Softbank-Backed Lender Faces Insolvency with Funds Blocked

Home , Greensill Capital, SoftBank Group, Spencer Matthews, Telus, VEU

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****** TUESDAY,MARCH 2, 2021 ~VOL. CCLXXVII NO.49 WSJ.com HHHH $4.00

DJIA 31535.51 À 603.14 1.9% NASDAQ 13588.83 À 3.0% STOXX 600 412.44 À 1.8% 10-YR. TREAS. À 5/32 , yield 1.444% OIL $60.64 g $0.86 GOLD $1,722.50 g $5.60 EURO $1.2049 YEN 106.76 France’s Ex-President Sarkozy Is Convicted in Bribery Case Biden, What’s News Senate PressBill Business&Finance Without reensill headed toward Garapid unraveling after Credit Suisse suspended PayBoost $10 billion of investment funds that fueled the Soft- Bank-backed startup. A1 President tries to keep  U.S. stocks jumped as a Democrats aligned weekslong advanceingov- ernment-bond yields after backup plan on stalled. TheS&P 500,Dow wage floor is scrapped and Nasdaq rose 2.4%, 1.9% and 3%, respectively. B1,B9 BY KRISTINA PETERSON United Airlines said it is AND ANDREW DUEHREN buying 25 newBoeing 737 MAXjetsand bumping up WASHINGTON—President Bi- itsordersfor dozens more den and Democratic lawmakers as the carrier positions its worked to iron out the remain- fleet foratravelrebound. B1 ing disputes over the coronavi- /REUTERS rusrelief packagethat they hope  Exxon added two newdi- to push through the Senatethis

rectorstoits boardasthe FUENTES

O week,despiteleft-wing frustra- energy giant tries to fend AL tions that they scrapped an in- off calls forchangefroma crease in the minimum wage. pair of activist investors. B1 GONZ RULING: Former French President Nicolas Sarkozyarrives at courtMondayinParis,wherehewas convictedand sentencedfor SenateDemocrats, who had  Ant’sexecutivechairman corruption. The courtsaid he should serveone year under housearrestand suspendedthe rest of the three-yearsentence. A8 tried over the weekend to sal- said in an internal memo that vage amorelimited wage in- the companywill eventually crease through the taxcode af- go public and that it would look teritwas deemed out of forways to help workersmone- bounds in the current legisla- tizesome of their shares. B1 tion,abandoned that backup SoftBank-Backed Lender Faces plan lateSunday. With that off  Hong Kong’s Hang Seng the table,Mr. Biden spokewith Indexisgetting amajor agroup of SenateDemocrats overhaul that will expand the on Monday about advancing number of companies it cov- the rest of the bill, as the party ersand givemoresway to InsolvencyWithFunds Blocked works to passits agenda with fast-growing tech stocks. B9 narrow majorities in both  Zoom Video said that rev- chambers. enue this year would rise Specialty financefirm through apossible restructur- U.K.-based Greensill is the buyer of those securities. Some membersofthe Demo- morethan 41% aftermore Greensill Capital headed toward ing,and it could file forinsol- brainchild of former Citigroup Greensill’sproblems came cratic caucus who met virtually than quadrupling in the fis- arapid unraveling afterCredit vency, the U.K. equivalent of Inc.and MorganStanley finan- to ahead Mondayafter Credit with Mr.Biden said the discus- calyear ended in January. B3 Suisse Group AG suspended $10 bankruptcy,within days,ac- cier Lex Greensill. Founded in Suisse said it would stop in- sion focused on targeting some cording to people familiar 2011,Greensill specializes in vestorsfrombuying or selling of the bill’said.  Texas powerco-op Bra- with the company. an area known as supply-chain four privateinvestment funds “Therereally isn’t alot of zosfiled forbankruptcy, By Julie Steinberg, Greensill is in talks with pri- finance, a form of short-term that rely exclusively on securi- disputeabout the overall size saying it is overwhelmed by Duncan Mavin, vate-equity firm Apollo Global cash advancethat letscompa- ties created by Greensill. of the bill,” Sen. Angus King (I., sudden bills stemming from Ben Dummett and Maureen Farrell Management Inc.tosell itsop- nies stretch out the time they Credit Suisse froze the Maine) said afterthe meeting. last month’sdeep freeze. A6 erating businessfor about have to pay their bills. funds because some assets in “The question is whether it can  Twitterisexpanding the billion of investment funds that $100 million, according to peo- Greensill packages those them are“currently subject to be targeted in such away as to use of itsstrikesystemto fueled the SoftBank Group ple familiar with the talks. cash advances intobondlike considerable uncertainties betterservethe people who include userswho spread mis- Corp.-backed startup. Though adeal wouldn’t be for securities that giveinvestorsa with respect to their accurate PleaseturntopageA4 leading information about With akey source of financ- all of Greensill’sassets, the higher return than they could valuation,” according to a no- Covid-19 and itsvaccines. B5 ing frozen, Greensill appointed amount representsasliver of getfrombank deposits. Credit ticethe bank sent to investors.  Many businesses back higher Grant Thornton to guide it itspeak valuation of $4 billion. Suisse’sfunds were amajor PleaseturntopageA2 wages...... A4 World-Wide Stocks Rise as Rate Fears Ease  Biden and Democratic law- Inflation Risk: Little Now, makersworked to iron out The S&P 500 marked its best day in nearly nine months and the remaining disputes over the Dow Jones Industrial Average and Nasdaq Composite also the coronavirus relief pack- jumped, as an increase in government-bond yields stalled. B1 agethat they hope to push ButSome SeeDanger Ahead through the Senatethis week, Daily percentagechange MONDAY despiteleft-wing frustrations DowIndustrials 1.9% that they scrapped an increase 2% in the minimum wage. A1 They say pressure to maximize employment could test Fed’s resolve  TheBiden administration said it would use “all avail- –2 BY GREG IP deflation and stagnation that has haunted ad- able tools” to respond to al- Jan. Feb. March vanced economies foradecade. leged unfair trading practices Inflation is near adecade lowand well be- “The kind of troubling inflation that people by Beijing as it conductsa S&P500 2.4% 2% lowthe 2% level the Federal Reservetargets likemegrewupwith seems far away and un- comprehensivereview of its as ideal. Theusual conditions forrising infla- likely,” FedChairman Jerome Powell said in trade policywith China. A2 tion—tight job marketsand public expecta- lateJanuary.  Theoil industry’s toplob- –2 tions of rising prices—areglaringly absent. But in the longer term, some economists bying group,the American Yetanxiety about inflation is at afever and investorssee ashifting political climate Petroleum Institute, is pre- pitch, among economistsand in markets, moreconducivetoinflation rising well past paring to endorse setting a Nasdaq Composite 3.0% wherelong-term interest rateshavebeen 2%. They arguethe Fed’spursuit of over-2% priceoncarbon emissions. A6 2% grinding higher sincePresident Biden un- inflation, Mr.Biden’s$1.9trillion stimulus veiled plans forhugenew fiscal stimulus. plan and newgoals such as narrowing racial  Sarkozywas convicted on Behind this dichotomyisaclash of forces. economic disparities reducethe priority that chargesofinfluence-peddling In the near term, plentiful unused capacity policymakerswill placeoninflation. and corruption.Alawyer for –2 the former French president and decades of habitsare likely to keep infla- “The prevailing zeitgeist is all about action low. Afteryearsofundershooting 2%, the cepting and even being enthusiastic about said he would appeal. A8 Source:FactSet Fedwould likeinflation to slightly overshoot. higher inflation,” said LarrySummers, the  TwoAmericans accused That, it hopes, would banish the specter of PleaseturntopageA9 of helping Ghosn escape from Japan were handed over to Japanese authorities and What’s Gin put on aflight to Tokyo. B3 Nigeria Schoolgirls Hid  New evidence from the U.K. showed that Covid-19 With No vaccinations sharply re- As Gunmen Swarmed duced serious illness and Alcohol? deaths among elderly peo- BY JOE PARKINSON ingly familiar. ple after just one dose. A8 iii AND KABIRU ANWAR “They were searching for Plans change.  TheBiden administration Debate is spirited anyone hiding, but thank God will look to offer options for JANGEBE, Nigeria—Su- they didn’t seeme,” said Su- reunification inside the U.S. of over how to label waida Sani wasone of the waida, safely sitting between PowerStore parents and children sepa- lucky few. her parentsinthe living room ratedunder the Trump admin- botanical beverage When dozens of heavily of their single-storyhome.“So istration’s zero-tolerancepol- armed gunmen stormed manyofmyfriends have been icyonillegal immigration. A3 BY SAABIRA CHAUDHURI through the gates of her taken. Ican’t even count the adapts. boarding school spraying bul- number,” she said through  PoliceinMyanmar filed Nicholas Cook isn’t looking letsintothe air in the early tears. “May God spare them.” two newchargesagainst Storage that’salwaysin SuuKyi, who has been de- to gin up controversy,but he hoursofFridaymorning,they Theabduction from tained in her home since will fight forthe sanctity of his demanded everystudent file the Government Girls Second- sync with the needs of favoritedrink. into the courtyard or be shot. arySchool in the small town the military seized power. A18 The spirit is in fashion, Suwaida raninthe other of Jangebe is the second in a your business. driven by cocktail cultureand direction, crouching beneath a little over a week in Nigeria’s CONTENTS Opinion...... A15-17 an interest in botanical flavors. mosquitonet and trembling as northwest, whereasurge in Arts in Review... A12 Personal Journal A10-11 Business News.. B3,5 Sports...... A14 Varieties have proliferated, in- flashlight beams traced the armed militancyhas led to a Capital Journal...... A4 Technology...... B4 cluding gins that changecolor wall aboveher head. When worsening breakdown of secu- Crossword...... A12 U.S. News...... A2-7 when mixed with tonic and oth- the 13-year-old emergedfrom rity and wherekidnap for Heard on Street.B10 Weather...... A12 ersflavoredwith Brussels her hiding placethe next ransom has become alucrative Markets...... B9 World News...... A8,18 sprouts, seaweed, fresh cream morning, the gunmen had ab- industry. and beef. ducted morethan 300 of her Friday’sabduction wasbig- > Mr.Cook,director general of schoolmates between the ages gerthan that of 276girls in Britain’sGin Guild,which was of 11 and 17 and marched them 2014fromthe town of Chibok, spun offfromthe centuries-old intoanearby forest. It was which ignited the global Learn moreat Worshipful CompanyofDistill- the largest abduction of #BringBackOurGirls campaign DellTechnologies.com/PowerStore ers, has been willing to accept schoolgirls in the historyofa that prompted aU.S.interven- s 2021 Dow Jones & Company, Inc. All Rights Reserved all of those.But there’sasimple countrywheresuch kidnap- tion. PleaseturntopageA9 pingsare becoming increas- PleaseturntopageA6 P2JW061000-4-A00200-1------XA

A2 | Tuesday, March 2, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Biden Aims for Strong Posture on Trade

White House says it As part of the administration’s broader strategy to ad- will use tariffs, other dressclimatechange, itstrade tools to combat unfair agenda will include the negoti- ation andimplementation of practices by Beijing strong environmental standards in areas such as fisher- BY YUKA HAYASHI ies, logging and wildlife traf- ficking. WASHINGTON—TheBiden Thereport wasreleased by administration said it would the USTR as Katherine Tai, Mr. use “all available tools” to re- Biden’snominee to lead the spond to alleged unfair trad- office, awaitsSenateconfirma- ingpractices by Beijing as it tion. conductsacomprehensivere- At her confirmation hearing

viewofits trade policywith GES last week,Ms. Taisaid she

China. IMA would explore“everypossible Releasing itsfirst trade option available” to address agenda on Monday,the ad- GETTY theU.S.’slongstanding con- ministration said it is commit- SE/ cerns with China’sintellectual- tedtousing tariffs and other property theftand inadequate tools to combat alleged unfair market access. ANCE-PRES

trade practices by China, in- FR Ms.Tai is aformer USTR cluding unfair subsidies to fa- enforcement lawyer with ex- ENCE

voredindustries and use of AG pertise on China. She was

forced labor that targetsUy- ON/ most recently the chief trade

ghursand other ethnic minor- LL counsel forthe House Ways FA

ities. T. and Means Committee, and is “The Biden administration expected to be confirmed as TRICK

recognizes that China’scoer- PA Mr. Biden’s trade chief within civeand unfair trade practices Tariffs remain on about $370 billion in annual imports from China, which the Biden administration is expected to retain as leverage. the next week or so. harm American workers, In thenew report, the ad- threaten our technological hind target forU.S.purchases, U.S. trade deﬁcit with China $310.8B U.S.-Mexico-Canada Agree- ministration said itstrade pol- edge, weaken our supply-chain in part because of economic ment, or USMCA. Theagree- icy is an essential component resiliencyand undermine our falloutfromthe pandemic. 0 ment wasrenegotiated by the of Mr.Biden’stop policyprior- national interests,“the admin- Tariffs remain on about Trump administration and ities: fighting the Covid-19 istration said.“Addressing the $370billion in annual imports Congresstoupgrade the terms pandemic and ensuring eco- China challengewill requirea from China, which the Biden 100 of the North American Free nomic recovery. comprehensivestrategyand administration is expected to Trade Agreement. To ensurethe countryis more systematic approach.” retain as leveragetoforce Bei- “Under the Biden adminis- betterprepared forfuture Beijing has defended its jing to comply with the terms tration, workerswill have a public-health crises,the devel- 200 trade practices and itstreat- of the deal. seat at the table in the development and reinforcement of ment of Uyghurs, which it Officials at the Chinese Em- opment of trade policies,” the manufacturingsupply chains says is aimed at preventing bassyinWashingtondidn’t re- administration said. “Trading through domestic investment terrorist attacks. spond to arequest to com- 300 partnerswill not be allowedto and innovation will be central Under former President ment. gain a competitive advantage to the administration’strade Donald Trump,the U.S. nego- Congressrequires the pres- by violating workers’ rights agenda this year. tiated atrade agreement that ident to issue atrade agenda $400billion and pursuing unfair trade Thereport also said the Bi- calls forChina to increase its and report annually,which practices.” den administration would purchases of U.S. goods and givesthe administration a 2000 ’05 ’10 ’15 ’20 Theadministration said it work closely with allies to re- services by $200 billionover chancetoexplain itstrade Source:U.S. Census Bureau would fight alleged currency storeWashington’sleadership twoyears, open itsfinancial policyindetail. manipulation by other nations in global effortstotackle labor marketsand ease pressureon In thenew report, the ad- and other employeeadvo- will be fully enforced, it said. seeking to gain atrade advan- issues,climatechangeand un- U.S. firms to hand over tech- ministration said its“worker- cates. In particular,the adminis- tage through joint efforts be- fair trade practices. nology. centered” trade policy, Past trade policies will be tration is committed to using tween the Officeofthe U.S. It will re-engagewith the Sincethat deal wassigned pledged earlier by President reviewedfor their impact on anew mechanism designed to Trade Representative and the World Trade Organization to alittle morethan ayear ago, Biden, would feature “exten- workers, and labor obligations rapidly addressviolations of Treasury and Commerce de- implement necessaryreforms, however, China has fallen be- siveengagement” with unions in existing trade agreements labor standards under the partments. the administration said. U.S. Has Delicate Task in Rallying Allies on China

BY WILLIAM MAULDIN India and Australia—while try- against Myanmar’s generals. discordtoexpand itsinfluence. tion’s harder line while also former officials said. AND ALEX LEARY ing to enlist European nations, India, whose troops clashed “Weare very mindful that looking forareas to cooperate, “It’sreally hardtolead if who nowcount China as ama- with Chinese soldiersalong some of ourallies and part- likeonthe pandemic and cli- completeconsensus is the pre- ABiden administration plan jor trading partner. their border last year,discussed ners have a range of different mate change. Thehard-nosed requisitetoany action,” said to work with allies to confront Theeffort is reaping some the country’sgoals of become a interests that align with ours approach toward Beijing is sup- MattTurpin, who served as China is being put to the test earlygains,including extend- manufacturing hub,aswell as andsome places wherethey ported by manyinCongress China director at the National as theU.S.tries to rally coun- inganagreement with Japan the pandemic and climate are somewhat different,” said and, the administration officials Security Council in the Trump tries with sometimes different on the hosting of U.S. troops change, an Indian official said. one official. said, requires leveraging rela- administration. Mr.Turpin and intereststopursue acoordi- and closing in on asimilar pact “They seem to want to In recent years, the official tionshipswith other countries. other former officials say the nated strategyagainst Beijing. with South Korea. In appealing work morewith partner coun- said,China has “sought to fill a Early issues to work on in- Trump administration worked Howtohandle China has to work together,the Biden ad- tries,” said Ashok Malik,policy vacuum with the U.S. absence” clude securing next-generation with other countries.Relations been arecurring topic in many ministration is also having to adviser in India’s Ministry of on the world stage, so renewed 5G telecommunications net- with India saw an uptick, and of the dozens of calls Presi- listen to partners’ concerns External Affairs. U.S. engagement “can help push works and supply chains of his administration persuaded dent Biden, SecretaryofState that go beyond China. Biden administration offi- back on some of the really fun- critical goods,asenior official the U.K. and otherstokeep Antony Blinken and other se- In his call with Mr.Blinken, cials shaping China policysaid damentally antidemocratic said. TheU.S.appealed to Tai- China’sHuaweiTechnologies nior officials have made to Japanese Foreign Minister that taking other countries’ in- norms and values that China’s wanand other partnersinFeb- out of their 5G networks. counterpartsduring the ad- Toshimitsu Motegi said the re- terestsintoaccount is neces- been seekingtoinject through- ruarytodeal with acurrent Yetformer President Don- ministration’sfirst weeks in cent coup in Myanmar took up sarytogetting them on board. out the international system.” shortageinsemiconductors ald Trump also alienated Eu- office, according to officials. most of the discussion. That especially matters,the of- TheBiden administration is hitting the autoindustry. ropean powers,some Asian al- Theoutreach includes showing Mr.Motegi said he wasreas- ficials said, afterthe Trump planning forbroad-ranging Achallengewill be keeping lies andothers, by questioning support forcountries with ter- sured that Japanese investment administration oftenquarreled competition with China for other governmentstogether, their commitment to security ritorial and other conflicts in the Southeast Asian country with allies and went itsown global influence,carrying for- especially in the faceofcer- arrangementsand by imposing with Beijing—such as Japan, won’t be hurt by U.S. sanctions way,allowing Beijing to use the ward the Trump administra- tain pushback from Beijing, steel and aluminum tariffs.

surancetogiveinvestorscom- investment-grade clients. gave$435 million in financing put $700 million intothe Credit division. Theunit, which man- Greensill fort that their money wassafe. Some of Greensill’s blue-chip to construction startup Katerra, Suisse-managed Greensill funds. ages around $480 billion, took AGreensill representative clientsinclude AstraZeneca around the same time the Vi- Last year, Credit Suisse ex- a$450 million impairment said it acknowledged Credit PLC and Ford Motor Co. sion Fund put in $200 million ecutives grew concerned about charge on astake in investment Mulling Suisse’sdecision and Greensill Greensill has also extended fi- into it to keep it afloat. Green- potential conflicts of interest manager York Capital Manage- remains in advanced talks nancing to small startup busi- sill received aroughly 5% stake related to SoftBank’sroles. ment afterYork downsized its with potential investors. nesses and companies consid- in Katerrainreturn. Last SoftBank redeemed itsstake in operations,helping push Credit Insolvency Talks arecontinuing with ered higher-risk borrowers month, aGreensill spokesper- the Credit Suisse funds,and Suisse to afourth-quarter loss. Apollo.Ifadeal does come to- It attracted capital from sonsaid investorshadn’t in- Credit Suisse told investors it Switzerland’sfinancial reg- gether,the private-equity firm SoftBank’sVision Fund, which curred losses related to Katerra. was“committedtotaking ulator Finma said on Monday ContinuedfromPageOne would look to take over rela- plowedin$1.5billion, giving it In addition to investing in steps to further protect” them. that it wasincontact with The bank was concerned tionships with dozens of avaluation of $4 billion. Aper- Greensillitself,and receiving ForCredit Suisse,the fund Credit Suisse about the fund about Greensill’sexposure to a Greensill’sborrowers within son familiar with the Vision Greensill funds through its suspensionsare the latest set- suspensionsbut declined to single client, U.K. steel mag- days,including blue-chip com- Fund said it is expected to write portfolio companies,SoftBank back forits asset-management comment further. nateSanjeev Gupta, according panies and government agen- down itsentireinvestment. to people familiar with the cies such as the U.K.’s National Greensill’stotal financing matter. Mr.Guptaisaformer Health Service, according to business was flat last year at CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL Greensill shareholder and people familiar with the talks. $143 billion, farbelowits tar- (USPS 664-880) (Eastern Edition ISSN 0099-9660) Greensill supplied financing to Financing forthose deals get. Several Greensill clients (Central Edition ISSN 1092-0935) Mr.Gupta’sGFG Alliancegroup would come from Apollo’s in- hitfinancial troubles,while NateSalpeter’s surname chart on Mondayabout the (Western Edition ISSN 0193-2241) of companies,which created a suranceclientsincluding companies it teamed with wasmisspelled as Saltpeter in growth of buy-now, pay-later Editorial and publication headquarters: 1211 metals empirebybuying failed Athene Holding Ltd., the in- loosened ties. one referenceinaPageOne payment plans. Avenue of the Americas, NewYork, N.Y. 10036 steel mills and other dis- surer in which Apollo holds a Greensill recently tried to article on Monday about ani- Published daily except Sundays and general tressed industrial businesses. stake, according to the people. raise up to $1 billion in capital mal video calls. Themajority of vehicle- legal holidays.Periodicals postage paid at New Last month, abid by one of Theinsuranceclientsaren’t that would have valued the charging stationsthat EVGo York, N.Y.,and other mailing offices. Mr. Gupta’s companies to ac- companyat$7billion. That pro- ABusinessRoundtable operates arefast chargers.The Postmaster:Send addresschanges to quirethe steel operations of cess stalled as the firm seeks to comment about aCommerce Keywords column in Satur- The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. Germany’sThyssenkrupp AG addressthe issues related to its Department rule for securing day’s Exchange section incor- AllAdvertising published in The Wall Street failed afterthe lattercompany exposuretoMr. Gupta’sbusi- the U.S. technologysupply rectly said the companypri- Journal is subject to the applicable rate card, ended talks over a deal. nesses,according to people fa- chain was submitted in Janu- marily offersslowerchargers. copies of which areavailable from the $143B Advertising Services Department, DowJones & German bankingregulator miliar with the fundraising. ary2020.APageOne article Co.Inc., 1211 Avenue of the Americas, New BaFin beganexamining ties Greensill’s total financing In July 2018,Swissasset on Saturdayabout the rule in- Ultra Short Throw, a type York, N.Y. 10036. The Journal reserves the right nottoaccept an advertiser’s order.Only last year between Mr. Gupta’s business last year manager GAMHolding AG correctly implied that it was of projection technology, was publication of an advertisementshall constitute businesses and Greensill’sGer- froze a$12 billion fund aftera submitted in January 2021. incorrectly called Ultimate final acceptanceofthe advertiser’s order. man banking unit, according whistleblowerraised concerns Short ThrowinaJan. 18, Letters to the Editor: to aperson familiar with the about howthe fund valued the At least 15 migrants died 2020,Off Duty article about Fax: 212-416-2891; email: [email protected] probe.The regulator wascon- interested in assetstied to Mr. Greensill assets. These in- when their boat capsized Sun- the projectors. Need assistancewith your subscription? By web: customercenter.wsj.com; cerned that Greensill Bank had Gupta, the people added. cluded hundreds of millions of dayoff the coast of Libya. A By email: [email protected] toomuch exposuretoMr. Greensill owns abank in dollarsofilliquid assetstied headline with a World Watch Noticetoreaders By phone: 1-800-JOURNAL Gupta’s businesses. Germany and does deals that to Mr. Gupta’s businesses. article on Mondayabout the Wall Street Journal staff (1-800-568-7625) Another factor in Credit are closer to traditional mer- Afterthe GAMfunds wound incident incorrectly said doz- membersare working re- Reprints &licensing: By email: [email protected]; Suisse’sdecision to suspend chantbanking services,such down, Credit Suisse’sfunds ens of migrants died. motely during the pandemic. By phone: 1-800-843-0008 thefunds: Greensill’sinsur- as lending to large investment grew rapidly,giving the startup Forthe foreseeable future, WSJback issues and framed pages: ance policies,which provide projects. It countsformer U.K. afresh pool of investors. Thename of Worldpay please send reader comments wsjshop.com protection in case assetsde- Prime Minister David Cameron Greensill’stroubles could from FIS wasgiven incorrectly only by email or phone, using Our newspapers are100% sourcedfrom fault, lapsed in recent days, as an adviser. provepainful to SoftBank.The as WorldpayGroup Inc.ina the contactsbelow, not via sustainably certified mills. according to some of the peo- In supply-chain finance, firm turbochargedother Vi- Business&Financearticle and U.S. Mail. ple familiar with the matter. Greensill competes with tradi- sion Fund holdingsbyextend- GOTATIP FORUS? Greensill’sbusinessmodel re- tional banks such as Citigroup ing them short-term financing. Readers can alert The Wall Street Journal to any errors in news articles by SUBMIT IT AT WSJ.COM/TIPS lied heavily on such credit in- and JPMorganChase &Co. for In December,Greensill for- emailing [email protected] or by calling 888-410-2667. P2JW061000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Tuesday, March 2, 2021 | A3 U.S. NEWS Cuomo California Offers Billions to Schools Team Adds BY CHRISTINE MAI-DUC Defense AND ALEJANDRO LAZO California officials said Mondaythey would provide Lawyer public schools with $6.6 billion in additional incentives to BY JIMMY VIELKIND reopen their doorstoin-per- AND JOE PALAZZOLO son instruction by April. But the framework,like ALBANY,N.Y.—Awoman previous proposals from Gov. whoaccused NewYork Gov. Gavin Newsom, leavesittolo- Andrew Cuomo of sexual ha- calschool districtstobargain rassment faulted him on Mon- with employees over when dayfor resisting calls foran and howtoreopen. And in independent investigation as LosAngeles,the school super- the administration retained a intendent said he hadn’t yet prominent white-collar de- reached adeal with the teach- fense attorney forfederal ersunion, despitesecuring probes intoCovid-19 deaths in enough vaccines foreducators the state’s nursing homes. at allthe district’selementary Charlotte Bennett, 25 years schools. old, said Mr.Cuomo engaged Astate official confirmed in “predatorybehavior,” and that California would during JOURNAL

she offered support to other the next two weeks allocate REET ST

women who had uncomfort- the 25,000 vaccine doses that LL

able experiences while work- LosAngeles Unified Schools WA ing with the 63-year-old gov- Superintendent Austin Beut- THE

ernor.Attorney General Letitia nersaid arenecessarytore- R James has opened an inquiry open elementaryschools that FO NS

intoharassment allegations by serveabout 250,000 students. PO both Ms.Bennettand another Mr.Beutner said that he SICA

former Cuomo staffer. hoped to reach an agreement JES TheCuomo administration with the United TeachersLos A school worker received a shot of the Covid-19 vaccine Monday at a site in Inglewood, Calif., set up to serve education workers. nowfaces multiple investiga- Angeles union and have stu- tions and restivelawmakers dentsback in elementary itspresident would be speak- “We’recreating conditions Thespending package losing outontheir shareof who canceled a series of schools by mid-April. ing to membersonMonday whereweexpect in-person in- agreed upon by Mr.Newsom the $2 billion at arateof1%a planned votesatthe State Cap- “I’m committedtothat evening. struction, we’regoing to pro- and the state’slegislative day. itol to discussthe unfolding time frame,” Mr.Beutner said. Theunion, which repre- vide support,” he said. leadersincludes $2 billion for School districtsthat have events,legislatorssaid. Elkan “I’m absolutely certain that sentsmorethan 35,000 in- Theannouncement comes safety measures such as per- already exited the state’smost Abramowitz, aone-time fed- they’regoing to be with us structorsand other school as California approaches sonalprotectiveequipment, restrictivetier based on eral prosecutor,confirmed on and we’regoing to have staff,isholding an online vote nearly ayear during which classroom ventilation up- Covid-19 transmission would Mondaythat he is representing staffed schools…everyone ex- of itsmembership this week most of itsschools have been grades and Covid-19 testing, be required to have in-person the ExecutiveChamber—which cited to be back in schools in on whether it should defyany closed to in-person instruc- thegovernor’s officesaid. learning forall elementary comprises the governor and the middle of April.” mandatetoreturn to school tion. To qualifyfor that $2 bil- grades and at least one mid- his closest aides—in Justice Among the issues that still unless itsdemands forvacci- Thedebateabout whether lion,public schools would be dle or high school grade by Department inquiries about need to be worked out, Mr. nations,loweredcommunity teachersshould be vaccinated required to begin offering in- theend of March to receive the state’snursing homes. Beutner said, arehow ahy- transmission of the virus,and beforeschools reopen has be- person learning forkindergar- alloftheir shareofthe addi- On Saturday, Ms.Bennett brid model of instruction will safety measures aremet. come an increasingly heated ten, and firstand second tional funding. said Mr.Cuomo asked her work,aswell as social dis- Mr.Newsom said at anews topic in recent weeks as Mr. grades forall students, as Theremaining $4.6billion questions about her sexlife tancing and the grouping of conferenceMondaythat he Newsom facespolitical pres- well as classes forall high- would be used to fund other during an encounter in his students intocohorts. wouldn’t forceteacherscon- surefromparentstobring needs students, by the end of initiatives such as summer CapitolofficeinJune.Mr. Representatives forUTLA cerned about their health to studentsback intothe class- March. school, tutoring programs and Cuomo said he never made declined to comment, saying return to in-person teaching. room. If they don’t, they begin mental-health services. anyadvancestoward Ms.Ben- nettand never intended to make her feel uncomfortable. Mr.Cuomo relented on Sun- Miami Beach on High Alert for Spring Break daytobipartisan calls foranin- vestigation of sexual harassment allegations by Ms.Bennett BY ARIAN CAMPO-FLORES strictions on alcohol, beach and Lindsey Boylan,aformer tentsand scooters. St.Peters- economic-development adviser MIAMI BEACH, Fla.—Nearly burgand Clearwater intro- who said Mr.Cuomo kissed her ayear after some Florida duced acampaign to encour- on the lips without her consent spring breakers refused to let agesafebehavior by asking and suggested they playstrip the coronavirus interrupt their visitors to sign apledgeto poker. Aspokeswoman forthe parties and helped triggera wear masks and spread out governor has said Ms.Boylan’s wave of lockdowns,this city is that will enter them in aprize claims aren’t true. bracing forafresh crop of rev- drawing. Thegovernor hasn’t taken elers. Despitethe restrictions in questions sinceMs. Boylan de- Though manycolleges have Miami Beach, party planners tailed her allegations last canceled spring break to pre- have been busy.Ticketing week. On Sunday, Mr. Cuomo vent studentsfromcongregat- JOURNAL websiteEventbriteisrifewith

said he hadsometimes been ing in vacation spots, officials REET events planned forthe coming overly personal with staff. here are expecting a large in- ST weeks,including amansion LL

“I acknowledgesome of the flux over the coming weeks. WA partydubbed “Miami Gone things I have said have been Flightsand hotels arecheap. Wild 2,” aswimwear fete THE

Brutal winter storms in much R called “Bikini Palooza” and a of the countryleftpeople FO “Booze Cruise” aboardaboat. Mr. Cuomo yearning foranescape.And Promoter ErnestoWhite

acknowledged Florida’spandemic rules on CARDONA said only aportion of night- he had bars and nightclubs are more A clubs areopen because rules

sometimes lenient than those in many ANDR such as the midnight curfew been overly states. present financial challenges. ALEJ personal with “Wecould potentially see a Yet demand is strong, result-

staff. truly outsized spring break at MARIA ing in jacked-up prices and atime when the last thing we AMiami Beach officer hands out masks. The citystrengthened Covid-19 curbs forFeb. 22 to April 12. sometimes long lines outside want aremajor gatherings,” venues that are operating. misinterpreted as an unwanted said Miami Beach Mayor Dan launched an ad campaign urg- proper licenses or violate states with the highest rates “My phone has not stopped flirtation. To the extent any- Gelber,aDemocrat. He cited ing young people to vacation noise restrictions. of newdaily cases per 100,000 ringing,” said Mr.White, chief one felt that way, I am truly public-health specialists’ con- responsibly. Thecity isn’t issuing any people over the past week,ac- executiveofAMtoPMMiami. sorryabout that,” he said. cerns that such crowds could Morepoliceofficersand permitsfor special eventsin cording to the Centersfor Dis- “South Beach is going to be Ms.Bennettrejected Mr. generateanother surge of code-compliancestaffersare the main entertainment disease Control and Prevention. jam-packed crazy.” Cuomo’s attempt to apologize. Covid-19 cases. patrolling to enforce measures trict. Among the rejected re- Miami-Dade County continues HoteloccupancyinMiami “The governor has refused Bars, restaurantsand clubs including amidnight curfew questswas one fora900-per- to have one of the highest Beachisprojected to reach to acknowledgeortakerespon- will be open at no lessthan and bans on alcohol and boom sonpool party at ahotel, said rates within the state. 70%inMarch, compared with sibility forhis predatorybehav- 50% capacity,because the city boxes on the beach. Music at city manager Raul Aguila. RepublicanGov.Ron DeSan- 43% a year earlier and 88% in ior,” Ms.Bennettsaid. “These can’t shut them down under a venues can’t exceed ambient “Ifyou arecoming here tis has sincethe start of the 2019,according to datacol- arenot the actions of someone state executive order. But Mi- noise levels.Beach patrols are with an anything-goes party pandemic generally takena lected by theGreater Miami who simply feels misunder- ami Beach—a barrier island ensuring groups maintain so- attitude,changeyour flight morepermissiveapproach Convention and VisitorsBu- stood; they arethe actions of known forits stylish hotels cial distance and wear masks reservation nowand go to Ve- than other stateleadershave, reau. But howspring break an individual whowields his and spirited nightlife—is tak- when appropriate. gas,” Mr.Aguila said at are- welcoming travelersand es- plays out this year is espe- powertoavoid justice.” ing azero-toleranceapproach. With all the limitations, cent city council meeting ad- chewing lockdowns. cially unpredictable because Spokesmen forthe gover- Officials have beefed up re- manypeople aremoving the dressing the measures.“Miami Other Florida cities also are manypeople arebooking last- nor didn’t immediately return strictions from Feb. 22 to festivities to party boats, offi- Beach is not going to tolerate preparing forasurge of arriv- minutetrips,said Rolando arequest forcomment on Ms. April 12 and expect peak activ- cials say, so the city is clamp- anarchy.” als.Fort Lauderdale warned Aedo, the organization’schief Bennett’s statement. ity in March. They have also ing down on those that lack Florida is amongthe 10 that police would enforce re- operating officer. DHS Will Seek to Reunify Separated Migrant Families in U.S.

BY TARINI PARTI policy that former President that the processofreuniting tration is working to provide a secretary, tweeted criticism of rated parents back to the U.S. AND MICHELLE HACKMAN Donald Trumpimplemented the families and enacting the safeand orderly processfor Mr. Mayorkas’s statements at The Biden administration has andrevoked in 2018,parents current Democratic adminis- people to ask forasylum at thebriefing,saying the cur- suggested in briefingsthat re- TheBiden administration and children crossing the bor- tration’simmigration policy theborder.“It takestime to rent secretarydoesn’t believe uniting families in the U.S. was will look to offer options for der illegally were put on sepa- goals would take some time, build out of the depths of cru- there is a crisis at the border. a possibility. reunification inside the U.S. rate immigration tracks as though he declined to specify elty that the administration “With respect, that defies Mr.Biden and Mr.LópezOb- between parentsand children though they weren’t related, a howlong.Herepeated the Bi- beforeusestablished,” he said. logic,reality,and the facts,” he rador discussed when and how separated under the Trump shiftfrompast policythat den administration’s message Asked if he believes that wrote. “Ask communities to reopen the portsofentryat administration’szero-tolerance kept family cases together. to prospectivemigrantstonot along the border.” their shared border to resume policyonillegal immigration, Children are given greater le- makethe journey to the south- Rep.Dan Bishop (R., N.C.) lawful trade and travel, accord- Homeland Security Secretary galprotections under immi- ern border now and cited Mr. ‘If, in fact, they seek tweeted in response to Mr. ing to the WhiteHouse.Biden AlejandroMayorkas said in a gration law, so while the Trump’spolicies,which he Mayorkas’swarning to pro- administration officials have news briefing Monday. adults’ asylum cases could be criticized, for the delay. to reunite here in the spectivemigrants, “[Mr.May- said they areconsidering auni- “Weare hoping to reunite dismissed quickly,allowing Thenumber of unaccompa- U.S., we will explore orkas] just said the quiet part versal Covid-19 testing require- the families, either here or in them to be deported, children nied immigrant children ar- out loud. What he’s saying is ment foranyone entering the the countryoforigin,” Mr. mostly remained in the U.S. in rested forcrossing the U.S. lawful pathways.’ to come later…This open invi- U.S. by land, similar to one re- Mayorkas said. “Wehope to be child welfaresheltersorliving southern border illegally was tation will undoubtedly lead to cently imposed on international in a position to give them the with relatives. on pacetorise morethan 50% another crisis at our southern air travelers. election.And if,infact, they TheAmerican Civil Liber- in February,compared with border.” TheWhiteHouse said the seek to reunitehereinthe ties Union, which represents the previous month, people fa- the growing number of chil- Mr. Mayorkas’s statement, two leadersexplored howto United States, we will explore the separated children in a miliar with the mattersaid dren seeking asylum at the which came ahead of President help Mexicobring the corona- lawful pathwaysfor them to continuing class-action lawsuit last week,raising the prospect border constitutes acrisis,Mr. Biden’svirtual bilateral meet- virus pandemic under control, remain in the United States against the U.S. government, of ahumanitarian crisis there. Mayorkas said, “I think there ing Mondaywith Mexican though WhiteHouse presssec- and to addressthe family has identified about 5,500 “Weare not saying,‘Don’t is achallengeatthe border we President Andrés Manuel Ló- retary JenPsaki said that needs so we are acting as re- families separated by the ad- come.’ We aresaying,‘Don’t are managing.” pez Obrador, was the clearest wouldn’t include sharing U.S. storatively as possible.” ministration of Mr. Trump. come now,’ ” Mr.Mayorkas Chad Wolf,Mr. Trump’sfor- articulationyet that the task vaccine supplies with Mexican Under the family-separation Mr.Mayorkas said Monday said, adding that the adminis- mer acting homeland security force’sgoal is to bring sepa- border cities. P2JW061000-4-A00400-17FFFF5178F

A4 | Tuesday, March 2, 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 Biden Wrestles With Troop-Pullback Vow

some ways, gone up,not over the yearshas produced a down, sincethe Trump ad- broad international coalition ministration pledged ayear trying to bring stability to Af- agothis week to withdraw all ghanistan. Morethan 30 U.S. forces by this May. countries have contributed, Thenew administration is and the Pentagon says that wrestling with the dilemma, morethan 7,000 allied troops and Mr.Biden appearsdeeply areonthe ground alongside CAPITAL JOURNAL conflicted. America’sspecial American forces. By Gerald F. Seib representativefor Afghani- stan, ZalmayKhalilzad, ar- nsum, lotsofcountries rived in Kabul on Mondayfor have walked out on the REUTERS

Though his deliberations talks on howtoproceed. Y/ I Afghan limb alongside the

arebeing overshadowedby ARM U.S. They aren’t likely to try

the response to the coronavi- hereisample reason to .S. to stick around if that limb is rusand arm-wrestling with believethat if the re- being sawedoff behind them.

Iran, President Biden is qui- T LICEA/U maining 2,500 U.S. Obviously,prolonging etly struggling with one of forces arewithdrawnfrom O America’stroop presencecar-

the most consequential early Afghanistan, the Islamic fun- ANDR ries risks forMr. Biden. There

decisions he will make: damentalist Taliban forces ALEJ is political risk in backing whether to proceed with the fighting the internationally A U.S. soldier watched as a Black Hawk helicopter landed in southeastern Afghanistan in 2019. away from acampaign completewithdrawalof recognized Afghan govern- pledge. On the ground, there American ment would take over the afew weeks agounequivo- East, which have cost us un- the way toward real peace is the risk that Taliban repre- troops from capital of Kabul within amat- cally recommended delaying told blood and treasure.” That with the Afghan government. sentatives will see an Ameri- Afghanistan. terofmonths. the pullout while talks toward statementnot only mirrored In fact, the oppositehas canpromise broken, reducing In case That likely would produce areal peaceplan proceed. It the pledgemade by Donald happened. TheUnited Nations their already-lowtrust in a you’recount- ahumanitarian disaster,a noted that Taliban forces Trump,but also reflected recently reported that civilian diplomatic processand ing,Mr. Biden rollback of advances forAf- fighting Afghanistan’sshaky broad public sentiment. casualties in Afghanistan shot prompting them to attack not thus becomes ghan women and an escala- government have failed to up- Still, the Biden pledge up in the final months of just Afghan government tar- the fourth president in arow tion of instability in aregion hold promises they made in a wasn’t absolute: His campaign 2020—that is,shot up after gets but U.S. forces. to wrestle with this question. anchored by Pakistan and its tentativeagreement ayear promise specifically wasto Taliban representatives sat On the other hand, there All have tried—indeed, arsenal of well over 100 nu- agotoreduceviolent attacks bring home the “vast major- down to talk peacewith the actually is progressinthe pledged—toget out of Af- clear warheads next door to and stop cooperating with ity” of American troops from Afghan government in Sep- normally bleak Afghan picture ghanistan. None has suc- Afghanistan. groups that threaten the U.S. Afghanistan. tember. that’sworth protecting.A ceeded. TheAfghan conflict Most important, the coun- and allies. In asense,that target al- TheTaliban can’t seem to diplomatic processactually is thereby has become not only trythat spawned the 9/11 at- While the U.S. has shown it ready has been met: Mr. getout of their ownway;a under way,and the countryis the longest conflict in Ameri- tacks on U.S. soil could well is willing to withdraw,the Trump reduced the troop wise,ifcynical, strategy making slowprogressinedu- canhistory, but perhaps the revert to the incubator of vio- group’sreport says,“it should level to 2,500 from 14,000 as would be to quell violenceun- cation and health. most vexing as well. lent Islamic extremism that it not…simply hand avictoryto aresult of last year’s tenta- til American troops aregone, Even atoken militarypres- In Mr.Biden’scase, acam- wasoncebefore. the Taliban.” tivepeaceagreement.The but that isn’t what has ence—2,500 troops out of paign promise to end “forever Ablue-ribbon panel ap- Stacked up against that is problem with going further is emerged. America’sactiveforce of wars” is colliding head-on pointed by Congresstostudy candidateJoe Biden’spledge that the Taliban have shown That makes foraconcern- some 1.3million—can have an with the stark reality that vi- the Afghan question anew to “end the foreverwarsin neither the ability nor the ing picture, and not just for outsizeimpact in protecting olenceinAfghanistan has,in took all this intoaccount and Afghanistan and the Middle willingnesstoactually go all the U.S. American diplomacy those gains.

the packagethis week. Many Businesses Back Higher Wage Senators In addition to the $1,400 payment to manypeople and funding forlocalities,the relief PressAhead packagewould extend and en- BY ERIC MORATH Largeemployers such as Federal minimum wage The National Federation of hancefederal unemployment AND HEATHER HADDON Amazon.com Inc. and Costco in the U.S. IndependentBusiness, which assistance; expand achild tax Wholesale Corp., start work- Proposed* representssmall businesses, On AidBill credit; and pour newfunding $15 an hour Adebatetoraise the federal ersat$15 an hour or more. said only 20% of its members into vaccine distribution, food minimum wage has tied Con- And Walmart, the nation’s Inﬂation adjusted employ workers who are paid stamps and schools. gressinknots, but manylarge largest private employer, last Actual the federal minimum wage. ContinuedfromPageOne Republicans have said that employers and businessgroups month said it would liftits av- 12 But it forecaststhat a$15-an- need the most and perhaps free the aid packageistoo broad. wouldn’t mind an increase. eragehourly pay above$15 hour level would cause up funds forother priorities.” “Democratshavechosen to go a Most businesses acrossthe butkeep itsminimum at $11. 900,000 jobs to be lost at Some Democratshavefo- completely partisan route,” Sen- countryare already paying Some smaller businesses and 9 businesses with fewerthan cusedonhow $350 billion in ateMinority Leader Mitch abovethe federal wage floor restaurants are wary of large 500 workers. funding forstate and local gov- McConnell (R., Ky.) said.“When- of $7.25 an hour,and some minimum-wageincreases,but “Small businesses arefar ernmentsisallocated. Others ever theirlongtime liberal businessgroups support lift- few pay as low as the federal 6 lesslikely than largerbusi- have pressed to shiftthe current dreams came intoconflict with ing it, though not as much as floor of $7.25 an hour. nesses to have cash reserves income thresholds forthe what Americansactually need the $15 level proposed by Still, ahigher minimum or profit margins to absorb $1,400 direct checks that many right now, Democratsdecided President Biden. wage putspressureonsmaller 3 theincrease in labor costs,” people would getunder the bill theirideologyshould win out.” NowmembersofCongress businesses that can’t raise said Kevin Kuhlman,the feder- so that fewerupper-middle-class Using the reconciliation pro- areconsidering policies includ- wages as easily as large com- ation’s vicepresident of fed- families getmoney.Sen. Jon cess requires that measures be ing asmaller increase to $10 panies,which canadapt by de- 0 eral government relations,ina Tester (D., Mont.) said some closely tied to the budget, and an hour anddelaying or phas- ploying labor-saving technol- 1950 ’60 ’70 ’80 ’90 2000 ’10 ’20 letter to lawmakers. changes would likely be made the Senateparliamentarian ing in increases over along pe- ogyormodestly adjusting Thefederation is against a through amendmentsbut would ruled the minimum wage pro- *If newlaw becomes effectiveJune 1, 2021 riod of time.SenateDemocrats hoursfor large workforces, Sources: Labor Departmentvia St.Louis Fed; $15-an-hour minimum wage and amount to modest alterations. posal came up short. have dropped abriefly consid- said Jonathan Meer,anecono- House CommitteeonEducation and Labor hasn’t takenaposition on lower Wherethe minimum-wage Theparliamentarian Monday ered plan to raise workers’ mist at Texas A&M University. levels,aspokeswoman said. issue goes from herehasn’t yet ruled in favorofDemocratson wagesthrough taxpenalties “It’salot harder forJoe’s The numbers of jobs lost and RobertMaynard, chief exec- issues including healthcaresub- and incentives.Those compro- Hardware,” he said. “We raises delivered would be less utive of Charlotte, N.C.-based sidies forlaid-off workersand mises could provemorepalat- should take notethat Ama- if the wage wasliftedtoa Famous Toastery restaurants, A minimumwage support formultiemployerpen- able to employers and win zon—the placewith no ca- level below $15, the CBO said said raising the minimum sions as part of the relief bill, businesssupport. shiers—is the one calling fora in a separate study. wage and eliminating asub- boost was stripped lawmakersand aides said. “It’scompletely reasonable higher minimum wage.” McDonald’sCorp.Chief Ex- minimum wage fortipped from the bill, leaving Sen. Bernie Sanders(I., Vt.), to look at increasing the fed- Fewerthan 250,000 people ecutiveChris Kempczinski said workers would hurt his 26- chairman of the Budget Com- eral minimum wage,” said in the nation’sworkforce of theburgerchain could manage unit chainwhile it is experi- progressives upset. mittee, said that Democrats GlennSpencer,head of the 140million last year were paid aminimum-wageincrease if it encing higher costsand lower should disregardthe ruling on U.S. Chamber of Commerce’s exactly the federal minimum is done in stages and without sales because of the pandemic. the minimum wage.Hesaid he Employment PolicyDivision. wage,which hasn’t changed exemptions for certain work- “No one wantstohirea17- planned to forceavoteonrais- “But we view 15 as a number since2009,the Labor Depart- ersormarkets. Wagesat year-old to paythem $15 off the been settled. Mr.Biden and ing the wage to $15 an hour. basedonpolitics,not sound ment said last week. McDonald’s are largely set by bat with no experience,” Mr. SenateDemocratic leaders “The presidenttalks about economic analysis.” Mr. Biden and most Demo- independently owned fran- Maynardsaid, adding that he made clear that agradual in- thesoul of the country, this is TheBusinessRoundtable, crats in Congress want a $15- chises.Atcompany-owned supportsasmaller increase crease in thefederal payfloor the soul of the Democratic an advocacygroup forlarge an-hour federal minimum stores,the averagestarting based on regional living costs. to $15 an hour from the current Party.The minimum wage has companies nowheaded by wage.The most direct path to wage fornonmanagerial work- “It’snot meant to be alifelong $7.25,passed as part of the $1.9 to go to be raised to aliving Walmart Inc. Chief Executive accomplishing that goal—plac- ers is nearly $11 an hour. wage.Itismeant to be amini- trillion House legislation Satur- wage,” Mr.Sanderssaid. Doug McMillon,supportsrais- ing it in a$1.9trillion Covid-19 “We’re able to balance be- mum wage to incentivizepeople day, nowwouldn’t happen in If the Senatepasses the bill ing the minimum wage but is relief bill—waslikely cut off tween judicious pricing on the to moveuptodoother things.” this bill.That eased tensions later this week without the concerned about the $15-an- last week forSenateproce- menu, as well as just thinking Some larger employers are with Senate centristswho op- wage increase,itwill return to hour proposal. dural reasons. about productivity savings raising wagesfurther and call- posed a$15 wage,while it put the House,whereliberals could “Webelievethat the in- Thenonpartisan Congres- that we canmanagethrough ing on corporatepeerstojoin newpressureonprogressives imperil itspassageifthey re- crease should be thoughtfully sional Budget Officelast this,” Mr.Kempczinski said them. Costco Chief Executive to swallowtheir disappoint- fuse to vote forthe aid package designed to reflect regional month said that raising the during an earningscall last Craig Jelinek told Congressat ment and coalescearound the without it. Rep.Pramila Jayapal differences in wage rates and federal minimum wage to $15 month about the possible min- ahearing last week that the Democratic president’s first (D., Wash.), chairwoman of the not undermine small-business an hour by 2025 would cost imum-wage increase. retailer was raising starting legislativepush. Congressional ProgressiveCau- recovery,” Roundtable Presi- 1.4million Americans their Some smaller companies payto$16 an hour and that SenateMajority Leader cus,said she would need to re- dent Joshua Bolten wroteina jobs butcould deliver raises and restaurantsare asking Con- hourly employees are paid an Chuck Schumer (D., N.Y.)said viewthe bill beforevoting on it lettertocongressional leaders. forupto27million workers gresstolimit minimum-wage average of $24 an hour. he expected “a hearty debate without the wage boost. Mr.Bolten wasPresident andlift900,000 Americans increases,saying they would be —Sarah Nassauer andsome latenights” as the —Alex Leary George W. Bush’schief of staff. abovethe poverty threshold. disproportionately affected. contributed to this article. chamberbegins itsdebateon contributed to this article. Arizona Case Likely to ShowHighCourt’sStance on Voting-RightsLaw

BY BRENT KENDALL state, supported by Republicans voting regulation denies mi- with the JusticeDepartment. who intervened in the case,said norities an equalopportunity Afederal district judge

WASHINGTON—TheSu- the rules were neutral, reason- to participateinthe electoral GES ruled for Arizona after a trial

preme Court this week hears able approaches forrunning fair process, and the Supreme IMA in 2017, saying its rules were, an Arizonacase with broad and secureelections. Court hasn’t yetweighed in. at most,minimally burden- ramifications forthe futureof Republicans describe third- “The specific issues in the GETTY some and had no impact on the Voting RightsAct, the first party collection practices as case arenarrow,but to resolve SE/ the vast majority of voters. in apipeline of high-stakes lit- ballot harvesting,saying they them, the court has to address Residents of the state have igation following the legal areaninvitation forfraud. forthe firsttime aquestion of nearly amonth to return mail ANCE-PRES

frenzy that marked the 2020 Democrats say some voters major consequence: howthe FR ballots, and the ballot-collec- election season. need help because they don’t Voting Rights Act should be tion ban makes exceptions for

TwoArizona provisions are have easy access to polling appliedtoregulations of the GENCE help from family membersand at issue: alongstanding rule places or reliable mail service. electoral process,” said New /A caregivers, U.S. District Judge disallowing votescast in the Thejustices will hear oral ar- York University lawprofessor Douglas Rayesnoted.

wrong precinct, and ameasure gumentsinthe case Tuesday. It RichardPildes. DREHSLER TheNinth U.S. Circuit Court passed by the legislature in setsthe stagefor the court to TheSupreme Court’sruling, of Appeals reversed that rul-

2016 that prohibits get-out- interpret akey Voting Rights expected by June,could affect ARIANA ing and sided with the plain- the-voteoperatives from col- Act provision—known as Sec- ahost of newstate voting laws A voting site in Tombstone, Ariz., in November. Two Arizona tiffs,which included the Dem- lecting and delivering vote-by- tion 2—that says states can’t expected in the wake of the provisions are at issue in a Supreme Court voting case. ocratic National Committee. mail ballots. Anumber of impose anyrule “which results 2020 election—and the inevi- Theappeals court said the states have similar policies. in adenial or abridgment” of table lawsuitsthat will follow. over election procedures dur- ally invalidated another Voting policies did have adiscrimina- Democratswho sued Arizona the right to vote on the basis of Dozens of state legislatures ing the Covid-19 pandemic. RightsAct provision, Section tory effect that was linked to said therewerestate-specific race. arealready considering new Section 2has become more 5, which required states and Arizona’s“long and unhappy historical andsocietal reasons Lowercourtshavebeen in- proposals, including Republi- of a focal point in the years otherjurisdictions with ahis- history” of discrimination in whythe measures discrimi- consistent in explaining what canmeasures to tighten voting since the Supreme Court’s tory of discrimination—includ- voting. nated against NativeAmerican, kind of proof is needed under rules,after ayear in which the 2013 decision in Shelby County ing Arizona—toclear any —Jess Bravin Latino and Black voters.The theprovision to showthat a two parties clashed repeatedly v. Holder.That ruling function- changes in their voting rules contributed to this article. P2JW061000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 2, 2021 | A5

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A6 | Tuesday, March 2, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Carbon Pricing Gains Traction TexasPowerCo-op

BY TED MANN Filesfor Bankruptcy AND TIMOTHY PUKO

WASHINGTON—The oil in- BY SOMA BISWAS sheet,” CliftonKarnei,the dustry’stop lobbying group is AND ALEXANDER GLADSTONE company’sexecutivevicepres- preparing to endorse setting a ident and general manager, priceoncarbon emissions in Texas’slargest electric- said in a sworn declaration. what would be the strongest powercooperativefiled for TheElectric Reliability signal yetthat oil and gaspro- bankruptcy, saying it is over- CouncilofTexas,orErcot, ducersare ready to accept whelmed by the morethan whichoperates the state’s government effortstocon- $2.1 billion in sudden bills powergrid, said Fridaythat front climate change. stemming from theextreme some powerretailershad TheAmerican Petroleum winter weather that blanketed failed to payfor energy they Instituteispoised to embrace the state last month. purchased during the winter putting apriceoncarbon Thebankruptcy filing by freeze, indicating they lacked

emissionsasapolicythat S Brazos Electric PowerCoop- the means to settle their bills.

would “lead to the most eco- NEW erative Inc.onMondaysug- Credit-rating firms had nomic paths to achievethe G geststhat while the power flaggedahandful of Texas cit- ambitions of the Paris Agree- blackoutsinTexas areover, ies, electric cooperatives and

ment,” according to adraft OOMBER the processofsettling massive powerauthorities—including statement reviewedbyThe bills stemming from the en- Brazos—asbeing at increased Wall Street Journal. CH/BL ergy crisis is just beginning as risk following the energy crisis, “API supportseconomy- BUS the financial fallout spreads. downgrading them or placing wide carbon pricing as the pri- Brazos on Mondaysaid it them on negativecredit watch. TTHEW

marygovernment climatepol- MA had “no choice” but to file for Mr.Karnei sat on Ercot’s icy instrument to reduce CO2 Pump jacks in Midland, Texas, in February. The oil industry faces a changed reality in Washington. chapter 11 protection afterre- boarduntil resigning last week. emissions while helping keep ceiving invoices from the Powercostsskyrocketed on energy affordable,instead of ington. Another major busi- environmental activistswho government policies” to re- state’s grid operator to settle the Texas wholesale market mandates or prescriptiveregu- nessgroup,the Business arguethe world must transi- duceemissions acrossthe thecost of purchasing energy last month when powerplants latoryaction,” the draftstate- Roundtable, endorsed carbon tion away from fossil fuel economyasapolicythat during the weeklong period tripped offline,substantially ment says. pricing last year. power sources altogether. would support progress. The when freezing temperatures reducing energy supplies. API’sexecutivecommittee President Biden cam- But it does continue are- WashingtonExaminer re- knocked power plants offline Texas regulatorsordered prices wasslated to discussthe pro- paigned on treating climate versal that has accelerated ported it wasthe firsttime and leftmillions of customers forwholesale powertobeset posed statement this week.In change as acrisis,and since sinceMr. Biden’svictory. In this report included such lan- without electricity for days. at $9,000 per megawatt hour astatement to the Journal, he ascended to powerwith recent weeks,API has back- guage. “Simply put, Brazos Electric formorethan four straight API’s senior vice president of Democratscontrolling Con- tracked on past opposition to “The risks of climate suddenly finds itself caught in days,and imposed ancillary communications,Megan gress, too, several major trade direct federal regulation of changeare real,” API’sannual a liquidity trap that it cannot fees that totaled morethan Bloomgren, said the group’s groups have announced sup- report said. “Market-based solve with its current balance $25,000 per megawatt hour. efforts“arefocused on support fornew climateinitia- policies canfoster meaningful portinganew U.S. contribu- tives. The American emissions reductions across tion to the global Paris agree- API was one of the fiercest the economyatthe lowest so- Agency Chief Quits “I stand proud that I ment.” opponentsjust morethan a Petroleum Institute cietal cost. An example canbe worked endless hours over the After Utility Crisis Carbon pricing aims to dis- decade agowhen Congress sends its strongest carbon pricing—balancing re- past two and a half weeks to couragethe production of last considered major legisla- ducing GHGs with flexibility return electric power to the harmful greenhouse gases by tion on the issue,aplan to signal yet. and pacing to keep energy af- grid,” Ms. Walker wrote in her setting apriceonemissions. have emitters payand trade fordable.” The head of the Texas Pub- resignation letter. “Despite the TheAPI draftstatement would for their contributions to cli- Internally, many API mem- lic Utility Commission resigned treatment I received from endorse the concept in princi- matechange. Nowitisjust the bersstaunchly oppose endors- as fallout mounted from the some legislators, I am proud ple,without backing aspecific latest of several groups to the oil-and-gas industry’s ing acarbon taxorimposing energy crisis that swept the that I spoke the truth.” pricing scheme such as a car- support similar plans to put a emissions.And it is emphasiz- standardsfor the use of re- state during a severe winter Millions of Texans were left bon tax. priceonortax emissions,fol- ing that the industrycan play newable energy, according to storm last month. without powerfor days during An endorsement of carbon lowing aJanuaryannounce- arole in helping the world ad- one person familiar with the DeAnn Walker said she an extreme cold frontthat pricing by the oil industry’s ment from the U.S. Chamber dressclimatechange. That internal discussions. would stepdownamid growing broughtfreezing temperatures most important trade group of Commerce. has included laying ground- The organization had simi- calls forher ousterfromstate to much of the Lone Star State, would underscore the chang- Theinstitute’sdraft state- work publicly to support some larinternal conflictsoverits lawmakers of both parties and causing numerous powerplants ing politics of climatechange, ment stops short of explicitly form of priceoncarbon emis- position on methane-emis- others, following aTexasSenate to trip offline and leading oth- as major business groups ac- endorsing a tax on carbon di- sions. sions regulations,which the hearing lastweek during which ers to experienceshortages of knowledge the dangers posed oxide emissions or other spe- In itsannual State of Amer- Trump administration had she defended the commission’s natural gas. by greenhouse gases and ad- cificpricing framework,and ican Energy report from Janu- moved to undo at the request response to the crisis. —Katherine Blunt just to a new reality in Wash- stops short of the languageof ary, it listed “market based of independent producers. U.S. WATCH

ALABAMA America, arevoting on whether to FEDERAL RESERVE ing investoroutflows thateclipsed GEORGIA ID for absentee voting, limit the organizeaunion in their work- those during the 2008 financial amount of time voters have to Biden Backs Push to place” and pointedtohis longtime Market Vulnerability crisis, leading to the second federal House Passes Bill to request an absentee ballot, re- Unionize at Amazon support forunion organizing and Remains a Concern intervention in 12 years to prop up Limit Voter Access strict where ballot drop boxes the righttocollectively bargain. the market, she said. “This rush of could be located and when they President Biden expressed “Let me be really clear: It’s Regulators should continue to outflows as ashareofassets was Republican lawmakers in the could be accessed, and limit support for thousands of work- not up to me to decide whether advance changes to the financial fasterthan in the run in 2008, and Georgia stateHouse passed leg- early voting hours on weekends, ers at an Amazon warehouse in anyone should join a union. But system to address vulnerabilities it appears some features of the islation on Mondaythatwould among many other changes. Alabama who are voting in a let me be even more clear: It’s revealed by the coronavirus-in- moneyfunds mayhave contrib- roll back voting access,overthe Republicans saythe bill is union election, calling it a “vitally not up to an employer to decide duced market turmoil a year uted to the severityofthe run,” objection of Democratsand civil- needed to restore the confidence important choice.” that either,” Mr. Biden said. “The ago, Federal Reserve Gov. Lael she said in aspeech to the Insti- rights groups gathered at the in elections. Democratssay the Mr.Biden, in avideo postedto choice to join a union is up to Brainard said Monday. tuteofInternational Bankers. Capitol to protest. House Bill 531 legislation furthers former Presi- the WhiteHouse’sYouTube ac- the workers—full stop, full stop.” Fragilities remain in short-term Ms. Brainard also highlighted passed the lowerlegislative dentDonald Trump’slies about countSundaynight, didn’tmention Amazon declined to com- funding markets, including from the need to boost the resilience chamber by avoteof97-72. It election fraud and would dispro- Amazon by name but said, “Work- ment. certain money-market mutual of the Treasury market. nowgoes to the stateSenate. portionately affect minorities. ers in Alabama, and all across —Ken Thomas funds thatexperienced destabiliz- —Andrew Ackerman The bill would require a photo —Associated Press FROM PAGE ONE

missing.“Thepriority of any Girls Hid government should be to protect lives but the Nigerian government is failing us.” As Gunmen On Sunday, arumor rico- cheted acrosstownthat the girls had been freed and hun- Swarmed dreds of jubilant parents emergedfromtheir homes to embrace. ContinuedfromPageOne Aconvoy of fathersbegan TheJangebe kidnapping to speed toward the regional also appearstobemorphing capital, Gusau. intoaninternational incident. Government officials were On Sunday, Pope Francis forced to issue astatement called forthe girls’ release in saying the reports, which hisweekly addressonSt. Pe- started on social media, were ter’sSquare. United Nations false. Secretary-General António Gu- Theparentswereheartened terres and U.S. Ambassador to by the release on Saturdayof the U.N. Linda Thomas-Green- 42 people,including 27 school- field both called forthe girls boys, who were kidnapped to be released and their kid- from theirboarding school napperstobepunished. two weeks agoinaseparate Nigeria’sgovernment reiter- abduction in the north-central ated on Monday that its stateofNiger.

search-and-rescue operation S Localgovernment officials wasunder way and that sol- said no ransom waspaid. diers, policeand intelligence PRES Yetthe public remains officers were combing the TED deeply skeptical, pointing to

area. OCIA Mr.Buhari’srecent statement SS

Therehas been no claim of /A that regional governorsshould responsibility,but government “review their policyofreward-

officials said those responsible MANSUR ing banditswith money and arelikely one of the heavily A father whose four daughters are among more than 300 girls who were abducted from a school waited for news on Sunday. vehicles.” armed bandit groups that have Suwaida Sani said she cow- become increasingly powerful hari said over the weekend dense canopy,which spreads authoritiestosavethe girls. “I haven’t been able to ered under the mosquitonet across swaths of Nigeria’s that his government wasfo- over three states and hundreds Abu Musa, a66-year-old sleep,” she said. “I canstill with sixother girls until day- northwest, and not the jihadist cused on retrieving the victims of miles. civil servant, has returned to hear her voice.” break,silently mouthing groups based in the northeast. but wouldn’t be blackmailed Theattack has sparked the school everyday sincehis Parentssaid they had re- prayers in case a noise re- Some analystshavewarned by groups targeting schools to shock and anger in Jangebe, threedaughters, the youngest ceived information that their vealed their hiding place. that criminal gangsare start- extort ransoms. thelargely poor andrural re- of whom is 11,wereabducted. daughterswerebeing forced to Her relief at escaping is ing to fuse their operations “Let bandits, kidnappers gion close to Nigeria’sborder “Todayisday four that our march 50 miles aday through tinged with grief at the fateof with terrorist groups Islamic andterroristsnot entertain with Niger that has been beset daughtershavebeen in the thick thorn forest with very friends and family.Her cousin State and BokoHaram. anyillusions they aremore by mounting insecurity in re- hands of their kidnappersand little food or water, an ordeal Sharifah, who slept in anearby “I expect moreattacks in powerful than the state,” he cent months. we areyet to hear from any- they might not survive. bunk and accompanied her ev- northwest Nigeria to bear the said. On Monday, residentsgath- one.Wejust pray they areall Forsome,the pain is cur- erynight to collect waterbe- hallmarksofjihadistsand to, On Monday, the search con- ered in small conclaves to aliveand well.” dlingintoanger. fore bed, is among those in fact, involvetheir advisers tinued, with grieving parents whisperupdates and exchange An olderstudent, 17-year- “No government or security taken. or liaisons,” said JacobZenn, a watching surveillanceplanes condolences.Distraught fami- old Marwanatu Shitu, who sur- officials have come to tell us “I can’t stop thinking: What specialist on BokoHaram at flying over Jangebe en routeto lies of themissing have con- vived by hiding in abathroom, anything about our missing is their condition?” Suwaida Washington-based think tank the nearby RuguForest. verged on the school’sbullet- fought back tearsasshe re- schoolgirls,” said AliyuLadan, said.“When they took them the JamestownFoundation. But eyes in the skycan offer scarred campus,guarded by called hearing her niececrying a53-year-old trader who has away,Iheardsomanycrying President Muhammadu Bu- only limited help over the thepolice, pleading with the her name as she wasled away. threedaughtersamong those forhelp.” P2JW061000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, March 2, 2021 | A7 U.S. NEWS NewJ&J Vaccine Joins Battle AgainstCovid

BY PETER LOFTUS vaccine from aMcKesson facil- available to ensurevaccines get AND KEN THOMAS ity in Shepherdsville,Ky.,on intoarms as quickly as possi- Monday and brought them to ble,” asenior Biden administra- Trucks carrying Johnson & aUPS center in Louisville,Ky., tion official said Sunday. Johnson’s newly authorized a United Parcel Service Inc. J&Jhas said it expectsout- OL

Covid-19 vaccine began rolling spokesman said. Thedoses put will quickly increase,en- PO out Mondayenroutetostates will then be flowntoUPS sites abling it to deliver atotal of S

and sites that have been seek- throughout the countryfor de- 100million doses foruse in /PRES ing moredoses to boost vacci- liverybyvehicle Tuesday the U.S. by the end of June. SLEY

nations. morning. Thecompanysaid it had begun EA McKesson Corp., which is TheU.S. Food and Drug Ad- shipping the vaccine,which is D.

serving as the centralized dis- ministration on Saturday au- being allocated and distributed THY

tributor forJ&J vaccines,is thorized useofthe J&Jvac- under federal supervision. TIMO working with FedEx and UPS cine.The drug companyhad Health authorities have J&J’s vaccine is prepared for shipment at distributor McKesson’s facility in Shepherdsville, Ky. to ship the doses nationwide. made nearly four million doses been counting on vaccinations Theshipmentsare expected to forinitial shipment. Thead- to protect people against distributed, according to the J&J’sshot wasstill plenty their turn, and not wait for reach states and vaccination ministration said it expected Covid-19 and permit schools, U.S. Centers for Disease Con- effective, health expertssay, the one they prefer. sites as early as Tuesday, the about 20 million doses to be businesses and other estab- trol and Prevention. and itsperformanceinthe As of Sunday, 15% of the na- Biden administration said. delivered by the end of March. lishmentstofully reopen. The Thefirst two Covid-19 vac- trial mayhavebeen affected tion’spopulation had received A FedEx Corp.spokes- Distribution will be uneven paceofvaccinations has in- cines cleared foruse require by the presenceofcoronavirus one or more doses of the two woman said pickups had begun early on as the companyin- creased following ashaky two doses forfull protection, variantsthat maynot have previously approved Covid-19 at aMcKesson facility in Olive creases production, it said, start, but limited supplies according to the FDA. J&J’s been present during late-stage vaccines,according to the Branch, Miss. Theshipping meaning the bulk of the addi- have restricted howmanypeo- vaccine needs just one dose, trials for the other two shots. CDC.Health expertssay well companyisusing itsdistribu- tional 16 million doses will ar- ple are designated eligible. which should simplifythe vac- Public-health advisersto morethan half the population tion hub in Memphis,Tenn., to rive later in the month. Morethan 75 million doses cination drive, though the shot President Biden have urged needs to be vaccinated forthe deliver the doses nationwide. “We’regetting these doses have been administered in the wasn’t as effectiveinlate-stage Americans to take the first herdimmunity needed to UPS trucks picked up J&J out the door as soon as they’re U.S. out of 96.4 million doses trials as the other two shots. available vaccine when it is move past the pandemic. Virus Studies Yield New Clues on Pandemic’s Origin

BY BETSY MCKAY Public-health officials sayit spikeprotein, the structure suggestsanaturalviral evolu- ting thevirus to humans. dent can’t be ruled out. The is critical to identifythe origin that dotsthe surfaceofthe vi- tion, said James Weger-Lu- It is unclear whether the Wuhan InstituteofVirology As aWorld Health Organiza- of the pandemic to take steps rusand helps it attach to hu- carelli, aVirginia Tech virolo- mutation wasinthe virus when has ahigh-security lab facility tion team digsintothe origin to avert futureoutbreaks, mancells,suggesting that the gist who led the study that it firstinfected people,orif that conductsresearch on bat of the Covid-19 pandemic,other though it maytakeyearstodo capacity to infect humans identified that amino acid other changes were needed to coronaviruses.Itdenies storing scientistsare unearthing tanta- so.These latest pieces of re- evolved naturally,according to change.Itwas posted on a enable human transmission, Dr. or doing research on SARS- lizing newclues suggesting search add to evidencethat one of the bat studies. preprint server, meaning that Weger-Lucarelli said. CoV-2 beforethe pandemic be- that the virus behind it evolved the virus,called SARS-CoV-2, “All those viruses are com- it hadn’t been peer reviewed, Scientistsnow should mount ganand says it maintains the naturally to infect humans. likely originated in batsand ing from nature,” said Robert andhas been submittedtoa an aggressivesearch forthe or- highest safety standards and At least four recent studies then evolved naturally to in- journal for publication. igin of the pandemic virus that none of itsstaff have have identified coronaviruses fect humans,possibly through He and his colleagues ana- wherever horseshoe batsroost, tested positivefor the virus. closely related to the pan- an intermediaryanimal. ‘I am convinced that lyzednearly 183,000 genetic said Linfa Wang,professor of Membersofthe WHO demic strain in bats and pan- Thestudies also help explain sequences of the pandemic vi- emerging infectious diseases at team—an international group golins in Southeast Asia and whymembersofaWHO team theancestral virus rusfor changes that might Duke-NUSMedical School in of biologists, epidemiologists Japan, asign that these patho- that in Februarycompleted a came from bats,’ said have aided adaptation to hu- Singaporeand asenior author and animal health specialists— gens aremorewidespread four-week mission to Wuhan— mans.They identified amuta- of one of the bat studies.These have said they consider alab than previously knownand the Chinese city where the first one studyauthor. tion that changed asingle bats, which carrycoronavi- accident an extremely unlikely that therewas ample opportu- known cases of Covid-19 were amino acid on the spikeprotein ruses,are found in tropical and source of the pandemic. But nity for the virus to evolve. found—advocatesearching for and showedthat it helped the temperateregions of Asia, the PeterBen Embarek,the team Another newstudy suggests the origin of the pandemic in virus infect human cells and Middle East, Africaand Europe, leader,said last week that the that achangeinasingle other countries in addition to Garry,avirologist at Tulane replicate. Theamino acid was he said, adding,“Iamcon- lab hypothesis is “definitely amino acid in akey compo- China, particularly those along University School of Medicine different in arelated coronavi- vinced that the ancestral virus not off the table” and acknowl- nent of the virus enabled or at itsborder in Southeast Asia. and senior author of that rusthat infectsbatsand pan- came from bats.” edged that the team lacked the least helped the virus become Thebat coronaviruses found study,which waspublished in golins,scaly ant-eatingmam- Some U.S. officials and sci- information it needed to make infectious in humans.Amino recently acrossAsia sharege- Februaryonthe discussion fo- mals that some scientists entistshavesaid the possibility afull assessment. acids are organic compounds netic similarities with the pan- rum Virological.org. initially hypothesized could be that the virus began spreading —Jeremy Page that form proteins. demic strain in key areas of the Theamino acid changealso an intermediaryintransmit- as aresult of alaboratoryacci- contributed to this article.

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A8 | Tuesday, March 2, 2021 THE WALL STREET JOURNAL. WORLD NEWS U.K. Data Offer a Dose of Hope Sarkozy Is Found Single-shot efficacy in those over 70, after adjusting for factors including age, sex, elderly people boosts ethnicity and location. The Guilty optimism inoculation risk of hospitalization was around 80% lowerfor those plan can stoke growth getting avaccine compared Of Bribery with those who didn’t. BY JASON DOUGLAS Thestudy also examined BY NOEMIE BISSERBE AND JENNY STRASBURG therisk of hospitalization in the more-vulnerable over-80s PARIS—Former French LONDON—Newevidence who did develop symptoms, President Nicolas Sarkozywas from the U.K. showedCovid-19 and the risk of death in the found guilty of trying to bribe vaccinations sharply reduced same group among those who amagistrate, becoming the serious illnessand deaths received the Pfizer shot. Those firstpresident in the history among elderly people afterjust vaccinated with symptoms had of France’s post-World War II one dose,bolstering optimism a43% lowerrisk of admission republic to face house arrest. that successfulvaccination to hospital compared with AParis court on Monday programs offer areturn to eco- symptomatic unvaccinated convicted Mr.Sarkozyon nomic growth this year aftera cases, and their risk of dying charges of influence-peddling year of widespread lockdowns. of Covid-19 was halved. and corruption,sentencing Thereal-world datafrom Dataonmortality forthose himtothree yearsinprison the countrythat is vaccinating whogot the AstraZenecashot foroffering to help amagis- agreater proportion of its weren’t available because it trateland aplum position in populationthan anymajor wasapproved and rolled out the principality of Monaco in Western economy also offers later.Symptomatic cases exchangefor confidential in- supportfor the U.K. govern- among those vaccinated had a formation about an inquiry ment’sstrategyofstretching 37% lower risk of hospitaliza- into the finances of his 2007 out limited vaccine supplies by tion than unvaccinated cases. presidential campaign. delaying asecond shot of vac- Public-health officials are Thecourt suspended two cine by up to 12 weeks after especially upbeat on data years of Mr. Sarkozy’s prison the first to protect more peo- showing the vaccines’ effec- sentence,adding that the for- ple from the disease. tiveness at reducing hospital- mer president should serve British researcherssaid in izations and deaths,even the remaining year under preliminaryfindingspublished among older citizens most at house arrest wearing an elec- online Mondaythat asingle risk.Researchershavealso tronic bracelet. dose of Covid-19 vaccine devel- been optimistic aboutevi- Under French law, Mr.

oped either by Pfizer Inc.and GES dencethat vaccines reduce Sarkozyisn’t required to serve

BioNTech SE or the University IMA transmission of the virus,and anysentenceuntil the appeals of Oxfordand AstraZeneca have said datasofar suggest a process is exhausted. ETTY

PLC reduced the risk of hospi- /G single dose canhelp curb Mr.Sarkozy“used his sta- talization among people over transmission even when the tus as a former president and ONG 70 yearsold by 80%, compared infected person doesn’t have the political and diplomatic with those of a similar age FURL symptoms. relationships he built while in

who weren’t vaccinated. PHER That optimism is tempered, powertoreward amagistrate

Thestudy adds to evidence TO however, by the emergenceof who served his personal inter-

from acrossthe world that CHRIS newcoronavirus variants that ests,” the judges wroteintheir vaccines are broadly as effec- People received Covid-19 vaccinations at Lichfield Cathedral in Lichfield, England, last week. appear to make vaccines less ruling. tive in the real world as they effective. Genome sequencers Mr.Sarkozy, who denied were shown to be in clinical AstraZeneca’sshot doesn’t Morethan 20 million people in largest such studies published in the U.K. have identified six the chargesduring the trial, trials,giving hope that mass have enough datatoback up the U.K. have received at least to date. Researcherszeroed in cases of avariant that appears leftthe courtroom without rolloutscan reducethe need its rollout to at-risk over-65s. one vaccine shot, around 38% on more than 150,000 people to have emergedinBrazil, making astatement. Alawyer forrestrictivepublic-health It adds to broader evidence of the adult population. with test resultsmatchingvac- prompting an effort to track forMr. Sarkozysaid he would measures and pave the way that the vaccines aresaving In the U.S.,avaccination cination records. down otherswho could have appeal the ruling. for economic reopening. lives.The U.K. program gave push in nursing homes has The scientists found a sin- contracted the variant. His punishment is unprece- “It is going to hopefully take priority to the most vulnerable also shown encouraging signs gle dose of either vaccine re- Take-up of the Oxford-As- dented for modern France. In us intoaverydifferent world in people,starting with the peo- as government reportsofnew ducedthe risk of symptomatic traZenecashot in partsofEu- 2011, former President Jacques the next few months,” England’s ple over 80 and healthcare resident deaths from Covid-19 Covid-19 and hospitalization rope has been slow, reflecting Chirac received atwo-year deputy chief medical officer workers, beforemoving down have been declining forweeks. from as little as 10 days after concern among some national prison sentence afterjudges Jonathan Van-Tam said Mon- the age scale. TheBritish study,led by injection, with the strongest regulatorsthat the dataonits found him guilty of embez- day, referring to vaccination. On Jan. 19,U.K.government England’spublic-health effectsseen after28days.Re- effectivenessinover-65s were zling public funds to illegally Thestudy,which hasn’t yet figuresshowedthat 61% of all agency, looked at health re- sultssuggest both the Pfizer lacking. financethe conservativeparty been reviewedbyother scien- Covid-19-related deaths were of cords associated with 7. 5 mil- and AstraZenecashotsreduce British officials said the lat- he led. However, the lateMr. tists, should help dispel con- people over 80.OnFeb 23,just lion people over 70 in Eng- the chances of symptomatic est datashould put those fears Chirac’ssentencewas sus- cerns in parts of Europe that 49%werefromthat agegroup. land, making it one of the disease by around 60% in to rest. pended. ©2 02 1D ow Jone s&C o. ,I nc .A ll ri ght sr es er ve d. 6D J8 26 7

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THE WALL STREET JOURNAL. Tuesday, March 2, 2021 | A9 FROM PAGE ONE

Clean” it espoused. he said. “The regula- buzzmight bring guidelines on howthe gin-adja- juniper tones despiteits citrus What’s Mr.Cook said the name was tions as they stand in newdrinkers, cent drinks should be marketed. hue,but it acknowledges look- adeliberateprovocation, like“a areout of step.” and believing It suggests“Non-Alcoholic Bo- ing to playdownjuniper notes redrag to abull.” Afterthe Gin He also said Mr. they were un- tanical Drink” is an acceptable in theU.S., whereitdescribes Gin With Guild took it to task and Cook is less scrupu- likely to become label, but “NotGin” is not. theflavoras“polarizing.” pressed one of Britain’sbiggest lous about adhering to bar staples. Gin-maker Warner’s Distill- Mr.Cook said juniper is mul- supermarket chains to stop sell- the second golden rule By the 21st centuryit eryLtd.labels itsnonalcoholic tifacetedwith notes of pine,cit- No Alcohol? ing it unlessitdropped gin of ginmaking,that ju- had anew glamour;U.K. version “Botanic Garden Spir- rus, mint, nutmeg and balsamic, from itsname,the companyre- niper be itsmain flavor. sales volumes jumped its.” Founder TomWarner said meaning the dominant flavor named it CleanG last year. “The Gin Guild chose to 74%between 2016 and he supportsMr. Cook’sefforts could be anyofthese things, ContinuedfromPageOne CleanG said it will continue ignoreone-half of the 2019,according to in- to enforce gin regulations. while still being of juniper. rule he won’t bend: beverages to tell customersthat itslow-al- regulations,” he said. dustrytracker IWSR. Mr.MatthewsofCleanG Mr.Cook works in ahome labeled gin must be at least cohol drink tastes just likegin. Thedrink is usually Gin adjacent “Ifyou stick ‘gin’ on questions why, if the Guild’sin- officeinChelmsfordsur- 37.5%alcohol by volume in Brit- “We’renot retracting our view,” distilledfromvarious anything,beitbubble tention is to protect gin against rounded by 350 bottles of gin— ain, and 40% in the U.S. said founder Spencer Matthews, grains,and itsjuniper flavor bath, candles,slippers, or non- consumer confusion, it allows likeworking in achocolate “Ifit’snot gin in the bottle,a aformer reality-TV star known dates to itsorigins in 17th-cen- alcoholic beverages,you are Diageo PLC to sell zero-alcohol shop,hesaid. He drinks gin brand should not put gin on the forhis hardpartying beforefa- turyHolland. Returning soldiers hitching your wagontoavery brands under itsblockbuster only onceaweek.“Iwouldn’t bottle,” is his mantra. therhood propelled him to cut around that time brought it to successfulcategory,” said Mr. Gordon’sand Tanqueray gin look as young as Ilook if I He makes his point over and back.“CleanG nowcomes with Britain. It wasthe scourge of Cook,who has led the Guild brands.Mr. Cook said Diageo drank more,” he said. over,often with adash of bit- aneck tagthat says ‘Use like slumsfor decades,beforease- sinceits inception in 2012 and doesn’tcall those drinks gin Mr.Cook has anew target ters:“No no no #thisisnotgin” Gin’ so we nowhaveevenmore ries of reforms raised prices is itssole full-time employee. and so isn’t breaking anyrules. in his crosshairs: gin liqueurs, he writes on Twitterwhile of anod to gin.” andadded sales controls.Gin The62-year-old former Mr.Matthewsadded that the which he said shoppersare pointing out offenders. Mr.Hicklin said he and andtonic became astaple of property lawyer,however, is requirement about juniper pre- confusing forthe real thing. Arecent nemesis is former CleanG have become “a sort of English cocktail hours. ready to fight over productsla- dominancehas long been His ownbrother accidentally GinGuild director Justin Hick- bête noire” forMr. Cook.“He In recent years, craftdistill- beled gin that might be mis- flouted by established players. bought him abottle forChrist- lin, who wasasked to resign needstomoveon,” he said. erssuch as London-based Sip- takenfor the real thing. He pointstofruit-flavoredgins mas.Itturned out to be “a re- from the trade body afterhelp- Labeling something alcohol- smith made small, flavorful TheGuild, which is largely that have grownstrongly in really quiterevolting ginversion ing to createanew product that free gin should be allowedthe batches.Some makersproduced bankrolled by the big gin pro- cent years, and some regular of Baileys,” Mr.Cook said. The makes Mr.Cook’shead spin. same way alcohol-free beer and moreextremevarieties—includ- ducersand foryearswas simply gins that have dominant flavors gift, while thoughtful, was CleanGin wasmarketed as wine is allowed, he said. “The ing toffee-flavoredand glitter- apromoter of gin, has nowear- that aren’t juniper,likeDiageo’s misguided, he said: “It was having agin tastebut only 1.2% overallmoderation movement infused. Mr.Cook tolerated marked money forlegal actions. Tanqueray No.Ten. horrible.Ihavethrownit ABV. “Ditch Hangovers,Drink is about giving people choice,” them, appreciating that the In January, it published Diageo said the gin has clear away.”

Fedcurrently putsat2.5%. Inflation: When inflation persistsabove the 2% target, rateswill eventually rise by 150% of thedif- Tame, Still ference. So if actual and long- runexpected inflation hit 3%, this rule would ultimately pre- A Concern scribe interest ratesat4%. That should damp spending andinflation. ContinuedfromPageOne This formula doesn’t target HarvardUniversity economist unemployment. But in main- and former adviser to Presi- stream economic models,in- dentsClinton and Obama. He cludingthe Fed’s, forinflation says the risk of inflation expec- to fall, unemployment has to tations shifting dramatically, rise—perhaps by alot. And leading to adisorderly fall in that has happened only during the dollar,isatits highest recessions. sincethe 1970s. Some economiststhink this Theinflation picturehas means the Fedwould be reluc- been muddied by the pan- OL tant to push back that hard PO

demic.Asthe global economy S against higher inflation, espe-

shut down last spring,prices PRES cially sinceits definition of forgasoline,lodging and air- S/ maximum employment now fares plummeted, helping drive considersunemployment, em-

inflation, as measured by the REYNOLD ployment and labor-force par-

12-month change in the con- ANI ticipationbydifferent demo- sumer priceindex, down from EF graphicgroups. ST 2.3% in February2020 to 1.4% Treasury Secretary Janet Yellen listened as President Biden spoke about the economy in the White House in early February. “The focus on inequality this January. Coreinflation, drives this maximum-employ- which excludes the morevola- Jobs,Growthand Inflation ment mandate, and it really tile food and energy compo- takesprecedenceoverthe in- nents, wasalso 1.4%, around As unemploymentfell, Fedofficials reviseddownhow lowitcould get without causing inflation. Still, PresidentBiden's stimulus flation mandate,” said Ellen the lowest since2011. would push activity well above economy's estimatedcapacity. Zentner, chief U.S. economist As last spring’snegative Inflation remains under Fedtarget Unemployment rate,quarterly Gapbetween actual and ‘potential’† GDP at Morgan Stanley.She sees in- numbersdropout of the 12- flation persisting above2% month calculation and oil 12% 14% 4% through 2023 because “fiscal prices rebound, the inflation policyactivism” such as bigger rate will automatically rise.At budget deficitsand ahigher 10 12 CAP. 2 the same time,businesses may minimum wage makefor a regain pricing powerasvacci- Currentrate moreinflationaryeconomy.

8 10 TIGHT 0 nated customersflock back. TheFed might also facepo-

Economistssurveyed by The 6 8 ITY –2 litical pressureagainst raising Federal Wall Street Journal expect the AC ratesbecause higher ratesin-

Reserve AP inflation rate to rise to 2.75%in 4 target 6 –4 crease the cost of soaring fed- SC the second quarter,then drop Inflation, eral debt and deficits. The again. 2 excluding 4 CES –6 “joint fiscal-monetarypolicy 'Natural' rate* EX JuliaCoronado,anecono- food and With Biden stimulus revolution...risks greater politi- mist who runs the research 0 energy 2 –8 Baselineprojection calconstraintsonthe ability of serviceMacroPolicyPerspec- Overall central banks to lean against tives, expectscoreinflation to –2 inflation‡ 0 –10 inflation,” strategistsatfund fall to 1.2% by the end of the 1960 ’70 ’80 ’90 2000 ’10 ’20 2010 ’12’14 ’16 ’18 ’20 1990 2000 ’10 ’20 managerBlackRock wrotelast year.That’sbecause rent, the year. biggest pieceofthe consumer *Federal Open Market Committee's consensus estimate of long-run unemploymentrate, belowwhich cost pressures areexpected †Sustainable without inflationary bottlenecks‡Annual change in price indexofpersonal consumption expenditures priceindex, is being pushed Sources: U.S. Labor Dept. (unemploymentrate); Federal Reserve(natural rate); Congressional Budget Office(historical &baseline GDP); Wendy Edelberg&Louise Sheiner,Brookings Institution (Biden down by unemployment. stimulus); U.S. Commerce Department(inflation); Federal Reserve(target) Raise the target? TheFed’s2%targetisbased If inflation ever did reach on adifferent inflation mea- dip to 3.2%. Federal ReserveBank of San mist at the IMF, says the mul- usually responded by raising 3%, the Fedmight faceinternal sure: the priceindexofper- While this would qualifyas Francisco, said in February. tiplier could be much morebe- ratesand causing arecession. or external pressuretoraise its sonal consumption expendi- ahot economy, whether it TheFed worries that if in- cause the stimulus favors Both Fedand Biden adminis- target rather than trypushing tures. PCEinflation typically would push inflation much flation persistently runs below lower-income families,who tration officials areconfident inflation back to 2%. runs belowCPI inflation, but above2%isfiercely debated. 2%, inflation expectations will spendmoreoftheir income. that central banks have learned Indeed, some economists nowitisaboveit, at 1.5%. Formost of the past 25 years, also driftdown, making too- Addtothat $900 billion of from the 1960s and 1970s and have challenged the wisdom of Temporaryeffectsfromthe inflation has runclose to or be- lowinflation self-reinforcing. stimulus from December and won’t repeat those mistakes. the 2% target around which pandemic likely won’t influence low2%, even when GDP was Over time,lowerinflation leads $1.6trillion in savings, he says. Andwhile the Fedhas limited central banks have coalesced. whereinflation is heading,be- abovepotential and unemploy- to lowerinterest ratesand thus “This would be an increase abilitytocut rateswhen infla- In 2010,Mr. Blanchardsug- cause inflation is typically ment belowits natural rate. lessroom to cut them to coun- in demand that Ihavenot seen tion is low, it canraise them as gested ahigher target, such as driven by howmuch room the Economistsciteseveral pos- teract recessions. in my lifetime,” said Mr. much as needed when inflation 4%, would mean higher inter- economyhas to grow.Right sible reasons.First, companies To counteract this risk,the Blanchard, an academic who is high. est ratesovertime and thus now, idle businesses and unem- and workershaven’t built Fedannounced last August has taught and writtenexten- JaredBernstein,amember moreroom to cut to counteract ployedworkers, as well as in- higher inflation intotheir be- that to makeupfor below-tar- sively on macroeconomics of Mr.Biden’sCouncil of Eco- recessions. flation expectations,which de- havior even when the economy getinflation, it would seek to sincethe 1970s.Indeed, it nomic Advisers, said the ad- Citing similar logic,agroup termine priceand wage setting overheats. Second, globaliza- push inflation over 2%, so that could driveunemployment ministration believes the risks of progressiveeconomistsin- behavior,suggest inflation will tion and automation have over time,inflation and thus down to 1.5%, he estimates. of high and persistent unem- cluding Mr.Bernstein and be subdued. weakened workers’ and compa- inflation expectations both av- Mr.Summersand Mr. ployment, hunger,eviction and Heather Boushey,another of At the end of last year,gross nies’ ability to raise wagesand eraged 2%. Mr.Biden’sstimulus Blanchardsee worrying paral- other fallout from Covid-19 Mr.Biden’seconomic advisers, domestic productwas 3% to 4% prices; aging populations have bringsthat goal closer. without stimulus outweigh the urgedthe Fedtoraise itstar- belowthe Congressional Bud- slowedeconomic growth. Neither markets, the Fed risks of inflation with stimulus. getina2017letter. getOffice’sestimateofGDP Third, the CBO and the Fed nor most economiststhink it Some economists That doesn’tmean that the risk TheFed’sindependencebe- “potential,” the level the labor might have underestimated the will push inflation meaning- of inflation is zero.“It does came lesssacrosanct under forceand businesscapital can economy’spotential and over- fully abovethe Fed’starget. see parallels to the mean we have acentral bank former President Donald sustain without inflationary estimated thenaturalrateof Economistssurveyed by the 1960s, a time when laser-focused on maintaining Trump,who departed from his bottlenecks. unemployment. Theidea is a Journal see CPI inflation at anchored inflation expectations three predecessorsbypressur- Unemployment in January hoteconomypulls marginal- 2.2% at the end of 2023. inflation jumped. to guardagainst that risk,” he ing Mr.Powell to cut rates. Mr. was6.3%, well aboveFed offi- ized workersintolabor mar- Some economistsdisagree; said. Biden, whoportrays himself as cials’ median estimateofthe kets,creating more capacity. they sayMr. Biden’sstimulus is TheFed has said it would adefender of independent “natural” unemployment rate Mr.Powell appearstoshare so big it will push the U.S. past start raising interest ratesfrom American institutions,isun- of 4.1%.Belowthe natural rate, this view. He recently noted anyreasonable estimateofthe lels to the 1960s.President around zero only when infla- likely to do the same.Treasury cost pressures build. that unemployment had fallen economy’spotential output. John Kennedy’s advisersatthe tion is 2% andlikely to stay SecretaryJanet Yellen,asa Bond yields have risen to 3.5% just beforethe pan- Mr.Biden is motivated in start of the decade were right abovethat, and the U.S. is at former Fedchair,isalso likely sharply sinceDemocratswon demic. This “did not result in part by Democrats’ belief that to think fiscal policycould maximumemployment. to defend itsindependence. control of the Senateinearly unwanted upwardpressures on former President Obama’s $831 push unemployment lower It has not, however, said Mr.Powell showedunder January, on expectations of inflation, as might have been billion stimulus in 2009 was without inflation, Mr.Summers what level of inflation would Mr.Trump that he would resist more stimulus,moregrowth expected,” he said in aspeech. toosmall. Mr.Summers, who said. “It’sjust that the idea got be toohigh. In January, political pressureonmonetary and moreinflation. Adam Ozimek, chief econo- helped design that package, ac- takentopolitical excess [under Charles Evans, president of the policy. Still, his term as chair- Economistsproject that a mist at freelancejob siteUp- knowledges it wasonly half the President Lyndon Johnson] Federal ReserveBank of Chi- man expires next year,and al- combination of fiscal and mon- work, estimates that the Fed, gapbetween the economy’s with ‘guns and butter,’ ” he cago, said: “I’m not worried ready one liberal activist etarystimulus plus vaccina- by raising interest ratesstart- output and itspotential. Yet added. Unemployment went aboutinflation going up sub- group,Fed Up, opposes reap- tions allowing most of the ing in 2015 based on an overes- Mr.Biden’sisequal to about below4%in1966,and infla- stantially beyond2.5%. Idon’t pointing him forallegedly not economytoreopen should timateofthe natural rate of threetimes the gap. tion, which had been below2% even fear 3%.” doing enough to addressracial largely eliminatethe output unemployment, cost the U.S. a since1960,jumped to 5% in TheFed has hinted at how unemployment gaps. gapthis year.Wendy Edelberg million jobs. 1969. interest rateswill adjust as in- Oneyear is unlikely to an- and Louise Sheiner of the That sort of cost now The multiplier Mr.Summerssaid today’s flation rises. Vice Chairman swerthe question of wherein- BrookingsInstitution project weighs heavily on the Fed’s Manyforecastsassume that economistsare tooquick to RichardClarida has said the flation is ultimately headed. that if Mr.Biden’sfull $1.9tril- thinking.“We should be less because pandemic curbs limit conclude from recent decades Fed will consult arule he and “For aquarter of acentury, all lion plan is enacted, GDP will fearfulabout inflation around howmuch people spend, each that lowunemployment is no two other academics developed of the pressures were…pushing soar 7.8% this year.Byearly the corner and recognizethat dollar of the stimulus will gen- longer inflationary. He said un- in a1999 paper.When inflation downward on inflation,” Mr. next year,they say, GDP would that fear costsmillions of eratelessthan adollar of employment hasn’t stayed low is on target, interest rateswill Powell told Congresslast week. stand 2.6% abovethe CBO’ses- jobs—millions of livelihoods, GDP—the “multiplier” will be long enough to provethat, be- gradually rise to neutral—a “Inflation dynamics do change timateofpotential, and unem- millions of hopes and dreams,” lessthan one.But Olivier cause when unemployment level that neither restrains nor over time,but they don’t ployment would temporarily MaryDaly,president of the Blanchard, former chief econo- dropped to lowlevels, the Fed stimulates activity,which the changeonadime.” P2JW061000-2-A009A0-1------NS

A9A | Tuesday, March 2, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK MTAConsidersCutsinSubwayService

Fare revenues are anew reality that morework- ersare commuting during off- expected to stay peak hoursand telecommuting belowpre-pandemic at leastafew days aweek. TheMTA is hoping fora levels foryears further $8 billion of federal relief in the Biden administra- BY PAUL BERGER tion’s $1.9trillion Covid-19 package, which was passed by Transitofficials aredebating the House on Saturday.As whether to reduceserviceon with previous requests, the au- NewYork City’s subway and bus thority warns of servicecutsof systems as ridership sputters 40% to 50%, beginning in 2023, during the Covid-19 pandemic. if funding doesn’t materialize. Thestate-controlled Metro- Some MTAboardmembers politan Transportation Author- suggest the authority,which ity has so far avoided massive wasinafiscal crisis beforethe cuts to subway and bus service pandemic,could find work- thanks to $8 billion in federal force savings. Labor accounts Covid-19 relief and $2.9billion for$10.7 billion, or 61%, of the of federal borrowing to cover JOURNAL MTA’s budget.

operating costs. REET TheMTA has trimmed more Some officials saytargeted ST than 2,700positions through LL

reductions areneeded with WA attrition and ahiring freeze, ridership and farerevenues reducing itsworkforce to less THE

expected to linger below pre- R than 68,000 people.Yet the pandemic levels foryears. FO authority’s $17.6billion operat-

Othersargue that reductions GEN ing budget for2021 is about must be weighed against the HA $500 millionmorethan last

need to avoid crowding and KEVIN year’s.Officials sayrising costs lure back passengers. The MTA believes that ridership on its buses, subway and commuter trains will reach about 60% of normal levels this time next year. arelargely duetoincreases in Representatives forthe health, welfare, pension, debt MTAsaid the authority con- MTAboardmembersataFeb. and bus systems todayare be- They saythe $8 billion of fed- services to meet current lowde- serviceand other expenses. stantly monitorsand re-evalu- 18 meeting that “right-sizing” lieved to be essential workers. eral relief has bought the MTA mand,according to the Ameri- Transport WorkersUnion Lo- ates ridership.“It’sjust adeli- servicewould be needed if low Some white-collar employers, time to consider whereand canPublic Transportation Asso- cal100,which representsalmost cate public policybalance,” ridership and budget deficits who have been slowtobring when to reduce service. ciation, atrade group.Paul 40,000 NewYork City subway said Abbey Collins, an MTA continue.“If the newnormal is back workers, saythey will con- Betsy Plum,executivedirec- Skoutelas,the association’schief and bus workers, has challenges spokeswoman. something lessthan pre-pan- tinue to allowpeople to tele- torofadvocacygroup Riders executiveofficer,said agencies cost-cutting measures. TheMTA reduced subway demic levels,it’saquestion of commute at least afew days a Alliance,said the modest sav- arefocused on howtoreinstate John Samuelsen,TWU Inter- and bus serviceby25% when when we start to addressit week afterthe pandemic. ingsthat come from service buses and trains to meet com- national President and an MTA the pandemic hit the city in the and adjust,” he said. TheMTA believes that sys- cuts areoutweighed by the muting habitsthat have changed boardmember,said he believes spring,asridership fell 90% TheMTA has reduced com- temwide ridership on itsbuses, harm they do to riders. because of the pandemic. ridership will bounceback and the authority had ashort- muter-rail serviceonthe Long subway and commuter trains Robert Linn, an MTAboard Phil Washington, the chief quicker than the authority fore- ageofworkersbecause of the Island Rail Road and Metro- will return slowly,reaching member appointedbyMayor executiveofthe LosAngeles casts. “They need to be thinking virus.The authority has runal- North Railroad, saving tens of about 60% of normal levels this Bill de Blasio,said: “The MTA County Metropolitan Transpor- about everyenticement possible most full servicesincelast sum- millions of dollarsannually.But time next year and about 86% hasaonce-in-a-lifetime chance tation Authority,said his to lurepeople out of their cars mer,despitesoaring deficits it is running almost full bus and of such levels by late2024. to re-envision transit in the met- agencysaves on maintenance and ontothe transit system,” he and continuing lowridership on subway service, despiterespec- Some transit advocates and ropolitan area and it needs time and powercostsasitruns 80% said. “And youdothat by main- some subway cars and buses. tiveridership levels 50% and MTAboardmemberssay the to start thinking about that.” servicetocarry55% of itspre- taining and increasing service Robert Foran, the author- 30%ofpre-pandemic norms. authority shouldn’t rush to re- Manytransit agencies around pandemic ridership.Hesaid fu- to averyhigh level of comfort ity’s chief financial officer,told Many ridersonthe subway duce subway and bus service. the countryare running reduced tureschedules will likely reflect as we pull out of Covid.” New School Leader Eyes Program Changes NewYork Marks BY LEE HAWKINS intoone of the most high pro- height that she is now.” file short-term jobs in the Sinceshe led and helped As the Rev.Jacques DeGraff city.Inthe months between found the Bronx School, Urban

S One Year remembersit, when newly ap- nowand 2022, she will be tak- Assembly’s network has grown pointed NewYork City Schools ing on next fall’splan forin- PRES to 23 NewYork City public Chancellor Meisha RossPorter person learning and the con- TED middle and high schools. Of Covid wasaprincipal at the Bronx troversial redesign of the CIA Richard Kahan, founder of SO

School forLaw,Government city’s giftedand talented pro- AS theUrban Assembly,said he BY MELANIE GRAYCE WEST andJustice, afight erupted gram, which is oftencriticized R/ hiredMs. Porter “when she YO

between two groups of girls at for being segregationist. MA was16or17,” to work on are- NewYork City MayorBill the school. “I want to really dig into development program forthe de Blasio on Monday marked THE

Some studentsweresus- [giftedand talented],” Ms. OF South Bronx.Ms. Porter,then a the firstanniversaryofthe pended andtransferred, but Porter said at aFridaynews teen leader working on an anti- city’s battle against the coro-

Ms.Porter,who wasprincipal conference. “I think that is a OFFICE drug awarenessprogram, stood navirus, saying it has been the at theschool from 2005 to 2015 toppriority,and that is where out at ameeting at the Bor- longest and toughest year but CITY

beforebecoming executivesu- my first focus will be as it re- RK ough president’soffice, he said. that NewYorkers“will see a

perintendent of Bronx schools lates to integration.” YO “She doesn’t come on as a vibrant recovery this year,

and nowhead of the Depart- Her commitment to reform- NEW bully or anything,but if you against all odds.” ment of Education, had another ing the programs beforeMr. de Meisha Ross Porter, 47 years old, takes over as chancellor for trytopush her,you will find On March 1, 2020,health plan forthe remaining 15 girls. Blasio leavesofficesparked New York Public Schools on March 15, replacing Richard Carranza. out she’sverystrong,” he said. officials announced the city’s She called in Mr.DeGraff,a questions and opposition Friday Michael Mulgrew,president firstconfirmed case of Latina judgeand aBlack female from parent-advocacygroups, on the giftedand talented.” and Justice, aschool she of the United Federation of Covid-19,inahealthcare policeofficer from the local including PlaceNYC,which says Ms.Porter is described by helped conceiveand found. Af- Teachers, who represents worker who had traveled to precinct to explain to the girls that concerns about the low her supportersasaleader who ter 18 years there, where she 120,000 DOE employees,said Iran. Afew days later,22peo- the long-term consequences of percentageofstudentsofcolor can relate more personally to became principal, she spent the union is looking forwardto ple were diagnosed with the bad decisions,herecalls. canbeaddressed without end- the various stakeholdersinthe three yearsassuperintendent working with Ms.Porter,but he disease and morethan 1,000 “Meisha RossPorter changed ing the programs.And while school system because she is a of District 11, serving the Pel- believes the giftedand talented people were under aquaran- the course of these young Mr.deBlasio has promised “an graduateofthe city’s public ham Parkway,Eastchester and program is likely to be replaced tine in Westchester County. women’slives,” Mr.DeGraff said. intensivepublic engagement schools and a20-year DOE Woodlawn neighborhoods of afterMr. de Blasio leavesoffice. Broadway theatersturned Ms.Porter,47yearsold, process” in the spring and the veteran, holding administra- the Bronx, the DOE said. Mr.DeGraff believes that off their lightsonMarch 12, takesoveraschancellor for summer to determine the future tivejobs at several levels.She “I see her tale as aBronx the fact that anew mayorwill andfour days later,the city’s NewYork Public Schools on of gifted-and-talented testing, is the firstBlack woman to ful- tale,” said David Adams,senior take the helm in 2022won’t public schools closed. Manhat- March 15,appointed to the job some parentsquestion whether fill the role,city officials said. director of strategyand the in- diminish Ms. Porter’s signifi- tanbecame aghost town as the after Mayor Bill de Blasio an- their input will be considered. Born in New York City and coming chief executiveofthe cance. “Ordinarily, you would city faced the brunt of the pan- nounced on Friday that Rich- “She’s going to be herefor raised in Southeast Queens Urban Assembly Schools,which saythat it makes her lame demic’searliest wave in the U.S. ardCarranzaisleaving the nine months,” said PlaceNYC and the Bronx,she wasa wasspawned from the school duck to alame duck,except By the end of the month, post.Several topofficials in co-president YiatinChu. “She’s youth organizer who decided Ms.Porter helped found. “We forone thing: It isn’t ordi- nearly 8,000 NewYork state the city have been leaving be- thecaretaker of the DOE until to followher mother and aunt know that the Bronx has often nary,” he said. “We are in ex- residentshad confirmed or cause Mr.deBlasio is term- we getanew mayor. I’m not intoteaching.She joined the struggled, in terms of poverty traordinarytimes that call for probable cases of Covid-19,but limited and will be out Dec.31. surethat it’sreally agood use of DOE as ateacher at the Bronx and with Covid. And Meisha great leaders, even with short- testing forthe virus wasstill But Ms.Porter is stepping her time and the energy to focus School forLaw,Government comes from that space, to the term solutions.” extremely limited. Hospitals, with dwindling resources, strained to keep up.Aweek GREATERNEWYORKWATCH later,New York City hit aone- daydeath toll of 813 people.By April 12, morethan 18,000 peo- NEW JERSEY Monday from complications of ple acrossNew York statewere Covid-19, according to the uni- hospitalized with the disease. Governor Expands versity. He was 62 years old. To date, therehavebeen Vaccine Eligibility Dr. DePerro had been hospi- 29,408 totaldeaths from talized since late December after Covid-19 in NewYork City,ac- Educators, transportation testing positive for Covid-19 on cording to the city’s health de- workers and homeless people Christmas Eve. He had been on partment. Themajority of them will become eligible for the a ventilator since mid-January. took placelast spring.Across Covid-19 vaccine in New Jersey “Words simply can’t convey NewYork state, therehave on March 15 as vaccination sup- the level of devastation our been more than 38,000 deaths, plies continue to expand, Gov. campus community feels right according to the Covid Track- Phil Murphy said. now,” said Joseph Zimmer, pro- ing Project, with morethan 1.6 Childcareemployees, migrant vost and vice president for aca- million cases of the disease. farmworkers and members of demic affairs. Dr. Zimmer was More than 1.9million doses NativeAmerican tribes also will S named acting president of the of the Covid-19 vaccine have be eligible forvaccinations on PRES private Franciscan university in been given in NewYork City.

March 15, the governor said TED late January. The university flag Last week,therewere338,000 Mondayatanewsconference. CIA will fly at half-staff through the shotsadministered, and the SO

Food-production workers, clergy AS end of March on the western city has set agoal to fully vac- members and postal workers II/ New York campus. cinate five million New York- will become eligible on March 29. Dr. DePerro became president ersbythe end of June,Mr. de This expansion covers hun- ANKLIN on June 1, 2017, and imple- Blasio said. FR dreds of thousands of NewJer- mented new strategies that in- “Westill have afight ahead, ANK

seyresidents, Mr.Murphysaid. FR creased freshmen enrollment. He but this is the last great battle Currently,people overthe age of ASPRING IN HIS STEP: The NewYork Yankees’ Gary Sánchez hit ahome run during the thirdinning launched the “A Bolder Bonaven- against the coronavirus right 65, people with certain health of apreseason game Mondayagainstthe Detroit Tigers in Tampa, Fla. The Yankees won, 5-4. ture” capital campaign to fund now,” he said Monday. conditions, healthcareworkers, the university’s School of Health Reflectingonthe past year, firstresponders and residents 70,000 doses of the newly ap- being kept in special cold-stor- OBITUARY Professions and last year recon- the mayor said that he would and workers at long-term-carefa- provedJohnson &Johnson vac- age freezers, he said. stituted a presidential commis- have instituted ashelter-in- cilities areeligible forinoculations. cine by mid- to late week, Mr. Even with the arrival of the St. Bonaventure sion to improve diversity, equity placeorder earlier,and that NewJerseyhad administered Murphysaid. The one-shot vac- new vaccine, the governor urged President Dies at 62 and inclusion on campus. early testing forCovid-19 morethan 2million doses of vaccine would give the state new residents to be patient for their Dr. DePerro is survived by his would have made the differ- cines as of Monday. flexibility to administer vaccina- turn. St. Bonaventure University wife, Sherry, and their two sons. enceinthe course of the pan- The stateisslatedtoreceive tions because it doesn’t require —Joseph De Avila President Dennis DePerro died —Associated Press demic. P2JW061000-2-A009B0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, March 2, 2021 | A9B

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HEALTH & WELLNESS PERSONAL JOURNAL.

Step three is what Icall finding the BiggerBetterOffer,orBBO.You need to giveyour brain something morerewarding to do than worry- NewWays ing.Thereare several healthyways to do this that don’t involvedistrac- tion. Youcan be curious about your experience. And youcan be kind. To Calm Anxiety and worryfeel closed and contracted. Curiosity and kindness open youup. Pandemic Tell me about curiosity—how does it help relieve anxiety? Curiosity feels better than anxiety. It helps us focus on the moment rather than worrying about the fu- Anxiety ture. And it helps us gather accurate information, which is what our brain needs to be able to think and plan. When it’s anxious, the brain goes into a black hole of trying to understand why something is happening so it can fix or avoid the problem. But we can’t avoid or fix uncertainty. So we often get stuck on the “why.” Curiosity helps us focus on the “what.” “What is happening right now?” “What am Ithinking?” “What am Ifeeling?” We canuse curiosity to unwind anxiety,in- GES stead of fueling it. Now, we won’t IMA just assume aworst-case sce-

GETTY nario.We’ll see what is true,because we’vegathered accurate information. BONDS create better habits. Habit loops have three elements: a howhardthis canbe. Based on our Start by being curious about ELIZABETH I spoke with Dr. Brewer about trigger, a behavior and a reward. genes,some people aremorepre- what the anxiety feels like in your BERNSTEIN how we often get stuck in a “habit Anxiety is not always a habit—it disposed to feeling anxious than body. Ask yourself if there is ac- loop” of anxiety and what we can can just be this feeling that comes others. And it canbeseriously de- tual danger at the moment. If do about it. Here are edited ex- up. But it becomes a habit when bilitating.What Iamsaying is that there is, you need to address it, of cerpts of that interview. the feeling of anxiety triggers us howweapproach anxiety deter- course. But if there is not, you can IS ANXIETY a habit that we can to worry and that worry results in mines whether we fuel it or recognize the anxiety. break? Anxiety levels have skyrocketed us feeling like we are in control, or not. And in that, anxiety A leading anxiety researcher ar- during the pandemic. Why can’t distracts us from our anxiety. The canbehabitual. And kindness can help gues that habits can fuel our we calm down? reward is the feeling of control or unwind anxiety, too? worry, and suggests two surprising Dr. Brewer: Anxiety is a feeling of the distraction. Worrying is the So how can we learn to Being kind to others, be- strategies to combat it: Curiosity worry, nervousness or unease, typ- mental behavior. The worrying stop fueling our anxiety? ing kind to ourselves, and kindness. ically about an imminent event or drives more anxiety. This is the vi- There’s a three-step pro- feeling the kindness of Judson Brewer, who is a psychi- something with an uncertain out- cious habit loop. cess. The first step is to others—all of these atrist and neuroscientist, is the come. You can think of it as fear of recognize anxiety habit things feel better than author of the new book “Unwind- the future. This fear can help us Isn’t it dismissive to people with loops. Recognize that being stuck in endless ing Anxiety: New Science Shows survive. The prefrontal cortex of severe anxiety to call it a habit? you’re worrying. Ask worry habit loops. How to Break the Cycles of Worry our brain evolved to help us think What about research that shows yourself: “Is this helping So practiceactsof and Fear to Heal Your Mind.” He is and plan to address threats. But anxiety is at least partially rooted me solve the problem?” kindness towardsyourself. the director of research and inno- we need accurate information to in genetics and that there are bio- Step two is to tap into the re- This could be as simple as vation at Brown University’s Mind- do this. When we don’t have it, logical and chemical things hap- ward centers of your brain and see putting your hand on your heart or fulness Center and an associate our planning turns into worrying. pening in our body when we get how unrewarding worrying is. Ask giving yourself ahug and genuinely professor in the university’s medi- anxious? yourself: “What am I getting from wishing yourself well. cal school and school of public You call anxiety a “harmful habit” I’m not saying that all anxiety is a this? When I worry, does it keep Practice kindness to others. health. He specializes in helping or “habit loop” in your book. What habit. It’saveryreal feeling.I’ve my family safe? Or is this making Simple acts of generosity can help people cope with addiction and do you mean? had panic attacks myself.Iknow me feel worse and not better?” us step out of constantly worrying.

And we can unfortunately tion with virtual instruction Whatto expect that as we continue has put adolescents at risk. to have community spread Expect as that there will be cases in What are the main issues schools. It doesn’t mean that adolescents are dealing every time that there’s a with? Schools case that the entire building We’re certainly seeing in- is going to have to shut creased levels of anxiety and Reopen down. But it will mean that depression. There are in- there will be recommenda- creased levels of eating dis- tions for quarantining. orders. On top of which then YOUR you have the almost silent HEALTH What about the 6-foot dis- issues with the students SUMATHI tance recommendation in who are feeling isolated REDDY the CDC’s guidelines? AAP’s from their peers, those stu- guidance over the summer dents who are less physi- was 3-feet distancing rather cally active and are having hat can parents and than six. Is that still the increased rates of obesity. W kids expect as more AAP’s position? schools start to re- In many school districts, What about sports—are open this spring? particularly in urban school they high risk for Covid Resuming in-person edu- districts and school districts spread? cation is a top priority for with fewer resources, main- Thereissome evidencethat federal health and education taining six feet between stu- some sportsare,but not all officials. In February, the dents is a prescription for sports. TheCDC released data U.S. Centers for Disease ensuring that vast numbers [recently] around some out- Control and Prevention is- of students in the school breaks that occurred in wres- sued new guidelines outlining steps schools should take to minimize the risk of Covid-19 transmission in schools. Theclassroom experience will be different from what manystudentsremember.We spokewith Nathaniel Beers, a pediatrician at Children’sNa- tional Hospital in Washing- ton, D.C.,and lead author of the American AcademyofPe- S

diatrics guidance on schools PRES and Covid, about what par- ZUMA

entscan expect. S/ Here are edited excerpts from a recent interview. PRES IFIC AC What will schools look like when they reopen? DIN/P RA We canexpect measures to LEV reducethe spread of corona- Students in New York get their temperatures checked. virus as long as we continue to see substantial community can’t be in school at the tling.Certainly wearing a spread. We canexpect that same time. If we really want mask during wrestling is not studentsare expected to use to return our students, we possible because it’sachok- facecoveringsormasks. need to look at all of the ing hazard, and it’snot possi- Schools will be looking to control measures in that ble to maintain six feet and implement strategies that al- space and optimize the effectively wrestle.And yet lowthem to increase physical physical distancing, but not thereare other sportswhere distancing.You will see a use it as a strict number or the risk of spread is quitelow moretraditional set up with barrier for return to school. because you’renowherenear all the desks facing forward the other athletes. to the front of the room. Is it more important to re- There is support from We will see lunch as a open elementary schools the AAP to continue to en- different type of experience, rather than middle or high courage children to partici- less likely to be large groups schools? pate in sports that can be of kids going into the cafete- While we might have sug- done outdoors where you ria all at once, and more gested prioritizing elemen- can increase and maximize likely to be smaller clusters tary school in the past, we physical distance, and that spread out throughout the also know that the huge so- students and children should building. And the same will cial, emotional impact on be encouraged to use mask- be true out on the play- [older] adolescents that this ing as much as possible dur- ground. virus has had and the isola- ing those sports. P2JW061000-0-A01100-1------XA

THE WALL STREET JOURNAL. Tuesday, March 2, 2021 | A11 PERSONAL JOURNAL. | HEALTH & WELLNESS GES IMA

GETTY HowtoRestart

BY ANNE MARIE CHAKER suming physical lenging move- active. But physical therapistssay activity after ment. One exit canbeatime to trynew things, etting back to your ex- Covid. It recom- Exercise After ample might be even if they aregentler than what ercise routine after mends not re- two five-minute you’reused to.“It doesn’t have to having Covid is often turning to exer- blocks of activ- be asweating on thefloor,soul- difficult and frustrat- cise until you’ve ity such as crushing workout foritto G ing.But scientistsare had at least brisk walking, ‘count,’ ” says Meghan Wieser,a starting to develop seven days Having Covid jogging,swim- coach and physical therapist in El- some guidelines. without symp- ming or cy- licottCity,Md. Thebest approach, they say, is toms and start- cling,separated If younormally don’t like gentle and gradual—and guided ing with at It’s hard, and sometimes risky, to by ablock of stretching,this maybeagood by your doctor.Some people have least two weeks recovery.You time to tryholding poses to in- post-Covid complications that can of minimal ex- get back to your workout routine shouldn’t feel crease mobility.Orifyou’reused makeexercise higher-risk.And ertion. “This is that the exer- to lifting a manyCovid patientscontinue to not aperiod of cise is hard; barbell, take experiencesymptoms forweeks time to be the suggested the weight or even months aftertheir initial pushing fora RPE is 12 to 14 7days off and fo- diagnosis,making even gentle ac- personal best,” says Dr.Salman. canlast at least seven days,and or moderateintensity,when you cus on per- tivity arduous. “You arerecovering from an ill- canbeadjusted to accommodate canstill hold aconversation. Recommended fecting “People canfeel well and still nessthat we don’t understand different levels of skill. Youcan Progressbyadding an interval a minimum time form. Dr. have arelapse that could be trig- fully.” Take intoaccount your stay on aphase foraslong as day, if youcan tolerateit. without symptoms Wieser also geredbyexertion,” says David past level of activity: If youwere necessary. Thefourth phase involves before resuming advises cli- Salman, ageneral practitioner accustomed to walking for Thefirst phase should be fo- more complexmovement, still exercise entsinre- and clinical research fellowin exercise,don’t start training for cused on extremely low-intensity with moderateintensity,such as covery to musculoskeletal and sportsmedi- amarathon. activity,such as flexibility or running,side steps,shuffles and think about cine at Imperial CollegeLondon. One approach is afour-part breathing exercises,with an RPE circuitsofbody-weight exercises. “movement snacks”—a walk be- But physical activity is,ofcourse, phased plan based on ascaled of 6to8.The next phase canin- Aftercompleting this phase,and tween TV shows or afew sit-ups essential foryour overall health, “rateofperceived exertion” or corporatelight-intensity activity with adoctor’s OK,people should beforethe kids getout of bed. so it’sworthwhile to work on RPE, Dr.Salman says.This is a such as walking and light yoga, then feel able to return to their “You don’t have to set aside afull finding the right balance. subjectiveassessment of how increasing the amount of time 10 pre-Covid level of activity,or hour to getaworkout,” she says. Dr.Salman co-authored apa- hardsomeone feels they are to 15 minutes aday,maintaining more. “Moving throughout the dayisa per published in the British Medi- working,fromalow of 6(no ex- the RPE if you’reable to. Such agradual approach can good way to ease back intosome- calJournal in Januarytohelp ertion at all) to ahigh of 20 Afterthese two phases,itmay be frustrating,especially forpeo- thing in bitesizes and in away doctorsadvise patientsabout re- (maximum fatigue). Each phase be OK to progresstomorechal- ple who had previouslybeen very your body cantolerate.”

WSJFITNESSCHALLENGE |JEN MURPHY Swinging my arms is throwing off sides of the hips and glutes across my balance in the step-up. Can differentplanes of motion,” he you clarify what to do? says.Start with alowerstep, likea AdviceOnPlanks, When you step up, your opposite sidewalk and focus on balancever- arm should move forward to coun- sus speed.With your righthip fac- terbalance the movement, Mr. ing the stair,stepyour rightfoot Kander says. So if your left foot is up,then leftfootup, leftfoot Push-Ups and More on the step, your right arm moves down, rightfootdown. Repeaton forward. the oppositeside.Other options As you step back off the step could be incorporating side-lunges Shout-Out e received tremendous Try doing a modified push-up from with your left foot, your left arm or asingle-leglateral squatwith To Some of W feedback from participants the knees as opposed to from the will move forward and your right the off-legextendedout to your Our Challengers in The Wall Street Journal toes, says Miriam Morey, a profes- arm slightly back. “Your arms coun- side and the foot placed on atowel Fitness Challenge, a six-week pro- sor of medicine who specializes in terbalance your legs, but the or slider circle (if available), he ere are step-up scores gram developed by Arnie Kander, an exercise and aging at Duke Univer- amount of movement will vary says.The latter exercise works Hposted by readers who have NBA sports performance coach. Ha- sity. “This will reduce the amount of based on the speed of the move- bestifdone on awood or tile floor taken the challenge: ven’t signed up yet? You can start weight being supported by the ment,” Mr. Kander says. As you in- and is agreat way to improve mo- at any time. arms and hands. If this position still crease your step-up tempo, the arm bilitywithin the hips,pelvic stabil- Gavin Minnis, 37, Dallas, digital Mr. Kander uses a 20-second causes discomfort, then you should movements get smaller so as to ityand overall balance. marketing manager, step-up test to provide a baseline consider doing a standing push-up not throw you off balance. 29 right, 29 left for participants to improve upon. Rev. Gregory Seme- Cynthia Riley, 59, Eagle, Idaho, A number of participants wrote niuk, 59, of Philadel- part-time financial planner, asking about proper form and ad- phia, has noticed 16 right, 16 left justments. Mr. Kander and our ex- that he has less con- Bill Mundy, 71, Parker, Colo., pert panel weigh in: trol while performing retired attorney, 17 right, exercises balancing 17 left The final exercises in the core se- on his right leg com- ries are a push-up followed by a pared with his left, Barbara Duffy, 65, Phoenix, plank hold. There are many ways and tires more retired nurse, 22 right, 20 left to do a push-up and plank. Can quickly on the right Bob Muhs, 66, Renton, Wash., you explain proper technique? side. He asked how retired, 17 right, 18 left The push-up in the program is the to correct the standardfacing-down movement imbalance. Patrick Duffy, 60, Phoenix, with good postureofhead levelto “Muscle imbalances attorney, 17 right, 16 left shouldersand pelvis,Mr. Kander says. and asymmetries are Wiley Bartine, 59, Los Angeles, “Keep this line of posture as you quitecommon,” Dr. consultant, 21 right, 22 left. descend into the movement,” he Jagim says.Activat- Jennie Brantner, 68, says. “Hands are slightly wider than ing and strengthen- Wyncote, Pa., retired, 21 right, shoulder width. Let the elbows nat- ing the hip muscles 22 left urally drift away slightly from the during awarm-up or body to activate more of the larger as part of adaily re- Kathy Asheton, 69, Ann Arbor, pectoral muscle. Go as low into the hab routine canhelp, Mich., artist, 13 right, 13 left movement as comfortable. If it’s he says.Resistance- Patric Yumul, 46, San Francisco, been a while since you’ve done a band exercises president, Mina Group, 27 right, push-up or have shoulder limita- strengthen the hip 28 left tions, do not go as low.” After, fol- muscles and activate low with a high plank, which is the the gluteal muscles. Rev. Gregory Semeniuk, 59, initial starting position of the push- NBA sports performance coach Arnie Kander holds a plank pose. He recommends put- Philadelphia, executivedirectorof up, he says. Focus on maintaining a ting aband around the VSO, 23 right, 22 left straight line from head to shoulders your ankles and walk- Neil Baron, 64, Needham, Mass., and pelvis and keep your core en- against a wall. You can adjust the Neil Baron, a 64-year-old strategic ing laterally to strengthen the hip strategic marketing consultant, gaged. “Remember to not hold your position of your feet, closer or fur- marketing consultant in Needham, abductors. “You canalso help cor- 18 right, 18 left breath during these movements,” he ther away from the wall, to a pain- Mass., says four weeks into the rect muscleimbalances overtime says. “You can do the high plank free position. program, he feels more athletic by working one legatatime,” Dr. India Baird, 57, Cape Town, right after the push-ups for more Similarly,you canadjustthe width when he climbs stairs and walks. Jagim says.“This will reducethe South Africa, founder of Brave, JOURNAL core endurance if your level of fit- of your hands and the depth of the As a tennis player, he asks how he abilityfor one legtocompensate a non-profit that empowers girls, 25 right, 24 left

REET ness is higher, or take a 30-second push-up to find the pain-free sweet can improve his lateral movement. forthe other during two-legged ST rest in between,” he says. spot.” She suggests modifying the The body is designedtomove movements.” He recommends try- Christopher Kim, 55, Gaithers- LL high plank by doing aplank on the across multiple planes of move- ing exercises such as alternating burg, Md., vice president, Strate- WA Ellen Chase, a 70-year-old retiree forearms or holding the position on a ment in avarietyofdirections, reverselunges,single-legsplit gic Sourcing, 27 right, 24 left THE

R in Wayland, Mass., writes that she folding chair,with your legs on the says Andrew Jagim, directorof squats and single-legglutebridges.

FO Judy Shelton, 67, Raleigh, N.C., has arthritis in her right wrist and ground and your elbows on the seat sports medicine research at Mayo retired, 16 right, 17 left can’t do exercises where she has of the chair.“This will reducethe vol- Clinic Health SysteminLaCrosse, Brendan Davis, 46, Wilmington

BRENNER to support her body weight on her ume of weightsupported and may Wis.“Incorporating side step-ups is  To sign up for the hands. She wonders about work- help reducestressonupper-body agreat way to engage muscle WSJ Fitness Challenge, go to Del., risk manager, 23 right, NIEL 22 left

DA arounds for a push-up or plank. joints,” she says. groups on the interior and exterior wsj.com/fitnesschallenge P2JW061000-0-A01200-1------XA

A12 | Tuesday, March 2, 2021 THE WALL STREET JOURNAL. ARTS IN REVIEW

Caleb Followill of Kings of Leon performing in 2019 S PRES TED OCIA SS /A HARRIS Y AM

MUSIC REVIEW |MARK RICHARDSON spark. About half the songs are fuzzy observation “The golden around five minutes long, and be- restless age and time won’t turn cause of the uniform production the page / You’re only passing they tend to bleed together. That through a form of you.” By the ‘When Yo uSee Yo urself’: might explain why “Echoing,” with time we get to the closing its galloping beat and prominent “Fairytale”—a wafting ballad that guitar, is the album’s best, a rare sounds as if it were recorded in an moment of infectious energy. empty cistern and has a chorus Less Than Visionary Caleb Followill’svoiceisakind that begins “I can see my feet / of platonic ideal of what roots-in- Planted on the street / Rumbling formed arena-ready rock should like a waterfall”— we’ve given up The latest album from rock band Kings of Leon feels dreamy but distant sound like. Here, it’ssolow in the on hearing a relatable sentiment. mix that words When Kings of aredifficult to Leon was crank- ings of Leon is good at ab- force, but they delivered their London daily the Sun in an inter- makeout, and ing out fist-pump- sorbing sounds and influ- songs with a pinch of twang. view in January. “He was into or- they saylittle ing anthems, the ences, incorporating the Starting with 2008’s “Only by gans and synthesizers as I was upon closer in- lyrics didn’t mat- best bits of bands they the Night,” Kings of Leon began pulling teeth trying to get him to spection. Thelyr- ter so much. They Kadmire, but the group’s experimenting with atmosphere, play more guitar!” The six-string is ics aren’t cliché, could be crass or essence can be hard to drawing comparisons to acknowl- in fact pushed to the background exactly,but they tasteless—see grasp. The Nashville-based rock edged influences Radiohead and on “When You See Yourself.” Rela- seem designed to 2008’s hit “Sex on outfit, comprising three brothers U2. By the time of 2016’s “Walls,” tive to “Walls,” the vocals are conceal. Theob- Fire”—but it was and a cousin—Caleb Followill on the band’s first chart-topping al- mixed a little lower and the reverb fuscating poetics easy to be swept lead vocals and rhythm guitar, bum in the U.S., the Followills has been turned up, generating a extend the unifor- along by the Jared Followill on bass, Nathan were working with producer blocky grayscale swirl, as if the mity of the pro- hooks. Those sim- Followill on drums and Matthew Markus Dravs, who had helmed music were seeping through a fog. duction—there ple pleasures are Followill on lead guitar—came to- soundscape-laden art-rock records When the songs are slow and arenoshifts in in short supply gether in the early 2000s, and the by artists including Coldplay and dreamy, the shadowy character of point of vieworbetween narra- here. Jared Followill’s basslines milieu shaped how they were per- Arcade Fire. On “When You See the production works reasonably tivemodes,just astring of lines are often the most memorable as- ceived. “Rock is back!” was a Yourself” (RCA), out Friday, Kings well. The opening “When You See that seem as if they’resupposed pect of a song, offering hypnotic prominent narrative in that era, of Leon reunites with Mr. Dravs Yourself, Are You Far Away” be- to mean something even though patterns that cut through the with acts like the Strokes and the and move further into the realm of gins with a simple guitar figure it’shardtofigureout what that murk. But the shadowy sonic char- White Stripes channeling the ag- mood and texture. But while the and ghostly voices howling in the might be. acter here suggests a depth that gression of punk-inflected garage sounds are pretty and the band distance, and it keeps its spectral A refrain in the dull midtempo the songs, which Caleb Followill rock. At the time of the band’s sometimes lands upon a nice tune, vibe even as it moves to a faster rocker “Time in Disguise” has the has said are especially personal, 2003 debut, “Youth & Young Man- the songs are emotionally vague tempo. But the haziness dulls the strange couplet “Close your eyes just don’t deliver. hood,” the press viewed Kings of and weirdly distant. edges and saps the record of bite. and what do you see / Is it a man Leon as a Southern outpost of this “Sound-wise, Matthew really “The Bandit” is a catchy rocker or a masked machine,” while the Mr. Richardson is the Journal’s phenomenon—they had the clang- nerded out and found some cool with serious live potential, but the more expansive keyboard-driven rock and pop music critic. Follow ing riffs and the jittery rhythmic vintage equipment,” Caleb told thick arrangement snuffs out the “Golden Restless Age” features the him on Twitter @MarkRichardson.

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NewYork City 36 30 s5236s Dublin 49 37 pc 48 37 c Warsaw5031pc5036pc s RUNON TINA SEND Oklahoma City 57 35 pc 66 40 s Edinburgh 43 33 pc 42 36 c Zurich 56 28 pc 58 32 pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. SPENTHEAPDOS P2JW061000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, March 2, 2021 | A13 P2JW061000-0-A01400-1------XA

A14 | Tuesday, March 2, 2021 THE WALL STREET JOURNAL. SPORTS

JASONGAY NFL TradeBuzz GrowsHectic

The Seahawks’ Russell Wilson mulls a move out of Seattle as DeShaun Watson readies for life beyond the Texans

Could Russell Wilson month removed from New England for a club that went 4-12 despite become a Chicago snowbird Tom Brady leading the Watson’s record output. Defensive Bear? Tampa Bay Buccaneers to a cham- star J.J. Watt was recently re- Or how about a Dal- pionship in his first season there. leased, and on Monday, announced las Cowboy? Or a Las The Philadelphia Eagles just off- he is signing with Arizona. Miami, Vegas Raider? Or a loaded disgruntled former starter Denver and Carolina have been ru- New Orleans Saint? Carson Wentz to Indianapolis. The mored as Watson destinations, but (Wilson could also become a L.A. Rams and Detroit Lions re- the Texans are so in flux, the quar- New York Yankee, technically—his cently swapped Jared Goff and terback might even welcome a professional baseball career, were Matthew Stafford. Expecting a trade to the Jets, which sounds it to happen, still leads to the franchise QB to finish it out with like stepping out of LaGuardia Air- Bronx.) one franchise has long been an port…and walking straight back Warning: This is all highly spec- NFL fantasy; There’s no stability in into LaGuardia Airport. ulative. Don’t buy a new jersey a league where personnel turnover Wilson, meanwhile, is Mr. Sea- just yet. None of this may happen. is baked into the product. hawk, an essential part of the It’s quite possible Wilson winds up Still, both Wilson and Watson franchise’s ascension. On the face where he’s always been, in Seattle, are proven contributors under big of it, it’s hard to imagine him any- as the quarterback of the Sea- contracts—-Wilson’s deal with Se- where else, and all of his potential hawks, a club he led to a Super attle doesn’t expire until after the moves are complicated. New Or- Bowl title in the 2013 season. Seat- 2023 season, and Watson signed a leans hasn’t parted ways with tle wants Wilson back, Wilson isn’t new, 4-year, $158 million extension Drew Brees, who was widely pre- a hard out, and Pete Carroll’s Russell Wilson, topphoto, is said to be at acrossroads with the Seattle with Houston this past September. sumed to be retiring, but hasn’t squad feels like the safest money Seahawks,while DeShaun Watson,above,isinastandoff with theTexans. All Houston has to do to keep Wat- made it official. Dallas feels like a at the moment. son is not trade him. Same for Se- glam destination, but the Cowboys Still, the situation feels…flexible. 32 yearsold. NewOrleans Mayor but he’sathree-time ProBowler attle and Wilson. must figure out what it’s doing Aftergetting sacked at arecord LaToya Cantrell went so far as to who threw for4,823 yardsthis sea- So it becomes a bit of a game of with the injury-rehabilitating Dak rate and missing out on deep play- cut arecruitment video urging Wil- son and is only 25. chicken, as the club must decide Prescott. The Raiders have a long- off runs,Wilson is said to be at a son and his family to consider her Youreally can’t go wrong with between hanging onto a player in time starter in Derek Carr. The crossroads with the Seahawks.Last town (“Wenot only admireyou…we either player. Both areadmirable a critical position who may not Bears are the Bears. week,ESPN reported that while want you”), apitch that earned a talentswho offer instant, signifi- want to be there, and trying to ex- As with most things, we can Wilson wanted to playinSeattle, rebukefromSeattle MayorJenny cant upgrades to most quarterback- tract the maximum possible blame this all on Brady, who made and hadn’t asked foratrade,he Durkan. (“I loveyou Mayor, but ing situations.Wereyou to ask,say, value—not the easiest thing if the a big transition look so easy, mi- wasopen to being dealt to Chicago, keep your eyes off [him].”) aBearsfan if they would prefer a competition knows the player is grating from the only pro club he’d Dallas,Las VegasorNew Orleans. Here’sthe funpart: Wilson might trade to getWatson, or Wilson, I halfway out the door. ever known for warm weather and This has led to atantalizing not even be the best QB trade avail- don’t think they’d have an objection Houston feels like a fragile situ- another title run in Tampa. If only round of offseason speculation, as able.There’salso Deshaun Watson, to either—a Bearsfan would simply ation. Watson doesn’t seem change were so effortless and un- fan bases starved forplayoff suc- currently amid amessy standoff start weeping tearsofjoy as soon thrilled at the prospect of starting complicated. It never is. Trade cess thrill themselves at the possi- with the Houston Texans,and said as youasked the question. a fresh season with a new coach, a speculation is the fun part of the bility of landing one of the best to want to playelsewhere. Watson Quarterbacks move around the new GM, and a contentious vice NFL offseason. Then will come the quarterbacks in the sport, still just maynot have aSuper Bowl ring, NFL, of course. We’re less than a president of football operations real work.

Alabama guard John Petty Jr. is Alabama Is SettoMake the team’s leading 3-point shooter. view. “That’sthe differenceinthem ABig RuninBasketball from this year to last year is they playatthat paceand they still value their defensivepossessions.” According to KenPom.com, Ala- BY LAINE HIGGINS projected to earn a No. 2 seed in bama’sdefense is one of the most the NCAA Tournament. lethally efficient in the country. Ala- THE UNIVERSITY OF ALABAMA Alabama is not exactly revolu- bama’sdefense allows itsopponents is home to a dominant team that tionizing college basketball the the third-lowest pointsper 100 pos- spent the better part of its season way the Houston Rockets and sessions in Division I, behind only crushing opponents with a combi- Golden State Warriors did in the Memphis and Loyola Chicago. Six of nation of ruthlessly efficient scor- National Basketball Association, the team’sinthe SEC have had

ing and lockdown defense. It has when the pros realized that three their worstshooting nightsofthe S steamrolled most of the Southeast- is greater than two and began ex- season against Alabama. ern Conference as it moved up the ploiting that simple mathematical If Alabama has aweaknessit PRES rankings. truth to usher in the league’s long- would be atendencytoget in foul TED

And unlike legendary coach Nick ball revolution. trouble.Inlast week’s81-66 road OCIA SS

Saban’s football team, it plays on Plenty of collegeteams have had losstoNo. 20 Arkansas,Alabama /A the hardwood. success in March by tossing up an drew just 18 fouls but committed32. Alabama men’sbasketball team abundanceofthrees: Michigan By the end of the game,Arkansas HUNT has reached unprecedented heights made asurprise runtothe champi- had scored 27 pointsonfreethrows. SHA VA in 2020-21, the second year of onship in 2013 when Nik Stauskas “We have to defend without coach Nate Oats’stenure. It clinched forgot howtomissfromdeep.Vil- fouling,” said Oats after the loss. GES; the program’sfirst regular season lanovawon championships in 2016 “We can’t put them on the line 43 IMA

SEC title in 19 yearswith awin and 2018 with an offense dedicated times and expect to win a game.” ETTY

over Mississippi State on Saturday. to creating spacefor 3-point shots His team will have one more O/G The19-6 Crimson Tide have or drives to the rim. shot to tighten things up, against AT

climbed as high as sixth in the As- Plenty more teams have not per game, according to the NCAA. fastest tempo in Division I. That Auburn on Tuesday, before the MAND sociated PressTop 25 Poll. And been as lucky with the same strat- He’s made 38.1% of his 155 at- helps explain why Alabama’s 10.7 SEC Tournament begins on March much liketheir university’s football egies, however, mainly because tempts from the field; the rest of made 3-pointers per game is 10. Whether or not Oats and Ala- team, they arepoised to makea most college rosters don’t have his teammates with more than 40 fourth in the country despite their bama replicate their regular sea- CARMEN

deep runinthe postseason. sharp shooters like Steph Curry or attempts this season average shooting percentage from deep son feat, 2020-21 is the first time GES;

This pandemic basketball sea- Klay Thompson on their roster. 35.9% shooting. In any given game coming in at 90th. The Tide has Alabama football and men’s bas- IMA son has gone in fits and starts, There’s no single sniper on Ala- about 40% of Alabama’s offense is twice broken the century mark in ketball have finished atop the with several of the top-ranked bama’s roster, but the Crimson from 3-pointers, the highest per- conference games, scoring 105 league since 1975. GETTY teams sitting dormant for weeks Tide benefit from having a bevy of centage among ranked teams. against Louisiana State in 79 pos- Oats might not own a single na- JR./ at a time following coronavirus strong, if not spectacular, shoot- Alabama’s offense still churns sessions on Jan. 19 and hanging tional championship ring to Sa-

outbreaks. ers. Senior John Petty Jr. is the when the shooters get cold be- 115 on Georgia in 82 on Feb. 13. ban’s seven. But there is one other GREULE Alabama and its fast, 3-point- only Crimson Tide player ranked cause they play so fast and get so “Their efficiencynumbersare tidbit that these Crimson Tide TO OT

gunning offense has been a point in the top 100 nationally for 3- many looks. very good. But they’realso agood teams have in common: Neither P: of consistency. It’s one of the rea- point field goal percentage among According to KenPom.com, the defensiveteam,” said collegebas- was able to defeat Clemson in TO OM

sons why the Crimson Tide are players with at least 2.5 attempts Crimson Tide play at the seventh ketball analyst JayBilas in an inter- their last meeting. FR P2JW061000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 2, 2021 | A15 OPINION It’s Joe Manchin’s Moment BOOKSHELF | By Andrew Stuttaford

Will Sen. Joe much betterthan the argu- arbitrary restrictions on reli- tions.During his confirmation The Truth Manchin nix ment that BetsyDeVos wasn’t gious worship, simply invok- hearings, Sen. John Thune ac- President Bi- qualified to be education sec- ing “health” isn’t enough. cused him of “suing nuns.” Mr. den’schoice retary because she had no ed- “Even in apandemic,the Becerraprotested that he’d to head the ucation degree or experience Constitution cannot be put never sued anun. Is Out There Department as apublic-school teacher. away and forgotten,” the high That’sastechnically true as MAIN of Health and What cabinet secretaries most court declared. it is disingenuous.Mr. Becerra STREET Human Ser- need isn’t a particular exper- California has imposed is right that he sued the fed- The Nature of Conspiracy Theories vices? tise—they have manyexperts some of the nation’smost se- eral government, not the Little By William In aSenate at their disposal—but leader- vere restrictions on worship. Sisters, over an HHS rule that By Michael Butter McGurn split 50-50 ship and judgment. As thestate’s attorney gen- granted them areligious ex- (Polity, 202 pages, $22.95) along party Theother broad objection is eral, Mr.Becerrahas defended emption from having to cover lines,the Democrat from West that Mr.Becerrawould use his them. Even afterthe Supreme contraceptives and abortifa- nthe ageofQAnon, it is of little comfort to learn in Virginia already doomed Neera post to push aleft-wing agenda Court rejected Mr.Cuomo’s cientsfor their employees.But I Michael Butter’s“TheNature of ConspiracyTheories” Tanden’snomination as direc- on issues such as abortion, restrictions as unconstitu- the whole aim of Mr.Becerra’s that such malevolent fables have been around forsome torofthe OfficeofManage- Medicarefor All and immigra- tional, Mr. Becerra continued suit wastooverturn the rule time.Cicerodevisedone.Winston Churchill, at least once, ment and Budget when he tion. No doubt this is true.But to fight forsimilarly harsh and thus strip the nuns of that passed along another.What’sdifferent now, claims Mr. came out against her.Mr. Man- howwould Republicans likeit rules in California. protection. Butter, is who believes them, who spreads them and how chin’sopposition to a$15-an- if aGOP cabinet nominee were In his ownexchangewith they aredisseminated. Oncecommon among the elites, hour minimumwagelikewise deemed unfit simply because Mr.Becerra, Sen. Ben Sasse conspiracytheories were stigmatized, in the West anyway, helped forceitoff the Covid-19 she intended to promotepro- Will the West Virginia underscoredthat this wasall during the postwaryears. “Weused to be afraid of relief bill. Thequestion nowis lifepolicies? about forcing the nuns to vio- conspiracies,” the author relates.“We arenow moreafraid whether he really means to Thepity is that the focus on Democrat sink Xavier latetheir religious beliefs. of conspiracytheories,” afear that helps account forthe serveasacheck on the Biden Mr.Becerra’sleft-wing priori- Becerra’s nomination Mr.Becerra’sdecision to tar- attention they attract. administration, or whether ties and lack of healthcareex- getthe exemption smacks of But only partly: Ideas that might oncehavebeen bringing down Ms.Tanden was periencedeflectsattention as health secretary? especially bad faith, given confined to apamphlet arenow easily available on the atoken act designed to buy from the strongest reason for that it came afteraSupreme internet, aspacewhereanyone canbeanexpert and him apassfor supporting not confirming him. This is his Courtdecision that prohib- whereconspiracytheories canprovide asplendid living more-extreme picks such as troubling record on the reli- Afterthat decision in No- ited the government from fin- forthose who peddle them. Theinternet has “largely Xavier Becerra, the California gious-liberty protections in the vember 2020,the Pasadena, ing the nuns and directed nullified” themedia’s“traditional watchdog role,” a culturewarrior tapped for Constitution, which everycabi- Calif.-based Harvest Rock lowercourtstofind away to changethat Mr.Butter, who writes from aleftish- health secretary. net member is sworn to sup- church renewed its challenge getcontraception to women establishment point of view, As usual Mr. Manchin isn’t port anddefend. Surely it is to California’s ban on indoor without involving theLittle mourns morethan is saying much, beyond asimple possible to find ahealth secre- worship in all but sparsely Sisters. entirely healthy. statement aweek agothat he tary who checks all the left- populated areas of the state. In a recent speech, Justice Perhaps inevitably in hasn’t yet made up his mind. wing boxesbut doesn’t have a Last month, the Supreme Samuel Alitowarned that “in these times,Mr. Butter Without his support Demo- record of steamrolling the Con- Court sided with the church. certain quarters, religious lib- examines the connection cratscan’t forcethe tie stitution when areligious mi- While the state has some au- erty is fast becoming a disfa- between populism and needed to allowVicePresi- nority gets in his way. thority to impose restrictions, voredright.” Certainly that conspiracytheories.The dent Kamala Harris to cast the In asense,Mr. Becerraem- the justices ruled that it can’t will be the case at HHS if Mr. connection is real enough, deciding vote.Unlessofbodies today’s threats to free target churches fortreatment Becerra is confirmed. although support forthe course aRepublican senator— exercise,which oftentakethe it doesn’t also apply to secu- Here’saquestion forMr. former does not have to say, Lisa Murkowski or Susan form of executivefiat. In a lar establishments. Manchin: If Ms.Tanden was meansuccumbing to the latter. Collins—broke ranks too. pandemic,itisn’t always easy California’slawsuit involv- unfit because she’ssaid mean Neverthelessit’sno At the moment the anti- to balancefundamental liber- ing the Little Sistersofthe thingsabout senatorson coincidencethat susceptibility Becerracampaign is leading ties with reasonable and nec- Poor,aCatholic orderthat Twitter, what about anomi- to conspiracism is associated with the argument that at a essaryrestrictions.But as the caresfor the elderly,shows an- nee who’s shown an aggres- with feeling powerlessor time of pandemic he isn’ta Supreme Court reminded New other side of Mr.Becerra’sen- sivedisdain forafundamental (something obviously relevant doctor and has no experience York Gov.Andrew Cuomo in thusiasm forriding roughshod FirstAmendment protection? to the rise of populism) “the in healthcare. But this isn’t November when it blocked his over constitutional protec- Write to [email protected]. fear of becoming so.” But the underlying appetitefor conspiracytheories stems from something far deeper than social and/or political disaffection. It arises,Mr. Buttersuggests, from Biden’s Iran Problem the way “evolution has trained the human brain to make connections and recognizepatterns.” We aredelighted to Presidents proved energy efficiencyand maximum-pressureapproach tanyahu government in Israel, “find” these connections,evenwhen thereare none—so Obama, newproduction (renewable and that Tehran will become but it hopes to avoid the bit- great, Isuspect, is our reluctancetoaccept arandom and Trump and andotherwise) around the moretractable as Washing- teropposition that the Obama indifferent universe.Thereisadecent argument to be nowBiden world, Middle Eastern energy ton’shostility diminishes; we approach to Iran elicited from made that conspiracytheories helped fill the psychological have all powerisn’t what it was. Even shall see.The multiethnic key regional allies. gapleftbyreligion’sretreat, even if,asMr. Butterrecords, vowedtore- as oil prices fluctuate, they character of the countryand Forthe moment, the new they long predated the Enlightenment’srevoltagainst God. GLOBAL ducethe arelikely to do so in alower the intimatelinkages between approach seems to be working “Conspiracytheories,” writes Mr.Butter, “create VIEW amount of at- band than they would have the religious hierarchyand with everyone but Tehran. Eu- meaning, reducecomplexity and uncertainty,and tention the absent newproduction. This the statemakeithardfor Iran ropean allies appreciatethe emphasizehuman agency.” This is whysomanyare based By Walter Americapays meansthe relativeeconomic to de-emphasizeradical reli- administration’sstatedinten- on strangecoincidences,incongruous factsorevenslips of Russell Mead to the Middle importanceofMiddle Eastern gion and hard-line resistance tion to return to the Iran nu- the tongue.Tothe conspiracist’smind, “thereisnoroom East, but countries will decline over to the West as the regime’s clear deal, known as the Joint forchanceorcontradictions ...theremust be something events keep frustrating that time. basis forlegitimacy—and the ComprehensivePlan of Action, else behind” what Mr.Butterdescribes as “errant data.” goal. Last week the Biden ad- TheSaudis and Iranians while key U.S. allies in the Conspiracytheories canalso be fun, something the ministration launched two have responded to these Middle East arereasonably author plays down. Though manyofthe foundational carefully calibrated strikes in changes in different ways. For In the Middle East, satisfiedwith the overall di- conspiracist textsfavor “anarid style accompanied by theregion: amilitarystrike all itsfaultsand sometimes rection of policyand the de- multiple footnotes,references and appendices”—a style against aSyrian border post brutal behavior,the newSaudi he’s carved a middle gree to which the administra- intended to convey seriousness—this may, forfans,beless used by Iran-linked militias powerconfiguration has path between Trump tion is consulting with them dull than Mr.Butterimagines.Labyrinths have their that aresaid to be involved in steered the countrytoward a over itsstrategy. Iran, where charms.For others, the conviction that they arewatching recent attacks on U.S. person- recalibration that Washington and Obama policy. hard-linersseem poised to immense, hidden conspiracies unfold is agood way to nel in Iraq,and apolitical canlivewith. As the kingdom consolidateevenmorepower cheer up an otherwise humdrum existence. This maybe strikeagainst Saudi Arabia in- warms toward Israel, reforms afterthe presidential election heightened by what Mr.Buttercalls the “optimistic volving therelease of aCen- itstextbooks,and gradually militarysuccess of Iranian scheduled forJune,has so far tral IntelligenceAgencyas- lifts selected restrictions on proxies around the region refused to engage. sessment linking Crown women, the radical Wahha- makesithardtoabandon a Knowing that the Biden ad- Our brains aremade to recognizepatterns. PrinceMohammad bin Salman bism that long held the coun- policy that seems to bring ministration has no appetite We getathrill when we see ‘connections’ among to the murder of Jamal trytogether is no longer as gains.Hard-linersare likely to foranother American warin Khashoggi.American anti-Iran influential as it oncewas. point to anynew U.S. conces- the Middle East, Tehran events in a random and indifferent universe. hawks seemed cautiously sat- Thereisnointention to make sions as asign that their poli- seems convinced that Wash- isfied; anti-Saudi hawks Saudi Arabia either ademoc- cies areworking. ington’sonly two real choices wanted aharsher and more racy or a Western-style secu- In these early months,the arethe nuclear deal on Ira- dimension of conspiracytheories”:“In conspiracy personal condemnation of the lar society,and the authori- Biden administration seems to nian terms,oranIranian theories ...itisnearly always ‘fiveminutes to crownprince. ties aretightly policing the be trying to chart acourse be- bomb.Ifthe resulting ten- midnight’ ....Thereisalways still just enough time to TheWhiteHouse’smes- boundaries of permitteddis- tween those chosen by itstwo sionsdamageWashington’s stop the conspiracy.” And Mr.Butterclearly appreciates sages to Iran and to the Sau- sent even as those boundaries predecessors. It is willing to relations with either Europe the pride that comes with discovering asecret that the disatthis point seem eerily shift, but the newdirection is drop Mr.Trump’smaximum- or Middle East allies,somuch “sheeple” could not—a pride reinforcedbythe notion that, similar.The administration is significantly betterthan the pressurecampaign against the better. thanks to the stigmatization of conspiracytheories,being signaling that it is willing to old. Tehran but wantsboth a This is the principal danger (supposedly) in the knowistowear the mantle of the engagebut unwilling to let ei- Tehran is on another path. “stronger and longer” nuclear to the Biden administration’s dissident. ther dictatethe terms of en- Seizing the opportunities that agreement and morere- so-far successfulattemptsto Mr.Butter, aprofessor of American studies at the gagement. Thehardtruth is chaos offersinIraq, Syria, straintsonIran’sregional ag- travel itsown course between University of Tübingen in Germany, sketches out quitea that Middle Eastern countries Lebanon and Yemen, Iran has gression than anything the the Trump and Obama poli- few conspiracytheories—I wasshocked to learn, for don’t have as much ability to moved effectively to expand Obamaadministration man- cies.The question going for- instance, of Beyoncé’s supernatural powers.But he also influenceU.S.behavior as itsregional profile even as it aged to produce. It wants ward is whether the adminis- offersauseful perspectiveonthe presentation of these they used to. accelerates itsnuclear pro- greater distancethan the tration canimpose itsvision narratives, whether it be in those multiple footnotes or,in Theregion is by no means gram. American Iran doves Trump administration main- on Iran whilekeeping Euro- the case of documentaries such as the “Loose Change” irrelevant to world politics, hope this waslargely adefen- tained between Americaand pean andMiddle East allies series on 9/11, the use of aesthetic techniques such as butthanks to fracking,im- siveresponse to Mr.Trump’s both Saudi Arabia and the Ne- onside. “rhythmic montage,” a“domineering” voiceover and “a consistent soundtrack throughout asequence”—togivea sense of coherencethat such confections do not deserve. Theauthor examines the shape and form that many The Next Cancellation Target: Dr. Seuss conspiracytheories take—their Manicheanism, say, or whether they aretop-down (a government plot), bottom-up By Michael Saltsman with Seuss Enterprises, used transition wascomplete: My He also wrote“Yertle the (a plot against the government) or event-driven (JFK’s the dayasanorganizing event daughter’s public school in Turtle,” an antifascist tale on assassination, the moon landing). Another frequent marker ormer FirstLady Mi- to promotechildhood literacy. Washingtonsent an email to “the rise of Hitler,” and a of conspiracytheories is the way they sprawloverthe F chelle Obama welcomed The U.S. Senateunanimously parents saying it has “moved magazine storythat would be- centuries and feature avast cast of malefactorswho arefor- the Cat in the Hat to the approved several celebratory away” from the focus on Dr. come the antidiscrimination midable yet, in their habit of scattering clues forthe diligent WhiteHouse in 2015.Six years resolutions praising Dr. Seuss. classic “The Sneetches.” to unearth, curiously incompetent. By contrast, genuine later,Dr. Seussisincreasingly Seuss’s “success in encourag- Some of Seuss’searly In 2015 remarks to White conspiracies usually involvealimited number of participants unwelcome at public schools ing children to discover the works were indeed racist. He House interns,President and narrowly defined, precise objectives. in the nation’s capital. joy of reading.” drew on crude and offensive Obama even cited “The Mr.Butter’sbook,translated by Sharon Howe,can What changed? Not Dr. stereotypes in several draw- Sneetches” as alaudable ex- operateasageneral introduction to the strangeworld of Seuss. Blame our present fixa- ingsofblacks and Asian- ample of howtoliveyour life: conspiracytheories but, closely argued and scholarly,itis tion on judging reveredhis- Public schools have Americans.SeussEnterprises “Prettymuch all the stuff you bettersuited to specialist readersalready familiar with torical figures by their worst doesn’t shyaway from this need to knowisinDr. Seuss.” much of this material—especially,perhaps,for some of sins rather than their best increasingly ‘moved controversy: “These racially Thedesiretowipe Dr. itsunexpected insights. These include the extent to which contributions. away’ from the storied stereotypical drawingswere Seuss’sbooks from elemen- the paranoid style has takenoverthe social sciences in Dr.Seuss, pen name of The- hurtfulthen and arestill hurt- tary schools stems from the the universities,evenifthe author preferstorefer, odor Seuss“Ted” Geisel children’s author. fultoday,” it acknowledges in same harmful worldviewthat considerably moregently,to“arhetoric and argumentative (1904-91), is one of America’s an online essaytitled “Dr. says Abraham Lincoln’s name structure” that is often“strikingly similar to that of best-known children’sauthors. Seuss Use of Racist Images.” should be removed from a conspiracytheories.” That this intellectual discourse is From “Green Eggs and Ham” This joybegan to fade in But likemanyAmericans public school because some of focused on “abstract forces” such as the powerstructure to “The Sneetches,” from “The 2017, when the NEA an- beforehim and since, Dr. his views fall short by today’s within asociety rather than on the machinations of Cat in the Hat” to “Oh, The nounced it would reduceits Seuss changed. As a political standards,orthat describes specific conspiratorsislessofadistinction than Mr. Places You’ll Go!,” Geisel’s emphasis on Dr. Seuss to en- cartoonist during World War Mount Rushmore as a monu- Butterwould have us believe. Thereisalso the small books are ubiquitous on kids’ couragediversity.Anarticle II, Seussoften criticized “iso- ment to racism. Our country’s matterofthe long-running academic assault on objective bookshelves. on the union’sdecision lationism, Racism, and Anti- historyisfilled with imperfect reality,which has also seeped intothe outside world. A His legacyincludes Read warned that “a connection to Semitism with aconviction people who neverthelessdid society wherepeople talk,unchallenged, about “their” AcrossAmericaDay,which the legendarychildren’sau- andfervor lacking in most remarkable things. truths is not best suited to take on the nonsense of takesplaceannually on his thor no longer comes without other American editorial conspiracism. birthday, March 2. Starting in criticism,” citing another re- pages of the period,” another Mr. Saltsman is managing 1997,the National Education port that asked “Is the Cat in well-known illustrator,Art director of the Employment Mr. Stuttaford is the editor of National Review’s Association,inpartnership the Hat Racist?” This year the Spiegelman, wrote in 1999. Policies Institute. CapitalMatters. P2JW061000-0-A01600-1------XA

A16 | Tuesday, March 2, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Making Every Election Like 2020 The Supreme Court and the Presidential Vote

fyou thought the 2020 election ranlikea people who appeared in government records. Is Regarding your editorial “The sorting machines and collection finely oiled machine,you’ll lovewhat Demo- this really agood role forthe “agencyprimarily Court Won’t End Election Anarchy” boxes, prohibiting the prioritization I cratsplan next. TheSenateand House re- responsible formaintaining identifying informa- (Feb.23): Chief JusticeJohn Rob- of election mail and paid overtime, ertshas failed again and Justice the administration very nearly cre- served their firstbills,H.R.1 tion forstudentsenrolled at H.R.1 mandates ballot ClarenceThomas has shined. It is ated acrisis.Itwas only the court- and S.1, forvoting changes that public secondaryschools,” nowobvious the ruling classwill ordered reversals of manyofthese would makemail balloting in a harvesting and limits which the bill would loop into not correct itself and affirm the changes that allowedthe mail-in plague year seem buttoned up. the task? At the same time, Constitution. Our republic,inorder ballotstobeprocessed in atimely We’ve gone through some de- voter verification. H.R.1 would makeitharder to to sustain itself,must fixvoting manner. tails already,but it’sworth an- deletefaulty recordsfrom rules from the grassrootsonup. We Thefact that over 60 post-elec- other word as the House pre- voterlists. need voterID, no unsolicited ballots, tion lawsuitsfiled by President pares to vote this week. H.R.1 says felons couldn’t be denied the bal- an end to vote harvesting and paper Trump and his allies have been dis- Advocatespresent the legislation as agood- lot, with the exception of those imprisoned. But backup of all votes. We should re- missed by multiple levels of our ju- government reform that won’t favoreither Congress’spowerisn’t unlimited, so that provi- quireabsentee ballotstobeinby dicial system (only one succeeded), party.But H.R.1 is packed with provisions that sion says it applies only to federal races. Under Election Day, counting them as they manytimes by the president’sown come in so awinner canbedeclared judicial appointees,suggeststome would federalizeelection rules to dubious result; H.R.1 some felons apparently would be eligible on Election Day. Theremust be no that allowing extratime forballots unsettle longstanding practices; end security to vote in federal, but not state, elections.Would projection of winnersuntil all polls to arrivewas both necessaryand measures that local officials think prudent; un- county officials have to keep two setsofvoter close acrossthe U.S. proper. dermine public confidence; and increase the listsand two setsofballots? DENNIS AHEMAUER STEPHEN KAUFMAN odds of contested outcomes. Similar questions hold forthe other federal Fond du Lac, Wis. Alburtis, Pa. Start with permanent pandemic rules.H.R.1 mandates:Would mail ballotsbeaccepted 10 would createafederal right to amail ballot, no days lateinthe race forPresident but not Gover- The“anarchy” you’relamenting TheSupreme Court properly re- excuse necessary. Registeredvoterscouldn’t be nor? Democratsare betting that if H.R.1 passes, wasinlarge part created by the jected appeals over voting in Penn- made to submit “any form of identification as a states will alter their rules to match, but don’t Trump administration itself.Presi- sylvania and Wisconsin. Neither condition of obtaining an absentee ballot,” except count on it. dent Trump’smultiple claims of po- case presented a“case or contro- tential election fraud were mere versy” sincethe result would not asignatureor“affirmation.” State laws requiring iii rhetoric,but the actions of Postmas- have changed no matterwhat the mail votestobenotarized or signed by witnesses Other sleeper provisions: H.R.1 would create terGeneral Louis DeJoy were clearly court decided. would be trumped. Late-arriving ballots, if post- ascheme of public funds to match small political detrimental to the functioning of JOE SCHIFFHOUER marked on time,would be valid nationwide for donations at a6-to-1rate. Giveyour guy$200, the postal service. By removing Tempe, Ariz. 10 days afterElection Day. and he might get$1,200 from the government. In other words, the bill would entrench last Themoney would come from a4.75% surcharge year’s emergencyexperiment, further turning on fines and penalties paid by businesses or cor- Election DayintoElection Quarter.H.R.1 would porateofficers. Upgrading the National Grid Is Urgent Need giveAmericans endlessopportunities to relive Small donorsare great, by whydopoliticians the funinNew York’s22nd Congressional Dis- need ataxpayersubsidy? Thetop-fivelist for Regarding your editorial “More to coast. Replacing one damaged trict, which didn’t have avictor for97days.Out shareoffunds coming from small donorsin- Green Blackouts Ahead” (Feb. 24): transformer could take up to three What a great opportunity. The grid in years. These are large, complex, built of Pennsylvania’s10,097 late-arriving ballotslast cludes two socialists, Alexandria Ocasio-Cortez the U.S. is woefully out of date. It is to order and around 85% of them are year, an alarming 6.6% did not have legible post- and Bernie Sanders, plus two take-no-prisoners also idiotically vulnerable to bad ac- purchased abroad. A properly de- marks.Astate Senateseat outside Pittsburgh conservatives,MattGaetz and Jim Jordan. tors from abroad or at home. The signed and managed grid would have turned on whether or not to count mail ballots H.R.1 would requirethe judiciarytocreatea system has yet to be hardened to prevented the great New York power that voters neglected to date.One county tallied code of conduct forSupreme Court Justices.It other potential disrupters, such as outage of 1977. them. Thecounty next door did not. What if the looks likeaway forDemocratstoreach the High EMP (electromagnetic pulse), geo- This is an issue that affects na- WhiteHouse were in the balance? Court with their tactic of ginning up ethics com- magnetic storms (basically solar tional security, the economy and the H.R.1 would overrule statelawsagainst ballot plaintsand phonycalls forjuriststorecuse. This flares) and sabotage. All these vec- well-being of all Americans. Rebuild- harvesting,letting Americans nationwide “des- is an 800-pagebill, so we could go on. tors of destruction render vulnerable ing the national grid would involve ignateany person” to return avote, provided the Themain point is that the goal afterthe wild the same weak points: high voltage scientists, engineers, systems build- carrier “does not receiveany form of compensa- election of 2020 should be to restorevoter confi- (HV) transformers that make it possi- ers, software creators and construc- ble to transmit electricity over large tion companies and many workers, tion based on the number of ballots.” Also,states dence. Mr.Trump’s unsubstantiated chargesof distances. There are about 30 of the among others. A project this large “maynot put anylimit on howmanyvoted and widespread fraud did agreat deal of harm.Yet HV transformers that the Federal En- would take years, offering far more sealed absentee ballotsany designated person even people whofought his claims were uneasy ergy Regulatory Commission has than short term “shovel ready” jobs. canreturn.” Yes, paid partisan operatives could about howfast the normal voting rules went out identified as being critical. The simul- It would also add to the nations’ abil- go door to door,amassing thousands of votes, thewindowlast year.Ifthe race had been closer, taneous loss of a mere nine of these, ity to grow and encourage the devel- as long as they billed by the hour. the ensuing Pennsylvania recount might have in a variety of combinations, would opment and deployment of a variety Under H.R.1, same-dayvoter registration and made the 2000 Florida messlook likecroquet lead to a possible cascading collapse of new technologies. 15 days of early voting would both be mandatory. at Mar-a-Lago. Ballotaccessisimportant, but so of the grid and blackouts from coast Form a nonpartisan national struc- State bureaucracies would be enlisted to register is ballot integrity. ture to oversee the project. Properly handled and explained, a national Many Patients Can’t Wait project this size would inspire, unite Biden’s Mideast Concessions Backfire For a Scientific Certainty and benefit all Americans. DING KALIS Regarding J. Peder Zane’s“The Pasadena, Calif. nits firstweeks in officethe Biden Adminis- Theattacks have persisted and nowFoggy Weekend Interviewwith John tration has rebuked Saudi Arabia and made Bottom’slanguageismoredirect: “The United Staddon: ScienceNeeds Criticism, I concessions to Iran. Howare thingsgoing Statesstrongly condemns the Houthis’ attacks Not Cheerleading” (Feb.20): Prof. New Transgender Rules and so far? on population centersinSaudi Staddon wantsphysicians to stay Sport for Biological Women On MondayIsrael accused State emboldens the Arabia on Saturday, February quiet “until we canidentifythe ex- Iran of responsibility foranex- Houthis, but their 27,” State said on Sunday. “We act physiological and biochemical InezF.Stepman’s“TheEquality plosion on an Israeli commercial call on the Houthis to end causes of these afflictions.” Doc- Act Makes Women Unequal” (op-ed, ship.Overthe weekend Tehran attacks continue. these egregious attacks.” tors provide high-quality care to Feb. 24)raises the issue of attempts patientsevery dayusing evidence- being made (President Biden’sJanu- turned down U.S. and European But whywould the Houthis based medicine.Among the many ary2021 ExecutiveOrder and now entreaties to renegotiatethe nu- listen, when the U.S. has legiti- tools we use is Bayesian analysis, H.R.5)tomandatetransgender (I re- clear deal, while the Iran-backed Houthi militia es- mized them with asanctions reprieveinreturn which uses probability assessments fertomen self-identifying as calated itsattacks on Saudi Arabia from Yemen fornothing,and when it broadcastsastrategy of the likely association of input women) participation in women’s with amissile launch and drones. of accommodating their patrons in Tehran? datawith aspecific diagnosis or sportsand access to women’slocker TheBiden team seems to have hoped that “re- Meanwhile, Saudi Arabia is on the defensiveas with effectsoftreatment. The“ob- rooms.These attemptsput women’s calibrating” the U.S. relationship with Saudi Ara- Washingtondowngrades the allianceand re- jectivereality” of the real world rightsback 50 yearsand will allow bia, which has fought the 2015 Houthi takeover strictsarms sales. includes alot of uncertainty. men who self-identifyaswomen pos- in neighboring Yemen, would draw down the war TheBiden Administration wantstoaddress My patientsneed help and don’t sibly to game the system, depriving there. TheHouthis have other ideas.Inearly the humanitarian nightmareinYemen. But ex- have the option of putting their biological women of sport and schol- Februarythe State Department said it would re- hortationsand giving aid aren’t enough. Yemen bodies on hold until Ican meet arship opportunities that have been Prof.Staddon’shigh bar of knowing and areimportant to awomen’sself versethe group’sdesignation as aterrorist or- is atheater forTehran’simperial ambitions.So the “exact physiological and bio- esteem and physical well being. ganization, but days later it had to release a long as the U.S. bungles Iran strategy, Mideast chemical causes of their afflictions.” Women’ssportshas been one statementthat it was“deeply troubled by con- mayhem will continue and aYemen resolution DAVID W. LEHMAN, M.D., PH.D. field women could call their own, tinued Houthi attacks.” will remain out of reach. Aurora, Colo. with manyother fields dominated mostly by men. Attemptshavebeen made to keep women’ssportspure, The Grievances of Trump Past Texas Cowboy Boots Have by means in some cases of testoster- Lost Swagger in Blackouts one testing.Now it seems that pu- hatgreat sigh of relief youheardonSun- ments. Thepublic dislikeispersonal. rity will be compromised and women daywas the sound of Democratsand the Republicans lost the House in 2018 as subur- My Texas cowboy boots have lost will have to go head-to-head with T media welcoming Donald Trump’s re- ban voters fled to check Mr.Trump.Hepro- some of their swagger recently. It men, trying to overcome aman’s seems like our freewheeling capitalist physical advantages. turn to public attention with ceeded to lose the White approach to energy generation wasn’t NANCY EHLE his speech to the Conservative If he was so great for the House on Nov.3,and he cost up to the task of combating the worst Plymouth, Mass. Political Action Conference. GOP, why is the party theGOP two Georgia Senate of winter (“The Texas Freeze: Why What would WashingtonPost racesonJan. 5ashemade his State’s Power Grid Failed,” Page One, Having co-founded aclinic at writersdowithout him? now out of power? claims of election fraud the Feb. 20). I imagine that the cost of Johns Hopkins Hospital that has pro- As forRepublicans and Mr. main issuerather than check- winterizing Texas power plants pales vided mental health services to Trump,the futureisn’t as clear ing Mr.Biden and Nancy in comparison to the countless dol- transgendered patientssince1971, I as the pressand the former President would like. Pelosi. Mr.Trump essentially told his Georgia lars evaporated by a week of lost am having trouble understanding TheCPACcrowd cheered his speech, which was supporterstheir votesdidn’t matter, and many lives, work, food, water and electric- whythe civil rightsoftransgendered largely acollection of greatest political hits. But stayed home.The GOP lost the Senate. ity. Creating a state agency that can individuals can’t be protected with- fix this mess to everyone’s satisfac- out denying the reality of biological if CPAC represented America, Mr.Trump would Mr.Trump is nowtrying to rewritethis his- tion is a tall order. sex. still reside in the WhiteHouse,not Mar-a-Lago. tory as someone else’sfault—Democratswho KEITH O. REEVES CHESTER SCHMIDT, M.D. He lost to JoeBiden,the old Democratic war cheated, Republicans who won’t “fight,” acow- Houston Baltimore horse,byseven millionvotes.Healso lost five ardly Supreme Court that includes three of his states he carried in 2016,evenGeorgia. appointees,anyone but himself.This isn’t true, That’sthe cold GOP reality as the former Presi- as anotherTrump pollster,AnthonyFabrizio, Powell Shouldn’t Repeat Pepper ... dent seeks to dominatethe party from exile and made clear in hispost-election analysis.Mr. Arthur Burns’s Mistakes And Salt tease a2024comeback.Mr. Trump boasted about Trump had one landmark victoryin2016 but he his record vote totalfor an incumbent President, has cost the GOP dearly since. Regarding your editorial “Powell THE WALL STREET JOURNAL and he took credit forevery GOP success down Mr.Trump said Sundaythat he won’t form a Says Full Ease Ahead” (Feb. 25): I the ballot in 2020.His estimable polling advisers, thirdparty because it would divide the center- fear that Federal Reserve Chair Je- rome Powell will be President Biden’s John and Jim McLaughlin, made the same case rightcoalition and elect Democrats. But he also Arthur Burns, given his views. Those in our Letterscolumn on Monday. laid outhis political enemies list and is clearly of us who lived through the soaring We welcome the debate, but if 2020 was so bent on revengeagainst anyone who votedtoim- inflation and economic disruption of fabulous,why areRepublicans shut out of peach or convict him or disagrees with his elec- record interest rates that Paul Vol- powerupand down Pennsylvania Avenue? They tion claims.These intra-party fightswill sap GOP cker applied to get the economy back have zero influenceoverthe $1.9trillion spend- energy and resourceswhen their priority now on track certainly don’t want to see a ing extravaganza they rightly deplore. Demo- should be retaking Congressin2022. repeat, particularly given the level of crats are slowly erasing the Trump legacy on Mr.Trump’sbase of support means he will debt we now have. taxes, deregulation, energy, education, and so playanimportant role in the GOP.But as the Bi- JOHN HOLLAND much more. den months roll on and the policyconsequences Olathe, Kan. This didn’t have to happen. Incumbent presi- of the 2020 defeat become stark,perhaps the Lettersintended forpublication should dential racesare typically consolidating elections party’s grassrootswill begin to look past the be emailed to [email protected]. Please as the party in powerreinforcesgains from four Trump eratoanew generation of potential stan- include your city, state and telephone yearsearlier.The Trump yearsare arareexcep- dard-bearers. As long as Republicans focus on number.All letters aresubject to tion, as Mr.Trump never reached ajob approval the grievances of the Trump past, they won’t be editing,and unpublished letters cannot “No time for a 3-martini lunch? be acknowledged. rating above50% despitehis policyachieve- agoverning majority. How about a marijuana brownie?” P2JW061000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, March 2, 2021 | A17 OPINION Democrats Need an 11th Commandment

By Rahm Emanuel the contemporarypolitical land- should ownMr. Clinton’saccomplish- scape.For decades,the GOP has con- ments because they provide a foun- akeasplit-screen snap- sistently reminded the public how dation forwhat we want to do in the shot of America’stwo po- Ronald Reagan cut taxes, strength- future. litical parties.Congressio- ened the militaryand slashed gov- Decades ago, Reagancoined what T nal Republicans,having ernment programs.They rarely focus manycall the 11th commandment: just witnessedPresident on the taxes he raised, the nuclear- “Thou shalt not speak ill of another Trumpliterally sic amob on them, weapons programs he mothballed, or Republican.” Democrats don’t need have remained overwhelmingly the NewDeal and Great Society pro- to pretend that everyDemocrat who loyal. Democratsare trying to build grams he left intact. ever held office wasinfallible.But if support forPresident Biden’sCovid- Theresulting narrativelegacyhas they want to pursue aprogressive relief packagebydisparaging former provided the GOP with acrucial agenda and win elections on the President Obama’seffortstosave foundation for subsequent success. economy, they should burnish their the economyin2009.It’sastudy in By burnishing the claim that eco- own narrative of success. contrasts, and amaster classinthe nomic growth cancover the revenue Franklin Roosevelt established So- relationship between messaging and lost through taxcuts, Republicans cial Security,and HarryTruman im- politics. seeded the ground for future politi- proved it. Lyndon Johnson’s Medic- Democratsneed to tear apage caland legislativevictories.They set aid planted the seeds forMr. from the Republican playbook.When the stagefor the Bush and Trump tax Clinton’sChildren’sHealth Insurance interviewing forajob,you don’t lead cutsof2001, 2003 and 2017. Thetale Program and Mr.Obama’sAffordable with self-loathing. Democrats need Republicans tell is the reason they CareAct. Mr.Clinton made the tax to assert that they’vegot arecordof oftencarryanedgeonthe economy. code more progressive by doubling success. If the GOP could claim that As someone who has spent the the tax credit for the working poor, bulk of his career working in and Mr.Obama doubled it again, and now around progressivepolitics,Ifind Mr.Biden is working to take the next Progressives have a bad Democrats’ failuretograsp this core step.Tobuild amovement, you concept increasingly befuddling be- shouldn’t talk down what you’ve al- habit of disrespecting cause it’ssoself-defeating.Granted, ready achieved on behalf of the Clinton, Obama and others Ihaveadog (or two)inthe fight. American people. But there’snodenying that Messrs. Some will continue to argue that who’ve gone before them. Clinton and Obama inherited flag- criticizing Messrs. Clinton and ging economies from their predeces- Obama canservetostiffen Mr.Bi-

sorsand handed their successorsen- THARD den’sspine,pushing him to be big apast Republican president had cre- gines of prosperity.Idon’t GO and bold. There’snoneed—I canat- VID

ated 20 millionjobs,doyou think understand howanyone in the pro- DA test that JoeBiden is as tough and they would disparagehim as a gressivecommunity still believes determined as they come.But the RINO—a Republican in name only? If there’spolitical upside to dismissing gerthan anyprevious stimulus bill would anyprogressivewant to label broader point remains.Ifyou want to aGOP president had sparked the lon- progressivepresidential accomplish- and wasasrobust as Congresswould any of that as “minimalist”? win elections,you need to assert that gest peacetime economic expansion ments. During the 2016 primaries, allow. It wasalso only one part of Take the Clinton administration. your record demands the public’sre- in the nation’s history, do you think the left-wing Nation magazine ranan Mr.Obama’sbroader economic On the issues progressives talk most spect and confidence. Progressives they’d label his efforts as “tepid”? article titled “NotetoHillary: Clinto- agenda, which included restructuring about today—job creation, poverty undermine their owncandidates with These aren’t trick questions—of nomics WasaDisaster forMost General Motorsand Chrysler, invest- reduction, the list goes on—Mr.Clin- baselessself-doubt. Democrats course they wouldn’t. Nevertheless, Americans.” On the campaign trail inginthe early renewable energy in- ton’seight yearsoften set economic should be as proud of Bill Clinton it’s chic today in certain quarters of last year,Mr. Biden called fellow dustry, expanding healthcarecover- records. During his tenure, the in- andBarack Obama as Republicans theDemocratic Party to disparage Democrats’ criticism of Mr.Obama in ageand stabilizing the financial come gapseparating the poorest and areofRonald Reagan and Donald Presidents Clinton and Obama, who the Detroit debate“bizarre.” system. richest fifths of American families Trump. Yesterday’ssuccesses pave actually did those things, on the mis- Take the precedent that’smost Most important, theObama ad- dramatically narrowed. Theeconomy the way for tomorrow’s triumphs. guided pretense that criticizing the frequently at issue today—the Recov- ministration’scomprehensiveeffort gained morethan 20 million jobs.In progressivepast will somehowopen eryAct of 2009.Mr. Obama’seco- wasaresounding success.During Mr. 1995 Clinton wassointent on saving Mr. Emanuel was asenior adviser the door to a more robust progres- nomic strategynot only prevented Obama’stenure, the economyflipped Medicareand Medicaid from cuts to President Clinton and chief of staff sive future. the Great Recession from morphing from losing an average of 362,000 a that he stood firm during aRepubli- to President Obama. He represented Republicans rarely make that sort intoafull-fledged depression, but monthduring his firstyear in office can-led government shutdown. Far Illinois’s Fifth Congressional District, of mistake. They know howpower- sparked arecord-setting recovery. to gaining an averageof200,000 a from claiming that he wassome sort 2003-09, and served as mayor of fully a historical narrative can alter Thelegislation he signed wasfar big- month during his last year.Why of “Republican lite,” progressives Chicago, 2011-19. Joe Biden’s Trump-Like Fabrication on Covid

relief that went surging through bly defame their opponents. Theclaim that the administration go to the $3 trillion in support al- their veins on Sunday, when Donald It is that beforeJan. 20,the inherited no vaccine program at all, ready enacted last year—passed by a Trump struttedhis stuff at the Con- Covid-19 pandemic was out of con- initially propagated through the RepublicanSenateand signed by FREE servativePolitical Action Confer- trol, threatening an even larger ca- ministrations of akindly reporter,is President Trump. EXPRESSION ence. Suddenly there they all were, tastrophe than the one that had also at odds with the evidencethat Theeconomyseems poised to cat- By Gerard Baker happilytripping again on that seem- ready claimed morethan 400,000 even the most friendly newspapers apult forward later this year, with- ingly limitlesssupply of indignation lives and destroyed so much produc- were obliged to call it out. outany assist from Mr.Biden and he return to the limelight of a and moral censurethe former presi- tive economic capacity. It had been So developed wasthe vaccination theDemocrats, as businesses re- T certain former president has dent generously supplies them. program already in place when Mr. open, travel and hospitality resumes, triggeredanunfortunatebut Mr. Trump is a little intoxicating Biden took officethat it wasclose to and consumersrush to spend the probably inevitable relapse for the forall of us,inboth senses of the He is staking his legacy on achieving his supposedly ambitious pent-up savingsfromayear of lock- Trump addicts of our news-gather- term. The CPAC performance was a goal of a million shots a day. Credit down. ing class. reminder we didn’t need of the the lie that the pandemic the pharmaceutical companies (insti- The Biden Fabrication demands, They’d gone cold turkey fora uniquely compelling and uniquely was out of control until the tutions Democrats love to despise) at leastfor now, asteady drumbeat whole month and there were tenta- pernicious roles he plays not only in and the incentives provided by a of negativeCovid news from the ad- tive, encouraging signs that the cure Republicanpolitics but in the wider day of his inauguration. capitalist market (a system Demo- ministration—itself another cruel might be taking.Deprived of their American discourse.This rehab is cratslovetodespise). But the deception on anation desperatefor favoritedrug, some were gingerly going to be delayed a while. Trump administration gets much the good news that is actually the discovering other,morewholesome Theprimaryproblem with having allowedtodoso, the narrativeas- credit too—for identifying the op- truth. Thepresident tells atownhall pursuits: tackling the mountain of Mr.Trump back is that it allows the serts, by Mr.Biden’scallously indif- portunityearly,and crucially for not to expect much beforeChrist- evidencethat Andrew Cuomo might media to focus again on the many ferent predecessor,who ignored the committing public funds to minimize mas, and the way Dr.Doom, aka be a mendacious, incompetent, bul- deceptions of the 45th president virus,disparaged scienceand did the risks for the drug makers. AnthonyFauci,speaks,you could be lying sexpest; investigating the whileconveniently ignoring the nothing to protect Americans. Only So it is with the economic salva- forgiven forthinking that we mayall slight but tantalizing possibility that large,central deception that is in- the heroic effortsofthe Biden team, tion Mr.Biden promises.Not only is be triple-masking well into 2022. not all of America’s social and eco- tended to define the administration with deference to science and care- the $1.9trillion Covid relief bill a It wasonly during the Trump ad- nomic woes canbeattributed to of the 46th. fully targeted economic relief, kind of fiction—its provisions have ministration, apparently,that our whitesupremacy; slowly weaning TheBiden team is concocting a averted catastrophe. lesstodowith relief from Covid media discovered that presidentsde- themselves off the urge to ask pene- fiction, elaborately developed and It is a preposterous fabrication. than with relief to Democratic con- ceive. The larger truth is that all of trating questions of the WhiteHouse assiduously repeated. It is de- Covid cases peaked in the U.S. at stituencies.Itissupernumerary, and them—somemorethan others, for about Joe Biden’s rescue dog. signed to cement the newpresi- the end of the firstweek of January perhaps dangerously so,tothe econ- sure—tell whoppers. Mr.Biden is But youknewitwouldn’t last. You dent’s legacy, ensurethe political and by the time Mr. Biden took of- omy’sneeds.Ifany credit is to be pitching his entireadministration on could almost feel the jolt of opiate success of his party and ineradica- fice had already fallen by a third. awarded forfiscal response it should an especially large one. America Needs History and Civics Education to Promote Unity

Editor’s note: This article is vigorateteaching and learning of that pursues an account of U.S. study of historyand to rebuild civic guide conversations among stu- signed by six former U.S. education American historyand civics in our constitutional democracythat is education from the ground up,by dentsabout howwecan integrate secretaries: Lamar Alexander,Arne nation’sschools.Aconstitutional honest aboutthe wrongsofthe providing guiding principles for the perspectives of Americans from Duncan, John King,Rod Paige, democracyrequires acitizenrythat past without falling intocynicism, states,local school districtsand ed- all backgrounds when analyzing the Richard Riley and Margaret Spell- has adesiretoparticipate, and an and appreciativeofthe American ucatorsacrossthe U.S. They,in content of the philosophical foun- ings. understanding of howtodosocon- founding without tipping intoadu- turn, canestablish their ownstan- dations of American constitutional structively,aswell as the knowl- lation. To turn pluribus into unum, dards and tailor curricular materi- democracy. Therecommendations Following yearsofpolarization edge and skills to act forthe com- we need curriculums that achieve als to their local communities.For of the Roadmap weavehistoryand andthe Jan. 6insurrection at the mon good. Yetahistoryand civics amoreplural and completestory example,using the plan, Texas may civics together and inspirestudents U.S. Capitol, the world’soldest con- education forthe 21st centurymust of U.S. history, while also forging choose to devotemoreattention to to learn by asking difficult ques- stitutional democracyisingrave also grapple with the difficult and acommon story, the shared inher- the warbetween the U.S. and Mex- tions, such as “What does our his- danger.Westand at acrossroads, often painful parts of our history— itanceofall Americans. tory reveal about the aspirations called to protect this democracy including enslavement, segregation Regrettably,civics,which teaches and tensions captured by the motto and to work toward unity.Current and racism, indigenous removals, skills of participation and the A plan to help teachers Epluribus unum?” then seeking an- and futuregenerations will look Japanese-American internment, de- knowledgethat sustains it, and his- swers in the classroom through back to examine howwechose to nials of religious liberty and free tory,which provides aframe of ref- instill an understanding factsand discussion. act, and why. speech,and other injustices. erencefor the present, have been that is complete and Importantly,the Roadmap is not Akey part of ourtask is to rein- We need teaching and learning sorely neglected over the past half- aset of national standards or ana- centuryinU.S.schools.This cannot honest but not cynical. tional curriculum. It is instead a continue to be the case. call to action to invest in strength- Right now, we collectively spend ening historyand civic learning.It PUBLISHED SINCE 1889 BY DOWJONES&COMPANY about 1,000 times moreper student icointhe 1840s,while Massachu- lays afoundation to deliver oppor- Rupert Murdoch Robert Thomson on science, technology, engineering, setts maychoose to look more tunities forexcellenceincivic Executive Chairman, News Corp Chief Executive Officer, News Corp and math education than we do on closelythan othersatthe early learning equitably to all students. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher historyand civics.Wherecivics ed- phases of the colonial conflict with TheAmerican K-12 education Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: ucation is taught, it is oftenham- Great Britain, in which Boston system has always worked to re- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; pered by alack of consensus about playedadominant role.The plan spond to the needs of the nation. Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; what to teach and how. recommends key content and in- Theearly republic emphasized his- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; But thereisaway forwardthat structional strategies forhistory tory,reading and math. In the Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer will let us rebuild civics and history and civics at everygrade level. And mid-20th century, the launch of the Andrew Dowell, Asia; AnthonyGalloway, Video & alongside STEM education. it does so with an eyetoward Soviet satelliteSputnik and the Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Despiteour differences on policy meeting the wide-ranging needs of dawn of an eraofglobal economic Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; and priorities,webelievethat the today’sstudents. competition droveaturn toward Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Roadmap to Educating forAmeri- TheEducating forAmerican De- investment in STEM education. And Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News canDemocracyprovides apromis- mocracyInitiativeoffersanew vi- during the early part of this cen- Thomas SanFilippo, Customer Service; ing path. Theproject is the result sion forhistoryand civics that sup- tury, our attention has turned to GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; of a19-month collaboration among portseducatorsindealing preparing studentsfrommarginal- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; more than 300 scholars, educators, effectively with fundamental ten- ized communities to succeed in Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International practitionersand studentsfromdi- sions inherent in civic learning,in- high school and college. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: versebackgrounds.The ambition of tegrates adiversity of experiences Nowthe fragility of our demo- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head this plan is to re-establish civics andperspectives throughout, and cratic institutions is in plain sight.

EDITORIAL AND CORPORATEHEADQUARTERS: andAmerican historyasessential cultivates civil disagreement and This is the time to givepriority to 1211 Avenue of the Americas, New York, N.Y., 10036 componentsofeducation. reflectivepatriotism.Asanexam- historyand civics education for Telephone 1-800-DOWJONES TheRoadmap aims to renewthe ple,the Roadmap canhelp teachers American children. P2JW061000-0-A01800-1------XA

A18 | Tuesday, March 2, 2021 THE WALL STREET JOURNAL. WORLD NEWS India Suspects China in Blackout Hack Beijing Gets Tougher on An initial investigation the jump in border tension be- traces most of the tween the two countries. In response to the Recorded Foreign Mumbai cyberattacks Futurereport, which wasear- to the Chengdu area lier reported by the NewYork Journalists, Times,China said it doesn’t BY ERIC BELLMAN support cyberattacks. AND RAJESH ROY “It is highly irresponsible to ReportSays accuse aparticular party when NEW DELHI—Indian offi- thereisnosufficient evidence BY DAN STRUMPF cials areinvestigating whether around,” Wang Wenbin, cyberattacks from China could spokesman for China’s Minis- HONG KONG—Conditions have been behind ablackout in tryofForeign Affairssaid forforeign journalistsinChina Mumbai last year. Monday. “China is firmly op- worsened dramatically last State officials in Maharash- posedtosuch irresponsible year as authorities stepped up tra, of which Mumbai is the and ill-intentioned practice. their harassment of reporters capital, said Mondaythat an RecordedFuturesaid it and their sources, expelled initial probe by itscyber de- couldn’t directly connect the correspondents and used the partment found evidencethat attacks to the Mumbai black- pandemic to hinder reporting, China could have been behind out because it doesn’t have ac- according to asurvey by aBei-

apoweroutagethat leftmil- ARNI/REUTERS cess to anyhardwarethat jing-based journalists group. lions without power in October. might have been infected. Thegroup,the Foreign Cor- KULK

It wasthe worstblackout in A India’sMinistryofPower respondents’ Club of China, decades in India’sfinancial said it has dealt with the said not asingle correspon-

capital, stopping trains and NIHARIK threatsoutlined in the Re- dent surveyed reported an im- prompting hospitals to switch A phone is used for light in Mumbai during an October power outage India suspects China caused. corded Futurereport by provement in working condi- to diesel-poweredgenerators. strengthening itsfirewall, tions from the prior year. The megacity has long prided attacks,aswell as suspicious creasingly target critical infra- turning off the powerinmany blocking IP addresses and us- “All arms of state power— itself on being one of the few data transfersintothe servers structuresuch as powergrids partsofUkraine’scapital afew ingantivirus software to scan including surveillancesystems cities in India with uninter- of statepowercompanies. insteadofspecific institutions, yearsago, he said, and have and clean itssystems software. introduced to curb coronavi- rupted powersupply even as “Therewereattemptsto said Amit Dubey,acybersecu- attacked critical infrastructure Last June,Maharashtra’s rus—were used to harass and most of the countrystruggles login to our servers from for- rity expert at Root64 Founda- in the U.S. in recent years. cyber department collated in- intimidatejournalists, their with regular blackouts. eign land,” said Mr.Deshmukh. tion, which conductscybercrime India’sannouncement came formation regarding possible Chinese colleagues,and those Anil Deshmukh, home minis- Another stateofficial said investigations.Targeting power afterU.S.cybersecurity firm Chinesecyber intrusion and whom the foreign presssought terofthe state, said officials 8GB of unaccounted fordata supply can“take down hun- RecordedFutureonSunday large-scale phishing attacks in to interview,” the report said. were investigating apossible slippedintopowercompany dredsofplantsorday-to-day published areport outlining India with focus on infrastruc- Thereport highlighted the connection between the black- serversfromChina and four services liketrains,” he said. what it said were attacks from ture, information and banking worsening media environment out and asurge in cyberattacks other countries between June Mr.Dubey said manycoun- close to aChina-linked group it sectors. At least 40,300 such during ayear in which rela- on the serversofthe state and October.The official cited tries such as China, Russia and identified as RedEcho.Itcited cyberattacks were attempted tionsbetween China and the powerutilities.Hewouldn’t sin- thousands of attemptsby Iran aredeploying state-spon- asurge in attacks targeting In- in aspan of five days in June, U.S. under the Trump adminis- gle out China, but said investi- blacklisted IP addresses to ac- sored hackerstotargetthe dia’spowerinfrastructure. most of which could be traced tration reached anew low. gators had found evidenceof cess the servers. power grids of other nations. Thereport said the attacks to Chengdu area of China, a Amid the heightened tensions, morethan adozenTrojan-horse State-sponsored hackersin- Russian hackers succeeded in could have been areaction to senior official said at the time. journalistsbecame ensnared in atit-for-tat media battle in which at least 18 foreign jour- nalistsatWestern news organi- zations in China were expelled. Theexpelled reportersin- cluded correspondentswith The Wall Street Journal, the Wash- ington Post and the NewYork Times. In response,the Trump administration effectively expelled dozens of U.S.-based staff at Chinesestate-run outlets. Chinese Foreign Ministry spokesman Wang Wenbin said the FCCC’s report was“full of scare-mongering and completely lacking in evidence” at anewsbriefing in Beijing on Monday. China welcomes foreign reporterstowork in ac- cordancewith the law, he said. “What we oppose areideo- logical biases against China,”

GES he said.“What we oppose is

IMA exploiting so-called freedom of speech to concoct fakenews.” GETTY Theconflict with Beijing SE/ over treatment of journalistsis one of manythe Biden administration faces as it works ANCE-PRES

FR through itsapproach to China. Bidenofficials have indicated ENCE

AG they have little appetitetowalk Protesters in Yangon regrouped Mondaytooppose amilitary coup thatoustedAung San Suu Kyi, aday after clashes with policeacrossMyanmar left at least18dead. back the Trump administration’stough approach to Beijing, which has been emboldened on Myanmar Hits Suu Kyi With More Charges the world stagebyits success dealing with the pandemic. TheChinese government’s porting walkie talkies and vio- sition. Protestshavesteadily pital were shiftedtoasmaller everyday with his twin worsening relationship with BY NIHARIKA MANDHANA lating adisaster-management growninsizeoverthe past privatehospital wheredoctors brother, Ko Ko. foreign media also threatens AND FELIZ SOLOMON law—obscure allegations that three weeks,attimes drawing believed they would be better Mr.Nyi Nyidied of agun- to cast ashadowoverthe have been used to keep her hundreds of thousands,despite protected from arrest. shot wound to the abdomen in 2022 Winter Olympics, which SINGAPORE—Policeindetained sincethe coup.The nightly internet blackoutsor- Despitethe violenceaday front of a high school in Yan- Beijing is scheduled to host in Myanmar filed two new lawyer appointed by her party dered by the militaryand hun- earlier,protestersregrouped gon. Images of his limp and lessthan ayear.The FCCC chargesagainst Aung SanSuu to represent her said the new dreds of detentions.Sunday on Monday, though in smaller bloodied body went viral on used Beijing’shosting of the Kyi, the ousted civilian leader charges accuse her of making wasthe deadliest dayofdem- numbers. Gatheringstook social media, wherehis last 2008 Summer Olympics to who has been detained in her statements that could cause onstrations as policefired live place in several areas of Yan- momentswerecaptured on lobby successfully forabroad home sincethe country’smili- alarm and inducemembersof rounds in numerous cities. gon, wherecitizens again video shot from an apartment loosening of restrictions on tary seized powerfromher the public to commit offenses faced off with policelaunching across the street. foreign journalistsinthe government a month ago. against the state—a crime un- tear gasthat filled the city He and his brother had ar- country—but much of that Thechargesentangle the der the country’s penal code. The move follows a streets with acrid smog. Myo rived together at Yangon’s openinghas reversed under deeply popular politician in a Thelegal provision waswidely Thet, 24 yearsold, joined a Hledan intersection around 9 Chinese leader Xi Jinping,who web of legal cases as security used under past military gov- deadly crackdown group of about 20 other activ- a.m. on Sunday. They tried to has been moreaggressivein forces moved to moreaggres- ernmentstosilencedissidents. against people istswho geared up behind steer clear of police, who were trying to stifle negativere- sively quell protestsagainst Policealso added another homemade shields. already theretocounter the porting on the country. the coup. charge in connection with the protesting the coup. “My parentsare worried swelling crowds. But the inter- “The FCCC is extremely dis- Themovefollows abloody walkie talkies,though under a and they told me not to join section was packed with pro- appointed to notethis rapid crackdownagainst demonstra- different law, the lawyer said, theprotestsbecause of the testers and before they knew declineinmedia freedom in tors in cities acrossMyanmar bringing thenumber of cases live bullets,” he said. “But we it,they found they were sur- China, and morebroadly,free- on Sunday. At least 18 people Ms.Suu Kyifaces to four.The Throughout the dayand need justice, we knowthat the rounded by authorities,Mr. Ko dom of speech, in direct con- were killed,according to the legal tangle could keep her un- intoMonday, doctorsinYan- military acted unfairly, we’re Ko said. trast to long standing Olympic United Nations,marking asharp der detention foryearsand po- gon, Myanmar’s largest city, notafraid of policeand mili- Tear gasand stun grenades values of excellence, respect escalation in the use of forceby tentially end the 75-year-old’s tended to patientswith bullet tary crackdowns and we need were launched in their direc- and friendship,” the club said policesinceprotestsbegan political career.The lawyer,Mr. injuries.One man had been to help each other.” tion andthe pair were sepa- Theannual report by the more than three weeks ago. Khin Maung Zaw, hasn’t been shot in the lefteye, his face Among the casualties on ratedamid the chaos.Mr. Ko FCCC, whose membersinclude Protestersare demanding that permittedtomeet with her. drenched in blood, andan- Sundaywas NyiNyi Aung Htet Ko rantosafety in anearby reportersfrom30countries Ms.Suu Kyibereleased and her Ms.Suu Kyirose to poweras other in the chest. Abullet Naing,a23-year-old who apartmentthat wasoffering and regions,highlighted nu- democratically elected govern- Myanmar began shifting to de- had torn through the flesh of a worked as anetwork engineer shelter to protesters. From merous instances of harassment be restored to power. mocracyfrommilitaryrule over third, exposing the bones in foralocal internet company. therehecalled his brother, ment and intimidation of for- Ms.Suu Kyiwas already the past decade.The coup and his leg.Manywho were Since early February, Mr. Nyi whosaid he wassafe. That eign journalistsbyauthorities facing charges of illegally im- her detention ended that tran- treated at a government hos- Nyihad joined protestsalmost was the last time they spoke. in the course of their work. WORLDWATCH

ETHIOPIA Alarm is growing over the EL SALVADOR partner won several times as crime to managing the pan- heart hospital to undergo testing fate of Tigray’s six million people many votes as the established demic. He also has shown an and observation forapre-existing U.S. Call to Pull Forces as fierce fighting reportedly con- Leader Likely to Win political parties, the conservative authoritarian streak. Two years heart condition as he continues From Tigray Rejected tinues between Ethiopian and al- Control of Congress National Republican Alliance and ago, Mr. Bukele sent heavily to be treatedfor an unspecified lied forces and those supporting the leftist Farabundo Marti Lib- armed soldiers to surround the infection, Buckingham Palacesaid. Ethiopia’s government is re- the now-fugitive Tigray leaders PopulistPresidentNayib eration Front. congress building during a The 99-year-old husband of buffing calls by the U.S. to with- who once dominated Ethiopia’s Bukele appeared Mondaytohave Exit polls suggested his party standoff over security funding, Queen Elizabeth II wasmoved draw troops from the embattled government. woncontrol of El Salvador’s uni- could win 53 of the 84 seats in earning rebukes internationally. from King Edward VII’sHospital, Tigray region. The United Nations says the cameral congress, ending atwo- the Legislative Assembly. About 51% of El Salvador’s wherehehas been treatedsince In response to U.S. Secretary “humanitarian situation contin- year standoff with legislators of The leader of the Farabundo 5.3 million registered voters Feb. 17, to St.Bartholomew’sHos- of State Antony Blinken’s call for ues to deteriorate” as fighting the old parties thathave domi- Marti Liberation Front, Oscar Or- turned out for the election. pital, which specializes in cardiac Ethiopia to immediately with- intensifies across the northern natedpolitics in the nation since tiz, told journalists the party rec- —Associated Press care. PrincePhilip “is responding to draw troops from Tigray, Ethio- region. the end of the 1980-92 civil war. ognized the setback, which could treatmentbut is expected to re- pia’s foreign ministry said that it No one knows how many Mr. Bukele, 39 years old, cele- reduce it to as few as eight UNITED KINGDOM main in hospital until at leastthe is an issue to be decided by the thousands of civilians have been brated, writing, “Our people have seats in congress; the National end of the week,” the palacesays. Addis Ababa government. No killed. Humanitarian officials waited 40 years for this.” Republican Alliance might win as Prince Philip Moved His illnessisn’tbelievedtobe foreign country should try to have warned that a growing A preliminary count of about few as a dozen. To Another Hospital relatedtoCovid-19. He and the “dictate a sovereign nation’s in- number of people might be 80% of votes from Sunday’s Mr. Bukele has blamed con- queen gotafirstdoseofacoro- ternal affairs,” the foreign minis- starving to death in Tigray. elections showed Mr. Bukele’s gress for blocking his efforts in PrincePhilip wastransferred navirus vaccine in early January. try said. —Associated Press New Ideas party and a coalition everything from controlling Mondaytoaspecialized London —Associated Press P2JW061000-6-B00100-1------XA BUSITECHNOLNEOGY: ELECTRICSS-CAR BATTER&FY MAKERS FEUDINOVER U.S.ANPLANT B4 CE

S&P 3901.82 À 2.38% S&P FIN À 3.12% S&P IT À 3.18% DJ TRANS À 2.15% WSJ $ IDX g 0.07% LIBOR 3M 0.184 NIKKEI (Midday) 29554.70 g 0.37% See more at WSJ.com/Markets S&P Posts Best Day in 9 Months United

Dow, Nasdaq gain, too, declined last week,weighed S&P500 and sectorsperformance, Monday portfolio manager at BMO Beefs Up down by losses among tech Global Asset Management. as yields retreat, stocks.Monday’sadvance Energy “It’sreally hardtopaint a easing investor fears came as the yield on 10-year Utilities negativepictureofthis mar- MAX Jet Treasurynotes,the benchmark Technology ket,” he added, pointing to the about bond selloff borrowing cost in U.S. debt ramp-up in coronavirus vacci- Industrials markets, slipped to 1.444% nations and the prospect of Materials BY ALEXANDER OSIPOVICH from 1.459% Friday. Yields fall further fiscal stimulus from Orders AND JOE WALLACE when bond prices rise. Financials Washington. “Everyone’schas- Stocks,particularly shares S&P500 ing their shadows and saying Stocks surgedMonday, giv- of tech companies,havebeen Consumer discretionary it’srates here,it’sinflation BY ALISON SIDER ing the S&P 500 itsbest dayin buffeted by sharp moves in Communications services there. But those just aren’t nearly nine months,asa government-bond markets in real.” United Airlines Holdings Consumer staples weekslong advanceingovern- recent trading sessions.Rising TheSenateispreparing to Inc. said it is buying 25 new ment-bond yields stalled and long-term interest rates Health care move ahead this week with Boeing Co.737 MAXjetsand easedinvestors’ jitters over brought by an improving econ- Real estate PresidentBiden’ssweeping bumping up itsordersfor rising interest rates. omy tend to make tech and 0123%coronavirus relief package. The dozens moreasitpositions Thebroad stock market in- othergrowthstocks lessat- Source:FactSet House passed the $1.9trillion itsfleet foratravelrebound. dex soared 90.67 points, or tractivetoinvestors. packageoverthe weekend, and Thedeal is aboost for 2.4%,to3901.82, itsbiggest Even with Monday'sgains, Tesla surgedmorethan 5% on monthslong stock rally. Senateapproval appearsmore Boeing,which has lost hun- one-session rise in percentage the Nasdaq is down 3.6% from Monday, while Amazon added It also raised the specter likely aftersenatorsdropped a dreds of MAXordersduring a terms sinceJune 5. itsrecordclose of Feb. 12. The 1.7%. that the Federal Reservemight proposed minimum-wagein- nearly two-year grounding TheDow Jones Industrial retreat in tech stocks has Along period of lowinter- end itseasy-money policies to crease that some centrist following two fatal crashes of Averageclimbed 603.14points, pulled Apple Inc.down3.7% est ratesunderpinned the combat inflation—eventhough Democratshad opposed. the jet. TheU.S.inNovember or 1.9%, to 31535.51, while the since the start of the year, stock market’sboom over the the Feditself has playeddown Democratsare racing to fin- approved the MAXfor pas- technology-heavy Nasdaq while Amazon.com Inc.isoff past year by making it lessat- such concerns. ish the packagebeforeMarch senger flights again, requiring Compositejumped 396.48 3.4% and electric carmaker tractivefor investorstoput “Todayiskind of areckon- 14,when certain types of fed- theplane to undergo software points, or 3%, to 13588.83. Tesla Inc.isupjust 1.8% year money in bonds.The recent ing with the reality that the eral unemployment assistance updates and pilotstogo Thegains marked astrong to date. run-up in yields threatened to Fed’snot moving anytime areset to expire. through additional training, rebound afterall three indexes Shares of both Apple and undermine that pillar of the soon,” said MikeDowdall, a PleaseturntopageB9 amongother measures. Andrew Nocella,United’s chief commercial officer,said German bankshavebegun charging customersfor their deposits. in amemo Mondaythat the Activist MAXwould be key to the Bank deposits of Germanhouseholds Interestrates on newretaildeposits Yield on 10-yearGerman company’slong-term growth with up to one-yearmaturity government bonds and itsability to servede- Added mand, which it expectstore- €2.5 trillion 0.4% 4% bound in the coming years, as the carrier startstoreplace aging aircraftthat arenear- To Board 2.0 0.3 3 ing retirement. United re- sumed flying passengerson Euroarea the MAXinFebruary. 1.5 0.2 2 At Exxon “Asthe end of the pandemic nearsand vaccines BY CHRISTOPHER M. MATTHEWS 1.0 0.1 1 continue to roll out, today’s AND DAVE SEBASTIAN fleet announcement helps position us to meet the demand Exxon Mobil Corp.added 0.5 0 0 we expect to see in 2022and two newdirectorstoits board 2023,” Mr.Nocella said. Germany Monday, as the beleaguered United’smoveisthe latest energy companytries to fend 0 -0.1 -1 indication that the industryis off calls forchangefroma 2010 ’15 ’20 2018 '19'20 2012 '15'20 planning fordemand to re-

pair of activist investors. Note:€1trillion=$1.207 trillion viveasmorepeople arevac- TheTexas oil companysaid Sources: European CentralBank (deposits, interest rates);TullettPrebon (yield) cinated. Thenumber of peo- activist investor Jeffrey Ub- ple passing through U.S. ben would join itsboard, airportshas climbed in recent along with Michael Angelakis, weeks,eventhough passenger the chief executiveofficer of Negative Rates Push German Banks volumes remain 50% to 60% Atairos Group and former belowpre-pandemic levels. chief financial officer of Com- Major U.S. airlines lost cast Corp. about $35 billion last year, ExxonCEO Darren Woods To Tell DepositorstoPay or Leave PleaseturntopageB2 said the newdirectorswere part of acontinuing effort to refresh the company’sboard BY PATRICIA KOWSMANN and reflected ongoing talks it Ant Vows is having with investors. Interest rateshavebeen “Ifyou look at the changes negative in Europe for years. we’vebeen making,they are But it took the flood of savings More Cash in response to the changing that swelled in the pandemic role of the industryaswe forbanks finally to charge de- head to alower-carbon econ- positors in earnest. For Staff omy,” Mr.Woods said in an Germany’s biggest lenders, interview. Deutsche Bank AG and Com- Exxon’sstock pricerose merzbank AG, have told new BY KEITH ZHAI 3.7% to $56.40intrading customerssincelast year to AND JING YANG Monday. paya0.5%annual rate to keep Still, the boardchanges are large sums of money with Facing discontent among

unlikely to satisfyone of the them. The banks say they can S employees,Ant Group Co.’sex- activist investorstargeting no longer absorb the negative ecutivechairman said the Chi- NEW

Exxon. Engine No.1LLC,an interest rates the European G nese financial-technologygi- activist fund founded by tech- CentralBank chargesthem. ant would eventually go public

nologyinvestor Chris James Themorecustomer deposits OOMBER and that the companywould

latelast year,said Monday banks have,the morethey BL look forways to help workers S/

that it is moving forwardwith have to park with the central AU monetizesome of their shares.

aplanned proxyfight forfour bank. KR In alengthymemo on Ant’s

boardseats. That is creatinganunusual ALEX internal websiteinresponse Exxon posted alossof$22 incentive, wherebanks that Banks in Germany are particularly hit by negative rates because Germans are big savers. to an employee’spost asking billion last year, itsfirst an- usually want depositsasanin- about the company’sfuture nual loss in modern history, expensiveform of financing, who were lesslikely to com- posits.Banks also have used above€100,000,equivalent to and howitplans to retain tal- and some of the company's areessentially telling custom- plain to local politicians. The theeconomic dislocation of $121,000. ent, Chairman Eric Jing said largest investorshavepres- erstogoaway.Banks areeven banks resorted to other ways the pandemic to make opera- To avoid paying,Mr. Bier- the company’smanagement is sured it to disclose more providing new online tools to to passonthe costsofnega- tional changes they have long haus—whose savingsbal- reviewing itsremuneration about itscarbon footprint and help customers take their de- tiverates,charging higher resisted. looned without trips to restau- and incentivepolicyand articulateaclearer energy posits elsewhere. fees, for instance. Alex Bierhaus, a managing rantsand vacations—shifted working on a“short-term li- transition strategy, as some Banks in Europe resisted The pandemic has changed director at a fintech company some €60,000 to a bank in It- quiditysolution” foremploy- countries attempt to wean passing negativerates on to the equation. Savingsrates in Düsseldorf, received aletter aly and one in Sweden through ees that would take effect in themselves off fossil fuels. customerswhen the ECB first skyrocketed with consumersat from his bank, a unit of Com- an online platform called Rai- April, according to people who “While ExxonMobil has introduced them in 2014, fear- home.And hugerelief pro- merzbank, last year saying it sin, which allows customersto sawthe memo. nowconceded the need for ing backlash. Some did it only grams from the ECB have was going to start charging a shop forbetterrates at banks The solution will likely be PleaseturntopageB2 with corporatedepositors, flooded banks with excess de- 0.5% interest on deposits PleaseturntopageB9 PleaseturntopageB2 PERSONAL TECHNOLOGY | By Joanna Stern INSIDE To Get Covid Shot, Hone Your Tech Tools

Allow me mand heavily outweighs sup- tles of our time.And it’s Hunger-Game-like systems— to put this as ply,” said aRiteAid spokes- made worsebythe fact that and help eligible family and nicely as pos- man. “When the appointments most humans currently eligi- friends in the process, much sible, Rite aremade available they are ble to enter the fray areover like the generous, tech-savvy Aid: I’d place filled quickly.” An issue on the 65 andnot necessarily glued volunteers booking appoint- your Covid-19 website, which didn’t hold to akeyboard all day. ments for those in need vaccine-booking website your appointment slot when But these systems aremad- across the country. someplace between Horrible you’dstart to input your per- deningly broken, no matter Along the way I met 34- and Totally Horrible. sonal information, has since your ageortechnical skill year-old Kris Slevens, an IT First, I had to navigate been fixed, he added. level. From national pharmacy guy who has booked over through a corn maze of Congrats! You survived 12 chains to hospitals to local su- 350 appointments for New menus to find the actual months of pandemic! Now permarkets, everyCovid-19 Jersey seniors. He let me TECHNOLOGY HEARD ON THE booking page. Then, once I fragmented systems, shoddy vaccine-appointment website into his process, which in- Zoom Videoexpects STREET scored an appointment slot websites and limited vaccine I’vebeen to has made me feel cludes setting up a browser torrid growth to China’s manufacturing by clicking incessantly, and supply stand in the way of likeI’m bad at computers. tool and adding a couple of continue after sector expands at a entered all the requested in- you and the rest of your life. And I’vebeen reviewing com- browser extensions. In the formation, it vanished. It’sone of the most impor- putersfor nearly two decades! subsequent week, I booked 11 pandemic eases. B3 slowerpace. B10 “The Covid-19 vaccine de- tant human-vs.-machine bat- So I set out to beat these PleaseturntopageB4 P2JW061000-6-B00200-1------XA

B2 | Tuesday, March 2, 2021 ****** THE WALL STREET JOURNAL. INDEX TO BUSINESSES CORPORATE WATCH

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

A F PepsiCo...... B5 AIA...... B9 FedEx...... A7 Perrigo...... B2 Alphabet...... B10 Ford Motor...... A2,B4 Pfizer...... A8 Amazon.com...... A4,B1 G PricewaterhouseCoopers AMC Entertainment...B3 ...... B5 GameStop...... B3 Ant...... B1 Q GAM...... A2 Apollo Global Quidel...... B2 Management...... A1 General Electric...... B5 Apple...... B1 GFG Alliance...... A2 R AstraZeneca...... A2,A8 Gin Guild...... A1 Rocket...... B10 B Goldman Sachs...... B10 S Green Dot...... B10 Berkshire Hathaway...B9 Sipsmith...... A9 Greensill Capital...... A1 BioNTech...... A8 SK Innovation...... B4 Boeing...... B1,B9 H SoftBank...... A1 Brazos Electric Power Hang Seng Bank...... B9 T /REUTERS Cooperative...... A6 HSBC...... B9 Tesla...... B1,B3 C J Thyssenkrupp...... A2 MCDERMID Capital One Financial Johnson & Johnson T-Mobile...... B3 AN ...... B10 ...... A7,B9 Twitter...... B5 Chipotle Mexican GrillB5 L Tyson Foods...... B2,B5 BREND Citigroup...... B10 U Walmart dropped the minimum order requirementfor its expressdeliveries. Astore in Pennsylvania. Commerzbank...... B1 LG Chem...... B4 United Airlines...... B1,B9 CoStar...... B2 M COSTAR GROUP WALMART said it expects manyofits 13,000 mously backed Mr.Faber’s plan to United Parcel Service.A7 Costco Wholesale...... A4 McKesson...... A7 Iowa employees to be inoculated remain chairman while conducting Upwork...... A9 Company Adds Cash Minimum Dropped Credit Suisse...... A1 MicroStrategy...... B3 at or near companyfacilities in asearch forasuccessor as CEO. Cummins...... B5 MobiTV...... B3 V To Bid for CoreLogic For Express Delivery Columbus Junction, Council Bluffs, Artisan Partners, a U.S.-based D Mondelez International Volkswagen...... B4 Independence, Perry,Sioux City, fund that says it owns more CoStar Group Inc. said it is Walmart Stores Inc. said it Storm Lakeand Waterloo. than 3% of the company, has ...... B5 W D.E. Shaw...... B2 adding a cash portion to its pre- has dropped the $35 minimum The companysaid morethan publicly criticized Mr. Faber for Morgan Stanley...... A9 Deutsche Bank...... B1 Walmart...... A4,B2,B10 vious all-stock offer for order requirement for its two- 2,000 U.S. employees were re- the company’s lagging share E P Y CoreLogic Inc., as it tries to hour express delivery service. cently vaccinatedeither on-siteor price and reorganizations. Engine No. 1...... B1 Pearl Meyer & Partners York Capital compete against an agreement The Bentonville, Ark., company through an external source.Itsaid —Nick Kostov Exxon Mobil...... B1,B9 ...... B5 Management...... A2 by two private-equity firms to said the move follows feedback it also plans to vaccinate employ- buy the real-estate data provider from customers, who said they ees this week in Wilkesboro, N.C.; MACY’S for roughly $6 billion in cash. sometimes need items fast but Albany, Ky.; and Noel, Mo. Harper to Leave Post INDEX TO PEOPLE CoStar on Mondaysaid the don’tmeet the minimum order In December,Tyson said it newproposal comprises $6 a sizefor the service, which Wal- fired sevenmanagers of an Iowa As Operating Chief shareincash and 0.1019 shareof mart launched lastyear and costs plantafter the company’sinvesti- A James, Chris...... B1 Palkhiwala, Akash...... B3 CoStar in exchange foreach $10 morethan regular delivery. gation into allegations thatthey Macy’s Inc. Chief Operating Angelakis, Michael.....B1 Jelinek, Craig...... A4 S CoreLogic share, representing a Walmart currently offers ex- had wagered on Covid-19 infec- Officer John Harper will leave value of about $90 asharebased press delivery from nearly 3,000 tions among employees his job at the New York City- B K Steckelberg, Kelly...... B3 on CoStar’s closing priceFriday. stores, reaching roughly 70% of —Dave Sebastian based retailer in August, one of Karnei, Clifton...... A6 Barker, Kevin...... B10 Stevens, Terri...... B3 CoreLogic has about 73.2 mil- the U.S. population a set of executive-leadership Kempczinski, Chris.....A4 Bierhaus, Alex...... B1 U lion shares outstanding, accord- —Colin Kellaher DANONE changes the company an- Bolten, Joshua...... A4 Kirby, Scott...... B2 Ubben, Jeffrey...... B1 ing to FactSet, valuing CoStar’s nounced Monday. Buffett, Warren...... B9 Kuhlman, Kevin...... A4 Faber Steps Down as W revised proposal at roughly TYSON FOODS The operating chief role will be C M $6.58 billion. CoStar lastmonth As Chief Executive eliminated. MarcMastronardi, the Wong, Ken...... B9 Carroll, Rachel...... B3 Maynard, Robert...... A4 offered to buy CoreLogic at Vaccinations Offered chief store officer,and Dennis Carzana, Andrea...... B9 McMillon, Doug...A4,B10 Woods, Darren...... B1 roughly $95.76 ashare, or about At Plants in Iowa Emmanuel Faber said he would Mullahy, the chief supply-chain Chan, Gabriel...... B9 Meer, Jonathan...... A4 Wyatt, Sheri...... B5 $6.9 billion. stepdownaschief executiveof officer,will report to Chief Execu- D Meniane, David...... B3 Y Stone PointCapital LLCand Tyson Foods Inc. said it would French yogurt maker Danone SA tiveJeff Gennette,Macy’ssaid. N Yuan, Eric...... B3 InsightPartners lastmonth offer free, on-siteCovid-19 vacci- while remaining chairman, after The changes areaimed at mak- Dowdall, Mike...... B1 agreed to buy CoreLogic for$80 nations to thousands of workers calls from activistinvestors for ing the companymoreefficient, E - J Nocella, Andrew...... B1 Z ashare. at its Iowa plants this week. him to leave both roles. Mr.Gennette said. Esterkin, Kimberly...... B3 O - P Zhao, Cliff...... B9 —Dave Sebastian The meatpacker on Monday The boardonMondayunani- —Matt Grossman Jager, Edwin...... B2 O'Reilly, Brian...... B9 Zolidis, John...... B10

profit margins by 2023.The crashes killed 346 people. Alaska AirGroup Inc.added ben has also previously United airline has charted a cautious Regulators in Europe, Canada to itsMAX order last year, Exxon Puts served on the board of Bausch course through the pandemic, and other regions have opting to replacemost of its Health,formerly Valeant with sharper reductions in cleared the plane to flyagain. Airbus planes in thecoming Pharmaceuticals,inwhich Adds to Its flying than manyofits com- Boeing said customerscan- yearswith MAXjets. Activist on ValueAct had invested. He left petitors, and Chief Executive celed ordersfor 511 MAXjets United said Mondaythat it ValueAct last year and said he ScottKirby has said previ- last year,with hundreds more would moveupthe delivery would focus on socially re- MAX Jets ouslythat the recovery may in question as the coronavirus of 40 previouslyordered MAX Its Board sponsible investing. not begin in earnest until pandemic has reduced travel jetsto2022and bring for- Mr.Ubben also previously later this year. demand and forced airlines ward another five deliveries invested $75million in BP PLC ContinuedfrompageB1 Unlikesome rivals,United around the world intoretreat. to 2023.Intotal, United has ContinuedfrompageB1 in March and unsuccessfully and 2021 gotoff to arocky has largely held offonManyhavebeen able to walk 188 firm commitmentsfor boardchange, what is missing approached the big oil com- start, with governmentsim- permanently retiring swaths away from their orderswith- MAXplanes in the coming aredirectorswith diverse pany about joining itsboard, posing fresh restrictions on of itsfleet, arguing that hav- outpenalty,asgenerally al- years, according to aregula- track recordsofsuccess in the according to people familiar travel as new, moreconta- ing the planes gives it flexi- tory filing Monday. energy industrywho canposi- with the matter. He previously gious strains of the coronavi- bility to take advantageofre- Theairline said in the filing tion the Companyfor success told TheWall Street Journal rusbegan to take hold. Many turning demand. At the same Boeing said that it expectstoreceive11of in achanging world,” Engine he would invest $1 billion in a international bordersremain time,oil prices have started Boeing’s787 Dreamliner wide- No.1said in astatement. big oil companythrough his closed, and businesses are to climb,which could make customers canceled body jetsthis year,including Exxon has been in talks newfirm, InclusiveCapital still keeping heavy-traveling themorefuel-efficient MAX orders for 511 MAX threedelayedfromthe final with the other activist, D.E. Partners. road warriorsathome. jets appealing. quarter of 2020.Boeing hasn’t Shaw Group,and that fund Mr.Ubben has said he be- Airline executives have dif- United said itsnew MAX jets last year. delivered aDreamliner since had previouslyindicated it lieves major oil companies ferent views on howquickly jets will allowthe airline to October, hamstrung by inspec- might sign off on Exxon’snew should have excess cash to pent-up demand fortravel getback to itsstrategyof tions and rework linked to pro- boardmembers. It said Mon- spendonclean energy by cut- could return. Some aregear- boosting traffic to itshubs in duction problems.That has dayitsupported the new ting costs, spending and divi- ing up forwhat they hope will Chicago, Denver, and Hous- lowedbyBoeing contracts, be- built up abacklog of dozens of boardmembersand Exxon’s dends.Aspokeswoman for be asurge in summer vaca- ton, which had been abig fo- cause their deliveries were Dreamlinersevenasthe plane focus on cost and capital Mr.Ubben declined to com- tions.But most carriersexpect cus in recent years. morethan ayear late because maker cutsmonthly production spending discipline. ment. it will be yearsbeforedemand United didn’t disclose fi- of the grounding. to five. “Webelievethese individu- Mr.Angelakis heads Atai- is fully back to normal levels, nancial terms of the deal. The Other carriershaveadded Boeing said last week that als will bring significant capi- ros, which means “partner- with businessand interna- MAXsells for$122million to to their MAXorders. Ryanair it still aims to resume deliv- talmarketsand capital alloca- ship” in Greek, an investment tional demand likely to take $135 million at list prices de- HoldingsPLC said in Decem- eries this quarter. tion experiencetothe firm that has takensizable longer to come back. pending on the model, though ber it had agreed to buy 75 —Doug Cameron boardroom and will provide and long-term stakes in a DeltaAir Lines Inc.has airlines typically receivedis- newMAX jets from Boeing. contributed to this article. meaningful value to the com- rangeofcompanies.Hewas said it would bring 400 pilots countsfor large orders. pany as it focuses on itsin- the boardchairman of the back to activeduty by sum- Mr.Nocella said United is vestment priorities while nav- Federal ReserveBank of Phila- mer,and the airline told pi- still lobbying forathird igating the transition to a delphia and sitsonthe boards lotslast week that it plans to round of federal aid to avert low-carbon future,” D.E. Shaw of human-resourcescompany bring them all back by Octo- job losses at the end of March SAVE Managing Director Edwin TriNet Group Inc.and daily- ber.The airline said it is pre- but needs to placeaircraftor- Jagersaid in astatement. dealscompanyGroupon Inc. paring to build itsschedule dersmorethan ayear in ad- $ Exxon had previously So far,Exxon has eschewed back to 2019 levels of flying vanceoftaking delivery. The 100 added another director,the diversifying intorenewable by summer of 2023. 25 newly ordered planes are former CEO of Malaysian oil energy,asBPand RoyalDutch United, which lost over $7 slated fordeliveryin2023. giant Petronas,Wan Zulkiflee ShellPLC have,instead choos- billion last year,has said it is Regulatorsaround the WanAriffin,and is stepping ing to double down on oil and ready to begin rebuilding, world grounded the MAXjet up sustainability investments gas, arguing the world will aiming to exceed its2019 in March 2019 aftertwo as the two activist investors need vast amountsoffossil lobbyfor changes at the Ir- fuels fordecades. Reg. $29999 | SALE $199 99 ving,Texas-based company. In February, Exxon an- has been forced to restructure Mr.Woods indicated there nounced anew businessunit Ant Vows its business, dial back riskier weren’t anyfurther board that it said would focus exclu- activities and fall fully in line changes currently proposed, sively on technologies to with financial regulations that saying thenew directorsful- lowercarbon emissions. More Cash are likely to crimp its growth filled the needs it had identi- Thenew business, dubbed and profitability.Investorsand fied internally. “low carbon solutions,” will analysts expect Ant to have a Mr.Ubben, who founded invest $3 billion through 2025 For Staff lowervaluation as aresult, investment firm ValueAct, has on lower-emission energy andthe companyisplanning shown interest in energy technologies,primarily on to overhaul itsbusinessintoa companies and other low-car- carbon captureand storage ContinuedfrompageB1 financial-holding company Can’tHear bon energy and technology projects, which gather carbon aprogram to buy back some that would be overseen by investments. His firm in- emissions from industrial proof the employees’ shares,ac- China’s central bank. Voices On TV? vested in electric-truck cesses or directly from the air cording to people close to the “The companywill certainly startup Nikola Corp., where and deposit them under- company. become apublic company. I’m New AccuVoice® AV157 Speaker uses he is aboardmember.Mr. Ub- ground. Employee morale has been fully confident in that,” Mr. patented hearing aid technology to create lowatAnt sinceChinese regu- Jing said in thememo,while 12 levels of dialogue clarity. lators forced the company to stressing that the priority now Flat-screen TVs use tiny speakers with tinny sound. So many people

REUTERS call off its blockbuster initial is rectifying businesses in ac- Y/ public offerings in Hong Kong cordancewith regulatoryre- have to use closed-captioning to watch amovie or sporting event.

KELL and Shanghai in November. quirements.Itwas the first Our patented hearing aid technology lifts voices out of the soundtrack ManyofAnt’s16,000-plus time Ant’ssenior management and clarifies them. The result is remarkable. The AV157 has 12 levels of voice boost –incase you need extra clarity.Only 17" wide, it fits workershad received share- broadly addressed employees ANDREW just about anywhere. Hookup is simple –one connecting cord. based compensation, and they and their concerns about the GES; were on the cusp of reaping a company’sfuturesincethe IMA windfall from Ant’slisting, listing was shelved. “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive whichhad valued the com- Anthas been in close dis- GETTY panyatmorethan $300 bil- cussion with regulatorsover ON/ lion last fall. the rectification plan, which OLS

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SC Ant’svaluation from mid-2018, corporategovernance, setting Great Sound. Made Simple. : when its last round of private up afinancial holding com- 866-367-9869 LEFT fundraising valued the com- panyand the payment busi- 60-Day Home Trial |FreeShipping OM ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio.

FR pany at $150 billion. nesses, Mr. Jing said without Investment-firm CEOMichael Angelakis and activistinvestor Jeffrey Instead, the owner of popu- elaborating, according to the ORDER THE AV157 AT ZVOX.COM Ubben join the boardafter the oil companypostedayearly loss. lar paymentsnetwork Alipay people who saw the memo P2JW061000-6-B00300-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, March 2, 2021 | B3 BUSINESS NEWS Ghosn Zoom Video Sees Strong Growth Helpers Company expects Zoom VideoCommunications, Extradited revenue to rise more quarterly revenue 4Q 2021 than 41% even as $800 million To Japan pandemic eases $882.5M

BY SEAN MCLAIN BY MARIA ARMENTAL 600 AND MARK MAREMONT AND AARON TILLEY

TheAmerican father-son Zoom Video Communica-

duo accused of helping former tions Inc.said itsgrowth S 400 Nissan Motor Co.Chairman would continue at arapid pace NEW

Carlos Ghosn escape from amid the vaccine rollout after G Japan were handed over to pandemic lockdowns turned 200

Japanese authorities Monday the companyintoahousehold OOMBER

andput on aflight to Tokyo, name and an investor darling. /BL according to aperson familiar Zoom said Mondaythat rev-

with the matter. enue this year would rise more MORRIS 0 Michael Taylor,a60-year- than 41% aftermorethan qua- UL old former Green Beret, and his drupling to $2.65 billion in the PA FY2019 ’20 ’21 VID

son, PeterTaylor,28, were fiscal year ended in January. DA Note:Fiscal year ends Jan. 31, 2021 likely to be transported to aTo- Thesharp growth has re- The videoconferencing firm is one of the biggestbeneficiaries of the shift to remote work and school. Source:the company kyodetention center afterar- peatedly outpaced Zoom’sown rivalinJapan from the U.S. on projections. anywherechange. We recog- surgedtomorethan $260 mil- Zoom users. been one of the biggest corpo- Tuesday, the same jail where Thecompanyboosted its nizethis newreality,“Chief lion from $15.3 million ayear Zoom Chief Financial Officer rate beneficiaries from the Mr.Ghosn wassent afterhis full-year outlook multiple times ExecutiveEric Yuan said in an earlier. Kelly Steckelbergsaid profit- shifttoremotework and dis- arrest in Tokyoin2018. last year,and the full-year fig- earningscall. On aper-sharebasis,profit ability continued to be affected tanceschooling,pitting it TheTaylorsfought anine- urebeat itsNovember forecast. Zoom revenue forthe Janu- rose to 87 cents, or $1.22onan by the company’sproviding its against largerrivals likeMi- month legal battle to avoid de- Although Zoom made its aryquarter surgedto$882.5 adjusted basis. servicetomorethan 125,000 crosoftCorp. portation,which ended afteran name,inpart, by giving its million from $188.3 million a Zoom has been adapting its K-12 schools that began the Zoom ended the year with a appeal to the U.S. Supreme services away free to manyus- year earlier. tools to preparefor companies newacademic year largely profit of $671.5million on Court wasrejected. ers during the pandemic, its Theresultsbeat Wall Street having some employees return- teaching remotely and cloud- $2.65 billion in revenue,com- Japanese authorities have is- number of paying users also targetsand Zoom’sfinancial ing to the officeand others coststofacilitateall users. pared with $21.8million in sued warrantsfor the arrest of skyrocketed as large busi- projections,driven by the shift continuing to work remotely. But operating costsfor the profit and $622.7 million in the Taylorsinconnection with nesses and otherstried to con- to remotework and distance Mr.Yuan said Zoom is quarter and the full year also revenue ayear earlier. Mr.Ghosn’sescape in 2019.Au- nect their workforcesand cus- schoolingamid the Covid-19 evolvingintoabroader plat- rose sharply as the company In the current fiscal year,it thorities saythe elder Mr.Tay- tomers. outbreak. form offering newservices be- expanded capacity to meet expects$3.59 to $3.65ashare lor escorted Mr.Ghosn on a Zoom ended the year with Shares rose 8.5% in after- yond just videoconferencing, growing demand, including in adjusted profit and $3.76bil- 300-mile trip from Tokyoto about467,100 customerseach hourstrading. such as webinars, chat and from free accountslikeschool lion to $3.78billion in revenue, Osaka’sairport, whereMr. with morethan 10 employees, Thestock closed Mondayat third-party applications. districts, which weighed on ahead of analysts’ projections, Ghosn was smuggled aboarda anearly sixfold increase from $409.66, up 9.7% forthe day “We’renot only avideo confer- margins. according to FactSet. privatejet in Mr.Taylor’s lug- the year earlier. andmorethan tripling over encing companyanymore.” Thevideoconferencing com- gage.Mr. Ghosn stopped over “The futureisherewith the the past 12 months, It also launched an effort to pany, which started trading in  Heard on the Street: Zoom’s in Turkey and then flew to Bei- rise of remoteand work-from- Zoom’sfourth-quarter profit makemoney from smaller the public marketsin2019,has happyhour isn’toveryet... B10 rut, wherehenow lives. PeterTaylor met Mr.Ghosn at aTokyo hotel on the dayof the escape,aswell as on earlier MobiTV Files for Bankruptcy, Seeks Buyer occasions in 2019,and helped with arrangements, according to Japanese authorities. BY BECKY YERAK Thecompany’sroughly $25 Protection Program. T-Mobile and morethan 120 ca- made customersrethink or de- TheTaylorshaven’t denied million in secured debt is Major shareholdersinclude bleand broadband TV providers laytheir plans,which, in turn, helping Mr.Ghosn escape but Video streaming company owedmostly to AllyFinancial Oak Investment Partners, to deliver streaming content to pressured MobiTV’srevenue saythey don’t think they com- MobiTV Inc. filed forbank- Inc., but T-Mobile also became which owns 44% of the com- morethan 300,000 subscribers. and liquidity,the companysaid. mittedany crimes.Mr. Ghosn, ruptcy protection, and plans to asecured lender in recent mon stock.Smaller equity MobiTV Chief Financial Offi- MobiTV said it has been who wasfacing trial on charges look forabuyer while staying months,providing MobiTV ownersinclude Hearst Com- cerTerri Stevenssaid in a talking to Ally and T-Mobile of financial crimes,has said he afloat with a$15.5 million loan with roughly $5 million in munications Inc. and the U.S. sworn declaration that despite about apotential sale process is innocent and didn’t think he from T-Mobile US Inc. bridgefinancing,according to Small BusinessAdministra- growing revenue and increasing in bankruptcy. An offer by T- could getafair trial in Japan. TheEmeryville,Calif., soft- court documentsfiled Monday. tion, records showed. subscriber and customer counts, Mobile affiliateTVN Ventures As suspectsinJapan, the ware companyentered chapter MobiTV’sunsecured debts As recently as 2019,Mo- the companyhas been incurring LLC to provide up to $15.5 mil- Taylorswill be afforded fewer 11 proceedingsinthe U.S. Bank- include about $9 million owed biTV received $50 million in substantial operating losses.It lion in financing during the rightsthan they would have in ruptcy Court in Wilmington, to bondholders, $15 million to new funding from backers in- lost $34 million last year on bankruptcy,including $7.5 mil- the U.S. when it comes to ques- Del., with assetsof$19 million trade creditorsand $3 million cluding Oak. revenue of $13.5 million. lion immediately, is being of- tioning and legal counsel. and liabilities of $75million. under the federal Paycheck MobiTV holds contractswith Thecoronavirus pandemic fered up for court approval. /REUTERS NG SO Y AL Qualcomm is using Twitter to share its results. The Mobile World Congress in Shanghai Feb. 23. Companies Work to Connect With Their Small Investors

BY NINA TRENTMANN CarParts.comInc., aTor- during the pandemic and com- rance, Calif., auto-partsseller, mission-free trading platforms Therecent surge of small in lateJanuarysaw itsstock have added to the demand for investorsintosome compa- pricerise morethan 53%. The stocks. nies’ stocks is pushing inves- shares rose further in early Manyofthese newinves- torrelations departmentsto Februarybeforegiving up some tors rely on recommendations seek waysofengaging with of the gains,and were trading from people in their social or their new shareholders. at $18.05 on Friday, up from online networks and followfi- Shares of videogame re- below$13 beforethe rally.The nance and investing sites like tailer GameStop Corp., movie- company, which is largely Seeking Alpha, Investing.com theater chain AMC Entertain- owned by institutions,plans to or NerdWallet. ment Holdings Inc.and other host aseparateevent forsmall “Weare building influencer companies skyrocketed in late investorsinthe spring,Chief strategies,working selectively Januarywhen individual in- Operating and Financial Officer with some of these influencers vestorsbought their stocks in David Meniane said. to inform and educatethe asocial-media-fueled frenzy. “Wewant to let them ask growing pool of capital repre- Certain companies, including us anything,” Mr.Meniane sented by retail investors,” AMC, took advantageofthe said, adding that retail inves- said Rachel Carroll, president surge in demand fortheir tors weren’t seen as agroup and managing partner at Edi- stock and sold newshares and that could movethe stock son Group,aninvestor rela- cut their debt loads.AMC and market until recently. tions company. GameStopdidn’t respond to a Kimberly Esterkin, an inves- Even CFOs at big companies request for comment. tor-relations professional, said whose shares are mostly held Sincethen, manyindividual she is advising her clientsto by institutions recognize that investorshavesold their engagewith retail sharehold- shareholderinteractions are shares,often at aloss, though ers. “You’vegot to be willing to changing.Akash Palkhiwala, GameStopand stocks of some take their questions; you’vegot the financechief of chip maker other companies saw a resur- to be responsive,” she said, es- Qualcomm Inc., said the com- gence last week. pecially sincethey oftenare in- panyiscommunicating ac- Theretail mania is prompt- vesting their ownfunds. tively with its shareholders. ing companies to get a better For some of her clients, as “Social media is another understanding of their share- much as 50% of daily trading way to gettoretail investors,” holdersand howthey cancon- volume is driven by individual in addition to conventional nect with them. They are investors, said Ms.Esterkin, a means of investor communica- reaching out to individual in- managing director at Addo In- tions likeearningseventsand vestorsthrough special events, vestor Relations,astrategic presscoverage, Mr.Palkhiwala podcasts, social-media chan- communications and advisory said. Qualcomm, for example, nels and charts, while also firm in LosAngeles.“Ihave is using Twittertoshareits keeping the lines of communi- been noticing this surge since resultswith followers.“Hope- cation open forinstitutional last March,” Ms.Esterkin said, fully that gives us some more investors. adding that work from home exposure to them,” he added. P2JW061000-0-B00400-1------NS

B4 | Tuesday, March 2, 2021 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech To Get a SouthKorean Shot, Hone BatteryMakersFeud Tech Skills Over FactoryinU.S.

ContinuedfrompageB1 BY BEN FOLDY nentsneeded to support the appointments in five states, U.S. factoryproduction fora including Maryland, New Apair of South Korean bat- decade,disrupting itsplans to York and New Jersey—some tery makersmade their bring the complex online.

on the websites of CVS, Rite JOURNAL pitches to the Biden adminis- The commission ruled that Aid and Walgreens. tration aboutadisputed fac- SKI meanwhile could support REET

Does this mean you’ll be ST tory project under construc- itsexisting contractswith

able to score an appointment LL tion in Georgia seen as key to Ford and VW forfour and two as soon as you read this? I WA the electric-car plans of Ford years, respectively,togive

wish. This whole thing is like /THE Motor Co.and Volkswagen those companies time to find

a Vegas poker game: You can US AG. another battery supplier. increase your odds with SS SK Innovation Co. is look- Theruling started the clock WA some skill and good timing, ing forthe WhiteHouse to on a60-dayreview period in

but a lot of it is luck. KENNY overturn a ruling by a federal whichthe decision could be Kris Slevens books appointments for New Jersey senior citizens and shared his tips. trade commission last month overruled by the WhiteHouse Step1:Find local that the company said would on policygrounds.While rare, social-media accounts tension called Page Refresh.It cause it to abandon a$2.6bil- such areversalhas precedent. Because the U.S. lacks a Tips to Get a Shot vaccine scheduler. Afteryou’ve will refresh the pageyou’re lion battery factorycomplexit LG Chem’s stance is that it centralized sign-up system, input your personal information on everyfew seconds or min- had hoped to open later this canincrease itsU.S.battery- everything is localized to the At Pharmacy Chain in the scheduler,you’ll get alist utes. Ikeep this open on my year, according to a copy of a making capacity to accommo- stateorcounty level. What of local storesthatoffer the vac- second monitor.It’savailable presentation made to officials date Ford and VW during the works in one placemight not cine. Youneed to select aloca- for Google Chrome and Micro- last week and reviewedbyThe period in which SKI is banned work in another.SoFacebook CVS: Start with the vaccine- tion and press“Next” to see softEdge (and similar exten- Wall Street Journal. from importing components, groups have popped up in screening tool, aquestionnaire whether there’savailability. There sions areavailable forother Thenew complex, located according to the people famil- most states,with members about youand your eligibility. At arereports in manystatesof browsers). ThePageRefresh northeast of AtlantainCom- iar with talks between the who scout the local websites. the end, youland on apage newappointments appearing developer says the extension merce,Ga., is expected to cre- company and the administra- Many groups,such as the whereyou input your ZIP Code around midnightEastern Time. doesn’t collect user data. One ate2,600 jobs and supply election. LG Chem is also open to one Kris moderates,help book and search forappointments. Walgreens: Start with the key tip: If yousee an open ap- tric-car batteries to Ford and accepting financial restitution appointmentsfor in-need se- Keep clicking the ZIP Code to vaccine-availabilitychecker.Wal- pointment, stop the refresher Volkswagen, SKI has said. from SKI to settle the matter, niors. If youplan to ask for see whether newappointments greens requires thatyou have an ASAP. If it refreshes while In the presentation given to they said. help from someone youdon’t were added. If youget aslot, accounttobook. Makesureyou you’reinputting information, administration officials,SKI Aspokesman forthe Office know, be careful. Don’t share you’ll be asked to fill out aques- remain logged in on your youcould lose your place. also disclosed previouslyunre- of the U.S. Trade Representa- highly personal information tionnaire. Select “Don’tKnow” if browser.Walgreens offers phone That solution requires you ported plans to expand the tive declined to comment on such as passwordsorSocial you’re moving fast and don’t booking at 1-800-Walgreens. I to keep your eyes on the factorycomplexbyinvesting discussions with the two bat- Security numbers. Having have time to read each question. have heardreports thatnew ap- page. A tool called Visualp- an additional $2.4 billion in tery makers. booked formany, Iknowthat Forthe East Coast, it seems big pointments appear at midnight. ing can do the watching for the project and creating an ad- Thelegal fight between two only basic contact info— chunksofnew appointments ap- Aspokeswoman said timing var- you. You tell the service’s ditional 3,400 jobs by 2025. of the world’slargest battery name,dateofbirth, address, pear around 6a.m. ies based on inventory and ap- website or browser exten- Meanwhile,representatives makers highlightsthe high phone number and email ad- Rite Aid: St art with the pointmentavailability. sion what website to moni- of LG Chem Ltd. met with ad- stakes that automakersfacein dress—is usually needed. tor, then you highlight the ministration trade officials securing batteries and meeting Head to Facebook and part of the site that you ex- Fridaytomaketheir pitch for growth targetsfor electric ve- search for your state and Step2:Learn the Step3:Set up autofill pect to change—in this case preserving the ruling,accord- hicles.Tightening restrictions “Covid vaccine.” In the New appointmentwebsites In your browser,locate something that reads “no ap- ing to people familiar with the on tailpipe emissions and com- Jersey, New York and Mary- your autofill settings. This pointments” or “appoint- discussion. mitmentsbysome govern- land groups, I found active When you’ve picked a vac- will allowyou to storeyour ments booked.” If it changes, Nearly two years ago, rival mentstophase out gas-pow- members providing minute- cine location, click to its full name,email address, you get a computer notifica- battery maker LG Chem filed a ered vehicles in the coming to-minute updates, links and website. home addressand phone tion or an email alert. complaint with the U.S. Inter- decades are pressuring auto detailed spreadsheets about Find the page that tells number in the browser.When national Trade Commission makerstosell morebattery- locations and appointments. you whether appointments it comes time to fill in all this, Step5:Book accusing SKI of stealing trade poweredcars or facethe pros- People created Twitterac- are available, and the page the browser will drop it in. When that appointment secretsrelating to lithium-ion pect of steep fines. countstoprovide updates on where you book an appoint- pops up, move as fast as you battery production. SKI has Thespat touches on several appointment openings. To see ment. Yes, sometimes those Step4:Install browser can but not so fast that you denied the allegations. of President Biden’spolicypri- howother states work,Iof- are different. extensions don’t read the messages and TheITC—an independent orities: fighting climate feredtohelp aMaryland cou- Once you have the links Appointments can disap- the prompts.Generally, you government agency—in aFeb. changebytransitioning the ple in their 70s. Ifollowed you want, bookmark them. I pear minutes after they’re can skip adding insurance 10 ruling upheld an earlier transportation sector to elec- MDVaxAlerts and set up noti- suggest using a laptop or released, so in addition to info. If it’s needed, you can judge’sdetermination that SKI tric vehicles,creating jobs and fications on my iPhone.Iwas desktop computer for all of the Twitter and Facebook re- show it at the appointment. had destroyed evidence relat- building up domestic produc- alerted to openingsataCVS this; working on a smart- sources, I’ve used two tools ing to the case.The ruling tion capacity forbatteries to and, within five minutes, phone or tablet could slow to try to catch them. For links related to this prohibited SKI from importing reduce dependence on manu- booked two appointments. you down. Thefirst is abrowser ex- column, visit WSJ.com/Tech. batteries and other compo- facturers abroad.

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THE WALL STREET JOURNAL. Tuesday, March 2, 2021 | B5 BUSINESS NEWS Twitter TakesAim At Va ccine Falsehoods

BY PAUL ZIOBRO S

Twitter Inc.isexpanding PRES theuse of itsstrikesystemto UMA

include userswho spread mis- /Z

leading information about NG Covid-19 and itsvaccines,the SC

social-media platform’slatest MIRE/ attempt to curb the spread of potentially harmful content. RIGHT

Thenew rules,disclosed MARK Mondayinacorporateblog At Chipotle Mexican Grill, 38% of U.S. employees were Latinos. A new SEC rule and investor interest are nudging companies to disclose workforce diversity information. post, areanupdateofplans the companyrolled out last year to help tamp down coronavirus misinformation and amplifyau- Companies Detail Diversity Data thoritativesourcesduring the pandemic. Twittersaid it would begin The disclosures reflect mission regulation, along with Number of S&P500 Some institutional investors disclosures, Ms.Lifshey said. applying labels to postspertain- investor interest. They also re- companies*disclosing arepressing forbetterinforma- Companies privately report ing to vaccines that include con- a new focus among flect anew focus on workforce demographic data about: tion on workforce diversity. diversity datatothe U.S. Equal spiracytheories and rhetoric un- many corporations on diversity following last sum- All employees Manyare starting to incorpo- Employment Opportunity Com- founded in research or credible mer’s protestsoverdiscrimina- rate details intorankingsorin- mission. Businesses increasingly reporting.Similar to the com- workforce diversity tion, racial inequity and the 61 vestment decisions. saythey will makethese EEOC pany’selection-integrity policy death of George Floyd while in Gender Humancapital—the corpo- reportspublicly available.In update in January, Twittersaid Big U.S. companies aregiv- policecustody. “I can’t saythat rate workforce—nowoutweighs July,New York City Comptroller it would permanently suspend ing amoredetailed pictureof we have aclient that hasn’t 71 factories and equipment for ScottStringer called on 67 of userswho violateits Covid-19 diversity in their ranks,with talked about it in the board- Race/ethnicity much of the economy, said John the biggest public companies to misinformation policyfivetimes. room,” said Deb Lifshey, an at- Hoeppner,head of U.S. steward- publish the reports. Today, 54 54 Thefirst strikewill result By Theo Francis, torney at executive-payconsul- ship forLegal and General In- do or have committedtodoing only in awarning,but subse- Inti Pacheco tant Pearl Meyer&Partners Senior leadership vestment Management. The so,his officesays. quent strikes would result in and Thomas Gryta LLC.“All companies arefo- 32 U.K.-based firm, which manages Tech companies have for accountsbeing locked either cused” on diversity,she added. about $1.5trillion in assets years issued stand-alone diver- Managers for12hoursorseven days.Us- dozens of them publicly shar- TheWall Street Journal re- world-wide,has begun to invest sity reports.This year they erscan appeal locks or suspen- ing gender or race break- viewedmorethan 160 annual 23 lessincompanies with low were joined by General Electric sions,the companysaid. downs,manyfor the firsttime. reportsfiled by S&P 500 com- numbersoffemale managers. and PricewaterhouseCoopers, Board Thecompanysaid it has re- Three-quartersofthe work- panies for2020.About athird Hisfirm pointstodatacol- among others. GE revealed that moved morethan 8,400 tweets ersatGeneral Electric Co. included diversity disclosures, 15 lected by McKinsey showing the 22%ofits global employees and challenged 11.5million ac- were men. Half of senior execu- though the details varied 25%ofcompanies with the least were women, along with 26% of *For 182S&P 500 companies ﬁling annual countsglobally sinceissuing tives at engine-maker Cum- widely.Most provided atally of reports with the SECfromOct. 1through Feb. 19 diversity by gender and race are itsleadership.Inthe U.S.,about theearlier guidelines about mins Inc.werewomen. women in their workforces. Al- Source:Securities ﬁlings, companywebsites morelikely to financially under- 76%ofthe workforce was Covid-19 posts. Chicken processor Tyson most three-quartersdisclosed perform industryaverages. white, as was81% of the com- “Through the use of the strike Foods Inc.said 25% of itsU.S. at leastsome information on der.Some provided figuresonly Another factor: an SEC man- pany’sleadership.AGEspokes- system, we hope to educatepeo- workerswereBlack.AtChi- racial and ethnic diversity—of- fortheir corporateboards. dateadopted in August, which woman said the companyis ple on whycertain content potle Mexican Grill Inc., 38% tenacombined count of non- Both PepsiCo Inc.and Mon- requires companies to begin committedtobuilding amore breaks our rules so they have the of U.S. employees were Latinos. whiteemployees.Afew pro- delezInternational Inc.dis- disclosing information about diverseworkforce. opportunity to further consider Thedisclosures—manyfrom vided dataonveterans,younger closed that around 40% of man- their “human capital re- Thewidening disclosures their behavior and their impact companysecurities filings—are or older workers, people with agersglobally were women. sources”—a broad area that can help add substancetopledges on the public conversation,” the voluntarybut nudged by anew disabilities and those who iden- PepsiCo also said 43% of itsU.S. encompassanything from turn- by manyexecutives last year to companysaid in the post. Securities and ExchangeCom- tifyasgay,lesbian or transgen- workerswere“racially/ethni- over ratesand training pro- givepriority to diversity,said cally diverse individuals.” Mon- grams to safety and diversity Sheri Wyatt, aPwC partner who delezdidn’t sharedemograph- statistics.The rule gives compa- advises companies on environ- New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ics fornonmanagers. Mondelez nies wide discretion over what mental,social and corporate-

InterParfums IPAR 75.65 2.8 SilverBoxEngI SBEAU 10.30 0.3 said it plans to publish more to include,and morethan 100 governanceissues. The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE InteractiveBrkrs IBKR 77.65 6.1 SiriusPoint SPNT 11.50 2.8 datainthe spring.APepsiCo firms in the Journal analysis PwCsaid itsworkforce was American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Interpublic IPG 27.28 2.6 SkechersUSA SKX 39.29 6.4 in the latest session. %CHG-Daily percentage change from the previous trading session. Intricon IIN 24.92 7.9 SkylineChamp SKY 47.57 6.0 spokeswoman said additional chose to saylittle about demo- 48% female and 60% white, Itron ITRI 120.80 0.4 SleepNumber SNBR 147.27 4.3 J Alexander's JAX 9.18 3.3 SmartSand SND 3.41 -1.8 details about itsworkforce graphics.But othersare en- while itsU.S.leadership team Monday, March 1, 2021 JackintheBox JACK 105.84 2.5 Smith-Midland SMID 13.00 2.5 52-Wk % 52-Wk % 52-Wk % JefferiesFin JEF 30.48 3.3 SnapOn SNA 210.49 2.7 could be found on itswebsite. hancingworkforce-diversity was30% female and 70%white. JohnBeanTech JBT 151.60 2.1 SoftwareAcqnGrpII SAIIU 13.56 -2.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg JohnsonControls JCI 57.58 2.5 SolarisOilfield SOI 12.79 2.0 Build-A-Bear BBW 8.50 8.4 EnovaIntl ENVA 32.21 2.6 Joint JYNT 42.69 4.0 Sonos SONO 41.60 5.5 Highs BuildersFirstSrc BLDR 45.92 3.6 EnPro NPO 85.29 5.9 JonesLang JLL 179.99 2.8 SouthwestAir LUV 59.84 -0.1 BurgundyTechWt BTAQW 2.09 2.7 EnstarGroup ESGR 234.37 10.2 Kadant KAI 182.62 3.8 SpiritofTexas STXB 22.01 4.9 AGCO AGCO 133.45 1.7 BylineBancorp BY 20.99 3.4 EnterpriseFinSvcs EFSC 44.83 4.0 Kforce KFRC 53.01 2.4 SportsVenturesA AKIC 10.10 0.1 AryaSciencesIV ARYD 12.00 3.8 CBD Pao CBD 17.23 10.3 ePlus PLUS 99.09 4.7 Kirkland's KIRK 30.50 12.3 StandexInt SXI 102.49 3.9 AcadiaHealthcare ACHC 57.50 1.4 CBIZ CBZ 31.14 2.7 EthanAllen ETH 26.54 2.0 KrystalBiotech KRYS 87.29 8.3 Stantec STN 40.95 3.1 AcceleronPharma XLRN 144.26 2.9 CF Bankshares CFBK 20.07 1.6 Etsy ETSY 248.45 11.0 KuraSushiUSA KRUS 36.43 9.9 StarPeak II A STPC 11.91 5.4 Adecoagro AGRO 8.70 1.1 CAE CAE 30.75 13.1 EucratesBiomed EUCR 10.88 -1.4 L Brands LB 57.56 3.8 Starbucks SBUX 110.47 -1.1 Aemetis AMTX 16.39 51.9 CaesarsEnt CZR 96.83 0.7 EvercoreA EVR 126.76 4.3 LGL Group LGL 13.22 13.9 Stereotaxis STXS 8.48 13.6 AeriePharm AERI 20.35 4.3 Calix CALX 43.49 9.2 Everi EVRI 15.92 5.2 LKQ LKQ 40.75 2.4 Synaptics SYNA 138.34 2.7 AfricanGoldAcqn AGAC.U 10.05 ... CalumetSpecialty CLMT 4.30 9.8 ExxonMobil XOM 57.61 3.7 LPL Financial LPLA 137.92 2.9 Synnex SNX 95.04 6.0 Agilysys AGYS 64.09 5.6 CanadaGoose GOOS 47.71 4.1 FRP Holdings FRPH 47.98 6.1 LandosBio LABP 16.38 20.6 Sysco SYY 81.88 1.6 AlbanyIntl AIN 84.89 6.3 CapitalaFinNts22 CPTAG 24.58 1.2 FS Bancorp FSBW 65.68 6.0 Lands'End LE 33.92 1.3 TE Connectivity TEL 134.82 3.2 TRowePrice 169.40 3.7 AllianceData ADS 100.69 3.2 Capri CPRI 48.82 3.4 Fabrinet FN 91.68 3.8 LandstarSystem LSTR 164.08 1.7 TROW H AllyFinancial ALLY 43.54 3.4 CapStarFin CSTR 16.50 -0.8 FarmlandPtrs FPI 12.40 3.0 LatticeSemi LSCC 51.31 6.6 Tapestry TPR 43.25 -1.5 AmalgamFin AMAL 18.17 3.5 CedarFairRec FUN 50.66 1.0 Ferro FOE 16.74 5.2 LeoHldgsIII LIII.U 10.30 -0.5 TeekayLNG PfdB TGPpB 25.92 -1.0 TempurSealy 35.23 4.3 Amerco UHAL 582.03 0.3 Celanese CE 144.39 2.6 FirstMidBcshs FMBH 37.87 3.9 LeviStrauss LEVI 24.05 1.4 TPX TernsPharm TERN 25.95 8.8 AIG AIG 48.00 3.1 CntlValCmntyBk CVCY 19.51 3.3 Five9 FIVN 198.60 6.8 Lindsay LNN 169.98 4.7 TerraIncmVI Nts TFSA 25.45 0.6 AmNtlBcsh AMNB 32.74 5.6 ChampionX CHX 22.83 7.3 ForresterResearch FORR 47.20 1.9 LivaNova LIVN 79.98 -1.0 TexasCapBcshs TCBI 81.91 6.5 AmerVanguard AVD 20.60 4.3 CheniereEnerPtrs CQP 42.17 3.9 Fortinet FTNT 173.71 2.6 LiveNationEnt LYV 94.25 4.5 Theratechnologies THTX 3.54 9.3 AmplitechWt AMPGW 3.65 7.9 ChickenSoupPfdA CSSEP 26.90 0.3 FortressVal III Wt FVT.WS 2.76 11.4 LiveOakBcshs LOB 58.68 5.7 TianRuixiang TIRX 81.96 20.8 ApolloEnd APEN 7.96 30.1 ChurchillDowns CHDN 239.85 3.0 ForumEnergyTech FET 23.17 6.4 LouisianaPacific LPX 50.00 3.0 Toro TTC 103.27 1.9 ApolloMedical AMEH 25.39 2.3 Citigroup C 69.99 5.6 Frank'sIntl FI 5.44 19.4 Lydall LDL 42.06 13.1 Tradeweb TW 74.48 1.2 ArcBest ARCB 63.46 6.3 Clarus CLAR 18.59 6.6 FreedomAcqnI FACT.U 10.40 -1.4 McapAcqn MACQU 10.11 0.6 TraneTech TT 161.00 3.4 TheWall Street Journal Ardagh ARD 26.48 3.1 CoastalFinl CCB 32.78 8.1 FusionAcqnII FSNB.U 10.15 0.3 MGMGrowthProp MGP 34.15 2.4 TransActTechs TACT 11.57 8.2 AresCapital ARCC 18.81 0.5 ColonyCapital CLNY 6.19 2.9 GFLEnvironmental GFL 32.33 2.0 MSC Industrial MSM 89.10 2.8 Transcat TRNS 45.90 2.4 AresMgmt ARES 53.55 1.0 Comcast A CMCSA 54.71 3.3 GeminiTherap GMTX 15.70 2.6 MSG Networks MSGN 18.93 11.1 Travel+Leisure TNL 61.99 -1.5 AsburyAutomotive ABG 176.22 1.6 CommercialMetals CMC 27.47 8.8 Gentherm THRM 79.45 8.3 MTBC PfdA MTBCP 27.78 -0.2 Trimble TRMB 77.63 4.6 AshfordHospPfdG AHTpG 22.20 -1.7 CommunityFin 33.23 3.4 GenuineParts 109.14 2.8 MSG Entertainment MSGE 114.21 1.9 TCFC GPC TrinityIndustries TRN 33.77 2.5 AshfordHospPfdH AHTpH 22.21 -0.4 CmntyTrBcp 42.09 2.7 GIIIApparel 31.08 5.4 MSG Sports MSGS 205.10 6.5 CTBI GIII Trinseo TSE 69.81 7.2 would liketothank AshfordHospPfdI AHTpI 22.23 -2.1 MagyarBancorp MGYR 15.05 11.2 CompassDiversif CODI 24.60 -3.9 Gildan GIL 32.02 4.6 TripAdvisor TRIP 52.98 -0.5 AshfordHospPfdF AHTpF 22.20 0.3 MakeMyTrip MMYT 36.58 7.0 ComputerTask CTG 9.00 7.0 Glaukos GKOS 98.26 3.0 TriumphBancorp TBK 82.17 7.1 AslanPharm ASLN 6.75 18.5 MarriottVacations VAC 179.71 3.2 Concentrix CNXC 128.89 3.4 GoldenEnt GDEN 24.77 2.9 TwelveSeasII TWLVU 10.05 0.6 AssuredGuaranty AGO 45.72 2.5 MartinMarietta MLM 353.56 3.2 ConnectOneBncp CNOB 25.23 4.4 GoresHldgsVIII GIIXU 10.86 -0.5 TylerTech TYL 479.79 2.9 AstecIndustries ASTE 73.77 6.0 MatadorRscs MTDR 22.08 5.5 CooperT&R CTB 58.22 ... GreatAjaxNts24 AJXA 25.00 0.6 UMH Prop UMH 17.48 ... Atkore ATKR 70.85 3.4 Copa CPA 94.84 2.0 GreatElm GEG 3.64 14.6 Materion MTRN 73.61 6.9 Mattel MAT 20.98 2.9 USA Truck USAK 15.79 12.4 the sponsorsofthe AtlCapitalBcshs 21.41 3.5 ACBI Core-Mark CORE 37.00 10.7 GreatSouthernBncp GSBC 54.68 2.6 USHG Acqn HUGS.U 10.74 0.8 Atotech ATC 22.09 4.2 Corning GLW 39.78 3.2 GreatWesternBncp GWB 28.50 5.2 MatthewsIntl MATW 37.38 4.2 MercerIntl MERC 16.35 2.0 US Lime&Min USLM 145.95 3.8 AtriCure ATRC 67.611.6 Crane CR 87.94 3.2 Groupon GRPN 60.17 32.6 US Silica SLCA 14.12 2.6 AusterlitzAcqnI AUS.U 10.60 ... CullinanOncology CGEM 50.97 19.7 GpoAeroportSur ASR 190.25 -0.6 MerchantsBancorp MBIN 36.58 7.1 Meredith MDP 28.72 15.3 UltaBeauty ULTA 340.15 4.7 AusterlitzAcqnII ASZ.U 10.70 ... Cummins CMI 265.15 3.9 HBT Finl HBT 16.84 3.0 UnivElectro UEIC 61.40 4.1 AveryDennison AVY 181.70 1.9 Daktronics DAKT 5.63 2.8 HCI Group HCI 80.00 28.2 MetropolitanBk MCB 52.78 0.6 MicronTech MU 95.75 3.5 VICI Prop VICI 29.20 1.3 CIO NetworkSummit for AvidBioservices CDMO 21.97 5.8 Darden DRI 140.50 1.2 HP HPQ 30.44 2.1 ValmontInds VMI 246.63 3.4 AvisBudget CAR 60.25 4.9 Dave&Buster's PLAY 42.26 2.5 HVBancorp HVBC 19.25 4.9 Middleby MIDD 166.31 8.8 MidlandStBncp MSBI 25.68 4.1 Valvoline VVV 25.62 2.2 BCB Bancorp BCBP 14.29 6.8 Deere DE 363.31 3.0 HackettGroup HCKT 16.92 7.4 VectorAcqnA VACQ 15.15 36.1 BJsRestaurants BJRI 58.38 4.8 DelTaco TACO 11.00 7.6 Halliburton HAL 23.03 5.4 MonarchCasino MCRI 70.77 0.6 MontroseEnvl MEG 51.62 -2.9 VectorAcqnWt VACQW 3.80 100.6 B.RileyNts2023 RILYI 25.60 0.6 DellTechC DELL 83.44 2.5 HaynesIntl HAYN 30.29 6.7 VectorAcqn VACQU 16.31 39.7 B.RileyNts2025 RILYM 25.70 0.2 DeltaApparel DLA 28.50 2.7 Headhunter HHR 35.64 -0.6 Morphic MORF 93.00 134.7 MuellerIndustries MLI 42.53 4.2 Vedanta VEDL 12.03 6.3 their generous support. B.RileyPfdB RILYL 27.07 0.7 DentsplySirona XRAY 60.78 12.5 HeartlandFinUSA HTLF 48.95 4.4 Veritiv VRTV 25.96 8.7 BRileyFin6.50%SrNt RILYN 26.07 1.5 Deswell DSWL 4.00 1.4 HercHoldings HRI 90.84 2.6 MuellerWater MWA 13.37 2.8 NVE NVEC 74.91 5.5 ViacomCBS A VIACA 67.78 4.4 Babcock&WilcxNt26 BWSN 25.70 1.9 DiamndrckHspty DRH 10.50 -3.9 HerculesCapital HTGC 16.36 2.3 ViacomCBS B VIAC 67.98 4.1 BadgerMeter BMI 111.77 -2.7 DicernaPharma DRNA 29.86 7.0 HeritageFin HFWA 26.58 2.5 NaborsIndsPfdA NBRpA 16.78 8.7 NaborsIndustries NBR 118.73 6.2 Vipshop VIPS 39.41 3.8 BancFirst BANF 66.78 3.9 DiscoveryA DISCA 58.61 9.7 HewlettPackard HPE 14.98 0.3 VirtusInvtPtrs VRTS 267.00 5.1 BankofButterfield NTB 37.76 2.9 DiscoveryC DISCK 48.60 7.4 Hilltop HTH 34.30 3.6 NatlEnerSvs NESR 13.86 2.9 NatureSunshine NATR 18.16 7.6 WarriorTech WARR.U 10.18 1.4 BankofCommerce BOCH 11.19 0.7 DolbyLab DLB 101.14 3.1 HiltonGrandVac HGV 42.52 5.9 WesternDigital WDC 72.98 5.4 BarHarborBkshs BHB 28.62 2.1 DonnelleyFin DFIN 27.99 7.5 HomeBancorp HBCP 34.00 5.0 Navient NAVI 13.13 5.3 NavSightA NSH 12.05 5.0 WesternMidstrm WES 18.70 9.9 BeaconRoof BECN 49.84 4.1 DraftKings DKNG 68.90 11.7 HovnanianPfdA HOVNP 14.50 1.0 WilliamsIndlSvcs WLMS 3.91 11.2 BelFuse B BELFB 18.78 5.0 DynexCapital DX 19.40 1.1 Hubbell HUBB 183.69 2.6 NavSight NSH.U 12.99 12.1 NewFrontierHlth 11.47 0.9 WillScotMobile WSC 28.71 0.2 BerkHathwy A BRK.A 378522 3.6 EJF Acqn EJFAU 10.20 0.3 I-Mab IMAB 65.94 8.1 NFH NewJerseyRscs 40.69 2.5 WorthingtonInds WOR 69.60 8.2 BiglariA BH.A 724.94 23.8 elfBeauty ELF 27.29 6.0 Invesco IVZ 25.12 10.3 NJR NewparkResources 3.94 13.3 BiglariB BH 139.50 19.1 EagleBncpMT EBMT 22.99 5.3 ITT ITT 86.99 4.0 NR NewsCorp A NWSA 24.50 3.9 Lows BioanalyticalSys BASI 19.27 7.2 EagleMaterials EXP 130.27 2.6 IberePharm IBER.U 10.17 0.3 NewtekBusSvcs NEWT 23.49 1.6 BluegreenVac BXG 9.06 8.7 Eaton ETN 135.84 3.1 icad ICAD 19.25 2.7 AckrellSpacUn ACKIT 10.03 -0.2 NexTierOilfield NEX 5.00 7.5 BluegreenVac BVH 16.50 3.1 electroCore ECOR 3.63 21.7 Imax IMAX 21.46 3.7 AdaraAcqn ADRA.U 10.07 -0.6 Noodles NDLS 10.29 8.6 BonanzaCreekEner BCEI 32.72 1.0 EmersonElec EMR 89.17 3.0 InglesMarkets IMKTA 54.93 5.4 AltimarAcqnII ATMR.U 10.25 -0.3 NorthernTechsIntl NTIC 17.22 6.1 BoydGaming BYD 62.22 5.8 EmpowermentI EPWR.U 10.60 0.9 InMode INMD 73.78 4.8 ApolloStratGrII APGB.U 10.35 0.2 NorthrimBanCorp NRIM 40.26 3.2 BriaCellTherapWt BCTXW 1.05 26.8 Endava DAVA 91.00 1.7 InspireMedical INSP 252.25 7.1 Apria APR 20.07 -5.1 NovaMeasuring NVMI 89.84 6.6 BridgewaterBcshs BWB 15.78 9.1 EnergyRecovery ERII 18.33 3.8 InsteelInds IIIN 33.24 6.2 ArkGlobal ARKIU 10.10 -0.5 nVentElectric NVT 27.56 4.9 AstreaAcqn ASAXU 10.00 -0.2 OasisMidstream OMP 20.39 4.3 Athenex ATNX 5.24 -54.9 OceaneeringIntl OII 12.83 8.7 AuthenticEquity AEACU 10.15 -0.9 FoundingSponsor OldDomFreight ODFL 222.04 2.8 BiteAcqn BITE.U 9.99 -0.1 ON Semi ON 42.38 5.0 CA Healthcare CAHCU 10.10 -0.3 Dividend Changes OneStopSystems OSS 9.50 37.5 CBRE Acqn Wt CBAH.WS 1.34 -11.4 Oppenheimer A OPY 40.45 6.1 CCNeubergerIII PRPC.U 10.25 0.2 Dividend announcements from March 1. Oracle ORCL 66.73 2.6 CovaAcqn COVAU 10.20 -0.8 Organogenesis ORGO 16.74 7.9 CatchaInvt CHAA.U 10.35 -0.2 OriginBancorp OBNK 35.48 3.4 AmountAmount PayablePayable / ChurchillV Wt CCV.WS 2.25 -6.1 OrrstownFinSvcs ORRF 20.37 3.5 ConsonanceA CHFW 9.89 -0.6 CoCompanympanySSymbolymbol Yld %New/Old Frq Record Ovintiv OVV 24.65 6.3 CrownPropTech CPTK.U 10.04 0.1 PQ Group PQG 16.83 8.0 CrucibleAcqnA CRU 10.10 0.4 Increased PandionTherap PAND 61.23 1.6 CrucibleAcqnWt CRU.WS 2.25 -9.6 Albemarle ALB 1.0 .39 /.385 Q Apr01 /Mar12 ParPacific PARR 19.06 6.0 DiamondHead DHHCU 10.43 ... Park-Ohio PKOH 35.99 9.8 Cohen & Steers CNS 2.7 .45 /.39 Q Mar18 /Mar08 Dun&Bradstreet DNB 21.34 4.1 ParkerHannifin PH 300.79 3.7 8905thAvenuePtrs ENFAU 10.17 -0.1 Digital Realty Trust DLR 3.5 1.16 /1.12 Q Mar31 /Mar15 PattersonUTIEn PTEN 7.91 6.9 FlameAcqn FLME.U 10.00 ... PebblebrookHotel PEB 23.68 2.0 Eaton Vance TABS 5-to-15Y EVLMC 1.9 .016 /.0147 M Mar04 /Mar02 ForesightAcqn FOREU 10.15 -0.1 PenskeAuto PAG 70.98 2.3 FoxWayneEntsA FOXW 9.98 ... PresentingSponsors ESSA Bancorp ESSA 2.9 .12 /.11 Q Mar31 /Mar16 PerformanceFood PFGC 56.77 3.3 FoxWayneEntsWt FOXWW 0.65 -1.4 Extended Stay America STAY 0.2 .09 /.01 Q Mar26 /Mar12 PiedmontLith PLL 79.11 9.8 G Squared I GSQD.U 10.40 0.4 PilgrimPride PPC 23.69 4.2 Lamar Advertising Cl A LAMR 2.3 .75 /.50 Q Mar31 /Mar22 GTT Comm GTT 1.66 -0.5 PiperSandler PIPR 112.48 5.4 GlobalPtrII GPACU 10.06 -1.1 LeMaitre Vascular LMAT 0.9 .11 /.095 Q Mar25 /Mar09 Plexus PLXS 87.83 4.3 GoalAcqns PUCKU 10.40 -0.1 PLxPharma 10.20 17.8 Northrim Bancorp NRIM 3.6 .37 /.35 Q Mar19 /Mar11 PLXP GoresVII GSEVU 10.26 -0.5 PreformedLine PLPC 79.07 6.0 GroupNineAcqn GNACU 10.26 -1.1 Old Republic Intl ORI 4.4 .22 /.21 Q Mar15 /Mar09 PriorityIncmPfdA PRIFpA 24.98 1.3 HH&L Acqn HHLA.U 10.25 -1.3 Prologis PLD 2.5 .63 /.58 Q Mar31 /Mar19 PriorityIncmPfdF PRIFpF 25.55 1.9 HealthcareCap HCCCU 10.09 -0.6 PriorityTechn PRTH 9.50 ... Red River Bancshares RRBI 0.5 .07 /.06 Q Mar25 /Mar15 HighlandTransI HTPA 10.09 -0.1 ProcessaPharm PCSA 13.35 15.1 HudsonExecII HCIIU 10.32 -1.2 Werner Enterprises WERN 0.9 .10 /.09 Q May04 /Apr19 ProPetro PUMP 12.04 5.0 ION Acqn 2 IACB.U 10.70 -0.7 WesBanco WSBC 3.9 .33 /.32 Q Apr01 /Mar12 ProtectiveInsB PTVCB 23.17 0.6 InterceptPharm ICPT 21.45 0.1 PubMatic PUBM 76.96 7.9 ItiquiraAcqn ITQRU 10.09 -1.5 Reduced QuantaServices PWR 87.67 2.2 JoffFintech JOFFU 10.25 -0.1 QuotientTech QUOT 14.13 4.8 JackCreekInvt JCICU 10.04 -1.8 Anworth Mortgage Asset ANH 8.5 .04 /.05 Q Mar18 /Mar15 RBC Bearings ROLL 204.82 1.8 KinsTechA KINZ 10.02 -0.4 Eaton Vance Global Income EVGBC 3.1 .0312 /.0318 M Mar04 /Mar02 RCI Hospitality RICK 69.69 7.9 KairosAcqnA KAIR 9.90 0.7 RE/MAX RMAX 43.85 3.6 KaryopharmTherap 13.60 -0.5 RAND Q KPTI Rand Capital 16.8 .10 /.3325 Mar29 /Mar15 RLJ Lodging RLJ 16.46 -1.3 L&F Acqn Wt LNFA.WS 1.26 -4.4 Initial RPC RES 6.62 1.6 LuciraHealth LHDX 18.27 0.4 RR Donnelley RRD 4.01 14.1 Mytheresa MYTE 28.33 3.1 Crown Holdings CCK ... .20 Mar25 /Mar11 RalphLauren RL 123.23 2.8 MarqueeRaineA MRAC 10.26 -0.9 RayonierAdvMatls RYAM 11.30 15.7 MasonIndlTech MIT.U 10.04 -0.4 Stocks RedRiverBcshs RRBI 54.19 3.4 MudrickCapII A MUDS 9.99 -0.1 RedRobin RRGB 32.23 -0.1 Guardion Health Sciences GHSI 1:6 /Mar01 MusicAcqn TMAC.U 10.18 -1.1 RedRockResorts RRR 31.61 4.3 NabrivaTherap NBRV 1.84 -19.7 Foreign RelianceSteel RS 139.91 5.4 NexPointStratPfdA NHFpA 21.16 -1.3 ReliantBancorp RBNC 23.86 7.6 OneEquityPtrsI OEPWU 10.15 -1.0 Algonquin Pwr Nts 2078 AQNA 6.2 .42969 Q Apr17 /Apr01 Rent-A-Center RCII 60.813.1 OntrakPfd OTRKP 21.00 -6.2 CIO Networkisbyinvitation. Algonquin Pwr Nts 2079 AQNB 5.6 .3875 Q Apr01 /Mar15 RiverviewBncp RVSB 6.96 2.1 PeriphasCapWt PCPC.WS 2.40 -9.3 RockyBrands RCKY 48.40 8.8 PivotalInvIII PICC.U 10.36 -0.1 Learn moreat CIONetwork.wsj.com Assrd Grty Mun Hldg 5.6% AGOpF 5.5 .35 Q Apr15 /Mar31 RothCHAcqnIWt ROCHW 15.25 33.0 PoweredBrands POWRU 10.20 -0.1 Enbridge 6.375% Nts 2078 ENBA 5.9 .3984 Q Apr15 /Apr01 RyderSystem R 70.63 3.2 ProgressAcqn PGRWU 10.01 0.2 SLM SLM 16.17 0.9 RMGAcqnII Wt 2.11 -9.7 LYG SA RMGBW Lloyds Banking Group ADR 2.6 .0318 Jun04 /Apr16 SPX FLOW FLOW 64.41 4.1 SCP&COHlthcr SHACU 10.11 -0.8 LyondellBasell Inds LYB 3.9 1.05 Q Mar15 /Mar08 SachemNts2025 SCCC 25.70 0.3 ScionTechII SCOBU 10.26 0.6 NetEase ADR NTES 0.8 .06 Q Mar26 /Mar12 SallyBeauty SBH 17.77 9.9 SportsVenturesA AKIC 9.94 0.1 SandersonFarms SAFM 159.17 3.0 SportsVenturesWt AKICW 1.42 -5.3 Nordic American Tankers NAT 12.5 .02 Q Mar31 /Mar12 Sanmina SANM 36.98 2.8 TZP Strategies TZPSU 10.16 -0.8 Scorpio Tankers Nts 2025 SBBA 7.0 .4375 Q Mar30 /Mar15 ScientificGames SGMS 51.16 8.2 TailwindIntlAcqn TWNI.U 10.21 -0.7 ScrippsEW SSP 20.59 7.8 VelocityAcqn VELOU 10.01 -1.8 Special SeaSpine SPNE 20.75 8.6 VentouxCCM VTAQ 10.02 -0.3 SeaWorldEnt SEAS 50.93 1.2 VickersVantageI VCKAU 10.17 -0.1 RKT Rocket Cos. ... 1.11 Mar23 /Mar09 SelectMedical SEM 33.27 4.2 VirtuosoAcqn VOSOU 10.15 -0.5 SelectQuote SLQT 32.55 5.6 ViveonHealth VHAQ 10.04 -0.2 © 2021 DowJones &Co. Inc.All rights reserved. 3DJ8317 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and SenecaFoods B SENEB 56.79 4.5 ViveonHealthRt VHAQr 0.20 -10.7 ServisFirstBcshs SFBS 51.50 3.4 VoyagerTherap VYGR 5.58 5.3 ratio; SO: spin-off. SignetJewelers SIG 51.75 3.5 Z-WorkAcqn ZWRKU 10.32 -0.8 P2JW061000-0-B00600-1------XA

B6 | Tuesday, March 2, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. CNA Fin CNA 43.16 0.62 DadaNexus DADA 36.69 1.23 FirstEnergy FE 33.41 0.27 ImperialOil IMO 22.05 0.27 NiSource NI 22.00 0.40 SteelDynamics STLD 44.01 2.43 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CNH Indl CNHI 15.05 0.21 Danaher DHR 225.67 6.00 Fiserv FISV 116.68 1.31 Incyte INCY 79.63 0.97 Nokia NOK 4.04 0.12 Stellantis STLA 16.88 0.50 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CNOOC CEO 116.94 -1.80 s Darden DRI 139.02 1.69 Fisker FSR 27.38 -1.12 Infosys INFY 17.66 0.54 NomuraHoldings NMR 5.98 0.10 Steris STE 177.77 2.97 that include primary market trades as well as quarters. CRH CRH 44.52 1.19 DarlingIngred DAR 64.06 1.02 FiveBelow FIVE 194.08 7.96 IngersollRand IR 47.46 1.12 Nordson NDSN 193.78 1.37 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. StitchFix SFIX 81.60 5.29 CRISPR Therap CRSP 130.25 4.56 Datadog DDOG s Inphi IPHI 168.52 3.93 NorfolkSouthern NSC 257.83 5.77 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing 97.61 2.20 Five9FIVN 197.79 12.55 STMicroelec STM 38.14 -0.72 Nasdaq ISE. standards CSX CSX 92.93 1.38 DaVita DVA 102.85 0.72 FiverrIntl FVRR 289.74 19.77 Insulet PODD 270.26 11.16 NorthernTrust NTRS 98.85 3.72 StoneCo STNE 89.67 3.86 The list comprises the 1,000 largest companies lf-Late filing C3.ai AI 121.05 8.59 DeckersOutdoor DECK 331.53 5.42 FleetCorTech FLT 282.50 5.19 Intel INTC 62.88 2.10 NorthropGrum NOC 293.46 1.80 Stryker SYK 245.81 3.12 based on market capitalization. q-Temporary exemption from Nasdaq CVS Health CVS 69.28 1.15 s Deere DE 359.51 10.39 Flex FLEX 19.010.82 s InteractiveBrkrs IBKR 76.77 4.38 NortonLifeLock NLOK 19.66 0.15 SumitomoMits SMFG 7.11 0.09 Underlined quotations are those stocks with requirements. CableOne CABO 1924.44 9.59 s DellTechC DELL 83.09 2.02 Floor&Decor FND 95.68 0.59 ICE ICE 113.74 3.43 NorwegCruise NCLH 29.85 0.29 SunComms SUI 150.08 -1.87 large changes in volume compared with the t-NYSE bankruptcy CadenceDesign CDNS 147.44 6.35 DeltaAir DAL 48.06 0.12 FomentoEconMex FMX 69.53 1.03 InterContinentl IHG 70.70 0.61 Novartis NVS 87.45 1.54 SunLifeFinancial SLF 48.72 0.66 issue’s average trading volume. v-Trading halted on primary market. s CaesarsEnt CZR 94.06 0.62 DenaliTherap DNLI 64.66 -7.14 FordMotor F 11.98 0.28 IBM IBM 120.74 1.81 Novavax NVAX 240.29 9.06 SuncorEnergy SU 20.24 0.38 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being CamdenProperty CPT 104.01 -0.14 s DentsplySirona XRAY 59.71 6.64 s Fortinet FTNT 173.26 4.41 IntlFlavors IFF 139.15 3.64 NovoNordisk NVO 72.83 1.58 SunRun RUN 67.15 4.57 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, CampbellSoup CPB 45.52 0.04 DeutscheBank DB 12.63 0.36 Fortis FTS 39.26 0.76 IntlPaper IP 51.76 2.11 Novocure NVCR 152.43 3.33 Suzano SUZ 13.25 0.15 previous closing price was $2 or higher. or securities assumed by such companies. CIBC CM 93.55 1.38 DevonEnergy DVN 22.40 0.86 Fortive FTV 67.98 2.16 s Interpublic IPG 26.79 0.67 NuanceComms NUAN 45.96 1.36 SynchronyFin SYF 40.00 1.32 CanNtlRlwy CNI 111.90 2.58 DexCom DXCM 396.67 -1.11 FortBrandsHome FBHS 86.21 3.07 Intuit INTU 406.41 16.27 Nucor NUE 61.52 1.70 SyneosHealth SYNH 76.33 -1.02 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CanNaturalRes CNQ 28.53 1.24 Diageo DEO 159.36 1.62 FoxB FOX 33.39 1.46 IntuitiveSurgical ISRG 759.21 22.41 Nutrien NTR 55.69 1.73 Synopsys SNPS 254.17 8.96 changes in the closing prices from 4 p.m. the previous day. CanPacRlwy CP 368.91 12.85 DiamondbkEner FANG 73.66 4.38 FoxA FOXA 34.79 1.48 InvitatHomes INVH 29.32 0.18 NVIDIA NVDA 553.67 5.09 s Sysco SYY 80.91 1.28 Canon CAJ 21.87 0.24 DigitalRealty DLR 132.96 -1.77 Franco-Nevada FNV 106.16 -0.86 iQIYI IQ 25.45 0.12 CanopyGrowth CGC 34.73 1.98 DiscoverFinSvcs DFS FranklinRscs BEN 27.20 1.03 IronMountain IRM 34.73 -0.06 O P Q T U V Monday, March 1, 2021 97.87 3.80 Net Net CapitalOne COF 123.93 3.74 DiscoveryB DISCB 58.27 1.89 FreeportMcM FCX 34.90 0.99 ItauUnibanco ITUB 4.43 -0.10 ONEOK OKE 47.47 3.18 TAL Education TAL 79.79 2.25 Net Stock Sym Close Chg Stock Sym Close Chg CardinalHealth CAH 52.75 1.23 s DiscoveryA DISCA FreseniusMed FMS 35.04 0.54 58.18 5.15 OReillyAuto ORLY 451.23 3.90 TC Energy TRP 42.54 0.61 Stock Sym Close Chg Carlyle CG 35.14 0.89 s Futu FUTU 165.68 12.89 J K L AmericanFin AFG 109.24 2.54 BcoSantChile BSAC 23.40 0.81 DiscoveryC DISCK 48.31 3.31 OakStreetHealth OSH 51.97 -1.06 s TE Connectivity TEL 134.18 4.15 CarMax KMX 121.39 1.88 AmHomes4Rent AMH 30.61 -0.53 BancoSantander SAN 3.53 0.02 Disney DIS 194.98 5.94 JD.com JD 98.02 4.15 OccidentalPetrol OXY 27.64 1.03 Telus TU 20.53 0.49 A B C Carnival CCL 26.31 -0.44 G H I s AIG AIG 45.31 1.36 BanColombia CIB 34.36 0.91 DocuSign DOCU 238.56 11.90 Joyy YY 128.91 11.01 Okta OKTA 269.81 8.36 TJX TJX 67.25 1.26 Carnival CUK 22.67 0.11 s DolbyLab DLB 100.61 2.98 ABB ABB 29.28 0.50 AmerTowerREIT AMT 213.77 -2.36 BankofAmerica BAC 35.79 1.08 GDS Holdings GDS 103.41 1.25 JPMorganChase JPM 150.50 3.33 s OldDomFreight ODFL 220.72 5.95 T-MobileUS TMUS 123.57 3.60 CarrierGlobal CARR 37.20 0.67 DollarGeneral DG 192.90 3.91 AECOM ACM 58.62 0.73 AmerWaterWorks AWK 144.01 2.13 BankofMontreal BMO 83.85 2.32 s GFLEnvironmental GFL 31.64 0.62 JackHenry JKHY 152.11 3.67 OmegaHealthcare OHI 37.83 0.69 s TRowePrice TROW 168.22 6.08 Carvana CVNA 311.92 28.42 DollarTree DLTR 99.23 1.03 AES AES 27.00 0.44 AmericoldRealty COLD 35.26 0.22 BankNY Mellon BK 43.68 1.52 GSXTechedu GSX 104.95 2.10 JacobsEngg J 115.18 0.10 Omnicom OMC 71.05 2.32 TaiwanSemi TSM 129.13 3.19 Catalent CTLT 116.40 2.69 DominionEner D 69.93 1.61 Aflac AFL 48.72 0.83 Ameriprise AMP 229.08 7.84 BkNovaScotia BNS 59.74 1.45 Gallagher AJG 122.30 2.50 JamesHardie JHX 29.62 1.26 s ON Semi ON 42.27 2.00 TakeTwoSoftware TTWO 187.45 2.99 Caterpillar CAT 219.76 3.88 Domino's DPZ 345.06 -1.45 s AGCO AGCO 131.71 2.23 AmerisourceBrgn ABC 103.17 1.95 Barclays BCS 8.99 0.16 Gaming&Leisure GLPI 44.24 -0.16 JazzPharma JAZZ 168.80 0.76 OpenText OTEX 45.78 1.21 TakedaPharm TAK 16.98 0.27 s Celanese CE 142.51 3.60 DoorDash DASH 168.89 -0.60 AGNC Invt AGNC 15.96 -0.07 Ametek AME 122.28 4.31 BarrickGold GOLD 18.97 0.30 Gap GPS 25.59 0.64 J&J JNJ 159.32 0.86 OpendoorTech OPEN 30.22 2.20 s Tapestry TPR 41.50 -0.64 Cemex CX 6.84 0.23 Dover DOV 127.37 4.11 Ansys ANSS 346.11 5.12 Amgen AMGN 227.04 2.12 BauschHealth BHC 31.75 0.33 Garmin GRMN 128.27 4.25 s JohnsonControls JCI 57.18 1.39 s Oracle ORCL 66.17 1.66 Target TGT 186.09 2.65 CenovusEnergy CVE 7.43 0.02 Dow DOW 61.54 2.23 ASETech ASX 7.71 0.14 Amphenol APH 129.96 4.28 BaxterIntl BAX 77.94 0.25 Gartner IT 184.19 5.15 s JonesLang JLL 178.92 4.94 Orange ORAN 11.63 0.06 TataMotors TTM 22.57 0.58 Centene CNC 59.39 0.85 DrReddy'sLab RDY 60.43 0.46 ASML ASML 583.55 16.46 AnalogDevices ADI 158.59 2.77 BectonDicknsn BDX 246.06 4.91 Generac GNRC 346.25 16.69 KB Fin KB 39.21 0.89 Orix IX 85.30 -0.07 TeckRscsB TECK 21.05 0.22 CenterPointEner CNP 19.60 0.16 s Anaplan PLAN 65.89 0.90 BeiGene BGNE 319.39 -0.61 DraftKings DKNG 68.72 7.19 GeneralDynamics GD 167.06 3.59 KE Holdings BEKE 66.16 2.33 OtisWorldwide OTIS 64.93 1.22 TeladocHealth TDOC 223.39 2.30 AT&T T 28.09 0.20 CentraisElBras EBR 5.59 -0.19 AngloGoldAsh AU 19.87 -0.09 BentleySystems BSY 44.50 0.14 Dropbox DBX 23.15 0.60 GeneralElec GE 13.11 0.57 KKR KKR 46.30 0.74 OwensCorning OC 82.88 1.86 TeledyneTech TDY 380.29 9.29 AbbottLabs ABT 122.21 2.43 CeridianHCM CDAY 92.92 3.26 AB InBev BUD 59.34 1.61 Berkley WRB 70.13 0.80 DukeEnergy DUK 87.04 1.45 GeneralMills GIS 54.74 -0.27 KLA KLAC 325.99 14.76 OzonHoldings OZON Teleflex TFX 403.68 5.56 AbbVie ABBV 108.41 0.67 Cerner CERN 70.15 1.01 63.15 3.80 AnnalyCap NLY 8.34 0.03 s BerkHathwy A BRK.A377755 13174 DukeRealty DRE 39.65 0.40 GeneralMotors GM 52.54 1.21 KSCitySouthern KSU 216.13 3.79 PG&E PCG 10.97 0.46 Ericsson ERIC 12.79 0.26 AbCelleraBio ABCL 39.69 1.98 CharlesRiverLabs CRL 289.61 3.47 Anthem ANTM 311.48 8.29 BerkHathwy B BRK.B 249.21 8.70 t Dun&Bradstreet DNB 22.75 0.89 Genmab GMAB 35.12 1.25 Kellogg K 56.91 -0.23 PNC Fin PNC 173.07 4.71 TelefonicaBras VIV 7.76 -0.09 Abiomed ABMD 324.26 -0.29 CharterComms CHTR 619.68 6.26 Aon AON 232.51 4.80 BestBuy BBY 101.69 1.34 DuPont DD 73.53 3.21 Gentex GNTX 36.10 0.72 KeurigDrPepper KDP 30.89 0.37 POSCO PKX 63.68 2.58 Telefonica TEF 4.45 0.11 s AcceleronPharma XLRN 140.15 3.99 CheckPoint CHKP 113.03 2.79 ApolloGlbMgmt APO 50.38 0.92 BeyondMeat BYND 147.10 1.63 DynatraceDT53.35 3.59 s GenuineParts GPC 108.31 2.96 KeyCorp KEY 20.74 0.79 PPD PPD 35.52 0.46 TelekmIndonesia TLK 24.30 0.32 Accenture ACN 258.16 7.26 Chegg CHGG 99.05 2.52 Appian APPN 186.98 15.08 Bilibili BILI 144.67 18.70 ENI E 22.97 0.09 GileadSciences GILD 62.46 1.06 KeysightTechs KEYS 144.45 2.93 PPG Ind PPG 137.85 3.03 10xGenomics TXG 186.75 8.76 ActivisionBliz ATVI 98.72 3.11 CheniereEnergy LNG 68.27 0.88 Apple AAPL 127.79 6.53 Bill.com BILL 171.48 6.47 EOG Rscs EOG 64.98 0.42 GSK GSK 33.73 0.12 KimberlyClark KMB 128.39 0.06 PPL PPL 26.89 0.70 Tenaris TS 21.56 0.61 Adobe ADBE 469.57 9.90 s CheniereEnerPtrs CQP 41.32 1.57 ApplMaterials AMAT 122.25 4.06 Bio-Techne TECH 372.44 10.75 EPAM Systems EPAM 384.65 11.04 GlobalPayments GPN 202.18 4.19 KimcoRealty KIM 18.57 0.24 PRA HealthSci PRAH144.33 -3.08 TencentMusic TME 26.93 1.21 AdvanceAuto AAP 162.66 2.31 Chevron CVX 102.05 2.05 Aptargroup ATR 130.60 0.53 Bio-RadLab A BIO 597.30 12.80 EastWestBncp EWBC 74.67 2.51 KinderMorgan KMI 15.04 0.34 PTC PTC Teradyne TER 134.00 5.39 AdvMicroDevices AMD 86.39 1.88 Chewy CHWY 104.80 3.24 Globant GLOB 232.11 17.39 142.21 5.27 Aptiv APTV 154.76 4.92 Biogen BIIB 273.24 0.36 EastmanChem EMN 111.84 2.58 KingsoftCloud KC 61.00 2.12 Paccar PCAR Tesla TSLA 718.43 42.93 Aegon AEG 4.86 0.13 ChinaEastrnAir CEA 23.27 0.67 GlobeLife GL 95.12 1.72 93.72 2.73 Aramark ARMK 38.60 1.48 BioMarinPharm BMRN 79.17 1.74 s Eaton ETN 134.24 4.05 KirklandLakeGold KL 32.54 -0.19 TevaPharm TEVA 10.92 0.16 AffirmHldgs AFRM 91.44 -1.62 ChinaLifeIns LFC 10.61 0.07 GoDaddy GDDY 84.78 3.66 PackagingCpAm PKG 135.89 3.87 ArcelorMittal MT 24.24 0.97 BioNTech BNTX 110.21 1.18 eBay EBAY 58.48 2.06 Kohl's KSS 57.00 1.75 TexasInstruments TXN 177.67 5.40 AgilentTechs A 124.48 2.41 ChinaPetrol SNP 54.92 -0.10 GoldmanSachs GS 329.92 11.69 PagSeguroDig PAGS 61.69 3.63 AgnicoEagle AEM 55.36 -0.51 ArchCapital ACGL 35.91 0.09 BlackKnight BKI 77.53 0.84 Ecolab ECL 211.22 1.86 KoninklijkePhil PHG 55.06 0.66 TexasPacLand TPL 1107.78 3.74 ChinaSoAirlines ZNH 34.56 0.56 GoodRx GDRX 46.13 1.61 PalantirTech PLTR 24.81 0.91 AirProducts APD 261.19 5.57 ArcherDaniels ADM 57.30 0.72 BlackRock BLK 719.20 24.70 Ecopetrol EC 12.43 0.18 Graco GGG 70.96 1.61 KoreaElcPwr KEP 10.25 0.20 PaloAltoNtwks PANW Textron TXT 51.56 1.22 Chindata CD 20.20 -3.45 367.39 9.08 Airbnb ABNB 196.42 -9.93 s Ardagh ARD 26.13 0.79 Blackstone BX 70.73 1.50 EdisonInt EIX 54.91 0.92 Grainger GWW 387.82 15.11 KraftHeinz KHC 37.09 0.71 s ThermoFisherSci TMO 459.56 9.48 Chipotle CMG 1484.95 42.95 ParkerHannifin PH 297.58 10.62 AkamaiTech AKAM 95.94 1.44 s AresMgmt ARES 52.49 0.51 Boeing BA 224.39 12.38 EdwardsLife EW 85.77 2.67 Grifols GRFS 16.48 0.22 Kroger KR 32.89 0.68 ThomsonReuters TRI 88.09 1.20 Chubb CB 167.36 4.78 Paychex PAYX 92.75 1.68 AlaskaAir ALK 64.83 -0.19 arGEN-X ARGX 340.53 9.85 BookingHldgs BKNG 2320.50 -8.01 ElancoAnimal ELAN 33.65 0.79 GuardantHealth GH 152.14 4.96 s L Brands LB 56.75 2.09 3M MMM 176.41 1.35 ChunghwaTel CHT 39.65 0.24 PaycomSoftware PAYC 386.95 12.71 Albemarle ALB 152.95 -4.26 AristaNetworks ANET 287.94 8.10 BoozAllen BAH 79.39 2.25 Elastic ESTC 144.85 10.46 Guidewire GWRE115.65 4.66 s LKQ LKQ 40.33 0.94 s Toro TTC 102.73 1.96 Church&Dwight CHD 78.69 -0.06 Paylocity PCTY 194.91 3.72 Alcon ALC 70.44 2.04 ArrowheadPharm ARWR 83.78 4.12 BorgWarner BWA 45.23 0.23 ElectronicArts EA 137.27 3.30 HCA Healthcare HCA 175.46 3.43 s LPL Financial LPLA 135.32 3.78 TorontoDomBk TD 61.45 1.08 s ChurchillDowns CHDN 237.55 6.92 PayPal PYPL 273.63 13.78 AlexandriaRlEst ARE 159.58 -0.11 AscendisPharma ASND 156.30 1.33 BostonBeer SAM 1094.48 65.77 s EmersonElec EMR 88.44 2.54 HDFC Bank HDB 82.14 3.00 L3HarrisTech LHX 184.62 2.71 Total TOT 46.75 0.35 Ciena CIEN 53.02 0.85 Pegasystems PEGA 136.08 3.73 AlexionPharm ALXN 151.97 -0.78 AspenTech AZPN 153.66 3.15 BostonProps BXP 101.29 2.16 Enbridge ENB 34.75 0.94 s HP HPQ 29.58 0.61 LabCpAm LH 241.50 1.59 ToyotaMotor TM 149.34 1.41 Cigna CI 214.95 5.05 Peloton PTON 123.81 3.34 Alibaba BABA 241.69 3.93 AstraZeneca AZN 48.09 -0.29 BostonSci BSX 38.90 0.12 EncompassHealth EHC 79.94 -0.50 HSBC HSBC 29.37 -0.34 LamResearch LRCX 598.81 31.62 TractorSupply TSCO 162.54 3.58 CincinnatiFin CINF 101.16 3.29 PembinaPipeline PBA 26.08 0.69 AlignTech ALGN 565.11 -2.00 Athene ATH 46.74 1.15 BridgeBioPharma BBIO 71.91 1.23 EnelAmericas ENIA 7.55 -0.01 s Halliburton HAL 23.01 1.18 LamarAdv LAMR 86.50 -0.09 TradeDesk TTD 832.34 26.95 Cintas CTAS 344.88 20.54 PennNational PENN 126.26 10.48 Alleghany Y 652.51 6.08 Atlassian TEAM 251.50 13.80 BrightHorizons BFAM 162.84 3.18 EnergyTransfer ET 8.12 0.48 HartfordFinl HIG 51.96 1.27 LambWeston LW 81.27 1.50 s Tradeweb TW 73.69 0.90 CiscoSystems CSCO 45.92 1.05 Pentair PNR 58.28 2.35 Allegion ALLE 111.70 2.92 AtmosEnergy ATO 85.75 1.14 BristolMyers BMY 61.63 0.30 EnphaseEnergy ENPH 186.45 10.39 Hasbro HAS 95.06 1.35 LasVegasSands LVS 63.05 0.45 s TraneTech TT 158.47 5.23 s Citigroup C 69.54 3.66 Penumbra PEN 291.43 7.00 AlliantEnergy LNT 47.09 0.93 Autodesk ADSK 284.27 8.27 BritishAmTob BTI 35.81 0.75 Entegris ENTG 109.65 4.44 HealthcareAmer HTA 27.04 -0.12 Lear LEA 170.16 4.07 TransDigm TDG 596.87 20.20 CitizensFin CFG 44.30 0.86 PepsiCo PEP 130.62 1.43 Allstate ALL 109.72 3.12 ADP ADP 177.50 3.48 Broadcom AVGO 489.58 19.71 Entergy ETR 87.76 0.95 HealthpeakProp PEAK 29.58 0.49 Leidos LDOS 92.44 3.99 TransUnion TRU 85.78 1.57 CitrixSystems CTXS 138.65 5.07 PerkinElmer PKI 129.72 3.63 s AllyFinancial ALLY 42.91 1.41 AutoZone AZO 1169.39 9.47 BroadridgeFinl BR 146.48 3.99 EnterpriseProd EPD 22.38 1.06 Heico A HEI.A 119.35 3.59 Lennar B LEN.B 66.37 0.21 Travelers TRV 150.39 4.89 Clarivate CLVT 23.53 0.78 PetroChina PTR 36.29 0.53 AlnylamPharm ALNY 148.75 0.65 Avalara AVLR 163.10 6.16 BrookfieldMgt BAM 41.29 0.94 Equifax EFX 166.61 4.73 Heico HEI 130.17 4.39 Lennar A LEN 82.60 -0.37 Trex TREX 93.872.23 Clorox CLX 179.77 -1.28 PetroleoBrasil PBR 7.81 -0.12 Alphabet A GOOGL 2069.66 47.75 Avalonbay AVB 177.02 1.27 BrookfieldInfr BIP 51.37 0.42 Equinix EQIX 648.26 -0.08 HenrySchein HSIC 64.55 2.70 LennoxIntl LII 281.98 2.21 s Trimble TRMB 77.56 3.42 Cloudflare NET 76.90 2.93 PetroleoBrasilA PBR.A 7.80 -0.10 Alphabet C GOOG 2081.51 44.65 Avangrid AGR 46.22 0.46 BrookfieldPropREIT BPYU 17.24 -0.26 Equinor EQNR 19.25 0.29 Hershey HSY 145.19 -0.46 s LeviStrauss LEVI 23.58 0.32 Trip.com TCOM 39.76 0.31 Coca-Cola KO 49.90 0.91 Pfizer PFE 33.69 0.20 AlticeUSA ATUS 33.69 0.08 Avantor AVTR 28.47 0.60 BrookfieldRenew BEPC 46.17 -0.01 Equitable EQH 30.26 0.69 Hess HES 65.53 ... LiAuto LI 25.86 0.49 TruistFinl TFC 58.81 1.85 Coca-Cola Euro CCEP 52.55 1.60 PhilipMorris PM 84.95 0.93 Altria MO 44.54 0.94 s AveryDennison AVY 178.47 3.26 Brown&Brown BRO 46.84 0.94 EquityLife ELS 61.39 -0.26 s HewlettPackard HPE 14.60 0.04 LibertyBroadbandA LBRDA 147.43 2.07 Twilio TWLO 415.78 22.90 Cognex CGNX 85.20 2.61 Phillips66 PSX 84.70 1.65 AlumofChina ACH 12.35 -0.08 AxonEnterprise AXON 169.65 4.16 Brown-Forman A BF.A 68.02 1.43 EquityResdntl EQR 66.75 1.34 HighwoodsProp HIW 41.37 1.41 LibertyBroadbandC LBRDK 151.64 2.13 Twitter TWTR 77.63 0.57 CognizantTech CTSH 74.83 1.35 Pinduoduo PDD 186.15 14.99 Amazon.com AMZN 3146.14 53.21 BCE BCE 43.46 0.70 Brown-Forman B BF.B 72.86 1.28 ErieIndemnity A ERIE 248.35 6.25 Hilton HLT 123.76 0.08 LibertyGlobal A LBTYA 24.62 ... s TylerTech TYL 477.05 13.63 ColgatePalm CL 75.60 0.40 Pinterest PINS 83.32 2.74 Ambev ABEV 2.50 -0.05 BHP Group BHP 78.76 2.85 Bruker BRKR 62.51 1.53 EssentialUtil WTRG 43.01 0.95 Hologic HOLX 74.64 2.55 LibertyGlobal B LBTYB 25.23 -1.47 TysonFoods TSN 68.54 0.87 s s Comcast A CMCSA 54.45 1.73 PioneerNatRscs PXD 148.47 -0.10 Amcor AMCR 11.29 0.35 BHP Group BBL 65.10 1.87 BuildersFirstSrc BLDR 44.84 1.58 EssexProp ESS 259.97 5.18 HomeDepot HD 261.62 3.28 LibertyGlobal C LBTYK 24.44 0.14 UBS Group UBS 15.81 0.29 Comerica CMA 70.34 2.24 PlainsAllAmPipe PAA 9.04 0.60 Amdocs DOX 77.27 1.46 BP BP 24.58 0.17 Bunge BG 78.68 2.10 EsteeLauder EL 293.95 8.09 HondaMotor HMC 28.48 0.81 LibertyFormOne A FWONA 39.53 0.76 UDR UDR 42.09 0.92 CommerceBcshrs CBSH 76.02 1.99 Playtika PLTK 30.64 0.89 Amedisys AMED 255.15 1.51 Baidu BIDU 295.58 12.12 BurlingtonStrs BURL 263.97 5.15 s Etsy ETSY 244.58 24.31 Honeywell HON 206.22 3.87 LibertyFormOne C FWONK 45.46 1.56 UGI UGI 38.54 0.23 CiaSiderurgica SID 6.01 0.16 PlugPower PLUG 52.46 4.08 s Amerco UHAL 576.49 1.77 BakerHughes BKR 24.98 0.50 CBRE Group CBRE 77.55 1.78 EuronetWorldwide EEFT 153.14 2.83 HorizonTherap HZNP 91.91 1.00 LibertyBraves A BATRA 30.04 0.66 US Foods USFD 37.04 0.58 ConagraBrands CAG 34.15 0.22 Pool POOL 334.20 -0.57 Ameren AEE 71.49 1.22 Ball BLL 86.50 1.11 CDW CDW 160.57 3.68 EverestRe RE 242.64 0.83 HormelFoods HRL 46.34 -0.03 LibertyBraves C BATRK 29.71 0.92 UWM UWMC 7.63 0.06 ConocoPhillips COP 52.61 0.60 PrincipalFin PFG 58.21 1.63 AmericaMovil A AMOV 13.09 0.33 BallardPower BLDP 29.79 1.97 CF Industries CF 45.90 0.62 Evergy EVRG 53.96 0.33 DR Horton DHI 77.64 0.77 LibertySirius C LSXMK 44.47 0.35 Uber UBER 54.40 2.65 ConEd ED 67.04 1.39 Procter&Gamble PG 124.29 0.76 AmericaMovil AMX 12.90 0.20 BancoBilbaoViz BBVA 5.55 -0.02 CGI GIB 76.79 2.16 EversourceEner ES 80.73 1.25 HostHotels HST 16.42 -0.17 LibertySirius A LSXMA 44.76 0.35 Ubiquiti UI 337.46 18.54 ConstBrands B STZ.B 220.17 -2.08 Progressive PGR 87.64 1.69 AmerAirlines AAL 21.18 0.24 BancoBradesco BBDO 3.58 -0.08 CH Robinson CHRW 92.22 1.37 ExactSciences EXAS 140.21 4.09 HowmetAerospace HWM 28.95 0.84 LightspeedPos LSPD 72.16 3.74 s UltaBeauty ULTA 337.42 15.09 ConstBrands A STZ 217.75 3.61 Prologis PLD 99.43 0.36 AEP AEP 76.71 1.86 BancodeChile BCH 22.28 0.34 CME Group CME 209.70 10.00 Exelon EXC 39.31 0.71 HuanengPower HNP 13.58 0.36 EliLilly LLY 206.47 1.58 UltragenyxPharm RARE 142.47 0.93 ContextLogic WISH 19.58 -0.03 PrudentialFin PRU 88.62 1.90 AmerExpress AXP 138.71 3.45 BancSanBrasil BSBR 6.59 -0.09 CMS Energy CMS 54.82 0.71 eXpWorld EXPI 65.57 5.18 Huazhu HTHT 57.30 -0.84 LincolnNational LNC 58.17 1.30 UnderArmour A UAA 22.74 0.85 ContinentalRscs CLR 25.06 0.88 Prudential PUK 40.92 1.42 Expedia EXPE 161.24 0.24 s Hubbell HUBB 182.13 4.62 Linde LIN 251.49 7.22 UnderArmour C UA 18.95 0.75 Cooper COO 390.85 4.72 PublicServiceEnt PEG 55.09 1.26 ExpeditorsIntl EXPD 93.75 1.91 HubSpot HUBS 526.61 11.61 LithiaMotors LAD 379.20 5.25 Unilever UL 52.64 0.58 Copart CPRT 109.82 0.66 PublicStorage PSA 231.97 -1.97 ExtraSpaceSt EXR 123.79 -1.91 Humana HUM 384.92 5.27 s LiveNationEnt LYV 92.86 4.00 UnionPacific UNP 209.18 3.22 s Corning GLW 39.47 1.23 PulteGroup PHM 45.47 0.36 Key Interest Rates s ExxonMobil XOM 56.40 2.03 JBHunt JBHT 149.39 2.52 LloydsBanking LYG 2.15 0.01 UnitedAirlines UAL 53.31 0.63 Corteva CTVA 46.27 1.12 Qiagen QGEN 50.36 0.36 F5Networks FFIV 194.12 4.14 HuntingtonBcshs HBAN 15.83 0.49 LockheedMartin LMT 333.47 3.22 UnitedMicro UMC 10.06 0.26 CoStar CSGP815.00 -8.76 Qorvo QRVO 182.31 7.58 Data are annualized on a 360-day basis. Treasury yields are per annum, FMC FMC 106.67 4.98 HyattHotels H 88.13 0.18 Loews L 49.52 1.71 UPS B UPS 161.47 3.64 Costco COST 331.77 0.77 Qualcomm QCOM 139.49 3.30 Facebook FB 264.91 7.29 IAA IAA 59.73 1.10 LogitechIntl LOGI 107.48 -0.56 UnitedRentals URI 302.49 5.11 on actively traded noninflation and inflation-indexed issues that are CoupaSoftware COUP 350.99 4.73 QualtricsIntl XM 39.30 1.30 FactSet FDS 311.18 7.27 IAC/InterActive IAC 252.20 7.37 Lowe's LOW 161.94 2.19 US Bancorp USB 51.16 1.16 Credicorp BAP 158.76 -1.25 s QuantaServices PWR 85.70 1.85 adjusted to constant maturities. Data are from weekly Federal Reserve FairIsaac FICO 471.95 14.40 ICICI Bank IBN 16.93 0.32 LufaxHolding LU 15.50 0.48 UnitedHealth UNH 334.65 2.43 CreditSuisse CS 14.70 0.25 QuantumScape QS 57.69 2.76 Farfetch FTCH 65.10 -0.78 IdexxLab IDXX 538.17 18.00 lululemon LULU 314.83 3.15 UnitySoftware U 108.53 0.90 release H.15. Cree CREE 118.44 4.98 QuestDiag DGX 116.57 0.98 Fastenal FAST 48.47 2.10 IHS Markit INFO 92.52 2.36 LumenTech LUMN 12.51 0.22 UnivDisplay OLED 219.53 7.84 CrowdStrike CRWD 223.40 7.40 Week Ended 52-Week Week Ended 52-Week Fastly FSLY 77.25 3.67 II-VI IIVI 86.81 2.51 Lyft LYFT 57.34 1.64 UniversalHealthB UHS 127.90 2.57 CrownCastle CCI 153.73 -2.02 R S Feb 26 Feb 19 High Low Feb 26 Feb 19 High Low FateTherap FATE 96.61 6.89 ING Groep ING 11.10 0.23 LyondellBasell LYB 106.34 3.25 VEREIT VER 39.23 0.23 CrownHoldings CCK 98.37 2.81 6-month 0.05 0.06 1.36 0.05 FedEx FDX 262.09 7.59 s InvescoIVZ 24.74 2.32 RELX RELX 23.85 0.36 VF VFC 81.17 2.04 Federal funds (effective) s Cummins CMI 262.98 9.78 M N s VICI Prop VICI 28.87 0.37 1-year 0.08 0.07 1.21 0.07 Ferrari RACE 197.70 0.32 IPG Photonics IPGP 228.77 1.42 RH RH 505.96 15.59 CureVac CVAC 96.18 1.88 VailResorts MTN 314.22 5.04 0.07 0.08 1.58 0.04 FidNatlFin FNF 39.66 1.38 IQVIA IQV 194.39 1.60 M&T Bank MTB 154.23 3.29 RLX Tech RLX 19.88 2.37 2-year 0.13 0.12 1.12 0.11 CyrusOne CONE 65.16 -0.47 Vale VALE 17.53 0.63 FidNatlInfo FIS 139.60 1.60 IcahnEnterprises IEP 61.32 -2.56 s MGMGrowthProp MGP 33.80 0.78 RPM RPM 81.09 1.45 3-year 0.26 0.22 1.09 0.13 ValeroEnergy VLO 77.80 0.82 Commercial paper FifthThirdBncp FITB 36.00 1.31 Icon ICLR 173.00 -7.68 MGM Resorts MGM 38.30 0.51 s RalphLauren RL 120.34 3.26 5-year 0.68 0.57 1.10 0.21 D E F VarianMed VAR 175.91 0.64 FirstHorizon FHN 16.83 0.63 IDEX IEX 199.91 4.74 MinisoGroup MNSO 28.05 1.38 RaymondJames RJF 121.03 4.29 Nonfinancial s Vedanta VEDL 11.96 0.71 7-year 1.08 0.95 1.21 0.39 DISH Network DISH 32.84 1.33 FirstRepBank FRC 172.52 7.77 IllinoisToolWks ITW 206.44 4.26 MKS Instrum MKSI 171.77 6.87 RaytheonTech RTX 74.36 2.37 1-month 0.06 0.07 1.60 0.06 VeevaSystems VEEV 293.71 13.60 10-year 1.42 1.31 1.42 0.55 DTE Energy DTE 119.10 1.38 FirstSolar FSLR 84.89 3.87 Illumina ILMN 446.50 7.09 MPLX MPLX RealPage RP 87.12 0.34 2-month 0.07 0.07 1.56 0.07 24.99 1.18 Ventas VTR 52.75 -0.15 20-year 2.09 1.93 2.09 0.99 MSCI MSCI 420.03 5.51 RealtyIncome O 60.51 0.25 3-month 0.07 0.09 1.84 0.07 RegencyCtrs REG 55.29 0.51 VeriSign VRSN 195.80 1.77 MagellanMid MMP 42.97 1.30 VeriskAnalytics VRSK167.04 3.19 MagnaIntl MGA 85.92 1.72 RegenPharm REGN 463.05 12.48 Financial Treasury yields (secondary market) Verizon VZ 55.36 0.06 Borrowing Benchmarks ManulifeFin MFC 20.57 0.65 RegionsFin RF 21.32 0.69 1-month 0.08 0.10 2.15 0.08 VertxPharm VRTX 210.38 -2.17 1-month 0.03 0.03 1.53 0.00 MarathonOil MRO 11.20 0.10 ReinsGrp RGA 125.93 3.70 2-month n.a. 0.12 2.27 0.08 wsj.com/market-data/bonds/benchmarks s ViacomCBS A VIACA 67.09 2.83 3-month 0.04 0.04 1.43 -0.01 MarathonPetrol MPC 56.10 1.48 s RelianceSteel RS 139.33 7.13 3-month 0.13 0.11 2.44 0.09 s ViacomCBS B VIAC 67.13 2.64 6-month 0.05 0.06 1.33 0.05 MaravaiLifeSci MRVI 36.47 3.95 RenaissanceRe RNR 162.61 -4.37 Repligen RGEN 221.73 9.34 Viatris VTRS 14.72 -0.13 Discount window primary credit Money Rates March 1, 2021 Markel MKL 1106.25 17.45 s Vipshop VIPS 38.74 1.42 TIPS MarketAxess MKTX 579.07 23.13 RepublicSvcs RSG 90.75 1.66 0.25 0.25 2.25 0.25 ResMed RMD 195.62 2.84 VirBiotech VIR 66.73 4.10 5-year -1.69 -1.75 0.41 -1.84 Marriott MAR 148.47 0.40 VirginGalactic SPCE 38.14 0.91 Key annual interest rates paid to borrow or lend money in U.S. and Marsh&McLen MMC RestaurantBrands QSR 61.37 1.45 Treasury yields at constant 7-year -1.21 -1.33 0.35 -1.44 117.46 2.24 Visa V 216.63 4.24 s MartinMarietta MLM RingCentral RNG 385.99 7.83 maturities 10-year -0.74 -0.88 0.35 -1.05 international markets. Rates below are a guide to general levels but 347.56 10.69 Vistra VST 17.41 0.16 MarvellTech MRVL 49.52 1.24 RioTinto RIO 89.80 2.40 20-year -0.14 -0.29 0.47 -0.70 VMware VMW 140.41 2.20 1-month 0.03 0.03 1.56 0.01 don’t always represent actual transactions. Masco MAS 54.48 1.26 RobertHalf RHI 79.04 1.25 3-month 0.04 0.04 1.46 0.01 Long-term avg -0.07 -0.23 0.62 -0.50 RocketCos.RKT 24.30 2.45 Vodafone VOD 17.44 0.26 Masimo MASI 256.08 5.35 VornadoRealty VNO 44.06 1.12 Mastercard MA 362.90 9.05 Rockwell ROK 251.24 7.96 Week —52-WEEK— RogersComm B RCI 43.86 0.61 VulcanMatls VMC 171.96 4.97 Notes on data: Inflation Latest ago High Low MatchGroup MTCH 156.52 3.67 Roku ROKU 420.31 24.83 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Jan. Index Chg From (%) MaximIntProducts MXIM 95.18 2.01 W X Y Z on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by McAfee MCFE 21.35 0.65 Rollins ROL 34.07 0.90 level Dec. '20 Jan. '20 Other short-term rates RoperTech ROP 384.92 7.30 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window McCormick MKC 84.55 0.27 WEC Energy WEC 82.79 2.15 RossStores ROST 120.57 3.93 WEX WEX 214.01 5.66 primary credit rate is charged for discounts made and advances extended under the Federal McCormickVtg MKC.V 84.10 -0.32 U.S. consumer price index Week 52-Week McDonalds MCD 208.25 2.11 RoyalBkCanada RY 86.79 1.70 W.P.Carey WPC 68.24 -0.30 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; All items 261.582 0.43 1.4 Latest ago high low McKesson MCK 173.75 4.65 RoyalCaribbean RCL 91.35 -1.92 WPP WPP 60.93 1.44 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid RoyalDutchA RDS.A 41.01 -0.02 Wabtec WAB Core 269.755 0.20 1.4 MedicalProp MPW 21.58 -0.01 74.87 2.44 yields for all TIPS with remaining terms to maturity of 10 years or more; Call money Medtronic MDT 117.86 0.89 RoyalDutchB RDS.B 38.86 -0.02 WalgreensBoots WBA 47.85 -0.08 Sources: Federal Reserve; for additional information on these rate data and their derivation, International rates MelcoResorts MLCO 21.86 0.20 RoyaltyPharma RPRX 48.03 1.46 Walmart WMT 131.37 1.45 please see, www.federalreserve.gov/releases/h15/data.htm 2.00 2.00 3.50 2.00 MercadoLibre MELI 1713.28 75.17 Ryanair RYAAY 109.61 2.09 WarnerMusic WMG 37.41 1.94 Merck MRK 72.38 -0.24 SAP SAP 124.42 1.07 WasteConnections WCN 99.33 1.64 Week 52-Week Commercial paper (AA financial) MetLife MET 59.44 1.84 S&P Global SPGI 337.53 8.17 WasteMgt WM 112.48 1.59 Latest ago High Low MettlerToledo MTD 1134.67 18.62 SBA Comm SBAC 247.94 -7.19 Waters WAT 277.04 3.16 90 days 0.15 0.13 2.53 0.04 MicrochipTech MCHP 158.10 5.47 SEI Investments SEIC 58.03 2.03 Watsco WSO 250.84 7.74 ADVERTISEMENT Prime rates s MicronTech MU 94.76 3.23 SK Telecom SKM 24.54 0.46 Wayfair W 335.65 46.67 Libor Microsoft MSFT 236.94 4.56 SS&C Tech SSNC 66.95 0.67 Weibo WB 56.49 1.32 U.S. 3.25 3.25 4.75 3.25 StoreCapital STOR One month 0.10925 0.11488 1.37675 0.10575 MidAmApt MAA 135.54 0.81 33.81 0.37 WellsFargo WFC 37.09 0.92 Canada 2.45 2.45 3.95 2.45 s Middleby MIDD 159.32 12.91 SVB FinSIVB 531.25 25.89 Welltower WELL 68.48 0.58 Three month 0.18425 0.17550 1.45050 0.17525 The Marketplace Japan 1.475 1.475 1.475 1.475 MiratiTherap MRTX 203.72 2.80 Salesforce.com CRM 217.54 1.04 WestFraserTimber WFG 67.67 -0.64 Six month 0.20050 0.20400 1.25200 0.19500 MitsubishiUFJ MUFG 5.31 0.06 Sanofi SNY 45.91 0.02 WestPharmSvcs WST 282.99 2.34 To advertise: 800-366-3975orWSJ.com/classiﬁeds Policy Rates One year 0.28363 0.28550 1.24563 0.27800 MizuhoFin MFG 3.00 0.03 Schlumberger SLB 28.72 0.81 WestAllianceBcp WAL 95.66 4.15 MobileTeleSys MBT 8.47 0.25 SchwabC SCHW 64.10 2.38 s WesternDigital WDC 72.21 3.68 Euro zone 0.00 0.00 0.00 0.00 Euro Libor Moderna MRNA 157.40 2.59 ScottsMiracleGro SMG 224.78 11.63 WesternUnion WU 23.68 0.46 Switzerland 0.00 0.00 0.50 0.00 MohawkInds MHK 179.76 4.77 Sea SE 248.51 12.82 WestlakeChem WLK 87.03 1.71 COMMERCIAL REAL ESTATE Britain 0.10 0.10 0.75 0.10 One month -0.579 -0.577 -0.360 -0.621 MolinaHealthcare MOH 222.24 5.48 Seagate STX 73.81 0.58 WestpacBanking WBK 18.80 0.32 Australia 0.10 0.10 0.75 0.10 Three month -0.551 -0.547 -0.142 -0.574 MolsonCoorsB TAP 44.85 0.40 Seagen SGEN 152.55 1.44 WestRock WRK 46.17 2.58 Six month -0.518 -0.527 -0.052 -0.543 Mondelez MDLZ 53.66 0.50 SempraEnergy SRE 117.90 1.92 Weyerhaeuser WY 35.06 1.19 1/'5(# /" )#($+#% .,+'6.$*45( ,$('5/1 /" (/44,'#+,4 Overnight repurchase One year -0.487 -0.491 0.008 -0.511 MongoDB MDB 395.04 9.11 SensataTechs ST 59.31 2.02 WheatonPrecMet WPM 35.68 -0.06 MonolithicPower MPWR 389.05 14.53 ServiceCorp SCI 49.36 1.60 Whirlpool WHR 197.70 7.62 51(4$%51! &--2 /" '7# 3#3*#+)75. 51'#+#)')51',1',44/1 ,$)'51 7/'#40 44( U.S. 0.04 0.01 1.65 -0.07 P;5T!X T7 UX8X"hVT2XP 'Je' #V[R #375TP i;0P5;0PQXgg\ RZRZ!Z cIFF ,LLM)L,) (eFM e' +&dFIO Secured Overnight Financing Rate MonsterBev MNST 87.55 -0.19 ServiceNow NOW 556.47 23.01 Williams WMB 23.59 0.75 e&O'I,- 'JM L,FF,cI-K +),+M)'a< Moody's MCO 282.47 7.58 ShawComm B SJR 17.67 0.26 Williams-Sonoma WSM 135.44 4.15 eFF )IKJ'\ 'I'FM e-N I-'M)M(' ,L #375TP U;5XR QXgg ";88;0X8\ RR!I-'JM !,FFe'M)eF\e((&OJ 'M)/( I( U.S. government rates 0.03 0.02 1.64 0.01 MorganStanley MS 79.16 2.29 SherwinWilliams SHW 693.84 13.50 WillisTowers WLTW 226.72 6.08 &%f<%& !< 4"?4 '%84?!< F%``?J?<& >%4L%%< 7264!< Morningstar MORN 230.30 6.05 ShinhanFin SHG 29.62 0.65 Wipro WIT 6.39 0.26 I;4%NF%`` 5;88;L%8B GG3B ?1%N?L?8% N!=!4%& N!?>!N!4J ';=:?;88;L%8 _64"% iMd',)4^\ e-N #V[R Discount Value 52-Week Mosaic MOS 30.71 1.31 Shopify SHOP 1309.94 28.97 Wix.com WIX 340.52 -8.05 7264!< 1;L<4;L!N!4J ';=:?J DTCC GCF Repo Index NIO NIO 49.76 3.98 SimonProperty SPG 113.92 1.00 XP XP 44.12 -0.02 e-N dM'cMM- 'JM iMd',) e-N 'JM 7MO&)MN :e)'a\ e( (&OJ eK)MM/M-'( /eaJe%MdMM-L&)'JM) e/M-NMN Federal funds NRG Energy NRG 40.36 3.85 SiriusXM SIRI 6.02 0.17 XPO Logistics XPO 119.66 3.06 ;8 =;&!f%& $8;= 4!=% 4; 4!=%B !<'N2&!<#?NN ;$ 4"% 1%>4;816N!=!4%& N!?>!N!4J';=:?%86"!: Treasury 0.058 69.000 1.720 0.002 Effective rate NVR NVR 4572.96 72.12 Skyworks SWKS 186.46 8.64 XcelEnergy XEL 59.15 0.56 !<4%8%646 !< *7E*7GG/E 7)+*HE I/*MGB GG3 _4"% 6Q,)'KeKM ",)),cM).C _';NN%'4!0%NJB4"% 6!,FFe'M)eF4^Z 0.0700 0.0700 1.6000 0.0600 MBS 0.047 49.900 1.703 0.011 NXP Semi NXPI 187.30 4.75 SlackTech WORK 41.11 0.18 Xilinx XLNX 133.79 3.49 T' I( 'JM &-NM)('e-NI-K e-N dMFIML ,L 'JM 7MO&)MN :e)'a\ d&' cI'J,&' e-ace))e-'a ,) )M+)M(M-'e'I,- da High 0.0800 0.0800 1.6500 0.0800 Nasdaq NDAQ 141.87 3.58 Smartsheet SMAR 72.43 3.18 XPeng XPEV 35.50 1.39 'JM 7MO&)MN :e)'ae(',eOO&)eOa ,) O,/+FM'M-M((\ 'Je' 'JM !,FFe'M)eF O,-(I('( ,L\ e/,-K ,'JM) 'JI-K(\ Low 0.0200 0.0200 1.5500 0.0000 Xylem XYL EYY. ;$ 4"%=%=>%86"!:!<4%8%646 ;$ 4"% 1%>4;8 !< 4"% F;84#?#% 5;88;L%8B 4"% ;L<%8;$4"% N?<& Notes on data: Natera NTRA 123.49 7.40 SmithAO AOS 60.67 1.30 102.23 2.67 Bid 0.0700 0.0700 1.5700 0.0100 NationalGrid NGG 57.24 1.35 Smith&Nephew SNN 39.11 0.26 Yandex YNDX 67.37 3.39 ?<& >2!N&!<# G<;L< ?6 DY> 5?84;<+:8!<#6 ,;?&B 3!4J ;$ 7264!N!' ?2'4!;< L!NN 4?G%:N?'% ;< 7:8!N ?B DYDE 64?84!<# ?4 EYOYY ?@=@ M?64%8< 1?JN!#"4 *!=% loans posted by at least 70% of the 10 largest NatWest NWG 5.15 0.07 Snap SNAP 66.67 1.01 YumBrands YUM 104.51 0.98 _E%LD;8GC?44"% ;$f'%6 ;$ -?2N I?64!<#6 GG-BN;'?4%& ?4 DYY -?8G 70%<2%B E%LD;8GBE%L D;8GEYE@@B Treasury bill auction U.S. banks, and is effective March 16, 2020. NetApp NTAP 65.23 2.63 s SnapOn SNA 208.68 5.57 YumChina YUMC 59.84 ... I- eO,-LM)M-OM ),,/ Fe)KMM-,&KJ ', M-(&)M 'Je' eFF e++FIOedFM (,OIeF NI('e-OI-K )M*&I)M/M-'( e)M Other prime rates aren’t directly comparable; 4 weeks 0.035 0.025 1.530 0.000 NetEase NTES 110.59 0.74 Snowflake SNOW 272.17 12.63 ZTO Express ZTO 35.22 1.48 /M'\ e-N cIFFdMO,-N&O'MN da e- e&O'I,-MM) N&Fa FIOM-(MN I- 'JM 7'e'M,LPMc h,)PZ#F'M)-e'I%MFa\ lending practices vary widely by location; Netflix NFLX 550.64 11.79 SOQUIMICH SQM 54.83 1.23 ZaiLab ZLAB 162.02 14.50 692?N!f%& 5!&&%86. =?J:?84!'!:?4%%!4"%80!? 3!6'; (%>%b L%>A>?6%& 0!&%;A';<$%8%<'!<# ;8 ?6!=!N?8 13 weeks 0.040 0.030 1.155 0.000 Discount rate is effective March 16, 2020. Neurocrine NBIX 109.43 -0.08 SolarEdgeTech SEDG 307.95 9.64 ZebraTech ZBRA 511.48 12.05 0!&%;A';<$%8%<'!<# :N?4$;8= ;8 0!? 4%N%:";Sony SNE 108.08 2.27 Zendesk ZEN 150.54 4.40 ce-' ', e''M-N 'JM (eFM I- +M)(,- e-N cJ, ce-' ', e''M-N 'JM (eFM %Ie %INM, ,) 'MFM+J,-IO O,-LM)M-OM\ 49.77 2.51 February 26, 2021. DTCC GCF Repo Index is NewOrientalEduc EDU 186.43 8.81 Southern SO 57.78 1.06 Zillow C Z 167.00 5.67 d,'J F,K[I- e-N NIeF[I- I-L,)/e'I,- cIFF dM +),%INMN I- eN%e-OM ,L 'JM (eFM ', 'JM M[/eIFeNN)M(( +),%INMN Depository Trust & Clearing Corp.'s weighted da MeOJ (&OJ dINNM) ', SRR !e+I'eF Qe)PM'(Z Secondary market NYTimes ANYT 55.01 3.84 SoCopper SCCO 74.89 3.56 Zillow A ZG 175.85 6.03 average for overnight trades in applicable NewellBrands NWL 24.12 0.95 s SouthwestAir LUV 58.06 -0.07 ZimmerBiomet ZBH 163.40 0.34 7NN !<4%8%64%& :8;6:%'4!0%:28'"?6%86?8% !<0!4%& 4; >%';=% 92?N!f%& 5!&&%86@/ED A=D@BF]E @B@BEC B>@EB%A=?!N 58%44@,;6%<>%8#$?=@HNN@';=@ 30-year mortgage yields of 5:30 p.m. ET. NewsCorp B NWS 23.73 0.81 Square SQ 241.00 10.97 ZoomVideo ZM 409.66 36.05 1?4%&O W%>82?8J EB DYDE 30 days 2.405 2.282 3.017 1.751 Sources: Federal Reserve; Bureau of Labor NextEraEnergy NEE 75.91 2.43 StanleyBlackDck SWK 180.73 5.89 ZoomInfoTech ZI 56.38 3.96 s -7)G I7+*HEK+ GG-B744;8<%J6 $;8+%'28%& -?84JB 744A@C>YB W?bO _DEDC DCYA?@>=BMA=?!NO "?80%J648!'G;<$:?2N"?64!<#6@';= Tullett Prebon Information, Ltd. Nike NKE 137.65 2.87 StateStreet STT 76.74 3.97 Zynga ZNGA 11.56 0.41

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Closing Chg YTD Closing Chg YTD %9+#"45.: '/"+1: (0/! Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShTIPSBondETF TIP 125.41 –0.33 –1.8 VangdSC Val VBR 162.34 2.83 14.2 +"-!&% "# *,'$!& )($% Monday, March 1, 2021 Closing Chg YTD iSh1-3YTreasuryBd SHY VangdSC Grwth VBK 290.40 3.10 8.5 @+624B1 *5+O6& IGI")BB =O/:/=(H )=< &:4 $:409/; Closing Chg YTD ETF Symbol Price (%) (%) 86.29 –0.01 –0.1 iSh7-10YTreasuryBd IEF 115.56 –0.11 –3.7 VangdExtMkt VXF 183.43 3.09 11.4 ETF Symbol Price (%) (%) iShGoldTr IAU 16.42 –0.12 –9.4 A((+/+- ;C9 >OK7O6&H56 @/E.H '573=6C8 iSh20+YTreasuryBd TLT 141.06 –1.32 –10.6 VangdDivApp VIG 141.86 1.90 0.5 =. L5=6 @/E.H++ (!&$ ,/-&-! '!%+0!# ,') *+"# ARKInnovationETF ARKK 136.70 4.86 9.8 iShiBoxx$InvGrCpBd LQD 132.13 0.10 –4.3 iShRussellMCGrowth IWP 106.95 2.83 4.2 VangdFTSEDevMk VEA 48.94 1.94 3.7 %+=-KO6+ (5/ #D3/+..O56 5( N6H+/+.H9 J=/:$ 4F8 FBF4 CnsmrDiscSelSector XLY 164.93 2.35 2.6 iShiBoxx$HYCpBd HYG 87.10 1.12 –0.2 '56H=:H J=/M+HO6& ,&+6H (5/ *O- N6.H/E:HO56.9 iShUSTreasuryBdETF GOVT 26.50 –0.31 –2.7 VangdFTSE EM VWO 53.93 2.74 7.6 4,B2 $6,)B)69 ();35+&976<3 CnsStapleSelSector XLP 63.94 1.01 –5.2 iShJPMUSDEmgBd EMB 110.29 0.56 –4.8 JPM UltShtIncm JPST 50.78 0.04 –0.0 VangdFTSE Europe VGK 62.31 1.75 3.4 ,O/.H/+=7 N6HK !/5E3 LH- EnSelectSectorSPDR XLE 49.40 2.60 30.3 iShMBSETF MBB 109.23 0.25 –0.8 PIMCOEnhShMaturity MINT 102.03 –0.0 VangdFTSEAWxUS VEU 61.09 2.16 4.7 ,K+D ?=6-+K+E/ FinSelSectorSPDR XLF iShMSCI ACWI ACWI 94.64 2.30 4.3 0.04 =K+D<=O/.H/+=70=+/5 '),B6.861%69B-?8 :#@=.B3.?8 33.32 3.13 13.0 VangdGrowth VUG 259.73 2.70 2.5 iShMSCI EAFE EFA 75.40 1.88 3.3 SPDR BlmBarcHYBd JNK 108.82 0.99 –0.1 $.313..35 $=8<39B, B6 &9>3,B6., HealthCareSelSect XLV 114.08 1.31 0.6 VangdHlthCr VHT 228.10 1.55 2.0 iShMSCI EAFE SC SCZ 71.58 4.7 SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0 IndSelSectorSPDR XLI 92.93 2.56 4.9 1.97 VangdHiDiv VYM 97.23 2.19 6.3 iShMSCIEmgMarkets EEM SPDR Gold GLD 161.53 –0.17 –9.4 !33A)9/ *77.35)B35 &9>3,B6., :"&*0,2 InvscQQQI QQQ 323.59 3.01 3.1 55.17 2.68 6.8 VangdIntermBd BIV 90.29 0.12 –2.8 SchwabIntEquity SCHF 37.34 1.97 3.7 InvscS&P500EW RSP 137.24 2.27 7.6 iShMSCIJapan EWJ 69.35 1.66 2.6 VangdIntrCorpBd VCIT 94.66 0.26 –2.6 SchwabUS BrdMkt SCHB 95.93 2.60 5.4 BUSINESSOPPORTUNITIES iShCoreDivGrowth DGRO 46.29 2.19 3.3 iShNatlMuniBd MUB 115.38 –0.01 –1.6 VangdLC VV 183.22 2.48 4.3 ,,,;%9+#"45.:'/"+1:(0/!;"+1 SchwabUS Div SCHD 69.10 2.51 7.7 iShCoreMSCIEAFE IEFA 71.65 1.88 3.7 iSh1-5YIGCorpBd IGSB 54.82 0.07 –0.6 VangdMC VO 222.03 2.42 7.4 SchwabUS LC SCHX 95.12 2.52 4.6 iShCoreMSCIEM IEMG 66.44 2.64 7.1 iShPfd&Incm PFF 37.38 0.43 –2.9 VangdMBS VMBS 53.74 0.11 –0.6 *#33 )68==672762=8- SchwabUS LC Grw SCHG 131.61 2.81 2.5 iShCoreMSCITotInt IXUS 70.53 2.34 5.0 iShRussell1000Gwth IWF 245.51 2.65 1.8 VangdRealEst VNQ 88.26 0.44 3.9 SchwabUS SC SCHA 101.63 3.28 14.2 6&##$!% />38 (36$!&66? iShCoreS&P500 IVV 391.03 2.43 4.2 iShRussell1000 IWB 221.54 2.45 4.6 VangdS&P500ETF VOO 358.12 2.44 4.2 *)/+2- 3*&.$* !($),2%/() iShCoreS&P MC IJH 256.07 2.75 11.4 iShRussell1000Val IWD 146.83 2.28 7.4 Schwab US TIPs SCHP 61.09 –0.28 –1.6 VangdST Bond BSV 82.41 0.08 –0.6 $,)-< %3;A'>" .+&#."+#"+"'( !,)/% *$!-! iShEdgeMSCIUSAMom MTUM 167.90 3.07 4.1 iShShortTreaBd SHV 110.52 ... –0.0 VanEckGoldMiner GDX 30.90 –0.74 –14.2 VangdTotlWrld VT 97.09 2.37 4.9 iShEdgeMSCIUSAQual QUAL 119.21 2.30 2.6 iShSilver SLV 24.60 –0.24 0.1 VangdInfoTech VGT 368.26 3.30 4.1 VangdValue VTV 126.62 2.18 6.4 P2JW061000-1-B00700-1------XA

THE WALL STREET JOURNAL. * Tuesday, March 2, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31535.51 s603.14, or 1.95% Trailing P/E ratio 32.09 20.76 3901.82 s90.67, or 2.38% Trailing P/E ratio * 43.74 22.75 13588.83 s 396.48, or 3.01% Trailing P/E ratio *† 38.46 25.63 High, low, open and close for each P/E estimate * 20.67 15.84 High, low, open and close for each P/E estimate * 22.47 16.82 High, low, open and close for each P/E estimate *† 29.12 21.15 trading day of the past three months. Dividend yield 1.95 2.44 trading day of the past three months. Dividend yield * 1.50 2.05 trading day of the past three months. Dividend yield *† 0.75 1.01 All-time high 31961.86, 02/24/21 All-time high 3934.83, 02/12/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

Session high 28600 3675 12600 DOWN UP Session open Close t 65-day moving average 27400 65-day moving average 3550 12000 Close Open 65-day moving average t

Session low 26200 3425 11400

Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Dec. Jan. Feb. Dec. Jan. Feb. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,077,365,024 30,189,995 Industrial Average 31668.34 31065.90 31535.51 603.14 1.95 31961.86 18591.93 18.1 3.0 8.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 902,763,513 18,451,745 Transportation Avg 13692.74 13432.10 13618.09 286.82 2.15 13630.55 6703.63 43.7 8.9 9.6 Most-active issues in late trading Decl. volume* 168,904,964 9,466,805 Utility Average 819.46 798.64 810.38 14.77 1.86 926.14 610.89 -8.6 -6.3 6.6 Volume After Hours Issues traded 3,340 284 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41388.52 40822.76 41265.84 1011.78 2.51 41733.23 22462.76 30.9 5.2 14.3 Advances 2,624 186 SPDR S&P 500 SPY 8,223.4 390.00 0.42 0.11 390.23 389.10 Barron's 400 943.56 913.00 940.53 27.53 3.02 943.31 455.11 41.0 10.4 10.1 Declines 651 86 NIO ADR NIO 7,506.4 47.71 -2.05 -4.12 51.55 46.96 Unchanged 65 12 Inovio Pharmaceuticals INO Nasdaq Stock Market 4,318.2 10.98 -0.62 -5.34 13.50 10.70 New highs 218 10 Nasdaq Composite 13596.59 13362.66 13588.83 396.48 3.01 14095.47 6860.67 51.8 5.4 23.7 ViacomCBS Cl B VIAC 3,928.3 67.13 ... unch. 67.68 67.00 New lows 25 4 Nasdaq-100 13293.78 13051.70 13282.95 373.51 2.89 13807.70 6994.29 49.6 3.1 25.3 TEGNA TGNA 3,658.1 18.05 ... unch. 18.05 18.05 Closing Arms† 0.78 1.01 Apple AAPL 3,632.6 128.44 0.65 0.51 128.69 127.79 S&P Block trades* 5,979 238 Clover Health Investments CLOV 3,421.8 10.20 -0.17 -1.64 11.50 10.18 500 Index 3914.50 3842.51 3901.82 90.67 2.38 3934.83 2237.40 26.3 3.9 13.4 Nasdaq NYSE Arca iShares U.S. Real Estate IYR 3,278.0 87.57 ... unch. 87.77 87.33 MidCap 400 2574.33 2517.35 2564.02 67.76 2.71 2577.70 1218.55 36.7 11.2 11.3 Total volume*5,054,687,498 288,048,049 SmallCap 600 1320.43 1290.35 1317.58 39.02 3.05 1323.76 595.67 45.1 17.8 12.8 Percentage gainers… Adv. volume*4,179,424,763 210,346,915 Decl. volume* 837,956,618 77,640,953 Other Indexes Mereo BioPharma Group ADR MREO 450.8 4.39 0.42 10.58 4.42 3.85 Issues traded 4,155 1,485 Russell 2000 2279.54 2203.03 2275.32 74.27 3.37 2299.00 991.16 49.8 15.2 14.7 GSX Techedu ADR GSX 931.4 113.90 8.95 8.53 130.00 103.53 Advances 3,299 1,245 NYSE Composite 15396.52 15010.47 15327.77 317.31 2.11 15539.42 8777.38 19.5 5.5 7.0 Zoom Video Communications ZM 1,911.6 444.03 34.37 8.39 458.83 397.50 Declines 791 232 Michaels Cos. MIK 462.2 17.78 0.93 5.52 18.50 16.54 Value Line 637.00 618.14 635.16 17.02 2.75 638.89 305.71 30.2 11.7 5.2 Unchanged 65 8 Rocket Cos. RKT 1,842.9 25.53 1.23 5.06 26.09 24.10 NYSE Arca Biotech 5839.42 5744.01 5813.58 69.56 1.21 6319.77 3855.67 15.5 1.3 8.8 New highs 224 35 NYSE Arca Pharma 689.82 681.02 686.59 5.57 0.82 725.03 494.36 10.7 -0.4 9.0 ...And losers New lows 47 4 KBW Bank 118.01 115.74 117.23 3.82 3.37 119.78 56.19 22.7 19.7 1.8 FibroGen FGEN 209.7 40.00 -10.53 -20.84 50.53 39.99 Closing Arms† 0.84 2.22 § PHLX Gold/Silver 134.14 129.37 130.33 -0.46 -0.35 161.14 70.12 33.2 -9.6 18.2 Inseego INSG 400.8 13.18 -1.85 -12.31 15.05 12.60 Block trades* 28,038 1,210 § PHLX Oil Service 58.87 57.11 58.87 3.09 5.54 58.87 21.47 9.8 32.8 -24.0 C3.ai AI 613.1 107.00 -14.05 -11.61 126.07 105.58 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3172.42 3093.59 3169.11 101.49 3.31 3238.92 1286.84 79.5 13.4 33.2 Imperial Oil IMO 148.9 20.37 -1.68 -7.62 22.09 20.37 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 25.39 23.17 23.35 -4.60 -16.46 82.69 19.97 -30.1 2.6 1.3 MORF Morphic Holding 101.3 79.10 -5.75 -6.78 86.50 76.51 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 2.04 World MSCI ACWI 670.52 13.37 3.8 Morphic Holding MORF 84.85 48.69 134.65 93.00 9.90 433.6 Athenex ATNX 5.46 -6.64 -54.88 15.24 5.24 -57.6 1.49 MSCI ACWI ex-USA 338.07 4.96 3.6 Aemetis AMTX 14.93 5.10 51.88 16.39 0.37 2087.9 Ontrak OTRK 31.62 -27.32 -46.35 99.89 8.55 93.4 MSCI World 2783.70 56.79 2.08 3.5 Canaan ADR CAN 22.25 7.09 46.77 25.78 1.76 341.5 CorMedix CRMD 9.02 -5.98 -39.87 18.80 2.16 60.5 MSCI Emerging Markets 1362.47 23.21 1.73 5.5 SOS ADR SOS 6.69 1.92 40.25 15.88 0.51 300.6 MannKind MNKD 4.01 -1.70 -29.77 6.25 0.80 210.9 Americas MSCI AC Americas 1522.90 35.34 2.38 3.8 One Stop Systems OSS 8.87 2.42 37.52 9.50 0.59 305.0 BioVie BIVI 24.49 -7.61 -23.71 46.10 2.20 653.5 Canada S&P/TSX Comp 18299.62 239.36 1.33 5.0 The9 ADR NCTY 44.92 12.23 37.41 89.20 2.04 521.3 CLPS CLPS 4.71 -1.16 -19.76 19.78 1.62 81.2 Latin Amer. MSCI EM Latin America 2236.10 22.03 1.00 –8.8 Vector Acquisition Cl A VACQ 13.95 3.70 36.10 15.15 9.72 ... Lixte Biotechnology LIXT 4.48 -1.10 -19.71 7.86 3.00 -12.2 Brazil Sao Paulo Bovespa 110334.83 299.66 0.27 –7.3 Foresight Autonomous ADR FRSX 9.06 2.27 33.43 12.14 0.46 836.9 Nabriva Therapeutics NBRV 1.92 -0.47 -19.67 16.20 1.84 -85.8 Chile Santiago IPSA 3169.82 43.86 1.40 10.9 Groupon GRPN 57.53 14.13 32.56 60.17 9.60 121.3 Riley Exploration Permian REPX 24.21 -5.43 -18.32 79.20 4.43 205.7 Mexico S&P/BMV IPC 44784.58 191.67 0.43 1.6 GBS GBS 7.91 1.93 32.27 14.24 5.71 ... Chindata Group ADR CD 20.20 -3.45 -14.59 27.47 13.12 ... EMEA Stoxx Europe 600 412.44 7.45 1.84 3.4 Apollo Endosurgery APEN 6.10 1.41 30.06 7.96 1.24 140.2 Guardion Health Sciences GHSI 2.67 -0.36 -11.83 8.40 0.99 -9.7 Eurozone Euro Stoxx 412.76 7.06 1.74 3.8 HCI Group HCI 74.18 16.31 28.18 80.00 31.61 72.3 ProShs UlProSht Russ2000 SRTY 10.58 -1.23 -10.41 301.40 10.27 -90.8 Belgium Bel-20 3829.51 67.52 1.79 5.8 Marathon Digital MARA 38.50 8.35 27.69 49.41 0.35 4294.6 Direxion SC Bear 3x TZA 4.20 -0.48 -10.26 118.70 4.07 -90.6 SRAX Cl A SRAX Direxion Dly SCOND 3 Bear SOXS Denmark OMX Copenhagen 20 1446.24 24.78 1.74 –1.3 4.58 0.93 25.48 7.20 1.51 69.0 10.74 -1.19 -9.97 462.00 10.31 -95.9 Vuzix VUZI 23.59 4.77 25.35 24.44 0.86 1412.2 Denali Therapeutics DNLI 64.66 -7.14 -9.94 93.94 12.39 225.3 France CAC 40 5792.79 89.57 1.57 4.3 Germany DAX 14012.82 226.53 1.64 2.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1562.85 18.36 1.19 4.3 Italy FTSE MIB 23264.86 416.28 1.82 4.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 664.58 13.32 2.05 6.4 Russia RTS Index 1443.02 31.09 2.20 4.0 Sundial Growers SNDL 232,786 -60.8 1.35 1.50 3.96 0.14 Vector Acquisition Cl A VACQ 40,162 30141 13.95 36.10 15.15 9.72 South Africa FTSE/JSE All-Share 67536.96 1398.91 2.12 13.7 SOS ADR SOS 182,930 509.6 6.69 40.25 15.88 0.51 Morphic Holding MORF 12,941 9556 84.85 134.65 93.00 9.90 AMC Entertainment Hldgs AMC NavSight Holdings Cl A NSH Spain IBEX 35 8378.10 153.10 1.86 3.8 142,177 2.2 9.18 14.61 20.36 1.91 12,057 9549 10.99 4.97 12.05 9.50 electroCore ECOR 140,074 8186.3 2.64 21.66 3.63 0.32 iSh GSCI Cmd Dyn Roll COMT 7,666 9095 29.96 -1.12 31.16 21.25 Sweden OMX Stockholm 829.40 18.62 2.30 7.9 Apple AAPL 115,492 8.3 127.79 5.39 145.09 53.15 Boingo Wireless WIFI 20,143 5322 14.26 25.09 15.92 6.66 Switzerland Swiss Market 10706.59 184.37 1.75 0.03 Turkey BIST 100 1527.45 56.06 3.81 3.4 SPDR S&P 500 SPY 104,353 56.3 389.58 2.42 394.17 218.26 Athenex ATNX 47,677 4674 5.46 -54.88 15.24 5.24 U.K. FTSE 100 6588.53 105.10 1.62 2.0 ProSh UltraPro Shrt QQQ SQQQ 94,595 48.8 13.19 -8.91 162.15 11.76 FFBW FFBW 401 4209 11.23 -1.23 11.45 6.74 U.K. FTSE 250 21221.46 311.09 1.49 3.6 Naked Brand Group NAKD 87,285 -59.8 1.08 3.85 3.40 0.07 PLx Pharma PLXP 3,513 3869 8.75 17.77 10.20 1.80 Palantir Technologies PLTR 83,881 -3.5 24.81 3.81 45.00 8.90 Invesco Russell 1000 EW EQAL 1,821 3213 42.17 2.33 42.66 20.33 Asia-Pacific MSCI AC Asia Pacific 210.32 3.74 1.81 5.2 NIO ADR NIO 83,868 -31.9 49.76 8.69 66.99 2.11 TC PipeLines TCP 12,648 2689 29.72 2.06 39.69 18.00 Australia S&P/ASX 200 6789.60 116.33 1.74 3.1 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3551.40 42.32 1.21 2.3 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29452.57 472.36 1.63 8.2 Track the Markets 1.53 India S&P BSE Sensex 49849.84 749.86 4.4 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29663.50 697.49 2.41 8.1 global stock indexes, bond ETFs, Singapore Straits Times 2973.00 23.96 0.81 4.5 currencies and commodities at Currencies South Korea Kospi 3012.95 … Closed 4.9 wsj.com/graphics/track-the-markets Taiwan TAIEX 15953.80 … Closed 8.3 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1500.92 4.14 0.28 3.6 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004342 23030 –0.2 CREDIT MARKETS Argentina peso .0111 90.0858 7.1 Europe Brazil real .1772 5.6421 8.6 Czech Rep. koruna .04602 21.731 1.2 Canada dollar .7907 1.2647 –0.7 Denmark krone .1620 6.1715 1.3 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001383 722.90 1.7 Euro area euro 1.2049 .8300 1.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000276 3619.50 5.8 Hungary forint .003311 302.02 1.7 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007868 127.09 –0.5 A consumer rate against its Money Market/Savings Accts Mexico peso .0484 20.6562 3.9 Norway krone .1168 8.5581 –0.2 benchmark over the past year 2.50% Uruguay peso .02317 43.1650 1.9 Poland zloty .2658 3.7624 0.8 Bankrate.com avg†: 0.08% 14% Asia-Pacific Russia ruble .01346 74.293 0.4

s Sweden krona .1187 8.4246 2.4 Colorado Federal Savings Bank 0.45% 2.00 Euro Australian dollar .7772 1.2867 –1.0 Switzerland franc 1.0933 .9147 3.4 1.60% Greenwood Village, CO 877-484-2372 7 China yuan .1547 6.4660 –1.0 One year ago 1.50 Turkey lira .1372 7.2887 –2.0 VirtualBank 0.45% Hong Kong dollar .1289 7.7564 0.05 t Federal-funds t Ukraine hryvnia .0357 28.0500 –1.1 1.20 0 s India rupee .01364 73.289 0.3 target rate Miami, FL 877-998-2265 1.00 UK pound 1.3925 .7181 –1.9 Yen Indonesia rupiah .0000702 14255 1.5 BankDirect Middle East/Africa 0.80 0.50% Tradeweb ICE 0.50 –7 Japan yen .009367 106.76 3.3 Money market s Richardson, TX 877-839-2737 Monday Close WSJ Dollar Index Kazakhstan tenge .002390 418.41 –0.7 Bahrain dinar 2.6518 .3771 0.02 account yields 0.40 t 0.00 Macau pataca .1251 7.9929 0.02 Egypt pound .0636 15.7258 –0.1 t First Internet Bank of Indiana 0.50% –14 Malaysia ringgit .2465 4.0565 0.8 Israel shekel .3029 3.3016 2.8 Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7266 1.3763 –1.1 Kuwait dinar 3.3037 .3027 –0.5 0.00 month(s) years M A M J J A S O N D J FM CFG Community Bank 0.56% Pakistan rupee .00628 159.275 –0.7 Oman sul rial 2.5972 .3850 0.01 maturity 2020 2021 Baltimore, MD 888-205-8388 Philippines peso .0206 48.524 1.1 Qatar rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7530 1.3280 0.5 Saudi Arabia riyal .2666 3.7506 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008980 1113.53 2.6 South Africa rand .0666 15.0154 2.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051411 194.51 5.0 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03594 27.822 –1.0 Yield (%) 52-Week Total Return (%) Thailand baht .03308 30.230 0.6 WSJ Dollar Index 85.88 –0.06–0.07 1.04 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.18 0.18 0.18 l 1.45 -1.84 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2382.330 0.860 0.790 1.080 0.400 –0.390 4.743 Money market, annual yield 0.08 0.09 0.08 l 0.50 -0.22 Five-year CD, annual yield 0.45 0.45 0.45 l 1.37 -1.12 U.S. Treasury Long, Barclays 4232.690 2.120 2.070 2.230 0.980 –7.283 8.002 Commodities 30-year mortgage, fixed† 3.30 3.05 2.83 l 4.22 -1.10 Aggregate, Barclays 2236.530 1.430 1.370 2.310 1.020 1.208 5.161 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.55 2.43 2.32 l 3.43 -1.34 Fixed-Rate MBS, Barclays 2218.730 1.610 1.560 2.690 0.930 1.532 4.053 DJ Commodity Jumbo mortgages, $548,250-plus† 3.33 3.09 2.85 l 4.36 -1.39 809.67 -5.55 -0.68 836.48 433.70 40.50 10.67 High Yield 100, ICE BofA 3337.513 3.743 3.354 10.740 3.261 6.065 5.540 Refinitiv/CC CRB Index -1.06 195.13 106.29 12.86 Five-year adj mortgage (ARM)† 3.19 3.14 2.85 l 3.68 -1.10 189.37 -0.56 15.83 Muni Master, ICE BofA 589.415 1.070 0.926 3.441 0.725 1.202 4.551 Crude oil, $ per barrel -0.86 63.53 -37.63 24.98 New-car loan, 48-month 4.03 4.04 4.02 l 4.50 0.43 60.64 -1.40 29.71 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 902.758 4.785 4.685 7.480 4.295 0.845 4.547 Natural gas, $/MMBtu 2.777 0.006 0.22 3.354 1.482 58.14 9.37 banks.† Excludes closing costs. Gold, $ per troy oz. 1722.50 -5.60 -0.32 2051.50 1477.30 8.18 -9.01 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW061000-1-B00800-1------XA

B8 | Tuesday, March 2, 2021 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures May 137.70 139.80 133.60 135.80 –1.70 112,778 June .9393 .9412 t .9366 .9374 –.0015 3,492 Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Contract Open May 16.55 16.70 16.17 16.21 –.24 412,027 March .7854 .7911 .7849 .7905 .0035 158,495 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. July 15.90 16.07 15.65 15.71 –.14 194,779 June .7854 .7911 .7851 .7905 .0035 8,762 March 560.50 562.50 547.00 547.50 –8.00 21,134 Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ May 552.75 554.25 537.00 538.25 –9.25 772,922 March 4.1105 4.1735 4.0995 4.1195 0.0250 5,941 May 29.95 29.95 29.95 29.95 …2,156 March 1.3934 1.3999 1.3905 1.3923 –.0023 164,024 Oats (CBT)-5,000 bu.; cents per bu. July 29.90 29.90 29.90 29.90 –.05 2,517 June 1.3947 1.4004 1.3911 1.3928 –.0023 6,085 May 4.1060 4.1810 4.0890 4.1130 0.0205 161,114 March 374.50 374.50 358.50 373.50 –3.00 140 Cotton (ICE-US)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Gold (CMX)-100 troy oz.; $ per troy oz. May 363.50 367.75 361.00 362.75 –2.00 3,231 March 88.48 88.48 88.48 90.26 2.44 15 March 1.1009 1.1027 t 1.0921 1.0931 –.0073 50,561 March 1737.10 1749.50 1721.30 1722.50 –5.60 1,567 Soybeans (CBT)-5,000 bu.; cents per bu. May 89.20 92.80 89.20 91.57 2.74 114,531 June 1.1036 1.1054 t 1.0949 1.0958 –.0073 1,006 April 1732.80 1757.40 1718.30 1723.00 –5.80 349,340 March 1415.75 1422.00 1392.00 1392.50 –12.75 2,734 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD May 1739.00 1755.00 1721.10 1724.40 –5.70 24 May 1415.00 1422.50 1389.50 1391.25 –13.00 356,633 March 106.60 109.10 106.60 108.60 1.85 263 March .7718 .7788 .7714 .7776 .0065 147,918 June 1735.40 1759.90 1721.00 1725.80 –5.80 74,343 Soybean Meal (CBT)-100 tons; $ per ton. May 111.90 115.45 111.80 113.60 1.85 10,339 June .7720 .7790 .7716 .7779 .0067 3,720 Aug 1738.10 1762.00 1725.20 1728.20 –5.80 19,578 March 427.10 427.90 420.00 420.20 –3.00 3,673 Mexican Peso (CME)-MXN 500,000; $ per MXN May 425.00 427.20 417.80 418.30 –3.10 190,757 Oct 1743.40 1762.80 1725.90 1730.40 –5.90 7,597 Interest Rate Futures March .04788 .04852 .04782 .04836 .00068 153,683 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .04737 .04806 .04735 .04790 .00067 8,595 March 51.75 51.75 50.59 50.77 –.57 1,653 March 2310.00 2347.50 2309.50 2344.60 34.50 150 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per € May 50.20 50.62 49.05 49.23 –.71 204,258 June 2311.50 2380.00 2305.00 2349.00 35.50 9,192 March 190-010 –17.0 23,268 March 1.2080 1.2105 1.2031 1.2051 –.0031 674,224 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Platinum (NYM)-50 troy oz.; $ per troy oz. June 190-100 191-030 187-210 188-110 –23.0 1,133,890 June 1.2103 1.2129 1.2056 1.2075 –.0031 25,540 March 12.80 12.80 12.76 12.80 .04 49 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 1189.60 6.10 11 May 13.09 13.10 12.90 13.09 .04 8,494 March 160-230 –1.0 17,802 April 1190.40 1232.00 1175.00 1191.30 6.00 60,503 Index Futures Wheat (CBT)-5,000 bu.; cents per bu. June 160-080 160-260 158-290 159-060 –1.0 1,219,588 Silver (CMX)-5,000 troy oz.; $ per troy oz. March 661.00 661.00 643.00 643.75 –11.25 1,570 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index March 26.690 26.990 26.620 26.647 0.245 4,781 May 662.50 666.75 647.75 650.25 –10.00 190,172 March 134-085 134-185 134-030 134-090 15.5 116,270 March 30981 31637 30934 31509 597 84,221 May 26.700 27.175 26.530 26.678 0.238 129,316 Wheat (KC)-5,000 bu.; cents per bu. June 133-050 133-165 133-000 133-060 15.0 3,482,123 June 30886 31520 30800 31401 601 1,274 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 614.25 –10.50 1,786 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index April 61.95 62.92 59.96 60.64 –0.86 424,066 May 636.00 639.75 621.25 623.25 –10.50 117,354 March 124-232 124-277 124-212 124-240 10.7 120,216 March 3846.70 3903.90 3814.30 3898.80 89.60 30,661 May 61.42 62.67 59.77 60.42 –0.81 284,806 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 124-080 124-150 124-067 124-107 11.7 3,499,129 June …… …3888.90 89.80 44 Mini S&P 500 (CME)-$50 x index June 61.15 62.17 59.34 59.96 –0.78 271,186 March 138.500 138.500 136.900 137.200 –1.475 7,324 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% April 142.250 142.300 140.600 141.125 –1.450 14,315 March 3817.25 3912.00 3812.50 3898.75 89.50 2,664,740 July 60.56 61.54 58.79 59.38 –0.74 164,951 March 110-152 110-156 110-141 110-153 1.7 80,308 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 3806.75 3901.75 3803.25 3889.00 90.00 93,208 Dec 57.62 58.54 56.00 56.52 –0.68 321,672 June 110-140 110-146 110-126 110-141 1.9 2,154,779 April 119.900 120.475 118.775 118.975 –1.025 136,841 Mini S&P Midcap 400 (CME)-$100 x index Dec'22 53.50 54.49 52.47 52.87 –0.44 123,662 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 118.400 118.500 117.175 117.500 –.925 90,922 March 99.9325 99.9325 99.9300 99.9300 124,358 March 2498.70 2574.10 2496.30 2563.40 68.70 49,956 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. April 99.9250 99.9250 99.9200 99.9200 157,748 June 2490.80 2567.60 2490.80 2560.50 71.00 12 April 1.8485 1.8779 1.8007 1.8192 –.0239 136,975 April 87.450 88.900 87.075 87.725 .575 98,693 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index March 12957.50 13318.00 12946.25 13279.75 368.75 242,441 June 1.8432 1.8632 1.7886 1.8054 –.0235 71,004 June 94.250 95.800 94.175 94.950 .775 58,735 March 92-115 –2.0 155,925 June 12952.75 13308.00 12938.75 13269.50 369.50 6,170 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 91-265 –2.0 7 Mini Russell 2000 (CME)-$50 x index April 1.9622 1.9890 1.9178 1.9429 –.0076 130,192 March 1000.00 1015.70 959.00 974.00 –21.60 490 Eurodollar (CME)-$1,000,000; pts of 100% March 2203.70 2280.80 2196.50 2274.80 75.60 564,147 May 1.9512 1.9793 1.9093 1.9333 –.0084 75,865 May 854.50 879.70 815.70 815.70 –32.00 1,962 March 99.8200 99.8300 99.8175 99.8275 .0075 1,066,052 June 2199.60 2276.00 2192.90 2270.60 75.60 2,959 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. June 99.8400 99.8450 99.8300 99.8400 .0100 1,081,375 Mini Russell 1000 (CME)-$50 x index April 2.800 2.809 2.724 2.777 .006 180,082 Feb 15.64 15.64 15.63 15.64 .01 3,100 Dec 99.7750 99.7850 99.7700 99.7800 .0100 939,212 March 16.29 16.30 16.00 16.12 –.10 3,865 March 2192.50 2216.70 2161.30 2210.80 52.00 10,256 May 2.830 2.841 2.766 2.818 .009 212,242 March'23 99.5100 99.5450 99.5000 99.5250 .0550 1,168,498 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index June 2.893 2.893 2.823 2.872 .010 77,143 March 2,736 2,736 s 2,736 2,736 35 1,770 Currency Futures March 90.90 91.15 90.69 91.04 .15 35,802 July 2.939 2.948 2.881 2.929 .010 70,130 May 2,616 2,652 s 2,607 2,639 35 105,400 June 90.93 91.13 90.70 91.02 .16 2,157 Sept 2.938 2.951 2.894 2.939 .013 91,804 Coffee (ICE-US)-37,500 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Oct 2.950 2.963 2.907 2.952 .013 128,823 March 138.45 138.45 132.60 135.15 –1.70 221 March .9383 .9402 t .9357 .9364 –.0014 183,501 Source: FactSet

| Cash Prices | wsj.com/market-data/commodities Monday, March 1, 2021 Bonds wsj.com/market-data/bonds/benchmarks These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Monday Monday Monday highs and lows for different types of bonds Energy Aluminum, LME, $ per metric ton *2202.5 Wheat - Hard - KC (USDA) $ per bu-u 6.4325 Total Total Copper,Comex spot 4.1195 Wheat,No.1soft white,Portld,OR-u 7.3500 return YTD total Yield (%) return YTD total Yield (%) close return (%) Index Latest Low High Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.350 Iron Ore, 62% Fe CFR China-s 174.4 Food close return (%) Index Latest Low High Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.000 Shredded Scrap, US Midwest-s,m 402 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Metals Steel, HRC USA, FOB Midwest Mill-s 1243 Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 198.36 2236.53 -2.3 U.S. Aggregate 1.430 1.020 2.310 2218.73 -0.5 Mortgage-Backed 1.610 0.930 2.690 Fibers and Textiles select 1-3,600-900 lbs.-u 186.39 Gold, per troy oz U.S. Corporate Indexes Bloomberg Barclays 2162.00 -0.7 Ginnie Mae (GNMA) 1.600 0.290 2.660 Engelhard industrial 1740.00 Burlap,10-oz,40-inch NY yd-n,w 0.7000 Broilers, National comp wtd. avg.-u,w 0.8305 Handy & Harman base 1734.15 Cotton,1 1/16 std lw-mdMphs-u 0.8882 Butter,AA Chicago 1.6350 3343.91 -3.3 U.S. Corporate 2.080 1.740 4.580 1311.51 -0.5 Fannie mae (FNMA) 1.610 1.110 2.690 Cheddar cheese,bbl,Chicago Handy & Harman fabricated 1924.91 Cotlook 'A' Index-t *95.10 142.00 Cheddar cheese,blk,Chicago 162.50 3075.85 -1.2 Intermediate 1.360 1.080 4.400 2011.20 -0.6 Freddie Mac (FHLMC) 1.610 1.080 2.710 LBMA Gold Price AM *1765.10 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 114.25 LBMA Gold Price PM *1742.85 Wool,64s,staple,Terr del-u,w n.a. Long term 589.42 -1.1 Muni Master 1.070 0.725 3.441 Coffee,Brazilian,Comp 4846.38 -6.6 3.280 2.730 4.930 Krugerrand,wholesale-e 1794.26 n.a. Grains and Feeds Coffee,Colombian, NY 7-12 year Maple Leaf-e 1811.51 n.a. 670.42 -4.1 Double-A-rated 1.780 1.300 3.360 416.10 -1.3 1.118 0.712 3.447 Eggs,large white,Chicago-u 1.1150 American Eagle-e 1811.51 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.60 893.20 -2.9 Triple-B-rated 2.320 2.010 5.350 475.57 -1.4 12-22 year 1.522 1.095 3.690 Mexican peso-e 2088.13 Bran,wheat middlings, KC-u 180 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1694.09 High Yield Bonds ICE BofA 463.24 -1.1 22-plus year 2.125 1.682 4.123 Corn,No. 2 yellow,Cent IL-bp,u 5.2550 Hogs,Iowa-So. Minnesota-u 82.21 Austria phil-e 1811.51 Corn gluten feed,Midwest-u,w 184.9 Pork bellies,12-14 lb MidUS-u 1.7361 500.01 0.9 High Yield Constrained 4.277 3.955 11.400 Global Government J.P. Morgan† Silver, troy oz. Corn gluten meal,Midwest-u,w 643.8 Pork loins,13-19 lb MidUS-u 0.8882 476.43 4.3 Triple-C-rated 7.388 6.939 19.071 597.93 -2.8 Global Government 0.880 0.390 0.940 Engelhard industrial 27.0000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u 113.93 Handy & Harman base 26.8550 Hominy feed,Cent IL-u,w 155 Steers,feeder,Okla. City-u,w 154.63 3337.51 0.2 High Yield 100 3.743 3.261 10.740 834.94 -3.3 Canada 1.320 0.590 1.410 Handy & Harman fabricated 33.5690 Meat-bonemeal,50% pro Mnpls-u,w 338 LBMA spot price *£19.1700 Oats,No.2 milling,Mnpls-u 3.7525 Fats and Oils 451.07 0.8 Global High Yield Constrained 4.274 4.037 11.310 412.44 -2.0 EMU§ 0.280 0.010 0.794 (U.S.$ equivalent) *26.6850 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w n.a. 341.75 1.2 Europe High Yield Constrained 2.707 2.564 8.183 774.48 -2.4 France 0.150 -0.160 0.430 Coins,wholesale $1,000 face-a 20440 Sorghum,(Milo) No.2 Gulf-u 7.9038 Grease,choice white,Chicago-h 0.4000 Other metals SoybeanMeal,Cent IL,rail,ton48%-u n.a. Lard,Chicago-u n.a. U.S Agency Bloomberg Barclays 540.80 -2.1 Germany -0.240 -0.740 -0.120 LBMA Platinum Price PM *1204.0 Soybeans,No.1 yllw IL-bp,u 13.8800 Soybean oil,crude;Centl IL-u n.a. 1848.60 -1.0 U.S Agency 0.690 0.460 1.250 292.01 -1.1 Japan 0.400 0.040 0.420 Platinum,Engelhard industrial 1212.0 Wheat,Spring14%-pro Mnpls-u 7.5350 Tallow,bleach;Chicago-h 0.4700 Palladium,Engelhard industrial 2383.0 Wheat,No.2 soft red,St.Louis-u 6.8275 Tallow,edible,Chicago-u 0.5250 1617.11 -0.6 10-20 years 0.550 0.340 1.080 603.34 -2.4 Netherlands -0.130 -0.540 0.080

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 4080.17 -4.5 20-plus years 2.090 1.170 2.210 1020.28 -6.9 U.K. 1.100 0.390 1.140 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 2/26 -2.5 Yankee Emerging Markets ** Source: Dow Jones Market Data 2861.35 1.670 1.370 3.500 902.76 -3.3 4.785 4.295 7.480 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.123 t l 0.145 0.111 0.878 1.125 10 1.444 t l 1.459 1.077 1.127 5.500 Australia 2 0.126 t l 0.129 0.116 0.561 0.5 0.8 -36.6 1.500 10 1.675 t l 1.894 1.121 0.828 22.2 47.9 -32.8 0.000 France 2 -0.599 t l -0.589 -0.612 -0.701 -72.0 -71.0 -162.8 0.000 10 -0.091 t l -0.004 -0.276 -0.290 -154.4 -141.9 -144.6 MoneyMatters 0.000 Germany 2 -0.687 t l -0.654 -0.721 -0.770 -80.8 -77.5 -169.7 0.000 10 -0.333 t l -0.259 -0.513 -0.608 -178.6 -167.4 -176.4 Online |March 8, 2021 0.050 Italy 2 -0.317 t l -0.256 -0.341 -0.034 -43.8 -37.7 -96.1 12:00–1:45 p.m. ET 0.900 10 0.665 t l 0.769 0.622 1.120 -78.8 -64.6 -3.7 0.100 Japan 2 -0.119 s l -0.125 -0.118 -0.256 -24.0 -24.6 -118.3 0.100 10 0.157 t l 0.158 0.061 -0.154 -129.7 -125.7 -131.0 0.000 Spain 2 -0.447 t l -0.406 -0.533 -0.435 -56.8 -52.7 -136.2 0.100 10 0.327 t l 0.405 0.097 0.288 -112.6 -101.1 -86.8 0.125 U.K. 2 0.101 t l 0.130 -0.108 0.320 -2.0 0.9 -60.7 4.750 10 0.757 t l 0.822 0.324 0.442 -69.6 -59.3 -71.5 Morethan ayearintothe pandemic,women continue Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close to juggle home and career responsibilities.Join WSJ editorsfor asolutions-focused conversation on Corporate Debt building your financial independence. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Investment-grade spreads that tightened the most… Spread*, in basis points SPEAKERS Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Reliance Standard Life Global Funding II TOMARI 2.500 0.78 Oct. 30, ’24 51 –28 72 John Deere Capital … 3.450 0.72 March 13, ’25 1 –15 3 Invesco Finance … 5.375 3.59 Nov. 30, ’43 137 –14 n.a. Jennifer Barrett Nationwide Building Society NWIDE 0.550 0.50 Jan. 22, ’24 23 –13 n.a. Comcast CMCSA 6.500 2.71 Nov. 15, ’35 126 –11 n.a. Chief Education Officer,Acorns; Polar Tankers … 5.951 3.66 May 10, ’37 144 –11 n.a. Author,“Think LikeaBreadwinner” Walmart WMT 6.500 2.60 Aug. 15, ’37 39 –11 n.a. Valero Energy VLO 4.900 3.92 March 15, ’45 172 –10 183 SarahLaFleur …And spreads that widened the most WEC Energy WEC 0.550 0.49 Sept. 15, ’23 35 13 26 Founder and CEO, M.M.LaFleur British Airways IAGLN 4.250 3.71 Nov. 15, ’32 228 12 220 UnitedHealth UNH 1.250 1.06 Jan. 15, ’26 37 11 27 Toronto–Dominion Bank TD 0.750 0.39 June 12, ’23 25 10 n.a. Wynne Nowland Banque Federative du Credit Mutuel BFCM 3.750 0.49 July 20, ’23 36 7 31 Cargill CARGIL 1.375 0.39 July 23, ’23 26 7 23 Chairwoman and CEO, Bradley&Parker DuPont de Nemours DD 2.169 1.95 May 1, ’23 182 7 175 HSBC Holdings HSBC 4.375 1.91 Nov. 23, ’26 119 7 n.a. High-yield issues with the biggest price increases… Claire Wa sserman Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Founder and Author,Ladies GetPaid WeWork WEWORK 7.875 9.97 May 1, ’25 93.000 1.75 86.000 American Airlines AAL 3.750 7.66 March 1, ’25 86.750 1.74 81.375 Teva Pharmaceutical Finance Netherlands … 3.150 4.07 Oct. 1, ’26 95.450 1.67 95.700 Xerox XRXCRP 4.800 4.55 March 1, ’35 102.530 1.49 n.a. L Brands LB 6.750 4.72 July 1, ’36 122.000 1.44 120.250 Transocean RIG 6.800 15.77 March 15, ’38 47.405 1.41 45.500 PRESENTING SPONSOR Nokia Oyj NOKIA 6.625 4.39 May 15, ’39 127.750 1.39 130.971 Navient NAVI 6.125 3.80 March 25, ’24 106.651 1.15 106.188 …And with the biggest price decreases

Royal Caribbean RCL 7.500 5.06 Oct. 15, ’27 113.550 –1.16 111.250 FirstEnergy FE 7.375 3.20 Nov. 15, ’31 137.605 –0.81 140.499 Telecom Italia Capital TITIM 7.200 4.65 July 18, ’36 127.750 –0.79 n.a. BUY TICKETS CF Industries CF 5.375 3.78 March 15, ’44 124.375 –0.67 129.188 ADT Security ADT 4.875 4.26 July 15, ’32 105.450 –0.55 108.750 WSJ.COM/MONEYMATTERS Teva Pharmaceutical Finance … 2.950 2.95 Dec. 18, ’22 100.000 –0.50 100.500 Ford Motor F 4.750 4.68 Jan. 15, ’43 101.000 –0.38 104.750 Registerwith promo code wsjprint to get 30% off. Quebecor Media QBRCN 5.750 2.05 Jan. 15, ’23 106.750 –0.38 n.a. ©2021DowJones &Co.,Inc.All rights reserved. 6DJ7794 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more Source: MarketAxess P2JW061000-4-B00900-1------XA

THE WALL STREET JOURNAL. **** Tuesday, March 2, 2021 | B9 MARKETS Yield on Hang Seng Index Set for Revamp 10-Year BY JOANNE CHIU good thing. It’s going to offer Indexperformance, past year Ltd., echo moves by Hong amuch morediversified Kong Exchanges and Clearing Treasury Hong Kong’s flagship stock benchmark,which is always 30% Ltd., which in recent yearshas index is getting a major over- important” to investors, said S&P500 revamped itsrules to allow haul that will expand the num- KenWong, aclient portfolio Chinese tech companies with Declines berofcompanies it covers and manager at Eastspring Invest- 20 Shanghai supervoting shares and un- give more sway to fast-grow- ments. Composite profitable biotechnologycom- BY SEBASTIAN PELLEJERO ing technology stocks. However, Mr.Wong noted panies to trade in Hong Kong. 10 Hang Seng AND SAM GOLDFARB Thechanges to the Hang that the Hang Seng wasless Strategists at CCB Interna- Seng Index, akey gaugeof widely tracked than indexes tional said adding more high- Yields on most U.S. govern- Hong Kong’s$6trillion-plus compiled by global peers like growth tech stocks could 0 ment bonds fell Monday, stock market, amount to one MSCI Inc. and FTSE Russell. boost the index’soverall valu- showing further signs of stabi- of the biggest revamps sinceit In another change, some ation.Cliff Zhao,the bank’s lizing after soaring to multi- waslaunched in 1969.They companies will be allowed to –10 head of strategy, said the monthhighs last week. also follow a period of under- join the indexjust three scope of the expansion had ex- Theyield on the benchmark performance: Despitearecent months aftergoing public—ef- ceeded his expectations. 10-year Treasurynotesettled rally,the indexhas gained fectively fast-tracking inclu- –20 Hang Seng Indexes Co. last at 1.444%,according to only around 12% in the 12 sion fornewly listed startups, year launched aseparate 30- Tradeweb, down from 1.459% months ended February, lag- which currently have to wait stocktech index,creating a Friday. ging U.S. benchmarks and the up to two years, depending on –30 dedicatedbenchmark to re- Shorter-dated yields also Shanghai Composite. their size. flect interest in Hong Kong- April 2020 Jan. ’21 headed lower, in areversal On Monday, Hang Seng In- Theindexcompiler will also listed Chinese tech stocks such from last week when investors dexes Co.said that it would cap any single stock at 8% of Source:FactSet as Alibaba and Tencent. bet that the Federal Reserve eventually broaden the index the index, down from 10% Thechanges will start to will start raising interest rates to up to 100 companies from now. At the same time, it will haul wasanoverdue improve- enced by the stocks of banks, take effect with an indexre- earlier than previouslyantici- the 55 that will be in the index increase theceiling from 5% ment for investors, while the insurersand real-estatedevel- balancing in June.The Hang pated in response to an exas of mid-March, and that it forcompanies with secondary shorter waiting time would opers, lesscompelling to in- Seng will have 80 constituents pected burst of economic would ensure the benchmark listingsinHong Kong,likeChi- makeitmoreappealing for vestors. Itsbiggest constitu- by mid-2022and will ulti- growth and inflation. has abettermix of industries, nese tech giant Alibaba Group companies to list in Hong ents by weight areTencent mately expand to 100 stocks. Thefive-year yield settled reducing the outsizeimpact of Holding Ltd., and those with Kong. Holdings Ltd., insurer AIA Thecompiler plans to keep at 0.708%, from 0.775% Friday. financial companies.The move supervoting shares. Thegrowing popularity of Group Ltd. and HSBC Hold- no morethan aquarter of Yields fall when bond prices follows a consultation GabrielChan,head of in- new-economy companies and ings PLC. Hong Kong companies as con- rise. launched in December. vestment services forHong those catering to China’scon- Thechanges by the index stituentsinits flagship index, Higher yields have helped “Adding morestocks into Kong at BNP Paribas Wealth sumershas made the bench- compiler,aunit of HSBC Hold- which is dominated by main- some investors regain their thebenchmark is always a Management,said the over- mark,which is heavily influ- ingsLtd.’s Hang Seng Bank land Chinese businesses. appetitefor Treasurys.While Treasuryyields CREDIT were expected to child this year. 50% to about €30 billion. “Our job is to show clients had nowheretospend, with MARKETS rise this year as Banks Tell “Our primaryobjectiveis It also works with ahandful waystoearn areturn on their restaurants closed and travel the U.S. economy not to collect such a deposit, of banks in Germanyand else- investments despite negative restricted. recovered, some analystssay but to advise and reallocate whereinEurope,embedding interest rates,” aDeutsche In Denmark,whereinterest the market’sexpectations for Depositors funds to other forms of invest- itsserviceinside bank web- Bank spokeswoman said. rateswerecut to belowzero interest rateshavemoved too ment,” said aCommerzbank sites, making it easy forcus- TheECB’sdeposit rate, two yearsbeforethe eurozone, quickly,presenting an oppor- spokesman. tomers to shift their money. which it charges banks, is mi- banks have gone from charg- tunity forinvestorstobuy Pay or Go According to price-compari- Deutsche Bank,which nus 0.5%. Thecentral bank has ing wealthier clientsto bonds at attractivelevels. son portal Verivox, 237 banks chargesanegativeratetonew signaled it is unlikely to smaller ones over the past Analysts at TD Securities in Germanycurrently charge changethat level soon. Gov- year. The Danish central bank recently recommended clients ContinuedfrompageB1 negative interest rates to pri- ernment bond yields, against estimates aboutaquarter of buy five-year Treasurys be- across Europe. vate customers, up from 57 Consumer saving which borrowing costsare the country’sdepositorsare cause of the pronounced move Mr. Bierhaus can’t even re- before the pandemic hit in measured, arenegativedespite currently being affected. in yields.“We think the mar- member the name of his new Marchoflast year.Charges has skyrocketed a recent uptick. Nordea Bank Abp recently ket’spricing of the firsthikein banks but said he felt comfort- range between 0.4% and 0.6% sincethe pandemic German 10-year bunds yield loweredthe deposit threshold March 2023 is tooaggressive,” able given that Europe has do- fordepositsbeginning any- minus 0.3%. Similar U.S. bonds for a 0.75% charge to 250,000 they wroteinaFeb.25note. mestic guarantees on all de- wherefrom€25,000 to forced staying home. yield 1.5%. danish krone,equivalent to “But the biggest risk to the posits up to €100,000.Heis €100,000. Banks in Germany are par- $41,000, from 750,000 danish trade is if the Fedisunwilling/ receiving 0.8% interest on the Raisin said businessinGer- ticularly hit by negative rates krone as the pandemic will unable to allaytaper [tantrum] one-year fixed deposits, simi- many, its largest market, has because Germans are big sav- likely prolong the eraofnega- fears.” lar to a certificate of deposit. risensharply as morebanks customersholding morethan ers.About 30% of all house- tive rates. FedChairman Jerome Pow- “I wouldn’t mind receiving have begun charging forde- €100,000,bought astake in a hold deposits in the eurozone The flip side for customers ell in recent weeks has reiter- nothing formydeposit, but posits. Thenumber of custom- Raisin competitor called De- areinGermany, according to there, is that in some cases, ated hisstancethat the central being asked to pay is just too ers using its platforms across posit Solutions. Deutsche Bank the ECB.Last year,depositsin while they paytodeposit bank intends to keep itseasy- much,” the 34-year-old said, Europe rose morethan 40% to clientsuse Deposit Solutions to the countryrose 6% to are- money,they don’t have to pay money policies until substan- adding that he planstouse 325,000 in 2020. The volume pick deposit offeringscurrently cord €2.55 trillion as people anything to borrow.Nordea in tial progress has been made the money to buy a house be- of depositsthat moved at five different banks,includ- became wary of spending un- Januarystarted offering 20- toward itsemployment and in- fore the birth of his second through the platforms rose by ing in Italy,Austria and France. der the pandemic or simply year mortgages at 0%. flation goals.The central bank is expected to continue to support the economywith near- forLondon-based Columbia zero interest ratesand large- Stocks Threadneedle Investments. If scale bond purchases to keep the Feddoesn’t seek to tamp U.S. borrowing costslow and down expectations of higher help the recovery. Surge as inflation, yields could continue Investorswill be looking to to rise,rattlingthe stock mar- coming Fed official appear- ket, according to Mr.Carzana. ances forclues about whether Yields Fall “I’m expecting turbulence the central bank will push or volatility to remain with us back against the recent rise in until we have abetterunder- yields. Last week, European ContinuedfrompageB1 standing of wherecentral CentralBank officials reiter- Some investorsremain con- banks stand,” he said. ated promises to keep yields at cerned that resurgent bond In commodities,futures on lowlevels. yields and mounting inflation benchmark Brent crude oil fell The10-year yield pared de- pressures could still derail the 1.1% to settle at $63.69abar- clines Mondaymorning after stock market, especially with rel, ahead of aplanned Thurs- IHS Markit survey data the prospect of massivespend- daymeeting of the Organiza- showedU.S.manufacturing ac- ing from Mr. Biden’s relief tion of the Petroleum tivity continued to expand at a package. Exporting Countries and its solidpaceinFebruary, beating “The concern on the refla- partners. expectations from economists tion front boils down to the Analystssay it is likely that OL

polled by TheWall Street extent of stimu- PO the cartel will announcesome Journal. MONDAY’S lus,” said Brian S type of production increase,or

Yields on 20-year and 30- MARKETS O’Reilly,head of /PRES at leastafurther retreat from year U.S. Treasurys rose from market strategy previouslyagreed-on produc- SLEY

Friday’slevels. forMediolanum International EA tion cuts.

Theyield on the 30-year Funds.“Themarket is begin- D. Oil prices have been

U.S. Treasurybond settled at ning to rightly question how THY steadily recovering in recent

2.219%, up from 2.187% Friday. much is toomuch.” TIMO months as vaccinations have Monday’sgains were Johnson &Johnson shares rose on Monday. Abox of the company’svaccine is prepared forshipping. raised hopes of a postpan- broadly shared acrossthe mar- demic revival of travel. AUCTION RESULTS ket, with all 11 sectorsofthe ter United Airlines said it was last year,alarger-than-usual ruary manufacturing index Improving investor senti- Here are the results of Monday's Treasury auctions. S&P 500 posting gains.Tech buying 25 new737 MAXjets, a buybackfor Berkshire. climbedto60.8inFebruary ment buoyed overseas stock All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference stocks were the best perform- boost forthe aircraftmaker Shares of Johnson &John- from 58.7 in January, beating markets. The Stoxx Europe between that price and the face value. ers, with the sector rising that is stilltrying to recover son added 86 cents, or 0.5%, economists’ expectations of 600 gained 1.8%, boosted by 3.2%. from the jet’snearly two-year to $159.32after the U.S. over 58.9.Any level above50indi- shares of travel-and-leisure 13-Week 26-Week In corporatenews, Exxon grounding. the weekend authorized its catesanexpansion of activity. companies, whose fortunes Applications $172,578,754,500 $155,190,874,700 Accepted bids $61,246,205,600 $57,843,700,500 Mobil shares advanced $2.03, ClassBshares of Warren single-shot coronavirus vac- Several topFed officials are hingeonthe reopening of eco- " noncomp $601,492,000 $483,668,100 or 3.7%, to $56.40after the oil Buffett’s BerkshireHathaway cine. scheduled to makepublic ap- nomic activity. " foreign noncomp $425,000,000 $289,000,000 Auction price (rate) 99.989889 99.969667 company, which has been un- climbed $8.70, or 3.6%, to Datareleased Monday pearances later this week,and Early Tuesday, Japan’sNik- (0.040%) (0.060%) der pressurefromactivist in- $249.21 afterthe conglomerate showedthat activity at U.S. investorswill be monitoring keiwas down 0.4%, the Shang- 0.041% 0.061% Bids at clearing yield accepted 70.19% 70.13% vestors, added two newboard on Saturdayposted increased factories grew last month at them to see they voice any hai Compositewas down 0.3% 912796A41 912796D63 members. fourth-quarter profit and re- itsfastest pacesincethe onset concerns about bond yields. but South Korea’sKospi was Both issues are dated March 4, 2021. The 13-week bills Boeing shares rallied ported that it had bought back of the pandemic.The Institute “This week is key,” said An- up 2%.U.S.stock futures were mature on June 3, 2021; the 26-week bills mature on Sept. 2, 2021. $12.38,or5.8%, to $224.39af- nearly $25 billion in shares forSupply Management’sFeb- drea Carzana, afund manager down 0.3%.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity LowP r 52.75 +1.15 8.5 JPMorgan I Class Income 12.05 +0.03 NA ExtndAdml 139.19 +4.19 11.6 VANGUARD FDS IdxIntl 20.22 +0.39 4.2 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 500IdxInstPrem135.56 +3.15 4.1 Magin 13.07 +0.30 0.2 CoreBond 12.01 -0.02 NA PIMCO Funds Instl GNMAAdml 10.69 ... -0.3 DivdGro 33.07 +0.50 -0.5 MdCpGrAdml 95.83 +2.37 5.0 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Contrafund K6 19.32 +0.44 2.3 NASDAQ r 170.69 +4.98 5.5 EqInc 20.64 +0.42 NA IncomeFd 12.05 +0.03 NA GrwthAdml 133.73 +3.46 2.5 INSTTRF2020 26.63 +0.29 NA SmValAdml 69.71 +1.89 14.1 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, ExtMktIdxInstPre 93.10 +2.80 11.5 OTC 18.57 +0.48 6.0 JPMorgan R Class Price Funds HlthCareAdml r 90.37 +1.07 -0.6 INSTTRF2025 27.99 +0.37 NA TotBd2 11.14 -0.02 -2.5 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r FidSerToMarket 13.61 +0.33 5.4 Puritn 27.22 +0.45 4.6 CoreBond 12.02 -0.02 NA BlChip 170.89 +4.48 3.2 HYCorAdml r 5.95 +0.01 0.2 INSTTRF2030 28.84 +0.43 NA TotIntlInstIdx r135.26 +2.62 4.2 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 46.90 +0.82 2.8 SrsEmrgMkt 26.78 +0.75 7.3 Lord Abbett A DivGro 61.20 +1.25 2.0 InfProAd 27.92 -0.04 -1.4 INSTTRF2035 29.61 +0.49 NA TotItlInstPlId r135.29 +2.61 4.2 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 29.15 +0.71 7.9 SrsGlobal 14.94 +0.30 4.2 ShtDurIncmA p 4.21 ... NA EqInc 33.99 +0.80 8.8 IntlGrAdml 168.57 +4.58 5.0 INSTTRF2040 30.41 +0.55 NA TotSt 99.84 +2.44 5.4 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SAIUSLgCpIndxFd 20.44 +0.47 4.1 SrsGroCoRetail 24.31 +0.69 6.8 Lord Abbett F Growth 101.67 +2.33 4.9 ITBondAdml 12.24 ... -2.5 INSTTRF2045 31.13 +0.62 NA VANGUARD INSTL FDS SeriesBondFd 10.49 -0.02 -2.4 SrsIntlGrw 17.91 +0.39 0.7 ShtDurIncm 4.21 ... NA HelSci 101.22 +1.89 2.4 ITIGradeAdml 10.23 +0.01 -1.9 INSTTRF2050 31.23 +0.63 NA BalInst 45.35 +0.66 2.3 SeriesOverseas 12.52 +0.22 1.0 SrsIntlVal 10.66 +0.20 5.6 Metropolitan West LgCapGow I 64.88 +1.55 6.0 LTGradeAdml 10.88 -0.09 -7.2 INSTTRF2055 31.31 +0.63 NA DevMktsIndInst 15.74 +0.29 3.2 Monday, March 1, 2021 SmCpIdxInstPrem 28.82 +0.95 15.4 TotalBond 11.09 -0.01 -1.7 TotRetBdI 10.94 -0.01 -1.9 MidCap 117.95 +2.76 4.3 MidCpAdml 274.87 +6.42 7.2 IntlGr 52.99 +1.44 5.0 DevMktsInxInst 24.60 +0.44 3.2 Net YTD Net YTD Net YTD Fidelity SAI TRBdPlan 10.26 -0.01 -2.0 NHoriz 84.77 +1.98 3.0 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem113.59 +2.79 5.4 MuHYAdml 11.86 +0.01 -0.3 IntlVal 42.20 +0.78 4.8 ExtndInst 139.18 +4.19 11.6 USBdIdxInstPrem 12.11 -0.02 -2.4 TotalBd 10.54 -0.01 -1.7 MFS Funds Class I R2020 23.42 +0.28 2.9 MuIntAdml 14.69 +0.01 -0.8 LifeCon 22.80 +0.21 NA GrwthInst 133.74 +3.46 2.5 American Century Inv Baird Funds EmMktCorEq 25.92 +0.56 6.8 Fidelity Advisor I Fidelity Selects Growth I 164.65 +3.96 NA R2025 20.05 +0.29 3.5 MuLTAdml 12.05 ... -1.0 LifeGro 41.65 +0.76 NA InPrSeIn 11.38 -0.01 -1.4 Ultra 77.58 +2.16 2.2 AggBdInst 11.48 -0.02 -2.2 IntlCoreEq 15.23 +0.28 4.5 NwInsghtI 38.12 +0.88 3.5 Softwr r 27.95 +0.64 3.1 ValueI 46.97 +0.97 4.1 R2030 29.63 +0.47 4.1 MuLtdAdml 11.21 ... -0.2 LifeMod 32.29 +0.44 NA InstIdx 345.21 +8.03 4.1 American Funds Cl A CorBdInst 11.86 -0.02 -1.9 IntSmCo 21.25 +0.38 4.8 Fidelity Freedom Tech r 28.54 +1.03 6.2 MFS Funds Instl R2035 22.26 +0.40 4.8 MuShtAdml 15.93 ...... PrmcpCor 32.04 +0.63 10.6 InstPlus 345.23 +8.03 4.1 AmcpA p 41.05 +0.89 5.0 BlackRock Funds IntSmVa 20.31 +0.37 6.2 FF2020 17.60 +0.20 2.6 First Eagle Funds IntlEq 30.73 +0.56 NA R2040 32.07 +0.62 5.4 PrmcpAdml r168.80 +3.57 9.7 STAR 32.13 +0.47 NA InstTStPlus 77.98 +1.91 5.4 AMutlA p 46.02 +0.82 3.2 HiYBlk 7.82 +0.03 1.0 TAUSCoreEq2 24.79 +0.63 7.8 FF2025 15.92 +0.21 3.0 GlbA 62.44 +0.98 1.9 Nuveen Cl I PRIMECAP Odyssey Fds RealEstatAdml124.98 +0.52 3.8 TgtRe2015 15.83 +0.13 NA MidCpInst 60.72 +1.42 7.2 BalA p 30.84 +0.38 2.1 HiYldBd Inst 7.81 +0.03 1.0 US CoreEq1 31.79 +0.79 7.1 FF2030 19.97 +0.29 3.6 Franklin A1 HYMunBd 17.73 ... 1.4 AggGrowth r 60.05 +1.48 11.9 SmCapAdml104.04 +2.92 11.6 TgtRe2020 34.79 +0.39 NA MidCpIstPl 299.47 +7.00 7.2 BondA p 13.48 -0.02 -2.0 BlackRock Funds A US CoreEq2 29.22 +0.75 8.3 FF2035 17.37 +0.33 4.8 CA TF A1 p 7.66 +0.01 -1.6 Old Westbury Fds Schwab Funds SmGthAdml102.15 +2.97 8.7 TgtRe2025 21.96 +0.29 NA SmCapInst 104.04 +2.92 11.6 CapIBA p 64.83 +0.92 2.9 GlblAlloc p 22.02 +0.30 0.9 US Small 44.92 +1.37 16.9 FF2040 12.42 +0.27 5.7 IncomeA1 p 2.37 +0.02 3.9 LrgCpStr 17.88 +0.42 4.3 1000 Inv r 87.32 +2.10 NA STBondAdml 10.81 ... -0.3 TgtRe2030 41.56 +0.62 NA STIGradeInst 10.98 ... -0.1 CapWGrA 61.77 +1.32 4.0 BlackRock Funds Inst US SmCpVal 42.04 +1.26 22.1 Freedom2025 K 15.89 +0.20 3.0 FrankTemp/Frank Adv Parnassus Fds S&P Sel 59.80 +1.39 NA STIGradeAdml 10.98 ... -0.2 TgtRe2035 25.99 +0.43 NA STIPSIxins 25.82 +0.03 0.8 EupacA p 71.43 +1.68 3.0 StratIncOpptyIns 10.40 +0.02 0.7 US TgdVal 28.52 +0.87 20.9 Freedom2030 K 19.95 +0.29 3.6 IncomeAdv 2.34 +0.01 3.5 ParnEqFd 56.10 +1.23 4.6 TSM Sel r 70.09 +1.72 NA TotBdAdml 11.30 -0.02 -2.5 TgtRe2040 45.87 +0.85 NA TotBdInst 11.30 -0.02 -2.4 FdInvA p 72.65 +1.62 5.1 Bridge Builder Trust USLgVa 41.51 +0.97 10.6 Freedom2035 K 17.34 +0.32 4.8 FrankTemp/Franklin A PGIM Funds Cl Z TIAA/CREF Funds TotIntBdIdxAdm 22.90 +0.08 -1.9 TgtRe2045 29.36 +0.59 NA TotBdInst2 11.14 -0.02 -2.5 GwthA p 70.35 +1.74 4.2 CoreBond 10.52 -0.02 -2.1 Dodge & Cox Freedom2040 K 12.41 +0.26 5.6 Growth A p 139.26 +3.44 2.8 HighYield 5.56 +0.02 1.7 EqIdxInst 29.25 +0.71 5.3 TotIntlAdmIdx r 33.82 +0.65 4.2 TgtRe2050 47.36 +0.96 NA TotBdInstPl 11.30 -0.02 -2.4 HI TrA p 10.30 +0.02 2.4 CorePlusBond 10.38 ... -1.7 Balanced 109.42 +1.61 7.5 Fidelity Invest RisDv A p 80.87 +1.49 0.8 TotalReturnBond NA ... NA VANGUARD ADMIRAL TotStAdml 99.88 +2.44 5.4 TgtRet2055 51.42 +1.04 NA TotIntBdIdxInst 34.37 +0.13 -1.9 ICAA p 46.47 +0.98 4.6 Intl Eq 13.92 +0.24 4.2 Income 14.42 -0.01 -1.6 Balanc 29.33 +0.54 3.7 Guggenheim Funds Tru PIMCO Fds Instl 500Adml 360.94 +8.40 4.1 TxMCapAdml206.64 +4.90 4.6 TgtRetInc 14.99 +0.11 NA TotStInst 99.90 +2.44 5.4 IncoA p 24.39 +0.31 3.6 LargeCapGrowth 21.20 +0.48 3.1 Intl Stk 46.52 +0.76 6.5 BluCh 174.31 +5.39 6.9 TotRtnBdFdClInst 28.88 +0.02 -2.3 AllAsset 13.02 +0.08 NA BalAdml 45.34 +0.65 2.3 TxMIn r 15.71 +0.28 3.2 TotIntBdIxInv 11.46 +0.05 -1.9 ValueInst 49.39 +1.03 6.4 N PerA p 62.78 +1.55 3.8 LargeCapValue 15.73 +0.31 6.9 Stock 215.37 +4.94 11.8 Contra 16.85 +0.39 2.8 Harbor Funds InvGrdCrBd 10.90 -0.02 NA CAITAdml 12.18 ... -1.1 USGroAdml 178.42 +5.52 4.4 USGro 68.88 +2.13 4.4 WCM Focus Funds NEcoA p 62.16 +1.57 4.5 Columbia Class I DoubleLine Funds ContraK 16.89 +0.39 2.8 CapApInst 107.08 +3.12 NA ShortT 9.84 ... 0.2 CapOpAdml r194.36 +4.33 9.5 ValAdml 49.39 +1.02 6.4 WellsI 28.29 +0.14 -0.1 WCMFocIntlGrwIns 25.31 +0.64 2.3 NwWrldA 91.91 +2.22 4.5 DivIncom I 26.92 +0.54 4.3 CoreFxdIncmI NA ... NA CpInc r 11.09 +0.08 4.0 Harding Loevner TotRt 10.35 -0.02 NA DivAppIdxAdm 38.50 +0.72 0.4 WdsrllAdml 74.43 +1.58 8.1 Welltn 45.12 +0.61 1.7 Western Asset SmCpA p 84.98 +2.02 6.8 Dimensional Fds TotRetBdI 10.58 -0.01 -0.7 GroCo 35.02 +1.00 6.5 IntlEq 29.01 +0.49 NA PIMCO Funds A EMAdmr 44.66 +1.05 7.1 WellsIAdml 68.55 +0.36 -0.1 WndsrII 41.95 +0.89 8.1 CoreBondI NA ... NA TxExA p 13.48 ... -0.7 5GlbFxdInc 10.89 ...... Edgewood Growth Instituti GrowCoK 35.11 +0.99 6.5 Invesco Funds Y IncomeFd 12.05 +0.03 NA EqIncAdml 83.19 +1.55 4.9 WelltnAdml 77.91 +1.05 1.7 VANGUARD INDEX FDS CorePlusBdI NA ... NA WshA p 52.76 +1.12 5.2 EmgMktVa 30.77 +0.56 7.4 EdgewoodGrInst 54.32 +1.14 4.9 InvGrBd 11.66 -0.03 -1.8 DevMktY 56.05 +1.43 4.8 PIMCO Funds I2 ExplrAdml 131.70 +3.75 9.4 WndsrAdml 77.61 +1.89 7.7 ExtndIstPl 343.49+10.34 11.6 CorePlusBdIS NA ... NA