infection spreading to that control systems at acompres- which included razors and cot- down profit margins. B1 forced the closureofthe larg- carrying gasoline and other deeper layerare direfor any sion facility,halting operations tonpads on topofher typical  A judge ordered Cred- est U.S. fuel pipeline this fuels from the Gulf Coast to energy company. Manyma- fortwo days,according to a groceries, wasmoreexpensive Force to pay the Wharton weekend showedhow cyber- the NewYork metroareaon chines that control pipelines, Department of Homeland Se- than usual. Ms.Vinson said she School more than $1.2 mil- criminals pose a far-reaching Friday as it moved to contain refineries and powerplants curity alert. Thecompany, switched from buying fresh to lion related to an execu- an assaultthat involved ran- arewell past their prime,have which Homeland Security frozenfruit and vegetables be- tive program there. B3 By Collin Eaton, somware,code that holds few protections against so- didn’t name,didn’t have aplan cause they are lessexpensive James Rundle computer systems hostage. So phisticated attacks and could to respond to acyberattack, andlast longer. and David Uberti far, no evidence has emerged be manipulated to muck with the agency said. “We’re sacrificing the food World-Wide that the attackers penetrated equipmentorcause damage, TheColonial ransomware that Ireally liketocook just to threat to the aging,vulnerable the vital control systems that cybersecurity experts say. attack is a high-profile exam- PleaseturntopageA6 infrastructurethat keeps the runthe pipeline,people famil- Last year,aransomware at- pleofthe online assaultsthat  The ransomware attack nation’s energy moving. iar with the matter said. tack moved from anatural-gas U.S. companies,schools,hospi-  Policy makers debate roots of that forced the closure of Colonial Pipeline Co.closed But the consequences of an company’snetworks intothe PleaseturntopageA2 worker shortage...... A2 the largest U.S. fuel pipeline showedhow cybercriminals pose afar-reaching threat to the infrastructurethat keeps Investors Demand Cools the nation’senergy moving. A1 For Mortgages Breakout CitiesEnergize  Biden administration offi- cials said the U.S. is entering Flock Into As rates increase, demand for anew phase of the pandemic mortgages drops. B1 U.S. Economic Recovery in which many vaccinated Americans canbegin return- Market Mortgage originations, ing to normal activities. A5 quarterly  TheWhiteHouse plans $1.4 trillion Rising stars were vibrant; now draw new workers and businesses to name Thea Lee, afor- For Munis mer AFL-CIO trade offi- 1.2 BY JUSTIN BAER year with fewerjob losses and servicecuts, and cial, as head of the Labor BY SEBASTIAN PELLEJERO made quicker recoveries. Department’sinterna- 1.0 GREENVILLE, S.C.—Thepandemic is acceler- “They offer alot of thingsyou can’t really tional-affairsdivision. A4 Investorsinsearch of higher ating growth in midsizecities,positioning getinthe big city,” said Mark Vitner,senior  KentuckyDerby winner returns and lowertaxes are 0.8 them to lead the charge in the nation’seco- economist with Wells Fargo&Co. “They’re Medina Spirit failed apostrace scooping up debt sold by state nomic rebound. moreaffordable,and it’ssomuch easier to live drug test, raising the prospect and local governments, push- 0.6 Even beforeCovid-19,these rising stars— there. And all of these industries arepoised to of adisqualification in horse ing borrowing coststonear-re- such as Greenville,Des Moines,Iowa,and do very well.” 0.4 racing’smarquee event. A3 cord lows and boosting coffers Provo, Utah—had been quietly building out vi- Thepandemic-fueled flow of jobs and resi- from California to Connecticut. brant economies in the shadowofbiggerme- dentsout of NewYork,San Franciscoand  Courts are weighing Anet $39 billion has poured 0.2 tropolises.During the pandemic,they have other large coastal cities will subside and likely whether some of the failed intomunicipal-bond mutual drawnworkersand businesses with large and eventually reverse, economistssay.But the legal challenges to the 2020 funds this year through Thurs- 0 affordable homes,ample access to outdoor economies in some of these smaller metroar- presidential election were day, according to datacompiled 2020 ’21’22 spaceand lesscongestion. eas have staying power. frivolous or improper. A4 by Municipal Market Analytics, They also have amix of high-tech jobs and In Greenville,the seasonally adjusted unem- Note:Q22021through Q4 2022 areestimates.  Israel’s Supreme Court the most over the same period Source:Mortgage Bankers Association old-line industries,including manufacturing ployment rate was4.3%inMarch, well below postponed a ruling on since2008.Returns on the and finance, that turned out to be moreresis- the national rate of 6.0% that month, according whether to evict Palestinian debt, which local governments tant to the downturn. They came through the PleaseturntopageA12 families from an East Je- use to fund public works such rusalem neighborhood. A9 as sewers or bridges,have beaten those of corporate Tiny Pools Make Big Splash  Thenation’s largest wire- bonds and Treasurys. Melinda Gates Sought lesscarriersare lobbying to Demand is so intense that In Cramped New York delayanew regulation on rob- Illinois,the only statetotap ocalls aimed at overseas scam- the Federal Reserve’span- iii DivorceLawyers in ’19 mers who make them. A4 demic emergency-lending pro- gram, recently sold three-year Brownstones, penthouses want water bonds at yields near 1%. The BY EMILY GLAZER riageofmorethan 25 years, ac- JOURNAL REPORT Biden administration’spro- features; ‘We craned a pool on a roof’ AND KHADEEJA SAFDAR cording to these people and the Investing in Funds: posed tax changes also could documents. The 6big Social Security potentially makemunicipal BY CHARLES PASSY aged to squeeze in acedar hot Thesplit between Bill and Last Monday, the billionaire mistakes. R1-6 debt moreattractivetoinves- tub and sauna. Melinda Gates, announced last couple announced they were tors. When Jersey City,N.J., resi- Thecountryisreopening, week,has been in the works for ending their marriage.Ina CONTENTS Outlook...... A2 Considered almost as safe dent Niki Turkingtonwon- but noteveryone is so sure along time. joint statement posted on Twit- Arts in Review... A15 Personal Journal A13-14 Business&Finance..B2 Sports...... A16 as Treasurys because they are dered howshe and her family about public pools.Heading Ms.Gates consulted with di- ter,they said, “wenolonger BusinessNews...B3,5 Technology...... B4 backed by taxes or payments were going to makethe best of into summer, residents of the vorcelawyersroughly two believewecan grow together Crossword...... A16 U.S. News...... A2-6 on essential services like wa- Covid-eraliving,she remem- NewYork metroareaare find- yearsbeforeshe filed fordi- as acouple in this next phase HeardonStreet..... B8 Weather...... A16 ter, municipal bonds typically bered the good times she had ing ways to wedge water fea- vorcefromMr. Gates,saying of ourlives.” Opinion...... A17-19 World News...... A7-9 offerinterest paymentsthat spentwith friends in tures intothe tiniest theirmarriagewas “irretriev- Thecouple hasn’t said what are tax-free. their backyard hot spaces. ably broken,” according to peo- prompted the split. One source > Thefuror marks areversal tubs. Localpool and spa ple familiar with the matter of concern forMs. Gates was from thepandemic’slows. In Theproblem: Ms. companies saydemand and documentsreviewedby her husband’sdealingswith thespring of 2020,cash-hun- Turkington’stown- has soared during the TheWall Street Journal. convicted sexoffender Jeffrey gryinvestors dumped even house doesn’t have past year or so.They The56-year-old philanthro- Epstein, according to the peo- safemunis at steep discounts. much of aback- are doing projects ev- pist has been working with law- pleand aformer employeeof s 2021 Dow Jones & Company, Inc. All Rights Reserved Manypredicted taxcollections yard.She and her Splash erywherefromthe yers at several firms sinceat their charity,the Bill &Melinda PleaseturntopageA9 husband still man- spot PleaseturntopageA12 least 2019 to unwind the mar- PleaseturntopageA6 P2JW130000-2-A00200-2------XA

A2 | Monday, May 10, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Phred Dvorak ECONOMIC CALENDAR

EconomyNavigatesHerdImmunity Tuesday: China’sfactory-gate prices areexpected to surge in April. Economists polled by The s countries rush to get tion progress around the Percentage of global be 5.6% this year, a full per- Economies are also adapt- Wall Street Journal areforecast- their citizens vacci- world and take account of population vaccinated centage point lower than ing to Covid-19 as the pan- ing arise in the producer-price A index of 6.5% from ayear earlier. nated, a debate is estimates of how many peo- Goldman Sachs. demic drags on, weakening heating up among econo- ple have already been in- 100% “I think for a while we the correlation between herd The country’s consumer-pricein- mists about how much herd fected. were all hoping that every- immunity and recovery, said dex is expected to climb forthe immunity matters for the According to their calcula- thing is transitory—that this Frederic Neumann, co-head second consecutivemonth. world’s economic recovery— tions, 60% of the population 80 will pass and at some point of Asian economics research Wednesday: The U.K. econ- or even if it does. in the U.S. and U.K. are al- in 2022, we’ll be going back at HSBC. The kinds of omy likely contracted in the first Some view herd immu- ready immune to Covid-19; to the way things were,” he Covid-19 restrictions and quarter after the governmentin nity—the point at which a the biggest economies of Eu- 60 said. “Probably not.” lockdowns that pummeled December responded to rising critical mass of a population rope will get there by Au- Economists at Morgan economies early in the crisis Covid-19 cases with fresh restric- become immune to a dis- gust. Stanley don’t see it that way. are having less effect now, as tions on social and economic ac- ease-causing virus or bacte- The bank’s data suggest Places don’t need to achieve populations get used to tivity. But astrong vaccination ria—as a key factor in deter- that some emerging markets 40 herd immunity before their things like working from campaign and steady reopening mining when Covid-19 will may also be close to or at economies normalize, said home or having food deliv- of the economysuggestthe be conquered and economies herd immunity because of Asia economist Deyi Tan. ered, he said. downturn wasshort-lived. Econo- will return to normal. Until high levels of natural immu- 20 She pointed to China and mists expect growth to return in herd immunity is reached, nity caused by infections. Taiwan, where strict control ountries may see eco- the second quarter. some say, governments will Some 72% of the population measures have effectively nomic activity rebound U.S. consumer prices in April restrict activities to prevent in Peru had natural immu- tamed the disease despite C areexpected to post their largest 0 PROJECTIONS before their popula- the disease’s spread, result- nity by early May, while 58% low levels of vaccinations tions are fully inoculated, annual increase in nearly ade- ing in fewer goods and ser- in Mexico did, the bank says. 2021 ’22 ’23 ’24 and immunity. China’s econ- but without herd immunity cade. Costsare rising forgoods vices being produced and Those estimates are fac- Source:Moody's Analytics omy rebounded to its pre- that recovery may not last, and services in high demand and consumed. tors in the bank’s relatively pandemic size in the third said Katrina Ell, senior Asia short supply,but the figures will Other economists say bullish economic outlooks. It the disease remains un- quarter of last year and its Pacific economist at Moody’s also be amplified by the compari- businesses can reopen and expects global gross domes- tamed, the greater the previous level of growth in Analytics. Until the world is son to prices from ayear earlier. economic activity can re- tic product to grow 6.6% this chance of new variants. the fourth quarter, she said. vaccinated, the virus will be Friday: U.S. consumer spend- bound without full herd im- year, on the high end of fore- All those factors are dim- Taiwan’s economic growth able to sneak across borders ing jumped in March as federal- munity, and likely will. casts. ming the possibility of a rel- rate didn’t seem to be af- and disrupt hard-fought eco- stimulus checkssenthousehold Part of the challenge for atively quick global recovery, fected by Covid-19 at all, she nomic gains, she said. Coun- incomes soaring. Economists are economists is that it is hard ecently, however, some said Taimur Baig, chief econ- said. tries like Australia that have forecasting moregains in April, to know exactly when a experts have raised omist at Singapore-based Such examples are leading managed to largely quell in- albeit at aslowerpacethan the given place will achieve herd R DBS Bank Ltd. previous month. Retail sales will questions about when Morgan Stanley to view herd fections and reopen busi- immunity, if ever. For or even if herd immunity is Even if individual coun- immunity as just one factor nesses have had to clamp likely be helped along as Covid-19, epidemiologists possible—particularly glob- tries inoculate the bulk of in the more important task down again when Covid-19 Covid-19-relatedrestrictions are generally believe it will re- ally. Many countries are re- their populations, because of of Covid-19 control, said Ms. outbreaks popped up. relaxed, vaccination campaigns quire having at least 60% to porting vaccination delays cross-border travel and trade Tan. Even without herd im- Moody’s Analytics fore- advanceand the broader econ- 80% of a population develop and slowdowns, either be- they will be vulnerable until munity, if places can protect casts global herd immunity— omyexpands. antibodies, curbing the vi- cause they can’t get enough their neighbors and the rest their populations that are which it says will require at U.S. industrial production—a rus’s ability to spread. shots or their citizens are re- of the world do too. Mr. Baig most vulnerable to the dis- least 70% of the world’s pop- measureoffactory,mining and Economists at Goldman luctant to get inoculated. said the global economy ease and keep infections ulation to be inoculated— utilityoutput—is expected to ad- Sachs Group Inc. have tried Vaccines may also be less can’t really return to normal down, “you would already be could be achieved in 2023. vanceinApril as factories look to to incorporate immunity es- effective against new vari- until that happens—likely making progress in the path Until then, “it’s going to keep up with strong demand for timates into their forecasts ants of the coronavirus, sci- mid-decade or later. DBS of the economic recovery,” be a recovery that happens autos,appliances and other by looking at daily vaccina- entists say, and the longer forecasts global growth will she said. in fits and starts,” she said. goods. Hacking Propensity to be hit by ransomware acrossdifferent sectors Worker Shortage Retail Exposes Education Business&professional services Explanations Differ Threat Centralgovernment Technology &telecoms BY ERIC MORATH dataand Isee that in anec- Manufacturing &production dotes as we talk to people.” ContinuedfromPageOne PolicymakersonSunday Under relief bills passed by tals and other organizations Energy,oil/gas &utilities debated the root cause of a Congress,those receiving job- nowfaceregularly.Itshould Healthcare growing shortageofworkers lessbenefitsget an additional also serveasawake-up call that threatens to restrain the $300 aweek on topofregular Localgovernment for the energy industry’s par- paceofeconomic growth statebenefits, which average ticularexposure, consultants Financial services while the U.S. emergesfrom $318 aweek,according to the and otherswho work with Global the Covid-19 pandemic. Labor Department. That means Media, leisure&entertainment companies to shore up cyber- Many Republicans sayen- the averagerecipient earns bet- security said. Construction &property ave hanced andextendedunem- terthan the equivalent of work- ra

U.S. and industryofficials ge ployment benefitsare discour- ing full time at $15 an hour. Distribution &transport have known foryearsabout aging Americans from seeking Mr.Kashkari said that 01% 0203040 such problems surrounding work,especially in low-wage child-careshortages,schools the nation’senergy infrastruc- Impact of ransomware Ransomware complaints Victim lossfrom jobs where the aid often pays with limited capacity and fear ture. Acybersecurity unit of filedwith the FBI ransomware attacks morethan they earned at pre- of the virus also weigh on peo- Homeland Security said in Cybercriminals succeeded vious jobs.The Biden adminis- ple seeking jobs.Hesaid he in encrypting data 2016 it had worked to identify 2500 $30million tration and Democratssay expectsstronger job growth in and mitigate186 vulnerabili- other factors, including lack of the second half of the year, ties throughout the energy 73%54% 25 access to child care and short- when virus fearssubside, sector,the most of anycriti- 2000 ages of computer chips,are schools fully open and ex- cal-infrastructureindustry holding back more robust job tended unemployment benefits 2020 2021 that year.In2018,federal offi- 20 growth. are scheduled to expire. Attackstoppedbefore cials warned that hackers 1500 U.S. employers added asea- Commerce SecretaryGina working forRussia had infil- the data could be encrypted sonally adjusted 266,000 jobs Raimondo said the Biden ad- trated thecontrol rooms of 15 in April, the Labor Department ministration is monitoring the U.S. electric utilities. said Friday. Thefigurewas a effect unemployment benefits 24%39% 1000 Theenergy industryisabig sharp slowdown from March arehaving on Americans’ will- target. TheU.S.has 2.5million 10 and well belowthe one million ingnesstowork,but added, miles of pipelines.Acrossthat Datanot encryptedbut jobs economistsexpected to “There’s nothing in the data 500 vast network are hundreds of victim still held to ransom 5 be created. which would suggest that thousands of devices—sensors Neel Kashkari,president of that’sthe reason people are that take myriad readings, the Federal ReserveBank of out of work.” 3% 7% valves that help control flow 0 0 Minneapolis,said labor supply “The No.1reason nowthat and pressurewithin apipeline 2015 '20 2015 '20 is afactor holding back better people aren’t going back to and leak detection systems— Sources: SophosState of Ransomware 2021 report (industries, impact); FBI Internet Crime ComplaintCenter(complaints, loss) overallgrowth, at least tempo- work is…fear,” Ms.Raimondo and all arevulnerable to at- Siemond Chan/THE WALL STREET JOURNAL rarily.“Thereissome truth to said in aCBS interviewthat tack, security experts said. the unemployment benefits, aired Sunday, adding that child Refinerieshaveevenmore The 5,500-mile Colonial Pipeline systemcarries roughly 2020 sustained the third-most maybe, being a disincentive,” care and ashortageofsuppli- valves andsensorsthan big 45%ofgasoline and diesel fuel consumedonthe EastCoast attacks of anyindustry, up from he said in aCBS interviewthat ers, particularly semiconduc- pipelines,and thereare about ninth in 2019,ascybercriminals airedSunday. “I see that in the tors,are also limitations. 135 of those acrossthe country. ramped up assaultsonfirms That doesn’tinclude electric Linden with software connected to op- utilities and all the components erational control systems. CORRECTIONS  AMPLIFICATIONS of the sprawling powergrid. Theindustryisill-prepared Colonial ferries 100 million Greensboro Norfolk forsuch attacks,security ex- gallons a day of gasoline, die- Knoxville pertssaid. Some operational A U.S. News article Satur- Noticetoreaders sel and other refined petro- Nashville technologies—for physical sys- dayabout negotiations in Con- Wall Street Journal staff leum productsfromthe coun- tems likepipelines and the gressovernew measures af- membersare working remotely try’schief refining corridor Birmingham Charlotte electric grid—have protocols fecting policeofficers during the pandemic.For the along the Gulf Coast to Linden, that predatethose forthe in- incorrectly referred to Senate foreseeable future, please send Atlanta N.J. It transportsroughly 45% ternet, said Padraic O’Reilly, Minority Leader Mitch McCon- reader commentsonly by email of the fuel consumed on the co-founder and chief product nell as majority leader in some or phone,using the contacts East Coast, according to the Houston officer of Boston-based Cyber- editions. below, not via U.S. Mail. company’s website. Saint Security,who works with Curtis Smith, a spokesman BatonRouge pipelines on cybersecurity. Readers can alert The Wall Street Journal to any errors in news articles by for RoyalDutch Shell PLC,one “Thereare just as many[op- emailing [email protected] or by calling 888-410-2667. the ownersofthe Colonial Pipe- erational technology] vulnera- line,said on Sundayitisstill bilities as thereare IT vulnera- tooearly to “bespecific about Department’s Federal Motor Analystssaid aclosureof bilities,but they’rescarier in a THE WALL STREET JOURNAL potential impactstoproduct Carrier Safety Administration- the pipeline forafew days way because they cangocyber (USPS 664-880) (Eastern Edition ISSN 0099-9660) flow.” He said Shell is actively said it issued atemporary shouldn’t have dramatic mar- to physical,” Mr.O’Reilly said. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) engagedwith Colonial. hoursofserviceexemption for ket impacts, because invento- These weak spotshave Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Thetype of attack that oc- trucks transporting gasoline ries of gasoline have been been known foryears, but Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. curred against Colonial Pipeline and other refined products readied for the summer driv- most energy companies have Postmaster: Send address changes to The Wall Street Journal, is becoming morefrequent and across17states, including ing season and usually getre- only recently begun to imple- 200 Burnett Rd., Chicopee, MA 01020. is something that businesses Georgia, South Carolina, North plenished everyfivetosix ment defenses to protect con- All Advertising published in The Wall Street Journal is subject to the applicable rate card, need to be concerned with, Carolina and Tennessee. days.But if the pipeline re- trol systems,said Raymond copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., Commerce SecretaryGina Rai- On Sunday, Colonial didn’t mains offline for five days or Sevier,atechnical-solutions 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final mondo said on Sunday. provide atimeline forbringing longer, shortages could begin architect with CiscoSystems acceptance of the advertiser’s order. Theattacks are“hereto the pipeline back into service to affect retail stations and Inc., who focuses on industrial Letters to the Editor: Fax: 212-416-2891; email: [email protected] stay and we have to work in but said that while itsmain consumersalong the East systems. Need assistance with your subscription? partnership with businesses to linesremained offline,some Coast, they said. Thecontrol systems were By web: customercenter.wsj.com; By email: [email protected] securenetworks,todefend smaller lateral lines between Two people briefed on the considered safefor yearsbe- By phone: 1-800-JOURNAL (1-800-568-7625) ourselves against these at- terminals and delivery points probe said the attack appeared cause they weren’t connected Reprints &licensing: tacks,” she said on CBS.Spe- were once again operational. to be limited to information to the internet, but hackers By email: [email protected] By phone: 1-800-843-0008 cific to the Colonial attack, As marketsopened Sunday systems and hadn’t infiltrated found waystopenetratethem WSJback issues and framed pages: wsjshop.com “it’sanall-hands-on-deck ef- evening, gasoline futures were control systems. through unsecured remote-ac- fort right now.” up about 1.6% at $2.16 per gal- Areport by an International cess and networked systems. Our newspapers are100% sourcedfromsustainably certified mills. In response to the pipeline lon, afterbriefly rising more BusinessMachine Corp.unit —Eric Morath GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS shutdown, the Transportation than 3% higher. found energy companies in contributed to this article. P2JW130000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Monday, May 10, 2021 | A3 U.S. NEWS Cuomo Probe Expands Into Vaccine Calls

BY JIMMY VIELKIND hisadministration. TheU.S.at- torney’s officefor the Eastern ALBANY,N.Y.—Thestate at- District of NewYork is looking torney general’sofficehas ex- into administration policies on panded itsinvestigation of sex- Covid-19 and deaths at nursing ual-harassment allegations homes during the pandemic. against Gov.Andrew Cuomo to Leadersofthe Democratic- look at whether one of his top dominated stateAssembly have adviserslinked access to said they areconducting an in- Covid-19 vaccines to support vestigation of Mr.Cuomo’s con- JOURNAL

forthe governor,people famil- duct as they consider whether REET iar with the mattersaid. to impeach him. Thelatestim- ST Investigatorshaveinter- peachmentofaNew York gov- LL WA viewedatleast three Demo- ernor took placein1913. THE

craticcounty executives who Mr.Cuomo has said he R said they were surprised to re- never touched anybody inap- FO VE

ceivecalls from Larry propriately and apologized if DO

Schwartz,avolunteer adviser his behavior offended anybody. IS AV

whooversaw vaccine distribu- He has said his administration TR tion forthe state, asking has been cooperating with the Kindergarten teacher Lynda Reich checks on her students as they work on their assignments in High Point, N.C. whether they would be calling investigations.Hehas also re- forMr. Cuomo’s resignation, peatedly said people should the people said. wait forthe resultsofMs. RemoteClasses Cost Kindergartners Mr.Schwartz contacted James’sinvestigation. morethan ahalf-dozenexecu- “I’vealready told NewYork- tives in early March, executives erswhereIam. Idid nothing said, as Mr.Cuomo faced wrong,period. And I’m not re- Critical Learning,Development Time mounting calls forhis resigna- signing,and I’m doing my job tion from membersofhis own everyday,” Mr.Cuomo said. political party and wasperson- County executives arethe BY VALERIE BAUERLEIN ally contacting statelawmakers toplocal elected officials in the Districts Prioritize 9% attended districts thatwere friends, howtosolveyour own to shoreupsupport. state. Some large counties have HIGH POINT,N.C.—Of all fully remote,with the majority problems and be independent,” Theexecutives said that at roughly amillion residentsor the studentswho suffered Opening Classrooms of kids attending hybrid school, said Ms. Goodwin, aformer el- the time of Mr.Schwartz’s calls more, and their governments learning lossduring the according to the Return To ementary school teacher.“It’s they were typically speaking have akey role in implement- Covid-19 pandemic and remote Learn Tracker,developed by the hardtobeindependentwhen with him about the allocation ing public-health and social- schooling,one grade level has School districts have given American Enterprise Institute. you’re sitting in aroom all day of vaccine supplies,not poli- serviceprograms forthe state, educatorsveryconcerned: the prioritytoreopening class- In suburban Washington, with your mom.” tics. including vaccine distribution. kindergartners. rooms forkindergartners be- D.C., freelancewriter Jessica Her son recently started in- Thegovernor has regularly Kindergarten is where5- cause the year is so important, Goodwin’sson spentmostof person school and is adifferent appeared with county execu- and 6-year-olds learn the the curriculum so challenging the school year in remote child, she said. He comes home An adviser said he tives in Westchester and Suf- building blocks of howtobe to do online and the growing learning. He wasn’tdeveloping chattering about who he saw folk counties,which areimpor- students, skills such as taking scientific evidencethatsmall close friendships with class- on the bus or howduring a didn’ttie distribution tant political swing districts. turns and working together children aren’tspreading the matessincetheyspentmuch math lesson he wasa“10” and of vaccines to political One county executivefiled a that they will need forthe coronavirus. of remote instruction time on his friend wasa“2”and to- complaint about the call from next 12 yearsofformal school- As of April 5, 34% of kin- mute. gether theymade “12.” considerations. Mr.Schwartz with the attorney ing.Itcoincides with acritical dergartners attended districts “The most importantpart “There’ssomething about general’sofficeinMarch, the windowfor brain develop- thatwerefully in-person and of kindergarten is howtomake being in the room,” she said. people familiar with the matter ment, the time between 5and said. 7 years old when neural con- Mr.Schwartz has said he “Right at the time that every nections arefiring most rap- this year,” he said. “In the best Manydistrictsare building counteract the mask’smuf- didn’t link vaccine distribution county wasworking,and des- idly forhigher-cognitivefunc- case,they’vegottenasmall supplemental summer pro- fling. to political considerations.On perately needed morevaccines, tions likeproblem-solving and percentage of them.” grams and pushing parentsto “We’ve been learning how Friday, he referred questions to to receiveacall from the per- reasoning. Many parents didn’t enroll sign up students who missed to use our digraphs,” Ms. his lawyer,Guy Petrillo,who son who wasresponsible foral- Kindergarten “can’t be rep- theirchildren in kindergarten kindergarten or were fully re- Reich said. “What aredi- declined to comment. locating those doses gauging licated even by the very best this year, with enrollment off mote this year. graphs?” Mr.Schwartz,anexecutive political loyalty to the governor teachersinthe virtual envi- by roughly 15% in manystates. Guilford County Schools, a “Twoletters!” astudent re- at an airport-concession com- wasanobvious conflict, and at ronment,” said Whitney Oak- There are typically three mil- district of 69,000 students in sponded. pany, resigned from his post as best ethically gray,” said one ley, chiefacademic officer for lion kindergartners, according central North Carolina, began Recess, which research thestate’s vaccine czar in April county executivewho received North Carolina’sGuilford to federal data, so adecline of offering half-dayin-person showsboostssocial skills afterstate lawmakerschanged acall from Mr.Schwartz. County Schools.Amissed, de- 15% nationwide would mean kindergarten in October and overall and concentration dur- lobbying rules fornonpaid Erie County ExecutiveMark layedorlow-quality kinder- roughly 450,000 missing stu- full-dayinNovember,earlier ing the school day, is abbrevi- stateadvisers. Poloncarzsaid he spokewith garten experience“could im- dents. than most peer districtsinthe ated,toensureonly afew Under the newrules,Mr. investigatorsonMarch 30 pact this generation of kids for Most states requirethat state. At Southwest, the dis- classes areonthe playground Schwartz would have been about the call he received from their lifetime.” schools offer kindergarten but trict’slargest elementary at a time. Each class keeps to banned fortwo yearsfromlob- Mr.Schwartz. Themost reliable predictor only 19 require that students school, there are 115 children a designated section. bying the governor’s officeif Mr.Poloncarz, aDemocrat, of positiveoutcomes in adult- enroll, according to the Educa- in six kindergarten classes. HarvardUniversity educa- he had stayed on in the role. said he didn’t feel Mr.Schwartz hood, from educational attain- tion Commission of the States, Five classes areinperson; one tion professor Stephanie Jones Beth Garvey,Mr. Cuomo’s wastrying to pressurehim to ment to mental health, isn’t anonpartisan research organi- is remote. said she hopes that onceall counsel, said in March in re- stand by the governor; Mr.Po- academic ability but howwell zation. Families aren’t legally Kindergarten teacher Lynda kindergartnersare back in the gard to the calls that “distort- loncarzhasn’t called forMr. studentscooperatewith peers, required to enroll achild in Reich beganthe firstlesson of classroom, the emphasis isn’t ingLarry’srole or intentions Cuomo’s resignation. help others, understand feel- school until ages 6or7in a recent in-person school day just on getting them caught up forheadlines maligns ade- Theinvestigatorsfor Ms. ings and resolve conflicts, ac- most states,according to fed- by switching her cloth mask academically to preparefor re- cadeslong public servant.” James’sofficehaveinterviewed cording to a2015 study by eral data. forone with aclear plastic quired testing but also on the Aspokesman forMr. Cuomo at leastsix of Mr.Cuomo’s sex- Mark Greenberg, aprofessor Some children will start panel. She said the mask tends intangible habitsofthinking declined to comment further ual-harassment accusers, ac- of developmental psychology first grade in the fall and just to fogup, so she savesitfor and behavior. on Friday. Aspokeswoman for cording to the women and their at Penn State University, that skip kindergarten, school ad- language-arts lessons when it “They need to focus atten- stateAttorney General Letitia lawyers. tracked 750 people from kin- ministrators predict. Others is important forstudentsto tion,beaware of their emo- James declined to comment on They have also issued doz- dergarten to about 25 yearsof will be starting kindergarten a watchher mouth make tions and interactions, just to acontinuing investigation. ens of subpoenas to current age. year late, leaving the fall’skin- sounds. understand the wordsbeing Theattorney general’sinves- and former officials in the “The skills that we would dergarten classextralarge and She stood at the front of spoken by theteacher,” she tigation is one of several ongo- Cuomo administration, people be teaching in kindergarten? filled with studentswith a the classroom and spoke said. “It’s all wound up in the ing probes intoMr. Cuomo and familiar with the mattersaid. Children have not gotten them wide developmental range. loudly,over-enunciating,to process of learning.” Derby Winner Fails Drug Test, Faces Disqualification

BY JIM CHAIRUSMI

KentuckyDerby winner Me- dina Spirit failed apostrace drug test, trainer Bob Baffert said on Sunday, raising the prospect of adisqualification in horse racing’smarquee event. S Mr.Baffert said he wastold NEW

of the positiveresult by Ken- G tuckyofficials on Saturday. He

said he didn’t knowhow Med- OOMBER

ina Spirit could have tested /BL positiveand denied anywrong- doing. Medina Spirit, who pulled SHARRETT has become horse racing’s KE

off aDerby upset at odds of LU most prominent trainer due to 12-1 on May1,tested positive his victories in the sport’sbig- forbetamethasone,ananti-in- GES; gest and most lucrativeraces. flammatorydrugthat could ul- IMA Mr.Baffert waspreviously tied

timately lead to the horse’s ETTY with Ben Jones formost wins disqualification. /G in the KentuckyDerby. WU “It is our understanding that His victorywith Medina HUK

KentuckyDerby winner Medina AC Spirit washis seventh Derby

Spirit’spostraceblood sample NW winand 17th win in aTriple

indicated aviolation of the TIM Crownrace, which is also are- Commonwealth of Kentucky’s : cord.Mr. Baffert brokehorse equine medication protocols,” LEFT racing’sTriple Crowndrought OM

Churchill Downs said. “The FR in 2015 with American connections of Medina Spirit Medina Spirit tested positive for betamethasone, an anti-inflammatory drug. The horse was trained by Bob Baffert, at right. Pharoah. Threeyearslater,he have the right to request atest wonthe Triple Crownagain of asplit sample and we under- would be forfeited. Bettors who “I gotthe biggest gutpunch tory bleeding that is also seen testing forbetamethasone.Mr. with Justify. stand they intend to do so.To wageredonthe horse in the in racing,for something I as performanceenhancing. Baffert wasfined $1,500 for Mr.Baffert will be prohib- be clear,ifthe findingsare up- derby,however, wouldn’t have didn’t do,” Mr.Baffert said on Meanwhile,scrutinyofMr. Baf- the violation. ited from entering anyhorses held,Medina Spirit’sresultsin to return their winnings. SundayatChurchill Downs. fert’soperation has been inten- Afew weeks beforethe Ken- at ChurchillDowns pending an the KentuckyDerby will be in- Mr.Baffert said his barn was “This horse wasnever treated sifying. tuckyDerby,regulatorsinAr- investigation, the track said. validated and Mandaloun will told that Medina Spirit was with that. He’sagreat horse, Medina Spirit is the fifth kansas upheld aruling that an He said he still plans to en- be declared the winner.” found to have 21 picograms of he doesn’tdeservethis.Heran horse from Mr.Baffert’sbarn illegal substancehad been terMedina Spirit in Saturday’s According to Kentuckyregu- betamethasone,which is twice agallant race.” to have failed adrugtest in the found in two of Mr.Baffert’s PreaknessStakesatPimlico lations,the horse won’t be dis- the legal threshold allowedin Thenewscomes as the past year.Last September,the horses but votedtoreduceMr. Race Course in Baltimore. Con- qualified until asplit sample Kentucky. Betamethasone is a derby forthe firsttime this Baffert-trained filly Gamine fin- Baffert’s15-daysuspension to a cert Tour,another Baffert- confirms the result. Thewin- drug used to treat inflamma- year banned the use of Lasix,a ished thirdinthe Kentucky fine of $5,000 foreach horse. trained colt, is also set to be ner’s shareof$1.86 million tion andjoint pain in horses. drug used to prevent respira- Oaks but wasdisqualified after The68-year-old Mr.Baffert enteredinthe race. P2JW130000-0-A00400-17FFFF5178F

A4 | Monday, May 10, 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 Election Suits Prompt Bids to Punish Lawyers

BY BRENT KENDALL eral judgedismissed the case. AND ALEXA CORSE “Thereisnoreason forWis- consin taxpayers to bear the Courtsare weighing whether cost of this attempt to hijack some of the failed legal chal- thedemocratic process,” law- lenges to the 2020 presidential yers forMr. Everssaid in their election were frivolous or im- motion requesting attorney’s proper and warrant punishment fees and punitivesanctions. forthe lawyerswho filed them. Jason Miller,asenior ad- Supportersofformer Presi- viser to Mr.Trump,said, dent Donald Trump,and in “These sanctions motions are some cases the Trump cam- just grandstanding garbagethat paign itself, filed—and lost— will fail.” Thecampaign has un- dozens of lawsuits seeking to til June 10 to respond in court. block or overturn election re- NewYork University law sultsinbattleground states professor Stephen Gillerssaid won by Democrat Joe Biden. the legal standards for deem- REUTERS

T/ Some Democratic governors ing alawsuit frivolous or abu- and other stateand local offi- siveare high, making such re- ERNS cials who were sued have filed quests difficult to win.

THAN motions asking the judges who “I think judges will givealot

JONA heardthe cases to impose of leeway to election lawyers President Biden toured a water plant in New Orleans last week. He has called for spending $2.3 trillion on a broad infrastructure plan. sanctionsonthe plaintiffs’ who bring very weak claims,be- lawyers,and in some instances cause election lawissoclosely the plaintiffs themselves.Some tied to the values of democ- also have filed separategriev- racy,” he said. “But that doesn’t Biden, KeyRepublicans ances with disciplinarybodies mean youget apass. There’sa that canreprimand, suspend or point past which youcan’t go.” disbar attorneyswho violate Separate from proceedings theirprofessional obligations. in particular court cases,some Judges issue sanctions lawyersare facing complaints To Meet on Spending Plans rarely. They can include a re- filed with disciplinarycommit- quirement to paythe other tees that have the authority to side’sattorneys’ fees,other le- suspend or disbar attorneys. BY ANDREW RESTUCCIA “On infrastructure, he has galcosts, or penalties to the In NewYork,multiple com- AND ANDREW DUEHREN made it clear, if we can find court, as well as nonmonetary plaintshavebeen filed against something that actually actions such as acensureor RudyGiuliani,aformer per- WASHINGTON—President spends money on infrastruc- mandatory ethics training. sonal lawyer forMr. Trump,in- Biden faces acrucial test this ture, roads and bridges,imag- In Michigan, Gov.Gretchen cluding ones signed by retired week of whether he canfind ine that, as opposed to what Whitmer, aDemocrat, and judges,former prosecutorsand anycommon ground with Re- theBiden plan does,which is other officials have asked U.S. other lawyers. They have asked publicans as he pushes trillions spend atrillion on things District JudgeLinda Parker in agrievancecommitteeover- in spending on infrastructure, which have no relationship to Detroit to punish Sidney Powell seen by NewYork statecourts child care and education. WIRE infrastructure, we can cut a and other lawyerswho sued Thepresident is hosting top deal,” Mr.Cassidy said of Mr. the stateinlateNovember on ZUMA lawmakersatthe WhiteHouse McConnell in aSundayinter- behalf of six Republican voters, Courts, licensing to chart apath forwardamid TEIN/ viewonNBC. alleging that systemic fraud de-

mounting GOP opposition to his OCHS Some Democratshaveques- nied Mr.Trump avictorythere. boards consider agenda and calls from some BR tioned howRepublicans pre- In December,the Obama-ap- whether attorneys Democratstomovehis propos- sented the $568 billion in pointed judgeruled the lawyers

als through Congresswithout MICHAEL spending in their two-pagein- lacked diligenceinbringing abused the system, Republicansupport. Sen. Shelley Moore Capito is part of a group of Republicans who frastructure outline, saying claims basedon“nothing but Thepresident has called for have proposed a narrower $568 billion infrastructure plan. that it includes baseline fed- speculation andconjecture.” more than $4 trillion in spend- eral transportation funding in Ms.Whitmer’s legal team ing acrosstwo proposals: a$2.3 MooreCapito(R.,W.Va.) and a Kentuckylast week,Mr. itstotal. TheWhiteHouse plan has requested the reimburse- to discipline him over allega- trillion infrastructureplan cen- groupofRepublican senators McConnell inveighed against calls for spending on top of ment of roughly $11,000 in at- tions that he made unsup- teredonfixing roads and whohaveproposed a$568 bil- the breadth of Mr.Biden’s that baseline,meaning the gap torney fees, alleging the law- ported claims about voter bridges,expanding broadband lion infrastructure plan. That agenda, attacking the taxin- between the two parties’ pro- suit wasabusiveand designed fraud and helped incitethe internet access and boosting measureisanarroweralterna- creases and proposed spending. posals maybeevenwider than “toundermine the integrity of Jan. 6unrest in the Capitol. funding forresearch and devel- tivetoMr. Biden’splan, which Facing repeated questions it appears. the election results.” The city Thecommitteecan recommend opment,and a$1.8trillion plan would spend $2.3trillion over aboutdivisions among House “I don’t believethat that is of Detroit, in another motion, punishmentsranging from an that would extend the expanded eight yearsonprograms and Republicans over former Presi- aserious proposal,” said Rep. asked forthe lawyerstobe admonition to disbarment. child taxcredit,and provide for services that go beyond physi- dent Donald Trump’srole in the Norma Torres (D., Calif.), one disciplined and ordered to pay Arepresentativefor Mr. tuition-free community college calinfrastructure, among them RepublicanParty,Mr. McCon- of the lawmakerswho has re- apenalty at least equal to Giuliani didn’t respond to re- and prekindergarten. Theplans home care forseniorsand tech- nell said his focus wasonunify- cently met with Mr.Biden at what they collected through quests for comment. would be paid forthrough in- nologyand manufacturing re- ing the GOP against Mr.Biden’s theWhiteHouse. fundraising campaigns aimed Lin Wood,who filed several creasedtaxes on corporations search. ambitious agenda. He said he Not only would abipartisan at contesting the results. lawsuitschallenging the No- and wealthyAmericans. While the WhiteHouse has wasopen to roughly $600 bil- agreement on infrastructure Ms. Powell’s legal team de- vember election results, has On Wednesday, Mr.Biden held aseries of previous meet- lion in infrastructurespending. force each party to compro- fended itsMichigan lawsuit in sued members of the Georgia will hold his firstformal meet- ingswith lawmakersoninfra- “My hope is that if the presi- mise on the amount of spend- acourt brief,saying the sanc- State Bar’s disciplinary board ing sincetaking officewith top structure, the coming round of dent is unable to convincethe ing,itwould also requirethem tions requests“areanew form in federal court over their re- congressional leaders: House talks could indicatewhether narrow Democratic majority in to agree on howtopay forthe of political retribution.” The quest that he undergo a men- Speaker NancyPelosi (D., Ca- Democratsand Republicans can the House and the 50-50 Senate package. judge could rule at any time. tal-health evaluation. In a lif.), House Minority Leader ultimately find apath toward a to passthe $4.1 trillion bill, we Republicans have dismissed Mr.Trump and his legal court filing, the statebar cited Kevin McCarthy(R.,Calif.), compromise.Mrs.Pelosi has set cansit down and have aserious Mr.Biden’stax proposals as a team facethree motions for allegations that the lawyer has SenateMajority Leader Chuck July 4asaninformal target for conversation,” Mr.McConnell nonstarter,calling forthe gov- sanctions in Wisconsin, filed engaged in apattern of erratic Schumer(D.,N.Y.) and Senate passing infrastructurelegisla- said Thursday. ernmenttorely on unspecified by Democratic Gov.Tony behavior and filed legal sub- Minority Leader Mitch McCon- tion in the House,though some Sen. Bill Cassidy (R., La.), user-fee increases and existing Eversand other officials,who missions riddled with errors. nell (R., Ky.). Themeeting will Democratic aides expect that one of the Republican senators government funds to payfor are seeking roughly $250,000 “The actions against me by touch on several topics,but is timeline to slip. who is working to find acom- newinfrastructurespending. in attorney fees.Mr. Trump, the State Bar of Georgiaare expected to focus in part on the Slower-than-expected job promise on infrastructurelegis- TheWhiteHouse is opposed to in aDec.2lawsuit, alleged frivolous and aredriven by the president’sspending proposals, growth in April and recent con- lation, said he believes Mr. raising user fees to payfor the stateelection officials inten- political agenda of the elitees- WhiteHouse aides said. cerns about inflation have hard- McConnell and other GOP con- plan, though some Democrats tionally undermined safe- tablishment presently control- Mr.Biden is also planning to ened Republican opposition to gressional leaderswould sup- have said user-fee increases guards forabsentee ballots ling the Georgia Bar,” Mr. meet at the WhiteHouse on Mr.Biden’sproposals. port abipartisan infrastructure should be part of an infra- and permittedballot tamper- Wood said. A court hearing is Thursdaywith Sen. Shelley In remarks at local eventsin deal. structureplan. ing. ATrump-appointed fed- set for May 13. Former Union Official Carriers Seek to Delay Robocall Rule

Is Pick for Labor Post BY RYAN TRACY blocked because U.S. carriers Unwanted calls have picked up programmight inconvenience aren’t allowed to accept calls afteradip at the beginning of some Americans traveling BY BOB DAVIS barred cotton imports from WASHINGTON—Thena- from companies that aren’t in the Covid-19 pandemic. abroad. some companies that do busi- tion’slargest wirelesscarriers compliance. But he said those whose TheBiden administration ness in Xinjiang. Activists are arelobbying to delayanew Forexample,ifanAmerican Unwanted calls per month calls areblocked have other plans to name Thea Lee, afor- pushingfor asimilar ban on regulation on robocalls aimed customer travels to India and 10 billion calls methods at their disposal, such mer AFL-CIO trade official, to solar-panel imports that con- at overseas scammers who calls home with her mobile as aWi-Ficall, text or calling head the Labor Department’s tain rawmaterials minedin make them, citing concerns phone, the call might not go from ahotel or office. international affairs division, the region. that the rule could end up through if the local Indian 8 “How many Americans are according to people familiar TheXinjiang region is fea- blocking legitimate calls. phone companyisn’t in good overseas in circumstances with the appointment. tured prominently on the web- TheFederal Communica- standing with the FCC. 6 wherethey aretrying to call Ms.Lee,who most recently siteofthe Bureau of Interna- tions Commission rule, set to CTIA,atrade group repre- home this way,versus how served as president of the tional Labor Affairs under the take effect Sept. 28,would re- sentingVerizon, AT&T,and T- manypeople arebeing bom- 4 Economic PolicyInstitute, a heading“Against Their Will: quireforeign-based phone Mobile,petitioned the FCCto barded with these illegal liberal think tank that often TheSituation in Xinjiang.” companies to step up efforts delayimplementation in De- calls?” he asked. critiques free-trade policies,is Gloves,hair products, textiles, to fight illegal robocalls or cember and said the foreign 2 Thewirelessgiantsde- slated to become the deputy yarn and tomatoproductswere risk being blocked from send- provider prohibition “lacks suf- clined to sayhow manycus- undersecretaryfor interna- added this past year to the ing calls to the U.S. ficient support” under the Ad- 0 tomersmight be affected by tional labor affairs. In that job, agency’slist of productsmade Manyofthe billions of rob- ministrativeProcedureAct. Ex- therule.ACTIA spokesman she will oversee the bureau by forced labor or child labor. ocalls annoying Americans em- ecutives have sincebeen calling 2020 ’21 said thegroup’sfocus “ison that investigates labor rights, Ms. Lee is a close friend of anatefromIndia, the Philip- FCCstaff to maketheir case for Source:TNS Inc. working with the FCC to help forced labor and child traffick- U.S. Trade Representative pines and other countries.FCC adelay, FCCrecords show. clarifythe scope and imple- ing around the globe. Katherine Tai, who as aDemo- officials saythe regulation, “Westrongly support the Americans’ legitimatecalls, mentation.” Spokesmen forthe Labor cratic staffer on Capitol Hill known as the foreign provider direction the FCCisgoing to but the FCCshouldn’t delay AT&T and T-Mobile de- Department didn’t respond to pushed to strengthen the la- prohibition, would allowthem addressthe foreign robocall too long. clined to comment. Other com- requests for comment. bor-rightssections of USMCA. to bettertrace the sourcesof problem, to policethe edgeof “A slight pause could be panies have writtentothe FCC Theappointment will give Ms.Lee spent 20 yearsat illegal calls and block compa- the U.S. telephone network,” helpful” to addressunintended backing the wirelessgiants. Ms.Lee arole in enforcing the the AFL-CIO, including stints nies that carrythem. Verizon associategeneral consequences,hesaid. “Ifthe TheFCC declined to com- labor rights provisions of the as its main trade official at a Thenation’s largest tele- counsel Christopher Oatway foreign providersaren’t making ment. It isn’t required to re- United States-Mexico-Canada time when Washingtonwas coms—AT&T Inc., Verizon said. “We would like to pause everyeffort to completeand spond to the industry’s pend- Agreement, or USMCA, negoti- pursuing trade policies that Communications Inc.and T- the process, re-examine what certifycompliance, thereneeds ing petition. ated underthe Trump admin- included negotiating Naftaand Mobile US Inc.—saythey sup- needs to be done and continue to be consequences forthat.” Theforeign provider prohi- istration to replace the North shepherding China intothe port measures aimed at stem- to work on ways to create ef- In commentstothe FCC, bition is part of abroader American Free Trade Agree- World Trade Organization. ming illegalrobocalls,but that fectivebarrierstothese inces- the only person to counter the agenda to plug the robocall ment. TheAFL-CIO opposed those the foreign-provider prohibi- sant calls.” telecoms’ delayrequest was deluge.The FCChas empow- She also will have asay in deals,arguing that they under- tion as writtencould have unin- George Slover,senior policy David Frankel, chief executive ered companies to block sus- howthe U.S. deals with allega- mined labor rightsand wages tended negativeconsequences. counsel with Consumer Re- of ZipDX LLC,aUtah-based pected illegal calls, mandated tions of forced labor in the at home.She became deputy They sayforeign-based ports, anonprofit that reviews conference call provider. caller ID authentication and textile,solar and agriculture chief of staff at the labor or- phone companies aren’t pre- productsand advocates for Mr.Frankel, who helped de- threatened to shut down small industries in China’s western ganization beforerunning EPI pared forthe rule,which could consumers, said it is impor- velop an industryrobocall trac- companies facilitating illegal Xinjiang region. TheU.S.has since 2017. lead to legitimate calls being tant that the rules don’t affect ing program, conceded that the calls. P2JW130000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | A5 U.S. NEWS White House Signals Easing of Mask Advice

BYANDREW RESTUCCIA the adult population receiveat fully vaccinated against individual risk,” ScottGottlieb, He said the U.S. is prepar- conceivable that as we go on, least one dose by July 4. Covid-19 don’t need to wear the Trump administration’s ing forthe possibility that ayear or two or morefrom WASHINGTON—Biden ad- AnthonyFauci,the govern- facemasks when walking,hik- FDAchief,told CBS on Sunday. booster shotsmay be neces- now, that during certain sea- ministration officials said Sun- ment’stop infectious disease ing,biking,running alone or “They have to judgetheir own sary to maintain immunity to sonal periods when you have daythat the U.S. is entering a expert, said the Centersfor Dis- gathering in small groups out- individual risk and decide the virus.“If boostersare nec- respiratory-borne viruses like newphase of the pandemic in ease Control and Prevention side.The CDC has also said whether or not they’regoing to essary, we’ll certainly be ready, the flu, people might actually which manyvaccinated Ameri- will updateguidelines forsocial that fully vaccinated people can avoid crowdsorwear masks as we have been forall contin- elect to wear masks.” cans canbegin returning to distancing and mask usage“al- gather indoorswith otherswho based on their circumstances.” gencies,and we’ll have suffi- And he said it is likely that normal activities and signaled most in real time” as the per- arealso fully vaccinated with- Despitethe CDC’sguidelines, cientsupply,” Mr.Zientssaid. the U.S. death toll from the vi- that the federal government centageofthe public that is out taking extraprecautions. Mr.Biden has continued to wear Dr.Fauci said it is possible rus is higher than the official will further relax mask-wear- vaccinated increases.About Some public-health experts amask during manypublic that membersofthe public count. Morethan 581,500 peo- ing recommendations as more 58% of the U.S. adult population and Republicans have urged events,eventhough those will decide to wear masks on a ple have died in the U.S. as a people get shots. has received at least one vac- the Biden administration to around himare vaccinated. seasonal basis in the coming result of the virus, according “I would sayweare turning cine dose,according to the CDC. further ease restrictions to in- “Why am Iwearing amask? Be- yearstoprotect themselves to datacompiled by Johns the corner,” Jeff Zients, Presi- “We do need to start being centivizemorepeople to get cause when we’reinside,it’sstill from disease during the winter. Hopkins University. dent Biden’s Covid-19 coordina- more liberal as we getmore vaccinated. good policytowear amask,” he “I think people have gotten Asked about arecent study tor, told CNN.The administra- people vaccinated,” he told “I think we’reatthe point in told reporterslast week. used to the fact that wearing that projected that the U.S. tion said last week it is focused ABC on Sunday. time when we canstart lifting Asked about the president’s masks clearly,ifyou look at death toll mayactually be about on helping hesitant and hard- TheCDC latelast month these ordinances in awholesale mask use,Mr. Zientssaid, “The thedata, diminishes respira- 900,000,Dr. Fauci said, “I think to-reach Americans getshots, eased coronavirus guidance, fashion, and people have to president is going to continue tory diseases,” Dr.Fauci said there’snodoubt that we are with agoal of having 70%of saying that people whoare take precautions based on their to followthe CDC guidance.” SundayonNBC.Hesaid, “It is and have been undercounting.” U.S. WATCH

OBITUARY Presidential Candidate Du Pont Dies at 86

Among the moneyedduPonts, who preferred the privacy of their eleganthomes and the offices and plants of the chemical com- panythatboretheir name, Pierre S. “Pete” du Pont IV wasabit of arebel. Mr.duPont, who died on Sat- urdayatage 86 after along ill- ness, according to his former chief of staff,broke with family tradi- tion by leaving the family business foracareer in lawand politics. Thatled Mr.duPonttomultiple elected offices, including governor of Delaware,and an unsuccessful PRATT bid in the 1987-88 Republican presidential primary race. “I wasborn with awell-known name and genuine opportunity. I hope Ihave lived up to both,” Mr. INDUSTRIES du Pont said in announcing his presidential bid in September 1986. As alittle-known governor of small state, Mr.duPonthad to distinguish himself from the rest of the Republican field—including HASBUILT Vice PresidentGeorge Bush and Sen. BobDole. He did thatby questioning sacrosanct social pro- grams thathis better-known rivals 5OFAMERICA’S LAST feared to address, such as doing away with farm subsidiaries. Mr.duPont’sFebruary 1988 withdrawal became inevitable af- 7PAPER MILLS — terpoor showings in the Iowa caucuses and the NewHampshire primary. —Associated Press ALL 100% RECYCLED MARYLAND Lynching Victims Get Posthumous Pardon Gov. Larry Hogan posthu- mously pardoned 34 victims of ra- cial lynching in the statedating between 1854 and 1933, saying theyweredenied legal due pro- cess againstthe allegations they faced. It wasafirst-of-its-kind par- don by agovernor of aU.S. state. Mr.Hogan, aRepublican, signed the order at an eventSat- urdayhonoring Howard Cooper,a 15-year-old who wasdragged from ajailhouse and hanged from atreebyamob of whitemen in 1885 beforehis attorneys could file an appeal of arape conviction thatanall-whitejury reached within minutes. “My hope is thatthis action will at leastinsome wayhelp to rightthese horrific wrongs and perhaps bring ameasureofpeace to the memories of these individ- PRATT uals and to their descendants and their lovedones,” Mr.Hogan said. —Associated Press ILLINOIS INDUSTRIES Renowned Architect Killed in Bicycle Crash

Helmut Jahn, a prominent German architect who designed an Illinois state government HASBUILT building and worked on the de- sign of the FBI headquarters in Washington, was killed when two vehicles struck the bicycle 5OFAMERICA’S LAST he was riding outside Chicago. Mr.Jahn, 81 years old, washit Saturdayafternoon while riding 7PAPER MILLS — in Campton Hills, about 55 miles west of Chicago.Hefailed to stopatastopsign at an inter- section and wasstruck by the twovehicles, headed in opposite directions, Campton Hills Police ALL 100% RECYCLED Chief Steven Miller said. Mr. Jahn’s professional career began in 1967 when he joined CF Murphy Associates, which later became Murphy/Jahn. He worked on several major proj- ects, including Chicago’s McCor- mick Place and the United Air- lines terminal at O’Hare International Airport, which in- cludes a walkway famous for its colorful lighting. He also had a hand in the design of the J. Ed- www.prattindustries.com gar Hoover Building, the FBI headquarters in Washington. —Associated Press P2JW130000-0-A00600-1------XA

A6 | Monday, May 10, 2021 THE WALL STREET JOURNAL. U.S. NEWS J&J Halt Slows Va ccination Goals

BY JULIE WERNAU operating sites in morehesi- tant and hard-to-reach popula- The10-day halt in adminis- tions. tering Johnson &Johnson’s Some state health officials Covid-19 vaccine has made it expressed hope that the con- harder to inoculate the hard- cerns would fade. to-reach and hesitant, health Health authorities had officials said, complicating ef- looked forwardtoJ&J’sshot forts to meet community vac- partly because its convenient cination goals. storagerequirementsand sin- Manypeople who liveinru- gle dose made it easier to give raland other areas canceled in ruraland other areas that

JOURNAL appointmentsduring the tem- lack manyofthe special freez- porarypause in April, and ers needed to store the other REET

ST manyofthem haven’t resched- vaccines,and to people who LL uled, vaccination sites said. didn’t want to have to return WA Some people hesitant to get for a second dose. THE

R inoculated told pollstersafter In lateFebruary, the J&J

FO the J&Jhalt that they were vaccine became the thirdtobe S less likely to take a shot. authorized for use in the U.S. Theaftereffectsthreaten to As supplies were beginning

CÁRDENA set back effortstovaccinate to increase in April, however, G. enough people to achievecom- federal health officials recom- munitywide immunity and mended pausing use of the

VERÓNICA drop many pandemic precau- J&Jshot while they investi- Cindy Mijares of Monterrey, Mexico, received her first dose of a Covid-19 vaccine last week at a pharmacy in Edinburg, Texas. tions, allowing forareturn to gated reports of a rare blood- more-normal life. clotting condition.The offi- Morethan four months into cials later lifted the advisory, the vaccination campaign, saying thevaccine’sbenefits U.S. LuresForeign Shot Seekers many of the people willing to outweighed itsrisks while getvaccinated have done so, alerting doctors who encoun- according to health officials. teredpatients to the proper BY ELIZABETH FINDELL “I’m excited, I’m happy,I few vaccines to go around, flights, stay at hotels and Safety concerns raised by the treatment. AND JUAN MONTES want to go travel,” she said. some U.S. states areoffering spend extratime shopping and pause have discouraged some Aspokesman forJ&J said Mexicohas fully vaccinated incentives.New Jersey hasan- eating out. They revivethe people who told pollstersthey safety is the company’stop McALLEN,Texas—Even be- 6% of itspopulation, compared nounced a“shot and abeer,” economies of places such as were open to taking avaccine priority and its Covid-19 vac- fore NewYork City announced with 31% in the U.S.,according offering a free drink at a par- Texas’ Rio Grande Valley, but wanted to wait and see. cine prevents hospitalization plans to offer visitorsfreevac- to figuresfromOur World in ticipatingbrewery to adults wherebusinesses reliant on “There is aportion of the anddeath, including against cines,tourism from Texas to Data. Mexicoisstill mostly fo- who have received their first cross-border trade have been population that because of the viral variants. Florida hasreceived aboost as cusing on people over the age shot. hurt by ayear of the border pause,that’sthe straw that “Weknowthat people’stop tens of thousands from Mexico of 60,while the U.S. is provid- On Thursday, NewYork City being closed. brokethe camel’sback,they’re concern about the vaccines is and other countries fly to the ing the shotstothose 16 or began promoting itself as a One group particularly in- not going to getvaccinated. that they might experiencese- U.S. for a shot in the arm. older. travel spot forvaccine seekers. terested in vaccine travel has They just evaporated,” said rious side effects,” said Liz “EnjoyDallas,Includes In April, some 207,000 pas- Florida officials said in April been Mexico’sprivatedoctors, Paul Shelton,executivevice Hamel, vice president and di- Covid Vaccine,” said aMexico sengers departed for the U.S. that they would rescind aresi- who weren’t included in vacci- president of pharmacy at Ad- rector of public opinion and travel agencyad. Thai tour from MexicoCity’s interna- dencyrequirement put in nation of health personnel hereHealth LLC,ahealth-tech- survey research at Kaiser Fam- companies are selling vaccine tional airport, compared with working in public hospitals. nologycompanythat has been ily Foundation. packages to California. North- 177,000 in March and 95,000 Only about aquarter of pri- ern states in the U.S. are sup- in February, according to pre- Texas, like many vate doctors have been vacci- News about rare blood clots associatedwith the J&Jvaccine has plyingtheir Canadian neigh- liminarydatafromthe airport. nated,and those who canaf- made some groups lesslikely to want anyCovid-19 vaccine. bors with doses. Topdestinations in April were states, doesn’t ford to do so aremaking the FewerAmericans expressconfidenceinthe J&Jvaccine. Most of the travel appears Houston and Dallas,with require residency for trip,said Belinda Cázares,the to be between Mexicoand 41,000 and 26,000 passengers, head of Mexico’sfederation of Percentage who saytheyare Percentage who said the news Texas.Mexican airlines have respectively,followedbyLos a Covid­19 vaccine. doctors associations. confident thatthe following made them lesslikely to want added routes to South Texas Angeles,Miami and SanAnto- Other foreignersare getting Covid-19 vaccines aresafe aCovid-19 vaccine. and stepped up frequency. nio. U.S. vaccines through official Very confident Flights to Houston, Dallas and Patricia Ridruejo,38, who channels. Mike Murphy, a 53- Somewhatconfident Hispanic women 18% SanAntonio arebooked for wasabout to boardarecent place after an initial surge of year-old truck driver from weeks, and prices are rising. flight from MexicoCity to Dal- vaccine tourism. In Alaska, Winnipeg, Manitoba, was one Black men 11 Cindy Mijares,a31-year-old las with her sister,said they Gov.MikeDunleavy said trav- of hundreds of truckers from Pfizer jewelrydesigner from Monter- didn’t want to wait forthe elerscould getfreevaccines at the Canadian provincetotake Whitewomen 7 rey, Mexico, said she booked a vaccine anylonger to spend the state’smajor airports advantagelast month of afree Covid-19 vaccination appoint- time safely with their 72-year- starting June 1, in an effort to cross-border vaccination pro- Moderna Black women 6 ment at a Texas pharmacy, as old mother. They had already boost tourism. gram by North Dakota. The have manyofher friends.Peo- booked flightsfor their second While Texas stateofficials stateisoffering doses to Hispanic men 5 ple hesitatetotalk about doses.“We want to end this have said foreignersaccount roughly 6,000 Canadian truck- J&J crossing the border for a vac- nightmareonceand forall,” foratinyfraction of shotsad- ersafter Manitoba’spremier cine, concerned that they are Ms. Ridruejo said. ministered, travelersoften list requested help.Mr. Murphy, Whitemen 5 doingsomething wrong,she Texas,likemanyU.S.states, a local address on forms. who drovehis big rig to a 0% 25 50 75

said, adding that she just doesn’t require residency for Thetrips to the U.S. have a statesiteabout 30 miles south Note:Survey conducted April 15-29, 2021,among anationally wantslifetogoback to nor- Covid-19 vaccines.Unlikein knock-on effect on local econ- of the border,said the shot representativesample of 2,097adults. mal. Mexico, wherethereare too omies.Vaccine-seekersbuy put a bounce in his step. Source:Kaiser Family Foundation

“Everything is getting abit tionship with Epstein in aSep- Shoppers tighter,” Mr. Dalton said. Gates Split tember 2019 interviewwith The “We’retrying to think what Wall Street Journal,Mr. Gates would be agood way to stay said: “I met him. Ididn’t have Feel Bite as smart with our money.” In Works anybusinessrelationship or Restaurant prices arerising, friendship with him.” too. High demand forwings Aspokeswoman forMr. Prices Rise andaspateofnew fast-food For Years Gates,who is 65 yearsold, said chicken sandwiches is pushing on Fridaythat he stands by his up chicken prices. 2019 statement to the Journal

ContinuedfromPageOne S Takeout containersand ContinuedfromPageOne anddeclined to comment fur- be cheaper,” she said. coolersare moreexpensive Gates Foundation.Ms. Gates’s ther.Aspokeswoman forMs. NEW

Costsare rising at every G than usual because production concerns about the relationship Gates didn’t respond to ques- step in the production of many of resin, akey ingredient in dated as far back as 2013,the tions about her reasons for

goods. Prices foroil, crops and OOMBER plastic, wasdisrupted by win- former employeesaid. seeking adivorce.

other commodities have shot /BL terstorms in the South this Thecouple negotiated their In early 2020,Mr. and Ms. up this year.Trucking compa- year.Chipotle Mexican Grill divorce throughout the Gates surprised manypeople

nies arepaying scarce drivers MORRIS Inc.said in April that it had Covid-19 pandemic,the docu- when they said they wouldn’t

more to take those materials UL raised prices fordelivered food mentsshow. They have three attend the World Economic Fo- to factories and construction PA by 4%. children who areall now18 ruminDavos,Switzerland, an VID

sites. As aresult, companies DA Kevin Hourican, CEO of yearsorolder,the divorce filing annual gathering of business arecharging morefor foods Packaged food and producecompanies arepassing on rising costs. food-distributor SyscoCorp., shows. and world leaders. and consumer productsin- said that even at higher prices According to the documents Afew months later,on cluding foil wraps and dispos- “We’reraising prices,people while vegetable oils and prod- the pent-up demand forres- reviewedbythe Journal, Ms. March 13, Mr.Gates said he was able cups. areraising prices to us,and uctslikesalad dressing and taurants is enormous. Gates and her advisersheld a resigning from the boards of KelloggCo.,maker of it’s being accepted,” Mr.Buf- mayonnaise arealso getting “People feel bad fortheir number of calls in October 2019 Microsoft Corp.and Berkshire Frosted Flakes,Cheez-Itsand fett said. “It’saneconomyre- pricier in part because of local restaurants. They want to when the NewYork Times re- Hathaway Inc.The Microsoft Pringles,said Thursdaythat ally that’sred hot, and we higher ingredient costs. support them,” he said. ported that Mr.Gates hadmet co-founder said he planned to higher costsfor ingredients, weren’t expecting it.” “Our overallgoal is to cover Khisna Holloway,anoffice with Epstein on numerous oc- focus moreonhis philanthropic labor and shipping arepushing Federal ReserveChairman cost increases,” said Jon manager foraschool in Los casions.Mr. Gates oncestayed efforts. it and other food makersto Jerome Powell said on April 28 Moeller, operating chief at Angeles,recently ateata lateintothe night at Epstein’s By that time,the Gateses raise prices. that inflationarypressures re- Procter &Gamble Co.Procter Mexican restaurant with her Manhattantownhouse,the were already in discussions to “Wehaven’t seen this type sulting from supply-chain &Gamble is raising prices on husband forthe firsttime in Times reported. divide their vast wealth, ac- of inflation in many, many problems would likely be tem- baby products,adult diapers morethan ayear.She noticed BridgittArnold, aspokes- cording to the people familiar years,” Chief ExecutiveOfficer porary and wouldn’t prompt andfeminine-carebrands. her preferred combo of cheese woman forMr. Gates,said in with the matterand the docu- SteveCahillane said. the central bank to changepol- Competitor Kimberly-Clark enchilada and chili relleno 2019 that thesoftware mogul ments. Investorsand economists icies aimed to keep borrowing Corp. said it would increase cost about $4 morethan the and Epstein had met multiple Ms.Gates’s legal team by are watching whether the costsdown. prices by mid-to-high single last time she visited. She timestodiscussphilanthropy. then already included NewYork higher prices driveupbroader Some manufacturersdidn’t digits on Scottbathroom tis- didn’t mind. “Bill Gates regretsevermeeting divorce lawyer Robert Stephan measures of inflation,which passhigher costsalong to con- sues,Depend adult diapersand “It felt likeatreat,” she with Epstein and recognizes it Cohen, the documentsshow. have been muted foryears. sumersinthe thick of the cor- Huggies baby-careproducts. said. wasanerror in judgment to do Mr.Cohen has represented Mi- Consumer prices jumped onavirus pandemic last year H. Kenneth Fleetwood, a Some people aredelaying so,” Ms.Arnold said at the chael Bloomberg, HenryKravis 2.6% in the year ended in partly because they didn’t songwriter in Nashville,said purchases,hoping prices will time. Epstein died in jail in Au- and Ivana Trump in their di- March, according to the Labor want to charge people more he hasshiftedtobuying more recede. gust 2019 awaiting trial on fed- vorces. Department, the biggest 12- forstaples during acrisis,said generic staples such as deter- Nick Davison said he bought eral chargesrelated to sextraf- Mr.Gates also hassome star monthincrease sinceAugust Chris Testa, president of dis- gent and recently shopped agraphics card forhis com- ficking. lawyers, including Ronald Ol- 2018. tributor United Natural Foods around foratelevision and puter forabout $400 in Febru- Ms.Gates,aglobal advocate son, apartner at the firm As higher costsripple Inc.Instead, manymanufactur- monitor forhis studio before ary2020.Hesaid similar com- forwomen and girls,had told Munger,Tolles &Olson LLP through supply chains,more erspulled back on discounts. finding the lowest priceat ponentsnow sell formore her husband she wasuncom- whohas represented Mark companies areconcluding that Now, some food and consumer- Walmart Inc. than $1,000 on eBay. fortable with Epstein afterthe Zuckerberg, among others. their customerswill accept product makersare raising “Penny-pinching is becom- He wants to build a second couple met him together in TheMay 3divorce filing higher prices. prices by up to 10%, he said. ing the name of the game,” he computer to mine cryptocur- 2013,the former employeeof says the couple had agreed to a “They’ve seen price in- Costsfor apples areup10% said. rency,but he plans to wait to the Gates Foundation said. Mr. separation contract to divide creases throughout the entire to 20% depending on the vari- Devon Dalton, asales direc- see if component prices de- Gates andsome employees of theirassets—a fortune esti- store,” Whirlpool CEO Marc ety,said MikeFerguson, vice tor in Charlotte, N.C., said he crease. the Gates Foundation continued mated at $130 billion by Forbes. Bitzer said. “I don’t think any- president of produceand floral is also buying morestore “It doesn’t seem smart to arelationship with Epstein de- Last week,Mr. Gates’sin- body is surprised right now.” at TopcoAssociates LLC,an brands and signed up fora spend that much money on spiteher concerns,this person vestment firm transferred Warren Buffett, CEO of Elk GroveVillage, Ill.-based co- fuel-savingsprogram that something that maygodown said. nearly $2.4 billion of public BerkshireHathaway Inc., said operativeofmorethan 40 food gives him cash rewardsatgas in the future,” he said. TheDaily Beast earlier re- companyshares to Ms.Gates, during theconglomerate’san- companies including grocer stations after he and his wife —Sharon Terlep, Annie ported on the 2013 meeting and including stakes in car-dealer- nual meeting this monththat Wegmans Food MarketsInc. recently paid $20,000 more Gasparro, Austen Hufford Ms.Gates’s concerns with Ep- ship owner AutoNation Inc., a the economyisexperiencing a Bananas andleafygreens than thelisting pricetobuy and Chip Cutter stein. Mexican broadcaster and aCa- substantial run-up in prices. cost more, too, Topcosaid, their first home. contributed to this article. When asked about his rela- nadian railroad. P2JW130000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | A7 WORLD NEWS India’sTeachersTakeVirus Hit in Election

Hundreds die after physical-distancing rules being followed.” government called TheUttar Pradesh election them to work at polls commissioner didn’t respond to requestsfor comment. in April, unions say Mahesh Prasad’sfamily had tried to talk him out of going DEHRADUN, India—After forelection work.But the fa- India’s most-populous state ther of sixsaid he had heard went ahead with local elec- that absenteeism could be tions last month, awaveofill- punished with job suspension, ness swept through school- his nephew Sunil Rajvanshi teacherswho were deployed said. by the government to work at When the 50-year-old prin- the polls.Manyofthem died, cipal of a primary school in withoutaccesstohealthcare northern Uttar Pradesh re- or acoronavirus test. turned from duty on April 20, he looked tired, Mr.Rajvanshi By Vibhuti Agarwal, said. Thefollowing day, he had Krishna Pokharel and GES afever andacough. By the Niharika Mandhana IMA night of April 24,hewas struggling to breathe. GETTY

In the run-up to the elec- SE/ His eldest son, age17, tions,ArunodayPrakash rushed him aftermidnight to a Mishrawas summoned for government hospital in the

training,packed intosmall ANCE-PRES district of Lakhimpur Kheri, rooms with dozens of others FR whereMr. Prasad wasadmit-

as they received instructions ENCE tedand given oxygen support.

on howtomanagevoting AG His family noticed doctors booths.Afew days later,after were keeping their distance, SINGH/

reporting forduty at apolling H and asked whether they

site, the 52-year-old high- AS thought it might be Covid-19. AK

school teacher developed afe- PR Doctors said the soonest he verand sorethroat. Then he Ateacher’s body is carried forcremation. Among the stateemployees who worked at the polls, hundreds of teachers died of Covid-19. could be tested was10a.m. had trouble breathing,his When Mr.Prasad’soxygen brother said. the elections in Uttar Pradesh, the local level,often entail mo- wanted to delaybut had to fol- rectiveorthe safety of elec- cylinder ranout, doctors When Mr.Mishrareturned including morethan 700 bilizing an armyofcivil ser- lowaFebruarycourt order to tion workers. Aunion repre- moved one over from another home later that day, he looked teachers, acount based on vants. About 1.3million candi- hold the elections by the end senting government employees patient, said his nephew, who very sick.His family took him Covid-19 test resultsorsymp- dates were vying for nearly of April. Thecourt issued the asked senior stateofficials for was present that night. The to several hospitals.None had toms,according to surveysby 870,000 posts representing order at atime when Covid-19 personal protectiveequipment family worked to arrangefor room forhim, overstretched unions representing stateem- villages and districtsinthe Ut- infections were much lowerin forelection workers. an oxygen-equipped ambu- by aconstant stream of ployees and the teachers. The tar Pradesh election, which India, afterthe voteshad been “Weweretold that the lancetotakeMr. Prasad to the Covid-19 patients. unions had tried to getthe took place in four phases in delayed. statehad no resourcesfor it,” statecapital of Lucknow, a Thefather of four died elections postponed. Mr. late April. About 124million Mr.Singh said therehasn’t said Hari KishoreTiwari, pres- three-hour driveaway,but earlythe next morning at Mishra’sbrother,Shailendra voters participated, and more been anyundercounting of ident of the Uttar Pradesh none wasavailable. home.Hewas never tested for Kumar Mishra, had tried to than 1.2million government cases.Hesaid Sundaythat the State Employees’ Joint Coun- That morning, around 8:25 the virus that causes Covid-19. persuade him not to report for officersand employees helped government wasawaiting are- cil. a.m., Mr.Prasad died beforehe India is recording around election work. administer it, the stateelec- port on the virus’sspread Adesh Kumar Singh, a45- could be tested. 4,000 deaths aday in the “‘Thestate administration tion commission said. among election workers but year-old teacher at aprimary “Look at his symptoms. world’sfastest-growing is very tough,’ ” he said his “They knowelection duty is hasn’t verified that anyone school, wasassigned to work This has happened to so many Covid-19 surge,but public- brothertold him. “‘If Idon’t part of their job,” said Suresh wasinfected or died from as apolling officer at avillage teachersacrossthe statewho health expertssay the official go forelection duty,thereare Yadav, joint general secretary Covid-19. in the state’snorthern Shah- went for election duty,” Mr. numbersdon’t reflect the toll, chances Imight getsus- of the Uttar Pradesh Primary Separately, lawyers peti- jahanpur district. Training ses- Rajvanshi said. “How could with hospitals and testing pended. If Iget suspended, Teachers’ Union. “Still, this tioned the Allahabad High sions were held in small rooms they all have fallen sick if it sites overwhelmed and many howwill the family eat?’ ” time,manyweretense because Court forpostponement of the filled with morethan four isn’t corona?” dying at home.Hard-hit areas, Public-health expertshave of the fast-rising cases in the election. On April 7, the court dozenpeople,hesaid, and Uttar Pradesh’sgovernment including the national capital pointed to elections that were statefromearly April.” dismissed the petition but di- election workersweredriven has said it would give$41,000 NewDelhi, continue to battle held in states in India earlier Beforevoting began, the rected the government and the to polling sites in crowded to the families of state em- shortages of oxygen, medicines this year as one of the factors unions petitioned the govern- stateelection commission to trucks typically used to trans- ployees found to have died of and hospital beds.Crematori- that contributed to the surge. ment and the state election take the necessarycaretopre- port grain and cement. Covid-19 afterbeing infected ums and burial grounds in Political parties and leaders, commission foradelaybe- vent the spread of the virus “The Covid-19 guidelines during election duties,said Mr. manypartsofthe countryare including Prime Minister Nar- cause of rising Covid-19 cases. during the elections. hardly made adifference,” he Singh, the government spokes- struggling to cope. endraModi,held large cam- Shishir Singh, aspokesman Unions, election workers said. “Therewas colossal mis- man. Families said they have Around 2,000 civil servants paignrallies in some states. for Uttar Pradesh’s govern- and their families say little management. Therewereno been asked to submit aposi- likely died of Covid-19 after ElectionsinIndia, even at ment, said the administration heed waspaid to the court di- masks,nosanitization, no tive test to apply forit. Some Nations Shift on AstraZeneca Shot Chinese Rocket BY KIM MACKRAEL received his shot, the expert panel, called the National Advi- Several countries have soryCommitteeonImmuniza- changed their guidanceinre- tion, said it preferentially rec- Debris Falls cent days on who should re- ommended the messenger RNA ceivethe AstraZeneca PLC vac- vaccines produced by Pfizer-Bi- To Earth cine,aspublic-health officials oNTech and Moderna. It said continue to weigh the risk of AstraZeneca’svaccine should BY NATASHA KHAN the vaccine against the preva- be offeredtothose 30 years lenceofCovid-19 cases. and older who don’t want to HONG KONG—Debris from a

TheAstraZenecashot hasn’t S wait, and forwhom the benefits Chinese rocket re-entered been cleared foruse in the U.S., outweigh the risks. Earth’satmosphereoverthe In- NEW

unlikeCovid-19 vaccines from G Canada’schief public health dian Ocean, Chinese officials Pfizer Inc., Moderna Inc.and officer, Theresa Tam, said she said, easing days of anxiety

Johnson &Johnson.But in OOMBER didn’t seethe advicefromthe that pieces would fall on

some wealthycountries where /BL government and the panel as densely populated areas. the supply of those vaccines OV different. “Everyone is trying to TheChina Manned Space AR

has been moreconstrained, As- TS provide the best information in Engineering Officesaid the traZenecadoses have been of- KA order foreveryone to makea Long March-5B rocket made

feredtopeople as young as 30, PHER decision,” Dr.Tam said. the re-entryat10:24a.m. Bei-

showing the wide variation TO TheCanadian advisorypanel jing time Sunday. Most of the

even amongwealthycountries CHRIS has said the risk of vaccine-in- componentsofthe wreckage in vaccination campaigns. Canada last month began allowing people in their 40s and early 50s to book AstraZeneca shots.. duced immune thrombotic were burned up and destroyed On Friday, the U.K.’s vaccines thrombocytopenia, or blood during the re-entry, it said. advisorybody said the vaccine the vaccine available to all certain countries,the calcula- newevidenceemerges, and of- clotting,was about one in Therocket wassent intoor- produced by AstraZeneca, adultsafter earlier limiting it to tions around the benefitsofre- ficials should be open with the 100,000.AsofMay 6, Canada bit to ferryacorecomponent whichhas raised concerns those 60 yearsand older,asit ceiving avaccine change. public aboutwhat they know hadreported 11 cases of blood of itsspacestation, the Tianhe among health expertsdue its sought to speed up avaccina- British officials said Friday andrecommend. clotsand three blood clot-re- module,onApril 29.Itwas the possible link to rare blood clots, tion campaign that had gotten that while the risks of suffering But he said officials can lated deaths. It had adminis- firstofaseries of planned should preferably not be given off to aslowstart. the blood clotsfromthe Astra- struggle to communicateboth teredmorethan 2million As- launches as China begins con- to people under 40.Previous AstraZenecahas struggled to Zenecavaccine areminuscule, the risks and benefitsofthe As- traZenecashotsasofMay 1. struction on the spacestation. guidancesuggested the vaccine pull together the datarequired they nowoutweigh the risks of traZenecavaccine,adding to Heather Badenoch, a45- Therocket’ssize, about the should preferably not be given foranemergency-use authori- someone under 40 suffering a confusion and potentially chip- year-old Ottawa resident who height of a10-storybuilding, to people under 30. zation forits Covid-19 vaccine fatal Covid-19 case.The calcula- ping away at public trust. spent three days trying to snag and concerns from space-moni- In Canada last week,mem- in the U.S.,and on Fridaypeo- tion of the overall safety of the He said confusing messaging an AstraZenecaappointment at toring organizations that the bers of anational expert panel ple familiar with the matter vaccine itself hasn’t altered, the has been displayedinCanada: overbooked pharmacies,said entryback to earth wouldn’t be referred to the vaccines made said it could skip that step in U.K. medicines regulator said. Last month authorities in many she wasglad to have some pro- controlled caused worryinre- by Pfizer-BioNTech and Mod- favorofpursuing amoretime- They said unvaccinated in- partsofthe countrybegan al- tection, especially because her cent days,asvarious tracking erna as the preferred option af- intensiveapplication forafull- dividuals under 40 should re- lowing people in their40s and husband and mother-in-law organizations predicted poten- terelected officials had earlier fledged license to sell the shot. ceivealternativevaccines, early 50s to book appointments would both be considered high tial landing sites covering encouraged citizens to getthe U.S. government and public- “whereavailable and only if forAstraZeneca’svaccine. risk if they contracted Covid-19. swaths of the planet. firstvaccine available,which health officials have said they this does not cause substantial Prime Minister Justin Trudeau, “Zeroregretsand pleased to While therewas aminuscule forsome agegroups wasAstra- have ample supplies of other delays in being vaccinated.” who has repeatedly said the have the antibodies,” Ms.Bade- chanceofthe debris hitting Zeneca’sshot. vaccines that arealready autho- Raywat Deonandan, an epi- best vaccine is the firstone noch said last week. populatedareas,the episode Meanwhile,German officials rized foruse. demiologist at the University of that is available,was among —Jason Douglas and Max has raised the issue of respon- on Thursdaytook the opposite Health officials notethat Ottawa,said it is reasonable for those who signed up. Colchester contributed to sible spacebehavior,with tack,saying they would make with the pandemic abating in experts’ advicetochangeas Yetonthe dayMr. Trudeau this article. China ramping up itsspace program and privatecorpora- tions globally engaging in WORLDWATCH spaceactivity. Bill Nelson, who leads the National Aeronautics and Space SCOTLAND the largestnumber of seats— OLYMPICS lodging and the National Sta- Biden’scall to waiveintellectual Administration, criticized the nearly half the total—in the multi- dium, which wasemptybut for propertyrights forCovid-19 re-entryonSaturday saying,“It Independence Parties party, European-style proportional Athletes Give staff and journalists. vaccines, saying exporting more is clear that China is failing to Gain Ground in Vote electoral systemafter pitching in- Stadium a Test Run The eventcomes lessthan shots would be afasterway to meet responsible standards re- dependenceasaway to acceler- three months beforethe help poor countries struggling garding their spacedebris.” Scotland’sfutureinthe U.K. is ateScotland’srecovery from the Ahandful of athletes from Games arescheduled to begin to contain the virus. China’sForeign Ministry set to loom overBritish and Eu- Covid-19 pandemic. Areferendum as farawayasthe U.S. and the on July 23. The EU is prepared to dis- said Fridaythe risks of harm ropean politics foryears after could also chart apathfor Scot- U.K. came to Tokyofor atrack —Peter Landers cussthe U.S. position, which were small. Spokesman Wang pro-independencegroups led by land back into the European and field competition on Sun- the Biden administration had Wenbin said authorities were Nicola Sturgeon’sScottish Na- Union after Britain left the trade daythatserved as arareon- EUROPEAN UNION voiced earlier lastweek, when watching the situation and that tional Partyexpanded their ma- bloc at the start of the year,sup- sitetestfor apandemic-con- thereisaconcreteproposal, because the upper stageofthe jorityinthe Scottish parliament, porters said. strained Olympics. EU Tepid on Biden European Council President rocket had been deactivated, setting up aclash with Britain on The SNP fell one seatshort of Nine athletes who liveout- Call to WaivePatents Charles Michel said at asum- most of it would burn on re-en- whether Scotsshould be allowed an outrightmajority. Only the U.K. side Japan were permittedto mit meeting in Portugal on try, minimizing chances of avoteonleaving the union. governmentmay sanction avote. enterthe country. Their move- European Union leaders Saturday. damagetoaviation or ground Ms. Sturgeon’sSNP secured —James Hookway ments were limited to their pushed back againstPresident —Eric Sylvers facilities and activities. P2JW130000-0-A00800-1------NS

A8 | Monday, May 10, 2021 NY THE WALL STREET JOURNAL. WORLD NEWS DeadlyKabul GES IMA

Attack Took GETTY SE/ ANCE-PRES Aim at Girls FR GENCE /A

BY SUNE ENGEL RASMUSSEN No group has claimed re- AR HS

AND EHSANULLAH AMIRI sponsibility forSaturday’s at- KO

tack.The Afghan president KIL

KABUL—Zainab Maqsudi, 13 blamed the Taliban. The Tali- WA

yearsold, exited the library ban denied responsibility and CK; andwalked toward the main condemned the bombings, ac- TO gate of the Sayed Shuhada cusing Islamic State of being school to go home on Saturday behind them. SHUTTERS

when she wasblown backward On Sunday, residentsofthe A/

by an explosion. When she Afghan capital spent the day /EP ID

stood up,the air wasthick burying dozens of schoolgirls AM with dust and smoke, and she on ahillside on the outskirts was surrounded by shattered of the capital. Hospitals across TULLAH glass. the city treated dozens of in- AYA “Suicide attack!” everyone jured, including several who HED

yelled, she said, reflecting how remained in intensive care. P: common such attacks have be- Theattack followedarise TO OM

come in Afghanistan. She no- in targeted assassinations of FR ticedshe wasbleeding from activists, politicians and fe- Mourners attended the funeral, above, of one of the victims of a Saturday attack that targeted a girls’ school, below, in Kabul. her arms.Anolder sister took male journalists. “We know if her to hospital. thereisfurther violence, the aminivan that blewupoutside “I’m not sureifIwill go groups who will be most vul- the school. Twosmaller blasts back to school when Ire- nerable arewomen and girls,” followedinshort succession cover,” Zainab, who is in sev- said ShaharzadAkbar,chair- about 10 minutes later, injur- enth grade,said from her hos- person of the Afghanistan In- ingpeople who had rushed to pital bed Sunday, with her dependent Human Rights the scene to help the parentsbyher side.“Idon’t Commission. “The message wounded. want to gethurt again. My this attack sends to children, Aclinic forwar wounded in body shakes when Ithink especially to girls going to central Kabul run by the Ital- about what happened.” school, is averybleak one,a ian aid group Emergency said Preventing girlslikeZainab very scary one.” it had admitted29injured vic- from going to school wasthe TheBiden administration tims, nearly all of them girls. likely goal of the terroristsbe- last month set Sept. 11 as the Several victims had both hind Saturday’sattack in apre- deadline for all U.S. forces to burns and injuries from shrap- dominantly Shiiteneighbor- leave Afghanistan,but U.S. of- nel, acombination that Emer- hood of Kabul. Widening access ficials have suggested the gency’scountrydirector to women’seducation wasone drawdowncould be completed Marco Puntin called uncom- of the most tangible achieve- as soon as July.The agree- mon. He said this indicated mentsofthe 20-year U.S. pres- ment follows aFebruary2020 the likely use of two types of enceinAfghanistan—progress deal between the Taliban and weapons used in the blast. that could be reversed once the Trump administration that Some of the girls injured by American forces leave the committedthe insurgents to Saturday’sexplosion said they countrylater this year. enter peace talks with the Af- weren’t intimidated by the ter- Afghan authorities on Sun- ghan government. However, historically has been marginal- feared forthe futurenow that school forayear because I rorists. dayraised the official death American effortstoclinch a ized and oppressed, especially Mr. Biden is withdrawing the wasafraid of suicide bomb- TahiraHassani, 17,was car- toll from Saturday’sattack peacesettlement beforeafull during Taliban rule in the troops whokept Taliban ad- ings. But this washer last ried away from the blast site that targeted schoolgirls at withdrawalhavestalled, and 1990s. vances in check. “The schools year, so I sent her back,” said by an elderly man who tied Sayed Shuhada to 53.Itwas bloodshed across the country “These arethe poorest of arenot safe, maternity hospi- Ms.Sharifi, who herself is illit- her head scarfaround her legs the latest assault on the area’s continues. the country, those who are tals arenot safe, the streets erate. “I washoping she would to stop the bleeding. mostly Shiite Hazaraminority, Theneighborhood of Dasht- most disadvantaged,” said are not safe, and we are help- become something.” “I hope my legswill getbet- which in recent months has eBarchi whereSaturday’s FreshtaKarim, an education lessabout it,” Ms.Karim said. TheAfghan government tersoIcan walk again,” she suffered horrific attacks by Is- bombingsoccurred is one of activist and founder of Char- Nikbakht Sharifi’s twelfth- hasn’t released itsfindings said. “I will continue my stud- lamic State’s Afghan affiliate, Kabul’s most disenfranchised maghz, anonprofit that oper- grade daughter, Marziah, was from Saturday’sblast site. ies.Iwant to become aprose- including on amaternity ward areas. It is populated mostly ates mobile libraries for chil- among those injured on Satur- Several witnesses said the cutor.The countryisfull of in- and an education center. by the Hazaraminority,which dren in Kabul. She said she day. “I didn’t send her to first explosion was caused by justice, and Iwant to fixthat.” U.S. on the Hunt forBases AfterAfghanistanPullout

BY VIVIAN SALAMA AND GORDON LUBOLD

WASHINGTON—U.S.mili- tary plannersare looking for options to base forces and equipment in Central Asia and the Middle East afterAmerican and allied troops leave Afghan- istan in the coming months. Kill theprostate With withdrawalprepara- tions ramping up,U.S.military commanderswant bases for S troops,drones,bombersand

cancer. Be home PRES artillerytoshoreupthe Af-

ghan government, keep the TED Taliban insurgencyincheck CIA SO

fordinner. and monitor other extremists. AS Options being assessed range from nearby countries to more distant Arab Gulf emirates and DEFENSE/ OF

Navy ships at sea, U.S. govern- Y ment and militaryofficials TR

said. MINIS Preferable,according to GHAN

some militaryand Biden ad- AF ministration officials,would be A handover ceremony from the U.S. Army to the Afghan National Uzbekistan and Tajikistan, Army was held at Camp Anthonic in Helmand province on May 2. which border Afghanistan and would allowfor quick access. eral scramble to meet the Sep- Also missing from the rough But Russia’slarge military tember deadline set by Presi- plans is wheretobase Ameri- footprint in the region, China’s dent Biden last month but canforcespostwithdrawal, growing one and tensions be- which U.S. defense officials say those officials said, and finding tween them and Washington could be completed as early as hostscould provechallenging. complicateplans forCentral July.Tensions have been Ultimately,administration Asianbases,the officials said. mounting between Afghan officials said, they want loca- “The drivetowork looks groups even beforethe dead- tions that areclose to Afghani- likeitwill be alittle bit longer line wasannounced, and many stan fortroops,drones and fornow,” one official said. U.S.,Afghan and other officials otherrapid-response equip- Zalmay Khalilzad,the U.S. areconcerned the withdrawal ment,inthe event, forexam- special representativefor Af- could precipitate aslide into ple,ofanattack on itsembassy ghanistan, traveled to Uzbeki- broaderconflict. in Kabul. When it announced stan andTajikistan this past ArmyGen. ScottMiller,the the withdrawallast month, the We’rethe leader in single-day Focal week. topcommander in Afghanistan, Biden administration said it Mr.Khalilzad’sdiscussions and Marine Gen. Frank McKen- would launch airstrikes or con- HIFU treatment forprostatecancer. focused on effortstobroker zie, who heads U.S. Central duct surveillancemissions if al peaceamong the Afghan fac- Command, submittedrough Qaeda reappeared in Afghani- tionsbefore the Sept. 11 with- planstoDefense Secretary stan or another group likeIs- drawaldeadline—a topic aU.S. Lloyd Austin latelast month lamicState posed athreat to 718-635-PROS (7767) official involved in thediscus- forthe drawdownofpersonnel the U.S. or itsinterests. sions said is of concern to Uz- and equipment from Afghani- If nearby countries aren’t ProstateCenterNY.org bekistan and Tajikistan, which stan. accessible,U.S.officials are don’t want aspillover of the Those plans,which military looking farther afield for“over violence. officials said aren’t complete, the horizon” options in Arab No formal requestsfor involve25,000 to 30,000 total Gulf allies,several of which bases in Central Asia have personnel, including North At- currentlyhost U.S. forces. been made to date, according lantic Treaty Organization and Thefallback is using an air- to U.S. officials,with the Pen- American forces and contrac- craftcarrier to host aircraft tagonstill weighing the pros tors.Still to be determined is that could be used formissions andcons.The State Depart- howmanypeople the State De- over Afghanistan, though the ment and WhiteHouse arealso partment wantstoretain at Navy is reluctant to commit a involved in thedecision. the sizable U.S. Embassy in Ka- carrier full-time to the region Thehastened planning to bul,though that number could due to needs elsewhere, ac- find regional footholds forthe be as high as 1,000Americans, cording to Navy and other offi- U.S. militaryispart of agen- U.S. officials said. cials. P2JW130000-0-A008A0-1------NS

THE WALL STREET JOURNAL. NY Monday, May 10, 2021 | A8A P2JW130000-0-A008B0-1------NS

A8B | Monday, May 10, 2021 NY THE WALL STREET JOURNAL.

Hisfirst footballseason, Isaiah told us,‘Wear ajerseywithmy name on it.Iwanteveryoneto know you’re here forme.’ Darnell and Denna, adopted 16-year-old Isaiah

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THE WALL STREET JOURNAL. Monday, May 10, 2021 | A9 WORLD NEWS Israeli TopCourtDelaysPalestinian Evictions

BY FELICIA SCHWARTZ suspended meanwhile. Sundaybolstered their pres- over the potential court-or- AND DOV LIEBER Even with the court case enceinJerusalem, as the gov- dered evictions. delayed, the potential foresca- ernment braced for another Israeli officials fear the vio- TEL AVIV—Israel’sSupreme lation remains with ashowof night of clashes. lencecould spread elsewhere Court on Sundaypostponed a Jewish right-wing strength Dozens of Palestinians were intothe West Bank beyond Je- ruling on whether to evict Pal- that is planned for Monday. injured Saturdayaround the rusalem. Fatah, the party that estinian families from an East Right-wingJewish Israelis typ- OldCity and near Sheikh Jar- runs the Palestinian Authority, Jerusalem neighborhood, a ically march through the Old rah, afterFriday’sclashes.Po- called forincreased confronta-

step that comes as the con- CK City,including Muslim areas, liceand worshipersclashed on tion with Israeli forces across

tested holy city experiences its TO waving Israeli flagstomark Is- thesiteofthe Al Aqsa Mosque Palestinian territoryinthe worstviolenceinyears. rael’scaptureofEast Jerusa- on Friday, beginning when po- coming days in solidarity with Tensions that have resulted lem. Theevent, an Israeli holi- licesaid they entered the com- those in Jerusalem. SHUTTERS

in injuries to hundreds of pro- A/ dayknown as Jerusalem Day, plextorespond to worshipers “The continued attacks by testers—as well as to more is intended as ashowofIsraeli throwing rocks. settlersonMuslim and Chris- N/EP

than adozenIsraeli policeof- TA claims to the contested city. Thesiteisknown to Jews tian holy sites…and evicting

ficers—have risen ahead of the SUL Israeli policesaid Sunday as the Temple Mount and to citizens from their homes in

court ruling,which had been ABIR themarch cangoahead. Muslims as the Noble Sanctu- Sheikh Jarrah…will lead to an scheduled forMonday, on Policepatrolled Jerusalem after clashes erupted overthe evictions. Israel considers all of Jeru- ary. Tension over control of all-out conflict acrossPalestin- whether to evict Palestinian salem itssovereign territory the compound has been a ian lands,” the party said in a families from homes in the rael’sattorney general, Avichai tile political matter. Thecourt andgoverns all of itsinhabit- source of conflict between Pal- writtenstatement Saturday. Sheikh Jarrah neighborhood of Mandelblit, who said he is said Mr.Mandelblit must de- ants, but Palestinians want the estinians and Israelis. Prime Minister Benjamin East Jerusalem. considering whether to be- cide what role he would play eastern part to be the capital Israel’sallies and neighbors Netanyahu said Israel is com- Thecourt’sdelaycame in come involved because the dis- in the case by June 8and of anyfuturePalestinian state. in theregion have coupled ap- mittedtofreedom of worship response to arequest from Is- putehas become such avola- planned Mayevictions will be Israeli security forces on peals forcalm with criticism but wouldn’t allowviolence. FROM PAGE ONE

from negativeafter the passage Bond yields Both stateand local govern- lowyield of 0.68% from Febru- Investors of the $1.9trillion pandemic re- mentsselling debt in recent ary, in datagoing back to lief bill in March, saying the 5% months received favorable 1993.Yields fall when bond funds would stabilizestate fi- terms.Illinois savedmillions prices rise. Snap Up nances and help avoid funding 4 of dollars in mid-March when While proposed federal in- cutsfor local governments. it borrowed$1.26 billion. That frastructurespending could Investorswill getafresh 10-yearTreasury note included bonds due in 2024 ease the jam by putting local Muni Bonds look at the strength of the 3 sold at a1.09% yield, below policy makersinbetterposi- economy’sreopening this week the 3.42% that the stateis tion to issue moremuni bonds afterFriday’s disappointing paying on similar-dated debt forother projects, manyex- ContinuedfromPageOne jobs report,parsing earnings 2 held by the Fedafter it tapped pect newdemand formunis would plungeand mounting fi- from Walt Disney Co.and de- the central bank’spandemic from wealthyhouseholds if nancial distresswould spur a liveryservice DoorDash Inc., 10-year backstop program. theBiden administration’s wave of defaults. City and state alongwith newdataoncon- 1 AAA-rated A $34 million Illinois bond plan to raise capital-gains borrowing froze. Defaultsdid sumerprices and retail sales. municipal bonds ratedtriple-B minus—at the taxesadvancesinCongress. In climb,but investorsstarted to TheDow Jones Industrial Av- 0 bottomofinvestment-grade— areport to clientslast week, return afteractions by the Fed- erageended Fridayatarecord. and due in 10 yearsrecently analystsatUBS recommended 2007 ’10 ’20 eral Reservethat April—includ- Municipal bonds held up traded foraround 128 centson theyconsider buying munis ing cutting interest ratesand betterthan other fixed-income Sources: BloombergBarclays (munis); TullettPrebon (Treasurys) Note:DataasofMay 5 the dollar,according to data over corporatebonds as one buying billions of dollarsof assetsduring the broader from Electronic Municipal way to reducetaxable income. bonds—buoyedthe municipal- bond-market decline earlier lems,” said Dan Solender,direc- of Friday, according to Munici- Market Access.Ityielded Changes to the tax code, such debt market andthe economy. this year.Munis returned toroftax-free fixed-income in- pal Market Analytics.Mean- 1.86%, down from 2.22% when as caps on state and local de- Taxcollections exceeded ex- 0.59% to investorsthis year vestmentsatLordAbbett&Co. while,refinancingsand money issued in March. ductions,havecut down on pectations,state and local gov- through May6,counting price One factor driving recent paid back to investorstotaled “Thereare just far more otherpopular waystolimit ernmentsliftedrevenue fore- changes and interest payments, gains,some analystssay:State around $131 billion. That hasled lendersthan thereare borrow- taxable income. castsfor this year and stimulus beating aminus-3.22% totalre- and local governmentscan’t to a$7billion mismatch, in- ers,” said MattFabian,head of Yields on 10-year triple-A- money from the federal gov- turn on Treasurys and minus sell bonds fast enough for in- creasing demand fornew bonds. research at Municipal Market ratedmunis arecurrently ernment began flooding in. 3.1% on corporatebonds,ac- vestors. Bond sales have in- “Wehavemoney raining Analytics.“That keepsmunici- around half of thoseon10- BankofAmericaanalystsin cording to BloombergBarclays creased so far this year com- out of the sky,” said Ben Wat- pal-bond yields pinned as low year Treasuryrates.Munis arecent notesaid the munici- data. Riskier high-yield munis pared with the same period in kins, director of bond finance as you can go.” typically yield lessthan fed- pal market is entering “a new have returned 3.87% over the 2020,when stateand local for the state of Florida, refer- Theaverage yield on 10- eral debt because of the tax golden decade of strong growth same period, ahead of the governments sold the most ring to the favorable market year triple-A-rated munis was advantagethey provide.The and strengthening credit qual- 2.15%return on junk bonds bonds in adecade in an effort conditions and stimulus aid. 0.82% at Friday’sclose,ac- current discount exceeds his- ity.” Moody’s InvestorsService from U.S. companies. to manage pandemic costs. “We’re in a much better posi- cording to BloombergBarclays torical levels, a sign of inves- raised itsoutlook forstate and “Wemade it through atough Borrowers have sold $124 tion now than if Covid hadn’t data. That is less than 0.2per- tors’hearty appetitefor the local governmentstostable year with very minor prob- billion in newbonds this year as hit at all.” centagepoint abovethe record debt.

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A12 | Monday, May 10, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

ThePool &Hot Tub Alli- decks,the weight of materials local companies. Even above- Chelsea neighborhood where as surprised as anyone by Tiny Pools ance, anationwide tradeor- is the main problem, said ground pools that areacut prices cangoashigh as $20 their popularity.“We normally ganization, said that pool in- Sasha Newman of Brooklyn- above the inflatable kind can million, 16 of the 31 unitshave sell these tanks to farmers,” stallations across the country based Little Miracles Designs, runupto$10,000 with the pools,said James Morgan, he said. Are Big in increased 24%tonearly 97,000 a company that specializes in proper installation. sales director of the project. In PennyKnops recently ac- in 2020 over the prior year. outdoor spaces.Ittakes acer- Ms. Turkington, the Jersey some units, the pools arein- quired agalvanized-steel stock Limited spaceand tight ac- tain engineering savvyto City resident, said her project doorsand almost an extension tank,measuring 7feet in di- New York cess areamong the key issues makesurethe pool or spa can cost about $20,000.But she of the living room, he said. ameter and costing about in the NewYork area. For be supported, especially in considersitagood invest- Some NewYorkersare find- $1,500 with shipping, for the projectsinthe suburbs,pool older buildingsthat weren’t ment, especially sinceshe an- ing a more-affordable way to backyard of her brownstone in ContinuedfromPageOne builderscan easily gain access designed for such projects. ticipates her family making make a splash this summer is Brooklyn’sBedford-Stuyvesant backyardsofBrooklyn brown- with their equipment—say, to Another challenge for pool use of the spa and sauna year- astock tank.The tanks,which neighborhood. She said she stones to the decks of Manhat- dig the requisitehole and then buildersworking up high is round. In the summer,she is aretraditionally used as drink- was looking for something “a tan penthouses. transfer the dirt to a truck to getting materials,ifnot the likely to turn off the spa’s ing troughs for animals, have bit moresubstantial” than a BobBlanda, owner of Mill be takenaway.But forajob at entire pool structure, to the heater so it canfunction likea been embraced as akind of plastic pool but she didn’t BergenPools,aNew York- abrownstone or townhome, location. “Wecraned apool on mini-pool, she added. low-cost alternativetoaback- want to spend thousands of based company, said his inqui- the processcan be alittle dif- aroof,” said Nick Tsoukas, Luxuryproperties featuring yard pool. dollars. Nor did she necessar- ries areupbyabout 25% since ferent. owner of Grecian Pools Inter- privatepools areoften coming Bill Vasel, owner TankAnd- ily likethe idea of having to the pandemic started. Poten- “You carrythe dirt out in national, basedinNew York to the market these days, ac- Barrel.com, an online purveyor giveoverher outside spaceto tial customers should be pre- buckets,” said Mr.Blanda, add- and New Jersey. cording to local real-estate that offersstock tanks,said a more permanent pool solu- pared to wait their turn, espe- ing that it cantakeweeks to Prices canbesignificant. professionals. thetrend goes well beyond tion. cially sincesome pool-building do the job,evenwith acrewof In-ground pools start at about At the Soori High Line,a NewYork,but he has sold “You canrepurpose the supplies, such as resin, are in four workers. $30,000 and can easily climb newcondominium develop- “quite a few” to homeowners yard forother things,” she short supply, he said. Forpools on rooftops or well intothe six figures, say ment in Manhattan’sWest in the metropolitan area. He is said.

cade,compared with a5%gain Midsize forthe U.S. Provo’spopulation overall has expanded by morethan 20% CitiesPower in the past decade.Thereare only 120 residentsper square mile in the broader Provometro Growth area—a thirdthe density of Portland, and one-fourth of Aus- tin’s, according to Moody’s Ana- ContinuedfromPageOne lytics—and thereissurrounding to the Labor Department. The land forthe city to expand. But national unemployment rate Provo’surban center is unmis- rose to 6.1% in April. takably busier. Jobs in the Greenville region Utah had seen the population grew 11.9% by March from are- boom coming.The stateconsis- cent lowpoint in April 2020, tently ranks firstinthe nation compared with the growth rate in household size, and Provohas of 10.7%for the countryasa an averageage of 25,one of the whole.The country’sjob growth youngest of anylarge U.S. city, had reached 10.9%byApril 2021 according to census data. from the year earlier low. In thelate1990s,nonprofit In Des Moines,the seasonally group Envision Utah was adjusted unemployment rate formed to develop ideas to han- wasat4.1% in March. Provohad dle growth in areas including one of the lowest unemploy- housing,schools,air and traffic. ment ratesinthe U.S. that Population in Utah County, month, at 2.5%. whereProvo is located, is ex- Thecities’ technologyand fi- pected to double by 2050,said nancial jobs shiftedeasily into AriBruening,Envision Utah’s remotework,and manufactur- chiefexecutive. Thegroup sur- erswereable to restart produc- veyedresidentsabout their tion relatively quickly.Manyof needsand concerns,hesaid. the best-performing cities are Thereport last fall pointed out located in states that had the need forsmaller residential shorter lockdowns and fewerre- properties,betterroads and strictions.And while manywere public transportation, and addi- hurt by the lossofvisitorsto tional economic centersaccessi- restaurantsand shops,few have ble by foot. centered their economies Central Iowa doesn’t have around tourism. the draw of the Rockies,but its In partsofthe country, busi- economyshares manyofthe nesses arehaving ahardtime same advantages as Provo: finding workerstofill jobs as lighter population densities,an

the economystartstocome out JOURNAL(3) abundanceofyoung college of the pandemic.The very low graduates and alarge number of unemployment ratesinthese REET companies eager to hirethem. ST

cities could bode shortages in LL In Des Moines,acluster of fi-

thelabor pool down the line. WA nancial firms has helped the city

But their ability to draw new THE endurethe slowdown. residents, and the fact that they R Some 32% of jobs in the Des FO lost fewerworkersduring Moines area, which has apopu- shorter shutdowns,could ease lation of about700,000,require thecrunch. HODGIN at leastacollegedegree,ashare

Greenville maybethe best CLARK similar to Chicago, according to example of these rising stars, Top, the Falls Park development of paths and green spaces along the river in Greenville, S.C. Left, Kenzie Biggins moved her startup datacompiled by Moody’s Ana- which also include places like to the city in 2017. Right, venture-capitalist Cliff Holekamp moved there last year after realizing he could work from anywhere. lytics.Some 14%ofthe area’s Madison, Wis.,Fort Myers, Fla., jobs areinfinance—a higher and Columbus,Ohio. vacant storefrontsand Falls six-month period in itshistory. South Carolina offered askilled Worxbee has flourished, Ms. percentagethan NewYork City, Greenville sitsmidway on the Park wasovergrown, with the Thepresenceofnearby sup- workforce and amix of compa- Biggins said. Thecompanyison said Karl Kuykendall, an econo- four-hour stretch of Interstate river’s cascades hidden under an pliersand other automotive nies eager to outsource some of pacetohit $1 million in annual mist forIHS Markit. 85 between Charlotte,N.C., and overpass. Thecity set about re- manufacturers, adeep pool of their technologyneeds,Mr. revenue and expectsits team of Thearea’sfirst insurersar- Atlanta. It is in the northwest- cruiting international companies skilled workersand adirect rail Thomson said. assistantstoreach 100 in the rived in Des Moines morethan a ern region of South Carolina and rebuilding. In recent years, line to the port of Charleston Kenzie Biggins,who moved next year. centuryago.Their presence, known as Upstate, and over the small businesses have returned arereasons ProterraInc., an to Greenville in 2017, figuredher along with favorable stateregu- past severaldecades has drawn to Main Street, largercompa- electric-vehicle company, moved startup would getmoreatten- lations and alowercost of living both residentsand international nies joined Michelin SA and to Greenville. tion in the smaller city than it ‘Silicon Slopes’ than the insurancecapitals of companies in search of lower BMW AG in the area and the Thecompany, which opened would had she stayed in Atlanta. A burgeoning tech industry the Northeast, drew manymore. costsand businessopportuni- river has become acenterpiece. itsfirst bus-making factory She joined the local Chamber of coupled with the desiretoes- “Thereisanabundanceof ties ashort drivefromlarger Michelin firstcame to Green- therein2011, nowemploys Commerce’s minority business cape crowded cities helped add actuaries,financeand invest- cities.Those strengths were ac- ville in 1975, eventually estab- morethan 350 in Greenville.De- accelerator program, which gave jobs and residentstoProvo. ment professionals and account- centuated by the pandemic. lishingthe French tiremaker’s mand forits technologyissurg- her access to ateam of advisers Thecity,onthe western edge ing majorswithin a50-100 mile North American headquarters ing,and the companyhopes to and ayearlong businesscoach. of the Rockies and a45-minute radius,” said Dan Houston,chief there. In 1992, BMW built its add asecond shiftofworkersto “I felt therewas an opportu- drivesouth of Salt Lake City, executiveofPrincipal Financial Different lifestyle firstfull manufacturing plant increase production, said Jack nity in Greenville forBlack busi- has long been adestination for Group,which wasfounded in When venture-capitalist Cliff outside Germanynearby.Now Allen, Proterra’schief executive. nessownerstotakethe main young professionals looking to Des Moines in 1879. Holekamp sent his staff home morethan 120 automotivecom- In January, ablank-check stage,” she said. leave the coastsfor aless-ex- As Principal and other com- from an officetowerindown- panies operateinthe area, pro- companybacked by ArcLight Ms.Biggins’scompany, pensiveplacetolive. Themoun- panies shiftedtoremotework town St.Louis in March 2020, viding arangeofgood-paying Capital Partnersagreed to buy Worxbee,matches ateam of ex- tains and nearby national and last spring,they noticed anum- he realized he could liveany- jobs while attracting technical Proterraand take it public. Pres- ecutiveassistantswith small stateparks became even more ber of nativeIowans working where. He chose Greenville. and engineering talent and in- ident Biden took avirtual tour businesses,nonprofitsand re- appealing during the pandemic. elsewherehad returned home. “My Greenville storystarted ternational investment. of the plant in April when tout- tired managers. Each of her 28 Facebook and other compa- Mr.Houston said he knewofat with Covid,” he said. “Wewere BMW’splant in Greer,S.C., ing his infrastructureand jobs assistantsworks with two or nies have offices along central least adozenfriends and neigh- looking foradifferent lifestyle.” supportsmorethan 100,000 U.S. plan. three clients, all virtually. Utah’stech corridor,known as borswhose adult children had Mr.Holekamp yearned fora jobs., contributing $38.5 billion DC BLOX, an Atlanta-based Thefirst few months of the “Silicon Slopes.” Software pio- come back,atleast temporarily. community with lighter traffic to the nation’seconomy, accord- builderand operator of data pandemic were difficult, she neersNovell Inc.and WordPer- “There’sbeen afull-court and the opportunity to livecom- ing to aJanuary2018 study by centers, picked Greenville as the said,asbusinesses muddled fect were founded there, and presstotry to recruit them” for fortably near the city’s urban theUniversity of South Caro- siteofits fifthlocation last through the economic downturn their success encouraged entre- local jobs,hesaid, noting the core in apicturesque setting.He lina. Theplant reopened in May summer afteratwo-year search and looked to slash costs. Then, preneurstojoin them. homecomingsgaveformer Io- and his wifeconsidered ahalf- 2020 and quickly ramped up throughout the Southeast, said she said, manybegan to em- Provo-area software firm wans the opportunity to see dozenstates, including Arizona, production,building nearly Bill Thomson, the company’s braceremotework and the like- Fishbowl Solutions LLC has ben- howDes Moines’surban core Texas and Georgia, contacting 218,000 vehicles in the second vicepresident of marketing and lihood it would become abigger efited from the talent emerging has developed in the yearssince schoolsand businessleaders, half of 2020—a record forany product management. Upstate part of their employees’ future. from the region’slarge universi- they lefthome. and plottedout their relative ties and atech-forwardbusiness Kelly Mackay, an advertising- strengths and weaknesses. Greenville,Des Moines and Provo,likemanymidsizecities,had fewerjob lossesand have community.Fishbowl added 15 sales executive, is among the He also figuredhis firm, Cul- bounced backmorequickly than the country as awhole. employees last year,when it had converted. The30-year-old Des tivation Capital,likesomanyof- the biggest revenue gain in its Moines nativelefther one-bed- Greenville,S.C. DesMoines,Iowa Provo,Utah U.S. fice-dwelling companies,might 20-year history. Itsworkforce room apartment in Chicago, never fully return to itsdown- Unemployment ratesby Change in employment from Change in employment from a nowtotals 195. about afive-hour driveaway, town building.Healso set out to metroarea April 2020* year earlier But the city has seen ashort- last spring to spend the early find ahome with ahealthycom- ageofworkers. “There’salot of days of the lockdown with her 16% 16% 10% munity of young businesses that output of tech professionals boyfriend, who had relocated to might offer his firm investment from the two universities Des Moines earlier that year for opportunities. 5 nearby,but even with that, it’s his job at DeereCo.,the farm- Mr.Holekamp’sanalysis 12 12 been astruggle to find enough equipmentgiant. pointed to Greenville.Inthe 0 development staff,” said John During the stay she rediscov- end, he wassold by downtown David King,Fishbowl’schief ex- ered Des Moines,this time as an Greenville’sFalls Park,apatch 8 8 –5 ecutive. adult. “A lot has changed,” she of meandering trails,bikepaths, Themovetoremotework said. “Thereare newbars, and a waterfalls and greeneryalong made it possible forthem to newfood scene.Something’s –10 the Reedy River.“It really is one bring in staff who liveelse- happening here.” Last fall, Ms. of the prettiest city centersin 4 4 where, something the company Mackaybought a2,200-square- the U.S.,” Mr.Holekamp said. –15 wouldn’t have considered be- foot home forwhat she said By January, the co-founder fore,Mr. King said. would have been roughly the andgeneral partner of Cultiva- 0 0 –20 Thecity has been able to at- cost of aone-bedroom condo- tion wassettling intohis new 2020 2021 2021 2016 ’17 ’18 ’19 ’20 ’21 tract newcomerswith itsgrow- minium in Chicago. She is still home there. ing businesses and outdoor working forher Chicago-based *the month whereemploymentwas lowest during the pandemic Twenty yearsago, the former Note:Seasonally adjusted amenities.The area’slabor force firm, but plans to stay in Des textile town waspockmarked by Source:Labor Departmentvia Federal ReserveBank of St.Louis has grown37% in the past de- Moines. P2JW130000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, May 10, 2021 | A12A GREATER NEW YORK City Workers Offered Commute Buddies

Mayor says subway is offices had been closed over the office,” the spokesman, over subway safety. done to bring back riders. to public transportation since the past year because of Mitch Schwartz,said in a “I’veridden the subways. Aspokesman forthe gover- the pandemic began and have safe, but employees Covid-19 lockdown measures. statement. So, many folks in my life ride nor said it seemed at odds asked for1,000 policeofficers who disagree can sign Returning employees have Officials at the state-con- the subways all the time,” Mr. that the de Blasio administra- in addition to the 3,000 offi- the option of signing up to be trolled Metropolitan Transpor- de Blasio said. “They’re over- tion wasoffering acommuter- cers who currently patrol the up for travel partners matched as travel partners tation Authority,which runs whelmingly safe.” safety program to workers subway. with another worker in their the city’s subway, have spent “Rather than being glib while the mayorsaid the sub- TheNew York PoliceDe- BY KATIE HONAN neighborhood,according to months calling formorepolice about an issue vital to the re- way was safe. partment on Fridayannounced the email, which TheWall officers in the system. covery of the city,the mayor “You’retelling me the city’s it would add moreauxiliary NewYork City MayorBill Street Journal reviewed. A They saythe rate of crimes should listen to his ownem- lefthand doesn’t knowwhat police officers to the 20 busi- de Blasio says that crime on spokesman forMr. de Blasio and misdemeanorsonaper- ployees who have said loud it’sright hand is doing? In est subway stations. the subway is low, but his of- said it wastoo soon to say rider basis is worsethan be- and clear they want additional that administration? No way!” “The addition of these offi- fice is still launching atravel- howmanyemployees signed fore the Covid-19 pandemic. policeofficersinthe subway the spokesman, Rich Azzop- cers is a good step forward— buddy program forgovern- up for the program. And they citeanauthority sur- system—and are resorting to ardi, said in an email. but makenomistakemore ment employees who feel “Our mission is to make veythat found that manycom- the buddy system to gethome TheMTA vowedlast month needs to be done to ensurethe unsafe commuting to work. NewYork City safer forevery- muterswon’t return to the safely while they wait forhim to add moresecurity cameras system comes back,and in Thecity announced the one; that’s why we have tran- system because they fear to finally take action,” said through the city’s subway and turn the city comes back,” program in an April 30 email sit officers and mental health crime and harassment. Tim Minton, a spokesman for two regional commuter-rail SarahFeinberg, the interim to employees ahead of an esti- teams in the subway system, Mr.deBlasio,aDemocrat, the MTA. systems to help combat crime head of the MTA’ssubway and mated 80,000 government andthat’swhy we’respear- said in aradio interviewFri- Mr.Cuomo,aDemocrat, and help riders feel safer. bus division, said in astate- workers returning on a rotat- heading this effort to make daythat the MTA, at thebe- has said the public perception State officials have said ment. ingschedule to their offices ourcolleagues feel comfort- hest of NewYork Gov.Andrew of the subway is that it isn’t crime and harassment aredis- —Paul Berger this month. Most municipal able afterayear away from Cuomo,was “fear mongering” safe, and moreneeds to be suading ridersfromreturning contributed to this article. Times Square Shooting Heightens Fears of Violence

BY BEN CHAPMAN ical day before the pandemic, according to the Times Square Theshooting of a4-year- Alliance, anonprofit group old girl and two women in that promotes theneighbor- Times Squareadds to rising hood and itsbusinesses. concern about gunviolence Roughly 185,000 people and crime in New York City. walked through Times Square At 4:55 p.m. Saturday, a on April 24,arecent Saturday, person or people opened fire up from 115,000 daily visitors at theintersection of West counted in March, according 44th Street and Seventh Ave- to the group. nue, striking the women and Arise in gunviolencein child, whowas in astroller, NewYork City intensified dur- NewYork PoliceDepartment ing the Covid-19 pandemic. officials said. Officers nearby The NYPD said it recorded responded to the shooting,of- 416 shootingsfromJan. 1 ficials said, but the perpetra- through May2,upfrom227 tor or perpetrators left with- shootings in the same period out being apprehended. last year. The women and child were Therewere44homicides in transported to Bellevue Hospi- the city in April, up from 38 tal Center in Manhattan with homicides in April 2020,ac- non-life-threatening injuries, cording to the NYPD. officials said. They said the Business leadersinthe vi-

victims were unrelated to each S cinity of TimesSquarehave

other.The victims were in sta- PRES complained of rising crime in ble condition, according to of- thearea, and some business

ficials. ZUMA groups have begun hiring Onewoman wasstruck in A/ more private security guards. the foot and the other in the INHU Aman was arrested on /X leg,officials said. Thechild, April 16 while carrying an as- who is from Brooklyn, was YING sault rifle in the Times Square struck in the leg as well, ac- NG subway station. WA cording to officials. They said Police were on the scene after a 4-year-old girl in a stroller and two women were hit by gunfire Saturday in the heart of Manhattan. NewYork City MayorBill one of the women, 43 years de Blasio said in astatement old, wasfromNew Jersey and men were involved in an argu- thescene,Mr. Shea said. Po- increased in NewYork City,he Times Square is just starting posted on Twitterthat “the the other wasa23-year-old ment on the street in front of licehaveobtained video of the said, policeare aggressively to regain some traffic,after flood of illegal guns intoour tourist visiting from Rhode Is- 1515 Broadway when at least incident and areseeking aper- working to maintain public the Covid-19 pandemic led to a city must stop” andthe vic- land. oneofthe men opened fire, son of interest in the case, he safety. plungeintourism and leftthe tims were bystanders. Thevictims didn’t appear striking the victims,who said. “I remember when this city normally bustling area quiet. “The perpetratorsofthis to be the intended targetsof weren’t involved in thedis- “It’saveryactiveinvestiga- wasverybad. Themen and NewYork City is pushing to senselessviolenceare being the shooter or shooters, offi- pute. tion,” Mr. Shea said. women of the department reopen and plans to lift most tracked down andthe NYPD cials said. Nearby officersreported He said the 4-year-old girl brought this city back.Itis coronavirus restrictions later will bring them to justice,” Mr. NYPD Commissioner Der- hearing four or five gunshots wasvisiting Times Square still asafecity,but we need this month. de Blasio said. motShea said in abriefing and three .25-caliber shell cas- with her family to buy toys. help,” Mr. Shea said. More than 365,000 people —Katie Honan that between two and four ingswerefound by policeat Although violent crime has ThecoreofManhattan, visited Times Squareonatyp- contributed to this article.

GREATERNEWYORKWATCH STATESTREET | By Jimmy Vielkind

QUEENS BRONX PAC Promotes Service-Minded Candidates Man Admits Killing Eight Hurt When Bus Mother, Police Say Is Hit by Motorcycle When Pat Ryan cam- A 28-year-old man walked Eight people were injured paigned for into a Queens police station and when a city bus caught fire after Congress in confessed to killing his mother, being hit by a motorcycle in the 2018, the police said Sunday. Bronx, authorities said Sunday. West Point The mother was found fatally The motorcycle struck the graduate got invaluable help assaulted inside her Queens bus shortly after 9 p.m. Satur- from national groups dedi- home at about the same time. day at Jennings Street and cated to supporting veterans Pushkar Sharma had blood on Southern Boulevard, a spokes- running for office. his clothing when he showed up person for the Metropolitan Now, as the Ulster County at the 105th Precinct station Transportation Authority said. executive, Mr. Ryan has house shortly after 8:30 a.m. Photos from the scene show formed a political-action Saturday, a police spokesperson flames shooting from the bus. committee to help nontradi-

said. That was at about the The fire department responded tional candidates break into GES

same time that Emergency and took one passenger to Ja- politics. The Democratic ex- IMA Medical Service workers were cobi Hospital, a department ecutive said in a recent in- trying to save the life of 65- spokesperson said. Information terview that the PAC, called GETTY year-old Saroj Sharma. The vic- on that person’s condition ServeNY, has raised close to CHLIN/

tim’s daughter had called 911 af- wasn’t available Sunday. $300,000 and would be en- RO ter finding her mother Seven other bus riders suf- dorsing Democratic office Y RO unconscious in the basement of fered minor injuries, the fire de- seekers around New York. It The New York State Museum in Albany remains closed with no projected reopening date. her home in the Bellerose Manor partment said. will offer advice and finan- neighborhood, authorities said. —Associated Press cial assistance to veterans as litically vulnerable as he to do a pilot project for navirus was first confirmed Ms. Sharma had bruising to well as first responders and grapples with investigations guaranteed income. Mr. Ryan in New York. State lawmak- her face and neck, policesaid. CONNECTICUT other essential workers. intoallegations of his acting said 4,200 people have ap- ers have adopted two bud- She wastaken to ahospital, “People question whether inappropriately in the work- plied for 100 program slots, gets since that time and whereshe waspronounced dead. Woman Is Charged the motivations of their placeand of his administra- which will let them receive acted on laws to legalize rec- Mr. Sharma was arrested on In Child’s Death elected officials are self- tion’sCovid-19 policies.Other $500 a month for a full year. reational marijuana. charges of murder and sex serving or selfless,” he said. Democrats, including U.S. The program is funded by State Republican legisla- abuse. It wasn’t clear if he had A Connecticut woman has “There needs to be more on- Rep.Tom Suozzi of Nassau outside donations and ad- tive leaders recently penned an attorney who could comment. been charged with manslaughter ramps for service-minded County,havebegun traveling ministered by the University a letter to Mr. Cuomo’s gen- —Associated Press and other crimes in connection people to get into office.” the state in possible prepara- of Pennsylvania. eral-services commissioner, with the death of her 3-year-old The PAC’s first endorse- tion forfutureruns foroffice. RoAnn Destito, saying the NEW JERSEY son in November. ments will go to Felicia Mr. Cuomo has said he is STILL CLOSED: As Mr. closure of the Capitol was Manchester police on Satur- Singh, a special-education cooperating with the investi- Cuomo relaxes coronavirus “outdated and unnecessary.” Waterspout Forms day announced the arrest of teacher running for New gations and said his adminis- restrictions at indoor and In a letter last week,Ms. in Barnegat Bay town resident Alesha Cain, 30. York City Council in Queens; tration’s Covid-19 policies outdoor venues around New Destito said her department Ms. Cain wasdetained on Sarah Klee Hood, an Air were intended to preserve York, the state Capitol— had “started the planning A large waterspout formed $650,000 bail. It wasn’tclear if Force veteran running for hospital capacity. The gover- where the Democratic gover- process to reopen our build- over the weekend in Barnegat she has alawyer. She wassched- town board in the Syracuse nor has denied touching any- nor has his Albany office— ings safely,” but she gave no Bay off New Jersey. uled to be arraigned Mondayin suburb of DeWitt; and An- one inappropriately. still has no projected estimated date for the re- The National Weather Service ManchesterSuperior Court. thony Grice, a teacher and Mr. Ryan said he didn’t reopening date. opening of the Capitol. postedaphoto of the water- Police didn’t release the boy’s Newburgh City Council mem- know what his future would Thefive-storybuilding The New York State Mu- spout reported at about 2:30 p.m. name or details of how he died. ber who is running for Or- hold and was focused on his normally teems with workers, seum remains fully closed Saturdayoff Seaside Heights. Dr. James Gill, the state’s chief ange County clerk. job in Ulster County. He just visitors, lobbyistsand people with no projected reopening The Seaside Park Volunteer medical examiner, said he The PAC is also a way for announced a “Green New from around the statewho date. A spokeswoman for the Fire Company posted a Twitter couldn’t release information Mr. Ryan to raise his profile Deal” plan that calls for pur- come to see lawmakerson state Education Department, message saying the whirling col- about the boy without being and establish a network of chasing electric vehicles for days when the stateAssembly which operates the museum, umn of air and mist was spot- provided a name. But he said a allies beyond his Hudson the county and weatherizing and Senateare in session. said it was developing proto- ted between Toms River and 3-year-old child from Manchester Valley base. More endorse- as many as 1,000 homes a While the Capitol is open cols and would release more Seaside Heights, north of the who died the same day had ments are expected in com- year. to some employees, the pub- information this week. Route 37 bridge. blunt head injuries. ing weeks, he said. Ulster County is one of lic has been excluded since —Associated Press —Associated Press Gov.Andrew Cuomo is po- the first areas in the country March 2020, when the coro- [email protected] P2JW130000-2-A012B0-1------NS

A12B | Monday, May 10, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK D.A. Hopeful Draws On His Harlem Roots

BY DEANNA PAUL where Democrats outnumber Republicans by about 9 to 1. Growing up in Harlem dur- Mr. Bragg, 47, has amassed ing the 1980s crack epidemic, acoalition of support an- Alvin Braggsaid he once chored by his Harlem base.His found ahomicide victim on his supportersinclude Harlem doorstep and was threatened heavyweights the Rev. Calvin with aknifetohis neck.Atage Butts and former Congress- 15, he said he was stopped by man Charles Rangel.

policeofficersatgunpoint, He has also tried to JOURNAL searched and then let go with- broaden his appeal beyond REET

out explanation. Harlem,reeling in endorse- ST

Those experiences are now mentsfromU.S.Rep.Jerrold LL

at the center of his campaign Nadler of Manhattan’sWest WA forManhattandistrict attor- Side,former U.S. Attorney for ney. Mr. Bragg, who would be the Southern District of New AREZ/THE

theborough’sfirst Black top York Preet Bhararaand the JU prosecutor,has campaigned as powerful service-workers the candidatewho under- union, 1199 SEIU.Hehas more THALIA stands both the challenges of Manhattandonorsthan any Alvin Bragg has emerged as afront-runner in adiverse field of candidatesseeking to succeed Manhattan District AttorneyCyrus VanceJr. law enforcement and how the other candidate, according to criminal-justicesystemaffects January campaign filings. In cases of simple possession, first chief deputy under both tanvotersshould trust him to wage jobs felt comfortable communities of color.Mr. His campaign follows a whereafirearm isn’t used or Eric Schneiderman andBar- hold police accountable when coming forwardtoreport la- Braggsaid his platform speaks playbook that has propelled discharged, he said not every bara Underwood. he “repeatedly failed to do so bor-standards violations. The to issues he has seen affect other Manhattan elected offi- person chargedisdriving vio- At the attorney general’sof- when given the opportunity.” people were often immigrant the Harlem community where cials,likeC.Virginia Fields, lenceand harsh sentences don’t fice,Mr. Braggoversaw aunit Mr.Bragg has said the not- workersand feared retaliation, he has lived all his life. who became the firstBlack always advancepublic safety. that investigated police-in- guilty verdictsweresome of and Mr.Bragg ensured they “My election will not only woman to win the borough “Wehavetoaddressthe volved deathsofunarmed civil- the most painful moments of knew hourly wage laws ap- be asymbolic changetothe presidencyin1997 by starting flow of guns and the use of ians.Bythe time Mr.Bragg left his legal career.Sincethen, he plied to all workersregardless face of the office, but it will with astrong Harlem base and guns,” he said. “But we also the officeinlate2018,his team has continued working to of immigration status. bring the perspectiveofsome- branching out from there. have to knowthat not every had opened morethan adozen change the law to reduce the “He wasable to wear many one who has lived their whole Other former Manhattan bor- gun case is the same.” investigations.Inevery case, obstacles prosecutors face in hats,” Ms.Mooresaid, which lifeinanimpacted commu- ough presidentsScott Stringer Mr.Bragg is aproponent of the division issued areport ex- winningconvictions against speaks to his ability to build a nity,” said Mr.Bragg, aformer and Gail Breweralso drew on alternatives to incarceration plaining charging decisions law-enforcement officers. New coalition from multiple con- federal prosecutor,deputy at- astrong geographic base in and has released alist of York wasthe firststate to ap- stituencies. torney general and civil-rights the Upper West Side in lower-level crimes he would pointattorney general special Mr.Bragg said his experi- lawyer. crowded primaries. decline to prosecute. He has Mr. Bragg is a prosecutors to these types of encegrowing up in Harlem Mr.Bragg, the only Black In aracewith almost no in- said he would improvepro- policehomicides.Other states made himrealizethat the candidate, has emergedasa dependentpolling,Mr. Bragg’s grams for prisoners re-enter- proponent of have subsequently followed criminal-justicesystemneeded front-runner in ahistorically diverse coalition setshim ing society,work to reduce alternatives to the model. to be reformed. He said he at- diverse field of candidates apart in adivided, multicandi- massincarceration and create “There’snoshame in an ac- tended HarvardLaw School, seeking to succeed Manhattan dateelection that needs abig- an independent unit to investi- incarceration. quittal. Youbring the cases aftergraduating from Harvard District Attorney Cyrus Vance tent coalition, said Ms.Fields, gate police misconduct. that you believe in,” said Mr. Collegeand the eliteTrinity Jr., who isn’t running fora who has endorsed Mr. Bragg. “Wecan’t be safeunlesswe Bragg. School on the Upper West fourth term. The position has “He’sthe only candidate have justiceand trust in the Mr. Bragg’s supporters say Side,with the vision of marry- been held by two whitemen— who is showing that level of system. People trytomakeita and made recommendations his lifeexperiencecould trans- ingpublic safety with fairness. Mr.Vanceand Robert Morgen- broad-based support,” she choice between the two, but I forsystemic reform in all. form an officethat has been When Mr.Bragg speaks to thau—for the past 45 years; said. know from lifethat they are Thedivision’swork has criticized fortreating the victims of violent attacks,he only onewhiteman, Assem- Theelection is unfolding linked,” he said. come under criticism fornot wealthyand powerful with said that he thinks about the blyman Dan Quart, is running amid arise in shootingsinNew As aManhattanfederal securing anyconvictions.Two deference. homicide victim on hissteps this year in a Democratic pri- York City.Mr. Braggsaid he prosecutor,Mr. Braggtook on high-profile cases Mr.Bragg ReNikaMoore, aformer bu- and a knife to his neck. When mary field of eight. would makegun-trafficking public-corruption cases.Atthe oversaw went to trial and re- reau chief who worked with he interviews a police officer, TheJune 22 Democratic cases apriority,cutting off the attorney general’soffice, he sulted in acquittals. Mr.Bragg at theattorney-gen- he thinks aboutthe unlawful primarywill likely producethe source of the weapons and served as the chief deputy at- At atelevised debateTues- eral’soffice, said he strate- stops he suffered. winner of the November gen- wouldn’t use aone-size-fits-all torney general in charge of so- day, candidateLucyLang gizedwith her about making “I bring these experiences eral election in Manhattan, approach to gunprosecutions. cial justiceand later became asked Mr.Bragg whyManhat- sure people of color in low- in everything I do,” he said.

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© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, May 10, 2021 | A13

DECODE YOUR COMPANY’S SIGNALS

ill staying home hurt your Wchances forpromotion? Will leadersreverse course in a year,ordering you back? Tips on reading the risk,fromHarvard BusinessSchool professor Ashley Whillans:  Office downsizing: If your company is shedding real estate, that could mean it’s committed to a flexible model of working.  Hiring from afar: Are new employees from around the country onboarding into fully re- mote roles? Or has the company been focusing on recruiting local talent in the past several months? If it’s the latter, execu- tives might be switching gears.  Watch the boss: Payattention to whatleadersare doing, not TYLER saying. “Doyou seeyour bosses Zooming in from their offices?” ETHAN Dr.Whillans asks. GES;

IMA  Subtle perks: Is your company offering things like free lunch to

GETTY those who come back? That’s a P:

TO sign they want you there. OM FR The Return to the OfficeWeighs on Workers

least ostensibly, give workers a founder of the Rivet Group, an ex- said they wouldn’t work foracom- physical transition between work WORK choice; others will ratchet up the ecutive recruiting and talent-con- panythat forced them to be on-site and home helps us set boundaries. &LIFE pressure or dole out ultimatums. sulting firm in the Charlotte area. full-time. During the pandemic, many filled RACHEL How much do you push back? How “‘Allow me to work remotely.’ ” BethanyGoldszerquit her previ- the time gained from killing their FEINTZEIG do you decode corporate state- Workers, dreading back-to-office ous job,with anonprofit in Queens, commutes with more work. ments to tell you what you really orders, have approached Mr.Voels- N.Y.,after leaderscalled everyone Gaetan DeSimone, a graphic de- want to know: Will it kill my ca- ing in search of permanent telecom- back to work last June.Now con- signer and animator in Easton, fter months of experi- reer if I stay home? muting jobs. One client moved to versationsare bubbling up at her Conn., kept a journal chronicling menting with remote The other variables to analyze Ohio during the pandemic and newemployer, acharter school how he was adjusting to remote work, your company is feel infinite, the stuff of life: that doesn’t want to giveuphis newlife: whereshe’sbeen working remotely, work and using his extra time. calling you back to the workout you can now sneak in cheaper, closer to family. about returning to five days in-per- There was the bonus hour with his A office. each morning, the leisurely walk to Mr.Voelsing recommends that toddler daughter in the mornings, Should you go? the bus stop with your kid, the ex- employees tread lightly if they’re the ability to pop out to his new “It’sbeen weighing on me,” odus of $15 sad desk salads from early in their careers. Theofficeis How much do you push garage studio when inspiration Christina Marcellino,a34-year-old your lunch routine. But also, whereyou learn by osmosis,tout struck at 2 a.m., and then head out businessdevelopment managerfor wasn’t the chatter and camarade- your work and occasionally get back against calls to for a bike ride the next day when alaw firm, says of the back-to-work rie at the office the thing that pulled intoarandom meeting with return to the office? he couldn’t focus. His company left question. It’sall her working-mom made work feel…almost fun? Who higher-ups. it up to him to decide whether to friends in Charlotte,N.C., cantalk can even remember at this point? “You gettostate your opinion It’s not an easy decision. start coming into the Manhattan about. “What is it going to look Thegood news—and the bad in front of awhole bunch of exec- office. Still, “there’s that looming like? What arewegoing to do?” news,for the indecisiveamong us— utives who nowknowwho you concern of, what if one day they The calculus is complicated, is that we’reinaunique moment. are,” he says. change their tune?” he says. even if you’re comfortable with “There’s never going to be a Consider how much leverage son come fall. Ms.Goldszermade a He asked his manager if staying your employer’s plans for Covid better time to make the pitch to you have: How rare and revenue- proand conlist about what staying remote would affect his future op- safety. Some companies will, at your company,” says Ed Voelsing, generating is your skill set, and home would mean: no frantic morn- portunities. When he said no, Mr. how hard would it be to replace ingstrying to find parking on city DeSimone’s decision was made. you right now? Are you open to streets, no daily tolls—but also the If you’re the manager, consider taking a pay cut if it means you possibility of “people even forget- whether it’s easier for you to lead can stay remote? How would you ting that Iexist.” meetings and rally the troops over feel if your career stagnated a bit The sticking point was the Zoom, or in a conference room. down the line because you couldn’t prospect of having to make her Over the past month, Ethan Tyler, ascend away from headquarters? commute a high priority as she be- a corporate affairs director in Some 43% of 1,046 remotework- gins house-hunting on Long Island. Girdwood, Alaska, started to notice erssurveyed by insurer Prudential “I’m tired of making decisions that some tasks were falling in March said they’d be nervous like that,” she says. “I don’t want through the cracks on his remote about their job security if they where I work to factor in.” She team. “I’ve just felt this kind of a stayed home while othersreturned floated her remote-work pitch by a disconnect,” he says. to in-person. Yetthe dataindicates board member, who she hopes can Mr.Tyler wasexcited to hear manyofusreally don’t want to go advocate for her when it’s time to his companywas bringing every- back,atleast not everyday.Nearly make a formal request. one back at least three days a nine out of 10 workersinthe same Then again, is having no com- week starting in June.Hecan’t survey said they want to work from mute the answer? Harvard Busi- wait to getinhis carand make home at least onceaweek afterthe ness School professor Ashley Whil- the hourlong trip to his Anchor- Ethan Tyler, left, is excited to return to his office in Anchorage, Alaska. pandemic subsides; one in three lans says preserving some sort of ageoffice.

cruit studentsfromawider range Is the GMAT Still of racial and socioeconomic back- grounds.M.B.A. admissions-train- ing courses,used to coach stu- dentsonhow to getintothe most Crucial forM.B.A.s? selectiveprograms,can cost thou- sands of dollars. “I don’t mind one bit campuses B Y PATRICK THOMAS that’s not the case. They, too, have waiving the GMAT requirement,” put less emphasis on standardized said Keith Bevans, a partner who or years, M.B.A. students and tests as part of their recruiting in leads recruiting for Bain. “Business F admissions experts believed recent years. schools are admitting a much that top consulting firms and That change may not have broader range of talent, and I ex- investment banks wouldn’t let job trickled down to applicants and pect to find strong candidates this applicants even interview if their admissions officials. Linda Abra- fall in places I wouldn’t normally score on the GMAT—the standard- ham, founder and president of ad- see them.” ized test required for most gradu- missions consulting firm Ac- Bain has steadily de-empha- GES ate business and management pro- cepted.com, says the view still sized the importance of an appli- IMA grams—was below a certain prevailed that most top-tier con- cant’s GMAT score in its hiring

threshold. In recent years, that sulting companies and banks, over the past couple of years, and GETTY may have become a myth. which annually hire droves of top there’s no threshold for who gets As manybusinessschools across M.B.A. students, used as screening an interview or job offer, Mr. Bev- MEE/

the country began waiving test re- tools the GMAT (Graduate Man- ans said. MCNA

quirementslast summer forthe agement Admission Test) or the The firm still asks for the score WIN GMAT,some prospectivestudents GRE (Graduate Record Examina- from M.B.A. applicants, but it’s not The University of Virginia’s business school has allowed GMAT waivers. began wondering what skipping the tions, a general graduate school used against them, he added. In- test would mean fortheir chances admissions test). “I certainly stead, the firm uses the score in at landing ajob at atop firm. thought it was true,” Ms. Abraham an internal analysis it runs. But Though if employers are empha- leads its North America recruiting. “Candidates areanxious about says, “but I assumed it was chang- the analysis indicates that a higher sizing it less, that makes it easier Historically, the firm has used test this,” said Petia Whitmore, afor- ing because the schools weren’t score doesn’t always correlate to for schools to continue de-empha- scores to help evaluate candidates, mer dean of graduateadmissions going to have it and improve on being a more productive Bain em- sizing it, Ms. Abraham said. but over time that has become at Babson Collegeand founder of diversity, equity and inclusion.” ployee, Mr. Bevans said. “There is talent employers thought much less of a priority, he said. admissions consulting firm My Some topM.B.A. programs,in- “Ifyou’reatatop B-school, you they were missing out on, and ulti- At McKinsey, test waivers ha- M.B.A. Path. Some students, she cluding the University of Vir- probably have something amazing mately the schools did too.” ven’t affected its recruiting, said added, areconcerned that getting ginia’sDarden School of Business going foryou anyway.Ifyou were GMAT and GRE test scores ha- Danielle Bozarth, the firm’s lead atest waiver from aschool will and the Massachusetts Institute training forthe Olympics rather ven’t been part of Goldman Sachs’s partner for North America recruit- be counted against them in the of Technology’sSloan School of than taking the GMAT, that tells me recruiting process for potential ing. The firm views test scores as hiring process. “Even those who Management, temporarily moreabout your competitiveness M.B.A. hires for the past several an interesting metric but doesn’t gotawaiver aresaying: Should I changed their testing policies last than if youcan tell me the angle of years, a firm spokeswoman said. require them from the company’s take aGMATlater,soI’m not out year,allowing test waivers, this triangle,” Mr.Bevanssaid. She declined to provide more de- job candidates, she said. of the MBB [McKinsey,Boston though it’sunclear which, if any, To be sure, the GMAT can still tails about when the screening Thetrend of making testsop- Consulting Group and Bain, the of these changes will become per- be crucial to get into some schools process changed. tional “isaligned with our re- Big Threestrategyconsulting manent. Thepandemic wasmak- or earn a scholarship. Some elite As for Boston Consulting cruiting approach that [tests] are firms]?” ing testing difficult, and formany M.B.A. programs, such as Harvard Group, there is no one metric used one of manyways to help assessa Now, firms such as Bain, Gold- people,last spring’sracial pro- Business School, still require the to assess a candidate, said Brian person’sskills or knowledge,” Ms. man Sachs and McKinsey say testsunderlined the need to re- GMAT or GRE for all students. Myerholtz, a BCG partner who Bozarth added. P2JW130000-0-A01400-1------NS

A14 | Monday, May 10, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

AT WORK KRITHIKA VARAGUR

ayson VanMeter hoped to switch gears from her ca- shier jobs to find a M more career-ori- ented internship in human resources this summer, af- ter her freshman year in college— but she hit a wall. “It’s kind of hard to find a paid internship, honestly,” says the 19- year-old University of Southern In- diana student. She has been apply- ing online to numerous posts listed on LinkedIn and Google, but hasn’t heard back from anyone yet. She is vaccinated and open to in- person work. But with her school year ended, she feels like the kind of summer experience she wants may not be in the cards. “If I can’t find an internship, then I’ll probably stay here at Ru- The CEO of the American Camp Association says he expects a shortage of lifeguards this summer. Mayson ral King,” she says of the farm- VanMeter, top right, and Jamee McAdoo, right, are teens working this summer. supply store chain where she’s worked since January. She is pay- tions with older students, she ing her way through college and believes it was far more difficult says some income is essential. Summer Jobs Make a this year to find a paid research This year is shaping up as a position. boom year forsummer jobs for Vaccines have opened up new young people,but it’sanuneven frontiers for many summer jobs: spread. Industries that tradition- Ms. Hatch, for instance, will be go- ally hireteenagers, likehospitality Comeback—Mostly ing into her lab in-person. Jamee and retail, arerapidly expanding McAdoo, a 19-year-old in Little again. Millions of young adults Rock, Ark., will start next month have been vaccinated against that number never topped 45%. and lifeguard shortage this sum- internships as a share of overall as an in-person summer associate Covid-19,making them morecom- It’s not just that employer de- mer,” says Tom Rosenberg, CEO of postings on the website was 39% at her local library. fortable than they were last year mand for young workers dried up, the American Camp Association, a lower than in 2019 and 15% lower It will mark acontrast from her UCKMAN with high-contact, in-person jobs. says Andrew Challenger, a senior nonprofit. “U.S. camp workers are than in 2020. At the same time, classes at Jackson State University BR And manyteenagers, who suffered vice president at Challenger, Gray less available this year than at any applicants’ internship-related in Mississippi, which she has been ERIC some of the biggest job losses in & Christmas, an executive coach- other time in the last 50 years.” searches on the website were 38% attending remotely sinceMarch 2020,really need the money. ing firm. Some modern teenagers “Weare ready to hirejust about higher in April 2021 than in April 2020.“Ithink it will be good forme

NMETER; But forthose interested in more also have incentives to spend their anybody who walks in the door at 2020. not to be cooped up at home all

VA white-collar work likepaid intern- summers on unpaid activities like this point,” says Bill Bumbernick, Alexis Hatch, an 18-year-old day,” she says. ships and research gigs, it canstill volunteering and sports, especially owner of the Surfing Pigrestaurant freshman at the University of Chi- There’s still some uncertainty be competitive. Short-term posi- with college admissions in mind. in North Wildwood, N.J.,onthe Jer- cago, wrote 72 cover letters last about the logistics of all kinds of MICHELLE tions areoften not critical to run- He believes that this year’s sey Shore. He says that young peo- winter in hopes of getting a paid summer jobs. Quinn Nelson, an 18-

GES; ning abusiness, so thereare fewer post-lockdown summer may buck ple ages 18 to 25 comprise most of research role this summer. She year-old high school senior in Oak-

IMA of them available in manyfields that longstanding trend, because his front-of-the-house staff,like was chastened by her experience land, Calif., hopes to work again as than therewerebeforethe pan- more teenagers typically want jobs waitersand busboys. cold-applying for summer jobs last a sailing instructor this summer, GETTY

A/ demic,says AnnElizabeth Konkel, a when the labor market does better. While there are plenty of open- fall on Handshake, the student but is still not sure when or if it Washington, D.C.-based economist His firm estimates that U.S. teens ings for teens in these bread-and- jobs platform. She never heard will happen. INHU

/X with the Indeed Hiring Lab, are- will add two million new jobs this butter fields, other kinds of sum- back from a single one. “Typically, they email staff

YING search arm of the jobs websiteIn- summer. “All the industries where mer work, like professional “So I had to go ballistic and nu- about the dates for sailing ses-

NG deed. teens traditionally find jobs, like internships and research positions, clear with this cover letter thing,” sions by now, but we’re still wait-

WA Youth summer employment has small retail businesses, restaurants can still feel competitive today, ac- she says. She eventually got and ing on that,” she says. : been trending downward since the and entertainment, are preparing cording to young people who have accepted a paid summer research That being said, she’s in no LEFT 1970s, according to monthly data for a huge surge,” he says. applied for them. position at the Ming Xu Labora- rush to figure out the specifics. OM

FR collected by the Bureau of Labor Many of those old-school, paid There are relatively fewer in- tory at her university, where she “All my friends and I are really Statistics. In July 1978, 71.8% of summer jobs are finding it tough ternship postings this year than will help test a novel skin stem- trying to take a break now. We’re WISE workers aged 16 to 19 participated to hire enough young people. last year, according to data posted cell treatment for cocaine over- so burned out from this school OCK

CL in the labor force. In the 2010s, “We’re facing a camp counselor by Indeed in April. The fraction of doses on mice. Based on conversa- year,” she says.

carrying an asking priceof once again started wooing Spring $10million or more. bidders with lavish dinners That includes Picasso’s beforehand, but dinners are Auctions 1932 portrait of “A Woman still not happening at Chris- Seated Near a Window (Ma- tie’s. Instead, Christie’s invited rie-Thérèse),” which is esti- 77 people to attend a Carne- To Test mated to sell at Christie’s on gie Hall student ensemble Thursday for around $55 mil- concert held in its Rockefeller ArtMarket lion. The seller paid $44.7 Center galleries last Wednes- million for the work at auc- day, with attendees masked tion in 2013. Sotheby’s will and spaced apart. BY KELLY CROW ask $40 million for Monet’s Several evening sales are 1917-1919 “Water Lily Pond” being live streamed later ew York’s topauction roughly 17 years after the than usual, at 8 p.m., to ap- N houses Sotheby’sand same house sold the impres- peal to bidders in Asia. At Christie’s will attemptto sionist landscape for $16.8 Sotheby’s, cryptocurrency will auction at least$1billion in million, though the work has be accepted for one of its art during aseries of in-per- since changed hands a couple contemporary pieces, a son and livestreamedsales of times. Banksy, a sign of the growing starting Tuesdaythis week, “Fortune favors the brave,” clout of cryptocurrency inves- marking areturn to asome- said Bonnie Brennan, presi- tors in art. whatnormal rhythm aftera disruptiveyear. Nobody can raise their paddles in person at Chris- tie’s yet, but Sotheby’s said Friday that it’s ready to allow a few dozen people to show up and bid in its New York sales for the first time since the pandemic. On Wednes- day, the house will let 50 of its top collectors and dealers bid from cabaret-style tables spread around its Manhattan saleroom. However collectors choose to participate, they say the series overall will give them their first opportunity in months to gauge the popu- larity and price levels of ev- erything from trophy paint- ings to oversized sculptures to works by once-overlooked women such as Grace Harti- gan, an artist whose colorful abstracts sold in the 1950s D.

for nearly as much as Willem LT de Kooning’s works. (Chris- GES tie’s wiil auction “The Phoe- IMA

nix” starting at $400,000.) S

Last spring’s series didn’t TIE’

happen as scheduled because CHRIS the pandemic pushed offer- Pablo Picasso’s ‘A Woman Seated Near a Window (Marie- ings into a mashup of one- Thérèse)’ is estimated to sell for $55 million at Christie’s. size-fits-all sales held mid- summer, and the fall sales saw volatile bidding, with dent of Christie’s Americas, The biggest difference major pieces like a Mark referring to sellers undaunted may be the absence of Phil- Rothko selling for at or below by the pandemic. Buyers, too, lips, the boutique auctioneer their estimates. appear to be increasingly which shifted its spring sale This week’s round is comfortable buying art they to late June when it won’t smaller in volume than past haven’t seen firsthand. Ms. need to compete with bigger yearsand appearsunlikely Brennan said more than 70% rivals for attention—a lesson to surpassthe $1.8 billion of the works in its London it said it learned during the total achievedbyasimilar evening sales two months past, fractured year. “We series held in May2019. ago went to such winners. can’t win if we just follow Evenso, sellers saytheyfeel Still, there are quirks to other people’s rules,” said increasingly confidentabout this spring series that reflect specialist Jean-Paul Engelen. the art market’s trajectory, the season’s post-pandemic “We get much more sunlight with 27 worksupfor bid realities. Sotheby’s said it has on our own.” P2JW130000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | A15 ARTS IN REVIEW

ARCHITECTURE REVIEW ARenovation Goes Beneath TheSurface

BY MICHAEL J. LEWIS cally weak self-image. His task was complicated by the Philadelphia museum’s intricate plan. A U- useums never have shaped complex, it opens up to the enough space; like east with a broad terrace and the hospitals and air- mighty stairs made famous by the ports they rest- “Rocky” movies. But its two public M lessly expand. But entrances were designed to lead the Philadelphia the visitor upwards and, even Museum of Art, stranded on its ur- worse, were on different levels. ban Acropolis—the Ben Franklin The great eastern stair hall sits (2) Parkway to the east and Fairmount higher than the west entrance hall,

Park to the west—has no room to a concession to the hilltop site. MERRICK grow, at least not horizontally. In In his effort to open up the + 2006 it boldly decided to expand building,Mr. Gehrywas aided by its downward, within its footprint. great hidden asset, the Vaulted This would be done in stages and Walkway,a640-foot long barrel- HALL/HALL EVE

the first, officially known as the vaulted passagethat runs dramati- ST Core Project, opened Friday. Cost- cally acrossits full width, from A view of the Williams Forum from level one, looking west to Lenfest Hall, above; Lenfest Hall, facing east ing $233 million, it gives the mu- north to south, acrossthe bottom toward the Forum and the Great Stair Hall, above left; results of a $233 million project by Frank Gehry seum an additional 90,000 square of the “U.” Onceasecondarypublic feet and is, from entranceand long the exterior, com- agoclosed off,it terior wall, and revamping apair canand contemporaryart have at last come into its own, as if the pletely invisible. The Philadelphia has been reopening of staircases,all of which allowed been installed in what had previ- original architects anticipated that The architect of in stages.The North light to flow intothe newlycre- ously been first-floor officespace. it would one day be called upon to the project was Museum of Art had Vaulted Walkway ated grandroom belowand to the These do not have the lofty ceil- accommodate throngs pouring into Frank Gehry, a sur- no choice but to opened two years east. This is the Williams Forum, ingsofthe main galleries,and in these new galleries. prising choice. He ago, entered from a the principal public spaceofthe order to avoid lowering them fur- While the currently completed designed the expand downward. handsome,newly lowerlevel,placed at the mid- ther to accommodatemechanical project does not significantly im- Guggenheim Mu- reopened north en- point of the vaulted walkway.To services,the ventilation and air pingeonthe character of the origi- seum in Bilbao trance; the southern makeroom forit, the museum’s conducting ductshavebeen nal building,current proposals sug- (1997), the free- portion has now auditorium had to be sacrificed. placed within the walls,which is gest that the futurechanges are form jubilee of curved, tapered, been completed. Capped with asu- Intended forpublic programs and noticeable only by their unusual likely to be moreinvasive. and angular shapes, sheathed in perb Guastavino vault, this axial large-scale installations,the Wil- thickness. Theadditional galler- But those are matters for an- shimmering titanium, that best ex- spine makes the whole lowerlevel liams Forumisasmassiveand ies,20,000 squarefeet in all, are other day. For now one should ap- presses his signature style. The accessible and the logic of the solemn as an Egyptian temple.It attractiveand intimately scaled, preciate the new and elegant gal- building was widely understood as whole building easier to grasp. is pleasing to see that hereand with windows that giveviews of leries, the stately Williams Forum, an assault on the very idea of the An underground addition can- elsewherethe same tawnygold the same Philadelphia landscape the much improved wayfinding, traditional museum, the “encyclo- not be agreenhouse but it should limestone of the original building that the adjoining works of art the elimination of the pervasive pedia encased in a palace,” as the not be asepulcher.Mr. Gehryre- wasused forthe newwork.Only depict. subterranean gloom, and the over- sneer ran. And as museums go, the alized that he had to “aerate” the the gratuitously meandering stair Such is phase one. The next all sense of neoclassical decorum Philadelphia Museum of Art is as building aboveifhewanted to that connectsthe Forumtothe phase, for which no date has been that one certainly did not expect encyclopedic and palatial as they bring light and opennesstoits west entranceseems out of place, set, envisions the excavation of the from Frank Gehry, of all people. come. But if Mr. Gehry was not darkened spaces below. His solu- adistractingly arbitrarygesture museum’s eastern terrace to create known for gently altering historic tion wastoopen up the cluttered in abuilding as rigorously calcu- up to 80,000 square feet of spa- Mr. Lewis, the author of “Philadel- buildings, let alone a neoclassical west entrancebyremoving the lated as the Parthenon. cious skylighted galleries, ideal for phia Builds: Essays on Architec- temple like the PMA, he brought bulkyRobert Venturi-designed ad- Abovethis lowerlevel,two displaying sculpture. The long- ture” (Paul Dry Books), reviews ar- star power to a city with a chroni- missions desk,dismantling an in- newsuites of galleries forAmeri- overlooked Vaulted Walkway will chitecture for the Journal.

ARTREVIEW breathing room pended in an illumined fog. German, is allowed ob- West African and American folk art jects and view- have all been forged in the fire. Enlarging the Canon, ers. And how An area devoted to the 15 art- much this col- ists in the Peale family features lection has to Charles Willson Peale’s exception- tell us about ally strong “Portrait of Yarrow Without Polemics the origins of Mamout (Mamoud Yarrow)” the art of Phil- (1819), depicting a formerly en- adelphia, Bos- slaved Black Muslim, at 83. Seam- BY LANCE ESPLUND Initially,Iwas skeptical—having ton and New lessly reinstalled is Peale’s recently pored over the pressreleases and York—and conserved and expanded “Staircase Philadelphia apologetic wall textshighlighting American art Group (Portrait of Raphaelle Peale he American voiceisnot a American struggle,betrayal, abuse, as a whole. and Titian Ramsay Peale I)” T song of the self but achoir.No slavery,colonization, dislocation Large glass (1795)—a beguiling example of matterhow unique Americans and the copious amountsofwealth vitrines give trompe-l’oeil that may have you might see themselves and their ex- (oftenacquired through forced la- ample space to walking into the gallery wall. ceptional contributions (in politics, bor) employedtopurchase the outstanding Here, too, arespectacular exam- science, industry, art and literature, PMA’s fine art and objectsand to collections of ples of furnitureand superlativepic- especially the inventions of jazz, mine their precious materials.(This silver, pewter, tures by Benjamin West, Thomas Abstract Expressionism and rock ’n’ is apracticeincreasingly common- ceramics, jew- Cole and Thomas Doughty,the roll), the U.S. is beholden to the cul- placeinAmerican museums.) Iwas elry, Fraktur country’sfirst native-born landscape tures and traditions—the DNA—of braced foranonslaught of bro- and needle- painter.Also on vieware John Sin- itsEuropean founders. But also to mides,awalk of shame that would work samplers. gleton Copley’s beautifully severe the numerous peoples,indigenous distract me from the remarkable One gallery, ex- “Portrait of Mr.and Mrs. Thomas and otherwise,with whom early aesthetic achievementsonview. But tending to Mifflin (Sarah Morris)” (1773); an Americans interacted, traded and this re-evaluation of itssuperb col- 1980, displays anonymous painter’s striking,full- competed; whom they welcomed lection—which has inspired new the PMA’s length “Portrait of the Oneida Chief- through immigration; and whom juxtapositions,relationships and nearly compre- tain Shikellamy” (c.1820); and Ed- they exploited, displaced and en- cross-pollinations,and emphasizes hensive collec- ward Hicks’s“ThePeaceable slaved. That is whyanattempt to the art and contributions of under- tion of Presi- Kingdom” (1826)—a scene com- define what, exactly,makes Ameri- represented groups hereand Charles Willson Peale’s recently conserved and dential China memorating the ill-fated 1682 treaty canart distinctively American will abroad—vibrantly enhances and ex- expanded ‘Staircase Group (Portrait of Raphaelle Peale (from George between William Penn and Lenape always elude us—particularly with a tends cultural connections. and Titian Ramsay Peale I)’ (1795) and Martha chief Tamanend, near,ironically, countryinconstant flux and em- Organized by a cross-depart- Washington to Penn’scity of brotherly love. broiled in deep reappraisals of its mental team including the PMA’s Ronald and Our relationship to art past and impassioned discussions Kathleen A. Foster, David Barquist, getisamelting pot: Dutch portrai- Nancy Reagan)—contrasting the evolves—as we evolve. The more about itsfuture. Alexandra Kirtley, Carol Soltis, turecrudely interpreted by aSwed- Neoclassical restraint of Thomas we unearth about American art’s These ideas intrigued me in John Vick and Rosalie Hooper, this ish-American painter; amix of Brit- Jefferson with the exuberance of makers, history, influences and waysIhadn’t anticipated while I stunning, chronological reinstalla- ish and Native-American dress; and Rutherford B. Hayes. context, the more we discover visited the Philadelphia Museum of tion is a fascinating, visual feast— amasterpieceofpurely abstract fig- Elsewhere, two frosted-glass about ourselves. The PMA’s rei- Art’snew RobertL.McNeil, Jr.Gal- a curatorial triumph. ural art that could have influenced cases areingeniously installed in magined Early American galleries leries on the South Wing’sfirst Thefirst grouping herecom- the plainspoken, unadorned aes- front of windows.One is lined with remind us that art is able to nur- floor,asuccession of nine galleries, prises aset of portraits(c. 1735-37) thetic of the Quakersand Shakers 19th-centurycolored glassware,nat- ture us in ways we don’t always some of which receivenaturallight by Gustavus Hesselius,depicting,re- (whose works areonviewnearby). urally backlit; theother presents foresee. Here, where numerous T

AR from windows that feature original spectively,Lapowinsa and Tishco- The new installations elucidate 18th- and 19th-centuryPennsylva- voices newly harmonize, the Amer-

OF Louis Comfort Tiffanyirongrilles han, two indigenous Lenape leaders without pontificating. And the cu- nia-German wrought-iron hardware, ican choir sings. and views of the city skyline.Com- who were later cheated out of their rators allow the objects to speak in which West African symbols sug- prising 10,000 squarefeet and land by the Penn brothers. In avit- for themselves—and to one an- gest the hands of Black artisans.At- Mr. Esplund, the author of “The MUSEUM painted warm hues of blue,green rine belowthe portraitsisalively, other. If you recall the PMA’s tached to itsrear frosted-glasspane Art of Looking: How to Read Mod- and terra-cotta,they house the mu- black-and-white, seashell-beaded older, rabbit-warren-like installa- arehinges,latches,forks,aspatula, ern and Contemporary Art” (Basic seum’spermanent collection of “Wampum Belt” (c.1682), likely tion of Early American art, you’ll ahasp and abird-shaped weather- Books), writes about art for the

PHILADELPHIA American art from 1650-1850. made by Lenape women. What we marvel now at how much more vane—all silhouetted, as if sus- Journal. P2JW130000-4-A01600-1------XA

A16 | Monday, May 10, 2021 **** THE WALL STREET JOURNAL. SPORTS S PRES UMA /Z NG SC M/ BIRMINGHA KEITH The Rams were a moribund franchise for years until they decided to tap the young and unproven Sean McVay as coach in 2017. Three of his former assistants have gone on to become head coaches. Rams Rule the Offseason

Poaching coaches and executives from Los Angeles has become an annual rite in football

BY ANDREW BEATON One of the NFL’s worstteams Seahawks’ newoffensivecoordina- He didn’t. McVay,aformer of- esized gravity this time of year.It quickly became one of the NFL’s torand the Packers’ newdefensive fensivecoordinator himself,calls also has to do with the reason One team waspredictably ab- best teams under McVay and gen- coordinator.Eventhe Rams’ assis- the Rams’ plays on offense.Keep- they never seem to have afirst- sent from the topofthe latest NFL eral manager LesSnead. Theidea tant equipment manager waslured ing LaFleur would have meant round pick. draft: TheLos Angeles Rams.Their of hiring ayoung and unproven away by the newregime with the keeping him from gaining that ex- Even beforeTom Brady hoisted last first-round pick wasin2016. coach—particularly one with a Texans. perienceelsewhere. And following his seventh Lombardi Trophyin They don’thaveanother until connection to McVay—became the It’sanotion the Rams embrace one season with the Titans,La- February, Snead had engineered 2024. They traded away all of their hottest thing in football sincethe despitehaving to spend everyoff- Fleur wasnamed the head coach the biggest trade of the offseason. firstroundersfrom2017to2023 in wildcat. season sorting through stacks of of the Green BayPackers. He sent Goff and two firstround- aseries of megadeals,including “In an erawherepeople are résumésevery winter to find re- “It wasn’t the best thing forthe erstothe Lions forStafford. It one this offseason in which they looking forturnarounds,weare a placements. Rams,” McVay says.“But it was cost two early picks because the traded their last firstrounder—No. turnaround,” team president Kevin “I’vesaid to our group,‘We’ve best forhim.” pricewas twofold: the Rams 1overall pick JaredGoff—for quar- Demoff says. gottobeateaching hospital, It isn’t purely unselfish. McVay wanted to acquireStaffordand un- terback MatthewStafford. ThreeofMcVay’s former assis- wherefuturebright young doctors says it helps him recruit higher- load Goff,whose star had dimmed But there’ssomething unusual tantshavegone on to become want to getarotation spot,” quality coaches when they know from the days when the Rams about this team that’spractically head coaches in the last three Snead says.“You’vegot to train he supportstheir careers. He also awarded him alucrativecontract. invisible at the NFL’s most visible years, and the latest didn’t even people to step up.” adds that the morecoaches who It’sabrazenbet that Stafford offseason event. TheNFL offseason have to movestadiums.The Los come through, the morenew ideas will playwell enough and the rest revolves around theRams. Angeles Chargers,who shareSoFi that flow in. of the team will be good enough Other teams pilfer their coaches Stadium with the Rams,hired for- No NFL team swings McVay also understands better without the draftcapital they gave and executives.They swing block- mer defensivecoordinator Bran- than anybody the value of this up.It’salso abelief McVay can buster deals.The Rams have won don Staley this offseason afterjust more deals for big type of institutional support. It’s mold midround picks intoquality enough, in different enough ways, one season under McVay. players than the Los why he’s here in the first place. assetsthe way he does with that when other teams hit the re- When general manager Les His grandfather, John McVay, was coaches. set button, they want to steal the Snead swung the deal forStafford, Angeles Rams. a coach for the Giants and then an It isn’t arisk they’reunfamiliar Rams’ playbook in moreways than he wasnegotiating with someone executive with the 49ers during with. No team swingsmoredeals one. he knewprettywell: newLions their Super Bowl years, which gave forbig players than the Rams. “We’vehad alot of turnover for general manager Brad Holmes, his grandson a world-class early Over the last several years, they all the right reasons,” coach Sean who just weeks earlier had been Themost telling case waswith education into the sport. Then he have traded forStafford, wide re- McVay says.“Those arepositive the Rams’ director of college acoach whom they let leave even was brought along by the likes of ceiver SammyWatkinsand three problems if you’rehaving guys scouting and became one of the though they didn’t have to.After Jon Gruden. He rose through the star cornerbacks in Jalen Ramsey, leave forbetteropportunities.” league’sraretop decision makers the 2017season, then-Rams offen- ranks so quickly he made history Marcus Peters and Aqib Talib. TheRams were amoribund who is Black.The Rams received sivecoordinator MattLaFleur in- because a collection of elite foot- It’satactic to win football franchise foryearsuntil they made two compensatorythird-round terviewedfor the Tennessee Ti- ball minds put him in the football games.It’salso one that neatly the bold decision to tapSean picks when Detroit hired Holmes tans head coaching job.Hedidn’t jet stream. He was firsthand proof dovetails with their newhome in McVay and makehim the youngest under the NFL’s newinitiativefor getit. But they offered him adif- of the value of deliberately nurtur- L.A.,wheresplashymoves fitright coach in modern NFL history. Four developing minority coaches and ferent gig: Titans offensivecoordi- ing talent on a coaching staff. in with their surroundings. yearslater,he’sstill the youngest GMs. nator.McVay could have blocked That’swhy he has acollection “Winning is important here, like coach in the league.The difference That’sonly the beginning.There the lateral move, according to of acolyteswho spent last week- it is in everymarket, and being nowisthat his résumé includes a were eight other coaches or execu- league rules.Itwould have been end in draftwar rooms acrossthe entertaining is important,” Demoff Super Bowl appearanceand a43-21 tives who were poached forother normal—even expected—for him league.But those guys aren’t the says.“Youhavetounderstand record. jobs around football, including the to do so. only reason the Rams have outsiz- your audience.”

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THE WALL STREET JOURNAL. Monday, May 10, 2021 | A17 OPINION The No-Ownership Society BOOKSHELF | By Matthew Rees

Do youown Apple and Epic arefighting to three recorded classes and cently reported on the expen- Is It an iPhone? I over in-app payments. Epic the “Just Ride” feature.Actu- siveice-cream machines mean really tired of paying 30% of its ally,some have figuredout McDonald’sfranchisees “buy.” ownit, even iPhone revenue to Apple and howtohack the biketouse Whodoesn’t likeaMcFlurry aftershelling tried to use itsown payment non-Peloton apps. with M&Ms? But if the ma- Something I Ate? out $799? Ap- system forpurchases of “V- Here’saweirdtwist. Earlier chines break,only pricey au- INSIDE ple and Epic Bucks” inside its popular this year,the art collective thorized dealersare allowedto VIEW Games arein “Fortnite” videogame.Apple MSCHF,incollaboration with repair them—until ahacked Metabolical abattleroy- then tossed the game from its rapper Lil NasX,bought 666 passcode wasdiscovered that By Andy ale,atrial App Store—you know, the only pairsofNikeAir Max 97 unlocked secret menusfrom By Robert H. Lustig Kessler that may, in app storeonthe iPhone—with sneakers. They addedadrop which ownerscould play (Harper Wave, 407 pages, $28.99) part,decide claims that Apple’sfees are of blood intothe soles (or so around with recipes and fix who owns what. Increasingly, needed forprivacyand secu- they claim), labeled them “Sa- problems. mazingly, medical schools in the United States focus we don’t owntech. Likebeer, rity.It’ssort of likerequiring tanShoes” and soled, sorry, Your smartphone is acom- A very little on nutrition. The topic, according to one we only rent it. It’stime com- your Ford’s payment system at puter underneath apieceof study, gets less than 1% of the classroom time that panies stop perpetuatingthe aMcDonalds drive-through. glass. Surely if youbuy it, you aspiring physicians are required to sit through over four illusion that consumersbuy One analyst, an expert wit- If you buy an iPhone, candowhatever youwant years—even though the foods and beverages people ingest their productsand cando ness forEpic,estimated Ap- with it, right? Not so fast. are far and away, in America, the biggest drivers of disease. what they want with them. ple’smargins in 2019 from the why shouldn’t you be Maybe the “right to hack” will Because of the knowledgegap,doctorsroutinely miss MessagemeonParler if you App Storewere78%, versus able to do whatever restorethe true meaning of opportunities to counsel their patientsonthe connection disagree. 24%acrossthe entirecom- ownership. between nutrition and health—thus allowing bad eating When youbuy abook on pany. Apple disputes this.I’d you want with it? What do Imean? Well, habitstokeep doing major damage. This failureisone of Kindle or avideo on Amazon, guesshigher.And if Apple can hopefully the statuteoflimita- manyindictmentsthat Robert Lustig,aphysician, brings youdon’t really ownit. At any toss “Fortnite,” who really tions has expired, but Iused to against America’smedical-nutritional establishment in time,according to Amazon, it owns that phone you sold them for$1,018.Nike sued jailbreak—the hacker’s term “Metabolical,” awide-ranging polemic that covers the “maybecome unavailable.” “bought”?The European over trademark infringement, forbeing able to reprogram— misdeeds of food and beveragecompanies and the Amazon lawyersnotethat Union is suing Apple over a and the sneakerswerevolun- my old iPhones.Idid this to misinformation that, in his view, contributes to the their “Terms of Useexpressly similar spat with Spotifyand tarily recalled. Iguessyou playwith some apps not al- undermining of health. statethat purchasersobtain in-app purchases. don’t really ownthe sneakers lowedbyApple,not yetany- Early on, Dr.Lustig asks: only alimited license to view On Facebook,doyou own youbuy,either.Could youeven way. Eventually Apple imple- “Why has our health status video content.” In other words, your usagedata? Hardly.The write“College” on ablack mented some of the better declined?” Thechief culprit, you’rerenting it. So whyuse companysells it to the highest Hanes T-shirt anymore? ones,likereading messages he believes,isachangein theword“purchasers”? bidder.Ifyou did ownitand In these pages,Kevin out loud. food processing over the Apple is also being sued for Facebook paid youfor access, O’Reilly wrote about tractors Jailbreaking isn’t illegal, past 50 years. Food compa- terminating access to movies verification would become so laden with software that but it is certainly frowned on. nies have concocted products “purchased” on iTunes.Afed- standardand most of the plat- only authorized dealerscan re- It’sahardand ever-changing with the healthyelements eral judge in Sacramento form’strust and fake-news pair them. So youown aDeere process. Maybe Iinvalidated removed (vitamins,minerals, wrotelast month that “incom- problems might go away. tractor until it breaks? Same my warranty! But really,I micronutrients, fiber) and mon usage, the term ‘buy’ Did youbuy aPeloton dur- forPET scanners?This has bought the phone from abig unhealthyelementsadded means to acquirepossession ing the lockdowns? “Buy” spawned a“right to repair” blue BUYbuttononApple’s (mostly sugar and salt). This over something.Itseems plau- might not be the right word, movement that will take on website. It’smine.Let me do transformation, he writes,has sible,atleast at the motion to sinceyou payanother $39 a greaterimportanceinanage what Iwant with it. TheAp- fueled adownward“vortex.” dismissstage,that reasonable month foraccesstoits digital of autonomous cars.Will they, ple-Epic trial mayfinally prove It started slowly but has consumerswould expect their classes.Oh, youcan use the too, be constantly updated that, unlikebeer,tech canbe “picked up speed” and “over- access couldn’t be revoked.” workout bikewithout paying rentals,not purchases? owned. whelmed our medical resources.” Agreed. fees,but youhaveaccessonly Thetech websiteWired re- Write to [email protected]. Of course, some minimal processing of food—think of freezing fruit or cooking vegetables—is a staple of healthy meal preparation. Dr. Lustig’s real complaint is with “ultra- processed” products, which account for 58% of Americans’ El Salvador and Court-Packing Democrats calorie intake. Such products—candy, crackers, deli meat, frozen pizzas, fruit juices—are increasingly found not just If Democrats phen Breyer warned against Thepowerful commission, ANEP says,“democracy, the in supermarkets and restaurants but virtually everywhere: pack the U.S. court packing: “Ifthe public converted into a political rule of lawand institutions” movie theaters, hardware stores, gas stations, even health Supreme sees judges as ‘politicians in weapon, applied liberal use of arecrucial. clubs. They’re typically mass produced, have a long shelf Court,they robes,’ itsconfidenceinthe preventive detention in itsin- Ayear agoANEP,along with life and offer low nutritional quality. will do irrepa- courts, and in the rule of law vestigations of judges,prose- four other civil-society organi- How low? Dr.Lustig characterizes these productsas rable damage itself,can only diminish, di- cutorsand the businesscom- zations, withdrew itsrepresen- “poison” morethan two dozentimes.Tovalidatethe claim, AMERICAS to the institu- minishingthe court’spower, munity.Asaresult, critics of tativefromapublic-private he describes in detail howthe dominant featuresofsuch tion. But the including itspowertoact as a CICIGabuses in Guatemalan oversight committeeset up to foods—high in sugar but also teeming with nitrates and By Mary harm would- ‘check’ on the other branches.” society fell silent and the judi- monitor the emergencypan- refined carbohydrates—lead to cancer and other chronic Anastasia n’t end there. Fordecades,popular ty- ciarygrewcompliant. Corrup- demic budget. ANEP said it diseases likediabetes and heart disease.Roughly 60% of O’Grady President Bi- rantstrying to consolidate tion flourished as the worst couldn’t participateinthe ar- Americans areafflicted with such diseases today(up from den’scommis- powerinLatinAmericahave actorsaligned themselves with bitraryand nontransparent 30% in 1980). Relatedly, unhealthy eating has contributed sion to study the idea is al- been grabbing the judiciary CICIG to avoid prosecution. process. Mr.Bukele accused it to the decline in U.S. lifeexpectancyinrecent years. ready undermining U.S. moral andcalling it “legal.” Demo- of trying to “sabotage” the That doctors don’t do more to steer their patients away authority on the rule of law cratshaverarely objected as government. Amonth later he from such hazards is only part of Dr.Lustig’sattack on and the separation of powers long as the tyrant-in-chief is Does the White House instructed his cabinet to refuse the medical profession. He believes that, on the whole, in Latin America. progressive-approved. Mr. to meet with ANEP.Sincethen doctorsare “parochial,” taking their cues mostly from other ExhibitAisElSalvador, Bukele is not. have the credibility to itspresident has been aBukele doctors and thus succumbing to herd thinking. He worries whereanewly electedcongres- He waselected mayorof stop President Nayib target on Twitter. that too many elements in their professional world— sional majority backing Presi- San Salvador in 2015 as a Thethink tank known as research, clinical meetings, webinars—areunderwrittenby dent Nayib Bukele last week il- member of the former commu- Bukele’s power grab? the Salvadoran Foundation for Big Pharma and that the little nutrition science they know legally firedthe five-member nist guerrilla party known as Social and Economic Develop- is compromised by studies that are sponsored by food Constitutional Court. Thepro- the FMLN.But by 2017, his ment, or Fusades,also has companies. He says that doctors “don’t listen” to their Bukele congressimmediately personal ambitions swelling, Mr.Bukele has asimilar been singled out by Mr.Bukele patients and prefer to reach for the “quickest and easiest named itsown handpicked theFMLN said it waskicking strategy. Thehigh-court jus- fornot marching in lockstep form of treatment,” whether it works or not, in part court in violation of the legal him out of the party. tices were removed earlier this with him. Last week Mr. because insurance companies have limited the length of processfor choosing newmag- This hardly makes him month using government in- Bukele broadcast over national patient visits. “Talking about lifestyle changes takes time istrates.Congressalso fired “right-wing,” as some foreign timidation. Yetthe business television avideo of tax-fraud that we don’t have—because that’s how we’ve been trained the attorney general without journalistsdescribe him. He is community hasn’t backed allegations he made against and how we get paid.” cause the same day. at warwith the center-right down so far.Some who depend Fusades during a private Rep.James McGovern (D., Arena party and with El Salva- on government concessions or meeting with membersofthe Mass.), who never met aleft- dor’s pro-market business quotas have endorsed his diplomatic community. Doctors rarely urge lifestyle changes on their wing Latin dictator he didn’t community.Heran forpresi- agenda or remained quiet. Fusades denies the allega- patients, especially changes in eating habits. love, expressed his outrageon dent underthe banner of the Most arestanding firm, de- tions, but justicemay be hard Twitter: “Let us be clear: this splinter party Gana. But his spitepublic attacks and insults to come by with an increas- Not all calories are the same. is notdemocracy, this is the supportincongresscomes designed to foment hatred and inglypoliticized judicial sys- destruction of an independent from membersofthe populist government harassment in the tem. Meanwhile anyinvestiga- judiciaryand the rule of law.” NewIdeas party,which he form of multiple financial in- tions of corruption that the Dr.Lustig fesses up to his ownshortcomings: “I practiced Mr.Bukele wasunper- founded. His only ideologyis vestigations. firedattorney general—whose medicine formyfirst twenty yearsasapediatric endocri- turbed. He responded to the absolutepower. Among the most high-pro- term wasupinsix months— nologist (glandular and hormone problems in children) congressman by posting apuz- Mr.Bukele seems to have file Bukele whipping boys is wasworking on arelikely to without a real clue of what was truly right or wrong when zled, chin-stroking emoji learned alot from Guatemala’s theNational Association of be dropped. it came to disease.” It wasonly when he began doing his aboveanewsstory about Mr. hardleft. Around 2014itPrivateEnterprise,orANEP. Under Mr.Bukele El Salva- ownresearch that he discovered “the true path forward.” Biden’snew commission. The gained control—with the help With 15,000 members, 93% of dor maybethe next Latin “Metabolical” is strikingly candid—and sometimes strident. not-so-subtle message: Why of progressiveDemocratsin which aresmall businesses, domino to fall to authoritari- (The title is afusion of “metabolic” and “diabolical.”)Dr. Lustig not do what the U.S. does Washington—of the U.N.’s In- ANEP’smission statement anism. Do court-packing Dem- says that his book is “both my act of contrition to you, the rather than what it says? ternational Commission posted on its website is to ocratshavethe credibility to public, and my act of medical disobedience to the medical In aspeech at HarvardLaw Against Impunity in Guatemala, “promoteand protect” entre- stop it? establishment.” He hints that he could write such a book School last month, JusticeSte- known as CICIG. preneurship.Tothat end, Write to O’[email protected]. only after retiring from clinical practice—at the University of California, San Francisco (where he is an emeritus professor)—because “no ivory tower academic bastion would want to take credit for the ‘medical heresy’ that Biden May Make a Big Missed Steak you’ll find sandwiched within these pages.” He sees the focus on obesity per se as a “red herring,” By Stephen Moore erals,which the base is ex- incentives and then banning farm and grazing land forcar- noting that, in 80% of cases, obesity stems from someone pected to believebecause it’s certain behaviors.” bon sequestration. Agriculture being “metabolically ill.” Obesity (as he has argued in more arryKudlowsuggested primed to believeinliberal TheUnited Nations Envi- SecretaryTom Vilsack,who detail elsewhere) should be viewed as a “marker” for L theother daythat the villainy.” ronmental Agency’snewsletter decreed “meatlessMonday” at conditions like diabetes, hypertension and heart disease. Biden administration Hold on aminute. Liberals claims that “every bite of USDA cafeterias while he He’s also dismissive of using the calorie as the key maydeclarewar on meat. On constantly insist they “follow burgerboostsharmful green- headed the department under nutritional unit of measure. (The body treats 100 calories his FoxBusinessshow, the for- the science.” Apparently “the house gases.” Atweet from the BarackObama,says:“Thereis of broccoli differently from, say, 100 calories of butter.) mer Trump economic adviser science” says if we don’t stop U.N. lastsummer warned: no effort designed to limit Thelongstanding idea that all calories are the same, says lampoonedaclimate-change eating meat, cow flatulence “The meat industryisrespon- people’sintakeofbeef coming Dr. Lustig, “has set medicine back at least fifty years.” And study from the University of will doom the planet. Thewar sible formoregreenhouse gas out of President Biden’sWhite nutrition labels on packaged foods are “mostly irrelevant— Michigan, which argues that to on meat is no figment of the emissions than the world’s House or the USDA.” what you really need to know is what’s been done to the cut greenhouse-gas emissions, right’simagination. biggest oil companies.” Green- That AP storylet slip why food, and no label tells you that.” Americans will have to cut peaceassertsonits website the leftissonervous.The red- How to get people to change their eating and drinking back severely on “red meat, that eatingmeat “makes the meat story“could seriously habits is the big challenge. “Nothing is more important poultry, fish/seafood, eggs, The war on meat is no planet sick.The livestock sec- undermine[Mr.Biden’s] cli- than nutrition for correct and optimal bodily and mental dairy, and animal based fats.” figment of the right- tor—raising cows, pigsand matechangeplan beforehe functioning,” Dr. Lustig writes, and he advocates eating To which Mr.Kudlowquipped: chickens—generates as much even announcedit.” It re- what he calls “Real Food” that is low in sugar and high in “OK,got that? No burgeron wing imagination. greenhouse gasemissions as ported that aspokesman for fiber. “Metabolical” also includes a range of policy ideas, July 4. No steaks on the barbe- allcars, trucks and automo- the president “posted on Twit- some of them drawing from the tobacco and alcohol cue.I’m sureMiddle America biles combined.” teraphotoofasmiling Biden playbook, such as regulatory controls on pricing, marketing is just going to lovethat. Can It’strueJoe Biden hasn’t TheBiden administration grilling steaks at acampaign and distribution. He proposes taxing products such as soda yougrill those brussels stated he wantstocurtail has acknowledged that itscli- stop” and cited “a CNN fact- and soy and using the money to subsidize the consumption sprouts?” meat production or consump- matetargets requirethe U.S. checker who called claims of fruits and vegetables. But the economic and logistical It wasfunny, but the cli- tion. But people he listens to to “reduceemissions from ag- about the president proposing obstacles to such a plan are enormous. mate lobby wasn’t laughing. have.During aCNN “Climate riculture,” but officials also re- limitsonmeat consumption One doesn’t need to agree with Dr. Lustig’s proposed Media“fact checkers” called Crisis Town Hall,” Kamala Har- alizethat Americans loveto ‘completely imaginary.’ ” cures, or his diagnoses, to find “Metabolical” an invigo- it a“false story...another ris wasasked if she favored eat meat. Even Ms.Harris told His opposition to fracking rating read. At the very least, he persuasively shows that example of aclosed ecosys- changing “dietaryguidelines CNN,“Ilovecheeseburgers wasimaginary, too—until his the eating habits of Americans are too often a trigger for temofinformation affecting to reducethe consumption of from time to time.” firstweek in office, when he disease and that improving the nation’s health depends on public opinion,” in the Associ- redmeat in light of the impact So the strategytoreduce beganmoving to restrict it. the medical profession focusing on preventing disease— ated Press’swords.The New of the climatechange.” She the production of meat is indi- not simply treating it. York Times’s Paul Krugman said yes: “The balancethat we rect and subtle.The U.S. De- Mr.Moore is aco-founder tweeted: “This is what right- have to strikehere, frankly,is partment of Agriculturehas of the Committee to Unleash Mr. Rees is editor of the Food and Health Facts wing politics is down to.It’s about what government can set aside $30 billion forcon- Prosperity and an economist newsletter, president of the ghostwriting firm Geonomica, all false claims about evil lib- and should do around creating verting millions of acres of with FreedomWorks. and a senior fellow at Dartmouth’s Tuck School of Business. P2JW130000-0-A01800-1------XA

A18 | Monday, May 10, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Department of National Child Care Is Liz Cheney the Republican Party’s Future?

oyou likethe rising cost of health care would get$15 an hour,minimum. Care-givers Regarding your editorial “Purging claim lack of jurisdiction and the and higher education, even as govern- who have “similar qualifications as kindergarten Liz Cheney” (May 5): Rep. Liz Cheney press, influenced by the new“win- D ment subsidiesalso rise? Then you’ll teachers” would “receivecomparable compensa- needs to be commended for her cour- ners,” labels anyexpression of such age in following her conscience suspicion as “lies.” love President Biden’s new tion and benefits.” This is a The Biden plan would rather than her political party’s direc- BILL MILLS plan fornational childcare. formula forabureaucratized tion in ignoring Donald Trump’s self- Sterling, Va. Mr.Biden wantstosubsi- cause costs to explode national child-caresystem, en- ish commitment to compensate for dize child care so families pay forced by federal rules and no his re-election failure in November. I believe that many Democrats “based on asliding scale.” For for little benefit. doubt unionized. We need more GOP members of Con- hope that the Republican leadership the “most hard-pressed work- Thebad incentives don’t gress who will do what they know is will carry out its threat. The most ex- ing families,” the WhiteHouse end there. Families that have right, regardless of their party’s po- treme Trump supporters will love the says,costswould be “fully covered,” with pay- children close together in age, meaning their litical preference. idea, but most independents and even mentscoming out of a$225billion pot that Mr. child-care costsare stacked but last forfewer JOHN MELANGTON some Republicans will conclude that Bidenisasking Congresstofill. Forthe middle years, could getbiggersubsidies than similar Stuart, Fla. the Republican Party no longer has class: “Families earning 1.5times their stateme- families with kids spaced apart. And what about any policies other than the slavish Rep. Cheney became irrelevant af- worshiping of one man. This will help dian income will paynomorethan 7percent of all the mothersorfatherswho want to stay ter her impeachment vote. You don’t the Democrats hold on to, or even in- their income.” home with kids? TheWhiteHouse says Mr.Bi- have to believe that the election was crease, their congressional majorities iii den’splan would save “the averagefamily stolen to support Donald Trump, but in 2022. Thefirst problem is that this is anew subur- $14,800 per year.” Suddenly the stay-at-home it was unwise to vote to impeach him. STEPHEN BROWN ban entitlement, not aid to the needy.There’sno option would come with much higher opportu- PETER MCCARTHY Palm Beach, Fla. legislativelanguageyet, but the WhiteHouse nity costs. Thesubsidy is biased against parents Scarsdale, N.Y. talking pointssuggest that anyfamily that quali- who prefer to stay home. Statistics from FiveThirtyEight fies would getthe subsidy automatically. As forthe societal benefitsofchild care,Mr. Democrats have been criticized suggest Ms. Cheney voted in line with California’smedian household income,multi- Biden is overselling them. AFebruaryreview of with some justification for “cancel Mr. Trump’s position roughly 93% of plied by 1.5, is around $121,000.For NewYork it’s the academic literaturebyMax Eden at the Man- culture,” shunning those whose views the time over his entire term. So the about $108,000.And beforeanyone gets huffy hattanInstitutefinds adecidedly mixed picture. are no longer considered politically frustration of GOP House members correct. It seems that Republicans has nothing to do with her conserva- about the cost of living on the coasts, remember Academic gains from Head Start fade within sev- have elevated this phenomenon to a tive, Trump-friendly voting records. that those statewide thresholds would presum- eral years. Preschool experimentsthat showed new level in their perpetuation of the It has everything to do with her re- ably apply to lesscostly inland California and betterresultswerehighly intensiveorhad only “big lie” that the election was stolen, fusal to scuttle U.S. Madisonian de- NewYork,too.Therewould be no limit on annual dozens of students. In Quebec,children in two- and their trashing of Liz Cheney for mocracy and register for Mr. Trump’s spending,sinceitwould increase with enroll- parent families showedmorehyperactivity and speaking the truth about it. “big lie.” ment,which almost surely makes the White aggression afterastate subsidy lured them into JOHN J. CONIGLIO Liz Cheney should be lauded for Houseestimateof$225billion fanciful. third-party child care. East Meadow, N.Y. her honesty, integrity and principled This is all the morelikely because capping Themost prudent course,based on the re- leadership. out-of-pocket paymentsat7%ofincome would search, Mr.Eden writes,would be “toscale down Imagine adystopian society that CHENEY WEN obliteratehealthyeconomic incentives.Once the number of studentswho areserved by pub- holds elections forits leaders, but al- Taipei lows those in powertoviolateexist- they hit that limit, families choosing achild-care licly subsidized early education and focus exist- ing laws governing those elections Donald Trump did great things but option would have no reason to consider costs. ing resourcesmoreintensively on the most dis- then simply “certify” the resultsas lost the middle because of his ego. He Get the upgrade,sinceit’dbeonUncle Sam. advantaged children.” This is sensible: Instead valid. Further imagine that those vi- cratered the Senate runoff in Georgia Child-careproviderswould have little reason to of trying to sell the middle classonanew entitle- olations include high-risk changes to because he couldn’t face reality. Now economize, sinceupselling would be an easier ment, aPresident who wanted to unitethe coun- the rules forcounting mail-in bal- the GOP leadership is going down the path to revenue,inthe same way that colleges trycould work at fixing the safety net forthe lots; and by some coincidencethose same rat hole. They are going to cra- nowcompetetobuild the splashiest aquatics people who really need it. mail-in tallies have asignificantly ter 2022 and 2024 if they don’t get center.OnceMr. Biden juiced demand, prices But forMr. Biden and today’sDemocrats, na- different balancefromin-person tal- their act together. Get over it, GOP, would only go up. tional child care is apolitical project to put fami- lies from the same jurisdictions.An forget Donald Trump and move on to On the supply side,Mr. Biden envisions more lies and child rearing moredependent on the audit of that suspicious result forva- the issues. Liz Cheney is right, and subsidies and cost inflation. His plan says pro- government. Makeitanentitlement, hook the lidity of the mail-in ballotswould be the only one in the House with any necessarytoalleviate that suspicion, courage and common sense. Rather viders“will receivefunding to coverthe true middle class, unionizethe workforce,and con- but is initially not allowedbecause than fight her, follow her lead. cost of quality early childhood care.” Employees solidatepolitical control. the suspicion hasn’t already been RICK KUBISCH proven. Once“certified” the courts Mukwonago, Wis. Times Square as ‘the O.K. Corral’ ov.Andrew Cuomo recently denounced the week beforelast to 42 incidents. Policefig- Republicans Must Attract More Young Voters the Supreme Court fortaking up aNew ures show shootings are up 83.3% so far this G York gun-rightscase because “the year, and 93.5% over 2019. In “The Left Brightens GOP Mid- voters. Republicans should emphasize streetsofNew York arenot Theevidenceisundeni- term Chances” (op-ed, April 22), Karl they are for equality for all, but not the O.K. Corral.” He maywant Cuomo’s analogy turns able that NewYork is trend- Rove gives good reasons why the pro- artificially imposed quotas when it gressive Democrats may lessen their comes to race or gender; that they to retirethat analogybecause out to be apt, albeit for ingback to the high-crime chances for success in 2022 by their are against pitting one race against the city’s streets are looking days beforeRudy Giuliani be- stances on issues like defunding the another; that they are pro-immigra- more likeTombstone all the the wrong reason. came mayorin1994. That police. But Republicans are falling be- tion, but immigrants must comply time despitehaving one of the wasthe erawhen apolice hind the Democrats in their appeal to with our laws; that they are against nation’s strictest gun laws. precinct in the Bronx was younger voters because they identify defunding the police so that our cit- Themayhem made it to Times Squareon known as Fort Apache.Mr. Giuliani and suc- Democrats as being for equality of ies don’t descend into anarchy; that Saturdayasagunman shot three innocent by- cessor MikeBloombergcleaned up the city’s the races, equality of the sexes as most police shootings involving mi- standersatabout 5p.m., including afour- streets, including Times Square. Nowthe area well as LGBT and abortion rights. As norities are not the result of inherent year-old girl. All three survived. Wendy is beset again by the homeless, panhandlers, long as the Republican Party empha- racism; that they favor free speech Magrinat,23, who wasvisiting from Rhode Is- and toooften criminals. sizes social matters that many of the and do not condone people being younger generation do not believe in, shouted down or fired from their job land with her two-year-old and husband, was MayorBill de Blasio has been acatastrophe they will get fewer and fewer votes, for expressing opinions others do not shot in the thigh. for New York, and his only redeeming grace is as older voters decline in numbers agree with. She told the NewYork Post that she and her that he can’t run again. Two of the candidates The Republican Party already has These are ideas that most people, family were waiting in line to enter astore to succeed him in this year’s election, former voters who vote Republican because young or old, agree with. The Repub- when she became aware of men arguing and the policecaptain Eric Adams and successfulbusi- of the party’s more conservative so- lican Party can grow and prosper. It shooting began. Here’saway to attracttourists nessman RayMcGuire, understand the danger cial stances. It needs to talk less needs to begin to think young. to the city as the pandemic eases: Come to to the city if crime again gets out of control. But about those positions and talk more GEORGE KRAL Times Square on Mother’s Day weekend, and most of the other candidates talk likethey think about other things to attract younger Wilmington, Ohio maybe you too can get shot. police are the enemy. Similar incidentsare multiplying acrossthe Mr.Cuomo could help,but he won’t buck the city as politicians have vilified policeand made progressives he needs to survivethe sexual ha- Threattothe CourtsIsFromthe Democrats it hardfor cops to stop and frisk potential sus- rassment charges against him. New York City Regarding David B. Rivkin Jr. and aren’t blind to the fact that Congress pectsfor illegal firearms.The NewYork Police urgently needs help, and let’s hope it arrives Andrew M. Grossman’s “Sheldon has the power to pack the court, im- Department reported that shootingstripled in with the next mayor. Whitehouse Is No Friend of the peach justices, slash the judiciary’s Courts” (op-ed, April 30): Never one budget and even restrict the court’s for subtlety, Sen. Whitehouse, chair- jurisdiction in accordance with Arti- Britain’s Political Realignment man of the Senate Judiciary Subcom- cle III of the Constitution. mittee on Federal Courts, held a re- Acertain senator from Rhode Is- ocal elections rarely warrant global at- tion programs,which is restoring faith in Tory cent hearing titled “What’s Wrong land is known forhis threatening tention, but these aren’t normal times governing competenceafter missteps earlier in with the Supreme Court: The Big- briefs.Ofcourse,heand his fellow L and the votesBritons cast Thursday the pandemic. This idea is reinforced by sur- Money Assault on Our Judiciary.” SenateDemocratshavealso made Su- don’t count as a normal local prisingly strong Tory results While dark money may bankroll preme Court nomination hearingsa The Tories continue briefs from amici who generally have national disgrace. They’rethe ones as- election. Theresultsmark the in local-council elections little sway with the court, the briefs saulting our judiciary, aco-equal next step in what’s becoming to gain in the former acrossthe countrywherevot- from members of Congress trying to branch of government. a major political realignment ersselected leaderstomanage intimidate the court are much more CHARLES D. EDEN in the world’sfifth-largest Labour heartland. mundane but vital tasks like problematic. After all, the justices Atlanta economy. garbage collection. Voters acrossthe United Labour in contrast remains Kingdom elected a bevy of local councilors, a adrift. Voters rejected the left-wing radicalism Bomber Mafia Avoided Cataclysmic Invasion handful of mayors,and regional parliamentsin of former party leader Jeremy Corbyn in the Scotland and Wales.But the most important re- 2019 parliamentaryelection. But so far they’re In calling Gen. Curtis LeMay virtu- atomic bomb is what ended the war. sult was the Conservative victory in the sole not embracing Mr.Corbyn’smoderatereplace- ally a war criminal for carpet bomb- The alternative—the invasion—was ing Japanese cities, both the author, expected to more than double Ameri- parliamentary by-election. The Tories won in ment, Keir Starmer.The London-based human- Malcolm Gladwell, of “The Bomber can dead from the rest of the war. Hartlepool, in northeast England, for the first rights lawyer has tried to take a more centrist Mafia” (Books, May 1) and reviewer Japanese deaths were expected to to- time since 1974. line but hasn’t been able to overcome popular Paul Kennedy ignore the nearly 20 tal from five to 10 million. This is the latest brick to fall from the so- doubts about his party. million people murdered by the Japa- STEPHEN R. HILDRICH called Red Wall of historically Labour seatsthat As with anyelection, no one should rest easy. nese throughout Asia, mostly civil- Orange, Conn. used to stretch acrossnorthern England. Prime Mr.Johnson has demonstrated again his appeal ians, the mass murder of prisoners of Minister Boris Johnson won a historic parlia- to working-classvoterstired of the normal po- war—far more American and British mentarymajority in 2019 by flipping large num- litical class. Thedanger is that corruption scan- prisoners than the Germans killed— Pepper ... bers of these seats to the Conservatives, and dals now starting to swirl around his govern- and the bombing of hospital ships. And Salt now he has flipped another. ment could persuade those voters he’sno Mr. Kennedy considers it a gro- Brexit probably playedsome role.Hartlepool different from other politicians. His political tesque irony when Gen. Curtis LeMay, THE WALL STREET JOURNAL the villain in this attack book, re- voted overwhelmingly to leave the European survival may soon depend on his ability to de- ceived Japan’s highest award for for- Union in the 2016 referendum, putting residents liveraneconomic agenda that works forhis eigners for rebuilding the postwar at odds with theBrexit-ambivalent Labour new voters in the north. Japanese Air Force. Perhaps the Japa- Party that represented them in parliament for Thursday’svotealso highlighted serious nese knew better than the author and decades.Brexit is nowover, following Mr.John- constitutional challenges still facing the United reviewer that the morally proportion- son’ssuccessful2019 campaign foranew man- Kingdom. As we went to press, voters appeared ate and discriminate aspect of “just datetofinish the job.The suspicions voters har- to have thwarted the ambitions of Scottish na- war” theory becomes meaningless in bor toward the political classthat resisted tionalists to win amajority in that region’sde- total war—everything must be done Brexit appear to remain. volved parliament andpress foranew indepen- for the victory of a just cause. Even Yetsomething biggerseems afoot. Mr.John- dencereferendum. But the nationalistsremain Mr. Kennedy admits the shock of the son’sTories have broadened their message, and aprominent political forceawaiting their next Lettersintended forpublication should their appeal, beyond Brexit. Promises to “level opportunity. be emailed to [email protected]. Please up” the economyinneglected former industrial Thebest way forthe Tories to keep the U.K. include your city, state and telephone regions seem to resonate with voters. united, and solidifyits political realignment, is number.All letters aresubject to Voters also arecrediting Mr.Johnson forone with a robust and durable economic recovery editing,and unpublished letters cannot “I’m trying to connect the dots, be acknowledged. of the world’smost successfulCovid-19 vaccina- from the pandemic lockdowns. but I don’t have any dots.” P2JW130000-0-A01900-1------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | A19 OPINION The New Scientific Method: Identity Politics

By Lawrence Krauss vanced scientific computers, and in a given year are white and male, runs 10 national laboratories em- will they feel compelled to passover he Biden administration is ploying thousands of researchers. these candidates forfear of losing considering alaudable ma- President Biden has nominated slots in the next year’s process? jor expansion in funding Asmeret AsefawBerhe, asoil biogeo- Ican’t help but think that this ex- T forscientific agencies to chemist from the University of Cali- plicit bias mightultimately hurt NAS shoreupAmerica’sre- fornia, Merced, to lead the Office of memberswho arewomen, racial mi- search base.The money will help,but Science. Ms.Berhe will be the first norities or both by feeding the suspi- it doesn’t obviatethe need to scruti- black woman to lead the science of- cion that qualities other than accom- nizewho will be leading the govern- fice, happily lending a more diverse plishment led to their election. ment’s scientific efforts, as many of face to science in this country. Even raising these questions is us did during President Trump’s Ms. Berhe’s research program on likely to bring on achorus of con- term in office. Thecurrent emphasis soil chemistry, exploring the capture demnation,and if Ihadn’t retired in academic hiring on affirmativeac- of carbon dioxide, is relevant to cli- from my academic position, Iproba- tion shouldn’t be of concern here. We mate-changepolicy. But her research bly would be much morehesitant. should expect that merit and accom- expertise isn’t in anyofthe Officeof They bringtomind astatement in plishment will guide promotion to Science’smajor programs,and she November by Dorian Abbot,anasso- the highest levels of scientific lead- has no experienceasascientific ad- KLEIN ciate professor of geophysics at the VID

ership.Evenifthe Biden administra- ministrator and minimal experience DA University of Chicago. “Let’sfight tion mayappear moreintouch with with the Energy Department itself. bias in sciencebyworking hardto the concerns of the scientific com- Past directorshavebeen established Down theroad from the Depart- demographic composition of the new reduce bias, not by introducing it,” munity,itisn’t excused from the duty researchersfromone of the major ment of Energy, the prestigious Na- membership wasplanned, NAShome he wrote.“Let’streat each applicant to appoint qualified people to leader- fields supported by the department, tional AcademyofSciences an- secretarySusan Wessler made clear forconferences,fellowships,and fac- ship positions. or they have administered large pri- nounced in lateApril itsnew classof that it was. Each of 31 different fields ulty positions as an individual wor- vate laboratories likeBell Labs—in 120 members, elected from all fields canput forwardrecommendations thyofdignity and respect. Let’streat line with the demands of the job.Itis of science. The NAS nominally pro- fornew members. From there, Ms. all applicantsfairly by judging them The National Academy hardnot to wonder whether Ms. videsadvice to the government on Wessler told ScienceMagazine,“we only on thebasis of their ability and Berhe is the right choicefor aleader- scientific questions,fromnational assign slotsbased on the diversity of promise as scientists.” of Sciences fights bias ship role at the DOE. security to education, but it is pri- the listsofnominees that getfor- In another time,Mr. Abbot’ssenti- by explicitly introducing Ascienceleader’s specific re- marily an honorific organization. It warded.” Sections presenting more- mentsmight have been applauded. search background maynot be as im- devotes alarge fraction of itstime diverse listsget extraslots. Then the Instead, morethan 100 studentsand more of it. portant as other intellectual and effort to selecting itsown honor- next year, the number of slots allo- postdoctoral fellows at Chicagosub- strengths,which arehardtojudge ees,which wasone of the reasons fu- catedtothe sections depends on how mittedaletter to the geophysics fac- from adistance. Nevertheless, when tureNobel laureateRichardFeynman successfulthey were at pickingdi- ulty asking that he be punished be- Manydon’t realizethat the largest Mr.Trump made nominations to sci- tried to resign from the organization verse candidates. cause his ideas “threaten the safety funder of physical scienceinthe entific leadership positions,many in 1959. To be more specific, Ms. Wessler and belonging of all of underrepre- countryisn’t the National Science scientists,myself included, were The first female president of the added: “If they used [their slots] to sented groups within the depart- Foundation,whose 2022budget the quick to critique those candidates academy, Marcia McNutt, has built a pick abunch of whiteguysfromHar- ment.” While this response reflects Biden administration has proposed whose expertise and experience team that has tried over the past few vard, they get penalized.” theturmoil in academia today, we to increase by 20%, but the Energy didn’t seem well matched to the task yearstoshed the NAS’simageof This is aremarkable statement. must continue to insist that those Department. Here, too, the Biden ad- at hand—fromScott Pruittand then whitemale elitism. This year in par- Much as one might bemoan the non- people at the highest levels of Amer- ministration is proposing amajor Andrew Wheeler at the Environmen- ticular has seen astrong push fordi- representativenature of the NAS, not ican scientific leadership represent funding increase. tal Protection Agencyto Scott Atlas versity. Remarkably, almost exactly only in race and sexbut in geography the best and brightest among us. TheDOE OfficeofScience’s$7bil- as coronavirus adviser and Jim half of the newmembers—59 of and institutional affiliation, at least We’re counting on them. lion budget, set to rise by $400 mil- Bridenstine at the National Aeronau- 120—arewomen. Nine black scien- one could hope that the dominant se- lion, supportsresearch in high-en- tics and Space Administration. It is tistsare also newmembers; the NAS lection criterion for this most meri- Mr.Krauss, atheoretical physi- ergy and nuclear physics with large important that we be willing to ask says therehad never been morethan torious title would be merit itself.If cist, is president of the Origins Proj- accelerators, materials physics with the same questions of this adminis- three in a previous class. the selectors in a given section find ect Foundation. His most recent book X-raysynchrotrons,fusion and ad- tration. Lest anyone wonder whether the that the best candidates put forward is “The Physics of Climate Change.” Patent Busting Won’t Help Va ccinate the World Faster

By Luciana Borio months,global supply will remain France, Japan, Australia and the uals all over the world. Patientsneed portions of the WTO’sagreement on And Scott Gottlieb tight. U.K., to name only a few, should in- recourse if they’reharmed, and vac- intellectual property has long been TheBiden administration cavedto vest in a major expansion of manu- cine companies need some backstop sought by Chinaasaway to pirate hile the U.S. Covid pandemic pressureatthe World Trade Organi- facturing facilities and the attendant on unbounded liabilities.This could Western intellectual property legally. W has been contained, the sit- zation to support waiving intellec- supply chain, in return foraguaran- take the form of acompensation sys- Drug makerscan work exclusively uation in manycountries, tual-property protections for Covid teethat ahigh percentageofthe temfor injuries,overseen by the with leaders in the European Union particularly India, is dire. It’sessen- vaccines.Some activistshavede- vaccines that flow from these efforts World Bank.Similar measures arein to put together apackagethat would tial to getasmuch of the world vac- clared victory, even though patent go to low- and middle-income na- placefor manufacturersthat make addressimmediateand long-term cinated as quickly as possible to save breaking wouldn’t solvethe immedi- tions.This would securestable pro- doses available to Americans under needs of lower-income nations while lives and prevent newvariantsfrom ateproblem and could makeaglobal duction and guarantee asteady sup- an emergency-use authorization. continuing to protect intellectual emerging.The Biden administra- agreement much moredifficult. ply of high-quality vaccines for Finally,American drug makers property,which is vital to the devel- tion’s support for breaking vaccine France, Germanyand the U.K. all op- vulnerable nations. canwork with existing vaccine man- opment of futurevaccines and thera- patentsisabad precedent that pose the idea, and the WTO should ufacturersinmiddle-income nations pies. would do no immediategood and reject it. Hereare four productive such as Brazil and South Africa. Many nations are still suffering substantial long-term harm. steps the developed world could take The solution is to ease Some of these countries maybeable deeply from Covid-19.There’sno Thereisn’t enough vaccine supply instead: to expand their capacity to take on time to wasteonsymbolic measures to meet world-wide demand. Many First, the U.S. government should restrictions on exporting international “fill and finish” capac- that set a poor precedent and don’t countries have access only to infe- stop hoarding doses and makethem shots and build more ity,receiving vaccines in bulk and solve the crisis. rior vaccines produced in Russia or available forexport. Some of the big- placing them in smaller vials fordis- China. Understandably,they want gest vaccine makershaveshown that production capacity. tribution, the insufficiencyofwhich Dr. Borio is asenior fellow for the same safeand effectivevaccines their manufacturing is stable and could otherwise become abottle- global health at the Council on For- that are available to Americans. By growing.The supply chain is reliable, neck. These kinds of tech transfers eign Relations and was Director for the end of 2022, U.S. manufacturers and the U.S. doesn’t need to stock- Third, the U.S. should work with could take time—at least six months Medicaland Biodefense Prepared- will producemorethan 12 billion pile hundreds of millions of doses. the World Health Organization to and probably a year or longer—and ness at the National Security Council, doses of high-quality vaccines, More canbemade available on a deal with legitimateliability con- would need to be started in short or- 2017-19. Dr. Gottlieb is aresident fel- enough to satisfy global needs. And rolling basis to countries like India cerns from U.S. manufacturers that der. low at the American Enterprise Insti- other vaccine candidates are in the and Brazil. donatevaccines to low-income na- All these steps depend on aglobal tute and a board member of Pfizer. pipeline and maybeauthorized over Second, countries that produce tions.Companies areworried about agreement to protect intellectual He was commissioner of the Food the next year. But over the next six qualityvaccines such as Belgium, being sued by all manner of individ- property.The proposal to suspend and Drug Administration, 2017-19. The Trade Two-Step as Part of Biden’s Diplomatic Dance

By Robert B. Zoellick home construction by removing pen- to join the higher-quality Trans-Pa- ally.Mr. Biden could mobilizebiparti- trade barrierswith allies if Europe- alty tariffs on Canadian lumber. cificPartnership,an11-nation pact san support foraNorth American- ans removetheir retaliatorytariffs. resident Biden’snew interna- As companies redirect supply based on U.S. standards.But Presi- U.K. economic pact with world-class TheWTO’srules and system for P tional policyismissing one big chains,the U.S. should makeiteasier dent Trumpwithdrew from the TPP, standards fordigital, service, tech- settling disputes have benefited pillar: trade.The administra- to shiftproduction from China to and Mr.Biden has shrunk from mak- nologyand environmental topics.The American workers, consumers, busi- tion would liketododgethe politics; Mexico. Canadian railways arecom- ing the case to rejoin. president’sDemocratic allies cannot nesses and farmers. But Mr.Trump Democratshaveonly anarrow major- peting to buy Kansas City Southern East Asians arecalculating honestly complain about Britain’sla- wanted to kill the WTO. TheWTO is ity in Congress, and the party in- to streamline the continent’strans- whether the U.S. has the interest— bor standards,and perhaps the deal nowwounded and risks demise.Its cludes manyeconomic isolationists. port network; Mr.Biden’steam andwillpower—tooffer an alterna- could even build on USMCApractices. newdirector-general, NgoziOkonjo- But Americacan’t affordtodropout should expediteborder and regula- tivetoChina’seconomic gravity.Mr. Iweala, an African friend of America, of the competition to writethe tory procedures to capitalizeonsuch Trump’stempestsblewAsians away. needs to revivethe WTOthrough a world’snew trade rules and commer- privateinvestment. If Mr.Biden nowdrifts without a The president can’t afford few practical successes.Joint state- cial designs. Thepresident knows that Central compass, Asian countries will assume mentsone-commerce and health North Americaisanimmediate Americanswill keep fleeing north if the U.S. is an unreliable friend. They to ignore trade, lest friends supplies would help.Anagreement opportunity.The U.S.-Mexico-Canada they arefearfuland desperateat will have to steer toward China. in Asia conclude they on illegal fishing and subsidies would Agreement, the Naftarewrite, en- home.Inaddition to assisting with se- TheU.S.should propose adigital- demonstratepositiveconnections ablesAmericans to challengelabor curity and the rule of law, the admin- trade agreement with an arcofcoun- should work with China. among the environment, food and de- conditions in individual Mexican istration should expand provisions in tries ranging from Northeast to velopment. TheU.S.could lend sup- plants. Theadministration could use the U.S.-Central American free-trade Southeast Asia. South Korea, Japan, port by reviving the appeals system this powertohelp build honest Mexi- agreement of 2005 that encouragethe Singapore, Vietnam, Australia and TheU.S.and EU need to adapt the fordisputes in exchangefor reforms canunions—or as an excuse to block region’scross-border investment and NewZealand arelikely to embracean rules of the global trading system, es- in interpreting rules and temporary exportsfromAmerica’ssouthern production with Mexico. accord that builds upon the data pecially through the World Trade Or- safeguards forindustries under neighbor.The newinfrastructurebill TheU.S.will never competeeco- terms in the USMCA. Canada, Mexico ganization.The Biden administra- stress. should include “Buy North America” nomically with China in Asia if Amer- and some Latin American countries tion’sfirst impulse wastoexpand U.S. Trade RepresentativeKather- procurement rules to lowercosts, icans don’t showuptodesign re- might sign up,too.The higher stan- governmental taxing powerinterna- ine Taihas said that trade should fight uncompetitivebid-rigging,and gional trade policies.China and 14 dardsshould include provisions to tionally; it should balancethis move benefit workers. That is an appealing encouragereciprocity.U.S.and Cana- other countries have agreed on aRe- assist smallenterprises,such as e-in- with atrade multilateralism that political slogan, but not apolicy. A dian steelworkerssharethe same gional ComprehensiveEconomic voices and easy digital shipmentsand opens doorsfor the growth of private trade policyfor workersshould favor union, so they should support conti- Partnership that lowers trade barri- payments. industry. Washingtoncould jump- people,not protect old job categories. nental cooperation. Washington ersand establishes common rules of TheU.S.should also encourage start this processbyterminating Mr. Atrade policyfor people should help could also lowerthe soaring costsof origin. Both China and Britain aspire post-Brexit Britain to competeglob- Trump’sfalsified “national security” America’sfarmersand ranchers, as well as other productiveworkerswho rely on exportsand lowercost im- ports. Atrade policyfor people helps PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Lockdown entrepreneursand innovators, as well Rupert Murdoch Robert Thomson as their workers, to preparefor mar- Executive Chairman, News Corp Chief Executive Officer, News Corp From “The Liberals Who Can’t dent. When they keep their kids out kets of the future. Atrade policyfor Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Quit Lockdown” by Emma Green, the of playgrounds and urge friends to families lowers the costsofmany Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Atlantic, May 4: stay distanced at small outdoor pic- household supplies subject to trade Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer; nics,they arecontinuing the spirit of taxes. Jason Anders, Chief News Editor; Louise Story, Chief Mae Cheng, SVP, Barron’s Group; Jason P. Conti, Policymakers’ decisions about the past year,when civic duty has Americans—and U.S. global influ- News Strategist, Product &Technology Officer General Counsel, Chief Compliance Officer; Frank Filippo, EVP, Business Information & how to fight the pandemic are been expressed through lonely ascet- ence—will be stronger the sooner the Thorold Barker, Europe; Elena Cherney, Coverage; Services; Kamilah Mitchell-Thomas, Chief fraught because they have such an icism. Formanypeople,this kind of president recognizes that trade pol- Andrew Dowell, Asia; AnthonyGalloway, Video & People Officer; Josh Stinchcomb, EVP & Chief Audio; Brent Jones, Culture, Training &Outreach; impact on people’slives.But personal behavior is aform of good citizen- icyisthe missing link in his global Revenue Officer, WSJ | Barron’s Group; AlexMartin, Print &Writing; Michael W. Miller, decisions during the coronavirus cri- ship.That’sahardidea to giveup. strategy. Christina Van Tassell, Chief Financial Officer; Features &Weekend; Emma Moody, Standards; Suzi Watford, EVP, Consumer & Chief sis arefraught because they seem And so as the rest of vaccinated Shazna Nessa, Visuals; MatthewRose, Marketing Officer symbolic of people’s broader value Americabegins itssummer of bac- Mr. Zoellick is aformer World Enterprise; Michael Siconolfi, Investigations; Stephen Wisnefski, Professional News systems.When vaccinated adultsre- chanalia,rescheduling long-awaited Bank president, U.S. trade represen- fuse to see friends indoors, they’re dinner parties and medium-sizewed- tative and deputy secretary of state. Paul A. Gigot working through the trauma of the dings, the most hard-corepandemic He is author of “America in the Editor of the Editorial Page EDITORIAL AND CORPORATE HEADQUARTERS: Daniel Henninger, Deputy Editor, Editorial Page; 1211 Avenue of the Americas, New York, N.Y., 10036 past year,inwhich the brokennessof progressives areleft, Cassandra-like, World: AHistory of American Diplo- GerardBaker, Editor at Large Telephone 1-800-DOWJONES America’smedical system wassoevi- to preach their peers’ folly. macy and Foreign Policy.” P2JW130000-0-A02000-17FFFF5178F

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Last Week: S&P 4232.60 À 1.23% S&P FIN À 4.21% S&P IT g 0.50% DJ TRANS À 3.89% WSJ $ IDX g 1.10% LIBOR 3M 0.160 NIKKEI 29357.82 À 1.89% See more at WSJ.com/Markets LendersPrepare forMortgageSlowdown

Decline in demand Code.Yet lendersare preparing that it expectsits gain-on-sale of Inside MortgageFinance. stood still. Profit margins rose about 14.5 million Americans formortgagedemand to cool in margin, ameasureofhow much Last year wasabanner one sharply. could lowertheir monthly mort- fuels price wars the coming months,the result of lendersearn when they sell forthe mortgagebusiness. Lend- This year,total originations gage paymentsthrough arefi- across industry, rising interest ratesthat make loans,todecline in the second ersoriginated arecord$3.83tril- areexpected to fall to $3.3 tril- nancing,according to mortgage- refinancing lessattractivefor a quarter.The profit margin would lion in home loans in 2020,ac- lion, a14.2% decline.Still, at that datafirm Black Knight Inc.That pushing down profits chunk of borrowers. be the company’snarrowest cording to the MortgageBankers level, 2021 would rank among is down from 18.7 million near Theanticipated decline in sincebeforethe mortgageboom. Association. the best yearsonrecord. the start of the year,when mort- BY ORLA MCCAFFREY mortgagevolume is setting off Theforecast droveshares of sev- Mortgagerates that fell below “This year is still expected to gage ratesreached arecordlow pricewarsacrossthe industry. eral nonbank lenderstodouble- 3% forthe firsttime and changes be agreat year,probably the sec- of 2.65%. Thehousing market is as hot That is drivingdownprofitmar- digitlosses last week,analysts in the waysAmericans work and ond-best year in history,” said Still, the good news forbor- as ever.The mortgagemarket, gins and spooking the sharehold- said. livepushed up demand forboth KBWanalyst Bose George.“But rowers is that lendersare now though,islosing steam. ersofmortgagefirms that went “The messagefromall the refinancingsand purchase loans it’sjust that directionally,[mort- vying forcustomersbylowering Homes areselling at ablister- public closer to the height of the companies that have reported fi- to levels that strained many gage volume] is going down.” the ratesthey charge. ing paceunseen sincebeforethe lending boom. nancials publicly is that competi- lenders.Tostemthe influx of ap- Adropinrefinancing activity That translates into lower financial crisis, pushing up home Rocket Cos., the parent of tion has increased significantly,” plications,lendersraised rates. is abig reason why. With the 30- profitsfor lenders. When lenders values in nearly everyU.S.ZIP QuickenLoans,said last week said Guy Cecala, chief executive But their ownborrowing costs year mortgageratenear 2.97%, PleaseturntopageB4

Food DeliveryBrings Home Higher Prices Apps shiftsome coststoconsumersand eateries Blackstone Faces raiseapp prices and offer cheaper directorders Rival Bidder for By Stephanie Stamm, Preetika Rana and Heather Haddon Customersand restaurants used deliveryapps in record numbersasthe pandemic curtaileddining in. Crown Resorts This drove huge revenue growth forcompanies such

as DoorDash, Grubhub and Uber Technologies, BY MIKE CHERNEY tract overseas tourists, includ- which owns Uber Eats and Postmates. While the ing lucrativehigh rollers. apps' growth is expected to slowfromlastyear's SYDNEY—The movebypri- Crownoperates casinos in levels,people arestill expected to order in more vate-equity giant Blackstone Melbourne and Perth, but the Group to acquire CrownRe- opening of anew casino in frequently than beforethe health crisis. sorts Ltd. and expand its Sydney has been put on hold global gambling footprint has afteraninvestigation found Here’sabreakdown of costsfor $25worth of sushi from aNew York City been complicated by anew Crownunsuitable to operate Japanese restaurantordered via DoorDash and other deliver apps bidder forAustralia’slargest the casino without significant casino operator. changes. Star Entertainment Group Theinvestigation, set up by Ltd., which also operates casi- the casino regulator in New Before the pandemic, the restaurant MakiMaki also offerspickup,which saves Other delivery apps charge different nos in Australia, said Monday South Wales state, found that MakiMaki paid DoorDash a30% the customer around $5 and means more fees,which means youmay end up that it wantstomerge with Crowndisregarded the welfare commission on the priceoffood, so it moneyfor the restaurant. paying moreorlessthan on DoorDash. Crowntocreateagambling of itsemployees by pursuing would have kept about half the But in this case, MakiMaki’scut giant with casinos acrossAus- VIPsinChina, which ulti- overall moneypaid by the customer. Another option is MakiMaki's own remains about the same across tralia,including in Melbourne, mately culminated in the ar- delivery. The sushi restaurantworkswith all the deliveryapps. Sydney and Perth. rest of Crownemployees alogistics partner calledRelay, which Starisoffering 2.68 of its there. charges aflat deliveryfee on each order. ownshares in exchangefor ev- BankaccountsatCrown Mostofthatispaid by the restaurant, eryCrown share, which it says subsidiaries were used to and the rest is paid by the consumer. values Crown’sstock at more launder money,and Crownim- than 14 Australian dollars, the properly worked with junket equivalent of US$11 ashare, operatorsinAsia to bring DoorDash DoorDash Pickup MakiMaki PostmatesUberEats plus acash option of A$12.50 gamblerstoAustralia, the in- NewYork Citycapped delivery forupto25% of Crown’s vestigation also found. commissions at 20% last shares on issue. Theregulator began looking year,tohelp restaurants during the pandemic. So Blackstone,which already intoCrown afterthe allegedly MakiMaki makes about hasreal-estateassetsinAus- $2 morenow.Lastweek, tralia and agambling foot- DoorDash said it would allowrestaurants to print in other countries,such The bidding battle choose from three rates: as the Cosmopolitan casino $12.95 15%, 25%and 30%. andresort in LasVegas,has comes as regulators $14.00 $14.00 also increasedits bid, Crown investigate Crown’s $14.80 $14.70 said. Blackstone is nowoffer- ing A$12.35 asharefor Crown, business practices. 30% commission Feefor delivery 20% commission 20% commission up from an earlier proposal 20% commission $17.90 service valued at A$11.85 ashare, with the increased bid valuing Tax Other fees Deliveryfee Other fees Crownatroughly $6.5 billion. questionable businessdealings Other fees Other fees Deliveryfee Blackstone already owns were reported in local media. Tax Tax nearly 10% of Crown, making Crownpreviously took Deliveryfee Deliveryfee Deliveryfee it thesecond-biggest share- steps to addresssome of the Tax Tax holder. issues raised by the New Tax ABlackstone representative South Wales investigation, TOTAL didn’t have acomment on such as ceasing all ties with Star’sbid. Crownsaid its junketsand creating acompli- $24.91 $24.91 $19.49 $22.44 $25.66 $22.17 boardhasn’t yetdecided anceand financial-crimes de- Methodology: The Journal placed the same order,atthe same time and to the same delivery addressthrough major delivery apps and MakiMaki’swebsite. GrubHub isn’tshown because its orders aren’ta whether the proposals arein partment. like-to-likecomparison with the other apps. MakiMaki uses its logitics partner to deliver orders from GrubHub sincethe app doesn’tdoits owndelivery.Erik Brynildsen/THE WALL STREET JOURNAL the best interestsofthe com- Sincethe investigation con- pany. cluded, Crown’schief execu- Shares in Crownand Star tiveand several boardmem- rose in early trading Monday. bers have leftthe company. Plant Tech Business Sets SPAC Offering Crownwas up about 6% to But officials in other Austra- A$12.87,and Starrose more lian states have also opened than 7% to A$4.21. investigations intoCrown. BY AMRITH RAMKUMAR that maturefaster,havehigher soybean by next year and is de- it provides moreproductsto Thebidding battle for Star’sproposal to create protein content or tastebetter, veloping ayellow-pea protein restaurantsand grocerystores. Crowncomes as regulatorsin- one large Australian casino Benson Hill Inc.isgoing pub- saving growers time and re- concentrate. It also has aunit Existing investorsinthe vestigate the company’s busi- companywould need approval lic by merging with aspecial- sources. that sellsfresh producetogro- companyinclude GV—the ven- nesspractices and threaten to from Australia’scompetition purpose acquisition companyin Such ingredients arekey for cery stores and food distribu- ture-capital arm of Alphabet rescind itscasino licenses, regulator,though Starsaid adeal that values the plant- plant-based meat alternatives, tors.The $625 million in ex- Inc.—and agricultural trading which until Blackstone’sbid in that it is confident the regula- growing technologyfirm at $2 andthe companyisalso devel- pected cash proceeds from the giants Bunge Ltd. and Louis March had depressed Crown’s torwould sign off on the deal, billion, the companies said. opingproductsfor animal feed. deal will accelerateBenson Hill’s Dreyfus Co.Investorsincluding shareprice, making it more without elaborating. Theoperator of aplatform Cheaper,moresustainable grow- bid to bring down plant-based funds managed by BlackRock attractive to potential suitors. Staralready operates casi- that uses machine learning,sim- ing methods areneeded to feed food costs, Chief ExecutiveMatt Inc., VanEck Associates Corp. Casino stocks in general nosinSydney and Brisbane, ulations and genetics to opti- the world’sgrowing population Crisp said. “It’spositioning us and Lazard Asset Manage- also took ahit during the cor- Australia’sfirst and thirdmost mizeplant growth, Benson Hill andacceleratethe fight against to really gear shiftintoanother ment areputting money into onavirus pandemic,aslocal populous cities,respectively, is combining with the SPAC Star climatechange, analystssay. level of growth,” he said. the deal through a$225million lockdowns forced manyto and in the Gold Coast, apopu- Peak Corp.II.Benson Hill says TheSt. Louis companyex- Founded in 2012, Benson Hill privateinvestment in public eq- close temporarily and interna- lar tourist destination. it candevelop breeds of crops pectstobegin commercial pro- expectslast year’s sales of uity,orPIPE, associated with tional travel restrictions made Anydeal could also depend like soybeans andyellowpeas ductionofits ultrahigh-protein about $100 million to surge as themerger. it difficult forcasinos to at- PleaseturntopageB2 INSIDE Epic Games Targets Core of Apple’s App Store

BY TIM HIGGINS TheApp Store’sbusiness model, which has been called a In itscourtroom battle with “walled garden” due to the Apple Inc., Epic Games Inc.is company’stight controls,faces questioning acoretenet of the rising criticism from ahost of iPhone maker’s App Store developers,from Spotify business: that itssuccess re- Technology SA to Facebook lies upon rigorous policing of Inc. the platform. Epic and othersare seeking Apple foryearshas said its to undermine Apple’srationale rules and vetting processfor forits control of third-party apps protectusersfrommali- software on itsmorethan one CK

cious software and abuse,work billion iPhones,claiming the TO that helps justifythe up to 30% operating system is what ENTERTAINMENT PERSONAL cut it takesofdigital transac- keeps users safe, not the App SHUTTERS

Tesla’s Elon Musk on TECHNOLOGY tions there. In documentsand Storereview process. Epic A/ ‘SNL’jokes about Apple joins the world- testimonyinalawsuit being contends otherscould safely /EP argued this month beforea vetapps if allowedtocreate himself and digital wide game of find-and- federal judgeinOakland, Calif., their own app stores. cash dogecoin. B2 seek. B4 GUNTHER

Epic has said Apple’sconten- “Tojustifyits walled gar- CJ tions don’t hold up to scrutiny. PleaseturntopageB4 Epic Games says the App Store isn’taswell policed as Apple claims. P2JW130000-5-B00200-17FFFF5178F

B2 | Monday, May 10, 2021 ***** 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 Facebook...... B1 R Musk on ‘SNL’ Moves Dogecoin Alphabet...... B1 Five Star Senior Living Robinhood Financial...B2 Apollo Global R3 Rocket...... B1 Management...... B8 G Roku...... B5 BY REBECCA ELLIOTT Maye Musk made an ap- Apple...... B1,B4 Genworth Financial....R3 Romeo Power...... B3 Dogecoin's daily closing price AstraZeneca...... A7 Royal Dutch Shell...... A2 AND JOHN JURGENSEN pearance in keeping with a Goldman Sachs GroupB8 $0.8 AT&T...... A4 Great Portland Estates S showtradition of bringing on AutoNation...... A6 B8 Sallie Mae...... R6 Elon Musk kicked off his cast members’ mothersonthe B H Scotts Miracle-Gro.....A1 “SaturdayNight Live” hosting eveofMother’s Day. She said BASF...... B3 Hexcel...... R5 Sirius XM Holdings....R5 debut finding anew target to she hoped her giftwouldn’t SL Green Realty...... B8 Benson Hill...... B1 Home Point Capital....B4 mock: himself. 0.6 be dogecoin.Mr. Musk said it Berkshire Hathaway...A6 I Space Exploration BlackRock...... B1 Technologies...... B2 Mr.Musk also said he was was. Interactive Brokers ...B2 Blackstone Group.B1, B8 Spotify Technology.....B1 the firstperson with Asperger’s Mr.Musk is one of asmall J Boeing...... R5 Star Entertainment....B1 syndrome to host the show— cadreofbusinesspeople to Bunge...... B1 Johnson & Johnson....A7 Star Peak Corp. II...... B1 0.4 “oratleast the firsttoadmit host “SNL,” which typically C K SVB Financial Group...B3 T it.” It’sthe firsttime he pub- taps people from the enter- Canoo...... B3 Kimberly-Clark...... B3 Carlyle Group...... B8 KKR...... B8 Tesla...... B2,B5 liclysaid he has the condition. tainment world forthe cov- Charles Schwab...... B2 L T-Mobile US...... A4 Thechief executiveofTesla eted role.The lateGeorge TuSimple Holdings...... B3 0.2 Citadel Securities...... B2 Lazard Asset Inc.and SpaceExploration Steinbrenner,owner of the Colonial Pipeline...... A1 Management...... B1 U Technologies Corp.—and who NewYork Yankees,hosted in Costco Wholesale...... A1 Lockheed Martin...... R5 UWM Holdings...... B4 TH/NBC CredForce America...... B3 is known forsometimes taking 1990. Publishing magnate

Louis Dreyfus...... B1 V HEA Crown Resorts...... B1 swipes at rivals on Twitter—is- SteveForbes did the honors M Van Eck Associates....B1 0

D sued afaux apologyaspart of WILL in 1996,shortly aftergiving Magnetar...... B1 Verizon Communications March April May Deere...... R5 Markforged...... B3 A4 the host’sopening monologue. Elon Musk appeared in most of up his pursuit of the Republi- DeSales Trading ...... B3 Microsoft...... A6 Verizon Communications “Toanyone I’veoffended, Ijust the show’s live sketches. Source:CoinDesk canpresidential nomination. Dish Network...... R5 Moderna...... A7 Viant Technology...... B3 want to say, Ireinvented elec- Donald Trump hosted in Diversicare Healthcare Momentus...... B3 Virtu Financial...... B2 tric cars,and I’m sending peo- formost of the broadcast, ac- drawnanaverage 9.2million 2004, when he wasearly in Services...... R3 Morgan Stanley...... B8 Volta Industries...... B3 pletoMarsinarocket ship,” cording to CoinDesk. totalviewers in its46th season, his tenureonthe NBC reality DoorDash...... A9 N W Mr.Musk said. “Did youthink I When the showended, doge- according to Nielsen data. series “The Apprentice,” and E Northrop Grumman....R5 Walt Disney...... A9 wasalso going to be achill, coin wastrading around 52 NBC sought to capitalizeon again in 2015,when he was Edvantic...... B3 P Weathernews...... R5 Epic Games...... B1 Whirlpool...... A1 normal dude?” cents, putting itsmarket value Mr.Musk’sglobal notoriety, vying to be the Republican Evonik Industries...... B3 Pennant Group...... R3 Pfizer...... A7 Z Mr.Musk,who has ahistory at about$72 billion—greater live-streaming the showfor the candidatefor the White F Procter & Gamble...... B3 ZipDX...... A4 of commentsthat movemar- than the valuation of Kraft firsttime internationallyin House. kets,had asimilar effect on Heinz Co.Robinhood, the on- morethan 100 countries. Mr.Musk appeared in the “SNL,” when he appeared in its line tradingapp, said on Twit- In the runuptothe show, majority of live sketches and satirical news segment, Week- terduring the program that it Mr.Musk turned to Twitterto prerecorded bits. In one seg- INDEX TO PEOPLE end Update, as “Lloyd Ostertag, wasexperiencing issues with crowdsource ideas forhis ap- ment, set in the Old West,his financial expert,” who called cryptocurrencytrading. Robin- pearancefromamong his character talked about elec- B George, Bose...... B1 Olson, Ronald...... A6 himself “The Dogefather.” hood later tweeted that the is- roughly 53 million followers. tric andself-driving horses Bassett, Ralph...... R2 H Ortega, Ramona...... B5 Afterheexpounded on the sues were resolved. Therethe live-comedy novice and attacking the enemy Bezos, Jeff...... R5 Harris, Larry...... B2 P meritsofthe cryptocurrency, Theshowhas drawnanav- took some online ribbing from through an underground tun- Bloomberg, Michael...A6 Hsu, Mike...... B3 Parets, JC...... R2 cast membersMichael Che and erage9.2 million totalviewers “SNL” cast member Chris Redd nel, areferencetoTesla cars Branson, Richard...... R5 Husi, Don...... R3 Piper, Mike...... R4 Buffett, Warren...... A6 R Colin Jost repeatedly asked him in its46th season, according to forreferring to asketchasa and his tunnel-digging ven- K to explain, “What is dogecoin?” Nielsen data. Theshowhas “skit.” ture,the Boring Co. C Reichenstein, Bill...... R4 Kotlikoff, Lawrence....R4 Mr.Musk eventually said, Caskey, Judson...... R5 Kravis, Henry...... A6 S “Yeah, it’sahustle.” Cecala, Guy...... B1 L Saul, Adri...... B5 Chan, Kam...... R2 Schwartz, Larry...... A3 Thepriceofdogecoin,cre- Landis, Andy...... R3 Chatzky, Jean...... B5 Solender, Dan...... A9 ated in 2013 as ajoke, surged Lee, Thea...... A4 D Stovall, Sam...... R1 M as high as 74 centsearly Satur- Davitt, Patrick...... B8 T dayinadvance of Mr.Musk’s Marsh, Terry...... R2 F Taylor, Donye...... B5 “SNL” appearance, spurring McDowell, Letha...... R3 W-Z Fabian, Matt...... A9 Munnell, Alicia...... R1 hope among investorsthat it G Murray, Michael...... B3 Watkins, Ben...... A9 would cross$1for the first Musk, Elon...... B2, B5 Williams, Monée...... B5 Gates, Bill...... A1 Zuckerberg, Mark...... A6 time.The pricewobbled be- Gates, Melinda...... A1 O tween 49 centsand 69 cents Trading Firms Under Scrutiny

BY DAVE MICHAELS “A lot of these arereally just

AND ALEXANDER OSIPOVICH VICES going to the wholesalers, they

SER arenot as lit, they’renot as WASHINGTON—Theelec- competitive,” he said. “So it’s tronic-trading firms Citadel Se- not as clear we areactually

curities and Virtu Financial FINANCIAL getting best execution in an un-

Inc. have become pillarsofthe ON lit, internalized wholesaler as stockmarket in recent years, contrasted to the lit markets.” rivaling the role playedby It is unclear whether the MMITTEE

stock exchanges. CO SEC would go as far as banning Wall Street’snew topregula- payment fororder flow.Doing

torisputting pressureonthem HOUSE so would makeitharder for S.

by questioning aservicethey U. brokerages to offer zero-com- provide: executing the ordersof SEC Chairman Gary Gensler mission trading,and the agency millions of ordinaryinvestors has reviewedthe practicesev- whosetrades go to their black brokerages,which collectively eral timesinthe past without boxes, instead of being routed makebillions of dollarsayear prohibiting it. Brokersand to public exchanges. from the practice. He voiced traderssay routing ordersto Testifying beforeCongress concern that the trading firms wholesalersbenefitsinvestors. last week,Securities and Ex- handling most individual inves- People close to Mr.Gensler changeCommission Chairman tors’orderscontrol toomuch said his regulatoryinstincts Earn Extra Income GaryGensler criticized the sys- of thebusiness. come from his experiencein temthat funnels orders to Cita- In an interviewwith CNBC markets, including yearsat del Securities and Virtu, which on Friday, Mr.Gensler went Goldman Sachs Group Inc.Mr. payfor the opportunity to further, comparing the retail Gensler putsmoretrust in reg- trade with retail stock and op- wholesalersunfavorably with ulated trading venues that post Lending Your Fully tionsorders. Mr.Gensler said public exchanges whose prices prices publicly and is generally such incentives—called pay- areconsidered “lit” because skeptical of less-transparent ment fororder flow—represent they appear publicly forall systems that giveintermediar- aconflict of interest foronline traderstosee. ies morepowertoset prices. Paid Shares Fisker to Restate Its Annual Filing Starting at $0 Commissions BY KIMBERLY CHIN ment forboth the company’s basedelectric-vehicle maker public and private placement said it wasontrack to begin Fisker Inc.will restateits warrantsoutstanding at the production of itsall-electric 1 annual report, or Form 10-K, time of itscombination with Fisker Ocean sports-utility ve- on US listed stocksand ETFs forthe year ended Dec.31, Spartan Energy Acquisition hicle in the fourth quarter of 2020,following aSecurities Corp.onOct. 29,Fisker said. fiscal 2022. and ExchangeCommission Thechanges will have no Fisker will also unveil its statementregarding the ac- effect on its historical or for- production version of the counting and reporting of war- ward-looking cash flow and Ocean at the L.A. AutoShow rantsissued by special-pur- operations,the companysaid. in November,the company pose acquisition companies,or TheSEC statement has said. SPACs. likely affected hundreds of It is set to report its finan- Therestatement will only companies, Fisker said. cial results for the first quar- affect the accounting treat- Separately,the California ter of fiscal 2021 on May 17.

Packer’s firm. mergerbetween Starand Bidding Assuming the cash option is Crown, though some have takenup, Starsaid the merged been skeptical. In February, companywould have an equity analystsatCitigroup said they War Starts value of A$12 billion. Starsaid didn’t see financial merit in a acombined casino operator merger, arguing the cost sav- would benefit from increased ingsare limited and largely For Crown scale and diversification, offer driven by head-officeconsoli- an enhanced rangeofexperi- dation and nongambling pro- ibkr.com/lendit ences fordomestic and inter- curement. ContinuedfromPageOne national guestsand could un- Crown, which operates a on thesupport of Australian lock further value from a privategambling club in Lon- billionaireJames Packer,who potential sale and lease-back don aside from itsAustralian controls a37% stakeinCrown of properties. casinos,oncehad awider in- through his investment com- Starestimated that the ternational footprint and was pany, Consolidated PressHold- combined companycould re- seeking to expand further.But ings. TheNew South Wales in- duceannual costsbyasmuch it pulled back from itsglobal vestigation criticized Mr. as A$200 million. ambitionsafter the arrest of Interactive Brokers Rated #1 ... Again Packer,who previouslysat on “With aportfolio of world- itsemployees in China in late Crown’sboardbut no longer classproperties acrossfour 2016 and sold off astake in a Best Online Broker 2021 by Barron’s* does forwielding toomuch states in Australia’smost at- Macau casino operator and control over the company. tractive and populated catch- pulled outofaLas Vegasca- Mr.Packer’s companysaid ment areas and tourism hubs, sino project. in early April that it is open to the combined group would be U.S. firms have previously considering anysuitable acompelling investment prop- expressed interest in Crown. transaction forCrown shares. osition and one of the largest In 2019,Wynn ResortsLtd. Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Broker according to Later, Crownsaid it had re- and most attractiveintegrated made an indicativetakeover Barron’s Best Online Brokers Survey of 2021: February 26, 2021. For more information see,ibkr.com/ ceived aproposal from Oak- resort operatorsinthe Asia offerthat then valued Crown info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides commission- free trades in US exchange-listed stocksand ETFs routed to select market makers. IBKR may charge tree Capital Management, an- Pacific region,” StarChairman at $7.1 billion, but Wynn called non-commission related fees. For more information, see ibkr.com/liteinfo other U.S. asset manager,to John O’Neill said. off the discussions aftersay- 04-IB21-1463CH1440 financeabuyback of the Analystshavelong specu- ing Crownhad prematurely Crownshares held by Mr. lated on thepossibility of a disclosed their talks. P2JW130000-0-B00300-1------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | B3 BUSINESS NEWS Freeze Startups Go From PPP to SPACs Pushes Up BY HEATHER SOMERVILLE Diaper Thousands of venture-capi- tal-backed startups applied for U.S. government-assistance Prices loans when the pandemic hit. Manyofthem then went on to BY SHARON TERLEP raise hundreds of millions of dollars each by going public. Paying morefor diapers? Morethan 30 venture- Blame the Texas freeze. funded tech startups with val- TheFebruarystorm that uations of morethan $150 mil- closed chemical plants across lion announced adeal with a Texas,hobbling production of special-purposeacquisition goods from carpartstosmart- company, or SPAC,within phones,continues to reverber- about a year of receiving tax- ate throughout the global sup- payer-funded forgivable loans ply chain. designed to help small busi- One product that remains in nesses paytheir employees short supply is acrylic acid, through the pandemic. the propylene-based com- Another 15 companies,each pound that makes diapersab- valued at morethan $200 mil- sorbent. Executives and indus- lion, had traditional initial pub- tryconsultantssay that lic offeringswithin about a shortfall is still afactor in the year of taking aloan, according fast-rising prices of diapers to aWall Street Journal analy- even as demand declines. sis of dataprovided by re- Suppliersofacrylic acid search firm PitchBook DataInc. “just gothammered,” said Mi- As much as $4 billion in chael Murray,who with his Paycheck Protection Program

two brothersruns DeSales loans went to venture-backed MOMENTUS Trading Co., acompanythat startups,according to Pitch- A rendering from Momentus showing how its technology can send small satellites into orbit. Momentus repaid its loan. buysand sells so-called super- Book. absorbent polymersmade with Thefast track from the PPP “I think generally speaking, founder of electric-vehicle- could attract SPAC offers. raised morethan $1 billion acrylic acid. “Supply is ex- to alucrativepublic-market any company that produces a charging company VoltaIn- SPACsare blank-check com- last month in an IPO that gave tremely tight right now.” debut shows howafter abrief great outcome within saya dustries Inc.,said his com- panies that acquirestartups to the autonomous-trucking com- Theglobal supply chain is time of uncertainty last year or two of having received pany’sapproximately $3 take them public,and last year pany avaluation of $8.5 bil- in broad upheaval,upended by spring, when startups braced aPPP loan should consider re- million PPP loan would have they raised atotal $83 billion, lion. TuSimple asked the gov- pandemic- and weather-re- forthe economytocollapse, paying it even if they techni- qualified for forgiveness, but according to dataprovider ernment to forgiveits $4.1 lated production disruptions, the tech industryquickly cally qualifyorevenhaveal- he is paying it back now that SPAC Research, more than all million PPP loan, according to demand swingsand surging emergedasabeneficiaryof ready received forgiveness,” he has aSPACdeal to raise previous years combined. aregulatoryfiling.ATuSimple rawmaterials costs. Diapers the pandemic. said Albert Wenger,managing $600 million. Space-technologystartup spokeswoman said the loan al- areone of manyconsumer Lowinterest ratesdrove in- partner at venture-capital firm “Itwas an invaluable tool, Momentus Inc.and 3-D print- lowedittoretain morethan productsthat aregetting more vestorsintotech, the public Union Square Ventures. it helped, and we arehappy to ing company Markforged Inc. 300 employees; she didn’t re- expensive. marketswelcomed tech IPOs Of the 15 highest-valued payitback because it gotus each said they repaid their spond to questions about re- U.S. diaper prices areup9% and arecordnumber of SPACs startups that received aPPP loans ahead of completion of payment. from ayear ago, according to sought out companies to take loan and went on to announce their SPAC deals. Advertising-tech company market-research firm IRI, with public through mergers. a SPAC deal or IPO, one-third Other startups saythey used Viant Technology Inc.had an Kimberly-Clark Corp.and Theturnabout has prompted have repaid the loans or the money appropriately and IPO in February, and battery Procter &Gamble Co., the two disagreement among investors pledged to repaythem, ac- $4B want loan forgiveness. SVB Fi- startup Romeo Power Inc.and biggest diaper manufacturers, and executives over whether cording to aWall Street Jour- nancial Group’s Silicon Valley electric-vehicle company Ca- warning of further increases. startups have an obligation to nalanalysis of PitchBook data In PPP loans went to venture- Bankprocessed some 5,000 res- noo Inc.went public via SPACs “I’m not happy that the payback the loans even if they and companysecurities filings, backed startups. cue loans totaling $2.5billion, in December.Each companyis supply is so tight right now,” meet the government’sstan- and interviews with company most of which went to private seeking forgivenessofits loan, said MikeHsu,chief executive dardfor forgiveness. PPP loans chief executives. tech companies.Sofar,around according to company filings. of Huggies maker Kimberly- were designed to rescue res- It is unclearifall of those half the companies asked for Viant, Romeo Powerand Ca- Clark. taurants, child-careproviders loans would have qualified for to a place of unexpected suc- and received partial or full loan noo didn’t respond to are- Mr.Hsu said thereisnodi- and other small businesses that forgiveness, but in several cess,” said Mr. Mercer. “Back forgiveness, while about 600 quest for comment. aper shortage and he doesn’t lacked access to other sources cases, startup CEOs said they in April 2020,Ihad no idea repaid the loans,said spokes- Several of the startups that expect one,though he said the of funding,according to econo- would have.Lendersprocess what a SPAC was.” woman Julia Thompson. Addi- took the PPP loans have little companyhas been forced to mists. Loans used mostly to loan forgiveness according to Mr.Mercerkept his 140em- tional companies have re- to no sales revenue,and morecarefully managealloca- payemployeesalaries and rules outlined by the Small ployees,and likemanyofthe quested forgivenessfor loans founderssaid payroll would tions to retailers. meet other criteria canbefor- BusinessAdministration, CEOs involved,creditsthe PPP received last year and this year, have been impossible to make. “We’re trying to be as pro- given, according to program which oversees the PPP. loan forallowing his startup to she said. Othershad no work fortheir ductiveaspossible and also do rules. ScottMercer, CEO and keep enough momentum that it TuSimple Holdings Inc. sales or factory employees. everything we can to manage the supply equitably,” he said. Ayear ago, acrylic acid was in overabundanceand prices were stagnant. That equationbegan to

Diapers are the biggest user of the JOURNAL REET

superabsorbent ST LL

polymers. WA THE R FO

change last year when LLERD Covid-19-related supply-chain CO AN

disruptions from port delays to RY ashortageinshipping contain- The business school has filed two lawsuits against CredForce. erssloweddeliverytimes and increased transportation costs. is pleased to announce Then the Texas storm hit, Wharton Cuts Ties cutting out power to a swath the closingof of the stateand shutting down the world’slargest petrochem- ical operations,wheremost With Indian Firm U.S.-made acrylic acid is pro- duced. EnCapEnergyTransition Manystorm-batteredchem- BY PATRICK THOMAS 2018 and fraudulently used its ical plantsresumed produc- intellectual property in continu- tion, but the processofgetting Simon Heaton said he ex- ing to market the course. back online took weeks,and pected to getaprestigious cre- In itssecond suit, Wharton Fund I they remain stymied by prob- dential from the University of alleges that CredForce execu- lems with pipes and equip- Pennsylvania’sWharton School tives later transferred all ma- $ ment damaged by the storm. A last year,after his company terials related to Wharton’s 1.2Billion number of suppliersenacted paid about $23,000 forhim to programs to Edvantic Inc.— force majeure, also known as take atwo-week leadership also runbyCredForce CEO Ra- the “act of God” clause,which course forhuman-resourcesex- jiv Gupta—in an effort to si- is meant to protect businesses ecutives.Instead, the chief tal- phon funds from the when an event outside their ent officer at advisoryfirm companies. Wharton’s second April 2021 control preventsthem from Stout Risius RossLLC hadto suit names CredForce,TMI- meeting their contractual obli- tell his CEO that the on-campus Wharton Programs and Edvan- gations. master classhad been canceled tic as defendants, as well as Supply of acrylic acid is im- and arefund wasunlikely. Mr.Guptaand two other Cred- Funding investments that will further proving,but it could take Mr. Heaton is one of about Forceexecutives,Sanjeeva months to replenish, several 40 HR executives who had Shukla and Lawrence Ingerly. the transitiontoalower carbon future. suppliers said. signed up to participateinthe Speaking on behalf of the Diapersare the biggest user businessschool’sTMI-Whar- companyand the executives, of the superabsorbents, which ton Fellow Program in Talent Mr.Shukla denied the forged- arealso used in adult under- Management forAugust 2020. signatureaccusation or any wear,feminine-careproducts, Thecourse had been taught in improper useofWharton’s dog-training pads and indus- previous yearsbyWharton name and logos.The company trial cleaners. professors, and athirdparty planned to payWharton what Twoofthe biggest suppli- called CredForce America Inc. it owed, he added. erstoP&G and Kimberly- marketed and managed it un- On Friday, U.S. District Clark, BASF SE and Evonik In- der the TMI-Wharton brand. JudgePetrese B. Tucker dustries AG, areclosely tied TMI-Wharton emailed en- granted Wharton’smotion fora to Texas.Evonik’ssuperabsor- rollees last spring to saythe default judgment, ordering bent plant is in Louisiana but August program would be de- CredForce to paythe $1.2 mil- relies on Texas-based suppli- layed. Enrollees gotanemail lion andrestricting the com- ers. Vertically integrated BASF this past FebruaryfromWhar- panyand itsaffiliates from us- has itssuperabsorbent opera- ton, saying it had severed ing anylogos or images related tions in Texas. businessties with CredForce to Wharton forsales purposes. ENCAP INVESTMENTS L.P. Kimberly-Clark said in and the TMI-Wharton brand. Mr.Shukla couldn’t be reached Houston,Texas |www.encapinvestments.com March that it would raise Wharton told the HR profes- forcomment on the order. prices on several products, in- sionals it had sued CredForce, Aspokesman forthe Univer- cluding diapers, due to rising the U.S. affiliateofIndian com- sity of Pennsylvania declined to This announcementappears as amatter of recordonly. materials costs. Procter & panyCredForce Asia Ltd. In law- comment on the litigation or Gamble said it is increasing suitsfiled in federal court in CredForce’s response.Last prices in diapers, adult incon- Philadelphia, Wharton alleges month, Wharton emailed execu- tinenceand feminine care CredForce failed to paythe tives enrolled in the classto products, all of which rely on school morethan $1.2 million in sayitwould offer amakeup acrylic acid. fees and interest accrued since program at no charge. P2JW130000-0-B00400-1------XA

B4 | Monday, May 10, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Joanna Stern Apple AirTagJoins the Find-and-SeekGame

“Come on. on the little disc. developers like Tile, but it I’m right here, Itested the sounds by hasn’t yet. My iPhone bugs inside your dropping all three of these me with pop-ups saying the coat. No,not intothe vortex that is my Tile app is tracking my loca- that pocket— backpack,then seeing which I tion in the background. If I the one with could hear best while in a want the nagging to stop, I the stale muffin crumbs.” room about 30 feet away.The have to disable the app’s lo- My often-misplaced work AirTag’schirp wasnoticeably cation services, which effec- ID card can’t tell me how it lowerand softerthan the Tile tively disables the whole really feels, but it now com- Pro’smelodious alarm. Sam- purpose of the thing. municates with me via the sung’stracker waslouder. Those disadvantages are $29 Apple AirTag tracker I Apple’s Precision Finding exactly what the 150-person attached to it. Right now, it makes up for that weak company has been arguing in says it’s 7 feet to the leftand voice. If you have an iPhone (3) front of Congress. “To be likely on another floor. 11 or later—models with U1 clear, we welcome competi-

Lost-item trackers, the chips—you can get precise JOURNAL tion, but it has to be fair high-tech savior of the for- directional information competition. Apple’s idea of REET

getful, aren’t new. Attach about where your AirTag is. ST competing is patently un-

these Bluetooth doodads to Tapthe Find Nearby but- LL fair,” Kirsten Daru, Tile’s items you fear you might toninthe Find My app when WA general counsel, said at a

lose—keys, wallet, bag, pet— the AirTag is within close /THE Senate antitrust hearing.

and they communicate their range, and agiant arrow will US An Apple spokeswoman whereabouts to your phone. guide youtowheretolook. SS said it works to “help protect WA Tile, a pioneer in the space, Apple cansense when some- the privacyofusers’ location

sells four flavors for iPhone thing is aboveyou, suggest- KENNY data, giving userstranspar- and Android, ranging from ing to look on another floor. With an iPhone 11 or later model, Apple's Precision Finding gives you live directional guidance to encyand control over howall the $25 Tile Mate to the $35 Tile and Samsung don’t. your lost AirTag, above. Below left, AirTags integrate with iOS better than third-party trackers. apps mayaccessand share Pro. Samsung’s got its $30 People who constantly lose Below right, Wasabi helped compare AirTag with the Whistle Go Explore, a GPS pet tracker. their location.” SmartTag for Galaxy phones. thingsmight lose AirTags— Thecompanyalso launched Now Apple’s AirTag for and Apple’stag,unlikeTile’s itsFind My platform so other iPhone owners has arrived and Samsung’stags, lacks a accessorymakerscan use the and it topples the others. handy key-ring hole.Apple is finding powerand privacyof Aftertwo weeks of “losing” ready to sell youaselection iPhones.Tile Chief Executive items with the trackersat- of holders, including a$35 CJ Prober doesn’t plan to join tached, the AirTags, in concert leather key ring. the Find My network because with my iPhone’sFind My app, of the “unprecedented con- proved to be the best. Finding FarAway trol” it would giveApple over Whether it wasaremotecon- But what happens now itsbusiness. People would trol between couch cushions that we’re leaving our homes need to use Apple’sFind My or Wasabi, my on-loan dog at and losing stuff all over the app instead of Tile’s, which the park, two Apple technolo- darn place again? A billion would makethe serviceinop- gies led me right to them. iPhones help you look. erable with Android and limit YetApple’ssmallest gadget When an AirTag isn’t in the company’sability to offer further enables two big tech proximity of your iPhone,it differentiated features, he threats: agiant company’s uses other Apple devices to told me. ever-expanding control and report itslocation on the And a small device easily consolidation, and avast net- Find My network.Whenever used to pinpoint a dog can work that could easily be an iPhone,iPadorMac be easily used to pinpoint a abused by bad actors. Allow comes within Bluetooth range human. Apple has some de- me to help youfind your way. of an AirTag,itcan quickly terrents against using these connect to it and report that for stalking. For one thing, if Finding Nearby location back to the AirTag’s you arrive at home with an These trackers work best owner.This is done through having Tile’s iPhone or An- 3DK9.) Iequipped his collar I’dstill prefer an AirTag on unknown AirTag—one not when you’ve misplaced your an encrypted and anonymous droid app. It will soon work with an AirTag and aGPS-en- my dog’scollar.The Whistle registered to your account— stuff nearby. background connection. with Amazon’s Sidewalk net- abled Whistle Go Explore, requires asubscription for you’ll get a notification on AirTagsand other lost- When Iasked my video work of household devices. which uses AT&T’s cellular connectivity,plus battery re- your iPhone if it’s running item trackersuse low-pow- producer to hide my fanny Samsung has a network that network to provide liveloca- charging.AnAirTag’sre- iOS 14.5 or later. Addition- ered Bluetooth to stay con- pack with an AirTag,aTile works with other Galaxy tion data. TheWhistle app placeable battery is expected ally, if an AirTag is apart nected to your phone, Proand aSamsung Galaxy phones, too. Still, neither can showedmeexactly wherethe to last ayear. from its registered owner for potentially up to several hun- SmartTag on apublic street match Apple’s vastness. dog washeaded—first on the more than 72 hours, it will dred feet away.The strength corner,ittook four minutes Themost surprising test highway and then in the park. Finding Yourself Trapped sound its alarm. and rangedepend on lotsof forAirTag’slocation to update wasusing the AirTag as a TheAirTag,within about five It’s Apple’s tight control Am Isuggesting that you factors, including obstacles in the Find My app via apass- lost-pet tracker on an ador- minutes of the dog’sarrival of the iPhone’s hardware and don’t buy an AirTag—or 25 of that might come between the ing iPhone.Tile and Samsung able drug-detection dog at the park,picked up his lo- software that gives AirTags them—for keeping tabs on two.When the two arein continued to saythe bag was named Wasabi. (Don’t worry, cation near the waterfront. an immense leg up on Tile. your always-disappearing contact, the phone’sapp in- whereIpreviously had it. Wasabi wasaccompanied by Apple doesn’t market Apple says it plans to open stuff?No. I’m just reminding dicates the tracker is nearby Tile has a similar net- his owner and trainer,who AirTagsaspet trackers. The its ultra-wideband detection youofthe giant implications and letsyou sound an alarm work, but it relies on others works at the security firm $150 Whistle wasfaster,but capabilities to third-party of this tinydevice.

operating systems. Epic Aims Apple touts its app-review Mortgage process, which mixes auto- mated and human vetting.All For Core of apps in the storeare automat- Market ically screened forknown mal- ware and ateam of 500 people App Store review100,000 apps each Set to Slow week.Some 40% of apps are rejected due to glitches, bugs ContinuedfrompageB1 or concerns about privacy or ContinuedfrompageB1 den, Apple needed to convince security, according to Apple. makemortgages cheaper,the those locked in and those Epic questions whyApple gapbetween the rate they charge locked out that the wall served has aspecial processfor its forthe loan and howmuch it some higher purpose,some- iPhone compared with itspop- coststhem to makeitshrinks. thing morethan profitability— ular laptop and desktoplines, Loans with smaller gaps are and so Apple security justifi- and argues that the human re- worth lesswhen sold to inves- cation wasborn,” Katherine viewprocess is morecon- tors in the secondarymarket. Forrest, an Epic lawyer,told a cerned about Apple’sbusiness That reduces the gain-on-sale judgethis past week during concerns than security matters. margin, or the amount lenders the start of the trial,expected Epic’sexpert witnessJames earn on each loan they sell. to last most of May. Mickens,acomputer science Competition among lendersin Apple disputes Epic’sclaims professor from HarvardUni- the wholesale mortgagechannel, that it is a monopoly and de- versity,isexpected to take the whereborrowers secureloans fends its app-store rules as a stand this week.Incourt pa- through individual mortgage way to provide userswith a pers, he has said Apple could brokersinstead of banks or non- safe, privateand reliable place GES achieveacompetitiveand bank mortgagelendersdirectly, to download software.Apple IMA open distribution model by is driving much of the decline in

says customerswould be GETTY adopting thesame operating lending margins,analystssaid.

opened up to harm without its PE/ system it uses for laptops. He Lendersthat extend mort- controls. also said iPhone security gagesdirectly to borrowers are SWO “Epic is heredemanding doesn’t depend on the app re- under lesspressure. Lendersin

that this court force Apple to ETHAN view process. the retail channel, as it is known, let intoits App Storeuntested A member of Epic’s legal team rolls a cart with documents while entering federal court last week. “Apple considerably over- tend to have higher margins and untrusted apps in app states the security benefitsof than theirwholesale counter- stores,which is something of paying a30% commission years dealt with troublesome getting apps published and itsown centralized App Store partsbecause they don’t share that Applehas never done,” for using its App Store. apps that appear to have got- keepingdevelopershappy: model,” he wroteinacourt thegains with brokers. Karen Dunn, a lawyer for Ap- Epic must also convince tenthrough the reviewpro- “They aremorelikethe pretty filing. Rocketreported amargin of ple, told the judgelast week. U.S. District JudgeYvonne cess,including apps involving lady who greetsyou with alei Apple pointstodatathat 3.74%inthe firstthree months “Apple’s unwavering commit- Gonzalez Rogersthat steps scams, phishing and inappro- at theHawaiian airport than showmalwareinfections on of theyear,downfrom4.41% in ment to safety,security,reli- Appletook around the app priatecontent. “I’m dumb- the drug-sniffing dog,” he its mobile devices are a frac- the fourth quarter of 2020.It ability,and quality does not storeweren’t forlegitimate founded with howthis could wrote. tion compared with others. also said it expectsthe measure allowthat, and the antitrust competitivereasons such as be missed,” TrystanKo- Apple says Epic’shandful of Apple’sown expert witness, to fall to arangebetween 2.65% laws do not require it.” providing security that bene- smynka, head of app reviewat colorfulemails will be out- Aviel Rubin,acomputer-sci- and 2.95% in the second quarter. Thetwo tech companies fitedthe customer.Expert wit- Apple,wrote in May2018 matched by its own data and enceprofessor from Johns “We’rekind of back to some have been at loggerheads nesstestimonythis coming about a“school shooting witnesses that showhow Hopkins University, argues in of the historical longer-term sinceAugust, when Epic broke week is expected to focus on game.” much safer itsenvironment is filed testimonythat with more margins that we’veexperienced, App Storerules by updating complex technical details, in- Eric Friedman, who man- than others. than one billion users, Apple’s which on our platform arestill its“Fortnite” videogame with cluding the definition of a ages Apple’sfraud-engineering “Each of those examples is mobile devices faceunique very profitable,” Rocket Chief Ex- apayment system that cir- market and security. algorithms and risk unit, la- an example of whyapp review and heightened potential for ecutiveJay Farner said during a cumvented Apple’sin-app pay- “Antitrust lawwill permit mented theinadequacies of is needed,” Ms. Dunn said. threats. TheiPhone,for exam- call with analysts. ment system. Apple responded certain anticompetitivebehav- the company’sapp reviewpro- Ms. Dunn said Epic should ple,has sensorsthat track a Rocket’sstock pricefell nearly by ejecting the game from its ior” if thereisanoffsetting cess on several occasions, ac- appreciate Apple’s policing of user’s location as well as cam- 17%to$19.01the dayafter the App Store. Epic then filed a competitivereason, said Paul cording to internal company apps,noting that the review eras and microphones that company’searningsreport. lawsuit claiming Apple is an il- Swanson, aDenver-based anti- emails filed with the court. processstopped a“Fortnite” could be misused, and the Shares of UWM Holdings legal monopoly by being the trust lawyer at Holland &Hart In an October 2013 email to copycatcalled “FortCraft.” Ap- need to prevent the phone Corp.closed at arecordlow last only way to distribute native LLP who isn’t involved in the acolleague,Mr. Friedman ple’slawyersalso tried to from crashing likeacomputer week afterRocket’searnings. apps ontoiPhones and forcing case but is following it closely. equated the reviewprocess to drive home the point that its is more critical. UWM, the country’slargest developerstouse itsin-app “Therewill be abig fight about “bringing aplastic butterknife security is an attractive fea- “Anunstable app that wholesale lender,reportsfirst- payment system forall digital whether maintaining security to agun fight”;inJanuary ture during Epic Chief Execu- causes an iPhone to crash quarterresultsMonday. purchases. is alegitimate” justification. 2016,hecautioned another tiveTim Sweeney’s testimony could have devastating conse- Home Point Capital Inc. In itsdefense,Apple points Epic is pointing to internal groupabout expecting the last week. quences; picture, forexample, shares fell close to 18% Thursday to other ways that “Fortnite” companyemails to suggest processwould captureaso- On the stand, Mr. Sweeney an app that causes your afterthe companysaid its canbedistributed outside of Apple’sprocess had holes and phisticated phishing attacker. confirmed he owned an iPhone iPhone to crash and be unable wholesale-lending business itsiPhones,such as videogame prioritized efficiencyoverac- Morethan ayear later,hetold partly because of Apple’s ap- to makephone calls when you brokeeveninApril. HomePoint consoles, and argues that the curacy. Some of those emails adifferent colleague the re- proach to customer datasecu- getaflat tireinthe middle of acquires most of itsloans game maker wanted to getout showApple managersoverthe viewteam wastasked with rity compared with competing the night,” he wrote. through wholesale lending. P2JW130000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | B5 BUSINESS & FINANCE MinorityWomen Find Social Media BoosttoInvesting

BY VERONICA DAGHER easy to getanswers to money Ms.Taylor,referring to the self-manges roughly $120,000 questions and it is anonjudg- friend who told her about Pub- in an online brokerageac- Manywomen of color are mental placetolearn about lic.com. Ms.Taylor nowhas count. turning to social media and investing. five figuresinvested in various Ms.Williams started to theirpeersfor investment While she appreciates the stocks such as Tesla Inc. and learn about investing when know-howinstead of hiring fi- quality of information she has Roku Inc.She is happy manag- she joined a Facebook group, nancial advisers. seen in the group’sposts, she ing her ownportfolio and the Stocks and Stilettos Soci- Individual investorsare in- still does her ownresearch. doesn’t see the need to hirean ety,about ayear ago. The40- creasingly seeking free finan- Ms.Saul nowhas about adviser. year-old marketer from At- cial adviceonplatforms in- $5,000 invested in various LikeMs. Taylor,many lantaenjoyedthe free content, cluding TikTok,Twitterand stocks such as Twilio Inc.and women of color want an active liked that the group was YouTube.For women of color, DocuSign Inc.with an online role in managing their money. founded by another Black nearly half say they are likely broker. Fifty-five percent of women of woman and appreciated the

to turn to social media for fi- “Some women mayfeel JOURNAL color liketobeinvolved in the chance to occasionally social- nancial guidancecompared there’salack of cultural un- day-to-daymanagement of izeonline with some of the REET

with 18% of white women, ac- derstanding by certain finan- ST their finances compared with women she met in the group.

cording to astudy released in cial advisersand maynot feel LL 40% of white women, accord- Forexample,she recently

April by investment-manage- seen,” said Ramona Ortega, WA ing to a study in 2020 by Ce- hosted avision boardparty

ment firm Capital Group. founder of My Money My Fu- THE rulli Associates and Phoenix with some of the women R

The reasons for turning to tureInc., afintech firm which FO Marketing International. whom she met in the group,

their peers range from want- in part aims to teach Black GO If you are the first genera- wherethey each set and

ingfreeadvice to adesireto women and Latinas about in- RA tion to have money to invest shared their goals,such as manage their own portfolios, vesting and building wealth. butaren’t familiar with the saving forapost-pandemic va- ZETTE

rather than outsourcing it to ADecember survey from RO role of an adviser,you maybe cation. an adviser. J.P. MorganWealth Manage- Donye Taylor manages her ownportfolio on the platform Public.com. hesitant to sign on, said Ms. Still, some women use cau- Adri Saul,who is Latina, ment found that when starting OrtegaofMyMoney My Fu- tion when accepting tips from started investing in the stock to invest, 78%ofaffluent Black mended she open a Roth IRA much as possible but didn’t ture. peersoronline personal fi- market in April 2020 aftershe women and Latinas used self- with an online broker. Invest- teach her about investing. MonéeWilliams has been nancegroups.That is agood joined the HerMoney Face- directed educational re- inginstocks and bonds was Then about ayear ago, an- approached by financial advis- thing, said Ms. Ortega. book group.Ms. Saul, who is sources, including online edu- largely newtoMs. Taylor,a other one of her friends sug- ers in the past, but didn’t see “You’relikely not going to in her30s,was attracted to cational resources, apps or TV 26-year-old consultant and co- gested she also open an ac- apoint in hiring one when she learn the fundamentals of per- the group that wasfounded shows, compared with 47% of founder of adigital marketing count on the brokerage thought she could learn many sonal financeand investing by personal financeauthor affluent white women. company. platform Public.com, which of the basics of investing on- from someoneelse’ssocial Jean Chatzkytohelp women Donye Taylor started in- TheCalifornia resident was she hadn’t heard of before. line free from her peers. media post,” she said. “But it with their personal finances, vesting about two summers raised by her aunt and uncle “I naturally trust what an- “It just doesn’t seem worth canbeagreat placetostart to partly because she said it was agoafter afriend recom- who encouraged her to save as other Black woman says,” said it,” said Ms.Williams,who get the basics.”

THE TICKER | MARKETEVENTSCOMING THIS WEEK

Monday Electronic Arts 1.05/1.07 Apr.,’21, exp n.a. Apr., expected up 0.3% Retail sales Earnings expected Palantir Technologies Core, Mar. up 0.7% Mar., previous up 9.8% Estimate/Year Ago 0.04/n.a. Earnings expected Apr., expected up 0.4% Apr., expected up 1.0% Air Products & Chemicals Royalty Pharma 0.65/0.49 Estimate/Year Ago Amdocs Ltd. 1.13/1.08 2.12/2.04 TransDigm 2.51/5.10 Earnings expected Retail sales, ex. autos Bumble (0.03)/n.a. Duke Energy 1.21/1.14 Estimate/Year Ago Mar., previous up 8.4% Wednesday ContextLogic (0.17)/n.a. International Flavors & AbCellera Apr., expected up 0.8% Fragrances Consumer price index Dynatrace 0.14/0.11 Biologics 0.39/n.a. 1.53/1.62 All items, Mar. up 0.6% Pan American Silver Airbnb (1.05)/n.a. Industrial production Marriott International Apr., expected up 0.2% 0.28/(0.04) Arrival Group Mar., previous up 1.4% 0.04/0.26 Core, Mar. up 0.3% Wix.com Ltd. (0.05)/n.a. Apr., expected up 1.0% Simon Property 1.03/1.43 Apr., expected up 0.3% (0.68)/(0.01) Coinbase Global Trade Desk 0.80/0.90 Thursday 2.98/n.a. EIA status report Walt Disney 0.27/0.60 Business inventories Tuesday Previous change in stocks in millions of EIA report: natural-gas YETI Holdings Feb., previous up 0.5% barrels Previous change in stocks in billions of Mar., expected up 0.3% Short-selling reports Crude-oil stocks, down 8.0 0.21/0.11 Ratio, days of trading volume of cubic feet Gasoline stocks, up 0.7 current position, at Apr 15 up 60 Friday U.Mich. consumer index GES Distillates down 2.9 NYSE 3.4 IMA Capacity utilization Apr., final 88.3 Nasdaq 2.6 Initial jobless claims Mort. bankers indexes Mar., previous 74.4% May., prelim 90.1 ETTY Previous 498,000 /G Earnings expected Purch., prev. down 3.0% Apr., expected 75.1% Expected 505,000 Estimate/Year Ago Refinan., prev. up 0.1% Earnings expected Bentley Systems 0.16/n.a. Import price index Estimate/Year Ago MCNEW Darling Ingredients Treasury budget Producer price index Mar., previous up 1.2% Diversey Holdings Ltd. VID DA 0.60/0.51 Apr., ‘20 $738 bil. deficit All items, Mar. up 1.0% Apr., expected up 0.6% 0.05/n.a. Disneyisexpected to post per-shareearnings of 27 centsThursday.

Insider-Trading Spotlight Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new information about the prospects of a company. Insiders are required to report large trades to the SEC within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Refinitiv on May 7, and year-to-date stock performance of the company KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: unknown VP: vice president Excludes pure options transactions Biggest weekly individual trades Based on reports filed with regulators this past week No. of shrs in Price range ($) $ Value Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Buyers Our sterling silver and18ktgold Apr. 30 Artisan Partners Asset Management APAM T. Coxe DI 98 51.06 5,004 56.48 12.2 woven braceletfromItaly Apr. 28 Mack-Cali Realty CLI A. Katz A. DI 200 16.46 3,292 16.89 35.6 May. 3-5 American Assets Trust AAT E. Rady CEOI 60 33.78-35.29 2,077 35.23 22.0 Wrap your wristinluxurywith May. 4-5 Cyclerion Therapeutics CYCN P. Hecht CEO 698 2.29-2.53 1,694 2.76 -9.8 May. 4 Trupanion TRUP R. Ferracone DI 18 77.83-80.94 1,433 83.28 -30.4 ourstrikingbraceletfromItaly. May. 4 Amphenol APH R. Livingston D 20 65.92 1,318 68.11 4.2 Wovensterling silver is punctuated May. 4 Emclaire Financial EMCF N. Varischetti D 22 27.30 594 28.30 -7.6 Apr. 29 PQ Group Holding PQG J. Ginns D 35 14.04 498 14.87 4.3 with polished bars of bonded Apr. 29 Greenbrier Companies GBX W. Furman CEO 10 48.20 482 49.10 35.0 18kt gold,capturing astyle that Apr. 23 HC2 Holdings HCHC A. Glazer DOI 108 3.99 431 3.73 14.4 May. 4 Affiliated Managers Group AMG R. Jeffery D 3160.49 401 173.56 70.7 is classicand chic.Complete your look May. 5 Weyerhaeuser WY N. Loewe CFO 10 38.56 386 40.00 19.3 with this Ross-Simonsexclusive! Apr. 28 CapStar Financial Holdings CSTR D. Duncan CFO 20 18.98 380 19.54 32.5 May. 4 Enterprise Financial Services EFSC J. Eulich DI 849.79 373 50.47 44.4 May. 6 B. Riley Financial RILY A. Moore O 567.68 338 75.32 70.3 May. 5 U.S. Silica Holdings SLCA W. Kacal D 30 10.11-10.99 316 11.97 70.5 May. 3 ACNB ACNB A. Stock CBI 10 28.14-28.40 281 28.78 15.1 May. 4 Intel INTC D. Weisler D 456.00 250 57.67 15.8 Sellers May. 4 Amazon.com AMZN J. Bezos CEO 208 3276.04-3306.32 684,297 3291.61 1.1 May. 3J. Bezos CEO 161 3373.27-3404.42 545,450 May. 3-4 J. Bezos CEO 112 3274.29-3484.63 386,945 May. 4J. Bezos CEO 108 3307.26-3340.61 360,356 May. 3J. Bezos CEO 99 3405.24-3445.30 337,345 May. 4J. Bezos CEO 51 3342.02-3364.99 171,559 May. 5 Estee Lauder Companies EL R. Lauder OB 1,700 292.00 496,400 303.35 14.0 Apr. 28-30 CSX CSX P. Hilal DI 1,912 100.40-101.00 192,682 103.13 13.6 May. 4 OneMain Holdings OMF G. Hicks UTI 1,902 51.76 98,431 56.97 18.3 May. 3-5 Amphenol APH R. Norwitt CEO 1150* 65.75-66.78 76,449 68.11 4.2 Apr. 30 Mastercard MA A. Banga OD 130 376.17-383.84 49,432 375.40 5.2 Apr. 29 Brown Brown BRO J. Brown CBI 850 51.66 43,911 53.69 13.2 May. 4-6 Palantir Technologies PLTR A. Karp OD 1,916 19.99-21.99 40,212 19.75 -16.1 $ Apr. 30 Comcast CMCSA B. Roberts CEOI 710 55.20 39,174 58.11 10.9 249 Apr. 30 Taylor Morrison Home TMHC W. Lyon DI 1,026 31.77 32,586 32.02 24.8 Plus Free Shipping May. 4-6 O'Reilly Automotive ORLY D. Oreilly CB 55* 556.00-560.35 30,741 562.32 24.3 May. 3 Digital Realty Trust DLR D. Ruberg O 200 151.51-153.40 30,368 151.18 8.4 Apr. 28-30 HCA Healthcare HCA R. Waterman GC 148 198.75-203.06 29,608 210.52 28.0 * Half the transactions were indirect **Two day transaction Sterling Silver and18ktGoldWovenBracelet p - Pink Sheets from Italy

1 Buying and selling by sector 7 ⁄2"length. 3 ⁄8"wide. Foldoverclasp.

Based on actual transaction dates in reports received this past week 1 Also available in 8 ⁄2"$279 Sector Buying Selling Sector Buying Selling Shown larger for detail. Basic Industries 388,819 42,190,615 Finance 5,552,142 282,566,017 Business services 77,095 36,824,583 Health care 808,218 100,912,377

Capital goods 00Industrial 749,424 73,633,226 scan heretovisit Consumer durables 024,035,324 Media 060,192,686 Ross-SimonsItem #120314 Consumer nondurables 118,996 39,187,272 Technology 1,575,021 113,495,276 To receivethisspecial offer, use offercode: WOVEN89 Consumer services 266,296 48,604,986 Transportation 115,940 33,219,986 Energy 11,860 12,465,756 Utilities 010,082,702 1.800.556.7376 or visitross-simons.com/woven

Sources: Refinitiv; Dow Jones Market Data P2JW130000-0-B00600-1------XA

B6 | Monday, May 10, 2021 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not PIMCO Corp & Inc Oppty PTY 14.40 19.60 +36.1 8.2 BlackRock CA Mun BFZ 16.12 14.82 -8.1 3.2 CLIFFWATER CL FD;I 10.71 NA NA 6.6 buy their shares back from investors who wish to cash BlackRock Enh Intl Div BGY 6.85 6.36 -7.2 39.3 Nuveen Rl Asst Inc & Gro JRI 17.08 15.63 -8.5 59.2 PIMCO Corp & Inc Strat PCN 14.51 18.70 +28.9 7.4 BR MH CA Qly Fd Inc MUC 15.99 15.30 -4.3 4.2 CNR Strategic Credit 10.82 NA NA 7.8 in their holdings. Instead, fund shares trade on a stock exchange. NA signifies that the information is not BlackRock Hlth Sci Tr II BMEZ 28.65 26.93 -6.0 42.2 NuvS&P500DynOvFd SPXX NA 17.35 NA 47.7 PIMCOHilnco PHK 5.93 6.99 +17.9 8.6 BR MH NJ Qly MUJ 16.14 15.47 -4.2 4.7 FedProj&TrFinanceTendr 9.95 NA NA 2.6 available or not applicable. NS signifies funds not in BlackRock Hlth Sciences BME 46.50 47.87 +2.9 24.7 NuvSP500BuyIncFd BXMX 14.72 14.10 -4.2 39.6 PIMCO IncmStrFd PFL 10.69 12.62 +18.1 8.9 BR MH NY Qly MHN 15.25 14.47 -5.1 4.3 Schrdrs Opp Inc;A 26.48 NA NA 2.5 existence for the entire period. 12 month yield is BlackRock Res & Comm BCX 10.15 10.00 -1.5 85.3 ReavesUtilityIncome UTG NA 34.82 NA 23.2 Schrdrs Opp Inc;A2 NA NA NA 0.8 computed by dividing income dividends paid (during PIMCO IncmStrFd II PFN 9.44 10.75 +13.9 9.1 BR MuniYld CA MYC 16.47 15.34 -6.9 3.4 the previous 12 months for periods ending at month- BlackRock Sci&Tech Tr II BSTZ 38.42 36.24 -5.7 86.3 Tortoise Enrgy Infra Crp TYG 34.18 26.82 -21.5 64.7 Putnam Mas Int PIM 4.39 4.27 -2.7 7.5 BR MuniYld CA Qly MCA 16.29 15.19 -6.8 4.2 Schrdrs Opp Inc;I 26.48 NA NA 2.7 end or during the previous 52 weeks for periods BlackRock Sci&Tech Trust BST 51.77 56.80 +9.7 74.3 VAGIAI & Tech Opptys AIO 28.72 27.04 -5.8 64.1 Putnam Prem Inc PPT 4.86 4.75 -2.3 8.0 BR MuniYld MI Qly MIY 15.93 15.43 -3.1 4.2 Schrdrs Opp Inc;SDR 26.52 NA NA 2.8 ending at any time other than month-end) by the Invesco Sr Loan A BlackRock Utl Inf & Pwr BUI 25.07 26.52 +5.8 49.6 VDivInt&PremStr NFJ NA 14.55 NA 45.5 Wells Fargo Multi-Sector ERC NA 12.67 NA 8.7 BR MuniYld NJ MYJ 16.22 15.68 -3.3 4.8 6.48 NA NA 3.6 latest month-end market price adjusted for capital Invesco Sr Loan C 6.50 NA NA 2.9 gains distributions. Depending on the fund category, CBRE ClrnGlbRlEst IGR 9.10 8.18 -10.1 58.2 Income & Preferred Stock Funds World Income Funds BR MuniYld NY Qly MYN 14.61 13.95 -4.5 4.2 either 12-month yield or total return is listed. Invesco Sr Loan IB 6.49 NA NA 3.8 CLEARBRIDGE ENGY MDS OPP EMO NA 21.40 NA 101.5 CalamosStratTot CSQ 17.57 17.89 +1.8 69.9 Abrdn AP IncFd FAX 4.73 4.32 -8.7 7.7 EVCAMuniBd EVM 12.68 11.95 -5.8 4.1 Source: Lipper Invesco Sr Loan IC 6.49 NA NA 3.6 ClearBridge MLP & Midstm CEM NA 27.19 NA 89.5 CohenStrsLtdDurPref&Inc LDP 26.11 27.00 +3.4 29.5 BrndywnGLB Glb Inc Oppts BWG NA 12.37 NA 7.1 Eaton Vance NY Muni Bd ENX Friday, May 7, 2021 13.47 12.61 -6.4 4.2 Invesco Sr Loan Y 6.49 NA NA 3.8 ChnStrInfr UTF CohenStrsSelPref&Income PSF 26.90 30.29 +12.6 27.2 52 wk 27.19 29.31 +7.8 49.8 EtnVncStDivInc EVG 13.80 13.33 -3.4 6.7 InvCaValMuIncTr VCV 13.75 13.19 -4.1 4.3 Pioneer Sec Inc 9.99 NA NA 4.4 CohenStrsTaxAvPreSecs&I PTA 25.92 25.50 -1.6 NS Prem Ttl Cohen&SteersQualInc RQI 15.37 14.96 -2.7 64.4 MS EmMktDomDebt EDD 6.96 6.14 -11.8 6.7 InvPAValMuIncTr VPV 14.39 13.26 -7.8 4.5 High Yield Bond Funds FirstTrIntDurPref&Inc FPF 24.60 24.61 0.0 30.6 Fund (SYM) NAV Close /Disc Ret Cohen&Steers TotRet RFI 14.62 15.74 +7.7 40.3 PIMCO Dyn Crd & Mrt Inc PCI NA 23.10 NA 9.0 InvTrInvGrNYMu VTN 14.56 13.43 -7.8 4.1 Griffin Inst Access Cd:A NA NA NA 5.9 JHanPrefInc HPI General Equity Funds CohenStrsREITPrefInc RNP 26.07 25.61 -1.8 55.8 20.64 20.95 +1.5 24.5 PIMCO Dynamic Income PDI NA 29.47 NA 9.1 Nuveen CA AMT-F Qual MI NKX 16.89 15.83 -6.3 4.1 Griffin Inst Access Cd:C NA NA NA 5.9 JHPrefIncII HPF 20.35 21.45 +5.4 34.5 Adams Diversified Equity ADX 22.63 19.36 -14.4 44.5 Columbia Sel Prm Tech Gr STK 32.01 34.09 +6.5 71.8 PIMCO Dynamic Inc Opp PDO NA 21.00 NA NS Nuveen CA Val NCA 10.86 10.34 -4.8 3.0 Griffin Inst Access Cd:F NA NA NA 5.9 HnckJPfdInco III HPS 18.17 18.82 +3.6 34.4 Boulder Growth & Income BIF 16.14 13.72 -15.0 52.3 DNP Select Income DNP 9.83 10.24 +4.2 6.8 PIMCO Income Opportunity PKO NA 27.73 NA 8.4 NuveenCAQtyMuInc NAC 16.29 15.33 -5.9 4.2 Griffin Inst Access Cd:I NA NA NA 5.9 J Han Prm PDT 14.96 16.28 +8.8 41.4 Central Secs CET 47.63 39.55 -17.0 45.0 Duff&Ph Uti&Infra Inc Fd DPG 14.55 14.75 +1.4 64.2 PIMCO Stratg Inc RCS NA 7.71 NA 8.2 NuvNJ Qual Muni Inc NXJ 16.75 15.07 -10.0 4.5 Griffin Inst Access Cd:L NA NA NA 5.9 LMP CapInco SCD NA 13.61 NA 52.0 CohenStrsCEOppFd FOF 14.03 14.10 +0.5 50.3 EtnVncEqtyInc EOI 18.45 18.11 -1.8 44.5 Templeton Em Inc TEI 8.64 7.90 -8.6 2.7 Nuveen NY AMT/Fr Qual MI NRK 15.13 13.96 -7.7 4.1 PIMCO Flexible Cr I;A-1 9.55 NA NA NS Nuveen Pref & Inc Opp JPC 9.82 9.82 0.0 32.3 EVTxAdvDivIncm EVT 28.40 28.19 -0.7 61.1 EtnVncEqtyIncoII EOS 22.38 22.50 +0.5 44.5 Templtn Glbl Inc GIM 5.96 5.49 -7.9 1.5 Nuveen NY Qual Muni Inc NAN 15.68 14.68 -6.4 4.3 PIMCO Flexible Cr I;A-2 9.55 NA NA 7.1 Nuveen Fd JPS 9.83 9.95 +1.2 31.5 GabelliDiv&IncTr GDV 29.04 26.17 -9.9 63.8 EVRskMnDvsEqInc ETJ 10.43 11.00 +5.5 30.0 WstAstEmergDebt EMD NA 13.80 NA 8.3 Nuveen OH Qual Muni Inc NUO 17.67 16.21 -8.3 3.5 PIMCO Flexible Cr I;A-3 9.55 NA NA NS Nuveen Pref & Inc Term JPI 25.06 25.55 +1.9 34.0 Gabelli Equity Tr GAB 6.91 7.28 +5.4 83.3 ETnVncTxMgdBuyWrtInc ETB 15.69 16.38 +4.4 35.4 Western Asset Gl Cr D Op GDO NA 18.03 NA 6.7 Nuveen PA Qual Muni Inc NQP 15.94 14.72 -7.7 4.5 PIMCO Flexible Cr I;A-4 9.55 NA NA 7.2 Nuveen TxAdvDivGr JTD 17.69 15.80 -10.7 37.4 PIMCO Flexible Cr I;Inst 9.55 NA NA 8.0 GeneralAmer GAM 50.20 42.87 -14.6 53.7 EtnVncTxMgdBuyWrtOpp ETV 15.43 16.14 +4.6 29.3 National Muni Bond Funds Nuveen VA Qlty Mun Inc NPV 15.42 16.69 +8.2 3.4 TCW Strat Income TSI 5.98 5.78 -3.3 7.7 PionrILSBridge NA NA NA 0.0 JHancockTaxAdvDiv HTD 25.15 24.48 -2.7 43.5 EvTxMnDvsEqInc ETY 13.70 13.55 -1.1 40.9 AllBerNatlMunInc AFB 15.49 14.64 -5.5 4.3 PIMCO CA PCQ 14.23 18.70 +31.4 4.3 Convertible Sec's. Funds WA Middle Mkt Inc NA NA NA 6.1 Liberty All-Star Equity USA 8.02 8.27 +3.1 70.3 EtnVncTxMgdGlbB ETW 10.93 10.83 -0.9 44.9 BlckRk Inv Q Mun BKN 16.76 19.64 +17.2 4.1 PIMCOCAMuniII PCK 9.12 9.23 +1.2 4.2 AdvntCnvrtbl&IncFd AVK 20.25 18.74 -7.5 67.7 Other Domestic Taxable Bond Funds Liberty All-Star Growth ASG 8.23 8.98 +9.1 74.3 EVTxMnGblDvEqInc EXG 10.18 9.78 -3.9 53.9 BlackRock Muni 2030 Tgt BTT 27.01 25.99 -3.8 2.8 52 wk CalamosConvHi CHY 15.75 15.96 +1.3 72.0 Alternative Credit Inc:A 10.98 NA NA 6.3 Royce Micro-Cap Tr RMT 13.64 11.87 -13.0 92.5 First Trust Energy Inc G FEN 14.48 14.06 -2.9 39.9 BlackRock Muni BFK 14.80 15.05 +1.7 4.5 Prem Ttl CalmosConvOp CHI 14.92 15.26 +2.3 74.8 Alternative Credit Inc:C 11.10 NA NA 5.6 Royce Value Trust RVT 21.52 19.01 -11.7 75.7 First Tr Enhanced Eq FFA 20.33 19.81 -2.6 55.4 BlackRock Muni II BLE 15.17 15.44 +1.8 4.8 Fund (SYM) NAV Close /Disc Ret VAGI Conv & Inc II NCZ 5.56 5.11 -8.1 57.1 Alternative Credit Inc:I 11.00 NA NA 6.6 Source Capital SOR 49.75 45.25 -9.0 48.2 FirstTrMLPEner&Inc FEI 8.34 7.68 -7.9 45.4 BlckRk Muni Inc Qly BYM 15.95 15.79 -1.0 4.0 General Equity Funds VAGI Conv & Inc NCV 6.20 5.79 -6.6 58.0 Alternative Credit Inc:L 10.97 NA NA 6.1 Tri-Continental TY 38.01 34.39 -9.5 55.7 Gabelli Healthcare GRX 15.21 13.30 -12.6 41.8 BR MuniAssets Fd MUA 14.81 15.45 +4.3 4.1 Alternative Strategies:I 6.35 NA NA 48.8 Alternative Credit Inc:W VAGI Dvs Inc & Conv ACV NA 33.27 NA 67.7 10.97 NA NA 6.4 Specialized Equity Funds Gab Utility GUT 4.55 7.55 +65.9 28.2 BR MuniHoldings Qly MFL 15.36 14.58 -5.1 3.9 BOW RIVER CAPTL EVGN;I NA NA NA N Am Beacon Apollo TR:T 10.12 NA NA 2.1 VAGI Eqty & Conv Inc NIE NA 29.12 NA 46.5 Aberdeen Glb Prem Prop AWP 6.60 6.26 -5.2 57.0 GAMCOGlGold&NatRes GGN 4.21 3.84 -8.8 23.3 BR MH Qly 2 MUE 14.34 13.77 -4.0 4.4 Specialized Equity Funds Am Beacon Apollo TR:Y 10.23 NA NA 2.8 World Equity Funds Adams Natural Resources PEO 18.68 16.05 -14.1 59.6 J Han Finl Opptys BTO 39.34 39.68 +0.9 103.2 BR MuniHoldngs MHD 17.37 16.62 -4.3 4.4 PREDEX;I 25.63 NA NA 2.7 Am Beacon SP Enh Inc:T 9.60 NA NA 4.0 Aberdeen Emg Mkts Eq Inc AEF 10.07 8.70 -13.6 61.1 ASA Gold & Prec Met Ltd ASA 26.73 22.80 -14.7 57.3 Neuberger Brmn MLP & EI NML 5.91 4.64 -21.5 78.1 BR MuniVest Fd MVF 10.00 9.51 -4.9 4.2 PREDEX;T 25.75 NA NA 2.6 Am Beacon SP Enh Inc:Y 9.73 NA NA 4.5 Aberdeen Tot Dyn Div AOD 11.25 9.99 -11.2 49.7 BR Enh C&I CII 21.45 20.67 -3.6 56.0 Nuv Dow 30 Dyn Overwrite DIAX 18.19 16.91 -7.0 38.0 BR MuniVest 2 MVT 15.67 15.67 0.0 4.5 PREDEX;W 25.75 NA NA 2.6 Angel Oak Str Crdt:Inst NA NA NA 8.1 BlackRock Capital Alloc BCAT 21.77 20.96 -3.7 NS BlackRock Energy & Res BGR 10.00 9.49 -5.1 40.5 NuvCorEqAlpha JCE 16.84 16.12 -4.3 45.2 BR MuniYield Fd MYD 15.33 15.17 -1.0 4.6 Principal Dvs Sel RA A 27.31 NA NA 36.3 BR Credit Strat;A 10.52 NA NA 4.6 Calamos GloDynInc CHW 10.11 10.75 +6.3 77.3 BlackRock Eq Enh Div BDJ 10.63 10.16 -4.4 53.2 Nuveen Nasdaq 100 Dyn Ov QQQX 27.84 28.13 +1.0 34.2 BR MuniYield Qlty MQY 16.64 16.44 -1.2 4.8 Principal Dvs Sel RA Ins 27.38 NA NA 36.6 BR Credit Strat;Inst 10.52 NA NA 5.3 China CHN 32.11 29.53 -8.0 59.3 Principal Dvs Sel RA Y BlackRock Enh Glbl Div BOE 13.22 12.14 -8.2 43.5 Nuv Real Est JRS 11.15 10.51 -5.7 58.8 BR MuniYld Qlty2 MQT 14.63 14.29 -2.3 4.4 27.48 NA NA 36.9 BlackRock Mlt-Sctr Oppty 89.68 NA NA 7.6 EV TxAdvGlbDivInc ETG 22.02 20.50 -6.9 68.6 BR MuniYld Qly 3 MYI 15.43 14.57 -5.6 4.0 The Private Shares;A 41.09 NA NA 39.5 BlackRock Mlt-Sec Opp II 92.64 NA NA 7.5 EtnVncTxAdvOpp ETO 30.09 29.37 -2.4 58.8 BNY Mellon Muni Bd Infra DMB 14.68 14.80 +0.8 4.3 The Private Shares;I 41.44 NA NA 39.8 Carlyle Tact Pvt Cred:A NA NA NA 6.9 IPO Scorecard FirstTr Dyn Euro Eq Inc FDEU 15.26 13.44 -11.9 49.5 BNY Mellon Str Muni Bond DSM 8.41 8.17 -2.9 4.5 The Private Shares;L 40.76 NA NA 39.1 Carlyle Tact Pvt Cred:I NA NA NA 7.5 Gabelli Multimedia GGT 9.42 10.24 +8.7 84.7 USQ Core Real Estate:I 25.00 NA NA 2.1 Carlyle Tact Pvt Cred:L NA NA NA 7.1 Performance of IPOs, most-recent listed first BNY Mellon Strat Muni LEO 8.77 8.92 +1.7 4.8 Highland Global Alloc HGLB NA 8.72 NA 92.2 DWS Muni Inc KTF 12.81 12.01 -6.2 4.1 USQ Core Real Estate:IS 25.01 NA NA 2.1 Carlyle Tact Pvt Cred:M NA NA NA NS Versus Cap MMgr RE Inc:I % Chg From % Chg From India Fund IFN 23.15 20.86 -9.9 63.8 EVMuniBd EIM 14.21 13.59 -4.4 4.4 27.86 NA NA NE Carlyle Tact Pvt Cred:N NA NA NA 7.5 SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Versus Capital Real Asst 26.22 NA NA 11.1 Company Japan Smaller Cap JOF NA 9.24 NA 29.5 EVMuniIncm EVN 14.35 14.05 -2.1 4.1 Carlyle Tact Pvt Cred:Y NA NA NA 7.3 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Wildermuth Endwmnt:A 13.74 NA NA 4.6 CION Ares Dvsfd Crdt;A Korea KF NA 45.99 NA 92.6 EVNatMuniOpp EOT 22.06 22.38 +1.5 3.3 NA NA NA 5.5 Wildermuth Endwmnt:C 13.19 NA NA 3.6 CION Ares Dvsfd Crdt;C NA NA NA 5.5 Anebulo Pharmaceuticals 7.10 1.4 ... Five Star Bancorp 24.90 24.5 2.7 LazardGlbTotRetInc LGI 21.23 20.40 -3.9 63.9 InvAdvMuIncTrII VKI 12.29 12.27 -0.2 4.6 ANEB May 7/$7.00 FSBC May 5/$20.00 Wildermuth Endowment:I 13.83 NA NA 4.2 CION Ares Dvsfd Crdt;I NA NA NA 5.4 MS ChinaShrFd CAF 25.24 22.59 -10.5 29.9 Invesco MuniOp OIA 7.87 8.15 +3.6 4.7 Income & Preferred Stock Funds CION Ares Dvsfd Crdt;L Bowman Consulting 14.00 ...... Maquia Capital Acquisition 10.00 ... –0.2 MS India IIF 27.20 23.80 -12.5 71.7 NA NA NA 5.4 InvescoMuOppTr VMO 13.75 13.68 -0.5 4.5 A3 Alternative Inc 10.14 NA NA 2.2 CION Ares Dvsfd Crdt;U BWMN May 7/$14.00 MAQCU May 5/$10.00 New Germany GF 23.73 20.95 -11.7 76.7 NA NA NA 5.4 InvescoMuTr VKQ 13.78 13.60 -1.3 4.6 Calamos L/S Eqty and DI CPZ 22.98 20.69 -10.0 41.2 CION Ares Dvsfd Crdt:U2 NA NA NA 5.4 Templeton Dragon TDF 24.76 22.72 -8.2 58.4 Talaris Thera 16.25 –4.4 ... The Honest Company 19.08 19.3 –17.0 InvescoQual Inc IQI 13.87 13.38 -3.5 4.6 Destra Multi-Altrntv;A 12.09 NA NA 7.8 CION Ares Dvsfd Crdt;W NA NA NA 5.4 Templeton Em Mkt EMF 21.75 19.75 -9.2 68.4 TALS May 7/$17.00 HNST May 5/$16.00 InvTrInvGrMu VGM 14.19 13.98 -1.5 4.6 Destra Multi-Altrntv;C 11.53 NA NA 7.0 CNR Select Strategies 11.56 NA NA 0.0 Wells Fargo Gl Div Oppty EOD NA 5.60 NA 52.2 Data Knights Acquisition 10.07 0.7 ... Valor Latitude Acquisition 10.01 0.1 –0.2 InvescoValMunInc IIM 16.85 16.13 -4.3 4.5 Destra Multi-Altrntv;I 12.35 NA NA 8.0 First Eagle Crdt Opps A 26.26 NA NA NS DKDCU May 7/$10.00 VLATU May 4/$10.00 Prem12 Mo MAINSTAY:MK DEFTR MUN OP MMD NA 22.83 NA 4.5 Destra Multi-Altrntv;T 11.72 NA NA 7.3 First Eagle Crdt Opps I 26.26 NA NA NS Fund (SYM) NAV Close /Disc Yld NeubrgrBrm NBH 15.29 16.18 +5.8 4.4 B. Riley Principal 250 Merger 10.00 ...... Ion Acquisition 3 9.93 –0.7 –0.7 Variant Altrntv Inc:Inst 27.15 NA NA 9.0 FS Credit Income;A NA NA NA 5.3 BRIVU May 7/$10.00 IACC April 30/$10.00 U.S. Mortgage Bond Funds Nuveen AMT-Fr Mu Val NUW 17.50 16.92 -3.3 2.7 Variant Altrntv Inc:Inv 27.16 NA NA 8.8 FS Credit Income;I NA NA NA 5.5 BlckRk Income BKT 6.11 6.16 +0.8 6.7 Nuveen AMT-Fr Qlty Mun I NEA 16.03 15.21 -5.1 4.6 Convertible Sec's. Funds FS Credit Income;T NA NA NA 5.1 Sources: Dow Jones Market Data; FactSet Invesco HI 2023 Tgt Term IHIT 9.29 9.52 +2.5 6.4 Nuveen AMT-Fr Mu CI NVG 17.51 17.35 -0.9 4.6 Calmos Dyn Conv and Inc CCD 30.28 33.02 +9.0 64.8 FS Credit Income;U NA NA NA 5.0 Investment Grade Bond Funds Nuveen Dyn Muni Opp NDMO 16.05 16.69 +4.0 NS World Equity Funds FS Credit Income;U-2 NA NA NA NS Angel Oak FS Inc Trm FINS NA 18.18 NA 6.9 Nuveen Enh Muni Val NEV 15.85 16.44 +3.7 4.2 ACAP Strategic:A 24.87 NA NA 18.5 GL Beyond Income 0.50 NA NA NE BlRck Core Bond BHK 15.95 15.93 -0.1 5.3 Nuveen Int Dur Mun Term NID 14.66 14.37 -2.0 3.6 ACAP Strategic:W 18.39 NA NA 19.4 KKR CREDIT OPPTY;D 25.00 NA NA NS A Week in the Life of the DJIA BR Credit Alloc Inc BTZ 15.44 14.97 -3.0 6.8 Nuveen Mu Crdt Opps NMCO 15.11 15.00 -0.7 4.9 CalamosGlbTotRet CGO 15.52 16.00 +3.1 70.4 KKR CREDIT OPPTY;I 27.95 NA NA 5.6 Insight Select Income INSI 21.44 20.62 -3.8 3.8 Nuv Muni Credit Income NZF 17.06 16.88 -1.1 4.6 CPG Cooper Square IE A NA NA NA NS KKR CREDIT OPPTY;T 27.69 NA NA NS KKR CREDIT OPPTY;U Alook at how the Dow Jones Industrial Average component stocks InvescoBond VBF 20.85 19.95 -4.3 3.5 NuvMuniHiIncOpp NMZ 14.48 15.07 +4.1 5.0 CPG Cooper Square IE I NA NA NA NS 26.70 NA NA NS Lord Abbett Cred Opps Fd 10.92 NA NA 5.9 J Han Income JHS 16.04 15.89 -0.9 5.4 Nuveen Muni Val NUV 10.75 11.47 +6.7 3.3 Primark Priv Eq Inv:I 12.75 NA NA NS did in the past week and how much each moved the index. The DJIA Lord Abbett Cred Opps Fd 10.92 NA NA 6.5 MFS Intmdt MIN NA 3.72 NA 9.0 Nuveen Quality Muni Inc NAD 16.41 15.51 -5.5 4.5 VirtusTotalRetFd ZTR NA 10.11 NA NA gained 902.91 points, or 2.67%, on the week. A$1change in the price Lord Abbett Crd Op:U 10.92 NA NA NS Western Asset Inf-Lk Inc WIA Nuveen Sel TF NXP 16.49 17.24 +4.5 3.2 Prem12 Mo NA 13.50 NA 5.8 Palmer Square Opp Inc 18.87 NA NA 5.3 of any DJIA stock =6.58-point change in the average. To date, a Nuveen Sel TF 2 NXQ Fund (SYM) NAV Close /Disc Yld Western Asset Inf-Lk O&I WIW NA 12.72 NA 3.0 15.70 16.10 +2.5 3.1 Thrivent Church Ln&Inc:S 10.70 NA NA 2.5 Loan Participation Funds $1,000 investment on Dec. 31 in each current DJIA stock component Westn Asst IG Def Opp Tr IGI NA 21.92 NA 3.6 PIMCO MuniInc PMF 13.29 14.75 +11.0 4.4 World Income Funds 1WS Credit Income;A2 NA NA NA NS would have returned $34,270, or again of 14.23%, on the $30,000 Loan Participation Funds PIMCOMuniIncII PML 12.47 14.98 +20.1 4.7 Destra Int&Evt-Dvn Crd:A 27.93 NA NA 2.1 1WS Credit Income;Inst NA NA NA 5.0 Apollo Senior Floating AFT NA 15.41 NA 6.2 Pimco Muni III PMX 11.43 12.58 +10.1 4.4 Destra Int&Evt-Dvn Crd:I 27.94 NA NA 2.3 investment, including reinvested dividends. AlphCntrc Prime Merid In 9.80 NA NA 10.3 BR Debt Strategy DSU 11.69 11.14 -4.7 7.2 PioneerHilncAdv MAV 12.36 12.22 -1.1 4.7 Destra Int&Evt-Dvn Crd:L Axonic Alternative Inc NA NA NA 5.0 27.90 NA NA 2.0 BR F/R Inc Str FRA 13.98 13.05 -6.7 6.8 PioneerMunHiIcm MHI 13.19 12.88 -2.4 4.6 The Week’s Action Blackstone/GSO FR EI D 24.11 NA NA 5.3 Destra Int&Evt-Dvn Crd:T 27.86 NA NA 1.9 BlackRock Floatng Rt Inc BGT Putnam Mgd Inc PMM 8.33 8.57 +2.9 4.6 Pct Stock price Point chg $1,000 Invested(year-end '20) 13.57 12.68 -6.6 6.7 Blackstone/GSO FR EI I 24.08 NA NA 5.5 National Muni Bond Funds Putnam Muni Opp PMO chg (%) change in average* Company Symbol Close $1,000 Blackstone Strat Cr BGB NA 13.56 NA 7.4 14.00 14.05 +0.4 4.8 Blackstone/GSO FR EI T 24.04 NA NA 5.0 Ecofin Tax-Adv Soc Impct 9.44 NA NA 4.3 Eagle Point Credit ECC NA 12.99 NA 7.6 RiverNorth Flx Mu Inc II RFMZ NA 20.33 NA NS Blackstone/GSO FR EI T-I 24.63 NA NA 5.0 PIMCO Flex Mun Inc;A-3 11.76 NA NA 2.1 10.46 6.54 43.03 Dow DOW $69.04 $1,258 EtnVncFltRteInc EFT 14.56 14.29 -1.9 5.1 RiverNorth Mgd Dur Mun I RMM NA 20.19 NA 5.5 Blackstone/GSO FR EI U 25.10 NA NA 5.0 PIMCO Flex Mun Inc:A1 11.76 NA NA NS 6.74 6.95 45.73 Chevron CVX 110.02 1,321 EV SenFlRtTr EFR 14.34 14.05 -2.0 5.5 Western Asset Mgd Muni MMU NA 13.50 NA 4.0 Blstn Commnty Dev 9.97 NA NA 3.1 PIMCO Flex Mun Inc;A2 11.76 NA NA NS EVSnrIncm EVF 6.89 6.77 -1.7 5.8 Single State Muni Bond BNYM Alcntr Glb MS Cr Fd 104.81 NA NA 6.9 PIMCO Flex Mun Inc;Inst 11.76 NA NA 2.8 6.44 22.44 147.64 Goldman Sachs GS 370.89 1,412 FT/Sr Fltg Rte Inc 2 FCT 12.62 12.37 -2.0 9.98 6.08 14.57 95.86 Amgen AMGN 254.21 1,114 FT/Sr Fltg Rte 2022 TgTr FIV 9.63 9.44 -2.0 2.1 Highland Income HFRO NA 11.43 NA 8.0 5.65 12.88 84.74 Caterpillar CAT 240.99 1,337 InvDYCrOpp VTA 12.22 11.54 -5.6 7.8 Cash Prices | wsj.com/market-data/commodities Friday, May 07, 2021 InvSnrIncTr VVR 4.61 4.27 -7.4 6.0 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 5.25 3.91 25.73 Merck MRK 78.41 967 Nuveen Credit Strat Inc JQC 7.02 6.71 -4.4 14.1 4.95 2.52 16.58 Cisco CSCO 53.43 1,212 NuvFloatRateIncFd JFR 10.37 9.81 -5.4 6.2 separate from the futures price on an exchange, which reflects what the commodity might be worth in future NuvFloatRteIncOppty JRO 10.27 9.60 -6.5 6.2 months. 4.83 7.43 48.89 JPMorgan Chase JPM 161.24 1,285 Nuveen Senior Income NSL 6.10 5.73 -6.1 6.7 Friday Friday Friday 4.81 15.58 102.51 Home Depot HD 339.25 1,285 High Yield Bond Funds AllianceBernGlHiIncm AWF 12.93 12.08 -6.6 6.5 Energy Cotton,1 1/16 std lw-mdMphs-u 0.8741 Butter,AA Chicago 1.7700 4.73 18.85 124.02 UnitedHealth Group UNH 417.65 1,195 Barings Glb SD HY Bd BGH 17.76 16.63 -6.4 7.7 Cotlook 'A' Index-t *92.30 Cheddar cheese,bbl,Chicago 172.75 BR Corporate HY HYT 12.15 11.97 -1.5 7.7 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Hides,hvy native steers piece fob-u 54.000 Cheddar cheese,blk,Chicago 174.75 3.98 6.15 40.46 Travelers TRV 160.81 1,152 BlackRock Ltd Dur Inc BLW 17.09 16.95 -0.8 6.9 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.050 Wool,64s,staple,Terr del-u,w 3.85 Milk,Nonfat dry,Chicago lb. 132.25 3.91 5.19 34.15 Nike NKE 137.81 976 BNY Mellon Hi Yield Str DHF 3.33 3.18 -4.5 8.1 Metals Grains and Feeds Coffee,Brazilian,Comp 1.4275 Brookfield Real Asst Inc RA 20.60 22.18 +7.7 10.8 Coffee,Colombian, NY 2.0285 3.67 5.63 37.04 American Express AXP 158.98 1,324 CrSuisHighYld DHY NA 2.48 NA 8.0 Gold, per troy oz Barley,top-quality Mnpls-u n.a. Eggs,large white,Chicago-u 0.7750 3.55 5.77 37.96 Johnson & Johnson JNJ 168.50 1,077 DoubleLine Inc Sol DSL 18.32 18.37 +0.3 8.9 Engelhard industrial 1830.00 Bran,wheat middlings, KC-u 122 Flour,hard winter KC 20.40 DoubleLine Yld Opps DLY 20.45 19.70 -3.7 7.0 Handy & Harman base 1836.55 Corn,No. 2 yellow,Cent IL-bp,u 7.4450 Hams,17-20 lbs,Mid-US fob-u 0.86 3.01 5.93 39.02 3M MMM 203.07 1,172 First Tr Hi Inc Lng/Shrt FSD 16.45 15.43 -6.2 8.5 Handy & Harman fabricated 2038.57 Corn gluten feed,Midwest-u,w 197.0 Hogs,Iowa-So. Minnesota-u 106.46 LBMA Gold Price AM *1793.15 Corn gluten meal,Midwest-u,w 598.6 Pork bellies,12-14 lb MidUS-u n.a. 2.69 1.43 9.41 Walgreens WBA 54.53 1,380 First Trust HY Opp:2027 FTHY 21.17 20.14 -4.9 NS IVY HIGH INCOME OPP IVH 15.23 13.99 -8.1 7.8 LBMA Gold Price PM *1813.15 Cottonseed meal-u,w 353 Pork loins,13-19 lb MidUS-u 1.1619 2.58 5.75 37.83 Honeywell HON 228.79 1,081 KKR Income Opportunities KIO NA 16.08 NA 8.5 Krugerrand,wholesale-e 1904.45 Hominy feed,Cent IL-u,w 150 Steers,Tex.-Okla. Choice-u 119.00 Maple Leaf-e 1922.76 Meat-bonemeal,50% pro Mnpls-u,w 330 Steers,feeder,Okla. City-u,w 155.25 2.52 3.58 23.55 IBM IBM 145.46 1,184 NexPointStratOppty NHF 19.53 12.00 -38.6 7.1 Nuveen CI Nov 2021 Tgt JHB 9.49 9.41 -0.8 3.2 American Eagle-e 1922.76 Oats,No.2 milling,Mnpls-u 4.0000 Mexican peso-e 2215.88 Fats and Oils 1.61 0.93 6.12 Verizon VZ 58.72 1,021 Nuveen Crdt Opps 2022 TT JCO 8.34 8.68 +4.1 6.5 Rice, Long Grain Milled, No. 2 AR-u,w 27.25 Austria crown-e 1797.94 Nuveen Global High Inc JGH 17.07 15.92 -6.7 6.9 Sorghum,(Milo) No.2 Gulf-u 9.2000 1.30 1.73 11.38 Procter & Gamble PG 135.15 984 Austria phil-e 1922.76 Degummed corn oil, crude wtd. avg.-u,w 68.0000 PGIM Global High Yield GHY SoybeanMeal,Cent IL,rail,ton48%-u,w 428.00 16.71 15.48 -7.4 8.3 Silver, troy oz. Grease,choice white,Chicago-h 0.5150 PGIM High Yield Bond ISD 17.24 16.22 -5.9 7.8 Soybeans,No.1 yllw IL-bp,u 16.1700 Lard,Chicago-u n.a. 0.98 0.53 3.49 Coca-Cola KO 54.51 1,002 Engelhard industrial 27.3000 PGIM Sh Dur Hi Yld Opp SDHY 20.03 18.82 -6.0 NS Wheat,Spring14%-pro Mnpls-u 9.1750 Soybean oil,crude;Centl IL-u,w 0.7083 Handy & Harman base 27.4350 0.50 1.16 7.63 Boeing BA 235.47 1,100 PioneerHilncm PHT 9.75 9.95 +2.1 7.7 Wheat,No.2 soft red,St.Louis-u 7.8175 Tallow,bleach;Chicago-h 0.5400 Handy & Harman fabricated 34.2940 Wells Fargo Income Oppty EAD Wheat - Hard - KC (USDA) $ per bu-u 7.7675 Tallow,edible,Chicago-u 0.6200 0.24 0.14 0.92 Intel INTC 57.67 1,171 NA 8.74 NA 7.8 LBMA spot price *£19.2800 WstAstHIF II HIX NA 7.21 NA 8.2 Wheat,No.1soft white,Portld,OR-u 7.3000 0.21 0.29 1.91 Walmart WMT 140.20 981 (U.S.$ equivalent) *26.7250 KEY TO CODES: A=ask; B=bid; BP=country elevator Western Asset Hi Inc Opp HIO NA 5.19 NA 7.4 Coins,wholesale $1,000 face-a 22208 Food bids to producers; C=corrected; E=Manfra,Tordella & 0.11 0.28 1.84 Microsoft MSFT 252.46 1,138 Western Asset Hi Yld D O HYI NA 15.49 NA 7.3 Other metals Brookes; H=American Commodities Brokerage Co; Beef,carcass equiv. index M=monthly; N=nominal; n.a.=not quoted or not Other Domestic Taxable Bond Funds LBMA Platinum Price PM *1232.0 Apollo Tactical Income AIF NA 15.35 NA 6.4 choice 1-3,600-900 lbs.-u 233.72 available; R=SNL Energy; S=Platts-TSI; T=Cotlook –0.53 –1.24 –8.16 McDonald’s MCD 234.84 1,101 Platinum,Engelhard industrial 1248.0 Limited; U=USDA; W=weekly; Z=not quoted. *Data as Ares Dynamic Crdt Alloc ARDC NA 15.59 NA 7.6 select 1-3,600-900 lbs.-u 219.10 –0.62 –1.44 –9.47 Visa V 232.12 1,063 Palladium,Engelhard industrial 2878.0 of 5/6 BlackRock Mlt-Sctr Inc BIT 18.53 18.69 +0.9 8.0 Aluminum, LME, $ per metric ton *2476.5 Broilers, National comp wtd. avg.-u,w 1.0449 Source: Dow Jones Market Data –0.63 –1.18 –7.76 Walt Disney DIS 184.84 1,020 BlackRock Tax Muni Bd BBN 24.67 25.15 +1.9 5.5 Copper,Comex spot 4.7660 DoubleLine:Oppor Crdt Fd DBL NA 19.86 NA 8.6 –0.95 –1.25 –8.22 Apple AAPL 130.21 984 Iron Ore, 62% Fe CFR China-s 212.8 EVLmtDurIncm EVV 13.65 12.97 -5.0 9.3 Shredded Scrap, US Midwest-s,m 432 Borrowing Benchmarks –6.00 –13.82 –90.93 salesforce.com CRM 216.50 Franklin Ltd Dur Income FTF 9.38 9.27 -1.2 7.1 Steel, HRC USA, FOB Midwest Mill-s 1502 973 wsj.com/market-data/bonds/benchmarks J Han Investors JHI 18.85 18.52 -1.8 7.5 Fibers and Textiles *Based on Composite price. DJIA is calculated on primary-market price. MFS Charter MCR NA 8.94 NA 7.8 Source: Dow Jones Market Data; FactSet. Nuveen Taxable Muni Inc NBB 22.56 22.84 +1.2 5.0 Burlap,10-oz,40-inch NY yd-n,w 0.7400 Money Rates May 7, 2021 Key annual interest rates paid to borrow or lend money in U.S. and ADVERTISEMENT international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Inflation Week —52-WEEK— The Marketplace Latest ago High Low March index Chg From (%) To advertise: 800-366-3975orWSJ.com/classifieds March High 0.0700 0.1200 0.1500 0.0700 level Feb. '21 Low 0.0300 0.0200 0.0600 0.0000 '20 Bid 0.0500 0.0300 0.1000 0.0100 NOTICE OF SALE BUSINESSOPPORTUNITIES U.S. consumer price index Offer 0.0700 0.0600 0.1100 0.0500 All items 264.877 0.71 2.6 Treasury bill auction Core 271.713 0.38 1.6 +-(!$& -# ,%'.!$ *).& " ;),+N)'c ', fN 8,GO FC DE[E@QU:BYYRS E[[C^YYC "E /F_[[[_[[[ iN),YgP',)^9R"8 "9'"4&*47& $4/&4* 4 weeks 0.010 0.000 0.130 0.000 ?:27;$947C -#* 6) 8>:A@"4&, .4&61=> 3(36, 6()(( 4*'* <+8* FB DE[E@QT;B YYRS E[[C^YYA"D/F_[[[_[[[ iN), YgP',)^9R"8 International rates 13 weeks 0.015 0.020 0.175 0.015 9:585$.1 7:5$#5!.1 FA DE[E@QQ1@ YYRS E[[C^YY?"D/F_B[[_[[[ iN), YgP',)^9R"8 652/ "&%2%5 450!'5.( (*/307 3;#4:56% 2%!; 26 weeks 0.035 0.035 0.185 0.035 +&"4$6 -', F@ DE[E@QQ0B YYRS E[[C^YY?"C/F_E[[_[[[ iN), YgP',)^9R"8 F@DAE>C#!D ;8 F# !/D_[[[_[[[ #"8 !k< F? DE[E@QUX@ YYRS E[[C^YYWE R> /D_[[[_[[[ iN), YgP',)^9R"8 +#)*'535''5. .1:1.5-.( Week 52-Week F> DE[E@QSiEYYRS E[[C^YYWD R> /D_[[[_[[[ iN),YgP',)^9R"8 Secondary market E[@DEC8#4A "#j! E[[C^E "F /E_[[[_[[[ !R"8 Latest ago High Low D[@DEC8""@ "#j! E[[C^D "F /C_[[[_[[[ !R"8 E[ DE[E@Q43F YYRS E[[B^YY@ RF[/E_?@>_[[[ iN), YgP',)^9R"8 :::+173!&*44+6-1 CBEF[?WXECS"4"8 E[[C^!C T/B_??F_[[[ !R"8 EF CD@F[T#R? WZ#6E[[@^E R@ /B_A[[_[[[ iN), YgP',)^9R"8 Fannie Mae BB>BA[4#!BRk86E[[C^F RE /C_??B_[[[ RW EE CFFAF;SSBW3RS6E[[B^F "D /A_B[[_[[[ iN), YgP',)^9R"8 #,.5)%(52,80 Prime rates ADAECEkQYA X8## E[[C^F[RE/C_C[B_[[[ ;)J.N \#G'^# ED BCEBFCX3[S"RS6E[[C^D R> /B_[[[_[[[ iN), YgP',)^9R"8 30-year mortgage yields EC B>[[FY"RE RRS6E[[C^E R? /B_[[[_[[[ iN), YgP',)^9R"8 $00'5.1%5. 9-:5&%,'&7-/8( U.S. 3.25 3.25 3.25 3.25 @DAECEk81C X8## E[[B^F "F /F_[[[_[[[ ;)J.N \#G'^# 30 days 2.369 2.411 2.622 1.751 ?>E>EEY1RA 1#R4 E[[C^#9> "F /E_[[[_[[[;)J.N \#G'^# EB AF@BAj#T> R8#!E[[@^WZ@ "F /B_[[[_[[[ iN),YgP',)^9R"8 Canada 2.45 2.45 2.45 2.45 EA A?D?>YX9> <[CBCE"WW?#"Y! E[[C^<;6C RB /F_CA[_[[[ 8&f+)J.N Japan 1.475 1.475 1.475 1.475 2.398 2.440 2.674 1.804 F[ [C[F[Ck6B #98V E[[D^1? RC /?_@B[_[[[ 8&f+)J.N E@ A?D?>YS#[< !Y#" E[[C^E F" /E_B[[_[[[ 8&f+)J.N E? A?C[DW#T? < @[[A>YY9D ;;8V E[[B^1!WF R> /E_[[[_[[[ iN),YgP',)^9R"8 Policy Rates FD FEAA@D"U[ !1S E[[C^A R@ /E_[[[_[[[ 8&f+)J.N D[ @B>>B[kZB 9#R! E[[C^E R? /D_@D[_[[[ iN),YgP',)^9R"8 DF @AFFE"Y0D 9#R;E[[C^98FE RVD /F_F[[_[[[ iN), YgP',)^9R"8 Euro zone 0.00 0.00 0.00 0.00 Week 52-Week FC FEAA@D"T@ !1S E[[C^A R? /B_[[[_[[[ 8&f+)J.N ED@Q'# QA S#B#*+ UQ>#E 5>-5 H#*,DU H,BAD,S D#CGAD'#C FB E>CCBY!ZA ZRS6E[[C^D R? /E_[[[_[[[ 8&f+)J.N DE @AFF[1iiE9#8! E[[C^T8ARVVD /E_[[[_[[[ iN),YgP',)^9R"8 Switzerland 0.00 0.00 0.50 0.00 Latest ago high low FA DE[E@QTRE YYRS E[[C^YYA"F/B_[[[_[[[ 8&f+)J.N DD @C>BF;!i>9Z8VY E[[C^" "A /F_C[[_[[[ iN),YgP',)^9R"8 'D#%UB !AH% U& SF&OMAR$2KRT C)KH/LN" %"9-0-L" Britain 0.10 0.10 0.10 0.10 DC @C>BF;kW?9Z8VY E[[C^! "B /D_>@?_[[[iN),YgP',)^9R"8 F@ DB@E>;ZTE YWS6E[[C^E R@ /C_[[[_[[[ 8&f+)J.N -7$ H"0 @RL: S<8<5"$ S<-)<9<5/ 'R8P-7/ I"8)"LK>

;k1@ YWS6E[[C^" R@ /D_[[[_[[[ 8&f+)J.N DB ?ADB?ZT8C 8#VS E[[C^@ R@ /E_[[[_[[[ iN),YgP',)^9R"8 O5>" M'588)HRK)8LNRVCP"/K<$" WR9$<7?K SS'& CP"/K<$" WR9$<7?K UU& F> DFAB>6"4? YRV! E[[C^D R@ /B_[[[_[[[ 8&f+)J.N DA ?ADB?ZQ:B 8#VS E[[C^"Q!E R@ /E_@EE_[[[ iN),YgP',)^9R"8 SS'& -7$ '#I UUU SS'O5>" M%R&H5KJLN& 5>-5 R07 5>" L"-9 PLRP"L5/ 2.00 2.00 2.00 2.00 E[ DFAB>6!ZD YRV! E[[C^C RC /E_@C[_[[[ 8&f+)J.N D@ ?ADB?Z:9[8#VS E[[B^F R> /E_?@E_[[[ iN),YgP',)^9R"8 Overnight repurchase D? ?DAFFRT;E 83WZ E[[B^C RF[/E_EB[_[[[ iN), YgP',)^9R"8 -7$ R5>"L -KK"5K :7R07 -K 5>" W9-7$ I<99K E2-LL/ 9R(-5"$ EF DFAB>6!8E YRV! E[[C^B RC /C_B[[_[[[ 8&f+)J.N D> ?DAFE6#QE 83WZ E[[@^<;6F R? /F_B[[_[[[ iN),YgP',)^9R"8 <7 W9-7$ I<99K& H@ 1<- >QB@?,G C?*GQ' ,?'@QDE 56 F,+ U.S. 0.00 0.01 0.14 -0.04 Commercial paper (AA financial) EE DFAB>6kWB YRV! E[[B^F R? /F_>B[_[[[ 8&f+)J.N C[ ?DAFE6#;@ 83WZ E[[@^<;6F R> /C_B[[_[[[iN),YgP',)^9R"8 3IV 3.34V 4.".. )O7O #A@V &/ !58R/ (G)KT6RK GGCO,8:69 H5 ED DAECEkQjB X8#R;E[[C^<;6 "E /F_B[[_[[[ 8&f+)J.N 90 days 0.11 0.11 0.26 0.04 EC B@ACDS"TF R#"8 E[[D^<;6ERB/A_ADA_[[[ 8&f+)J.N k,PH 8')NN'!g+J'gG Rg-gLN.N-' SS!a7k8!R5`_ ,- fNKgGM ,M 1NGG( Yg)L, "g-H_ P)KH:$:P)HR :6 H-K 5>" L5 5R (L"$<5 )<$ <5K $")5M B>" %")5RLK -L" Discount E@ A?D?>YZ0?<" 27P-<$ $")5 -5 7R (>-L?"M B>" K-9" One month 0.10138 0.10725 0.19800 0.09513 E? @[[A>Yk:@;;8V E[[C^11YF R@ /E_B[[_[[[ 8&f+)J.N ,) P,%N-g-'(_ Nd+)N(( ,) J.+GJNO_ fNJ-L .gON fc 'KN 6)&('NN eJ'K )N(+NP' ', 0.25 0.25 0.25 0.25 'KN !,GGg'N)gG aNdPN+' g( ', 'J'GN ', 'KN !,GGg'N)gG` ,) eJ'K )N(+NP' ', g-c,'KN) 8-/ )" -$;R2L7"$M HR5<(" RV -7/ -$;R2L7"$ K-9" $-5" 0<99 )" ?<1"7 Three month 0.15988 0.17638 0.43463 0.15988 E> @AFFE"k1@ 9#R;E[[C^98F[RVE /D_[[[_[[[ 8&f+)J.N R79/ 5R 5>RK" 5>-5 K"L <7VRL8-5" D[ ?ADB?ZR0F 8#VS E[[C^> RB /D_B[[_[[[ 8&f+)J.N J-M,).g'J,- 'KN- J- 'KN 6)&('NN2( +,((N((J,-_ J-PG&OJ-L eJ'K,&' GJ.J'g'J,- g-c Federal funds Six month 0.19275 0.20488 0.68800 0.18950 ,MMN)J-L PJ)P&Gg) ,) ,'KN) h-g-PJgG J-M,).g'J,-] 0#$4=;#% #B 947C* 6KN (gGN( K-9"& RL 5R L"1<"0 $R(28"75K L"9-5<7? 5R 5>" 'R99-5"L-9 5R )" KR9$& DF ?[BBAC:QC 8#86E[[C^E R3C /D_FCA_[[[ 8&f+)J.N (R75-(5WM*RL$0<7-5>)RL$0<7+:""7=K288<5M(R8&JTJ=4XQ=63.QM One year 0.27100 0.28113 0.78288 0.27100 DE ?[BBAC9"> 8#86E[[C^D "F /D_A[[_[[[ 8&f+)J.N eJGG fN KNGO g' B@B^" 9J%N)(JON #%N-&N_ 1N('+,)'_ !6 [A??[] /"";=;#%47 Effective rate 0.0600 0.0600 0.1000 0.0600 DD ?DAFFR"W[ 83WZ E[[C^F R@ /C_[EA_[[[8&f+)J.N 5%B#A'4=;#%* ;GNg(NfNgO%J(NO 'Kg' 'KN (gGN ,M 'KN (NP&)J'JN( GJ('NO gf,%N .gcfN.gON ,-Gc ', 'KN fN(' fJOON) eK, J( gG(, g*&gGJhNO fJOON) g-O .gcfN Euro Libor ?:27;$947C -#* 3) 8>:A@"4&, .4&61=> 3(36, 6)(( !*'* <+8* (&fINP' ', g)N(N)%N GN%NG] Y,)gOOJ'J,-gG J-M,).g'J,-_ J-PG&OJ-L eJ'K )N(+NP' ', Notes on data: 9:585$.1 7:5$#5) One month -0.571 -0.574 -0.430 -0.607 (*/307 3;#4:56% 2%!; *&gGJhNO fJOON) ('g'&(_ g-O ', ,f'gJ- P,+JN( ,M g- V-%N(',) 9N+)N(N-'g'J,-g-O U.S. prime rate is the base rate on corporate !.1 +&"4$6 -', !,-hON-'JgGJ'c #L)NN.N-'_ P,-'gP' kg%JO !),eGN ,) UNMM)NcW,G'.g- fc N.gJG loans posted by at least 70% of the 10 largest Three month -0.541 -0.544 -0.225 -0.574 F[B>C>#UWC "<#R8 E[[C^Y "D /E_@B@_[[[ iN), YgP',)^!R"8 g' OP),eGN$O,PH(')NN'Pg+]P,. ,) IK,G'.g-$O,PH(')NN'Pg+]P,._ )N(+NP'J%NGc U.S. banks, and is effective March 16, 2020. Six month -0.527 -0.526 -0.091 -0.543 EEEBCF816F!8Y" E[[C^!D W/D_[[[_[[[ iN), YgP',)^!R"8 fc +K,-N g' aEFE` CB@^?EB? ,) fc MgP(J.JGN g' aEFE` CB@^?EA>] +;@$74;'CA* THE MARKETPLACE DEEBCC:#:E !8R! E[[@^!D X/@_[[[_[[[ iN), YgP',)^!R"8 6KN 6)&('NN J( g&'K,)JbNO g' (&PK (gGN(_ JM 'KN 6)&('NN ONN.( J' gO%J(gfGN ,) J( Other prime rates aren’t directly comparable; One year -0.490 -0.493 -0.040 -0.511 CD>A@?>S8A X!!Y!E[[B^XXB Z/B_[[[_[[[ iN), YgP',)^!R"8 )N*&J)NOfcg++GJPgfGN Gge',O,(,= aJ`',)N(')JP' 'KN +),(+NP'J%N fJOON)( ,- ,) ADVERTISE TODAY lending practices vary widely by location; BE[F@D:#RDX!!Y! E[[@^XX> Z/C_E[[_[[[ iN), YgP',)^!R"8 +&)PKg(N)(,M'KN gf,%N JON-'JhNO(NP&)J'c a'KN 7!,GGg'N)gG5` ', fN (,GO ', 'K,(N Discount rate is effective March 16, 2020. Secured Overnight Financing Rate A[B>C?T84C "<## E[[C^A D["D /F_AF@_[[[ iN),YgP',)^9R"8 eK, eJGG)N+)N(N-' g-O gL)NN 'Kg' 'KNcg)N +&)PKg(J-L M,)'KNJ) ,e-gPP,&-' (800)366-3975 Secured Overnight Financing Rate is as of May @FEAA>XU:B!1WS E[[C^E> E"E /E_[[[_[[[ iN), YgP',)^9R"8 M,)J-%N('.N-' g-O -,'eJ'K g%JNe','KN OJ(')Jf&'J,- ,) )N(gGN ,M g-c,M(&PK 6, 2021. DTCC GCF Repo Index is Depository 0.01 0.01 0.13 0.01 ?FEAA@DUWA!1S E[[C^F[RYA /E_@@B_[[[ iN),YgP',)^9R"8 g((N'(_ aJJ` ', %N)JMc 'Kg' NgPK PN)'JhPg'NM,) 'KN (NP&)J'c ', fN (,GO fNg)(gGNLN-O Trust & Clearing Corp.'s weighted average for Formoreinformation visit: Value 52-Week >FEAA@DZU@!1S E[[C^@ R3@ /D_F?[_[[[ iN), YgP',)^9R"8 (&f('g-'JgGGc ', 'KN NMMNP' 'Kg' (&PK (NP&)J'c Kg( -,'fNN- )NLJ('N)NO &-ON) 'KN overnight trades in applicable CUSIPs. Value F[ FBEDFCTkF !0WZ E[[C^" "/B_[[[_[[[ iN), YgP',)^9R"8 Latest Traded High Low 8NP&)J'JN( #P',MF>DD_ g( g.N-ONO_ g-O .gc-,' fN OJ(+,(NO,MJ-%J,Gg'J,- wsj.com/classifieds traded is in billions of U.S. dollars. Federal-funds FF FBEDFCTjB !0WZ E[[C^! "/C_[[[_[[[ iN), YgP',)^9R"8 ,M 'KN +),%J(J,-(,M(gJO #P'_ aJJJ` ', OJ(PGgJ. g-O ', )NM&(N ', LJ%Ng-c eg))g-'c FE E>CCBY!W> ZRS6E[[C^D "F /E_[>>_[[[ iN), YgP',)^9R"8 a,'KN) 'Kg- g( ', 'J'GN`_ g-O aJ%`',J.+,(N (&PK ,'KN) GJ.J'g'J,-( ,) P,-OJ'J,-( J- rates are Tullett Prebon rates as of 5:30 p.m. ET. DTCC GCF Repo Index FD DAEE?Y3E> YYRS E[[C^YYD"F/B_[[[_[[[ iN), YgP',)^9R"8 P,--NP'J,- eJ'K g-c(&PK (gGN g( 'KN 6)&('NN ONN.( -NPN((g)c,)gO%J(gfGN] ©2021Dow Jones &Company,Inc. Sources: Federal Reserve; Bureau of Labor All Rights Reserved. Statistics; DTCC; FactSet; Treasury 0.010 51.060 0.151 -0.008 Tullett Prebon Information, Ltd. MBS 0.019 24.418 0.169 0.002 P2JW130000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B8 Last Year ago Last Year ago 34777.76 s902.91, or 2.67% last week Trailing P/E ratio 30.01 20.34 4232.60 s51.43, or 1.23% last week Trailing P/E ratio * 37.89 24.68 Public Offerings of Stock High, low, open and close for each of P/E estimate * 20.73 22.28 High, low, open and close for each of P/E estimate * 22.97 22.75 the past 52 weeks Dividend yield 1.73 2.72 the past 52 weeks Dividend yield * 1.37 2.08 IPOs in the U.S. Market All-time high All-time high 34777.76, 05/07/21 4232.60, 05/07/21 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 33500 4600 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 31000 4300 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 200-day moving average 5/11 3/8 Global-e Online Ltd GLBE 15.0 23.00/ GS, MS, Jefferies, Piper Sandler, Software-E-Commerce Nq 25.00 JMP Securities company engaged with LLC, KeyBanc, 28500 4000 development of services Raymond James for online retailers. & Associates Inc 5/11 4/15 SimilarWeb Ltd SMWB 8.0 19.00/ JPM, Citi, Barclays, Jefferies 26000 3700 Software-Computer, N 21.00 Traditional & Other. Software company Week's high providing data analytics solutions. DOWN UP 23500 3400 Monday's open Friday's close 5/13 4/16 Zenvia Inc ZENV 12.9 15.50/ GS, MS, Itau BBA, UBS, 65-day moving average t Software-Computer, Nq 17.50 Bradesco BBI, XP 200-day moving average Traditional & Other. Investimentos Friday's close Monday's open 21000 3100 Software company

t engaged with operating CX communications platform. Week's low 18500 2800 5/13 4/19 hear.com NV HCG 16.2 17.00/ MS, JPM, DB, GS, BofA Securities, 65-day moving average Software-Medical Nq 20.00 W. Blair LLC, Bars measure the point change from Monday's open Technology company Truist Financial engaged with medical- Corp 16000 2500 grade hearing care M J J A S O N D J F M A M M J J A S O N D J F M A M platform services. Enact Holdings Inc ACT JPM, GS, BofA Securities, Primary 5/12 4/19 22.6 20.00/ NYSE weekly volume, in billions of shares t Provider of mortgage Nq 24.00 Credit Suisse market t Composite insurance products and services. 36 Track the Markets 24 Compare the performance of selected Lockup Expirations 12 global stock indexes, bond ETFs, 0 currencies and commodities at Below, companies whose officers and other insiders will become eligible M J J A S O N D J F M A wsj.com/graphics/track-the-markets to sell shares in their newly public companies for the first time. Such *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index sales can move the stock’s price. Lockup Offer Offer amt Through Lockup Major U.S. Stock-Market Indexes Nasdaq Composite expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Latest Week 52-Week % chg t 210.44, or -1.51% May 11 Nov. 12, ’20 Better World AcquisitionBWAC.U 10.00 100.0 –0.2 180 days High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Nov. 12, ’20 Health Assurance AcquisitionHAAC.U 10.00 500.0 1.1 180 days Dow Jones May 15 Nov. 16, ’20 Dragoneer Growth Opportunities II DGNS 10.00 200.0 1.3 180 days Industrial Average 34811.39 33765.68 34777.76 902.91 2.67 23247.97 l 34777.76 42.9 13.6 12.6 Sources: Dealogic; WSJ Market Data Group Transportation Avg 15952.16 15375.77 15943.30 596.30 3.89 7761.00 l 15943.3 91.3 27.5 15.4 14200 Utility Average 928.60 896.31 909.90 -9.35 -1.02 744.49 l 933.37 19.1 5.2 9.1 Other Stock Offerings Total Stock Market 44085.34 43049.44 44028.67 325.11 0.74 28441.92 l 44054.28 48.4 12.3 16.6 Secondaries and follow-ons expected this week in the U.S. market Barron's 400 1018.76 1002.81 1018.25 20.64 2.07 583.52 l 1018.25 63.9 19.5 12.3 13800 Symbol/ Primary Amount Friday’s Nasdaq Stock Market Expected Issuer/Business exchange ($mil.) price ($) Bookrunner(s) 13400 Nasdaq Composite 14042.13 13439.39 13752.24 -210.44 -1.51 8863.17 l 14138.78 50.8 6.7 23.7 May 12 1847 Goedeker GOED 236.0 6.00 BofA, Fordham Financial GOED A Nasdaq-100 13955.00 13396.11 13719.63 -141.13 -1.02 9000.08 l 14041.91 48.8 6.5 26.2 13000 Off the Shelf S&P 30 3 4 5 6 7 500 Index 4238.04 4128.59 4232.60 51.43 1.23 2820.00 l 4232.6 44.5 12.7 16.6 April None expected this week MidCap 400 2771.44 2700.20 2770.27 45.12 1.66 1550.70 l 2770.27 65.3 20.1 13.2 DJ US TSM Public and Private Borrowing SmallCap 600 1374.51 1336.88 1374.26 28.72 2.13 700.59 l 1397.66 78.3 22.8 12.4 s 325.11, or 0.74% Other Indexes last week Treasurys Russell 2000 2288.57 2205.59 2271.63 5.18 0.23 1233.25 l 2360.17 70.8 15.0 12.9 Monday, May 10 Tuesday, May 11 NYSE Composite 16598.02 16156.99 16590.43 371.11 2.29 10829.44 l 16590.43 46.1 14.2 9.8 Auction of 13 and 26 week bills; Auction of 3 year note; announced on May 6; settles on May 13 announced on May 5; settles on May 17 Value Line 674.14 657.36 674.01 12.39 1.87 381.09 l 674.01 63.0 18.5 6.7 44000 NYSE Arca Biotech 5662.34 5389.37 5535.30 -77.11 -1.37 5128.49 l 6319.77 3.1 -3.5 6.9 Wednesday, May 12 Thursday, May 13 NYSE Arca Pharma 724.93 704.36 722.04 17.68 2.51 613.07 l 725.03 13.0 4.7 11.6 Auction of 10 year note; Auction of 30 year bond; 43500 announced on May 5; settles on May 17 announced on May 5; settles on May 17 KBW Bank 132.88 125.76 132.77 5.52 4.33 62.74 l 132.77 86.6 35.6 7.4 Thursday, May 13 PHLX§ Gold/Silver 156.76 144.51 156.28 14.15 9.95 112.57 l 161.14 28.0 8.4 24.0 43000 Auction of 4 and 8 week bills; PHLX§ Oil Service 61.85 53.38 61.72 9.556 18.32 26.30 l 63.89 103.1 39.2 -26.7 announced on May 11; settles on May 18 PHLX§ Semiconductor 3134.06 2969.13 3112.03 3.04 0.10 1691.57 l 3305.43 75.3 11.3 33.5 Cboe Volatility 21.85 16.68 16.69 -1.92 -10.32 16.25 l 40.79 -40.4 -26.6 4.2 42500 30 3 4 5 6 7 Currencies §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data April U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, International Stock Indexes Commodities and Fri YTD chg Fri YTD chg Currencies Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Latest Week 52-Week Range YTD Americas Vietnam dong .00004336 23065 –0.1 Region/Country Index Close % chg Low Close High % chg Europe Last Week YTD Argentina peso .0107 93.8477 11.6 World MSCI ACWI 710.36 1.22 476.54 • 710.36 9.9 Close Net chg % Chg % chg Brazil real .1910 5.2369 0.8 Czech Rep. koruna .04743 21.082 –1.8 MSCI ACWI ex-USA 351.34 1.78 237.61 • 351.34 7.6 Canada dollar .8242 1.2133 –4.7 Denmark krone .1636 6.1137 0.4 DJ Commodity MSCI World 2979.41 1.38 1998.48 • 2979.41 10.8 899.47 32.55 3.75 22.95 Chile peso .001438 695.40 –2.1 Euro area euro 1.2163 .8222 0.4 MSCI Emerging Markets 1348.57 0.07 900.87 1444.93 4.4 Refinitiv/CC CRB Index 206.96 7.20 3.61 23.34 Colombiapeso .000267 3750.01 9.6 Hungary forint .003393 294.69 –0.8 • Ecuador US dollar 11unch Iceland krona .008071 123.90 –3.0 Americas MSCI AC Americas 1639.85 1.00 1079.04 • 1639.85 11.7 Crude oil, $ per barrel 64.90 1.32 2.08 33.76 Mexico peso .0502 19.9203 0.2 Norway krone .1217 8.2169 –4.2 Canada S&P/TSX Comp 19472.74 1.91 14503.21 • 19472.74 11.7 Natural gas, $/MMBtu 2.958 0.027 0.92 16.50 Uruguay peso .02274 43.9750 3.8 Poland zloty .2675 3.7386 0.1 Russia ruble .01356 73.752 –0.4 Latin Amer. MSCI EM Latin America 2518.38 6.01 1526.81 • 2546.61 2.7 Gold, $ per troy oz. 1831.10 63.80 3.61 -3.28 Asia-Pacific Sweden krona .1203 8.3121 1.0 Brazil Sao Paulo Bovespa 122038.1 2.64 77556.62 125076.63 2.5 Australian dollar .7846 1.2745 –2.0 Switzerland franc 1.1105 .9005 1.8 1 • U.S. Dollar Index 90.23 -1.05 -1.15 0.34 China yuan .1555 6.4325 –1.5 Turkey lira .1214 8.2386 10.8 Hong Kong dollar .1288 7.7661 0.2 Chile Santiago IPSA 3120.35 3.01 2423.14 • 3396.76 9.19 WSJ Dollar Index 85.28 -0.95 -1.10 0.33 Ukraine hryvnia .0360 27.7500 –2.1 India rupee .01365 73.254 0.3 Mexico S&P/BMV IPC 49249.02 2.58 35517.77 • 49249.02 11.8 UK pound 1.3981 .7153 –2.3 Euro, per dollar 0.8222 -0.010 -1.18 0.44 Indonesia rupiah .0000700 14285 1.7 Middle East/Africa EMEA Stoxx Europe 600 444.93 1.72 326.71 • 444.93 11.5 Yen, per dollar 108.59 -0.75 -0.68 5.10 Japan yen .009209 108.59 5.1 Stoxx Europe 50 3443.78 1.81 2700.62 3443.78 10.8 Kazakhstan tenge .002345 426.53 1.2 Bahrain dinar 2.6536 .3769 –0.1 • U.K. pound, in dollars 1.40 0.016 1.19 2.31 Eurozone Euro Stoxx 446.86 1.54 307.14 • 446.86 12.4 Macau pataca .1249 8.0070 0.2 Egypt pound .0638 15.6710 –0.5 Euro Stoxx 50 4034.25 1.50 2760.23 • 4034.25 13.6 52-Week Malaysia ringgit .2432 4.1125 2.2 Israel shekel .3075 3.2522 1.2 New Zealand dollar Kuwait dinar Austria ATX 3330.87 3.21 2034.19 3330.87 19.8 Low Close(l) High % Chg .7282 1.3732 –1.3 3.3204 .3012 –1.0 • Pakistan rupee .00657 152.315 –5.0 Oman sul rial 2.5974 .3850 unch Belgium Bel-20 2899.51 4053.70 11.7 4044.07 0.74 • DJ Commodity 487.21 l 899.47 81.52 Philippines peso .0209 47.795 –0.5 Qatar rial .2707 3.695 1.5 France CAC 40 6385.51 1.85 4273.13 • 6385.51 15.0 Singapore dollar .7548 1.3248 0.3 Saudi Arabia riyal .2666 3.7504 –0.03 Refinitiv/CC CMD 120.63 l 206.96 65.92 Germany DAX 15399.65 1.74 10337.02 • 15459.75 12.3 South Korea won .0008985 1113.01 2.5 South Africa rand .0712 14.0531 –4.4 Greece Athex Composite 897.01 –1.47 564.93 • 913.12 10.9 Crude oil, $ per barrel 24.14 l 66.09 162.33 Sri Lanka rupee .0050761 197.00 6.3 Taiwan dollar .03599 27.784 –1.1 Close Net Chg % Chg YTD % Chg Israel Tel Aviv 1648.70 0.42 1275.23 • 1654.45 10.0 Natural gas, $/MMBtu 1.482 l 3.354 62.26 WSJ Dollar Index 85.28 –0.54–0.63 0.33 Italy FTSE MIB 24612.04 1.95 16852 24761 10.7 Thailand baht .03216 31.090 3.5 • Gold, $ per troy oz. 1676.20 l 2051.50 7.09 Netherlands AEX 718.41 1.53 499.03 • 718.41 15.0 Sources: Tullett Prebon, Dow Jones Market Data Portugal PSI 20 5149.22 1.95 3863.20 • 5282.02 5.1 U.S. Dollar Index 89.44 l 100.47 -9.53 Russia RTS Index 1577.51 6.23 1066.60 • 1577.51 13.7 WSJ Dollar Index 84.56 l 94.35 -8.84 South Africa FTSE/JSE All-Share 68519.53 2.36 49113.06 • 68775.06 15.3 Spain IBEX 35 9059.20 2.77 6411.8 • 9059.2 12.2 Euro, per dollar 0.8112 l 0.9254 -10.89 Sweden OMX Stockholm 909.74 1.40 570.87 • 921.13 18.4 Yen, per dollar 102.72 l 110.72 1.83 Switzerland Swiss Market 11173.57 1.37 9448.14 11262.97 4.4 • U.K. pound, in dollars 1.21 l 1.41 12.71 U.K. FTSE 100 7129.71 2.29 5577.27 • 7129.71 10.4 Asia-Pacific MSCI AC Asia Pacific 207.53 0.57 144.6 • 220.6 3.8 Australia S&P/ASX 200 7080.80 0.78 5328.7 • 7095.8 7.5 China Shanghai Composite 3418.87 –0.81 2813.77 • 3696.17 –1.6 WSJ.com Hong Kong Hang Seng 28610.65 –0.40 22930.14 • 31084.94 5.1 India S&P BSE Sensex 30028.98 52154.13 3.0 49206.47 0.87 • Real-time U.S. stock quotes are Japan Nikkei Stock Avg 29357.82 1.89 19914.78 30467.75 7.0 • available on WSJ.com. Malaysia FTSE Bursa Malaysia KLCI 1587.45 –0.89 1379.93 • 1684.58 –2.4 Singapore Straits Times 3200.26 –0.56 2423.84 • 3221.58 12.5 Track most-active stocks, new highs/ South Korea Kospi 3197.20 1.57 1922.17 • 3220.70 11.3 lows, mutual funds and ETFs. Taiwan TAIEX 17285.00 –1.60 10740.55 • 17595.90 17.3 All are available free at Source: FactSet; Dow Jones Market Data WSJMarkets.com Consumer Rates and Returns to Investor Benchmark Yields and Rates U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 3.08% 5-year Credit Union of New Jersey 2.00% 2.50% 16% adjustable-rate 4.00% Ewing, NJ 609-538-4061 s mortgage (ARM) 2.00 Euro t American Airlines Federal Credit Union 2.25% 3.00 Tradeweb ICE 8 Ft Worth, TX 800-533-0035 Friday Close t 1.50 Explore 2.00 Citadel Federal Credit Union 2.50% 0

1.00 s 5-year Treasury Exton, PA 800-666-0191 Yen note yield 1.00 Star One Credit Union 2.63% One year ago 0.50 –8 s Yo ur Membership t Sunnyvale, CA 408-742-2801 t WSJ Dollar Index 0.00 0.00 –16 J J A S O N D J F M AM Associated Bank, NA 2.75% Your WSJmembership doesn’t stophere. 1 3 6 1 2 3 5 7 10 20 30 2020 2021 2020 2021 Rockford, IL 800-682-4989 month(s) years Visit our digital product showcase to maturity Yield/Rate (%) 52-Week Range (%) 3-yr chg explore, download and sign up formore Interest rate Last (l)Week ago Low 0246 8High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data of whatyou’re entitledto. Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Corporate Borrowing Rates and Yields Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Libor, 3-month l GetStarted: 0.16 0.18 0.16 0.43 -2.21 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Money market, annual yield 0.08 0.08 0.08 l 0.31 -0.37 WSJ.COM/BENEFITS Five-year CD, annual yield 0.47 0.47 0.44 l 0.84 -1.21 U.S. Treasury,Barclays 0.920 0.950 -4.01 4.74 30-year mortgage, fixed† 3.10 3.14 2.83 l 3.60 -1.44 U.S. Treasury Long,Barclays 2.190 2.220 -14.49 7.66 15-year mortgage, fixed† 2.38 2.42 2.32 l 3.07 -1.62 Aggregate,Barclays 1.490 1.510 30 29 84 0.17 5.31 Jumbo mortgages, $548,250-plus† 3.12 3.16 2.85 l 3.70 -1.69 Fixed-Rate MBS,Barclays 1.670 1.680 10 775-0.31 4.09 Five-year adj mortgage (ARM)† 3.08 3.18 2.85 l 3.32 -1.48 High Yield 100,ICE BofA 3.576 n.a. 294 278 646 17.070 5.894 New-car loan, 48-month 4.05 4.05 4.02 l 4.44 -0.19 Muni Master,ICE BofA 0.850 0.869 12 12 41 5.473 4.965 EMBI Global,J.P. Morgan 4.743 4.818 310 309 541 13.191 5.747 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest ©2021Dow Jones &Company, Inc.All rightsreserved. 2DJ8244 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW130000-0-B00800-1------XA

B8 | Monday, May 10, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Tax Talk Greener Offices Will Won’t Move Mean Pricey Refits JOURNAL

Private REET ST

LL Cutting carbon emissions is Shareofofficestock

WA about reducing energy leakagefrom certifiedsustainable

Equity THE buildingsasmuch as technologies R likewind turbines and electric cars. Frankfurt FO 5%

JR. Property ownersare understandably

DO nervous about who footsthe bill. Paris Policies were often a RA TheU.S., the European Union and

VA 9%

major driver for sector AL the U.K. have plans to at least halve

A. theircarbon output by the end of London SÉ 9%

JO the decade.Property,which gener- Taxes have long been a key ele- Private-equity firm Blackstone is up more than 35% so far this year. ates nearly 40% of global emissions, Manhattan ment of the business of private eq- will facestricter regulation. Al- uity. But while past tax-regime return on the S&P 500 financial move into the index for any of though commercial real estateis 20% changes have been big moments sector since the first of those con- them could be a catalyst toward less of a problem than residential, Toronto for the industry, that might not be versions in 2018. higher valuations for all. “The re- it will likely be targeted earlier as its 50% the case for the Biden administra- Now, President Biden has pro- action of these stocks to conver- ownership is lessfragmented and tion’s proposals. posed increasing the corporate tax sion has trumped any talk about lesspolitically sensitive. Vancouver One revenue stream for private- rate to 28% from 21%. If that were higher taxes,” says JMP Securities Fordevelopers, that pointsto 52% equity firms is what is known as the only major change to the tax analyst Devin Ryan. higher construction costs. Anet-zero carried interest, or the slice of the code, it could in theory work These firms arealso moreap- officeisupto17% moreexpensiveto Source:Green Street profits on their limited partners’ against converted private-equity pealing to the wider universe of in- construct, according to the U.K.’s investment gains that the firms firms, perhaps when competing for vestorsasthey grow their assets Green Building Council. Agreen Thediscount might become are- get to keep. Crucially, carried in- talent or deals with rivals that actively under management and building is cheaper to run, but evi- ality due to newregulations. Since terest has been taxed at the capi- have lower tax burdens. But Mr. generatedouble-digit annual dencethat property ownerscan March, the EU’sSustainable Finance tal-gains rate. Critics have long ar- Biden is also proposing to raise growth in their durable feeincome. charge higher rentsinexchangefor DisclosureRegulation has forced gued it is more akin to labor capital-gains rates substantially That kind of income is typically lowerutility bills is mixed. money managerstodisclose the cli- income—i.e. being paid for work— for high-income earners, to 39.6% given amuch higher valuation than One report from real-estate ad- mateimpact of investments. In the than investment gains, but that from 20%. This would effectively moreepisodic performancegains viser JLL found central London of- U.K.,large pension funds will have to treatment has remained. eliminate the favorable treatment likecarried interest, says Patrick fices certified as sustainable get a do something similar from October. Around the turn of the 21st cen- of carried interest. DavittofAutonomous Research. 6% to 11% “green” rent premium. If abuilding hasn’t been “greened,” tury, the U.S. cut capital-gains taxes It remains unclear whether Con- They arealso diversifying into Skeptics say this probably reflects it will probably faceasmaller pool but leftcorporatetax ratesatrela- gress will be willing to increase lower-yielding but steadier busi- the higher rent a new building of buyersand lowersales value. tively high levels.Then during the both the corporate rate and the nesses such as insuranceand re- would fetch anyway. Still, there is Real-estateconsulting firm Green Trump administration, corporate- capital-gains rate as high as Mr. lated investments. Asimilar evolu- convincing data to show green of- Street estimates purchaserswill income taxrates were dropped Biden has proposed. But regard- tion toward lower-volatility,fee- fices are leased more quickly. A want 50 basis pointsofextrayield sharply,narrowing the gap. That less, it is harder to see the tax sys- generating businesses has been clearer green premium may to compensatefor regulatoryrisks. made it farmoreappealing for tem returning to a regime where welcomed by investorsinbanks like emerge as corporate tenants pay Forsome,this maybeanoppor- listed private-equity firms to con- capital gains are taxed at a rate MorganStanley and Goldman more attention to their emissions. tunity.Ifinstitutional investorsun- vert from publicly traded partner- substantially below the corporate Sachs Group Inc. To reducethe sector’s environ- load “dirty” buildingscheaply, ships to “C corporations” that pay income-tax rate. What is more,solong as govern- mental footprint, the most urgent therewill be amarket to overhaul the corporatetax rate on income. This doesn’t mean tax rates are ment fiscal policies areboosting priority is to overhaul existing prop- them and resell at apremium. The Converting from partnerships irrelevant; higher rates might still the market overall, private-equity erties.Inthe Netherlands,itwill be problem forcommercial landlords had other advantages, notably cut into earnings, both for the firms arewinners. KKR,for exam- illegal from 2023 to lease buildings is the number of refits needed, par- making it easier for a wider range firms themselves and their portfo- ple, reported May4that grossre- that scorebelowanenergy grade C ticularly in Europe,which has many of investors and index funds to lio companies. But the continuing turns forits flagship private-equity on the EU scale.Big listed office heritagebuildings. In London, 9% own the shares. So far, the moves evolution of big private-equity funds were almost 80% over the 12 landlords,such as London-focused of offices arecertified as sustain- have been a success for investors: firms into broader alternative-as- months ended March 31. GreatPortland Estates and New able—half the proportion in Man- Apollo Global Management Inc., set giants still gives investors With Blackstone, Carlyle and York-based SL Green Realty,will hattan, Green Street datashows. Blackstone Group Inc., Carlyle plenty to look forward to under KKR up more than 35% so far this plowmoremoney intotheir portfo- On top of potentially weak de- Group Inc. and KKR & Co. have av- any tax regime. year, any tax talk that distracts lios to keep up with standards. mand for office space caused by a eraged over 30% annualized re- For one, though conversion was from their longer-term earnings Landlords that delay overhauls shift to remote working, real-es- turns since their respective con- a necessary precursor, none of potential might just create oppor- risk having a “brown discount” ap- tate investors need to start worry- version dates, according to FactSet Apollo, Blackstone, Carlyle or KKR tunity for investors. plied to the value of less sustain- ing about climate risks too. data. That is double the annualized are yet included in the S&P 500. A —Telis Demos able properties. —Carol Ryan

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TheBiggest Mistakes People Make With Social Security

One of the mostcommon: Worrying about dying toosoon

BY NEAL TEMPLIN Research. Even for affluent families, Social those who claim early also choose to stop efits last changed in 1983, when interest Security income remains crucial. working to ensure they don’t exceed the rates were higher and people didn’t live as any Americans “If you have a high-earner couple who Social Security earnings limit and trigger a long. As a result, Social Security is more mismanage their earned the max and don’t claim until 70, temporary reduction in benefits—even generous in how it calculates your bene- biggest retirement you’re talking about [getting] the better though continuing to work would usually fits than the annuities offered by insurers. asset: their Social part of $100,000 a year,” says Alicia Mun- boost the benefit they get when they If you claim Social Security at age 70 in- Security benefit. nell, the center’s director. “You have to be reach full retirement age. stead of 62, your monthly benefit will rise M And it can cost very wealthy before you don’t consider Meanwhile, many widows and widowers at least 76%. them dearly. that important.” aren’t using a permitted tactic that allows What’s more, Social Security is adjusted For the typical American household age We’ve talked to academics, financial ad- them to file for a monthly check early in each year for inflation, meaning that it 55 to 64, the present value of this gov- visers and a certified public accountant to retirement and claim a bigger check later. never loses value. And there are spousal ernment pension represents 60% of their identify the biggest Social Security mis- Before getting into the specifics, it’s im- benefits, divorce benefits, disabled-children retirement assets, dwarfing the values of takes people make. They say too many portant to look at what makes Social Se- benefits and survivor benefits. When you their homes and savings, according to people claim it early, putting themselves curity so valuable. die, your spouse can continue to collect Boston College’s Center for Retirement at risk of outliving their assets. Many of The basic formula for determining ben- PleaseturntopageR4

ILLUSTRATION BY JON KRAUSE Inside SPACE ASummer Stock Strategy: Invest Defensively RACE Saving for College six months of the calendar (“summer” months). Exchange-tradedfunds Youcan forget ‘Sell in Mayand Go Away,’ but still find away to exploit the As I’ve pointed out before, there’s less to arereaching forthe this seasonal pattern than meets the eye. Some ways to help final frontier—thereare seasonal patterns in the stock market However, some have wondered if instead of pay forcollege during severalthematic ETFs throwing away the winter/summer strategy tough times. R6 focusing on space exploration. R5 BY MARK HULBERT entirely, there might be a way to put a sec- toral play on top of it. More specifically: SCOREBOARD Stock-market investors might want to “stay and Rather than going to cash for the six summer April 2021 fund performance, play” this summer rather than “sell and go away.” months, investors could exploit seasonal pat- total return by fund type.MoreonR2. Ask Encore We’rereferring to the stock market’s infamous terns while remaining invested in stocks. U.S. Intl. Bonds seasonal weaknessbetweenMay Dayand Hallow- Sam Stovall, chief investment strategist at stocks* stocks* (intmd.) een, which gave rise decades ago to the strategy CFRA Research, introduced one such strategy Is my parents’ assisted-living known as “Sell in Mayand Go Away” (also known in his 2009 book, “The Seven Rules of Wall facility in good financial as the “Halloween Indicator”). Sincethe S&P500 Street.” Formally called the CFRA-Stovall 4.7% 3.2% 0.8% wascreated in 1957,ithas produced an average Equal Weight Seasonal Rotation Strategy, it shape? It’s an issue that gain of 6.9% between Halloween and MayDay (the calls for investing between May Day and Hal- *Diversifiedfunds only,excluding sector and regional/countryfunds Source:Refinitiv Lipper could matter. R3 “winter” months), versus just1.3%during the other PleaseturntopageR2

Meet the three newmembers of theInvesco QQQ family.

QQQ QQQ IVNQX INVESCO NASDAQ INVESCO INVESCO NASDAQ 100 NEXTGEN 100 ETF NASDAQ 100 ETF MUTUAL FUND

NOTADEPOSIT NOTFDIC INSURED NOTGUARANTEED BY THE BANK MAYLOSEVALUE NOTINSURED BY ANY FEDERAL GOVERNMENT AGENCY Thereare risksinvolved with investing in ETFs, including possible loss of money. ETFsare subject to riskssimilar to those of stocks. Investments focused in aparticular sector, such as technology,are subject to greater risk, and aremoregreatly impacted by market volatility,than morediversified investments. An investment cannot be made directly into anyindex. BEFORE INVESTING,CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGESAND EXPENSES. VISIT INVESCO.COM/FUNDPROSPECTUS FORAPROSPECTUS CONTAINING THIS INFORMATION.READ IT CAREFULLYBEFORE INVESTING. Invesco Distributors, Inc. P2JW130000-0-R00200-1------XA

R2 | Monday, May 10, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

A Journal Report U.S.-stock funds Summer Stock: special look at the numbers and news about 2020 ’21 ANew Strategy this month’s investing 5.4% 4.9 3.1 4.7 0.3 ContinuedfrompageR1 DJFMM loween in the consumer-staples and healthcare sectors, which historically have been more de- fensive. JR l From November to April, in contrast, the strategy rotates into more economically sensi- l Insight tive industries—industrials, materials, consumer discretionary and information technology. These industries have significantly higher be- tas, or sensitivities to movements in the over- all market, than those favored in summer. The expectation is that the higher-beta industries in the winter will leverage the overall market’s strength, while lower-beta summer industries will be relatively immune to summer weakness. An exchange-traded fund was created to pursue Mr. Stovall’s strategy: Pacer CFRA- Stovall Equal Weight Seasonal Rotation ETF (SZNE). Though since its creation in July 2018 it hasn’t beaten a simple buy-and-hold in the S&P 500, the ETF has outperformed a hypo- thetical portfolio that invested in the same in- dustries as SZNE during the winter months but in cash during the summer months. Fur- ther, S&P Dow Jones Indices back-tested the SZNE strategy to May 1990, and over this lon- ger period the CFRA-Stovall ETF has beaten the hypothetical portfolio by slightly more. So,relativetogoing completely to cash in the summer,“staying and playing” appearstopay off. Another possible reason not to go to cash in coming months is that, as I mentioned in that earlier article, the historical difference between the summer and winter returns is largely due to the market’s behavior in the third year of the presidential term. That suggests there is no calendar-based reason to expect summer- time weakness until 2023.

 Above, stacks of Surge in lumber CME lumber futures lumber for sale futures prices from per thousand board at a Chicago the pandemic lowin feet as of Friday, up 4/5/21 home center. April 2020 to now. $1,670 543% from a year-ago $346.

Pulp Rally It is another financial impactofthe pandemic and lockdowns.Supplies are tightfor wood and wood products.And thatiswhy lumber futures are Is No morethan six times as high as April 2020,when theysat at the lowest levelsince2016. Lockdown-induced restrictions on sawmills and the de- Fiction ‘Stay and play’ could be the best mantra for mand forhome construction—caused by lowhome-mortgage rates—are stock investors in summer months. fueling demand foreverything relatedtowood. Performancesince April30, 1990 CFRA-Stovall Equal Weight Seasonal Monthly Monitor •William Power Rotation Total Return Index CFRA-Stovall Index in winter*; ‘Reopening U.S.-Stock Funds Ride the Earnings Wave T-Bills in summer* means S&P500 Total Return rising prices. The investing world, like the ments’ head of U.S. equities, comparisons,” in Wall Street LOGARITHMIC SCALE Investors real world, might not be quite based in Philadelphia. “As we’re parlance. Still, broadly speaking, $10,000,000 “normal” yet. But it is getting well aware, there are two the earnings have been beating who only there, if the stock market’s per- things coinciding right now— expectations. focus on formance is to be believed. monetary policy just looks ex- Smaller stocks, in particular, 5,000,000 As companies’ earnings re- tremely accommodative, and are on investors’ radar. Mr. Bas- inflation ports continue to roll in with fiscal policy as well. So all this sett notes that these stocks will miss impressive gains, stocks have liquidity needs to find a home.” have lagged behind larger opportunities responded. And that has And while wary investors stocks in recent years, and only boosted stock funds. U.S.-stock recently have begun to exhibit 1,000,000 in growth funds tracked by Refinitiv Lip- outperformance. companies per (including mutual funds and But, he says, “We’re getting with a exchange-traded funds) posted to a point now where domestic 500,000 an average return of 4.7% in [investing] is in focus, both in structural April, to push their year-to-date terms of where capital invest- advantage.’ gain to 13.5%. ment will happen and where That year-to-date gain is, co- we’ll see outsized earnings $100,000 invested incidentally, nearly identical to growth over the next several 100,000 Saira Malik the gain that U.S.-stock funds years. We do think there has Chief investment posted a year ago just for been a rotation that started 1990 2000 ’10 ’20

officer of global April—the month stocks recov- and it will have a duration.” *‘Winter' refers to Halloween to MayDay;‘summer' the other six months TO ered ground after plunging in have poured billions of dollars Bond funds rose in April. of the year equities, Nuveen Source:S&P DowJones Indices; HulbertRatings the wake of the early Covid into bond funds, they are also Funds tied to intermediate-ma- CKPHO TO

shutdowns in March. Stock sticking with stocks. In addition turity, investment-grade debt /IS

funds went on to post a gain of to the U.S. gains, international- (the most common type of The correlation between the presidential cy- GES

19.1% for all of 2020. This year’s stock funds rose 3.2% in April, fixed-income fund) were up cle and the strength of the “Sell in Mayand Go IMA market is on pace to better that to push their year-to-date ad- 0.8%, to trim the year-to-date Away” pattern wasdiscoveredbytwo men: GETTY performance, if conditions don’t vance to 6.7%. decline to 2.1%. TerryMarsh, an emeritus financeprofessor at ION/

deteriorate. Of course, the robust earn- the UniversityofCalifornia, Berkeley, and chief AT “The strength surprises us ings gains being reported are executiveofQuantal International, arisk-man- TR Mr. Power is a Wall Street US

and it doesn’t surprise us at the from a low base a year ago Journal news editor in South agementfirm forinstitutional investors, and ILL same time,” says Ralph Bassett, during the broad lockdowns— Brunswick, N.J. Email him at KamFong Chan, afinanceprofessor at the Uni- Aberdeen Standard Invest- making today’s numbers “easy [email protected]. versityofWestern Australia. In a study of the JOURNAL market back to 1871 thatisforthcoming in the REET

Journal of Financial Economics,the twoshow ST

that, other than during the thirdyear of the LL presidential term, thereisnostatistically signif- WA

icantdifferencebetweenaverage summer and OCK: l In Translation winterreturns. The professorsspeculate that ST One could be coming the thirdyear of the presidential cycle is differ- SUMMER Explaining ‘Breakout’ for crude-oil futures entbecause of investors’ reactions to the mid- ; term elections. OW BL

To be sure, the CFRA-Stovall strategy since UL

Sometimes Wall Street pros refer to an of financial stocks. In 2007, beforethe fi- 1990 has been profitable in other yearsthan PA

event known as a “breakout.” For those un- nancial crisis,the ETF reachedathen-record justthe thirdyearsofthe presidential cycle. TION: familiar with the term, here is what it priceofaround $31ashare. It tradedlower Prof.Marsh says it is impossible to know

means and why it matters to investors. than thatfor 12 yearsand didn’t revisit $31 whether the marketshave fundamentally ANSLA TR

Abreakout refers to apattern in aprice until late 2019.Itretreatedonceagain as changedinrecentyears, or whether,with just A; chart wherethe priceofastock (orother the Covid-19 pandemic and lockdowns sent sevencompletepresidential cycles since1990, GNAR

tradedasset)breaches apreviously unbro- stocksreeling in early 2020.The ETF’s we don’t have enough data to draw anyfirm BA

kenlevel or alevel thathasn’t been breached eventual breakout came earlier this year conclusions. MO in along time,saysJCParets, founder of when the pricebroke through the $31level. We maynot need to resolve this debate this CO GIA technical-analysis serviceAllStarCharts.com. It closedFridayat$37.78. year.Either summertime weaknessisconfined OR: Put simply,the pricehas “broken out” of a “The more times a level gets tested, the to the thirdyear of the presidential term, or the

previously definedtrading range. more likely that a breakout is likely,” Mr. world has changedsothatitisnow present ev- MONIT

The first part of the pattern starts Parets says. eryyear butrather than going to cash you GES;

when astock rallies to acertain level, but Mr. Parets sees a breakout coming for should instead shifttodefensivesectors.Either IMA then retreats, Mr.Paretssays. “Whathap- crude-oil futures. Crude futures, trading at way the implication is to “stayand play” forthe pens is thatthereisanoverwhelming nearly $65 a barrel, have hit $66 several next six months rather than “sell and go away.” GETTY amountofsupply at thatpricelevel,” he times over the past few years, but each ON/ OLS

says,meaninginvestors dump the stock, time the rally has stalled. “We are patient; Mr. Hulbert is a columnist whose Hulbert T OT

sending the pricelower. when you see that break through the $66 Ratings tracks investment newsletters that SC : Arecentexample is Financial Select Sec- level, then the next target is $76,” he says. pay a flat fee to be audited. He can be reached torSPDR ETF (XLF), which tracksabasket —Simon Constable at [email protected]. INSIGHT P2JW130000-0-R00300-2------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | R3 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

CCRCsare perfectly fine solutions therejustfor the job,ordothey forsome retirees—but they typi- care about the residents?How does cally requireahefty entrancefee. the food taste?Isthe ‘hotfood’ re- AskEncore • Glenn Ruffenach In the first quarter of this year,that ally hot?” feeaveragedabout $395,000,ac- Says Mr.Husi, “In mostcases, cording to the National Investment qualityisasign of financial sta- Center forSeniorsHousing &Care. bility.” Gauging the Health of an As for digging into an assisted- living community’s financial health, most developments are privately • Assisted‑Living Facility held and, as such, aren’t always Ispent manyyears working eager to provide numbers. Still, in both the U.S. and the start by “asking the marketing or United Kingdom and paid Also: Answers to a reader’s question about collecting executive director, ‘Do you have into the Social Security sys- Social Security benefits in both the U.S. and U.K. any information about your com- tems in both countries.(Iam munity’s financial stability?’ ” says aU.S.citizen.) Can Icollect Don Husi, a managing director benefitsfrombothretire- • who focuses on senior housing ment programs?Ifso, canI My father might need to instance, a distressing experience. care,all within asingle setting. and care at Chicago-based Ziegler, file forbenefitsfromthe U.K. move to an assisted-living As foryour father,anassisted- a specialty investment bank. first—and switch to my U.S. community.How do Ievalu- living community, as the name im- In some instances, the community benefit at age 70? ate, or howcan Iinvesti- plies,isfor people who arelargely Cost of Care will be owned by a publicly traded gate,the financial health of independentbut who need help Median annual costsinthe U.S. are company (examples: Diversicare You can collect benefits from both thesedevelopments?The with activities of daily living—say, rising acrossall care settings: Healthcare Services, Inc., Pennant countries, but the U.K. benefit fees/costs arevery high; bathing or cooking meals.In2020, Assistedliving Group Inc., Five Star Senior Liv- could end up reducing the size of howdoIknowafacility the annual median cost foraone- $48,612 2019 ing) or be part of a health-care your U.S. benefit. won’tgobankruptsoon af- bedroom residencewas $51,600,a $51,600 2020 real-estate investment trust. If In most cases, workers who terhemovesin? 6.2% increasefromayear earlier, that’s the case, there should be, at contribute to two national retire- according to Genworth Financial Homemaker services* the least, quarterly financial state- ment systems can apply for pay- I hear these questions more fre- Inc.About four out of fiveresidents 51,480 ments that you can examine. ments from both, says Andy Lan- quently as baby boomers, in par- payfor care out of pocket,accord- 53,768 Afew states requireassisted-liv- dis, author of “Social Security: The ticular, look for long-term care for ing to AARP. ing communities to discloseinfor- aging parents. It’s important to In mostcases,moving into as- Home health aide† mation about their operations,Mr. evaluate the financial health of sistedliving, says Letha McDowell, 52,624 Husi says.APlacefor Mom, ase- any type of senior housing for two president-elect of the National 54,912 nior-living referral service, has a Some states make reasons. First, as you note, the AcademyofElder LawAttorneys, good tool thatprovides linksto assisted-living costs can be considerable, espe- is “likemoving into an apartment.” Nursing home—semiprivateroom‡ eachstate’s assisted-living records cially if a large entrance fee is in- Youmakeadeposit and then pay 90,155 and reports,including regulation communities volved. A community that falls on month to month, usually with no 93,075 standards,aswell as inspection disclose hard times could put your invest- long-term contract.The point: summaries and violation histories Nursing home—privateroom‡ information about ment in that community at risk. Thereisnolarge,initial investment forindividual facilities.(Go to 102,200 Second, and equally important, on the resident’spart,Ms. McDow- aplaceformom.com and click on: their operations. 105,850 a development with financial ell says.Assuch, thereislittle to Caregiver Resources.) problems could cut staff or ser- lose—atleastfinancially,ifnot If all else fails,“use your five *Includes assistancewith hands-off taskssuch as vices and, as such, reduce the emotionally—if afacilityshould fail. cooking, cleaning and running errands. Based on 44 senses,” Mr.Husi says.“Look around Inside Story.” He says, “I’ve known quality of residents’ care. In the By contrast,consider acontinu- hours aweek for52weeks. the community. Does it have curb many people who file in both the worst case, a facility could close ing-careretirementcommunity, †Includes hands-on personal assistancewith activities appeal? Is the building well main- U.S. and England, or who have such as bathing, dressing and eating. Based on 44 its doors and transfer residents to which enables residents, if the need hours aweek for52weeks. tained? Is it clean?Whatdoes the similar dual eligibility from Canada, other housing or leave them to arises,tomove from independent ‡Based on 365daysofcare. landscaping look like? What’sthe Germany or other countries.” search for a new home. In either living to assistedliving to nursing Source:Genworth Financial ‘CostofCareSurvey’ demeanor of the staff?Are they That’sthe good news.The prob- lem: Your benefit in the U.S. likely will be subject to the Windfall Elimination Provision.Under these rules,aperson’s Social Security payout canbereduced if he or she also receives moneyfromagov- ernmentpension thatistiedto work outside the Social Security system. Forinstance, someteach- ersinsome states don’t paySocial Securitytaxes;rather,theypay into astate-operated pension program. Those teacherswould receiveSo- cial Securitybenefits only if they also had worked at jobs in which theypaid into Social Security. That said, all is not lost. De- pending on your age, you could begin collecting your U.K. benefits today and, as you indicate, file for Social Security here at age 70. This wouldn’t be “switching” bene- fits; you simply would receive two benefits simultaneously. You won’t receive the full amount of Social Security you would have been en- titled to were you not collecting from the British system as well. But delaying Social Security until 70 will, of course, result in the largest possible monthly benefit, Mr. Landis says, one that could help offset the reduction tied to the Windfall Elimination Provision.

Mr. Ruffenach is a former reporter and editor for The Wall Street Journal. Ask Encore looks at financial issues for those thinking about, planning and living their retirement. Send questions and comments to [email protected].

Convertible-Debt Funds: Are They Good Investments?

After examining the of the world. Over the past 15 a year (9.52% v. 8.81%), yet has returns for the past 15 years, the average European-fo- exhibited much higher risk over AHybrid's Worth years, here’s our answer cused convertible-debt fund has the same period (14.21% volatility U.S-focusedconvertible bonds have delivered comparable 15-year returns averaged 4.40% return per annum, for the S&P 500 and 10.81% for to U.S. stocks, with lessvolatility. the average globally focused fund the average convertible-bond BY DEREK HORSTMEYER 4.93% and the average Asian-fo- fund). 18% cused fund 5.39%. The average To show how convertible debt Should individual investors con- U.S.-focused fund, meanwhile, de- softens the blow on the down- 16 5-year annualized return* sider convertible debt? Based on livered 8.81% per annum over the side when markets crash, nothing 10-year annualized return* my analysis, the answer appears to same period. paints a clearer picture than the 14 15-year annualized return* be “yes,” at least on a risk-adjusted dot-com crash of 2000 to 2002. Volatility basis. While the S&P 500 lost 39% 12 Convertible bonds—a debt/equity When stocks fall, from the beginning of 2000 to hybrid that does well when markets these debt/equity the end of 2002 as tech stocks go up and preserves some of its plummeted, convertible-debt 10 value when markets fall—are acces- hybrids are funds in the U.S. lost an average sible for most investors through designed to hold of just 10% over the same period. 8 mutual funds and exchange-traded their own. All in all, the historical data funds. In conjunction with Daniel highlight that convertible-debt 6 Arguedas-Cornejo and Emily Bau- funds capture much of the up- com (research assistants at George Next, when comparing the aver- side when equity markets are go- 4 Mason University), I examined the age U.S.-focused convertible-debt ing up but fall considerably less returns of all dollar-denominated fund with U.S. large-cap stocks when markets crash—serving as convertible debt ETFs and mutual (S&P 500), we see that convert- a potentially good addition to an 2

OW funds over the past 15 years. ible bonds have delivered returns investor’s portfolio. BL Dividing the convertible-bond comparable to those of stocks 0 UL

PA funds by their areas of focus (U.S., while exhibiting lower volatility Dr. Horstmeyer is an associate Global Europe Asia U.S. S&P500 BY Asia, Europe or global) the first sa- and crash risk. Over the past 15 professor of finance at George stocks

ION lient finding is that funds investing years, the S&P 500 has beaten Mason University’s Business Convertible-debtfunds AT

TR in convertible debt in the U.S. have the average U.S. convertible-debt School in Fairfax, Va. He can be

US *In U.S. dollars far outperformed those in the rest fund by just 0.71 percentage point reached at [email protected]. ILL Source:Derek Horstmeyer, George Mason University P2JW130000-0-R00400-2------XA

R4 | Monday, May 10, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

ples.Ifyou arethe primaryearner in the rity benefits. Social Security: family,you generally should claim benefits 4. If you’re married for less than 10 years, early only if both youand your spouse are Not filing you usually aren’t entitled to a spousal ben- SixMistakes in very bad health. If youdie early but your efit if you divorce. That can be a lot of spouse is healthy, he or she likely will be for widow’s or money. Even if you never worked, you’re en- ContinuedfrompageR1 living offyour Social Securitycheck,soyou titled to 50% of your spouse’s benefit at full your benefits for the rest of his or her life. want it to be as big as possible. widower’s retirement age and the survivor benefit, With all that in mind, here are six big which is 100%, if you outlive him or her. mistakes Americans make when it comes to benefits After divorcing, there is another potential getting the most from Social Security: Social Security minefield: remarriage. In 3. Suppose you and your spouse both work, most cases, you will lose spousal benefits Not working and you are widowed young. You can file for from your earlier marriage but will be enti- survivor benefits at age 60—two years ear- tled to spousal benefits from your new 1. because of the lier than the minimum eligibility age for spouse. Worrying standard Social Security—and allow your “You should be aware that it could be earnings limit own benefits to grow until you reach age 70. smaller if your new spouse’s earning record about dying At that point, you would switch from the is lower,” says Mr. Piper. If youclaim Social SecuritybeforeJan. 1of survivor’s benefit to your benefits, assuming If your ex-spouse is deceased and you too young the year youreachfull retirementage,and your benefits are larger. were married at least 10 years, you may still earn morethan $18,960, the government If they are smaller, you can do the re- be eligible for survivor benefits even after Manyclients file forSocial Securitybene- will reduceyour benefit by $1 forevery $2 verse. You file for your own benefits at the you remarry if you are at least 60 years old fits earlier than necessarybecause they of earningsinexcessofthatamount. Peo- minimum age of 62, and let the survivor’s when remarrying. fret about notliving long enough to get all ple turn down work because of thatrule. benefit grow until it peaks. At that point, their moneyback from the government program. Theyhave it all backward,according to BostonUniversityeconomistLaurenceKot- 6. likoff, who heads afirm thatsells Maxi- Hitting tax mizeMySocial Securitysoftware, which helps people determine when to start col- torpedoes lecting their benefit. Social Securityislongevityinsurance, he Social Security benefits may be subject to says.Thatis, it offers protection against federal income tax, depending on a person’s running out of moneyasweage.People total income. For some middle-income retir- don’t do break-evencalculations when they ees, this can lead to surprisingly high mar- buy home insurance, because theyare pro- ginal tax rates as each additional dollar of tecting themselvesagainstacatastrophic income causes more Social Security income eventlikeafire. Theyshouldn’t do them to be taxed. with Social Securityeither,hesays. Take the case of a single retiree with “We can’t determine when we’re going to $32,400 of Social Security income and a die,” he says, “We have to focus first and $1,149,594 tax-deferred account. At age 72, foremost on the worst case, as if we’re go- she must take a required minimum distribu- ing to live forever. Living a long time is a fi- tion, or RMD—the annual payout that savers nancial disaster. It may be good personally.” must take from their retirement accounts at Thatmessage is getting through to a certain point, as required by law—of moreAmericans.The percentage taking $44,906 under the current Internal Revenue Social Securityassoon as theyare eligi- Service table, calculates Mr. Reichenstein. ble—atage 62—has roughly halved in the She is in the 22% tax bracket. But the last past15years, to about 25%in2019. Even $9,552 is taxed at a 40.7% rate because so,only about 6% of Americans claiming each dollar caused an extra 85 cents of So- Social Securityin2017wereage 70,ac- cial Security income to be taxed, he says. cording to the Center forRetirementRe- A Social Security Administration office in Higher-income families face a different search. One mistake that some Flushing, N.Y., in October. Because of Covid, problem. The combination of Social Security all local SSA offices suspended face-to-face and RMDs from tax-deferred accounts fre- retirees make is deciding service to the public on March 17, 2020. quently leads to higher Medicare premiums. to collect Social Security The solution for both problems is to get 2. money out of tax-deferred accounts early in Waiting toolong to avoid drawing down you can switch to the bigger benefit in most retirement before you begin drawing Social cases. Security and taking required distributions to claim their 401(k) or IRA. Many widows or widowers fail to use this from your tax-deferred accounts. strategy, says St. Louis certified public ac- The conventional wisdom is that Ameri- While mostpeople should wait longer to countant Mike Piper, who operates the cans should hold off tapping 401(k) ac- claim their benefit,asignificantminorityof Theyshouldn’t.Inmostcases,theywill opensocialsecurity.com benefits calculator. counts and individual retirement accounts as Americans should claim early.Ifyou have get back the moneytheylostbecause the “You can miss up to 10 years of benefits if long as possible to get the maximum tax- disabledchild who is entitledtoSocial Se- governmentwill adjusttheir benefit up- you don’t know about it,” he says. deferred growth. Many retirees opt to col- curitybenefits through you, forexample, ward oncetheyreachfull retirementage, It is the same “restricted application” lect Social Security to avoid drawing down he or she can’treceivethem until you as if theyhad waited to start collecting it. strategy that married couples widely used their tax-deferred account, says Dr. Kotlikoff. claim benefits yourself. It is the equivalentofado-overfor those until Congress cracked down a few years He calls this amistake. Dr.Kotlikoffnotes “Atthatpoint, youprobably want to who started Social Securitytoo early. ago. That strategy is now limited to spouses thatmanyretirees areinalow tax bracket draw early,” says Bill Reichenstein, aretired “It does precisely whatyou want,which who were born before Jan. 2, 1954, but there beforetheystart collecting Social Security Baylor Universityprofessor who is the is to takemoneythatyou don’t need now, is no such limit when it comes to widows and taking RMDs from their tax-deferred ac- head of research forSocial SecuritySolu- and giveittoyou laterwhen youdoneed and widowers. count. Thatmakes it an ideal time to spend S tions,which provides education and tools it,” says Dr.Munnell of the Center forRe- down tax-deferred accounts, Dr.Kotlikoffsays PRES to help people determine the besttime to tirementResearch. “If you’re in a low tax bracket, it’s exactly UMA

start collecting Social Security. So if youlostyour job because of the when you want to take the money out,” he /Z

If youare single,inpoor health and pandemic-relatedlockdowns and had to 5. says. TO don’t think you’ll makeittoage 77,italso start drawing Social Securitytostay Getting divorced makes sensetoclaim as early as 62,ac- afloat, fret not. Youcan go back to work Mr. Templin is a former reporter and editor

cording to an analysis from Dr.Reichen- and exceed the earnings cap, even as you for The Wall Street Journal who lives in CION/NURPHO

stein. continue to bulk up your Social Security Breaking up may be the right thing to do, New Jersey. He can be reached at NA The calculation changes formarriedcou- benefits down the road. but it can wreak havoc on your Social Secu- [email protected]. JOHN

Mutual-Fund Yardsticks: How Fund Categories Stack Up How the Largest Funds Fared Performance numbers are total returns (changes in net asset values with reinvested distributions) as of Includes mutual funds and ETFs for periods ended April 30. All data are final. April 30; assets are as of March 31. All data are final. Performance (%) Performance (%) Investment objective April YTD 1-yr 5-yr* Investment objective April YTD 1-yr 5-yr* Stock Mutual Funds and ETFs

Diversified stock & stock/bond funds World stock funds Total Return (%) Large-Cap Core 5.1 11.9 44.8 16.1 Global 4.2 9.3 48.4 13.6 Assets Annualized Fund Ticker ($ billions) April 1-year 3-year 5-year 10-year Large-Cap Growth 6.7 8.1 50.0 21.7 International (ex-U.S.) 3.2 6.7 44.9 9.8 Large-Cap Value 3.9 15.6 46.8 12.5 European Region 4.9 9.7 49.9 9.4 Vanguard TSM Idx;Adm VTSAX 1154.12 5.1 51.1 19.0 17.7 14.0 Midcap Core 4.9 16.4 58.6 12.9 Emerging Markets 2.3 5.4 52.9 12.2 Vanguard 500 Idx;Adm VFIAX 690.54 5.3 46.0 18.6 17.4 14.1 Midcap Growth 5.3 7.0 61.5 20.8 Latin American 3.1 –2.9 44.3 5.4 Vanguard Tot I S;Inv VGTSX 379.07 2.8 45.2 7.1 10.0 4.9 Midcap Value 4.8 21.1 65.8 11.0 Pacific Region 1.8 3.2 47.4 14.3 SPDR S&P 500 ETF SPY 345.00 5.3 45.8 18.6 17.3 14.1 Small-Cap Core 3.4 19.8 72.2 13.5 Gold Oriented 6.9 –4.9 19.2 6.6 Fidelity 500 Index Fund FXAIX 308.43 5.3 46.0 18.7 17.4 N.A. Small-Cap Growth 4.2 10.5 73.7 20.7 Global Equity Income 2.9 9.8 34.6 8.6 Vanguard Instl Indx;InsP VIIIX 270.24 5.3 46.0 18.7 17.4 14.2 Small-Cap Value 2.9 25.6 83.1 12.1 International Equity Income 2.8 7.8 36.2 7.1 iShares:Core S&P 500 IVV 261.58 5.3 45.9 18.6 17.4 14.1 Multicap Core 4.8 12.0 48.7 15.3 Taxable-bond funds American Funds Gro;A AGTHX 259.52 5.5 53.5 21.1 20.7 15.3 Multicap Growth 5.8 7.1 57.8 21.5 Short-Term 0.2 0.1 3.9 2.3 American Funds Bal;A ABALX 191.96 3.0 24.3 11.5 10.8 9.9 Multicap Value 4.1 17.2 52.1 12.1 Long-Term 1.1 –3.0 5.1 4.6 American Funds EuPc;R6 RERGX 190.50 3.6 52.8 11.4 13.4 7.6 Equity Income 3.9 13.6 42.2 11.8 Intermediate Bond 0.8 –2.1 3.0 3.5 Invesco QQQ Trust 1 QQQ 153.76 5.9 54.9 29.0 27.2 20.3 S&P 500 Funds 5.3 11.7 45.4 16.9 Intermediate U.S. 1.1 0.1 6.0 3.3 Vanguard Gro Idx;ETF VUG 147.31 7.0 53.2 25.8 22.4 16.7 Specialty Divers. Equity 4.5 7.9 44.4 19.5 Short-Term U.S. 0.1 –0.3 0.4 1.5 American Funds Wash;A AWSHX 146.75 3.9 38.6 14.1 14.4 12.5 Balanced 3.1 6.3 28.3 9.7 Long-Term U.S. 1.1 –4.5 –5.1 2.4 Vanguard Dev Mkt;ETF VEA 146.66 3.1 44.7 7.2 9.8 5.7 Stock/Bond Blend 3.1 6.5 31.7 10.0 General U.S. Taxable 1.0 –1.0 7.1 4.9 Vanguard Md-Cp I;Adm VIMAX 142.48 4.8 56.3 16.5 15.6 12.5 Avg. U.S. Stock Fund† 4.7 13.5 58.5 16.2 High-Yield Taxable 1.1 2.2 19.4 6.5 American Funds NPer;A ANWPX 132.79 5.1 56.9 19.5 18.5 12.6 Sector stock funds Mortgage 0.4 –0.03 2.9 2.5 Fidelity Contrafund FCNTX 131.82 7.0 47.0 21.1 20.7 15.6 Science & Technology 3.8 8.0 66.7 28.0 World Bond 1.3 –1.5 13.3 3.9 Vanguard S-C Id;Adm VSMAX 129.39 4.0 70.4 16.4 16.1 12.3 Telecommunication 4.5 10.2 46.1 12.1 Avg. Taxable-Bond Fund** 0.8 –0.2 8.3 3.7 American Funds FInv;A ANCFX 121.62 4.3 44.2 15.1 15.6 12.6 Health/Biotechnology 3.8 3.8 34.5 15.5 Municipal-bond funds American Funds Inc;A AMECX 121.49 2.7 28.0 9.5 9.3 8.3 Utility 3.7 7.5 22.6 9.6 Short-Term Muni 0.1 –0.3 0.4 1.4 Natural Resources 0.5 25.8 51.1 –6.2 Intermediate Muni 0.8 0.4 7.2 2.5 Bond Mutual Funds and ETFs Sector 6.0 17.0 46.9 9.6 General & Insured Muni 1.0 0.9 10.0 3.4 Total Return (%) Real Estate 7.5 15.8 36.1 7.9 Assets Annualized High-Yield Muni 1.3 2.6 16.1 4.5 Fund Ticker ($ billions) April 1-year 3-year 5-year 10-year Vanguard Tot Bd;Adm VBTLX 299.01 1.0 –0.2 5.3 3.2 3.4 Stock & Bond Benchmark Indexes All total return unless noted Vanguard Tot Bd II;Inv VTBIX 234.43 0.9 –0.3 5.0 3.0 3.2 Perfomance (%) Performance (%) Vanguard Tot Itl BI;Adm VTABX 134.95 –0.2 0.2 4.0 3.3 N.A. Investment objective April YTD 1-yr 5-yr* Investment objective April YTD 1-yr 5-yr* PIMCO:Income;Inst PIMIX 134.63 1.1 13.1 5.4 5.9 6.9 Large-cap stocks Stock indexes MetWest:Total Rtn;I MWTIX 86.78 0.8 2.0 6.0 3.8 4.2 iShares:Core US Agg Bd AGG 84.37 0.8 –0.3 5.1 3.1 3.3 DJIA 2.8 11.3 42.1 16.5 DJ U.S. TSM Growth 7.0 8.8 55.3 22.2 Vanguard Int-Tm TxEx;Adm VWIUX S&P 500 5.3 11.8 46.0 17.4 DJ U.S. TSM Value 3.6 14.7 43.8 12.3 83.62 0.7 7.4 5.1 3.2 4.0 Vanguard Sh-Tm Inv;Adm VFSUX 75.42 0.5 4.4 4.3 2.9 2.6 Midcap stocks Taxable bonds American Funds Bond;A ABNDX 72.56 0.8 2.1 6.1 3.7 3.6 S&P MidCap 400 4.5 18.6 67.9 15.1 Barclays Agg. Bond 0.8 –2.6 –0.3 3.2 Dodge & Cox Income DODIX 68.19 1.0 5.4 6.1 4.6 4.2 Small-cap stocks Municipal bonds PIMCO:Tot Rtn;Inst PTTRX 67.38 1.0 2.4 5.5 4.0 3.7 Russell 2000 2.1 15.1 74.9 16.5 Barclays Muni. Bond 0.8 0.5 7.7 3.5 Vanguard Sh-Tm B;ETF BSV 64.58 0.3 1.2 3.8 2.3 2.0 Broad stock market International stocks PGIM Tot Rtn Bond;Z PDBZX 59.80 1.1 4.4 5.6 4.3 4.5 DJ U.S. Total Stock Market 5.1 11.9 51.0 17.6 MSCI EAFE†† (price return) 2.7 5.6 36.8 6.0 Lord Abbett Sh Dur;F LDLFX 57.91 0.5 7.1 3.6 3.0 2.9 Russell 3000 5.2 11.8 50.9 17.7 Dow Jones World (ex. U.S.) 3.1 6.7 44.6 10.1 Fidelity US Bond Index FXNAX 56.44 0.8 –0.5 5.2 3.1 N.A. *Annualized †Diversified funds only **Excludes money-market funds ††Europe, Australia, Far East Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown. N.A.: Not applicable; fund is too new or data not available Source: Refinitiv Lipper P2JW130000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, May 10, 2021 | R5 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

A Virgin Galactic ManyCompanies glide flight Don’tBother to a bit of a combo plat- Disclose Their ter in that it offers Borrowing as exposure to compa- nies that will respond Required to many of the man- dates of the Space

BY DAISY MAXEY Force. It has a mix of investments in aero- How much money has a publicly space and defense, cy- traded company borrowed? Good bersecurity, and drone luck finding out. development. Many U.S. businesses fail to ROKT,meanwhile, promptly disclose their borrowing isn’t apurespaceplay. as mandated by the Securities and The fund investsin Exchange Commission, making it companies thatex- harder for shareholders to scruti- plore“deep spaceand nize a business’s leverage. the deep sea,” accord- A study conducted by researchers ing to its fact sheet. at the Anderson School of Manage- The investment mentatthe UniversityofCalifornia, weighting is 66%aero- LosAngeles, found thatpublicly spaceand defense (or tradedU.S.companies failedto space), and 34%re- promptly disclose18% of loans be- search, industrial ma- tween2005 and 2017 in aForm 8-K terials and other com- with the SECasrequired.Form 8-K return of the Dow Jones ponents usedinspaceand deep- is usedtoreport material develop- U.S. Select Aerospace & seaexploration—companies such ments in companies’finances be- The ETF Space Fills Defense Index; but it can as Hexcel Corp., which makes high- tweenquarterly or annual reports. also triple the losses if the performancecompositematerials “This is pretty clear evidence market goes the other way. and other components usedin that companies selectively comply Up With Space ETFs You’ll also have to pay up: both types of exploration. The fund with regulations to disclose” loans, With an expense ratio of has an expense ratio of 0.45%. says Judson Caskey, an associate 0.99%, DFEN is more ex- Procure Space ETF (UFO) from professor of accounting at Ander- As the options expand, Aerospaceand defense compa- pensive than an unleveraged ETF. ProcureAM offers the most direct son, who co-wrote the study. nies were building the rockets, exposure to space innovators. The researchers examined data investors can choose and manyofthem still are. UFO invests only in companies from 13,628 loan agreements for from many approaches Funds with large positions in The innovators that derive a majority of their rev- 2,766 companies from the DealScan companies like Boeing, Lockheed The space industry is still small. enue from space. You’ll get access database between 2005 and 2017. BY BAILEY MCCANN Martin or Northrop Grumman But a number of high-profile pri- to Virgin Galactic in UFO, but also Among the 18% of loans that tend to have lowervolatilityand vate and listed companies have Dish, Sirius XM and Weath- weren’t disclosed, 75% eventually hematic ETFs, ex- turnoverthan funds focusedon emerged—including Mr. Musk’s ernews—companies with signifi- were reported, in a quarterly 10-Q change-traded the newer, high-growth companies SpaceX, Jeff Bezos’ Blue Origin, cant investments in satellites for or annual 10-K. But even so, that funds that focus on thatcompeteinspace. Aerospace and Virgin Galactic, founded by consumer use. UFO is a bit pricier not only delays disclosure, says Dr. specific investment and defense ETFscome in both Richard Branson. with an expense ratio of 0.75%. Caskey, it also reduces scrutiny of themes, are boom- actively managedand passive, or Evencompanies like Dish Net- Finally,the newest entrant: the loan terms. Worse yet, 25% of ing And one of the index, varieties. On the passive work have asignificantinvest- ARK Invest’s ARK SpaceExplora- the loans that weren’t disclosed in T most-talked-about side, iShares U.S. Aerospace& mentinspacethrough their use tion &Innovation ETF (ARKX). 8-Ks—or 4.5% of all the deals stud- themes lately is Defense ETF (ITA) and SPDR of low-orbit satellites to enhance Because it has abroader man- ied—were never disclosed. space. There is no shortage of S&PAerospace&Defense ETF television and internet service. date,you’ll get access to Virgin Evidence suggests that nondis- ways to invest in the final frontier. (XAR) offerbroad exposuretothe Two SPDR funds will give you Galactic but also companies like S closure is often a tactical decision, old guardofcompanies and low passive or index-fund access to Deere &Co. thatwill benefit from

PRES the researchers say. Companies turnover. ITAhas an expense ratio the innovators—SPDR S&P Ken- improvements in GPS and other

TED more often skip required disclosure The classics of 0.44%and XAR0.35%. sho Future Security ETF (FITE) satellitetechnologies.ARKXisac- CIA for loans with unfavorable terms. Historically, the way to invest in On the active side, the lever- and SPDR S&P Kensho Final tively managedand the expense SO

AS The SEC declined to comment. space has been in aerospace and aged fund Direxion Daily Aero- Frontiers ETF (ROKT). ratio is the same as UFOat0.75%.

CTIC/ defense ETFs. space&DefenseBull 3X FITE has an expense ratio of Ms. Maxey is a writer in Union City, Before Elon Musk wasshooting Shares (DFEN) is designed for 0.45% and invests in companies Ms. McCann is a writer in New GALA N.J. She can be reached at cars into orbit,spaceexploration short-term investing. This fund’s focused on new areas of national York. She can be reached at GIN

VIR [email protected]. wasapurely governmental affair. goal is to provide triple the daily security, including space. FITE is [email protected].

Category Kings in 10 Realms Leaders and Laggards Top-performing funds in each category, ranked by year-to-date total returns (changes in net asset values Performance numbers are total returns (changes in net asset values with reinvested distributions) as of with reinvested distributions) as of April 30; assets are as of March 31. All data are final. April 30; assets are as of March 31. All data are final. Large-Cap Core Small-Cap Value Best-Performing Stock Funds Total Return (%) Assets Total return (%) Assets Total return (%) Assets Annualized ($ millions) Apr YTD 1-yr 5-yr* ($ millions) Apr YTD 1-yr 5-yr* Fund Ticker ($ millions) April YTD 1-year 3-year 5-year Pacer Lunt LC Alt 62.2 4.8 28.1 N.A. N.A. Invesco S&P SC 600 Rev 480.8 1.6 42.8 137.0 17.0 ETF Mgr:Brkwv DB Shppng BDRY 45.4 44.4 206.0 361.3 3.0 N.A. Pacer Lunt LC MF Alt 34.2 4.4 25.8 N.A. N.A. Bridgeway:Sm Cp Val 166.6 1.1 42.5 119.5 16.2 Direxion:Retail Bull 3X RETL 101.7 12.4 140.8 1023.5 48.7 25.5 Selected American Shs;D 2,054.8 6.6 22.1 62.5 16.6 Invesco S&P SmallCap VM 228.4 1.5 41.3 116.7 17.9 MS US BO Idx 3X Lvrgd NRGU 467.3 –1.6 114.5 48.7 N.A. N.A. Davis Sel US Equity ETF 356.7 8.0 21.0 59.9 N.A. Ancora MicroCap;I 14.6 1.0 35.5 93.1 10.4 Direxion:Reg Bnk Bull 3X DPST 471.1 7.9 108.2 237.8 –30.8 –2.9 Davis NY Venture;A 8,971.9 6.6 20.8 61.7 16.2 Fuller&Thaler BMCE;Inst 12.6 3.3 34.1 136.7 N.A. Direxion:Hbldrs&Sup Bl3X NAIL 380.8 24.1 106.8 456.3 18.0 31.5 Clipper Fund 1,192.2 7.9 20.6 56.3 15.1 Invesco S&P SC600 PV 357.4 0.7 33.9 107.6 9.2 MS US BB Idx 3X Lvrgd BNKU 86.9 16.7 99.4 270.1 N.A. N.A. Summitry Equity 70.2 6.7 17.7 58.5 14.8 Rydex:S&P SC 600 P Val;H 39.8 0.6 32.9 102.1 6.9 Direxion:S&P 500 HB Bl3X HIBL 101.7 14.1 96.5 502.2 N.A. N.A. Category Average: 1,750.5 5.1 11.9 44.8 16.1 Category Average: 512.2 2.9 25.6 83.1 12.1 iPath ETN S&P GSCI CTR A 44.9 15.4 85.3 N.A. –31.8 –16.0 Fund Count 690 688 678 642 518 Fund Count 239 240 239 233 198 Direxion:Transport Bl 3X TPOR 81.1 14.8 78.2 418.3 14.6 N.A. Direxion:Finl Bull 3X FAS 2,811.6 19.4 78.1 271.0 20.6 33.1 Large-Cap Value Small-Cap Growth Direxion:EnergyBull 2X ERX 618.2 0.6 66.1 54.2 –58.6 –38.9 Assets Total return (%) Assets Total return (%) ProShares:Ult Oil & Gas DIG 173.3 0.9 65.5 57.5 –31.6 –18.1 ($ millions) Apr YTD 1-yr 5-yr* ($ millions) Apr YTD 1-yr 5-yr* ProShs II:Ult Blm CrO UCO 1,088.5 14.1 64.8 308.3 –57.3 –36.7 BrndywnGLB Dyn US LCV;IS 235.7 3.8 21.7 57.6 15.1 Kinetics:Paradigm;NL 967.8 –1.0 52.9 93.7 24.1 Best-Performing Bond Funds Invesco Comstock Slct;A 649.1 3.2 21.1 60.7 12.1 Hodges Small Cap;Retail 237.0 4.1 34.4 114.6 14.4 Total Return (%) Invesco Comstock;A 9,590.5 3.1 20.4 57.0 12.5 Oberweis:Micro-Cap;Inv 97.9 4.1 31.4 121.8 23.8 Assets Annualized Fund Ticker ($ millions) April YTD 1-year 3-year 5-year EIC Value Fund;Inst 166.6 3.9 20.3 48.9 12.1 Morg Stan I:Inc;I 1,856.5 5.8 30.7 212.5 42.1 LSV Consv Val Eqty;Inst 120.3 3.4 20.3 49.7 11.4 Hodges;Rtl 210.8 4.2 26.3 136.0 13.2 ProShares:UPSh 20+ Trs TTT 80.0 –7.6 41.0 49.8 –27.5 –17.8 BrndywnGLB Dvs US LCV;IS 597.3 4.2 20.0 46.3 12.9 AdvisorShs Dorsey W M-C 8.0 4.0 22.6 91.7 N.A. Direxion:20+Y Trs Br 3X TMV 239.2 –7.8 40.0 48.8 –28.0 –18.5 QRAFT AI-Enhanced US NV 3.8 2.8 19.5 N.A. N.A. Friess Small Cap Gr;Inst 46.1 1.0 22.6 86.9 N.A. ProShares:UlS 20+ Yr Trs TBT 1,267.2 –5.1 26.2 33.0 –17.2 –10.5 iPath ETN Trs 5Yr Bear DFVS 2.6 –5.86 25.6 17.5 –23.0 –8.9 Category Average: 1,403.7 3.9 15.6 46.8 12.5 Category Average: 767.5 4.2 10.5 73.7 20.7 ProFunds:Rs Rt Opp;Inv RRPIX 17.0 –3.7 17.5 24.4 –11.9 –7.1 Fund Count 353 354 350 343 306 Fund Count 679 679 679 675 545 Direxion:M25TBr1.35X;I DXSTX 1.2 –3.5 17.3 23.8 –11.5 –7.2 UBS AG Enh Eur Gl HY ETN FIHD 22.8 4.3 17.1 61.0 10.0 12.9 Large-Cap Growth Multicap Core Rydex:Inv Gv LB Str;Inv RYJUX 46.3 –2.9 14.5 20.4 –8.6 –4.7 Assets Total return (%) Assets Total return (%) Direxion:7-10Y Trs Br 3X TYO 14.2 –3.3 14.2 14.2 –15.4 –8.2 ($ millions) Apr YTD 1-yr 5-yr* ($ millions) Apr YTD 1-yr 5-yr* ETFis:Virtus InfCp US PS PFFA 344.8 1.4 13.5 54.9 N.A. N.A. Weitz:Value;Inv 927.8 6.9 14.8 48.9 15.3 TANAKA:Growth Fund;R 24.0 –3.5 35.6 125.8 15.3 ProShares:Sht 20+ Treas TBF 505.3 –2.6 12.5 15.8 –7.8 –4.4 Fidelity Adv Dvs Stk;O 2,731.6 5.9 13.7 52.0 19.0 Changebridge Sus Eqty 8.3 4.1 25.4 N.A. N.A. iShares:Intl Pref Stk IPFF 62.1 3.8 11.7 47.0 2.7 4.6 RvrPrk:Wedgewood;Inst 39.0 7.8 13.1 53.8 19.1 Hennessy:Crnst LG;Inv 153.2 2.8 22.8 60.5 14.6 ProShs II:UlS Yen YCS 34.9 –2.7 11.6 2.4 2.1 2.2 Fidelity US Multifactor 8.0 5.3 12.2 N.A. N.A. RBB:Free Mkt US Eq;Inst 3,474.6 3.0 21.4 66.4 13.2 JPMorgan:US GARP Eq;R6 1,282.9 6.6 12.2 49.2 20.8 Miller Opportunity;I 2,691.4 3.7 20.9 122.0 24.1 Worst-Performing Stock Funds Total Return (%) Fidelity Stocks for Inf 10.9 4.8 12.1 34.4 N.A. Invesco Bybck Ach 1,673.9 4.2 19.7 63.5 15.5 Assets Annualized Baron Durable Adv;Inst 21.7 8.6 11.9 41.1 N.A. Chr Weil & Co Core Inv 71.3 2.6 19.5 69.8 18.9 Fund Ticker ($ millions) April YTD 1-year 3-year 5-year Category Average: 2,688.1 6.7 8.1 50.0 21.7 Category Average: 2,862.0 4.8 12.0 48.7 15.3 MS US BO Idx -3X Inv Lev NRGD 19.3 –6.5 –70.6 –93.9 N.A. N.A. VelShs Dly 2x VIX ST ETN 47.8 –23.5 –69.6 –96.0 –77.7 –84.7 Fund Count 674 673 673 651 556 Fund Count 682 681 673 644 509 MS US BB Idx -3X Inv Lev BNKD 8.5 –17.8 –60.8 –92.6 N.A. N.A. Midcap Core Multicap Growth Direxion:S&P 500 HB Br3X HIBS 19.9 –15.0 –59.7 –96.0 N.A. N.A. Direxion:S&P OG EP Br 2X DRIP 59.5 –2.4 –57.6 –83.8 –31.0 –39.9 Assets Total return (%) Assets Total return (%) ProShs II:UltVIX STF ETF UVXY 1,284.4 –17.8 –56.6 –89.2 –60.5 –77.7 ($ millions) Apr YTD 1-yr 5-yr* ($ millions) Apr YTD 1-yr 5-yr* Direxion:Finl Bear 3X FAZ 137.6 –17.9 –50.7 –85.0 –59.9 –54.8 Thompson MidCap 61.9 3.8 25.5 92.2 14.5 Midas Magic 18.8 6.2 23.5 71.2 16.9 Direxion:EnergyBear 2X ERY 26.8 –3.2 –48.4 –70.0 –21.7 –26.2 Victory:Estab Val;R6 14,550.9 5.7 23.1 66.5 15.5 Hennessy:Focus;Inv 1,103.8 5.0 19.1 57.3 13.7 ProShares:UlS OIl Gas DUG 16.6 –3.4 –48.0 –69.7 –23.2 –21.5 Tarkio 161.7 1.5 22.8 92.1 19.8 Invesco S&P 500 GARP 359.6 4.8 18.6 67.9 22.3 ProShs II:UlS Blm CrO SCO 91.7 –14.9 –47.2 –86.8 –29.6 –33.2 Monteagle Texas;I 13.8 2.2 22.7 72.3 11.3 Emerald Insights Fd;A 20.7 6.0 17.5 82.2 23.7 Direxion:Semicnd Bear 3X SOXS 61.2 –2.7 –47.0 –91.5 –82.1 –78.8 Fuller&Thaler BMCV;R6 77.4 5.8 22.4 68.5 N.A. Cabot Growth ETF 40.4 –3.6 15.5 N.A. N.A. ProShares:UltPSh MdCp400 SMDD 5.1 –13.3 –45.2 –85.2 –56.0 –49.9 BMO:Md Cap Value;A 47.5 5.6 22.3 67.4 10.6 Frst Tr:Lunt US Fctr Rot 205.6 3.2 15.5 68.6 N.A. ProShares:UltPSh Rus2000 SRTY 98.5 –7.6 –42.8 –88.3 –59.2 –54.6 Private Cap Mgmt Val;I 32.1 4.8 22.1 101.7 13.8 Morg Stan I:US Core;I 42.9 7.4 15.0 60.9 N.A. Category Average: 1,638.7 4.9 16.4 58.6 12.9 Category Average: 835.3 5.8 7.1 57.8 21.5 Worst-Performing Bond Funds Total Return (%) Fund Count 325 326 322 316 240 Fund Count 513 512 508 496 399 Assets Annualized Fund Ticker ($ millions) April YTD 1-year 3-year 5-year Midcap Value Small-Cap Core Direxion:20+Y Trs Bl 3X TMF 178.7 7.2 -33.3 -44.4 10.6 1.5 ProShares:Ult 20+ Yr Tr UBT 24.0 4.8 -23.0 -31.5 10.1 3.4 Assets Total return (%) Assets Total return (%) ($ millions) Apr YTD 1-yr 5-yr* ($ millions) Apr YTD 1-yr 5-yr* Direxion:M25+TB1.35X;I DXLTX 7.2 3.2 -17.4 -24.5 6.8 2.1 Frst Tr VI:DW Mom&Value 20.1 5.6 31.3 76.8 N.A. Pacer US SC Csh Cws 100 224.8 2.3 34.0 102.7 N.A. ProFunds:US Gov Pl;Inv GVPIX 8.4 3.3 -17.0 -25.5 7.0 2.4 iShares:Focused Val Fctr 40.0 4.2 31.2 71.7 N.A. Jacob Discovery;Inv 102.6 –3.1 32.6 148.6 34.9 Rydex:Gv LB 1.2x Str;H RYHBX 172.4 3.2 -16.8 -23.7 7.1 2.5 Ballast Small/Mid Cap 15.1 4.0 30.9 N.A. N.A. Invesco SC Value;Y 1,452.3 6.9 31.7 117.8 15.2 iShares:25+ Trs STRIPS B GOVZ 24.8 3.5 -16.5 N.A. N.A. N.A. Hotchkis:Mid Cap Val;I 435.3 1.6 27.8 101.1 7.9 Hodges Sm Intr Val;Rtl 16.2 2.6 31.2 108.3 12.6 PIMCO ETF:25+ Yr US Tres ZROZ 286.8 3.4 -16.4 -22.8 9.5 4.8 Hennessy:Crnst MdCp;Inv 412.5 1.3 26.5 108.0 12.4 Amer Cent:SC Val;I 4,493.8 4.9 30.8 91.9 16.6 Vanguard Ext Dur T;ETF EDV 2,196.1 3.1 -15.5 -20.1 9.1 4.7 Monteagle Select Value;I 15.5 3.6 26.1 80.9 12.4 MassMutual S:SCoV;I 274.7 4.0 30.5 90.6 14.2 PIMCO:Extend Dur;Inst PEDIX 1,075.9 3.3 -15.1 -19.8 9.2 4.8 PGIM QMA Mid-Cap Val;A 257.9 4.4 25.9 78.8 7.9 Pac Fds:SmCp Val;P 116.9 3.6 29.9 89.9 13.4 Wasatch:Hois US Tr;Inv WHOSX 402.3 3.1 -14.4 -19.4 7.4 3.5 Direxion:7-10Y Trs Bl 3X TYD 14.8 2.9 -14.3 -17.3 13.0 3.8 Category Average: 690.1 4.8 21.1 65.8 11.0 Category Average: 721.4 3.4 19.8 72.2 13.5 iShares:20+ Trs Bd ETF TLT 14,241.5 2.4 -11.9 -16.1 7.3 3.7 Fund Count 178 178 178 173 145 Fund Count 879 880 876 864 708 Fidelity SAI LT TBI FBLTX 1,136.9 2.4 -11.7 -15.8 7.7 3.8

N.A.: Not applicable; fund is too new * Annualized Note: For funds with multiple share classes, only the largest is shown. Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown. N.A.: Not applicable; fund is too new or data not available Source: Refinitiv Lipper P2JW130000-0-R00600-27FFFF5178F

R6 | Monday, May 10, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

 The University of South fee of 1.057% for loans disbursed be- Carolina on Aug. 10, 2020. tween Oct. 1, 2020, and Sept. 30, 2021. There are yearly and cumula- tive limits for these loans. Association’s website to find addi- Parents also can get federal loans tional search engines. Don’t pay to to pay for a child’s college costs, mi- get scholarship information or to be nus any other financial assistance the considered for opportunities, as student receives. For Direct Plus there are plenty of free, easily ac- loans first disbursed between July 1, cessible resources available. 2020, and June 30, 2021, the interest rate is a fixed 5.30% for the life of the loan. There also is a loan fee of Get a job 4.228% for loans taken between Oct. Payfromasummer job mightnot 1, 2020, and Sept. 30, 2021. Parents makeabig dentinprivate-school can repay these loans under an in- tuition, butstudents canuse such come-driven repayment plan. If they earningsfor spending moneyorto are public-service workers, they help fund living expenses.Reducing might be eligible for loan forgiveness the need to borrow,evenbyalittle, after a certain period. These loans, is usually beneficial in the long term. however, cannot be transferred to the In manycases,students won’t student, and rates may be higher earnenough from asummer job to than nongovernment loans. affecttheir financial-aid eligibility. While the Biden administration is And even if astudent’searnings are considering student-loan forgiveness, significantenough to affectaid, they there is no guarantee it will happen. won’tbeconsidered on afinancial-aid Private loans • Saving forCollege Banks and lenders also offer private Families spent an loans for college. Marketplaces such average of $30,017 as Credible or CollegeFinance provide Ways to Help Payfor College on college for information on what rates and perks, if any, are available. Generally, these the 2019-20 loans are best for those with good When MoneyIsTight academic year. credit. Borrowers should read the fine print carefully before taking these loans, as most private loans don’t After the pandemic lockdowns disrupted that doesn’t need to be paid back. application foranother twoyears. carry the same types of borrower many people’s finances, it pays to If your family’s financial situation Some aid offers include the op- protections as federal loans. consider some of the options has deteriorated and doesn’t line up tion for a federal work-study job. Also, don’t count on having private with what you provided in your fi- Keep in mind that students have to loans discharged as part of the gov- nancial-aid application, contact your apply for work-study positions and ernment-led forgiveness program. school’s financial-aid office. Many balance the commitment, generally BY CHERYL WINOKUR MUNK more appeals are expected this year, a maximum of 20 hours a week, but and it’s possible you could be often less, with their academic life. Home-equity loan or Heloc he pandemic and relatedlockdowns have taken a awarded more aid than first offered. Some families use secured loans, toll on some families’finances,forcing manystudents There also are third-party schol- such as a home-equity loan or a to rethink howtheyare going to payfor college. arships—offered by organizations Student and parent loans home-equity line of credit. While A notable 72% of 2020 high-school graduates and other than your college or the gov- For those still coming up short, these loans may have lower interest 79% of high-school-age teens polled in a survey ernment. Some deadlines for loans are another option. Federal rates, be sure to weigh other factors from Junior Achievement and Citizens Financial 2021-22 scholarships have passed, student loans are relatively low such as your home’s value, how much T Group Inc. said they would reconsider how to fi- but don’t give up. This year, in par- cost—even more so due to histori- you need, closing costs and whether nance some or all of their higher education. Costs ticular, some deadlines have been cally low interest rates—and they you are comfortable using your home continue to rise, with families spending an average of $30,017 for extended. Talk to your high-school come with borrower protections as collateral. In some cases a home- 2019-20 year, up from $26,266 in 2018-19, according to Sallie Mae. guidance department, your town’s such as income-driven repayment, equity loan can reduce a student’s el-

With the pandemic making things harder for many, and current chamber of commerce or other vol- public-service loan forgiveness and igibility for need-based aid because it GES

circumstances affecting the availability and viability of some op- unteer organizations about options. teacher loan forgiveness. New fed- could be counted as an asset, espe- IMA

tions, it is worth thinking anew about where to look. Online sites such as the College eral loan rates will be announced cially by highly selective colleges. ETTY Board, Going Merry and Sallie Mae soon, but for context, the interest /G Scholarships ORD

also can help match students with rate on undergraduate loans dis- Ms. Winokur Munk is a writer in YF

Obviously, the best option for any student who needs help paying scholarships. Students also can visit bursed between July 1, 2020, and West Orange, N.J. She can be RA for college is to make use of grants and scholarships—free money the National Scholarship Providers June 30, 2021, is 2.75%, plus a loan reached at [email protected]. SEAN Youknow the feeling when youactually wake up early to work out?

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