Markets Reel Over Delta Variant News Dow Declines 2.1% and the Blue-Chip Index Fell Curb Activity

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What’s Markets Reel Over Delta Variant News Dow declines 2.1% and The blue-chip index fell curb activity. Meanwhile, in- Index performance, Monday oil sinks 7.5% on worry 725.81 points, or 2.1%, at flation has accelerated faster 0% 33962.04, logging its steepest than many anticipated, and about potential risks decline since Oct. 28. Mean- strained U.S.-China relations Nasdaq Composite Business&Finance to economic recovery while, the yield on the 10-year have put pressure on trillions –0.5 S&P 500 U.S. Treasury note, which falls of dollars worth of U.S.-listed Dow industrials as bond prices rise, sunk to its Chinese companies. –1.0 tocks, bond yields and BY GUNJAN BANERJI lowest level since February. Many money managers be- –1.1% S oil prices declined as AND AKANE OTANI And in another sign of fear, U.S. lieve the global economy will anxiety mounted over the crude oil prices slid 7.5%— be able to keep growing. They –1.5 spread of the Delta coronavi- The Dow Jones Industrial marking their worst session just don’t know how quickly— –1.6% rus variant and its potential Average declined more than since September. and whether the gains will be –2.0 impact on the global econ- 700 points on Monday—its Behind the rout, investors enough to keep increasingly –2.1% omy. The Dow, S&P 500 and worst session in nearly nine said, is a growing list of con- pricey-looking markets rising Nasdaq lost 2.1%, 1.6% and months—and investors piled cerns about the recovery. The after a banner first half. –2.5 1.1%, respectively. A1, B1, B11 into government bonds as anxi- Delta coronavirus variant has “The market is saying the ety mounted over the spread of spread rapidly, reigniting the PleaseturntopageA2  Pershing Square’s Ackman –3.0 the Delta coronavirus variant debate in several countries dropped plans to use his and its potential impact on the about whether governments  Investors run for shelter in 9:30 a.m. noon 4 p.m. SPAC to invest in Universal global economy. should resume lockdowns and bonds...... B1 Source: FactSet Music, saying the SEC wasn’t convinced the deal met the rules for such vehicles. A1  Comcast’s Roberts met England Celebrates End to Mask Mandate as Cases Rise with ViacomCBS’s Redstone in Biden recent weeks to discuss a potential streaming partnership for international markets. B1 Accuses  AT&T struck a deal to carry Dish Network’s exist- China in ing cellphone customers over its wireless network. B1  Robinhood expects its Microsoft coming initial public offering to give it a market value of about $33 billion, lower than Hacking previously anticipated. B1 BY DUSTIN VOLZ  IBM is showing progress AND ARUNA VISWANATHA in delivering on CEO Krishna’s commitment to revive growth, WASHINGTON—The Biden posting a second straight administration publicly quarter of higher revenue. B4 blamed hackers affiliated with  A Tokyo court sentenced China’s main intelligence ser- two Americans to prison vice for a far-reaching cyber- for their roles in the es- attack on Microsoft Corp. cape of former Nissan email software this year, part chief Ghosn from Japan. B3 of a global effort by dozens of nations to condemn Beijing’s  Vietnam pledged to refrain malicious cyber activities. from weakening its currency The U.S. government has to give its exporters an unfair high confidence that hackers advantage as it seeks to ease tied to the Ministry of State tensions over a widening Security, or MSS, carried out trade surplus with the U.S. A8 the unusually indiscriminate  Ermenegildo Zegna said it hack of Microsoft Exchange would merge with a SPAC in Server software that emerged

a deal that values the Italian ALBERTO PEZZALI/ASSOCIATED PRESS in March, senior officials said. luxury-goods group at $3.2 SWINGING: A ‘Freedom Day’ party at the Piano Works in London drew crowds early Monday as England lifted most of its In addition, four Chinese na- billion, including debt. B3 Covid-19 restrictions, including its mask requirement and capacity limits on gatherings, even as Delta cases rose. A9 tionals were indicted over a range of separate hacking intru- World-Wide sions dating back a decade that allegedly stole corporate and research secrets from firms and  The Biden administra- World Grapples universities around the world. tion publicly blamed hack- With Surging Virus Third Covid Wave Upends Three of the nationals were de- ers affiliated with China’s scribed as MSS officers, while a main intelligence service fourth was said to be employed for a far-reaching cyberat- A Fragile South Africa at a Chinese front company tack on Microsoft email that aided the hacking. software this year. A1 “The United States and countries around the world are  Thousands of opioid-crisis lawsuits filed against ma- Its growing instability is a harbinger for other developing countries holding the People’s Republic jor drugmakers and distribu- of China (PRC) accountable for tors are nearing a conclusion, its pattern of irresponsible, BY GABRIELE STEINHAUSER AND JOE PARKINSON with the outlines of a $26 bil- cleaning job, while his wife worked in a call disruptive, and destabilizing lion deal between states and center. South Africa’s first wave of Covid-19 behavior in cyberspace, which SOWETO, South Africa—Sello Kgoale four companies expected to infections took the lives of his mother-in-law poses a major threat to our watched his neighbors shuttling back and and grandmother. The second cost him his economic and national secu- be announced this week. A3 forth with looted liquor, refrigerators and job and then his home. The third destroyed rity,” U.S. Secretary of State  Haiti’s interim prime flat-screen televisions. There were no police his efforts to start a new business. “I came Antony Blinken said on Mon- minister has agreed to at a nearby mall, they told him, so the 46- to Johannesburg 21 years ago from the day. The MSS, he said, had step down and hand power year-old father of three joined the thou- north, full of hope,” he said. “Now we have “fostered an ecosystem of

to a political challenger in a CHANDAN KHANNA/AFP/GETTY IMAGES sands-strong mob ransacking the shopping nothing left but anger.” criminal contract hackers who bid to stabilize the embat-  Case count in U.S. rises as center and filled three bags with rice, cook- Wave after wave of coronavirus is pum- carry out both state-sponsored tled Caribbean nation. A8 variant spreads...... A2 ing oil and paraffin for his family’s cooking meling South Africa’s fragile economy and activities and cybercrime for stove.  Lawmakers sparred over  Court upholds university’s its largely unvaccinated population, creating their own financial gain.” “I’ve never done anything like this before. Senate Democrats’ decision shot mandate...... A2 a spiral of death, lockdowns and anger that The U.K. and European I’m ashamed,” he said last week, sitting in to impose a midweek dead-  Canada to reopen border has fueled the country’s worst rioting since Union, among others, joined in his corrugated-iron shack. “But we just keep line on a bipartisan group for fully vaccinated...... A9 the collapse of white minority rule in 1994. blaming China for the Micro- getting hit.” still scrambling to reach an  USA Gymnastics alternate At least 215 people died in the violence soft Exchange Server hacking Sixteen months ago, Mr. Kgoale lived in a agreement on a roughly $1 tests positive...... A14 across South Africa’s two most populous activity, which rendered an es- rented two-bedroom house and had a steady PleaseturntopageA10 PleaseturntopageA8 trillion infrastructure bill. A5  The Biden administration proposed sharply A Banker’s higher penalties for larger hospitals that don’t make Ackman Shifts Plan their prices public. A3 Pitch Leads to  The U.S. is considering On Universal Music tighter sanctions on Iranian The Olympics oil sales to China as a way BY NICK KOSTOV such deals involve a previously iii to encourage Tehran to AND BEN DUMMETT listed SPAC, or blank-check conclude a nuclear deal. A9 company, merging with an un- Israeli baseball  Pedro Castillo, a far-left Hedge-fund billionaire Wil- listed business, taking it pub- union activist whose rise has liam Ackman is dropping plans lic. team lifted by jarred Peru’s political estab- to use his SPAC to invest in Mr. Ackman’s deal was dif- lishment, was declared the Universal Music Group, saying ferent: New York Stock Ex- Goldman hurler country’s president-elect. A8 the Securities and Exchange change-listed Pershing Square BY ANDREW BEATON  Garland sharply limited Commission wasn’t convinced Tontine Holdings Ltd., the federal prosecutors’ ability the deal met the rules for such SPAC, didn’t intend to merge POMONA, N.Y.—Eric Brod- to obtain records of report- vehicles. with Universal but instead be- kowitz’s baseball career was ers’ contacts when investi- Mr. Ackman said his invest- come a shareholder ahead of finished. He had just pitched gating government leaks of ment firm, Pershing Square an already-planned listing by Holdings Ltd., would instead Universal in the Netherlands. his final game at Yale and had sensitive information. A5 take a stake in Universal and People familiar with the mat- no pipe dream of playing in Ransomware is become a long-term investor ter said it was structured that the big leagues. He was taking CONTENTS Markets...... B11 in the company. The U-turn is way because of tax and legal his talents to Goldman Sachs. Arts in Review... A13 Opinion...... A15-17 Banking & Finance B10 Personal Journal A11-12 a setback for Mr. Ackman, who implications for Vivendi, The Then he received another the enemy. Business News. B3-4 Sports...... A14 crafted a first-of-its-kind pact Wall Street Journal reported. job offer: pitching for Israel’s Capital Journal...... A4 U.S. News...... A2-6 that set it apart from a wave The structure was hailed by national baseball team. Crossword...... A13 Weather...... A13 of other deals orchestrated re- some as a feat of financial en- He would have to become Protect your data. Heard on Street. B12 World News...... A8-9 cently by special-purpose ac- gineering that also freed Mr. an Israeli citizen. He would Defend your organization. quisition companies. Ackman from some of the have to travel to countries like > In June, Mr. Ackmann said usual constraints of SPACs. In Bulgaria and Lithuania just so Preserve your reputation. his SPAC had agreed to buy a another departure from the the team could qualify for the 10% stake in Universal from typical SPAC structure, inves- chance to qualify for the Learn how at DellTechnologies.com/Cyber French media conglomerate PleaseturntopageA6 Olympics. He would have to Vivendi SE for about $4 bil- move to Idaho and pitch for an s 2021 Dow Jones & Company, Inc. All Rights Reserved lion. The deal valued Universal  Heard on the Street: Ackman independent-league team to at some $40 billion. Typically, needs a soothing pitch...... B12 PleaseturntopageA10 .

A2 | Tuesday, July 20, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Coronavirus Cases Rise in Every State

BY JENNIFER CALFAS more infectious than the Alpha least one dose. But vaccination variant. First detected in India rates vary by age group and Covid-19 cases and hospital- late last year, Delta played a region. According to a CDC re- izations across the U.S. are significant role in a record- port late last month, some growing steadily higher as the setting surge of infections 38% of people age 18 to 29 infectious Delta variant takes there and has since led to in- have received at least one vac- hold and the pace of vaccina- creases in cases around the cine dose, the lowest rate tion subsides from highs world. Existing Covid-19 vac- among any age group eligible reached in April. cines are effective against the to get immunized. The elderly The country has reported variant, though no vaccine is had the highest vaccination an average of 32,287 new cor- 100% effective. rate, at 80%, the report found. onavirus cases each day over While the latest U.S. Over the summer, the num- the past week, according to a Covid-19 metrics are still far ber of Covid-19 shots being ad- Wall Street Journal analysis of lower than peaks reached ministered across the country Johns Hopkins data, more early this year, they have has dropped significantly, fall- than double what the seven- raised concern among public- ing from more than three mil- dayaveragewas10daysago. health officials, epidemiolo- lion doses a day in the spring The uptick in cases has gists and investors. U.S. to an average of 270,592 a day touched every state and Wash- stocks, oil prices and bond by July 15. As the vaccination ington, D.C., with the seven- yields all fell Monday. campaign has stalled, public- day average of newly reported Federal and state officials health officials, community or- cases exceeding the 14-day av- are pushing to get vaccines to ganizations, churches, busi-

erage in each place for the undecided or isolated Ameri- MARTA LAVANDIER/ASSOCIATED PRESS nesses, schools and other past four days, according to cans, and public-health offi- About 48% of the U.S. population is fully vaccinated against Covid-19. A Covid-19 test in Florida. groups have sought to encour- the data. cials in parts of California and age hesitant or undecided Coronavirus-related hospi- Nevada have reinstituted in- hospitalization numbers, the it to be done, and everybody highest rate in the country, ac- Americans to get vaccinated. talizations have also jumped, door mask recommendations. death numbers, the ICU num- believes that it was done ear- cording to CDC data. At Mercy Hospital in rising 35.8% between July 7 On Monday, Kentucky Gov. bers are totally avoidable if lier in the summer. We have a The upswing in cases and Springfield, Mo., nurses and and July 13 compared with the Andy Beshear recommended you get vaccinated,” he said. substantial problem now.” hospitalizations in the U.S. has doctors are treating more cor- previous seven days, according that unvaccinated residents, “We’re in a hot mess,” said In Arkansas, just over 40% been more pronounced in ar- onavirus patients than at any to the Centers for Disease residents with higher risks Ben Amick, associate dean for of the population age 12 and eas with lower rates of vacci- other point during the pan- Control and Prevention. from pre-existing conditions research and an epidemiology up is fully vaccinated, accord- nation against Covid-19, epide- demic. They are younger and Doctors and epidemiolo- and vaccinated residents professor at the Fay W. Booz- ing to data from the state de- miologists say. sicker, and largely unvacci- gists point to the Delta vari- working jobs with frequent man College of Public Health partment of health. Over the About 48% of the U.S. popu- nated, said Erik Frederick, the ant, also known as B.1.617.2, as public exposure wear masks in at the University of Arkansas past seven days, the state has lation is fully vaccinated hospital’s chief administrative a main cause. The variant, indoor public areas. The Dem- for Medical Sciences. “Every- reported an average of more against the coronavirus, ac- officer. Between 5% and 8% of now dominant in the U.S., is ocrat also implored Kentucki- body’s tired. Everybody’s ex- than 191 new cases per cording to the CDC, and more current patients were fully estimated to be 40%-80% ans to get vaccinated: “The hausted. Everybody’s ready for 100,000 people, the second- than 55% have received at vaccinated, he said.

Oil prices and real yields on 10-year Treasurys have been falling, a sign many investors are growing worried about the economic outlook. Stock valuations remain high, but many wonder if prices are justiﬁed. Many investors Covid Shot expect the peak in earnings growth to pass after the second quarter. Mandate 10-year Treasury inﬂation- Nymex crude-oil futures S&P 500 price/earnings ratios S&P 500 earnings per share growth, indexed security yield, Front-month contract change from a year ago* constant maturity By College 1.0% $150 a barrel 30times 80% EXPECTED Trailing 25 60 Is Upheld Last 12 months 0.5 100 BY JACOB GERSHMAN 20 40 A federal judge has ruled 0 50 15 20 that Indiana University may require its students to submit Forward 10 0 Next 12 months proof of Covid-19 vaccination –0.5 0 before returning to campus this 5 –20 fall, dealing a setback to a brew- ing legal effort against vaccina- –1.0 -50 0 –40 tion requirements in higher ed- 2012 '15 '20 2012 '15 '20 2012 '15 '20 1Q 2020 1Q '21 4Q ucation. In a 101-page decision *Q2 2021 is blended, combining companies that have reported and those that have not Source: FactSet handed down Sunday, U.S. Dis- trict Judge Damon R. Leichty market. Street Journal. The unemploy- said the university system acted Markets For months, investors had ment rate has stagnated, and reasonably to protect public piled into bullish bets on oil, some investors are now con- health when it required all of its assuming that demand would cerned about a labor shortage students, faculty and staff to be Reel Over boom and the economy would snarling the economy. fully vaccinated against stage a robust recovery. Many One of the biggest factors Covid-19 by July 1, with limited of those wagers have been un- weighing on sentiment? Infla- medical and religious excep- Variant wound in recent sessions. Mon- tion. Consumer complaints tions. day’s declines were driven by about rising prices on homes, The judge denied an injunc- fears about the Delta variant vehicles and household duration sought by eight college and ContinuedfromPageOne halting travel and crimping de- bles reached a record, particu- graduate students who claimed economy is going to slow mand for fuel. larly hitting lower and middle- the university’s vaccine policy down fairly significantly in the Shares of energy producers, income households. The Labor unconstitutionally infringes on next weeks or months,” said which tend to be sensitive to Department said its consumer- their bodily autonomy and med- Zhiwei Ren, a portfolio man- changes in the economic out- price index rose 5.4% in June ical privacy. ager at Penn Mutual Asset look, also pulled back. The S&P from a year ago, the fastest 12- The case is among the first

Management. RICHARD DREW/ASSOCIATED PRESS 500’s energy sector is now month pace since August 2008. to tackle the constitutionality of The moves are the most Inflation is among investors’ concerns. A trader on Monday. down 13% this month, the Because consumer spending Covid-19 vaccine requirements acute signs yet that investors worst-performing group within drives much of U.S. economic at public universities. are second-guessing the ing to the National Bureau of moderate to 6.9% for 2021 as a the index. growth, investors tend to heed Hundreds of private and pub- strength of the global economic Economic Research. The econ- whole before cooling to 3.2% signs that households are be- lic colleges and universities recovery that sent markets omy powered higher in the next year and 2.3% in 2023. ginning to become more wary have adopted vaccine policies soaring this year. year that followed. “That’s what the market Sentiment stalls about major purchases. Infla- like Indiana University’s—in Markets rallied in the first Gross domestic product has been doing…starting to di- For months, people around tion can also eat into corporate schools mostly clustered on the half of 2021 because of inves- grew at a 6.4% seasonally ad- gest peak growth rates and re- the U.S. opened their wallets profits, making stocks look less East and West coasts. Antivac- tors’ bets that economies justed annual rate in January alizing these growth rates are and spent on everything from attractive. cine activists have focused on would bounce back as countries through March, leaving the U.S. unsustainable,” said John Por- cars to travel. Investors grew “Last week we had high in- public institutions, which are rolled out coronavirus vaccina- within 1% of its peak reached in ter, chief investment officer of more optimistic about the flation readings. Now we have bound by constitutional re- tions and lifted restrictions on late 2019. equities at Mellon Investments economy, as people got vacci- concerns that the rise in Covid straints as government entities, businesses. Reports on every- Economists surveyed by the Corp. nated, businesses reopened and cases is dimming the economic and have brought lawsuits un- thing from retail sales to hous- Journal estimate that the econ- Elsewhere around the world, many consumers found them- outlook. High inflation and der the 14th Amendment and its ing prices to employment have omy expanded at a 9.1% season- growth also looks poised to selves flush with cash, helped lower economic growth is not a protection of fundamental liber- shown large swaths of the U.S. ally adjusted annual rate in the slow—potentially pointing to in part by stimulus checks. One good combination,” said Dave ties. economy healing, helping send April-to-June period, the sec- further challenges for inves- survey by Gallup showed that Donabedian, chief investment The University of Connecti- the S&P 500 to 39 record closes ond-fastest pace since 1983. tors. The S&P 500 has contin- the percentage of people in the officer of CIBC Private Wealth cut and California State Univer- this year and more than double Corporate earnings are also ued to outperform the Stoxx U.S. who considered themselves Management, U.S., in emailed sity systems are facing similar from its March 2020 trough. poised to soar. Analysts are Europe 600 and Shanghai Com- to be “thriving” in life reached comments. lawsuits, with rulings pending projecting profits for S&P 500 posite for the year. However, 59.2% in June, the highest in from federal judges. companies to rise almost 70% some investors wonder if the more than 13 years. Chuck Carney, a spokesman Peak growth? in the second quarter from a gap between U.S. and overseas Recently, signs have Bond-yield signal for Indiana University, praised Investors said much of what year earlier, a growth rate that indexes will narrow, if the re- emerged that this optimism is Even before Monday, bets Judge Leichty’s analysis. drove markets’ reversals on would be the highest in more covery in the U.S. begins to starting to fade. Fresh data last that economic growth will cool A lawyer representing the Monday is concern that the than a decade. stall more. week showed that consumers rippled across the bond market. students, conservative activist best of the economic recovery Now, some investors are stepped up spending in June. Investors have been gobbling James Bopp Jr., said he would might be in the rearview mir- asking: Is this as good as it But new figures also showed up government bonds for appeal. “We think the court ror. gets? Oil prices tumble that consumer sentiment in the weeks. made a fundamental error.” The2020recessioninthe Economists believe the pace One area of the markets U.S. declined in early July, One effect of the slide in Federal courts have consis- U.S. lasted just two months— of U.S. growth this year likely where fear about growth missing expectations from bond yields? The real yield on tently upheld vaccination re- the shortest on record, accord- peaked in the spring and will quickly reared its head: the oil economists polled by The Wall the 10-year Treasury note has quirements at K-12 schools and been negative, and on Monday workplaces, said James G. it slipped to 1.05%, the lowest Hodge, a professor of public THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS since February. health law at Arizona State Uni- (USPS 664-880) (Eastern Edition ISSN 0099-9660) Real yields are what inves- versity. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) tors get on U.S. government Judge Leichty wrote that Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 The Centers for Disease a sauna can raise a person’s bonds after adjusting for infla- while young adults are less Published daily except Sundays and general legal holidays. Control and Prevention’s re- heart rate to 120 to 150 beats tion. When those bond yields likely to get seriously ill or die Periodicals postage paid at New York, N.Y., and other mailing offices. quirements allow cruise ships per minute. An article in Sat- are negative, as they have been from infection and that the Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. to conduct regular sailings urday’s Review section about lately, investors are effectively worst of the pandemic may be All Advertising published in The Wall Street Journal is subject to the applicable rate card, without test cruises if they at- the science of saunas incor- locking in losses when parking over, the virus still poses risks copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., test that 95% of crew members rectly said 120 to 150 beats their money in government for the age group, even in 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to and passengers are fully vacci- per second. bonds. smaller numbers. And he wrote accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. nated against the coronavirus. “People are worried about that the requirement aims to Letters to the Editor: Fax: 212-416-2891; email: [email protected] In some editions Monday, a U.S. Notice to readers inflation but also a growth protect not just the student Need assistance with your subscription? News article about Covid-19 re- Wall Street Journal staff scare,” said Giorgio Caputo, a community, but to curb trans- By web: customercenter.wsj.com; By email: [email protected] strictions on Florida-based members are working remotely portfolio manager at J O Ham- mission to more vulnerable and By phone: 1-800-JOURNAL (1-800-568-7625) cruise ships incorrectly said the during the pandemic. For the bro Capital Management. older faculty members and staff. Reprints & licensing: CDC requires 98% of crew foreseeable future, please send “You’ve never had a modern His opinion pored over the By email: [email protected] members to be fully vaccinated. By phone: 1-800-843-0008 reader comments only by economy that’s reopened after data about the safety of the vac- email or phone, using the con- a pandemic.” cines. “No one should blithely WSJ back issues and framed pages: wsjshop.com Spending 10-15 minutes in tacts below, not via U.S. Mail. These fears have driven in- dismiss the call for further in- Our newspapers are 100% sourced from sustainably certified mills. vestors into government bonds vestigation, but the students’ GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by and helped push those real case isn’t strong today,” Judge emailing [email protected] or by calling 888-410-2667. yields lower and lower, he said. Leichty wrote. .

THE WALL STREET JOURNAL. **** Tuesday, July 20, 2021 | A3 U.S. NEWS Hospitals Opioid Lawsuits Settlement Near

That Don’t States, drug industry to than two years as a way to re- other pharmaceutical firms, Bloomberg News reported cords following the same solve thousands of lawsuits some of the people said. That the timing of the $26 billion model, the people familiar unveil $26 billion deal; filed by state and local gov- deal, which is expected to be settlement Monday evening. with the talks said. Publish New York reaches ernments blaming them for announced Tuesday, would re- AmerisourceBergen, Cardi- If the deal is consummated helping fuel the nation’s opi- move the three distributors nal and McKesson declined to after the multimonth sign-on $1 billion agreement oid epidemic. From 1999 to from the trial and represents comment Monday. Johnson & process, the distributors will Prices Face 2019, the nation lost nearly New York’s portion of the Johnson reiterated a prior pay $21 billion over 18 years, BY SARA RANDAZZO half a million people to over- broader settlement. statement that “there contin- with J & J paying $5 billion AND JARED S. HOPKINS doses of prescription and ille- Johnson & Johnson already ues to be progress” toward fi- over nine years, the people More Fines gal opioids, according to fed- settled with New York for nalizing its settlement and said. The Biden administration Thousands of opioid-crisis eral data. $263 million ahead of the that it isn’t an admission of li- The terms the people de- on Monday proposed sharply lawsuits filed against major Under the contours of the trial. ability or wrongdoing. scribed call for the majority of higher penalties for larger drugmakers and distributors deal, states and municipalities The larger settlement, if fi- The opioid cases have be- the money to be spent by com- hospitals that don’t make their are nearing a conclusion, with still have several months to nalized, would remove an al- come the most sprawling and munities on treating and re- prices public. the outlines of a $26 billion sign on, and the amount ulti- batross for companies that for complex litigation to ever in- sponding to the problems deal between states and four mately paid will depend on years have faced allegations volve the drug industry, and caused by opioid addiction—a By Melanie Evans, companies expected to be an- how many participate, the from plaintiffs’ lawyers, fami- the $26 billion far exceeds any departure from the $206 bil- Anna Wilde Mathews nounced this week and a $1 people familiar with the talks lies and governments that jury award or settlement of lion paid by the tobacco indus- and Tom McGinty billion settlement to resolve said. The companies can also they played a role in sparking previous lawsuits or whistle- try in the 1990s to states, some of New York’s claims still walk away if they aren’t and expanding opioid addic- blower claims that accused which largely spent the money The proposal would also likely on Tuesday, people fa- satisfied with the number of tion. Uncertainty over the liti- pharmaceutical companies of on a host of general priorities clamp down on use of special miliar with the matter said. states and governments that gation has weighed down marketing violations or selling like highways and law enforce- coding embedded in hospital Drug distributors join, the people said. some companies’ stocks. Ques- faulty products. ment. Around $2.5 billion of webpages that prevents Alpha- AmerisourceBergen Corp., New York, meanwhile, has tions about resolving the law- Other drugmakers and the total will go toward fees bet Inc.’s Google and other Cardinal Health Inc. and struck a more than $1 billion suits have dogged executives pharmacy chains that have and expenses, including to pay search engines from displaying McKesson Corp. and manufac- deal with AmerisourceBergen, on earnings calls and at inves- been targeted by the opioid private plaintiffs’ lawyers that price pages in search results. turer Johnson & Johnson Cardinal and McKesson mid- tor conferences and resulted lawsuits aren’t involved in the represent both local and state The Wall Street Journal re- have been negotiating the $26 way through a trial against in chief executives testifying current settlements, but could governments in the cases, the ported in March that hundreds billion settlement for more those companies and four before Congress. reach their own, smaller, ac- people said. of hospitals had embedded code in their disclosure webpages that kept them from being indexed by the search engines. Under the proposal, the Wildfires Grow as West Bakes in Heat Wave Centers for Medicare and Medicaid Services, the federal BY JENNIFER CALFAS agency responsible for enforc- AND KATHERINE BLUNT ing rules requiring hospitals publish their prices, is seeking Dozens of wildfires burned to raise penalties as high as $2 across the Western U.S. Mon- million a year for large hospi- day, as the National Weather tals that fail to make prices Service warned high tempera- public. Large hospitals are tures in the Northern Plains those with more than 30 beds. could break records and dry, The proposed penalty is a windy conditions from Mon- sharp increase from the tana to California could compli- $109,500 maximum a year per cate firefighting efforts. hospital under existing rules. Nearly 20,000 firefighters For hospitals with 30 or fewer were working to contain 80 beds, penalties remain the large, active wildfires that have same. burned more than 1.1 million The proposed provision acres, the National Interagency comes after many hospitals Fire Center said. Most of these failed to publish their prices fires are burning in Montana, as required by federal rules Idaho, California and Oregon. that took effect this year, un- PG&E Corp. on Sunday told dercutting policy makers’ goal California regulators that one of boosting competition and of its power lines might have choice through transparent been involved in the ignition of pricing. California’s Dixie Fire, which As of Monday, data from has grown to cover more than price-transparency startup 30,000 acres. The company Turquoise Health Co. shows no said in a regulatory filing that usable pricing data from 32% an employee responding to a of 4,885 acute-care, children’s power outage discovered a fire or rural primary-care hospitals. beneath one of its distribution The company’s database in- lines in the Feather River Can- cludes another 10% of these yon. The employee found two hospitals with prices that fall blown fuses and a tree touch- short of requirements. ing the wire. “With today’s proposed State fire investigators col- rule, we are simply showing lected some equipment from hospitals through stiffer pen- the line. PG&E said in a state- alties: Concealing the costs of ment that it is cooperating services and procedures will with the investigation and sub-

not be tolerated by this admitted the regulatory filing “in DAVID RYDER/REUTERS ministration,” Health and Hu- an abundance of caution.” A firefighter worked in an area burned by the Bootleg Fire in south-central Oregon. The massive blaze was 25% contained Monday. man Services Secretary Xavier The fire, which ignited last Becerra said. week in rural Butte County, has rently burning in the U.S., bal- battle for the foreseeable fu- tional Weather Service said. The Bootleg Fire is the largest Hospital trade groups forced evacuations from com- looned to more than 343,000 ture,” said incident commander On Monday afternoon, the currently burning in the U.S.— pushed back on the proposal. munities in the forested foot- acres. The fire was 25% con- Joe Hassel. National Weather Service in at more than 343,000 acres “More stringent penalties for hills of the Sierra Nevada. It is tained Monday as officials is- In recent days, state lead- Billings, Mont., shared an im- as of 6 p.m. ET Monday. noncompliance with rules burning northeast of Paradise, sued more evacuation warnings ers have issued emergency or- age of a thermometer reading whose potential effects even which was destroyed in 2018 in Lake County, where the ders activating more re- 110.4 degrees. Excessive heat 58 Portland the administration cannot by a fire sparked by a PG&E Bootleg Fire and nearby Lake sources to help firefighting warnings and advisories were 25 miles quantify is the wrong direc- transmission line. The fire, the Fire continued to burn. Offi- efforts and extreme heat. A in place across Montana. The tion for this policy,” said deadliest in California history, cials said gusty winds reaching series of heat waves have hit rest of the Northern Plains re- Map Bruce Siegel, chief executive of killed 84 people. 30 to 35 miles an hour and low the region this summer, with gion was expected to see tem- 97 Detail Fremont- America’s Essential Hospitals, By Monday, the Tamarack humidity could further acceler- record-shattering tempera- peratures in the high 90s, the Winema Bootleg Fire a trade group of hospitals in Fire south of Lake Tahoe in ate the fire’s spread. tures in the Pacific Northwest National Weather Service National perimeter Forest underserved communities. Northern California grew rap- More than 2,100 firefight- in June leaving more than 100 said. 31 CMS issued the proposal af- idly to more than 23,000 acres ers were working on contain- people dead. The sustained in- The National Weather Ser- Upper Klamath ter the Journal reported with no containment, and offi- ment efforts. On Monday, offi- tense heat comes as several vice issued red-flag warn- Lake spotty compliance with pub- cials in the area ordered more cials said that for nine days in Western states experience ings—which indicate hot, dry Bly Klamath Falls lishing prices. evacuations of nearby residents a row, firefighters have been long-term drought. weather and gusty winds that 140 The proposal would require and visitors. On Sunday, heavy forced to flee the front lines Temperatures shot up could accelerate the spread of 97 OREGON Goose hospitals ensure prices can be smoke in the area halted the of the fire to designated across the Northern Rockies wildfires—in Montana, Idaho, Lake accessed by automated use of firefighting aircraft. safety areas. and High Plains this weekend and parts of Wyoming, Wash- CALIFORNIA searches and files that can be In south-central Oregon, the “This fire is a real challenge, and were expected to remain ington, Oregon and Northern directly downloaded. Bootleg Fire, the largest cur- and we are looking at sustained high into the week, the Na- California. Source: National Interagency Fire Center Pentagon to House Afghan Interpreters at Bases in Virginia, Qatar

BY GORDON LUBOLD number of interpreters and military base, about 25 miles AND MICHAEL R. GORDON others who assisted the U.S. south of Richmond, for more range as high as 40,000 to than about three days before The Pentagon will use mili- 50,000 people. Advocates of the they are settled elsewhere per- tary bases in the U.S. and Qa- Afghans who helped the U.S. manently in the U.S., he said. tar to house thousands of Af- have estimated that at least Applicants and their families ghan interpreters and 300 have been killed since 2009 will reside in existing housing translators, along with their while seeking a U.S. visa, a pro- facilities on the base, Mr. Kirby families, part of a scramble to cess that can take years. said. Other military sites are un- evacuate those who worked Secretary of State Antony der consideration for additional with the U.S. during the war Blinken told Congress in June interpreters and their families if and face retribution from the that the State Department has the State Department requires Taliban, according to officials. a backlog of about 18,000 more locations, he said. Initially, about 2,500 Af- pending applications. President Biden said last ghans—700 interpreters and For months, the administra- week that the first group of family members—will be flown tion has been urged by both evacuees would be flown out of from Afghanistan to Fort Lee, Democrats and Republicans, as Afghanistan by the end of the Va., for short-term housing well as top military leaders, to month, but administration offi- while awaiting final processing rescue those interpreters. As cials have withheld details of for Special Immigrant Visas al- political pressure has grown, the program as they worked to lowing them to stay in the Mr. Biden pushed for adminis- find locations to take the inter- U.S., according to Ned Price, a tration officials to move faster, preters and to closely guard State Department spokesman. according to a U.S. official fa- plans for security reasons. “These are brave Afghans miliar with the discussions. The Special Immigrant Visa

and their families, as we have MARIAM ZUHAIB/ASSOCIATED PRESS Pentagon spokesman John program is aimed at providing said, who have served the Former Afghan interpreters demonstrated in front of the U.S. Embassy in Kabul last month. Kirby, addressing the plans for U.S. visas for individuals who United States and who have Fort Lee, said Monday that the performed “sensitive and completed thorough SIV secu- families to live temporarily at sands more, the official said. The plans come as the mili- Defense Department would pro- trusted activities” for U.S. mil- rity vetting processes,” he said. the al Udeid air base in Qatar, Qatari officials didn’t respond tary pursues a U.S. withdrawal vide food and housing, as well itary, diplomatic and other In addition to the Afghans a U.S. official said. The air to a request for comment. Qa- by the end of August as or- as medical care and religious personnel. The U.S. is sup- headed to Virginia, Qatari offi- base can accommodate 2,000 tar has invested billions in the dered by President Biden, trig- facilities for the applicants and posed to take action on the vi- cials have agreed to allow Afghans, although additional base, which is used by the U.S. gering concern for the fate of their families. The visa appli- sas within nine months, but thousands of Afghans who infrastructure potentially military to support operations thousands of Afghans who cants and their relatives some take three to five years worked for the U.S. and their could be built to house thou- across the Middle East. aided the U.S. Estimates of the weren’t likely to stay at the to adjudicate. .

A4 | Tuesday, July 20, 2021 PWLC101112HTGKRFAM123456789OIXX THE WALL STREET JOURNAL. U.S. NEWS Hyperlocal Tack Offers Hope on Gun Violence

including some of us who There now is no doubt that der which the administration movement among some Dem- with the potential to produce found refuge in an apartment America is experiencing a will, among other things, ocrats seems particularly mis- violence, intervene to defuse building thanks to a stranger pandemic-era surge in gun vi- crack down on rogue gun placed now; as a political mat- those problems, and deliver who simply held open the olence that is hitting minority dealers who don’t follow fed- ter it almost certainly cost stern warnings of harsh con- door. The exodus was fairly urban communities particu- eral guidelines for sales and Democrats ground in last fall’s sequences if violence results. orderly under the circum- larly hard. The Major Cities background checks, try to election, and as a practical “The most effective pro- stances; most disconcerting Chiefs Association, an organi- stem the flow of homemade matter probably contributed grams share a common prem- CAPITAL JOURNAL were the scattered scenes of zation of large-city police ex- “ghost guns” and set up task to a decline in hiring and re- ise, borne out by years of parents huddled over crying ecutives, reports that homi- forces to police gun trafficking tention of police officers. data: a very small and readily By Gerald F. Seib children. cides in those jurisdictions corridors. identifiable segment of a city’s rose 29% in the first quarter Yet while the most high- etting more police back population is responsible for he gunfire turned out to over the same period a year profile incidents in recent on the streets clearly is the vast majority of that city’s Washington Nationals be a drive-by shooting earlier, while aggravated as- days happened to occur in G part of the answer, and gun violence,” says a report pitchers had just finished a T just outside the stadium saults rose 9%. That follows a Washington, the current polit- the administration is provid- by the Giffords Law Center to disappointing half-inning gates, in which at least three 33% rise in homicides in 2020 ing money to help do so. Yet Prevent Gun Violence. “By when the sound of gunfire people were wounded. Thus over 2019. there is another, hyperlocal strategically intervening with pierced the normal crowd the incident, while unsettling While such numbers are Law enforcement movement that may hold out this small population—usually noise at Na- on a larger scale, was less stark, a little perspective also more hope. only a few hundred people— tionals Park traumatic than the shooting is in order. Overall, violent officials tout an idea Susan Rice, the White these programs have been Saturday just one day earlier and 3 crime in the U.S. has plunged called community House domestic policy ad- able to cut gun homicide rates night. The miles away in which a 6-year- since the 1990s. A recent re- viser, says she was struck in by as much as 50% in as little sound was un- old girl, who had not yet port by the Pew Research violence intervention. the meetings Mr. Biden held as two years.” mistakable, started first grade, was killed Center, for example, cited FBI with local law-enforcement of- The Biden administration is though the when caught in a similar out- statistics showing that violent ficials by the critical impor- allowing pandemic relief source was a mystery: Was it burst of gunfire. crimes per 100,000 people tance those leaders attached funds to be used on such pro- just another random Washing- She was among 101 homi- dropped almost 50% between ical alignment in Washington to an idea called community grams. There are other issues ton shooting, or a Mandalay cide victims in Washington 1993 and 2019. seems ill-equipped to provide violence intervention, or CVI. at the local level, including Bay-style attack in which a this year and, as the Washing- Still, the trend lines now the best answers. The premise of CVI is that tensions between some pro- gunman was seeking mass tonPostnotedinitscoverage, are moving in the wrong di- It seems increasingly clear the majority of gun violence is gressive prosecutors and po- murder in a crowded venue? died on the third anniversary rection. The Biden administra- that there are simply too perpetrated by small groups lice leaders over whether to The 33,000 people inside of the shooting death of a 10- tion is trying to do something many powerful guns circulat- of people, many usually al- reduce the number and scope the stadium weren’t going to year-old killed by a stray bul- about it. President Biden him- ing on America’s streets, yet ready known to local leaders. of prosecutions. Still, commu- wait to find out. They surged let while walking to an ice- self has met twice in recent Republicans are certain to op- CVI programs impanel com- nity intervention, while no sil- toward the exits and spilled cream truck, and seven weeks with local police offi- pose en masse almost all gun- munity activists and leaders ver bullet, is a notably prom- out onto the streets, taking months after a 15-month-old cials and other leaders, and control measures. Meantime, to work on the streets, identi- ising local answer to a cover where they could find it, was struck in a car seat. has announced a strategy un- last year’s “defund the police” fying disputes and individuals national problem. Campaign-Ad Binge Is Forecast BY JOHN MCCORMICK race that factored in the com- petitiveness of a seat, past A top advertising-industry spending levels and the vary- observer expects elections this ing costs of different media year and next will see political markets. The firm’s totals don’t ad expenditures of roughly $9 include direct mail and cam- billion, more than doubling paign voice calls via telephone. the amount spent in the 2018 AdImpact says it expects midterm cycle. connected TV platforms will The spots are also likely to host almost $1.5 billion in polit- increasingly appear on televi- ical ads between now and No- sion screens connected to the vember 2022, representing Internet by streaming-video roughly one in six dollars spent. players such as those made by Campaigns are increasingly Roku Inc., which dominates gravitating to the streaming the device portion of a rapidly platforms because ad place- growing market known as con- ment there is more efficient nected TV. than on traditional broadcast AdImpact says in a report TV and specific voter groups first shared with The Wall and geographic areas are more Street Journal that it expected easily targeted. ad spending to at least match AdImpact predicts more the record amount spent during than $4 billion will be spent

RON HARRIS/ASSOCIATED PRESS the 2019-20 election cycle, even on House and Senate races, Hundreds of people waited in line for early voting last year in Marietta, Ga. At least 30 lawsuits are aimed at laws in 11 states. though there will be no presi- while $2.3 billion will go to dential contest on the ballot. elections for governor in the The higher spending is ex- 38 states holding contests this pected to be fueled by online year and next. A further $2.5 New Voting Laws Face Court Challenges fundraising that has made billion is expected to be spent more dollars accessible to on down-ballot races. BY LAURA KUSISTO lation that was passed in late specializing in election law at Santis signed the bill in May, more candidates. Members of the GOP are March, according to the Bren- the University of California, Ir- he said it would “increase “Facebook, when used as a optimistic because the party Voting laws passed in the nan Center. A lawsuit filed by vine, said the number of elec- transparency and strengthen fundraising tool, has allowed that doesn’t control the White wake of the 2020 election are the Justice Department last tion lawsuits has nearly tripled the security of our elections.” campaigns to quickly and eas- House typically makes gains in facing a wave of court chal- month against Georgia added over the past two decades. Conservative groups say ily reach a highly polarized midterm elections. lenges, setting up a series of le- firepower to the legal battle In Texas, a suit filed last their members are energized electorate,” the report says. The Senate race in Georgia, gal battles this year that could over the new voting laws. month alleges that a new voting following the fight over last No- “This, combined with the rise where incumbent Democrat help reshape the rules around The states and conservative law restricts political expres- vember’s election and that they of easy online donation tools Raphael Warnock faces re- voting for years to come. legal groups supporting the sion protected by the First see a once-in-a-generation op- such as ActBlue and WinRed, election in 2022, is expected At least two dozen states laws say they are necessary to Amendment because it forbids portunity to make elections has allowed candidates and is- to account for close to a quar- have passed laws this year bolster public confidence in citizens from establishing resi- more secure. Liberals view the sue groups to fundraise with ter-billion dollars in ad spend- that either expand voting elections and dismiss the liti- dency there to influence the courts—which upheld the 2020 greater ease than ever before.” ing, AdImpact said. Open seats rules or tighten them, accord- gation as meritless. Liberal outcome of an election. State election results in dozens of AdImpact’s estimates were in Pennsylvania and North ing to New York University’s groups say these laws are de- Sen. Paul Bettencourt, a Repub- lawsuits around the country—as generated by building a pro- Carolina are also forecast to Brennan Center for Justice, a signed to make it harder for lican from Houston, who co- their last line of defense against jected spending model for each attract significant spending. public-policy think tank. At people of color to vote and po- sponsored the bill, said it is to changes to current voting laws. least 30 lawsuits are aimed at tentially give an edge to Re- prevent voters from registering While courts almost univer- Top 10 Senate races for projected ad spending in 2021-22 laws in 11 states that oppo- publicans in future elections. at post-office boxes at which sally have rejected hasty legal nents say restrict voting ac- The lawsuits are part of a they don’t actually live so elec- challenges to election results, Georgia cess with measures such as surge in voting-related litiga- tions aren’t “unfairly impacted.” some of the lawsuits this year shortening the time period for tion after a series of close na- Another suit, filed in Flor- face difficult chances in front Pennsylvania mail-in and early voting, in- tional elections showed both ida by that state’s League of of a conservative federal judi- Arizona creasing verification require- political parties that some- Women Voters, alleges that a ciary, Prof. Hasen said. ments and placing limits on thing as seemingly mundane new law places an undue bur- The Supreme Court dealt Florida providing food or water to as election rules can be key to den on citizens’ right to vote some of the lawsuits a blow North Carolina people waiting in line to vote. their hold on power, legal aca- by limiting access to ballot with a decision that estab- Mostly liberal groups have demics said. The high stakes drop boxes and potentially lished new criteria for apply- Ohio challenged these new bills on fuel both legislative action and prohibiting groups from pro- ing Section 2 of the Voting grounds that they violate as- fundraising for more lawsuits, viding food and water to peo- Rights Act, which precludes Wisconsin pects of the Voting Rights Act, said New York University law ple waiting in line. Cecile states from imposing any rule Nevada the First and 14th Amend- professor Richard Pildes. Scoon, the group’s president, “which results in a denial or ments and the Americans with “The intensity around these said she is concerned the new abridgment” of the right to New Hampshire Disabilities Act. In Georgia, issues has really just gone to a legislation will make it more vote on the basis of race. This which has become the epicen- whole ’nother level,” Prof. difficult for people of color section of the Voting Rights Missouri ter of the fight, groups have Pildes said. and the disabled to vote. Act is at the heart of many of $0 million $50 $100 $150 $200 $250 filed nine lawsuits over legis- Richard Hasen, a professor When Florida Gov. Ron De- the lawsuits filed this year. Source: AdImpact Biden to Tap Former Hill Aide for Financial-Rules Post at Treasury

BY KATE DAVIDSON include heightened scrutiny of a vocal proponent of treating lawgaveregulatorsbroad risk, and with it the fragility Mr. Steele has also warned AND ANDREW RESTUCCIA cryptocurrencies; open-end climate change as a systemic power to use macroprudential of the financial system.” about the risks from the out- mutual funds and hedge funds risk to the financial system, regulation to address climate- In a separate paper last size growth of the mutual- WASHINGTON—President and their roles in market tur- and called on U.S. regulators related risks, including through July, Mr. Steele called for fund industry, and outlined Biden plans to nominate Gra- bulence last year; and the fi- to do more to confront the po- the Financial Stability Over- changes to bank capital re- ways that policy makers could ham Steele as assistant Trea- nancial sector’s exposure to tential dangers, such as more sight Council and the Federal quirements that reflect the cli- rein in asset managers, includ- sury secretary for financial in- climate-change risks. Reserve. For example, the Fed mate risks of certain assets, ing through new limits on stitutions, a move that would Mr. Steele is the director of could use its authority to limit and said policy makers should their size and concentration, put a longtime congressional the Corporations and Society Graham Steele fossil-fuel investments based encourage investments by as well as limits on the stakes staffer with ties to progres- Initiative at Stanford Graduate would oversee on their prospective risks to fi- banks that help make commu- they may accumulate in other sives at the center of efforts to School of Business, which administration nancial stability, he said. nities more resilient to climate industries. refocus financial rules on is- seeks to “promote more ac- plans to tighten “By ignoring their responsi- change. If confirmed by the Senate, sues such as climate change countable capitalism and gov- regulations on bility to safeguard financial He criticized the Fed’s deci- Mr. Steele would join a team and racial equity. ernance,” according to its Wall Street stability, regulators are allow- sion last year to buy bonds is- of economic advisers in the Bi- Mr. Steele, a former Demo- website. He previously served firms. ing financial institutions to sued by oil and gas companies den administration that have cratic chief counsel on the as a staffer at the Federal Re- continue directing massive as part of its broader efforts to strong relationships with pro- Senate Banking Committee serve Bank of San Francisco, amounts of capital into cli- stabilize financial markets at gressive lawmakers, including and aide to Sen. Sherrod and worked at Public Citizen, frequent wildfires or droughts mate-change drivers like fossil the start of the Covid-19 pan- Bharat Ramamurti, a former Brown (D., Ohio), would over- a progressive watchdog group, that threaten banks’ physical fuel and deforestation busi- demic. And he called on the economic adviser to Sen. Eliz- see the Biden administration’s before joining Mr. Brown’s assets. nesses, further driving a car- central bank to directly finance abeth Warren (D., Mass.) who plans to tighten regulations on staff in 2010. In a February 2020 paper, bon bubble,” he said. “This ex- clean energy through so-called is the deputy director of the Wall Street firms. That could In recent years, he has been he argued the 2010 Dodd-Frank acerbates climate financial green bond purchases. National Economic Council. .

THE WALL STREET JOURNAL. **** NY Tuesday, July 20, 2021 | A5 U.S. NEWS Infrastructure Deadline Nears Probes of Reporter

WASHINGTON—Lawmak- Contacts Curbed ers sparred Monday over Sen- ate Democrats’ decision to impose a midweek deadline on a BY SADIE GURMAN secretly sought and obtained bipartisan group still scram- AND ARUNA VISWANATHA 2017 phone records from re- bling to reach an agreement on porters at the Washington Post, a roughly $1 trillion infrastruc- WASHINGTON—Attorney CNN and the New York Times ture bill. General Merrick Garland while trying to identify their sharply limited federal prose- sources. That sparked outrage By Kristina cutors’ ability to obtain re- among lawmakers, press-free- Peterson, Andrew cords of reporters’ contacts dom organizations and Mr. Bi- Restuccia when investigating govern- den, who said he would no lon- and Andrew Duehren ment leaks of sensitive infor- ger allow such tactics. mation, curtailing a longstand- Mr. Garland, who as a fed- Senate Majority Leader ing practice that had drawn eral judge took strong stands Chuck Schumer (D., N.Y.) took criticism in recent weeks, in- in support of reporters’ rights the first step Monday to set up cluding from President Biden. and First Amendment protec- a vote Wednesday opening de- In a memo Monday to fed- tions, told lawmakers in June bate on the infrastructure bill. eral prosecutors, Mr. Garland that the new policy would be But the bipartisan group of 22 said the agency’s prior policies the “most protective of jour- senators hasn’t yet struck a hadn’t properly weighed the nalists’ ability to do their jobs deal on how to fully pay for the national interest in protecting in history.” He met with news cost of the legislation, which journalists from forced disclo- executives to discuss their would spend roughly $600 bil- sure of their sources, saying concerns at least twice in re- lion above projected federal they needed such protection cent weeks. spending on improvements to “to apprise the American peo- The new policy includes ex- roads, bridges and broadband ple of the workings of their ceptions for cases involving an

access, among others. DREW ANGERER/GETTY IMAGES government.” agent of a foreign power or a The Wednesday vote “is sim- GOP Sen. John Cornyn said there is bipartisan desire for an infrastructure bill paid for responsibly. Mr. Garland had promised he member of a foreign terrorist ply about getting the legislative would bar prosecutors from organization, or when steps process started here on the ment has been largely fleshed antipoverty and education less they have assurances that seizing reporters’ information need to be taken to “prevent Senate floor. It is not a deadline out. “It’s unlikely we’ll proceed package, lawmakers and aides they will have enough support after recent disclosures that the an imminent risk of death or to determine every final detail to a bill if we still haven’t re- said. One possibility is that the among their own ranks to pass Justice Department under for- serious bodily harm,” the of the bill,” Mr. Schumer said solved all the major issues,” bipartisan group taps it par- the separate budget package. mer President Donald Trump memo said. on the Senate floor Monday said Sen. Mitt Romney (R., tially, lawmakers said. Democrats plan to pass the evening. Utah), a member of the biparti- Sen. Tim Kaine (D., Va.), a $3.5 trillion antipoverty and Over the weekend, the group san group. Democrats noted member of the Budget Commit- education package through a agreed to remove a source of that in the past, lawmakers tee, noted that Democrats process tied to the budget that House GOP Fills Seats revenue disliked by Republicans have voted to start consider- would now be able to access enables them to pass legisla- that would beef up the Internal ation of bills while details were the revenue from beefed-up IRS tion with a simple majority, Revenue Service’s collection of still being finalized. enforcement for their package. rather than the 60 votes most On Capitol-Riot Panel unpaid taxes. That left lawmak- Members of the bipartisan Mr. Portman said members bills need to advance in the ers racing to find another way group said they were still opti- of the bipartisan group met vir- Senate. That means Democrats BY LINDSAY WISE (R., Ohio) and Kelly Armstrong to offset the bill’s cost and fi- mistic that they would be able tually Sunday for nearly three can’t afford a single defection (R., N.D.), both of whom nalize its text. to finalize an agreement. Sen. hours and planned to do so within their own ranks, since WASHINGTON—House Mi- served on the House Judiciary “There was a little move- Rob Portman (R., Ohio), the again Monday evening to con- Republicans are expected to nority Leader Kevin McCarthy Committee during the first im- ment in the wrong direction lead GOP negotiator of the bi- tinue ironing out wrinkles. unite against the package. (R., Calif.) chose five Republi- peachment of former Presi- when it came to pay-fors,” Sen. partisan group, said Monday Sen. Jon Tester (D., Mont.) “Another multitrillion-dollar can lawmakers to serve on the dent Donald Trump; and Rep. John Cornyn (R., Texas), a that lawmakers were consider- said Monday that lawmakers reckless taxing and spending Democratic-led select commit- Troy Nehls (R., Texas), a fresh- member of Senate GOP leader- ing a new source of revenue: could tap savings from repeal- spree is the last thing American tee investigating the Jan. 6 at- man lawmaker. ship, said Monday. “There’s a delaying or repealing a Trump- ing or delaying the rebate rule families need,” Senate Minority tack on the U.S. Capitol, ahead The House voted largely bipartisan desire for us to do a era proposal that would curb in both the infrastructure bill Leader Mitch McConnell (R., of the panel’s first hearing along party lines last month to real infrastructure bill that’s re- rebates that some middlemen and the antipoverty package. Ky.) said on the Senate floor later this month. establish the select committee sponsibly paid for,” he said. known as pharmacy-benefit Mr. Schumer has also im- Monday, warning it could fuel Mr. McCarthy tapped Rep. to investigate the events of “The problem is they haven’t managers pay to drugmakers posed a Wednesday deadline inflation. Jim Banks (R., Ind.), chair of Jan. 6, when Mr. Trump’s sup- been able to do it on Sen. and plans. Further delaying or for all 50 members of the Dem- In remarks Monday about the Republican Study Commit- porters stormed the Capitol Schumer’s timeline.” nixing the rule would reap sav- ocratic caucus to coalesce the proposals, President Biden tee, a group of the most con- building and temporarily in- Lawmakers said Monday ings for the federal government around the separate, $3.5 tril- said his trillions of dollars in servative House Republicans, terrupted the ratification of they weren’t sure what would because an end to rebates lion framework for a budget proposed new spending on to serve as the select commit- Joe Biden’s Electoral College happen if there wasn’t enough would raise premiums for many resolution paving the way for a roads and broadband internet tee’s top-ranking GOP member. victory. Senate Republicans support Wednesday to begin de- Medicare enrollees and tax- sweeping package of education, and child care, among other His other appointees are blocked an effort earlier this bate on the infrastructure bill. payer costs. antipoverty and climate pro- items, would boost productivity moderate Rep. Rodney Davis year to set up a bipartisan, in- Republicans have said they But Democrats were also grams. Liberal Democrats have and not spur inflation. (R., Ill.), the top Republican on dependent commission, saying won’t vote to start debate eyeing that provision to help said they won’t support the bi- —Stephanie Armour the Committee on House Ad- Democrats would weaponize it Wednesday unless an agree- pay for their own $3.5 trillion partisan infrastructure bill un- contributed to this article. ministration; Reps. Jim Jordan in 2022. .

A6 | Tuesday, July 20, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Tougher Inspection Standards Explored After deadly collapse buildings across Miami-Dade County, all of which took a dif- of Florida condo tower, ferent approach to detailing engineer’s two reports the problems a building had, the necessary repairs and the come under scrutiny potential outcomes of not making fixes. The reports SURFSIDE, Fla.—A Florida don’t always include a clear task force will consider timeline for when work must whether tougher standards for be done. engineer inspections in Florida Engineers aren’t required to are needed, including how they provide a timeline by which communicate to condo boards condos should make repairs, and town officials about safety except in cases where engi- repairs, in light of the collapse neers see an imminent safety of a high-rise tower in this threat, said the ASCE’s Mr. coastal community, the group’s Figueroa-Vallines and a Flor- chairman said. ida-based forensic engineer, Gerald Zadikoff. By Rachael Levy, The reports reviewed by Deborah Acosta the Journal were organized in and Scott Calvert different ways. Some lump “threats” into one long list Bill Sklar, chairman of the while others break up the is- Florida Bar-affiliated task sues by sections. force considering legal propos- In his 2018 inspection re- als for the state, said the port for the condo board, Mr. group will consider engineers’ Morabito said he found “abun- communications with condo dant cracking” and deteriora- boards and town officials, in- tion in the concrete columns cluding the frequency of re- and walls in the garage. He ports. The group is also con- said most of it needed to be re- sidering whether engineers in paired “in a timely fashion” but Florida should be required to didn’t call for a deeper analy-

conduct deeper analyses than MARIA ALEJANDRA CARDONAsis. FOR THE WALL STREET JOURNAL While he recommended re- currently required for an ini- The June 24 collapse of Champlain Towers South, a 13-floor condo building in Surfside, Fla., left at least 95 people dead. placing distressed concrete tial inspection, he said. slabs in their entirety, he didn’t The American Society of how the collapse could have so that such a catastrophic towerbeshoreduporevacu- structural damage to the con- say how soon the condo board Civil Engineers also plans to been prevented. The society is event can never happen ated, before the 136-unit build- crete structural slab,” caused needed to do so. consider engineers’ communi- awaiting further documenta- again,” Morabito spokesman ing suddenly fell. At the time by failed waterproofing. While Mr. Morabito conducted a cations as part of a larger tion and evidence before draw- Brett Marcy said in response of the collapse, the condo that report warned that failure deeper analysis of the build- evaluation of the Surfside di- ing conclusions, Mr. Figueroa- to questions from The Wall board was planning major re- to replace waterproofing in ing in fall 2020, two years af- saster, according to a fellow at Vallines said, adding that it is Street Journal. The firm pairs based on his recommen- the near future would cause ter his initial report, which is the association, Joel Figueroa- too early to determine whether abided by industry standards, dations aimed at passing a 40- the deterioration to expand longer than some engineers Vallines. Mr. Morabito raised warnings he said, adding that nothing in year recertification required exponentially, it didn’t discuss say they would have waited. The reviews, both in their urgently enough or was defi- the firm’s inspections of the by Miami-Dade County. Roof possible safety consequences While the condo board voted early stages, come after the cient in doing so. building indicated that it work was under way, but re- if the problem wasn’t ad- to hire him in 2019 to oversee structural engineer who was Mr. Sklar said the Florida would fall or was otherwise pairs to structural problems dressed promptly. the renovations, Mr. Morab- overseeing the Champlain task force isn’t investigating unsafe. identified by Mr. Morabito had The fundamental purpose ito’s spokesman says work Towers South renovations the specifics of the Surfside “At no time did the board yettobemade,thefirmsaid. of the required inspection for didn’t begin until the follow- when the building collapsed tragedy and plans to consult receive any indication that In the months before the col- the recertification is to deter- ing year due to contractual provided reports to the condo with engineers and building there was any risk of immi- lapse, the condo board was mine whether the building is delays. board there about the status officials as part of its review. nent collapse of the building urging homeowners to pay the safe for occupancy, several His October 2020 report, of needed repairs—some sub- Allyn Kilsheimer, an investi- or that any evacuation was $15 million needed to get the engineers said. The reports which found significant con- stantial—but didn’t address gator hired by Surfside to necessary,” said Max Marcucci, work done. that the condo board received crete deterioration near the the safety risks of failing to probe why the building fell, a spokesman for the condo “There’s no sense of ur- from Morabito Consultants, pool, said concrete that had make prompt repairs, docu- said he is mining Mr. Morab- board. gency in the reports,” said reviewed by the Journal, presented a safety hazard was ments and interviews show. ito’s correspondence and in- Mr. Morabito, in a 38-year Daniel Lavrich, a past presi- didn’t speak to that matter di- removed at the time. However, Whether that engineer, spection reports for clues that career in Maryland and more dent of the Florida Structural rectly. he wrote that full repairs Frank Morabito, did enough to might shed light on the build- recently in Florida, built a Engineers Association who has Mr. Lavrich said that while couldn’t be made, in part, be- sound alarms is under scrutiny ing’s failure. solid reputation among former examined Morabito reports re- the 40-year recertification cause of concerns the work following the tragic June 24 Morabito Consultants said colleagues and clients as a leased by Surfside. “The ques- process includes a checklist of could destabilize adjacent con- failure of the 13-floor condo it had “detailed significant cautious, competent engineer tion is, what was the condition what should be looked at, en- crete structures. Mr. Morabito building that left at least 95 cracks and breaks in the con- who prioritizes safety, the of the building when he did gineers have a lot of discre- didn’t make further recom- people dead. Since the Surf- crete, which required repairs Journal found. The firm hasn’t the report? We don’t know.” tion in how they present in- mendations about that area, side building’s collapse, Mr. to ensure the safety of the res- responded to allegations in the Mr. Morabito, who was spection findings to condo such as closing the pool or Morabito’s firm has been idents and the public.” lawsuits. hired in 2018 to do an initial boards. He questioned the shoring up any part of the named as a defendant in at “Morabito Consultants did Several engineers, in inter- inspection of Champlain Tow- value of trying to standardize building with temporary sup- least 10 lawsuits in Florida. their job, and they will con- views, say it isn’t clear ers South in preparation for the reports because every port structures. The ASCE is reviewing Mr. tinue to work with the investi- whether Mr. Morabito should the recertification, wrote on building is different. —Daniela Hernandez, Jim Morabito’s reports as part of a gating authorities to under- have taken more aggressive page seven of a nine-page re- The Journal reviewed sev- Oberman and Elisa Cho larger evaluation determining stand why this structure failed steps, such as urging that the port that there was “major eral inspection reports for contributed to this article.

U.S. WATCH of the U.S. recorded-music Ackman business and around 30% globally. GUANTANAMO BAY Mr. Ackman had triggered Shifts on one of the biggest guessing Prisoner Sent Back games on Wall Street in his To Native Morocco hunt for a SPAC target. The Universal activist investor had made fre- A Moroccan prisoner long quent public pronouncements held at the U.S. detention facility about a mystery deal. After at Guantanamo Bay, Cuba, has ContinuedfromPageOne launching the $4 billion vehi- been returned to his home coun- tors weren’t slated to vote on cle last summer, Mr. Ackman try as part of an effort by the the deal. eyed some of the biggest pri- Biden administration to reduce Some observers, though, vate companies, including the prisoner count at the facility, saw the structure as a conces- Airbnb Inc., which has since officials said Monday. sion to the reality that in an gone public, Stripe Inc. and Abdul Latif Nasir became the increasingly crowded SPAC Bloomberg LP. first detainee to be repatriated market—and because of the The SPAC’s shares had been since President Biden took of- relatively large size of the ve- trading at a roughly 25% pre- fice, the State Department said. hicle—Mr. Ackman wasn’t able mium to their initial public of- According to a senior adminis- to pull off a more conventional fering price, reflecting the tration official, 39 detainees re- deal, as had been expected. In high hopes for a deal, the main at the facility, and 10 have a sign of waning investor en- Journal reported. been recommended for transfer thusiasm, shares in the SPAC Vivendi said Monday it ap- byareviewboard. have fallen 18% since the origi- proved the request to transfer In 2016, under then-President nal transaction was made pub- the share-purchase agreement Barack Obama, the review board lic on June 4. with the SPAC to a number of

determined that Mr. Nasir’s de- WILSON RING/ASSOCIATED PRESS Mr. Ackman acknowledged funds tied to Mr. Ackman. It tention was no longer necessary BACK ON TRACK: Travelers got off an Amtrak Vermonter on Monday at Montpelier station in Berlin, that Monday, saying the deal also said those funds would to protect national security. Vt., as the passenger trains returned to the state after being suspended at the start of the pandemic. didn’t work for many share- acquire between 5% and 10% U.S. officials referred questions holders. of Universal. If the stake were about Morocco’s plans for Mr. Na- months, the shortest on record. WASHINGTON ARIZONA “We underestimated the re- less than 10%, Vivendi said it sir to officials in that country. The The announcement Monday action that some of our share- would sell shares up to that prosecutor in Morocco’s capital from the National Bureau of Eco- Capitol Rioter Gets Gunman Shoots holders would have to the amount to other investors said an investigation has been or- nomic Research also marks April 8-Month Sentence Several at House Fire transaction’s complexity and ahead of the planned Septem- dered into his case. as the official start of the eco- structure,” he wrote in a letter ber listing. Mr. Nasir, 56 years old, was nomic recovery from the initial A Florida man who breached A gunman killed one person to shareholders. “We also un- recruited in 1996 to fight in shock of the coronavirus pan- the U.S. Senate chamber carrying and wounded four others, includ- derestimated the transaction’s Chechnya, but ended up in Af- demic, which triggered wide- a Trump campaign flag was sen- ing firefighters and paramedics, potential impact on investors ghanistan, where he trained at spread business and school clo- tenced Monday to eight months at the scene of a house fire on who are unable to hold foreign The hedge-fund an al Qaeda camp, Pentagon of- sures, a steep drop in demand behind bars, the first punishment Sunday before being shot by an securities, who margin their manager won’t use ficials said. for services and record job losses. handed down for a felony charge officer, authorities said. shares, or who own call op- He was captured after fight- The recession ended the coun- in the Jan. 6 Capitol riot. The 35-year-old suspect, who tions on our stock.” his SPAC to invest in ing U.S. forces in Afghanistan try’s longest recorded economic In pronouncing the sentence was critically wounded and re- He said Tontine was drop- the music company. and was sent to Guantanamo in expansion, which began in June for Paul Allard Hodgkins, U.S. mains hospitalized, drove up to ping the SPAC plan because of May 2002, the Pentagon said. 2009 and lasted 128 months, ac- District Judge Randolph Moss the fire and shot at an ambu- issues raised by the SEC with Mr. Nasir’s family has long dis- cording to the bureau’s Business said the 38-year-old had played lance crew around 3:45 p.m., Tuc- several elements of the pro- puted the accusations against Cycle Dating Committee, the ac- a role in one of the worst epi- son Police Chief Chris Magnus posed transaction. The SEC Mr. Ackman’s Pershing him and said he was denied ba- cepted arbiter of recession dates. sodes in American history. Thou- said. The ambulance driver, a 20- wasn’t convinced the structure Square Holdings will sit as a sic due process. Mr. Nasir was The committee uses a variety sands of rioters loyal to then- year-old man, was shot in the qualified under NYSE rules for large shareholder alongside a never charged by U.S. officials of indicators to identify the President Donald Trump head, and a paramedic in the pas- such vehicles, Mr. Ackman consortium led by Chinese in- with a crime. peaks and troughs that frame stormed the Capitol and dis- senger seat, a 21-year-old said. ternet company Tencent Hold- His brother, Mustafa Nasir, economic contractions, defining rupted the certification of Joe woman, was shot in the chest The SEC scrutiny comes ings Ltd., which owns a 20% said that “finally our prayers “recession” as a significant de- Biden’s election win. and arm. The driver was in critical amid a broader review by the stake in Universal. have been answered.” cline in economic activity spread “That was not, by any stretch condition; the woman was stable. U.S. regulator of the SPAC Mr. Ackman said his blank- —Vivian Salama across the economy that typically of the imagination, a protest,” The suspect also opened fire structure. In May, the SEC check company would now lasts more than a few months. Judge Moss said. “It was…an as- on firefighters and neighbors said it was weighing new pursue a conventional SPAC ECONOMY The group typically waits until sault on democracy.” trying to douse the flames, the protections and guidelines merger. Based on rules gov- a business cycle is well under Mr. Hodgkins apologized to the chief said. One neighbor was amid worries that the blank- erning SPACs, it has 18 months Recession Lasted way before declaring it has court and said he felt ashamed. shot in the head and died. A check structure appropri- left to complete a transaction. Just Two Months started. While it broke with past He described being caught up in firefighter was shot in the arm, ately protects small inves- Mr. Ackman now faces the practice last summer by saying the euphoria as he walked down and another bullet grazed an- tors. same challenge he had ini- The U.S. officially climbed out when the most recent recession Washington’s most famous ave- other neighbor’s head. Universal is home to stars tially: finding a large and at- of a recession in April 2020, con- began, it took more than a year nue, then followed a crowd of A badly burned body was including Taylor Swift, Queen tractive target when the pool cluding a pandemic-driven eco- for it to declare its duration. hundreds into the Capitol. found inside the home. and the Beatles. It commands of candidates is relatively nomic contraction that lasted two —Hannah Lang —Associated Press —Associated Press a market share of about 40% small.

wsj_20210720_a006_p2jw201000_4_a00600_1______xa2021.crop.pdf 1 20-Jul-21 06:05:24 . THE WALL STREET JOURNAL. Tuesday, July 20, 2021 | A7

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A8 | Tuesday, July 20, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS Haiti’s Interim Premier to Cede Power

Handover to political Supreme Court, but its president died from Covid-19 in June. challenger aims to Mr. Joseph’s resignation stabilize country after comes as investigators from Haiti, the U.S. and Colombia leader’s assassination look into the brutal assassination of Mr. Moïse in his bed- BY JUAN MONTES room on July 7. AND RYAN DUBE Authorities say suspects include a network of more than Haiti’s interim prime minis- 30 people, including Haitian ter, Claude Joseph, has agreed politicians, Miami businessmen to step down and hand power and retired Colombian soldiers. to a political challenger in a Haitian police have named a bid to stabilize the embattled Haitian doctor and pastor, Caribbean nation following the Christian Emmanuel Sanon, who assassination of President Jo- lived in Florida, as a ringleader venel Moïse. of the operation. But most Hai- The country’s elections tians—among them influential minister, Mathias Pierre, said elites who knew Mr. Moïse and on Monday that Mr. Joseph’s those implicated by police in the resignation forms part of a killing—believe the real master- broad political agreement en- mind has yet to be identified. couraged by the U.S. and other “There is no way he could powers aimed at bringing sta- have financed an operation bility and presidential elec- like that,” a former prime min- tions in about four months. ister, Laurent Lamothe, said in Mr. Joseph will yield power an interview. “Following the to Ariel Henry, a neurosurgeon money trail they will find ulti- who was appointed Haiti’s mately who paid for this.” prime minister a little more The agreement for Mr. than a day before Mr. Moïse’s Henry to lead Haiti’s govern-

killing. As part of the agree- RICARDO ARDUENGO/REUTERS ment could help bring some ment, Mr. Joseph will become Haitian police guard an intersection in Port-au-Prince. Tensions rose after the assassination of President Jovenel Moïse this month. short-term stability to an im- foreign minister. poverished nation hit by polit- In an audio recording sent had claimed to be the head of power struggle between differ- He added that the govern- last week, Mr. Henry said he ical turmoil in recent years, to reporters late Sunday, Mr. the government as Mr. Henry ent political factions that ment will quickly lose public wouldn’t run either. Mr. Henry said Eduardo Gamarra, a Henry said he would seek to had yet to be sworn into of- would embolden powerful support if it doesn’t address didn’t respond to calls seeking scholar at Florida Interna- collaborate with political fac- fice. But on Friday, foreign criminal gangs and put Haiti rising street violence and a comment on Monday. Mr. Jo- tional University who studies tions to unify the country. ambassadors to Haiti from the on the brink of anarchy. grinding economic recession seph couldn’t be reached for Caribbean countries. “As prime minister, I make a U.S., Canada and several Euro- “The main mission of the caused by the pandemic. comment. Mr. Joseph’s decision Some Haitian activists re- solemn appeal to national pean nations threw their sup- new government will be to or- Mr. Pierre said Mr. Joseph’s to step down was earlier re- mained critical of the role of unity…to protect our country port behind Mr. Henry, urging ganize credible elections,” said resignation would be effective ported by the Washington Post. the U.S. and other foreign gov- from the multiple dangers that him to reach a consensus and Thomas Lalime, an economist on Tuesday. “For the sake of Mr. Moïse’s assassination set ernments in shaping the na- trouble us,” he said. “It is going form a new government. at the University of Quebec in Haiti, the country must be off a power struggle in the Ca- tion’s domestic politics. to be through dialogue and col- While a government of na- Montreal. “We cannot run the united in this difficult mo- ribbean nation as another politi- Marie Rosy Auguste, a hu- laboration that we will shape tional unity will likely be risk of organizing contested ment,” he said in an interview. cian, Senate President Joseph man-rights activist in Port-au- together the policies to imple- prone to internal tensions, ex- elections which will exacer- He said Mr. Joseph wouldn’t Lambert, also claimed to be the Prince, said the political tur- ment in this interim period.” perts and diplomats said it is a bate the risks of chronic polit- seek the presidency in the com- rightful leader. The dispute moil will likely continue under After the killing, Mr. Joseph necessary condition to avoid a ical instability in Haiti.” ing elections. In an interview could have been settled by the Mr. Henry. WORLD WATCH Peru Leftist Certified IRAQ Bomb Kills at Least Presidential Winner 18 in Baghdad Market BY RYAN DUBE tem. It also drove about 10% of A roadside bomb attack tar- the population back into pov- geted a Baghdad suburb Monday, Pedro Castillo, a far-left erty, reversing 15 years of so- killing at least 18 people and union activist whose rise has cial gains. wounding dozens of others at a jarred Peru’s political estab- Mr. Castillo’s inauguration crowded market, Iraqi security of- lishment, was declared presi- on the 200th anniversary of ficials said. dent-elect Monday night amid Peru’s independence, though, The attack took place in the deepening social unrest in a may generate more strife since Wahailat market in Sadr City, country battered by the coro- he faces an opposition that Iraq’s military said. The blast oc- navirus pandemic. sees his election as illegiti- curred a day before the Eid al- More than six weeks after mate and fears he is a threat Adha holiday when the market the vote, election officials cer- to the market economy. was busy with shoppers buying tified Mr. Castillo’s victory af- “It is pretty likely we’ll see gifts and groceries. ter rejecting fraud claims from some sort of institutional cri- There wasn’t an immediate his right-wing opponent, Keiko sis,” said Steven Levitsky, a claim of responsibility for the bomb- Fujimori. He will take office on political scientist at Harvard ing, but Islamic State previously has July 28 after winning 50.1% of University who tracks Peru. taken responsibility for similar at- the votes in the June 6 elec- Since 1999, leftist Latin tacks in the area. It was the third tion versus 49.9% for Ms. Fuji- time this year that a bomb hit a mori, who has refused to ac- market in the densely populated cept the results. Pedro Castillo neighborhood in eastern Baghdad. The election of the 51-year- narrowly won

—Associated Press WISSAM AL-OKAILI/REUTERS old head of a Marxist party in a backlash Iraqi security forces inspect the site of an explosion in the Sadr City district of Baghdad on Monday. could result in an overhaul of over the VIETNAM Peru’s market economy, which state’s failure U.S. policy makers and the SOUTH AFRICA PAKISTAN has relied on global trade to to deliver Central Bank Eases business community have in- power one of Latin America’s social services. Currency Concerns creased their focus on Vietnam Ex-President Zuma’s U.S. Peace Envoy fastest-growing economies the as the country has risen, in just Bribery Trial Resumes Visits Islamabad past two decades. Vietnam has pledged to refrain the past decade, from a minor The rise of Mr. Castillo, a American leaders rose to from weakening its currency to trading partner to the No. 6 The corruption trial of former Washington’s point man in former schoolteacher from the power from Venezuela to Mex- give its exporters an unfair ad- source of U.S. imports. South African President Jacob talks aimed at ending decades of rural Andes, underscores how ico after years of building sup- vantage as it seeks to ease ten- On Monday, Treasury Secre- Zuma resumed Monday, more war in Afghanistan made a brief the pandemic can fuel a back- port through movements. sions over a widening trade sur- tary Janet Yellen and Vietnam than a week after his imprison- visit Monday to Pakistan as rela- lash against the ruling class in Mr. Castillo, in contrast, ap- plus with the U.S. State Bank Governor Nguyen Thi ment for contempt of court in a tions between Islamabad and Ka- hard-hit countries. His election peared to come out of no- The Trump administration last Hong said Vietnam’s central bank separate case set off rioting in bul reached a new low. occurred amid a backdrop of where to win the presidency. year labeled Vietnam a currency reiterated that the focus of its parts of the country. Zalmay Khalilzad’s visit came public anger over the state’s A political novice with no manipulator and threatened to monetary policy framework is to Mr. Zuma is accused of receiv- just hours after Afghanistan with- failure to deliver decent public governing experience, he hails impose sweeping tariffs on im- promote macroeconomic stability ing bribes from the French arms drew its ambassador from Paki- services despite years of strong from a rural Andean left on the ports from Vietnam. The Biden and control inflation. Vietnam’s manufacturer Thales related to stan late Sunday after the diplo- economic activity and many fringe of Peru’s national poli- administration reversed the ma- central bank has agreed to allow the country’s 1999 arms-procure- mat’s daughter was brutally corruption scandals that tar- tics. Pollsters say he lacks wide- nipulator designation in April, say- the Vietnamese dong to move “in ment contracts. The trial is taking attacked last week. nished several politicians. spread support, highlighted by ing it found insufficient evidence line with the state of develop- place virtually, but Mr. Zuma’s Pakistan and Afghanistan each The pandemic in Peru has how close he came to losing to that the country was manipulat- ment of the financial and foreign- lawyers are trying to postpone accuses the other of fomenting killed more people on a per Ms. Fujimori, one of Peru’s ing its currency, but hasn’t yet exchange markets and with eco- the proceedings so he can physi- violence on its territory, while har- capita basis than anywhere most unpopular politicians and completed the process that could nomic fundamentals,” they said. cally appear in court. boring its enemies. else in the world and exposed daughter of former autocratic lead to the imposition of tariffs. —Kate Davidson —Associated Press —Associated Press a crumbling public health sys- President Alberto Fujimori.

Biden administration officials cybersecurity strategy. ment and American companies. hacking campaign from 2011 to offered attribution until now. called the collective condemna- A senior official said the ad- The indictment the Justice 2018 intended to benefit Microsoft praised Monday’s China tion the largest international ef- ministration is aware that no Department made public alleges China’s companies and com- global action. “Attributions like fort yet to criticize Beijing’s single action is capable of that the Chinese government mercial sectors by stealing in- these will help the interna- state-sponsored hacking. While changing the Chinese govern- has done little to uphold a 2015 tellectual property and business tional community ensure those Is Accused statements varied, the interna- ment’s malicious cyber behavior, accord between China and the information. The indictment behind indiscriminate attacks tional cohort generally called and that the focus was on bring- Obama administration not to di- didn’t appear directly related to are held accountable,” said Tom out China for engaging in harm- ing countries together in a uni- rect or support cyberattacks the Microsoft Exchange Server Burt, Microsoft’s vice president Of Hacking ful cyber activity, including in- fied stance against Beijing. The that steal corporate records for breach, but accused the hackers of customer security and trust. tellectual-property theft. official said hackers linked to of stealing information from Cybersecurity experts have ContinuedfromPageOne The public shaming, how- the MSS were using criminal dozens of companies and uni- been pressing the Biden admin- timated hundreds of thousands ever, didn’t include punitive contractors to conduct unsanc- versities around the world. istration for months to respond of mostly small businesses and measures, such as sanctions or tioned cyber operations globally. U.S. officials U.S. authorities have ac- to China’s alleged involvement organizations vulnerable to cy- diplomatic expulsions by the Asked what he believes the blamed hackers tied cused China of widespread in the Microsoft email hack. ber intrusion. Attributing the U.S. That stands in contrast difference is between hacking hacking targeting U.S. busi- “The Microsoft Exchange Microsoft hack to China was with how the administration originating in China and Russia, to Beijing for an nesses and government agen- hacks by MSS contractors is the part of a broader global cen- recently punished Russia for a President Biden said: “My un- attack on Microsoft. cies for years. China has his- most reckless cyber operation sure of Beijing’s cyberattacks range of alleged malicious cy- derstanding is that the Chinese torically denied the allegations. we have yet seen from the Chi- by the U.S., the EU, the U.K., ber activity, and the discrep- government, not unlike the Rus- The Exchange Server hack nese actors—much more dan- Canada, Australia, New Zea- ancy drew criticism from some sian government, is not doing was disclosed by Microsoft in gerous than the Russian Solar- land, Japan and the North At- cybersecurity specialists. this themselves, but are pro- economic benefit. The Trump March alongside a software Winds hacks,” said Silverado’s lantic Treaty Organization. The lack of further punish- tecting those who are doing it, administration had also said patch to fix the bugs being ex- Mr. Alperovitch, referring to the “The U.S. has repeatedly ment “looks like a double stan- and maybe even accommodat- Beijing repeatedly violated the ploited in the attack. Microsoft widespread cyber-espionage made groundless attacks and dard compared with actions ing them being able to do it.” accord. The May indictment ac- at the time identified the cul- campaign detected in December malicious smear against China against Russian actors. We treat The U.S.-led announcement cuses a regional branch of the prits as a Chinese cyber-espio- that, along with other alleged on cybersecurity,” said Liu China with kid gloves,” said is the most significant action MSS of relying on a front com- nage group with state ties that activities, prompted punitive Pengyu, spokesman for the Dmitri Alperovitch, chairman of from the Biden administration pany to continue such attacks it refers to as Hafnium, an as- measures against Moscow. Chinese Embassy in Washing- Silverado Policy Accelerator, a to date concerning China’s after the pact was signed. sessment that was supported by —Laurence Norman ton. “This is just another old Washington-based think tank yearslong campaign of cyberat- The indictment charges the other cybersecurity researchers. and Andrew Restuccia trick, with nothing new in it.” that works to modernize U.S. tacks against the U.S. govern- four men with orchestrating a The Biden administration hadn’t contributed to this article. . THE WALL STREET JOURNAL. Tuesday, July 20, 2021 | A9 WORLD NEWS Canada Will Allow Americans Entry If Fully Vaccinated BY KIM MACKRAEL border restrictions for another month, as they have done since OTTAWA—Canada said it March 2020, or modify them. would allow fully vaccinated Canada’s public-safety minis- Americans to enter the country ter, Bill Blair, said he was told for recreational or tourist ac- the U.S. expects to renew its tivities beginning Aug. 9, more current restrictions. than a year after authorities White House press secre- first closed the 5,500-mile bor- tary Jen Psaki said the U.S. der to most travelers to limit was “continuing to review our the spread of Covid-19. travel restrictions.” The government on Monday Canadian officials said it is said border restrictions for fully possible to begin allowing vaccinated travelers from other more Americans to enter the countries could be lifted begin- country because of Canadians’ ning Sept. 7, assuming Canada’s strong uptake of vaccines and cases stay relatively low. its low Covid-19 cases. “We are very pleased to As of Monday, 70% of the gradually and responsibly open Canadian population had re- up,” said Canadian Prime Minis- ceived at least one dose of a

ter Justin Trudeau. The deci- Covid-19 vaccine, according to ROB PINNEY/GETTY IMAGES sion to allow fully vaccinated the University of Oxford’s Our Patrons danced at Egg London nightclub early Monday after the government dropped nearly all its coronavirus restrictions. Americans to visit Canada be- World in Data, one of the high- fore tourists from other coun- est rates of first-dose coverage tries “is in recognition of our in the world. About 50% of the unique bond, especially between population is fully vaccinated, England Sheds Most Covid Curbs border communities,” he said. compared with 48% in the U.S. American citizens and per- The Canadian border has manent residents will need to been closed to most Americans BY KARINA SHAH bear when considering wear- doses. The shot developed by people. Scientists advising the provide proof of their full vac- since March 2020, when the AND JASON DOUGLAS ing masks or avoiding crowds. the University of Oxford and government believe reopening pandemic first prompted global The plan represents a radi- AstraZeneca PLC is estimated would be riskier if it was de- travel restrictions. Business LONDON—As the clock cal experiment in managing to reduce the risk of hospital- layed until the fall or winter, if The closure, which groups, tourism operators and struck midnight Sunday, night- Covid-19 as wealthy nations ization by more than 80%. The another surge coincided with some travelers have pressed the clubs across England opened enter a new phase of the pan- risk of dying after two doses the usual winter illnesses. has been in place Canadian government to reopen and partygoers ditched their demic where vaccines mean of either shot is lower still. Other scientists worry that since March 2020, is the border to Americans, citing face masks and streamed in as the virus is down but not out. Although nearly 88% of U.K. reopening is too risky and that high levels of vaccination and the country lifted nearly all Anxiety about what happens adults have received at least another surge in cases inevita- set to lift on Aug. 9. the economic and family ties Covid-19 restrictions despite a next has divided scientists, one dose, and more than two- bly would lead to avoidable ill- that exist between the nations. surge in infections linked to lawmakers and the public. thirds are fully inoculated, cases ness and deaths. Dozens When travel restrictions be- the Delta variant. “The virus sadly is still out are rising fast, underscoring the signed a letter to the Lancet gin to ease, fully vaccinated “It was like New Year’s there,” Mr. Johnson said late ease with which the highly medical journal to decry the cination status, with their last Americans also will be allowed Eve,” said Donal Macauley, a Sunday in a message urging transmissible Delta variant can plan as “dangerous and prema- dose administered at least two to bring unvaccinated children 21-year-old who waited in line people to be cautious. He and still find new hosts. ture.” They warn the reopen- weeks before their arrival, and under 12 to Canada, officials outside London’s Heaven club his finance chief entered a 10- The seven-day average of ing could spur the emergence must not have Covid symp- said, although those children from 8 p.m. with swarms of day isolation period Sunday new cases exceeded 45,000 on of new variants as proliferat- toms, officials said. They also can’t enter group settings such others. “There was a count- after Health Secretary Sajid Sunday, more than twice the ing cases gives the virus more will be required to present evi- as camps or day-care centers. down, a big song, and then ev- Javid tested positive for level at the end of June and opportunities to mutate. dence of an approved negative Most fully vaccinated trav- eryone just kissed.” Covid-19. “Go forward tomor- the highest total since late Some restrictions remain, coronavirus test taken within elers won’t need to quaran- England officially dropped row into the next step with all January. But the numbers be- such as a requirement to iso- 72 hours of their arrival in Can- tine. However, the government almost all Covid restrictions the right prudence and respect ing hospitalized and dying are late after testing positive for ada. Beginning Aug. 9, officials said they should have a two- Monday, including mask re- for other people and the risks a fraction of those recorded in Covid-19 and quarantine for said they won’t require follow- week quarantine plan ready in quirements and capacity limits that the disease continues to earlier stages of the pandemic. travelers from certain coun- up tests from people who are case officials at the border de- on gatherings, in a bet by present,” Mr. Johnson said. Hospital admissions are about tries. The changes apply only fully inoculated unless they are termine they don’t meet all of Prime Minister Boris Johnson Behind the decision to un- 600 a day. Daily deaths aver- to England. selected for random testing. Canada’s requirements. that mass vaccination—and lock is growing evidence that age around 40. Admissions in Nightclubs were among the The U.S. Department of Only inoculations that are British common sense—would vaccines are highly effective at late January exceeded 4,000 a last businesses to be able to Homeland Security declined to approved for use in Canada prevent another deadly coro- preventing severe illness and day and more than 1,200 daily fully reopen in England. Jessica say Monday whether it planned will be accepted, officials said. navirus wave. Mr. Johnson has death from Covid-19. England’s deaths were being recorded. Smith, a 24-year-old, said she is to renew or modify its own Approved vaccines include said most legally enforceable public-health agency estimates The hope is that even if excited. “For now, I just want border restrictions with Can- those produced by Pfizer Inc. public-health measures would the shot developed by Pfizer caseloads continue to rise mass my life back,” she said. “It might ada. The two countries would in collaboration with BioNTech be relaxed, and the public Inc. and BioNTech SE reduces vaccination means the state- sound a bit selfish, but I’ve been need to decide by Wednesday SE, Moderna Inc., Johnson & must decide for themselves the risk of hospitalization by run health service won’t buckle locked up for 18 months and I’ve whether to renew their shared Johnson and AstraZeneca PLC. what risks they are willing to more than 90% after two under a torrent of seriously ill had both my jabs.” German Floods Tested Alert Systems U.S. Weighs Sanctions on BY BOJAN PANCEVSKI Iran’s Oil Sales to China

The first precise warning The U.S. is considering India and other major crude-oil that Germany was about to be tighter sanctions on Iranian oil buyers to cut imports of the hit by a violent storm likely to sales to China as a way to en- commodity, non-oil trades, unleash a potentially deadly courage Tehran to conclude a debt financing and financial flood reached the country’s nuclear deal and raise the costs transfers, said a second official. Meteorological Service early of abandoning stalled talks. Negotiations have stalled as July 12, nearly three days be- Iran’s hard-line president-elect, fore disaster struck. By Benoit Faucon Ebrahim Raisi, has said that It was Monday morning, and in London Tehran won’t agree to a deal this government agency’s su- And Ian Talley without a comprehensive re- percomputer, a machine the in Washington moval of U.S. sanctions, some- size of a hockey rink, had just thing Washington has said it generated a model forecast pre- U.S. negotiators have been won’t do. Iran’s deputy foreign dicting that a string of western working with European and minister and top nuclear nego- German communities likely other international partners in tiator, Abbas Araghchi, would be befallen by severe Vienna since April to revive tweeted Saturday that talks flooding by late Wednesday. the 2015 deal that limits Iran’s must wait until next month’s The alarming forecast, nuclear program in exchange inauguration of Mr. Raisi. which soon proved to be accu- for an easing of broad sanc- Iran’s nuclear program has rate, was picked up by the tions. As those talks falter, the made strides during the past agency’s on-duty meteorolo- U.S. is running through op- year. According to estimates of gist, who promptly triggered tions intended to induce Iran European and U.S. officials, it the country’s sophisticated to keep negotiating or punish could amass enough fissile flood-alert system at 6 a.m., it if it doesn’t, according to material for a nuclear weapon notifying at once the govern- U.S. officials and people famil- within two to three months. ment, the emergency services, iar with the matter. The U.S. is warning that

the police and key media about SASCHA STEINBACH/EPA/SHUTTERSTOCK One plan being drafted would while it is committed to the the looming catastrophe. People on Monday inspected heavy damage caused by rains and flooding in Stolberg, Germany. choke off Iran’s swelling crude- talks, the time to secure a deal Some local authorities oil sales to China, the country’s under the 2015 accord is run- heeded the warning and of densely populated areas, Mr. Seehofer rejected the alerts were issued in the run- main client, through fresh sanc- ning out. “This process is not alerted their populations, po- questions are arising about accusations and said the fed- up to the flood, 16 of them in- tions targeting the shipping net- indefinite,” said Ned Price, tentially saving lives, but the state of flood prepared- eral government isn’t in charge dicating lethal danger, he said. works that help export an esti- spokesman for the State Depart- many others failed to do so ness in Europe’s largest econ- of natural-disaster prevention. Yet, for many viewers, this mated one million barrels a day ment. “There will come a point before the flash floods hit Ger- omy, and whether lives could In Germany’s decentralized was just one weather warning and bring critical revenue to where our calculus will change.” many last Wednesday, killing have been saved. system, this role rests with among many. And many local Iran, the officials said. Should that point come, the more than 160 people and se- Chancellor Angela Merkel’s city and county councils in the authorities tasked with pre- The new steps would take second official said: “There riously injuring nearly 1,000. government on Monday re- 16 federal states, which are paring the population for place if nuclear talks fail, the are things that are relatively Officials say those numbers jected accusations from opposi- tasked with acting upon the floods were surprised at how officials said. The plan would easy to do…and things that could increase as rescuers tion politicians that it had failed weather service’s warnings. quickly the events unfolded. involve the aggressive enforce- would take more time.” keep combing through de- to act on the warnings by its “We issued the warning as The flash floods that came ment of current sanctions al- Iran’s delegation to the stroyed structures. own meteorological agency. In- early as possible,” said Uwe after midnight on Wednesday ready banning dealings with United Nations didn’t return a In those places, an overreli- dependent meteorologists and Kirsche, spokesman for the shut electricity and telecom- Iran’s oil and shipping industry request for comment. ance on digital tools such as scientists also issued their own Meteorological Service. The munication networks, cutting through new designations or The Trump administration warning apps meant to replace public alerts before the flood- service then put out the warn- off people in the affected areas legal actions, the officials said. exited the nuclear pact in 2018, old-school sirens and public- ing, including on social media. ing on its social-media chan- from official communication. In the past, the U.S. has, for in- saying it didn’t do enough to service announcements, the With a general election on nels, Mr. Kirsche said, and Data released by the German stance, sanctioned the captain thwart Iran’s nuclear aspirations reluctance to order evacua- Sept. 26 approaching, the flood sent an alert to its app that is Weather Service showed that of a Syria-bound Iranian crude and curb its influence across the tions, and simply incredulity has become a campaign issue. used by around 10 million peo- parts of Germany had received tanker and obtained the sei- Middle East. The U.S. then reim- about the imminence of such a Opposition politicians on Mon- ple in Germany. close to 8 inches of rain in zure of fuel cargoes Tehran posed widespread sanctions disaster were among the fac- day said Ms. Merkel’s govern- The warning was then three days—almost as much as was sending to Venezuela. meant to coerce Tehran into tors that stood in the way of a ment should have acted on broadcast on public-service is recorded in a month in India “There is not much left to signing a new nuclear and secu- pre-emptive response, experts these early warnings, with some television, with newscasters during monsoon season. sanction in Iran’s economy,” said rity deal by crippling Iran’s and officials said. calling for Interior Minister announcing that some of the Counties that had a siren one of the U.S. officials. “Iran’s economy, including an embargo Some experts said the situa- Horst Seehofer, who oversees areas that later became flooded warning system, originally de- oil sales to China is the prize.” on its crude-oil exports. tion resembled that of the early disaster management, to resign. would see an exceedingly rare vised for air raids, and those No decision has been made Republican lawmakers and days of the coronavirus pan- “This was a grave systemic amount of rain that was certain that sent out fire-department on proceeding, the officials others critical of the Biden ad- demic, when some governments failure: We must openly talk to cause severe flooding. trucks equipped with loud- said. There are risks that the ef- ministration’s Iran policy have were late to take adequate ac- about the failures of government Armin Schuster, head of the speakers to drive through the fort could backfire, driving Iran said an apparent lack of en- tion to ward off a calamity no and what needs to be immedi- Federal Office for Civil Protec- night and warn residents to to accelerate its nuclear pro- forcement and the prospect of one had ever witnessed. ately improved to prevent this tion and Disaster Assistance, flee to higher ground appear gram. Other options are being repealing most sanctions are As Germany is coming to from repeating,” said Michael said Germany had a uniquely to have done better than those considered, the officials said. weakening Washington’s diplo- terms with the record death Theurer, a lawmaker for the cen- good alert system that worked who followed other protocols Those include a diplomatic matic leverage and embolden- toll and the severe devastation ter-right Free Democratic Party. impeccably. More than 150 or didn’t have those resources. campaign to persuade China, ing Tehran. . A10 | Tuesday, July 20, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

only describe as a “brutal” the attendees, Mr. Brodkowitz He was so efficient as a re- Banker ending to his senior year. He threw three more innings mote employee that, even as allowed one run in seven in- without allowing a hit to get vaccines became available and nings. So did Columbia’s start- the save and help Israel ad- bankers returned to Manhat- Pitches ing pitcher. Yale lost 2-1 in the vance to the actual European tan offices, he got a thumbs- 15th inning. Baseball Championship. up from his bosses to do the “I thought my baseball ca- Israel had just beaten a exact opposite. He moved to For Israel reerwasprobablyover,”he bunch of teams it was sup- Idaho. says. posed to beat. But at the next Mr. Brodkowitz knew he But one of the parents in stage, in Germany, it had to had to pitch to have any hope ContinuedfromPageOne the crowd for that game hap- beat countries it wasn’t sup- of making the team that would stay in shape. And there was pened to be Eric Holtz, whose posed to beat. go to Tokyo. So he joined an no guarantee that he would son played for Columbia. Mr. In one game Mr. Brodkowitz independent club called the make the team even if Israel Holtz had gone from coaching started, Israel beat Sweden, Idaho Falls Chukars. did somehow make the Olym- at Westchester Community 4-3, only after the Swedes He had never been to Idaho pics. College to managing Team Is- blew a ninth-inning lead when when he moved into the base- He decided to do it anyway. rael, and there was something their pitcher couldn’t throw a ment of a house with five And he never stopped working about the Yale right-hander strike in a biblical downpour. teammates. The entire time he

for Goldman. that caught his attention. It MARGO SUGARMAN/ISRAEL BASEBALL (“There was some greater was pitching for the Chukars, “I’vesortofproventhatI wasn’t just his fastball. Eric Brodkowitz thought he was done with baseball after college. force looking down and willing he continued his day job. can work effectively remotely,” “Obviously, with the name that to happen,” Mr. Brodkow- He was on his computer by Mr. Brodkowitz says from Brodkowitz, I assumed he was pean Baseball Championship. took a leave of absence. Using itz joked.) Israel also beat Ger- 5:30 a.m. while his house- Team Israel’s practice stadium Jewish,” Mr. Holtz says. He If they made it that far, Israel vacation days and squeezing many in extra innings, only af- mates slept for hours more. in Rockland County, N.Y., was. That meant he could could go to the Africa-Europe work in during late nights and ter a German runner on He would go to the field in the where the mostly American- qualify for Israeli citizenship, qualifying tournament. And early mornings, he was part of second base was thrown out at afternoon, typically get back born squad was based before which meant he could play there one country would get a the team that traveled to Bul- home on a ball hit off the out- around midnight from the playing a series of exhibitions ball for Israel in the Olympics. spot in the Olympics. garia in July of 2019 for the B- field fence. game and do the same exact in the U.S. (Such poaching isn’t uncom- There was also the caveat Pool,wheretheystayedina Those unlikely wins took Is- thing the next day. Mr. Brodkowitz embodies mon for countries that want to that Israel had never even got- half-finished hotel. rael to the playoffs, where it Mr. Brodkowitz has been the wild and improbable jour- enhance their showing at the ten out of the B-Pool. It didn’t take long for this came in fourth place, good named an alternate for Israel ney that made Israel, a na- Games.) “It was absolutely a long young debt banker to emerge enough to reach the promised in Tokyo, where the team will tional baseball team ranked Mr. Holtz soon learned that shot,” says Alex Jacobs, who as Israel’s workhorse. Mr. land otherwise known as Af- be a heavy underdog against 24th in the world, one of the Ben Wanger, the Yale first works in the Arizona Dia- Brodkowitz threw a team-high rica-Europe qualifying. the U.S., Mexico, the Domini- six in Tokyo after years of baseman who threw five shut- mondbacks front office and 9.1 innings with 15 strikeouts, That’s when something can Republic, South Korea and playing in empty stadiums and out innings in relief of Mr. moonlights as Israel’s bench albeit with a 5.79 earned-run happened that nobody ex- favoredJapan.Yethefigures even a horse-racing track Brodkowitz, was Jewish too. coach. average, as Israel went unde- pected. the wild ride that took him across the sport’s European Mr. Holtz was blunt as he ex- The first step, getting Is- feated against Bulgaria, Rus- With an improved roster, from New Haven to Blago- hinterlands. plained to his two new players raeli citizenship, was straight- sia, Greece, Serbia and Ireland. Israel crushed the Netherlands evgrad to Idaho Falls was It was a minor miracle the the convoluted and laborious forward. Keeping his day job That won them a trip to the and upset Italy. And suddenly worth it even if he’s not added Israeli national team even climb facing the Israelis. First, was harder. Mr. Brodkowitz, playoffs in Utena, Lithuania, they had qualified for the onto the roster: Israel some- stumbled upon Mr. Brodkow- they would have to win the who works as an analyst against the home team. In the Olympics. how qualified, and he learned itz, now 25 years old. He had European Baseball Champion- within Goldman Sachs Asset opening game, on a field in- The pandemic then delayed something along the way. just pitched in the 2018 Ivy ship B-Pool. Then they would Management, built his life side a racetrack where the an- the Olympics for another year. “It’s been a good experience League championship against have to emerge as one of the around the Israeli baseball nouncer on the PA system ex- Mr. Brodkowitz became very in terms of time manage- Columbia in a game he could top teams in the actual Euro- team’s schedule and never plained the rules of baseball to good at working from home. ment,” Mr. Brodkowitz says.

“We will face another revolt if South we don’t address socioeco- nomic issues.” The unrest was yet another Africa threat to reckon with for the nation’s first responders in South Africa’s coronavirus Upended emergency. The team at Saabe- rie Chishty, an ambulance service run by a Muslim charity in ContinuedfromPageOne southern Johannesburg, had provinces, and more than already been running triage in 3,400 have been arrested. patients’ homes. Hospital beds While the looting had quieted often only opened up when by Monday, the situation re- someone died. mains tense in parts of the “This third wave is the country. worst,” said Farah Williams, a The violence was initially paramedic who had six of her sparked by the arrest of former close colleagues die from the President Jacob Zuma earlier virus within a span of three this month, and has exacer- months. After weeks of back- bated a power struggle within to-back calls from patients, the the African National Congress, phones suddenly went quiet South Africa’s ruling party last week. “Everybody is fear- since Nelson Mandela’s elec- ful…to seek attention or care,” tion as the country’s first Black she said. When she did venture president 27 years ago. Presi- out, it was often to declare an- dent Cyril Ramaphosa has said other death amid mounting the unrest was an attempted fears for her own safety. insurrection against South Af- In the riots, two ambu- rica’s democracy and intended lances in the province were to sabotage its economy. torched, another robbed of its The political protest quickly equipment. One Saaberie Ch- devolved, becoming an outlet ishty volunteer who had joined for the frustrations of an im- Top, groups clean up a Soweto a group defending his commu- poverished majority long shut mall. Right, Sello Kgoale nity saw a neighbor get shot outofthecountry’seconomy. outside the mall where he took in the head. “We couldn’t get South Africa is struggling to cooking supplies during looting. an ambulance to him,” Ms. emerge from a record contrac- ‘I’m ashamed,’ he said. Williams said. tion of 7% last year. Each The violence disrupted surge of Covid-19 and the sub- on earth. Nearly two-thirds of Covid-19 testing and a vacci- sequent lockdowns are putting Black South Africans, who nation drive that was finally more pressure on the divided make up around 80% of the gaining momentum. Govern- nation, where 43% of workers country’s population, lived in ment officials and scientists were without a job at the end poverty, according to the na- warn that the mass lootings of March. tional statistics office. The and other gatherings are likely “We were sitting on a dor- mean monthly income of white to power another rise in infec- mant volcano here, where all South Africans was more than tions, hospitalizations and of us might perish if it three times that of their Black deaths. erupts,” said Xolani Dube, a compatriots. political analyst with the Xu- Mr. Ramaphosa, elected on bera Institute for Research apledgetocleanupthecoun- Looting and Development, a nonparti- try’s corruption-riddled poli- Mr. Kgoale had been look- san think tank in the south- tics and revive a moribund ing for odd jobs until last eastern city of Durban. “Now economy, imposed one of the week Monday, when he saw the volcano has erupted.” world’s strictest lockdowns in residents returning to the response to Covid-19. squatter camp carrying looted In the economic downturn items.

Slow recovery that followed, low-income GULSHAN KHAN FOR THE WALL STREET JOURNAL (3) His family had moved there The human and economic earners, many of whom are after he was laid off, renting a dislocation in South Africa, Black or members of other ra- appeared to be a decisive rul- mation” of an economy that viewed by The Wall Street one-roomed shack made of where just 2.8% of people have cial groups disadvantaged un- ing in a long-running battle has failed to provide for many Journal, leaders of local ANC corrugated iron with a plastic been fully vaccinated against der apartheid, were nearly within the ruling party: con- Black South Africans. constituencies in Mr. Zuma’s mat laid on the dirt floor. An- Covid-19, shows how difficult it four times as likely to lose victing Mr. Zuma. Within days of Mr. Zuma’s home province of KwaZulu-Na- ger against politicians and will be for many emerging their jobs as high-income The former president had arrest, his supporters were tal were asked to mobilize at lack of economic opportuni- economies to recover from the earners, the World Bank said resigned in 2018 under pres- disseminating plans for a vio- key locations around the city ties seethed in the commu- pandemic. The violence in in a report this month. sure from Mr. Ramaphosa. The lent protest through messag- of Durban. nity, which refused to allow South Africa—as well as in Some 13 million South Afri- court sentenced the 79-year- ing apps and social media. His Mr. Ramaphosa said Friday government officials onto the countries including Colombia cans, including three million old Mr. Zuma to 15 months in charitable foundation and his that some rioters targeted settlement. and Sudan—offers a stark ex- children, live in households jail for contempt of court after daughter Duduzile claimed on critical infrastructure, includ- “No heating and no water. ample of how diminishing in- that no longer have enough he refused to testify at a gov- Twitter that the former presi- ing telecommunications tow- We’ve never lived somewhere comes and the rising cost of money to afford food, a recent, ernment commission investi- dent had been arrested with- ers, oil refineries, the largest like this,” he said. His oldest food are adding to more than a nationally representative sur- gating allegations of rampant out trial and urged supporters maker of HIV/AIDS drugs and son had been due to go to col- year of pandemic suffering, ex- vey found. government corruption. to fight for his release. the Durban port—the largest lege in January, but the family acerbating political instability. Mr. Zuma, a former ANC In one WhatsApp group, in sub-Saharan Africa—sug- could no longer afford it. The World Bank estimates spy chief who spent 10 years in whose messages were re- gesting a coordinated opera- Using his severance money, that more than 160 million Covid losses the notorious Robben Island tion to dislodge South Africa’s Mr. Kgoale started a chicken- people will have been pushed South Africa has lost more prison during the antiapart- constitutional order. The high- breeding business that would into poverty as a result of than 190,000 of its 60 million heid struggle, has denied way between Durban and Jo- deliver birds reared in his Covid by the end of 2021, wid- citizens—about one in 300—to wrongdoing. hannesburg, a key route for home state of Limpopo to ening the gap between the the coronavirus since May Africa’s oldest liberation imports, exports and domestic stores and food stalls he had world’s richest and poorest 2020, according to a tally of movement, the ANC has been trade, was blocked for five already identified in Johannes- nations. The pandemic has led excess deaths by the govern- roiled for decades by ideologi- days. Fears of shortages of burg. A June lockdown that 41 million people to the brink ment-funded South African cal struggles that have become food and other essentials banned movement between of famine, according to the Medical Research Council. more complicated by mount- prompted panic buying. provinces killed that revenue World Food Program. A nationwide study of doing corruption allegations. In Government officials said stream, too. In South Africa, Mr. Rama- nated blood determined that one faction are supporters of Monday that six alleged un- After arriving in Johannes- phosa called in army reserv- by May this year, 47% of South Mr. Ramaphosa, a union- named instigators have been burg in the early days of de- ists to restore law and order, Africans have already had leader-turned-millionaire-busi- arrested and charged with in- mocracy, Mr. Kgoale plans to while the country’s over- Covid-19, with Black donors nessman who sees South Af- citing public violence, and that move back to Limpopo, a crowded hospitals and first re- more than three times as rica as a largely market-driven more arrests were expected. largely rural community with sponders fought the country’s likely to have antibodies to the economy in which foreign in- “The JZ incident was just a one of the country’s highest third, and highest, surge in virus than white donors. vestment can bring prosperity spark for what had been brew- unemployment rates. “There’s Covid-19 infections. As the third virus wave ar- for all races. The opposing ing over the years,” said Bob nothing for me there,” he said. When the pandemic ar- rived, powered by the more side is embodied by Mr. Zuma, Mhlanga, a former intelligence “I can only hope for my chil- rived, South Africa was al- transmissible Delta variant, who has denounced “white officer under Mr. Zuma who is dren, but I worry it’s too late.” ready, by some measurements, South Africa’s Constitutional monopoly capital” and called ‘This third wave is the worst,’ now in private security, using —Gulshan Khan the most inequitable country Court on June 29 made what for “radical economic transfor- said paramedic Farah Williams. the former president’s initials. contributed to this article. . HEALTH & WELLNESS PERSONAL JOURNAL.

tracking. Ms. Herman said she never turned off the location data on her phone but sometimes she wasn’t logged in on her phone’s State Farm app. Research is emerging that shows positive reinforcement works best with drivers, according to a study out of Australia and pre- liminary findings from University of Pennsylvania researchers who are still analyzing data collected from more than 2,000 drivers. In the University of Pennsylvania study, one group of drivers received weekly feedback from Progressive Auto Insurance’s Snapshot app on

Research is emerging that shows positive reinforcement works best with drivers.

how their hand-held phone use while driving compared with that of others in their age group; another group received up to $50 at the end of a seven-week period if their Olivia Herman‘s parents phone use was among the lowest in are seeking to help her their demographic group; and an- avoid distracted driving other received both feedback and with an app that offers the monetary incentive. rewards for safe practices. Still another group received weekly feedback and weekly incen-

MADDIE MCGARVEY FOR THE WALL STREET JOURNAL tives that could add up to $50 if the driver had comparatively low phone use all seven weeks. Depending on how their phone use compared with others for the week, they would either earn or forfeit money. They re- Making Teens Safer Drivers ceived texts letting them know how much of their weekly allotment they Motivations for avoiding distraction are more effective than nagging about phones, research finds had received—or sacrificed. Drivers who were promised money at the end of the study for keeping their phone use compara- FAMILY & volved in a deadly crash, according tively low showed a 17% reduction TECH | to the Automobile Association of STEPS YOU CAN TAKE TO INCREASE SAFETY in phone use, compared with a con- JULIE America. Distraction plays a role trol group. The drivers whose earn- JARGON in about 6 out of 10 teen crashes. ings were meted out week by week Holding a phone while driving has University of Pennsylvania pro- some third-party apps that can si- did even better, reducing their been shown to increase the risk of fessor and lead study author Kit lence alerts. phone use by 23%. “Showing people ith summer in a crash or near crash by up to four Delgado followed up with people how much they were losing each full swing and times, and glancing at a phone for whose phone use had decreased Program apps before you drive. week created regret,” said lead pandemic re- more than two seconds increases dramatically during a previous Program your destination into study author Kit Delgado, an emer- strictions lift- crash risk exponentially, an analy- study to find out what they had your navigation app before you gency room physician and associate Wing, more sis of studies on teen driving and done differently. He learned that pull away from the curb, and set director of the Center for Health In- teens are get- cellphone use shows. they had re-engineered their driv- up a playlist to play your favorite centives and Behavioral Economics ting behind the wheel. And they’re Steve Herman has four daugh- ing habits to increase safety. tunes or podcasts ahead of any at the University of Pennsylvania. taking their smartphones. ters and sons, ranging in age from Based on those findings, he of- drive. Mr. Herman, the Ohio dad, de- Phone-related distractions are a 18 to 25. They’re all still on his fered these suggestions: cided he needed to take a more pos- leading cause of teen crashes, but State Farm insurance plan. Mr. Buy a phone mount. Mounting itive approach, so he had his kids that phone has also begun to pro- Herman, a store-operations consul- Enable Do Not Disturb. In your your phone in the car at eye install an app called This App Saves vide insights for parents who want tant in New Albany, Ohio, had been phone settings, make Do Not Dis- level reduces the amount of Lives, which rewards people for not to ensure their young drivers are using State Farm’s Drive Safe & turb While Driving come on auto- time your eyes are diverted using their phones while driving. safe. Through apps from insurers Save app to keep tabs on his matically, rather than turning it on from the road as well as the After each ride, people who don’t and other providers, parents can young drivers, and to get insur- manually each time you drive. Do- amount of time you’re handling use their phones for anything but track their teens on the road and ance discounts if they drove with- ing that will silence text message your phone. Using a dashboard navigation, music and hands-free see how well they’re driving. out speeding or braking too hard. and other notifications while your phone interface such as Android calls earn points that can be re- An age-old parenting quandary He and his wife frequently dis- car is moving. This can be done on Auto or Apple’s CarPlay, which deemed for gift cards and free or is whether and when to use posi- cussed the kids’ driving scores the iPhone and on certain Android both come built into many discounted food. While he still uses tive reinforcement or punishment. with them. Things got competitive. phones. For Android phones that newer cars, can also help reduce the State Farm app, he only dis- When it comes to teen driving, the “It was quickly turning into a don’t have that setting, there are phone fiddling. cusses his kids’ scores when the re- stakes for choosing the right ap- negative,” Mr. Herman said. fund comes every six months. proach are high. Do you take away “It became kind of tense worry- He said that his kids have re- teens’ driving privileges if the ing about what my score would sponded better to positive rein- tracking apps show them to be be,” said his daughter Olivia Her- mium discounts up to 30%. He said periods when the app wasn’t forcement than to his emphasis on speeding or using their phones too man, 18. “I don’t get text alerts the company saw a 67% increase in showing any driving data. He dis- their scores, and the frequent, tan- much while driving, or do you fo- while I’m driving, but I do get customers signing up for the app covered that some of his kids were gible benefits of the rewards- cus on what they’re doing right? phone calls and I accept those last year. Numerous insurance pro- turning off the location on their based app have resonated with Summer is the most dangerous when I drive.” viders and other companies have de- phones. The downfall of many them. It’s too soon to determine time of year for auto accidents, A State Farm spokesman said the veloped apps that give drivers data driver-tracking apps and Do Not how much their driving has im- and new teen drivers are three app positively reinforces safe driving on their driving performance. Disturb phone settings is that proved, he said, but their scores times as likely as adults to be in- behavior by offering insurance-pre- Sometimes Mr. Herman noticed teens can find ways to bypass the have so far been good.

WHAT’S YOUR WORKOUT? tween New York and Los Angeles JEN MURPHY but is frequently on the road reporting. He’s preparing to cover his 10th Olympic Games. “Hearing the sto- How a Road ries of these super-fit athletes has been extra motivating,” he says. Warrior “Watching swimming and beach volleyball always inspires me.” He’ll begin anchoring the evening Keeps Fit newscast from Tokyo on Thursday. The Diet Due to Covid restrictions, he won’t Breakfast: Yogurt with blackber- Lester Holt relies on a have access to a gym and won’t be ries and cinnamon. able to exercise outside. He devised a Cheat: “When I anchored ‘Week- high-intensity routine variation of his HIIT routine for his end Today,’ it was my routine to hotel room and plans to pack a jump come home and make pancakes rope and resistance bands. “The per- or Belgian waffles and I drowned ester Holt swore he’d never son in the room below me probably them in maple syrup,” he says. have a belly. But when the won’t appreciate the jumping,” he “Thankfully, I broke that habit L“NBC Nightly News” anchor says. He also bought a set of plastic and now indulge once every six entered his 40s, he found himself NBC anchor Lester Holt is preparing to cover his 10th Olympic Games. dumbbells that he can fill with water. weeks.” loosening his belt to accommodate Mr. Holt says his biggest conun- Lunch: A grilled chicken sandwich his growing waistline. right and exercise.” he does at home or on the road in a drum is the time difference and from the newsroom commissary. “When you’re young you can eat Mr. Holt, now 62, finds exercise hurry. “When it comes to exercise, choosing between exercise or sleep. “If I’m really good, I only eat half what you want almost without con- boring. “I know it’s not a waste of you can find a million excuses, but I “I’ll have to start my day in Tokyo the bread,” he says. sequence,” he says. “When you get time, but I can’t be on a treadmill can always find 20 minutes in my at 1:30 a.m. and will only be getting Dinner: “My wife is a tremendous older, things you never imagined foranhour,”hesays. day,” he says. “During the pandemic I four to six hours of sleep,” he says. cook,” he says. “She’s a Seattle would happen to you suddenly hap- About 10 years ago he adopted didn’t even have to leave home. I ex- “That might be my excuse to skip girl, so we eat a lot of salmon, of- pen. It was an awakening that I an equipment-free high-intensity in- ercised in my pajamas in my living the crunches and get more shut- ten with broccoli and pasta.” needed to make an effort to eat terval training (HIIT) workout that room.” Mr. Holt splits his time be- eye.” Temptations: “When I’m covering breaking news and we’re set up in a parking lot, someone always The Workout someone at the gym doing some- ning is not my thing,” he says. “But makes a run for doughnuts or Mr. Holt prefers to work out in thing cool, I try it.” He starts with sprinting is a great way to get your candy and chips,” he says. “It’s the morning, ideally before 10 a.m. 30 to 40 seconds of jumping rope heart rate up, and the pain only very tempting, because when I’m His condo in New York has a gym, or running in place with high knees lasts a minute.” tired I crave carbs.” but since Covid he’s gotten used to to get his heart rate up. He’ll then Burpees are his least favorite ex- Sweet tooth: “It’s a constant bat- exercising in his living room. When do a core exercise. Bicycle crunches ercise, but he occasionally weaves tle,” he says. “I’m a big label he’s in Los Angeles he exercises at are a staple, followed by a wall sit them into a workout. He held a reader and try to avoid sugar, but the beach. His 20-minute HIIT rou- or dips. He then repeats a set with three-minute plank on the “Today” when I’m on the road, I fall off tine involves three sets of nine ex- different cardio, core and upper- or show and says his record is nearly the wagon.” ercises. If he’s in a time crunch, he lower-body exercises. four minutes. cuts it back to a seven-minute If he’s in Los Angeles, he likes to Mr. Holt recently started incorpo- Essential Travel Gear workout.“Ikeepalonglistofexer- go to Muscle Beach to use the par- rating yoga into his routine. Down- Jump rope cises in my brain, and I’m not above allel bars to do dips and pull-ups, ward dog, child’s pose and tree pose Resistance bands

MAGGIE SHANNON FOR THE WALL STREET JOURNAL (3) stealing ideas,” he says. “If I see and he’ll sprint on the beach. “Run- are his go-to exercises. Water-filled dumbbells .

A12 | Tuesday, July 20, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. Can ‘Core Hours’ Help Set Limits?

In a bid for better work-life balance, employers try specifying when employees have to be ‘on’

BY AIYANA ISHMAEL four hours a day, letting groups decide which time windows work saneweraofre- best for them. mote and in-office Atlanta-based scheduling soft- work begins, some ware maker Calendly restricted companies are trying meetings to between noon and 5 Ato bring definition to p.m. Eastern Time after noticing daily schedules—by that many were being scheduled at making some hours off-limits for times that cut into its far-flung meetings. employees’ evening plans or early The tactic, called “core hours,” morning routines, Calendly Chief sets times—say, between 10 a.m. Executive Tope Awotona said. and2p.m.or1p.m.and4p.m.— “All we care about is that you when bosses require employees to get your job done from anywhere, be online and available for meet- you hit your goals, and you make ings, project collaboration and yourself available during what we other exchanges. Any other time is call our core hours,” said Mr.

a meeting-free zone. Awotona, whose company plans to DANIEL DOWNEY By having certain hours, or let staff continue to work remotely days, when everyone is “on,” the yet still gather at times in co- idea goes, employees have more working spaces. and many work a mix of remote let employees work from home in- Christine Schoeff, FourKites’ chief freedom and flexibility to do solo That philosophy runs counter and in-office days. Some managers definitely, the company said it sur- people officer. work the rest of the time. to the reality of many white-collar say core hours are a remedy for veyed employees and found that “The question of core hours The approach—practiced by professionals. Smartphones, mes- preserving employees’ productivity many didn’t just want flexible gets really tricky,” said Ms. some employers over the decades saging apps, Zoom calls and other and sanity in hybrid work situa- hours. They wanted the company Schoeff. “We had to lean into trust as an effort to keep working par- workplace technologies have made tions—and keep meetings from to set boundaries around meeting and choice for employees, and re- ents from being boxed out of early it possible for workers to be proliferating out of control. times so the onus wouldn’t be en- ally know what they need to get morning or late af- reachable and avail- “If you give people from nine tirely on them to “defend their done.” ternoon meetings— able nearly every until five to schedule meetings, schedules,” said Dropbox spokes- Rather than institute a compa- was adopted by The philosophy hour of the day— they’ll fill the day full of meet- woman Jasmine Castro-Torres. nywide policy, some businesses are some bosses during and fueled many ings,” leaving no time to get other For Lewis Taylor, Dropbox vice instructing teams to practice the pandemic as a runs counter to the bosses’ expectations work done, said Brian Elliott, vice president of customer experience, whatever approach works best for way to keep remote reality of many that they should be. president of Slack’s Future Forum, the shift has meant more freedom them. Megan Flanagan, vice presi- collaboration from Many employees a consortium launched by the in his schedule and fewer meet- dent of field and partner market- bleeding into all professionals. say remote work in company to help businesses re- ings. He said he now finds time for ing at cybersecurity firm Arctic hours of the day. the pandemic has think the future of work. walks with his dog or a quick Wolf Networks, said that over the Now, as businesses blurred work-life Before Slack set its own core- break to help him recharge during course of the pandemic, her son’s reopen offices or boundaries even hours policy early on in the pan- intense workdays. “I can say, ‘OK, I preschool closed three times, leav- implement longer-term work-from- further, seeping into what used to demic, Mr. Elliott said he, too, have 30 minutes. After this, we ing her to juggle caring for her home strategies, some companies be commute times, lunch breaks found it a struggle to squeeze in can go outside and toss the Fris- toddler and video calls with col- say they are making core hours and other pauses that broke up writing during the brief lulls be- bee around,’ ” he said. leagues. That became manageable, standard practice. the office-based workday. A Na- tween meetings. Now his team re- Yet some companies with far- she said, after her manager and San Francisco-based Dropbox, tional Bureau of Economic Re- serves the period between 10 a.m. flung workforces say establishing teammates decided to limit meet- which is allowing workers to con- search study of more than three and 2 p.m. Pacific Time for group core hours for everyone can be too ings to the child’s daily nap time, tinue working remotely if they million workers’ anonymized email huddles and other discussion, al- regimented. At FourKites Inc., a usually between noon and 3 p.m. prefer, has set core collaboration and calendar data in 2020 showed lowing him and his colleagues to Chicago-based supply-chain plat- “If I didn’t have supportive col- hours for employees in the Ameri- the average workday lengthened get more done the rest of the day. form provider with operations in leagues, I wouldn’t have gotten cas between 9 a.m. and 1 p.m. Pa- by 48 minutes and the number of “I’ve got several people on the Singapore and Amsterdam, execu- through it,” said Ms. Flanagan, cific Time. Those hours partly meetings increased by 13% after team who are primary caregivers, tives looked into setting varying adding that her team has kept to overlap with core hours set for the pandemic’s onset. and it just was not physically pos- core hours for employees, depend- that schedule. “Being able to flex Dropbox workers in Europe and Work schedules could become sible for them to be present and to ing on their region. They soon de- my hours during those times when Asia. Slack Technologies Inc., also even more complicated in the com- be active from 9 a.m. until 5 p.m.,” termined the practice would make Jack was home ensured that I in San Francisco, is pushing teams ing months, as some workers come he said. it harder to meet project deadlines could apply the right focus on my to limit meeting times to about back into the office, others stay out As part of Dropbox’s plans to and make decisions quickly, said work—and on my son.”

OPERA REVIEW Drawn From Life And Death

BY HEIDI WALESON

“EVEREST,” an opera by Joby Talbot and Gene Scheer, made a powerful im- pression at its Dallas Opera world premiere in 2015. A taut, absorbing depiction of a real, ill-fated expedition to the summit of Mount Ever- est in 1996, the piece zeroes

in on three climbers—Rob MARK SIMMONS/DALLAS OPERA Hall (the expedition’s Tenor Nathan Granner is the voice of Rob Hall in ‘Everest.’ leader), Doug Hansen and Beck Weathers—and Jan Ar- nold, Hall’s pregnant wife living humans are drawn in ion. Bass Kevin Burdette em- back home. It explores their warm colors. They are ani- bodies Beck’s life force as he connections but mostly their mated in a lifelike manner, hallucinates a backyard bar- profound isolation in the their faces made mobile becue and his daughter, Meg face of the raging blizzard with technology that repro- (Charlotte Fanvu); her ap- that will cost Rob and Doug duced the expressions of the pearance draws him back their lives. singers as they recorded from death and prompts him Opera Parallèle, the home their parts in a studio. That to save himself. company of conductor Ni- color and movement embod- The chorus part was per- cole Paiement, who led the ies the living characters’ formed by a quartet of sing- premiere, has remounted hope of survival but also ers, their voices skillfully ex- the piece as a digital graphic their frailty, since the chilly, panded into a larger novel, which is now avail- block-like backgrounds; the ensemble through multi- able on demand from the stiff, looming chorus; and track recording. The big or- Dallas Opera’s new stream- the steady, inexorable pac- chestra called for in the ing channel (rental $19.99; ing of the rest of the anima- score was represented by a no subscription required; tion all point to a bad out- digital soundtrack created available through Jan. 16, come. by engineer Magnus Green 2022). This ingenious pro- This visual environment in collaboration with Ms. duction focuses the action and tempo complemented Paiement, who also con- even further on that isola- the music, which balances ducted the singers. It was tion, as well as on the hu- the hopeful solo voices efficient, and supplied the bris that prompts humans to against the storm that rages necessary momentum and challenge the unforgiving in the orchestra and the ee- background, but the rich- natural world, and the po- rie, echoing constancy of the ness and variety of the rous border between life chorus that counts out the acoustic instrumental sound and death. time—“2:59. 3:12. 3:21”— was missing, flattened into a Directed by Brian with every minute making a more generalized, electronic Staufenbiel, with the work safe descent less likely. The timbral effect. Drawing and of illustrator Mark Simmons vocal characterizations are animation successfully ren- and director of photogra- distinctive: Nathan Gran- dered the story of “Everest” phy David Murakami, the ner’s poignant tenor ex- through a new lens; how- film is laid out to look like a presses Rob’s adventurous ever, compressing its or- book, with multiple panes spirit, his sense of responsi- chestral music into one di- per page, floating in a black, bility for his clients—rather mension, while appropriate starry background of seem- than leaving the ailing Doug for the medium and cer- ingly infinite space. Black, behind, he drags him along tainly cost-effective, felt like white and shades of blue and finally dies beside him— aloss. dominate the visual palette, and his love for Jan. Bari- depicting the mountain and tone Hadleigh Adams ably Ms. Waleson writes on op- a blank-eyed chorus of the conveys Doug’s fundamental era for the Journal and is dead—representing the hun- weakness; mezzo Sasha the author of “Mad Scenes dreds of climbers killed over Cooke makes Jan, patched and Exit Arias: The Death of decades of attempts at the through to Rob as he dies the New York City Opera summit—that surrounds the on the mountain, a heart- and the Future of Opera in living characters. Only the breakingly stalwart compan- America” (Metropolitan). . THE WALL STREET JOURNAL. Tuesday, July 20, 2021 | A13 ARTS IN REVIEW

Darkside’s Nicolás Jaar and Dave Harrington JED DEMOS

lectronic music duo Dark- MUSIC REVIEW | MARK RICHARDSON mysterious alchemy. On “I’m the side sounds very of-this- Echo,” Mr. Jaar is credited with moment, but its roots can “transformations” and “twinkles” be traced back for at least along with vocals, percussion and Ea half-century. The band ‘Spirals’ by Darkside: synthesizer—elsewhere on the LP he comprises 31-year-old Ni- lists “valleys” and “noises” among colás Jaar primarily on vocals and his contributions. And Mr. Har- electronics and 35-year-old guitarist rington’s guitar tone on the track is Dave Harrington, and each plays A Mysterious Alchemy loud but stops just short of grainy multiple instruments. Together, distortion, filling space with just a they make psychedelic dance music handful of notes. While the with long, gradual builds that are steady pulse feels dictated alternately unsettling and ecstatic. Punk, a connection reinforced when close to the aesthetic of “Psychic” in by math and machines, Mr. The allure of this project is how Darkside created an album-length most respects but finds Mr. Har- Harrington grounds the mu- artfully Darkside combines the pas- remix of the French duo’s 2013 LP rington stretching out instrumen- sic organically, connecting sions of each member. Mr. Jaar “Random Access Memories.” But tally. On Darkside’s debut, his solos Darkside’s programmed made an immediate impact in 2011 just as Darkside seemed poised for on electric guitar were his most no- electronic music to genres with his solo album “Space Is Only a commercial breakthrough, Messrs. table contribution, but several tracks in which musicians play live Noise,” with songs featuring his ee- Jaar and Harrington set it aside and here are built around his acoustic in a room and interact in rie and odd voice built on the foun- moved on to other work. It was al- playing, lending a tinge of moody, real time. Another of his ex- dation of pulsing minimal techno. He most as if they preferred to stay un- gothic folk to the bass-heavy beat. ceptional moments comes has since released several solo al- derground, and it was unclear if Many of these pieces flow one late in the record on “Lib- bums and soundtracks and has they would record as Darkside into the next, as they do during the erty Bell.” It was an ad- staged art installations, while also band’s live show, so “Spirals” often vance single and for good collaborating with higher-profile art- feels more like an extended suite reason—it’s perhaps the ists as on the 2019 LP “Magdalene” than a collection of songs. “Narrow most conventionally struc- by English art-pop singer FKA Twigs. The electronic duo’s Road” bleeds into “The Limit,” which tured song here, with a Mr. Harrington’s roots are in jazz anticipated new album features Mr. Harrington’s strummed guitar part that brings to and improvisational rock, and his acoustic as a rhythmic element. His mind the flow and melan- work under his own name touches is as atmospheric as it is chordal pattern hints at jazz and choly of flamenco. on the Grateful Dead, early 1970s grounded in real time. funk, but does so with the absolute “Spirals” is a brilliant space-rock, and the jazz fusion of minimum number of notes and ges- words second. The lyrics ponder headphone album, in the tradition Miles Davis. The first Darkside full- tures. And his guitar has a reverber- philosophical questions and exam- of Pink Floyd’s “Dark Side of the length, 2013’s “Psychic,” found them ating glow that binds it to the sur- ine perception and consciousness. Moon.” It’s slightly more muted meeting in the middle, with Mr. again. But after eight years and a rounding electronics, lending a halo They’re worth reading along to as than its predecessor but has more Jaar’s stretched out dance grooves lot of work by the two men in other effect to the instrument that con- you listen but are difficult to make to offer those steeped in rock rather serving as a rhythmic bed for Mr. realms, the project returns with jures the softer side of Roxy Music. out without the text in front of than dance music. It’s also a record Harrington’s spare funk riffing and “Spirals” (Matador), out Friday. On the title track, Mr. Jaar’s low you. But the album doesn’t suffer for a specific mood, best heard af- cosmic exploratory leads. The LP opens with “Narrow voice sounds like an incantation, or for that lack. The essential mean- ter the sun goes down, when you’re The record was a critical hit, and Road” and a chiming prepared gui- Gregorian chant. His singing is ing of “Spirals” is found in the de- ready to leave mundane concerns the pair were an instant must-see at tar, followed by the moan of Mr. strange and otherworldly—his tails; each groan, creak, crackle and behind and let your mind wander. festivals. Their ability to stitch their Jaar’s voice. The fact that a stringed phrasing is distant and even, and pop is like a fragment of a sublimi- songs together into long tracks with instrument is the first sound we hear he generally avoids emotional em- nal language. Mr. Richardson is the Journal’s rock staggering climaxes brought to servesasapreviewfortherestof phasis; his voice is a sonic texture The album credits suggest that and pop music critic. Follow him on mind the concert prowess of Daft the record, which sticks reasonably first and a medium for delivering the final product results from a Twitter @MarkRichardson.

Weather TheWSJDailyCrossword| Edited by Mike Shenk Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. Edmonton 50s <0 123 45678 910111213 63 Squeeze (out) 25 Seized wheels, 60s for short Vancouver 70s 0s 14 15 16 64 Vermont 60s Calgaryy 10s vacation site 26 A couple of Seattle Winnipeg 17 18 19 65 Picture in a bucks, maybe 70s 20s 80s 20 21 22 23 picture 32 Colorful frozen Portland Helena Montreal 30s Bismarck 66 “Acid” dessert 80s Billings Augusta 40s 24 25 26 27 Eugene 100s Ottawa 80s Down 33 Fib 80s Mpls./St. Paul Toronto Albany Boston 50s Boise 90s 28 29 30 34 Rip to shreds 70s 1Heplayed Sioux Falls Hartford 60s 90s Pierre Milwaukee Detroit Buffalo New York “Amazing Grace” 35 Admitted, as a Chicago Cleveland 70s 31 32 33 34 Reno Salt Lake Cityy Des Moines 90s in the 2021 misdeed 60s Cheyenne Omaha Pittsburgh Philadelphia 80s 35 36 37 inauguration Sacramento Springfield Indianapolis 36 Spots for team Denver Washington D.C.D 90s concert San Francisco Topeka Kansas Charleston 38 39 40 41 insignias Colorado City Richmond 100+ Las Springs St. Louis 2 Brought to 37 Body-shaping Vegas Wichita Louisville 80s Nashville Raleigh 42 43 44 45 46 47 mind procedure, for Los Angeles 100s Santa Fe 70s Charlotte Memphis 48 49 50 51 52 3 Wide-brimmed short Phoenix Albuquerque Oklahoma Cityy Birmingham Columbia topper San Diego Little Rock Warm Rain 38 Winding courses Tucson Atlanta Dallas 53 54 55 56 4 USMC rank El Paso Ft. Worth 39 Round Table Jackson 80s Cold T-storms Jacksonville 57 58 59 60 5Proofof setting Mobile 90s Austin Stationary innocence, 43 Hard-wired 70s Orlando Snow 61 62 63 80s New Orleans perhaps 80s San Antonio Houston Tampa 45 “The House of 60s 90s 64 65 66 6 Skating rival of Honolulu Miami Showers Flurries the Spirits” 50s Anchorage Nancy 70s author Allende Ice IT’S SPREADING! | By Prasanna Keshava & 7 Worse than bad 46 Some spills that 8 General on may spread...like U.S. Forecasts Today Tomorrow Today Tomorrow Tom Pepper City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W Chinese menus this puzzle’s s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Across indicated letters Omaha 87 68 s 89 71 pc Frankfurt 78 55 pc 79 58 pc 28 “Practice makes 44 Overly proper 9 They have t...t’storms; r...rain; sf...snow ﬂurries; sn...snow; i...ice Orlando 91 76 t 91 75 t Geneva 81 59 s 81 60 pc perfect,” e.g. person multiple legs 47 Updated the Today Tomorrow 1 “Sure thing” Philadelphia 90 73 s 90 67 t Havana 90 74 t 92 74 t City Hi Lo W Hi Lo W 29 Raised railways 48 Concert volume 10 Home to about email inbox, say Phoenix 105 89 t 105 87 t Hong Kong 88 81 t 89 81 t 4 Occupied, as a Anchorage 63 55 pc 62 57 r Pittsburgh 86 64 s 78 58 pc Istanbul 86 77 s 84 74 s desk 30 Before, in booster two thirds of 50 Hawke of “The Atlanta 79 71 t 82 71 t Portland, Maine 82 65 t 74 60 sh Jakarta 90 76 t 90 76 t 9 Violinist’s need poetry 49 “Really, I’m not Hawaiians Good Lord Bird” Austin 88 70 t 88 70 t Portland, Ore. 80 56 pc 79 53 s Jerusalem 87 72 s 85 69 s kidding!” 11 Reels 51 Rides the rapids Baltimore 92 72 s 93 67 t Sacramento 94 58 pc 91 56 s Johannesburg 58 41 s 60 30 s 14 Fertility clinic 31 FedEx Boise 94 70 t 100 66 s St. Louis 88 71 s 91 73 pc London 85 66 t 85 64 s cells competitor 53 Grammy-winning 12 “Wouldn’t miss 52 Not available, Salt Lake City 95 74 pc 99 77 pc Madrid 98 67 s 100 69 s country singer Boston 86 72 s 80 63 t 15 Is radiant 33 Luau garland it!” perhaps Burlington 81 63 t 73 59 sh San Francisco 70 55 pc 68 55 pc Manila 85 81 t 86 80 t Womack Charlotte 80 68 t 88 70 s Santa Fe 85 61 t 86 61 t Melbourne 54 45 sh 55 41 pc 16 Instruction on a 34 “___ bien!” 13 Gets snug 54 Three, say 55 M&M color Chicago 88 65 s 78 66 pc Seattle 74 54 pc 73 52 s Mexico City 73 57 t 73 57 t Wonderland cake 35 Puzzling ﬁeld 19 Inclined 58 Three, in Cleveland 85 65 s 74 59 pc Sioux Falls 89 68 s 90 70 pc Milan 88 68 pc 88 70 t replaced with characters combinations Dallas 88 73 t 89 74 t Wash., D.C. 91 75 s 93 70 t Moscow 79 60 pc 73 58 c 17 Not hither formations blue 21 Chobani product 59 Parking place Denver 94 67 s 90 65 pc Mumbai 85 80 sh 83 80 t 18 Shields against 38 Glaswegian, 56 Distress Detroit 87 62 s 79 62 pc International Paris 84 61 s 84 63 s mind control, Honolulu 86 76 pc 87 75 pc Rio de Janeiro 69 60 pc 71 63 c for one Previous Puzzle’s Solution Today Tomorrow 57 It erupts every 50 Houston 86 73 t 88 74 t Riyadh 112 90 s 112 93 s some believe City Hi Lo W Hi Lo W 40 Burj Khalifa’s to 127 minutes ICIER SPA ONCD Indianapolis 86 67 s 83 65 t Rome 86 67 s 87 68 s 20 Greenlight country: Abbr. NORMA CTRL PERU Kansas City 87 67 s 88 68 pc Amsterdam 74 57 pc 75 57 c San Juan 90 79 s 89 78 s 60 Discreet email SCOUTTROOP TWOS Las Vegas 105 87 pc 105 88 pc Athens 89 77 s 94 79 s Seoul 92 78 t 98 77 pc 22 Mitt Romney’s 41 “Cheap Thrills” inclusion EONS BORG A IMAT Little Rock 87 70 c 88 70 pc Baghdad 120 91 pc 118 88 pc Shanghai 92 80 pc 92 80 pc alma mater, for ANO JACKANDCOKE singer 61 Short sacred MURMUR S MC S OE R Los Angeles 91 70 pc 91 71 pc Bangkok 88 80 sh 87 80 t Singapore 88 80 pc 88 80 t short TEEN SEA ENDS 42 Seat for a composition Miami 90 80 t 90 79 t Beijing 80 72 c 79 71 t Sydney 63 51 pc 57 43 r 23 Instructed TOWELRACK Milwaukee 85 63 pc 73 67 pc Berlin 69 59 c 72 59 pc Taipei City 100 83 t 94 81 t toddler or a pet 62 Dustin’s ACES ANY HERE Minneapolis 91 70 t 90 72 pc Brussels 74 55 pc 76 58 pc Tokyo 8876pc8876pc LIL LIV LOOSENS 24 May observance 43 Little “Midnight I NFLATEDEGO AR I Nashville 87 68 t 89 71 s Buenos Aires 59 45 s 58 48 s Toronto 85 63 t 77 60 s 27 Styling goo troublemaker Cowboy” role BELOW L IAR ARON New Orleans 83 77 t 86 78 t Dubai 104 96 s 104 96 s Vancouver 72 55 s 70 54 pc AMI D JOCKEYCLUB New York City 88 73 pc 86 67 t Dublin 73 58 s 75 58 s Warsaw 7459pc7456pc s WSJ.com/Puzzles. BAKE APES AN I TA Oklahoma City 86 65 pc 87 67 pc Edinburgh 71 59 s 72 57 pc Zurich 79 55 s 79 55 s Solve this puzzle online and discuss it at AXES WED METED . A14 | Tuesday, July 20, 2021 THE WALL STREET JOURNAL. SPORTS

BY RACHEL BACHMAN

ob and Melissa Mewis Lessons From a Soccer Family can still picture the scene in their Hanson, BMass., living room on July 10, 1999. They and How Bob and Melissa Mewis guided daughters Kristie and Samantha to the U.S. women’s team their daughters—8-year-old Kristie and 6-year-old Samantha—were glued to the TV as the U.S. Melissa recalled. Kristie was ter- women’s soccer team outlasted ritorial. China on penalty kicks to win the “They would play in the back- World Cup. yard, and Kristie would never, “The couch we had at the time ever, ever give her any type of was a fold-out,” Bob Mewis re- praise,” Melissa said. “And I was called. “So everybody was sitting saying to Bob a lot, ‘What are we on that fold-out couch, watching doing wrong? They’re never go- the game, and the girls were very ing to be friends.’ And I just excited.” think it’s because they both Like many of the roughly 7 mil- wanted the same thing.” lion American girls playing soccer Looking back now, Melissa at the time, the Mewises dreamed said, “Sam would be the first to of playing for the U.S. team. Each tell you that she would not be had a 0.00031% chance of making the player that she is without her the Tokyo Olympics roster. sister. Her sister drove her every They both made it. Kristie, now day indirectly to be a better 30 years old, and Samantha, 28, player.” are the first sisters to play to- When the girls were younger, gether for the U.S. women’s soccer Kristie was a coveted left-footed team in a world championship at forward and Sam was a mid- any level. Even with the recent ex- fielder growing to 6 feet tall who pansion of the U.S. squad to 22 liked to head the ball. The par- from 18 under pandemic rules, ents used their different attri- TeamUSAis9%Mewis. butes to avoid answering the in- The U.S. women begin group- evitable questions about who was stage play Wednesday [July 21] thebetterplayer. against Sweden, which knocked After high school, Kristie went them from the 2016 Rio Olympic in to Boston College and Sam to the quarterfinals. Team USA aims UCLA. Kristie was called up to to become the first to win Olympic the U.S. women’s senior team in gold on the heels of a World Cup 2013, a year ahead of Sam. Sam title. became a mainstay while Kristie Bob and Melissa Mewis spoke to struggled to find a consistent po- The Wall Street Journal about how sition, playing everywhere from they navigated their daughters forward to defense, and suffered through the wilds of club soccer, injuries. When Sam was named to sibling rivalry and adolescence to the 2019 roster that went on to help them make the best team in win the World Cup, Kristie was the world. Sisters Kristie Mewis, left, and Samantha Mewis both made the U.S. women’s soccer team for the Tokyo Olympics. coming back from knee surgery. “She was so supportive of her “Every time we got a letter, we The parents took the girls to spent between $10,000-$12,000 a sister,” Bob said. “This is when Commit to the Goal would show it to the girls and say, roller-skating outings with class- year on the girls’ soccer starting kind of the youthful sibling ri- The Mewises are wired for ‘Are you sure you want to go to mates when they were young, and in their mid-teens. valry had worn off, and they re- sports. Bob played soccer at Fitch- this?’” Melissa recalled. “Even nervously let them go to the beach To afford that investment, Bob ally became very, very close.” burg (Mass.) State University and when we knew their goals, even at night with friends when they supplemented the income from Kristie plays professionally for coached his daughters in youth when they were so happy playing were teens. his full-time work for a firm that the National Women’s Soccer soccer through their early teens. all the time. It’s just something “You find yourself tempted to estimated costs for construction League’s Houston Dash. Sam Melissa played basketball at that Bob and I decided to do early widen your boundaries as a parent projects. He took on weekend jobs plays for the North Carolina Northeastern University and ran on, so that every single time they in disciplining, because you don’t building, roofing or framing Courage. They’re both midfield- the 400 meters for the track team. went, they were taking responsi- want them to become resentful to houses, joining his athletic daugh- ers. In Team USA’s July 1 friendly Kristie and Sam both played bas- bility and commitment to say they youortosoccer,andthenthey ters in soreness and fatigue. against Mexico, Kristie passed to ketball and ran track at Whitman- wanted to do it. They never said blame that, and then they want to Melissa, meanwhile, did office Sam for the first sister assist- Hanson High School in addition to no.” quit,” Melissa said. “I was con- work and other part-time jobs but goal combination in U.S. women’s starring on the soccer team. stantly battling with, OK, how far purposely kept her weekends free. team history. One sport stood out. The U.S. can I stretch this but still be “I was just much happier work- On the day in mid-June that Soccer Federation began inviting Seek a Balance within reason? So my advice is: ing when they were at school,” U.S. Soccer was set to tell players Kristie and Sam to selective train- Although soccer was a primary Don’t stretch too far.” she said. “Then I was able to whether they had made the ing camps when each was 13 or 14 focus of the girls’ childhoods, Me- drive them anywhere, go to tour- Olympic roster, Melissa was pull- years old, sending letters for the lissa and Bob encouraged them to naments and never miss a Satur- ing on her sneakers to take a girls to show their school principal have lives outside of it. They took Invest and Sacrifice daygame.AndIhavenore- walk and burn off some nervous so they could be excused from a family trips to Maine, leaving soc- The high price of playing on grets.” energy. Her phone sprang to life. week of school. Teachers required cer balls behind, and more distant competitive squads is the chief She saw that a FaceTime call was them to complete all the work jaunts, such as a trip to the Carib- criticism of youth soccer in the coming in from both Sam and they missed. “They even had to bean in the heat of the summer U.S., with costs including club Outlast Sibling Rivalry Kristie.Atthatmoment,she make up phys-ed class,” Bob re- because that’s when they could get and tournament fees and increas- Like a typical younger sister, knew exactly what they would called with amusement. free. ingly distant travel. The Mewises SamwantedtobelikeKristie, say. Why the Bucks Gave Giannis His Own Holiday

BY BEN COHEN IN THE WEEKS BEFORE THIS NBA season began, the Milwaukee Bucks made an odd decision. They realized that convincing Gi- annis Antetokounmpo to sign the richest contract in league history and winning their first championship in a half-century both de- pended on someone who played for another team. They paid a fortune to trade for him. They paid another fortune to extend his contract. They The U.S. women’s gymnastics team posed for a photo at the Olympic Trials. were gambling the prime of a transcendent player and the future of the entire team on Jrue Holiday. U.S. Gymnastics Alternate It took three plays in three seconds on Saturday for their bet on a borderline star to pay off. Tests Positive for Covid-19 One steal. One pass. One tip. The ball was barely in his hands, but Holiday’s fingerprints were all over BY LOUISE RADNOFSKY two-dose Pfizer regimen, and was their Game 5 win. not currently experiencing any It was exactly what the Bucks AN ALTERNATE on the U.S. Olym- symptoms. had in mind when they brought him pic women’s gymnastics team Most of the six gymnasts who to Milwaukee, even if they couldn’t tested positive for Covid-19 while in are designated competitors have ex- have dreamed that it would give Japan on Sunday, team officials plicitly said they have been vacci- them a 3-2 lead in the NBA Finals said, immediately creating anxiety nated, with Biles openly expressing and a shot to win the title at home around one of the most closely her support for vaccination. on Tuesday. watched teams at the Tokyo Games. The other alternate gymnast “I guess I was just in the right The world-dominant U.S. women, placed in quarantine is 17-year-old place at the right time,” Holiday led by superstar Simone Biles, are Leanne Wong, who trains at the said. He was talking about ripping the strong favorites to take a third same Missouri gym as Eaker, their the ball away from Phoenix Suns consecutive team gold medal at the gym confirmed. Wong said at the star Devin Booker, but it also hap- Jrue Holiday made a key steal for the Bucks in Game 5 of the NBA Finals. Games. Biles is favored to take as U.S. Olympic trials in late June that pens to be an excellent way to de- many as four out of five additional she was unvaccinated. scribe his role on what might be the ready had one in Middleton and has another team on the verge of a individual gold medals. GAGE Center, the gym in Blue NBA’s next champion. found another complementary piece championship. The result was confirmed by USA Springs, Mo., said that Eaker had The Bucks can’t win without An- to Antetokounmpo in the perpetu- Holiday cost two players, three Gymnastics, the national governing been vaccinated two months ago, tetokounmpo. But they wouldn’t be ally undervalued Holiday. He’s too first-round draft picks and two fu- body of the sport, following an- and that Wong had tested negative in position to win a championship good and makes too much money to ture pick swaps, as the Bucks sig- nouncements from city authorities in Japan but had been placed in without someone like Holiday. be called a glue guy, but he also naled to Antetokounmpo how seri- of Inzai, the Japanese city where quarantine due to the close contact It’s hard to remember after one plays as if he’s made of Elmers. ously they were taking his the women’s team is for a training she had with Eaker. The gym’s of the greatest weeks of Antetok- It’s why they wanted him and championship aspirations, and his camp before the Games begin Fri- statement also said that both gym- ounmpo’s career that his status was could soon be the NBA’s third contract extension in the middle of day, as well as the U.S. Olympic & nasts had no symptoms, had fol- deeply uncertain when the Finals straight champion that pulled the the season cost as much as $160 Paralympic Committee. lowed all the requirements set by began. The sight of him crashing to trigger on a blockbuster deal on million. USA Gymnastics said that after the U.S. Olympic & Paralympic Com- the floor and the sound of him yelp- their way to a title. The Toronto It was a deal that secured Ante- the Covid protocols for the Games mittee and the Japanese governing with pain after hyperextending Raptors traded for Kawhi Leonard. tokounmpo, Middleton and Holiday were reviewed, the local government, and that they were disap- his knee in the last series were so The Los Angeles Lakers paired Le- as the core of what the Bucks hoped ment put the gymnast who tested pointed but understood the reason ugly that even he thought he was Bron James with Anthony Davis. It would be a championship roster. positive and one other additional for their quarantine. done for the rest of the season. The seemed at various points in these There have been many times in the alternate gymnast into quarantine. The U.S. brought four women for Bucks then won two games against playoffs that the decisive move of playoffs when it appeared other- Neither athlete was named. the team event, as well as two gym- the Atlanta Hawks that bought An- the season was the Brooklyn Nets wise. They were down 2-0 to the The father of 18-year-old Kara nasts who are competing individu- tetokounmpo more time to return. snaring James Harden or the Brooklyn Nets. They were also Eaker confirmed on Monday that ally, as well as four replacement He came back. He was brilliant. Phoenix Suns striking for Chris down 2-0 to the Suns in the Finals. his daughter was the gymnast who athletes. They had traveled at least But it’s not enough for teams to Paul. They were even down one Antetok- had tested positive. Mark Eaker part of their journey together from have a superstar in today’s NBA. But it was a trade for Jrue Holi- ounmpo against the Hawks. saidinatextmessagethatKara the U.S. to the same Japanese city They also need players who fit per- day, whose one All-Star Game ap- Now they are down to one win

had been vaccinated under the for the pre-Games camp. fectly around them. The Bucks al- pearance came in 2013, that now away from a title. CLOCKWISE FROM TOP: BRAD SMITH/ISI PHOTOS/GETTY IMAGES; ROSS D. FRANKLIN/ASSOCIATED PRESS; JAMIE SQUIRE/GETTY IMAGES . THE WALL STREET JOURNAL. Tuesday, July 20, 2021 | A15 OPINION

Biden’s Vietnam, Then and Now BOOKSHELF | By David A. Shaywitz Psychiatry George W. our troops out at almost any van Thieu—in writing—that ther use of U.S. military force Bush and Joe cost. But where Mr. Biden the U.S. would “take swift and in South Vietnam. So when Biden are con- meant these words as reassur- severe retaliatory action” and Hanoi launched a new spring temporaries, ance, Mr. Bush expressed them “respond with full force” if offensive in 1975, there was In Extremis born just four as resolve. “Billy,” he told me, North Vietnam violated the nothing to stop it—and on years apart. “we are not going to abandon Paris cease-fire accords, Presi- April 30 the Communist flag MAIN They both thepeopleofIraqthewaywe dent Biden says “our support was raised over Saigon’s presi- STREET came of age abandoned the people of Viet- for the Afghan National De- dential palace. Projections By William during the nam, from the rooftop of an fense and Security Forces will Now we have deprived By Karl Deisseroth McGurn Vietnam War. embassy.” endure.” those fighting the Taliban of But as com- In the summer of 2007 he The Taliban and al Qaeda the same advantage the South (Random House, 231 pages, $28) manders in expanded on his thinking in a are keenly aware of Vietnam, Vietnamese had once enjoyed: chief, the two would draw very speech to the Veterans of For- and have often invoked it to U.S. air support. Does anyone or patients in the throes of serious mental illness— different conclusions from eign Wars about the blossom- suggest victory would ulti- remember what happened the F and for their families—life can be hard, at times Vietnam. These differences ing of prosperity and democ- mately be theirs because last time America decided it agonizing. Clinical care givers, repeatedly called on were most recently under- racy in Asia midwifed by the Americans do not have the doesn’t really matter what to provide insight and offer compassion, face their own scored by Mr. Biden’s decision postwar U.S. presence in the goes on in the back hills of Af- wrenching difficulties. And yet the challenge of caring for to conclude the U.S. military region. Vietnam, he noted, was ghanistan? the mentally ill can also be a call to action. So it was for mission in Afghanistan and a sad exception. “One unmis- George W.Bush is Given that Mr. Bush is al- Karl Deisseroth, a psychiatrist and neuroscientist at bring the troops home. takable legacy of Vietnam is most as unpopular on the Re- Stanford University whose memoir, “Projections,” describes Mr. Bush, who has mostly that the price of America’s right. Leaving publican right as he is on the his experience as a clinician and researcher, offering up steered clear of politics since withdrawal was paid by mil- Afghanistan like Democratic left these days, case studies from his practice and exploring the biological leaving office, publicly called lions of innocent citizens President Biden will not likely underpinnings of his patients’ conditions. Mr. Biden’s move “a mistake.” whose agonies would add to this is a mistake. lose any sleep over his criti- Dr. Deisseroth tells us that he entered medical school Though he didn’t invoke Viet- our vocabulary new terms like cism. He might even welcome planning to become a neurosurgeon but found himself nam, he did wonder aloud ‘boat people,’ ‘re-education it as a political plus, accentu- unexpectedly captivated by his student psychiatry rotation, about the consequences for camps,’ and ‘killing fields.’ ” stomach for the long haul. A ating his position as the presi- drawn both to the human drama and to the scientific imper- Afghan women and the friends What Mr. Bush understood Taliban statement from 2013 dent ending what he calls “the ative to understand the mechanistic basis of psychological America would be leaving be- is that when that last U.S. heli- summed up the U.S. this way: forever war.” dysfunction. For many patients, he soon realized, “nobody hind. “They’re just going to be copter took off from Saigon, “They want to flee from Af- So 20 years after one Viet- could give answers to the simplest questions” about what left behind to be slaughtered we didn’t just leave behind ghanistan just as they turned nam-generation president their disease “really was, in a physical sense, or why this by these very brutal people, people counting on us. We left tail and ran from Vietnam.” took us into Afghanistan, an- person was the one suffering, and it breaks my heart.” behind a good chunk of Ameri- The irony of bugging out other is taking us out. It’s not or how such a strange and President Biden betrays no can confidence and credibil- now is that the U.S. commit- the first time for Mr. Biden. terrible state had come to be such qualms. ity—and a strategically weaker ment in Afghanistan is mod- Those who remember the fall part of the human experience.” “The Taliban is not the United States. est—down to roughly 2,500 of Saigon will recall that a On his worst days, he says, North Vietnamese Army,” he None of the Vietnam paral- troops. Compare this with young Sen. Biden voted in he wanted to leave medicine says. “There’s going to be no lels are comforting for what Germany, where we have 1975 to deny the last bit of aid entirely, unable to bear the circumstance where you’ll see we are seeing today. Just as nearly 34,500 troops eight de- sought by President Gerald extremes of suffering he was people being lifted off the roof the Nixon administration ex- cades after defeating Hitler Ford for the increasingly des- encountering. “It is not just of an Embassy of the United cluded our South Vietnamese and three decades after the perate government of South the magnitude of the pain but States from Afghanistan.” allies from the 1973 peace deal collapse of the Soviet Union. Vietnam, which found out the also its incessance—the Mr. Biden’s words about that preceded Saigon’s col- Another 80,000 are split be- hard way the assurances they unrelenting descent into the embassy rooftops bring back lapse, the Trump administra- tween Japan and South Korea. had been given meant nothing. abyss,dayafterday,yearafter memories of a similar refer- tion excluded the Afghan gov- Back in 1972, North Viet- Today Mr. Biden boasts to the year.” Yet on balance he found ence from Mr. Bush back when ernment from its talks with nam launched an offensive world that “America is back.” engaging with patients both I served as his chief speech- the Taliban that led to last into the South that was oblit- But to vulnerable Afghans fac- intriguing and essential. In con- writer, a time (pre-surge) year’s withdrawal agreement. erated by U.S. air power. But ing down the Taliban, America trast to ailments like a fractured when many had written Iraq Just as Nixon assured South in 1973 Congress passed an is gone. leg or a badly pumping heart, he notes, psychiatric off as hopeless and wanted Vietnamese President Nguyen amendment prohibiting fur- Write to [email protected]. problems can’t be directly monitored. It’s the brain’s “hidden communication process, its internal voice, that struggles,” he writes. There is nothing to measure except words, “the patient’s communications, and our own.” Why Putin Still Covets Ukraine At times, the words can be revealing. Winnie, an intellectual property lawyer, tells her doctors that she had Writing long, Some observers dismissed sia these days is as being con- enormous; as a foreign-policy started worrying about the “information vampires” around historically fo- the essay as an empty propa- strained but not contained. strategist Mr. Putin, not with- her and has taken to lining her room with metal to prevent a cused opinion ganda ploy aimed at distracting That is, the West has failed out justification, likely feels a neighbor from accessing her thoughts. Her condition suggests pieces is an Russian public opinion in the abysmally to develop a coherent giant among dwarfs, but the onset of schizophrenia. Then there’s Mr. N., a dour older activity more face of a surging pandemic. policy to stop the Kremlin’s at- Ukraine is still out of his reach. patient who can barely muster any words at all and evinces characteristic Others saw it as an announce- tacks on its neighbors or its op- Without it, not even his string a lack of interest in his own granddaughter. These symptoms GLOBAL of think tank- ment that Russia will escalate position to the EU and the of high-profile foreign policy may point to the “anhedonia of depression,”the inability to VIEW ers than heads its support for the pro-Moscow American-based world order. wins since 2008 can make Rus- find reward or motivation in life’s natural joys. Patients with By Walter of state, but forces in the smoldering con- Sanctions don’t deter Mr. Putin; sia great again. a slippery condition called borderline personality disorder, Russell Mead Russian Presi- flict in eastern Ukraine. Since the West is hopelessly disunited What keeps Russian troops we learn, are often emotionally manipulative and “engage, dent Vladimir deception and surprise are fun- on Russia policy, and the result- out of Kyiv is neither the Ukrai- entwine, and draw in others, as least for a time.” Meanwhile, Putin is any- damental tools of Mr. Putin’s ing incoherent policies offer nian army nor the faltering patients with autism, Dr. Deisseroth explains, struggle with thing but conventional. Last statecraft, anything is possible, Moscow opportunities from the prestige of the West. It is Mr. the “rate of information flow,” a difficulty that complicates week he published a 5,000-plus- but Western powers would be Putin’s grudging realization the many social interactions that are rich in data and require word article that reviews the well advised to take the essay that Russian public opinion rapid processing. last millennium to conclude seriously. The Russian presi- A 5,000-word essay wouldn’t countenance the ac- Dr. Deisseroth is best known in scientific circles as a that Russians, Belarusians and dent’s policies will always and companying sacrifices and the pioneer of optogenetics, a technique that allows researchers Ukrainians share a common inevitably reflect his calcula- by the strongman staggering Russian economy studying so-called model organisms (like fish or mice) to history, faith and destiny. tions about the opportunities explains his thinking. couldn’t bear the costs. Since an examine how particular neurons contribute to complex In Mr. Putin’s view, Western and risks he faces at any given Anschluss-style solution is, for behaviors. First, through genetic engineering, specific brain powers have tried for centuries moment, but his strategic ob- It pays to listen. now, beyond him, the Russian cells are made responsive to light. Then scientists activate to separate them, but those ef- jectives are unmistakable. Mr. president must cajole where he the cells using fiber-optic lasers threaded into the recesses forts are doomed to fail. He ar- Putin’s quest to rebuild Russian seeks to command. In this of a living brain. Applying this approach in mice, for gues that “the anti-Russia proj- power requires the reassertion Middle East to Myanmar to ad- spirit, Mr. Putin’s essay sug- instance, researchers have shown that distinct groups of ect has been rejected by of Moscow’s hegemony over vance its foreign-policy agenda gests that if Ukraine adopts a neurons are responsible for different components of millions of Ukrainians” in Cri- Belarus and Ukraine. and bolster its commercial in- friendly attitude toward Mos- anxiety, like rapid breathing and risk avoidance. For the mea, the Donbas and else- In Belarus, where the Krem- terests. Under these circum- cow and de-aligns from the author, these studies suggest a way to think about the where. The Russian president lin enabled the embattled gov- stances Russia will continue to West, Russia will welcome the precise “separability of one element of an inner state.” believes that after centuries of ernment to survive months of test the West, and Mr. Putin will prodigal home without demand- Optogenetics experiments also show just how precari- common development and pro-democracy protests and look to victories abroad to bol- ing a formal reunion. ously the brain is balanced. In one harrowing study, a trade, the Ukrainian economy Western sanctions, Mr. Putin ster his standing at home. Mr. Putin can reasonably previously gentle mouse abruptly turns on another after simply cannot flourish without has crushed any hopes Presi- Yet the Kremlin operates hope that time is on Russia’s an implanted fiber-optic laser activates a small number close integration with Russia. dent Lukashenko had of escap- within limits. Even as the reside. Ukraine shows few real of neurons; the difference between civilized collegiality Without his country, Ukraine ing Moscow’s embrace. Ukraine cent surge in oil and gas prices signs of overcoming the cor- and mortal aggression, we learn, rests on the function of will flounder, despite the occa- is a tougher nut to crack. But pumps more money into Mos- ruption and stagnation that “a tiny sliver of mammalian brain.” sional aid it receives from its the Nord Stream 2 pipeline is cow’s coffers, Russia’s failure to keep it weak and poor. The EU Western paymasters, Mr. Putin moving inexorably toward develop a dynamic 21st-century continues to dither, the West- writes. Even before the pan- completion, weakening economy prevents Mr. Putin ern world order continues to An ‘emergency psychiatrist’ ﬁnds that only his demic, Ukraine’s gross domes- Ukraine’s influence over Euro- from exploiting the tempting erode, and Washington’s inten- patients’ words, not the language of science tic product per capita was be- pean policy making. Infighting opportunities he sees on every sifying rivalry with Beijing both low $4,000. “This is less than and disorganization also con- side. Worse, the Russian presi- distracts U.S. attention and and medicine, can truly describe their suffering. in the Republic of Albania, the tinue to prevent the European dent has been unable to replace weakens its hand when it Republic of Moldova, or unrec- Union from becoming a signifi- the Communist Party of the So- comes to Russia policy. If these ognized Kosovo.” (Moscow cant geopolitical actor. Amid all viet Union with a political or- trends persist, many things Of course, many psychiatric diseases continue to elude doesn’t recognize Kosovo’s in- this, Mr. Putin has served no- ganization strong enough to about our world will change, medical science—often with dire consequences. “I had dependence from Serbia.) tice that he will patiently but give him the sort of control in and the political balance be- found no greater mystery than eating disorders, anywhere “Nowadays,” Mr. Putin writes, relentlessly pursue his strate- Russia that the Chinese Com- tween pro- and anti-Russian in psychiatry or medicine,” Dr. Deisseroth writes. “None “Ukraine is Europe’s poorest gic goals at Kyiv’s expense. munist Party affords Xi Jin- forces in Ukraine might be one greater in all of biology.” These conditions, arising from a country.” The best way to think of Rus- ping. His frustration must be of them. combination of genetic and environmental factors, are especially pernicious because “a partnership of sorts takes root between patient and disease.” He poignantly describes a father sitting by the bedside of his emaciated 14-year-old Covid Gave Us a Cheesehead Anniversary daughter, “focusing only on the frail sparrowlike form of her scapula, her intermittent heartbeat felt faintly through to his By MaryAnne Erde can say that? For silver 25th we to these destinations.” We We eliminated Hawaii (a chest.” She is in the grip of anorexia, a “distant and stern” Spinner cruised again. Off the Alaskan were fully vaccinated, but long slog) and Florida (hurri- disease confining victims “in a cold tomb of cognitive control.” coast, on a little boat named would there be anything open cane season). California was While the prose may overreach on occasion, more often Chicago the Liseron, my husband caught to tour? not our political cup of tea. it conveys insight. Asked to examine an acutely depressed y husband and I cele- a 55-pound halibut for our an- Plan B: Israel, where my Staying home in Chicago and patient who had just lost his pregnant wife and could not M brate milestones by niversary dinner. husband and I sponsor several celebrating 30 years over shed a tear, Dr. Deisseroth observes that “tears come going on field trips. This month we celebrate scholarship students. We al- pizza wouldn’t cut it. My hus- when we feel hope and frailty together as one” and We began this tradition in our 30th. We always plan ready had plane tickets, which band, a New Yorker, won’t get suggests that the broken man “had no hope left to cry for.” our fifth year of marriage— ahead, so in April 2020 we we had to rebook six times as within six fork lengths of Chi- A patient who reminded the author of his son “had written per Hallmark, the wood anni- “corona”—what Israelis call cago deep dish. his story atop my own, like a medieval monk inscribing versary—at Galatoire’s, a fa- the virus—kept us out. But so Our eureka moment came new text upon a scraped and reused parchment.” We’re mous New Orleans restaurant. After several false many Israelis were getting a week later, while buying offered an especially touching description of the return of For our 10th, the tin anniver- starts, we settled on vaccinated. Our friend Claude bratwurst. There is a city the most primitive, infantile reflexes in patients with sary, we visited Longwood Nahon, an executive for a Tel only 90 miles away that has severe dementia: “As the threads of the mind disintegrate, Gardens in Philadelphia. Tin? a trip close to home. Aviv-based news service, said all the necessaries: a botani- as massive insulated fibers fragment and fray, when Hallmark suggests this roman- we’d be kosher by July 1. cal garden, a famed zoo, a memory and agency have dissolved away, what was there tic gift to mark the occasion: We rebooked our flight for world-class art museum, dis- since birth is all that is left.” “Bake them something amaz- plunked down the deposit for July 4 and reserved three ho- tinguished restaurants with Because of his experiences as a physician and researcher, ing and give it to them cov- a trip through Hungary, Po- tels, two tours, 12 dinners and lake views—and a boutique Dr. Deisseroth recognizes the limitations of science and ered in foil.” For our 15th, the land, Austria and the Czech three Shabbat lunches. Soon hotel whose presidential medicine and the transcendent value of elemental human crystal anniversary, we toured Republic. Covid had just ar- after, the Israeli government suite was affordable, though connection. Recalling an hour he deliberately set aside on Lotusland in Santa Barbara, rived; certainly it would be announced a small but worri- much smaller than you would a busy overnight shift to speak with a patient trying to Calif., a fantastic garden es- long gone by July 2021. some spike of the Delta vari- expect. come to terms with unimaginable loss, Dr. Deisseroth tablished by an eccentric Pol- But another Covid April ar- ant. In a country where many We’ll celebrate 30 years of writes: “I could do something—not much, but something. ish opera singer who outlived rived, and the final tour pay- lost family in the Holocaust, marriage in exotic Milwaukee. And that matters—realizing at a place and moment you six rich husbands. ment came due. With three every life is ultraprecious. We Hallmark calls this anniver- have been called to be whatever it is that humanity can be No. 20, china, found us not months left, countries in East- aren’t allowed to visit, until sary the pearl, but to us, it will for a person. That is not nothing.” In life’s most difficult in Beijing but on a cruise ern Europe were still on the August at least. It took three always be the cheesehead. moments, it might be everything. around the Baltic. We lunched Centers for Disease Control days to unravel the trip, leav- in Tallinn, Estonia. How many and Prevention’s level 4 risk ing us with 23 days left to find Ms. Spinner is a master Dr. Shaywitz, a physician-scientist, is a health technology and people (other than Estonians) assessment list: “Avoid travel a Plan C. gardener in Chicago. innovation adviser and a lecturer at Harvard Medical School. . A16 | Tuesday, July 20, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR We’ll Always Have Covid There Is No Defense for ‘Limousine Liberals’ ill the pandemic ever end? That’s Most vaccinated people with new infections— Ted Rall’s op-ed “In Defense of for their lack of working-class experi- what investors asked Monday as such as the five Texas Democratic state law- Limousine Liberals” (July 12) glosses ence by advocating far-reaching so- W over a few key points. Sure a Sen. cial programs, assuming that this is they sold off stocks and rushed into makers who fled to Washington, D.C., last Ted Kennedy or Mayor John Lindsay what the working class wants. Then bonds on fears that Covid-19’s week—experience cold-like might pay more in taxes should their they wonder why many working-class Delta variant will slow the The Delta variant symptoms. policies be adopted. But they have al- voters support Republicans, whose economic recovery or lead to spooks markets, but the But Covid was always des- ready accumulated their wealth, and economic policies “run counter to more lockdowns. Let’s hope tined to become endemic. As a little less is not going to change their economic interests.” Might it be the political class has learned vaccinesworkevenifthe with other viruses, the hope is their lifestyles. Besides, wealthy can- that limousine liberals misunderstood some lessons from the last 18 that as it mutates it will be- didates running for office often seek their needs in the first place? months—namely, that Covid virus won’t go away. come less deadly even if it be- to trade part of their wealth for JOSEPH P. PETITO will always be with us, and comes more contagious. The power. Even if they lose, some near- Bethesda, Md. that we have to live with it policy goal all along has been wealthy candidates, like New York’s without shutting down the economy. to minimize Covid’s impact on society and the Maya Wiley, can gain prominence and If voters choose to elect tax-and- New Covid uncertainty and political angst healthcare system with vaccines and testing— enhance their careers with a credible spend Democrats, that is their pre- run for office. This is the textbook rogative. But let’s dispense with the explains the 2.1% drop in the Dow Jones Indus- not to eradicate it. Covid cases will flare up here definition of self-interest. virtue signaling. Politicians do not trial Average. Value stocks tied to the reopening and there, but they are manageable. It’s not hypocrisy or values but life spend their own money, they spend such as airlines, hospitality and energy compa- Prime Minister Boris Johnson was right to experience that matters most. Few other people’s money, usually to win nies took the biggest hits. Companies that have resist political pressure to delay the U.K.’s re- candidates know what it feels like to re-election. The proper term for this benefited from lockdowns were less affected. opening Monday, though some in his govern- be down and out, to try and raise a is pandering. Etsy, which has made a niche market selling ment are wobbling. The U.K.’s chief medical of- family on a minimum wage. Even Ka- Moreover, hypocrites like Ted Ken- hand-made masks, rose 3.2%. ficer warns that “we could get into trouble mala Harris had parents who came to nedy were not born into income, they The Delta variant is estimated to be more again surprisingly fast.” The National Health this country to pursue their doctoral were born into wealth. Under the U.S. than twice as transmissible as the original Service app last week ordered half a million degrees. Constitution, the former is taxable Covid strain that emerged from Wuhan. Austra- people to self-isolate after potential Covid ex- The left can’t find true working- and the latter is not. It’s easy to be class candidates to run because generous with other people’s money lia reports that several people were infected af- posure, no matter if they are vaccinated. they’re too busy working. The best it when yours is protected. ter “fleeting” contacts in a shopping mall. U.S. Continuing quarantine mandates on non- can do is to field well-intentioned JOHN CARLSON Covid cases have tripled in a month, as states symptomatic vaccinated people will prevent a limousine liberals who try to make up Boulder, Colo. lifted restrictions and travel rebounded. In the return to normalcy. So will re-imposing mask U.K., which has among the highest vaccination mandates, as Los Angeles County did this rates in the world, cases are approaching their weekend while warning more restrictions winter peak. could be in the offing. “Anything is on the table Which Price Does the Hospital Charge You? Previously infected individuals appear to be if things continue to get worse, which is why more susceptible to re-infection by the Delta we want to take action now,” the county’s New federal rules requiring price need them, should be lower? Isn’t variant, which could explain some of the rising health officer said. disclosures by hospitals appear to that the whole point of insurance? cases. The Pfizer vaccine is also estimated to Personal prudence is fine, and people can have improved transparency, which is The sad thing is that there is no important for any market-based distinction made between individuals be 10% to 30% less effective at preventing calibrate their own risk tolerance. But politi- healthcare system (“Hospitals Often who truly cannot afford medical in- symptomatic illness, which means more infec- cians should take lockdowns—the biggest mis- Bill Uninsured the Highest Prices,” surance (a huge problem) and those tions among the vaccinated. Chinese vaccines take of the pandemic—off the table. Nearly 80% Page One, July 7). How can patients who choose not to have it. I have lit- appear to be less effective, and many develop- of those over 65—those at highest risk—and make an informed choice if they don’t tle sympathy for the latter. ing countries that took the Chinese shots are 60% of all adults are fully vaccinated. know each hospital’s pricing? MARTIN JOHNSTON, M.D. administering booster shots by Western manu- The Biden Administration made the early The expanded Affordable Care Act Reno, Nev. facturers. mistake of promising miracles in defeating subsidies put more taxpayer dollars But none of this is cause for Covid panic or Covid, and now it is worried that outbreaks will in the hands of insurers and hospi- more lockdowns. Vaccines are still highly effec- linger and return. They’re blaming tech compa- tals, but they address the root issue Biden Fires Social Security tive at preventing severe illness, which is why nies (see nearby) and Republican-run states, of inadequate competition only tem- Commish for Doing His Job hospitalizations in the U.K. have increased but that won’t persuade the vaccine doubters. porarily. Mergers and acquisitions have whittled away at patient choices Social Security is the third rail of much less than cases. Some 99% of hospitalized Some honest realism about Covid persistence and given hospitals and insurers U.S. politics. As George W. Bush wrote, Americans now are among the unvaccinated. might. more leverage over patients, resulting touch it and you are toast. Now you in skyrocketing costs. are toast if you manage the program It is ironic that government rules to serve Americans better (“The Joe Biden’s Inflation Guide were needed to clear the way for a Meaning of Biden’s Firing Spree,” Re- freer market, but competition is view & Outlook, July 13). he White House rolled out President Bi- tion in check. “If we increase the availability of sorely needed. Patients should credit President Biden fired Social Secu- den on Monday to take a victory lap on quality, affordable child care, elder care, paid the Trump administration’s hospital- rity Commissioner Andrew Saul be- T price-transparency rule for fairer cause he pushed hard to make systems Covid and the economy six months into leave, more people will enter the workforce,” Mr. his tenure. This wasn’t the Biden said. “These steps will costs. and operations more efficient. Manag- JOHN LIN ing Social Security more effectively best timing given that asset He says more spending enhance our productivity— Providence, R.I. upsets the agency’s union leaders. prices took a header on fears lowers prices by... raising wages without raising Under the Social Security statute, about Covid’s Delta variant prices. That won’t increase in- When my internist suggested I get the commissioner can be removed (see nearby). But stocks fluc- well, you figure it out. flation. It will take the pres- a test, I asked him to rank how neces- only for cause. Union disapproval does tuate, and more notable for sure off of inflation, give a sary it was. His answer was 5 out of not meet that test. But Supreme Court the coming months was Mr. boost to our workforce, which 10. When I went to the hospital, I rulings that similar removal clauses Biden’s discourse on inflation. leads to lower prices in the years ahead.” asked how much the test would cost. for the Consumer Financial Protection Someone in the White House must think in- So Mr. Biden thinks that cradle-to-grave gov- The person at the desk looked at me Bureau and Federal Housing Finance flation is a growing political problem because ernment subsidies with no obligation to work incredulously, and then went in back, Agency were unconstitutional embold- Mr. Biden spent most of his time on the sub- will somehow cause more people to work. That promising she would find out. She ened the president to give the unions ject explaining why it’s no problem at all. “Our sure hasn’t worked with his enhanced federal didn’t return for 20 minutes, no what they wanted. doubt because the staff was trying to Mr. Biden also thumbed his nose at experts believe and the data shows that most unemployment benefits. decide which price to quote me: the effective management by appointing an of the price increases we’ve seen are—were In his remarks, Mr. Biden offered the ritual lower one negotiated with the insur- acting commissioner, Kilolo Kijakazi, expected and expected to be temporary,” Mr. bow that the Federal Reserve is “independent.” ance companies; the one charged to with limited management experience. Biden said. But he ignored that someone has to finance Mr. people like me, who are largely self- She served on the Bipartisan Policy Price increases were expected by whom? By Biden’s new entitlements, and the more Demo- insured with high-deductible plans; Center’s 19-member Commission on contributors to these pages, sure. But not by the crats spend, the harder it is politically for the or the one for those with no insur- Retirement Security, for which I was a White House budget office, which forecast in- Fed to raise interest rates because it costs the ance at all. More price transparency chairman. The politically balanced, dis- flation of 2.1% in 2021 and 2022 in its recent Treasury more to finance deficits. But if the Fed would make us better consumers and tinguished members approved a plan to budget proposal. Not by the Federal Reserve, doesn’t raise rates soon enough, inflationary reduce healthcare costs. fix Social Security by increasing bene- JOHN A. MAHER fits for lower-income retirees, slowing which has underestimated inflation at each of pressures can build. Summit, N.J. its meetings this year. At its June monetary pol- Mr. Biden ought to be enjoying an economic down benefit growth for the higher-income, and gradually increasing taxes. icy meeting the median forecast among Fed of- boom from the ebbing pandemic as the govern- One must bear in mind that pa- The only dissenter was Ms. Kijakazi. ficials for 2021 was 3%. In March their forecast ment lockdowns end. Instead his policies have tients with insurance have effectively JAMES B. LOCKHART III was 2.2%. In June the actual consumer-price in- abetted a spike in inflation that is outstripping prepaid for their hospital bills. If I Greenwich, Conn. crease over a year ago was 5.4%. gains in wages. Telling people not to believe spend years paying premiums total- Mr. Lockhart was principal deputy Then there was Mr. Biden’s novel analysis what they see with their own eyes is rarely a ing many thousands of dollars, commissioner of Social Security that his $4 trillion spending plan will keep infla- good political strategy. doesn’t it make sense that my charge (2002-06) and director of the FHFA for actual services, when I finally (2006-09). Facebook Is Biden’s Vaccine Scapegoat Indoctrinating Kids in Critical Race Theory hen a bully gets what it wants, it last year. Then-candidate Biden warned that a Regarding William Galston’s “How My 14-year-old daughter was being W comes back for more. Facebook has rapid approval timeline could be politicized, a Adherents See ‘Critical Race Theory’” taught critical race theory in high spent the last year acquiescing to in- point echoed by some who resist the vaccine to- (Politics & Ideas, July 14): What effect school earlier this year. One night at creasingly aggressive liberal day, and Vice President Ka- will these theories have on black chil- dinner she started talking about white demands to suppress content. Democrats attack tech mala Harris publicly doubted dren? They are being indoctrinated privilege and how our country is sys- So it’s no surprise that Demo- firms to deflect from a Trump-approved vaccine. with the idea that their white friends temically racist. All I could say is wow, crats have decided they can It’s no surprise that this skep- hate them and the nation was founded I didn’t know. Then I told her I would also get away with making Covid setbacks. ticism is now playing out to enslave blacks and now tries to do my part in stopping white privi- CEO Mark Zuckerberg a scape- among some Americans when keep them from being successful. How lege: After she finishes high school, I goat for plateauing rates of the same politicians say vac- many will become paranoid and dis- said, I would cut her off financially so vaccination in the U.S. cines are safe when they’re in power. couraged from making an effort in life? that she wouldn’t have more privilege THOMAS F. BERNER than others. She was speechless. Last week the White House launched a Also lost on the Democrats is the way appar- Yonkers, N.Y. JOHN PAUL MAYE pointed offensive against Big Tech firms for al- ent government-directed control of speech on Great Falls, Va. legedly not controlling enough vaccine-related the pandemic could heighten suspicion of official speech by users. Press Secretary Jen Psaki criti- guidance. “Misinformation” has become a politi- If University Presidents Pepper ... cized the companies from her daily podium, and cal buzzword often used to limit scientific de- Really Believed in Diversity the Surgeon General pressed them in a report. bate, including on the virus’s origins. Evidence And Salt President Biden declared over the weekend that of the vaccine’s benefits is overwhelming, and If anyone doubts that higher edu- Facebook is “killing people,” though he walked doubters are more likely to be won over by con- cation is obsessed with diversity, Uni- THE WALL STREET JOURNAL back that “killing” point on Monday. sistent and direct rebuttals of myths. versity of Michigan President Mark Sen. Amy Klobuchar snarled that social-me- The Biden Administration has shown little ev- Schlissel’s letter (July 13) is Exhibit dia firms should “take this crap off of their plat- idence that social media is the source of vaccine A. “Diversity leads to good science,” writes Dr. Schlissel. When disparities forms that are basically telling people, ‘oh, hey, hesitancy. Perhaps it simply hopes that flaming exist, old-fashioned values such as there’s problems [with the vaccine]’ when we Facebook can diffuse political responsibility for hard work and meritocracy are mere know science proves there isn’t.” The messages the slowing progress against the virus. Social stumbling blocks. If Dr. Schlissel truly are clearly coordinated. media can easily be blamed for all manner of so- believes what he writes, he can resign Vaccine hesitancy is slowing America’s re- cial ills it showcases. Facebook has bent to politi- so that greater diversity among uni- covery from the pandemic. Yet Facebook re- cians far too much, inviting this latest assault, versity presidents can be achieved. leased a rare rebuttal to its progressive tormen- but at least it is resisting here. As everyone knows, greater diversity tors, noting that “vaccine acceptance on the For millions of Americans, the increasingly leads to better-run universities. BRETT HOWELL part of Facebook users in the US has increased overt coordination between social-media firms Fenton, Mich. by 10-15 percentage points” to 85%. It also says and government is undermining rather than in- the U.K. and Canada “have similar rates of Face- creasing confidence in authorities. It is also set- Letters intended for publication should book usage to the US,” yet “those countries ting up a lawsuit charging that the social-media be emailed to [email protected]. Please have achieved more than 70% vaccination of eli- censors are doing the bidding of politicians, and include your city, state and telephone gible populations,” Mr. Biden’s July 4 goal. are thus subject to First Amendment scrutiny number. All letters are subject to Democrats are paying for having promoted under the “state actor” doctrine. Mr. Biden’s editing, and unpublished letters cannot “Come on, Ed, it’s my turn to look be acknowledged. vaccine skepticism in the presidential campaign vaccine scapegoat ploy could boomerang. at the partial beach view.” . THE WALL STREET JOURNAL. Tuesday, July 20, 2021 | A17 OPINION The Hedgehogs of Critical Race Theory

By Lance Morrow to the innermost meanings of the retaliation? Virtue, feeling vengeful country and its history. and tasting power, grows manic— he political philosopher It isn’t really true. Race is one of dogmatic, dangerous. Critical race Isaiah Berlin turned an many big things in America. It is theory ends by fostering the evil it obscure fragment by the hardly the most important. Ameri- professes to combat—racism and T ancient Greek poet Ar- cans need to desanctify the subject the hatred that comes with it. chilochus (“The fox of race—to mute its claims, which “Those to whom evil is done, do knows many things, but the hedge- have grown absolutist and, as it evil in return,” W.H. Auden wrote. hog knows one big thing”) into an were, theological in their thorough- The 20th century taught the lesson intellectual’s cocktail-party game. In ness, their dogmatism. over and over again, but it seems to a famous essay, published as a book Critical race theory has spread be wasted on the 21st. in 1953, Berlin suggested that the across the U.S. like—forgive the ex- The theologian H. Richard Nie- world is divided between hedge- pression—a virus, coming to infect buhr (younger brother of Reinhold) hogs and foxes—between those who primary schools and high schools explained the fallacy thus: “There is believe in One Big Thing (one all- and universities, foundations, art no greater barrier to understanding sufficient super-explanation), and museums, big corporations, the mil- than the assumption that the stand- itary, local, state and federal gov- point which we happen to occupy is ernment bureaucracies. It’s every- a universal one.” It is an error em- They start with important where in the West Wing. President bedded in human nature.

Biden, who spent almost 40 years ALAMY When Niebuhr wrote that line, in truths—slavery was wicked following the ways of an amiable a 1937 book called “The Kingdom —and get carried away political fox in the Senate—ex- political movement and gets a taste of what might be called racial Cal- of God in America,” he was arguing changing pleasantries and now and of power and begins to impose it- vinism: Americans are predes- against the Marxist hedgehogs’ into monomania. then doing legislative business with self programmatically. Its ambitions tined—saved or damned, depending economic interpretation of the Confederate mossbacks like Strom swell, it grows messianic, it em- on the color of their skin. This doc- Constitution—their claim that the Thurmond and James Eastland— braces civic idiocies (defund the po- trine merely reverses the theory of Founders were nothing more than those who are content with a more has, in his old age, signed on with lice!) and beholds the astounding white supremacy, which damned capitalists protecting their own in- modest, irrational and even inco- the monomaniacs of the left. impunity with which it may run black people—and consigned them terests. Niebuhr meant that it is an herent idea of history’s unfolding. The hedgehog’s trajectory may amok in the streets and burn police to oppressive segregation—because error to assume that one’s own Karl Marx was a supreme hedgehog: begin on the side of undeniable and cars and shopping malls, as it did of the color of their skin. particular fixation (whether it be Everything, for him, was about the important truth—for example, the last summer, and the ease with So critical race theory, protest- money or race or class or religion conflict of economic classes. Frank- truth that slavery was a great wick- which it may take over city councils ing the old injustice, embraces its or environment or animal rights or lin D. Roosevelt was a restlessly im- edness in America (as it was else- and mayors’ offices and turn so lie. This is not progress but re- transgenderism or whatever) is the provising fox. where in the world), and that race many of the country’s normal ar- venge. The motive is not justice but One Big Thing. The hedgehog’s The world’s hedgehog population prejudice has been a chronic Ameri- rangements upside down. payback, lex talionis—an under- most profound character defects tends to expand in times of stress can dilemma and a moral blight It was said in the era of Joe standable, if Balkan, impulse. Be- are moral vanity and self-righ- and change. Lately it has exploded that has damaged and scarred the McCarthy that he and his followers ware a hedgehog claiming the im- teousness—his fatal, paradoxical in the U.S. Hedgehogs are thick on lives of millions of black American saw a communist under every bed. munities of an innocent victim. intolerance. the ground, all of them advancing citizens over generations. The single-minded ideology of criti- Beware when victimhood is his One One Big Thing or another—each All true—a truth to be acknowl- cal race theory sees racism in every Big Thing. Mr. Morrow is a senior fellow at peering through the lens of a par- edged and addressed. But hedge- white face—a racism systemic, per- The victim wants revenge, and the Ethics and Public Policy Center. ticular obsession. At the moment, hogs, who deal in absolutes, are lia- vasive, inescapable, damning. All who is more justified in committing His latest book is “God and Mam- the biggest One Big Thing is race— ble to get carried away. Their truth white people are racists. The doc- any crime or injustice than a mon: Chronicles of American the key, it seems, to all of America, changes shape as it coalesces into a trine devolves to the crudest form blameless victim acting in historic Money.” Gen. Milley Reminisces About the Battle of the Beltway man and that should equip him to he saves the nation from—I think I the general believed that the presi- ceed,” he tells his subordinates, understand that he has made a have this right—World War III, a dent’s interest in striking at Iran again channeling Old Blood and grave mistake that risks great harm coup d’état and the desecration of late last year was a way of helping Guts. FREE to his own reputation and to the the Constitution. him stay in office after he lost the I’ve argued many times on these EXPRESSION trust Americans place in the integ- Gen. Milley is a keen student of election. “You’re going to have a f— pages that Mr. Trump’s behavior af- By Gerard Baker rity of their military. history, and in these florid accounts ing war,” Gen. Milley says, living up ter the election was reprehensible, This isn’t a complaint about his we are invited to see a man who to George Patton’s observation that and no doubt it alarmed many of en. Mark Milley is a coura- apparent genuflection to the post- identifies with Benjamin Franklin “an army without profanity couldn’t those who worked for him. But the G geous and honorable man modern cultural orthodoxy of inher- and his fellow revolutionaries in ”all fight its way out of a piss-soaked larger point here is the propriety of who has served his country ent white sinfulness (though the re- paper bag.” a serving general speaking out ex- with uncommon gallantry. There are port published last week and There’s quite a lot of rhetorical plicitly so soon after the events. few less edifying spectacles in mod- reported in these pages about the The most curious claim is smoke on this battlefield, but as I Whatever Mr. Trump’s failings, to ern life than to watch those whose U.S. Navy’s readiness—or lack read the account, it seems that this characterize many of his supporters military experience never went be- thereof—puts some flesh on the the one that he somehow is what happened: The president as “brownshirts,” as Gen. Milley has yond playing with GI Joes sneerily bones of the criticism that the po- restrained Trump from convened a series of meetings to been quoted, can only intensify the denounce the actions of men who litically sensitive modern American discuss military and other options sense among millions of Americans have repeatedly put their lives on military hasn’t got its priorities in starting a war with Iran. for Iran after its repeated provoca- that the institutions of their gov- the line for their country. Like all order). tions against U.S. interests in the ernment regard their grievances as top military leaders, the chairman The more immediate damage Middle East. At the last of these, on treasonous—and that Gen. Milley’s of the Joint Chiefs has played the Gen. Milley risks stems from his de- hanging together” against President Jan. 3, it was agreed that it was too Army has enlisted on a political politics of Washington like a finely- cision to spend much of the past six Trump, and who lets us know that if late to do anything. There was no side. One of the accounts has him at tuned harp, but he has also served months apparently scripting his only he’d been around in 1933, the military strike on Iran. Joe Biden’s inauguration telling Mi- multiple tours of active duty. In a own John Frankenheimer remake Reichstag Fire wouldn’t have led to That’s it. (Except that, a month chelle Obama, “No one has a bigger nation that canonizes violent crimi- for the benefit of eager journalists the Nazis’ seizure of power. after taking office, President Biden smile today than I do.” nals and beatifies self-absorbed ce- and his approving masters in the The most curious claim is the authorized strikes against Iranian Speak softly and carry a big lebrities, the general is a living re- White House. In the past week one that he somehow restrained Mr. targets in the region.) stick, a famous soldier turned poli- minder of the qualities that actually we’ve had breathless accounts from Trump from starting a war with The more serious allegation from tician once said. It’s an axiom that made this country great. a proliferation of books by report- Iran. According to an article by Su- Gen. Milley is the familiar one that applies to domestic politics as much But his repeatedly demonstrated ers about Donald Trump’s final san Glasser—based on reporting she Mr. Trump was orchestrating a as to global matters. It would be valor shouldn’t inoculate him from hours in office that cast the general and her husband, Peter Baker, did coup to keep himself in office. better for everyone if the nation’s accountability for his words. By all as the hero-soldier of “Six Days in for a forthcoming book on the last “They may try to stage a coup but leading military officers respected accounts Gen. Milley is a thoughtful January,” a real-life movie in which days of Mr. Trump’s presidency— they’re not going to f—ing suc- it. The Flimsy Evidence Behind the CDC’s Push to Vaccinate Children By Marty Makary FAIR Health to analyze approxi- claimed that vaccinating a million adverse events. The CDC or the isn’t limited to kids or vaccine mately 48,000 children under 18 di- adolescent kids would prevent 200 Food and Drug Administration safety. Early in the pandemic the tremendous number of gov- agnosed with Covid in health-insur- hospitalizations and one death over should expeditiously assign doc- CDCleftusallflyingblindbynot A ernment and private policies ance data from April to August four months. But the agency’s tors to research each of the thou- reporting the medical conditions of affecting kids are based on 2020. Our report found a mortality Covid adolescent hospitalization re- sands of vaccine complications re- those who died of Covid. Collecting one number: 335. That is how rate of zero among children with- port, like its death count, doesn’t ported to Vaers. this information early would have many children under 18 have died out a pre-existing medical condi- distinguish on the website whether Authorities should also consider made it easier to protect nursing- with a Covid diagnosis code in tion such as leukemia. If that trend a child is hospitalized for Covid or whether a single-vaccine dose is a home residents and patients with their record, according to the Cen- holds, it has significant implica- with Covid. The subsequent Mor- safer option for healthy kids. Re- renal failure or diabetes. It took ters for Disease Control and Pre- tions for healthy kids and whether bidity and Mortality Weekly Report until March 2021 for the CDC to re- vention. Yet the CDC, which has they need two vaccine doses. The of that analysis revealed that 45.7% port that 78% of Covid hospitaliza- 21,000 employees, hasn’t re- National Education Association has “were hospitalized for reasons that The agency overcounts tions were among overweight or searched each death to find out been debating whether to urge might not have been primarily re- obese patients. whether Covid caused it or if it in- schools to require vaccination be- lated” to Covid-19. Covid hospitalizations and Most striking, the CDC has never volved a pre-existing medical con- fore returning to school in person. Hospitals routinely test patients deaths and won’t consider systematically collected and re- dition. How can they or anyone debate the being admitted for other com- ported the No. 1 leading indicator Without these data, the CDC Ad- issue without the right data? plaints even if there’s no reason to if one shot is sufficient. of the pandemic—daily new hospi- visory Committee on Immunization Meanwhile, we’ve already seen suspect they have Covid. An asymp- talizations for Covid sickness. In- Practices decided in May that the inflated Covid death numbers in tomatic child who tests positive af- stead, the CDC offers the lagging benefits of two-dose vaccination the U.S. revised downward. Last ter being injured in a bicycle acci- searchers at Tel Aviv University re- indicator of hospitalization for any- outweigh the risks for all kids 12 to month Alameda County, Calif., re- dent would be counted as a “Covid ported that a single dose of the one who tests positive for Covid. 15. I’ve written hundreds of peer- duced its Covid death toll by 25% hospitalization.” Pfizer vaccine was 100% effective The CDC data on natural-immu- reviewed medical studies, and I can after state public-health officials The CDC may also be undercap- against infection in kids 12 to 15. nity rates is similarly disappoint- think of no journal editor who insisted that deaths be attributed turing data on vaccine complica- Not only has the CDC refused to ex- ing. The CDC reports this measure would accept the claim that 335 to Covid only if the virus was a di- tions. The CDC’s risk-benefit analy- amine the possibility of a one-dose in fragments on their website, but deaths resulted from a virus with- rect or contributing factor. sis for vaccinating all children regimen for minors; Harvard epide- it’s outdated and some states are out data to indicate if the virus was Organizations and politicians used rates of complications extrap- miologist Martin Kulldorff told me listed as having “no data available.” incidental or causal, and without an who are eager to get every living olated from the Vaccine Adverse he was kicked off the advisory The low priority given to this indi- analysis of relevant risk factors American vaccinated are following Event Reporting System database, committee working group on Covid- cator is consistent with how public- such as obesity. the CDC without understanding the known as Vaers, which contains vaccine safety after he expressed a health officials have played down My research team at Johns Hop- limitations of the methodology. raw, self-reported data that is un- dissenting opinion. and ignored natural immunity in kins worked with the nonprofit CDC Director Rochelle Walensky verified and likely underreports The CDC’s poor performance their drive to get everyone vaccinated. Given the tremendous resources of the CDC and FDA, which to- PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Notable & Quotable: Penn State gether employ 39,000, these agen- Rupert Murdoch Robert Thomson cies ought to be able to report the Executive Chairman, News Corp Chief Executive Officer, News Corp Luca Miraldi writing for Campus had a wall in a university office statistics needed to make informed Matt Murray Almar Latour Reform, July 16: area with a Fidel Castro quote.” policy decisions. If the data are in- Editor in Chief Chief Executive Officer and Publisher The wall is located in the Paul complete or flawed, so too will be Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer; Amid protests in Cuba against Robeson Cultural Center, where the decisions derived from them. the communist regime, Pennsylva- students go to study and buy food The vaccine’s benefits may out- Jason Anders, Chief News Editor; Louise Story, Chief Mae Cheng, SVP, Barron’s Group; David Cho, News Strategist, Product & Technology Officer Editor of Barron’s Group; Jason P. Conti, General nia State University is facing scru- and school supplies. weigh its risks for healthy kids, but Counsel, Chief Compliance Officer; Frank Filippo, Thorold Barker, Europe; Elena Cherney, Coverage; tiny over a long-displayed wall fea- Suarez, an émigré from Venezu- the government shouldn’t try to EVP, Business Information & Services; Robert Hayes, Andrew Dowell, Asia; Anthony Galloway, Video & turing a quote by Fidel Castro, the ela, told Campus Reform that he push that conclusion based on Chief Business Officer, New Ventures; Audio; Brent Jones, Culture, Training & Outreach; Matthew Hutchison, Chief Communications Officer; country’s former dictator. was deeply shocked and disap- faulty data. Alex Martin, Print & Writing; Michael W. Miller, Josh Stinchcomb, EVP & Chief Revenue Officer, On Tuesday, Erik Suarez, a PSU pointed. . . . Features & Weekend; Emma Moody, Standards; WSJ | Barron’s Group; Christina Van Tassell, Shazna Nessa, Visuals; Matthew Rose, student and former student govern- “[It] represents all the pain, suf- Dr. Makary is a professor at the Chief Financial Officer; Suzi Watford, EVP, Enterprise; Michael Siconolfi, Investigations; ment deputy director of outreach, fering, and misery that my country Johns Hopkins School of Medicine, Consumer & Chief Marketing Officer Stephen Wisnefski, Professional News tweeted his opposition to the [Venezuela] is going through. And Bloomberg School of Public Health quote. Suarez referred to the dis- to see this on a campus building and Carey Business School. He is Paul A. Gigot play as “propaganda.” and cultural center is deeply pain- author of “The Price We Pay: What Editor of the Editorial Page EDITORIAL AND CORPORATE HEADQUARTERS: Daniel Henninger, Deputy Editor, Editorial Page; 1211 Avenue of the Americas, New York, N.Y., 10036 “A few days ago I posted about ful, especially because of my love Broke American Health Care—and Gerard Baker, Editor at Large Telephone 1-800-DOWJONES how my university @penn_state for Penn State,” Suarez said. How to Fix It.” . A18 | Tuesday, July 20, 2021 THE WALL STREET JOURNAL. . BUSINESSTECHNOLOGY: IBM’S REVENUE RISES & 3.4%, DRIVEN FINANCE BY CLOUD, SOFTWARE B4

S&P 4258.49 g 1.59% S&P FIN g 2.80% S&P IT g 1.39% DJ TRANS g 1.57% WSJ $ IDX À 0.24% LIBOR 3M 0.134 NIKKEI (Midday) 27564.52 g 0.32% See more at WSJ.com/Markets Comcast, Viacom Talk Streaming Investors Discussions between Executive Robert Bakish, the Media companies across the doesn’t feel the need to seek a fits of a merger. The Informa- Run for Redstone, Roberts executives discussed a variety industry are looking for ways merger, The Wall Street Jour- tion earlier reported that of possible business partner- to bolster their streaming ser- nal reported. Comcast and ViacomCBS were involve non-U.S. ships that would allow the vices to better compete with At an investor event in late in contact about launching in Shelter partnership deal companies to enter non-U.S. Netflix Inc. and Walt Disney May, Comcast Chief Financial some international markets. markets together, the people Co.’s Disney+. Bundling ser- Officer Mike Cavanagh said, Both Comcast and Viacom said. vices together through com- “We like the hand we have and were relatively late to the BY BENJAMIN MULLIN The partnership talks come mercial partnerships is one M&A is not an answer…but streaming arena and are try- In Bonds AND LILLIAN RIZZO as both Comcast and Viacom- option. we’ll obviously do what’s right ing to make headway both in CBS are preparing to expand Some companies have cho- for shareholders as time the U.S. and abroad. Comcast Corp. Chief Execu- their streaming services in in- sen to strike mergers. Ama- passes.” NBCUniversal’s Peacock ser- Investors sheltered in the tive Brian Roberts met with ternational markets. zon.com Inc. in May agreed to Ms. Redstone, whose Na- vice has built a sizable audi- safety of government bonds ViacomCBS Inc. Chairman In May, ViacomCBS said its buy Hollywood studio MGM, tional Amusements Inc. has a ence for ad-supported pro- while oil prices fell, moves Shari Redstone in recent Paramount+ service would be and AT&T Inc. is spinning off roughly 80% voting stake in gramming but is trying to reminiscent of trading patterns weeks to discuss a potential available in 45 markets by WarnerMedia, home to HBO ViacomCBS, is open to a deal expand its subscription busi- that prevailed in the early days streaming partnership for in- 2022. In April, Mr. Roberts Max, into a venture with Dis- if a suitor comes along with a ness substantially, people of the pandemic when uncer- ternational markets, according said that Comcast was looking covery Inc. compelling offer, people close close to the company said. tainty drove prices in global to people familiar with the to strike partnerships with lo- Some analysts view Com- to her said. There would be Comcast said in late April that markets. matter, a sign the media com- cal programmers and distribu- cast and Viacom as potential potential roadblocks to a deal Peacock had 42 million sign- panies see opportunities to tors in overseas markets to candidates for a merger at between Comcast and Viacom, ups. But fewer than 10 million By Joe Wallace, join forces. boost Peacock, the service some point. Mr. Roberts has including the possibility of consumers paid for the service Alexander Osipovich During the meeting, which launched by its NBCUniversal been scoping out potential ac- pushback from regulators in as of May, the Journal previ- and Frances Yoon was held around the end of division. Comcast’s Sky PLC quisition targets for Comcast, Washington, analysts say. ously reported. June in New York, and which unit in Europe also has a including ViacomCBS but has A commercial partnership —Cara Lombardo Investors sold shares of also included ViacomCBS Chief streaming operation. told people close to him he could offer some of the bene- contributed to this article. companies directly affected by restrictions on movement and business, while buying government bonds and stocks that AT&T to Companies Battle for Space Travel Market stood to benefit from renewed lockdowns. The Dow ended the day Help Rival down 725.81 points, or 2.1%, at The space tourism race is heating up, as Jeff Bezos’ Largest viewing Apogee 33962.04, its worst day in al- Blue Origin competes with fellow billionaire Richard windows on 106km most nine months. The S&P a space capsule (~350,000 ft.) Dish on Branson’s Virgin Galactic—in an emerging space 500 fell 68.67, or 1.6%, to 4258.49. The technology-heavy economy that is estimated to have more than Nasdaq Composite declined Wireless $1 trillion in sales by 2040, Morgan Stanley says. 152.25, or 1.1%, to 14274.98, its fifth consecutive losing session. BY DREW FITZGERALD A successful trip could provide traction in Blue Origin’s Monday’s losses marked an ac- broader challenge of winning large government 4 celeration after U.S. stock in- AT&T Inc. struck a deal to contracts and vying against Elon Musk’s SpaceX, dexes retreated last week, carry Dish Network Corp.’s Apogee:The snapping a three-week winning which has jumped ahead of Mr. Bezos’ company Escape space capsule existing cellphone customers in winning those deals. (rocket) streak. over its wireless network, will fly the American Airlines Group, bringing two erstwhile rivals astronauts up United Airlines and cruise op- Tuesday‘s roughly 11-minute flight includes Mr. Bezos, and approx. 5 km closer as they each pursue his brother Mark, Wally Funk (who would be the oldest erator Carnival all dropped be- more advanced 5G technology. (3mi.) past the tween 4% and 6%. Energy pro- The nonexclusive deal, dis- astronaut ever at 82 years) and Oliver Daemen (who Kármán Line, ducers Marathon Oil and closed in a securities filing would be the youngest astronaut ever at 18). Unlike Mr. reach apogee Diamondback Energy both fell Monday,wouldpayAT&Tat and begin its more than 5%. Branson’s Virgin Galactic, Blue Origin is autonomous Hatch descent. least $5 billion over 10 years and carries no pilots. Please turn to page B2. Stocks that climbed included to support Dish’s consumer supermarket-chain Kroger, cellphone brands, which in- The two space flights compared which rose $1.71, or 4.3%, to clude Boost Mobile, Ting and $41.07. Online-crafts market- Republic Wireless. place Etsy gained $5.91, or The agreement also pro- Apogee 85km 3.2%, to $190.33. videsanavenueforAT&Tto Kármán Line (100km/62 mi.) (~282,000 ft.) Drag “The market has been due use some Dish wireless spec- (Highest point brakes for a pause or pullback or, dare trum licenses to support both Virgin of climb) Blue 5 I say it, a correction,” said companies’ customers, accord- Hans Olsen, chief investment Wedge fins and ing to the filing. Galactic Origin officer of Fiduciary Trust. drag brakes: The partnership will likely The yield on 10-year Trea- The rocket may attract scrutiny from the U.S. sury notes fell to 1.181%—its New Shepard pass the Kármán Justice Department, which (capsule) lowest level since February— Line before its helped Dish’s entry into the from 1.30% Friday. Bond yields Wedge descent. It will wireless market through a fall when bond prices climb. Feathered fins fins deploy drag complex deal that cleared the Futures on Brent crude, the brakes to slow its way for cellphone carrier T- international benchmark, tum- descent and fins Mobile US Inc. to buy Sprint bled 6.8% to $68.62 a barrel, to control Corp. The government allowed their lowest level since May. direction. the asset swaps to proceed Surging cases of the corona- under the assurance that Dish virus in many parts of the would build a new fifth-gener- world, including highly vacci- ation network over several 4 nated countries such as the years. U.K., have prompted investors Dish’s nearly 9 million Feathering: Unity will to dial down their expectations wireless customers currently ‘feather’ its fins which of economic growth in the use T-Mobile’s network. The will allow for the cabin 3 coming months. Last week, two companies have tussled to point its windows The release: some of California’s most popu- over various issues, including toward Earth for a The capsule will Drogue lous counties either reimposed T-Mobile’s plan to shut down Spaceship Unity better view. separate to chutes mask mandates or recom- its 3G network by Jan. 1, continue the mended wearing masks indoors 2022. Dish has said the early flight into space. to fight the Delta variant. sunset could cut off many of It will be moving “The emergence of this its customers who need more 3 about Mach 3 more highly transmissible Delta time to upgrade their cell- (approx. 2,250 variant…has brought into ques- BoosttoZeroG: PleaseturntopageB4 mph). Zero 6 tion the sustainability of this Once the rocket, gravity begins. reopening and the recovery,” producing 70,000 Drogue and said Candice Bangsund, a port- pounds of thrust, main chutes: folio manager at Fiera Capital. Robinhood completes its burn New Shepard These chutes Still, she said the variant would Booster (about a minute), slow the craft delay rather than derail a big and zero gravity is 5 from 2,350mph pickup in economic activity and Valuation attained, the to 16 mph. called the selloff a chance to Glide: After the passengers are free PleaseturntopageB11 to unbuckle and craft begins its descent, the crew Is Below experience 2 weightlessness. buckles back into Boost to the seats. The The burn: INSIDE Forecasts Mach 4 fin’s feather is The rocket will and 4 Gs lowered and a complete a 2:20 2 glide begins back BY PETER RUDEGEAIR minute burn Landing to the space port. which creates Release:Unity chutes 110,000 pounds Trading app Robinhood SpaceShipTwo releases from the of thrust. At the Markets Inc. expects its com- mothership and end of the burn, ing initial public offering to begins the the capsule will give it a market value of about rocket-powered boost A retro- separate. $33 billion, lower than the level to space. Six seconds thrust system previously anticipated. in, the ship breaks the will fire to The Menlo Park, Calif., com- cushion the sound barrier. landing. pany plans to sell about 52.4 million shares in the offering, and other stockholders would sell about 2.6 million, at a price be- ELECTRIC CARS tween $38 and $42 each. At the Saudi fund stands to midpoint of the offering range, make $20 billion on Robinhood would raise about $2 1 Launch at 45,000 feet6 Touchdown1 Traditional liftoff7 Touchdown billion. The shares are set to investment in Lucid start trading late next week. Wheels up: The spacecraft Unity After nearly 60 Launch: The Bezos The rocket engine Motors. B3 Millions of individual inves- and its larger mother ship, Space minutes, the space rocket system from Blue will fire for a tors flocked to Robinhood this Ship Two take off for a roughly plane makes a Origin named New controlled landing, year to ride the rally in meme hour climb to a release point. three-point landing. Shepard takes off with while the capsule FINANCE stocks such as GameStop Corp. There are four passengers and booster and capsule on touches down The wealthy, eyeing twocrewonUnity. thetopofthecraft. approx. three and cryptocurrencies like doge- potential tax increases, coin. Its IPO is one of the most minutes later. anticipated of the year and was Note: Diagram not to scale. are jumping into muni- PleaseturntopageB4 Source: Blue Origin; Virgin Galactic; staff reports; EverydayAstronaut.com Kevin Hand/THE WALL STREET JOURNAL bond funds. B10 .

B2 | Tuesday, July 20, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Stock of Nvidia Outperforms Rivals Exxon Mobil...... B4 Pershing Square Tontine AdImpact...... A4 F ...... B12 ADT...... B4 Five9...... B11,B12 R BY HARDIKA SINGH global shortage of semicon- processors less useful to min- Share-price and index Alibaba...... B11 Ford Motor...... B3 Robinhood Financial...B1 ductors that has driven up the ers. Analysts also expect performance this year Alphabet...... B2 I Roku...... A4 Amazon.com...... B2 The post-pandemic boom in prices of everything from lap- Nvidia to get a boost from Intel...... B2,B11 S 60% Nvidia American Airlines...... B1 the semiconductor business tops to automobiles. tech and autonomous-vehicle International Business Salesforce.com...... B4 has powered Nvidia Corp. into One reason for Nvidia’s out- companies using its chips to PHLX Apple...... B2 Machines...... B4 Samsung...... B2 the top 10 U.S. public compa- performance, analysts say, is navigate traffic or track online 50 Semiconductor Apollo Global J Index Management...... B10 T nies, joining the likes of Apple that its chips’ parallel-comput- behavior. Inc. and JPMorgan Chase & ing capabilities make them “The company is the big- Intel AT&T...... B1 Johnson & Johnson....B3 40 Taiwan Semiconductor Co. better than rivals’ for artifi- gest and best supplier of par- B K Manufacturing...... B2 Shares of the Santa Clara, cial-intelligence performance allel computing,” said Ambrish Tencent...... A6,B11 Blue Origin...... B2 Kroger...... B1 Calif., firm have risen nearly and mining cryptocurrencies. Srivastava, analyst at BMO 30 Tesla...... B3 Boeing...... B2 L 80% over the past year, giving Nvidia’s graphics proces- Capital Markets. “It’s hard to T-Mobile...... B1 Broadcom...... B2 Lucid Motors...... B3 it a market value of around sors are used for mining compete against that.” 20 Toyota Motor...... B4 C M $453 billion. That is more than ethereum and the cryptocur- While Nvidia has a leg up in U rivals Intel Corp. and Broad- rency’s value has soared this the data-center industry, com- 10 Carnival...... B1 Marathon Oil...... B1 United Airlines...... B1,B4 com Inc. combined. year,evenafterarecentcor- petitors are catching up, ana- China Evergrande...... B10 Microsoft...... B12 Universal Music...... B12 Shares of Nvidia closed rection. lysts said. Chipotle Mexican Grill MicroStrategy...... B4 0 V 3.41% higher Monday. That surge has exacerbated The recent slide in crypto ...... B11 Motiva Enterprises...B11 Nvidia makes processors the shortage of gaming chips. also could spur miners to Churchill Capital IV.....B3 N ViacomCBS...... B1 that power gaming and cryp- Nvidia plans to sell cards dump their chips on the sec- –10 Comcast...... B1 Virgin Galactic...... B2 NBCUniversal...... B4 tocurrency mining. Chip aimed at the crypto market ondary market, as happened Jan. 2021 July D Vivendi...... B12 Netflix...... B11 shares have risen in part and has employed technical when a previous ethereum X thanks to a pandemic-induced adjustments to make gaming skid hit revenue in 2018. Source: FactSet Diamondback Energy..B1 Nissan Motor...... B3 Dish Network...... B1 Nvidia...... B2 Xerox...... B4 E P Xiaomi...... B2 Z Ermenegildo Zegna.....B3 Panasonic...... B4 Etsy...... B1 Pershing Square...... B12 Zoom...... B11,B12 INDEX TO PEOPLE

A Gensler, Gary...... B4 R Ackman, William...... B12 Goldberg, Gennadiy..B11 Redstone, Shari...... B1 Auty, Sterling...... B12 J Roberts, Brian...... B1 Rommetty, Ginni...... B10 B Jeffery, Chris...... B11 S Babin, Rebecca...... B11 K Bezos, Jeff...... B2 Samana, Samad...... B12 Krishna, Arvind...... B4 Black, Leon...... B10 Saylor, Michael...... B4 L Branson, Richard...... B2 Srivastava, Ambrish...B2 C Lafontant, Anderson B10 Swiger, Andrew...... B4 T Cavanagh, Mike...... B1 M Chaloff, Alex...... B10 Maldonado, Cliff...... B2 Tenev, Vlad...... B4 Chao, David...... B11 Mawston, Neil...... B2 Toyoda, Akio...... B4 E Mikells, Kathryn...... B4 W Ergen, Charlie...... B1 Musk, Elon...... B2 Whitehurst, Jim...... B4 G O Z

Galy, Sebastian...... B11 Olsen, Hans...... B1 Zhou, Chuanyi...... B10 SEONGJOON CHO/BLOOMBERG NEWS For Samsung, problems sourcing key parts contributed to an expected 20% drop in shipments from the previous quarter. Space Travel Race Chip Shortage Hits Smartphone Makers Lures Big Names BY JIYOUNG SOHN had bottomed out last year Duksan Jang, a research asso- Samsung would ship about 65 during the April-to-June quar- ciate at Susquehanna Financial million phones in the second SEOUL—The smartphone ter as countries locked down. Group. A healthy lead time is quarter. But he now projects BY DOUG CAMERON Virgin Galactic’s vehicle to industry is showing battle And historically, second quar- considered to be between 12 the company missed that mark reach the edge of space, and scars from the world-wide ter shipments have bested to 14 weeks. by seven million units—with Jeff Bezos has big ambi- the entire flight is 11 minutes. chip crunch. first-quarter figures. The supply crunch was about half of that attributable tions in space. The Ama- Virgin Galactic employs an air- Shipments are slowing and This year looks to be an ex- made apparent recently in to component shortages. zon.com Inc. founder plans to craft to lift its six-seat space customers are seeing their ception, despite the high second-quarter earnings re- “We are closely monitoring make his own first visit with a plane aloft, before releasing it, first significant price increases hopes. Industrywide ship- sults from Taiwan Semicon- the industrywide challenges, flight scheduled to launch at 9 firing a rocket to take it in years. Some companies ments are expected to drop by ductor Manufacturing Co., and making our best effort to a.m EDT on July 20, the 52nd higher. The space plane then have had to scale back produc- 10% in the second quarter the world’s largest contract minimize impact on our busi- anniversary of the Apollo 11 glides back unpowered to the tion and delay new releases. from the first, Counterpoint chip maker. TSMC’s total sales ness,” a Samsung spokes- moon landing. ground, with the whole trip All this has halted what had estimates. rose 20% from a year earlier. woman said. The New Shepard rocket taking about 90 minutes. been a strong start to the year. Meanwhile, smartphone But the company’s revenue Across the industry, phone and capsule that will carry Mr. Mr. Bezos will be joined by Smartphone makers, for unit sales for the rest of the from smartphone chips de- makers have also had to deal Bezos and three others was his brother Mark; flying leg- much of the year, avoided the year also look relatively flat clined by 3%. with continuing Covid-19 out- developed by his Blue Origin end and longtime aerospace parts disruptions faced in the compared with 2019 and 2020. In the case of Samsung, the breaks that not only curbed company, named for the belief regulator Wally Funk; and a auto, personal computer and Counterpoint Research proj- South Korean tech giant re- consumer spending but also that this blue planet is just the standby passenger. The winner home-appliance industries. ects global smartphone ship- ported roughly 77 million affected production in key starting point for humankind’s who paid almost $30 million Phone manufacturers purchase ments in the second half of smartphone shipments in the production hubs in India and future. at a charity auction for a seat key parts roughly a half a year this year will total about 771 first quarter, beating market Vietnam. Mr. Bezos is putting himself on the first flight was a no- in advance, but now those million units, up 1.3% from the forecasts. Those delays, combined to the test on his rocket’s inau- show, so Blue Origin moved up stockpiles have shrunk. 761 million units shipped a But by then, Koh Dong-jin, with the chip shortage, have gural crewed flight. He has said Dutch teenager Oliver Daemen For Samsung Electronics year earlier. the company’s mobile chief, affected the total number of he hopes this will be the first of from a later flight to become Co., the world’s largest smart- The parts shortages held had warned that a chip short- new phone releases: About 310 thousands that can make space its first paying customer. The phone maker, problems sourc- back what could have been age would hurt its business in phones were launched in the travel safe and routine, and second-place offer from an un- ing key parts contributed to bigger gains in the second the April-to-June quarter. first half of 2021, an 18% drop cheap enough to allow millions identified bidder in May’s auc- an expected 20% drop in ship- half, said Tarun Pathak, a re- Sanjeev Rana, a Seoul- from 370 devices a year ear- to follow. Eventually. tion was $27 million. ments from the previous quar- search director at Counter- based senior analyst at bro- lier, according to Counterpoint Richard Branson’s Virgin Blue Origin plans two more ter. Alphabet Inc.’s Google point. kerage CLSA, initially forecast Research. Galactic Holdings Inc. also customer flights this year, with said its Pixel 5a 5G device Higher component prices plans to take tourists to space the next scheduled as early as would be available only in the brought on by the chip short- after flying its founder there September, but has yet to an- U.S. and Japan, after the prior ages are getting passed earlier this month. Blue Origin nounce any formal pricing be- year’s models were released through for now by raising de- aims eventually to use its yond the results of the May more widely. vice prices. The average space exploration to try to tap auction. The company said you In March, China’s Xiaomi wholesale price for phones the energy and material re- can email if interested. Corp. unveiled its latest flag- world-wide went up 5% in the sources of the solar system. Boeing Co.’s Starliner is ship device in India called the April-to-June quarter, accord- The New Shepard can carry scheduled to make its second Redmi Note 10, at a price of ing to market researcher six people, with the rocket attempt to reach the Interna- roughly $161. sending the capsule up more tional Space Station on July But as of this month, the than 62 miles. The reusable 30. The uncrewed test flight phone retails at $174, about rocket and capsule being used follows a mission in December 8% higher than the original on Tuesday are making their 2019 that failed to reach the price. Xiaomi also launched 80% third flight—Blue Origin has correct orbit. A crewed mis- the Mi 11 Ultra in India in tested the system with 15 au- sion could follow by the end of April, but sales were delayed About this percentage of the tonomous flights without pas- the year, with Starliner joining and it was only earlier this industry is struggling for parts sengers. The capsule separates the Crew Dragon made by Elon month that the phone became and affords a few minutes of Musk’s SpaceX as a certified available for purchase. weightlessness before it de- space taxi. “Many industries in the scends and lands in the nearby SpaceX is building a huge world have been affected by Strategy Analytics. That is a Texas desert. The rocket lands launch tower on the Texas the chipset shortage,” a Xi- break from recent years when vertically back at the launch coast to send its own Starship aomi spokesman said. prices didn’t increase by more site. into orbit. The uncrewed mis- The chip supply struggles than 2%. Blue Origin uses a conven- sion would be atop a Super aren’t distributed evenly The phone industry’s pric- tional rocket and space cap- Heavy rocket, and the tower is across the smartphone indus- ing power should protect, if sule that launches and lands designed to catch the vehicles try. Apple Inc., which accounts not bolster, companies’ bottom vertically, so it is quicker than when they return. for about a sixth of the 1.3 bil- lines, and buyers may not lion smartphones sold annu- push back against the higher ally, has stayed out of trouble costs if they are eyeing new given its supply-chain clout, devices that can connect to according to industry analysts, next-generation 5G networks, as have most of Samsung’s said Neil Mawston, executive premium devices. But that still director at Strategy Analytics. leaves more than 80% of the “Consumers almost expect smartphone industry reeling higher prices,” Mr. Mawston for parts. said. Global smartphone ship- Much of the phone industry ments for the first three is struggling to procure a vari- months of 2021 soared 20% ety of semiconductors, indus- from a year earlier and were try analysts say, with pro- 4% higher than the compara- nounced struggles in sourcing ble period in 2019, according power-management chips, dis- to market researcher Counter- play drivers, application pro- point Research. cessors, in addition to 4G and The industry appeared 5G chipsets. primed for a strong 2021 as As of June, the average lead Covid-19 vaccines rolled out, time for semiconductors stood

SPENCER LOWELL FOR THE WALL STREET JOURNAL economies reopened and peo- at 19 weeks, longer than 16 Blue Origin’s ‘RSS First Step’ New Shepard capsule that will take ple started spending again. weeks, which is considered a humans into space Tuesday for its inaugural crewed flight. Global smartphone shipments supply-chain danger zone, said . THE WALL STREET JOURNAL. Tuesday, July 20, 2021 | B3 BUSINESS NEWS Father-Son Duo Sentenced to Prison For Ghosn’s Escape BY SEAN MCLAIN to Japan in March, the Taylors said they no longer believed TOKYO—A Tokyo court on that the Japanese justice sys- Monday sentenced Americans tem tortures people, based on Michael Taylor and Peter Tay- their firsthand experience. lor to prison for their roles in Presiding Judge Hideo Nirei the escape of former Nissan said the father-son duo de- Motor Co. chief Carlos Ghosn served prison time. from Japan. “Because of this case, Michael Taylor, a 60-year- Ghosn, a defendant facing se- old former Green Beret, re- rious charges, was able to es- ceived a two-year sentence. cape overseas,” said Judge Ni- Peter Taylor, his 28-year-old rei. “It has been one and a half son, received a sentence of years since the escape and

one year and eight months. there is still no prospect of a RICHARD B. LEVINE/ZUMA PRESS The court said they would get trial. The consequences of this A Lucid Air outside the flagship studio of Lucid Motors in New York City in June. The electric car will cost $169,000. credit for 90 days already case are very large,” he said. served in Japan. Lebanon doesn’t have an ex- The sentences are the latest tradition treaty with Japan. fallout from the flight of the The Taylors pleaded guilty Saudi Fund Stands to Make former Nissan chairman from last month to the charge of Japan in late December 2019, aiding the escape of a crimi- which allowed him to avoid a nal. trial over financial charges. The Taylors were arrested $20 Billion on Lucid Motors Mr. Ghosn, who had been liv- at their home in Massachu- ing in Tokyo, hid inside a box setts in May 2020 and fought an unsuccessful nine-month battle to avoid extradition to BY ELIOT BROWN The expected market cap of Lucid Motors will be larger than several other Japan. After they were U.S. electric-vehicle startups that have gone public. Lordstown Motors Michael Taylor gets brought to Tokyo in early The single biggest financial Hyliion two years in prison; March, the case moved swiftly beneficiary of the recent U.S. Combined market capitalization Canoo XL Fleet because they admitted guilt. electric-vehicle startup boom his son was given one During his final statement to is an unlikely candidate: the QuantumScape Arrival Nikola Fisker $34 year, eight months. the court ahead of Monday’s world’s largest exporter of oil. $9.6 billion 8.4 5.5 4.5 2 1.7 1.5 1 billion sentencing, Michael Taylor The kingdom of Saudi Ara- said in a teary courtroom bia stands to record a profit of $36 apology that he regretted ever nearly $20 billion on a $2.9 Lucid Motors expected market capitalization and departed Japan on a pri- agreeing to help Mr. Ghosn. “It billion investment in Lucid billion vate jet, ultimately arriving in wasn’t done for money, be- Motors Inc., a San Francisco Lebanon where he now lives. cause I am so far in debt in le- Bay Area electric-car maker Source: FactSet He denies wrongdoing and gal fees,” he said. that is set to list publicly after says he fled because he didn’t During the trial in Tokyo it completes a merger with a bid to diversify the country’s of the two companies was re- raised over $17 billion for the think he could get a fair trial. District Court, the Taylors special-purpose acquisition wealth away from oil. ported in January, an online companies, many of which The Taylors’ defense team apologized to the Japanese company Friday. The Saudi More recently, the Saudi in- frenzy pushed Churchill’s stock have no revenue and have won had sought a suspended sen- people and prosecutors, saying Public Investment Fund will vestment in Lucid benefited up more than 500% by Febru- over investors with projec- tence that would have allowed they didn’t realize they were own over 60% of the company, from the meme stock phenom- ary before shares retreated. tions of rapid growth. Lucid the defendants to return home breaking Japanese law. which is expected to have a enon that has reshaped finan- Lucid’s expected market has said it expects revenue of quickly. The defense argued The court said the Taylors market capitalization of about cial markets. A flood of ama- capitalization is nearly twice $22 billion in 2026. the Taylors were motivated by wouldn’t receive credit for the $36 billion based on the teur stock traders has pushed the valuation of Nissan Motor Lucid, Churchill and the an altruistic desire to rescue a time they served in a U.S. jail, SPAC’s current share price. up prices of companies merg- Co. and about two-thirds that fund declined to comment. man from a Japanese justice rejecting a defense request The listing represents the ing with SPACs, especially in of Ford Motor Co., which de- Lucid was one of the last system they believed tortured that would have shortened the fruits of a well-timed 2018 in- the electric-vehicle space, as livered more than 4 million major investments by Saudi people. After their extradition time they must serve in Japan. vestment in Lucid when it was traders bet that startups will cars last year. Lucid has yet to Arabia before the 2018 murder struggling for survival. Its emulate Tesla Inc.’s stock sell any cars. It plans to start of Saudi dissident journalist Saudi lifeline came thanks to market success. production later this year. Jamal Khashoggi. Western ap- Mohammed bin Salman, the Lucid and the SPAC it is In all, more than 23 compa- petite for Saudi money has re- crown prince who was pushing merging with, Churchill Capi- nies making electric vehicles mained subdued since then. his country’s Public Investment talCorp.IV,gainedanavid or batteries have struck deals —Nikhil Lohade and Fund to spend unprecedented following on Reddit and Twit- to go public through SPACs in Summer Said sums on startups as part of a ter. After the pending merger the past year. The deals have contributed to this article. J&J Considers Talc Subsidiary Bankruptcy

BY ANDREW SCURRIA recent weeks to resolve their any particular course of action ther litigation that kicks in af- clients’ claims. Reuters on in this litigation other than to ter a chapter 11 filing. A Johnson & Johnson legal Sunday reported J&J’s explo- continue to defend the safety Other public companies representative said in settle- ration of a potential subsidiary of talc and litigate these cases have placed units with asbes- ment discussions over its tal- bankruptcy filing. in the tort system, as the pend- tos-related liabilities into

SIMONA CHIOCCIA/IPA/ZUMA PRESS cum-based baby powder that As of April, there were ing trials demonstrate.” bankruptcy to corral vast Zegna, based in Italy, specializes in high-end menswear. the company is considering roughly 28,900 pending law- Bankruptcy can be a power- numbers of injury lawsuits, placing a subsidiary in bank- suits in U.S. courts against the ful tool for companies facing without the parent company ruptcy as part of a strategy to company and its Johnson & vast numbers of lawsuits over entering chapter 11. settle thousands of claims Johnson Consumer Inc. subsid- allegedly defective products or Jury verdicts in J&J’s baby- Fashion House Zegna linking the product to ovarian iary, blaming ovarian cancer other mass-tort claims. A chap- powder cases that have gone cancer, according to people fa- and other injuries on talc-con- ter 11 filing can pressure claim- to trial have been mixed, with miliar with the matter. taining powders, which it ants into accepting lower set- some siding with J&J. Others LinesUpSPACListing The possibility of a chapter stopped selling in the U.S. and tlements, by halting ongoing have awarded large sums to BY ERIC SYLVERS include LVMH Moët Hennessy 11 bankruptcy was raised by Canada last year. J&J said in litigation and discovery pro- cancer victims. Louis Vuitton SE and Kering the J&J representative during its most recent quarterly re- ceedings and creating a central- J&J has denied that its talc MILAN—Ermenegildo SA. The two French giants al- discussions over its talc-con- port in April that the number ized forum to value claims. products were unsafe and said Zegna Group said it would ready own many Italian fash- taining baby powder, accord- of talc cases continues to grow. Placing a subsidiary in in court papers that epidemio- merge with a special-purpose ion mainstays including Gucci, ing to personal-injury lawyers, A spokesperson said Sunday bankruptcy would also open a logical studies established no acquisition company in a deal Fendi and Bottega Veneta. U.S. who said they received the in- that “Johnson & Johnson Con- path for a parent company to significant link between talc that values the Italian luxury- fashion conglomerate Capri formation while negotiating in sumer Inc. has not decided on receive protection against fur- use and ovarian cancer. goods group at $3.2 billion, in- Holdings Ltd. owns Versace, cluding debt, and provides it one of Italy’s most well-known with funds for future acquisi- brands. ADVERTISEMENT tions to bulk up amid consoli- The gap between the mid- dation in the fashion sector. size Italian brands and the in- The Marketplace Zegna specializes in high- dustry’s juggernauts has wid- To advertise: 800-366-3975 or WSJ.com/classiﬁeds end menswear and bought the ened during the coronavirus American fashion brand Thom pandemic. The bigger compa- Browne in 2018. It intends to nies enjoyed the financial ANNOUNCEMENTS FRANCHISE list on the New York Stock Ex- muscle to better withstand change after merging with a last year’s drop in revenue SPAC owned by London-based that afflicted almost every !!"! private-equity firm Investin- fashion company. The steep # $$ dustrial and chaired by Sergio drop in travel last year hit the % &$ &' (' ) Ermotti, the former chief exec- fashion industry, which relies "!" $ !!"! *+* utive of UBS Group AG. on free-spending tourists in , ' !!"!- $ The Zegna family would re- airports and in shops in fash- $$ tain a 62% stake in the com- ion capitals such as Paris and . . # . % /0! 1 ' , pany following the deal’s clos- Milan. , !+/ (' ) "!" ing, which is expected by the Before the pandemic, the (' "" "!" $ $' end of the year. Investindus- larger players had invested 2' - trial would own 11% with the more to build out their digital remainder publicly traded. operations. The well-devel- Zegna and Investindustrial oped e-commerce operations said they expect Zegna would of brands owned by LVMH and start trading with a market Kering helped them meet de- THE value of $2.5 billion. Adding mand during coronavirus lock- MARKETPLACE the debt pushes Zegna’s so- downs and the period after- called enterprise value to $3.2 ward, when many people were billion. still reluctant to return to ADVERTISE TODAY The Zegna family, which stores. (800) 366-3975 has owned the company for Zegna, which has almost For more information visit: more than a century, will re- 300 directly owned stores and ! ceive about $550 million in 6,000 employees, had revenue wsj.com/classifieds the deal. The company will get of €1.3 billion, equivalent to $250 million it can use for fu- about $1.5 billion, in 2019 and " # ture acquisitions, according to €1 billion last year. The com- a presentation. Gildo Zegna, panyexpectstomakeupmost $ $ the company’s chief executive of that 25% drop this year, get- $ % and the grandson of its ting it close to 2019 levels. founder, said his family will Zegna is banking on a strong remain at the helm following year in the Greater China re- the closing of the deal. gion, which accounts for half Italian luxury-goods compa- of its apparel-and-accessories nies have been the target of revenue. Zegna earned €38 © 2021 Dow Jones & Company, Inc. buyout offers from a handful million in 2019 and has a loss All Rights Reserved. of fashion conglomerates that of €45 million last year. .

B4 | Tuesday, July 20, 2021 **** THE WALL STREET JOURNAL. BUSINESS NEWS Exxon Rules Urged for Crypto Accounting Chooses Companies’ digital holdings are treated Outsider as intangible assets, clouding their value As CFO

BY MARK MAURER BY NINA TRENTMANN AND CHRISTOPHER M. MATTHEWS Accountants and lawmakers are urging standard-setters to Exxon Mobil Corp. hired a fill a void and write concrete company outsider to lead its rules telling companies how to finances, a move that comes as account for bitcoin and other the energy company faces in- cryptocurrency assets. vestor pressure to take more The assets, for which there steps to transition away from are no binding fossil fuels. CFO JOURNAL U.S. account- Exxon on Monday said ing require- Kathryn Mikells would take ments, have drawn regulators’ over as chief financial officer interest after sharp swings in on Aug. 9. Ms. Mikells, who recent months and invest- previously held CFO positions ments by companies such as at printer maker Xerox Hold- electric-car maker Tesla Inc. ings Corp., security systems and payment provider Square company ADT Inc. and United Inc. Bitcoin, which rose to a Airlines Holdings Inc., most re- record of $63,381 in April, has cently served as finance chief roughly halved in value since of British spirits maker Diageo then, mirroring volatility in PLC. Ms. Mikells worked in other digital currency assets. that position from November The Securities and Ex- 2015 to June 2021 and recently change Commission, which returned to the U.S. to be

oversees U.S. securities mar- JUSTIN LANE/EPA/SHUTTERSTOCK closer to her family. kets, is considering new regu- Bitcoin and other cryptocurrencies have shown great volatility, prompting most companies to steer clear of investing in them. At Exxon, Ms. Mikells suc- lation for the cryptocurrency ceeds Andrew Swiger, who be- market to prevent fraud. ments, the spokeswoman said. Few companies own $75 million billion, according to a quar- came the company’s principal Chairman Gary Gensler, who The issue of how companies cryptocurrency assets, terly filing. financial officer in 2013 and taught courses on digital cur- account for crypto assets is but write-downs on the Square recorded cryptocur- intends to retire, effective rencies at the Massachusetts separate from how they pay investments have been growing. 50 rency holdings of $472 mil- Sept. 1. Mr. Swiger, a 43-year Institute of Technology before taxes on the investments. Impairment charges for lion as of March 31, up from company veteran, joined Exxon he took office, has argued that Because there are no bind- digital currency assets $136.5 million at the end of as an operations engineer in investor protection rules simi- ing accounting rules yet, com- taken by U.S. companies December. Morgan City, La., and took on lar to those that cover deriva- panies with crypto holdings 25 MicroStrategy Inc., a soft- various positions. He is 64 tives and equities should apply classify them as indefinite- ware company based in Ty- years old. Exxon’s mandatory to crypto exchanges. lived intangible assets—simi- *Through June 30 sons Corner, Va., said it had retirement age is 65. The Basel Committee for lar to trademarks and website Note: Data is from annual filings by companies $1.94 billion in bitcoin as of The appointment of an ex- holding crypto assets, numbering five or fewer 0 Banking Supervision, which domains—following nonbind- firms for each year given. March 31, up from $1.05 billion ternal candidate like Ms. sets global standards for ing guidelines from the Asso- Source: Audit Analytics 2017 ’18 ’19 ’20 ’21* at the end of December, in Mikells, who has never worked banking regulation, last ciation of International Certi- part due to additional bitcoin at Exxon, is a rare choice for month suggested banks deal- fied Professional Accountants. “Lack of thoughtful and have steered clear of crypto purchases during the first the company. The oil company ing in crypto assets should Under these guidelines, carefully developed authorita- investments due to concerns quarter. Chief Executive Mi- has historically preferred to hold substantial buffers to businesses have to review the tive guidance from the FASB about volatility. The absence chael Saylor recently said the promote from within its own cover potential losses. value of these assets at least threatens the ability to create of tailored accounting rules company is making do with ranks, especially for positions On the accounting front, once a year. Companies have to accurate and consistent finan- only exacerbates these wor- the current accounting method on the management commit- however, there hasn’t been write down the value if it drops cial reporting of a large and ries, said Deniz Appelbaum, for now. tee, which employees inter- much progress. The Financial below the purchase price. How- fast-growing financial asset assistant professor of account- One alternative to treating nallyrefertoasthe“Godpod.” Accounting Standards Board, ever, if the value goes up, com- class,” they wrote. Mr. Emmer ing and finance at Montclair crypto holdings as intangible Exxon has faced pressure which sets accounting stan- panies can record a gain only last week introduced a bill State University in New Jer- assets could be to allow com- from investors and other dards for public and private when they sell the assets, not seeking for Congress to provide sey. “If there was a standard panies to apply fair-value ac- stakeholders over the past companies and nonprofits in while holding the assets. set, CFOs would know how to counting rules for certain digi- year, culminating in the defeat the U.S., last year decided That’s creating an imperfect proceed…and whether an in- tal assets if the fair value can of three of the company’s against adding the topic to its picture for investors seeking vestment in coins is appropri- be determined readily, the nominees to its board at its agenda, saying investing in to understand a company’s ate for their firm,” she said. FASB said. Bitcoin would meet annual shareholder meeting in cryptocurrencies isn’t wide- crypto investments. “You’re For companies that do dab- the criteria, according to Zion May. Engine No. 1, a hedge spread among companies. getting really less than half $2.48B ble in cryptocurrencies, share- Research’s Mr. Wechter. fund created last year, success- Last month, the FASB the story,” said Aaron Jacob, Tesla’s reported bitcoin holders want to see details Under fair-value account- fully placed three directors on launched an agenda consulta- head of enterprise resource holdings as of March 31 such as the underlying purpose ing, companies recognize Exxon’s board despite owning tion, its first in five years, seek- planning at software provider of crypto investments, the pur- losses and gains in value im- just 0.02% of its stock. ing the public’s views on what TaxBit Inc., which helps indi- chase price and the quantity, mediately and treat the digital Engine No. 1 criticized its long-term priorities should viduals and companies figure said Ben Wechter, a research assets as financial assets, not Exxon’s corporate culture as be. Depending on the feedback, out the taxes they owe on a clear definition of digital as- analyst at Zion Research as intangibles. This approach being too insular and said the the board could consider new their cryptocurrency holdings. sets under U.S. securities law. Group, which provides inves- captures the value of digital company needed outside per- accounting projects such as fi- Mr. Jacob wrote to the FASB Big Four accounting firm tors with information about assets more accurately, said spectives to help it navigate a nancial reporting on digital as- last month asking it to set PricewaterhouseCoopers said it accounting and tax issues. Dan Amiram, a vice dean and continuing industry transition sets. The FASB expects to re- rules for crypto assets. encourages standard-setters to One prominent corporate accounting professor at Tel to lower carbon energy view the responses, which are A bipartisan group of seven look into accounting for cryp- investor in cryptocurrencies is Aviv University. But because it sources. The hedge fund also due Sept. 22, by early next congressmen led by Rep. Tom tocurrencies. KPMG declined to Tesla, which disclosed in its incorporates both gains and attacked Exxon’s financial year, a spokeswoman said. Emmer (R., Minn.) made a comment, while Deloitte and annual report in February that losses, fair-value accounting planning and capital alloca- It is too early to tell what, similar request to the FASB in Ernst & Young didn’t respond it bought $1.5 billion in bit- can create even more volatility tion. if any, action the FASB would May, pointing to the surge in to requests for comment. coin.AsofMarch31,itsbit- on companies’ income state- —Kristin Broughton take on cryptocurrency invest- value of these digital assets. Most chief financial officers coin holdings totaled $2.48 ments, he said. contributed to this article. Robinhood IBM Posts Gain in Revenue Amid Retooling Value in BY KIMBERLY CHIN IBM’s quarterly revenue, to transform the company change from a year earlier from a lumbering tech giant International Business 6% focused on hardware to a huge IPO Is Cut Machines Corp. is showing player in services that were progress in delivering on Chief booming at the time. Executive Arvind Krishna’s 4 2Q 2021 Total cloud revenue was $7 +3.4% ContinuedfrompageB1 commitment to revive growth, billion in the latest quarter, up expected to value the company posting a second straight 2 13% from a year earlier. IBM at $40 billion or more. Robin- quarter of higher revenue. has been betting on a concept hood last sold shares to startup The second-quarter top-line called hybrid-cloud, where 0 investors in 2020 at a nearly $12 increase, IBM’s strongest per- customers mix the use of billion valuation. formance in three years, cloud-computing servers with Robinhood’s growth contin- comes at a time the company –2 more traditional office-based ued into the second quarter, is undergoing extensive ones. The company said it now driven by new users opening changes, including the planned –4 had more than 3,200 users of accounts and an increase in op- spinoff of some of its legacy IT its hybrid cloud, almost four tions and cryptocurrency trad- activities that remain a multi- times the number it had being. The company expects to re- billion-dollar business. –6 fore buying Red Hat, Mr. port second-quarter revenue Revenue in the three Krishna said. between $546 million and $574 months ended June 30 rose –8 Changes at IBM go beyond million, more than double what 3.4% to $18.75 billion driven 2017 ’18 ’19 ’20 ’21 the spinoff. Earlier this month it generated a year earlier. The by its cloud, software and ser- BERND WEISSBROD/DPA/ASSOCIATED PRESS the company said its second- number of funded Robinhood vices businesses. The company The company was lifted by its cloud unit, which uses quantum tech. Sources: S&P Capital IQ; the company highest-ranking executive, Jim accounts increased by 4.5 mil- reported adjusted earnings of Whitehurst, is leaving the lion between the end of March $2.33 a share. A consensus of tries,” Mr. Krishna said on a call, adding that the company order to sharpen its focus on company two years after he and the end of June, reaching analysts expected sales of call Monday. was investing to address its the booming fields of cloud joined through IBM’s $33 bil- 22.5 million in total. $18.29 billion and adjusted IBM shares rose 4.3% in af- staffing needs. computing and artificial intel- lion acquisition of cloud-soft- But the company’s growth is earnings of $2.31 a share, ac- ter-hours trading. The stock When Mr. Krishna took the ligence, Mr. Krishna has said. ware provider Red Hat. Mr. decelerating from the torrid cording to FactSet. has gained 10% in the past 12 helm in April 2020, he The separation of Kyndryl is Whitehurst became IBM’s first pace earlier in the year. In “With the economy reopen- months. pledged to restore growth at due to be completed by year- president in decades, helping stock trading, it reported a de- ing in many parts of the The current economy isn’t the veteran tech company. As end. to accelerate the company’s crease in activity relative to a world, many markets and in- without challenges, though. part of those plans, IBM is The IT services operations cloud-computing business. He year earlier. That slowdown is dustries are getting back on “There is a war for talent go- planning to spin off a major that IBM is partly shedding will continue to serve as an set to continue, with Robinhood track. We see this in North ing on,” Chief Financial Officer part of its information-tech- were central to then-CEO Lou adviser to the company after expecting overall revenue in America and in select indus- James Kavanaugh said on the nology services operations in Gerstner’s drive in the 1990s his departure. the third quarter to be below the second quarter’s level. At $33 billion, Robinhood mated T-Mobile gets $1.5 bil- that the two TV providers spin off a 30% stake in Di- The telecom company at would be valued at roughly 20 AT&T Sets lion to $2 billion a year serv- could save money by merging, recTV to private-equity firm the time controlled the coun- timesitsrevenueoverthe12 ing Dish’s customer base. “We though antitrust enforcers TPG. The carrier later struck a try’s largest pay-TV distribu- months ending June 30 and at can presume that Dish is get- might resist the combination deal with Discovery Inc. to tion network, mostly through about $1,500 per funded ac- Deal to ting a better deal with of two businesses that are of- spin off its WarnerMedia seg- DirecTV, before it added one count. In contrast, rival broker- AT&T…or one with similar ten the only source of pay-TV ment into a new publicly of the biggest cable channel age Charles Schwab Corp. is pricing but longer time frame channels in rural areas. traded company. owners. valued at about $4,000 per ac- Help Dish and without a contentious Dish Chairman Charlie Er- That transaction unwound AT&T last week reported tive account, though Schwab partner,” the investment bank gen has said he considers the a hard-fought acquisition that that DirecTV continued shed- customers hold substantially wrote Monday in a note to tie-up inevitable. AT&T closed for about $81 bil- ding subscribers in the second more assets than Robinhood ContinuedfrompageB1 clients. Dallas-based AT&T is focus- lion in 2018 after beating a quarter, though the decline customers do. phones to 4G and 5G smart- Monday’s announcement ing its attention on its core court challenge by U.S. Justice hadslowedcomparedwith Robinhood reiterated that it phones. AT&T has said it made no mention of AT&T’s telecommunications services Department officials, who ar- losses seen over the past year. expects to sell to its users 20% to would wind down its 3G ser- DirecTV satellite unit, which after a string of mixed results gued that the combination The company is scheduled 35% of its IPO shares, or up to vice in early 2022. competes with Dish. Wall from entertainment. The com- would hurt competition in the to report full quarterly results 18.3 million shares. Analysts at Cowen esti- Street analysts have predicted pany in February agreed to pay-TV market. Thursday. . THE WALL STREET JOURNAL. Tuesday, July 20, 2021 | B5

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EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 33962.04 t725.81, or 2.09% Trailing P/E ratio 26.14 22.85 4258.49 t68.67, or 1.59% Trailing P/E ratio * 36.60 29.34 14274.98 t 152.25, or 1.06% Trailing P/E ratio *† 38.37 33.77 High, low, open and close for each P/E estimate * 19.80 24.45 High, low, open and close for each P/E estimate * 22.57 25.87 High, low, open and close for each P/E estimate *† 27.43 31.41 trading day of the past three months. Dividend yield 1.84 2.47 trading day of the past three months. Dividend yield * 1.35 1.90 trading day of the past three months. Dividend yield *† 0.68 0.82 All-time high 34996.18, 07/12/21 All-time high 4384.63, 07/12/21 All-time high: 14733.24, 07/12/21

Current divisor 0.15188516925198 36300 4400 14900

35200 4275 14550

34100 4150 14200

33000 4025 13850 Session high 65-day moving average DOWN UP

Session open t Close 31900 3900 13500 65-day moving average 65-day moving average Close Open t 30800 3775 13150 Session low Bars measure the point change from session's open 29700 3650 12800 Apr. May June July Apr. May June July Apr. May June July *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 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,144,325,952 25,377,538 Industrial Average 34528.48 33741.76 33962.04 -725.81 -2.09 34996.18 26313.65 27.3 11.0 10.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 116,038,120 7,111,562 Transportation Avg 14435.89 14080.38 14264.26 -227.65 -1.57 15943.30 9696.55 46.4 14.1 9.9 Most-active issues in late trading Decl. volume*1,023,082,060 17,826,340 Utility Average 917.24 888.89 899.18 -15.43 -1.69 933.37 785.16 10.1 4.0 7.5 Volume After Hours Issues traded 3,493 289 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 44244.94 43869.80 44122.93 -670.79 -1.50 45611.62 32761.21 33.2 12.5 14.7 Advances 516 74 SPDR S&P 500 SPY 13,716.5 425.69 0.72 0.17 426.00 423.94 Barron's 400 990.10 972.06 978.35 -11.75 -1.19 1019.95 687.57 41.7 14.8 8.7 Declines 2,879 204 Invesco KBW Bank ETF KBWB 8,863.7 60.33 0.22 0.37 60.33 60.11 Unchanged 98 11 Apple AAPL 0.45 Nasdaq Stock Market 8,276.9 143.09 0.64 148.38 142.27 New highs 20 1 14274.98 -1.06 32.6 22.2 0.22 Nasdaq Composite 14313.60 14178.66 -152.25 14733.24 10363.18 10.8 Intel INTC 4,127.0 54.76 0.12 54.85 54.45 New lows 96 25 14549.09 -0.90 32.8 25.5 Nasdaq-100 14578.96 14455.07 -132.29 14900.44 10483.13 12.9 Health Care Sel Sector XLV 3,768.1 127.25 -0.02 -0.02 127.39 127.11 Closing Arms† 1.31 0.62 iShares iBoxx $ HY Cp Bd HYG 3,352.7 87.15 0.07 0.08 87.22 87.03 S&P Block trades* 5,460 221 iShares 20+Y Treasury Bd TLT 2,936.3 151.16 -0.30 -0.20 151.51 148.21 500 Index 4296.40 4233.13 4258.49 -68.67 -1.59 4384.63 3215.63 31.0 13.4 14.9 Nasdaq NYSE Arca Cisco Systems CSCO 2,839.0 53.20 0.14 0.26 53.25 53.06 MidCap 400 2596.57 2550.62 2571.03 -45.93 -1.76 2770.27 1792.09 40.8 11.5 8.6 Total volume*4,474,173,661 351,670,256 SmallCap 600 1289.18 1261.29 1273.00 -24.56 -1.89 1414.12 822.63 51.2 13.8 6.3 Percentage gainers… Adv. volume*1,712,516,363 55,229,840 7.14 Decl. volume*2,705,428,291 295,973,487 Other Indexes Odonate Therapeutics ODT 71.7 3.75 0.25 4.02 3.50 6.94 Issues traded 4,600 1,566 Russell 2000 2159.71 2107.07 2130.68 -32.56 -1.51 2360.17 1451.46 45.1 7.9 7.8 Amneal Pharmaceuticals AMRX 190.3 4.62 0.30 5.20 4.32 4.39 Advances 1,246 276 NYSE Composite 16364.66 15954.69 16052.71 -311.95 -1.91 16708.74 12359.16 29.5 10.5 7.9 Wheels Up Experience UP 108.3 10.94 0.46 11.01 10.30 Declines 3,160 1,278 635.28 -1.85 40.4 2.8 Crown Holdings CCK 58.7 105.70 4.36 4.30 108.00 101.20 Value Line 647.27 630.64 -11.99 685.08 444.77 11.7 Unchanged 194 12 5637.22 -0.38 -8.2 3.3 SM Energy SM 57.7 18.85 0.74 4.09 18.88 18.11 NYSE Arca Biotech 5677.26 5605.36 -21.53 6319.77 5128.49 -1.8 New highs 40 22 NYSE Arca Pharma 753.40 741.34 748.17 -5.23 -0.69 759.12 613.07 11.5 8.5 11.2 ...And losers New lows 257 48 KBW Bank 119.22 116.26 116.87 -4.56 -3.76 134.82 69.87 61.3 19.4 3.1 PPG Industries PPG 78.5 156.00 -9.75 -5.88 167.00 152.52 Closing Arms† 0.62 0.92 § PHLX Gold/Silver 136.10 132.83 134.31 -3.25 -2.36 166.01 130.33 -6.9 -6.8 19.4 Arcus Biosciences RCUS 82.5 28.00 -1.63 -5.50 29.63 27.55 Block trades* 22,441 1,297 § PHLX Oil Service 53.87 52.02 53.26 -2.01 -3.63 69.77 26.30 58.7 20.1 -29.3 Glaukos GKOS 135.3 53.55 -2.76 -4.90 56.31 51.69 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3150.00 3088.33 3147.51 2.06 0.07 3348.87 2038.71 49.1 12.6 32.1 Alpha Pro Tech APT 125.5 9.65 -0.27 -2.72 9.92 9.52 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 25.09 19.27 22.50 4.05 21.95 40.28 15.07 -8.0 -1.1 20.5 STLD -1.88 Steel Dynamics 153.9 56.80 -1.09 58.70 56.58 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 707.42 –1.63 World MSCI ACWI –11.75 9.5 Aehr Test Systems AEHR 6.39 2.99 87.94 6.75 1.15 234.6 Red Cat Holdings RCAT 4.10 -3.00 -42.25 7.75 0.54 355.6 341.98 –1.85 MSCI ACWI ex-USA –6.45 4.8 NRX Pharmaceuticals NRXP 12.38 3.86 45.31 76.99 8.39 15.2 Data Storage DTST 4.30 -1.64 -27.61 38.80 4.24 -25.3 2975.55 –1.62 MSCI World –49.10 10.6 Allied Healthcare Prods AHPI 8.32 2.53 43.70 13.27 3.45 -27.1 China SXT Pharmaceuticals SXTC 1.66 -0.46 -21.70 5.12 0.89 -11.3 MSCI Emerging Markets 1317.22 –22.86 –1.71 2.0 Cytokinetics CYTK 27.00 7.77 40.41 31.41 14.71 7.4 Moving iMage Technologies MITQ 4.17 -1.13 -21.32 27.31 3.79 ... 38.44 269.5 -21.26 ... Americas MSCI AC Americas 1655.54 –26.28 –1.56 12.8 MER Telemanagement MTSL 5.69 1.58 8.94 1.01 Pop Culture Group CPOP 6.85 -1.85 78.00 6.66 Canada S&P/TSX Comp 19726.45 –259.09 –1.30 13.2 Alfi ALF 12.05 2.87 31.26 22.50 2.41 ... Hyzon Motors HYZN 8.26 -2.07 -20.04 19.95 8.10 ... Latin Amer. MSCI EM Latin America 2497.89 –81.37 –3.15 1.9 Aethlon Medical AEMD 4.93 1.17 31.12 12.49 1.22 104.6 Capital Senior CSU 38.47 -7.76 -16.79 58.94 7.35 349.9 Brazil BOVESPA 124394.57 –1565.69 –1.24 4.5 Creatd CRTD 4.17 0.98 30.72 15.00 2.10 -67.2 Rapid Micro Biosystems RPID 20.20 -3.90 -16.18 24.76 19.37 ... Chile S&P IPSA 2835.57 53.14 1.91 –0.8 Alpha Pro Tech APT 9.92 2.13 27.34 25.55 6.97 -54.1 Newegg Commerce NEGG 25.76 -4.79 -15.68 79.07 2.76 386.0 Mexico S&P/BMV IPC 49096.47 –1051.66 –2.10 11.4 SPX FLOW FLOW 75.93 13.84 22.29 80.62 36.87 102.8 Unicycive Therapeutics UNCY 2.70 -0.50 -15.63 8.73 2.60 ... 21.39 212.8 -15.00 37.3 EMEA STOXX Europe 600 444.29 –10.45 –2.30 11.3 Brooklyn ImmunoThera BTX 12.20 2.15 80.67 3.04 Intrusion INTZ 8.50 -1.50 29.90 6.06 19.12 18.3 -14.60 ... Eurozone Euro STOXX 439.69 –10.77 –2.39 10.6 Celularity CELU 12.15 1.95 12.58 7.73 F45 Training Holdings FXLV 13.75 -2.35 17.75 13.50 15.04 614.9 -14.59 ... Belgium Bel-20 4085.34 –69.74 –1.68 12.8 Asensus Surgical ASXC 2.60 0.34 6.95 0.32 Alzamend Neuro ALZN 5.27 -0.90 33.55 4.85 MIRO 14.86 ... ARDS -14.53 -32.0 Denmark OMX Copenhagen 20 1684.44 –12.48 –0.74 15.0 Miromatrix Medical 9.20 1.19 16.52 7.75 Aridis Pharmaceuticals 5.00 -0.85 8.50 4.70 NanoViricides NNVC 4.45 0.52 13.23 8.71 2.85 -37.3 Blend Labs BLND 17.93 -2.97 -14.21 21.04 17.75 ... France CAC 40 6295.97 –164.11 –2.54 13.4 Germany DAX 15133.20 –407.11 –2.62 10.3 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1613.29 –44.63 –2.69 7.6 Italy FTSE MIB 23965.92 –826.86 –3.34 7.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 721.09 –15.43 –2.09 15.4 146,323 -1.48 30173 0.72 Russia RTS Index 1559.40 –43.70 –2.73 12.4 SPDR S&P 500 SPY 115.8 424.97 437.92 319.25 ECP Envtl Growth Opps A ENNV 14,997 9.81 16.00 9.60 135,803 87.94 29241 45.31 South Africa FTSE/JSE All-Share 64804.74 –1724.79 –2.59 9.1 Aehr Test Systems AEHR 8300.4 6.39 6.75 1.15 NRX Pharmaceuticals NRXP 65,207 12.38 76.99 8.39 ProSh UltraPro Shrt QQQ SQQQ 132,341 2.48 Freeline Therapeutics ADR FRLN 12085 -9.21 Spain IBEX 35 8301.70 –204.50 –2.40 2.8 82.5 9.10 35.20 8.32 4,499 6.70 21.69 6.39 Apple AAPL 117,376 39.5 142.45 -2.69 150.00 89.15 Invsc S&P 500 Enh Value SPVU 2,536 8479 40.20 -1.93 44.40 26.14 Sweden OMX Stockholm 939.95 –18.72 –1.95 22.3 AMC Entertainment Hldgs AMC 112,167 -30.9 34.62 -0.97 72.62 1.91 Invsc Dynamic Pharm PJP 1,078 6851 78.95 0.23 82.38 61.43 Switzerland Swiss Market 11862.08 –164.42 –1.37 10.8 Turkey BIST 100 1351.59 –11.69 –0.86 –8.5 Sundial Growers SNDL 110,129 -45.1 0.81 -0.39 3.96 0.14 Cytokinetics CYTK 40,018 5145 27.00 40.41 31.41 14.71 99,389 -2.42 5046 27.34 U.K. FTSE 100 6844.39 –163.70 –2.34 5.9 Ford Motor F 21.8 13.28 16.46 6.41 Alpha Pro Tech APT 18,725 9.92 25.55 6.97 98,492 -4.38 3873 0.21 U.K. FTSE 250 21940.88 –526.12 –2.34 7.1 General Electric GE 67.9 12.00 14.42 5.93 Tailwind Two Acqn Cl A TWNT 802 9.69 9.99 9.62 Finl Select Sector SPDR XLF 89,264 68.3 35.11 -2.80 38.60 22.94 5:01 Acquisition FVAM 305 3472 9.77 0.10 13.00 9.29 Asia-Pacific MSCI AC Asia Pacific 202.21 –2.59 –1.27 1.1 Carnival CCL 84,392 210.8 19.72 -5.74 31.52 12.11 Investindustrial Acqn A IIAC 1,790 3293 9.84 -3.34 11.00 9.65 Australia S&P/ASX 200 7286.00 –62.12 –0.85 10.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 3539.12 –0.01 China Shanghai Composite –0.18 1.9 5,000 shares =Has traded fewer than 65 days 27489.78 –1.84 Hong Kong Hang Seng –514.90 0.9 Track the Markets S&P BSE Sensex 52553.40 –1.10 India –586.66 10.1 Compare the performance of selected CURRENCIES & COMMODITIES Japan NIKKEI 225 27652.74 –350.34 –1.25 0.8 global stock indexes, bond ETFs, Singapore Straits Times 3111.20 –41.10 –1.30 9.4 currencies and commodities at South Korea KOSPI 3244.04 –32.87 –1.00 12.9 wsj.com/graphics/track-the-markets Currencies Taiwan TAIEX 17789.25 –106.00 –0.59 20.7 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1556.01 –18.36 –1.17 7.4 Get real-time U.S. stock quotes and track most-active stocks, new US$ 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$ (%) CREDIT MARKETS Americas Vietnam dong .00004344 23022 –0.3 Argentina peso .0104 96.3091 14.5 Europe Brazil real .1904 5.2522 1.1 Czech Rep. koruna .04589 21.791 1.5 Canada dollar .7845 1.2747 0.1 Denmark krone .1586 6.3039 3.5 Consumer Rates and Returns to Investor TreasuryBenchmark yield Yields curve Forex Race Chile peso .001316 759.95 7.0 Euro area euro 1.1800 .8475 3.5 U.S. consumer rates Selected rates andYield to Rates maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000261 3835.50 12.1 Hungary forint .003279 304.99 2.7 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .008065 124.00 –3.0 A consumer rate against its 30-year mortgage, Rate Mexico peso .0498 20.0803 1.0 Norway krone .1118 8.9485 4.3 3.6 4.4 benchmark over the past year 2.50% Uruguay peso .02280 43.8618 Poland zloty .2567 3.8956 Bankrate.com avg†: 3.08% 12% Asia-Pacific Russia ruble .01337 74.769 1.0 5.6 Dearborn Federal Svgs Bk 2.75% 2.00 4.7 Sweden krona .1151 8.6865

s Australian dollar .7345 1.3615 Switzerland franc 1.0892 .9181 3.8 30-year ﬁxed-rate 4.00% Dearborn, MI 313-565-3100 Tradeweb ICE 6 Euro China yuan .1541 6.4905 –0.6 mortgage Monday Close t 1.50 Turkey lira .1164 8.5897 15.5 2.88% Hong Kong dollar .1287 7.7711 0.2 t Teachers Federal Credit Union Ukraine hryvnia .0367 27.2500 –3.9 3.00 0 India 2.7 s rupee .01334 74.988 Farmingville, NY 631-698-7000 1.00 UK pound 1.3676 .7312 –0.1 Yen Indonesia rupiah .0000689 14518 3.3 Manasquan Bank 3.00% Middle East/Africa 2.00 One year ago 0.50 –6 s Japan yen .009136 109.45 5.9 10-year Treasury Manasquan, NJ 732-292-8400 t Kazakhstan tenge .002338 427.65 1.5 Bahrain dinar 2.6529 .3770 –0.02 t note yield WSJ Dollar Index 0.2 –0.5 1.00 Peoples Bank 3.00% 0.00 –12 Macau pataca .1248 8.0100 Egypt pound .0638 15.6710 Malaysia ringgit .2367 4.2245 5.0 Israel shekel .3027 3.3036 2.8 Marietta, OH 800-374-6123 1 3 6 1 2 3 5 7 10 20 30 0.00 2020 2021 New Zealand dollar .6944 1.4401 3.5 Kuwait dinar 3.3247 .3008 –1.1 3.00% month(s) years A S O N D J F M A M J J Prairie State Bank and Trust Pakistan rupee .00623 160.571 0.1 Oman sul rial 2.5971 .3850 0.01 maturity 5.8 1.6 2020 2021 Mt Zion, IL 800-597-2977 Philippines peso .0197 50.778 Qatar rial .2704 3.699 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7334 1.3636 3.2 Saudi Arabia riyal .2666 3.7514 –0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008681 1151.91 6.1 South Africa rand .0686 14.5715 –0.8 l Interest rate Last ( )Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050340 198.65 7.2 0.02 Close Net Chg %Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.75 Taiwan dollar .03559 28.095 Yield (%) 52-Week Total Return (%) 9.4 WSJ Dollar Index 2.99 l Thailand baht .03043 32.860 87.54 0.21 0.24 Prime rate* 3.25 3.25 3.25 3.25 -1.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.13 0.13 0.12 l 0.28 -2.21 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2432.800 0.810 0.900 1.030 0.400 –2.064 5.156 Money market, annual yield 0.08 0.08 0.08 l 0.26 -0.45 1.770 –7.734 Five-year CD, annual yield 0.45 0.45 0.43 l 0.70 -1.29 U.S. Treasury Long, Barclays 4558.650 1.950 2.400 1.090 9.556 Commodities 30-year mortgage, fixed† 3.08 3.10 2.83 l 3.37 -1.43 Aggregate, Barclays 2281.070 1.390 1.450 1.630 1.020 0.052 5.615 Monday 52-Week YTD Pricing trends on someClose raw materials, Net chg % Chg or commodities High Low % Chg % chg 2.42 l -1.57 15-year mortgage, fixed† 2.45 2.32 2.75 Fixed-Rate MBS, Barclays 2225.020 1.700 1.730 1.850 0.980 0.018 3.843 3.10 l -1.60 DJ Commodity 868.50 -23.50 -2.63 908.66 579.30 49.92 18.71 Jumbo mortgages, $548,250-plus† 3.23 2.85 3.41 3.681 10.693 High Yield 100, ICE BofA 3415.689 3.259 5.112 3.162 5.850 Refinitiv/CC CRB Index 205.59 -3.29 46.13 Five-year adj mortgage (ARM)† 2.87 2.86 2.85 l 3.43 -1.43 -6.99 214.95 140.69 22.52 Muni Master, ICE BofA 604.248 0.701 0.727 1.157 0.701 2.960 4.898 Crude oil, $ per barrel 66.42 -7.51 62.75 New-car loan, 48-month 4.12 4.12 4.01 l 4.27 0.25 -5.39 75.25 35.79 36.89 3.779 2.86 130.29 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 930.273 4.607 4.651 5.068 4.295 5.314 6.067 Natural gas, $/MMBtu 0.105 3.779 1.641 48.84 banks.† Excludes closing costs. Gold, $ per troy oz. 1808.70 -5.80 -0.32 2051.50 1677.70 -0.40 -4.46 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services . THE WALL STREET JOURNAL. Tuesday, July 20, 2021 | B7

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COMMODITIES wsj.com/market-data/commodities

Contract Open Contract Open Contract Open Futures Contracts Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Dec 663.00 1.00 66,050 Sept .9092 .9173 .9087 .9139 .0050 198,559 Dec 34408 34451 33520 33726 –727 647 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index Contract Open Aug 155.350 157.875 154.100 157.375 1.750 14,205 July .7916 .7932 t .7809 .7838 –.0095 599 Sept 4368.60 4319.20 4257.80 4251.20 –67.40 14,924 Open High hi lo Low Settle Chg interest Sept 157.900 159.575 156.575 159.050 .550 11,251 Sept .7927 .7931 .7808 .7837 –.0095 186,180 Mini S&P 500 (CME)-$50 x index (CMX)-25,000 lbs.; $ per lb. Copper-High Cattle-Live (CME)-40,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Sept 4320.00 4320.75 4224.00 4251.25 –67.25 2,541,892 July 4.3060 4.3080 4.1800 4.2105 –0.1220 1,511 Aug 120.100 120.325 119.200 120.250 .075 59,611 July 1.3750 1.3768 1.3690 1.3695 –.0073 1,116 Dec 4307.00 4309.75 4214.25 4241.00 –67.25 56,240 Sept 4.3100 4.3100 4.1665 4.2015 –0.1215 123,297 Oct 125.450 125.500 124.050 125.100 –.500 118,690 Sept 1.3769 1.3773 1.3655 1.3660 –.0110 170,182 (CME)-$100 x index Gold (CMX)-100 troy oz.; $ per troy oz. Mini S&P Midcap 400 (CME)-40,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF 2566.10 July 1803.30 1813.40 1803.30 1808.70 –5.80 116 Hogs-Lean Sept 2612.50 2612.50 2543.60 –45.60 43,634 104.475 Sept 1.0891 1.0929 1.0859 1.0904 .0015 43,817 2564.30 Aug 1811.60 1818.00 1795.00 1809.20 –5.80 246,362 Aug 105.250 105.850 103.800 –1.175 41,390 Dec 2555.80 2608.00 2544.70 –45.60 2 89.375 1.0894 1.0952 1.0885 1.0930 .0015 107 Sept 1813.60 1817.90 1796.00 1810.20 –5.70 521 Oct 90.450 91.000 89.075 –1.375 95,166 Dec Mini Nasdaq 100 (CME)-$20 x index Oct 1814.00 1819.50 1797.30 1810.90 –5.80 26,104 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Australian Dollar (CME)-AUD 100,000; $ per AUD Sept 14675.00 14682.50 14445.00 14540.75 –129.75 225,979 t 552.10 t .7338 Dec 1816.90 1822.00 1799.10 1813.20 –5.90 190,427 Sept 525.00 572.20 500.00 15.70 1,468 July .7392 .7399 .7329 –.0062 69 Dec 14660.00 14669.00 14437.00 14529.75 –129.50 1,687 t .7330 Feb'22 1818.20 1822.20 1801.30 1815.00 –6.10 16,475 Nov 535.00 572.90 t 515.00 560.60 20.60 529 Sept .7399 .7400 .7324 –.0072 159,937 Mini Russell 2000 (CME)-$50 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. Milk (CME)-200,000 lbs., cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 2156.20 2161.20 2100.10 2126.90 –32.00 446,618 16.69 .05005 July … 2590.90 –44.60 July 16.67 16.72 16.67 .01 4,198 July –.00027 10 Dec 2150.00 2155.20 2096.40 2122.20 –32.20 1,359 2592.70 t 16.67 .04944 Sept 2627.00 2649.50 2567.00 –44.60 9,996 Aug 16.81 16.85 16.49 –.12 4,624 Sept .04989 .04990 .04940 –.00054 146,162 March'22 2120.00 2120.00 2120.00 2118.50 –33.00 2 Platinum (NYM)-50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. Euro (CME)-€125,000; $ per € Mini Russell 1000 (CME)-$50 x index 1069.30 t 2,239 July 1.1802 1.1824 1.1765 1.1819 .0010 2,124 July 1092.80 1092.80 1068.20 –37.70 372 Sept 2,300 2,303 2,236 –81 104,535 Sept 2392.60 2419.60 2372.10 2386.30 –35.80 8,596 1071.40 t 2,298 1.1804 Oct 1101.00 1107.10 1063.80 –37.10 52,692 Dec 2,365 2,365 2,295 –73 70,693 Sept 1.1821 1.1838 1.1777 –.0018 674,030 U.S. Dollar Index (ICE-US)-$1,000 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 92.70 93.05 92.63 92.90 .21 36,242 25.610 25.635 25.045 25.126 –0.651 473 155.25 July July 159.50 159.50 155.60 –5.95 5 Index Futures 92.88 25.144 Dec 92.69 93.01 92.62 .21 1,133 Sept 25.700 25.805 25.035 –0.651 122,232 Sept 160.50 160.50 155.65 156.40 –4.95 122,737 Mini DJ Industrial Average (CBT)-$5 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. 66.42 Sept 34555 34579 33623 33839 –725 106,021 Aug 71.49 71.67 65.63 –5.39 64,944 Oct 17.70 17.79 17.05 17.07 –.64 419,754 Source: FactSet 66.35 Sept 71.09 71.40 65.56 –5.21 478,088 March'22 18.10 18.15 17.50 17.52 –.58 205,989 Oct 70.20 70.60 65.01 65.76 –5.06 217,162 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Nov 69.44 69.80 64.41 65.12 –4.95 148,439 Sept 36.25 … 1,462 Dec 68.94 69.12 63.84 64.55 –4.86 307,543 | Nov 34.95 … 1,857 Bonds wsj.com/market-data/bonds/benchmarks Dec'22 63.06 63.36 59.16 59.77 –4.00 180,501 (NYM) Cotton (ICE-US)-50,000 lbs.; cents per lb. NY Harbor ULSD -42,000 gal.; $ per gal. 87.11 Aug 2.1011 2.1064 1.9672 1.9852 –.1281 74,909 Oct 90.55 90.55 86.94 –3.59 332 86.71 Tracking Bond Benchmarks Sept 2.1014 2.1081 1.9691 1.9868 –.1282 100,173 Dec 89.90 89.93 86.35 –3.22 158,786 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week 127.95 Aug 2.2416 2.2463 2.0934 2.1104 –.1432 78,061 Sept 129.40 129.90 126.30 –.25 9,522 highs and lows for different types of bonds 2.0903 Nov 130.75 132.00 128.85 130.35 .05 1,348 Sept 2.2246 2.2265 2.0744 –.1442 123,080 Total Total Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. return YTD total return YTD total 3.779 Yield (%) Yield (%) Aug 3.703 3.788 3.686 .105 102,132 Interest Rate Futures close return (%) Index Latest Low High close return (%) Index Latest Low High Sept 3.687 3.762 3.669 3.754 .096 313,737 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Oct 3.684 3.762 3.674 3.751 .087 155,885 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays s 3.812 Sept 198-100 202-270 198-010 202-130 4-16.0 1,223,077 Nov 3.748 3.826 3.744 .080 107,445 -0.3 1.700 Jan'22 3.930 3.993 s 3.921 3.975 .066 118,921 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2281.07 -0.5 U.S. Aggregate 1.390 1.020 1.630 2225.02 Mortgage-Backed 0.980 1.850 s 3.058 Sept 163-310 166-100 163-260 166-050 2-11.0 1,199,930 April 3.037 3.063 3.031 .027 97,942 -0.7 Ginnie Mae 1.720 Dec 164-180 2-10.0 40 U.S. Corporate Indexes Bloomberg Barclays 2161.46 (GNMA) 0.290 1.840 Agriculture Futures Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3463.08 0.1 U.S. Corporate 1.940 1.740 2.320 1315.82 -0.1 Fannie mae (FNMA) 1.700 1.230 1.860 Sept 133-270 134-255 133-260 134-220 29.0 4,113,310 Corn (CBT)-5,000 bu.; cents per bu. Dec 133-000 134-060 133-000 134-025 30.0 695 3117.71 0.1 Intermediate 1.310 1.080 1.600 2020.19 -0.1 Freddie Mac (FHLMC) 1.690 1.210 1.870 Sept 570.00 571.50 548.75 556.00 … 448,567 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 565.50 567.50 544.50 552.25 .25 621,197 -0.01 2.920 604.25 1.4 Muni Master 0.701 0.701 1.157 Sept 123-307 124-165 123-302 124-117 14.0 3,450,577 5193.13 Long term 2.730 3.580 Oats (CBT)-5,000 bu.; cents per bu. Dec 123-292 15.0 57 1.4 0.702 Sept 437.25 443.00 425.50 431.75 –4.25 776 700.00 -0.4 Double-A-rated 1.670 1.300 1.990 427.52 7-12 year 0.702 1.156 (CBT) Dec 434.75 438.50 422.25 428.00 –4.25 3,566 2 Yr. Treasury Notes -$200,000; pts 32nds of 100% 110-081 0.7 Triple-B-rated 2.150 492.76 2.1 12-22 year 1.005 1.005 1.663 Soybeans (CBT)-5,000 bu.; cents per bu. Sept 110-071 110-096 110-071 1.0 1,995,842 930.70 2.010 2.570 110-032 Aug 1475.00 1480.00 1426.25 1428.00 –26.75 50,787 Dec .2 39 High Yield Bonds ICE BofA 487.01 3.9 22-plus year 1.445 1.445 2.367 Nov 1412.75 1418.00 1370.50 1372.75 –19.00 370,672 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Soybean Meal (CBT)-100 tons; $ per ton. July 99.9025 99.9025 99.9000 99.9025 148,884 512.14 3.4 High Yield Constrained 4.160 3.796 6.024 Global Government J.P. Morgan† Aug 370.50 371.50 358.80 359.80 –3.40 45,785 Aug 99.9100 99.9100 99.9100 99.9100 116,006 8.4 Triple-C-rated 6.871 607.76 -1.2 Global Government 0.760 0.460 1.010 Dec 374.50 375.00 363.40 364.40 –1.80 152,201 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 495.25 6.304 13.583 98-005 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept 1-09.0 117,121 3415.69 2.6 High Yield 100 3.681 3.162 5.112 844.08 -2.3 Canada 1.250 0.610 1.560 Aug 68.61 69.18 66.25 66.69 –1.62 57,074 Eurodollar (CME)-$1,000,000; pts of 100% n.a. Dec 65.57 66.34 62.62 63.08 –2.14 187,436 July 99.8700 99.8700 99.8675 99.8657 –.0018 315,217 460.48 2.9 Global High Yield Constrained 4.200 3.968 5.961 n.a. EMU§ n.a. n.a. n.a. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 99.8700 99.8800 99.8550 99.8650 –.0100 1,005,990 13.04 3.1 Europe High Yield Constrained 2.495 774.21 -2.5 France 0.170 -0.160 0.450 Sept 13.26 13.27 13.03 –.19 6,658 Dec 99.8150 99.8200 99.8000 99.8100 –.0100 1,061,091 348.25 2.352 4.371 13.28 Nov 13.49 13.49 13.39 –.19 320 March'23 99.4200 99.5350 99.4200 99.5050 .0850 990,878 U.S Agency Bloomberg Barclays 543.74 -1.5 Germany -0.300 -0.530 -0.010 Wheat (CBT)-5,000 bu.; cents per bu. Sept 702.75 709.50 694.25 697.75 5.25 161,821 Currency Futures 1866.37 -0.1 U.S Agency 0.660 0.460 0.840 296.11 0.3 Japan 0.280 0.260 0.420 Dec 710.00 716.75 703.25 706.25 6.50 105,343 Wheat (KC)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 1626.78 -0.1 10-20 years 0.550 0.340 0.710 606.18 -1.9 Netherlands -0.180 -0.450 0.130 Sept 658.25 668.00 649.25 652.25 .75 103,446 July .9094 .9169 .9084 .9160 .0075 722 4306.78 0.6 20-plus years 1.890 1.290 2.460 1058.26 -3.4 U.K. 0.850 0.430 1.210 2926.55 -0.3 Yankee 1.540 1.370 1.850 930.27 -0.4 Emerging Markets ** 4.607 4.295 5.068 Cash Prices | wsj.com/market-data/commodities Monday, July 19, 2021 *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 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 months. Global Government Bonds: Mapping Yields Monday Monday Monday Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in 220.1 Wheat,Spring14%-pro Mnpls-u 10.5375 Energy Iron Ore, 62% Fe CFR China-s s t Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.8375 selected other countries; arrows indicate whether the yield rose( )orfell( ) in the latest session 61.950 1839 6.8075 Coal,C.Aplc.,12500Btu,1.2SO2-r,w Steel, HRC USA, FOB Midwest Mill-s Wheat - Hard - KC (USDA) $ per bu-u Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.8500 Coupon (%) Maturity, in years Latest(l)-2 -101234Previous Month ago Year ago Latest Prev Year ago Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 13650 Food 0.125 U.S. 2 0.210 t l 0.226 0.256 0.145 15500 BMI Lithium Hydroxide, EXW China, =56.5% -v,k 1.625 10 1.181 t l 1.300 1.449 0.628 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 11005 Beef,carcass equiv. index 217.92 s l Engelhard industrial 1810.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5270 choice 1-3,600-900 lbs.-u 5.500 Australia 2 0.046 0.043 0.056 0.267 -16.4 -19.5 12.2 199.70 Handy & Harman base 1814.90 BMI Flake Graphite, FOB China, -100 Mesh, 94-95% -v,m 530 select 1-3,600-900 lbs.-u 1.257 t l 6.7 24.6 1.0524 1.000 10 1.293 1.561 0.880 -0.1 Handy & Harman fabricated 2014.54 Broilers, National comp wtd. avg.-u,w 1.7125 France -0.663 t l -74.7 LBMA Gold Price AM *1822.00 Fibers and Textiles Butter,AA Chicago 0.000 2 -0.655 -0.640 -0.601 -87.2 -89.2 145.00 LBMA Gold Price PM *1824.30 0.7700 Cheddar cheese,bbl,Chicago -0.040 t l -77.6 Burlap,10-oz,40-inch NY yd-n,w 161.50 0.000 10 -0.014 0.155 -0.142 -123.1 -130.8 Krugerrand,wholesale-e 1881.78 0.8486 Cheddar cheese,blk,Chicago Cotton,1 1/16 std lw-mdMphs-u 126.00 Germany -0.691 t l -90.1 -81.0 Maple Leaf-e 1899.87 *97.95 Milk,Nonfat dry,Chicago lb. 0.000 2 -0.677 -0.659 -0.665 -91.5 Cotlook 'A' Index-t Coffee,Brazilian,Comp 1.5330 American Eagle-e 1899.87 n.a. 0.000 10 -0.383 t l -0.350 -0.199 -0.445 -157.4 -164.4 -107.9 Hides,hvy native steers piece fob-u Coffee,Colombian, NY 2.1127 Mexican peso-e 2189.59 n.a. Wool,64s,staple,Terr del-u,w Eggs,large white,Chicago-u 0.9450 Italy -0.404 s l -61.4 -22.7 Austria crown-e 1776.57 0.600 2 -0.411 -0.336 -0.082 -64.9 Flour,hard winter KC 19.30 Austria phil-e 1899.87 Grains and Feeds 0.600 10 0.710 s l 0.698 0.871 1.179 -48.1 -59.6 54.5 Hams,17-20 lbs,Mid-US fob-u n.a. n.a. Silver, troy oz. Barley,top-quality Mnpls-u Hogs,Iowa-So. Minnesota-u 104.73 0.005 Japan 2 -0.133 t l -0.124 -0.120 -0.141 -34.3 -36.2 -28.6 25.3000 140 Engelhard industrial Bran,wheat middlings, KC-u Pork bellies,12-14 lb MidUS-u n.a. 25.2150 0.100 10 0.018 t l 0.021 0.060 0.017 -117.3 -127.3 -61.7 Handy & Harman base Corn,No. 2 yellow,Cent IL-bp,u 6.3450 Pork loins,13-19 lb MidUS-u 1.1552 31.5190 Handy & Harman fabricated Corn gluten feed,Midwest-u,w 138.0 Steers,Tex.-Okla. Choice-u n.a. 0.000 Spain 2 -0.536 t l -0.533 -0.515 -0.382 -74.6 -77.1 -52.7 LBMA spot price *£18.9100 Corn gluten meal,Midwest-u,w 501.6 168.13 Steers,feeder,Okla. City-u,w 0.100 10 0.271 t l 0.289 0.452 0.403 -91.9 -100.4 -23.1 (U.S.$ equivalent) *26.1050 Cottonseed meal-u,w 320 Coins,wholesale $1,000 face-a 20705 Hominy feed,Cent IL-u,w 188 Fats and Oils 0.125 U.K. 2 0.083 t l 0.117 0.130 -0.075 -12.7 -12.0 -22.0 370 63.5000 Other metals Meat-bonemeal,50% pro Mnpls-u,w Degummed corn oil, crude wtd. avg.-u,w 4.750 10 0.563 t l 0.630 0.755 0.168 -62.7 -66.4 -46.6 LBMA Platinum Price PM *1134.0 Oats,No.2 milling,Mnpls-u 4.1375 Grease,choice white,Chicago-h 0.6200 Platinum,Engelhard industrial 1088.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.25 Lard,Chicago-u n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Palladium,Engelhard industrial 2626.0 Sorghum,(Milo) No.2 Gulf-u 7.1663 Soybean oil,crude;Centl IL-u,w 0.7504 Aluminum, LME, $ per metric ton *2493.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 362.50 Tallow,bleach;Chicago-h 0.6250 Copper,Comex spot 4.2105 Soybeans,No.1 yllw IL-bp,u 14.4050 Tallow,edible,Chicago-u 0.6400 Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; expectations K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Z=not quoted. *Data as of 7/16 Investment-grade spreads that tightened the most… Source: Dow Jones Market Data Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks John Deere Capital … 0.700 0.71 Jan. 15, ’26 2 –9 n.a. –6 Money Rates July 19, 2021 Shell International Finance RDSALN 3.250 0.84 May 11, ’25 9 n.a. ING Groep INTNED 4.625 1.20 Jan. 6, ’26 50 –4 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 55 guide to general levels but don’t always represent actual transactions. International Business Machines IBM 3.375 0.32 Aug. 1, ’23 12 –3 18

Week —52-WEEK— Week —52-WEEK— Nestle Holdings NESNVX 0.375 0.47 Jan. 15, ’24 10 –1 n.a. Inflation Latest ago High Low Latest ago High Low June index Chg From (%) 0.00 level May '21 June '20 Switzerland 0.00 0.00 0.00 Treasury bill auction 0.10 …And spreads that widened the most Britain 0.10 0.10 0.10 4 weeks 0.045 0.050 0.105 0.000 U.S. consumer price index Australia 0.10 0.10 0.25 0.10 13 weeks 0.050 0.050 0.120 0.015 Domtar UFS 6.250 5.82 Sept. 1, ’42 408 21 351 All items 271.696 0.93 5.4 26 weeks 0.050 0.050 0.130 0.030 Overnight repurchase Core 278.218 0.84 4.5 Delta Air Lines DAL 4.750 2.99 Oct. 20, ’28 228 20 U.S. 0.03 0.03 0.14 -0.04 Secondary market 223 International rates U.S. government rates Fannie Mae Cenovus Energy CVECN 6.750 3.98 Nov. 15, ’39 222 14 n.a. Week 52-Week 30-year mortgage yields Discount TransCanada PipeLines TRPCN 7.625 3.24 Jan. 15, ’39 148 12 146 Latest ago High Low 30 days 2.291 2.356 2.622 1.751 0.25 0.25 0.25 0.25 2.324 Prime rates 60 days 2.393 2.674 1.804 Athene Global Funding … 1.608 1.42 June 29, ’26 72 11 67 Federal funds U.S. 3.25 3.25 3.25 3.25 11 Effective rate 0.1000 0.1000 0.1000 0.0500 Other short-term rates Canadian Imperial Bank of Commerce CM 3.100 0.70 April 2, ’24 31 27 Canada 2.45 2.45 2.45 2.45 High 0.1100 0.1100 0.1500 0.0700 Japan 1.475 1.475 1.475 1.475 Week 52-Week JPMorgan Chase JPM 6.400 2.79 May 15, ’38 103 11 90 Low 0.0200 0.0300 0.0700 0.0000 Latest ago high low Policy Rates Bid 0.0800 0.0900 0.1000 0.0100 Lloyds Banking LLOYDS 4.344 3.22 Jan. 9, ’48 138 10 Call money 129 Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.1100 0.1200 0.0500 2.00 2.00 2.00 2.00 High-yield issues with the biggest price increases… Commercial paper (AA financial) Bond Price as % of face value 90 days 0.08 0.11 0.25 0.04 Key Interest Rates Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Data are annualized on a 360-day basis. Treasury yields are per annum, Libor 1.67 113.600 0.40 on actively traded noninflation and inflation-indexed issues that are One month 0.08525 0.09575 0.18325 0.07263 Ball BLL 5.250 July 1, ’25 113.250 adjusted to constant maturities. Data are from weekly Federal Reserve Three month 0.13425 0.13288 0.28013 0.11800 Lumen Technologies LUMN 5.800 1.34 March 15, ’22 102.875 0.30 102.991 release H.15. Six month 0.15175 0.15438 0.34275 0.14825 0.24163 Week Ended 52-Week Week Ended 52-Week One year 0.24450 0.46850 0.23325 Ford Motor Credit … 3.813 0.95 Oct. 12, ’21 100.640 0.17 100.660 Jul 16 Jul 9 High Low Jul 16 Jul 9 High Low 6-month 0.05 0.06 0.14 0.03 Euro Libor Crown Americas … 4.500 1.05 Jan. 15, ’23 105.063 0.14 Federal funds (effective) 104.750 1-year 0.08 0.08 0.15 0.04 One month -0.575 -0.574 -0.498 -0.607 0.10 0.10 0.10 0.05 0.24 2-year 0.22 0.26 0.11 Three month -0.556 -0.555 -0.435 -0.574 Prime Security Services Borrower PRSESE 5.750 3.44 April 15, ’26 110.000 0.05 n.a. 0.44 Commercial paper 3-year 0.40 0.47 0.13 Six month -0.525 -0.527 -0.399 -0.543 5-year 0.81 0.78 0.92 0.21 0.58 102.870 0.04 One year -0.486 -0.493 -0.291 -0.511 ADT Security ADT 3.500 July 15, ’22 102.250 Nonfinancial 7-year 1.11 1.10 1.39 0.39 1-month 0.06 0.06 0.29 0.02 1.36 1.64 110.375 0.06 10-year 1.34 1.72 0.55 Secured Overnight Financing Rate Seagate HDD Cayman … 4.750 Jan. 1, ’25 110.375 2-month 0.06 0.14 0.03 20-year 1.90 1.89 2.32 0.99 3-month 0.06 0.06 0.15 0.04 0.05 0.05 0.12 0.01 Financial Treasury yields (secondary market) Value 52-Week …And with the biggest price decreases 1-month 0.06 0.09 0.17 0.05 n.a. 1-month 0.05 0.06 0.11 0.00 Latest Traded High Low 2-month 0.10 0.23 0.08 0.05 14.15 53.375 –5.63 3-month 0.10 0.11 0.18 0.07 3-month 0.06 0.13 0.01 Transocean RIG 6.800 March 15, ’38 68.000 6-month 0.05 0.06 0.14 0.03 DTCC GCF Repo Index Discount window primary credit Treasury 0.037 64.250 0.136 -0.008 American Airlines AAL 3.750 8.05 March 1, ’25 86.750 –3.25 91.337 0.25 TIPS 0.045 0.25 0.25 0.25 -1.72 MBS 9.310 0.143 0.002 5-year -1.65 -1.01 -1.86 Embarq … 7.995 6.76 June 1, ’36 111.509 –1.74 115.262 Treasury yields at constant 7-year -1.30 -1.26 -0.92 -1.44 Notes on data: maturities 10-year -0.98 -0.93 -0.63 -1.05 U.S. prime rate is the base rate on corporate United Airlines Holdings UAL 4.875 3.95 Jan. 15, ’25 103.000 –1.38 104.395 1-month 0.05 0.06 0.11 0.00 20-year -0.49 -0.46 -0.08 -0.70 loans posted by at least 70% of the 10 largest 3-month 0.05 0.06 0.13 0.01 Long-term avg -0.36 -0.36 0.03 -0.50 U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; OneMain Finance OMF 7.125 3.34 March 15, ’26 116.172 –1.33 117.000 Notes on data: lending practices vary widely by location; –1.32 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Discount rate is effective March 16, 2020. Liberty Interactive LINTA 8.250 6.22 Feb. 1, ’30 113.301 114.900 Secured Overnight Financing Rate is as of July on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by 16, 2021. DTCC GCF Repo Index is Depository Occidental Petroleum OXY 6.450 4.68 Sept. 15, ’36 119.000 –1.31 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Trust & Clearing Corp.'s weighted average for 122.170 primary credit rate is charged for discounts made and advances extended under the Federal overnight trades in applicable CUSIPs. Value 3.66 109.000 –1.11 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; traded is in billions of U.S. dollars. Federal-funds Prime Security Services Borrower PRSESE 5.750 April 15, ’26 110.631 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid rates are Tullett Prebon rates as of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *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. Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess .

THE WALL STREET JOURNAL. * Tuesday, July 20, 2021 | B9 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. EPAM 534.54 6.83 HMC 31.07 -0.58 MMP 45.18 -1.39 PEGA 131.83 -0.64 SHOP 1472.01 29.38 TSN 70.92 -0.48 t EPAM Systems HondaMotor MagellanMid Pegasystems Shopify TysonFoods Arca, NYSE American and Nasdaq Stock Market -New 52-week low. EastWestBncp EWBC 66.32 -3.05 Honeywell HON 220.66 -9.67 MagnaIntl MGA 82.56 -2.45 Peloton PTON 118.43 7.89 Sibanye-Stillwater SBSW 15.18 -0.94 UBS Group UBS 14.54 -0.33 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four EastmanChem EMN 105.69 -3.51 HorizonTherap HZNP 91.91 -1.55 ManhattanAssoc MANH 141.11 1.31 PembinaPipeline PBA 30.50 -0.26 SignatureBank SBNY 227.75 -8.14 UDR UDR 52.71 -0.54 that include primary market trades as well as quarters. Eaton ETN 149.19 -3.55 HormelFoods HRL 48.31 0.04 ManulifeFin MFC 18.46 -0.53 PennNational PENN 66.35 0.14 SimonProperty SPG 117.19 -7.31 UGI UGI 45.02 -1.07 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. eBay EBAY 68.53 0.35 DR Horton DHI 86.79 0.49 MarathonOil MRO 11.12 -0.63 Pentair PNR 67.61 -1.48 SiriusXM SIRI 6.34 -0.05 UWM UWMC 7.63 -0.08 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Ecolab ECL 210.34 -4.94 HostHotels HST 15.39 -0.59 MarathonPetrol MPC 50.88 -2.38 Penumbra PEN 256.38 2.16 Skyworks SWKS 187.15 -0.96 Uber UBER 45.56 -0.63 Nasdaq ISE. standards Ecopetrol EC 12.77 -0.52 HowmetAerospace HWM 30.49 -1.17 MaravaiLifeSci MRVI 37.81 1.01 s PepsiCo PEP 155.80 -0.02 s SlackTech WORK 45.16 0.46 Ubiquiti UI 299.07 4.52 The list comprises the 1,000 largest companies lf-Late filing EdisonInt EIX 56.19 -1.80 Huazhu HTHT 48.58 -1.09 Markel MKL 1184.00 -32.01 PerkinElmer PKI 154.91 0.81 Smartsheet SMAR 71.16 0.28 t UiPath PATH 60.17 0.81 based on market capitalization. q-Temporary exemption from Nasdaq 102.91 -4.01 Hubbell HUBB 187.46 -3.68 462.68 3.59 42.12 -0.60 68.94 -0.97 UltaBeauty ULTA 323.67 -8.45 Underlined quotations EdwardsLife EW MarketAxess MKTX PetroChina PTR SmithAO AOS are those stocks with requirements. 34.23 -0.03 HUBS 556.45 -3.14 26.18 -0.35 10.19 -0.49 40.37 -1.31 UL 59.57 -0.58 large changes in volume compared with the t-NYSE bankruptcy ElancoAnimal ELAN HubSpot Marqeta MQ PetroleoBrasil PBR Smith&Nephew SNN Unilever Elastic ESTC 138.84 -1.23 Humana HUM 460.93 -9.97 Marriott MAR 130.85 -4.20 PetroleoBrasilA PBR.A 9.97 -0.41 Smucker SJM 133.99 0.89 UnionPacific UNP 214.34 -4.08 issue’s average trading volume. v-Trading halted on primary market. 141.24 -1.86 159.68 -5.27 139.04 -2.29 40.15 -0.20 59.58 0.27 43.46 -2.55 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ElectronicArts EA JBHunt JBHT Marsh&McLen MMC Pfizer PFE Snap SNAP UnitedAirlines UAL EmersonElec EMR 93.81 -3.45 HuntingtonBcshs HBAN 13.23 -0.62 MartinMarietta MLM 339.74 -11.75 PhilipMorris PM 97.93 -0.97 SnapOn SNA 216.37 -3.43 UnitedMicro UMC 9.27 -0.16 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, 37.80 -1.28 133.22 -1.89 252.28 1.46 211.41 0.84 previous closing price was $2 or higher. or securities assumed by such companies. Enbridge ENB IAC/InterActive IAC MarvellTech MRVL 54.80 0.83 Phillips66 PSX 70.55 -3.93 Snowflake SNOW UPS B UPS Endeavor EDR 24.68 -0.16 ICICI Bank IBN 17.23 -0.40 Masco MAS 59.08 -0.06 Pinduoduo PDD 104.69 -2.76 SOQUIMICH SQM 47.26 -0.21 UnitedRentals URI 298.85 -7.23 EnelAmericas ENIA 7.00 -0.11 ICL Group ICL 6.56 -0.22 Masimo MASI 262.83 1.38 PinnacleWest PNW 84.31 -2.08 SoFiTech SOFI 15.17 -0.13 US Bancorp USB 54.51 -2.66 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EnergyTransfer ET 9.31 -0.37 s IdexxLab IDXX 669.40 1.64 MastercardMA 365.45 -21.67 Pinterest PINS 71.36 2.63 SolarEdgeTech SEDG 240.16 3.60 UnitedHealth UNH 409.06 -10.64 changes in the closing prices from 4 p.m. the previous day. EnphaseEnergy ENPH 165.28 1.83 IHS Markit INFO 112.89 -1.17 MatchGroup MTCH 153.33 -7.84 PioneerNatRscs PXD 136.66 -4.28 Sony SONY 98.45 -3.05 UnitySoftware U 98.23 1.52 Entegris ENTG 112.55 0.29 ING Groep ING 11.88 -0.38 MaximIntProducts MXIM 96.12 -0.98 PlainsAllAmPipe PAA 9.56 -0.46 Southern SO 62.79 -0.32 UnivDisplay OLED 205.11 0.62 Monday, July 19, 2021 Net Net Entergy ETR 101.61 -3.11 Invesco IVZ 24.28 -0.74 McAfee MCFE 25.79 0.13 Playtika PLTK 22.98 -0.07 SoCopper SCCO 60.87 -1.08 UniversalHealthB UHS 146.29 -5.04 Stock Sym Close Chg Stock Sym Close Chg EnterpriseProd EPD 23.20 -0.70 IPG Photonics IPGP 201.86 -4.02 McCormick MKC 88.61 0.71 PlugPower PLUG 26.00 -0.01 SouthwestAir LUV 48.50 -1.41 Upstart UPST 115.28 1.49 Net 248.73 -5.90 241.69 -6.01 88.00 1.04 453.52 -5.37 134.04 -0.35 47.92 -0.49 Stock Sym Close Chg Equifax EFX IQVIA IQV McCormickVtg MKC.V Pool POOL Splunk SPLK VEREIT VER BakerHughes BKR 19.65 -0.95 Chevron CVX 95.96 -2.66 Equinix EQIX 834.30 2.83 IcahnEnterprises IEP 55.85 -0.53 McDonalds MCD 229.26 -5.49 PrincipalFin PFG 59.20 -1.79 Spotify SPOT 241.81 -1.43 VF VFC 75.46 -1.96 Ball BLL 83.75 -2.00 Chewy CHWY 82.24 5.26 Equinor EQNR 18.89 -0.66 Icon ICLR 216.44 -0.85 McKesson MCK 188.42 -0.80 ProcoreTech PCOR 94.21 -0.23 Square SQ 233.69 -3.83 VICI Prop VICI 30.38 -0.76 A B C BancoBilbaoViz BBVA 5.72 -0.21 ChinaEastrnAir CEA 20.27 0.27 Equitable EQH 28.07 -0.76 IDEX IEX 222.35 -4.32 MedicalProp MPW 20.25 -0.37 Procter&Gamble PG 140.44 -0.07 StanleyBlackDck SWK 200.35 -2.70 VailResorts MTN 302.26 -6.26 3.95 -0.18 t 8.74 -0.17 225.02 -3.37 94.57 -1.61 115.32 -3.41 21.35 -0.72 ABB ABB 34.42 -0.83 BancoBradesco BBDO ChinaLifeIns LFC EquityLife ELS 78.91 -1.19 IllinoisToolWks ITW Medtronic MDT 122.75 -3.05 Progressive PGR Starbucks SBUX Vale VALE 18.35 0.69 46.45 -0.99 469.74 4.28 126.78 -0.50 79.63 -4.71 61.92 -2.96 AECOM ACM 58.83 -1.42 BancodeChile BCH ChinaPetrol SNP EquityResdntl EQR 82.40 -1.36 Illumina ILMN MercadoLibre MELI 1497.27 -15.24 Prologis PLD StateStreet STT ValeroEnergy VLO 7.56 -0.23 29.40 0.21 t 26.24 -1.07 s 174.58 0.43 57.89 -1.99 13.84 -0.52 AES AES 23.58 -0.78 BancSanBrasil BSBR ChinaSoAirlines ZNH ErieIndemnity A ERIE 182.44 -3.57 ImperialOil IMO Merck MRK 77.05 -0.97 Proofpoint PFPT SteelDynamics STLD Vedanta VEDL 3.46 -0.12 77.56 -0.77 95.71 -3.02 17.85 -0.46 317.69 2.29 Aflac AFL 51.71 -1.41 BancoSantander SAN Chipotle CMG 1551.16 -9.33 EssentialUtil WTRG 47.43 -0.83 Incyte INCY MetLife MET 55.86 -1.72 PrudentialFin PRU Stellantis STLA VeevaSystems VEEV 36.93 -0.99 20.64 -0.22 35.71 -1.66 204.30 -3.40 57.55 -2.07 AGCO AGCO 119.79 -3.76 BankofAmerica BAC Chubb CB 160.79 -5.96 EssexProp ESS 322.71 -5.62 Infosys INFY MettlerToledo MTD 1438.66 -10.33 Prudential PUK Steris STE Ventas VTR 95.96 -3.19 46.25 -1.91 60.19 -1.55 37.05 -0.56 228.55 -1.19 AGNC Invt AGNC 15.84 -0.29 BankofMontreal BMO ChunghwaTel CHT 40.57 -0.16 EsteeLauder EL 316.11 -8.38 IngersollRand IR MicrochipTech MCHP131.98 -1.78 PublicServiceEnt PEG STMicroelec STM VeriSign VRSN 47.58 -1.80 265.00 -3.33 308.52 -5.42 55.79 -1.19 184.31 -2.68 AMC Ent AMC 34.62 -0.34 BankNY Mellon BK Church&Dwight CHD 87.51 0.18 Etsy ETSY 190.33 5.91 Insulet PODD MicronTech MU 74.58 -0.43 PublicStorage PSA StoneCo STNE VeriskAnalytics VRSK 60.29 -2.02 54.64 -0.33 50.92 -0.08 248.90 -8.69 55.84 -0.62 Ansys ANSS 343.47 -6.32 BkNovaScotia BNS Ciena CIEN 54.15 -0.90 EverestRe RE 236.68 -10.10 Intel INTC Microsoft MSFT 277.01 -3.74 PulteGroup PHM Stryker SYK Verizon VZ 8.79 -0.38 138.94 3.69 48.66 1.38 6.60 -0.09 199.24 -3.04 ASETech ASX 8.47 0.11 Barclays BCS Cigna CI 227.63 -6.20 Evergy EVRG 64.11 -0.45 IntelliaTherap NTLA MidAmApt MAA 182.99 -1.73 Qiagen QGEN SumitomoMits SMFG VertxPharm VRTX 20.54 -0.32 62.03 -0.94 187.13 -0.55 180.79 -3.39 26.63 0.07 ASML ASML 684.00 -3.42 BarrickGold GOLD CincinnatiFin CINF 114.13 -4.40 EversourceEner ES 86.23 -1.13 InteractiveBrkrs IBKR Middleby MIDD 179.43 -3.84 Qorvo QRVO SunComms SUI Vertiv VRT 27.15 -0.46 117.36 -0.70 138.79 -0.92 49.49 -1.22 39.87 -0.42 AT&T T 27.79 -0.55 BauschHealth BHC Cintas CTAS 378.58 -7.64 ExactSciences EXAS 114.46 0.46 ICE ICE MitsubishiUFJ MUFG 5.17 -0.11 Qualcomm QCOM SunLifeFinancial SLF ViacomCBS B VIAC 80.27 -1.15 61.90 -2.19 37.05 0.65 43.24 -0.76 AbbottLabs ABT 118.79 1.28 BaxterIntl BAX CiscoSystems CSCO 53.06 -0.64 Exelon EXC 45.32 -0.67 InterContinentl IHG MizuhoFin MFG 2.79 -0.04 QualtricsIntl XM SuncorEnergy SU 19.91 -1.07 ViacomCBS A VIACA 247.25 -0.82 137.92 -0.98 85.44 -2.50 13.60 -0.16 AbbVie ABBV 115.42 -2.08 BectonDicknsn BDX Citigroup C 65.08 -1.82 Expedia EXPE 151.64 -5.97 IBM IBM MobileTeleSys MBT 8.42 -0.22 QuantaServices PWR SunRun RUN 47.36 1.01 Viatris VTRS 320.59 -5.39 140.11 -3.31 23.03 0.17 17.81 -0.77 Abiomed ABMD 314.62 -3.36 BeiGene BGNE CitizensFin CFG 41.20 -1.80 ExpeditorsIntl EXPD 126.68 -0.12 IntlFlavors IFF s Moderna MRNA 313.59 27.16 QuantumScape QS Suzano SUZ 10.60 -0.39 Vipshop VIPS 58.83 -0.07 57.77 -1.36 136.25 1.73 240.41 -7.71 Accenture ACN 309.18 -2.73 BentleySystems BSY CitrixSystems CTXS 113.94 -2.30 ExtraSpaceSt EXR 168.48 -3.46 IntlPaper IP MohawkInds MHK 180.62 -5.54 QuestDiag DGX SynchronyFin SYF 44.80 -1.93 Visa V 74.18 -2.55 30.90 -0.54 17.79 -1.02 ActivisionBliz ATVI 90.30 -1.50 Berkley WRB Clarivate CLVT 24.38 -0.63 ExxonMobil XOM 55.35 -1.97 Interpublic IPG MolinaHealthcare MOH 250.14 -6.99 SyneosHealth SYNH 86.62 -1.54 Vistra VST 272.66 -5.24 498.78 -2.73 150.84 0.77 Adobe ADBE 602.05 -4.05 BerkHathwy B BRK.B Cleveland-Cliffs CLF 19.26 -0.67 F5Networks FFIV 182.95 -2.68 Intuit INTU MolsonCoorsB TAP 50.36 -0.13 RS Synopsys SNPS 274.48 -2.08 VMware VMW 205.67 -0.18 BerkHathwy A BRK.A 410450-7151.00 Clorox CLX 187.74 1.42 103.11 -2.03 IntuitiveSurgical ISRG 932.19 -17.92 59.23 -4.35 Sysco SYY 70.47 -1.11 Vodafone VOD 15.69 -0.60 AdvanceAuto AAP FMC FMC MolsonCoorsA TAP.A RELX RELX 27.79 -0.62 86.58 0.69 BerryGlobal BERY 63.85 -1.15 Cloudflare NET 105.52 2.86 Facebook FB 336.95 -4.21 InvitatHomes INVH 39.23 -0.74 monday.com MNDY 210.48 11.50 VornadoRealty VNO 43.08 -2.13 AdvMicroDevices AMD t RH RH 651.88 -9.76 3.93 -0.12 BestBuy BBY 108.48 -2.11 KO 55.73 -0.67 337.18 -4.00 iQIYI IQ 12.29 -0.02 s 64.02 -0.24 TUV VulcanMatls VMC 170.75 -4.60 Aegon AEG Coca-Cola FactSet FDS Mondelez MDLZ t RLX Tech RLX 6.36 -0.20 55.86 -1.64 Bilibili BILI 108.48 -0.53 Coca-ColaEuro CCEP 57.54 -3.15 FairIsaac FICO 521.88 -2.05 IronMountain IRM 42.74 -0.58 337.61 4.91 AffirmHldgs AFRM MongoDB MDB RPM RPM 87.64 -1.30 TAL Education TAL 18.70 -1.15 147.58 -1.35 Bill.com BILL 188.54 6.54 Cognex CGNX 81.30 -1.31 Farfetch FTCH 46.27 -1.05 ItauUnibanco ITUB 5.45 -0.19 380.74 1.28 WXYZ AgilentTechs A MonolithicPower MPWR RaymondJames RJF 124.03 -4.62 TC Energy TRP 47.25 -1.64 34.66 0.56 Bio-Techne TECH 455.43 -3.25 CognizantTech CTSH 66.46 -1.78 Fastenal FAST 53.50 -0.09 92.25 -0.82 agilon health AGL MonsterBev MNST RaytheonTech RTX 81.05 -2.48 TE Connectivity TEL 132.38 -1.93 WEC Energy WEC 94.23 -1.21 60.71 -0.55 Bio-RadLab A BIO 673.84 -0.94 CoinbaseGlbl COIN 220.61 -4.40 FederalRealty FRT 112.24 -4.91 JKL 371.83 -6.13 AgnicoEagle AEM Moody's MCO RealtyIncome O 68.70 -0.86 Telus TU 21.73 -0.40 WEX WEX 183.58 -9.32 282.10 -3.44 Biogen BIIB 324.16 -0.46 ColgatePalm CL 83.97 -0.42 FedEx FDX 294.82 2.33 89.35 -1.90 AirProducts APD JD.com JD 74.22 -1.37 MorganStanley MS RegencyCtrs REG 61.90 -2.80 Ternium TX 43.18 -0.40 W.P.Carey WPC 77.99 -1.29 131.88 -2.43 BioMarinPharm BMRN 78.77 -0.07 Comcast A CMCSA 56.63 -0.92 Ferguson FERG 137.10 -4.16 246.56 -2.85 Airbnb ABNB JPMorganChase JPM 146.97 -4.94 Morningstar MORN RegenPharm REGN 585.23 1.99 TFI Intl TFII 95.92 -1.45 WPP WPP 62.45 -2.44 117.27 0.24 BioNTech BNTX 242.64 11.17 Comerica CMA 63.53 -3.13 Ferrari RACE 204.11 -2.78 28.79 -0.80 AkamaiTech AKAM JackHenry JKHY 170.35 -1.32 Mosaic MOS RegionsFin RF 18.14 -0.87 TJX TJX 65.03 -2.38 Wabtec WAB 78.14 -3.47 178.08 -2.58 BlackKnight BKI 78.44 -0.66 CommerceBcshrs CBSH 70.99 -1.71 FidNatlFin FNF 42.48 -1.47 216.60 -3.39 Albemarle ALB JacobsEngg J 128.57 -3.47 MotorolaSol MSI RelianceSteel RS 144.67 -3.77 T-MobileUS TMUS 144.61 -4.80 WalgreensBoots WBA 45.58 -0.44 20.56 0.67 BlackRock BLK 845.16 -29.86 SID 8.35 -0.38 FidNatlInfo FIS 142.44 -6.10 264.99 9.70 Albertsons ACI CiaSiderurgica JamesHardie JHX 33.24 -0.75 NICE NICE Repligen RGEN 199.38 -0.76 TRowePrice TROW 197.44 -5.97 Walmart WMT 141.23 -0.33 68.18 -0.98 Blackstone BX 99.73 -2.47 CAG 35.40 0.54 FifthThirdBncp FITB 34.63 -1.77 43.35 0.55 Alcon ALC ConagraBrands JazzPharma JAZZ 171.49 -3.92 NIO NIO RepublicSvcs RSG 113.73 -1.51 TaiwanSemi TSM 115.35 -0.39 WarnerMusic WMG 35.30 -0.26 192.25 -1.36 BlueOwlCapital OWL 12.90 0.10 t 40.14 -0.26 FirstHorizon FHN 15.01 -0.55 39.02 -1.52 AlexandriaRlEst ARE Confluent CFLT J&J JNJ 166.88 -1.22 NRG Energy NRG s ResMed RMD 253.55 0.36 TakeTwoSoftware TTWO 168.96 -1.56 WasteConnections WCN 121.28 -1.80 179.45 -0.58 Boeing BA 206.99 -10.75 53.70 -1.80 FRC 188.51 -7.02 4788.01 -11.99 AlexionPharm ALXN ConocoPhillips COP FirstRepBank JohnsonControls JCI 68.03 -1.70 NVR NVR RestaurantBrands QSR 61.50 -1.54 TakedaPharm TAK 16.88 -0.13 WasteMgt WM 143.63 -2.17 208.91 -3.19 BookingHldgs BKNG 2067.55 -77.17 73.77 -1.16 83.05 -0.44 188.62 -1.49 Alibaba BABA ConEd ED FirstSolar FSLR JonesLang JLL 185.09 -6.69 NXP Semi NXPI RingCentral RNG 257.00 -16.79 Tapestry TPR 37.81 -1.25 Waters WAT 362.99 -7.70 595.56 -20.56 BoozAllen BAH 87.93 -1.52 221.21 -5.40 37.36 -0.43 177.15 -1.40 AlignTech ALGN ConstBrands B STZ.B FirstEnergy FE JuniperNetworks JNPR 26.61 -1.00 Nasdaq NDAQ RioTinto RIO 80.23 -2.56 TargaResources TRGP 40.04 -1.29 Watsco WSO 278.58 -4.12 649.16 -21.55 BorgWarner BWA 45.19 -0.78 222.02 -1.99 106.66 -4.54 106.58 -6.54 Alleghany Y ConstBrands A STZ Fiserv FISV JustEatTakeaway GRUB 16.32 0.52 Natera NTRA RobertHalf RHI 84.37 -1.61 Target TGT 251.12 -0.03 Wayfair W 289.32 9.31 135.91 -2.59 BostonBeer SAM 951.50 26.41 32.02 -1.70 181.96 -0.50 63.97 -1.35 Allegion ALLE ContinentalRscs CLR FiveBelow FIVE KB Fin KB 43.60 -1.70 NationalGrid NGG Roblox RBLX 79.24 1.68 TataMotors TTM 20.09 -0.29 Weibo WB 60.39 0.10 58.05 -0.50 BostonProps BXP 110.71 -5.43 396.76 -7.13 Five9 FIVN 188.12 10.52 47.36 -1.08 AlliantEnergy LNT Cooper COO KE Holdings BEKE 37.13 -1.76 NatlRetailProp NNN RocketCos. RKT 17.33 -0.02 TeckRscsB TECK 20.02 -1.48 WellsFargo WFC 43.05 -1.23 127.49 -2.96 BostonSci BSX 41.23 -0.87 139.72 -0.42 FLT 245.60 -9.58 22.55 -0.81 Allstate ALL Copart CPRT FleetCorTech KKR KKR 57.37 -0.87 Natura&Co NTCO Rockwell ROK 290.25 -3.67 TDOC 151.37 4.59 Welltower WELL 84.43 -5.25 47.98 -2.11 Braskem BAK 22.56 -1.01 39.33 -0.49 103.95 -1.10 5.23 -0.24 TeladocHealth AllyFinancial ALLY Corning GLW Floor&Decor FND KLA KLAC 294.33 1.11 NatWest NWG RogersComm B RCI 52.69 -0.64 TDY 420.26 -14.60 WestPharmSvcs WST 371.00 -2.66 175.31 -2.23 BridgeBioPharma BBIO 57.41 -1.77 40.93 -0.88 82.97 -2.60 77.30 -0.07 TeledyneTech AlnylamPharm ALNY Corteva CTVA FomentoEconMex FMX KSCitySouthern KSU 262.87 -3.46 NetApp NTAP Roku ROKU 407.70 7.71 TFX 375.10 -15.22 WestAllianceBcp WAL 90.02 -4.34 2491.56 -47.84 t BrightHealth BHG 12.55 -1.20 19.80 -0.95 13.28 -0.33 112.25 0.15 Teleflex Alphabet A GOOGL Cosan CSAN FordMotor F Kanzhun BZ 34.88 -0.65 NetEase NTES Rollins ROL 36.27 0.30 ERIC 11.63 -0.19 WesternDigital WDC 62.99 -1.21 2585.08 -51.83 BrightHorizons BFAM 152.82 1.69 85.99 -1.36 256.63 -1.81 532.28 1.97 Ericsson Alphabet C GOOG CoStar CSGP Fortinet FTNT Kellogg K 64.81 0.55 Netflix NFLX RoperTech ROP 481.72 -4.26 VIV 7.90 -0.20 WesternUnion WU 22.72 -0.78 33.21 -0.42 BristolMyers BMY 66.36 -0.94 s 414.15 3.78 44.22 -0.37 93.75 -1.24 TelefonicaBras AlticeUSA ATUS Costco COST Fortis FTS KeurigDrPepper KDP 35.58 -0.30 Neurocrine NBIX RossStores ROST 115.54 -3.95 Telefonica TEF 4.28 -0.12 WestlakeChem WLK 78.98 -4.32 46.79 -0.52 BritishAmTob BTI 37.66 -1.40 t 221.49 3.95 68.37 -1.54 t 5.84 -0.62 Altria MO CoupaSoftware COUP Fortive FTV KeyCorp KEY 18.49 -0.86 NewOrientalEduc EDU RoyalBkCanada RY 98.57 -2.48 TelekmIndonesia TLK 21.86 0.12 WestpacBanking WBK 17.80 -0.45 ACH 15.04 -0.13 Broadcom AVGO 465.67 -2.40 39.90 -0.29 94.39 -1.02 25.76 -4.79 AlumofChina Coupang CPNG FortBrandsHome FBHS KeysightTechs KEYS 154.78 -0.23 Newegg NEGG RoyalCaribbean RCL 69.51 -2.88 10xGenomics TXG 172.52 1.34 WestRock WRK 47.99 -1.02 AMZN 3549.59 -24.04 BroadridgeFinl BR 166.62 -3.25 116.66 -2.14 34.72 -0.56 26.15 -0.89 Amazon.com Credicorp BAP FoxA FOXA KimberlyClark KMB 139.04 0.52 NewellBrands NWL RoyalDutchA RDS.A 37.08 -1.30 Tenaris TS 19.43 -0.55 Weyerhaeuser WY 32.95 -1.07 3.21 -0.18 BrookfieldMgt BAM 47.88 -1.69 9.57 -0.16 32.60 -0.77 60.69 -1.04 Ambev ABEV CreditSuisse CS FoxB FOX KimcoRealty KIM 19.57 -1.55 Newmont NEM RoyalDutchB RDS.B 35.85 -1.23 t TencentMusic TME 11.39 -0.31 WheatonPrecMet WPM 43.08 -1.10 11.25 -0.19 BrookfieldInfr BIP 54.01 -0.78 85.30 -0.79 147.68 -2.78 22.65 -0.34 Amcor AMCR Cree CREE Franco-Nevada FNV KinderMorgan KMI 17.18 -0.46 NewsCorp B NWS RoyaltyPharma RPRX 39.84 -0.71 Teradyne TER 120.06 0.17 Whirlpool WHR 212.39 -7.47 76.98 -1.78 BrookfieldPropREIT BPYU 18.25 -0.11 250.40 0.44 28.58 -0.83 23.88 -0.34 Amdocs DOX CrowdStrike CRWD FranklinRscs BEN KirklandLakeGold KL 39.93 -0.87 NewsCorp A NWSA Ryanair RYAAY 97.83 -4.01 Tesla TSLA 646.22 2.00 Williams WMB 24.72 -0.56 559.10 -10.48 BrookfieldRenew BEPC 38.53 -0.37 s 202.03 -1.08 32.40 -0.80 76.99 -0.93 Amerco UHAL CrownCastle CCI FreeportMcM FCX KoninklijkePhil PHG 45.92 -0.37 NextEraEnergy NEE SAP SAP 144.81 -2.84 t TevaPharm TEVA 8.38 -0.23 Williams-Sonoma WSM 154.59 0.41 83.98 -1.08 Brown&Brown BRO 52.67 -1.07 101.34 -2.46 40.37 -0.68 23.21 -0.55 Ameren AEE CrownHoldings CCK FreseniusMed FMS KoreaElcPwr KEP 10.84 -0.01 NielsenHoldings NLSN S&P Global SPGI 409.15 -5.27 TexasInstruments TXN 186.24 0.12 WillisTowers WLTW 216.09 -6.27 15.58 -0.42 Brown-Forman B BF.B 71.52 -0.44 47.48 -1.11 16.30 -0.90 AmericaMovil AMX CubeSmart CUBE FullTruck YMM KraftHeinz KHC 39.34 0.04 Nike NKE 157.87 -1.98 s SBA Comm SBAC 334.53 0.42 TexasPacLand TPL 1398.34 -17.36 Wipro WIT 8.07 -0.08 15.25 -0.65 Brown-Forman A BF.A 67.43 -0.60 233.13 -5.49 133.85 0.45 AmericaMovil A AMOV Cummins CMI Futu FUTU Kroger KR 41.07 1.71 NiSource NI 24.96 -0.79 SEI Investments SEIC 59.97 -1.59 Textron TXT 63.55 -2.73 Wix.com WIX 290.92 14.62 18.97 -0.82 Bruker BRKR 78.13 -0.23 50.16 -0.10 AmerAirlines AAL CureVac CVAC L Brands LB 70.02 -2.73 Nokia NOK 5.60 -0.08 SK Telecom SKM 31.10 -0.20 ThermoFisherSci TMO 521.62 1.83 Workday WDAY 226.15 -1.38 85.77 -1.72 BuildersFirst BLDR 40.47 -0.51 72.79 -1.18 AEP AEP CyrusOne CONE GHI LKQ LKQ 48.57 -0.90 NomuraHoldings NMR 4.93 -0.02 SS&C Tech SSNC 71.81 -1.90 ThomsonReuters TRI 100.66 -1.72 WynnResorts WYNN 104.74 0.04 162.81 -7.20 Bumble BMBL 46.26 -2.50 AmerExpress AXP LPL Financial LPLA 127.58 -4.71 Nordson NDSN 218.50 -3.37 StoreCapital STOR 35.14 -0.99 3M MMM 197.56 -1.81 XP XP 39.30 -2.46 123.32 -3.29 Bunge BG 73.78 0.19 GDS Holdings GDS 72.54 0.19 AmericanFin AFG DEF L3HarrisTech LHX 218.23 -5.53 NorfolkSouthern NSC 253.82 -6.73 SVB Fin SIVB 534.95 -26.81 Toro TTC 110.00 -1.01 XPO Logistics XPO 136.77 -3.23 40.87 -0.79 BurlingtonStrs BURL 311.29 -9.19 GFLEnvironmental GFL 30.69 -1.03 AmHomes4Rent AMH LabCpAm LH 274.82 -1.63 NorthernTrust NTRS 107.96 -5.19 Salesforce.com CRM 237.55 -0.88 TorontoDomBk TD 64.15 -2.48 XcelEnergy XEL 68.27 -0.86 44.93 -1.97 CBRE Group CBRE 80.54 -2.42 DISH Network DISH 39.04 -0.41 Gallagher AJG 136.64 -3.28 AIG AIG LamResearch LRCX 591.52 3.04 NorthropGrum NOC 355.00 -7.81 Sanofi SNY 51.15 -0.84 TotalEnergies TTE 41.30 -1.18 Xilinx XLNX 129.33 0.70 s 280.89 -1.57 CDW CDW 172.43 -2.01 DTE Energy DTE 113.90 -3.15 GameStop GME 173.49 4.45 AmerTowerREIT AMT LamarAdv LAMR 100.02 -3.74 NortonLifeLock NLOK 26.04 0.03 SantanderCons SC 40.32 -0.13 ToyotaMotor TM 176.30 -1.83 XPeng XPEV 39.72 0.69 167.36 -0.95 CF Industries CF 45.97 -1.19 DXC Tech DXC 37.57 -0.72 Gaming&Leisure GLPI 45.81 -0.94 AmerWaterWorks AWK LambWeston LW 74.10 -3.55 NorwegCruise NCLH 21.87 -1.27 Sasol SSL 13.97 -0.39 TractorSupply TSCO180.94 -8.06 Xylem XYL 117.23 -2.13 39.58 -0.21 CGI GIB 88.60 -2.26 Danaher DHR 283.75 -1.04 Gap GPS 27.67 -0.65 AmericoldRealty COLD LasVegasSands LVS 47.34 -0.48 Novartis NVS 90.62 -1.08 Schlumberger SLB 26.65 -1.22 TradeDesk TTD 70.94 0.32 Yandex YNDX 68.35 -1.29 238.11 -8.67 CH Robinson CHRW 93.13 -0.17 Darden DRI 134.82 -6.92 Garmin GRMN 147.63 -1.76 Ameriprise AMP Lear LEA 161.97 -1.68 Novavax NVAX 210.51 23.86 SchwabC SCHW 66.68 -2.21 Tradeweb TW 84.45 -1.06 YumBrands YUM 113.45 -2.40 112.60 -0.28 CME Group CME 206.22 -3.11 DarlingIngred DAR 64.01 -1.57 Gartner IT 253.87 0.51 AmerisourceBrgn ABC Leidos LDOS 103.25 -3.03 NovoNordisk NVO 88.33 -0.33 ScottsMiracleGro SMG 178.53 -1.58 TraneTech TT 189.65 -2.61 YumChina YUMC 63.78 -0.92 133.06 -3.17 CMS Energy CMS 61.45 -0.56 Datadog DDOG 104.83 0.19 Generac GNRC 434.25 3.91 Ametek AME Lennar B LEN.B 78.06 -0.01 Novocure NVCR 183.29 0.72 Sea SE 272.84 5.24 TransDigm TDG 607.66 -25.92 ZTO Express ZTO 28.47 -0.72 246.73 -1.23 CNA Fin CNA 42.85 -1.65 DaVita DVA 117.82 -1.55 GeneralDynamics GD 184.09 -5.19 Amgen AMGN Lennar A LEN 96.16 0.20 s NuanceComms NUAN 54.92 -0.08 Seagate STX 84.29 -0.17 TransUnion TRU 112.77 -2.99 ZaiLab ZLAB 153.95 -2.77 67.39 -0.64 CNH Indl CNHI 15.28 -0.47 DeckersOutdoor DECK 374.83 0.04 GeneralElec GE 12.00 -0.55 Amphenol APH LennoxIntl LII 317.14 -0.77 Nucor NUE 90.04 -2.00 Seagen SGEN 144.41 -1.98 Travelers TRV 151.26 -5.13 ZebraTech ZBRA 506.91 -11.42 158.98 -1.46 CRH CRH 47.04 -1.70 Deere DE 334.95 -7.54 GeneralMills GIS 60.73 0.68 AnalogDevices ADI LeviStrauss LEVI 26.50 -1.43 Nutrien NTR 57.51 -1.86 SealedAir SEE 55.03 -0.96 Trex TREX 95.70 -0.30 Zendesk ZEN 135.03 -1.33 66.26 -2.19 CRISPR Therap CRSP 125.73 -0.52 DellTechC DELL 92.88 0.59 GeneralMotors GM 54.18 -1.28 AB InBev BUD LiAuto LI 30.54 0.22 NVIDIA NVDA 751.19 24.75 Sempra SRE 129.82 -4.38 Trimble TRMB 78.71 -0.51 Zillow C Z 104.77 0.62 8.28 -0.19 CSX CSX 30.82 -0.69 DeltaAir DAL 38.56 -1.50 Genmab GMAB 43.22 ... AnnalyCap NLY LibertyBroadbandA LBRDA 166.49 -0.53 SensataTechs ST 53.32 -0.86 Trip.com TCOM 28.86 -1.36 Zillow A ZG 106.29 0.68 384.44 -9.15 CVS Health CVS 80.67 -1.05 DentsplySirona XRAY 60.69 -0.47 Genpact G 46.86 -1.08 Anthem ANTM LibertyBroadbandC LBRDK 172.05 -0.25 OPQ SentinelOne S 47.00 2.85 TruistFinl TFC 52.18 -2.21 ZimmerBiomet ZBH 150.17 -3.23 226.79 -4.94 CableOne CABO 1877.83 -9.66 DeutscheBank DB 11.71 -0.20 GenuineParts GPC 125.63 -1.98 Aon AON LibertyGlobal C LBTYK 25.39 0.18 ServiceCorp SCI 56.07 0.12 TuSimple TSP 45.23 -1.39 Zoetis ZTS 197.83 -1.85 56.21 -0.53 CadenceDesign CDNS 137.72 0.05 DevonEnergy DVN 24.93 -0.85 Gerdau GGB 5.57 -0.15 ONEOK OKE 50.20 -3.11 ApolloGlbMgmt APO LibertyGlobal A LBTYA 25.20 0.12 ServiceNow NOW 555.09 -1.27 Tuya TUYA 20.60 0.80 ZoomVideo ZM 354.20 -7.77 142.45 -3.94 CaesarsEnt CZR 87.77 -2.13 DexCom DXCM 435.05 -13.64 GileadSciences GILD 68.23 -0.40 s OReillyAuto ORLY 594.45 -6.85 Apple AAPL LibertyFormOne C FWONK 46.13 -1.12 ShawComm B SJR 28.57 -0.21 Twilio TWLO 379.06 4.08 ZoomInfoTech ZI 50.36 0.61 128.62 0.44 CamdenProperty CPT 142.92 -1.10 Diageo DEO 187.28 -5.29 GSK GSK 39.30 -0.55 OakStreetHealth OSH 55.92 -0.40 ApplMaterials AMAT LibertyFormOne A FWONA 41.04 -1.16 SherwinWilliams SHW 282.93 0.52 Twitter TWTR 66.02 -0.39 Zscaler ZS 223.01 1.85 60.51 -0.24 CampbellSoup CPB 45.91 0.38 DiamondbkEner FANG 73.19 -5.17 GlobalPayments GPN 186.05 -8.68 Oatly OTLY 19.68 0.40 Applovin APP LibertyBraves A BATRA 27.72 -0.05 ShinhanFin SHG 32.59 -1.07 TylerTech TYL 481.94 8.51 Zynga ZNGA 10.37 0.05 137.13 -1.91 110.41 -2.80 Dick's DKS 94.85 -0.35 Globant GLOB 219.13 0.16 24.82 -1.12 Aptargroup ATR CIBC CM LibertyBraves C BATRK 26.75 -0.17 OccidentalPetrol OXY 147.17 -2.58 101.48 -2.90 DiDiGlobal DIDI 11.06 -0.91 GlobeLife GL 90.63 -3.42 241.35 5.68 Aptiv APTV CanNtlRlwy CNI LibertySirius C LSXMK 43.95 -1.14 Okta OKTA 33.00 -1.09 30.72 -1.68 DigitalRealty DLR 156.32 -1.00 GoDaddy GDDY 83.30 -1.71 250.15 -3.79 Aramark ARMK CanNaturalRes CNQ LibertySirius A LSXMA 44.48 -1.12 OldDomFreight ODFL 29.03 -0.49 70.89 -1.46 DFS 116.72 -3.71 GoldFields GFI 9.24 -0.07 36.20 -1.08 ArcelorMittal MT CanPacRlwy CP DiscoverFinSvcs LifeStorage LSI 112.11 -1.73 OmegaHealthcare OHI 36.82 -1.26 Canon CAJ 23.81 1.13 DiscoveryB DISCB 54.55 -2.60 GoldmanSachs GS 354.72 -10.08 Omnicom OMC 76.36 -1.09 ArchCapital ACGL LifeStanceHealth LFST 24.43 -1.60 Dividend Changes 57.45 -0.76 COF 153.61 -3.91 DiscoveryA DISCA 27.82 -0.36 GoodRx GDRX 30.22 0.59 ON Semi ON 34.79 -0.36 ArcherDaniels ADM CapitalOne LightspeedPos LSPD 77.62 -0.67 61.46 -0.71 CAH 56.02 -0.80 DiscoveryC DISCK 26.16 -0.36 Graco GGG 75.60 -0.87 OpenText OTEX 49.30 -0.87 AresMgmt ARES CardinalHealth EliLilly LLY 234.14 1.68 313.18 3.78 CSL 191.33 -2.25 Disney DIS 172.95 -6.36 Grainger GWW 449.52 -3.67 Oracle ORCL 86.98 -0.51 Dividend announcements from July 19. arGEN-X ARGX Carlisle LincolnNational LNC 57.00 -2.69 362.12 -1.33 CG 43.71 -1.18 dLocal DLO 43.52 -2.17 Grifols GRFS 15.27 -0.41 Orange ORAN 11.07 -0.27 AristaNetworks ANET Carlyle Linde LIN 284.67 -5.40 Amount Payable / 67.02 2.04 KMX 128.55 -2.40 DocuSign DOCU 289.48 7.43 GuardantHealth GH 116.84 -0.74 Orix IX 84.43 -1.34 Asana ASAN CarMax LithiaMotors LAD 335.80 -5.12 143.36 -0.15 19.72 -1.20 DolbyLab DLB 97.09 -0.47 Guidewire GWRE 110.93 1.06 OtisWorldwide OTIS 84.06 -0.86 Company Symbol Yld % New/Old Frq Record AspenTech AZPN Carnival CCL LiveNationEnt LYV 74.79 -3.74 151.47 -4.29 Carnival CUK 17.70 -1.30 DollarGeneral DG 224.27 2.10 GulfportEnergy GPOR 63.02 -4.68 OwensCorning OC 90.30 -1.76 Assurant AIZ LloydsBanking LYG 2.33 -0.13 Increased 56.48 -0.31 CarrierGlobal CARR 48.25 -0.83 DollarTree DLTR 98.00 -0.19 HCA Healthcare HCA 217.63 -1.57 OzonHoldings OZON 53.27 -0.63 AstraZeneca AZN LockheedMartin LMT 372.02 -5.12 61.80 -0.64 Carvana CVNA 311.04 -2.23 DominionEner D 75.86 -1.30 HDFC Bank HDB 69.22 -5.37 PG&E PCG 9.21 -0.58 Sierra Bancorp BSRR 3.7 .22 /.21 Q Aug12 /Jul30 Athene ATH Loews L 51.76 -2.26 262.87 2.23 CTLT 110.84 1.67 Domino's DPZ 478.49 -4.19 HP HPQ 27.59 0.07 PNC 177.80 -5.63 Atlassian TEAM Catalent LogitechIntl LOGI 117.99 0.08 PNC Fin 98.95 -2.29 CAT 203.08 -3.76 DoorDash DASH 175.50 8.14 HSBC HSBC 26.79 -0.91 PKX 71.41 -1.81 Initial AtmosEnergy ATO Caterpillar Lowe's LOW 192.90 -3.24 POSCO 287.31 -6.02 CE 147.62 -4.73 DouglasEmmett DEI 32.95 -1.09 Halliburton HAL 19.36 -0.70 PPD 45.98 -0.02 TAP.A Autodesk ADSK Celanese t LufaxHolding LU 8.73 -0.34 PPD Molson Coors A ... .34 Sep17 /Aug30 201.68 -3.92 CX 7.62 -0.25 Dover DOV 151.97 -2.98 HartfordFinl HIG 61.38 -1.94 PPG 165.75 -4.45 ADP ADP Cemex lululemon LULU 373.04 1.35 PPG Ind Molson Coors B TAP ... .34 Sep17 /Aug30 1584.57 -20.73 7.74 -0.35 Dow DOW 57.79 -2.22 Hasbro HAS 91.80 -2.24 PPL 28.01 -0.58 AutoZone AZO CenovusEnergy CVE LumenTech LUMN 12.63 -0.11 PPL 149.75 1.43 71.37 -1.29 Doximity DOCS 56.70 2.35 HealthpeakProp PEAK 34.94 -0.62 136.71 -3.49 Avalara AVLR Centene CNC Lyft LYFT 51.72 -1.68 PTC PTC Foreign Avalonbay AVB 223.17 -2.70 CenterPointEner CNP 24.87 -0.72 DrReddy'sLab RDY 72.39 -0.08 Heico HEI 130.86 -3.64 Paccar PCAR 86.71 -0.90 LyondellBasell LYB 92.29 -3.85 Methanex MEOH 1.6 .125 Q Sep30 /Sep16 Avangrid AGR 52.15 -1.63 CentraisElBras EBR 8.30 -0.38 DraftKings DKNG 44.66 0.87 Heico A HEI.A 120.07 -2.67 PackagingCpAm PKG 132.19 -2.73 Avantor AVTR 36.16 -0.19 CeridianHCM CDAY 95.65 0.34 Dropbox DBX 29.81 -0.34 HenrySchein HSIC 73.80 -1.32 MN PagSeguroDig PAGS 50.97 -0.53 AveryDennison AVY 198.84 -4.45 Cerner CERN 76.72 -0.74 DukeEnergy DUK 103.89 -0.87 s Hershey HSY 179.43 -0.56 PalantirTech PLTR 21.54 0.17 Special AxonEnterprise AXON 175.70 1.94 CharlesRiverLabs CRL 378.30 -6.19 DukeRealty DRE 50.18 -0.22 Hess HES 73.65 -2.72 M&T Bank MTB 131.20 -5.62 PaloAltoNtwks PANW 389.44 1.14 American Financial Group AFG 1.6 2.00 Aug02 /Jul26 t BCE BCE 48.52 -0.94 CharterComms CHTR 711.47 1.48 Dun&Bradstreet DNB 20.58 -0.42 HewlettPackard HPE 13.67 -0.19 MGMGrowthProp MGP 35.88 -0.79 ParkerHannifin PH 289.93 -10.07 Weingarten Realty Inv WRI 3.0 .69 Aug02 /Jul28 BHP Group BHP 72.34 -2.04 CheckPoint CHKP 120.88 -1.31 DuPont DD 72.81 -3.40 HighwoodsProp HIW 45.86 -1.14 MGM Resorts MGM 36.63 -1.30 Paychex PAYX 109.41 -2.44 BHP Group BBL 59.02 -2.14 Chegg CHGG 83.52 1.94 Dynatrace DT 58.30 -0.27 Hilton HLT 117.01 -2.74 MKS Instrum MKSI 154.22 -3.37 PaycomSoftware PAYC 367.40 -5.45 BP BP 23.09 -0.78 CheniereEnergy LNG 80.83 -2.73 ENI E 22.29 -0.64 Hologic HOLX 70.37 0.83 MPLX MPLX 26.20 -1.22 Paylocity PCTY 192.34 0.64 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Baidu BIDU 176.45 -3.13 CheniereEnerPtrs CQP 41.82 -1.16 EOG Rscs EOG 70.34 -3.57 HomeDepot HD 318.87 -2.67 MSCI MSCI 556.84 -7.99 PayPal PYPL 294.85 0.22 spin-off.

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % New Highs and Lows Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Baozun BZUN 30.00 -4.3 DelcathSystems DCTH 8.78 -7.3 GlbBloodTherap GBT 30.38 -3.7 Jiuzi JZXN 3.70 -7.4 Noble NE 20.54 -2.7 RibbitLeapUn LEAP.U 10.22 -2.0 TencentMusic TME 11.29 -2.6 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE BaudaxBio BXRX 0.57 -2.0 DesignTherap DSGN 16.03 1.2 GlobusMaritime GLBS 2.71 -0.7 JowellGlobal JWEL 4.57 0.8 NordicAmTankers NAT 2.59 -3.7 RibbitLeapA LEAP 9.78 -0.3 TevaPharm TEVA 8.24 -2.7 American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Beachbody BODY 7.19 10.7 DesktopMetal DM 8.76 -0.9 GloryStarNewMedia GSMG 1.98 1.9 KalaPharm KALA 3.55 0.5 NovaGoldRscs NG 7.53 -4.0 RibbitLeapWt LEAP.WS 1.74 -4.8 TherapeuticsMD TXMD 0.93 -3.2 in the latest session. %CHG-Daily percentage change from the previous trading session. BiomeaFusion BMEA 12.96 -1.0 DigitalAlly DGLY 1.50 -1.9 GlycoMimetics GLYC 1.96 2.5 Kamada KMDA 5.36 -1.6 NuCana NCNA 2.20 -0.4 RockwellMedical RMTI 0.74 0.4 TheravanceBio TBPH 12.99 0.8 BiomX PHGE 4.39 -9.7 DocumentSecSys DSS 1.38 -2.7 GoHealth GOCO 9.30 -4.9 Katapult KPLT 8.08 -1.8 NuvationBio NUVB 8.15 -2.0 Root ROOT 7.76 -1.0 36Kr KRKR 2.00 -4.2 BPTS 8.40 -6.7 DOYU 4.38 -3.1 GORO 2.02 -1.9 KGC 5.98 -1.8 ONCS 2.28 1.7 9.62 -0.5 TIRX 4.57 -4.7 Monday, July 19, 2021 Biophytis DouYuIntl GoldResource KinrossGold OncoSecMedical RossAcqnIIA ROSS TianRuixiang BitBrother BTB 0.86 -13.6 DragoneerGrowthII DGNS 9.80 -1.0 GoldenStarRscs GSS 2.20 -6.0 KiromicBiopharma KRBP 2.87 -6.7 1LifeHealthcare ONEM 25.30 4.3 RushStreetInt RSI 9.75 -1.4 ToughBuiltInds TBLT 0.57 ... 52-Wk % 52-Wk % 52-Wk % BlackDiamond BDTX 9.56 -1.0 DragoneerGrwIII DGNU 9.83 -0.8 Goldmining GLDG 1.21 -9.7 LavaTherap LVTX 8.91 -10.8 OneConnectFinTech OCFT 9.47 -7.1 SocTelemed TLMD 4.31 1.6 TradeUPAcqn UPTDU 9.91 -0.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BlendLabs BLND 17.75 -14.2 Dun&Bradstreet DNB 20.23 -2.0 GossamerBio GOSS 7.04 -0.8 LDHGrowthIALDHA 9.65 -1.3 OneSmartIntl ONE 0.87 -6.4 SapiensInt SPNS 24.60 -0.4 TransCodeTherap RNAZ 2.67 -8.1 BlueApron APRN 3.55 8.7 Durect DRRX 1.28 3.7 GreatPanther GPL 0.54 -7.0 LandseaHomes LSEA 7.68 1.5 OnionGlobal OG 2.76 -4.2 65.36 -1.6 TravereTherap TVTX 13.24 -0.9 LegendBiotech LEGN 44.93 7.8 AlexcoRes AXU 2.00 -5.6 SareptaTherap SRPT BlueFoundryBncp BLFY 12.55 -0.7 DynamicsSpec DYNS 9.78 -0.6 Grove GRVI 3.86 -9.0 LeapTherap LPTX 1.33 -3.6 OrchardTherap ORTX 3.22 -3.3 Tredegar TG 12.28 -3.7 MBIA MBI 11.20 3.7 Alight ALIT 8.46 -2.5 SecooHolding SECO 2.13 -0.9 Highs BorqsTechs BRQS 0.78 -7.1 EzgoTech EZGO 2.96 -2.2 Hookipa HOOK 7.61 1.3 LimelightNetworks LLNW 2.56 -0.4 OriginMaterials ORGN 6.67 -3.3 TScanTherap TCRX 10.01 -4.7 Moderna MRNA 317.88 9.5 AllenaPharm ALNA 0.77 -5.1 Sentage SNTG 23.69 -9.5 AEHR 6.75 87.9 BrightHealth BHG 12.34 -8.7 EbangIntl EBON 1.95 -1.8 HUYA HUYA 14.30 -6.3 LiminalBioSci LMNL 3.27 -4.9 OriginalBark BARK 7.93 4.5 TuataraCapA TCAC 9.60 -0.1 AehrTestSys Mondelez MDLZ 64.97 -0.4 AlmadenMinerals AAU 0.41 -8.3 SeraPrognostics SERA 9.84 -10.5 AGGRW 1.07 4.9 BAMR 47.98 -4.0 EWTX 18.41 9.0 HGH 26.22 -0.2 RAMP 38.59 0.8 OTIC 1.75 -4.3 VNET 16.94 -1.3 AgileGrowthWt NocturneAcqnRt MBTCR 0.58 2.5 TKNO 17.25 -10.5 BrookfieldReins EdgewiseTherap HartfordFinDeb42 LiveRamp Otonomy 17Educ&Tech YQ 2.36 -2.8 21 Vianet KURIW 1.64 7.9 AlphaTeknova BCACW 1.11 -16.4 EDUC 10.50 -1.9 HAAC 9.85 -0.8 LVOX 7.77 ... PCGU 93.17 -4.8 ME 9.20 -3.4 AlkuriGlobalWt NuanceComms NUAN 55.12 -0.1 ALCC 9.86 -1.1 BrooklineCapWt EducDev HealthAssuranceA LiveVox PG&EUn ShiftPixy PIXY 1.63 -2.2 23andMe AMT 284.65 -0.6 AltC Acqn BVN 8.07 -5.3 EGO 9.01 -2.6 HTLD 16.22 -2.4 LDI 11.35 -1.2 PNCpP 25.88 -0.2 USBpM 25.80 ... AmerTowerREIT OReillyAuto ORLY 602.61 -1.1 AGCUU 11.00 0.1 Buenaventura EldoradoGold HeartlandExp loanDepot PNC Fin PfdP SigilonTherap SGTX 5.38 -2.2 US BancorpPfdF SWETW 1.10 -5.7 AltimeterGrw CALM 34.00 -3.8 ELOX 1.25 -5.8 HRTG 7.86 -4.1 LU 8.61 -3.7 PAAS 25.86 -3.4 UCL 7.89 -1.6 AthlonAcqnWt PepsiCo PEP 157.54 ... AGC 10.41 1.1 Cal-MaineFoods EloxxPharm HeritageInsurance LufaxHolding PanAmerSilver SilverCrestMetals SILV 7.06 -6.0 uCloudlink AN 109.27 3.6 AltimeterGrwA CMCL 11.47 -3.1 ENVB 1.81 ... HRTX 12.28 -2.8 LL 17.45 -0.1 PZG 0.87 -1.7 UK 1.82 0.5 AutoNation PeridotII Wt PDOT.WS 1.65 -9.0 AGCB 10.03 -0.5 CaledoniaMining EnvericBiosci HeronTherap LumberLiqu ParamountGoldNV SimulationsPlus SLP 42.02 5.6 UcommuneIntl BHRpD 27.08 -0.5 AltimeterGrw2 CamberEnergy CEI 0.45 -4.9 EquinoxGold EQX 6.08 -4.3 Holley HLLY 9.45 -2.2 MNSO 16.86 -0.6 Payoneer PAYO 9.02 -3.2 UiPath PATH 57.01 1.4 BraemarHtlsPfdD PineTechWt PTOCW 1.15 23.7 ALZN 4.85 -14.6 MinisoGroup SmileDirectClub SDC 6.52 0.7 BPYPN 25.14 ... AlzamendNeuro Cango CANG 4.35 -1.9 ErieIndemnity A ERIE 181.04 -1.9 HomePtCap HMPT 4.62 -0.8 MOGU MOGU 1.20 ... Paysign PAYS 2.46 -4.2 UnicyciveTherap UNCY 2.60 -15.6 BPP 5.75%Pfd3A PlumAcqnIWt PLMIW 1.29 -1.6 AMBC.WS 3.10 0.9 SocialCapHedIV A IPOD 10.05 ... CPTAG 25.61 0.5 AmbacFinWt Cannae CNNE 29.51 -4.3 EsperionTherap ESPR 16.79 -1.5 HuizeHolding HUIZ 4.67 -5.0 M3-Brigade II A MBAC 9.56 -0.3 PershingSquWt PSTH.WS 4.32 -0.9 uniQure QURE 25.87 -2.2 CapitalaFinNts22 PostHldgsA PSPC 10.15 3.0 USAS 1.30 -7.6 SocCapSuvrettaI DNAA 9.84 -0.4 CPAR 10.00 -0.8 AmerGold&Silver CarrolsRestr TAST 4.42 -0.9 EtonPharm ETON 5.21 0.2 HycroftMiningWt HYMCW 0.32 -0.5 MadrigalPharm MDGL 91.47 -2.1 PershingSquare PSTH 20.13 -1.2 UniversePharm UPC 2.52 -4.8 CatalystPtrsA PostHldgsPartneringWt PSPC.WS 1.35 12.5 ANDA 8.70 -5.8 SocCapSuvrettaII DNAB 9.82 -0.8 CLBR.WS 1.09 -2.3 AndinaAcqnIII CatalystPtrsWt CPARW 1.82 -1.8 EverQuote EVER 27.94 -1.5 HyzonMotorsWt HYZNW 1.00 -10.7 MartenTransport MRTN 15.07 -3.5 Pharming PHAR 10.82 -4.2 UpHealth UPH 5.51 -5.6 ColombierAcqnWt Proofpoint PFPT 174.77 0.2 APGB 9.64 -0.3 DNAC 9.87 -0.5 COST 415.32 0.9 ApolloStratII A YCBDpA 7.08 -0.4 EXN 1.83 -2.6 HYZN 8.10 -20.0 MDNA 2.50 -10.0 PHVS 13.14 -7.6 SocCapSuvrettaIII VERpF 25.06 ... cbdMD PfdA ExcellonRes HyzonMotors MedicennaTherap Pharvaris VEREIT Pfd F Costco QAD A QADA 87.82 -0.1 APTO 2.75 1.0 DNAD 9.83 -0.6 CVA 20.02 -0.2 AptoseBiosci CNTA 19.61 1.1 EXEL 16.24 -3.0 IMV 1.31 -2.2 MLCO 14.28 -3.5 PECO 26.51 -2.9 SocCapSuvrettaIV VYNE 2.62 2.2 Covanta RMD 254.50 0.1 CentessaPharm Exelixis IMV MelcoResorts PhillipsEdison SLNO 0.91 -0.2 VyneTherap ResMed ArrayTech ARRY 12.82 -2.1 23.75 -0.1 13.50 -14.6 -13.6 SolenoTherap CrownCastle CCI 204.36 -0.5 SBAC 336.67 0.1 Certara CERT F45Training FXLV IamGold IAG 2.67 -3.2 MemberCollect MCG 10.64 PhioPharm PHIO 1.72 -1.1 VectivBio VECT 9.51 -8.1 SBA Comm ArtisanAcqnA ARTA 9.51 -2.3 SonimTech SONM 0.37 3.3 Cytokinetics CYTK 31.41 40.4 FLOW 80.62 22.3 ChinaLiberalEduc CLEU 2.10 -8.0 FGNewAmericaA FGNA 9.54 -10.3 InflaRx IFRX 2.42 1.9 MersanaTherap MRSN 11.82 -4.6 PingtanMarineEnt PME 0.76 -5.1 VelodyneLidar VLDR 8.30 -4.5 SPX FLOW AscendantDigital ACND.U 9.41 -4.8 SonnetBio SONN 1.06 -6.7 DHB Capital A DHBC 10.09 -0.9 WORK 45.22 1.0 ChinaLifeIns LFC 8.71 -1.9 FreyrBattery FREY 7.75 0.7 Infobird IFBD 3.10 -5.9 Metacrine MTCR 3.01 -2.5 PluristemTherap PSTI 3.45 1.4 ViantTech DSP 16.76 -0.4 SlackTech AscendantDigA ACND 8.65 -3.7 SonomaPharm SNOA 5.40 -3.9 DIRTT Envl DRTT 4.71 -2.2 STVN 20.07 -0.7 ChinaOnlineEduc COE 6.46 -5.2 FangddNetwork DUO 2.23 -2.1 InhibikaseTherap IKT 2.20 -7.0 MetenEdtechX METX 0.61 0.6 PolyPid PYPD 6.97 -10.4 ViemedHealthcare VMD 6.33 -1.2 Stevanato AscendisPharma ASND 118.02 0.4 Staffing360 STAF 2.87 6.9 DanaherPfdA DHRpA1909.94 1.1 TCI 36.43 3.3 ChinaXDPlastics CXDC 0.45 -8.0 FedNat FNHC 2.56 -6.2 InMedPharm INM 2.38 -7.9 MinervaNeurosci NERV 1.91 2.1 PopCulture CPOP 6.66 -21.3 VirnetX VHC 3.81 -1.5 TrancntlRlty AssemblyBiosci ASMB 3.32 3.2 StoneBridge APACU 9.92 -0.1 EG Acqn Wt EGGF.WS 1.00 ... VPCC.WS 1.99 10.3 CitizensHolding CIZN 17.00 -0.2 Femasys FEMY 6.77 -6.7 InnatePharma IPHA 3.04 -4.5 MolecularTemp MTEM 6.41 3.8 PretiumRscs PVG 8.89 -2.8 VivosTherap VVOS 3.89 -2.5 VPC Impact III Wt ASRT 1.21 -3.9 SNCY 30.00 -3.8 EaglePointNts31 ECCW 26.75 1.0 Assertio ClarivatePfdA CLVTpA 95.15 -0.9 FinanceofAm FOA 6.24 0.5 InnovAge INNV 16.76 -2.2 Momo MOMO 12.15 -4.4 ProtalixBio PLX 1.46 -4.4 SunCountryAir VorBiopharma VOR 14.65 -1.5 8.93 -4.9 STG 0.78 -4.0 Endava DAVA 125.87 1.4 AstraSpace ASTR CloopenGroup RAAS 5.32 -0.9 FinTechAcqnVI FTVIU 10.00 -0.2 InspiraTech IINN 4.20 2.3 MontaukRenew MNTK 6.48 -2.4 ProtaraTherap TARA 8.00 0.4 SunlandsTech VoyagerTherap VYGR 3.26 -1.8 SUNL 7.56 -5.8 EvolvTechUn EVLVU 12.68 0.7 Lows Astrotech ASTC 1.01 -1.9 CogentBio COGT 6.15 -0.6 FirstMarkHorizonA FMAC 9.75 -0.5 InspiraTechWt IINNW 1.01 8.3 MorphoSys MOR 16.15 -1.8 ProtoLabs PRLB 82.16 -4.2 SunlightFinl VyGlblGrowth VYGG.U 10.09 -0.5 TSPQ 9.61 ... EvolvTech EVLV 12.90 8.9 ARCAbiopharma ABIO 2.72 -0.7 Athersys ATHX 1.35 -0.7 CoherusBioSci CHRS 12.68 -0.2 FlameAcqnA FLME 9.57 -0.7 IntegraResources ITRG 2.57 -6.0 MovingiMage MITQ 3.79 -21.3 Puxin NEW 1.12 -6.5 TCW Spac A Waitr WTRH 1.41 9.5 YTPG 9.89 ... ForwardPharma FWP 13.33 11.0 ARYASciencesV ARYE 9.97 ... AthiraPharma ATHA 9.22 4.6 ColombierAcqnA CLBR 9.60 -0.3 FlexionTherap FLXN 6.23 -0.6 InterPrivateII A IPVA 9.68 ... MuscleMaker GRIL 1.12 ... PyxisTankers PXS 0.67 -3.4 TPGPaceBenII WarburgPincusI-A WPCA 9.72 -0.6 GigIntl1 GIWWU 10.25 0.5 ATI PhysTherapy ATIP 7.74 -4.4 Atreca BCEL 7.34 1.5 ComSovereign COMS 1.78 -2.1 FortunaSilver FSM 4.54 -5.0 iPower IPW 4.53 -8.2 NabrivaTherap NBRV 1.04 -1.8 QTSRealtyPfdA QTSpA 25.44 -0.7 TPGREFinPfdCTRTXpC 24.44 -1.2 Waterdrop WDH 5.66 -2.0 GigIntl1 A GIW 9.83 0.4 Abcam ABCM 17.62 -1.2 AuburnNatlBncp AUBN 33.11 -1.4 ComSovereignWt COMSW 0.93 -2.1 4Dpharma LBPS 9.48 -3.1 iQIYI IQ 11.90 -0.2 NaviosMaritime NNA 2.38 -4.9 Quhuo QH 2.55 -2.0 T2Biosystems TTOO 1.00 -1.0 WiMiHologram WIMI 4.17 -1.8 GigIntl1 Wt GIWWW 0.97 12.9 AdaptimmuneTher ADAP 3.55 -0.5 Autohome ATHM 58.49 -1.8 ConcertPharm CNCE 3.35 -3.4 Frontier ULCC 13.71 -5.2 iRhythmTechs IRTC 49.76 -2.0 NeoleukinTherap NLTX 8.07 -1.9 Qumu QUMU 2.50 -3.8 Taboola TBLA 8.46 -3.5 WunongNetTech WNW 5.44 5.1 GlenfarneMergerA GGMC 10.00 2.8 AdicetBio ACET 7.61 2.8 AvalonGloboCare AVCO 0.83 -1.5 Confluent CFLT 39.00 -0.6 FuryGoldMines FURY 0.99 -2.8 IronSparkI ISAA 9.86 -0.2 Neonode NEON 5.55 -1.7 RLX Tech RLX 5.99 -3.0 TailwindAcqnA TWND 8.68 -6.6 YatsenHolding YSG 7.13 -6.8 GlobalSpac GLSPU 10.19 ... AdventTech ADN 7.54 1.4 AvenueTherap ATXI 1.83 -0.5 ConveyHolding CNVY 7.79 -4.3 FutureFuel FF 8.53 -2.0 ironSource IS 7.80 -4.2 NeptuneWellness NEPT 0.73 -11.7 RMGAcqnIII A RMGC 9.66 -1.0 Talkspace TALK 5.44 0.9 YumanityTherap YMTX 9.11 -5.1 GreatAjaxNts24 AJXA 26.07 -1.0 AdverumBiotech ADVM 2.94 -4.2 AytuBioPharma AYTU 4.01 -1.7 CornerGrowth2 TRONU 9.99 -0.6 Galecto GLTO 4.03 3.8 iSpecimen ISPC 5.10 -2.4 NewOrientalEduc EDU 5.75 -9.6 RegencellBio RGC 9.45 -9.0 Tantech TANH 0.93 -6.3 Yunji YJ 1.36 -4.1 Hershey HSY 181.26 -0.3 AerovateTherap AVTE 14.25 -1.2 AzurRxBioPharma AZRX 0.64 4.4 CoupaSoftware COUP 211.26 1.8 GalianoGold GAU 0.94 -5.9 Joyy YY 56.68 -4.8 NewPacificMetals NEWP 3.51 -7.6 ResearchFrontiers REFR 2.00 2.4 TanzanianGold TRX 0.42 -5.4 ZetaGlobal ZETA 5.85 -0.7 IdexxLab IDXX 670.84 0.2 AgileTherap AGRX 1.07 2.6 BoqiIntlMed BIMI 1.03 -4.5 CullmanBancorp CULL 11.13 -0.2 GaotuTechedu GOTU 9.91 -6.2 JawsHurricane HCNEU 10.00 -0.3 NewYorkMtgPfdF NYMTL 24.80 -0.3 RevivaPharm RVPH 3.66 -6.1 TaskUs TASK 26.66 -5.3 ZhangmenEducation ZME 9.00 ... IndependenceWt ACQRW 1.49 -1.2 Agora API 33.50 -1.7 B2Gold BTG 3.84 -1.5 CytomXTherap CTMX 5.64 -1.4 Genfit GNFT 3.50 -2.9 JawsJuggernaut JUGGU 10.00 -0.4 NexImmune NEXI 11.50 2.8 RevolutionAccel RAACU 9.26 -4.3 Teligent TLGT 0.45 2.3 ZivoBiosci ZIVO 3.40 -11.7 LancasterColony LANC 201.31 -1.6 Agriforce AGRI 2.92 -8.5 BaoshengMedia BAOS 2.35 -2.8 DataStorage DTST 4.24 -27.6 GlimpseGroup VRAR 8.11 4.8 JianpuTech JT 1.91 -3.3 NextCure NXTC 7.00 -0.4 RevolutionAccelA RAAC 8.50 -3.8 10XCapVentureA VCVC 9.45 2.0 Zogenix ZGNX 15.72 -5.8

Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Mutual Funds 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 Stock 228.77 -4.79 20.4 Contra 18.64 -0.21 13.7 CapApInst 113.28 -1.01 8.7 IncomeFd NA ... NA ExtndAdml 135.34 -1.47 9.1 VANGUARD FDS MdCpGrAdml 99.18 -0.88 8.9 Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds ContraK 18.69 -0.21 13.7 Harding Loevner PIMCO Funds I2 GNMAAdml 10.65 +0.02 -0.4 DivdGro 36.57 -0.67 11.4 MdCpVlAdml 70.00 -1.56 14.7 NA ... NA 11.15 -0.08 7.2 29.69 -0.49 4.5 NA ... NA 147.48 -1.81 13.4 27.59 -0.15 5.1 69.87 -1.60 15.3 e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI CpInc r IntlEq Income GrwthAdml INSTTRF2020 SmValAdml 37.16 -0.16 13.1 97.49 -0.81 8.9 11.29 +0.06 -0.5 and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti GroCo Invesco Funds Y PIMCO Funds Instl HlthCareAdml r INSTTRF2025 29.09 -0.21 6.0 TotBd2 53.71 -1.15 0.5 5.98 -0.02 2.4 136.66 -2.45 6.4 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 61.74 -0.53 19.3 GrowCoK 37.27 -0.16 13.1 DevMktY IncomeFd NA ... NA HYCorAdml r INSTTRF2030 30.04 -0.27 6.8 TotIntlInstIdx r 28.84 +0.02 3.1 136.70 -2.45 6.4 apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Fidelity InvGrBd 11.84 +0.05 0.5 John Hancock Instl Price Funds InfProAd INSTTRF2035 30.93 -0.32 7.7 TotItlInstPlId r 165.39 -1.28 3.2 106.62 -1.61 13.2 available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem147.83 -2.38 14.3 LowP r 55.83 -1.14 14.8 DispValMCI 26.61 -0.75 14.1 BlChip 185.82 -2.30 12.3 IntlGrAdml INSTTRF2040 31.85 -0.38 8.5 TotSt data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contrafund K6 21.39 -0.25 13.3 Magin 14.00 -0.17 12.4 JPMorgan I Class DivGro 67.13 -1.14 12.3 ITBondAdml 12.36 +0.07 -0.4 INSTTRF2045 32.68 -0.45 9.3 VANGUARD INSTL FDS 47.22 -0.33 7.7 ExtMktIdxInstPre 85.78 -0.93 9.1 NASDAQ r 179.73 -1.92 11.1 CoreBond 12.16 +0.05 0.1 EqInc 35.41 -0.79 14.2 ITIGradeAdml 10.30 +0.04 0.3 INSTTRF2050 32.80 -0.46 9.4 BalInst 11.45 +0.14 -0.8 16.11 -0.31 7.0 FidSerToMarket 14.57 -0.22 13.3 OTC 19.96 -0.24 13.9 EqInc 22.24 -0.44 13.6 Growth 111.01 -1.43 14.5 LTGradeAdml INSTTRF2055 32.88 -0.47 9.4 DevMktsIndInst Monday, July 19, 2021 284.79 -4.34 11.7 25.18 -0.48 7.0 GrowthCompanyK6 21.72 -0.10 12.9 Puritn 28.38 -0.35 9.5 JPMorgan R Class HelSci 107.11 -0.32 8.4 MidCpAdml IntlVal 42.36 -1.00 5.2 DevMktsInxInst Net YTD Net YTD Net YTD 12.26 +0.01 4.2 135.34 -1.46 9.1 IntlIdxInstPrem 48.43 -0.91 6.4 SrsEmrgMkt 25.45 -0.46 2.0 CoreBond 12.18 +0.06 0.1 LgCapGow I 70.79 -1.00 15.7 MuHYAdml LifeCon 23.37 -0.09 3.8 ExtndInst Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret 14.91 +0.01 1.5 147.49 -1.80 13.4 MidCpInxInstPrem 30.16 -0.46 12.1 SrsGlobal 15.16 -0.28 5.7 Lord Abbett A MidCap 121.19 -1.33 7.2 MuIntAdml LifeGro 43.27 -0.52 8.3 GrwthInst 44.27 -1.07 11.1 29.14 -0.44 13.8 12.37 +0.01 2.6 11.75 +0.01 3.1 American Century Inv IntlVal Inst DivIncom I SAIUSLgCpIndxFd 22.43 -0.36 14.3 SrsGroCoRetail 25.88 -0.11 13.7 ShtDurIncmA p 4.20 ... 1.1 NHoriz 89.42 -0.07 8.7 MuLTAdml LifeMod 33.32 -0.26 6.0 InPrSeIn 85.96 -1.30 13.2 11.25 ... 0.7 InstIdx 372.19 -6.00 14.3 Ultra Baird Funds Dimensional Fds SeriesBondFd 10.63 +0.05 -0.5 SrsIntlGrw 19.42 -0.31 9.2 Lord Abbett F R2020 24.25 -0.20 6.6 MuLtdAdml PrmcpCor 33.39 -0.51 15.2 11.63 +0.06 -0.3 10.99 +0.04 0.9 4.20 ... 1.2 MuShtAdml 15.93 ... 0.3 InstPlus 372.21 -6.00 14.3 American Funds Cl A AggBdInst 5GlbFxdInc SeriesOverseas 13.54 -0.22 9.2 SrsIntlVal 10.78 -0.27 6.8 ShtDurIncm R2025 20.80 -0.20 7.4 STAR 32.96 -0.24 6.5 12.01 +0.06 0.1 PrmcpAdml r174.96 -2.22 13.7 InstTStPlus 83.28 -1.26 13.3 AmcpA p 41.91 -0.55 11.1 CorBdInst EmgMktVa 32.16 -0.33 12.7 SmCpIdxInstPrem 27.02 -0.41 8.4 TotalBond 11.25 +0.04 0.5 Metropolitan West R2030 30.82 -0.36 8.3 TgtRe2015 16.32 -0.05 3.8 11.09 +0.04 -0.1 RealEstatAdml146.49 -2.82 23.3 MidCpInst 62.91 -0.96 11.7 AMutlA p 49.56 -0.82 12.0 BlackRock Funds EmMktCorEq 26.13 -0.31 8.4 TMktIdxInstPrem121.92 -1.85 13.3 Fidelity SAI TotRetBdI R2035 23.19 -0.30 9.2 TgtRe2020 36.02 -0.21 5.0 10.40 +0.04 -0.1 SmCapAdml101.47 -1.65 9.4 MidCpIstPl 310.27 -4.73 11.7 BalA p 32.33 -0.31 8.3 HiYldBd Inst 7.86 -0.05 3.6 IntlCoreEq 15.65 -0.32 8.7 USBdIdxInstPrem 12.26 +0.06 -0.6 TotalBd 10.70 +0.04 0.7 TRBdPlan R2040 33.45 -0.49 9.9 TgtRe2025 22.81 -0.17 5.9 SmGthAdml 96.22 -0.73 2.5 SmCapInst 101.47 -1.64 9.4 BondA p 13.62 +0.05 -0.3 BlackRock Funds A IntSmCo 22.07 -0.49 9.2 Fidelity Advisor I Fidelity Selects Northern Funds PRIMECAP Odyssey Fds 43.28 -0.40 6.7 STBondAdml 10.79 +0.01 -0.1 TgtRe2030 SmCapIstPl 292.88 -4.75 9.4 CapIBA p 67.30 -0.98 8.1 GlblAlloc p 21.53 ... 5.5 IntSmVa 20.76 -0.53 8.8 NwInsghtI 41.77 -0.45 13.4 Softwr r 30.22 -0.40 13.1 StkIdx 47.66 -0.77 14.2 AggGrowth r 55.99 -0.49 4.3 27.13 -0.29 7.6 STIGradeAdml 10.98 +0.01 0.5 TgtRe2035 STIGradeInst 10.98 +0.01 0.5 CapWGrA 63.42 -1.11 7.7 BlackRock Funds III LgCo 31.95 -0.51 14.3 Fidelity Freedom Tech r 27.56 -0.37 8.5 Nuveen Cl I Schwab Funds 48.00 -0.59 8.4 STIPSIxAdm 26.17 -0.03 3.3 TgtRe2040 STIPSIxins 26.18 -0.04 3.3 EupacA p 68.30 -1.14 2.7 iShS&P500IdxK504.03 -8.11 14.2 TAUSCoreEq2 NA ... NA FF2020 17.32 -0.13 5.7 First Eagle Funds HYMunBd 18.65 ... 8.6 1000 Inv r NA ... NA 30.80 -0.43 9.3 TotBdAdml 11.44 +0.06 -0.5 TgtRe2045 TotBdInst 11.44 +0.06 -0.5 FdInvA p 74.57 -1.21 11.4 BlackRock Funds Inst US CoreEq1 33.64 -0.57 14.0 15.82 -0.14 6.3 66.48 -1.05 8.5 Old Westbury Fds NA ... NA 49.70 -0.70 9.4 FF2025 GlbA S&P Sel TotIntBdIdxAdm 23.08 +0.05 -0.9 TgtRe2050 TotBdInst2 11.29 +0.06 -0.5 GwthA p 73.13 -0.89 8.3 StratIncOpptyIns 10.32 -0.03 0.8 US CoreEq2 30.74 -0.53 14.6 19.83 -0.20 7.2 LrgCpStr NA ... NA NA ... NA 53.95 -0.77 9.3 FF2030 Franklin A1 TSM Sel r TotIntlAdmIdx r 34.17 -0.62 6.3 TgtRet2055 TotBdInstPl 11.44 +0.06 -0.5 49.08 -0.85 12.1 Bridge Builder Trust 44.12 -0.84 15.3 17.25 -0.23 8.8 2.46 -0.03 9.9 Parnassus Fds ICAA p US Small FF2035 IncomeA1 p VANGUARD ADMIRAL TotStAdml 106.66 -1.61 13.3 TgtRetInc 15.34 -0.04 3.4 TotIntBdIdxInst 34.63 +0.07 -0.9 25.37 -0.35 9.1 10.66 +0.05 -0.1 41.63 -1.07 21.4 12.32 -0.19 9.9 ParnEqFd 61.24 -0.76 14.3 393.30 -6.33 14.3 IncoA p CoreBond US SmCpVal FF2040 FrankTemp/Frank Adv 500Adml TxMCapAdml223.44 -3.37 13.7 TotIntBdIxInv 11.54 +0.02 -1.0 TotStInst 106.68 -1.60 13.3 65.59 -0.91 8.4 10.52 +0.04 0.3 28.28 -0.70 20.6 15.80 -0.14 6.4 2.44 -0.03 10.1 PGIM Funds Cl Z 47.22 -0.33 7.7 N PerA p CorePlusBond US TgdVal Freedom2025 K IncomeAdv BalAdml TxMIn r 16.09 -0.31 7.0 USGro 71.94 -0.37 9.6 ValueInst 52.46 -0.98 14.3 63.01 -0.68 5.9 14.32 -0.27 7.2 42.98 -0.88 15.4 19.82 -0.19 7.3 HighYield NA ... NA 12.36 +0.01 1.2 NEcoA p Intl Eq USLgVa Freedom2030 K FrankTemp/Franklin A CAITAdml USGroAdml 186.41 -0.95 9.7 WellsI 29.46 -0.09 5.2 WCM Focus Funds 93.51 -1.40 6.3 23.28 -0.33 13.2 17.23 -0.23 8.8 150.54 -1.90 11.2 TotalReturnBond 14.87 +0.09 ... 200.67 -2.19 13.0 NwWrldA LargeCapGrowth Dodge & Cox Freedom2035 K Growth A p CapOpAdml r ValAdml 52.46 -0.98 14.3 Welltn 48.23 -0.46 9.9 WCMFocIntlGrwIns 27.07 -0.35 9.4 16.76 -0.36 14.8 PIMCO Fds Instl SmCpA p 85.08 -1.07 7.0 LargeCapValue Balanced 113.16 -1.46 13.6 Freedom2040 K 12.32 -0.19 9.9 RisDv A p 90.09 -1.35 12.7 DivAppIdxAdm 42.05 -0.63 10.6 79.43 -1.51 16.3 WndsrII 44.77 -0.85 16.3 Western Asset AllAsset NA ... NA WdsrllAdml TxExA p 13.79 +0.01 2.4 Calamos Funds GblStock 15.30 -0.32 15.0 Fidelity Invest Guggenheim Funds Tru EMAdmr 43.29 -0.61 4.5 WellsIAdml 71.36 -0.21 5.2 VANGUARD INDEX FDS CoreBondI NA ... NA TotRt 10.49 +0.05 0.1 WshA p 54.73 -0.99 13.3 MktNeutI 14.19 -0.05 2.4 Income 14.43 +0.03 0.1 Balanc 30.85 -0.36 9.5 TotRtnBdFdClInst 29.41 +0.14 0.6 EqIncAdml 89.01 -1.57 13.5 WelltnAdml 83.29 -0.78 9.9 ExtndIstPl 333.99 -3.62 9.1 CorePlusBdI NA ... NA PIMCO Funds A Artisan Funds Columbia Class I Intl Stk 46.68 -1.00 6.8 BluCh 181.05 -1.59 11.0 Harbor Funds ExplrAdml 129.34 -1.31 8.0 WndsrAdml 81.19 -1.83 14.7 IdxIntl 20.43 -0.37 6.4 CorePlusBdIS NA ... NA .

B10 | Tuesday, July 20, 2021 ** THE WALL STREET JOURNAL. BANKING & FINANCE Regulators Eye New Money-Market Fixes Ways are studied to of stress, or ensure the private Money-market assets under Money funds’ holdings ment sells more Treasurys and money funds, instead. sector, not taxpayers, support management, by fund type of commercial paper the Fed starts to think about One solution could be some discourage runs after funds in a liquidity crisis. The ending its vast bond-buying kind of platform or venue funds buckled during latter could include requiring $5 trillion $300 billion programs. where fund managers trade di- 2008 crisis, pandemic money funds to be backed by Some money-market fund rectly with each other and not equity capital in the way that 250 managers think any fixes are via banks, said Lombard banks are—although similar 4 bound to fail unless broader Odier’s Mr. Callahan. BY PAUL J. DAVIES proposals have been rejected Corporate problems are addressed con- J. Christopher Donahue, before. To discourage inves- 200 cerning the ease with which chief executive of Federated The start of the Covid-19 tors from running, other pro- 3 they can trade short-term Hermes, a major money-mar- pandemic led to a familiar posals would discount the Tax-exempt debts. ket fund manager, said the Fed wave of stress in money-mar- value of shares in money 150 “Money-market funds are needs to play a part. The cen- ket funds, which companies funds when lots of investors only part of the puzzle,” said tral bank could facilitate trad- 2 and consumers use like check- all want to cash them in si- David Callahan, head of money ing by allowing lenders to ing accounts to store their multaneously. 100 markets at Lombard Odier In- swap unwanted paper from ready cash. The Federal Re- Money funds offer inves- Prime vestment Managers. good companies at the Fed’s 1 serve had to step in to keep tors instant access to their 50 Commercial paper—short- discount window for cash at these funds operating. cash, and invest in short-term term corporate loans that any time, without stigma. It was a dysfunction that debt issued by governments form the core of prime money- “It will never happen that Government Financial wasn’t meant to happen. Sev- and companies that will be re- 0 0 market fund holdings—rarely the Fed won’t have a role eral rounds of reforms globally paid somewhere between a 2013 ’15 ’17 ’19 ’21 2013 ’15 ’17 ’19 ’21 trades in normal times since it when market players have a had aimed to strengthen few days and a few months. If is repaid relatively quickly. But crisis,” said Mr. Donahue. money-market funds after lots of investors want their Source: Investment Company Institute Note: Data as of May when investors are asking for Regulators are likely to they buckled during the 2008 money back at the same time, cash back, money-market undo a rule introduced in 2010 financial crisis. that can cause problems be- fifth to $652 billion by the end mission, Federal Reserve and funds have to sell that paper. and tweaked in 2014 that re- Now the Financial Stability cause fund managers might of March from $791 billion a Commodity Futures Trading In times of stress, banks, quires funds in the U.S. to Board, which brings together need to sell this short-term month earlier, according to the Commission. which broker commercial pa- keep 30% of their assets in liq- regulators from around the debt—and there are typically Investment Company Institute, Fornow,thereissomuch per deals, don’t want to step uid assets that have a matu- world, has proposed another few buyers. sapping companies of a key money sloshing around the fi- in and help. rity of less than a week. If round of changes in an at- That is what happened in source of funding. nancial system that a repeat of Banks are less willing or they don’t, they can impose up tempt to minimize the likeli- March 2020. In the U.S., inves- The rush out of prime funds 2020’s dash for cash seems a able to broker trades because to 2% fees on withdrawals or hood that central banks ever tors rushed to pull money in March 2020 caused a distant prospect. Also, inves- of the wave of reforms and block them altogether. have to step in and support from so-called prime money crunch in short-term corpo- tors have further reduced demands for higher capital This causes problems, be- markets. funds, which own lots of cor- rate debt. Borrowing costs in their exposure to prime funds. directed at them after the cause as weekly liquid assets The FSB, which is chaired porate short-term debt. They this market rose to their high- However, the volume of 2008 crisis. These reforms fall toward 30%, it incentivizes by Randal Quarles, the Fed’s instead sent their cash to safer est levels since 2008, accord- spare cash in the financial sys- made banks much less vulner- investors to demand their cash vice chair for supervision, is government money funds, ing to the President’s Working tem could drop quickly, with able in March 2020, but put as they worry they might not focusing on reforms that which hold exclusively govern- Group on Financial Markets, the economy reopening and more of the strain of sudden be able to get it back later, ac- would discourage investors ment-backed debt. Assets in which combines the Treasury, people starting to spend their demands for liquidity on mar- cording to reform proposals in from pulling out cash at times prime funds fell by nearly one- Securities and Exchange Com- savings, as the U.S. govern- ket-based finance, such as June from the FSB. Tax Fears Drive Wealthy to Munis Leon Black Responds

BY KAREN LANGLEY Estimated net flows into municipal bonds, because they safe.” municipal bond funds, have tax-free interest.” Among high-yield bonds, To Abuse Allegations Wealthy Americans eyeing firsthalfofyear Some investors may also municipals also are outper- potential tax increases are have looked to rebalance their forming: An ICE BofA index of BY MIRIAM GOTTFRIED makes counterclaims against helping drive record amounts $50 billion portfolios after a dramatic high-yield municipal bonds had Ms. Ganieva, cites excerpts of money into municipal bond rally in the stock market bal- a year-to-date total return of Leon Black, the billionaire from conversations between funds. 40 looned positions in U.S. equi- 5.9% through Friday, compared co-founder of Apollo Global them that he secretly recorded In the first six months of ties. Households looking to re- with a total return of 3.9% for Management Inc., submitted a and text messages. Among 2021, U.S. municipal bond 30 store their risk exposure to its an ICE BofA index of high-yield detailed response Monday to a these are messages of love and funds attracted an estimated level before the S&P 500’s 16% corporate bonds, according to lawsuit that accused him of appreciation immediately fol- $56.9 billion in net new 20 advance in 2020 may have re- CreditSights. forcing a woman into a years- lowing the alleged July 6, money—the most for any first directed some of those gains Higher confidence in the long abusive relationship, 2014, sexual assault. half of the year going back to 10 into fixed income, including health of state and city fi- roundly denying the allega- “It was very nice to see you 1992, according to data from municipal bonds. U.S. stocks nances has bolstered the case tions and calling the complaint last night…I love you and Refinitiv Lipper. have continued to gain, send- for munis. “a work of fiction.” thank you!!!! Xoxoxoxoxo and 0 Advisers to high-income in- ing the S&P 500 up 13% in As the coronavirus pan- Guzel Ganieva, a Russian more love,” Ms. Ganieva wrote vestors say the potential for 2021. demic shut down large por- immigrant and former model, to Mr. Black the next morning, higher taxes has been a focus –10 While the return on munis tions of the U.S. economy, cit- sued Mr. Black on June 1, ac- according to the filing. of conversation in recent hasn’t been much lately, it has ies and states suddenly cusing him of defamation and Another message appears to months, drawing attention to –20 been better than that of other expected that revenue short- alleging he raped and harassed show her initiating contact with munis. highly rated bonds. A falls would lead to serious bud- her. She said he forced her to the former Apollo chief before Municipal bonds typically –30 Bloomberg Barclays municipal get problems. Investors with- endure a “cycle of intimida- offer interest payments that 19922000 ’10 ’20 bond index has returned 1.8% drew an estimated net $46.1 tion, abuse and humiliation.” are exempt from federal in- to investors this year, includ- billion from municipal bond In court papers filed in come taxes and sometimes Source: Refinitiv Lipper ing interest and price apprecia- funds in March 2020, accord- Manhattan, attorneys for Mr. from state taxes in the state tion, as of Friday, compared ing to Refinitiv Lipper. Black say that the married pri- where the bond is issued. State tions. Democrats won control witha0.5%lossona But in many places, the fis- vate-equity mogul was en- and local governments, along of Congress—but narrowly— Bloomberg Barclays index of cal damage turned out to be gaged in a consensual, on-and- with institutions such as hospi- and recently have been work- U.S. corporate investment- less severe than anticipated. off relationship with Ms. tals and universities, issue mu- ing to decide which tax pro- grade bonds, according to Federal aid for households and Ganieva for six years until she nicipal bonds to raise money posals they should try to pass. FactSet. businesses supported con- began extorting him in 2015 for projects that include build- That change in the top individ- “Muni returns will be muted sumer spending, and the econ- by threatening to go public ing schools and paving roads. ual rate is one of the proposals in the near term, but the tax omy picked up more quickly with their affair. Many affluent households that has the broadest support efficiency cannot be beat, and than expected. During their relationship, fear that President Biden and among Democrats and appears that is what is most attractive Aid from Washington also Mr. Black gave Ms. Ganieva the Democratic-controlled Con- more likely to occur than other today,” said Alex Chaloff, co- included $350 billion for state millions of dollars of gifts, gress will raise taxes. On the proposals. head of investment strategies and local governments to pay paying the rent for her Upper campaign trail, Mr. Biden pro- “Taxes are a huge concern at Bernstein Private Wealth for pandemic-related costs, fill East Side apartment, buying posed raising the top individ- for clients right now,” said An- Management. “There’s only a revenue shortfalls and fund her a luxury car and Steinway ual income-tax rate to 39.6% derson Lafontant, senior ad- fewthingsyoucandotoinvest water, sewer and broadband piano, financing vacations, from 37%, among other viser at Los Angeles-based to generate tax-free income. projects. paying her tuition at acting changes to taxes for high-in- Miracle Mile Advisors. “It’s re- Munis are the most obvious, —Richard Rubin school and at Columbia Uni-

come households and corpora- ally increasing the demand for the most liquid and the most contributed to this article. versity, and funding a $40,000 LUCY NICHOLSON/REUTERS commissioned portrait of her, Mr. Black in 2018. according to the court filing. Share price for China In 2015, Ms. Ganieva asked the alleged incident, telling him Evergrande Group for a meeting with Mr. Black, “[t]his is love. I need you…” Evergrande Shares Fall on Ruling during which she threatened and requesting that he bring a HK$30 BY XIE YU onshore and international went unanswered on Monday to go public with their rela- bottle of wine to her home that bonds also fell in price. A 10.5% afternoon. tionship unless he paid her an evening. In her complaint, Ms. Shares and bonds of China dollar bond due 2024 declined “Investors are worried if the 25 additional large sum of money, Ganieva states that Mr. Black Evergrande Group fell Mon- 6 cents to 61.4 cents on the dol- ruling carries some harsher the filing states. While Mr. “barged” into her apartment day, after a creditor won a legal lar, lifting yields to 33%, ac- signal from the top,” said Ch- Black didn’t meet her initial against her will on the day she ruling freezing about $20 mil- cording to Tradeweb. uanyi Zhou, a credit analyst at 20 demand of $100 million, the says he assaulted her. lion of the indebted Chinese A court in east China’s Ji- research firm Lucror Analytics. two did reach an agreement Ms. Ganieva filed her law- property developer’s assets, in- angsu province froze 132 mil- “The event within itself is not laterthatyear,accordingto suit after she initially posted tensifying concerns about its lion yuan, equivalent to $20.4 critical, but should other finan- 15 the court document. her allegations in a series of ability to repay its debt. million, of bank deposits and cial institutions follow through, In exchange for Ms. Ganieva tweets March 17. Once a darling of the junk- assets held by Evergrande it will be stressful for Ever- signing a one-page release and Mr. Black referred Ms. bond markets, where it issued units, at the request of lender grande,” she said. 10 confidentiality agreement, Mr. Ganieva’s alleged extortion to many billions of dollars of secu- China Guangfa Bank Co. The Ms. Zhou noted that the rul- Black would forgive $1 million the Manhattan district attor- rities, Evergrande has become ruling was uploaded on July 13 ing covered Hengda Real Es- in loans to her, pay her ney’s office after her tweets. one of the main sources of con- to a Chinese government por- tate, Evergrande’s main on- 5 $100,000 and continue to make The tweets went little noticed cern for investors in riskier tal, but was circulating among shore subsidiary, as well as a $100,000 monthly payments for weeks until media articles Chinese debt. investors on Monday. The project-development unit. for 15 years, the filing says. Mr. about them appeared in which While the company has court said it made the decision Chinese regulators have 0 Black also agreed to put up £2 Mr. Black denied having acted touted rapid progress in debt to protect Guangfa’s legal in- been pushing the country’s 2017 ’18 ’19 ’20 ’21 million ($2.75 million) for Ms. inappropriately toward Ms. reduction, as of March it still terests. highly leveraged developers to Ganieva to use toward obtain- Ganieva and said she had been had interest-bearing debts of Evergrande said a subsidiary cut debt, and have restricted HK$7.77 = $1 Source: FactSet ing a British visa or passport, extorting him. His statements 674 billion yuan, equivalent to owed 132 million yuan to a banks’ property lending. They the court filing says. led to her defamation suit. $104 billion. Guangfa Bank branch in Ji- are seeking to reduce financial month, and another in Septem- A lawyer for Ms. Ganieva Mr. Black stepped down this Evergrande’s Hong Kong- angsu, but said the loan isn’t risks and to calm property ber 2020. In response to June’s didn’t respond to a request for year as Apollo CEO and handed traded stock dropped 16% to due until March 27, 2022. Ever- markets after years of rapid concerns, it denied that it was comment. the reins to co-founder Marc close at 8.21 Hong Kong dollars, grande said it would sue the price rises. deeply discounting apartments The 51-page document, in Rowan after revelations of Mr. equivalent to $1.06, the lowest bank for abusing legal proce- Evergrande faced an earlier and threatened legal action which Mr. Black responds to Black’s ties to the late, dis- since early 2017. The company’s dures. Calls to Guangfa Bank bout of market jitters last against rumormongers. the initial complaint and graced financier Jeffrey Epstein.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) 108.62 0.16 –1.4 110.48 ... –0.0 468.36 –1.73 11.5 91.15 0.58 –1.8 Monday, July 19, 2021 Closing Chg YTD iShMBSETF MBB iShShortTreaBd SHV SPDR S&PMdCpTr MDY VangdIntermBd BIV iShMSCI ACWI ACWI 99.44 –1.52 9.6 iShSilver SLV 23.29 –2.02 –5.2 SPDR S&P 500 SPY 424.97 –1.48 13.7 VangdIntrCorpBd VCIT 95.97 0.50 –1.2 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCI EAFE EFA 76.90 –1.81 5.4 iShTIPSBondETF TIP 129.05 0.04 1.1 SPDR S&P Div SDY 120.00 –1.72 13.3 VangdLC VV 199.12 –1.36 13.3 ETF Symbol Price (%) (%) iShCoreS&P MC IJH 256.44 –1.73 11.6 iShMSCI EAFE SC SCZ 72.22 –2.01 5.7 iSh1-3YTreasuryBd SHY 86.23 0.05 –0.2 TechSelectSector XLK 148.23 –1.38 14.0 VangdMC VO 229.88 –1.50 11.2 117.28 0.64 –5.8 iShCoreS&P SC IJR 104.62 –1.92 13.8 52.69 –1.68 2.0 151.46 2.19 –4.0 135.17 –2.17 13.6 ARKInnovationETF ARKK iShMSCIEmgMarkets EEM iSh20+YTreasuryBd TLT VanEckGoldMiner GDX 33.19 –2.15 –7.9 VangdMC Val VOE 79.63 –1.52 18.0 iShS&PTotlUSStkMkt ITOT 97.33 –1.33 12.9 49.80 –2.31 5.5 109.39 –0.64 6.6 53.52 0.24 –1.0 CommSvsSPDR XLC iShMSCIEAFEValue EFV iShRussellMCGrowth IWP VangdInfoTech VGT 397.41 –1.21 12.3 VangdMBS VMBS CnsmrDiscSelSector XLY 175.97 –1.15 9.4 iShCoreTotalUSDBd IUSB 53.97 0.47 –1.1 117.94 0.16 0.6 26.95 0.65 –1.1 103.39 –1.82 21.7 iShNatlMuniBd MUB iShUSTreasuryBdETF GOVT VangdSC Val VBR 162.66 –2.22 14.4 VangdRealEst VNQ EnSelectSectorSPDR XLE 46.96 –3.53 23.9 iShCoreUSAggBd AGG 116.51 0.53 –1.4 iSh1-5YIGCorpBd IGSB 54.83 0.11 –0.6 JPM UltShtIncm JPST 50.72 ... –0.1 VangdS&P500ETF VOO 390.68 –1.50 13.7 VangdExtMkt VXF 178.60 –1.01 8.5 FinSelSectorSPDR XLF 35.11 –2.80 19.1 iShSelectDividend DVY 112.53 –2.22 17.0 iShPfd&Incm PFF 38.83 –0.59 0.8 PIMCOEnhShMaturity MINT 101.97 –0.02 –0.1 VangdST Bond BSV 82.30 0.15 –0.7 VangdSC Grwth VBK 273.65 –0.81 2.2 HealthCareSelSect XLV 127.27 –1.05 12.2 iShESGAwareUSA ESGU 97.63 –1.49 13.5 iShRussell1000Gwth IWF 272.07 –1.08 12.8 SPDR Gold GLD 169.61 0.12 –4.9 VangdSTCpBd VCSH 82.74 0.10 –0.6 VangdDivApp VIG 155.03 –1.43 9.8 IndSelSectorSPDR XLI 99.78 –2.09 12.7 iShEdgeMSCIMinUSA USMV 74.58 –0.93 9.9 iShRussell1000 IWB 239.32 –1.43 13.0 SchwabIntEquity SCHF 38.35 –1.87 6.5 VangdShtTmInfltn VTIP 52.17 –0.21 2.1 50.07 –1.96 6.1 InvscQQQI QQQ 354.67 –0.82 13.0 iShEdgeMSCIUSAMom MTUM 167.02 –1.38 3.6 iShRussell1000Val IWD 154.62 –1.81 13.1 SchwabUS BrdMkt SCHB 102.64 –1.45 12.8 VangdFTSEDevMk VEA VangdSC VB 211.90 –1.58 8.8 52.21 –1.47 4.2 InvscS&P500EW RSP 146.61 –1.81 15.0 iShEdgeMSCIUSAQual QUAL 132.58 –1.27 14.1 iShRussell2000 IWM 211.73 –1.50 8.0 SchwabUS Div SCHD 74.23 –1.62 15.7 VangdFTSE EM VWO VangdTotalBd BND 86.81 0.57 –1.6 65.50 –2.03 8.7 iShCoreDivGrowth DGRO 50.23 –1.47 12.1 iShEdgeMSCIUSAVal VLUE 100.57 –1.65 15.7 iShRussell2000Val IWN 152.99 –2.22 16.1 SchwabUS LC SCHX 103.04 –1.43 13.3 VangdFTSE Europe VGK VangdTotIntlBd BNDX 57.76 0.24 –1.3 iShCoreMSCIEAFE IEFA 72.98 –1.84 5.6 iShGoldTr IAU 34.50 0.06 –4.9 iShRussellMid-Cap IWR 76.44 –1.52 11.5 SchwabUS LC Grw SCHG 146.47 –1.23 14.1 VangdFTSEAWxUS VEU 61.43 –1.73 5.3 VangdTotIntlStk VXUS 63.73 –1.70 5.9 iShCoreMSCIEM IEMG 64.35 –1.56 3.7 iShiBoxx$InvGrCpBd LQD 135.94 0.72 –1.6 iShRussellMCValue IWS 110.67 –1.96 14.1 SchwabUS SC SCHA 96.59 –1.55 8.5 VangdGrowth VUG 286.49 –1.23 13.1 VangdTotalStk VTI 219.23 –1.42 12.6 iShCoreMSCITotInt IXUS 70.98 –1.76 5.6 iShiBoxx$HYCpBd HYG 87.08 –0.67 –0.3 iShS&P500Growth IVW 73.29 –1.12 14.8 Schwab US TIPs SCHP 63.12 0.03 1.7 VangdHlthCr VHT 247.75 –0.67 10.7 VangdTotlWrld VT 101.52 –1.51 9.7 iShCoreS&P500 IVV 426.80 –1.49 13.7 iShJPMUSDEmgBd EMB 112.52 0.02 –2.9 iShS&P500Value IVE 143.75 –1.97 12.3 SPDR DJIA Tr DIA 339.88 –1.98 11.1 VangdHiDiv VYM 102.33 –1.69 11.8 VangdValue VTV 134.50 –1.82 13.1 .

THE WALL STREET JOURNAL. ***** Tuesday, July 20, 2021 | B11 MARKETS Treasury Yields Drop to Lowest Level in Months

BY ANNA HIRTENSTEIN cases. Both Prime Minister Bo- ris Johnson and the British Worries about the spread of Treasury chief are in self-isola- Covid-19 variants drove U.S. tion after being exposed to government bond yields to Covid-19. their lowest levels in months “The market is starting to on Monday, the latest drag on look more closely at what is go- investors’ expectations for ing on in the rest of the world, economic growth and inflation. and I think that has made a lot The yield on the benchmark of investors more nervous,” said 10-year Treasury note posted Gennadiy Goldberg, senior U.S. its biggest one-day decline rates strategist at TD Securities. since March, sliding to 1.181% U.S. government bonds are from 1.300% at Friday’s close, typically bought by investors according to Tradeweb. That is for safety and liquidity during the lowest close since Feb. 11. bouts of market stress. The Yields fall when dollar is also considered a ha- CREDIT bond prices rise. ven asset. The greenback MARKETS The WSJ Dollar strengthened Monday against

JEFF CHIU/ASSOCIATED PRESS Index, which mea- the euro, British pound and Air carriers American and United are among the hundreds of companies set to report quarterly results this week. sures the dollar against a bas- most emerging-market curren- ket of 16 foreign currencies, cies, which are often treated S&P 500 sectors performance, Monday week, along with Intel, Netflix climbed 0.2%. by investors as proxies for risk Investors and Chipotle Mexican Grill. “This feels like a risk-off taking. Consumer staples Overseas, major stock mar- move on virus concerns. It Monday’s move in the bond Healthcare kets retreated amid fears of the takes some of the shine off market represented only the Shelter Delta variant. The Stoxx Europe growth over the next couple of latest leg down in yields, Consumer discretionary 600 slid 2.3%, dragged down by quarters,” said Chris Jeffery, which have been sliding for shares of travel, leisure and head of rates and inflation months as investors have be- Technology In Bonds commodities companies, as strategy at Legal & General In- come increasingly skeptical S&P 500 well as banks. vestment Management. about optimistic forecasts for In Asia, Alibaba and Ten- The spread of Covid-19 vari- the economy. ContinuedfrompageB1 Real Estate cent weighed on Hong Kong’s ants is prompting concerns Worries about the Delta scoop up shares of energy pro- Utilities Hang Seng Index, which fell about widespread tightening variant and a slower-than-ex- ducers, industrial firms and fi- 1.8%. of restrictions on movement pected rebound in the labor nancial companies. Communications services Japan’s Nikkei 225 dropped and commerce, investors said. market have helped damp in- Despite Monday’s selloff, the 1.3%. More athletes and staff On Monday, the Australian vestors’ enthusiasm, while Industrials S&P 500 is up more than 13% members attending the Tokyo government extended a lock- higher-than-expected inflation this year and closed at a record Materials Olympics have tested positive, down in Melbourne and tight- data has worsened interest- just one week ago. while cases are surging in Indo- ened rules for Sydney over the rate concerns. Some investors also are con- Financials nesia. Sydney, Australia’s most weekend. Infection cases have —Sebastian Pellejero cerned that ris- populous city, is under lock- also recently reached records and Sam Goldfarb MONDAY’S Energy ingpriceswill -4% -3 -2 -1 0 down because of a Delta out- in Indonesia and Vietnam, ac- contributed to this article. MARKETS pinch con- break. cording to data from Johns sumption and Source: FactSet Early Tuesday, the Nikkei Hopkins University. Yield on U.S. 10-year prompt central banks to with- was down 0.3% and the Hang The U.K. reopened its econ- Treasury note draw stimulus, creating an en- starting to be affected quite The National Bureau of Eco- Seng was down 0.5%. U.S. stock omyonMonday,despiteare- 1.8% vironment of lower growth and significantly” by the jump in nomic Research said Monday futures were up 0.5%. cent uptick in Delta variant higher inflation in which stocks prices, said Sebastien Galy, se- that the U.S. officially climbed David Chao, a market strate- tend to struggle. nior macro strategist at Nordea out of a recession in April gist at Invesco, said the spread 1.6 Inflation accelerated to a 13- Asset Management. 2020. The pandemic-driven re- of the Delta variant across Asia AUCTION RESULTS year high in the U.S. in June. All 11 sectors of the S&P 500 cession was two months long, coupled with low vaccination Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- Some evidence suggests that dropped Monday. Energy and making it the shortest on re- rates and expectations of addi- clearing yield. Rates are determined by the difference 1.4 the price increases have started financials were the worst-per- cord, according to the bureau, tional social-distancing mea- between that price and the face value. to knock consumers’ confidence forming groups. the official arbiter of U.S. re- sures have “taken wind out of Five9 13-Week 26-Week 1.2 in their ability to keep spend- One bright spot was , cession dates. the sail for many investors ex- Applications $193,190,611,400 $185,037,964,600 ing. For much of 2021, business which jumped $10.52, or 5.9%, Investors will be monitoring pecting an economic rebound” Accepted bids $61,159,064,400 $57,762,515,700 Zoom Video Com- " noncomp $670,170,000 $470,902,800 reopenings, rising vaccination to $188.12. earnings this week for signs of in the region. " foreign noncomp $100,000,000 $0 1.0 rates and government pan- munications agreed to buy the how companies are faring Mr. Chao expects investors Auction price (rate) 99.987361 99.974722 (0.050%) (0.050%) demic aid have helped propel provider of cloud-based cus- amid the revival of economic to continue to pull funds out of 0.051% 0.051% rapid gains in consumer spend- tomer-service software in a activity. Air carriers American Asian stocks and shift them to Bids at clearing yield accepted 24.74% 39.73% 0.8 912796G60 912796K81 ing, the economy’s main driver. deal valuing the firm at $14.7 and United are among the hun- shares in developed markets 2021 July Both issues are dated July 22, 2021. The 13-week bills “What you’re seeing is a billion. Zoom shares shed $7.77, dreds of companies set to re- with high inoculation rates, mature on Oct. 21, 2021; the 26-week bills mature on sense that the consumer is or 2.1%, to $354.20. port quarterly results this such as the U.S. and U.K. Jan. 20, 2022. Source: Tullett Prebon Oil Futures Sink 7.5% on Fears for Travel, Fuel Demand

BY HARDIKA SINGH day since early September. Hopes for a demand surge some of the demand increase Oil’s decline came as stocks global suppliers are set to Prices are more than 10% be- have buoyed oil throughout we’ve seen thus far, the mar- also fell on concerns about the gradually raise output in the Oil prices slid, recording low last week’s multiyear the year, but rapidly climbing ket will move from being un- economy. months ahead. their biggest one-day drop in peak, a drop that marks cor- coronavirus cases in some dersupplied to oversupplied Investors on Monday The Organization of the Pe- 10 months as investors wor- rection territory. They are still parts of the world are forcing into the back half of the year,” sought shelter in ultrasafe troleum Exporting Countries ried that the up sharply for the year. investors to pare back their said Rebecca Babin, a senior government bonds, pushing and allies including Russia COMMODITIES spread of the Traders in recent days have expectations for the economy. energy trader at CIBC Private down the yield on the bench- agreed to ease production cur- Delta variant unwound some wagers that oil Some traders also remain Wealth, U.S. mark 10-year U.S. Treasury tailments in response to a re- of coronavirus will halt travel demand will continue to climb wary of more travel shut- Brent crude, the global note to around 1.2%. Yields fall cent demand recovery, though and dent demand for fuel. as more consumers get vacci- downs, which would have an gauge of oil prices, ended the as bond prices climb. the Delta variant’s course U.S. crude futures fell 7.5% nated and resume normal outsize impact on oil prices. daydown6.8%at$68.62a Energy traders also were could change the group’s to $66.42 a barrel, their worst travel patterns. “If we stagnate or retrace barrel. weighing the news that large plans. Saudis Halt Plan For Petrochemical Facilities in Texas

BY BENOIT FAUCON plans to invest almost all of its AND SUMMER SAID $35 billion capital expenditure budget this year toward boost- Saudi-owned Motiva Enter- ing oil and natural-gas produc- prises LLC suspended a $6.6 tion, according to people fa- billion plan to add petrochem- miliar with those plans. ical facilities to its refining op- Aramco said last year it was erations in Port Arthur, Texas, working to increase its oil pro- according to people familiar duction capacity by one mil- with the matter. lion barrels a day to 13 million The decision to halt the barrels a day. project—which had envisioned Five years ago, Saudi the creation of the biggest re- Crown Prince Mohammed bin fining and petrochemical oper- Salman pledged to unshackle ation in the U.S.—comes as the economy from oil exports Aramco dials back its diversi- by 2020. fication plans and refocuses But as the world’s top on its core business of pump- crude exporter seeks to main-

ing oil and natural gas, ac- tain growth and generate LUKE SHARRETT/BLOOMBERG NEWS cording to the people. jobs, the kingdom is redou- State-run Aramco took full ownership of Motiva and its Port Arthur refinery in 2017 from joint-venture partner Shell. The Wall Street Journal bling its commitment to hy- previously reported that drocarbons. Amid moves by pany was pushing to expand Aramco referred requests Ahead of the IPO, Aramco billion, just shy of the $18.75 Aramco had slowed the petro- governments, investors and its global refining and petro- for comment to Motiva, which also agreed to pay $69 billion billion dividend for the period. chemical project amid a re- other oil companies to transi- chemical business as a way of said it doesn’t comment on to buy a controlling stake in Strong oil prices helped beat view last year of investments tion away from fossil fuels locking in buyers of its crude market rumors and specula- Saudi Basic Industries Corp., analysts’ forecasts with a 30% at home and abroad. The re- and the greenhouse gases and controlling more of the tion. or Sabic, the kingdom’s big- rise in net profit, and net in- view followed financial pres- they emit, Saudi Arabia is valuechainofitsoil. Aramco’s review of its proj- gest petrochemicals company. come rose to $21.7 billion from sure from lower oil prices and betting that the world will Under Saudi ownership, ects come after its 2019 initial The Sabic deal sharply deep- $16.7 billion a year earlier. a heavy dividend burden that need its crude for the fore- Motiva bought a separate Port public offering, valuing the ened debt at Aramco after it Yet Aramco’s debt levels Aramco took on when it went seeable future. Arthur petrochemical plant in company at $1.7 trillion, sad- consolidated the petrochemi- still rose substantially, mainly public in 2019. State-run Aramco took full 2019. A few months earlier, it dled it with a $75 billion an- cal company’s liabilities. because of its acquisition of The plans could still change ownership of Motiva and its had filed for approval to spend nual dividend commitment to Aramco has borrowed heav- Sabic. Gearing—a measure of and the project could get the Port Arthur refinery in 2017 $6.6 billion to build two petro- investors. It sold a small sliver ily in public debt markets to debt as a percentage of eq- green light eventually. But the from joint-venture partner chemical plants in addition to of itself on the local Saudi finance those commitments. uity—increased from 0.2% at suspension won’t be revisited Royal Dutch Shell PLC. Shell its existing 630,000-barrels-a- stock exchange, with the gov- Higher oil prices this year the end of 2019 and minus 5% for at least a year, the people took some of the U.S. com- day Port Arthur refinery. That ernment keeping 98% of the have helped. in early 2020 to 23% by March said. pany’s other assets as part of plan is now shelved, the peo- company—and getting the Aramco said free cash flow this year, above the company’s The state-run company now the deal. At the time, the com- ple said. bulk of that dividend. in the first quarter was $18.3 self-imposed cap of 15%. .

B12 | Tuesday, July 20, 2021 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS & COMMENTARY OPEC Gives Shale an Opening

With less oil-market drama, prices fall again and U.S. producers have an opportunity

OPEC and its Russia-led oil-pro- uled meeting earlier this month, ducing allies normally like to keep oil prices dipped initially but re- the market guessing, but the ex- covered, as if the market couldn’t panded oil cartel is laying its cards envision full-blown chaos. And, de- on the table. That predictability spite Sunday’s OPEC+ resolution to comes with its own risks. only restore production gradually, After the United Arab Emirates crude-oil prices were down more caused a deadlock over its own than 7.5% Monday, their biggest production quota earlier this drop in 10 months. month, the group reached an Meanwhile, the additional visi- agreement on Sunday to raise its bility is a gift to U.S. frackers, who collective production by 400,000 are able to produce oil from a new barrels a day each month through well within months. Even after fall- September 2022. By the end of ing below $70, the U.S. crude-oil that period, the group would have benchmark is roughly $16 higher unwound the entirety of the 5.8 than what it takes for a typical million-barrel-a-day production shale driller to profitably drill a that is currently being held back new well. Producers also have been from baseline levels. The pace of quickly returning to predrilled easing matches the Organization of wells that can be brought online the Petroleum Exporting Countries’ quickly: There were 6,252 drilled forecast, which sees world oil de- but uncompleted wells in seven mand recovering to pre-pandemic major tight oil and shale natural- levels by year-end 2022. gas basins as of June, a 30% de- The guidance gives a lot of visi- cline from a year earlier, according bility by OPEC+ standards; the to the U.S. Energy Information Ad- group typically telegraphs plans ministration. U.S. oil inventories

for the coming few months, not an DANIEL ACKER/BLOOMBERG NEWS have fallen to the steepest sea- entire year. As part of the deal, the Frackers are able to produce oil from a new well within months. A pump jack in the Permian Basin in Crane, Texas, in 2018. sonal deficit compared with the U.A.E. gets to further increase its five-year average since 2003, ac- production quota alongside other ter, Abdulaziz bin Salman, said, plays up the tension (such as Saudi member countries are capable of cording to RBC Capital Markets. countries such as Iraq, Kuwait, “Why should I divulge it? This is Arabia’s clash with the U.A.E.) to unleashing barrels. Of course oil exporters still have Saudi Arabia and Russia, starting an art and we keep it between our- keep the market—especially U.S. The group has been so effective another lever they could pull. The in May 2022. selves,” according to a CNBC re- producers—on its toes. Whether at resolving conflicts recently that group still meets every month and When asked how Saudi Arabia port. Because OPEC+ discussions staged or not, the occasional the signals aren’t having the ex- can diverge from its plans if and the U.A.E. reached an agree- are so opaque, one working theory show of disunity is an effective pected effect. After OPEC+ failed to needed. The oil market will believe ment, Saudi Arabia’s energy minis- is that the cartel manufactures or way of reminding everyone that reach an agreement in its sched- it when it sees it. —Jinjoo Lee Ackman Needs a Soothing Pitch China’s Carbon Trading Is Up and Running Bar is high for hedge-fund billionaire’s next SPAC acquisition attempt But It Is a Mixed Bag William Ackman’s blank-check Pershing Square Tontine Holdings share price, past six months company picked a good target but $32 a poor deal structure. To keep in- While the world has been fo- prices rising to 157 yuan per metric vestors happy, both need to be cused on spacefaring billionaires tonbythatdate. right on a second attempt. 30 over the past week, a big develop- Regulators do appear open to On Monday, Pershing Square ment for planet Earth has only fixing problems. Draft regulations Tontine Holdings’ $4 billion pur- 28 merited moderate attention: On released in January set a maximum chase of a 10% stake in Universal Friday, China’s long-awaited na- penalty of only 30,000 yuan, or Music Group was called off. The tional carbon market started $4,630, for not buying enough off- world’s biggest record label will be 26 trading. sets. A more recent proposal from spun off from its French owner Vi- Monday How well that market functions the Ministry of Ecology and Envi- vendi and listed on the Amster- 24 $20.39 could go a long way toward decid- ronment in March suggests a dam stock exchange in September. ing how much chance the world re- 500,000 yuan maximum. For large The SPAC’s investors were offered ally has to reduce the probability generators that may still be far too early exposure to an attractive 22 of worst-case climate scenarios. It low, but at least it shows a willing- business at a low valuation. also could end up being a key issue ness to move in the right direction. The deal’s complexity has been 20 between China and the West. If the One coming test will be how part of its undoing. After spending Feb. March April May June July U.S. and the European Union con- quickly Beijing allows real specula- 72% of the SPAC’s cash on the Uni- clude China is serious about tack- tors into the mix by permitting the versal stake, $1.6 billion would be Source: FactSet ling emissions, that could help spur direct participation of financial in- left over for another acquisition. more aggressive climate action in stitutions and introducing instru- Investors also would get warrants the stock on margin. The final nail a stake in Universal and missed the developed world—and open up ments like forwards, as some re- to buy into an additional blank- in the coffin was the SEC’s opinion out. The deal also was supposed to more space for a less zero-sum ap- gional pilot programs have already check deal. The Securities and Ex- that the Universal stock purchase showcase what the hedge-fund bil- proach to relations in general. done. That would add market change Commission, which is scru- wouldn’t meet the New York Stock lionaire could accomplish with fu- So far, cautious optimism is depth but could also push up tinizing SPAC deals more closely Exchange’s SPAC rules. ture blank-check vehicles. It hasn’t probably warranted. But the price prices and add volatility. For now, these days, said that as more than Mr. Ackman still gets his hands been a good start. of carbon in China is still clearly power producers can only trade 40% of its assets would be in a mi- on the record label because the Pershing Square Tontine Hold- too low, and the market itself still credits among themselves. nority stake, Pershing Square Ton- Pershing Square Holdings hedge ings’ shares are down almost one- excludes key energy users like In the end, the biggest reason tine risked becoming an unregis- fund will buy the stake instead. fifth since the Universal deal was steel. Both need to change soon. tered investment company. This way, though, he will tie up a announced and now trade just in Without a declining supply of total The SPAC’s workaround caused lot more capital in Universal than line with their net asset value. Its credits over time and auctions as a headache for investors. The Uni- initially planned. Under the origi- founder has learned the lesson to in Europe—rather than just allow- In the end, the biggest versal shares were to be locked up nal deal, his fund would have keep things simple; the SPAC will ances distributed to power produc- reason for optimism is in a trust for four months, which owned a 3% stake but that number do a conventional deal next, ac- ers based on their previous years’ would trigger a fall in Pershing could now be closer to 10%. cording to an investor letter Mon- power and carbon output as in that Beijing needs the Square Tontine’s share price—bad More pressing is the need to day. Investors will be harder to im- China’s current system—substan- system to work. news for a sizable chunk of the pacify institutional investors and press the second time around. tial emissions cuts could remain SPAC’s shareholders who bought family offices that liked the idea of —Carol Ryan elusive. The shaky finances of coal plants and their banks also muddy the water for Beijing on tough, for optimism is that Beijing needs quick action against the fuel. the system to work. Policy makers The carbon market closed at have been trying for years to direct Zoom Really Gets Back to Business 51.23 yuan, equivalent to $7.91, per investment out of energy-consum- metric ton on Friday according to ing industries such as steel and Thomson Reuters. That is still well into high-tech sectors—including below prices in Europe, where a green technologies—with mixed The pandemic may have made Annual revenue plied by the deal represented a pre- metric ton will cost you around success. A real price on carbon is Zoom Video Communications into $6 billion mium of only 13% to Five9’s most $60, and probably below levels one obvious solution. More impor- a household name, but the company Projections recent closing price. But it also val- needed to really change behavior. tant, China is a densely populated clearly prefers life at the office—vir- Zoom Five9 ued Five9 at an enterprise value of For instance, ANZ Bank estimates nation with a long coastline, which tual or otherwise. 5 around 26 times forward revenue, that a 36 yuan per metric ton car- already struggles to keep its huge, That was borne out by the 10- which Samad Samana of Jefferies bon price would only represent arid north properly watered. year-old company’s first major ac- 4 described as “one of the higher mul- around an extra 5% operational In theory that should mean quisition, announced late Sunday. tiples paid in recent software trans- cost for Chinese coal plants. And a much higher future prices for car- Five9, which provides cloud-based actions.” Zoom’s shares closed down 2016 World Bank paper found that bon—and perhaps opportunities 3 software used to run customer con- 2% Monday while Five9’s rose reducing Chinese emissions in for investors too. The rest of the tact centers, will become part of nearly 6%. 2030 by 16% from their baseline world should be watching closely. Zoom through an all-stock transac- 2 Five9 could add about 14% to estimate would require carbon —Nathaniel Taplin tion valued at $14.7 billion. Zoom Zoom’s annual revenue based on has done only two other acquisi- 1 Wall Street’s projections for the next tions to date, with the largest of few years. That could help Zoom as those valued around $43 million, ac- it deals with the deceleration of its cording to FactSet. 0 growth rate from its pandemic- Given the colossal impact the 2016 ’17 ’18 ’19 ’20 ’21 ’22 ’23 fueled boom. But it also should help pandemic has made on both Zoom’s Notes: Zoom ﬁscal year ends in January; the company as it targets businesses business and stock price, such a Five9 are calendar years with a more robust portfolio of com- move was only a matter of time. Source: FactSet munications services. It also should Since the beginning of the outbreak beef up Zoom against a growing in early 2020, the company’s trailing and happy hours. slateofevenmorepowerfulcompet- 12-month revenue has surged more That correction might have actu- itors. Sterling Auty of J.P. Morgan than fivefold while its market value ally helped Zoom deploy its shares says the Five9 acquisition will signif- has gone from the $20 billion range as deal currency. The stock has gone icantly differentiate Zoom from Mi- to more than $100 billion. But from trading 18% above Wall crosoft, which is pushing its Teams Zoom’s stock price also has lost Street’s median price target to 11% platform hard into the enterprise about one-third of its value from its below in that period, providing an market. As popular as Zoom might

peak in mid-October as the emer- acquisition target’s shareholders be with everyday users, it still needs OLIVIA ZHANG/ASSOCIATED PRESS gence of vaccines hastened an even- with more potential for upside. In- all the help it can get to keep busi- The shaky finances of coal plants and their banks muddy the water for Beijing tual return to in-person meetings deed, the $200-a-share price im- nesses hooking up. —Dan Gallagher on tough, quick action against the fuel. A coal processing plant in Hejin, China.